USCF ETF TRUST
TABLE OF CONTENTS

LETTER TO THE SHAREHOLDERS OF THE USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND (“SDCI”) AND THE USCF GOLD STRATEGY PLUS INCOME FUND (“GLDX”) FROM SUMMERHAVEN INVESTMENT MANAGEMENT

Commodities generally declined over the last 12 months following the strong 2021-2022 commodity price rally. U.S. inflation soared to as high as 9.1% during 2022 and has since moderated to just 3% as of June 2023. Of the 27 components of SummerHaven Dynamic Commodity Index Total Return (“SDCITR”), only 7 had positive returns from June 30, 2022 to June 30, 2023. Soybean Meal and Feeder Cattle returned 34% and 26% respectively during this period while Natural Gas declined by -74%. The best performing sector was Livestock (up 16%).¹

SDCI seeks to provide exposure to the commodities futures contracts included in the SDCITR in proportionally equal weights by notional amount as the SDCITR. SummerHaven remains confident in our unique fundamental approach of low-inventory commodity selection as well as the general portfolio benefits of diversified commodity investing, the fundamentals around which the SDCITR is built. The SDCITR index returned -0.81% from June 30, 2022 to June 30, 2023 generating 8.80% outperformance compared to -9.61% for the BCOM Index Total Return (“BCOMTR”).²

While SDCI is equally invested every month across the 14 commodities selected by the SDCITR, the BCOMTR index (and nearly all our ETF benchmark index peers) uses fixed commodity weights tied to liquidity and annual production. In particular, the large fixed weight to petroleum and gold, while limiting softs and other smaller commodities, has led to significant performance differences between the SDCITR and these other indices.

¹ Source: Bloomberg

² Source: Bloomberg

Figure 1: Benchmark Index Performance June 30, 2022 to June 30, 2023

Past results are not necessarily indicative of future results. Commodity trading involves substantial risk of loss. You cannot invest directly in an index.

Source: Bloomberg

Figure 2: Commodity Performance June 30, 2022 to June 30, 2023

* Average is the equally-weighted average return of the individual 27 commodities listed in Figure 2.

Source: Bloomberg

The USCF Gold Strategy Plus Income Fund (ticker “GLDX”) captured gold returns while generating additional income through SummerHaven’s call option overwrite strategy. Returns for GLDX and gold were similar for much of the last 12 months until the March to May 2023 period when gold rallied sharply. The call option overwrite strategy capped the upside price participation for GLDX over these three months.

Definitions:

Bloomberg Commodity Index Total Return (BCOM TR) is an index that tracks the performance of 22 broadly diversified commodity futures contracts. Prior to July 1, 2014, BCOM was known as the Dow Jones-UBS Commodity Index.

S&P GSCI Index (GSCI) is an index that tracks the performance of 24 exchange-traded futures contracts that cover physical commodities spanning five sectors. The S&P GSCI was called the Goldman Sachs Commodity Index (GSCI) before it was purchased by Standard & Poor’s in 2007.

DB Liquid Commodity Index Total Return (DBLCDBCT) is an index that tracks the performance of 14 exchange-traded futures contracts that cover physical commodities spanning five sectors.

Call Option Overwrite Strategy is a strategy that involves selling a call option on a stock/ futures contract where the strike price of the call option is typically higher than the current price of the stock/futures contract.

Past performance is no guarantee of future results.

There is no assurance that the investment process will consistently lead to successful investing for each fund. It is not possible to invest in an index.

LETTER TO THE SHAREHOLDERS OF THE USCF SUSTAINABLE BATTERY METALS FUND (“ZSB”) AND
THE USCF ENERGY COMMODITY STRATEGY ABSOLUTE RETURN FUND (“USE”) FROM USCF ADVISERS LLC

We are pleased to present to you the first Annual Report for the USCF Sustainable Battery Metals Strategy Fund (ZSB) and the USCF Energy Commodity Strategy Absolute Return Fund (USE), both of which launched in the first half of 2023. We are grateful for your early adoption of these products, especially in this dynamic and uncertain market environment with so many choices of how to invest your capital. We look forward to earning your continued trust and support as these new funds provide unique exposures that we believe are well-suited for today’s investment challenges.

The U.S. economy proved resilient in the first half of 2023, contrary to many economists’ and market practitioners’ expectations. To be sure, economic signals have presented mixed signals about the possibility of a recession, with scenarios ranging from a “hard landing”, “soft landing”, or no landing at all and ongoing growth instead. While the future remains uncertain, what we know for sure is that interest rates have reached their highest levels since the start of the century. Inflation remains elevated, but meaningfully below last year’s peaks. Central banks around the world remain in inflation fighting mode, though, in the U.S. at least, the end of the current hawkish regime seems nigh. As a result, equities have risen dramatically in 2023, albeit with a very narrow breadth focused on the mega-cap tech stocks. Bond prices have been choppy, but have recovered from the lows reached in late 2022. Broad commodities were down, reflecting declining inflation among other factors.

ZSB and USE do not follow broad commodity markets. ZSB’s performance is driven by the exposure to certain metals. USE can hold long, short, or spread positions in energy futures. The funds have different investment objectives and strategies. As a result, each is driven by factors that will often be uncommon with the other.

USCF Sustainable Battery Metals Strategy Fund (ZSB)

ZSB launched on January 11, 2023. From inception through June 30, 2023, ZSB’s net asset value declined 10.91%. Since the date of ZSB’s inception, Nickel futures (down approximately 25%) and Lithium futures (down approximately 15%) were the largest detractors to fund performance. In addition, since the date of ZSB’s inception, Zinc was also down approximately 25%, but ZSB only has a 3% exposure to Zinc while Nickel and Lithium constitute ~12% and ~15% of the fund’s assets, respectively. The Fund’s upstream battery metals equities, which constitute about 20% of the Fund’s holdings, were down approximately 13%. Some industrial metals held by the fund rose in the first half of 2023, such as Iron Ore (up 13.60%). Additionally, the fund’s holdings in European Carbon Allowance futures rose 10.65%. The Fund uses a proprietary methodology to select its metals investments. As each metal’s inclusion in the methodology is assessed annually, there were no positions added or sold during the period.

Some of the disappointing returns to electrification metals and metals equities resulted from lackluster demand from China, which resulted from lower-than-expected growth in China’s economy following the Covid-19 pandemic. China’s ‘re-opening trade’ met expectations for surging travel bookings and related energy demand; however, the property and industrial sector underperformed expectations.

Increased supply of some metals in the short-term, such as lithium, also weighed on prices. However, we believe the energy transition thesis remains intact given declining cost curves for renewable energy sources and increasing adoption rates of electric vehicles. In the intermediate to long-term, we continue to believe we will see supply failing to match demand for important battery and electrification metals such as lithium and copper.

USCF Energy Commodity Strategy Absolute Return Fund (USE)

USE launched on May 4, 2023. From inception through June 30, 2023, USE’s net asset value increased 3.20%. USE follows a proprietary, quantitative methodology to take varying positions in energy commodity futures, such as crude oil, natural gas, and gasoline. The fund’s objective is to deliver long-term returns that are agnostic to the direction of energy prices and uncorrelated with broader markets and even the energy sector itself. (Correlations between USE and energy prices may increase when the fund holds predominantly long positions.)

From May 4, 2023 through June 30, 2023, USE allocated approximately 75% of its assets in predominantly long WTI crude oil and gasoline futures positions. These commodities exhibited moderate increases. In contrast, natural gas futures prices increased sharply. USE held a long position in natural gas futures through June 15th, which helped performance, and a short position in natural gas futures for the last few weeks of June, which hurt performance. USE’s future performance will depend on the dynamics of the energy futures markets and the signals generated by USCF’s proprietary system.

Future Outlook

As we move into the second half of 2023, the future remains even more uncertain than usual. However, USCF feels that ZSB’s exposure to metals like lithium, cobalt, and copper (among other metals) will benefit from mega-trends that will continue through the next decade and beyond. Meanwhile, we believe USE offers investors a unique alternative to seek potentially uncorrelated alpha. Uncertainties will persist, and short-term results may vary, but we believe the long-term future is bright for both new funds.

In conclusion, we extend our heartfelt gratitude for your support and confidence in USCF’s ETFs. We remain committed to upholding the highest standards of excellence and transparency in managing your investments. Should you have any questions or require further information, please do not hesitate to reach out to our team.

Thank you for being an essential part of our journey.

LETTER TO THE SHAREHOLDERS OF THE USCF MIDSTREAM ENERGY INCOME FUND (“UMI”) FROM MILLER/HOWARD INVESTMENTS, INC.

The USCF Midstream Energy Income Fund (UMI) posted strong returns for the fiscal year ending June 30, 2023, outperforming its benchmark, the Alerian midstream Energy Select Index. Midstream energy, overall, had a strong 12 months. This is likely attributable to the focus on free cash flow (FCF), strong distribution increases, and a sector yield that remains compelling compared to other asset classes.

We believe the sector is better positioned compared with prior downturns. Historically, midstream companies continuously built assets while relying on the capital markets to fund growth. Now, cash flow from operations has grown enough to fund capital expenditures, resulting in rising free cash flow. Also, most companies have a share buyback program in place, which could be used if unit prices decline. Because of the free cash flow after dividends that midstream generates, there is little need to access the capital markets. Gone are the days of issuing equity at a discount along with issuing billions of dollars of debt.

We have written extensively about free cash flow and the inflection point that midstream hit a few years ago. We have mainly focused on the free cash flow yield (cash flow from operations minus capital expenditures [capex] divided by market cap), but this quarter, we want to highlight free cash flow coverage (cash flow from operations minus capex divided by distributions paid). In other words, FCF coverage measures how much cash the company generates for each dollar it pays out in distributions.

The midstream sector’s free cash flow coverage had been increasing since 2015. For many years, the coverage ratio was below one, meaning companies were raising money to cover the distribution.

Now, cash flow from operations has grown enough to fund capital expenditures and the distributions, resulting in higher free cash flow ratios. We believe the higher ratios not only make current distributions more secure, but also support the potential for future distribution increases.

Because of the free cash flow that midstream generates, there is little need to access the capital markets. The sector’s improved financial position, including stronger balance sheets, less reliance on debt and equity markets to finance growth projects, and most importantly, vastly improved free cash flow coverage ratios, point to a better investment opportunity.

LOOKING AHEAD

Besides monitoring commodity prices and economic activity, we are keeping an eye on capital expenditures (capex). After years of improving free cash flow, which has resulted in better capital returns to shareholders and lower leverage metrics, higher spending raises concerns. Several large midstream companies are guiding to higher capital expenditures

in 2023, causing analysts’ expectations for FCF coverage for the midstream sector to bend down to 1.0x. We view this trend with caution, believing companies with higher FCF coverage will prove to be better long-term investments. Dividends in the USCF Midstream Energy Income Fund are currently covered 1.4x expected 2023 free cash flow—well above the sector average.

Looking at capex budgets, some of the higher spending is due to an increase in new projects and some is due to inflation increasing project costs. North America still needs energy infrastructure, especially liquefied natural gas (LNG) export facilities and Permian natural gas takeaway. While longer-term projects should be accretive to cash flow, in the near term, free cash flow is likely to decline modestly. We are also seeing more asset acquisitions in the space. We are okay with this, as long as deal multiples are reasonable and accretive to cash flow.

We are tilted towards companies with cash in excess of capex and dividends and seek to avoid those where there is a potential capital need. Over the past few years, we have argued that the shift to prioritize free cash flow was a turning point for the midstream industry. We believe the industry needs to continue to walk that line. Most importantly, the underlying portfolio’s high free cash flow coverage gives us confidence that dividends are relatively safe with room to grow.

Contributors (top three by contribution to total returns)

Energy Transfer – In early 2023, ET announced a 75% YoY distribution increase, and its free cash flow remains quite strong.

Plains GP Holdings – Shareholders appreciate that management intends on using free cash flow to increase the distribution, pay down debt, and buyback units.

Targa Resources – TRGP continues to benefit from industry tailwinds including increasing Permian production and exports, and the company was added to the S&P 500 Index in late 2022.

Detractors (bottom three by contribution to total returns)

TC Energy – We were underweight TRP as the company’s capex is outpacing its cash flow. TRP is focused on building out its natural gas midstream assets, which should be a positive development longer-term.

Enbridge – ENB beat on EBITDA and management is targeting mid single digit growth.

Pembina Pipeline – We were underweight PBA due to free cash flow concerns. However, free cash flow should grow in the coming years.

LETTER TO THE SHAREHOLDERS OF THE USCF DIVIDEND INCOME FUND (“UDI”) FROM MILLER/HOWARD INVESTMENTS, INC.

The USCF Dividend Income Fund posted double-digit absolute returns for the fiscal year ending June 30, 2023; however, the Fund underperformed its benchmark, the S&P 500 Value Index, and the broad market S&P 500 Index during the period.

The equity market rallied, with the S&P 500 Index up almost 19.6% during the fiscal year period. Broad market performance has been driven by a narrow set of large-cap communications and technology stocks—the stocks we are dubbing the “New Super Seven” (Meta, Alphabet, Apple, Amazon, Netflix, Microsoft, and Nvidia, none held). These large-cap companies pay little or no dividends, and have high price-to-earnings (P/E) multiples, but are, nonetheless, viewed as businesses that would not be greatly affected by a recession.

Currently, market-capitalization weighted benchmarks such as the S&P 500 are highly concentrated in the biggest names. The top 10 market cap stocks in the S&P 500 made up 34% of the index at quarter end, the highest level in the last 30 years. This is not typical, and it represents, in our view, heightened risk for passive investors.

This is not the first time that the market has been enamored with the largest-cap companies. One way to show history is to compare the returns of the S&P 500 Index with its equal-weighted version (same stocks, just equal weights). Since 1971, the equal-weighted version has outperformed the cap-weighted S&P 500 in 55% of years, with a compounded average growth rate of 12.2% versus 10.7%—a difference of 1.5 percentage points. Historically, investors relying on the biggest companies to continually produce the best investment results have been disappointed.

Looking Ahead

The outlook for the economy continues to be mixed at best. Inflation has come down but remains above the Fed’s 2% target, suggesting we could see more interest rate hikes. The bond market is still bearish, with the 2-year Treasury yielding about a full percentage point more than the 10-year. Surveys of industrial purchasing managers still indicate that orders are softening. The Fed’s survey of bank loan officers continues to show that credit standards are tightening. These weak metrics combined with the aggressive Fed rate hikes have been the recipe for a recession in the past, albeit with varying lags.

The aftermath of the pandemic makes the situation unique. Stimulative government payments combined with loan forbearance programs left consumers flush with cash, although balances are gradually dropping back towards normal. Most importantly, the labor market continues to be robust with low unemployment, high levels of job openings, and good wage growth.

Overall, the economic outlook remains highly uncertain, so we have strived to invest in companies that should produce dividend growth regardless of whether we have a recession or not. Our research is focused on stable companies with strong balance sheets and reasonable valuations, leading to well-supported dividends. Our tilt away from cyclicals explains much of our underperformance versus value indices this quarter, as cyclical sectors performed relatively well, even while many companies warned that consumer spending is slowing down.

Our USCF Dividend Income Fund remains true to our mission, with a 30-day SEC yield of 2.7%. We continue to look for companies across all sectors that pay a high dividend, have financial strength, and show good prospects for dividend growth. Given the current economic uncertainties, we are gravitating towards investments that can likely grow dividends even in the face of a recession.

Contributors (top three by contribution to total returns)

Broadcom – Good earnings and revenue reports in 2023; Increased dividend; 2023 chip sales for artificial intelligence (AI) functions are expected to increase to about 25% of total semiconductor sales.

Cardinal Health – Raised FY2023 EPS and free cash flow (FCF) guidance; share buybacks continue with share count 6% Y/Y; agreement with activist investor extended.

Interpublic Group – So far, business has been more resilient to a weaker economy than in the past.

Detractors (bottom three by contribution to total returns)

Pfizer – Management guided 2023 down on reduced COVID revenues, saying that many governments, including the US, have excess COVID drug and vaccine inventories which they will work down this year.

US Bancorp – Traded down with other banks, triggered by the failure of Silicon Valley Bank. We exited the stock in early 2023.

Walgreens Boots Alliance – Tough earnings reports as higher margin COVID vaccinations and testing volumes declined; FCF negative as healthcare business buildout continues. Investors were disappointed in 2022 by inability to sell UK drug store operations.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND (“SDCI”), SUMMERHAVEN DYNAMIC COMMODITY INDEX TOTAL RETURN^SM AND BLOOMBERG COMMODITY INDEX TOTAL RETURN^SM FROM MAY 2, 2018 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on May 2, 2018 (commencement of operations). For comparative purposes, the performance of SDCI (Net Asset Value and Market Value), SummerHaven Dynamic Commodity Index Total Return^SM (“SDCITR”) and the performance of Bloomberg Commodity Index Total Return^SM (“BCOMTR”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1- 800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less its total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of exchange traded funds (“ETFs”) are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ ask spread at 2:30 p.m. Eastern time (when NAV is determined for SDCI), and do not represent the returns you would receive if you traded shares at other times.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF GOLD STRATEGY PLUS INCOME FUND (“GLDX”), BLOOMBERG GOLD SUBINDEX TOTAL RETURN^SM AND BLOOMBERG COMMODITY INDEX TOTAL RETURN^SM FROM NOVEMBER 2, 2021 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on November 2, 2021 (commencement of operations). For comparative purposes, the performance of GLDX (Net Asset Value and Market Value), Bloomberg Gold Subindex Total Return^SM (“BCOMGCTR”), and the performance of Bloomberg Commodity Index Total Return^SM (“BCOMTR”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1- 800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is determined for GLDX), and do not represent the returns you would receive if you traded shares at other times.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF SUSTAINABLE BATTERY METALS STRATEGY FUND (“ZSB”), BLOOMBERG ELECTRIFICATION METALS TOTAL RETURN INDEX^SM AND BLOOMBERG COMMODITY INDEX TOTAL RETURN^SM FROM JANUARY 10, 2023 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on January 10, 2023 (commencement of operations). For comparative purposes, the performance of ZSB (Net Asset Value and Market Value) and the performance of Bloomberg Electrification Metals TR Index^SM (“BELECTR”) and the performance of Bloomberg Commodity Index Total Return^SM (“BCOMTR”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1-800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is determined for ZSB), and do not represent the returns you would receive if you traded shares at other times.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF ENERGY COMMODITY STRATEGY ABSOLUTE RETURN FUND (“USE”), BLOOMBERG ENERGY SUBINDEX TOTAL RETURN^SM AND BLOOMBERG COMMODITY INDEX TOTAL RETURN^SM FROM MAY 4, 2023 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on May 4, 2023 (commencement of operations). For comparative purposes, the performance of USE (Net Asset Value and Market Value) and the performance of Bloomberg Energy Subindex Total Return^SM (“BCOMENTR”) and the performance of Bloomberg Commodity Index Total Return^SM (“BCOMTR”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1-800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is determined for USE), and do not represent the returns you would receive if you traded shares at other times.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF MIDSTREAM ENERGY INCOME FUND
(“UMI”) AND ALERIAN MIDSTREAM ENERGY SELECT TOTAL RETURN INDEX^SM FROM MARCH 23, 2021 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on March 23, 2021 (commencement of operations). For comparative purposes, the performance of UMI (Net Asset Value and Market Value) and the performance of Alerian Midstream Energy Select Total Return Index^SM (“AMEIX”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1-800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is determined for UMI), and do not represent the returns you would receive if you traded shares at other times.

COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN USCF DIVIDEND INCOME FUND (“UDI”) AND S&P 500 VALUE TOTAL RETURN INDEX^SM FROM JUNE 7, 2022 (INCEPTION DATE)* TO JUNE 30, 2023.

The following graph shows the value as of June 30, 2023 of a $10,000 investment made on June 7, 2022 (commencement of operations). For comparative purposes, the performance of UDI (Net Asset Value and Market Value) and the performance of S&P 500 Value Total Return Index^SM (“SPTRSVX”) are shown.

Hypothetical performance results are calculated on a total return basis and include all portfolio income, unrealized and realized capital gains, losses and reinvestment of dividends and other earnings. The Fund’s performance assumes the reinvestment of all dividends and distributions. One cannot invest directly into an index.

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Return calculations assume the reinvestment of distributions and do not reflect taxes that a shareholder would pay on distributions or on the sale of shares. Principal value and investments returns will fluctuate and investors’ shares, when sold, may be worth more or less than the original cost. To obtain the most recent month-end performance data visit www.uscfinvestments.com or call 1-800-920-0259.

The Fund’s NAV is calculated by dividing the value of the Fund’s total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions apply and will reduce returns. Market returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. Eastern time (when NAV is determined for UDI), and do not represent the returns you would receive if you traded shares at other times.

DISCLOSURE OF FUND EXPENSES

As a shareholder of one or more of the USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund, the USCF Gold Strategy Plus Income Fund, the USCF Sustainable Battery Metals Strategy Fund, the USCF Energy Commodity Strategy Absolute Return Fund, the USCF Midstream Energy Income Fund, and the USCF Dividend Income Fund (each a “Fund” and collectively, the “Funds”), each of which is a series of the USCF ETF Trust (the “Trust”), you may incur two potential types of costs: (1) transaction costs, such as brokerage commissions, for purchasing and selling your Fund shares, and (2) ongoing costs, which consists of a unitary management fee that covers all of the direct expenses of a Fund except for expenses for taxes and governmental fees; brokerage fees; commissions and other transaction expenses; costs of borrowing money, including interest expenses; securities lending expenses; extraordinary expenses (such as litigation and indemnification expenses); and fees and expenses of any independent legal counsel. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2023, until June 30, 2023.

Actual Return. The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Actual Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical 5% Return. The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in a Fund and other exchange- traded funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the table are meant to highlight ongoing costs only and do not reflect any transaction fees, such as brokerage commission paid on purchases and sales of Fund shares. Therefore, the number under the heading “Hypothetical Expenses Paid During the Period” is useful in comparing ongoing costs only and may not help you determine the relative total costs of owning different funds.

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023

Besides the following listed Commodity Futures Contracts, United States Treasury Obligations and Money Market Funds of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at June 30, 2023.

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at June 30, 2023 (see Security Valuation in the Notes to Financial Statements):

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023 (continued)

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023 (continued)

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF GOLD STRATEGY PLUS INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT JUNE 30, 2023

Besides the following listed Commodity Futures Contracts and Written Call Options of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at June 30, 2023.

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at June 30, 2023 (see Security Valuation in the Notes to Financial Statements):

The following Written Call Options of the Fund’s wholly-owned subsidiary were open at June 30, 2023 (see Security Valuation in the Notes to Financial Statements):

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023

Besides the following listed Commodity Futures Contracts, Common Stocks, United States Treasury Obligations and Money Market Funds of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at June 30, 2023.

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at June 30, 2023 (see Security Valuation in the Notes to Financial Statements):

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023 (continued)

The accompanying notes are an integral part of the financial statements.

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT JUNE 30, 2023 (continued)