USCF ETF TRUST
T
ABLE OF CONTENTS

 

Disclosure of Fund Expenses (unaudited) 2
   
Consolidated Schedule of Investments (unaudited) 4
   
Schedule of Investments (unaudited) 22
   
Consolidated Statements of Assets and Liabilities (unaudited) 26
   
Statements of Assets and Liabilities (unaudited) 29
   
Consolidated Statements of Operations (unaudited) 30
   
Statements of Operations (unaudited) 33
   
Consolidated Statements of Changes in Net Assets (unaudited) 34
   
Statements of Changes in Net Assets (unaudited) 37
   
Consolidated Financial Highlights (unaudited) 38
   
Financial Highlights (unaudited) 44
   
Notes to Financial Statements (unaudited) 46
   
Approval of Investment Advisory and Sub-Advisory Agreements (unaudited) 75
 
 

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 Sustainable Commodity Strategy Fund, the USCF Aluminum Strategy 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 consist 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 July 1, 2023, until December 31, 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.

 

2 Semi-Annual Report December 31, 2023
 
 

DISCLOSURE OF FUND EXPENSES (continued)

 

Fund   Beginning
Account
Value
July 1, 2023
    Ending
Account Value
December 31,
2023
    Annualized
Expense
Ratio
    Expenses
Paid
During the
Period
Per $1,000
 
USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund                                
Actual(a)   $ 1,000.00     $ 1,052.00       0.60 %   $ 3.10  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,022.12       0.60 %   $ 3.05  
USCF Gold Strategy Plus Income Fund                                
Actual(a)   $ 1,000.00     $ 1,079.60       0.45 %   $ 2.35  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,022.87       0.45 %   $ 2.29  
USCF Sustainable Battery Metals Strategy Fund                                
Actual(a)   $ 1,000.00     $ 764.20       0.59 %   $ 2.62  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,021.81       0.59 %   $ 3.00  
USCF Energy Commodity Strategy Absolute Return Fund                                
Actual(a)   $ 1,000.00     $ 1,069.30       0.79 %   $ 4.11  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,020.82       0.79 %   $ 4.01  
USCF Sustainable Commodity Strategy Fund                                
Actual(b)   $ 1,000.00     $ 886.60       0.33 %   $ 1.25  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,023.08       0.33 %   $ 1.70  
USCF Aluminum Strategy Fund                                
Actual(c)   $ 1,000.00     $ 1,055.00       0.65 %   $ 1.58  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,021.53       0.65 %   $ 3.28  
USCF Midstream Energy Income Fund                                
Actual(a)   $ 1,000.00     $ 1,092.00       0.85 %   $ 4.47  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,020.86       0.85 %   $ 4.32  
USCF Dividend Income Fund                                
Actual(a)   $ 1,000.00     $ 1,050.00       0.65 %   $ 3.35  
Hypothetical (5% return before expenses)   $ 1,000.00     $ 1,021.51       0.65 %   $ 3.30  

 

(a) Expenses (net of fee waivers), with respect to a Fund, are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (184 days) in the most recent fiscal half-year, then divided by 366 (to reflect the one-half year period).
(b) Expenses (net of fee waivers), with respect to a Fund, are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (145 days) in the period August 9, 2023 (commencement of operations) to December 31, 2023, then divided by 366. ZSC’s proportionate share of the operating expenses of ZSB is not reflected in the table above.
(c) Expenses, with respect to a Fund, are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days (87 days) in the period October 6, 2023 (commencement of operations) to December 31, 2023, then divided by 366.

 

  3
 
 

USCF ETF TRUST
USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

Besides the following listed Commodity Futures Contracts and United States Treasury Obligations of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at December 31, 2023.

 

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
Open Commodity Futures                                        
Contracts – Long                                        
Foreign Contracts                                        
LME Lead Futures LL, January 2024 contracts     19     $ 1,017,839       Jan-24     $ (46,820 )     (0.4 )%
LME Zinc Futures LX, January 2024 contracts     28       1,738,365       Jan-24       111,735       0.9 %
ICE Low Sulphur Gasoil Futures QS,February 2024 contracts     11       842,475       Feb-24       (26,000 )     (0.2 )%
ICE Brent Crude Futures CO, November 2024 contracts     11       869,580       Sep-24       (41,500 )     (0.4 )%
      69       4,468,259               (2,585 )     (0.1 )%
United States Contracts                                        
NYMEX Natural Gas Futures NG, March 2024 contracts     37       855,018       Feb-24       5,972       0.0 %(a)
CME Live Cattle Futures LC, February 2024 contracts.     13       879,640       Feb-24       (3,440 )     (0.0 )%(b)
ICE Cocoa Futures CC, March 2024 contracts     20       849,090       Mar-24       (9,890 )     (0.1 )%
CBOT Soybean Futures S, March 2024 contracts     13       853,525       Mar-24       (9,825 )     (0.1 )%
CBOT Soybean Meal Futures SM, March 2024 contracts     22       915,070       Mar-24       (65,870 )     (0.6 )%
CBOT Soybean Oil Futures BO, March 2024 contracts     29       907,656       Mar-24       (69,324 )     (0.6 )%
ICE Coffee Futures KC, March 2024 contracts     12       729,281       Mar-24       118,069       1.0 %
COMEX Copper Futures HG, March 2024 contracts     9       830,612       Mar-24       44,750       0.4 %
NYMEX NY Harbour ULSD Futures HO, April 2024 contracts     8       839,929       Mar-24       (16,393 )     (0.1 )%
COMEX Gold 100 OZ Futures GC, April 2024 contracts     4       837,480       Apr-24       (760 )     (0.0 )%(b)
ICE Sugar #11 Futures SB, May 2024 contracts     38       1,039,763       Apr-24       (170,688 )     (1.4 )%

 

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

4 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
United States Contracts (continued)                                        
NYMEX WTI Crude Oil Futures CL, October 2024 contracts     12     $ 899,610       Sep-24     $ (47,850 )     (0.4 )%
      217       10,436,674               (225,249 )     (1.9 )%
Open Commodity Futures Contracts – Short(c)                                        
Foreign Contracts                                        
LME Lead Futures LL, January 2024 contracts     19       (977,552 )     Jan-24       6,534       0.1 %
LME Zinc Futures LX, January 2024 contracts     28       (1,811,241 )     Jan-24       (38,859 )     (0.3 )%
      47       (2,788,793 )             (32,325 )     (0.2 )%
Total Open Commodity Futures Contracts(d)     333     $ 12,116,140             $ (260,159 )     (2.2 )%

 

The accompanying notes are an integral part of the financial statements.  
  5
 
 

USCF ETF TRUST
USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Principal
Amount
    Market
Value
    % of Total
Net Assets
 
Cash Equivalents                        
United States Treasury Obligations                        
U.S. Treasury Bills:                        
5.39%, 2/08/2024     200,000     $ 198,888       1.7 %
5.30%, 2/15/2024     550,000       546,394       4.7 %
5.30%, 2/29/2024     550,000       545,277       4.6 %
5.23%, 3/12/2024     350,000       346,362       2.9 %
5.21%, 3/26/2024     550,000       543,176       4.6 %
5.28%, 3/28/2024     250,000       246,844       2.1 %
Total Treasury Obligations                        
(Cost $2,426,941)           $ 2,426,941       20.6 %
Total Investments                        
(Cost $2,426,941)           $ 2,166,782       18.4 %
Other Assets in Excess of Liabilities             9,619,316       81.6 %
Total Net Assets           $ 11,786,098       100.0 %

 

(a) Position represents less than 0.05%.
(b) Position represents greater than (0.05)%.
(c) All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing).
(d) Collateral amounted to $1,510,799 on open Commodity Futures Contracts.

 

Summary of Investments by Country^        
United States     101.6 %
United Kingdom     (1.6 )
      100.0 %
         
Summary of Investments by Sector^        
Government     100.0 %
      100.0 %

 

^ As a percentage of total investments.

 

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

6 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF GOLD STRATEGY PLUS INCOME FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

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 December 31, 2023.

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
Open Commodity Futures Contracts—Long(a)                                        
United States Contracts                                        
COMEX Gold 100 OZ Futures GC, April 2024 contracts     16     $ 3,342,240       Apr-24     $ 4,640       0.1 %

 

The following Written Call Options of the Funds wholly-owned subsidiary were open at December 31, 2023:

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Written Call
Options
    % of Total
Net
Assets
 
Written Call Options(b)                                        
United States Contracts                                        
COMEX Gold Futures February 2024 Option Contracts, Call @ $2200 (Premiums received $6,197)     (16 )   $ 6,197       Jan-24     $ (6,880 )     (0.2 )%
Total Investments                                        
(Cost $(6,197))                           $ (2,240 )     (0.1 )%
Other Assets in Excess of Liabilities                             3,171,803       100.1 %
Total Net Assets                           $ 3,169,563       100.0 %

 

(a) Collateral amounted to $(44,614) on open Commodity Futures Contracts.
(b) Pledged as collateral for the trading of Commodity Futures Contracts.

 

Summary of Investments by Country^        
United States     100.0 %
         
Summary of Investments by Sector^        
Gold     100.0 %

 

^ As a percentage of total investments.

 

The accompanying notes are an integral part of the financial statements.  
  7
 
 

USCF ETF TRUST
USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

Besides the following listed Commodity Futures Contracts, Common Stocks and United States Treasury Obligations of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at December 31, 2023.

 

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
Open Commodity Futures Contracts—Long                                        
Foreign Contracts                                        
LME Nickel Futures LN, March 2024 contracts     2     $ 218,427       Mar-24     $ (19,311 )     (1.2 )%
LME Zinc Futures LX, March 2024 contracts     1       64,431       Mar-24       2,156       0.1 %
SGX Iron Ore Futures SC, March 2024 contracts     2       23,445       Mar-24       3,961       0.2 %
ICE ECX EMISSION Futures MO, December 2024 contracts     2       171,890       Dec-24       346       0.0 %(a)
      7       478,193               (12,848 )     (0.9 )%
United States Contracts                                        
COMEX Copper Futures HG, March 2024 contracts     3       278,925       Mar-24       12,863       0.8 %
COMEX Silver Futures SI, March 2024 contracts     1       117,875       Mar-24       2,555       0.2 %
LME Aluminum Futures LA, March 2024 contracts     3       170,844       Mar-24       7,187       0.4 %
CME Cobalt Fastmarket Futures CV, March 2024 contracts     5       190,303       Mar-24       (33,775 )     (2.0 )%
CME Lithium LiOH Futures LF, April 2024 contracts     4       100,000       Apr-24       (22,080 )     (1.3 )%
CME Lithium LiOH Futures LF, May 2024 contracts     4       100,000       May-24       (20,800 )     (1.3 )%
CME Lithium LiOH Futures LF, June 2024 contracts     4       100,000       Jun-24       (19,880 )     (1.2 )%
CME Cobalt Fastmarket Futures CV, September 2024 contracts     5       205,581       Sep-24       (40,234 )     (2.4 )%
      29       1,263,528               (114,164 )     (6.8 )%
Total Open Commodity Futures Contracts(b)     36     $ 1,741,721             $ (127,012 )     (7.7 )%

 

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

8 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Shares     Market
Value
    % of Total
Net Assets
 
Common Stocks                        
Australia                        
Iluka Resources Ltd.     575     $ 2,590       0.2 %
Lynas Rare Earths Ltd.(c)     4,472       21,849       1.3 %
Mineral Resources Ltd.     78       3,726       0.2 %
Pilbara Minerals Ltd.     3,984       10,738       0.7 %
            38,903     2.4 %
Brazil                        
Vale SA – Class B, ADR     100       1,586       0.1 %
Chile                        
Sociedad Quimica y Minera de Chile SA, ADR     400       24,088       1.5 %
China                        
Beijing Easpring Material Technology Co. Ltd. – Class A     200       1,073       0.1 %
China Rare Earth Resources And Technology Co. Ltd. – Class A     1,000       3,886       0.2 %
Ganfeng Lithium Group Co. Ltd. – Class H, 144A(d)     4,400       16,623       1.0 %
Guangzhou Tinci Materials Technology Co. Ltd. – Class A     600       2,113       0.1 %
Jinduicheng Molybdenum Co. Ltd. – Class A     11,600       15,395       0.9 %
Ningbo Shanshan Co. Ltd. – Class A     100       191       0.0 %(a)
Shanghai Putailai New Energy Technology Co. Ltd. – Class A     7,275       21,384       1.3 %
Shenghe Resources Holding Co. Ltd. – Class A     5,400       7,720       0.5 %
Shenzhen Capchem Technology Co. Ltd. – Class A     300       1,993       0.1 %
Shenzhen Dynanonic Co. Ltd. – Class A     120       1,028       0.1 %
South Manganese Investment Ltd.(c) (d)     28,000       887       0.1 %
Tianqi Lithium Corp. – Class H     1,200       6,631       0.4 %
Tongwei Co. Ltd. – Class A     600       2,109       0.1 %
Xiangtan Electrochemical Scientific Co. Ltd. – Class A     2,200       3,303       0.2 %
Xinte Energy Co. Ltd. – Class H(c)     2,800       3,923       0.2 %
Youngy Co. Ltd. – Class A     400       3,045       0.2 %
            91,304     5.5 %
France                        
Eramet SA     139       10,979       0.7 %
Germany                        
SGL Carbon SE(c)     6,808       48,958       3.0 %
Wacker Chemie AG     52       6,566       0.4 %
            55,524     3.4 %
Japan                        
Nippon Carbon Co. Ltd.     600       18,662       1.1 %
Nippon Denko Co. Ltd.     3,300       6,460       0.4 %
Toho Titanium Co. Ltd.     100       1,345       0.1 %
            26,467     1.6 %

 

The accompanying notes are an integral part of the financial statements.  
  9
 
 

USCF ETF TRUST
USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Shares     Market
Value
    % of Total
Net Assets
 
Common Stocks (continued)                        
Jersey Island                        
Arcadium Lithium PLC(c)     2,043     $ 15,627       0.9 %
Netherlands                        
AMG Critical Materials NV     25       630       0.0 %(a)
Norway                        
Elkem ASA, 144A(e)     5,507       11,474       0.7 %
South Korea                        
Ecopro BM Co. Ltd.(c)     6       1,342       0.1 %
L&F Co. Ltd.(c)     5       792       0.0 %(a)
              2,134       0.1 %
United States                        
Albemarle Corp.     200       28,896       1.7 %
GrafTech International Ltd.     9,600       21,024       1.3 %
Livent Corp.(c)     1,300       23,374       1.4 %
MP Materials Corp.(c)     700       13,895       0.8 %
Tronox Holdings PLC     200       2,832       0.2 %
              90,021       5.4 %
Total Common Stocks                        
(Cost $434,976)           $ 368,737       22.3 %

 

    Principal
Amount
    Market
Value
    % of Total
Net Assets
 
Cash Equivalents                        
United States Treasury Obligations                        
U.S. Treasury Bills:                        
5.36%, 1/18/2024     170,000     $ 169,575       10.2 %
5.30%, 2/29/2024     320,000       317,252       19.2 %
5.30%, 3/07/2024     410,000       406,061       24.6 %
Total Treasury Obligations                        
(Cost $892,888)           $ 892,888       54.0 %
Total Investments                        
(Cost $1,327,864)           $ 1,134,613       68.6 %
Other Assets in Excess of Liabilities             518,088       31.4 %
Total Net Assets           $ 1,652,701       100.0 %
(a) Position represents less than 0.05%.
(b) Collateral amounted to $190,805 on open Commodity Futures Contracts.
(c) Non-income producing security.
(d) Security fair valued as of December 31, 2023 in accordance with procedures approved by the Board of Trustees. Total value of all such securities on December 31, 2023 amounted to $887 which represents approximately 0.05% of net assets of the Fund.
(e) Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $28,097, which represents 1.7% of net assets as of December 31, 2023.

 

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

10 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUSTAINABLE BATTERY METALS STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

Summary of Investments by Country^      
United States     77.9 %
China     7.2  
Germany     4.4  
Australia     3.1  
Japan     2.1  
Chile     1.9  
Jersey Island     1.2  
Norway     0.9  
France     0.9  
South Korea     0.2  
Brazil     0.1  
Netherlands     0.1  
      100.0 %

 

Summary of Investments by Sector^      
Government     70.8 %
Basic Materials     25.8  
Industrial     2.8  
Energy     0.6  
      100.0 %

 

^ As a percentage of total investments.

The accompanying notes are an integral part of the financial statements.  
  11
 
 

USCF ETF TRUST
USCF ENERGY COMMODITY STRATEGY ABSOLUTE RETURN FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

Besides the following listed Commodity Futures Contracts and United States Treasury Obligations of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at December 31, 2023.

 

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
Open Commodity Futures Contracts – Long                                        
United States Contracts                                        
NYMEX WTI Crude Oil Futures CL, March 2024 contracts     59     $ 4,369,540       Feb-24     $ (130,980 )     (4.2 )%
NYMEX RBOB Gasoline Futures RB, March 2024 contracts     7       630,189       Feb-24       (5,204 )     (0.2 )%
      66       4,999,729               (136,184 )     (4.4 )%
Open Commodity Futures Contracts – Short(a)                                        
United States Contracts                                        
NYMEX Natural Gas Futures NG, March 2024 contracts     36       (893,880 )     Feb-24       56,160       1.8 %
NYMEX WTI Crude Oil Futures CL, December 2024 contracts     30       (2,177,100 )     Nov-24       68,100       2.2 %
NYMEX RBOB Gasoline Futures RB, December 2024 contracts     4       (337,478 )     Nov-24       5,746       0.2 %
      70       (3,408,458 )             130,006       4.2 %
Total Open Commodity Futures  Contracts(b)     136     $ 1,591,271             $ (6,178 )     (0.2 )%

 

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

12 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF ENERGY COMMODITY STRATEGY ABSOLUTE RETURN FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Principal
Amount
    Market
Value
    % of Total
Net Assets
 
Cash Equivalents                        
United States Treasury Obligations                        
U.S. Treasury Bills:                        
5.36%, 1/18/2024     300,000     $ 299,249       9.5 %
4.98%, 2/01/2024     475,000       472,855       15.0 %
5.30%, 2/15/2024     700,000       695,411       22.0 %
5.30%, 2/29/2024     900,000       892,271       28.3 %
5.30%, 3/07/2024     135,000       133,703       4.2 %
Total Treasury Obligations                        
(Cost $2,493,489)           $ 2,493,489       79.0 %
Total Investments                        
(Cost $2,493,489)           $ 2,487,311       78.8 %
Other Assets in Excess of Liabilities             670,852       21.2 %
Total Net Assets           $ 3,158,163       100.0 %

(a) All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the USE).
(b) Collateral amounted to $611,084 on open Commodity Futures Contracts.

 

Summary of Investments by Country^      
United States     100.0 %
         
Summary of Investments by Sector^        
Government     100.0 %

 

^ As a percentage of total investments.

 

The accompanying notes are an integral part of the financial statements.  
  13
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

Besides the following listed Commodity Futures Contracts, Common Stocks, United States Treasury Obligations and Exchange-Traded Funds of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at December 31, 2023.

 

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of
Total
Net
Assets
 
Open Commodity Futures Foreign Contracts – Long                                        
Euronext Rapeseed EURO Futures IJ, February 2024 contracts     3     $ 70,828       Jan-24     $ (1,837 )     (0.1 )%
ICE Canola Futures RS, March 2024 contracts     8       79,363       Mar-24       (2,366 )     (0.1 )%
ICE ECX EMISSION Futures MO, December 2024 contracts     2       171,890       Dec-24       265       0.0 %(a)
      13       322,081               (3,938 )     (0.2 )%
United States Contracts                                        
                                         
ICE Sugar #11 Futures SB, March 2024 contracts     2       59,438       Feb-24       (13,339 )     (0.5 )%
ICE Cotton Futures CT, March 2024 contracts     1       40,460       Mar-24       40       0.0 %(a)
ICE Cocoa Futures CC, March 2024 contracts     1       39,410       Mar-24       2,550       0.1 %
CBOT Corn Futures C, March 2024 contracts     9       219,825       Mar-24       (7,763 )     (0.3 )%
CBOT Rough Rice Futures RR, March 2024 contracts     3       103,120       Mar-24       2,000       0.1 %
CBOT Soybean Futures S, March 2024 contracts     2       132,475       Mar-24       (2,675 )     (0.1 )%
CBOT Wheat Future W, March 2024 contracts     3       90,588       Mar-24       3,613       0.1 %
ICE Coffee Futures KC, March 2024 contracts     1       64,387       Mar-24       6,225       0.2 %
NYMEX Chicago Ethanol S Futures CU, March 2024 contracts     1       72,975       Mar-24       (5,355 )     (0.2 )%

 

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

14 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Number of
Contracts
    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of Total
Net
Assets
 
United States Contracts (continued)                                        
ICE Biodiesel D4 RIN Futures RI, June 2024 contracts     2       81,850       Jun-24     $ (4,750 )     (0.2 )%
ICE PJM TQRECC I ZQ, July 2024 contracts     13       48,009       Jul-24       (1,274 )     (0.0 )%(b)
ICE CA Low Carbon Fuel Futures ZR, December 2024 contracts     2       14,525       Dec-24       (325 )     (0.0 )%(b)
      40       967,062           (21,053 )     (0.8 )%
Total Open Commodity Futures Contracts(c)     53     $ 1,289,143             $ (24,991 )     (1.0 )%

 

    Shares     Market
Value
    % of Total
Net Assets
 
Common Stocks                        
Aerospace & Defense                        
Hexcel Corp     100     $ 7,375       0.3 %
Chemicals                        
Daqo New Energy Corp., ADR(d)     600       15,960       0.6 %
Electric                        
AES Brasil Energia SA(d)     10,100       25,616       1.0 %
Boralex, Inc. – Class A     800       20,434       0.8 %
Brookfield Renewable Corp. – Class A     700       20,153       0.8 %
EDP Renovaveis SA     1,132       23,165       0.9 %
FTC Solar, Inc.(d)     6,400       4,434       0.2 %
Greenvolt-Energias Renovaveis SA(d)     103       931       0.0 %(a)
Light S/A(d)     9,300       15,316       0.6 %
Meridian Energy Ltd.     8,940       31,358       1.2 %
NextEra Energy, Inc.     200       12,148       0.5 %
Ormat Technologies, Inc.     100       7,579       0.3 %
Orsted AS, 144A(e)     232       12,868       0.5 %
ReNew Energy Global PLC – Class A(d)     2,600       19,916       0.8 %
              193,918       7.6 %
Energy – Alternate Sources                        
Array Technologies, Inc.(d)     1,300       21,840       0.8 %
Canadian Solar, Inc.(d)     1,500       39,345       1.5 %

 

The accompanying notes are an integral part of the financial statements.  
  15
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

    Shares     Market
Value
    % of Total
Net Assets
 
Common Stocks (continued)
Energy – Alternate Sources (continued)
                 
Corp. ACCIONA Energias Renovables SA=     780     $ 24,194       0.9 %
Energix-Renewable  Energies  Ltd.     1,127       4,159       0.1 %
Enphase Energy, Inc.(d)     100       13,214       0.5 %
ERG SpA     168       5,356       0.2 %
First Solar, Inc.(d)     200       34,456       1.3 %
Flat Glass Group Co. Ltd. – Class H     8,000       13,503       0.5 %
Gigasolar Materials Corp.(d)     2,000       5,898       0.2 %
Grenergy Renovables SA(d)     1,150       43,497       1.7 %
JA Solar Technology Co. Ltd. – Class A     3,600       10,476       0.4 %
JinkoSolar Holding Co. Ltd., ADR     500       18,470       0.7 %
LONGi Green Energy Technology Co. Ltd. – Class A     6,200       19,939       0.8 %
Maxeon  Solar Technologies  Ltd.(d)     3,100       22,227       0.8 %
Ming Yang Smart Energy Group Ltd. – Class A     2,900       5,107       0.2 %
Motech Industries, Inc.     3,000       2,742       0.1 %
Neoen SA, 144A(e)     52       1,739       0.1 %
Nordex SE(d)     1,599       18,370       0.7 %
OX2 AB(d)     3,125       17,008       0.6 %
OY Nofar Energy Ltd.(d)     536       14,401       0.5 %
PNE AG     110       1,682       0.1 %
Scatec ASA, 144A(e)     953       7,709       0.3 %
Serena  Energia SA(d)     2,300       4,834       0.2 %
Solaria Energia y Medio Ambiente SA(d)     1,641       33,735       1.3 %
Sungrow Power Supply Co. Ltd. – Class A     2,700       33,213       1.3 %
Sunrun, Inc.(d)     2,300       45,149       1.7 %
                         
TCL Zhonghuan Renewable Energy Technology Co. Ltd. – Class A     1,600       3,514       0.1 %
Terna Energy SA     91       1,598       0.1 %
Titan Wind Energy Suzhou Co. Ltd. – Class A(d)     10,700       17,431       0.7 %
Xinte Energy Co. Ltd. – Class H(d)     10,800       15,131       0.6 %
            499,937     19.0 
Engineering & Construction                        
Eolus Vind AB – Class B     363       3,195       0.1 %
Investment Companies                        
Aker Horizons ASA(d)     27,526       11,807       0.4 %
Machinery – Construction & Mining                        
GoodWe Technologies Co. Ltd. – Class A     771       14,139       0.5 %

 

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

16 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

                   
    Shares     Market Value     % of Total
Net Assets
 
Common Stocks (continued)
Engineering & Construction (continued)
                 
Transportation                        
Cadeler A/S(d)     1,326     $ 6,126       0.2 %
Total Common Stocks                        
(Cost $753,379)           $ 752,457       28 .7 %

 

    Principal
Amount
    Market
Value
    % of Total
Net Assets
 
Exchange-Traded Funds                  
USCF Sustainable Battery Metals Strategy Fund(f) (Cost $1,052,640)     49,500     $ 822,195       31.4 %
                         
Cash Equivalents                        
United States Treasury  Obligations                        
U.S. Treasury Bills:                        
5.39%, 1/18/2024     220,000     $ 219,446       8.3 %
5.30%, 2/15/2024     680,000       675,542       25.8 %
Total Treasury Obligations
(Cost $894,988)
          $ 894,988       34.1 %
Total Investments
(Cost $2,701,007)
          $ 2,444,649       93.2 %
Other Assets in Excess of Liabilities             178,449       6.8 %
Total Net Assets           $ 2,623,098       100.0 %

 

(a) Position represents less than 0.05%.
(b) Position represents greater than (0.05)%.
(c) Collateral amounted to $253,510 on open Commodity Futures Contracts.
(d) Non-income producing security.
(e) Security was purchased (sold) pursuant to Rule 144A under the Securities Act of 1933 and may not be resold (repurchased) subject to that rule except to qualified institutional buyers. Unless otherwise noted, Rule 144A securities are deemed to be liquid. Total fair value of Rule 144A securities amounts to $22,316, which represents 0.9% of net assets as of December 31, 2023.
(f) Affiliated issuer.

 

The accompanying notes are an integral part of the financial statements.  
  17
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

ADR: American Depositary Receipt

 

A summary of the Fund’s transactions with affiliated investments during the period ended December 31, 2023 is as follows:

 

Market
Value at
6/30/2023
  Purchase
Cost
    Sales
Proceeds
    Net Realized
Gain (Loss)
on Affiliated
investments
    Net Change
in Unrealized
Appreciation
(Depreciation)
on Affiliated
investments
    Affiliated
investment
Interest
Income
    Distributions
from Capital
Gain
    Number of
Shares at
12/31/23
    Market
Value at
12/31/23
 
Exchange-Traded Fund — 31%                                    
USCF Sustainable Battery Metals Strategy Fund                              
$            —   $ 1,052,640    $      $       $ (230,445 )   $ 28,196    $         49,500     $ 822,195  

 

Summary of Investments by Country^      
United States     77.2 %
China     6.8  
Spain     5.0  
Canada     2.4  
Brazil     1.9  
New Zealand     1.3  
Sweden     0.8  
Germany     0.8  
India     0.8  
Israel     0.8  
Denmark     0.5  
Norway     0.5  
Taiwan     0.3  
South Africa     0.3  
Hong Kong     0.2  
Italy     0.2  
France     0.1  
Greece     0.1  
Portugal     0.0 (a)
      100.0 %

 

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

18 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST
USCF SUSTAINABLE COMMODITY STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited) (continued)

 

Summary of Investments by Sector^      
Government     36.2 %
Financial     33.8  
Energy     20.2  
Utilities     7.9  
Industrial     1.3  
Basic Materials     0.6  
      100.0 %

 

^ As a percentage of total investments.

(a) Position represents less than 0.05%.

 

The accompanying notes are an integral part of the financial statements.  
  19
 
 

USCF ETF TRUST
USCF ALUMINUM STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS
AT DECEMBER 31, 2023 (unaudited)

 

Besides the following listed Commodity Futures Contracts and United States Treasury Obligations of the Fund and its wholly-owned subsidiary, there were no additional investments held by the Fund at December 31, 2023.

The following Commodity Futures Contracts of the Fund’s wholly-owned subsidiary were open at December 31, 2023 (see Security Valuation in the Notes to Financial Statements):

 

   

Number of
Contracts

    Notional
Amount
    Expiration
Date
    Fair Value/
Unrealized Gain
(Loss) on Open
Commodity
Contracts
    % of
Total
Net
Assets
 
Open Commodity Futures
Contracts – Long
United States Contracts
                             
LME Aluminum Futures LA,
February 2024 contracts
    22     $ 1,252,044       Feb-24     $ 44,581       1.1 %
LME Aluminum Futures LA,
March 2024 contracts
    22       1,258,512       Mar-24       47,050       1.2 %
LME Aluminum Futures LA,
April 2024 contracts
    22       1,214,900       Apr-24       97,125       2.5 %
      66       3,725,456               188,756       4.8 %
Total Open Commodity Futures
Contracts(a)
    66     $ 3,725,456             $ 188,756       4.8 %

 

    Principal
Amount
    Market
Value
    % of Total
Net Assets
 
Cash Equivalents                  
United States Treasury Obligations                  
U.S. Treasury Bills:                  
5.39%, 1/04/2024     750,000     $ 749,667       19.1 %
5.39%, 1/18/2024     225,000       224,433       5.7 %
4.98%, 2/01/2024     500,000       497,742       12.7 %
5.39%, 2/29/2024     125,000       123,912       3.1 %
5.38%, 3/07/2024     750,000       742,699       18.9 %
5.28%, 3/28/2024     225,000       222,159       5.7 %
Total Treasury Obligations
(Cost $2,560,612)
          $ 2,560,612       65.2 %
Total Investments
(Cost $2,560,612)
          $ 2,749,368       70.0 %
Other Assets in Excess of Liabilities             1,176,681       30.0 %
Total Net Assets           $ 3,926,049       100.0 %

 

(a) Collateral amounted to $116,421 on open Commodity Futures Contracts.

 

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

20 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST

USCF ALUMINUM STRATEGY FUND
CONSOLIDATED SCHEDULE OF INVESTMENTS

AT DECEMBER 31, 2023 (unaudited) (continued)

 

Summary of Investments by Country^      
United States     100.0 %

 

Summary of Investments by Sector^      
Government     100.0 %

 

^ As a percentage of total investments.

 

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

  21

 
 

USCF ETF TRUST

USCF MIDSTREAM ENERGY INCOME FUND
SCHEDULE OF INVESTMENTS

AT DECEMBER 31, 2023 (unaudited)

 

    % of Total
Net Assets
    Shares     Market
Value
 
Common Stocks     75.0 %                
Pipelines     75.0 %                
Antero Midstream Corp.     4.6 %     843,399     $ 10,567,789  
Cheniere Energy, Inc.     7.3 %     97,279       16,606,498  
DT Midstream, Inc.     4.1 %     169,922       9,311,726  
Enbridge, Inc.     7.7 %     487,306       17,552,762  
EnLink Midstream LLC(a)     2.2 %     403,441       4,905,843  
Equitrans Midstream Corp     3.9 %     866,120       8,817,102  
Gibson Energy, Inc.     2.0 %     293,153       4,475,330  
Hess Midstream LP – Class A     2.2 %     157,434       4,979,637  
Keyera Corp.     4.0 %     375,170       9,113,222  
Kinder Morgan, Inc.     4.6 %     597,150       10,533,726  
ONEOK, Inc.     8.1 %     264,304       18,559,427  
Pembina Pipeline Corp.     4.5 %     300,787       10,353,089  
Plains GP Holdings LP – Class A(a)     6.9 %     986,137       15,728,885  
Targa Resources Corp.     4.7 %     122,074       10,604,568  
TC Energy Corp.     3.7 %     216,648       8,468,770  
Williams Cos., Inc. (The)     4.5 %     294,850       10,269,626  
                      170,848,000  
Total Common Stocks                        
(Cost $137,688,372     75.0 %             170,848,000  
Master Limited Partnerships     24.0 %                
Oil & Gas     0.9 %                
Sunoco LP     0.9 %     33,258       1,993,152  
Pipelines     23.1 %                
Energy Transfer LP     8.7 %     1,432,508       19,768,610  
Enterprise Products Partners LP     7.6 %     658,072       17,340,197  
MPLX LP     4.6 %     283,184       10,398,516  
NuStar Energy LP     1.0 %     124,098       2,318,151  
Western Midstream Partners LP     1.2 %     98,173       2,872,542  
                      52,698,016  
Total Master Limited Partnerships                        
(Cost $36,745,424)     24.0 %             54,691,168  
Money Market Funds     0.7 %                
Dreyfus Government Cash Management Fund, Institutional Shares, 5.25%(b)                        
(Cost $1,555,984)     0.7 %     1,555,984       1,555,984  
Total Investments                        
(Cost $175,989,780)     99.7 %             227,095,152  
Other Assets in Excess of Liabilities     0.3 %             694,015  
Total Net Assets     100.0 %           $ 227,789,167  

 

(a) Non-income producing security.
(b) Reflects the 7-day yield at December 31, 2023.

 

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

22 Semi-Annual Report December 31, 2023
 
 

USCF ETF TRUST

USCF MIDSTREAM ENERGY INCOME FUND

SCHEDULE OF INVESTMENTS

AT DECEMBER 31, 2023 (unaudited) (continued)

 

Summary of Investments by Country^      
United States     78.0 %
Canada     22.0  
      100.0 %

 

Summary of Investments by Sector^      
Energy     99.3 %
Money Market Funds     0.7  
      100.0 %

 

^ As a percentage of total investments.

 

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

  23
 
 

USCF ETF TRUST

USCF DIVIDEND INCOME FUND
SCHEDULE OF INVESTMENTS

AT DECEMBER 31, 2023 (unaudited)

 

    % of Total
Net Assets
   

 

Shares

    Market
Value
 
Common Stocks     97.8 %                
Advertising     5.2 %                
Interpublic Group of Cos., Inc. (The)     3.5 %     6,300     $ 205,632  
Omnicom Group, Inc.     1.7 %     1,170       101,217  
                    306,849  
Banks     19.1 %                
Associated Banc-Corp.     2.4 %     6,599       141,152  
Bank of America Corp.     2.1 %     3,655       123,064  
Bank of New York Mellon Corp. (The)     3.3 %     3,713       193,262  
Goldman Sachs Group, Inc. (The)     3.6 %     556       214,488  
JPMorgan Chase & Co.     4.8 %     1,647       280,155  
Royal Bank of Canada     2.9 %     1,690       170,910  
                      1,123,031  
Beverages        4.3 %                
Coca-Cola Co. (The)     4.3 %     4,257       250,865  
Biotechnology        3.0 %                
Gilead Sciences, Inc.     3.0 %     2,160       174,981  
Chemicals        2.1 %                
Nutrien Ltd.     2.1 %     2,142       120,659  
Diversified Financial Services     5.9 %                
CME Group, Inc.     2.5 %     702       147,841  
Jefferies Financial Group, Inc.     3.4 %     4,906       198,252  
                      346,093  
Healthcare-Products     3.5 %                
Medtronic  PLC     3.5 %     2,484       204,632  
Insurance       4.0 %                
Old Republic International Corp.     4.0 %     8,019       235,759  
Media       4.0 %                
Comcast Corp. – Class A     4.0 %     5,403       236,921  
Packaging & Containers     1.8 %                
Sonoco Products Co.     1.8 %     1,907       106,544  
Pharmaceuticals     14.7 %                
AbbVie, Inc.     3.7 %     1,412       218,818  
Cardinal Health, Inc.     2.7 %     1,599       161,179  
Johnson & Johnson     4.1 %     1,521       238,402  
Merck & Co., Inc.     2.3 %     1,267       138,128  
Pfizer, Inc.     1.9 %     3,807       109,603  
                      866,130  
REITS       9.7 %