# EDGAR Filing Document

**Accession Number:** 0001597389
**File Stem:** 0000940400-26-022021
**Filing Date:** 2026-5
**Character Count:** 19260
**Document Hash:** cceaf4cdf03051468eddbe26d0c7a0d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022021.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000940400-26-022021

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20260630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USCF ETF Trust
- **CENTRAL INDEX KEY:** 0001597389

**ORGANIZATION NAME:**
- **EIN:** 464572871
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22930
- **FILM NUMBER:** 261035794

**BUSINESS ADDRESS:**
- **STREET 1:** 1850 MT. DIABLO BLVD.
- **STREET 2:** SUITE 640
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596
- **BUSINESS PHONE:** 510-522-9600

**MAIL ADDRESS:**
- **STREET 1:** 1850 MT. DIABLO BLVD.
- **STREET 2:** SUITE 640
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USCF Equity Trust
- **DATE OF NAME CHANGE:** 20140116

## Series and Classes Contracts Data

### USCF Sustainable Commodity Strategy Fund (Series ID: S000079954)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000241451 | USCF Sustainable Commodity Strategy Fund | ZSC             |

## Nport-Ex

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT MARCH 31, 2026 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Fair Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) on <br> Open Commodity<br> Contracts** | **% of Total<br> Net Assets** |
| **Open Commodity Futures<br> Contracts – Long** |  |  |  |  |  |
| **Foreign Contracts<sup>(a)</sup>** |  |  |  |  |  |
| Euronext Rapeseed EURO Futures IJ, May contracts | 4 | $107974 | Apr-26 | $11985 | 0.4% |
| ICE Canola Futures RS, May contracts | 14 | 137764 | May-26 | 12436 | 0.4% |
| LME Nickel Futures LN, June contracts | 1 | 103033 | Jun-26 | (517) | (0.0)%<sup>(b)</sup> |
| LME Zinc Futures LX, June contracts | 1 | 83695 | Jun-26 | (2621) | (0.1)% |
| SGX IODEX IO Futures, June contracts | 7 | 69230 | Jun-26 | 3969 | 0.1% |
| ICE ECX EMISSION Futures MO, December contracts | 2 | 205727 | Dec-26 | (37348) | (1.3)% |
|  | 29 | 707423 |  | (12096) | (0.5)% |
| **United States Contracts<sup>(a)</sup>** |  |  |  |  |  |
| ICE Sugar #11 Futures SB, May contracts | 4 | 61421 | Apr-26 | 8109 | 0.3% |
| ICE Cotton Futures CT, May contracts | 1 | 31520 | May-26 | 3480 | 0.1% |
| ICE Cocoa Futures CC, May contracts | 1 | 42860 | May-26 | (9860) | (0.3)% |
| CBOT Corn Futures C, May contracts | 12 | 263250 | May-26 | 11400 | 0.4% |
| CBOT Rough Rice Futures RR, May contracts | 6 | 138310 | May-26 | (1810) | (0.0)% |
| CBOT Soybean Futures S, May contracts | 3 | 169313 | May-26 | 6338 | 0.2 %<sup>(b)</sup> |
| CBOT Wheat Future W, May contracts | 4 | 107800 | May-26 | 15450 | 0.5% |
| ICE Coffee Futures KC, May contracts | 1 | 108487 | May-26 | 3394 | 0.1% |
| COMEX Copper Futures HG, May contracts | 1 | 148512 | May-26 | (8163) | (0.3)% |
| COMEX Micro Silver Futures SI, May contracts | 1 | 77772 | May-26 | (2853) | (0.1)% |
| COMEX Aluminum Futures AL, June contracts | 3 | 229894 | Jun-26 | 24338 | 0.8% |
| COMEX Cobalt Fastmarket Futures CV, June contracts | 3 | 171960 | Jun-26 | (3439) | (0.1)% |
| COMEX Lithium Carbonate CIF CJK Fastmarket Futures LJ, June contracts | 3 | 57240 | Jun-26 | 4560 | 0.2% |
| COMEX Lithium LiOH Futures LF, June contracts | 12 | 222960 | Jun-26 | 25440 | 0.9% |
| NYMEX Chicago Ethanol S Futures CU, June contracts | 1 | 71400 | Jun-26 | 11865 | 0.4% |
| ICE PJM TQRECC I ZQ, July contracts | 28 | 76222 | Jul-26 | (5242) | (0.2)% |
| California Carbon Allowance Vintage Futures, December contracts | 3 | 97320 | Dec-26 | (10710) | (0.4)% |

---

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT MARCH 31, 2026 (unaudited) (continued)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Fair Value/<br> Unrealized<br> Appreciation/<br> (Depreciation) on <br> Open Commodity<br> Contracts** | **% of Total<br> Net Assets** |
| **United States Contracts<sup>(a)</sup> (continued)** |  |  |  |  |  |
| ICE Biodiesel D4 RIN Futures RI, December contracts | 1 | $53250 | Dec-26 | $36705 | 1.3% |
| ICE CA Low Carbon Fuel Futures ZR, December contracts | 6 | 37450 | Dec-26 | (250) | (0.0)%<sup>(b)</sup> |
|  | 94 | 2166941 |  | 108752 | 3.8% |
| **Total Open Commodity Futures Contracts<sup>(c)</sup>** | **123** | $**2874364** |  | $**96656** | **3.3%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** | **% of Total<br> Net Assets** |
| **Short-Term Investments** |  |  |  |
| **United States Treasury Obligations** |  |  |  |
| U.S. Treasury Bill, 3.66%, 6/02/2026 | $1750000 | $1739240 | 59.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,739,240) |  | $**1739240** | **59.5%** |
| **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,739,240) |  | $**1739240** | **59.5%** |
| Other Assets in Excess of Liabilities |  | 1183112 | 40.5% |
| **Total Net Assets** |  | $**2922352** | **100.0%** |

---

(a) All, or part of investment
 is held in the Fund's wholly owned subsidiary.

(b) Position represents greater than (0.05)%.

(c) Collateral amounted to $– on open
 Commodity Futures Contracts.

A summary of the Fund's transactions with affiliated investments during the period ended March 31, 2026 is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value at<br> 3/31/2026** | **Purchases** | **Sales<br> Proceeds** | **Net Realized<br> Gain (Loss)** | **Net Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Dividend<br> Income** | **Long-Term<br> Capital Gains<br> Distributions** | **Number of<br> Shares at<br> 3/31/26** | **Market Value<br> at 3/31/26** |
| Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% | Exchange-Traded Fund — –% |
| USCF Sustainable Battery Metals Strategy Fund |  |  |  |  |  |  |  |  |
| $786990 | $— | $(967321) | $(162370) | $342701 | $1478 | $— |  | $— |

---

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT MARCH 31, 2026 (unaudited) (continued)**

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Country^</u>** |  |
| United States | 100.0% |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Sector</u>** | **% of Total<br> Net Assets** |
| Government | 59.5% |
| Commodity Derivatives | 3.3% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of portfolio holdings, which includes investments and other financial instruments shown on the Consolidated Schedule of Investments. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** USCF ETF Trust

- **b. Investment Company Act file number:** 811-22930

- **c. CIK number of Registrant:** 0001597389

- **d. LEI of Registrant:** 549300MH2TWHBRNV2U91

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1850 MT.Diablo Boulevard, Suite 640

  - **City:** Walnut Creek

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94596

  - **Telephone number:** 1-800-920-0259

**Item A.2. Information about the Series.**

- **a. Name of Series:** USCF Sustainable Commodity Strategy Fund

- **b. EDGAR series identifier (if any):** S000079954

- **c. LEI of Series:** 54930007KUNSZVHDUL18

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-06-30

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $2925178.94

**Total Liabilities:** $1932.02

**Net Assets:** $2923246.92

**Amount of Assets Invested in Other Investment Companies:** $496431.09

**Cash Not Reported:** $1082341.45

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241451 | 2.42%                | 1.65%                | 1.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $67473.91                | $-61019.72                                 |
| Month 2  | $0.00                    | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** Blended Custom Benchmark

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                                        | Title                                           | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| COMMODITIES EXCHANGE CENTER                 | Cobalt Metal (Fastmarkets) Futures              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         3 | NC      | $-3439.21     | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Coffee C Futures - NYCC                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $3393.75      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | CA Low Carbon FuelDec26                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         6 | NC      | $-250.00      | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | SGX IODEX Iron Ore Futures                      | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DCO              | CORP              | SG        |         7 | NC      | $3969.00      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Cotton No. 2 Futures - NYCC                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $3480.00      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                 | Lithium Carbonate CIF CJK (Fastmarkets) Futures | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         3 | NC      | $4560.00      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Biodiesel D4 RIN CDec26                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $36705.00     | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Cocoa Futures - NYCC                            | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-9860.00     | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC FUTURE JUN26                           | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-2620.50     | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Sugar No. 11 Futures - NYCC                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         4 | NC      | $8108.80      | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Soybean Futures, May-2026,ETH                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         3 | NC      | $6337.50      | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Corn Futures, May-2026,ETH                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |        12 | NC      | $11400.00     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Rough Rice Futures                              | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         6 | NC      | $-1810.00     | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | CCA Vintage 2026 Dec26                          | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         3 | NC      | $-10710.00    | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                 | Aluminum Futures                                | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         3 | NC      | $24337.50     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | PJM TQRECC I JUL26                              | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |        28 | NC      | $-5242.00     | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                 | Micro Silver Futures                            | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         1 | NC      | $-2853.00     | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | Chicago SRW Wheat Futures, May-2026,ETH         | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         4 | NC      | $15450.00     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                 | Copper Futures, May-2026,ETH                    | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         1 | NC      | $-8162.50     | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | Chicago Ethanol (Platts) Futures                | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |         1 | NC      | $11865.00     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills                | WIB 0 06/02/26                                  | CUSIP: 912797TU1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1750000 | PA      | $1739240.42   | 59.50%            | 2026-06-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EURONEXT PARIS SA                           | Rapeseed / Colza                                | CUSIP: 000000000<br>LEI: 969500HMVSZ0TCV65D58 | N/A              | DCO              | CORP              | FR        |         4 | NC      | $11985.03     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME NICKEL FUTURE Jun26                         | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |         1 | NC      | $-516.78      | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | Canola Futures - ICUS                           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |        14 | NC      | $12436.44     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE ENDEX MARKETS B.V.                      | EUA Futures - EUA                               | CUSIP: 000000000<br>LEI: 549300CZW488L20NT866 | N/A              | DCO              | CORP              | NL        |         2 | NC      | $-37348.37    | -1.28%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITIES EXCHANGE CENTER                 | Lithium Hydroxide CIF CJK (Fastmarkets) Futures | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |        12 | NC      | $25440.00     | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** USCF ETF Trust

**Signature:** Kenneth A. Kalina

**Name of Signer:** Kenneth A. Kalina

**Title:** CCO