# EDGAR Filing Document

**Accession Number:** 0001597389
**File Stem:** 0000940400-25-012014
**Filing Date:** 2025-11
**Character Count:** 33947
**Document Hash:** abf8c20df64cf6fad80c2a8963ca448f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012014.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-012014

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251535957

**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 SEPTEMBER 30, 2025 (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of<br> Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Fair Value/Unrealized<br> Appreciation/(Depreciation)<br> on Open Commodity<br> Contracts** | **% of<br> Total Net <br> Assets** |
| **Open Commodity Futures Contracts – Long** |  |  |  |  |  |
| **Foreign Contracts<sup>(a)</sup>** |  |  |  |  |  |
| Euronext Rapeseed EURO Futures IJ, <br> November 2025 contracts | 2 | $56097 | Oct-25 | $(1591) | (0.1)% |
| ICE Canola Futures RS, <br> November contracts | 8 | 80101 | Nov-25 | (9226) | (0.4)% |
| ICE ECX EMISSION Futures MO, <br> December contracts | 1 | 73576 | Dec-25 | 8813 | 0.4% |
|  | 11 | 209774 |  | (2004) | (0.1)% |
| **United States Contracts<sup>(a)</sup>** |  |  |  |  |  |
| CBOT Rough Rice Futures RR, <br> November contracts | 3 | 76220 | Nov-25 | (9230) | (0.4) % |
| CBOT Soybean Futures S, <br> November contracts | 2 | 103100 | Nov-25 | (2925) | (0.1) % |
| ICE Cotton Futures CT, <br> December contracts | 1 | 33990 | Dec-25 | (1105) | (0.0)%<sup>(b)</sup> |
| CBOT Corn Futures C, <br> December contracts | 8 | 160500 | Dec-25 | 5700 | 0.2% |
| CBOT Wheat Future W, <br> December contracts | 3 | 79388 | Dec-25 | (3188) | (0.1)% |
| ICE Cocoa Futures CC, <br> December contracts | 1 | 78370 | Dec-25 | (10880) | (0.4)% |
| ICE Coffee Futures KC, <br> December contracts | 1 | 107400 | Dec-25 | 33169 | 1.3% |
| COMEX Aluminum Futures AL, <br> December contracts | 2 | 127987 | Dec-25 | 3112 | 0.1% |
| COMEX COMEX Copper Futures HG, <br> December contracts | 1 | 113987 | Dec-25 | 7425 | 0.3% |
| ICE Biodiesel D4 RIN Futures RI, <br> December contracts | 1 | 37250 | Dec-25 | 11375 | 0.5% |
| ICE CA Low Carbon Fuel Futures ZR, <br> December contracts | 2 | 15600 | Dec-25 | (4600) | (0.2)% |
| NYMEX Chicago Ethanol S Futures CU, <br> December contracts | 1 | 67095 | Dec-25 | 4620 | 0.2% |
| ICE Sugar #11 Futures SB, <br> March contracts | 2 | 36422 | Feb-26 | 762 | 0.0 %<sup>(c)</sup> |
| ICE PJM TQRECC I ZQ, <br> July contracts | 11 | 28580 | Jul-26 | 1395 | 0.1% |
|  | 39 | 1065889 |  | 35630 | 1.5% |
| **Total Open Commodity Futures Contracts<sup>(d)</sup>** | **50** | $**1275663** |  | $**33626** | **1.4%** |

---

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT SEPTEMBER 30, 2025 (unaudited) (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **% <br> of Total<br> Net Assets** |
| **Common Stocks** |  |  |  |
| **Aerospace & Defense** |  |  |  |
| Hexcel Corp. | 100 | $6270 | 0.2% |
| **Electric** |  |  |  |
| Ameresco, Inc. – Class A<sup>(e)</sup> | 100 | 3358 | 0.1% |
| Auren Energia SA | 6817 | 13146 | 0.5% |
| Boralex, Inc. – Class A | 800 | 15622 | 0.6% |
| Brookfield Renewable Corp. | 300 | 10326 | 0.4% |
| China Yangtze Power Co. Ltd. – Class A | 500 | 1912 | 0.1% |
| EDP Renovaveis SA | 1132 | 14897 | 0.6% |
| Light S/A<sup>(e)</sup> | 9300 | 10129 | 0.4% |
| Meridian Energy Ltd. | 3340 | 10802 | 0.4% |
| NextEra Energy, Inc. | 200 | 15098 | 0.6% |
| Ormat Technologies, Inc. | 100 | 9625 | 0.4% |
| Orsted AS, 144A<sup>(e)(f)</sup> | 232 | 4147 | 0.2% |
| ReNew Energy Global PLC – Class A<sup>(e)</sup> | 2600 | 20020 | 0.8% |
|  |  | 129082 | 5.1% |
| **Energy - Alternate Sources** |  |  |  |
| Array Technologies, Inc.<sup>(e)</sup> | 3500 | 28525 | 1.1% |
| Cadeler A/S<sup>(e)</sup> | 1326 | 6751 | 0.3% |
| Canadian Solar, Inc.<sup>(e)</sup> | 2500 | 32600 | 1.3% |
| Corp. ACCIONA Energias Renovables SA | 780 | 20200 | 0.8% |
| Enphase Energy, Inc.<sup>(e)</sup> | 100 | 3539 | 0.1% |
| ERG SpA | 168 | 4145 | 0.2% |
| First Solar, Inc.<sup>(e)</sup> | 200 | 44106 | 1.8% |
| Flat Glass Group Co. Ltd. – Class H | 8000 | 11681 | 0.5% |
| Grenergy Renovables SA<sup>(e)</sup> | 1150 | 86885 | 3.4% |
| JA Solar Technology Co. Ltd. – Class A<sup>(e)</sup> | 10100 | 18620 | 0.7% |
| LONGi Green Energy Technology Co. Ltd. – Class A<sup>(e)</sup> | 14000 | 35357 | 1.4% |
| Maxeon Solar Technologies Ltd.<sup>(e)</sup> | 1831 | 6134 | 0.2% |
| Ming Yang Smart Energy Group Ltd. – Class A | 2900 | 6575 | 0.3% |
| Motech Industries, Inc. | 16000 | 9161 | 0.4% |
| Nordex SE<sup>(e)</sup> | 1599 | 40958 | 1.6% |
| OY Nofar Energy Ltd.<sup>(e)</sup> | 536 | 17118 | 0.7% |
| Risen Energy Co. Ltd. – Class A<sup>(e)</sup> | 3100 | 4554 | 0.2% |
| Scatec ASA, 144A<sup>(e)(f)</sup> | 953 | 9384 | 0.4% |
| Serena Energia SA<sup>(e)</sup> | 2300 | 5334 | 0.2% |
| Solaria Energia y Medio Ambiente SA<sup>(e)</sup> | 1641 | 21007 | 0.8% |
| Sungrow Power Supply Co. Ltd. – Class A | 2280 | 51816 | 2.1% |
| Sunrun, Inc.<sup>(e)</sup> | 1300 | 22477 | 0.9% |
| TCL Zhonghuan Renewable Energy Technology Co. Ltd. – Class A<sup>(e)</sup> | 22500 | 28569 | 1.1% |
| Titan Wind Energy Suzhou Co. Ltd. – Class A | 10700 | 12325 | 0.5% |

---

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT SEPTEMBER 30, 2025 (unaudited) (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **% <br> of Total<br> Net Assets** |
| **Common Stocks (continued)** |  |  |  |
| **Energy - Alternate Sources (continued)** |  |  |  |
| TPI Composites, Inc.<sup>(e)</sup> | 4300 | $133 | 0.0 %<sup>(c)</sup> |
| United Renewable Energy Co. Ltd.<sup>(e)</sup> | 57000 | 12867 | 0.5% |
|  |  | 540821 | 21.5% |
| **Machinery - Construction & Mining** |  |  |  |
| GoodWe Technologies Co. Ltd. – Class A<sup>(e)</sup> | 1079 | 9793 | 0.4% |
| **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $724,478) |  | $**685966** | **27.2%** |
| **Exchange-Traded Funds** |  |  |  |
| USCF Sustainable Battery Metals Strategy Fund<sup>(g)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $828,273) | 41500 | $687863 | 27.3% |
| **Short-Term Investments** |  |  |  |
| **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,552,751) |  | $**1373829** | **54.5%** |
| Other Assets in Excess of Liabilities |  | 1145820 | 45.5% |
| **Total Net Assets** |  | $**2519649** | **100.0%** |

---

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

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

(c) Position
 represents less than 0.05%.

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

(e) Non-income
 producing security.

(f) 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 $13,531, which represents 0.5% of net assets as of September 30, 2025.

(g) Affiliated
 issuer.

**USCF ETF TRUST**

**USCF SUSTAINABLE COMMODITY STRATEGY FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**AT SEPTEMBER 30, 2025 (unaudited) (concluded)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: | A summary of the Fund's transactions with affiliated investments during the period ended September 30, 2025 is as follows: |
| **Market Value at <br> 9/30/2025** | **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> 9/30/25** | **Market Value <br> at 9/30/25** |
| Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% | Exchange-Traded Fund — 27% |
| USCF Sustainable Battery Metals Strategy Fund | USCF Sustainable Battery Metals Strategy Fund | USCF Sustainable Battery Metals Strategy Fund |  |  |  |  |  |  |
| $786990 | $— | $(203310) | $(98108) | $202291 | $— | $— | 41500 | $687863 |

---

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Country^</u>** |  |
| United States | 60.2% |
| China | 13.2 |
| Spain | 10.4 |
| Canada | 4.3 |
| Germany | 3.0 |
| Brazil | 2.1 |
| Taiwan | 1.6 |
| India | 1.4 |
| Israel | 1.2 |
| Denmark | 0.8 |
| New Zealand | 0.8 |
| South Africa | 0.7 |
| Italy | 0.3 |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Sector</u>** | **% of Total <br> Net Assets** |
| Investment Company | 27.3% |
| Energy | 21.5% |
| Utilities | 5.1% |
| Industrial | 0.6% |
| Commodity Derivatives | 1.3% |

---

---

| | |
|:---|:---|
| ^ | 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:** 2025-09-30

**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:** $2521248.72

**Total Liabilities:** $1600.98

**Net Assets:** $2519647.74

**Amount of Assets Invested in Other Investment Companies:** $407414.91

**Cash Not Reported:** $1034417.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000241451 | 1.17%                | 4.11%                | 3.62%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-26184.65               | $65986.73                                  |
| Month 2  | $-34589.50               | $100036.89                                 |
| Month 3  | $-40778.04               | $150975.97                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Boralex Inc                                   | Boralex Inc                                      | CUSIP: 09950M300<br>LEI: 5493004UT7HNQU2SVR90 | Long             | EC               | CORP              | CA        |       800 | NS      | $15621.68     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ReNew Energy Global PLC                       | ReNew Energy Global PLC                          | CUSIP: 000000000<br>LEI: 254900SL77LA2KAG7R65 | Long             | EC               | CORP              | IN        |      2600 | NS      | $20020.00     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadeler A/S                                   | Cadeler A/S                                      | CUSIP: 000000000<br>LEI: 9845008439EUED140282 | Long             | EC               | CORP              | DK        |      1326 | NS      | $6751.07      | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grenergy Renovables SA                        | Grenergy Renovables SA                           | CUSIP: 000000000<br>LEI: 959800M1FVPL5BMW3R13 | Long             | EC               | CORP              | ES        |      1150 | NS      | $86885.41     | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| EDP Renovaveis SA                             | EDP Renovaveis SA                                | CUSIP: 000000000<br>LEI: 529900MUFAH07Q1TAX06 | Long             | EC               | CORP              | ES        |      1132 | NS      | $14897.13     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TZE                                           | TCL Zhonghuan Renewable Energy Technology Co Ltd | CUSIP: 000000000<br>LEI: 300300Y3UHPAM1FB1Y03 | Long             | EC               | CORP              | CN        |     22500 | NS      | $28569.32     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Sunrun Inc                                    | Sunrun Inc                                       | CUSIP: 86771W105<br>LEI: 54930007SJ77CI66U531 | Long             | EC               | CORP              | US        |      1300 | NS      | $22477.00     | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE ENDEX MARKETS B.V.                        | ECX EMISSION                                     | CUSIP: 000000000<br>LEI: 549300CZW488L20NT866 | N/A              | DCO              | CORP              | NL        |         1 | NC      | $8812.75      | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameresco Inc                                  | Ameresco Inc                                     | CUSIP: 02361E108<br>LEI: 529900NZXZGBCBXYY327 | Long             | EC               | CORP              | US        |       100 | NS      | $3358.00      | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| United Renewable Energy Co Ltd                | United Renewable Energy Co Ltd/Taiwan            | CUSIP: 000000000<br>LEI: 254900E7A0T0Q0DM6K74 | Long             | EC               | CORP              | TW        |     57000 | NS      | $12866.99     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Maxeon Solar Technologies Ltd                 | Maxeon Solar Technologies Ltd                    | CUSIP: 000000000<br>LEI: 5493007JPB074ITT6Y72 | Long             | EC               | CORP              | SG        |      1831 | NS      | $6133.85      | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| JA Solar Technology Co Ltd                    | JA Solar Technology Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     10100 | NS      | $18620.25     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| OY Nofar Energy Ltd                           | OY Nofar Energy Ltd                              | CUSIP: 000000000<br>LEI: 894500AMGSB9R178TW69 | Long             | EC               | CORP              | IL        |       536 | NS      | $17117.60     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | CANOLA (WCE)                                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         8 | NC      | $-9226.37     | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| Scatec ASA                                    | Scatec ASA                                       | CUSIP: 000000000<br>LEI: 5967007LIEEXZXIARK36 | Long             | EC               | CORP              | NO        |       953 | NS      | $9384.06      | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Solar Inc                            | Canadian Solar Inc                               | CUSIP: 136635109<br>LEI: 5493001XSC6TKMBVOM15 | Long             | EC               | CORP              | CA        |      2500 | NS      | $32600.00     | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.            | CHICAGO ETHANOL                                  | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |         1 | NC      | $4620.00      | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| ERG SpA                                       | ERG SpA                                          | CUSIP: 000000000<br>LEI: 8156004604684CA44A90 | Long             | EC               | CORP              | IT        |       168 | NS      | $4145.40      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | COFFEE 'C'                                       | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $33168.75     | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sungrow Power Supply Co Ltd                   | Sungrow Power Supply Co Ltd                      | CUSIP: 000000000<br>LEI: 30030052IWC7RGVFG505 | Long             | EC               | CORP              | CN        |      2280 | NS      | $51816.15     | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Flat Glass Group Co Ltd                       | Flat Glass Group Co Ltd                          | CUSIP: 000000000<br>LEI: 300300BEL4RMXBKEA373 | Long             | EC               | CORP              | CN        |      8000 | NS      | $11680.63     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | PJM TQRECC I                                     | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |        11 | NC      | $1395.00      | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                      | COPPER                                           | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         1 | NC      | $7425.00      | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| China Yangtze Power Co Ltd                    | China Yangtze Power Co Ltd                       | CUSIP: 000000000<br>LEI: 3003008VX8JFJXA6QP74 | Long             | EC               | CORP              | CN        |       500 | NS      | $1911.64      | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Corp ACCIONA Energias Renovabl                | Corp ACCIONA Energias Renovables SA              | CUSIP: 000000000<br>LEI: 254900UPX0OEHTKB9Y44 | Long             | EC               | CORP              | ES        |       780 | NS      | $20199.67     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Motech Industries Inc                         | Motech Industries Inc                            | CUSIP: 000000000<br>LEI: 254900INXPVZCOGO7412 | Long             | EC               | CORP              | TW        |     16000 | NS      | $9160.71      | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| GoodWe Technologies Co Ltd                    | GoodWe Technologies Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1079 | NS      | $9793.26      | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Ming Yang Smart Energy Group L                | Ming Yang Smart Energy Group Ltd                 | CUSIP: 000000000<br>LEI: 300300W76R6UJHEZL847 | Long             | EC               | CORP              | CN        |      2900 | NS      | $6575.19      | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Auren Energia SA                              | Auren Energia SA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      6817 | NS      | $13146.17     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Meridian Energy Ltd                           | Meridian Energy Ltd                              | CUSIP: 000000000<br>LEI: 254900IFKXIGNCY3A092 | Long             | EC               | CORP              | NZ        |      3340 | NS      | $10802.30     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Light S/A                                     | Light S/A                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      9300 | NS      | $10128.53     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Renewable Corp                     | Brookfield Renewable Corp                        | CUSIP: 11285B108<br>LEI: 894500N9AWD5I1YNP231 | Long             | EC               | CORP              | US        |       300 | NS      | $10326.00     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LONGi Green                                   | LONGi Green Energy Technology Co Ltd             | CUSIP: 000000000<br>LEI: 300300NRGAITUP1EZ248 | Long             | EC               | CORP              | CN        |     14000 | NS      | $35356.51     | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | SUGAR #11 (WORLD)                                | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         2 | NC      | $761.60       | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TITAN                                         | Titan Wind Energy Suzhou Co Ltd                  | CUSIP: 000000000<br>LEI: 3003007ZSZNFX2N7JL66 | Long             | EC               | CORP              | CN        |     10700 | NS      | $12325.25     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                      | ALUMINUM                                         | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |         2 | NC      | $3112.50      | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Array Technologies Inc                        | Array Technologies Inc                           | CUSIP: 04271T100<br>LEI: 549300JM5FECYJQ85V37 | Long             | EC               | CORP              | US        |      3500 | NS      | $28525.00     | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | BIODIESEL D4 RIN C                               | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $11375.00     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | CORN                                             | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         8 | NC      | $5700.00      | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Serena Energia SA                             | Serena Energia SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      2300 | NS      | $5333.72      | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | WHEAT (CBT)                                      | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         3 | NC      | $-3187.50     | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Risen Energy Co Ltd                           | Risen Energy Co Ltd                              | CUSIP: 000000000<br>LEI: 3003005CFEH1CK6CA695 | Long             | EC               | CORP              | CN        |      3100 | NS      | $4553.83      | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Orsted AS                                     | Orsted AS                                        | CUSIP: 000000000<br>LEI: W9NG6WMZIYEU8VEDOG48 | Long             | EC               | CORP              | DK        |       232 | NS      | $4146.77      | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | CA LOW CARBON FUEL                               | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         2 | NC      | $-4600.00     | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                            | Enphase Energy Inc                               | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |       100 | NS      | $3539.00      | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                               | First Solar Inc                                  | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |       200 | NS      | $44106.00     | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | SOYBEAN                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         2 | NC      | $-2925.00     | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC.   | ROUGH R (CBOT)                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |         3 | NC      | $-9229.80     | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| USCF Sustainable Battery Metals Strategy Fund | USCF Sustainable Battery Metals Strategy Fund    | CUSIP: 90290T841<br>LEI: 549300BMIGHTMFSMTQ48 | Long             | EC               | RF                | US        |     41500 | NS      | $687862.50    | 27.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc                        | Ormat Technologies Inc                           | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Long             | EC               | CORP              | US        |       100 | NS      | $9625.00      | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                            | NextEra Energy Inc                               | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |       200 | NS      | $15098.00     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| TPI Composites Inc                            | TPI Composites Inc                               | CUSIP: 87266J104<br>LEI: 549300TI9H56OIY0QE39 | Long             | EC               | CORP              | US        |      4300 | NS      | $133.30       | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaria Energia y Medio Ambien                | Solaria Energia y Medio Ambiente SA              | CUSIP: 000000000<br>LEI: 959800PM2YJU406K2789 | Long             | EC               | CORP              | ES        |      1641 | NS      | $21007.48     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Nordex SE                                     | Nordex SE                                        | CUSIP: 000000000<br>LEI: 529900HVDYCUWVD0OE76 | Long             | EC               | CORP              | DE        |      1599 | NS      | $40958.40     | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                                   | Hexcel Corp                                      | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Long             | EC               | CORP              | US        |       100 | NS      | $6270.00      | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | COCOA                                            | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-10880.00    | -0.43%            |  |  |  | No            |                  1 | On Loan: No      |
| EURONEXT PARIS SA                             | RAPESEED EURO                                    | CUSIP: 000000000<br>LEI: 969500HMVSZ0TCV65D58 | N/A              | DCO              | CORP              | FR        |         2 | NC      | $-1590.51     | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                        | COTTON NO.2                                      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |         1 | NC      | $-1105.00     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-28

**Name of Applicant:** USCF ETF Trust

**Signature:** Kenneth A. Kalina

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

**Title:** CCO