# EDGAR Filing Document

**Accession Number:** 0001597389
**File Stem:** 0000940400-25-012010
**Filing Date:** 2025-11
**Character Count:** 15224
**Document Hash:** fc3c19916e779e25a6188408d064edfe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012010.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-012010

**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:** 251535953

**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 Midstream Energy Income Fund (Series ID: S000071002)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000225425 | USCF Midstream Energy Income Fund | UMI             |

## Nport-Ex

**USCF ETF TRUST**

**USCF MIDSTREAM ENERGY INCOME FUND**

**SCHEDULE OF INVESTMENTS**

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

---

| | | | |
|:---|:---|:---|:---|
|  | **% of Total<br> Net Assets** | **Shares** | **Value** |
| **Common Stocks** | **69.9%** |  |  |
| **Pipelines** | **69.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 4.6% | 948671 | $18442164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 5.7% | 97021 | 22797995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 5.9% | 207557 | 23466394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc. | 7.8% | 614178 | 30991422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gibson Energy, Inc. | 2.2% | 472689 | 8788605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hess Midstream LP – Class A | 3.1% | 350980 | 12126359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Keyera Corp. | 4.7% | 549969 | 18454832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 6.3% | 881572 | 24957303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | 0.9% | 82081 | 3508142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ONEOK, Inc. | 3.4% | 186383 | 13600368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 4.4% | 428885 | 17352687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;South Bow Corp. | 4.3% | 603905 | 17084472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Targa Resources Corp. | 4.2% | 99268 | 16631361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC Energy Corp. | 4.7% | 343874 | 18710184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Williams Cos., Inc. (The) | 7.7% | 478935 | 30340532 |
|  |  |  | 277252820 |
| **Total Common Stocks** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $195,331,277) | **69.9%** |  | 277252820 |
| **Master Limited Partnerships** | **27.0%** |  |  |
| **Pipelines** | **27.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Transfer LP | 8.4% | 1949522 | 33453798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Enterprise Products Partners LP | 7.1% | 902668 | 28226428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Genesis Energy LP | 1.0% | 235833 | 3940769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MPLX LP | 4.5% | 359910 | 17977504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plains GP Holdings LP – Class A<sup>(a)</sup> | 3.9% | 844847 | 15410009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Western Midstream Partners LP | 2.1% | 211185 | 8297459 |
|  |  |  | 107305967 |
| **Total Master Limited Partnerships** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $71,118,004) | **27.0%** |  | 107305967 |
| **Exchange-Traded Funds** | **1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alerian Energy Infrastructure ETF |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $7,100,438) | **1.8%** | 218049 | 7066968 |
| **Money Market Funds** | **0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management Fund, Institutional Shares, 4.04%<sup>(b)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,053,507) | **0.3%** | 1053507 | 1053507 |
| **Total Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $274,603,226) | **99.0%** |  | $**392679262** |
| Other Assets in Excess of Liabilities | 1.0% |  | 3769126 |
| **Total Net Assets** | **100.0%** |  | $**396448388** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income
 producing security.

(b) Reflects
 the 7-day yield at September 30, 2025.

**USCF ETF TRUST**

**USCF MIDSTREAM ENERGY INCOME FUND**

**SCHEDULE OF INVESTMENTS**

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

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Country^</u>** |  |
| United States | 71.6% |
| Canada | 28.4 |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Sector</u>** | **% of Total <br> Net Assets** |
| Energy | 97.0% |
| Exchange Traded Fund | 1.7% |
| Money Market Funds | 0.3% |

---

---

| | |
|:---|:---|
| ^ | As a percentage of portfolio holdings, which includes investments and other financial instruments shown on the 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 Midstream Energy Income Fund

- **b. EDGAR series identifier (if any):** S000071002

- **c. LEI of Series:** 549300BXIIPFVRZYL554

**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:** $396741121.15

**Total Liabilities:** $271366.58

**Net Assets:** $396469754.57

**Cash Not Reported:** $162164.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000225425 | -0.70%               | 0.74%                | 1.54%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $144112.86               | $-3559993.08                               |
| Month 2  | $2067415.76              | $256654.36                                 |
| Month 3  | $775667.83               | $4055234.11                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Targa Resources Corp               | Targa Resources Corp               | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |     99268 | NS      | $16631360.72  | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinetik Holdings Inc               | Kinetik Holdings Inc               | CUSIP: 02215L209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82081 | NS      | $3508141.94   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| ONEOK Inc                          | ONEOK Inc                          | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |    186383 | NS      | $13600367.51  | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Plains GP Holdings LP              | Plains GP Holdings LP              | CUSIP: 72651A207<br>LEI: 549300O56BSKRD8FAM12 | Long             | EC               | CORP              | US        |    844847 | NS      | $15410009.28  | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Keyera Corp                        | Keyera Corp                        | CUSIP: 493271100<br>LEI: 254900LXI62FUHZGH122 | Long             | EC               | CORP              | CA        |    562221 | NS      | $18865961.25  | 4.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Williams Cos Inc/The               | Williams Cos Inc/The               | CUSIP: 969457100<br>LEI: D71FAKCBLFS2O0RBPG08 | Long             | EC               | CORP              | US        |    478935 | NS      | $30340532.25  | 7.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Hess Midstream LP                  | Hess Midstream LP                  | CUSIP: 428103105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    350980 | NS      | $12126359.00  | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Genesis Energy LP                  | Genesis Energy LP                  | CUSIP: 371927104<br>LEI: 549300VJ5D6MDK138782 | Long             | EC               | CORP              | US        |    235833 | NS      | $3940769.43   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| TC Energy Corp                     | TC Energy Corp                     | CUSIP: 87807B107<br>LEI: 549300UGKOFV2IWJJG27 | Long             | EC               | CORP              | CA        |    343874 | NS      | $18710184.34  | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinder Morgan Inc                  | Kinder Morgan Inc                  | CUSIP: 49456B101<br>LEI: 549300WR7IX8XE0TBO16 | Long             | EC               | CORP              | US        |    881572 | NS      | $24957303.32  | 6.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Products Partners L     | Enterprise Products Partners LP    | CUSIP: 293792107<br>LEI: K4CDIF4M54DJZ6TB4Q48 | Long             | EC               | CORP              | US        |    902668 | NS      | $28226428.36  | 7.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp              | Antero Midstream Corp              | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    948671 | NS      | $18442164.24  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                       | Enbridge Inc                       | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |    661295 | NS      | $33368945.70  | 8.42%             |  |  |  | No            |                  1 | On Loan: No      |
| DT Midstream Inc                   | DT Midstream Inc                   | CUSIP: 23345M107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    207557 | NS      | $23466394.42  | 5.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alerian Energy Infrastructure ETF  | Alerian Energy Infrastructure ETF  | CUSIP: 00162Q676<br>LEI: 54930094QIJR6KJBN477 | Long             | EC               | RF                | US        |    218049 | NS      | $7066968.09   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc                | Cheniere Energy Inc                | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     97021 | NS      | $22797994.58  | 5.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   1053507 | NS      | $1053506.53   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MPLX LP                            | MPLX LP                            | CUSIP: 55336V100<br>LEI: 5493000CZJ19CK4P3G36 | Long             | EC               | CORP              | US        |    359910 | NS      | $17977504.50  | 4.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Midstream Partners LP      | Western Midstream Partners LP      | CUSIP: 958669103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    211185 | NS      | $8297458.65   | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| South Bow Corp                     | South Bow Corp                     | CUSIP: 83671M105<br>LEI: 2549000XS5TAFA3YF943 | Long             | EC               | CORP              | CA        |    603905 | NS      | $17084472.45  | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Pembina Pipeline Corp              | Pembina Pipeline Corp              | CUSIP: 706327103<br>LEI: 5493002W3L9YICM6FU21 | Long             | EC               | CORP              | CA        |    428885 | NS      | $17352687.10  | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Gibson Energy Inc                  | Gibson Energy Inc                  | CUSIP: 374825206<br>LEI: 549300WYW5D9I3FR0643 | Long             | EC               | CORP              | CA        |    472689 | NS      | $8788604.59   | 2.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP                 | Energy Transfer LP                 | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |   1949522 | NS      | $33453797.52  | 8.44%             |  |  |  | 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