# EDGAR Filing Document

**Accession Number:** 0001597389
**File Stem:** 0000940400-25-012009
**Filing Date:** 2025-11
**Character Count:** 17787
**Document Hash:** f15fb873ed39200dc56f28b09718facd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-012009.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-012009

**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:** 251535952

**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 SummerHaven Dynamic Commodity Strategy No K-1 Fund (Series ID: S000061783)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000200080 | USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund | SDCI            |

## Nport-Ex

**USCF ETF TRUST**

**USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number <br> of <br> Contracts** | **Notional<br> Amount** | **Expiration <br> Date** | **Fair Value/Unrealized <br> Appreciation/(Depreciation) <br> on Open Commodity <br> Contracts** | **% of Total <br> Net Assets** |
| **Open Commodity Futures Contracts – Long** |  |  |  |  |  |
| **Foreign Contracts<sup>(a)</sup>** |  |  |  |  |  |
| LME Aluminum Futures LA, <br> October contracts | 259 | $16810430 | Oct-25 | $560700 | 0.2% |
| LME Tin Futures LT, <br> October contracts | 125 | 21662098 | Oct-25 | 514777 | 0.2% |
| LME Zinc Futures LX, <br> October contracts | 240 | 16821450 | Oct-25 | 1144590 | 0.5% |
| LME Aluminum Futures LA, <br> November contracts | 271 | 18080342 | Nov-25 | 84585 | 0.0 %<sup>(b)</sup> |
| LME Tin Futures LT, <br> November contracts | 104 | 18212219 | Nov-25 | 254541 | 0.1% |
| LME Zinc Futures LX, <br> November contracts | 277 | 20237226 | Nov-25 | 373721 | 0.2% |
| ICE Brent Crude Futures CO, <br> January contracts | 264 | 17749610 | Nov-25 | (425930) | (0.2)% |
| ICE Low Sulphur Gasoil Futures QS, <br> December contracts | 262 | 17073450 | Dec-25 | 572250 | 0.2% |
|  | 1802 | 146646825 |  | 3079234 | 1.2% |
| **United States Contracts<sup>(a)</sup>** |  |  |  |  |  |
| CME Cattle Feeder Futures FC, <br> November contracts | 100 | 17748887 | Nov-25 | 218613 | 0.1% |
| NYMEX WTI Crude Oil Futures CL, <br> December contracts | 278 | 17686160 | Nov-25 | (461280) | (0.2)% |
| NYMEX NY Harbour ULSD Futures HO, <br> December contracts | 182 | 17925394 | Nov-25 | (341901) | (0.1)% |
| NYMEX RBOB Gasoline Futures RB, <br> December contracts | 222 | 17775715 | Nov-25 | (296012) | (0.1)% |
| CME Lean Hogs Futures LH, <br> December contracts | 505 | 18115250 | Dec-25 | (192800) | (0.1)% |
| CBOT Soybean Oil Futures SO, <br> December contracts | 599 | 17937786 | Dec-25 | (151080) | (0.1)% |
| ICE Cocoa Futures CC, <br> December contracts | 254 | 17514630 | Dec-25 | (372170) | (0.1)% |
| ICE Coffee Futures KC, <br> December contracts | 130 | 14838469 | Dec-25 | 3435469 | 1.4% |

---

**USCF ETF TRUST**

**USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number<br> of<br> Contracts** | **Notional<br> Amount** | **Expiration<br> Date** | **Fair Value/Unrealized<br> Appreciation/(Depreciation)<br> on Open Commodity<br> Contracts** | **% of Total<br> Net Assets** |
| **United States Contracts<sup>(a)</sup> (continued)** |  |  |  |  |  |
| COMEX Silver Futures SI, <br> December contracts | 81 | $18775880 | Dec-25 | $113320 | 0.0 %<sup>(b)</sup> |
|  | 2351 | 158318171 |  | 1952159 | 0.8% |
| **Open Commodity Futures Contracts - Short** |  |  |  |  |  |
| **Foreign Contracts<sup>(a), (c)</sup>** |  |  |  |  |  |
| LME Aluminum Futures LA, <br> October contracts | 259 | (17294840) | Oct-25 | (76290) | (0.0)%<sup>(d)</sup> |
| LME Tin Futures LT, <br> October contracts | 125 | (21814019) | Oct-25 | (362856) | (0.1)% |
| LME Zinc Futures LX, <br> October contracts | 240 | (17750034) | Oct-25 | (216006) | (0.1)% |
| LME Zinc Futures LX, <br> November contracts | 34 | (2369613) | Nov-25 | (160251) | (0.1)% |
|  | 658 | (59228506) |  | (815403) | (0.3)% |
| **Total Open Commodity Futures Contracts<sup>(e)</sup>** | **4811** | $**245736490** |  | $**4215990** | **1.7%** |

---

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

(b) Position
 represents less than 0.05%.

(c) All
 short contracts are acquired solely for the purpose of reducing a long position. LME futures contracts settle on their respective
 maturity date.

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

(e) Collateral
 amounted to $25,729,702 on open Commodity Futures Contracts.

**USCF ETF TRUST**

**USCF SUMMERHAVEN DYNAMIC COMMODITY STRATEGY NO K-1 FUND**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

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

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Country**^**</u>** |  |
| United States | 46.3% |
| United Kingdom | 53.7 |
|  | 100.0% |

---

---

| | |
|:---|:---|
| **<u>Summary of Portfolio Holdings by Sector</u>** | **% of Total<br> Net Assets** |
| Commodity Derivatives | 1.7% |

---

---

| | |
|:---|:---|
| ^ | 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 SummerHaven Dynamic Commodity Strategy No K-1 Fund

- **b. EDGAR series identifier (if any):** S000061783

- **c. LEI of Series:** 549300C8PC4VASKYOM26

**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:** $250330223.49

**Total Liabilities:** $117339.10

**Net Assets:** $250212884.39

**Amount of Assets Invested in Other Investment Companies:** $51543104.94

**Cash Not Reported:** $225681800.45

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000200080 | 1.57%                | 2.96%                | 1.68%                |

**Monthly Gains & Losses**

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

**Designated Index Information**

- **Index Name:** Bloomberg Commodity Index Total Return

- **Index Identifier:** BCOMTR Index

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CHICAGO MERCANTILE EXCHANGE INC.            | LEAN HOGS       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              | CORP              | US        |       383 | NC      | $-192180.00   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | BRENT CRUDE     | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              | CORP              | GB        |       197 | NC      | $-425930.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME TIN         | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       -99 | NC      | $-362596.30   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       218 | NC      | $374089.50    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | LEAN HOGS       | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              | CORP              | US        |       115 | NC      | $348610.00    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME PRI ALUM    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |      -191 | NC      | $-75864.75    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | SOYBEAN MEAL    | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |       151 | NC      | $-218570.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME TIN         | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |        78 | NC      | $254801.30    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME TIN         | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       125 | NC      | $514776.85    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | WTI CRUDE       | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |       208 | NC      | $-461280.00   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | GASOLINE RBOB   | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |       166 | NC      | $-296011.80   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | WTI CRUDE       | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |        69 | NC      | $-69420.10    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME PRI ALUM    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       203 | NC      | $85009.50     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | SOYBEAN OIL     | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DCO              | CORP              | US        |       449 | NC      | $-151080.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | COCOA           | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |       191 | NC      | $-372170.00   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                    | COPPER          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |        38 | NC      | $273400.00    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | BRENT CRUDE     | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              | CORP              | GB        |        65 | NC      | $-50430.00    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | CATTLE FEEDER   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              | CORP              | US        |        75 | NC      | $218612.50    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |      -179 | NC      | $-215624.75   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | LIVE CATTLE     | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DCO              | CORP              | US        |        46 | NC      | $70940.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | COFFEE 'C'      | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DCO              | CORP              | US        |       128 | NC      | $3435468.75   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES EUROPE                          | LOW SU GASOIL G | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DCO              | CORP              | GB        |       262 | NC      | $572250.34    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       240 | NC      | $1144589.50   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME ZINC        | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       -34 | NC      | $-160250.50   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | GASOLINE RBOB   | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |        54 | NC      | $5426.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| THE LONDON METAL EXCHANGE                   | LME PRI ALUM    | CUSIP: 000000000<br>LEI: 213800NB8G5VRT1DXC91 | N/A              | DCO              | CORP              | GB        |       259 | NC      | $560700.25    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                    | SILVER          | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |        61 | NC      | $113320.00    | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| NEW YORK MERCANTILE EXCHANGE, INC.          | NY HARB ULSD    | CUSIP: 000000000<br>LEI: 5493008GFNDTXFPHWI47 | N/A              | DCO              | CORP              | US        |       181 | NC      | $-341901.00   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| COMMODITY EXCHANGE, INC.                    | GOLD 100 OZ     | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DCO              | CORP              | US        |        13 | NC      | $381670.00    | 0.15%             |  |  |  | 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