USCF ETF Trust NPORTP USCF Sustainable Commodity Strategy Fund (Sep 2024 report)

USCF ETF TRUST

USCF SUSTAINABLE COMMODITY STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited)

	Number of Contracts		Notional Amount		Expiration Date		Fair Value/ Unrealized Appreciation/ (Depreciation) on Open Commodity Contracts			% of Total Net Assets
Open Commodity Futures Contracts – Long
Foreign Contracts^(a)
Euronext Rapeseed EURO Futures IJ, November 2024 contracts		3	$	81,349		Oct-24	$	(5,218	)		(0.2	)%
ICE Canola Futures RS, November 2024 contracts		4		37,803		Nov-24		(2,542	)		(0.1	)%
ICE ECX EMISSION Futures MO, December 2024 contracts		2		171,890		Dec-24		(32,426	)		(1.3	)%
		9		291,042				(40,186	)		(1.6	)%
United States Contracts^(a)
CBOT Rough Rice Futures RR, November 2024 contracts		3		91,510		Nov-24		260			0.0	%^(b)
CBOT Soybean Futures S, November 2024 contracts		2		115,412		Nov-24		(9,713	)		(0.4	)%
ICE Cotton Futures CT, December 2024 contracts		1		36,800		Dec-24		5			0.0	%^(b)
ICE Cocoa Futures CC, December 2024 contracts		1		67,700		Dec-24		9,520			0.4	%
CBOT Corn Futures C, December 2024 contracts		8		161,025		Dec-24		8,875			0.3	%
ICE Wheat Future W, December 2024 contracts		3		84,513		Dec-24		3,088			0.1	%
ICE Coffee Futures KC, December 2024 contracts		1		87,356		Dec-24		13,987			0.6	%
ICE Biodiesel D4 RIN Futures RI, December 2024 contracts		2		44,645		Dec-24		24,025			1.0	%
ICE CA Low Carbon Fuel Futures ZR, December 2024 contracts		2		14,525		Dec-24		(675	)		(0.0	)%^(c)
NYMEX Chicago Ethanol S Futures CU, December 2024 contracts		1		67,095		Dec-24		(1,995	)		(0.1	)%
CBOT Sugar #11 Futures SB, March 2025 contracts		2		43,277		Feb-25		7,056			0.3	%
ICE PJM TQRECC I ZQ, July 2025 contracts		13		50,507		Jul-25		193			0.0	%^(b)
		39		864,365				54,626			2.2	%
Total Open Commodity Futures Contracts^(d)		48	$	1,155,407			$	14,440			0.6	%

USCF ETF TRUST

USCF SUSTAINABLE COMMODITY STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

	Shares		Value		% of Total Net Assets
Common Stocks
Aerospace & Defense
Hexcel Corp.		100	$	6,183		0.3	%
Chemicals
Daqo New Energy Corp., ADR^(e)		600		12,222		0.5	%
Electric
AES Brasil Energia SA		10,100		21,644		0.9	%
Boralex, Inc. – Class A		800		21,306		0.9	%
Brookfield Renewable Corp. – Class A		700		22,862		0.9	%
EDP Renovaveis SA		1,132		19,848		0.8	%
FTC Solar, Inc.^(e)		6,400		4,356		0.2	%
Greenvolt-Energias Renovaveis SA^(e)		103		954		0.0	%^(b)
Light S/A^(e)		9,300		12,159		0.5	%
Meridian Energy Ltd.		8,940		33,787		1.4	%
NextEra Energy, Inc.		200		16,906		0.7	%
Ormat Technologies, Inc.		100		7,694		0.3	%
Orsted AS, 144A^(e)(f)		232		15,463		0.6	%
ReNew Energy Global PLC – Class A^(e)		2,600		16,354		0.7	%
				193,333		7.9	%
Energy - Alternate Sources
Array Technologies, Inc.^(e)		1,300		8,580		0.3	%
Cadeler A/S^(e)		1,326		9,316		0.4	%
Canadian Solar, Inc.^(e)		1,500		25,140		1.0	%
Corp. ACCIONA Energias Renovables SA		780		18,385		0.7	%
Energix-Renewable Energies Ltd.		1,127		4,084		0.2	%
Enphase Energy, Inc.^(e)		100		11,302		0.5	%
ERG SpA		168		4,616		0.2	%
First Solar, Inc.^(e)		200		49,888		2.0	%
Flat Glass Group Co. Ltd. – Class H		8,000		13,472		0.5	%
Gigasolar Materials Corp.^(e)		2,000		6,825		0.3	%
Grenergy Renovables SA^(e)		1,150		48,900		2.0	%
JA Solar Technology Co. Ltd. – Class A		3,600		6,970		0.3	%
JinkoSolar Holding Co. Ltd., ADR		500		13,410		0.5	%
LONGi Green Energy Technology Co. Ltd. – Class A		6,200		15,556		0.6	%
Maxeon Solar Technologies Ltd.^(e)		3,100		300		0.0	%^(b)
Ming Yang Smart Energy Group Ltd. – Class A		2,900		4,475		0.2	%
Motech Industries, Inc.		3,000		2,484		0.1	%
Neoen SA, 144A^(f)		52		2,263		0.1	%
Nordex SE^(e)		1,599		24,841		1.0	%
OX2 AB^(e)		3,125		18,466		0.8	%
OY Nofar Energy Ltd.^(e)		536		12,568		0.5	%
PNE AG		110		1,456		0.1	%
Scatec ASA, 144A^(e)(f)		953		7,524		0.3	%

USCF ETF TRUST

USCF SUSTAINABLE COMMODITY STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

	Shares		Value		% of Total Net Assets
Common Stocks (continued)
Energy - Alternate Sources (continued)
Serena Energia SA^(e)		2,300	$	3,446		0.1	%
Solaria Energia y Medio Ambiente SA^(e)		1,641		21,007		0.9	%
Sungrow Power Supply Co. Ltd. – Class A		3,780		53,784		2.2	%
Sunrun, Inc.^(e)		2,300		41,538		1.7	%
TCL Zhonghuan Renewable Energy Technology Co. Ltd. – Class A		1,600		2,368		0.1	%
Terna Energy SA		91		1,981		0.1	%
Titan Wind Energy Suzhou Co. Ltd. – Class A		10,700		13,271		0.5	%
Xinte Energy Co. Ltd. – Class H^(e)		10,800		11,749		0.5	%
				459,965		18.7	%
Engineering & Construction
Eolus Vind AB – Class B		363		1,855		0.1	%
Investment Companies
Aker Horizons ASA^(e)		27,526		7,020		0.3	%
Machinery - Construction & Mining
GoodWe Technologies Co. Ltd. – Class A		1,079		9,388		0.4	%
Total Common Stocks
(Cost $753,373)			$	689,966		28.2	%

Exchange-Traded Funds
USCF Sustainable Battery Metals Strategy Fund^(g)
(Cost $1,052,640)		49,500	$	706,365		28.9	%

	Principal Amount		Value		% of Total Net Assets
Short-Term Investments
United States Treasury Obligations
U.S. Treasury Bills:
(Cost $598,057)	$	600,000	$	598,057		24.4	%
Total Investments
(Cost $2,404,070)			$	1,994,388		81.5	%
Other Assets in Excess of Liabilities				452,729		18.5	%
Total Net Assets			$	2,447,117		100.0	%

(a)	All, or part of investment is held in the Fund’s wholly owned subsidiary.
(b)	Position represents less than 0.05%.
(c)	Position represents greater than (0.05)%.
(d)	Collateral amounted to $149,953 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 $25,250, which represents 1.0% of net assets as of September 30, 2024.
(g)	Affiliated issuer.

ADR

American Depositary Receipt

USCF ETF TRUST

USCF SUSTAINABLE COMMODITY STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

A summary of the Fund’s transactions with affiliated investments during the period ended September 30, 2024 is as follows:


Market Value at 6/30/2024		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 9/30/24		Market Value at 9/30/24
Exchange-Traded Fund — 29%
USCF Sustainable Battery Metals Strategy Fund
$	723,195	$	—	$	—	$	—	$	(16,830	)	$	—	$	—		49,500	$	706,365

Summary of Portfolio Holdings by Country^
United States	73.9	%
China	7.9
Spain	5.4
Canada	2.3
Brazil	1.9
New Zealand	1.7
Germany	1.3
Denmark	1.2
Sweden	1.0
Israel	0.8
India	0.8
Taiwan	0.5
South Africa	0.4
Norway	0.4
Italy	0.2
France	0.1
Greece	0.1
Portugal	0.1
	100.0	%

Summary of Portfolio Holdings by Sector	% of Total Net Assets
Investment Company		28 .9%
US Treasury Securities		24 .4%
Energy		18 .8%
Utilities		7 .9%
Industrial		0 .7%
Basic Materials		0 .5%
Financial		0 .3%
Commodity Derivatives		0 .1%

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

USCF ETF Trust (TOFR) NPORT-PUSCF Sustainable Commodity Strategy Fund (Sep 2024 report)