Form N-Q USCF ETF Trust For: Sep 30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number: 811-22930

 

 

USCF ETF TRUST

(Exact name of registrant as specified in charter)

 

 

1999 Harrison Street, Suite 1530, Oakland, California 94612

 (Address of principal executive offices) (Zip code)

 

 

USCF Advisers LLC

Mr. Stuart Crumbaugh

1999 Harrison Street, Suite 1530

Oakland, California 94612

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (510) 522-9600

 

Date of fiscal year end: June 30

 

Date of reporting period: September 30, 2016

 

 

USCF ETF TRUST

Stock Split Index Fund

Schedule of Investments (Unaudited)

At September 30, 2016

 

		% of Total Net Assets				Shares				Market Value
Common Stocks			99.9	%
Auto Components			6.9	%
Gentex Corp./MI			3.3	%			7,184			$	126,151
Magna International, Inc.			3.6	%			3,151				135,335
											261,486
Banks			13.2	%
First Business Financial Services, Inc.			3.4	%			5,402				126,947
Home BancShares, Inc./AR			3.1	%			5,603				116,598
Lakeland Financial Corp.			3.3	%			3,536				125,245
Toronto-Dominion Bank (The)			3.4	%			2,891				128,360
											497,150
Capital Markets			3.2	%
Intercontinental Exchange, Inc.			3.2	%			444				119,596
Chemicals			6.8	%
CF Industries Holdings, Inc.			3.4	%			5,291				128,836
PPG Industries, Inc.			3.4	%			1,239				128,063
											256,899
Diversified Telecommunication Services			3.4	%
Nippon Telegraph & Telephone Corp. ADR			3.4	%			2,800				128,268
Electric Utilities			3.3	%
Alliant Energy Corp.			3.3	%			3,231				123,780
Electronic Equipment, Instruments & Components			6.7	%
Amphenol Corp. - Class A			3.4	%			1,965				127,568
Badger Meter, Inc.			3.3	%			3,780				126,668
											254,236
Food Products			9.8	%
Cal-Maine Foods, Inc.			3.0	%			2,922				112,614
Hain Celestial Group, Inc. (The)(a)			3.4	%			3,564				126,807
Hormel Foods Corp.			3.4	%			3,425				129,910
											369,331

 

USCF ETF TRUST

Stock Split Index Fund

Schedule of Investments (Unaudited)

At September 30, 2016

 

		% of Total Net Assets				Shares				Market Value
Gas Utilities			3.2	%
New Jersey Resources Corp.			3.2	%			3,696			$	121,450
Health Care Providers & Services			3.2	%
Ensign Group, Inc. (The)			3.2	%			5,966				120,096
Hotels, Restaurants & Leisure			3.4	%
Starbucks Corp.			3.4	%			2,363				127,933
Insurance			10.1	%
Allied World Assurance Co. Holdings AG			3.4	%			3,133				126,636
AmTrust Financial Services, Inc.			3.3	%			4,696				125,994
RLI Corp.			3.4	%			1,858				127,013
											379,643
Machinery			3.3	%
Mueller Industries, Inc.			3.3	%			3,878				125,725
Pharmaceuticals, Biotechnology & Life Sciences			3.3	%
AstraZeneca PLC ADR			3.3	%			3,738				122,831
Professional Services			3.4	%
Exponent, Inc.			3.4	%			2,523				128,824
Road & Rail			3.5	%
Union Pacific Corp.			3.5	%			1,346				131,275
Software			3.3	%
Open Text Corp.			3.3	%			1,927				124,985
Technology Hardware, Storage & Peripherals			3.3	%
Apple, Inc.			3.3	%			1,103				124,694

 

USCF ETF TRUST

Stock Split Index Fund

Schedule of Investments (Unaudited)

At September 30, 2016

 

			% of Total Net Assets			Shares				Market Value
Textiles, Apparel & Luxury Goods			6.6	%
Columbia Sportswear Co.			3.4	%			2,289			$	129,878
NIKE, Inc. - Class B			3.2	%			2,280				120,042
											249,920
Total Common Stocks (Cost $3,936,278)			99.9	%							3,768,122
						Face Amount
Short-Term Investment			0.1	%
Time Deposit			0.1	%
Brown Brothers Harriman & Co.,        0.15% due 10/03/2016			0.1	%		$	2,077			$	2,077
Total Short-Term Investment (Cost $2,077)			0.1	%							2,077
Total Investments (Cost $3,938,355)(b)			100.0	%							3,770,199
Other Assets in Excess of Liabilities			0.0	%*							1,345
Total Net Assets			100.0	%						$	3,771,544

 

ADR – American Depositary Receipts

 

(a)	Non income producing security.
(b)	The aggregate cost of investments for tax purposes was $3,938,355. The net unrealized depreciation was $168,156 which consisted of aggregate gross unrealized appreciation of $141,143 and aggregate gross unrealized depreciation of $309,299.

 

 

Summary of Investments by Country^
United States			79.5	%
Canada			10.3
Japan			3.4
Switzerland			3.4
United Kingdom			3.3
Short-Term Investment			0.1
			100.0	%

 

 

Summary of Investments by Sector^
Financials			26.4	%
Consumer Discretionary			17.0
Information Technology			13.4
Industrials			10.2
Consumer Staples			9.8
Materials			6.8
Utilities			6.5
Health Care			6.4
Telecommunication Services			3.4
Short-Term Investment			0.1
			100.0	%

 

^ As a percentage of total investments. All stocks are listed on U.S. Exchanges.

* Position represents less than 0.05%.

 

USCF ETF TRUST

Stock Split Index Fund

 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels below.

 

Level 1 -	quoted prices in active markets for identical securities.
Level 2 -	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).
Level 3 -	significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The following table summarizes the valuation of securities at September 30, 2016 using the fair value hierarchy:

 

At September 30, 2016		Total				Level 1				Level 2				Level 3
Investments, at value Common Stocks:
Auto Components		$	261,486			$	261,486			$	—			$	—
Banks			497,150				497,150				—				—
Capital Markets			119,596				119,596				—				—
Chemicals			256,899				256,899				—				—
Diversified Telecommunication Services			128,268				128,268				—				—
Electric Utilities			123,780				123,780				—				—
Electronic Equipment, Instruments & Components			254,236				254,236				—				—
Food Products			369,331				369,331				—				—
Gas Utilities			121,450				121,450				—				—
Health Care Providers & Services			120,096				120,096				—				—
Hotels, Restaurants & Leisure			127,933				127,933				—				—
Insurance			379,643				379,643				—				—
Machinery			125,725				125,725				—				—
Pharmaceuticals, Biotechnology & Life Sciences			122,831				122,831				—				—
Professional Services			128,824				128,824				—				—
Road & Rail			131,275				131,275				—				—
Software			124,985				124,985				—				—
Technology Hardware, Storage & Peripherals			124,694				124,694				—				—
Textiles, Apparel & Luxury Goods			249,920				249,920				—				—
Short-Term Investment
Time Deposit			2,077				—				2,077				—
Total Investments, at value		$	3,770,199			$	3,768,122			$	2,077			$	—

 

For the nine months ended September 30, 2016, the Fund did not have any transfers between Level 1, Level 2 and Level 3 securities.

 

Notes to Schedule of Investments – September 30, 2016 (unaudited)

 

 

SIGNIFICANT ACCOUNTING POLICIES

 

Security Valuation

 

Securities are valued at closing bid price. Other portfolio securities and assets for which market quotations are not readily available are valued based on fair value as determined in accordance with procedures adopted by the Board of Trustees. Investments in money market mutual funds are stated at net asset value.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

 

Expenses

 

Expenses of the Trust, which are directly identifiable to the USCF ETF Trust – Stock Split Index Fund (the “Fund”), are applied to the Fund except those expenses paid directly by USCF Advisers LLC (the “Adviser”).

 

Investment Transactions

 

Investment transactions are recorded on the trade date. Realized gains and losses from the sale or disposition of securities are calculated on the identified cost basis.

 

ITEM 2. CONTROLS AND PROCEDURES.

 

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report, based on his evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3. EXHIBITS

 

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, as amended, are attached hereto.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: USCF ETF TRUST

 

By:

/s/ John P. Love

John P. Love

President (Principal Executive Officer)

Date: November 15, 2016

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:

/s/ John P. Love

John P. Love

President (Principal Executive Officer)

Date: November 15, 2016

 

By:

/s/ Stuart P. Crumbaugh

Stuart P. Crumbaugh

Treasurer (Principal Financial Officer)

Date: November 15, 2016

 

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, John P. Love, certify that:

1.

I have reviewed this report on Form N-Q of USCF ETF Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4.

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.

The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: November 15, 2016

 

/s/ John P. Love

John P. Love

President (Principal Executive Officer)

 

CERTIFICATION PURSUANT TO RULE 30A-2(A) UNDER THE 1940 ACT AND SECTION 302 OF THE SARBANES-OXLEY ACT

 

I, Stuart P. Crumbaugh, certify that:

1.

I have reviewed this report on Form N-Q of USCF ETF Trust;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the Registrant as of the end of the fiscal quarter for which the report is filed;

4.

The Registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)

Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.

The Registrant’s other certifying officer(s) and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of trustees (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: November 15, 2016

 

/s/ Stuart P. Crumbaugh

Stuart P. Crumbaugh

Treasurer (Principal Financial Officer)

 

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