Form N-Q USCF ETF Trust For: Mar 31

 

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 P. 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: March 31, 2018

ITEM 1. SCHEDULES OF INVESTMENTS

 

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited)

At March 31, 2018

 

		% of Total Net Assets				Shares				Market Value
Common Stocks			99.8	%
Aerospace & Defense			1.2	%
AAR Corp.			0.4	%			208			$	9,175
Ducommun, Inc.(a)			0.3	%			237				7,200
Triumph Group, Inc.			0.2	%			233				5,872
Vectrus, Inc.(a)			0.3	%			225				8,379
											30,626
Air Freight & Logistics			0.5	%
Air Transport Services Group, Inc.(a)			0.3	%			332				7,742
Radiant Logistics, Inc.(a)			0.2	%			1,446				5,596
											13,338
Airlines			0.7	%
Hawaiian Holdings, Inc.			0.2	%			163				6,308
SkyWest, Inc.			0.5	%			209				11,370
											17,678
Auto Components			2.7	%
Cooper Tire & Rubber Co.			0.2	%			213				6,241
Lear Corp.			0.4	%			52				9,677
Shiloh Industries, Inc.(a)			0.3	%			743				6,464
Stoneridge, Inc.(a)			0.6	%			504				13,910
Superior Industries International, Inc.			0.2	%			389				5,174
Tenneco, Inc.			0.3	%			128				7,023
Tower International, Inc.			0.4	%			357				9,907
Visteon Corp.(a)			0.3	%			72				7,937
											66,333
Banks			10.3	%
American National Bankshares, Inc.			0.3	%			206				7,746
Bank of Commerce Holdings			0.3	%			687				8,004
C&F Financial Corp.			0.3	%			155				8,153
Capital City Bank Group, Inc.			0.4	%			367				9,083
Chemung Financial Corp.			0.4	%			187				8,690
Civista Bancshares, Inc.			0.3	%			363				8,298
Evans Bancorp, Inc.			0.3	%			184				8,326
Farmers & Merchants Bancorp, Inc.			0.4	%			250				10,092
Farmers Capital Bank Corp.			0.3	%			196				7,830
Fidelity Southern Corp.			0.3	%			332				7,659
First Community Bancshares, Inc.			0.3	%			276				8,239

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

 

		% of Total Net Assets				Shares				Market Value
Banks (continued)			10.3	%
First Financial Corp.			0.3	%			165			$	6,864
First Guaranty Bancshares, Inc.			0.3	%			318				8,265
Independent Bank Corp./MI			0.3	%			361				8,267
MBT Financial Corp.			0.3	%			763				8,202
National Bankshares, Inc.			0.3	%			187				8,424
National Commerce Corp.(a)			0.3	%			189				8,231
Northrim BanCorp, Inc.			0.4	%			250				8,637
OFG Bancorp			0.3	%			775				8,099
Ohio Valley Banc Corp.			0.4	%			206				8,621
Old Point Financial Corp.			0.3	%			228				6,015
Parke Bancorp, Inc.			0.3	%			338				7,030
Peoples Bancorp of North Carolina, Inc.			0.3	%			264				8,110
Preferred Bank			0.4	%			134				8,603
Shore Bancshares, Inc.			0.4	%			457				8,619
Sierra Bancorp			0.3	%			318				8,472
SmartFinancial, Inc.(a)			0.3	%			302				7,115
Southern First Bancshares, Inc.(a)			0.4	%			207				9,212
Two River Bancorp			0.3	%			429				7,743
United Security Bancshares			0.4	%			791				8,503
Unity Bancorp, Inc.			0.4	%			424				9,328
											254,480
Building Products			2.1	%
American Woodmark Corp.(a)			0.3	%			78				7,679
Armstrong Flooring, Inc.(a)			0.2	%			431				5,849
Gibraltar Industries, Inc.(a)			0.3	%			231				7,819
Griffon Corp.			0.3	%			363				6,625
Insteel Industries, Inc.			0.3	%			229				6,327
Patrick Industries, Inc.(a)			0.4	%			153				9,463
Universal Forest Products, Inc.			0.3	%			267				8,664
											52,426
Capital Markets			1.8	%
B. Riley Financial, Inc.			0.3	%			400				7,800
Donnelley Financial Solutions, Inc.(a)			0.2	%			342				5,872
Greenhill & Co., Inc.			0.3	%			383				7,086
Investment Technology Group, Inc.			0.3	%			361				7,126
Piper Jaffray Cos.			0.4	%			118				9,800
Waddell & Reed Financial, Inc. - Class A			0.3	%			385				7,781
											45,465

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Chemicals			2.4	%
A Schulman, Inc.			0.4	%			248			$	10,664
Ashland Global Holdings, Inc.			0.3	%			116				8,096
Core Molding Technologies, Inc.			0.3	%			348				6,205
Innophos Holdings, Inc.			0.3	%			180				7,238
KMG Chemicals, Inc.			0.4	%			151				9,052
Rayonier Advanced Materials, Inc.			0.4	%			492				10,563
Trinseo SA			0.3	%			108				7,997
											59,815
Commercial Services & Supplies			2.5	%
ACCO Brands Corp.			0.3	%			648				8,132
Brink’s Co. (The)			0.3	%			110				7,849
CECO Environmental Corp.			0.2	%			785				3,493
Ennis, Inc.			0.3	%			409				8,057
Essendant, Inc.			0.2	%			558				4,352
LSC Communications, Inc.			0.3	%			381				6,649
Pitney Bowes, Inc.			0.2	%			508				5,532
SP Plus Corp.(a)			0.4	%			242				8,615
Viad Corp.			0.3	%			161				8,445
											61,124
Construction & Engineering			3.2	%
Aegion Corp. - Class A(a)			0.3	%			334				7,652
Argan, Inc.			0.2	%			122				5,240
Chicago Bridge & Iron Co. NV			0.2	%			434				6,250
Comfort Systems USA, Inc.			0.4	%			214				8,827
Dycom Industries, Inc.(a)			0.4	%			84				9,041
Fluor Corp.			0.4	%			169				9,670
IES Holdings, Inc.(a)			0.3	%			429				6,499
MYR Group, Inc.(a)			0.3	%			252				7,767
NV5 Global, Inc.(a)			0.4	%			184				10,258
Orion Group Holdings, Inc.(a)			0.3	%			1,046				6,893
											78,097
Construction Materials			0.2	%
US Concrete, Inc.(a)			0.2	%			96				5,798
Consumer Finance			0.8	%
Enova International, Inc.(a)			0.4	%			473				10,430
World Acceptance Corp.(a)			0.4	%			98				10,319
											20,749

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Containers & Packaging			0.3	%
UFP Technologies, Inc.(a)			0.3	%			278			$	8,201
Distributors			0.4	%
Weyco Group, Inc.			0.4	%			278				9,341
Diversified Consumer Services			2.5	%
American Public Education, Inc.(a)			0.6	%			344				14,792
Cambium Learning Group, Inc.(a)			0.7	%			1,537				17,214
Capella Education Co.			0.3	%			88				7,687
Collectors Universe, Inc.			0.2	%			312				4,901
K12, Inc.(a)			0.2	%			433				6,140
Regis Corp.(a)			0.5	%			768				11,620
											62,354
Electrical Equipment			1.6	%
General Cable Corp.			0.5	%			463				13,705
Powell Industries, Inc.			0.3	%			237				6,361
Preformed Line Products Co.			0.4	%			163				10,610
TPI Composites, Inc.(a)			0.4	%			410				9,204
											39,880
Electronic Equipment, Instruments & Components			2.7	%
AVX Corp.			0.3	%			453				7,497
Benchmark Electronics, Inc.			0.3	%			232				6,925
ePlus, Inc.(a)			0.3	%			98				7,615
Jabil, Inc.			0.3	%			258				7,412
KEMET Corp.(a)			0.4	%			484				8,775
Kimball Electronics, Inc.(a)			0.3	%			417				6,735
PC Connection, Inc.			0.3	%			292				7,300
PCM, Inc.(a)			0.1	%			384				3,187
Sanmina Corp.(a)			0.2	%			194				5,073
Tech Data Corp.(a)			0.2	%			72				6,129
											66,648
Energy Equipment & Services			4.2	%
Archrock, Inc.			0.3	%			686				6,003
Diamond Offshore Drilling, Inc.(a)			0.4	%			717				10,511
Ensco PLC - Class A			0.3	%			1,561				6,853
Era Group, Inc.(a)			0.3	%			839				7,845
Exterran Corp.(a)			0.3	%			282				7,529
Gulf Island Fabrication, Inc.			0.2	%			695				4,935
Helix Energy Solutions Group, Inc.(a)			0.3	%			1,422				8,233

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Energy Equipment & Services (continued)			4.2	%
Matrix Service Co.(a)			0.5	%			826			$	11,316
Oceaneering International, Inc.			0.3	%			340				6,304
RigNet, Inc.(a)			0.2	%			437				5,943
Rowan Cos. PLC - Class A(a)			0.3	%			732				8,447
SEACOR Holdings, Inc.(a)			0.5	%			231				11,804
Unit Corp.(a)			0.3	%			425				8,398
											104,121
Food & Staples Retailing			1.1	%
Natural Grocers by Vitamin Cottage, Inc.(a)			0.3	%			968				6,931
SpartanNash Co.			0.2	%			296				5,094
United Natural Foods, Inc.(a)			0.4	%			217				9,318
Weis Markets, Inc.			0.2	%			161				6,598
											27,941
Food Products			0.8	%
Dean Foods Co.			0.2	%			508				4,379
Fresh Del Monte Produce, Inc.			0.3	%			148				6,695
Pilgrim’s Pride Corp.(a)			0.3	%			357				8,786
											19,860
Gas Utilities			0.3	%
RGC Resources, Inc.			0.3	%			265				6,731
Health Care Providers & Services			3.6	%
American Renal Associates Holdings, Inc.(a)			0.3	%			427				8,049
AMN Healthcare Services, Inc.(a)			0.5	%			210				11,917
Civitas Solutions, Inc.(a)			0.3	%			431				6,637
Community Health Systems, Inc.(a)			0.1	%			787				3,117
Cross Country Healthcare, Inc.(a)			0.3	%			623				6,922
LifePoint Health, Inc.(a)			0.2	%			118				5,546
Magellan Health, Inc.(a)			0.5	%			104				11,138
Molina Healthcare, Inc.(a)			0.3	%			106				8,605
Providence Service Corp. (The)(a)			0.4	%			155				10,717
Tenet Healthcare Corp.(a)			0.4	%			398				9,652
WellCare Health Plans, Inc.(a)			0.3	%			42				8,132
											90,432
Hotels, Restaurants & Leisure			5.0	%
BJ’s Restaurants, Inc.			0.4	%			213				9,564
Bojangles’, Inc.(a)			0.3	%			494				6,842
Brinker International, Inc.			0.3	%			210				7,581
Carrols Restaurant Group, Inc.(a)			0.3	%			629				7,045

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Hotels, Restaurants & Leisure (continued)			5.0	%
Century Casinos, Inc.(a)			0.3	%			1,035			$	7,721
DineEquity, Inc.			0.5	%			179				11,739
Fogo De Chao, Inc.(a)			0.4	%			570				8,977
J Alexander’s Holdings, Inc.(a)			0.3	%			683				7,820
Nathan’s Famous, Inc.			0.3	%			118				8,720
Pinnacle Entertainment, Inc.(a)			0.5	%			387				11,668
Potbelly Corp.(a)			0.3	%			617				7,435
RCI Hospitality Holdings, Inc.			0.4	%			322				9,142
Ruth’s Hospitality Group, Inc.			0.3	%			365				8,924
Zoe’s Kitchen, Inc.(a)			0.4	%			675				9,747
											122,925
Household Durables			2.3	%
Bassett Furniture Industries, Inc.			0.3	%			200				6,070
CSS Industries, Inc.			0.2	%			290				5,075
Flexsteel Industries, Inc.			0.2	%			136				5,383
Hooker Furniture Corp.			0.3	%			183				6,716
LGI Homes, Inc.(a)			0.5	%			183				12,915
Libbey, Inc.			0.2	%			961				4,699
Lifetime Brands, Inc.			0.2	%			405				5,022
ZAGG, Inc.(a)			0.4	%			901				10,992
											56,872
Insurance			3.0	%
American Financial Group, Inc.			0.4	%			76				8,529
Argo Group International Holdings Ltd.			0.3	%			144				8,266
Hallmark Financial Services, Inc.(a)			0.3	%			695				6,199
HCI Group, Inc.			0.3	%			165				6,296
Heritage Insurance Holdings, Inc.			0.4	%			635				9,627
Investors Title Co.			0.3	%			40				7,996
Kingstone Cos., Inc.			0.3	%			486				8,165
Safety Insurance Group, Inc.			0.3	%			110				8,453
Validus Holdings Ltd.			0.4	%			147				9,915
											73,446
Internet & Direct Marketing Retail			0.1	%
FTD Cos, Inc.(a)			0.1	%			396				1,441
IT Services			1.5	%
Hackett Group, Inc. (The)			0.3	%			482				7,741
Syntel, Inc.(a)			0.5	%			466				11,897
Teradata Corp.(a)			0.4	%			269				10,671
Unisys Corp.(a)			0.3	%			593				6,375
											36,684

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Leisure Products			0.6	%
MCBC Holdings, Inc.(a)			0.4	%			387			$	9,752
Vista Outdoor, Inc.(a)			0.2	%			346				5,647
											15,399
Machinery			5.2	%
American Railcar Industries, Inc.			0.3	%			212				7,931
Blue Bird Corp.(a)			0.4	%			442				10,475
Briggs & Stratton Corp.			0.3	%			320				6,851
Chart Industries, Inc.(a)			0.5	%			219				12,928
Commercial Vehicle Group, Inc.(a)			0.3	%			884				6,851
Eastern Co. (The)			0.3	%			250				7,125
FreightCar America, Inc.			0.2	%			456				6,110
Global Brass & Copper Holdings, Inc.			0.3	%			251				8,396
Hardinge, Inc.			0.5	%			619				11,340
Hurco Cos, Inc.			0.4	%			227				10,419
LB Foster Co. - Class A(a)			0.4	%			365				8,596
Miller Industries, Inc.			0.3	%			306				7,650
Park-Ohio Holdings Corp.			0.3	%			201				7,809
SPX Corp.(a)			0.4	%			286				9,289
Wabash National Corp.			0.3	%			349				7,263
											129,033
Media			1.2	%
Gannett Co., Inc.			0.4	%			898				8,962
National CineMedia, Inc.			0.2	%			1,070				5,554
TEGNA, Inc.			0.2	%			536				6,105
tronc, Inc.(a)			0.4	%			617				10,131
											30,752
Metals & Mining			1.4	%
Alcoa Corp.(a)			0.4	%			221				9,936
Ryerson Holding Corp.(a)			0.3	%			861				7,017
Steel Dynamics, Inc.			0.4	%			213				9,419
SunCoke Energy, Inc.(a)			0.3	%			702				7,554
											33,926
Multiline Retail			1.6	%
Big Lots, Inc.			0.3	%			163				7,096
Kohl’s Corp.			0.6	%			206				13,495
Macy’s, Inc.			0.4	%			362				10,766
Nordstrom, Inc.			0.3	%			164				7,939
											39,296

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Oil, Gas & Consumable Fuels			4.4	%
Adams Resources & Energy, Inc.			0.3	%			184			$	8,004
Contango Oil & Gas Co.(a)			0.2	%			1,186				4,210
CVR Energy, Inc.			0.4	%			350				10,577
Green Plains, Inc.			0.3	%			398				6,686
Hallador Energy Co.			0.3	%			936				6,430
HollyFrontier Corp.			0.6	%			284				13,876
Peabody Energy Corp.			0.4	%			290				10,585
QEP Resources, Inc.(a)			0.3	%			830				8,126
Renewable Energy Group, Inc.(a)			0.3	%			640				8,192
REX American Resources Corp.(a)			0.2	%			80				5,824
Southwestern Energy Co.(a)			0.2	%			1,324				5,733
Teekay Corp.			0.4	%			1,138				9,207
Whiting Petroleum Corp.(a)			0.5	%			369				12,487
											109,937
Paper & Forest Products			0.3	%
Clearwater Paper Corp.(a)			0.3	%			163				6,373
Personal Products			0.9	%
Medifast, Inc.			0.7	%			191				17,849
Natural Health Trends Corp.			0.2	%			266				5,057
											22,906
Pharmaceuticals			0.2	%
Endo International PLC(a)			0.2	%			656				3,897
Professional Services			3.5	%
Barrett Business Services, Inc.			0.4	%			132				10,940
BG Staffing, Inc.			0.3	%			429				8,147
CRA International, Inc.			0.5	%			213				11,138
GP Strategies Corp.(a)			0.3	%			284				6,433
Heidrick & Struggles International, Inc.			0.4	%			352				11,000
Insperity, Inc.			0.6	%			215				14,953
ManpowerGroup, Inc.			0.3	%			66				7,597
Resources Connection, Inc.			0.4	%			561				9,088
Willdan Group, Inc.(a)			0.3	%			238				6,747
											86,043
Real Estate Management & Development			0.4	%
Altisource Portfolio Solutions SA(a)			0.4	%			357				9,482

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Road & Rail			1.6	%
ArcBest Corp.			0.5	%			357			$	11,442
Avis Budget Group, Inc.(a)			0.5	%			259				12,132
Universal Logistics Holdings, Inc.			0.4	%			508				10,744
YRC Worldwide, Inc.(a)			0.2	%			633				5,589
											39,907
Semiconductors & Semiconductor Equipment			1.4	%
Alpha & Omega Semiconductor Ltd.(a)			0.3	%			445				6,875
Cirrus Logic, Inc.(a)			0.2	%			118				4,794
Cohu, Inc.			0.4	%			438				9,991
CyberOptics Corp.(a)			0.2	%			336				6,048
Ultra Clean Holdings, Inc.(a)			0.3	%			355				6,834
											34,542
Software			0.1	%
Rubicon Project, Inc. (The)(a)			0.1	%			1,551				2,792
Specialty Retail			11.4	%
Abercrombie & Fitch Co. - Class A			0.8	%			861				20,845
American Eagle Outfitters, Inc.			0.5	%			682				13,592
Asbury Automotive Group, Inc.(a)			0.4	%			134				9,045
Barnes & Noble Education, Inc.(a)			0.2	%			866				5,967
Bed Bath & Beyond, Inc.			0.2	%			270				5,667
Big 5 Sporting Goods Corp.			0.2	%			666				4,829
Boot Barn Holdings, Inc.(a)			0.9	%			1,200				21,276
Buckle, Inc. (The)			0.4	%			469				10,388
Build-A-Bear Workshop, Inc.(a)			0.3	%			718				6,570
Caleres, Inc.			0.4	%			290				9,744
Chico’s FAS, Inc.			0.3	%			899				8,127
Children’s Place, Inc. (The)			0.4	%			72				9,738
Citi Trends, Inc.			0.5	%			372				11,499
Container Store Group, Inc. (The)(a)			0.3	%			1,360				7,398
Francesca’s Holdings Corp.(a)			0.1	%			783				3,758
GameStop Corp. - Class A			0.2	%			364				4,594
Gap, Inc. (The)			0.4	%			356				11,107
Genesco, Inc.(a)			0.4	%			247				10,028
GNC Holdings, Inc. - Class A(a)			0.2	%			997				3,848
Hibbett Sports, Inc.(a)			0.4	%			394				9,436
Kirkland’s, Inc.(a)			0.3	%			807				7,820
Murphy USA, Inc.(a)			0.3	%			106				7,717
Pier 1 Imports, Inc.			0.2	%			1,641				5,284
Shoe Carnival, Inc.			0.4	%			412				9,806
Sleep Number Corp.(a)			0.4	%			250				8,788

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Specialty Retail (continued)			11.4	%
Sportsman’s Warehouse Holdings, Inc.(a)			0.3	%			1,543			$	6,295
Tailored Brands, Inc.			0.8	%			753				18,870
Urban Outfitters, Inc.(a)			0.6	%			437				16,152
Zumiez, Inc.(a)			0.6	%			631				15,081
											283,269
Technology Hardware, Storage & Peripherals			0.5	%
Avid Technology, Inc.(a)			0.3	%			1,462				6,637
Eastman Kodak Co.(a)			0.2	%			848				4,537
											11,174
Textiles, Apparel & Luxury Goods			3.4	%
Crocs, Inc.(a)			0.7	%			1,021				16,591
Culp, Inc.			0.3	%			232				7,088
Delta Apparel, Inc.(a)			0.3	%			362				6,523
Fossil Group, Inc.(a)			0.4	%			811				10,300
Iconix Brand Group, Inc.(a)			0.0	%*			1,219				1,353
Michael Kors Holdings Ltd.(a)			0.6	%			230				14,278
Perry Ellis International, Inc.(a)			0.4	%			416				10,733
Superior Uniform Group, Inc.			0.4	%			342				8,984
Vera Bradley, Inc.(a)			0.3	%			827				8,775
											84,625
Thrifts & Mortgage Finance			2.7	%
Charter Financial Corp.			0.3	%			421				8,584
Greene County Bancorp, Inc.			0.4	%			290				10,643
Home Bancorp, Inc.			0.3	%			180				7,771
PHH Corp.(a)			0.2	%			550				5,753
Provident Financial Holdings, Inc.			0.3	%			405				7,327
Riverview Bancorp, Inc.			0.4	%			1,080				10,087
Timberland Bancorp, Inc.			0.4	%			296				8,998
Walker & Dunlop, Inc.			0.4	%			147				8,735
											67,898
Trading Companies & Distributors			0.9	%
Huttig Building Products, Inc.(a)			0.2	%			1,112				5,816
Veritiv Corp.(a)			0.3	%			182				7,134
Willis Lease Finance Corp.(a)			0.4	%			288				9,873
											22,823

USCF ETF TRUST

USCF SummerHaven SHPEI Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Wireless Telecommunication Services			0.3	%
Spok Holdings, Inc.			0.3	%			456			$	6,817
Total Common Stocks (Cost $2,490,923)			99.8	%							2,473,697
Total Investments (Cost $2,490,923)(b)			99.8	%							2,473,697
Other Assets in Excess of Liabilities			0.2	%							3,758
Total Net Assets			100.0	%						$	2,477,455

(a)	Non income producing security.
(b)	The aggregate cost of investments for tax purposes was $2,490,923. The net unrealized depreciation was $17,226, which consisted of aggregate gross unrealized appreciation of $171,175 and aggregate gross unrealized depreciation of $188,401.

 

Summary of Investments by Country^
United States			97.7	%
United Kingdom			0.8
Luxembourg			0.4
Bermuda			0.4
Puerto Rico			0.3
Netherlands			0.2
Ireland			0.2
			100.0	%

 

Summary of Investments by Sector^
Consumer Discretionary			31.2	%
Industrials			23.1
Financials			18.7
Energy			8.6
Information Technology			6.1
Materials			4.6
Health Care			3.8
Consumer Staples			2.9
Real Estate			0.4
Telecommunication Services			0.3
Utilities			0.3
			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

USCF SummerHaven SHPEN Index Fund

Schedule of Investments (Unaudited)

At March 31, 2018

 

		% of Total Net Assets				Shares				Market Value
Common Stocks			100.0	%
Auto Components			1.8	%
Cooper Tire & Rubber Co.			0.9	%			784			$	22,971
Goodyear Tire & Rubber Co. (The)			0.9	%			786				20,892
											43,863
Chemicals			1.6	%
CF Industries Holdings, Inc.			1.6	%			980				36,975
Construction Materials			2.0	%
United States Lime & Minerals, Inc.			1.1	%			352				25,759
US Concrete, Inc.(a)			0.9	%			356				21,503
											47,262
Containers & Packaging			3.7	%
Bemis Co., Inc.			1.1	%			610				26,547
Graphic Packaging Holding Co.			1.3	%			2,044				31,376
UFP Technologies, Inc.(a)			1.3	%			1,016				29,972
											87,895
Energy Equipment & Services			19.8	%
Archrock, Inc.			0.9	%			2,544				22,260
Bristow Group, Inc.			2.4	%			4,348				56,524
Diamond Offshore Drilling, Inc.(a)			1.6	%			2,650				38,849
Ensco PLC - Class A			1.1	%			5,776				25,357
Era Group, Inc.(a)			1.2	%			3,082				28,817
Exterran Corp.(a)			1.2	%			1,044				27,875
Gulf Island Fabrication, Inc.			0.8	%			2,554				18,133
Helix Energy Solutions Group, Inc.(a)			1.3	%			5,260				30,455
Matrix Service Co.(a)			1.8	%			3,016				41,319
Nabors Industries Ltd.			1.1	%			3,770				26,352
Oceaneering International, Inc.			1.0	%			1,258				23,323
Rowan Cos. PLC - Class A(a)			1.3	%			2,716				31,343
SEACOR Holdings, Inc.(a)			1.8	%			854				43,639
Smart Sand, Inc.(a)			1.0	%			4,034				23,478
Unit Corp.(a)			1.3	%			1,572				31,063
											468,787
Food Products			10.3	%
Calavo Growers, Inc.			1.6	%			414				38,171
Dean Foods Co.			0.7	%			1,878				16,188
Farmer Brothers Co.(a)			1.2	%			950				28,690
Fresh Del Monte Produce, Inc.			1.0	%			548				24,791
Ingredion, Inc.			1.3	%			242				31,199

USCF ETF TRUST

USCF SummerHaven SHPEN Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Food Products (continued)			10.3	%
Landec Corp.(a)			1.1	%			1,990			$	25,969
Lifeway Foods, Inc.(a)			0.8	%			3,036				18,186
Pilgrim’s Pride Corp.(a)			1.4	%			1,314				32,338
Sanderson Farms, Inc.			1.2	%			246				29,279
											244,811
Machinery			14.0	%
Alamo Group, Inc.			1.4	%			306				33,629
American Railcar Industries, Inc.			1.2	%			776				29,030
Blue Bird Corp.(a)			1.6	%			1,624				38,489
Commercial Vehicle Group, Inc.(a)			1.1	%			3,234				25,064
Douglas Dynamics, Inc.			1.6	%			888				38,495
FreightCar America, Inc.			1.0	%			1,674				22,432
Meritor, Inc.(a)			1.4	%			1,602				32,937
Miller Industries, Inc.			1.2	%			1,126				28,150
Spartan Motors, Inc.			2.4	%			3,240				55,728
Wabash National Corp.			1.1	%			1,278				26,595
											330,549
Metals & Mining			13.6	%
AK Steel Holding Corp.(a)			0.9	%			4,574				20,720
Alcoa Corp.(a)			1.6	%			820				36,867
Allegheny Technologies, Inc.(a)			1.6	%			1,594				37,746
Commercial Metals Co.			1.2	%			1,422				29,094
Olympic Steel, Inc.			1.3	%			1,548				31,750
Reliance Steel & Aluminum Co.			1.4	%			388				33,267
Ryerson Holding Corp.(a)			1.1	%			3,186				25,966
Steel Dynamics, Inc.			1.5	%			788				34,845
SunCoke Energy, Inc.(a)			1.2	%			2,584				27,804
United States Steel Corp.			1.8	%			1,240				43,636
											321,695
Oil, Gas & Consumable Fuels			26.8	%
Adams Resources & Energy, Inc.			1.2	%			676				29,406
Bonanza Creek Energy, Inc.(a)			1.2	%			990				27,433
California Resources Corp.(a)			2.7	%			3,796				65,102
Contango Oil & Gas Co.(a)			0.7	%			4,362				15,485
CVR Energy, Inc.			1.6	%			1,290				38,984
Frontline Ltd.			0.9	%			4,898				21,698
Gener8 Maritime, Inc.(a)			1.2	%			4,958				28,013
Green Plains, Inc.			1.0	%			1,466				24,629
Hallador Energy Co.			1.0	%			3,420				23,495
HollyFrontier Corp.			2.2	%			1,046				51,108

USCF ETF TRUST

USCF SummerHaven SHPEN Index Fund

Schedule of Investments (Unaudited) (Continued)

At March 31, 2018

		% of Total Net Assets				Shares				Market Value
Oil, Gas & Consumable Fuels (continued)			26.8	%
International Seaways, Inc.(a)			0.9	%			1,268			$	22,317
Murphy Oil Corp.			1.3	%			1,148				29,664
Nordic American Tankers Ltd.			0.4	%			4,646				9,013
Peabody Energy Corp.			1.7	%			1,076				39,274
Penn Virginia Corp.(a)			1.1	%			754				26,420
QEP Resources, Inc.(a)			1.3	%			3,072				30,075
Renewable Energy Group, Inc.(a)			1.3	%			2,344				30,003
REX American Resources Corp.(a)			0.9	%			296				21,549
Southwestern Energy Co.(a)			0.9	%			4,898				21,208
Teekay Corp.			1.4	%			4,214				34,091
Whiting Petroleum Corp.(a)			1.9	%			1,356				45,887
											634,854
Paper & Forest Products			6.4	%
Boise Cascade Co.			1.6	%			1,006				38,832
Clearwater Paper Corp.(a)			1.0	%			604				23,616
Domtar Corp.			1.3	%			748				31,820
Neenah Paper, Inc.			1.2	%			360				28,224
PH Glatfelter Co.			1.3	%			1,446				29,686
											152,178
Total Common Stocks (Cost $2,520,610)			100.0	%							2,368,869
Total Investments (Cost $2,520,610)(b)			100.0	%							2,368,869
Liabilities, less cash and other assets			(0.0	)%*							(819	)
Total Net Assets			100.0	%						$	2,368,050

(a)	Non income producing security.
(b)	The aggregate cost of investments for tax purposes was $2,520,610. The net unrealized depreciation was $151,741, which consisted of aggregate gross unrealized appreciation of $93,481 and aggregate gross unrealized depreciation of $245,222.

 

Summary of Investments by Country^
United States			96.2	%
Bermuda			1.4
Norway			1.3
United Kingdom			1.1
			100.0	%

 

Summary of Investments by Sector^
Energy			46.6	%
Materials			27.3
Industrials			14.0
Consumer Staples			10.3
Consumer Discretionary			1.8
			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

 

Various inputs are used in determining the value of the USCF SummerHaven SHPEI Index Fund and the USCF SummerHaven SHPEN Index Fund (each a “Fund” and collectively, the “Funds”) 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 tables summarize the valuation of securities at March 31, 2018 for the Funds, using the fair value hierarchy: 

USCF SummerHaven SHPEI Index Fund
At March 31, 2018		Total				Level 1				Level 2				Level 3
Investments, at value
Common Stocks:
Aerospace & Defense		$	30,626			$	30,626			$	—			$	—
Air Freight & Logistics			13,338				13,338				—				—
Airlines			17,678				17,678				—				—
Auto Components			66,333				66,333				—				—
Banks			254,480				254,480				—				—
Building Products			52,426				52,426				—				—
Capital Markets			45,465				45,465				—				—
Chemicals			59,815				59,815				—				—
Commercial Services & Supplies			61,124				61,124				—				—
Construction & Engineering			78,097				78,097				—				—
Construction Materials			5,798				5,798				—				—
Consumer Finance			20,749				20,749				—				—
Containers & Packaging			8,201				8,201				—				—
Distributors			9,341				9,341				—				—
Diversified Consumer Services			62,354				62,354				—				—
Electrical Equipment			39,880				39,880				—				—
Electronic Equipment, Instruments & Components			66,648				66,648				—				—
Energy Equipment & Services			104,121				104,121				—				—
Food & Staples Retailing			27,941				27,941				—				—
Food Products			19,860				19,860				—				—
Gas Utilities			6,731				6,731				—				—
Health Care Providers & Services			90,432				90,432				—				—
Hotels, Restaurants & Leisure			122,925				122,925				—				—
Household Durables			56,872				56,872				—				—
Insurance			73,446				73,446				—				—
Internet & Direct Marketing Retail			1,441				1,441				—				—
IT Services			36,684				36,684				—				—
Leisure Products			15,399				15,399				—				—
Machinery			129,033				129,033				—				—
Media			30,752				30,752				—				—
Metals & Mining			33,926				33,926				—				—
Multiline Retail			39,296				39,296				—				—
Oil, Gas & Consumable Fuels			109,937				109,937				—				—
Paper & Forest Products			6,373				6,373				—				—
Personal Products			22,906				22,906				—				—
Pharmaceuticals			3,897				3,897				—				—

USCF ETF TRUST

 

At March 31, 2018		Total				Level 1				Level 2				Level 3
Professional Services		$	86,043			$	86,043			$	—			$	—
Real Estate Management & Development			9,482				9,482				—				—
Road & Rail			39,907				39,907				—				—
Semiconductors & Semiconductor Equipment			34,542				34,542				—				—
Software			2,792				2,792				—				—
Specialty Retail			283,269				283,269				—				—
Technology Hardware, Storage & Peripherals			11,174				11,174				—				—
Textiles, Apparel & Luxury Goods			84,625				84,625				—				—
Thrifts & Mortgage Finance			67,898				67,898				—				—
Trading Companies & Distributors			22,823				22,823				—				—
Wireless Telecommunication Services			6,817				6,817				—				—
Total Investments, at value		$	2,473,697			$	2,473,697			$	—			$	—

USCF SummerHaven SHPEN Index Fund

 

At March 31, 2018		Total				Level 1				Level 2				Level 3
Investments, at value
Common Stocks:
Auto Components		$	43,863			$	43,863			$	—			$	—
Chemicals			36,975				36,975				—				—
Construction Materials			47,262				47,262				—				—
Containers & Packaging			87,895				87,895				—				—
Energy Equipment & Services			468,787				468,787				—				—
Food Products			244,811				244,811				—				—
Machinery			330,549				330,549				—				—
Metals & Mining			321,695				321,695				—				—
Oil, Gas & Consumable Fuels			634,854				634,854				—				—
Paper & Forest Products			152,178				152,178				—				—
Total Investments, at value		$	2,368,869			$	2,368,869			$	—			$	—

 

For the period ended March 31, 2018, the Funds did not have any transfers between Level 1, Level 2 and Level 3 Securities. 

Notes to Schedules of Investments – March 31, 2018 (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 USCF ETF Trust (the “Trust” or the “Registrant”) Board of Trustees. Investments in money market mutual funds are stated at net asset value (the “NAV”).

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”) 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 Fund, which are directly identifiable to the Funds are applied to each Fund, and are 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, or persons performing similar functions, 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))) were effective, as of a date within 90 days of the filing date of this report, that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 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 was no change 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 has materially affected, or is 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, 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.

 

USCF ETF TRUST

 

By:

/s/ John P. Love

John P. Love

President (Principal Executive Officer)

Date: May 24, 2018

 

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: May 24, 2018

 

By:

/s/ Stuart P. Crumbaugh

Stuart P. Crumbaugh

Treasurer (Principal Financial Officer)

Date: May 24, 2018

 

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 (the “Registrant”);

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: May 24, 2018

 

/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 (the “Registrant”);

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: May 24, 2018

 

/s/ Stuart P. Crumbaugh

Stuart P. Crumbaugh

Treasurer (Principal Financial Officer)