0001752724-22-202138.txt : 20220907 0001752724-22-202138.hdr.sgml : 20220907 20220907064819 ACCESSION NUMBER: 0001752724-22-202138 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220630 FILED AS OF DATE: 20220907 DATE AS OF CHANGE: 20220907 EFFECTIVENESS DATE: 20220907 FILER: COMPANY DATA: COMPANY CONFORMED NAME: USCF ETF Trust CENTRAL INDEX KEY: 0001597389 IRS NUMBER: 464572871 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-22930 FILM NUMBER: 221229879 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 0001597389 S000061783 USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund C000200080 USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund SDCI 0001597389 S000071002 USCF Midstream Energy Income Fund C000225425 USCF Midstream Energy Income Fund UMI 0001597389 S000072135 USCF Gold Strategy Plus Income Fund C000227919 USCF Gold Strategy Plus Income Fund GLDX 0001597389 S000076071 USCF Dividend Income Fund C000235512 USCF Dividend Income Fund UDI N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001597389 XXXXXXXX 811-22930 false false false N-1A S000072135 C000227919 S000071002 C000225425 S000061783 C000200080 S000076071 C000235512 USCF ETF Trust 811-22930 0001597389 549300MH2TWHBRNV2U91 1850 MT.Diablo Boulevard, Suite 640 Walnut Creek 94596 US-CA US 510-522-9600 Brown Brothers Harriman & Co. Unavailable New York 00000 Unavailable Records related to its functions as administrator, custodian, transfer agent and securities lending agent. The Bank of New York Mellon 240 Greenwich Street New York 10286 1-212-495-1784 Records related to its functions as administrator, custodian and transfer agent. SummerHaven Investment Management, LLC 1286 East Main Street, Fourth Floor Stamford 06902 1-203-352-2700 Records related to its functions as sub-advisor ALPS Distributors, Inc. 1290 Broadway Suite 1000 Denver 80203-5603 303-623-2577 Records related to its functions as principal underwriter. USCF Advisers, LLC 1850 Mt. Diablo Blvd. Suite 640 Walnut Creek 94596 510-522-9600 Records related to its functions as investment adviser. N N N-1A 4 N Stuart P. Crumbaugh N/A Y John D. Schwartz N/A N H. Abram Wilson N/A N Thomas E. Gard N/A N Nicholas D. Gerber N/A Y Jeremy Henderson N/A N Andrew F Ngim N/A Y Kenneth A. Kalina N/A 3 Canal Plaza Suite 100 Portland 04101 XXXXXX Y N N N N N N ALPS Distributors, Inc. 008-34626 000016853 N/A N N SPICER JEFFRIES LLP 349 N/A N N N N N N N USCF Gold Strategy Plus Income Fund S000072135 54930038N10WS1HN8Y79 Y 1 1 0 Exchange-Traded Fund Y N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 6c-11 (17 CFR 270.6c-11) Rule 12d1-1 (17 CFR 270.12d1-1) N N N N USCF Advisers, LLC 801-79985 000171962 N/A N SummerHaven Investment Management, LLC 801-111663 000289269 2549003IWFO4GH02W363 N The Bank of New York Mellon 085-05006 HPFHU0OQ28E4N0NFVK49 N N Y ICE Data Services 13-3668779 Tax ID N Refinitiv 549300561UZND4C7B569 N Bloomberg Inc. 549300RMUDWPHCUQNE66 N Y The Depository Trust Company 549300HBJLRO8YFMI370 N Y Securities depository - rule 17f-4 (17 CFR 270.17f-4) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Y 0.00000000 BNY MELLON CAPITAL MARKETS, LLC 008-35255 000017454 VJW2DOOHGDT6PR0ZRO63 1738306.00000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 2040217.00000000 3778523.00000000 N 3088185.00000000 0.00000000 N N N USCF Midstream Energy Income Fund S000071002 549300BXIIPFVRZYL554 N 1 0 0 Exchange-Traded Fund Y N N N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Rule 6c-11 (17 CFR 270.6c-11) N N N N USCF Advisers, LLC 801-79985 000171962 N/A N MILLER HOWARD INVESTMENTS INC 801-28170 000105800 254900YCYOJ4LMANGM55 N N The Bank of New York Mellon 085-05006 HPFHU0OQ28E4N0NFVK49 N N N Bloomberg Inc. 549300RMUDWPHCUQNE66 N ICE Data Services 13-3668779 Tax ID N Refinitiv 549300561UZND4C7B569 N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) The Depository Trust Company 549300HBJLRO8YFMI370 N Y Securities depository - rule 17f-4 (17 CFR 270.17f-4) CIBC Mellon Trust Company 549300IYUUH221WBZ505 CA N Y Foreign custodian - rule 17f-5 (17 CFR 270.17f-5) N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N BOFA SECURITIES, INC. 008-69787 000283942 549300HN4UKV1E2R3U73 3712.00000000 MISCHLER FINANCIAL GROUP, INC. 008-48067 000037818 2549004IPXPSM9EJFC92 31105.00000000 34817.00000000 VIRTU AMERICAS LLC 008-68193 000149823 549300RA02N3BNSWBV74 1733438.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 4691290.00000000 J.P. Morgan Securities LLC 008-35008 000000079 ZBUT11V806EZRVTWT807 38877329.00000000 45302058.00000000 N 127799972.00000000 0.00000000 N N N USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund S000061783 549300C8PC4VASKYOM26 N 1 0 0 Exchange-Traded Fund Y N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) Y Y N N USCF Advisers, LLC 801-79985 000171962 N/A N SummerHaven Investment Management, LLC 801-111663 000289269 2549003IWFO4GH02W363 N N The Bank of New York Mellon 085-05006 HPFHU0OQ28E4N0NFVK49 N N N ICE Data Services 13-3668779 Tax ID N Refinitiv 549300561UZND4C7B569 N Bloomberg Inc. 549300RMUDWPHCUQNE66 N N The Depository Trust Company 549300HBJLRO8YFMI370 N Y Securities depository - rule 17f-4 (17 CFR 270.17f-4) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N N 0.00000000 RBC CAPITAL MARKETS LLC 008-45411 000031194 549300LCO2FLSSVFFR64 8982160.00000000 8982160.00000000 N 8870787.00000000 0.00000000 N N N USCF Dividend Income Fund S000076071 549300HG8WD716ZH7A12 Y 1 1 0 Exchange-Traded Fund N N N N N/A N/A N/A Rule 6c-11 (17 CFR 270.6c-11) Rule 32a-4 (17 CFR 270.32a-4) Rule 12d1-1 (17 CFR 270.12d1-1) N N N N USCF Advisers, LLC 801-79985 000171962 N/A 2022-05-26 MILLER HOWARD INVESTMENTS INC 801-28170 000105800 254900YCYOJ4LMANGM55 N The Bank of New York Mellon 085-05006 HPFHU0OQ28E4N0NFVK49 N N Y Bloomberg Inc. 549300RMUDWPHCUQNE66 N ICE Data Services 13-3668779 Tax ID N Refinitiv 549300561UZND4C7B569 N Y The Depository Trust Company 549300HBJLRO8YFMI370 N Y Securities depository - rule 17f-4 (17 CFR 270.17f-4) The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) Y N The Bank of New York Mellon HPFHU0OQ28E4N0NFVK49 N N Y 0.00000000 GOLDMAN SACHS & CO. LLC 008-00129 000000361 FOR8UP27PHTHYVLBNG30 4907434.00000000 4907434.00000000 N 2963899.00000000 0.00000000 N N N USCF Gold Strategy Plus Income Fund S000072135 N 25000.00000000 100.00000000 0.00000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 N USCF Midstream Energy Income Fund S000071002 Y 50000.00000000 1.12000000 0.53000000 98.88000000 0.53000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund S000061783 N 50000.00000000 100.00000000 0.00000000 0.00000000 0.00000000 100.00000000 0.00000000 0.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 0.00000000 350.00000000 0.00000000 N USCF Dividend Income Fund S000076071 Y 25000.00000000 0.94000000 0.01000000 99.06000000 0.01000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 Y false false true false false false INTERNAL CONTROL RPT 2 2022-USCF.htm SPICER JEFFRIES LLP 
Certified Public Accountants 
4601 DTC BOULEVARD, SUITE 700 
DENVER, COLORADO 80237 
TELEPHONE: (303) 753-1959 
FAX: (303) 753-0338 
www.spicerjeffries.com  

   

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders and Board of Trustees of USCF ETF Trust 

In planning and performing our audits of the financial statements of the funds indicated in the table below (each a series of USCF ETF Trust, the “Trust” and collectively, the “Funds”) as of June 30, 2022 and for the periods indicated in the table below, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Funds’ internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness of the Funds’ internal control over financial reporting. 

  

Fund 

Period 

USCF SummerHaven Dynamic Commodity Strategy No K-1 Fund 

For the year ended June 30, 2022 

USCF Gold Strategy Plus Income ETF 

For the period from inception (November 2, 2021) through June 30, 2022. 

USCF Midstream Energy Income Fund 

For the year ended June 30, 2022 

USCF Dividend Income Fund 

For the period from inception (June 7, 2022) through June 30, 2022. 

 

The management of the Funds is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company’s internal control over financial reporting is a process designed 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 (GAAP). A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the financial statements. 

 

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Funds’ annual or interim financial statements will not be prevented or detected on a timely basis. 

 

Our consideration of the Funds’ internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be a material weakness under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Funds’ internal control over financial reporting and their operations, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of June 30, 2022. 

This report is intended solely for the information and use of management, the Board of Trustees and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. 


/s/ Spicer Jeffries LLP
Denver, Colorado
August 29, 2022