USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS 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)
ICE ECX EMISSION Futures MO, December 2024 contracts		1	$	84,390		Dec-24	$	(14,850	)		(1.0	)%
LME Nickel Futures LN, December 2024 contracts		1		99,068		Dec-24		5,892			0.4	%
LME Zinc Futures LX, December 2024 contracts		1		65,488		Dec-24		11,830			0.8	%
SGX Iron Ore Futures SC, December 2024 contracts		2		20,375		Dec-24		1,513			0.1	%
		5		269,321				4,385			0.3	%
United States Contracts(a)
COMEX Silver Futures SI, December 2024 contracts		1		138,015		Dec-24		19,275			1.3	%
COMEX Copper Futures HG, December 2024 contracts		2		200,812		Dec-24		26,837			1.9	%
LME Aluminum Futures LA, December 2024 contracts		3		169,444		Dec-24		22,537			1.6	%
CME Cobalt Fastmarket Futures CV, December 2024 contracts		5		157,630		Dec-24		(33,841	)		(2.4	)%
CME Cobalt Fastmarket Futures CV, January 2025 contracts		5		133,931		Jan-25		(6,393	)		(0.4	)%
CME Lithium LiOH Futures LF, April 2025 contracts		4		48,600		Apr-25		200			0.0	%(b)
CME Lithium LiOH Futures LF, May 2025 contracts		4		48,600		May-25		520			0.0	%(b)
CME Lithium LiOH Futures LF, June 2025 contracts		4		48,600		Jun-25		800			0.1	%
		28		945,632				29,935			2.1	%
Total Open Commodity Futures Contracts(c)		33	$	1,214,953			$	34,320			2.4	%

	Shares		Value		% of Total Net Assets
Common Stocks
Argentina
Arcadium Lithium PLC(d)		3,127		8,912		0.6	%
Arcadium Lithium PLC - CDI(d)		2,043		6,010		0.4	%
				14,922		1.0	%

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

	Shares		Value		% of Total Net Assets
Common Stocks (continued)
Australia
Iluka Resources Ltd.		575	$	2,780		0.2	%
Lynas Rare Earths Ltd.(d)		4,472		24,882		1.7	%
Mineral Resources Ltd.		78		2,816		0.2	%
Pilbara Minerals Ltd.(d)		3,984		9,038		0.6	%
				39,516		2.7	%
Brazil
Vale SA, ADR		100		1,168		0.1	%
Chile
Sociedad Quimica y Minera de Chile SA, ADR		400		16,672		1.2	%
China
Beijing Easpring Material Technology Co. Ltd. – Class A		200		1,238		0.1	%
China Rare Earth Resources And Technology Co. Ltd. – Class A		1,000		4,045		0.3	%
Ganfeng Lithium Group Co. Ltd. – Class H, 144A(e)		4,400		12,689		0.9	%
Guangzhou Tinci Materials Technology Co. Ltd. – Class A		600		1,588		0.1	%
Jinduicheng Molybdenum Co. Ltd. – Class A		11,600		19,724		1.4	%
Ningbo Shanshan Co. Ltd. – Class A		100		133		0.0	%(b)
Shanghai Putailai New Energy Technology Co. Ltd. – Class A		7,275		15,540		1.1	%
Shenghe Resources Holding Co. Ltd. – Class A		5,400		7,754		0.5	%
Shenzhen Capchem Technology Co. Ltd. – Class A		300		1,743		0.1	%
Shenzhen Dynanonic Co. Ltd. – Class A(d)		120		683		0.0	%(b)
Tianqi Lithium Corp. – Class H		1,200		4,264		0.3	%
Tongwei Co. Ltd. – Class A		600		1,957		0.1	%
Xiangtan Electrochemical Scientific Co. Ltd. – Class A		2,200		3,338		0.2	%
Xinte Energy Co. Ltd. – Class H(d)		2,800		3,046		0.2	%
Youngy Co. Ltd. – Class A		400		2,165		0.2	%
				79,907		5.5	%
France
Eramet SA		139		10,983		0.8	%
Germany
SGL Carbon SE(d)		6,808		40,878		2.9	%
Wacker Chemie AG		52		5,142		0.4	%
				46,020		3.3	%

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

	Shares		Value		% of Total Net Assets
Common Stocks (continued)
Japan
Nippon Carbon Co. Ltd.		600		18,939		1.3	%
Nippon Denko Co. Ltd.		3,300		7,060		0.5	%
Toho Titanium Co. Ltd.		100	$	791		0.1	%
				26,790		1.9	%
Netherlands
AMG Critical Materials NV		25		477		0.0	%(b)
Norway
Elkem ASA, 144A(d)(e)		5,507		10,718		0.8	%
South Korea
Ecopro BM Co. Ltd.(d)		6		847		0.1	%
L&F Co. Ltd.(d)		5		434		0.0	%(b)
				1,281		0.1	%
United States
Albemarle Corp.		200		18,942		1.3	%
GrafTech International Ltd.(d)		9,600		12,672		0.9	%
MP Materials Corp.(d)		700		12,355		0.9	%
Tronox Holdings PLC		200		2,926		0.2	%
				46,895		3.3	%
Total Common Stocks
(Cost $435,113)			$	295,349		20.7	%
	Principal Amount		Value		% of Total Net Assets
Short-Term Investments
United States Treasury Obligations
U.S. Treasury Bill, 5.00%, 12/05/2024		725,000	$	718,527		50.2	%
Total Treasury Obligations
(Cost $718,527)			$	718,527		50.2	%
Total Investments
(Cost $1,153,640)			$	1,013,876		70.9	%
Other Assets in Excess of Liabilities				416,769		29.1	%
Total Net Assets			$	1,430,645		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)	Collateral amounted to $216,166 on open Commodity Futures Contracts.
(d)	Non-income producing security.

(e) 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 $23,407, which represents 1.6% of net assets as of September 30, 2024.

USCF ETF TRUST

USCF SUSTAINABLE BATTERY METALS STRATEGY FUND

CONSOLIDATED SCHEDULE OF INVESTMENTS

AT SEPTEMBER 30, 2024 (unaudited) (continued)

Summary of Portfolio Holdings by Country^
United States	75.5	%
China	7.9
Germany	4.5
Australia	3.9
Japan	2.6
Chile	1.6
Argentina	1.5
France	1.1
Norway	1.1
South Korea	0.1
Brazil	0.1
Netherlands	0.1
	100.0	%

Summary of Portfolio Holdings by Sector	% of Total Net Assets
US Treasury Securities		50.2	%
Basic Materials		18.5	%
Industrial		1.8	%
Energy		0.4	%
Commodity Derivatives		2.4	%

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