UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR/A
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22930
USCF ETF Trust
(Exact name of registrant as specified in charter)
1850 Mt. Diablo Blvd., Suite 640
Walnut Creek, CA 94596
(Address of principal executive offices) (Zip code)
USCF Advisers LLC
Mr. Stuart Crumbaugh
1850 Mt. Diablo Blvd., Suite 640
Walnut Creek, CA 94596
(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: June 30, 2020
EXPLANATORY NOTE:
The Registrant is filing this amendment (the “Amendment”) to its report on Form N-CSR for the period ended June 30, 2020, originally filed with the Securities and Exchange Commission on September 2, 2020 (Accession Number 0001171200-20-000566) (the “Original Report”), solely for the purpose of including the full Schedule of Investments in securities of unaffiliated issuers for the USCF SummerHaven SHPEI Index Fund, including an updated report of the independent registered public accounting firm, under Item 6(a) of Form N-CSR, and to file updated certifications. This Amendment to the Original Report does not reflect events occurring after the filing of the Original Report, or, other than the aforementioned inclusions and updated certifications, modify or update the disclosures therein.
Items 1 through 5, 6(b) through 13(a)(1), 13(a)(3), and 13(a)(4) of the Report are incorporated herein by reference to the Original Report.
1 |
Item 6. Investments.
(a) | The following is a full Schedule of Investments in securities of unaffiliated issuers for the USCF SummerHaven SHPEI Index Fund, including an updated report of the independent registered public accounting firm, as of the close of the period ended June 30, 2020. |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks | 100.3 | % | ||||||||||
Advertising | 0.2 | % | ||||||||||
National CineMedia, Inc. | 0.2 | % | 510 | $ | 1,515 | |||||||
Agriculture | 0.3 | % | ||||||||||
Universal Corp. | 0.3 | % | 46 | 1,955 | ||||||||
Airlines | 0.5 | % | ||||||||||
Hawaiian Holdings, Inc. | 0.3 | % | 126 | 1,769 | ||||||||
SkyWest, Inc. | 0.2 | % | 54 | 1,762 | ||||||||
3,531 | ||||||||||||
Apparel | 0.7 | % | ||||||||||
Rocky Brands, Inc. | 0.3 | % | 116 | 2,385 | ||||||||
Weyco Group, Inc. | 0.4 | % | 125 | 2,699 | ||||||||
5,084 | ||||||||||||
Auto Manufacturers | 0.7 | % | ||||||||||
Navistar International Corp.(a) | 0.4 | % | 94 | 2,651 | ||||||||
Wabash National Corp. | 0.3 | % | 228 | 2,421 | ||||||||
5,072 | ||||||||||||
Auto Parts & Equipment | 4.0 | % | ||||||||||
American Axle & Manufacturing Holdings, Inc.(a) | 0.3 | % | 304 | 2,310 | ||||||||
Commercial Vehicle Group, Inc.(a) | 0.2 | % | 456 | 1,318 | ||||||||
Cooper Tire & Rubber Co. | 0.4 | % | 101 | 2,789 | ||||||||
Cooper-Standard Holdings, Inc.(a) | 0.1 | % | 83 | 1,100 | ||||||||
Dana, Inc. | 0.3 | % | 176 | 2,145 | ||||||||
Goodyear Tire & Rubber Co. | 0.3 | % | 224 | 2,004 | ||||||||
Lear Corp. | 0.4 | % | 27 | 2,944 | ||||||||
Meritor, Inc.(a) | 0.4 | % | 161 | 3,188 | ||||||||
Miller Industries, Inc. | 0.4 | % | 100 | 2,977 | ||||||||
Modine Manufacturing Co.(a) | 0.2 | % | 252 | 1,391 | ||||||||
Tenneco, Inc. – Class A(a) | 0.4 | % | 350 | 2,646 | ||||||||
Visteon Corp.(a) | 0.6 | % | 71 | 4,863 | ||||||||
29,675 | ||||||||||||
Banks | 13.1 | % | ||||||||||
Ames National Corp. | 0.3 | % | 119 | 2,349 | ||||||||
BancFirst Corp. | 0.3 | % | 62 | 2,515 | ||||||||
C&F Financial Corp. | 0.3 | % | 62 | 2,062 | ||||||||
Capital City Bank Group, Inc. | 0.4 | % | 127 | 2,661 | ||||||||
Capstar Financial Holdings, Inc. | 0.4 | % | 236 | 2,832 | ||||||||
Carter Bank & Trust | 0.2 | % | 169 | 1,364 | ||||||||
CBTX, Inc. | 0.3 | % | 109 | 2,289 | ||||||||
Chemung Financial Corp. | 0.3 | % | 71 | 1,938 | ||||||||
Codorus Valley Bancorp, Inc. | 0.3 | % | 147 | 2,033 |
See Report of Independent Registered Public Accounting Firm.
2 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Banks (continued) | ||||||||||||
Colony Bankcorp, Inc. | 0.3 | % | 190 | $ | 2,236 | |||||||
Enterprise Bancorp, Inc. | 0.4 | % | 114 | 2,715 | ||||||||
Esquire Financial Holdings, Inc.(a) | 0.3 | % | 143 | 2,417 | ||||||||
Farmers National Banc Corp. | 0.4 | % | 233 | 2,763 | ||||||||
First Community Bankshares, Inc. | 0.3 | % | 103 | 2,312 | ||||||||
First Financial Corp. | 0.5 | % | 92 | 3,389 | ||||||||
Franklin Financial Services Corp. | 0.3 | % | 99 | 2,564 | ||||||||
Hanmi Financial Corp. | 0.2 | % | 147 | 1,427 | ||||||||
Hawthorn Bancshares, Inc. | 0.4 | % | 158 | 3,111 | ||||||||
Independent Bank Corp. | 0.3 | % | 164 | 2,435 | ||||||||
Macatawa Bank Corp. | 0.3 | % | 325 | 2,542 | ||||||||
Mackinac Financial Corp. | 0.3 | % | 207 | 2,147 | ||||||||
Merchants Bancorp | 0.5 | % | 197 | 3,643 | ||||||||
Metropolitan Bank Holding Corp.(a) | 0.4 | % | 86 | 2,759 | ||||||||
National Bankshares, Inc. | 0.3 | % | 91 | 2,603 | ||||||||
Northeast Bank | 0.4 | % | 160 | 2,808 | ||||||||
Northrim BanCorp, Inc. | 0.3 | % | 94 | 2,363 | ||||||||
OFG Bancorp | 0.3 | % | 146 | 1,952 | ||||||||
Ohio Valley Banc Corp. | 0.3 | % | 97 | 2,187 | ||||||||
OP Bancorp | 0.3 | % | 349 | 2,408 | ||||||||
Parke Bancorp, Inc. | 0.3 | % | 173 | 2,344 | ||||||||
Peoples Bancorp of North Carolina, Inc. | 0.3 | % | 121 | 2,138 | ||||||||
People’s Utah Bancorp(a) | 0.4 | % | 125 | 2,809 | ||||||||
Popular, Inc. | 0.3 | % | 62 | 2,305 | ||||||||
Preferred Bank | 0.3 | % | 60 | 2,571 | ||||||||
Premier Financial Bancorp, Inc. | 0.3 | % | 204 | 2,615 | ||||||||
Shore Bancshares, Inc. | 0.3 | % | 220 | 2,440 | ||||||||
Sierra Bancorp | 0.3 | % | 129 | 2,436 | ||||||||
SmartFinancial, Inc. | 0.3 | % | 152 | 2,459 | ||||||||
Southern First Bancshares, Inc.(a) | 0.3 | % | 95 | 2,632 | ||||||||
TrustCo Bank Corp. | 0.4 | % | 423 | 2,678 | ||||||||
98,251 | ||||||||||||
Beverages | 0.2 | % | ||||||||||
Farmer Bros Co.(a) | 0.2 | % | 192 | 1,409 | ||||||||
Biotechnology | 1.0 | % | ||||||||||
Acorda Therapeutics, Inc.(a) | 0.0 | % | 481 | 353 | ||||||||
AMAG Pharmaceuticals, Inc.(a) | 0.4 | % | 355 | 2,716 | ||||||||
Arena Pharmaceuticals, Inc.(a) | 0.6 | % | 71 | 4,470 | ||||||||
7,539 | ||||||||||||
Building Materials | 2.7 | % | ||||||||||
Boise Cascade Co. | 0.6 | % | 116 | 4,363 |
See Report of Independent Registered Public Accounting Firm.
3 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Building Materials (continued) | ||||||||||||
Builders FirstSource, Inc.(a) | 0.6 | % | 209 | $ | 4,326 | |||||||
CaesarStone Sdot Yam Ltd. | 0.3 | % | 215 | 2,548 | ||||||||
Louisiana-Pacific Corp. | 0.5 | % | 132 | 3,386 | ||||||||
Masonite International Corp.(a) | 0.6 | % | 59 | 4,589 | ||||||||
Select Interior Concepts, Inc. – Class A(a) | 0.1 | % | 278 | 973 | ||||||||
20,185 | ||||||||||||
Chemicals | 1.8 | % | ||||||||||
AdvanSix, Inc.(a) | 0.2 | % | 138 | 1,620 | ||||||||
Chemours Co. | 0.4 | % | 181 | 2,778 | ||||||||
Huntsman Corp. | 0.4 | % | 170 | 3,055 | ||||||||
Kronos Worldwide, Inc. | 0.3 | % | 236 | 2,457 | ||||||||
Orion Engineered Carbons SA | 0.3 | % | 171 | 1,811 | ||||||||
Rayonier Advanced Materials, Inc.(a) | 0.2 | % | 609 | 1,711 | ||||||||
13,432 | ||||||||||||
Coal | 0.6 | % | ||||||||||
CONSOL Energy, Inc.(a) | 0.1 | % | 141 | 715 | ||||||||
Hallador Energy Co. | 0.0 | % | 575 | 377 | ||||||||
Ramaco Resources, Inc.(a) | 0.2 | % | 627 | 1,342 | ||||||||
Warrior Met Coal, Inc. | 0.3 | % | 137 | 2,108 | ||||||||
4,542 | ||||||||||||
Commercial Services | 4.9 | % | ||||||||||
Aaron’s, Inc. | 0.3 | % | 50 | 2,270 | ||||||||
American Public Education, Inc.(a) | 0.5 | % | 119 | 3,522 | ||||||||
Barrett Business Services, Inc. | 0.4 | % | 50 | 2,656 | ||||||||
BG Staffing, Inc. | 0.3 | % | 170 | 1,924 | ||||||||
Deluxe Corp. | 0.3 | % | 91 | 2,142 | ||||||||
Ennis, Inc. | 0.4 | % | 161 | 2,921 | ||||||||
Green Dot Corp. – Class A(a) | 0.5 | % | 82 | 4,025 | ||||||||
Heidrick & Struggles International, Inc. | 0.3 | % | 121 | 2,616 | ||||||||
K12, Inc.(a) | 0.4 | % | 117 | 3,187 | ||||||||
Korn Ferry | 0.4 | % | 100 | 3,073 | ||||||||
ManpowerGroup, Inc. | 0.3 | % | 33 | 2,269 | ||||||||
Rent-A-Center, Inc. | 0.5 | % | 130 | 3,617 | ||||||||
TrueBlue, Inc.(a) | 0.3 | % | 151 | 2,306 | ||||||||
36,528 | ||||||||||||
Computers | 1.0 | % | ||||||||||
Insight Enterprises, Inc.(a) | 0.5 | % | 73 | 3,592 | ||||||||
Unisys Corp.(a) | 0.5 | % | 349 | 3,807 | ||||||||
7,399 |
See Report of Independent Registered Public Accounting Firm.
4 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Cosmetics & Personal Care | 0.5 | % | ||||||||||
Edgewell Personal Care Co.(a) | 0.5 | % | 111 | $ | 3,459 | |||||||
Distribution & Wholesale | 0.9 | % | ||||||||||
Fossil Group, Inc.(a) | 0.2 | % | 321 | 1,493 | ||||||||
H&E Equipment Services, Inc. | 0.3 | % | 135 | 2,495 | ||||||||
ScanSource, Inc.(a) | 0.4 | % | 114 | 2,746 | ||||||||
6,734 | ||||||||||||
Diversified Financial Services | 2.4 | % | ||||||||||
Altisource Portfolio Solutions SA(a) | 0.3 | % | 171 | 2,520 | ||||||||
Brightsphere Investment Group, Inc. | 0.5 | % | 300 | 3,738 | ||||||||
Curo Group Holdings Corp. | 0.4 | % | 330 | 2,696 | ||||||||
Enova International, Inc.(a) | 0.3 | % | 147 | 2,186 | ||||||||
Greenhill & Co., Inc. | 0.3 | % | 241 | 2,408 | ||||||||
Waddell & Reed Financial, Inc. – Class A | 0.4 | % | 207 | 3,210 | ||||||||
Westwood Holdings Group, Inc. | 0.2 | % | 93 | 1,465 | ||||||||
18,223 | ||||||||||||
Electrical Components & Equipment | 0.4 | % | ||||||||||
Insteel Industries, Inc. | 0.4 | % | 152 | 2,899 | ||||||||
Electronics | 5.1 | % | ||||||||||
Arrow Electronics, Inc.(a) | 0.4 | % | 44 | 3,022 | ||||||||
Atkore International Group, Inc.(a) | 0.5 | % | 146 | 3,993 | ||||||||
Avnet, Inc. | 0.3 | % | 73 | 2,036 | ||||||||
Benchmark Electronics, Inc. | 0.4 | % | 142 | 3,067 | ||||||||
Comtech Telecommunications Corp. | 0.3 | % | 130 | 2,196 | ||||||||
Jabil, Inc. | 0.4 | % | 100 | 3,208 | ||||||||
Kimball Electronics, Inc.(a) | 0.4 | % | 236 | 3,195 | ||||||||
Sanmina Corp.(a) | 0.4 | % | 114 | 2,855 | ||||||||
SMART Global Holdings, Inc.(a) | 0.5 | % | 133 | 3,615 | ||||||||
Tech Data Corp.(a) | 0.7 | % | 35 | 5,072 | ||||||||
TTM Technologies, Inc.(a) | 0.6 | % | 350 | 4,151 | ||||||||
Zagg, Inc.(a) | 0.2 | % | 481 | 1,510 | ||||||||
37,920 | ||||||||||||
Energy-Alternate Sources | 0.5 | % | ||||||||||
FutureFuel Corp. | 0.5 | % | 300 | 3,585 | ||||||||
Engineering & Construction | 3.5 | % | ||||||||||
Aegion Corp.(a) | 0.4 | % | 187 | 2,968 | ||||||||
IES Holdings, Inc.(a) | 0.6 | % | 190 | 4,402 | ||||||||
MasTec, Inc.(a) | 0.4 | % | 65 | 2,917 | ||||||||
MYR Group, Inc.(a) | 0.4 | % | 97 | 3,095 | ||||||||
Primoris Services Corp. | 0.4 | % | 170 | 3,019 | ||||||||
Sterling Construction Co., Inc.(a) | 0.4 | % | 262 | 2,743 |
See Report of Independent Registered Public Accounting Firm.
5 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Engineering & Construction (continued) | ||||||||||||
Tutor Perini Corp.(a) | 0.4 | % | 249 | $ | 3,033 | |||||||
VSE Corp. | 0.5 | % | 127 | 3,986 | ||||||||
26,163 | ||||||||||||
Food | 3.0 | % | ||||||||||
Natural Grocers by Vitamin Cottage, Inc. | 0.7 | % | 343 | 5,104 | ||||||||
SpartanNash Co. | 0.9 | % | 312 | 6,630 | ||||||||
United Natural Foods, Inc.(a) | 0.9 | % | 364 | 6,628 | ||||||||
Weis Markets, Inc. | 0.5 | % | 84 | 4,210 | ||||||||
22,572 | ||||||||||||
Forest Products & Paper | 1.3 | % | ||||||||||
Clearwater Paper Corp.(a) | 0.8 | % | 171 | 6,178 | ||||||||
Domtar Corp. | 0.2 | % | 81 | 1,710 | ||||||||
Verso Corp. – Class A | 0.3 | % | 174 | 2,081 | ||||||||
9,969 | ||||||||||||
Hand & Machine Tools | 0.3 | % | ||||||||||
Hurco Cos., Inc. | 0.3 | % | 87 | 2,433 | ||||||||
Healthcare-Services | 1.1 | % | ||||||||||
MEDNAX, Inc.(a) | 0.3 | % | 144 | 2,463 | ||||||||
Molina Healthcare, Inc.(a) | 0.8 | % | 33 | 5,873 | ||||||||
8,336 | ||||||||||||
Home Furnishings | 1.0 | % | ||||||||||
Ethan Allen Interiors, Inc. | 0.2 | % | 160 | 1,893 | ||||||||
Flexsteel Industries, Inc. | 0.4 | % | 218 | 2,753 | ||||||||
Hooker Furniture Corp. | 0.4 | % | 161 | 3,132 | ||||||||
7,778 | ||||||||||||
Household Products & Wares | 0.4 | % | ||||||||||
ACCO Brands Corp. | 0.4 | % | 443 | 3,145 | ||||||||
Insurance | 3.4 | % | ||||||||||
American Equity Investment Life Holding Co. | 0.4 | % | 131 | 3,237 | ||||||||
American National Insurance Co. | 0.4 | % | 39 | 2,811 | ||||||||
Employers Holdings, Inc. | 0.3 | % | 83 | 2,502 | ||||||||
Hallmark Financial Services, Inc.(a) | 0.1 | % | 246 | 859 | ||||||||
HCI Group, Inc. | 0.5 | % | 89 | 4,110 | ||||||||
Heritage Insurance Holdings, Inc. | 0.4 | % | 215 | 2,814 | ||||||||
Investors Title Co. | 0.5 | % | 32 | 3,882 | ||||||||
NI Holdings, Inc.(a) | 0.4 | % | 184 | 2,718 | ||||||||
Stewart Information Services Corp. | 0.4 | % | 81 | 2,633 | ||||||||
25,566 |
See Report of Independent Registered Public Accounting Firm.
6 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Internet | 2.2 | % | ||||||||||
ePlus, Inc.(a) | 0.5 | % | 59 | $ | 4,170 | |||||||
Stamps.com, Inc.(a) | 1.7 | % | 68 | 12,491 | ||||||||
16,661 | ||||||||||||
Iron & Steel | 1.2 | % | ||||||||||
Commercial Metals Co. | 0.5 | % | 190 | 3,876 | ||||||||
Steel Dynamics, Inc. | 0.4 | % | 117 | 3,053 | ||||||||
United States Steel Corp. | 0.3 | % | 242 | 1,747 | ||||||||
8,676 | ||||||||||||
Leisure Time | 1.3 | % | ||||||||||
MasterCraft Boat Holdings, Inc.(a) | 0.5 | % | 184 | 3,505 | ||||||||
Vista Outdoor, Inc.(a) | 0.8 | % | 405 | 5,852 | ||||||||
9,357 | ||||||||||||
Machinery-Construction & Mining | 1.1 | % | ||||||||||
Manitowoc Co., Inc.(a) | 0.3 | % | 215 | 2,339 | ||||||||
Oshkosh Corp. | 0.5 | % | 46 | 3,295 | ||||||||
Terex Corp. | 0.3 | % | 120 | 2,252 | ||||||||
7,886 | ||||||||||||
Machinery-Diversified | 0.9 | % | ||||||||||
Briggs & Stratton Corp. | 0.1 | % | 344 | 451 | ||||||||
Columbus McKinnon Corp. | 0.3 | % | 80 | 2,676 | ||||||||
DXP Enterprises, Inc.(a) | 0.3 | % | 99 | 1,971 | ||||||||
Twin Disc, Inc.(a) | 0.2 | % | 249 | 1,379 | ||||||||
6,477 | ||||||||||||
Media | 0.7 | % | ||||||||||
Gannett Co., Inc. | 0.1 | % | 593 | 818 | ||||||||
Tribune Publishing Co. | 0.6 | % | 423 | 4,226 | ||||||||
5,044 | ||||||||||||
Metal Fabricate & Hardware | 2.2 | % | ||||||||||
Eastern Co. | 0.3 | % | 132 | 2,359 | ||||||||
Olympic Steel, Inc. | 0.4 | % | 274 | 3,220 | ||||||||
Park-Ohio Holdings Corp. | 0.3 | % | 119 | 1,974 | ||||||||
Ryerson Holding Corp.(a) | 0.3 | % | 423 | 2,381 | ||||||||
Synalloy Corp.(a) | 0.2 | % | 224 | 1,676 | ||||||||
TimkenSteel Corp.(a) | 0.3 | % | 452 | 1,758 | ||||||||
Tredegar Corp. | 0.4 | % | 211 | 3,249 | ||||||||
16,617 | ||||||||||||
Mining | 0.2 | % | ||||||||||
Alcoa Corp.(a) | 0.2 | % | 142 | 1,596 |
See Report of Independent Registered Public Accounting Firm.
7 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Mining (continued) | ||||||||||||
Contura Energy, Inc.(a) | 0.0 | % | 60 | $ | 182 | |||||||
1,778 | ||||||||||||
Miscellaneous Manufacturing | 2.0 | % | ||||||||||
EnPro Industries, Inc. | 0.3 | % | 44 | 2,169 | ||||||||
Lydall, Inc.(a) | 0.3 | % | 169 | 2,291 | ||||||||
Smith & Wesson Brands, Inc.(a) | 1.1 | % | 388 | 8,350 | ||||||||
Trinseo SA | 0.3 | % | 98 | 2,172 | ||||||||
14,982 | ||||||||||||
Oil & Gas | 4.6 | % | ||||||||||
Antero Resources Corp.(a) | 0.2 | % | 648 | 1,646 | ||||||||
CNX Resources Corp.(a) | 0.6 | % | 490 | 4,238 | ||||||||
CVR Energy, Inc. | 0.2 | % | 75 | 1,508 | ||||||||
Delek US Holdings, Inc. | 0.2 | % | 80 | 1,393 | ||||||||
EQT Corp. | 0.4 | % | 228 | 2,713 | ||||||||
Goodrich Petroleum Corp.(a) | 0.3 | % | 295 | 2,124 | ||||||||
HollyFrontier Corp. | 0.3 | % | 80 | 2,336 | ||||||||
Mammoth Energy Services, Inc.(a) | 0.1 | % | 462 | 545 | ||||||||
Montage Resources Corp.(a) | 0.3 | % | 671 | 2,650 | ||||||||
Murphy USA, Inc.(a) | 0.8 | % | 52 | 5,855 | ||||||||
PBF Energy, Inc. – Class A | 0.2 | % | 122 | 1,249 | ||||||||
Penn Virginia Corp.(a) | 0.1 | % | 122 | 1,163 | ||||||||
ProPetro Holding Corp.(a) | 0.1 | % | 169 | 869 | ||||||||
Range Resources Corp. | 0.4 | % | 560 | 3,153 | ||||||||
SandRidge Energy, Inc.(a) | 0.1 | % | 503 | 649 | ||||||||
SilverBow Resources, Inc.(a) | 0.1 | % | 267 | 857 | ||||||||
Talos Energy, Inc.(a) | 0.2 | % | 130 | 1,196 | ||||||||
34,144 | ||||||||||||
Oil & Gas Services | 1.3 | % | ||||||||||
Exterran Corp.(a) | 0.2 | % | 242 | 1,304 | ||||||||
FTS International, Inc.(a) | 0.0 | % | 24 | 166 | ||||||||
National Energy Services Reunited Corp.(a) | 0.4 | % | 408 | 2,807 | ||||||||
Newpark Resources, Inc.(a) | 0.1 | % | 478 | 1,066 | ||||||||
Nextier Oilfield Solutions, Inc.(a) | 0.3 | % | 1,050 | 2,572 | ||||||||
Nine Energy Service, Inc.(a) | 0.1 | % | 204 | 398 | ||||||||
RPC, Inc.(a) | 0.2 | % | 486 | 1,497 | ||||||||
9,810 | ||||||||||||
Pharmaceuticals | 1.8 | % | ||||||||||
Collegium Pharmaceutical, Inc.(a) | 0.6 | % | 272 | 4,760 | ||||||||
Lannett Co., Inc.(a) | 0.6 | % | 570 | 4,138 | ||||||||
Mallinckrodt PLC(a) | 0.1 | % | 421 | 1,128 |
See Report of Independent Registered Public Accounting Firm.
8 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Pharmaceuticals (continued) | ||||||||||||
SIGA Technologies, Inc.(a) | 0.5 | % | 601 | $ | 3,552 | |||||||
13,578 | ||||||||||||
Real Estate | 0.5 | % | ||||||||||
Realogy Holdings Corp. | 0.5 | % | 512 | 3,794 | ||||||||
Retail | 11.4 | % | ||||||||||
Abercrombie & Fitch Co. – Class A | 0.3 | % | 208 | 2,213 | ||||||||
Big Lots, Inc. | 0.7 | % | 129 | 5,418 | ||||||||
BMC Stock Holdings, Inc.(a) | 0.6 | % | 170 | 4,274 | ||||||||
Brinker International, Inc. | 0.2 | % | 80 | 1,920 | ||||||||
Buckle, Inc. | 0.4 | % | 208 | 3,261 | ||||||||
Citi Trends, Inc. | 0.6 | % | 220 | 4,448 | ||||||||
Conn’s, Inc.(a) | 0.3 | % | 201 | 2,028 | ||||||||
Container Store Group, Inc.(a) | 0.2 | % | 454 | 1,471 | ||||||||
Foot Locker, Inc. | 0.3 | % | 71 | 2,070 | ||||||||
GameStop Corp. – Class A(a) | 0.4 | % | 629 | 2,730 | ||||||||
GMS, Inc.(a) | 0.5 | % | 157 | 3,861 | ||||||||
Group 1 Automotive, Inc. | 0.3 | % | 37 | 2,441 | ||||||||
Hibbett Sports, Inc.(a) | 0.5 | % | 168 | 3,518 | ||||||||
Kohl’s Corp. | 0.2 | % | 77 | 1,599 | ||||||||
La-Z-Boy, Inc. – Class Z | 0.4 | % | 114 | 3,085 | ||||||||
Macy’s, Inc. | 0.1 | % | 153 | 1,053 | ||||||||
MarineMax, Inc.(a) | 0.6 | % | 208 | 4,657 | ||||||||
Michaels Cos., Inc.(a) | 0.4 | % | 411 | 2,906 | ||||||||
Nordstrom, Inc. | 0.2 | % | 98 | 1,518 | ||||||||
PC Connection, Inc. | 0.6 | % | 92 | 4,265 | ||||||||
PetMed Express, Inc. | 1.1 | % | 229 | 8,162 | ||||||||
Sally Beauty Holdings, Inc.(a) | 0.5 | % | 273 | 3,421 | ||||||||
Shoe Carnival, Inc. | 0.5 | % | 136 | 3,981 | ||||||||
Signet Jewelers Ltd. | 0.3 | % | 201 | 2,064 | ||||||||
Tailored Brands, Inc. | 0.1 | % | 569 | 534 | ||||||||
Urban Outfitters, Inc.(a) | 0.3 | % | 142 | 2,161 | ||||||||
World Fuel Services Corp. | 0.3 | % | 84 | 2,164 | ||||||||
Zumiez, Inc.(a) | 0.5 | % | 146 | 3,997 | ||||||||
85,220 | ||||||||||||
Savings & Loans | 1.5 | % | ||||||||||
BankFinancial Corp. | 0.3 | % | 245 | 2,058 | ||||||||
First Capital, Inc. | 0.5 | % | 56 | 3,890 | ||||||||
FS Bancorp, Inc. | 0.4 | % | 82 | 3,163 | ||||||||
Timberland Bancorp, Inc. | 0.3 | % | 130 | 2,367 | ||||||||
11,478 |
See Report of Independent Registered Public Accounting Firm.
9 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (continued)
% of Total Net Assets | Shares | Market Value | ||||||||||
Common Stocks (continued) | ||||||||||||
Semiconductors | 5.1 | % | ||||||||||
Alpha & Omega Semiconductor Ltd.(a) | 0.6 | % | 407 | $ | 4,428 | |||||||
Amkor Technology, Inc.(a) | 0.8 | % | 479 | 5,896 | ||||||||
Axcelis Technologies, Inc.(a) | 0.9 | % | 240 | 6,684 | ||||||||
Diodes, Inc.(a) | 0.6 | % | 94 | 4,766 | ||||||||
Photronics, Inc.(a) | 0.6 | % | 409 | 4,552 | ||||||||
Synaptics, Inc.(a) | 0.8 | % | 105 | 6,313 | ||||||||
Ultra Clean Holdings, Inc.(a) | 0.8 | % | 247 | 5,590 | ||||||||
38,229 | ||||||||||||
Software | 0.9 | % | ||||||||||
Avaya Holdings Corp.(a) | 0.5 | % | 306 | 3,782 | ||||||||
Donnelley Financial Solutions, Inc.(a) | 0.3 | % | 250 | 2,100 | ||||||||
Inspired Entertainment, Inc.(a) | 0.1 | % | 376 | 1,091 | ||||||||
6,973 | ||||||||||||
Telecommunications | 0.5 | % | ||||||||||
Preformed Line Products Co. | 0.5 | % | 71 | 3,551 | ||||||||
Transportation | 4.8 | % | ||||||||||
ArcBest Corp. | 0.5 | % | 129 | 3,420 | ||||||||
Echo Global Logistics, Inc.(a) | 0.5 | % | 173 | 3,740 | ||||||||
Marten Transport Ltd. | 0.6 | % | 192 | 4,831 | ||||||||
PAM Transportation Services, Inc.(a) | 0.3 | % | 60 | 1,845 | ||||||||
Radiant Logistics, Inc.(a) | 0.3 | % | 589 | 2,315 | ||||||||
Saia, Inc.(a) | 0.9 | % | 61 | 6,782 | ||||||||
SEACOR Holdings, Inc.(a) | 0.3 | % | 83 | 2,350 | ||||||||
Universal Logistics Holdings, Inc. | 0.3 | % | 142 | 2,468 | ||||||||
Werner Enterprises, Inc. | 0.6 | % | 100 | 4,353 | ||||||||
XPO Logistics, Inc.(a) | 0.5 | % | 52 | 4,017 | ||||||||
36,121 | ||||||||||||
Trucking & Leasing | 0.6 | % | ||||||||||
General Finance Corp.(a) | 0.4 | % | 442 | 2,966 | ||||||||
Willis Lease Finance Corp.(a) | 0.2 | % | 67 | 1,627 | ||||||||
4,593 | ||||||||||||
Total Investments | ||||||||||||
(Cost $1,078,060) | 100.3 | % | 749,868 | |||||||||
Liabilities in Excess of Other Assets | (0.3 | )% | (2,550 | ) | ||||||||
Total Net Assets | 100.0 | % | $ | 747,318 | ||||||||
(a) Non-income producing security.
See Report of Independent Registered Public Accounting Firm.
10 |
USCF ETF TRUST
USCF SUMMERHAVEN SHPEI INDEX FUND
SCHEDULE OF INVESTMENTS
AT JUNE 30, 2020 (concluded)
Summary of Investments by Country^ | ||||
United States | 99.7 | % | ||
Luxembourg | 0.3 | |||
100 .0 | % | |||
Summary of Investments by Sector^ | ||||
Industrial | 23.5 | % | ||
Financial | 21.0 | |||
Consumer, Cyclical | 20.3 | |||
Consumer, Non-cyclical | 13.1 | |||
Technology | 7.0 | |||
Energy | 7.0 | |||
Basic Materials | 4.5 | |||
Communications | 3.6 | |||
100 .0 | % | |||
^ | As a percentage of total investments. All stocks are listed on U.S. Exchanges. |
See Report of Independent Registered Public Accounting Firm.
11 |
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and
Board of Trustees of
USCF ETF Trust
Opinion on the Financial Statements
We have audited the accompanying schedule of investments of USCF SummerHaven SHPEI Index Fund (“BUY”, the “Fund”) (a series of the USCF ETF Trust, the “Trust”) as of June 30, 2020. In our opinion, the financial statement presents fairly, in all material respects, the schedule of the investments of the Fund as of June 30, 2020, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
This financial statement is the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s schedules of investments based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.
/s/ Spicer Jeffries LLP
We have served as the Trust’s auditor since 2014.
Denver, Colorado
January 8, 2021
12 |
Item 13. Exhibits.
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(b) | Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
13 |
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 (Signature and Title)* | /s/ John P. Love | |
John P. Love, President and Chief Executive Officer (Principal Executive Officer) |
Date | 1/8/2021 |
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 (Signature and Title)* | /s/ John P. Love | |
John P. Love, President and Chief Executive Officer (Principal Executive Officer) |
Date | 1/8/2021 |
By (Signature and Title)* | /s/ Stuart P. Crumbaugh | |
Stuart P.Crumbaugh, Treasurer and Chief Financial Officer (Principal Financial Officer) |
Date | 1/8/2021 |
* Print the name and title of each signing officer under his or her signature.
14 |