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        <name>COMMODITIES EXCHANGE CENTER</name>
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        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
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        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Cocoa Futures - NYCC</title>
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        <assetCat>DCO</assetCat>
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        <name>THE LONDON METAL EXCHANGE</name>
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        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
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        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
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        <name>ICE FUTURES U.S., INC.</name>
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        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>PJM TQRECC I JUL26</title>
        <cusip>000000000</cusip>
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          <ticker value="ZQWN26"/>
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        <balance>28.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-5242.00000000</valUSD>
        <pctVal>-0.17932115019</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>PJM TQRECC I</issuerName>
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                  <cusip value="000000000"/>
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            </descRefInstrmnt>
            <expDate>2026-07-28</expDate>
            <notionalAmt>76222.00000000</notionalAmt>
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            <unrealizedAppr>-5242.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>Micro Silver Futures</title>
        <cusip>000000000</cusip>
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          <ticker value="SILK6"/>
          <other otherDesc="FIGI" value="BBG01V7ZW330"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-2853.00000000</valUSD>
        <pctVal>-0.09759695564</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
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                <issuerName>SILVER</issuerName>
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                  <cusip value="000000000"/>
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            <expDate>2026-05-27</expDate>
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            <unrealizedAppr>-2853.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>Chicago SRW Wheat Futures, May-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="ZWK6"/>
          <other otherDesc="FIGI" value="BBG01HD9YSC5"/>
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        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>15450.00000000</valUSD>
        <pctVal>0.528521894414</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>BOARD OF TRADE OF THE CITY OF CHICAGO, INC.</counterpartyName>
              <counterpartyLei>549300EX04Q2QBFQTQ27</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>WHEAT</issuerName>
                <issueTitle>WHEAT</issueTitle>
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                  <cusip value="000000000"/>
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            <expDate>2026-05-14</expDate>
            <notionalAmt>107800.00000000</notionalAmt>
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            <unrealizedAppr>15450.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>Copper Futures, May-2026,ETH</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="HGK6"/>
          <other otherDesc="FIGI" value="BBG00Z9FN8P9"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-8162.50000000</valUSD>
        <pctVal>-0.27922718208</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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              <otherRefInst>
                <issuerName>COPPER</issuerName>
                <issueTitle>COPPER</issueTitle>
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                  <cusip value="000000000"/>
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            <expDate>2026-05-27</expDate>
            <notionalAmt>148512.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-8162.50000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>NEW YORK MERCANTILE EXCHANGE, INC.</name>
        <lei>5493008GFNDTXFPHWI47</lei>
        <title>Chicago Ethanol (Platts) Futures</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="CUM6"/>
          <other otherDesc="FIGI" value="BBG01H6YT8Y4"/>
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        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>11865.00000000</valUSD>
        <pctVal>0.405884289788</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>NEW YORK MERCANTILE EXCHANGE, INC.</counterpartyName>
              <counterpartyLei>5493008GFNDTXFPHWI47</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>NEW YORK MERCANTILE EXCHANGE, INC.</issuerName>
                <issueTitle>CHICAGO ETHANOL S</issueTitle>
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                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="CHICAGOETHANOLS"/>
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            <expDate>2026-06-30</expDate>
            <notionalAmt>71400.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>11865.00000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>United States Treasury Bills</name>
        <lei>254900HROIFWPRGM1V77</lei>
        <title>WIB 0 06/02/26</title>
        <cusip>912797TU1</cusip>
        <identifiers>
          <isin value="US912797TU14"/>
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        <balance>1750000.00000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1739240.42000000</valUSD>
        <pctVal>59.49687000781</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DBT</assetCat>
        <issuerCat>UST</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2026-06-02</maturityDt>
          <couponKind>None</couponKind>
          <annualizedRt>0.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EURONEXT PARIS SA</name>
        <lei>969500HMVSZ0TCV65D58</lei>
        <title>Rapeseed / Colza</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="FREN10082831"/>
          <ticker value="YFECO 2604U000000F"/>
          <other otherDesc="FIGI" value="BBG01JZNTNS6"/>
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        <balance>4.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86790450"/>
        <valUSD>11985.03000000</valUSD>
        <pctVal>0.409990340467</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>FR</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>EURONEXT PARIS SA</counterpartyName>
              <counterpartyLei>969500HMVSZ0TCV65D58</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>RAPESEED EURO</issuerName>
                <issueTitle>RAPESEED EURO</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="RAPESEEDEURO"/>
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            <expDate>2026-04-30</expDate>
            <notionalAmt>106518.79000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>11985.03000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>THE LONDON METAL EXCHANGE</name>
        <lei>213800NB8G5VRT1DXC91</lei>
        <title>LME NICKEL FUTURE Jun26</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="LNM6"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-516.78000000</valUSD>
        <pctVal>-0.01767828767</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>THE LONDON METAL EXCHANGE</counterpartyName>
              <counterpartyLei>213800NB8G5VRT1DXC91</counterpartyLei>
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            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>LME NICKEL</issuerName>
                <issueTitle>LME NICKEL</issueTitle>
                <identifiers>
                  <cusip value="000000000"/>
                  <other otherDesc="INTERNAL" value="LMENICKEL"/>
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            <expDate>2026-06-15</expDate>
            <notionalAmt>103032.72000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-516.78000000</unrealizedAppr>
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        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S., INC.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>Canola Futures - ICUS</title>
        <cusip>000000000</cusip>
        <identifiers>
          <ticker value="RS FMK0026!"/>
          <other otherDesc="FIGI" value="BBG01M12PMF2"/>
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        <balance>14.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="CAD" exchangeRt="1.39555000"/>
        <valUSD>12436.44000000</valUSD>
        <pctVal>0.425432416088</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE FUTURES U.S., INC.</counterpartyName>
              <counterpartyLei>5493004R83R1LVX2IL36</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>CANOLA</issuerName>
                <issueTitle>CANOLA</issueTitle>
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                  <cusip value="000000000"/>
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            <expDate>2026-05-14</expDate>
            <notionalAmt>134390.26000000</notionalAmt>
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            <unrealizedAppr>12436.44000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>ICE ENDEX MARKETS B.V.</name>
        <lei>549300CZW488L20NT866</lei>
        <title>EUA Futures - EUA</title>
        <cusip>000000000</cusip>
        <identifiers>
          <isin value="NLICE1591045"/>
          <ticker value="ECF FMZ0026!"/>
          <other otherDesc="FIGI" value="BBG007QVBXV8"/>
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        <balance>2.00000000</balance>
        <units>NC</units>
        <currencyConditional curCd="EUR" exchangeRt="0.86790450"/>
        <valUSD>-37348.37000000</valUSD>
        <pctVal>-1.27763309163</pctVal>
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        <assetCat>DCO</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NL</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
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              <counterpartyName>ICE ENDEX MARKETS B.V.</counterpartyName>
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            <payOffProf>Long</payOffProf>
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                <issuerName>EMISSION</issuerName>
                <issueTitle>EMISSION</issueTitle>
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            <expDate>2026-12-14</expDate>
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            <unrealizedAppr>-37348.37000000</unrealizedAppr>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>COMMODITIES EXCHANGE CENTER</name>
        <lei>N/A</lei>
        <title>Lithium Hydroxide CIF CJK (Fastmarkets) Futures</title>
        <cusip>000000000</cusip>
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          <ticker value="LTHM6"/>
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        <curCd>USD</curCd>
        <valUSD>25440.00000000</valUSD>
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        <payoffProfile>N/A</payoffProfile>
        <assetCat>DCO</assetCat>
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        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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              <counterpartyName>COMMODITIES EXCHANGE CENTER</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
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            <payOffProf>Long</payOffProf>
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                <issuerName>COMMODITY EXCHANGE, INC.</issuerName>
                <issueTitle>LITHIUM LIOH COME</issueTitle>
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            <expDate>2026-06-30</expDate>
            <notionalAmt>222960.00000000</notionalAmt>
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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-05-28</ncom:dateSigned>
      <ncom:nameOfApplicant>USCF ETF Trust</ncom:nameOfApplicant>
      <ncom:signature>Kenneth A. Kalina</ncom:signature>
      <ncom:signerName>Kenneth A. Kalina</ncom:signerName>
      <ncom:title>CCO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
