USCF Advisers LLC

USCF Advisers LLC is an SEC-registered investment adviser based in Oakland, California, and is part of the USCF (United States Commodity Funds) group. The broader USCF platform is best known for sponsoring commodity- and energy-focused exchange-traded products, including futures-based funds providing exposure to crude oil, natural gas, and diversified commodities. USCF Advisers LLC extends this expertise into 1940 Act structures, acting as adviser and subadviser to U.S.-domiciled ETFs and mutual funds that deliver commodity and related factor strategies to institutional and wealth-management channels. The firm files with the U.S. Securities and Exchange Commission as an institutional investment manager under CIK #0001633971. Its Form 13F filings consolidate reportable long positions in U.S.-listed equities and certain exchange-traded funds over which USCF Advisers LLC has investment discretion across advised funds and any separate accounts. Because many of USCF’s flagship strategies are implemented via commodity futures and other derivatives that are not reportable on Form 13F, the filings provide a view primarily into the equity and ETF components of the product lineup and any listed vehicles used for collateral or tactical exposures, rather than into the full set of underlying commodity positions. When organized into a time-series 13F History, these disclosures allow allocators to track how USCF Advisers LLC’s use of U.S.-listed equities and ETFs has evolved as it has added products, adjusted index methodologies, or refined its ETF-based implementation.

USCF Advisers LLC’s business is centered on designing and managing rules-based strategies, primarily delivered through exchange-traded products. The core capabilities fall into two broad areas: - Commodity and energy exposures, often implemented via futures-based funds benchmarked to proprietary or third-party commodity indices. - Equity and factor strategies, including funds that allocate to baskets of U.S. equities or other ETFs using systematic rules (for example, factor tilts, macro or inflation-sensitive themes, or equity exposures complementary to commodity allocations). Strategy design and implementation are systematic and index-oriented: each fund follows a predefined methodology that governs asset selection, position sizing, and rebalancing. In the commodity complex, this includes contract selection (front-month vs. later-dated futures), roll schedules, and diversification across commodity sectors. In the equity and factor sleeves, it includes screening and weighting rules based on characteristics such as sector, size, dividends, volatility, momentum, or macro sensitivity. The 13F-reportable portfolio is dominated by positions held by USCF-advised funds in U.S.-listed ETFs and, to a lesser extent, individual equities. These may include: - Broad equity and factor ETFs used inside multi-asset or inflation-sensitive strategies. - Listed commodity-related equity vehicles or sector funds (for example, energy infrastructure, natural resource equities) used to complement futures-based exposures. - Cash-equitization and collateral management positions in highly liquid ETFs. Because these holdings are the implementation of pre-defined index or model rules, the 13F snapshots mainly reflect systematic rebalancing and index maintenance rather than discretionary security selection. Turnover in the reportable book is moderate to high, driven by periodic index reconstitutions, futures roll calendars translated into collateral shifts, and tactical adjustments within the rule sets. For allocators, analyzing the firm’s 13F Portfolio Composition over time—by instrument type, sector proxy, and factor or asset-class exposure—offers an empirical view of how USCF Advisers LLC has used U.S.-listed securities to operationalize its commodity and factor strategies across changing market regimes.

Viewed through its SEC filings under CIK #0001633971, USCF Advisers LLC appears as a specialized ETF adviser focused on rules-based commodity and macro-oriented strategies, with supporting equity and factor sleeves implemented via U.S.-listed ETFs and select securities. The 13F record confirms this profile: portfolios composed largely of exchange-traded products, indirect tilts toward energy and commodities, and turnover patterns consistent with systematic index rebalancing rather than high-conviction stock picking. For institutional analysts, organizing USCF Advisers LLC’s disclosures into a structured 13F History and examining them via a Portfolio Simulator helps disentangle the behavior of the listed-equity implementation layer from the broader commodity complex. Patterns in 13F Portfolio Composition, combined with a reconstructed equity Volatility Profile, Historical Track Record, and implied Sharpe Ratio, illuminate how the visible sleeve has interacted with equity, sector, and inflation regimes and how it might behave as a standalone allocation. Because Form 13F omits the core futures and derivative exposures that define many USCF strategies, any conclusions drawn from 13F-based replication should be treated as a secondary, partial lens and integrated with fund-level documentation, including prospectuses, commodity risk disclosures, and strategy papers. As inflation dynamics, energy markets, and equity factor premia continue to evolve, a key question for allocators is how sensitive USCF Advisers LLC’s ETF-based implementation of commodity and macro themes will be to future regime shifts—and how that sensitivity should be reflected in sizing and risk budgeting within diversified, multi-manager portfolios.

The economic risk profile of USCF’s strategies is fundamentally tied to commodity and macro factors—energy prices, term structure dynamics (contango/backwardation), inflation expectations, and cross-commodity spreads—alongside equity-market and factor risks in those products that include stock or ETF allocations. The 13F dataset, however, isolates only the long U.S.-listed equities and ETFs held at quarter-end, omitting the underlying commodity futures and most derivative exposures that are central to many products. Within the 13F-reportable sleeve, risk characteristics include: - Equity-market and factor exposure via broad and sector ETFs, and any individual equity positions. These holdings introduce sensitivity to U.S. equity beta, sector rotations (notably in energy and materials when commodity-related equities are used), and factor regimes (value, momentum, low volatility, income) embedded in selected funds. - Indirect commodity and inflation sensitivity, where ETFs and structured equity baskets are designed to provide inflation hedging or commodity-linked cash-flow characteristics; capital behavior during commodity shocks or inflation surprises can therefore differ materially from broad equity indices. - Implementation and turnover risk, as rules-based rebalances and shifts in collateral ETFs can generate transaction cost and short-term tracking variability, especially in volatile markets. If reconstructed naively as a static long-only equity portfolio, the 13F holdings would show a Volatility Profile shaped largely by equity and sector betas. In reality, many of the USCF products that give rise to these disclosures also hold futures and swaps that materially alter total-fund risk and return dynamics. As such, a 13F-based reconstruction of risk and capital behavior is best viewed as a lens on the listed-equity and ETF implementation layer, not as a full representation of fund-level exposures. Using the historical sequence of filings, allocators can nonetheless build an indicative equity sleeve by mapping each reported ETF and stock to its price history and replaying those positions through time in a Portfolio Simulator or Backtesting Service, normalized to a chosen starting notional. This generates a proxy Historical Track Record for the 13F-reportable holdings, from which one can estimate drawdown depth, participation in major equity and energy-sector moves, and an implied Sharpe Ratio as a summary of risk-adjusted outcomes for the visible long-only component of USCF Advisers LLC’s strategies.