What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2021-02-26 compared with 2020-03-13 · 257 added, 361 removed, 931 unchanged (40% of the section changed)

7 unchanged sentences

Statements of Operations for the years ended December 31, 2020, 2019 and 2018

Statements of Changes in Capital for the years ended December 31, 2019, 2018 and 2017 and Statements of Changes in Shares Outstanding for the years ended December 31, 2019, 2018 and 2017.

Statements of Changes in Capital for the years ended December 31, 2020, 2019 and 2018

Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018

8 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition of United States Commodity Index Funds Trust (the “Trust”) and its Series including United States Commodity Index Fund, United States Copper Index Fund and USCF Crescent Crypto Index Fund, in total and for each Series as of December 31, 2019 and 2018, including the schedule of investments as of December 31, 2019 and 2018, and the related statements of operations, changes in capital, changes in shares outstanding and cash flows for each of the years in the three-year period ended December 31, 2019, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition of United States Commodity Index Funds Trust (the “Trust”) and its Series including United States Commodity Index Fund, United States Copper Index Fund and USCF Crescent Crypto Index Fund, in total and for each Series as of December 31, 2020 and 2019, including the schedule of investments as of December 31, 2020 and 2019, and the related statements of operations, changes in capital and cash flows for each of the years in the three-year period ended December 31, 2020, and the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s and its Series’ internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

15 unchanged sentences

Definition and Limitations of Internal Control over Financial Reporting

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.

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 generally accepted accounting principles, 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 the company’s assets that could have a material effect on the financial statements.

A Trust’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.

A Trust’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 generally accepted accounting principles, and that receipts and expenditures of the Trust are being made only in accordance with authorizations of management and directors of the Trust;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’s assets that could have a material effect on the financial statements.

Because of its 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.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ Spicer Jeffries LLP

1 unchanged sentence

Denver, Colorado

March 13, 2020

February 26, 2021

United States Commodity Index Funds Trust

Statements of Financial Condition

At December 31, 2019 and 2018

At December 31, 2020 and December 31, 2019

United States Commodity Index Fund

5 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 14,487,984 )

Dividends receivable

Interest receivable

Prepaid insurance*

7 unchanged sentences

Total Liabilities

Commitments and Contingencies (Notes 4, 5 and 6)

Commitments and Contingencies (Notes 4, 5 & 6)

Total Capital

3 unchanged sentences

Market value per share

Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

1 unchanged sentence

Statements of Financial Condition

At December 31, 2019 and 2018

At December 31, 2020 and December 31, 2019

United States Copper Index Fund

2 unchanged sentences

Cash and cash equivalents (at cost $ 62,333,565 and $ 6,699,854 , respectively) (Notes 2 and 6)

Short-Term Investments (at cost $ — and $ 295,216 , respectively) (Note 6)

Equity in trading accounts:

11 unchanged sentences

Total Liabilities

Commitments and Contingencies (Notes 4, 5 and 6)

Commitments and Contingencies (Notes 4, 5 & 6)

Total Capital

3 unchanged sentences

Market value per share

Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statement of Financial Condition

At December 31, 2019*

Statements of Financial Condition

At December 31, 2020 and December 31, 2019*

USCF Crescent Crypto Index Fund

December 31, 2020*

Cash (at cost $ 1,000 ) (Notes 2 and 6)

Commitments and Contingencies (Notes 4, 5 and 6)

December 31, 2019*

Cash (at cost $ 0 and $ 1,000 , respectively) (Notes 2 and 6)

Commitments and Contingencies (Notes 4, 5 & 6)

Total Capital

1 unchanged sentence

The Sponsor contributed $ 1,000 on May 8, 2019.

As of December 31, 2019, the Fund is in registration and had not commenced operations.

See accompanying notes to condensed financial statements.

As of June 25, 2020, the Fund had withdrawn its registration.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Financial Condition

At December 31, 2019 and 2018

At December 31, 2020 and December 31, 2019

United States Commodity Index Funds Trust

2 unchanged sentences

Cash and cash equivalents (at cost $ 165,652,103 and $ 169,737,534 , respectively) (Notes 2 and 6)

Short-Term Investments (at cost $ — and $ 295,216 , respectively) (Note 6)

Equity in trading accounts:

1 unchanged sentence

Unrealized gain (loss) on open commodity futures contracts

( 15,391,459 )

Receivable from Sponsor (Note 4)

15 unchanged sentences

Shares Outstanding

Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

3 unchanged sentences

United States Commodity Index Fund

Value/Unrealized

Gain (Loss) on Open

% of Partners'

Open Commodity Futures Contracts - Long

United States Contracts

NYMEX Natural Gas Futures NG March 2021 contracts, expiring February 2021

ICE Cocoa Futures CC March 2021 contracts, expiring March 2021

COMEX Silver Futures SI March 2021 contracts, expiring March 2021

NYMEX Heating Oil Futures HO April 2021 contracts, expiring March 2021

COMEX Gold 100 OZ Futures GC April 2021 contracts, expiring April 2021

ICE Sugar#11 Futures SB May 2021 contracts, expiring April 2021

CBOT Soybean Meal Futures SM May 2021 contracts, expiring May 2021

CBOT Soybean Oil Futures S July 2021 contracts, expiring July 2021

CBOT Wheat Futures W July 2021 contracts, expiring July 2021

COMEX Copper Futures HG July 2021 contracts, expiring July 2021

CBOT Soybean Futures S November 2021 contracts, expiring November 2021

NYMEX RBOB Gasoline Futures RB December 2021 contracts, expiring November 2021

Foreign Contracts

LME Aluminum Futures LA February 2021 contracts, expiring February 2021*

LME Tin Futures LT February 2021 contracts, expiring February 2021

LME Tin Futures LT June 2021 contracts, expiring June 2021

LME Zinc Futures LX July 2021 contracts, expiring July 2021

Open Commodity Futures Contracts - Short**

Foreign Contracts

LME Tin Futures LT June 2021 contracts, expiring June 2021*

( 7,833,693 )

LME Zinc Futures LX July 2021 contracts, expiring July 2021*

( 7,711,131 )

Total Open Futures Contracts*

Shares/Principal

% of Partners'

Cash Equivalents

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

Total United States Money Market Funds

†Represents less than 0.005 %.

# Reflects the 7-day yield at December 31, 2020.

* Collateral amounted to $ 554,470 on open commodity futures contracts.

** All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the SDCI).

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2019

United States Commodity Index Fund

Unrealized Gain

33 unchanged sentences

United States Commodity Index Funds Trust

Schedule of Investments (Continued)

Schedule of Investments

At December 31, 2019

United States Commodity Index Fund

United States Commodity Index Fund (continued)

Cash Equivalents

27 unchanged sentences

At December 31, 2020

United States Commodity Index Fund

United States Copper Index Fund

Unrealized Gain

(Loss) on Open

Open Futures Contracts - Long

Foreign Contracts

LME Aluminum Futures LA January 2019 contracts, expiring January 2019

( 2,018,308 )

LME Tin Futures LT January 2019 contracts, expiring January 2019

LME Zinc Futures LX January 2019 contracts, expiring January 20l19

LME Tin Futures LT April 2019 contracts, expiring April 2019

LME Zinc Futures LX May 2019 contracts, expiring May 2019

% of Partners'

Open Commodity Futures Contracts - Long

United States Contracts

NYMEX RBOB Gasoline Futures RB March 2019 contracts, expiring February 2019

ICE Cotton #2 Futures CT March 2019 contracts, expiring March 2019

( 2,782,670 )

CBOT Wheat Futures W March 2019 contracts, expiring March 2019

( 4,732,188 )

ICE Cocoa Futures CC March 2019 contracts, expiring March 2019

COMEX Copper Futures HG March 2021 contracts, expiring March 2021*

CME Feeder Cattle Futures FC March 2019 contracts, expiring March 2019

NYMEX Heating Oil Futures HO April 2019 contracts, expiring March 2019

( 8,671,727 )

COMEX Gold Futures GC April 2019 contracts, expiring April 2019

NYMEX Natural Gas Futures NG May 2019 contracts, expiring April 2019

CME Live Cattle Futures FC April 2019 contracts, expiring April 2019

CBOT Soybean Meal Futures SM August 2019 contracts, expiring August 2019

CBOT Corn Futures C December 2019 contracts, expiring December 2019

( 12,621,164 )

Open Futures Contracts - Short**

Foreign Contracts

LME Aluminum Futures LA January 2019 contracts, expiring January 2019

( 34,664,722 )

LME Tin Futures LT January 2019 contracts, expiring January 2019

( 41,861,500 )

( 2,472,323 )

LME Zinc Futures LX January 2019 contracts, expiring January 2019

( 79,255,458 )

( 155,781,680 )

( 1,183,536 )

Total Open Futures Contracts***

( 14,487,984 )

United States Commodity Index Funds Trust

Schedule of Investments (Continued)

At December 31, 2018

United States Commodity Index Fund

Shares/Principal

% of Partners'

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

2.07 %, 1/03/2019

2.16 %, 1/10/2019

2.18 %, 1/17/2019

2.22 %, 1/24/2019

2.22 %, 1/31/2019

2.25 %, 2/07/2019

2.28 %, 2/14/2019

2.29 %, 2/21/2019

2.10 %, 2/28/2019

2.34 %, 3/07/2019

2.12 %, 3/28/2019

2.41 %, 4/04/2019

2.43 %, 4/11/2019

2.22 %, 4/25/2019

2.46 %, 5/02/2019

2.47 %, 5/09/2019

2.43 %, 5/23/2019

2.51 %, 6/06/2019

2.49 %, 6/27/2019

Total Treasury Obligations

United States Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio

Goldman Sachs Financial Square Funds - Government Fund - Class FS

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Total Money Market Funds

Total Cash Equivalents

* Represents less than 0.005 %.

** All short contracts are offset by long positions in Futures Contracts and are acquired solely for the purpose of reducing a long position ( e.g ., due to a redemption or to reflect a rebalancing of the SDCI).

*** Collateral amounted to $ 50,852,183 on open futures contracts.

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

Total United States Money Market Funds

# Reflects the 7-day yield at December 31, 2020.

* Collateral amounted to $ 3,423,420 on open commodity futures contracts.

See accompanying notes to financial statements.

39 unchanged sentences

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2018

United States Copper Index Fund

Unrealized Gain

(Loss) on Open

Open Futures Contracts – Long

United States Contracts

COMEX Copper Futures HG March 2019 contracts, expiring March 2019*

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

1.76 %, 1/03/2019

2.11 %, 1/10/2019

2.13 %, 1/17/2019

2.15 %, 1/24/2019

2.14 %, 1/31/2019

2.25 %, 2/07/2019

2.24 %, 2/14/2019

2.29 %, 2/21/2019

2.01 %, 2/28/2019

2.34 %, 3/07/2019

2.35 %, 3/21/2019

2.19 %, 3/28/2019

2.40 %, 4/04/2019

2.43 %, 4/11/2019

2.44 %, 4/18/2019

2.36 %, 4/25/2019

2.46 %, 5/02/2019

2.47 %, 5/09/2019

2.45 %, 5/23/2019

2.49 %, 6/20/2019

2.49 %, 6/27/2019

Total Treasury Obligations

United States - Money Market Funds

Goldman Sachs Financial Square Funds - Government Fund - Class FS

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Total Money Market Funds

Total Cash Equivalents

Short-Term Investment

United States Treasury Obligation

Treasury Bill, 2.59 %, 8/15/2019

* Collateral amounted to $ 1,362,458 on open futures contracts.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Operations

5 unchanged sentences

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed positions

Realized gain (loss) on closed commodity futures contracts

( 30,357,891 )

( 29,144,478 )

Change in unrealized gain (loss) on open positions

( 54,710,680 )

Change in unrealized gain (loss) on open commodity futures contracts

( 21,360,954 )

Realized gain (loss) on short-term investments

Dividend income

4 unchanged sentences

( 4,596,236 )

( 65,807,966 )

Management fees (Note 4)

6 unchanged sentences

( 8,413,932 )

( 71,770,971 )

Net Income (Loss) per share

11 unchanged sentences

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed positions

Realized gain (loss) on closed commodity futures contracts

( 1,134,850 )

( 1,318,188 )

Change in unrealized gain (loss) on open positions

Change in unrealized gain (loss) on open commodity futures contracts

( 1,785,413 )

19 unchanged sentences

United States Commodity Index Funds Trust

Statement of Operations

For the period ended December 31, 2019*

Statements of Operations

For the year ended December 31, 2020 and the period ended December 31, 2019

USCF Crescent Crypto Index Fund

December 31, 2020*

December 31, 2019*

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed positions

Change in unrealized gain (loss) on open positions

Realized gain (loss) on foreign currency transactions

Change in unrealized gain (loss) on foreign currency translations

Realized gain (loss) on closed commodity futures contracts

Change in unrealized gain (loss) on open commodity futures contracts

Realized gain (loss) on short-term investments

Dividend income

Interest income*

ETF transaction fees

Total Income (Loss)

4 unchanged sentences

Total Expenses

Expense waiver (Note 4)

Net Income (Loss)

3 unchanged sentences

* The Sponsor contributed $ 1,000 on May 8, 2019.

As of December 31, 2019, the Fund is in registration and had not commenced operations.

See accompanying notes to condensed financial statements.

As of June 25, 2020, the Fund had withdrawn its registration.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

6 unchanged sentences

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed positions

Realized gain (loss) on closed commodity futures contracts

( 26,810,216 )

( 30,279,328 )

Change in unrealized gain (loss) on open positions

( 56,209,907 )

Change in unrealized gain (loss) on open commodity futures contracts

( 23,145,242 )

Realized gain (loss) on foreign currency transactions

7 unchanged sentences

( 4,241,306 )

( 68,867,799 )

Management fees (Note 4)

7 unchanged sentences

( 8,143,415 )

( 74,935,061 )

* The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

† Interest income does not exceed paid in kind of 5 %.

4 unchanged sentences

United States Commodity Index Fund

Balances, at December 31, 2016

( 211,345,839 )

Net income (loss)

Balances, at December 31, 2017

( 150,113,664 )

Net income (loss)

( 71,770,971 )

Shareholders *

Balances at beginning of year

Addition of 650,000 , – and 4,250,000 shares, respectively

Redemption of ( 2,400,000 ), ( 7,200,000 ) and ( 3,700,000 ) shares, respectively

( 72,215,055 )

Balances, at December 31, 2018

( 264,733,094 )

3 unchanged sentences

( 8,413,932 )

Balances, at December 31, 2019

Statements of Changes in Shares Outstanding

For the years ended December 31, 2019, 2018 and 2017

Shares Outstanding, at December 31, 2016

( 71,770,971 )

( 5,350,000 )

Shares Outstanding, at December 31, 2017

( 3,700,000 )

Shares Outstanding, at December 31, 2018

( 7,200,000 )

Shares Outstanding, at December 31, 2019

Net Asset Value Per Share:

At December 31, 2016

At December 31, 2017

At December 31, 2018

At December 31, 2019

Balances at end of year

* Sponsors' shares outstanding and capital for the periods presented were zero .

See accompanying notes to financial statements.

3 unchanged sentences

United States Copper Index Fund

Balances, at December 31, 2016

( 8,027,253 )

Shareholders *

Balances at beginning of year

Addition of 3,300,000 , 400,000 and 450,000 shares, respectively

Redemption of ( 700,000 ), ( 700,000 ) and ( 350,000 ) shares, respectively

( 12,649,867 )

Net income (loss)

Balances, at December 31, 2017

( 11,912,810 )

2 unchanged sentences

( 2,992,568 )

Balances, at December 31, 2018

( 11,912,810 )

Net income (loss)

Balances, at December 31, 2019

Statements of Changes in Shares Outstanding

For the years ended December 31, 2019, 2018 and 2017

Shares Outstanding, at December 31, 2016

Shares Outstanding, at December 31, 2017

Shares Outstanding, at December 31, 2018

Shares Outstanding, at December 31, 2019

Net Asset Value Per Share:

At December 31, 2016

At December 31, 2017

At December 31, 2018

At December 31, 2019

Balances at end of year

* Sponsors' shares outstanding and capital for the periods presented were zero .

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statement of Changes in Capital

For the period ended December 31, 2019*

Statements of Changes in Capital

For the year ended December 31, 2020 and the period ended December 31, 2019**

USCF Crescent Crypto Index Fund

Balances, at May 8, 2019*

December 31, 2020**

December 31, 2019**

Balances at beginning of period

Addition of - and - shares, respectively

Redemption of -, and - shares, respectively

Net income (loss)

Balances, at December 31, 2019

Balances at end of period

* Shareholders' shares outstanding and capital for the periods presented were zero .

** The Sponsor contributed $ 1,000 on May 8, 2019.

As of December 31, 2019, the Fund is in registration and had not commenced operations.

See accompanying notes to condensed financial statements.

As of June 25, 2020, the Fund had withdrawn its registration.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

2 unchanged sentences

United States Commodity Index Funds Trust

Balances, at December 31, 2016

( 219,373,092 )

Net income (loss)

Balances, at December 31, 2017

( 158,232,087 )

( 158,233,087 )

Net income (loss)

( 74,935,061 )

Shareholders *

Balances at beginning of year

Addition of 3,950,000 , 400,000 and 4,700,000 shares

Redemption of ( 3,100,000 ), ( 7,900,000 ) and ( 4,150,000 ) shares

( 84,864,922 )

Balances, at December 31, 2018

( 276,645,904 )

3 unchanged sentences

( 8,143,415 )

Balances, at December 31, 2019

Statements of Changes in Shares Outstanding

For the years ended December 31, 2019, 2018 and 2017

Shares Outstanding, at December 31, 2016

( 74,935,061 )

( 5,800,000 )

Shares Outstanding, at December 31, 2017

( 4,150,000 )

Shares Outstanding, at December 31, 2018

( 7,900,000 )

Shares Outstanding, at December 31, 2019

Balances at end of year

* Sponsors' shares outstanding and capital for the years ending December 31, 2018 and 2019 were zero and $ 1,000 , respectively.

Sponsors' shares outstanding and capital for the year ending December 31, 2020 were zero and $-, respectively.

† The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

See accompanying notes to financial statements.

10 unchanged sentences

( 8,413,932 )

( 71,770,971 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

(Increase) Decrease in short-term investments

( 71,291,769 )

Unrealized (gain) loss on open futures contracts

Change in unrealized (gain) loss on open commodity futures contracts

( 5,154,476 )

30 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

* Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

11 unchanged sentences

(Increase) Decrease in short-term investments

Change in unrealized (gain) loss on open commodity futures contracts

( 3,949,813 )

Unrealized (gain) loss on open futures contracts

( 1,249,725 )

26 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

* Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statement of Cash Flows

For the period ended December 31, 2019*

Statements of Cash Flows

For the year ended December 31, 2020 and the period ended December 31, 2019

USCF Crescent Crypto Index Fund

December 31, 2020*

December 31, 2019*

Cash Flows from Financing Activities:

11 unchanged sentences

* The Sponsor contributed $ 1,000 on May 8, 2019.

As of December 31, 2019, the Fund is in registration and had not commenced operations.

See accompanying notes to condensed financial statements.

As of June 25, 2020, the Fund had withdrawn its registration.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

9 unchanged sentences

( 8,143,415 )

( 74,935,061 )

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

(Increase) Decrease in short-term investments

( 73,764,126 )

Unrealized (gain) loss on open futures contracts

Change in unrealized (gain) loss on open commodity futures contracts

( 9,104,289 )

32 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

* The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

† Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to financial statements.

4 unchanged sentences

The United States Commodity Index Funds Trust (the “Trust”) was organized as a Delaware statutory trust on December 21, 2009.

The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and includes the United States Commodity Index Fund (“USCI”) and a commodity pool formed on April 1, 2010 and first made available to the public on August 10, 2010, the United States Copper Index Fund (“CPER”), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011.

The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and includes the United States Commodity Index Fund (“USCI”), a commodity pool formed on April 1, 2010 and first made available to the public on August 10, 2010, and the United States Copper Index Fund (“CPER”), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011.

A new series of the Trust, the USCF Crescent Crypto Index Fund (“XBET”) was formed on May 7, 2019.

XBET is currently in registration and has not commenced operations.

Additional series of the Trust included:

the United States Agriculture Index Fund (“USAG”), which liquidated all of its assets on September 12, 2018 and distributed cash pro rata to all remaining shareholders on September 13, 2018, and the USCF Canadian Crude Oil Index Fund (“UCCO”), which never commenced operations and was terminated as a series on May 8, 2019.

A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020.

USCI and CPER each issue shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc.

(“NYSE Arca”).

(“NYSE Arca"), and, until September 6, 2018, the United States Agriculture Index Fund ("USAG") issued shares that were purchased and sold on NYSE Arca.

USCI and CPER are collectively referred to herein as the “Trust Series.” The Trust, and each of its series operates pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated as of December 15, 2017 (the “Trust Agreement”).

United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and each of its series and is also responsible for the management of the Trust and the Trust Series.

United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and each of its series and is also responsible for the management of the Trust and each of its series.

For purposes of the financial statement presentation, unless specified otherwise, all references will be to the Trust Series.

12 unchanged sentences

USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively.

USCF previously served as the general partner for the United States Short Oil Fund, LP (“DNO”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), both of which were liquidated in 2018.

In addition, USCF is the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (“USOU”) and the United States 3x Short Oil Fund (“USOD”), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker symbols “USOU” and “USOD”, respectively.

Each of USOU and USOD liquidated all of its assets and distributed cash pro rata to all remaining shareholders in December 2019.

USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

7 unchanged sentences

Basis of Presentation

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S.

GAAP") as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification.

The financial statements have been prepared in conformity with U.S.

GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification.

Each Trust Series is an investment company and follows the accounting and reporting guidance in FASB Topic 946.

The Trust financial statements included its respective series of funds financial statements including USCI, CPER and XBET through December 31, 2020.

The Trust financial statements included its respective series of funds financial statements including USCI, CPER, USAG, UCCO and XBET through December 31, 2020.

24 unchanged sentences

The amounts due from Authorized Participants are reflected in each Trust Series’ statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed.

Authorized Participants pay each Trust Series a $ 350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.

Trust Capital and Allocation of Income and Losses

37 unchanged sentences

In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, USAG and CPER were designated as additional series of the Trust.

Following the designation of the additional series, USCF made an initial capital contribution to the Trust.

USCF and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement effective as of December 15, 2017.

Following the designation of USAG and CPER as additional series, USCF made an initial capital contribution of $ 3,000 to the Trust.

On November 10, 2010, the Trust transferred $ 1,000 to each of USAG and CPER, which was deemed a capital contribution to each series.

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On June 28, 2012, USCF redeemed the 40 Sponsor Shares of USAG and on October 3, 2012, purchased 5 shares of USAG on the open market.

USCF redeemed all Sponsor Shares of USAG on September 7, 2018.

On September 7, 2018, at the close of markets, USAG ceased all trading and all of USAG’s assets were liquidated on September 12, 2018.

On September 7, 2018 all Sponsor Shares of USAG were redeemed and USAG discontinued trading and subsequently liquidated and distributed all proceeds to shareholders, as discussed above.

In addition, USCF Canadian Crude Oil Index Fund (“UCCO”) was designated a series on June 1, 2016 and the USCF Crescent Crypto Index Fund (“XBET”) was designated as a series on May 7, 2019.

A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020.

On March 31, 2018, USCF contributed $ 1,000 to UCCO, which was deemed an initial capital contribution to the series, and has since been redeemed.

UCCO never commenced operations and was terminated as a series on May 8, 2019.

Further, on May 8, 2019, USCF contributed $ 1,000 to XBET in exchange for 20 Sponsor Shares of the series, which was deemed an initial capital contribution to the series.

As of June 25, 2020 the Fund had withdrawn its registration.

CPER and USAG received notice of effectiveness from the SEC for its registration of 30,000,000 CPER shares and 20,000,000 USAG shares on September 6, 2011.

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The $ 1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket.

USCF and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement effective as of December 15, 2017.

Additional series of the Trust included:

the United States Agriculture Index Fund ("USAG"), which liquidated all of its assets on September 12 , 2018 and distributed cash pro rata to all remaining shareholders on September 13, 2018 and the USCF Canadian Crude Oil Index Fund (“UCCO”), which never commenced operations and was terminated as a series on May 8, 2019.

As discussed above, USAG liquidated on September 12, 2018 and distributed cash pro rata to all remaining shareholders.

USCI’s Investment Objective

USCI invests in futures contracts for commodities that are currently traded on the New York Mercantile Exchange (the “NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), Commodity Exchange, Inc.

(“COMEX”) or on other foreign exchanges (the NYMEX, ICE Futures, CBOT, CME, LME, COMEX and other foreign exchanges, collectively, the “Futures Exchanges”) (such futures contracts, collectively, “Futures Contracts”) and, to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, other commodity-based contracts and instruments such as cash-settled options on Futures Contracts, forward contracts relating to commodities, cleared swap contracts and other non-exchange traded over-the-counter (“OTC”) transactions that are based on the price of commodities and Futures Contracts (collectively, “Other Commodity-Related Investments”).

The investment objective of USCI is for the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM (the “SDCI”), less USCI’s expenses.

USCF does not intend to operate USCI in a fashion such that its per share NAV will equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Futures Contracts (as defined below) that comprise the SDCI or the prices of any particular group of Futures Contracts.

USCI will not seek to achieve its stated investment objective over a period of time greater than one day.

USCI believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts and Other Commodity-Related Investments.

The investment objective of USCI is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM (the “SDCI”), less USCI’s expenses.

USCI seeks to achieve its investment objective by investing so that the average daily percentage change in USCI’s NAV for any period of 30 successive valuation days will be within plus/minus 10 percent (10%) of the average daily percentage change in the price of the SDCI over the same period.

The SDCI is designed to reflect the performance of a diversified group of commodities.

The SDCI is comprised of 14 Futures Contracts that are selected on a monthly basis from a list of 27 possible Futures Contracts.

The Futures Contracts that at any given time make up the SDCI are referred to herein as “Benchmark Component Futures Contracts.” The SDCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and calculated and published by Bloomberg, L.P.

(“Bloomberg”).

USCI invests first in the current Benchmark Component Futures Contracts and other Futures Contracts intended to replicate the return on the current Benchmark Component Futures Contracts and, thereafter may hold Futures Contracts in a particular commodity other than one specified as the Benchmark Component Futures Contract, or may hold Other Commodity-Related Investments that are intended to replicate the return on the Benchmark Component Futures Contracts, but may fail to closely track the SDCI’s total return movements.

USCI seeks to achieve its investment objective by investing in Futures Contracts and Other Commodity-Related Investments such that daily changes in its’ per share NAV closely track the daily changes in the price of the SDCI.

USCI’s positions in Commodity Interests are rebalanced on a monthly basis in order to track the changing nature of the SDCI.

If Futures Contracts relating to a particular commodity remain in the SDCI from one month to the next, such Futures Contracts are rebalanced to the 7.14 % target weight.

Specifically, on the Selection Date, it will be determined if a current Benchmark Component Futures Contract will be replaced by a new Futures Contract in either the same or different underlying commodity as a Benchmark Component Futures Contract for the following month, in which case USCI’s investments would have to be changed accordingly.

In order that USCI’s trading does not unduly cause extraordinary market movements, and to make it more difficult for third parties to profit by trading based on market movements that could be expected from changes in the Benchmark Component Futures Contracts, USCI’s investments typically are not rebalanced entirely on a single day, but rather typically rebalanced over a period of four days.

After fulfilling the margin and collateral requirements with respect to its Commodity Interests, USCF invests the remainder of USCI’s proceeds from the sale of shares in Treasuries or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts).

The SDCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and is calculated and published by Bloomberg L.P.

Futures contracts for the commodities comprising the SDCI are traded on the New York Mercantile Exchange (“NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), and Commodity Exchange, Inc.

(“COMEX” together with the NYMEX, ICE Futures, CBOT, CME, LME and COMEX, the “Futures Exchanges”) and are collectively referred to herein as “Futures Contracts.” The Futures Contracts that at any given time make up the SDCI are referred to herein as “Benchmark Component Futures Contracts.” The relative weighting of the Benchmark Component Futures Contracts will change on a monthly basis, based on quantitative formulas relating to the prices of the Benchmark Component Futures Contracts developed by SHIM.

USCI seeks to achieve its investment objective by investing to the fullest extent possible in the Benchmark Component Futures Contracts.

Then, if constrained by regulatory requirements or in view of market conditions, USCI will invest next in other Futures Contracts based on the same commodity as the futures contracts subject to such regulatory constraints or market conditions, and finally, to a lesser extent, in other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Futures Contracts if one or more other Futures Contracts is not available.

When USCI has invested to the fullest extent possible in exchange-traded futures contracts, USCI may then invest in other contracts and instruments based on the Benchmark Component Futures Contracts, other Futures Contracts or the commodities included in the SDCI, such as cash-settled options, forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts.

Other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Futures Contracts and other contracts and instruments based on the Benchmark Component Futures Contracts are collectively referred to as “Other Commodity-Related Investments,” and together with Benchmark Component Futures Contracts and other Futures Contracts, “Commodity Interests.”

USCF believes that the market arbitrage opportunities will cause the daily changes in USCI’s share price on the NYSE Arca on a percentage basis to closely track the daily changes in USCI’s per share NAV on a percentage basis.

USCF believes that the net effect of this expected relationship and the expected relationship described above between USCI’s per share NAV and the SDCI will be that the daily changes in the price of USCI’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SDCI on a percentage basis, less USCI’s expenses.

While USCI is composed of Benchmark Component Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SDCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SDCI and the cash or spot prices of the commodities underlying the Benchmark Component Futures Contracts.

Investors should be aware that USCI’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Futures Contracts or the prices of any particular group of futures contracts.

USCI will not seek to achieve its stated investment objective over a period of time greater than one day.

This is because natural market forces called contango and backwardation have impacted the total return on an investment in USCI’s shares during the past year relative to a hypothetical direct investment in the various commodities and, in the future, it is likely that the relationship between the market price of USCI’s shares and changes in the spot prices of the underlying commodities will continue to be so impacted by contango and backwardation.

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.)

USCI’s shares began trading on August 10, 2010.

As of December 31, 2019, USCI held 880 Futures Contracts on the NYMEX, 716 Futures Contracts on the ICE Futures, 644 Futures Contracts on the CBOT, 480 Futures Contracts on the CME, 1,903 Futures Contracts on the LME and 342 Futures Contracts on the COMEX, totaling 4,965 futures contracts.

As of December 31, 2020, USCI held 599 Futures Contracts on the NYMEX, held 792 Futures Contracts on the ICE Futures, held 915 Futures Contracts on the CBOT, did not hold any Futures Contracts on the CME, held 621 Futures Contracts on the LME and held 187 Futures Contracts on the COMEX, totaling 3,114 futures contracts.

CPER’s Investment Objective

The investment objective of CPER is for the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total Return SM (the “SCI”), less CPER’s expenses.

USCF does not intend to operate CPER in a fashion such that its per share NAV will equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts (as defined below) that comprise the SCI or the prices of any particular group of Futures Contracts.

CPER will not seek to achieve a stated investment objective over a period of time greater than one day.

USCF believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in Futures Contracts and Other Copper-Related Investments (as defined below).

The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts.

The SCI is owned and maintained by SHIM and calculated and published by the NYSE Arca.

The SCI is comprised of either two or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SHIM.

CPER seeks to achieve its investment objective by investing so that the average daily percentage change in CPER’s NAV for any period of 30 successive valuation days will be within plus/minus 10 percent (10%) of the average daily percentage change in the price of the Benchmark Component Copper Futures Contracts over the same period.

The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the Commodity Exchange, Inc.

exchange (“COMEX”).

The SCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and calculated and published by the NYSE Arca.

The SCI is comprised of either one or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SHIM.

The Eligible Copper Futures Contracts that at any given time make up the SCI are referred to herein as “Benchmark Component Copper Futures Contracts.”

CPER seeks to achieve its investment objective by investing to the fullest extent possible in the Benchmark Component Copper Futures Contracts.

Then, if constrained by regulatory requirements or in view of market conditions, CPER will invest next in other Eligible Copper Futures Contracts based on the same copper as the futures contracts subject to such regulatory constraints or market conditions, and finally to a lesser extent, in other exchange traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts if one or more other Eligible Copper Futures Contracts is not available.

When CPER has invested to the fullest extent possible in exchange-traded futures contracts, CPER may then invest in other contracts and instruments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items based on copper, such as cash-settled options, forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts.

Other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts and other contracts and instruments based on the Benchmark Component Copper Futures Contracts, are collectively referred to collectively as “Other Copper-Related Investments,” and together with Benchmark Component Copper Futures Contracts and other Eligible Copper Futures Contracts, “Copper Interests.”

USCF believes that market arbitrage opportunities will cause daily changes in CPER’s share price on the NYSE Arca on a percentage basis, to closely track the daily changes in CPER’s per share NAV on a percentage basis.

USCF believes that the net effect of this expected relationship and the expected relationship described above between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses.

While CPER is composed of Benchmark Component Copper Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SCI and the cash or spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts.

Investors should be aware that CPER’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts or the prices of any particular group of futures contracts.

CPER will not seek to achieve its stated investment objective over a period of time greater than one day.

This is because natural market forces called contango and backwardation have impacted the total return on an investment in CPER’s shares during the past year relative to a hypothetical direct investment in various commodities and, in the future, it is likely that the relationship between the market price of CPER’s shares and changes in the spot prices of the underlying commodities will continue to be so impacted by contango and backwardation.

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.).

CPER’s shares began trading on November 15, 2011.

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The SDCI and the SCI are referred to throughout these Notes to Financial Statements collectively as the “Applicable Index” or “Indices.”

Benchmark Component Futures Contracts, Benchmark Component Copper Futures Contracts and Benchmark Component Agriculture Futures Contracts are referred to throughout these Notes to Financial Statements collectively as “Applicable Benchmark Component Futures Contracts.”

Benchmark Component Futures Contracts and Benchmark Component Copper Futures Contracts are referred to throughout these Notes to Financial Statements collectively as “Applicable Benchmark Component Futures Contracts.”

Other Commodity-Related Investments and Other Copper-Related Investments are referred to throughout these Notes to Financial Statements collectively as “Other Related Investments.”

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These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.

During the years ended December 31, 2019, 2018 and 2017, none of the Trust Series incurred any registration fees or other offering expenses.

During the year ended December 31, 2020, 2019 and 2018, none of the Trust Series incurred any registration fees or other offering expenses.

Independent Directors’ and Officers’ Expenses

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Each Trust Series shares the fees and expenses on a pro rata basis with each other Trust Series and each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis.

These fees and expenses for the year ended December 31, 2019 amounted to be a total of $ 556,951 for the Trust Series and the Related Public Funds.

These fees and expenses for the year ending December 31, 2020 are estimated to be a total of $ 585,896 for the Trust Series and the Related Public Funds.

USCI's portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $ 48,135 and CPER's portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $ 6,874 .

For the year ended December 31, 2019 , these fees and expenses were $ 556,951 for the Trust Series and the Related Public Funds.

USCI's portion of such fees and expenses for the year ended December 31, 2019 was $ 108,435 and CPER's portion of such fees and expenses for the year ended December 31, 2019 was $ 2,320 .

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The fees and expenses associated with each Trust Series’ audit expenses and tax accounting and reporting requirements are paid by such Trust Series.

These costs amounted to a total of $ 476,864 for the year ended December 31, 2019 for USCI and $ 75,053 for the year ended December 31, 2019 for CPER.

These costs are estimated to be $ 209,660 for the year ending December 31, 2020 for USCI and $ 75,600 for the year ending December 31, 2020 for CPER.

Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

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The above fee does not include website construction and development, which are also borne by USCF.

Brown Brothers Harriman & Co.

USCF and the Trust, on its own behalf and on behalf of each Trust Series, are also party to a custodian agreement, dated July 22, 2010, as amended from time to time, with Brown Brothers Harriman & Co.

(“BBH&Co.”) and USCF, whereby BBH&Co.

holds investments on behalf of each Trust Series.

USCF pays the fees of the custodian, which are determined by the parties from time to time.

In addition, USCF and the Trust, on its own behalf and on behalf of each Trust Series, are party to an administrative agency agreement, dated July 22, 2010, as amended from time to time, with BBH&Co., whereby BBH&Co.

acts as the administrative agent, transfer agent and registrar for each Trust Series.

USCF also pays the fees of BBH&Co.

for its services under such agreement and such fees are determined by the parties from time to time.

Currently, USCF pays BBH&Co.

for its services, in the foregoing capacities, a minimum amount of $ 75,000 annually for its custody, fund accounting and fund administration services rendered to each Trust Series and each of the Related Public Funds, as well as a $ 20,000 annual fee for its transfer agency services.

In addition, USCF pays BBH&Co.

an asset-based charge of (a) 0.06 % for the first $ 500 million of the Related Public Funds’ combined net assets, (b) 0.0465 % for the Related Public Funds’ combined net assets greater than $ 500 million but less than $ 1 billion, and (c) 0.035 % once the Related Public Funds’ combined net assets exceed $ 1 billion.

The annual minimum amount will not apply if the asset-based charge for all accounts in the aggregate exceeds $ 75,000 .

USCF also pays BBH&Co.

transaction fees ranging from $ 7 to $ 15 per transaction.

Custody, Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide USO and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020:

(i) a Custody Agreement;

(ii) a Fund Administration and Accounting Agreement;

and (iii) a Transfer Agency and Service Agreement.

USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time.

Brown Brothers Harriman and Co.

(“BBH&Co.”) previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020.

Certain fund accounting and fund administration services rendered by BBH&Co.

to USO and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon.

Brokerage and Futures Commission Merchant Agreements

On July 7, 2014, the Trust on behalf of each Trust Series entered into a Futures and Cleared Swaps Agreement with Wells Fargo Securities, LLC (“WFS”).

In addition, the Trust on behalf of each of USCI and CPER entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC, in June of 2018.

In addition, the Trust on behalf of each of USCI and CPER entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC ("RBC"), in June of 2018.

Each of RBC and WFS are referred to as a “Futures Commissions Merchant” or “FCM.” Each of the Trust’s FCM agreements require the FCM to provide services to the applicable Trust Series in connection with the purchase and sale of Futures Contracts and Other Related Investments that may be purchased and sold by or through the FCM for the applicable Trust Series’ account.

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Each Trust Series also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Commodity-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

For the Year Ended

December 31, 2020

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Percentage of commissions accrued as a result of creation and redemption activity

The decrease in total commissions accrued to brokers for the year ended December 31, 2019, compared to the year ended December 31, 2018, was due primarily to a lower number of contracts held and traded.

The increase in total commissions accrued to brokers for the year ended December 31, 2018, compared to the year ended December 31, 2017, was due primarily to higher number of futures contracts being held and traded.

However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters.

For the Year Ended

The decrease in total commissions accrued to brokers for the year ended December 31, 2020, compared to the year ended 2019, was due primarily to a lower number of contracts held and traded.

December 31, 2020

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The increase in total commissions accrued to brokers for the year ended December 31, 2020, compared to the year ended December 31, 2019, was due primarily to a higher number of contracts held and traded.

The decrease in total commissions accrued to brokers for the year ended December 31, 2018, compared to the year ended December 31, 2017, was due primarily to lower number of futures contracts being held and traded.

However, there can be no assurance that commission costs and portfolio turnover will not cause commission expenses to rise in future quarters.

SummerHaven Agreements

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As of May 1, 2018, USCF pays SummerHaven an annual fee of $ 15,000 per each Trust Series as well as an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

USCF is also party to an Amended and Restated Licensing Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven and SHIM, pursuant to which SHIM grants a license to USCF for the use of certain names and marks, including the Applicable Index for each Trust Series in exchange for a fee to be paid by USCF to SHIM.

USCF is also party to an Amended and Restated Licensing Agreement, dated as of May 1, 2018, as amended by that certain Amendment to Amended and Restated Licensing Agreement dated as of September 15, 2020, and as further amended from time to time, with SummerHaven and SHIM, pursuant to which SHIM grants a license to USCF for the use of certain names and marks, including the Applicable Index for each Trust Series in exchange for a fee to be paid by USCF to SHIM.

For the year ended December 31, 2019, USCF paid licensing fees to SummerHaven equal to an annual fee of $ 15,000 per each Trust Series for the, plus an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

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In addition, each Trust Series bears the risk of financial failure by the clearing broker.

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020.

The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak.

There are direct and indirect economic effects developing for various industries and individual companies throughout the world.

Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds' accounting and financial reporting.

The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

and world economies and markets and may have significant adverse effects on the Funds and their investments.

A Trust Series' cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements.

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Each Trust Series may be exposed to any risk of loss associated with an investment in such money market funds.

As of December 31, 2019, USCI and CPER held investments in money market funds in the amounts of $ 19,500,000 and $ 620,000 , respectively.

As of December 31, 2018, USCI and CPER held investments in money market funds in the amounts of $ 6,400,000 and $ 855,000 , respectively.

As of December 31, 2020 and December 31, 2019, USCI held investments in money market funds in the amounts of $ 103,316,877 and $ 19,500,000 , respectively.

As of December 31, 2020 and December 31, 2019, CPER held investments in money market funds in the amounts of $ 62,332,787 and $ 620,000 , respectively.

Each Trust Series also holds cash deposits with its custodian.

Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S.

regulated and domiciled banks located in Toronto, Canada;

London, United Kingdom;

Grand Cayman, Cayman Islands;

and Nassau, Bahamas;

which are subject to U.S.

regulation and regulatory oversight.

As of December 31, 2020 and December 31, 2019, USCI held cash deposits and investments in Treasuries in the amounts of $ 556,131 and $ 170,813,994 , respectively, with the custodian and FCMs.

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NOTE 7 - FINANCIAL HIGHLIGHTS

The following tables present per share performance data and other supplemental financial data for each Trust Series for the years ended December 31, 2019, 2018 and 2017 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the years ended December 31, 2020, 2019 and 2018 for the shareholders.

This information has been derived from information presented in the financial statements.

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Total expenses excluding management fees*

Expenses waived

Net expenses excluding management fees

Expense waived*

Net expense excluding management fees

Net income (loss)

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Total income (loss)

Total expenses

Net increase (decrease) in net asset value

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Total expenses excluding management fees

Expenses waived

Net expenses excluding management fees

Expense waived*†

Net expense excluding management fees

Net income (loss)

* Effective January 1, 2016, USCF permanently lowered the management fee to 0.65 % (65 basis points) per annum of average daily total net assets for CPER.

* USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis.

USCF has no obligation to continue such payments into subsequent periods.

† Effective January 1, 2016, USCF permanently lowered the management fee to 0.65 % (65 basis points) per annum of average daily total net assets for CPER.

Total returns are calculated based on the change in value during the period.

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from each Trust Series.

NOTE 8 – QUARTERLY FINANCIAL DATA (Unaudited)

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( 52,796,711 )

( 10,523,581 )

Total Expenses

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( 53,241,407 )

( 11,357,318 )

Net Income (Loss) per Share

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ASC 820 establishes a fair value hierarchy that distinguishes between:

(1) market participant assumptions developed based on market data obtained from sources independent of the Trust and each Trust Series (observable inputs) and (2) the

Trust’s and each Trust Series’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

(1) market participant assumptions developed based on market data obtained from sources independent of the Trust and each Trust Series (observable inputs) and (2) the Trust’s and each Trust Series’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the ASC 820 hierarchy are as follows:

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Exchange-Traded Futures Contracts

Foreign Contracts

( 2,381,779 )

United States Contracts

During the year ended December 31, 2019, there were no transfers between Level I and Level II.

Foreign Contracts

The following table summarizes the valuation of USCI’s securities at December 31, 2019 using the fair value hierarchy:

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United States Contracts

( 12,621,164 )

During the year ended December 31, 2018, there were no transfers between Level I and Level II.

The following table summarizes the valuation of CPER's securities at December 31, 2020 using the fair value hierarchy:

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United States Contracts

During the year ended December 31, 2019, there were no transfers between Level I and Level II.

The following table summarizes the valuation of CPER's securities at December 31, 2019 using the fair value hierarchy:

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United States Contracts

During the year ended December 31, 2018, there were no transfers between Level I and Level II.

The Trust and each Trust Series have adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives.

Fair Value of Derivative Instruments Held by USCI

Derivatives not

Accounted for

Statements of Financial

At December 31,

Condition Location

Statements of

Fair Value at

Derivatives not Accounted for as Hedging Instruments

Futures - Commodity Contracts

( 14,487,984 )

Fair Value of Derivative Instruments Held by CPER

Derivatives not

Accounted for

Statements of Financial

At December 31,

Condition Location

Statements of

Fair Value at

Derivatives not Accounted for as Hedging Instruments

Futures - Commodity Contracts

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on Derivatives

in Derivatives

Recognized in

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( 29,144,478 )

( 54,710,680 )

Change in unrealized gain (loss) on open positions

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on Derivatives

in Derivatives

Recognized in

14 unchanged sentences

2018-13, which changes certain fair value measurement disclosure requirements.

The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Trust Series’ policy for the timing of transfers

between levels.

The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

6 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data