United States Commodity Index Funds Trust 10-K

Item 8. Financial Statements and Supplementary Data. United States Commodity Index Funds Trust Index to Financial Statements ​ Documents Page Management’s Annual Report on Internal Control Over Financial Reporting. 99 ​ ​ ​ Report of Independent Registered Public Accounting Firm. 100 ​ ​ ​ Statements of Financial Condition at December 31, 2020 and 2019 102 ​ ​ ​ Schedules of Investments at December 31, 2020 and 2019 106 ​ ​ ​ Statements of Operations for the years ended December 31, 2020, 2019 and 2018 111 ​ ​ ​ Statements of Changes in Capital for the years ended December 31, 2020, 2019 and 2018 115 ​ ​ ​ Statements of Cash Flows for the years ended December 31, 2020, 2019 and 2018 119 ​ ​ ​ Notes to Financial Statements for the years ended December 31, 2020, 2019 and 2018 123 ​ ​ ​ 98 Table of Contents ​ Management’s Annual Report on Internal Control Over Financial Reporting. USCF assessed the effectiveness of the Trust's and each Trust Series’ internal control over financial reporting as of December 31, 2020. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control Integrated Framework (2013). Based on the assessment, USCF believes that, as of December 31, 2020, the internal control over financial reporting for the Trust and each Trust Series is effective. ​ 99 Table of Contents ​ REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Sponsor and Shareholders of United States Commodity Index Funds Trust ​ 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, 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”). ​ In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust and its Series as of December 31, 2020 and 2019, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Trust and its Series maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020 based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. ​ Basis for Opinion ​ The Trust’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Trust’s and its Series’ financial statements and an opinion on the Trust’s and its Series’ internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust and its Series in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. ​ We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. ​ Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. ​ Definition and Limitations of Internal Control over Financial Reporting ​ 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. ​ 100 Table of Contents ​ 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 ​ We have served as the Trust’s auditor since 2009. ​ Denver, Colorado February 26, 2021 ​ ​ ​ 101 Table of Contents ​ United States Commodity Index Funds Trust Statements of Financial Condition At December 31, 2020 and December 31, 2019 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 ​ ​ ​ ​ ​ Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 103,318,538 and $ 163,036,680 , respectively) (Notes 2 and 6) ​ $ 103,318,538 ​ $ 163,036,680 Equity in trading accounts: ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 554,470 and $ 27,277,314 , respectively) ​ 554,470 27,277,314 Unrealized gain (loss) on open commodity futures contracts ​ 7,293,344 2,138,868 Dividends receivable ​ 2,379 25,510 Prepaid insurance* ​ ​ 5,212 ​ ​ 20,198 ETF transaction fees receivable ​ — 350 ​ ​ ​ ​ ​ ​ Total Assets ​ $ 111,173,943 ​ $ 192,498,920 ​ ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ ​ Payable for shares redeemed ​ $ — ​ $ 1,843,700 Management fees payable (Note 4) ​ 72,934 142,699 Professional fees payable ​ 312,461 571,822 Brokerage commissions payable ​ 3,955 33,805 Directors' fees payable* ​ ​ 1,525 ​ 11,412 ​ ​ ​ ​ ​ ​ Total Liabilities ​ 390,875 2,603,438 ​ ​ ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital ​ ​ ​ ​ ​ Sponsor ​ — — Shareholders ​ 110,783,068 189,895,482 Total Capital ​ 110,783,068 189,895,482 ​ ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 111,173,943 ​ $ 192,498,920 ​ ​ ​ ​ ​ ​ Shares outstanding ​ 3,400,000 5,150,000 Net asset value per share ​ $ 32.58 ​ $ 36.87 Market value per share ​ $ 32.67 ​ $ 36.90 ​ * Certain prior year amounts have been reclassified for consistency with the current presentation. See accompanying notes to financial statements. ​ 102 Table of Contents ​ United States Commodity Index Funds Trust Statements of Financial Condition At December 31, 2020 and December 31, 2019 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Assets ​ ​ ​ Cash and cash equivalents (at cost $ 62,333,565 and $ 6,699,854 , respectively) (Notes 2 and 6) ​ $ 62,333,565 ​ $ 6,699,854 Equity in trading accounts: ​ ​ Cash and cash equivalents (at cost $— and $ 399,050 , respectively) ​ — ​ 399,050 Unrealized gain (loss) on open commodity futures contracts ​ 4,296,063 ​ 346,250 Receivable from Sponsor (Note 4) ​ 58,202 ​ 67,629 Dividends receivable ​ 1,315 ​ 1,363 Interest receivable ​ 6 ​ 125 Prepaid insurance* ​ ​ 228 ​ ​ 253 ​ ​ ​ Total Assets ​ $ 66,689,379 ​ $ 7,514,524 ​ ​ ​ Liabilities and Capital ​ ​ Payable due to Broker ​ $ 1,428,240 ​ $ 429,967 Management fees payable (Note 4) ​ 31,116 ​ 4,647 Professional fees payable ​ 61,244 ​ 64,311 Directors' fees payable* ​ 5,075 ​ 222 ​ ​ ​ Total Liabilities ​ 1,525,675 ​ 499,147 ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ — ​ — Shareholders ​ 65,163,704 ​ 7,015,377 Total Capital ​ 65,163,704 ​ 7,015,377 ​ ​ ​ Total Liabilities and Capital ​ $ 66,689,379 ​ $ 7,514,524 ​ ​ ​ Shares outstanding ​ 3,000,000 ​ 400,000 Net asset value per share ​ $ 21.72 ​ $ 17.54 Market value per share ​ $ 21.73 ​ $ 17.54 ​ * Certain prior year amounts have been reclassified for consistency with the current presentation. ​ See accompanying notes to financial statements. ​ 103 Table of Contents ​ United States Commodity Index Funds Trust Statements of Financial Condition At December 31, 2020 and December 31, 2019* USCF Crescent Crypto Index Fund ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020* December 31, 2019* Assets ​ ​ ​ ​ ​ Cash (at cost $ 0 and $ 1,000 , respectively) (Notes 2 and 6) ​ $ — ​ $ 1,000 ​ ​ ​ ​ ​ Total Assets ​ $ — ​ $ 1,000 ​ ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital ​ ​ ​ ​ Sponsor ​ $ — ​ $ 1,000 Shareholders ​ — ​ ​ — Total Capital ​ — ​ ​ 1,000 ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ — ​ $ 1,000 ​ * The Sponsor contributed $ 1,000 on May 8, 2019. As of June 25, 2020, the Fund had withdrawn its registration. See accompanying notes to financial statements. ​ 104 Table of Contents ​ United States Commodity Index Funds Trust Statements of Financial Condition At December 31, 2020 and December 31, 2019 United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 December 31, 2019 Assets ​ ​ ​ Cash and cash equivalents (at cost $ 165,652,103 and $ 169,737,534 , respectively) (Notes 2 and 6) ​ $ 165,652,103 ​ $ 169,737,534 Equity in trading accounts: ​ ​ Cash and cash equivalents (at cost $ 554,470 and $ 27,676,364 , respectively) ​ 554,470 ​ 27,676,364 Unrealized gain (loss) on open commodity futures contracts ​ 11,589,407 ​ 2,485,118 Receivable from Sponsor (Note 4) ​ 58,202 ​ 67,629 Dividends receivable ​ 3,694 ​ 26,873 Interest receivable ​ 6 ​ 125 Prepaid insurance* ​ ​ 5,440 ​ ​ 20,451 ETF transaction fees receivable ​ — ​ 350 ​ ​ ​ Total Assets ​ $ 177,863,322 ​ $ 200,014,444 ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ Payable due to Broker ​ $ 1,428,240 ​ $ 429,967 Payable for shares redeemed ​ — ​ 1,843,700 Management fees payable (Note 4) ​ 104,050 ​ 147,346 Professional fees payable ​ 373,705 ​ 636,133 Brokerage commissions payable ​ 3,955 ​ 33,805 Directors’ fees payable* ​ 6,600 ​ 11,634 ​ ​ ​ ​ ​ Total Liabilities ​ 1,916,550 ​ 3,102,585 ​ ​ ​ Commitments and Contingencies (Notes 4, 5 and 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ — ​ 1,000 Shareholders ​ 175,946,772 ​ 196,910,859 Total Capital ​ 175,946,772 ​ 196,911,859 ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 177,863,322 ​ $ 200,014,444 ​ ​ ​ ​ ​ Shares Outstanding ​ 6,400,000 ​ 5,550,000 ​ * Certain prior year amounts have been reclassified for consistency with the current presentation. ​ See accompanying notes to financial statements. ​ 105 Table of Contents ​ United States Commodity Index Funds Trust Schedule of Investments At December 31, 2020 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair ​ ​ ​ ​ ​ ​ ​ ​ ​ Value/Unrealized ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain (Loss) on Open ​ ​ ​ ​ ​ Notional ​ Number of ​ Commodity ​ % of Partners' ​ ​ ​ Amount ​ Contracts ​ Contracts ​ Capital ​ Open Commodity Futures Contracts - Long ​ ​ ​ United States Contracts ​ ​ ​ NYMEX Natural Gas Futures NG March 2021 contracts, expiring February 2021 ​ $ 8,128,590 ​ 334 ​ $ 308,250 0.28 ​ ICE Cocoa Futures CC March 2021 contracts, expiring March 2021 ​ 8,303,630 ​ 304 ​ ( 390,510 ) ( 0.35 ) ​ COMEX Silver Futures SI March 2021 contracts, expiring March 2021 ​ ​ 7,042,375 ​ 59 ​ ​ 749,165 0.68 ​ NYMEX Heating Oil Futures HO April 2021 contracts, expiring March 2021 ​ ​ 7,791,651 ​ 125 ​ ​ 5,124 ​ — † COMEX Gold 100 OZ Futures GC April 2021 contracts, expiring April 2021 ​ 7,758,200 41 ​ 30,160 0.03 ​ ICE Sugar#11 Futures SB May 2021 contracts, expiring April 2021 ​ 7,163,858 ​ 488 ​ ​ 859,643 ​ 0.77 ​ CBOT Soybean Meal Futures SM May 2021 contracts, expiring May 2021 ​ 6,296,440 190 ​ 1,748,160 1.58 ​ CBOT Soybean Oil Futures S July 2021 contracts, expiring July 2021 ​ ​ 7,279,022 ​ 325 ​ ​ 704,278 ​ 0.63 ​ CBOT Wheat Futures W July 2021 contracts, expiring July 2021 ​ 7,652,800 256 ​ 388,800 0.35 ​ COMEX Copper Futures HG July 2021 contracts, expiring July 2021 ​ 6,688,013 87 ​ 982,125 0.89 ​ CBOT Soybean Futures S November 2021 contracts, expiring November 2021 ​ ​ 6,864,138 ​ 144 ​ ​ 1,140,462 ​ 1.03 ​ NYMEX RBOB Gasoline Futures RB December 2021 contracts, expiring November 2021 ​ ​ 7,388,836 ​ 140 ​ ​ 527,407 ​ 0.48 ​ Foreign Contracts ​ ​ ​ LME Aluminum Futures LA February 2021 contracts, expiring February 2021* ​ 7,649,268 154 ​ ( 45,518 ) ( 0.04 ) ​ LME Tin Futures LT February 2021 contracts, expiring February 2021 ​ 7,875,360 77 ​ ( 11,927 ) ( 0.01 ) ​ LME Tin Futures LT June 2021 contracts, expiring June 2021 ​ 7,499,520 84 ​ 1,008,840 0.91 ​ LME Zinc Futures LX July 2021 contracts, expiring July 2021 ​ ​ 7,747,579 ​ 111 ​ ​ ( 69,626 ) ​ ( 0.07 ) ​ Open Commodity Futures Contracts - Short** ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LME Tin Futures LT June 2021 contracts, expiring June 2021* ​ ​ ( 7,833,693 ) ​ 84 ​ ​ ( 674,667 ) ​ ( 0.61 ) ​ LME Zinc Futures LX July 2021 contracts, expiring July 2021* ​ ​ ( 7,711,131 ) 111 ​ ​ 33,178 ​ 0.03 ​ Total Open Futures Contracts* ​ $ 103,584,456 3,114 ​ $ 7,293,344 6.58 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares/Principal ​ ​ % of Partners' ​ ​ Amount ​ ​ Market Value ​ Capital Cash Equivalents ​ ​ United States Money Market Funds ​ ​ Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % # ​ ​ 93,191,263 $ 93,191,263 84.12 RBC U.S. Government Money Market Fund - Institutional Share Class, 0.02 % # ​ 10,125,614 ​ 10,125,614 9.14 Total United States Money Market Funds ​ ​ ​ $ 103,316,877 93.26 ​ †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. ​ 106 Table of Contents ​ United States Commodity Index Funds Trust Schedule of Investments At December 31, 2019 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value/ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) on Open ​ ​ ​ ​ Notional ​ Number of ​ Commodity ​ % of ​ ​ Amount ​ Contracts ​ Contracts ​ Capital Open Futures Contracts – Long ​ ​ Foreign Contracts ​ ​ LME Aluminum Futures LA January 2020 contracts, expiring January 2020 ​ $ 15,995,580 366 ​ $ 376,058 0.20 LME Zinc Futures LX January 2020 contracts, expiring January 2020 ​ 15,870,949 276 ​ ( 132,049 ) ( 0.07 ) ICE Brent Crude Oil Futures CO April 2020 contracts, expiring February 2020 ​ ​ 13,346,390 ​ 206 ​ ​ 103,350 ​ 0.05 LME Nickel Futures LN March 2020 contracts, expiring March 2020 ​ ​ 18,627,141 ​ 189 ​ ​ ( 2,724,217 ) ​ ( 1.43 ) LME Zinc Futures LX April 2020 contracts, expiring April 2020 ​ 13,770,894 ​ 240 ​ ( 152,394 ) ( 0.08 ) ICE Gas Oil Futures QS June 2020 contracts, expiring June 2020 ​ ​ 13,567,750 ​ 225 ​ ​ ( 140,875 ) ​ ( 0.07 ) LME Tin Futures LT August 2020 contracts, expiring August 2020 ​ ​ 13,567,282 ​ 159 ​ ​ 66,633 ​ 0.03 ​ ​ ​ 104,745,986 ​ 1,661 ​ ​ ( 2,603,494 ) ​ ( 1.37 ) United States Contracts ​ ​ CME Lean Hogs Futures LH February 2020 contracts, expiring February 2020 ​ 14,783,310 480 ​ ( 1,069,710 ) ( 0.56 ) ICE Coffee-C Futures KC March 2020 contracts, expiring March 2020 ​ 12,630,543 285 ​ 1,231,144 0.65 COMEX Copper Futures HG May 2020 contracts, expiring March 2020 ​ ​ 13,502,275 ​ 191 ​ ​ ( 146,600 ) ​ ( 0.08 ) COMEX Silver Futures SI March 2020 contracts, expiring March 2020 ​ 13,642,920 151 ​ ( 112,565 ) ( 0.06 ) NYMEX Platinum Futures PL April 2020 contracts, expiring April 2020 ​ ​ 12,884,950 ​ 284 ​ ​ 999,810 ​ 0.53 NYMEX Heating Oil Futures HO June 2019 contracts, expiring May 2020 ​ ​ 12,441,702 ​ 162 ​ ​ 971,023 ​ 0.51 CBOT Soybean Futures S July 2020 contracts, expiring July 2020 ​ ​ 12,152,022 ​ 644 ​ ​ 1,511,082 ​ 0.79 NYMEX WTI Crude Oil Futures CL September 2020 contracts, expiring August 2020 ​ ​ 12,753,250 ​ 233 ​ ​ 707,160 ​ 0.37 NYMEX RBOB Gasoline Futures RB December 2020 contracts, expiring November 2020 ​ ​ 12,941,981 ​ 201 ​ ​ 429,303 ​ 0.23 ​ ​ ​ 117,732,953 ​ 2,631 ​ ​ 4,520,647 ​ 2.38 Open Futures Contracts - Short* ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LME Aluminum Futures LA January 2020 contracts, expiring January 2020 ​ ​ ( 16,436,388 ) ​ 366 ​ ​ 62,933 ​ 0.03 LME Zinc Futures LX January 2020 contracts, expiring January 2020 ​ ​ ( 15,888,926 ) ​ 276 ​ ​ 148,154 ​ 0.08 LME Nickel Futures LN March 2020 contracts, expiring March 2020 ​ ​ ( 2,619,888 ) ​ 31 ​ ​ 10,628 ​ 0.01 ​ ​ ​ ( 34,945,202 ) ​ 673 ​ ​ 221,715 ​ 0.12 Total Open Futures Contracts** ​ $ 187,533,737 4,965 ​ $ 2,138,868 1.13 ​ ​ 107 Table of Contents ​ United States Commodity Index Funds Trust Schedule of Investments At December 31, 2019 United States Commodity Index Fund (continued) ​ ​ Principal Market % of ​ ​ Amount ​ Value ​ Capital Cash Equivalents ​ ​ ​ ​ ​ ​ ​ ​ United States Treasury Obligations ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury Bills: ​ ​ ​ ​ ​ ​ ​ ​ 1.91 %, 1/02/2020 ​ $ 12,000,000 ​ $ 11,999,368 ​ 6.32 2.03 %, 1/09/2020 ​ ​ 16,000,000 ​ ​ 15,992,853 ​ 8.42 1.75 %, 1/16/2020 ​ ​ 15,000,000 ​ ​ 14,989,115 ​ 7.89 2.04 %, 1/23/2020 ​ ​ 5,000,000 ​ ​ 4,993,837 ​ 2.63 2.02 %, 1/30/2020 ​ ​ 26,000,000 ​ ​ 25,958,153 ​ 13.67 1.54 %, 2/20/2020 ​ ​ 15,000,000 ​ ​ 14,968,125 ​ 7.88 1.70 %, 3/26/2020 ​ ​ 20,000,000 ​ ​ 19,920,194 ​ 10.49 1.64 %, 4/09/2020 ​ ​ 10,000,000 ​ ​ 9,955,175 ​ 5.24 1.60 %, 4/16/2020 ​ ​ 15,000,000 ​ ​ 14,929,775 ​ 7.86 1.59 %, 4/30/2020 ​ ​ 9,000,000 ​ ​ 8,952,750 ​ 4.72 1.55 %, 5/21/2020 ​ ​ 15,000,000 ​ ​ 14,909,819 ​ 7.85 1.53 %, 6/04/2020 ​ ​ 10,000,000 ​ ​ 9,934,556 ​ 5.23 1.54 %, 6/18/2020 ​ ​ 2,000,000 ​ ​ 1,985,635 ​ 1.05 Total Treasury Obligations ​ ​ ​ ​ ​ 169,489,355 ​ 89.25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States - Money Market Funds ​ ​ Fidelity Investments Money Market Funds - Government Portfolio ​ ​ 3,900,000 ​ 3,900,000 2.05 Goldman Sachs Financial Square Funds - Government Fund - Class FS ​ 10,000,000 ​ 10,000,000 5.27 Morgan Stanley Institutional Liquidity Funds - Government Portfolio ​ 5,600,000 ​ 5,600,000 2.95 Total Money Market Funds ​ ​ 19,500,000 10.27 Total Cash Equivalents ​ ​ $ 188,989,355 99.52 ​ * 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 $ 27,277,314 on open futures contracts. See accompanying notes to financial statements. ​ 108 Table of Contents ​ United States Commodity Index Funds Trust Schedule of Investments At December 31, 2020 ​ United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value/ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) on Open ​ ​ ​ ​ Notional ​ Number of ​ Commodity ​ % of Partners' ​ ​ Amount ​ Contracts ​ Contracts ​ Capital Open Commodity Futures Contracts - Long ​ ​ United States Contracts ​ ​ COMEX Copper Futures HG March 2021 contracts, expiring March 2021* ​ $ 60,893,412 741 ​ $ 4,296,063 6.59 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares/Principal ​ ​ % of Partners' ​ ​ Amount ​ Market Value ​ Capital Cash Equivalents ​ ​ United States Money Market Funds ​ ​ Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % # ​ ​ 61,077,408 $ 61,077,408 93.73 RBC U.S. Government Money Market Fund - Institutional Share Class, 0.02 % # ​ 1,255,379 ​ 1,255,379 1.93 Total United States Money Market Funds ​ ​ ​ $ 62,332,787 95.66 ​ # 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. ​ 109 Table of Contents ​ United States Commodity Index Funds Trust Schedule of Investments At December 31, 2019 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Value/ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized Gain ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) on Open ​ ​ ​ ​ Notional ​ Number of ​ Commodity ​ % of ​ ​ Amount ​ Contracts ​ Contracts ​ Capital Open Futures Contracts – Long ​ ​ United States Contracts ​ ​ COMEX Copper Futures HG May 2020 contracts, expiring May 2020* ​ $ 6,672,500 100 ​ $ 346,250 4.94 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Market ​ ​ ​ Amount ​ Value ​ ​ Cash Equivalents ​ ​ United States Treasury Obligations ​ ​ U.S. Treasury Bills: ​ ​ 1.88 %, 1/02/2020 ​ $ 200,000 ​ $ 199,990 ​ 2.85 2.03 %, 1/09/2020 ​ ​ 50,000 ​ ​ 49,978 ​ 0.71 1.82 %, 1/16/2020 ​ ​ 400,000 ​ ​ 399,700 ​ 5.70 1.63 %, 1/23/2020 ​ ​ 350,000 ​ ​ 349,652 ​ 4.98 1.69 %, 1/30/2020 ​ ​ 450,000 ​ ​ 449,391 ​ 6.41 1.67 %, 2/06/2020 ​ ​ 250,000 ​ ​ 249,585 ​ 3.56 1.87 %, 2/13/2020 ​ ​ 300,000 ​ ​ 299,335 ​ 4.27 1.85 %, 2/20/2020 ​ ​ 400,000 ​ ​ 398,981 ​ 5.69 1.66 %, 2/27/2020 ​ ​ 300,000 ​ ​ 299,216 ​ 4.27 1.80 %, 3/26/2020 ​ ​ 700,000 ​ ​ 697,046 ​ 9.94 1.64 %, 4/09/2020 ​ ​ 250,000 ​ ​ 248,879 ​ 3.55 1.60 %, 4/16/2020 ​ ​ 500,000 ​ ​ 497,659 ​ 7.09 1.52 %, 4/23/2020 ​ ​ 400,000 ​ ​ 398,104 ​ 5.67 1.59 %, 4/30/2020 ​ ​ 300,000 ​ ​ 298,425 ​ 4.25 1.54 %, 5/07/2020 ​ ​ 300,000 ​ ​ 298,386 ​ 4.25 1.55 %, 5/14/2020 ​ ​ 400,000 ​ ​ 397,707 ​ 5.67 1.55 %, 5/21/2020 ​ ​ 500,000 ​ ​ 496,994 ​ 7.08 1.58 %, 5/28/2020 ​ ​ 300,000 ​ ​ 298,064 ​ 4.25 1.54 %, 6/18/2020 ​ ​ 150,000 ​ ​ 148,926 ​ 2.12 Total Treasury Obligations ​ ​ 6,476,018 92.31 ​ ​ ​ United States - Money Market Funds ​ ​ Fidelity Investments Money Market Funds - Government Portfolio ​ 15,000 ​ ​ 15,000 ​ 0.21 Goldman Sachs Financial Square Funds - Government Fund - Class FS ​ 605,000 ​ 605,000 8.63 Total Money Market Funds ​ ​ ​ 620,000 8.84 Total Cash Equivalents ​ ​ $ 7,096,018 101.15 ​ * Collateral amounted to $ 399,050 on open futures contracts. See accompanying notes to financial statements. ​ 110 Table of Contents ​ United States Commodity Index Funds Trust Statements of Operations For the years ended December 31, 2020, 2019 and 2018 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Income ​ ​ ​ Gain (loss) on trading of commodity futures contracts: ​ ​ ​ Realized gain (loss) on closed commodity futures contracts ​ $ ( 30,357,891 ) ​ $ ( 29,144,478 ) ​ $ ( 54,710,680 ) Change in unrealized gain (loss) on open commodity futures contracts ​ 5,154,476 ​ 16,626,852 ​ ( 21,360,954 ) Realized gain (loss) on short-term investments ​ ​ 17,668 ​ ​ — ​ ​ — Dividend income ​ 103,927 ​ 445,188 ​ 409,565 Interest income* ​ 945,829 ​ 7,449,252 ​ 9,827,503 ETF transaction fees ​ 8,750 ​ 26,950 ​ 26,600 ​ ​ ​ ​ ​ ​ Total Income (Loss) ​ $ ( 24,127,241 ) ​ $ ( 4,596,236 ) ​ $ ( 65,807,966 ) ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ Management fees (Note 4) ​ $ 1,035,884 ​ $ 2,778,400 ​ $ 4,645,618 Professional fees ​ 209,660 ​ 476,864 ​ 685,742 Brokerage commissions ​ 130,772 ​ 453,997 ​ 539,884 Directors’ fees and insurance ​ 48,135 ​ 108,435 ​ 91,761 Total Expenses ​ $ 1,424,451 ​ $ 3,817,696 ​ $ 5,963,005 Net Income (Loss) ​ $ ( 25,551,692 ) ​ $ ( 8,413,932 ) ​ $ ( 71,770,971 ) Net Income (Loss) per share ​ $ ( 4.29 ) ​ $ ( 0.62 ) ​ $ ( 4.99 ) Net Income (Loss) per weighted average share ​ $ ( 5.83 ) ​ $ ( 0.91 ) ​ $ ( 5.21 ) Weighted average shares outstanding ​ 4,381,644 ​ 9,286,164 ​ 13,764,384 ​ * Interest income does not exceed paid in kind of 5 %. See accompanying notes to financial statements. ​ 111 Table of Contents ​ United States Commodity Index Funds Trust Statements of Operations For the years ended December 31, 2020, 2019 and 2018 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Income ​ ​ ​ Gain (loss) on trading of commodity futures contracts: ​ ​ ​ Realized gain (loss) on closed commodity futures contracts ​ $ 3,547,675 ​ $ ( 1,134,850 ) ​ $ ( 1,318,188 ) Change in unrealized gain (loss) on open commodity futures contracts ​ 3,949,813 ​ 1,249,725 ​ ( 1,785,413 ) Realized gain (loss) on short-term investments ​ — ​ 59 ​ — Dividend income ​ 12,573 ​ 24,418 ​ 13,343 Interest income* ​ 44,627 ​ 209,278 ​ 187,804 ETF transaction fees ​ 13,304 ​ 6,300 ​ 4,550 ​ ​ ​ ​ ​ ​ Total Income (Loss) ​ $ 7,567,992 ​ $ 354,930 ​ $ ( 2,897,904 ) ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ Management fees (Note 4) ​ $ 133,784 ​ $ 68,586 ​ $ 79,916 Professional fees ​ 75,614 ​ 75,053 ​ 61,767 Brokerage commissions ​ 6,587 ​ 6,082 ​ 5,181 Directors’ fees and insurance ​ 6,874 ​ 2,320 ​ 2,100 Total Expenses ​ ​ 222,859 ​ $ 152,041 ​ $ 145,964 Expense waiver (Note 4) ​ ( 58,202 ) ​ ( 67,628 ) ​ ( 51,300 ) Net Expenses ​ ​ 164,657 ​ ​ 84,413 ​ ​ 94,664 Net Income (Loss) ​ $ 7,403,335 ​ $ 270,517 ​ $ ( 2,992,568 ) Net Income (Loss) per share ​ $ 4.18 ​ $ 1.10 ​ $ ( 4.61 ) Net Income (Loss) per weighted average share ​ $ 6.66 ​ $ 0.44 ​ $ ( 4.70 ) Weighted average shares outstanding ​ 1,111,507 ​ 615,753 ​ 636,986 ​ * Interest income does not exceed paid in kind of 5 %. See accompanying notes to financial statements. ​ 112 Table of Contents ​ United States Commodity Index Funds Trust Statements of Operations For the year ended December 31, 2020 and the period ended December 31, 2019 USCF Crescent Crypto Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Period ended ​ ​ December 31, 2020* ​ December 31, 2019* Income ​ ​ ​ ​ ​ Gain (loss) on trading of commodity futures contracts: ​ ​ ​ ​ ​ 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) ​ $ — ​ $ — ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ Management fees (Note 4) ​ $ — ​ $ — Professional fees ​ — ​ ​ — Brokerage commissions ​ — ​ ​ — Directors’ fees and insurance ​ — ​ ​ — Total Expenses ​ $ — ​ $ — Net Income (Loss) ​ $ — ​ $ — Net Income (Loss) per share ​ $ — ​ $ — Net Income (Loss) per weighted average share ​ $ — ​ $ — Weighted average shares outstanding ​ — ​ ​ — ​ * The Sponsor contributed $ 1,000 on May 8, 2019. As of June 25, 2020, the Fund had withdrawn its registration. See accompanying notes to financial statements. ​ 113 Table of Contents ​ United States Commodity Index Funds Trust Statements of Operations For the years ended December 31, 2020, 2019 and 2018* United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018* Income ​ ​ ​ ​ Gain (loss) on trading of commodity futures contracts: ​ ​ ​ ​ Realized gain (loss) on closed commodity futures contracts ​ $ ( 26,810,216 ) ​ $ ( 30,279,328 ) ​ $ ( 56,209,907 ) Change in unrealized gain (loss) on open commodity futures contracts ​ 9,104,289 ​ 17,876,577 ​ ( 23,145,242 ) Realized gain (loss) on foreign currency transactions ​ — ​ — ​ 51 Realized gain (loss) on short-term investments ​ 17,668 ​ 59 ​ ( 286 ) Change in unrealized gain (loss) on foreign currency translations ​ — ​ — ​ ( 13 ) Dividend income ​ 116,500 ​ 469,606 ​ 425,685 Interest income † ​ 990,456 ​ 7,658,530 ​ 10,030,763 ETF transaction fees ​ 22,054 ​ 33,250 ​ 31,150 ​ ​ ​ ​ ​ ​ Total Income (Loss) ​ $ ( 16,559,249 ) ​ $ ( 4,241,306 ) ​ $ ( 68,867,799 ) ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ Management fees (Note 4) ​ $ 1,169,668 ​ $ 2,846,986 ​ $ 4,730,151 Professional fees ​ 285,274 ​ 551,917 ​ 773,654 Brokerage commissions ​ 137,359 ​ 460,079 ​ 546,563 Directors' fees and insurance ​ 55,009 ​ 110,755 ​ 94,778 Total Expenses ​ $ 1,647,310 ​ $ 3,969,737 ​ $ 6,145,146 Expense waiver (Note 4) ​ ( 58,202 ) ​ ( 67,628 ) ​ ( 77,884 ) Net Expenses ​ $ 1,589,108 ​ $ 3,902,109 ​ $ 6,067,262 Net Income (Loss) ​ $ ( 18,148,357 ) ​ $ ( 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 %. See accompanying notes to financial statements. ​ 114 Table of Contents ​ United States Commodity Index Funds Trust Statements of Changes in Capital For the years ended December 31, 2020, 2019 and 2018 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders * ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2018 Balances at beginning of year ​ $ 189,895,482 ​ $ 463,042,508 ​ $ 501,241,910 Addition of 650,000 , – and 4,250,000 shares, respectively ​ 18,654,333 ​ — ​ 183,685,233 Redemption of ( 2,400,000 ), ( 7,200,000 ) and ( 3,700,000 ) shares, respectively ​ ​ ( 72,215,055 ) ​ ​ ( 264,733,094 ) ​ ​ ( 150,113,664 ) Net income (loss) ​ ( 25,551,692 ) ​ ( 8,413,932 ) ​ ( 71,770,971 ) Balances at end of year ​ $ 110,783,068 ​ $ 189,895,482 ​ $ 463,042,508 ​ * Sponsors' shares outstanding and capital for the periods presented were zero . ​ See accompanying notes to financial statements. ​ 115 Table of Contents ​ United States Commodity Index Funds Trust Statements of Changes in Capital For the years ended December 31, 2020, 2019 and 2018 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders * ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2018 Balances at beginning of year ​ $ 7,015,377 ​ $ 11,504,895 ​ $ 12,629,903 Addition of 3,300,000 , 400,000 and 450,000 shares, respectively ​ 63,394,859 ​ 7,152,775 ​ 8,406,522 Redemption of ( 700,000 ), ( 700,000 ) and ( 350,000 ) shares, respectively ​ ​ ( 12,649,867 ) ​ ​ ( 11,912,810 ) ​ ​ ( 6,538,962 ) Net income (loss) ​ 7,403,335 ​ 270,517 ​ ( 2,992,568 ) Balances at end of year ​ $ 65,163,704 ​ $ 7,015,377 ​ $ 11,504,895 ​ * Sponsors' shares outstanding and capital for the periods presented were zero . ​ See accompanying notes to financial statements. ​ 116 Table of Contents ​ United States Commodity Index Funds Trust Statements of Changes in Capital For the year ended December 31, 2020 and the period ended December 31, 2019** USCF Crescent Crypto Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ Sponsor* ​ ​ Year ended ​ Period ended ​ December 31, 2020** December 31, 2019** ​ ​ ​ ​ ​ ​ ​ Balances at beginning of period ​ $ 1,000 ​ $ — Addition of - and - shares, respectively ​ — ​ 1,000 Redemption of -, and - shares, respectively ​ ( 1,000 ) ​ ​ — Net income (loss) ​ — ​ — Balances at end of period ​ $ — ​ $ 1,000 ​ * Shareholders' shares outstanding and capital for the periods presented were zero . ** The Sponsor contributed $ 1,000 on May 8, 2019. As of June 25, 2020, the Fund had withdrawn its registration. See accompanying notes to financial statements. ​ 117 Table of Contents ​ United States Commodity Index Funds Trust Statements of Changes in Capital For the years ended December 31, 2020, 2019 and 2018† United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shareholders * ​ ​ Year ended ​ Year ended ​ Year ended ​ ​ December 31, ​ December 31, ​ December 31, ​ 2020 2019 2018† Balances at beginning of year ​ $ 196,910,859 ​ $ 474,547,403 ​ $ 515,622,796 Addition of 3,950,000 , 400,000 and 4,700,000 shares ​ 82,049,192 ​ 7,152,775 ​ ​ 192,091,755 Redemption of ( 3,100,000 ), ( 7,900,000 ) and ( 4,150,000 ) shares ​ ( 84,864,922 ) ​ ( 276,645,904 ) ​ ​ ( 158,232,087 ) Net income (loss) ​ ( 18,148,357 ) ​ ( 8,143,415 ) ​ ​ ( 74,935,061 ) ​ ​ ​ ​ ​ ​ ​ Balances at end of year ​ $ 175,946,772 ​ $ 196,910,859 ​ $ 474,547,403 ​ * 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. ​ ​ ​ 118 Table of Contents ​ United States Commodity Index Funds Trust Statements of Cash Flows For the years ended December 31, 2020, 2019 and 2018 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Cash Flows from Operating Activities: ​ ​ ​ ​ Net income (loss) ​ $ ( 25,551,692 ) ​ $ ( 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 Change in unrealized (gain) loss on open commodity futures contracts ​ ​ ( 5,154,476 ) ​ ​ ( 16,626,852 ) ​ ​ 21,360,954 (Increase) decrease in dividends receivable ​ 23,131 ​ ( 15,527 ) ​ ( 9,983 ) (Increase) decrease in interest receivable ​ — ​ 4,224 ​ 9,374 (Increase) decrease in prepaid insurance* ​ 14,986 ​ 21,039 ​ ( 35,991 ) (Increase) decrease in ETF transaction fees receivable ​ 350 ​ ( 350 ) ​ 350 Increase (decrease) in Management fees payable ​ ( 69,765 ) ​ ( 224,947 ) ​ 41,641 Increase (decrease) in professional fees payable ​ ( 259,361 ) ​ ( 32,474 ) ​ 64,879 Increase (decrease) in brokerage commissions payable ​ ( 29,850 ) ​ ( 9,500 ) ​ — Increase (decrease) in directors’ fees payable* ​ ( 9,887 ) ​ ( 7,506 ) ​ 8,176 Net cash provided by (used in) operating activities ​ ( 31,036,564 ) ​ ( 25,305,825 ) ​ 20,960,198 ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ ​ ​ Addition of shares ​ 18,654,333 ​ — ​ 183,685,233 Redemption of shares ​ ( 74,058,755 ) ​ ( 262,889,394 ) ​ ( 152,234,093 ) Net cash provided by (used in) financing activities ​ ( 55,404,422 ) ​ ( 262,889,394 ) ​ 31,451,140 ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash and Cash Equivalents ​ ( 86,440,986 ) ​ ( 288,195,219 ) ​ 52,411,338 ​ ​ ​ ​ ​ ​ Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year ​ 190,313,994 ​ 478,509,213 ​ 426,097,875 Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year ​ $ 103,873,008 ​ $ 190,313,994 ​ $ 478,509,213 ​ ​ ​ ​ ​ ​ Components of Cash and Cash Equivalents: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 103,318,538 ​ $ 163,036,680 ​ $ 427,657,030 Equity in Trading Accounts: ​ ​ ​ ​ ​ Cash and cash equivalents ​ 554,470 ​ 27,277,314 ​ 50,852,183 Total Cash, Cash Equivalents and Equity in Trading Accounts ​ $ 103,873,008 ​ $ 190,313,994 ​ $ 478,509,213 ​ * Certain prior year amounts have been reclassified for consistency with the current presentation. ​ See accompanying notes to financial statements. 119 Table of Contents ​ United States Commodity Index Funds Trust Statements of Cash Flows For the years ended December 31, 2020, 2019 and 2018 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Cash Flows from Operating Activities: ​ ​ ​ Net income (loss) ​ $ 7,403,335 ​ $ 270,517 ​ $ ( 2,992,568 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: ​ ​ ​ ​ ​ (Increase) Decrease in short-term investments ​ ​ — ​ ​ 295,216 ​ ​ 1,880,591 Change in unrealized (gain) loss on open commodity futures contracts ​ ( 3,949,813 ) ​ ( 1,249,725 ) ​ 1,785,413 (Increase) decrease in receivable from Sponsor ​ 9,427 ​ ( 16,330 ) ​ ( 11,146 ) (Increase) decrease in dividends receivable ​ 48 ​ ( 7 ) ​ ( 1,356 ) (Increase) decrease in interest receivable ​ 119 ​ 96 ​ 915 (Increase) decrease in prepaid insurance* ​ 25 ​ ( 50 ) ​ 19 (Increase) decrease in ETF transaction fees receivable ​ — ​ — ​ 350 Increase (decrease) in payable due to Broker ​ 998,273 ​ 429,967 ​ ( 442,429 ) Increase (decrease) in Management fees payable ​ 26,469 ​ ( 1,466 ) ​ 831 Increase (decrease) in professional fees payable ​ ( 3,067 ) ​ 14,511 ​ 885 Increase (decrease) in directors' fees payable* ​ ​ 4,853 ​ ​ ( 34 ) ​ ​ 69 Net cash provided by (used in) operating activities ​ 4,489,669 ​ ( 257,305 ) ​ 221,574 ​ ​ ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ ​ ​ Addition of shares ​ 63,394,859 ​ 7,152,775 ​ 10,511,457 Redemption of shares ​ ( 12,649,867 ) ​ ( 11,912,810 ) ​ ( 6,538,962 ) Net cash provided by (used in) financing activities ​ 50,744,992 ​ ( 4,760,035 ) ​ 3,972,495 ​ ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash and Cash Equivalents ​ 55,234,661 ​ ( 5,017,340 ) ​ 4,194,069 ​ ​ ​ ​ ​ ​ Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year ​ 7,098,904 ​ 12,116,244 ​ 7,922,175 Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year ​ $ 62,333,565 ​ $ 7,098,904 ​ $ 12,116,244 ​ ​ ​ ​ ​ ​ Components of Cash and Cash Equivalents: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 62,333,565 ​ $ 6,699,854 ​ $ 10,753,786 Equity in Trading Accounts: ​ ​ ​ ​ ​ Cash and cash equivalents ​ — ​ 399,050 ​ 1,362,458 Total Cash, Cash Equivalents and Equity in Trading Accounts ​ $ 62,333,565 ​ $ 7,098,904 ​ $ 12,116,244 ​ * Certain prior year amounts have been reclassified for consistency with the current presentation. ​ See accompanying notes to financial statements. ​ 120 Table of Contents ​ United States Commodity Index Funds Trust Statements of Cash Flows For the year ended December 31, 2020 and the period ended December 31, 2019 USCF Crescent Crypto Index Fund ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Period ended ​ December 31, 2020* December 31, 2019* Cash Flows from Financing Activities: ​ ​ ​ ​ ​ Addition of shares ​ $ — ​ $ 1,000 Redemption of shares ​ ( 1,000 ) ​ ​ — Net cash provided by (used in) financing activities ​ ( 1,000 ) ​ ​ 1,000 ​ ​ ​ ​ ​ Net Increase (Decrease) in Cash and Cash Equivalents ​ ( 1,000 ) ​ ​ 1,000 ​ ​ ​ ​ ​ Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period ​ 1,000 ​ ​ — Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period ​ $ — ​ $ 1,000 ​ ​ ​ ​ ​ Components of Cash and Cash Equivalents: ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 1,000 Equity in Trading Accounts: ​ ​ ​ ​ Cash and cash equivalents ​ — ​ ​ — Total Cash, Cash Equivalents and Equity in Trading Accounts ​ $ — ​ $ 1,000 ​ * The Sponsor contributed $ 1,000 on May 8, 2019. As of June 25, 2020, the Fund had withdrawn its registration. See accompanying notes to financial statements. ​ 121 Table of Contents ​ United States Commodity Index Funds Trust Statements of Cash Flows For the years ended December 31, 2020, 2019 and 2018* United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018* Cash Flows from Operating Activities: ​ ​ ​ Net income (loss) ​ ​ ( 18,148,357 ) ​ ​ ( 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 ​ — ​ 295,216 ​ 73,468,910 Change in unrealized (gain) loss on open commodity futures contracts ​ ( 9,104,289 ) ​ ( 17,876,577 ) ​ 23,145,242 (Increase) decrease in receivable from Sponsor ​ 9,427 ​ ( 16,330 ) ​ 34,387 (Increase) decrease in dividends receivable ​ 23,179 ​ ( 15,534 ) ​ ( 11,339 ) (Increase) decrease in interest receivable ​ 119 ​ 4,320 ​ 10,558 (Increase) decrease in prepaid insurance † ​ 15,011 ​ 20,989 ​ ( 35,750 ) (Increase) decrease in ETF transaction fees receivable ​ 350 ​ ( 350 ) ​ 700 Increase (decrease) in payable due to Broker ​ 998,273 ​ 429,967 ​ ( 442,429 ) Increase (decrease) in Management fees payable ​ ( 43,296 ) ​ ( 226,413 ) ​ 40,440 Increase (decrease) in professional fees payable ​ ( 262,428 ) ​ ( 17,963 ) ​ 20,887 Increase (decrease) in brokerage commissions payable ​ ( 29,850 ) ​ ( 9,500 ) ​ — Increase (decrease) in directors’ fees payable † ​ ( 5,034 ) ​ ( 7,540 ) ​ 8,206 Net cash provided by (used in) operating activities ​ ( 26,546,895 ) ​ ( 25,563,130 ) ​ 21,304,751 ​ ​ ​ ​ Cash Flows from Financing Activities: ​ ​ ​ Addition of shares ​ 82,049,192 ​ 7,153,775 ​ 194,196,690 Redemption of shares ​ ( 86,709,622 ) ​ ( 274,802,204 ) ​ ( 160,352,516 ) Net cash provided by (used in) financing activities ​ ( 4,660,430 ) ​ ( 267,648,429 ) ​ 33,844,174 ​ ​ ​ ​ Net Increase (Decrease) in Cash and Cash Equivalents ​ ( 31,207,325 ) ​ ( 293,211,559 ) ​ 55,148,925 ​ ​ ​ ​ Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year ​ 197,413,898 ​ 490,625,457 ​ 435,476,532 Total Cash, Cash Equivalents and Equity in Trading Accounts, end of year ​ ​ 166,206,573 ​ ​ 197,413,898 ​ ​ 490,625,457 ​ ​ ​ ​ Components of Cash and Cash Equivalents: ​ ​ ​ Cash and cash equivalents ​ ​ 165,652,103 ​ ​ 169,737,534 ​ ​ 438,410,816 Equity in Trading Accounts: ​ ​ ​ Cash and cash equivalents ​ 554,470 ​ 27,676,364 ​ 52,214,641 Total Cash, Cash Equivalents and Equity in Trading Accounts ​ ​ 166,206,573 ​ ​ 197,413,898 ​ ​ 490,625,457 ​ * 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. ​ 122 Table of Contents ​ United States Commodity Index Funds Trust Notes to Financial Statements For the years ended December 31, 2020, 2019 and 2018 NOTE 1 - ORGANIZATION AND BUSINESS 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”), 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. 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"), 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 each of its series. For purposes of the financial statement presentation, unless specified otherwise, all references will be to the Trust Series. USCF has the power and authority to establish and designate one or more series and to issue shares thereof, from time to time as it deems necessary or desirable. USCF has exclusive power to fix and determine the relative rights and preferences as between the shares of any series as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall have separate voting rights or no voting rights. The term for which the Trust is to exist commenced on the date of the filing of the Certificate of Trust, and the Trust and any Trust Series will exist in perpetuity, unless earlier terminated in accordance with the provisions of the Trust Agreement. Separate and distinct records must be maintained for each Trust Series and the assets associated with a Trust Series must be held in such separate and distinct records (directly or indirectly, including a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets of any other Trust Series. Each Trust Series is separate from all other Trust Series created as series of the Trust in respect of the assets and liabilities allocated to that Trust Series and represents a separate investment portfolio of the Trust. The sole Trustee of the Trust is Wilmington Trust Company (the “Trustee”), a Delaware banking corporation. The Trustee is unaffiliated with USCF. The Trustee’s duties and liabilities with respect to the offering of shares and the management of the Trust are limited to its express obligations under the Trust Agreement. USCF is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005. The Trust and each Trust Series have a fiscal year ending on December 31. USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”) and the United States Gasoline Fund, LP (“UGA”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007 and “UGA” on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s and UGA’s shares commenced trading on the NYSE Arca on November 25, 2008. 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. USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.” Effective as of May 1, 2012, each of USCI and CPER issue shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). Prior to May 1, 2012, each of USCI and CPER issued shares to Authorized Participants by offering baskets consisting of 100,000 shares through the Marketing Agent. The purchase price for a Creation Basket is based upon the net asset value ("NAV") of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received. 123 Table of Contents ​ 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 baskets (“Redemption Baskets”), consisting of 50,000 shares. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of each Trust Series but rather at market prices quoted on such exchange. ​ NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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. For reporting commencing with the December 31, 2020 reporting period, and in conjunction with the liquidation of USAG on September 12, 2018 and the withdrawal of UCCO’s registration on December 19, 2018, the USAG and UCCO financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods. Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. Each Trust Series earns income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. Income Taxes The Trust Series are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. 124 Table of Contents ​ In accordance with U.S. GAAP, each Trust Series is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Trust Series files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2017. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Series' conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the year ended December 31, 2020 for any Trust Series. Creations and Redemptions Effective as of May 1, 2012, Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets for USCI and CPER only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Each Trust Series receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. 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 Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement. Calculation of Per Share NAV Each Trust Series’ per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. Each Trust Series uses the closing prices on the relevant Futures Exchanges (as defined in Note 3 below) of the Applicable Benchmark Component Futures Contracts (as defined in Note 3 below) that at any given time make up the Applicable Index (as defined in Note 3 below) (determined at the earlier of the close of such exchange or 2:30 p.m. New York time) for the contracts traded on the Futures Exchanges, but calculates or determines the value of all other investments of each Trust Series using market quotations, if available, or other information customarily used to determine the fair value of such investments. Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. As of December 31, 2020, USCF held 5 shares of USCI and 40 shares of CPER. Offering Costs Offering costs incurred in connection with the registration of shares prior to the commencement of the offering are borne by USCF. Offering costs incurred in connection with the registration of additional shares after the commencement of the offering are borne by each Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. Costs borne by the Trust Series after the commencement of an offering are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted. 125 Table of Contents ​ Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Reclassification Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. NOTE 3 - TRUST SERIES In connection with the execution of the First Trust Agreement on April 1, 2010, USCI was designated as the first series of the Trust. USCF contributed $ 1,000 to the Trust upon its formation on December 21, 2009, representing an initial contribution of capital to the Trust. Following the designation of USCI as the first series of the Trust, the initial capital contribution of $ 1,000 was transferred from the Trust to USCI and deemed an initial contribution to USCI. In connection with the commencement of USCI’s initial offering of shares, USCF received 20 Sponsor Shares of USCI in exchange for the previously received capital contribution, representing a beneficial ownership interest in USCI. On July 30, 2010, USCI received a notice of effectiveness from the SEC for its registration of 50,000,000 shares on Form S-1 with the SEC. On August 10, 2010, USCI listed its shares on the NYSE Arca under the ticker symbol “USCI”. USCI established its initial per share NAV by setting the price at $ 50.00 and issued 100,000 shares in exchange for $ 5,000,000 on August 10, 2010. USCI also commenced investment operations on August 10, 2010 by purchasing Futures Contracts traded on the Futures Exchanges. In order to satisfy NYSE Arca listing standards that at least 100,000 shares be outstanding at the beginning of the trading day on the NYSE Arca, USCF purchased the initial Creation Basket from the initial Authorized Participant at the initial offering price. 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 held such initial Creation Basket until September 3, 2010, at which time the initial Authorized Participant repurchased the shares comprising such basket in accordance with the specified conditions noted above. On September 14, 2011, USCF redeemed the 20 Sponsor Shares of USCI and, on September 19, 2011, USCF purchased 5 shares of USCI in the open market. 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. 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. On November 14, 2011, USCF received 40 Sponsor Shares of CPER in exchange for the previously received capital contribution, representing a beneficial interest in CPER. On December 7, 2011, USCF redeemed the 40 Sponsor Shares of CPER and purchased 40 shares of CPER in the open market. On April 13, 2012, USCF received 40 Sponsor Shares of USAG in exchange for the previously received capital contribution, representing a beneficial interest in USAG. 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. 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. 126 Table of Contents ​ 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. The order to permit listing CPER and USAG on the NYSE Arca was received on October 20, 2011. On November 15, 2011, CPER listed its shares on the NYSE Arca under the ticker symbol “CPER.” CPER established its initial per share NAV by setting the price at $ 25 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $ 2,500,000 in cash on November 15, 2011. 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. As discussed above, USAG liquidated on September 12, 2018 and distributed cash pro rata to all remaining shareholders. USCI’s Investment Objective 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 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.” 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. 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. 127 Table of Contents ​ 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, 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”), plus interest earned on CPER's collateral holdings, less CPER’s expenses. 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.” 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. 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. 128 Table of Contents ​ 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. As of December 31, 2020, CPER held 741 Futures Contracts on the COMEX. Other Defined Terms – Trust Series 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 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.” Trading Advisor and Trustee The Trust Series’ trading advisor is SummerHaven Investment Management, LLC (“SummerHaven”), a Delaware limited liability company that is registered as a commodity trading advisor and CPO with the CFTC and is a member of the NFA. In addition, SummerHaven is registered as an investment adviser under the Investment Advisers Act of 1940 with the SEC. SummerHaven provides advisory services to USCF with respect to the Applicable Index of each Trust Series and the investment decisions of each Trust Series. The Trustee accepts service of legal process on the Trust in the State of Delaware and makes certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, USCF or the shareholders. NOTE 4 — FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the Trust Agreement, USCF is responsible for investing the assets of each Trust Series in accordance with the objectives and policies of each such Trust Series. In addition, USCF has arranged for one or more third parties to provide trading advisory, administrative, custody, accounting, transfer agency and other necessary services to each Trust Series. For these services, each of USCI and CPER is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.95 % per annum of average daily total net assets. Effective January 1, 2016, USCF permanently lowered the management fee to 0.80 % (80 basis points) per annum of average daily total net assets for USCI and 0.65 % (65 basis points) per annum of average daily total net assets for CPER. Trustee Fee The Trustee is the Delaware trustee of the Trust. In connection with the Trustee’s services, USCF is responsible for paying the Trustee’s annual fee in the amount of $ 3,300 . Ongoing Registration Fees and Other Offering Expenses Each Trust Series pays the costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. 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 year ended December 31, 2020, 2019 and 2018, none of the Trust Series incurred any registration fees or other offering expenses. 129 Table of Contents ​ Independent Directors’ and Officers’ Expenses Each Trust Series is responsible for paying its portion of the directors’ fees and directors’ and officers’ liability insurance for such Trust Series and the Related Public Funds. 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 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 . For the year ended December 31, 2018, these fees and expenses were $ 521,689 for the Trust Series and the Related Public Funds. USCI’s portion of such fees and expenses for the year ended December 31, 2018 was $ 91,761 , CPER’s portion of such fees and expenses for the year ended December 31, 2018 was $ 2,100 and USAG’s portion of such fees and expenses for the year ended December 31, 2018 was $ 917 . Investor Tax Reporting Cost 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 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. Other Expenses and Fees and Expense Waivers In addition to the fees described above, each Trust Series pays all brokerage fees and other expenses in connection with the operation of such Trust Series, excluding costs and expenses paid by USCF as outlined in Note 5 – Contracts and Agreements below. USCF pays certain expenses normally borne by CPER to the extent that such expenses exceed 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods. For the year ended December 31, 2020, USCF waived $ 58,202 of expenses for CPER. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 5 – Contracts and Agreements below. NOTE 5 — CONTRACTS AND AGREEMENTS Marketing Agent Agreement USCF and the Trust, each on its own behalf and on behalf of each Trust Series, are party to a marketing agent agreement, dated as of July 22, 2010, as amended from time to time, with the Marketing Agent, whereby the Marketing Agent provides certain marketing services for each Trust Series as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 % on each Trust Series’ assets up to $ 3 billion and 0.04 % on each Trust Series’ assets in excess of $ 3 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10 % of the gross proceeds of each Trust Series’ offering. The above fee does not include website construction and development, which are also borne by USCF. 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. 130 Table of Contents ​ 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 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. In accordance with each agreement, the FCM charges the applicable Trust Series commissions of approximately $ 7 to $ 8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts. Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when each Trust Series issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when each Trust Series redeems shares as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. 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”). USCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Total commissions accrued to brokers ​ $ 130,772 ​ $ 453,997 ​ $ 539,884 ​ Total commissions as annualized percentage of average total net assets ​ 0.10 % 0.13 % 0.09 % Commissions accrued as a result of rebalancing ​ $ 123,122 ​ $ 429,823 ​ $ 508,021 ​ Percentage of commissions accrued as a result of rebalancing ​ 94.15 % 94.68 % 94.10 % Commissions accrued as a result of creation and redemption activity ​ $ 7,650 ​ $ 24,174 ​ $ 31,863 ​ Percentage of commissions accrued as a result of creation and redemption activity ​ 5.85 % 5.32 % 5.90 % ​ 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. CPER ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 Total commissions accrued to brokers ​ $ 6,587 ​ $ 6,082 ​ $ 5,181 ​ Total commissions as annualized percentage of average total net assets ​ 0.03 % 0.06 % 0.04 % Commissions accrued as a result of rebalancing ​ $ 4,363 ​ $ 5,353 ​ $ 4,205 ​ Percentage of commissions accrued as a result of rebalancing ​ 66.24 % 88.01 % 81.16 % Commissions accrued as a result of creation and redemption activity ​ $ 2,224 ​ $ 729 ​ $ 976 ​ Percentage of commissions accrued as a result of creation and redemption activity ​ 33.76 % 11.99 % 18.84 % ​ 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. 131 Table of Contents ​ SummerHaven Agreements USCF is party to an Amended and Restated Advisory Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven, whereby SummerHaven provides advisory services to USCF with respect to the Applicable Index for each Trust Series and investment decisions for each Trust Series. SummerHaven’s advisory services include, but are not limited to, general consultation regarding the calculation and maintenance of the Applicable Index for each Trust Series, anticipated changes to each Applicable Index and the nature of each Applicable Index’s current or anticipated component securities. For these services, USCF pays SummerHaven a fee based on a percentage of the average total net assets of each Trust Series. Prior to May 1, 2018, for USCI, the fee was equal to the percentage fees paid to USCF minus 0.14 %, with that result multiplied by 0.5 , minus 0.06 % to arrive at the actual fee paid. Prior to May 1, 2018, for CPER, the fee was equal to the percentage fees paid to USCF minus 0.18 %, with that result multiplied by 0.5 , minus 0.6 % to arrive at the actual fee paid. USCF and SummerHaven amended and restated the existing Advisory Agreement effective as of May 1, 2018. 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 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. As a result of the amendment and restatement of the Licensing Agreement and Advisory Agreement in May of 2018, the fees required to be paid by USCF to SummerHaven and SHIM in the aggregate have not changed from the aggregate fees paid by USCF under the two agreements prior to the amendment and restatement. NOTE 6 — FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES Each Trust Series engages in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). As such, each Trust Series is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. Each Trust Series may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Trust Series has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by each Trust Series through December 31, 2020 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if each Trust Series were to enter into non-exchange traded contracts (including Exchange for Related Position or EFRP), it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. Currently, each Trust Series has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, each Trust Series bears the risk of financial failure by the clearing broker. 132 Table of Contents ​ 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. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of a Trust Series' assets posted with that FCM; however, the majority of each Trust Series' assets are held in investments in Treasuries, cash and/or cash equivalents with the Trust Series' custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of the Trust Series' custodian, however, could result in a substantial loss of each Trust Series' assets. USCF may invest a portion of each Trust Series’ cash in money market funds that seek to maintain a stable per share NAV. Each Trust Series may be exposed to any risk of loss associated with an investment in such money market funds. 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. 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. As of December 31, 2020 and December 31, 2019, CPER held cash deposits and investments in Treasuries in the amounts of $ 778 and $ 6,478,904 , respectively, with the custodian and FCMs. Some or all of these amounts may be subject to loss should the Trust Series’ custodian and/or FCMs cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, each Trust Series is exposed to market risk equal to the value of Futures Contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, each Trust Series pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. The Trust Series’ policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, the Trust Series or USCF have a policy of requiring review of the credit standing of each broker or counterparty with which they conduct business. The financial instruments held by the applicable Trust Series are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity. 133 Table of Contents ​ NOTE 7 - FINANCIAL HIGHLIGHTS 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. USCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Operating Performance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of year ​ $ 36.87 ​ $ 37.49 ​ $ 42.48 ​ Total income (loss) ​ ​ ( 3.96 ) ​ ​ ( 0.21 ) ​ ​ ( 4.56 ) ​ Total expenses ​ ​ ( 0.33 ) ​ ​ ( 0.41 ) ​ ​ ( 0.43 ) ​ Net increase (decrease) in net asset value ​ ​ ( 4.29 ) ​ ​ ( 0.62 ) ​ ​ ( 4.99 ) ​ Net asset value, end of year ​ $ 32.58 ​ $ 36.87 ​ $ 37.49 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ ​ ( 11.64 ) % ​ ( 1.65 ) % ​ ( 11.75 ) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income (loss) ​ ​ ( 18.63 ) % ​ ( 1.32 ) % ​ ( 11.33 ) % Management fees ​ ​ 0.80 %* ​ 0.80 %* ​ 0.80 %* Total expenses excluding management fees* ​ ​ 0.30 % ​ 0.30 % ​ 0.23 % Expense waived* ​ ​ — % ​ — % ​ — % Net expense excluding management fees ​ ​ 0.30 % ​ 0.30 % ​ 0.23 % Net income (loss) ​ ​ ( 19.73 ) % ​ ( 2.42 ) % ​ ( 12.36 ) % ​ * Effective January 1, 2016, USCF permanently lowered the management fee to 0.80 % (80 basis points) per annum of average daily total net assets for USCI. CPER ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended Year ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Per Share Operating Performance: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net asset value, beginning of year ​ $ 17.54 ​ $ 16.44 ​ $ 21.05 ​ Total income (loss) ​ ​ 4.33 ​ ​ 1.24 ​ ​ ( 4.46 ) ​ Total expenses ​ ​ ( 0.15 ) ​ ​ ( 0.14 ) ​ ​ ( 0.15 ) ​ Net increase (decrease) in net asset value ​ ​ 4.18 ​ ​ 1.10 ​ ​ ( 4.61 ) ​ Net asset value, end of year ​ $ 21.72 ​ $ 17.54 ​ $ 16.44 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Return ​ ​ 23.83 % ​ 6.69 % ​ ( 21.90 ) % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ratios to Average Net Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total income (loss) ​ ​ 36.77 % ​ 3.36 % ​ ( 24.49 ) % Management fees*† ​ ​ 0.65 % ​ 0.65 % ​ 0.65 % Total expenses excluding management fees ​ ​ 0.43 % ​ 0.79 % ​ 0.58 % Expense waived*† ​ ​ ( 0.28 ) % ​ ( 0.64 ) % ​ ( 0.43 ) % Net expense excluding management fees ​ ​ 0.15 % ​ 0.15 % ​ 0.15 % Net income (loss) ​ ​ 35.97 % ​ 2.56 % ​ ( 25.29 ) % ​ * 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. 134 Table of Contents ​ † 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) The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2020 and 2019. USCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ 2020 ​ 2020 ​ 2020 ​ 2020 Total Income (Loss) ​ $ ( 52,796,711 ) ​ $ 2,893,144 ​ $ 15,600,992 ​ $ 10,175,334 Total Expenses ​ 444,696 ​ 348,824 ​ 342,965 ​ 287,966 Net Income (Loss) ​ $ ( 53,241,407 ) ​ $ 2,544,320 ​ $ 15,258,027 ​ $ 9,887,368 Net Income (Loss) per Share ​ $ ( 10.75 ) ​ $ 0.52 ​ $ 3.09 ​ $ 2.85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ 2019 ​ 2019 ​ 2019 ​ 2019 Total Income (Loss) ​ $ 17,519,370 ​ $ ( 18,135,475 ) ​ $ ( 10,523,581 ) ​ $ 6,543,450 Total Expenses ​ 1,275,883 ​ 1,102,290 ​ 833,737 ​ 605,786 Net Income (Loss) ​ $ 16,243,487 ​ $ ( 19,237,765 ) ​ $ ( 11,357,318 ) ​ $ 5,937,664 Net Income (Loss) per Share ​ $ 1.32 ​ $ ( 1.83 ) ​ $ ( 1.14 ) ​ $ 1.03 ​ CPER ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ 2020 ​ 2020 ​ 2020 ​ 2020 Total Income (Loss) ​ $ ( 1,862,486 ) ​ $ 2,244,295 ​ $ 2,337,223 ​ $ 4,848,960 Total Expenses ​ 20,508 ​ 39,831 ​ 66,933 ​ 95,587 Expense Waivers ​ $ ( 4,405 ) ​ $ ( 19,204 ) ​ $ ( 16,161 ) ​ $ ( 18,432 ) Net Expenses ​ 16,103 ​ 20,627 ​ 50,772 ​ 77,155 Net Income (Loss) ​ ​ ( 1,878,589 ) ​ ​ 2,223,668 ​ ​ 2,286,451 ​ ​ 4,771,805 Net Income (Loss) per Share ​ $ ( 3.58 ) ​ $ 3.03 ​ $ 1.78 ​ $ 2.95 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ First Second Third Fourth ​ ​ Quarter ​ Quarter ​ Quarter ​ Quarter ​ ​ 2019 ​ 2019 ​ 2019 ​ 2019 Total Income (Loss) ​ $ 1,242,174 ​ $ ( 1,111,271 ) ​ $ ( 473,662 ) ​ $ 697,689 Total Expenses ​ 44,938 ​ 49,021 ​ 30,913 ​ 27,169 Expense Waivers ​ $ ( 21,918 ) ​ $ ( 22,353 ) ​ $ ( 12,147 ) ​ $ ( 11,210 ) Net Expenses ​ 23,020 ​ 26,668 ​ 18,766 ​ 15,959 Net Income (Loss) ​ ​ 1,219,154 ​ ​ ( 1,137,939 ) ​ ​ ( 492,428 ) ​ ​ 681,730 Net Income (Loss) per Share ​ $ 1.92 ​ $ ( 1.37 ) ​ $ ( 0.83 ) ​ $ 1.38 ​ ​ 135 Table of Contents ​ NOTE 9 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Trust and each Trust Series value their investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. 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). The three levels defined by the ASC 820 hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarizes the valuation of USCI’s securities at December 31, 2020 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 Total Level I Level II Level III Short-Term Investments ​ $ 103,316,877 ​ $ 103,316,877 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States Contracts ​ 7,053,064 ​ ​ 7,053,064 ​ ​ — ​ ​ — Foreign Contracts ​ 240,280 ​ ​ 240,280 ​ ​ — ​ ​ — ​ The following table summarizes the valuation of USCI’s securities at December 31, 2019 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 Total Level I Level II Level III Short-Term Investments ​ $ 188,989,355 ​ $ 188,989,355 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Contracts ​ ( 2,381,779 ) ​ ​ ( 2,381,779 ) ​ ​ — ​ ​ — United States Contracts ​ 4,520,647 ​ ​ 4,520,647 ​ ​ — ​ ​ — ​ The following table summarizes the valuation of CPER's securities at December 31, 2020 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2020 Total Level I Level II Level III Short-Term Investments ​ $ 62,332,787 ​ $ 62,332,787 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States Contracts ​ 4,296,063 ​ 4,296,063 ​ — ​ — ​ The following table summarizes the valuation of CPER's securities at December 31, 2019 using the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2019 Total Level I Level II Level III Short-Term Investments ​ $ 7,096,018 ​ $ 7,096,018 ​ $ — ​ $ — Exchange-Traded Futures Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States Contracts ​ 346,250 ​ 346,250 ​ — ​ — ​ 136 Table of Contents ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ ​ Condition ​ December 31, ​ December 31, Derivatives not Accounted for as Hedging Instruments ​ Location ​ 2020 ​ 2019 Futures - Commodity Contracts Assets ​ $ 7,293,344 ​ $ 2,138,868 ​ Fair Value of Derivative Instruments Held by CPER ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Statements of ​ ​ ​ ​ ​ ​ Financial ​ Fair Value at ​ Fair Value at ​ ​ Condition ​ December 31, ​ December 31, Derivatives not Accounted for as Hedging Instruments ​ Location ​ 2020 ​ 2019 Futures - Commodity Contracts Assets $ 4,296,063 ​ $ 346,250 ​ The Effect of Derivative Instruments on the Statements of Operations of USCI ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 ​ ​ ​ ​ Change in ​ ​ Change in ​ ​ Change in Derivatives ​ Location of ​ Realized ​ Unrealized ​ Realized ​ Unrealized ​ Realized ​ Unrealized not Accounted ​ Gain (Loss) ​ gain (Loss) ​ Gain (Loss) on ​ Gain (Loss) ​ Gain (Loss) on ​ Gain (Loss) ​ Gain (Loss) on for as ​ on Derivatives ​ on Derivatives ​ Derivatives ​ in Derivatives ​ Derivatives ​ in Derivatives ​ Derivatives Hedging ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in Instruments ​ Income ​ Income ​ Income ​ Income ​ Income ​ Income ​ Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ ( 30,357,891 ) ​ ​ ​ ​ $ ( 29,144,478 ) ​ ​ ​ $ ( 54,710,680 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ 5,154,476 ​ ​ ​ ​ $ 16,626,852 ​ ​ ​ ​ $ ( 21,360,954 ) ​ The Effect of Derivative Instruments on the Statements of Operations of CPER ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ For the year ended ​ ​ ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2018 ​ ​ ​ ​ Change in ​ ​ Change in ​ ​ Change in Derivatives ​ Location of ​ Realized ​ Unrealized ​ Realized ​ Unrealized ​ Realized ​ Unrealized not Accounted ​ Gain (Loss) ​ gain (Loss) ​ Gain (Loss) on ​ Gain (Loss) ​ Gain (Loss) on ​ Gain (Loss) ​ Gain (Loss) on for as ​ on Derivatives ​ on Derivatives ​ Derivatives ​ in Derivatives ​ Derivatives ​ in Derivatives ​ Derivatives Hedging ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in ​ Recognized in Instruments ​ Income ​ Income ​ Income ​ Income ​ Income ​ Income ​ Income Futures - Commodity Contracts Realized gain (loss) on closed positions ​ $ 3,547,675 ​ ​ ​ ​ $ ( 1,134,850 ) ​ $ ( 1,318,188 ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in unrealized gain (loss) on open positions ​ ​ ​ ​ $ 3,949,813 ​ ​ ​ ​ $ 1,249,725 ​ ​ ​ ​ $ ( 1,785,413 ) ​ ​ 137 Table of Contents ​ NOTE 10 – RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued Accounting Standards Update (“ASU”) No. 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. The Trust Series has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements. NOTE 11 – SUBSEQUENT EVENTS The Trust and each Trust Series have performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. ​ 138 Table of Contents ​ Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.