What changed in this filing

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Item 1. Financial Statements

2025-11-07 compared with 2025-08-08 · 179 added, 173 removed, 790 unchanged (31% of the section changed)

1 unchanged sentence

Index to Financial Statements

Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024

Schedules of Investments June 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended June 30, 2025

Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024

Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024

Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025

United States Commodity Index Funds Trust

Statements of Financial Condition

At June 30, 2025 (Unaudited) and December 31, 2024

At September 30, 2025 (Unaudited) and December 31, 2024

United States Commodity Index Fund

June 30, 2025

September 30, 2025

December 31, 2024

22 unchanged sentences

Statements of Financial Condition

At June 30, 2025 (Unaudited) and December 31, 2024

At September 30, 2025 (Unaudited) and December 31, 2024

United States Copper Index Fund

June 30, 2025

September 30, 2025

December 31, 2024

4 unchanged sentences

( 9,781,512 )

Receivable for shares sold

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF transaction fees receivable

Liabilities and Capital

13 unchanged sentences

Statements of Financial Condition

At June 30, 2025 (Unaudited) and December 31, 2024

At September 30, 2025 (Unaudited) and December 31, 2024

United States Commodity Index Funds Trust

June 30, 2025

September 30, 2025

December 31, 2024

4 unchanged sentences

( 4,389,173 )

Receivable for shares sold

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF transaction fees receivable

Liabilities and Capital

12 unchanged sentences

Schedule of Investments (Unaudited)

At June 30, 2025

At September 30, 2025

United States Commodity Index Fund

4 unchanged sentences

Open Commodity Futures Contracts - Long United States Contracts

CME Lean Hogs LH August 2025 contracts, expiring August 2025

CME Cattle Feeder Futures FC August 2025 contracts, expiring August 2025

NYMEX NY Harbour ULSD Futures HO September 2025 contracts, expiring August 2025

CME Live Cattle Futures LC August 2025 contracts, expiring August 2025

NYMEX RBOB Gasoline Futures RB September 2025 contracts, expiring August 2025

CBOT Corn Futures C September 2025 contracts, expiring September 2025

ICE Cocoa Futures CC September 2025 contracts, expiring September 2025

ICE Coffee Futures KC September 2025 contracts, expiring September 2025

( 2,257,256 )

NYMEX WTI Crude Oil Futures CL November 2025 contracts, expiring October 2025

NYMEX Platinum Futures PL October 2025 contracts, expiring October 2025

NYMEX WTI Crude Oil Futures CL December contracts, expiring November 2025

CME Cattle Feeder Futures FC November contracts, expiring November 2025

NYMEX NY Harbour ULSD Futures HO December contracts, expiring November 2025

NYMEX RBOB Gasoline Futures RB December contracts, expiring November 2025

CBOT Soybean Oil BO December contracts, expiring December 2025

CME Lean Hogs LH December contracts, expiring December 2025

ICE Cocoa Futures CC December contracts, expiring December 2025

ICE Coffee Futures KC December contracts, expiring December 2025

COMEX Silver Futures SI December contracts, expiring December 2025

United Kingdom Contracts

ICE Low Sulphur Gasoil Futures QS August 2025 contracts, expiring August 2025

ICE Brent Crude Futures CO October 2025 contracts, expiring August 2025

ICE Brent Crude Futures CO January contracts, expiring November 2025

ICE Low Sulphur Gasoil Futures QS December contracts, expiring December 2025

Foreign Contracts

LME Aluminum Futures LA July 2025 contracts, expiring July 2025*

LME Zinc Futures LX July 2025 contracts, expiring July 2025*

LME Tin Futures LT August 2025 contracts, expiring August 2025*

LME Aluminum Futures LA October contracts, expiring October 2025 *

LME Tin Futures LT October contracts, expiring October 2025 *

LME Zinc Futures LX October contracts, expiring October 2025 *

LME Aluminum Futures LA November contracts, expiring November 2025 *

LME Tin Futures LT November contracts, expiring November 2025 *

LME Zinc Futures LX November contracts, expiring November 2025 *

Open Commodity Futures Contracts - Short ** Foreign Contracts

LME Aluminum Futures LA July 2025 contracts, expiring July 2025*

LME Aluminum Futures LA October contracts, expiring October 2025 *

( 19,429,266 )

LME Zinc Futures LX July 2025 contracts, expiring July 2025*

LME Tin Futures LT October contracts, expiring October 2025 *

( 24,596,064 )

LME Zinc Futures LX October contracts, expiring October 2025 *

( 20,041,070 )

Total Open Futures Contracts *

1 unchanged sentence

Schedule of Investments (Unaudited)

At June 30, 2025

At September 30, 2025

United States Commodity Index Fund

Shares/Principal

1 unchanged sentence

Cash Equivalents

United States Treasury Obligations

Treasury Bills ˄ :

4.27 %, 8/19/2025

4.36 %, 8/26/2025

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

Collateral amounted to $ 13,135,809 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).

Reflects the 7-day yield at June 30, 2025.

Rates shown represent discount rate at the time of purchase.

Reflects the 7 -day yield at September 30, 2025.

See accompanying notes to financial statements.

39 unchanged sentences

Total Open Futures Contracts *

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2024

United States Commodity Index Fund

Shares/Principal

10 unchanged sentences

Schedule of Investments (Unaudited)

At June 30, 2025

At September 30, 2025

United States Copper Index Fund

5 unchanged sentences

United States Contracts

COMEX Copper Futures HG September 2025 contracts, expiring September 2025

COMEX Copper Futures HG December contracts, expiring December 2025

COMEX Copper Futures HG March contracts, expiring March 2026

COMEX Copper Futures HG May contracts, expiring May 2026

Total Open Futures Contracts *

2 unchanged sentences

Cash Equivalents

United States Treasury Obligations

Treasury Bills ˄ :

4.27 %, 8/19/2025

4.36 %, 8/26/2025

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

Collateral amounted to $ 11,488,829 on open commodity futures contracts.

Reflects the 7-day yield at June 30, 2025.

Rates shown represent discount rate at the time of purchase.

Reflects the 7-day yield at September 30, 2025.

See accompanying notes to financial statements.

28 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Commodity Index Fund

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

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

( 9,042,254 )

( 4,376,183 )

( 4,901,568 )

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

Dividend income

14 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Copper Index Fund

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

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

( 3,556,887 )

( 6,421,587 )

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

( 2,627,899 )

17 unchanged sentences

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Commodity Index Funds Trust

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

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

( 15,463,841 )

( 14,014,658 )

( 6,401,886 )

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

Dividend income

12 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Commodity Index Fund

2 unchanged sentences

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Balances at beginning of period

4 unchanged sentences

( 20,520,602 )

( 17,400,223 )

Net income (loss)

4 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Copper Index Fund

2 unchanged sentences

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Balances at beginning of period

12 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three and six months ended June 30, 2025 and 2024

For the three and nine months ended September 30, 2025 and 2024

United States Commodity Index Funds Trust

2 unchanged sentences

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Balances at beginning of period

11 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

For the nine months ended September 30, 2025 and 2024

United States Commodity Index Fund

Six months ended

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Cash Flows from Operating Activities:

2 unchanged sentences

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

( 8,055,608 )

(Increase) decrease in dividends receivable

23 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

For the nine months ended September 30, 2025 and 2024

United States Copper Index Fund

Six months ended

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Cash Flows from Operating Activities:

3 unchanged sentences

( 17,936,549 )

( 1,988,504 )

(Increase) decrease in dividends receivable

2 unchanged sentences

(Increase) decrease in prepaid insurance

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in Management fees payable

19 unchanged sentences

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

For the nine months ended September 30, 2025 and 2024

United States Commodity Index Funds Trust

Six months ended

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Cash Flows from Operating Activities:

3 unchanged sentences

( 17,634,859 )

( 10,044,112 )

(Increase) decrease in dividends receivable

2 unchanged sentences

(Increase) decrease in prepaid insurance

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in Management fees payable

19 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended June 30, 2025

For the period ended September 30, 2025

NOTE 1 – ORGANIZATION AND BUSINESS

23 unchanged sentences

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.

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles in the United States of America (“U.S.

The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles in the United States of America (“U.S.

The financial information included herein is unaudited;

24 unchanged sentences

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 period ended June 30, 2025 for any Trust Series.

No interest expense or penalties have been recognized as of and for the period ended September 30, 2025 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.

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.

12 unchanged sentences

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 June 30, 2025, USCF held 5 shares of USCI and 40 shares of CPER.

As of September 30, 2025, USCF held 5 shares of USCI and 40 shares of CPER.

Offering Costs

57 unchanged sentences

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

As of June 30, 2025, USCI held 920 Futures Contracts on the NYMEX, held 866 Futures Contracts on the ICE Futures, held 831 Futures Contracts on the CBOT, held 704 Futures Contracts on the CME, held 1,411 Futures Contracts on the LME and did no t hold any Futures Contracts on the COMEX, totaling 4,732 futures contracts.

As of September 30, 2025, USCI held 743 Futures Contracts on the NYMEX, held 990 Futures Contracts on the ICE Futures, held 652 Futures Contracts on the CBOT, held 659 Futures Contracts on the CME, held 2,080 Futures Contracts on the LME and held 88 Futures Contracts on the COMEX, totaling 5,212 futures contracts.

CPER’s Investment Objective

20 unchanged sentences

(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 June 30, 2025, CPER held 1,676 Futures Contracts on the COMEX.

As of September 30, 2025, CPER held 2,268 Futures Contracts on the COMEX.

Other Defined Terms – Trust Series

18 unchanged sentences

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.

For the six months ended of June 30, 2025 and 2024, USCI incurred $ 0 and $ 0 respectively, in registration fees and offering expenses.

For the six months ended of June 30, 2025 and 2024, CPER incurred $ 0 and $ 0 respectively, in registration fees and offering expenses.

For the nine months ended of September 30, 2025 and 2024, neither USCI or CPER incurred registration fees and offering expenses.

On April 30, 2021, 10,000,000 additional shares were registered for USCI and 50,000,000 additional shares were registered for CPER.

26 unchanged sentences

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.

The Trust, on behalf of each of USCI and CPER, entered into a Commodity Futures Customer Agreement with Marex North America, LLC (“MNA”), in August of 2021.

RBC and MNA are each referred to as a “Futures Commissions Merchant” or “FCM.” The agreements with the FCMs for each Trust Series require the FCMs to provide services to the applicable Trust Series in connection with the purchase and sale of futures contracts that may be purchased and sold by or through the applicable FCM for the applicable Trust Series’ account.

The Trust, on behalf of each of USCI and CPER, entered into a Commodity Futures Customer Agreement with Marex North America, LLC (“MNA”), in August of 2021, and Marex Capital Markets, Inc.

(“MCM”) assumed the rights and obligations of MNA vis-à-vis USCI and CPER following the transfer of MNA’s futures clearing business to MCM a part of an internal reorganization in July of 2023.

RBC and MCM are each referred to as a “Futures Commissions Merchant” or “FCM.” The agreements with the FCMs for each Trust Series require the FCMs to provide services to the applicable Trust Series in connection with the purchase and sale of futures contracts that may be purchased and sold by or through the applicable 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.

1 unchanged sentence

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”).

Six months ended

June 30, 2025

June 30, 2024

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

Nine months ended

September 30, 2025

September 30, 2024

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

The increase in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a higher number of contracts held and traded.

For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 279,770,985 and $ 220,633,862 , respectively.

Six months ended

June 30, 2025

June 30, 2024

The increase in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a higher number of contracts held and traded.

For the nine months ended September 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 294,874,843 and $ 212,462,507 , respectively.

Nine months ended

September 30, 2025

September 30, 2024

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of contracts held and traded.

For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 167,900,891 and $ 165,343,446 , respectively.

The decrease in total commissions accrued to brokers for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a lower number of contracts held and traded.

For the nine months ended September 30, 2025 and 2024, the monthly average volume of open future contract notional value was $ 190,814,512 and $ 168,592,922 , respectively.

Swap Dealer Agreement

The Trust, on behalf of CPER, entered into an ISDA 2002 Master Agreement with Macquarie Bank Limited on August 9, 2023 (the “Macquarie ISDA”), pursuant to which Macquarie Bank Limited has agreed to serve as an over-the-counter (“OTC”) swap counterparty for the Trust and to enter into trades under the Agreement on behalf of CPER as a Series of the Trust.

The Macquarie ISDA, together with additional required trading documentation and other agreements, including, among other documents, an account control agreement between the parties and The Bank of New York Mellon that was fully executed on August 18, 2023, provide CPER with the ability to invest in OTC swaps in furtherance of its investment objective.

In the future, CPER may enter into OTC swap transactions with Macquarie under the Agreement.

CPER’s OTC swap transactions outstanding under the Macquarie ISDA, if any, along with CPER’s other holdings, are posted on CPER’s website, www.uscfinvestments.com.

SummerHaven Agreements

16 unchanged sentences

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.

To reduce the credit risk that arises in connection with such contracts, a Trust Series will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc.

(“ISDA”) that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty is required.

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.

2 unchanged sentences

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 June 30, 2025 were exchange-traded.

As to OTC swaps, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources.

In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction.

As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

All of the futures contracts held by each Trust Series through September 30, 2025 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.

14 unchanged sentences

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

As of June 30, 2025 and December 31, 2024, USCI held investments in Treasuries and money market funds in the amounts of $ 189,382,408 and $ 140,500,000 , respectively.

As of June 30, 2025 and December 31, 2024, CPER held investments in Treasuries and money market funds in the amounts of $ 144,363,424 and $ 106,475,000 , respectively.

As of September 30, 2025 and December 31, 2024, USCI held investments in Treasuries and money market funds in the amounts of $ 170,500,000 and $ 140,500,000 , respectively.

As of September 30, 2025 and December 31, 2024, CPER held investments in Treasuries and money market funds in the amounts of $ 126,475,000 and $ 106,475,000 , respectively.

Each Trust Series also holds cash deposits with its custodian and FCMs.

As of June 30, 2025 and December 31, 2024, USCI held cash deposits and short-term investments in the amounts of $ 51,322,118 and $ 45,388,476 , respectively, with the custodian and FCMs.

As of June 30, 2025 and December 31, 2024, CPER held cash deposits and short-term investments in the amounts of $ 59,900,024 and $ 45,744,085 , respectively, with the custodian and FCMs.

As of September 30, 2025 and December 31, 2024, USCI held cash deposits and short-term investments in the amounts of $ 96,217,553 and $ 45,388,476 , respectively, with the custodian and FCMs.

As of September 30, 2025 and December 31, 2024, CPER held cash deposits and short-term investments in the amounts of $ 126,735,866 and $ 45,744,085 , 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.

6 unchanged sentences

NOTE 7 – FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2025 and 2024 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2025 and 2024 for the shareholders.

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

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Per Share Operating Performance:

7 unchanged sentences

Management fees #

Total expenses excluding management fees #

Net expense excluding management fees #

Net income (loss)

1 unchanged sentence

Three months ended

Six months ended

June 30, 2025

June 30, 2024

June 30, 2025

June 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Per Share Operating Performance:

27 unchanged sentences

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 June 30, 2025 using the fair value hierarchy:

At June 30, 2025

The following table summarizes the valuation of USCI’s securities at September 30, 2025 using the fair value hierarchy:

At September 30, 2025

Short-Term Investments

8 unchanged sentences

Foreign Contracts

The following table summarizes the valuation of CPER’s securities at June 30, 2025 using the fair value hierarchy:

At June 30, 2025

The following table summarizes the valuation of CPER’s securities at September 30, 2025 using the fair value hierarchy:

At September 30, 2025

Short-Term Investments

14 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

June 30, 2025

September 30, 2025

December 31, 2024

6 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

June 30, 2025

September 30, 2025

December 31, 2024

3 unchanged sentences

The Effect of Derivative Instruments on the Statements of Operations of USCI

For the six months ended

June 30, 2025

June 30, 2024

For the nine months ended

September 30, 2025

September 30, 2024

Change in Unrealized

19 unchanged sentences

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

( 4,901,568 )

The Effect of Derivative Instruments on the Statements of Operations of CPER

For the six months ended

June 30, 2025

June 30, 2024

For the nine months ended

September 30, 2025

September 30, 2024

Change in Unrealized

19 unchanged sentences

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

( 7,063,147 )

NOTE 9 – SUBSEQUENT EVENTS

2 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements