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Item 7. Management’s Discussion and Analysis

2026-02-27 compared with 2025-02-28 · 112 added, 87 removed, 527 unchanged (27% of the section changed)

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Forward-Looking Information

This annual report on Form 10-K, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements regarding the plans and objectives of management for future operations.

This information may involve known and unknown risks, uncertainties and other factors that may cause each Trust Series’ actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements.

Each Trust Series believes these factors include, but are not limited to, the following:

changes in inflation in the United States, movements in U.S.

and foreign currencies, market volatility in the commodities markets and futures markets in part attributable to the COVID-19 pandemic in February 2020, the Russia-Ukraine war and conflicts in the Middle East.

Forward-looking statements, which involve assumptions and describe each Trust Series’ future plans, strategies and expectations, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend” or “project,” the negative of these words, other variations on these words or comparable terminology.

These forward-looking statements are based on assumptions that may be incorrect, and each Trust Series cannot assure investors that the projections included in these forward-looking statements will come to pass.

Each Trust Series’ actual results could differ materially from those expressed or implied by the forward-looking statements as a result of various factors.

This annual report on Form 10-K, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements which generally relate to future events or future performance.

In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology.

All statements (other than statements of historical fact) included in this annual report on Form 10-K that address activities, events or developments that will or may occur in the future, including such matters as changes in inflation in the United States, movements in the stock market, movements in U.S.

and foreign currencies, and market volatility in the commodities markets and futures markets and indexes that track such movements, the Russia-Ukraine war and conflicts in the Middle East, a Trust Series’ operations, USCF’s plans and references to a Trust Series’ future success and other similar matters, are forward-looking statements.

These statements are only predictions.

Actual events or results may differ materially.

These statements are based upon certain assumptions and analyses USCF has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances.

Whether or not actual results and developments will conform to USCF’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this annual report on Form 10-K, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments.

Consequently, all the forward-looking statements made in this annual report on Form 10-K are qualified by these cautionary statements, and there can be no assurance that the actual results or developments USCF anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, a Trust Series’ operations or the value of its shares.

Each Trust Series has based the forward-looking statements included in this annual report on Form 10-K on information available to it on the date of this annual report on Form 10-K, and each Trust Series assumes no obligation to update any such forward-looking statements.

Although each Trust Series undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that each Trust Series may make directly to them or through reports that each Trust Series files in the future with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Although each Trust Series undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that each Trust Series may make directly to them or through reports that each Trust Series files in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Each Trust Series is a commodity pool that issues shares representing fractional undivided beneficial interests in such Trust Series that may be purchased and sold on the NYSE Arca.

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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”) (the NYMEX, ICE Futures, CBOT, CME, LME and COMEX, collectively, 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.

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 primarily in the Benchmark Component Futures Contracts.

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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 ten percent (10%) of the average daily percentage change in the prices 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 COMEX.

The SCI is designed to reflect the performance of the investment returns from a portfolio

of copper futures contracts on the COMEX.

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

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CPER seeks to achieve its investment objective by investing primarily in Benchmark Component Copper Futures Contracts.

CPER may also, to a lesser extent, invest in other Eligible Copper Futures Contracts beyond the Benchmark Component Copper Futures Contracts or other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts, as well as other investments based on copper, such as cash-settled options on Benchmark Component Copper Futures Contracts, forward contracts for copper, cleared swap contracts, non-cleared “over-the-counter” or “OTC” transactions that are based on the price of copper and other Benchmark Component Copper Futures Contracts and indices based on the foregoing (collectively, “Other Copper-Related Investments”).

The following factors, among others, may be considered when determining CPER’s investments in Eligible Copper Futures Contracts or in Other Copper-Related Investments:

regulatory requirements, risk mitigation measures taken by CPER, CPER’s FCMs, counterparties or other market participants, liquidity and market conditions.

Other factors that may impact CPER’s investments in other Eligible Copper Futures Contracts, other exchange-traded futures contracts, or Other Copper-Related Investments include allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing.

In addition, CPER may need to hold significant portions of its portfolio in cash beyond what it has historically held for reasons including (but not limited to) the need to address the changes in market conditions, regulatory requirements or risk mitigation measures or the need to satisfy potential margin requirements.

For convenience and unless otherwise specified, Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts and Other Copper-Related Investments collectively are referred to as “Copper Interests.”

Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity 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 as “Other Copper-Related Investments,” and together with Benchmark Component Copper Futures Contracts and other Eligible Copper Futures Contracts, “Copper Interests.”

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exchanges to be offered and sold in the United States.

Infectious disease outbreaks like COVID-19 could negatively affect the Trust Series and the valuation and performance of the investments of each Trust Series.

Infectious disease outbreaks like the COVID-19 pandemic may arise in the future and could adversely affect each Trust Series and, more generally, individual issuers and capital markets, in ways that cannot necessarily be foreseen.

For example, COVID-19 resulted in numerous deaths, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines and the imposition of both local and more widespread “work from home” measures, cancellations, loss of employment, supply chain disruptions, and lower consumer and institutional demand for goods and services, as well as general concern and uncertainty.

The COVID-19 pandemic that occurred in 2020 had a material adverse impact on local economies in the affected jurisdictions and also on the global economy, as cross border commercial activity and market sentiment were impacted by the outbreak and government and other measures seeking to contain COVID-19’s spread.

Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of commodities and/or the value, pricing and liquidity of a Trust Series’ investments or assets which, in turn, could cause the loss of your investment in a Trust Series.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), can be highly disruptive to economies and markets.

Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Trust Series.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Trust Series.

A negative impact on, or volatility in, the price of commodities or the value, pricing and liquidity of a Trust Series’ investments or other assets resulting from the occurrence of any of the aforementioned events, or similar events, could cause you to lose all, or substantially all, of your investment in a Trust Series.

An infectious disease outbreak may arise in the future and could have the same or similar effects as the COVID-19 pandemic, or different effects that cannot be foreseen.

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Public health crises caused by infectious disease outbreaks may exacerbate other preexisting political, social and economic risks in certain countries or globally and their duration cannot be determined with certainty.

In a rising rate environment, the Trust Series may not be able to fully invest at prevailing rates until any current investments in Treasury Bills mature in order to avoid selling those investments at a loss.

A Trust Series may be subject to interest rate risk, which may prevent the Trust Series from investing fully at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.

Interest rate risk is the risk that fixed income securities and other investments in a Trust Series’ portfolio will fluctuate in value because of a change in interest rates.

Interest rate changes can be sudden and unpredictable, and a Trust Series may lose money because of movements in interest rates.

When interest rates rise, the value of fixed income securities typically falls.

In a rising interest rate environment, a Trust Series may not be able to fully invest at prevailing rates until any current investments in Treasury Bills mature in order to avoid selling those investments at a loss.

In a rising interest rate environment, a Trust Series may not be able to fully invest at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.

Interest rate risk is generally lower for shorter term investments and higher for longer term investments.

The risk to the Trust Series of rising interest rates may be greater in the future due to the end of a long period of historically low rates, the effect of potential monetary policy initiatives, including actions taken by the U.S.

Federal Reserve and other foreign equivalents to curb inflation, and resulting market reactions to those initiatives.

In addition, in rising interest rate environments, it is possible that the Treasuries held by a Trust Series will decline in value.

When interest rates fall, a Trust Series may be required to reinvest the proceeds from the sale, redemption or early prepayment of a Treasury Bill or money market security at a lower interest rate.

As inflation increases, the present value of a Trust Series’ assets may decline.

Inflation is a general increase in the overall price level of goods and services in the economy.

The United States Federal Reserve has a stated goal of maintaining a two percent increase in inflation over the long run, as measured by the annual change in the price index for personal consumption expenditures.

Following the COVID-19 pandemic, the United States experienced inflation above the Federal Reserve’s stated two percent goal.

Other world economies similarly experienced elevated inflation rates.

The Federal Reserve increased interest rates and successfully reduced inflation so that it is close to the stated two percent goal.

As a result, in 2024, the Federal Reserve began reducing interest rates.

However, the rate of inflation in the United States is still above the stated two percent goal.

Inflation has the effect of eroding the value of cash or bonds.

In a high inflation environment, the value of a Trust Series’ cash and Treasury investments may decline.

A Trust Series may potentially lose money by investing in government money market funds.

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An investment in a government money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”), or any other government agency.

The share price of a government money market fund can fall below the $1.00 share price.

The share price of a government money market fund can

fall below the $1.00 share price.

A Trust Series cannot rely on or expect a government money market fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market fund’s $1.00 share price.

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Year Ended December 31, 2025

As measured by the four major diversified commodity indexes listed below, commodity futures prices exhibited a strong upward trend during the year ended December 31, 2024.

As measured by the four major diversified commodity indexes listed below, commodity futures prices rose during the year ended December 31, 2025.

The table below compares the total returns of the SDCI to the three major diversified commodity indexes over this time period.

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Bloomberg Commodity Index Total Return (2)

Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return TM(2)

Deutsche Bank Index Quant Optimum Yield Diversified Commodity Index Total Return TM

The inception date for the SummerHaven Dynamic Commodity Index Total Return SM is December 2009.

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As of December 31, 2025, the value of the SDCI was $2,765.82, up approximately 18.75% over the year ended December 31, 2025.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), thirteen had positive returns fin the year ended December 31, 2024.

The best performing sector was Softs (up approximately 25.9%) followed by Precious Metals (up approximately 19.0%).

Commodities broadly rallied from early 2020 to mid-2022 as inflation grew from 1.4% in 2020 to 9.1% in 2022.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), fifteen had positive returns for the year ended December 31 2025.

The best performing commodity sector was Precious Metals (up approximately 80.1%) followed by Livestock (up approximately 22.7%).

Commodities have broadly rallied in the five years since the onset of the Covid-19 pandemic in 2020.

Commodities made notable gains as inflation rose from 1.4% in 2020 to 9.1% in 2022.

(Inflation is a headwind for stocks and bonds and a tailwind for real assets such as commodities.

Historically, commodities have been a hedge against inflation and positive inflation shocks.

As inflation has declined since mid-2022, the Bloomberg Commodity Index Total Return (BCOMTR) also declined.

However, USCI’s dynamic strategy led to outperformance versus the BCOMTR, rising from mid-2022 through the end of 2024 while BCOMTR and other broad commodity indexes declined.

Historically, commodities have been a hedge against inflation and positive inflation shocks.) When inflation began declining in mid-2022, commodities also initially declined.

However, commodities began rising again in 2023 and are up over the last three years.

SDCI’s dynamic strategy led to significant outperformance versus the major commodity indexes shown above since the 2022 peak.

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners.

Tariffs have been paused, reinstated, negotiated, and changed numerous times since then, and final tariff levels for many countries as well as the U.S.

Supreme Court’s decision on the legality of these tariffs are still uncertain.

While tariffs are inflationary, higher prices can reduce demand for goods, including commodities, even in the absence of an economic contraction.

Tariffs have other effects, such as impacts on currencies, supply chains, consumer and industry preferences, and other factors.

As a result, it is difficult to forecast the overall short-term and long-term impact of tariffs on commodity prices, especially in the absence of definitive policy.

Tariffs are only one factor affecting commodity prices, and each commodity will continue to be driven by idiosyncratic factors that affect their supply and demand.

Commodities often provide diversification from stocks and bonds, especially during times of uncertainty.

Relative to the last eight recessions, commodities outperformed equities five times as measured from the peak to trough of each asset class.

Relative to two of these recessions, both in the 1970’s, commodities returned 26% and 254% while equities were down -33% and -45% respectively.

In the next six recessions, when commodities and equities both declined, commodities outperformed equities on average and often peaked at the same time or several months after equities.

The 2020 recession is the only instance where commodities peaked before equities.

While it is impossible to predict future performance, and past results do not predict the future, the evidence shows that commodities have, on average, provided diversification at critical times.

The return of approximately 18.75% on the SDCI listed above is a hypothetical return only and could not actually be achieved by an investor holding Futures Contracts due to the impact of trading costs and other expenses.

USCI’s per share NAV began the period at $56.34 and ended the period at $66.04 on December 31, 2024, an increase of approximately 17.22% over the year.

USCI’s per share NAV began the period at $66.04 and ended the period at $77.48 on December 31, 2025, an increase of approximately 17.32% over the period.

See “Tracking Each Trust Series’ Benchmark” below for information about how expenses and income affect USCI’s per share NAV.

Significant market volatility can occur in the commodity markets and the commodity futures markets.

Such volatility can be caused by events such as the COVID-19 pandemic, related supply chain disruptions, war, including the Russia-Ukraine war, attacks or threats of attack by terrorists, conflicts in the Middle East, and disputes among commodity-producing countries.

Events such as these can increase volatility, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by a Trust Series and have a negative impact on such Trust Series or its ability to have all of its assets invested in the Benchmark Component Futures Contracts.

Copper Markets

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During the year ended December 31, 2025, the price of the front month copper futures contract traded in a range between $402.60 per pound and $583.95 per pound.

Prices increased by approximately 3.5% between December 31, 2023 to December 31, 2024 finishing the year at $402.65.

Copper futures markets reached an all-time high in May of 2024 before declining 22% between the May peak and August low.

Prices resumed their upward trajectory in early August, due to an improving outlook for the U.S.

and global economy, China stimulus, and growing supply constraints and forecasts for forthcoming copper shortages.

However, copper fell in the fourth quarter of 2024 as the outlook from the third quarter soured.

Over the longer term, with tight markets, increased demand from China and from new technologies, and a growing drumbeat of forecasts for a supply crunch, copper demand is likely to remain robust and supply is also likely to remain constrained and slow to respond to demand increases, however prices may come under pressure during periods of contraction and/or economic uncertainty.

Prices increased by 41.12% between December 31, 2024 to December 31, 2025 finishing the period at $568.20.

Copper futures markets reached a then record on July 23, 2025 due to growing undersupply of copper globally, forecasts for forthcoming copper shortages, and price increases due to the anticipation that the Trump administration might announce tariffs of up to 50% on copper imports.

However, on July 30, 2025, president Trump decided to levy tariffs on finished copper products instead of the metal itself.

US copper futures fell 22% on July 31, 2025, representing the collapse of a premium over London futures that had opened and grown under the expectation of expectation of tariffs.

During the second half of the year, copper recovered from the drop and made a new all-time high in early December.

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners.

, which were later curtailed but remain open to further revision.

Copper prices plummeted in the wake of the tariff announcements.

While tariffs increase import costs, any attendant decline in economic growth could lead to a net negative impact on copper prices.

However, prices may come under pressure during periods of contraction and/or economic uncertainty.

The Russia-Ukraine war has affected many commodities in which Russia, Ukraine, and Belarus are major producers and exports, such as certain metals, grains, and energy products.

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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 offering per share NAV by setting the price at $50 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $5,000,000 in cash on August 10, 2010.

On August 10, 2010, USCI listed its shares on the NYSE Arca under the ticker symbol “USCI.” USCI established its initial

offering per share NAV by setting the price at $50 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $5,000,000 in cash on August 10, 2010.

USCI commenced investment operations on August 10, 2010 by purchasing Futures Contracts traded on the Futures Exchanges.

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As of December 31, 2025, USCI and CPER had the following Authorized Participants:

ABN AMRO Clearing USA LLC, BNP Paribas Securities Corp., Citadel Securities LLC, Goldman Sachs & Company, Jefferies & Company Inc., JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., RBC Capital Markets LLC and Virtu Americas LLC.

ABN AMRO Clearing USA LLC, BNP Paribas Securities Corp., Citadel Securities LLC, Goldman Sachs & Company, Jane Street Capital LLC, Jefferies & Company Inc., JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., RBC Capital Markets LLC and Virtu Americas LLC.

For the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024

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The fee is accrued daily and paid monthly.

The increase in the per share NAV for the year ended December 31, 2024, compared to the year ended December 31, 2023, was due to an increase in values of the Futures Contracts held by USCI.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were higher during the year ended December 31, 2024, compared to the year ended December 31, 2023.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was higher during the year ended December 31, 2024, compared to the year ended December 31, 2023.

To the degree that the aggregate yield is higher, the net expense ratio, inclusive of income, will be lower.

The increase in total fees and other expenses excluding management fees for the year ended December 31, 2024, compared to the year ended December 31, 2023 was due primarily to an increase in audit, professional, and reporting fees.

The decrease in USCI’s total commissions accrued to brokers for the year ended December 31, 2024, compared to the year ended December 31, 2023, was due primarily to a lower number of Futures Contracts being held and traded.

The increase in the per share NAV for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due to increase in values of the Futures Contracts held by USCI.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the year ended December 31, 2025, compared to the year ended December 31, 2024.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the year ended December 31, 2025, compared to the year ended December 31, 2024.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in total fees and other expenses excluding management fees for the year ended December 31, 2025, compared to the year ended December 31, 2024 was due primarily to a decrease in professional and reporting fees.

The increase in USCI’s total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily to the number of Futures Contracts being held and traded.

Per share net asset value, end of year

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The increase in the per share NAV for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due to an increase in the values of the Futures Contracts held by CPER.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were higher during the year ended December 31, 2024, compared to the year ended December 31, 2023.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was higher during the year ended December 31, 2024.

To the degree that the aggregate yield is higher, the net expense ratio, inclusive of income, will be lower.

The decrease CPER’s total commissions accrued to brokers for the year ended December 31, 2024, compared to the year ended December 31, 2023, was due primarily to a lower number of Futures Contracts being held and traded.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the year ended December 31, 2025, compared to the year ended December 31, 2024.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the year ended December 31, 2025.

To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The decrease in CPER’s total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily to the number of Futures Contracts being held and traded.

Tracking Each Trust Series’ Benchmark

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During the year ended December 31, 2025, USCI’s portfolio held at all times Futures Contracts based on at least fourteen different commodities.

Due to changes in the composition of the SDCI, each month the list of Benchmark Component Futures Contracts held by USCI changed (see the section “The SDCI” below).

Due to changes in the composition of the SDCI, each month the list of Benchmark Component Futures Contracts held by

USCI changed (see the section “The SDCI” below).

The table below lists the Benchmark Component Futures Contracts held during each month in 2025.

Benchmark Component Futures Contracts for USCI

Crude Oil (Brent)

Crude Oil (WTI)

Feeder Cattle

Unleaded Gasoline

The table below reflects the same listing of monthly Benchmark Component Futures Contracts as the tables above with two changes.

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Thus, USCI’s total actual return on its holdings in any of the commodities shown below may be higher, or lower, than the actual change in the spot price of the particular commodity.

Feeder Cattle

Crude Oil (WTI)

Crude Oil (Brent)

Unleaded Gasoline

* From 12/31/23 to 12/31/2024 Source:

For the 30-valuation days ended December 31, 2025, the simple average daily change in the SDCI was (0.044)%, while the simple average daily change in the per share NAV of USCI over the same time period was (0.051)%.

The average daily difference was (0.007)% (or (0.7) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SDCI, the average error in daily tracking by the per share NAV was (8.554)%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

As a percentage of the daily movement of the SDCI, the variance in daily tracking by the per share NAV was 1.870%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through December 31, 2025, the simple average daily change in the SDCI was 0.021%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.015%.

The average daily difference was (0.06)% (or (0.6) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SDCI, the average difference in daily tracking by the per share NAV was (6.235)%, meaning that over this time period USCI’s tracking difference was within the plus or minus 10% range established as its benchmark tracking goal.

As a percentage of the daily movement of the SDCI, the variance in daily tracking by the per share NAV was (5.919)%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

The following two charts demonstrate the correlation between the changes in SDCI’s NAV and the changes in the SDCI.

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However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $65.36 as of December 31, 2024, for a total return over the relevant time period of 16.02%.

The difference between the actual per share NAV total return of USCI of 0.20% and the expected total return based on the SDCI of 1.60% was a difference over the time period of (1.40)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage.

The difference between the actual per share NAV total return of USCI of 17.22% and the expected total return based on the SDCI of 16.02% was a difference over the time period of 1.20%, which is to say that USCI’s actual total return outperformed its benchmark by that percentage.

USCI incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses.

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The average daily difference was (0.004)% (or (0.4) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (3.204)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

As a percentage of the daily movement of the SCI, the variance in daily tracking by the per share NAV was (0.724)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through December 31, 2025, the simple average daily change in the SCI was 0.023%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.020%.

The average daily difference was (0.003)% (or (0.3) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SCI, the average difference in daily tracking by the per share NAV was (2.639)%, meaning that over this time period CPER’s tracking difference was within the plus or minus 10% range established as its benchmark tracking goal.

As a percentage of the daily movement of the SCI, the average variance in daily tracking by the per share NAV was (2.353)%, meaning that over this time period CPER’s tracking difference was within the plus or minus 10% range established as its benchmark tracking goal.

The following two charts demonstrate the correlation between the changes in CPER’s NAV and the changes in the SCI.

The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended December 31, 2024, the last trading day in September.

The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended December 31, 2025, the last trading day in December.

The second chart below shows the monthly total returns of CPER as compared to the monthly value of the SCI for the five years ended December 31, 2025.

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However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $25.13 as of December 31, 2024, for a total return over the relevant time period of 4.26%.

The difference between the actual per share NAV total return of CPER of 4.46% and the expected total return based on the SCI of 5.79% was a difference over the time period of (1.33)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

The difference between the actual per share NAV total return of CPER of 4.69% and the expected total return based on the SCI of 4.26% was a difference over the time period of 0.43%, which is to say that CPER’s actual total return outperformed its benchmark by that percentage.

CPER incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses.

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USCF anticipates that interest rates may continue to increase over the near future from historical lows.

[It is anticipated that fees and expenses paid by each Trust Series may continue to be higher than interest earned by each Trust Series.

It is anticipated that fees and expenses paid by each Trust Series may continue to be lower than interest earned by each Trust Series.

As such, USCF anticipates that each Trust Series could possibly outperform its benchmark so long as interest earned is higher than the fees and expenses paid by each Trust Series.

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*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

SummerHaven Dynamic Commodity Index Total Return SM (“SDCI”) Year-Over-Year Hypothetical Total Returns (Year Ending 2014 - 12/31/2024)*

SummerHaven Dynamic Commodity Index Total Return SM (“SDCI”) Year-Over-Year Hypothetical Total Returns (01/01/2015-12/31/2025)*

SummerHaven Index Management, Bloomberg

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The table immediately above shows the performance of the SDCI from December 31, 1997 through December 31, 2025 in comparison with three traditional commodities indices:

the S&P GSCI Commodity Index (GSCI ® ) Total Return, Bloomberg Commodity Index Total Return SM (“BCOM TR”), and the Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return TM (“DB LCI OYTR”).

the S&P GSCI Commodity Index (GSCI ® ) Total Return, Bloomberg Commodity Index Total Return SM (“BCOM TR”), and the Deutsche Bank Index Quant Optimum Yield Diversified Commodity Index Total Return TM (“DBIQ OY TR”).

The S&P GSCI ® Commodity Index Total Return is a composite index of commodity sector returns representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities.

The Bloomberg Commodity Index Total Return SM is currently composed of futures contracts on a diversified basket of commodities traded on U.S.

The Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return TM is designed to reflect the performance of certain wheat, corn, light sweet crude oil, heating oil, gold and aluminum futures contracts plus the returns from investing in 3-month U.S.

Treasury Bills.

The Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return TM is designed to reflect the performance of investing in certain wheat, corn, light sweet crude oil, heating oil, gold and aluminum futures contracts plus the returns from investing in 3-month U.S.

Treasury Bills in respect of a basket of commodities.

The data for the SDCI Total Return Index is derived by using the SDCI’s calculation methodology with historical prices for the futures contracts comprising the SDCI.

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Ten Year Comparison of Index Returns of the BCOM TR,

S&P GSCI TR, DB LCI OY TR, and the Hypothetical Returns of the SDCI TR (12/31/2014–12/31/2024)

S&P GSCI TR, DBIQ OY TR, and the Hypothetical Returns of the SDCI TR (12/31/2015–12/31/2025)

SHIM, Bloomberg

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Five Year Comparison of Index Returns of the BCOM TR,

S&P GSCI TR, DB LCI OY TR, and the Hypothetical Returns of the SDCI TR (12/31/2019–12/31/2024)

S&P GSCI TR, DBIQ OY TR, and the Hypothetical Returns of the SDCI TR (12/31/2020–12/31/2025)

SHIM, Bloomberg

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As a result, there are inherent limitations in comparing such performance against the SCI.

For more information about the index and its methodologies, please refer to the material published by the sponsor of the Bloomberg Copper Subindex Total Return which may be found on its website.

For more information about the index and its methodologies, please refer to the material published by the sponsor of the Bloomberg Copper Subindex Total Return which may be

found on its website.

In addition to the actual performance of the SCI, this chart includes as “SCI Hypothetical TR” the hypothetical performance of the SCI had the changes to the composition of the SCI, which became effective on January 1, 2021, been effective during the period from December 31, 1997 through December 31, 2020.

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Cost, and the Hypothetical Returns of the SCI (12/31/2020- 12/31/2025)

SHIM, Bloomberg, LME

SHIM, Bloomberg,

For the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

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The values which are used by each Trust Series for its Futures Contracts are provided by its commodity broker who uses market prices when available, while OTC swaps are valued based on the present value of estimated future cash flows that would be received from or paid to a third party in settlement of these derivative contracts prior to their delivery date and valued on a daily basis.

In addition, each Trust Series estimates interest income on a daily basis using prevailing rates earned on its cash and cash equivalents.

In addition, each Trust Series estimates interest

income on a daily basis using prevailing rates earned on its cash and cash equivalents.

These estimates are adjusted to the actual amount received on a monthly basis and the difference, if any, is not considered material.

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Each Trust Series’ exposure to market risk depends on a number of factors, including the markets for commodities, the volatility of interest rates and foreign exchange rates, the liquidity of the Applicable Interest markets and the relationships among the contracts held by each such Trust Series.

The limited experience that each Trust Series has had in utilizing its model to trade in Applicable Interests in a manner intended to track the changes in the Applicable Index, as well as drastic market occurrences, could ultimately lead to the loss of all or substantially all of an investor’s capital.

The limited experience that each Trust Series has had in utilizing its model to trade in Applicable Interests in

a manner intended to track the changes in the Applicable Index, as well as drastic market occurrences, could ultimately lead to the loss of all or substantially all of an investor’s capital.

When a Trust Series enters into Futures Contracts and Other Related Investments, it is exposed to the credit risk that the counterparty will not be able to meet its obligations.

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In addition, the CFTC requires FCMs to hold in a secure account a Trust Series’ assets related to foreign Futures Contracts trading.

During the year ended December 31, 2024, CPER made investments on the London Metal Exchange.

During the year ended December 31, 2025, USCI made investments on the London Metal Exchange.

In the future, a Trust Series may purchase OTC swaps, see “Item 7A.

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Either party may terminate these agreements earlier for certain reasons described in the agreements.

As of December 31, 2024, USCI’s portfolio consisted of 4,066 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio consisted of 1,396 Contracts traded on the COMEX.

As of December 31, 2025, USCI’s portfolio held 5,219 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio held 3,184 Contracts traded on the COMEX.

For a list of each of USCI’s and CPER’s current holdings, please see www.uscfinvestments.com.

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

What changed 10-K

Item 7. Management’s Discussion and Analysis