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Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-28 · 96 added, 126 removed, 888 unchanged (20% of the section changed)

6 unchanged sentences

PCAOB ID 925 )

Bookmark not defined.

Statements of Financial Condition at December 31, 2025 and 2024

12 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition, including the schedules of investments, of United States Commodity Index Funds Trust (the “Trust”), including United States Commodity Index Fund and United States Copper Index Fund, each a Series of the Trust, in total and for each Series, as of December 31, 2024 and 2023, the related statements of operations, changes in capital, and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition, including the schedules of investments, of United States Commodity Index Funds Trust (the “Trust”), including United States Commodity Index Fund and United States Copper Index Fund, each a Series of the Trust, in total and for each Series, as of December 31, 2025 and 2024, the related statements of operations, changes in partners’ capital, and cash flows for each of the years in the three-year period ended December 31, 2025, 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, 2025, 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, 2024 and 2023, and the results of their operations, changes in capital, and their cash flows for each of the years in the two-year period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

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, 2025 and 2024, and the results of their operations, changes in capital, and their cash flows for each of the years in the three-year period ended December 31, 2025, 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, 2025, based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

The Trust’s and its Series’ financial statements and internal control over financial reporting for the years ended December 31, 2022were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial statements and internal control over financial reporting.

Basis for Opinions

53 unchanged sentences

Market value per share

(a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.

See accompanying notes to financial statements.

12 unchanged sentences

Interest receivable

Prepaid professional fees

Prepaid insurance

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

23 unchanged sentences

Interest receivable

Prepaid professional fees

Prepaid insurance

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

7 unchanged sentences

Shares Outstanding

(a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.

See accompanying notes to financial statements.

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CME Live Cattle Futures LC February 2026 contracts, expiring February 2026

CBOT Soybean Oil BO March 2026 contracts, expiring March 2026

ICE Cocoa Futures CC March 2026 contracts, expiring March 2026

CBOT Soybean Meal Futures SM March 2025 contracts, expiring March 2025

ICE Coffee Futures KC March 2026 contracts, expiring March 2026

( 1,111,649 )

CME Cattle Feeder Futures FC March 2026 contracts, expiring March 2026

COMEX Copper Futures HG March 2026 contracts, expiring March 2026

COMEX Silver Futures SI March 2026 contracts, expiring March 2026

( 1,000,200 )

NYMEX Platinum Futures PL April 2025 contracts, expiring April 2025

NYMEX NY Harbour ULSD Futures HO May 2025 contracts, expiring April 2025

ICE Sugar #11 Futures SB May 2025 contracts, expiring April 2025

NYMEX NY Harbour ULSD Futures HO April 2026 contracts, expiring March 2026

( 1,558,019 )

ICE Sugar #11 Futures SB May 2026 contracts, expiring April 2026

United Kingdom Contracts

ICE Low Sulphur Gasoil Futures QS January 2026 contracts, expiring January 2026

ICE Brent Crude Futures CO April 2026 contracts, expiring February 2026

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

ICE Low Sulphur Gasoil Futures QS May 2026 contracts, expiring May 2026

Foreign Contracts

2 unchanged sentences

LME Tin Futures LT February 2026 contracts, expiring February 2026 *

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

Open Commodity Futures Contracts - Short **

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( 15,260,784 )

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

( 12,775,825 )

Total Open Futures Contracts *

( 2,609,785 )

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2025

United States Commodity Index Fund

Shares/Principal

4 unchanged sentences

Total United States Money Market Funds

† Represents less than 0.005 %.

* Collateral amounted to $ 17,113,637 on open commodity futures contracts.

12 unchanged sentences

United States Contracts

NYMEX WTI Crude Oil Futures CL March 2025 contracts, expiring February 2025

NYMEX Natural Gas Futures NG March 2025 contracts, expiring February 2025

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ICE Cocoa Futures CC March 2025 contracts, expiring March 2025

CBOT Soybean Oil Futures BO March 2024 contracts, expiring March 2024

CBOT Soybean Futures S March 2024 contracts, expiring March 2024

CBOT Soybean Meal Futures SM March 2025 contracts, expiring March 2025

ICE Coffee Futures KC March 2025 contracts, expiring March 2025

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

COMEX Copper Futures HG March 2025 contracts, expiring March 2025

NYMEX NY Harbour ULSD Futures HO April 2024 contracts, expiring March 2024

COMEX Gold 100 OZ Futures GC April 2024 contracts, expiring April 2024

( 1,125,338 )

NYMEX Platinum Futures PL April 2025 contracts, expiring April 2025

NYMEX NY Harbour ULSD Futures HO May 2025 contracts, expiring April 2025

ICE Sugar #11 Futures SB May 2025 contracts, expiring April 2025

( 2,295,922 )

NYMEX WTI Crude Oil Futures CL October 2024 contracts, expiring September 2024

United Kingdom Contracts

ICE Low Sulphur Gasoil Futures QS February 2024 contracts, expiring February 2024

ICE Brent Crude Futures CO November 2024 contracts, expiring September 2024

ICE Brent Crude Futures CO April 2025 contracts, expiring February 2025

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

Foreign Contracts

LME Lead Futures LL January 2024 contracts, expiring January 2024 *

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

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

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

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

Open Commodity Futures Contracts - Short **

Foreign Contracts

LME Lead Futures LL January 2024 contracts, expiring January 2024 *

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

( 13,246,045 )

1 unchanged sentence

( 13,199,356 )

Total Open Futures Contracts *

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

( 12,775,825 )

Total Open Futures Contracts *

United States Commodity Index Funds Trust

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Cash Equivalents

United States Treasury Obligations

Treasury Bills:

5.40 %, 1/02/2024

5.43 %, 1/23/2024

5.39 %, 2/08/2024

5.30 %, 2/15/2024

5.30 %, 2/29/2024

5.23 %, 3/12/2024

5.21 %, 3/26/2024

5.28 %, 3/28/2024

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

# Reflects the 7 -day yield at December 31, 2023.

Collateral amounted to $ 8,190,855 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 December 31, 2024.

See accompanying notes to financial statements.

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COMEX Copper Futures HG March 2026 contracts, expiring March 2026

( 5,525,224 )

COMEX Copper Futures HG May 2026 contracts, expiring May 2026

( 2,794,688 )

COMEX Copper Futures HG July 2026 contracts, expiring July 2026

( 1,461,600 )

Total Open Futures Contracts *

( 9,781,512 )

Shares/Principal

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COMEX Copper Futures HG March 2025 contracts, expiring March 2025

( 5,525,224 )

COMEX Copper Futures HG May 2025 contracts, expiring May 2025

( 2,794,688 )

COMEX Copper Futures HG July 2025 contracts, expiring July 2025

( 1,461,600 )

Total Open Futures Contracts *

( 9,781,512 )

Shares/Principal

1 unchanged sentence

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

5.39 %, 2/08/2024

5.30 %, 2/15/2024

5.30 %, 2/29/2024

5.21 %, 3/26/2024

5.28 %, 3/28/2024

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

# Reflects the 7 -day yield at December 31, 2023 .

* Collateral amounted to $ 16,731,473 on open commodity futures contracts.

# Reflects the 7 -day yield at December 31, 2024 .

See accompanying notes to financial statements.

10 unchanged sentences

( 8,002,124 )

( 12,703,810 )

Dividend income

6 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

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Realized gain (loss) on closed commodity futures contracts

( 32,719,288 )

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

( 13,777,846 )

( 3,280,075 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 33,421,966 )

Management fees (Note 4)

2 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

Net Income (Loss)

( 35,281,413 )

Net Income (Loss) per share

22 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

Expense waiver (Note 4)

Net Income (Loss)

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

See accompanying notes to financial statements.

27 unchanged sentences

Net income (loss)

( 35,281,413 )

Balances at end of year

26 unchanged sentences

( 8,697,419 )

( 4,552,856 )

(Increase) decrease in dividends receivable

1 unchanged sentence

(Increase) decrease in prepaid insurance

(Increase) decrease in prepaid registration fees

Increase (decrease) in Management fees payable

Increase (decrease) in professional fees payable

Increase (decrease) in brokerage commissions payable

Increase (decrease) in directors’ fees payable

9 unchanged sentences

( 83,716,973 )

( 44,374,270 )

Net Increase (Decrease) in Cash and Cash Equivalents

14 unchanged sentences

Net income (loss)

( 35,281,413 )

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

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

( 62,028,984 )

(Increase) decrease in dividends receivable

2 unchanged sentences

(Increase) decrease in prepaid insurance

(Increase) decrease in prepaid registration fees

Increase (decrease) in payable due to Broker

Increase (decrease) in Management fees payable

2 unchanged sentences

Net cash provided by (used in) operating activities

( 32,656,005 )

Cash Flows from Financing Activities:

6 unchanged sentences

( 45,099,315 )

( 23,965,620 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 38,112,722 )

( 56,621,625 )

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year

16 unchanged sentences

(Increase) decrease in dividends receivable

( 1,374,041 )

(Increase) decrease in interest receivable

1 unchanged sentence

(Increase) decrease in prepaid insurance

(Increase) decrease in prepaid registration fees

Increase (decrease) in payable due to Broker

Increase (decrease) in Management fees payable

Increase (decrease) in professional fees payable

Increase (decrease) in brokerage commissions payable

Increase (decrease) in directors’ fees payable

8 unchanged sentences

( 128,816,288 )

( 68,339,890 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 112,060,784 )

( 40,579,892 )

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of year

45 unchanged sentences

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.

The Trust Series are not subject to federal income taxes;

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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.

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As of December 31, 2025, 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.

Cash Equivalents

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Each commodity pool Trust Series segment derives its revenues from investments made in accordance with the defined investment strategy of the respective Trust Series, as prescribed in each Trust Series prospectus.

The Chief Operating Decision Maker (“CODM”) is the sponsor, USCF.

The CODM monitors the operating results of each Trust Series as part of making decisions for allocating resources and evaluating performance.

The Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer (“CEO”) of the sponsor, USCF.

The CODM monitors the operating results of the Fund as part of making decisions for allocating resources and evaluating performance.

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

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.

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

Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by USCI, USCI’s FCMs, counterparties or other market participants), liquidity 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.”

Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by USCI, USCI’s FCMs, counterparties or other market participants), liquidity requirements, or in view of 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 ten percent (10%) of the average daily percentage change in the price of the SDCI over the same period.

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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.

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.”

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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.

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 management fee of 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.

4 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 years ended of December 31, 2024, 2023 and 2022, USCI incurred $ 0 , $ 0 and $ 6,617 , respectively, in registration fees and offering expenses.

For the years ended of December 31, 2024, 2023 and 2022, CPER incurred $ 0 , $ 0 and $ 24,092 , respectively, in registration fees and offering expenses.

For the years ended of December 31, 2025, 2024, and 2023, 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.

4 unchanged sentences

Each Trust Series shares the fees and expenses on a pro rata basis with each 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, 2024 were $ 916,574 for the Trust Series and the Related Public Funds.

These fees and expenses for the year ending December 31, 2025 were $ 754,349 for the Trust Series and the other Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2025 totaled $ 65,484 and CPER’s portion of such fees and expenses for the year ending December 31, 2025 totaled $ 57,832 .

For the year ending December 31, 2024, these fees and expenses were $ 916,574 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2023 was $ 81,283 and CPER’s portion of such fees and expenses for the year ending December 31, 2023 was $ 76,810 .

USCI’s portion of such fees and expenses for the year ending December 31, 2024 totaled $ 59,716 and CPER’s portion of such fees and expenses for the year ending December 31, 2024 totaled $ 46,941 .

For the year ending December 31, 2023, these fees and expenses were $ 1,210,000 for the Trust Series and the Related Public Funds.

2 unchanged sentences

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

For the years ended December 31, 2025, 2024 and 2023, USCI incurred $ 353,700 , $ 433,806 , and $ 369,911 respectively, in investor tax reporting costs and audit expenses.

1 unchanged sentence

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

Other Expenses and Fees and Expense Waivers

Other Expenses and Fees

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 previously paid 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 terminated such expense waiver as of April 30, 2021.

NOTE 5 — CONTRACTS AND AGREEMENTS

1 unchanged sentence

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 calculated daily and payable

monthly and borne by USCF, is equal to 0.10 % of USCI’s total net assets and 0.025 % of CPER’s total net assets.

The fee of the Marketing Agent, which is calculated daily and payable monthly and borne by USCF, is equal to 0.10 % of USCI’s total net assets and 0.025 % of CPER’s total net assets.

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.

8 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”).

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”).

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 year ended December 31, 2024, compared to the year ended December 31, 2023, was due primarily to a lower number of contracts held and traded.

The increase in total commissions accrued to brokers for the year ended December 31, 2025, compared to the year ended December 31, 2024, was due primarily to the number of contracts held and traded.

For the twelve months ended December 31, 2025 and 2024, the monthly average volume of open future contract notional value was $ 315,852,571 and $ 217,244,129 , respectively.

1 unchanged sentence

Total commissions as annualized percentage of average total net assets

The decrease in 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 contracts held and traded.

For the twelve months ended December 31, 2025 and 2024, the monthly average volume of open future contract notional value was $ 225,322,417 and $ 167,484,599 , 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

3 unchanged sentences

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.

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

USCF pays licensing fees to SummerHaven equal to an annual fee of $ 15,000 per Trust Series, 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

8 unchanged sentences

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 transactions and assets.

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.

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.

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.

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

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.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing disputes among commodity-producing countries, the introduction of or changes in tariffs or trade barriers, and trade wars between nations.

Events such as these, and others, could cause volatility in the future, 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 the impact of which could limit a Trust Series’ ability to have a substantial portion of its assets invested in the Applicable Benchmark Component Futures Contracts.

In such a circumstance, a Trust Series could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Related Investments, such as OTC swaps.

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

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Each Trust Series also holds cash deposits with its custodian.

As of December 31, 2024 and December 31, 2023, USCI held cash deposits and investments in Treasuries in the amounts of $ 45,388,476 and $ 116,309,309 , respectively, with the custodian and FCMs.

As of December 31, 2024 and December 31, 2023, CPER held cash deposits and investments in Treasuries in the amounts of $ 45,744,085 and $ 94,151,194 , respectively, with the custodian and FCMs.

As of December 31, 2025 and December 31, 2024, USCI held cash deposits and investments in short - term investments in the amounts of $ 70,654,690 and $ 45,388,476 , respectively, with the custodian and FCMs.

As of December 31, 2025 and December 31, 2024, CPER held cash deposits and investments in short - term investments in the amounts of $ 131,740,409 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.

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Net Income (Loss)

( 1,149,667 )

Net Income (Loss) per Share

Total Income (Loss)

( 8,310,360 )

( 1,854,670 )

( 8,310,043 )

Total Expenses

Net Income (Loss)

( 8,936,837 )

( 2,352,542 )

( 8,847,678 )

Net Income (Loss) per Share

1 unchanged sentence

( 1,252,745 )

( 3,775,809 )

Total Expenses

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( 1,639,626 )

( 4,302,071 )

Net Income (Loss) per Share

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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:

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United States Contracts

( 4,218,366 )

Foreign Contracts

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United States Contracts

( 3,158,862 )

Foreign Contracts

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United States Contracts

( 9,781,512 )

The following table summarizes the valuation of CPER’s securities at December 31, 2024 using the fair value hierarchy:

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United States Contracts

( 9,781,512 )

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.

45 unchanged sentences

( 8,002,124 )

( 12,703,810 )

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

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Realized gain (loss) on closed commodity futures contracts

( 32,719,288 )

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

( 13,777,846 )

( 3,280,075 )

NOTE 10 – SUBSEQUENT EVENTS

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

What changed 10-K

Item 8. Financial Statements and Supplementary Data