What changed in this filing

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Item 1. Financial Statements

2026-05-08 compared with 2025-11-07 · 183 added, 201 removed, 768 unchanged (33% of the section changed)

1 unchanged sentence

Index to Financial Statements

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

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025

Schedules of Investments March 31, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Changes in Capital (Unaudited) for the three months ended March 31, 2026 and 2025

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026

United States Commodity Index Funds Trust

Statements of Financial Condition

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

At March 31, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Fund

September 30, 2025

March 31, 2026

December 31, 2025

3 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 2,609,785 )

Dividends receivable

2 unchanged sentences

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

Professional fees payable

Brokerage commissions payable

Directors’ fees payable

10 unchanged sentences

Statements of Financial Condition

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

At March 31, 2026 (Unaudited) and December 31, 2025

United States Copper Index Fund

September 30, 2025

March 31, 2026

December 31, 2025

4 unchanged sentences

( 18,330,085 )

Receivable for shares sold

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF transaction fees receivable

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

12 unchanged sentences

Statements of Financial Condition

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

At March 31, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Funds Trust

September 30, 2025

March 31, 2026

December 31, 2025

4 unchanged sentences

( 2,989,183 )

Receivable for shares sold

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF transaction fees receivable

1,062,410,048

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

Professional fees payable

Brokerage commissions payable

Directors’ fees payable

1 unchanged sentence

Commitments and Contingencies (Notes 4, 5 and 6)

1,061,549,708

Total Capital

1,061,549,708

Total Liabilities and Capital

1,062,410,048

Shares Outstanding

3 unchanged sentences

Schedule of Investments (Unaudited)

At September 30, 2025

At March 31, 2026

United States Commodity Index Fund

3 unchanged sentences

Notional Amount

Open Commodity Futures Contracts - Long United States Contracts

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

Open Commodity Futures Contracts - Long

United States Contracts

CME CATTLE FEEDER FUT May 2026 contracts, expiring May 2026

NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026

NYMEX NY Harb ULSD Fut June 2026 contracts, expiring May 2026

CBOT SOYBEAN OIL FUTR July 2026 contracts, expiring July 2026

ICE COFFEE ‘C’ FUTURE July 2026 contracts, expiring July 2026

NYMEX PLATINUM FUTURE July 2026 contracts, expiring July 2026

( 3,072,300 )

CME LIVE CATTLE FUTR August 2026 contracts, expiring August 2026

NYMEX RBOB Gasoline Futures RB September 2026 contracts, expiring August 2026

CBOT SOYBEAN MEAL FUTR September 2026 contracts, expiring September 2026

NYMEX WTI CRUDE FUTURE December 2026 contracts, expiring November 2026

United Kingdom Contracts

ICE Brent Crude Futures CO January contracts, expiring November 2025

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

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

ICE BRENT CRUDE FUTR October 2026 contracts, expiring August 2026

Foreign Contracts

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 October contracts, expiring October 2025 *

LME TIN FUTURE April 2026 contracts, expiring April 2026

( 3,052,255 )

LME Tin Futures LT October contracts, expiring October 2025 *

LME TIN FUTURE May 2026 contracts, expiring May 2026

LME PRI ALUM FUTR June 2026 contracts, expiring June 2026

LME ZINC FUTURE June 2026 contracts, expiring June 2026

( 1,118,384 )

LME Zinc Futures LX October contracts, expiring October 2025 *

Open Commodity Futures Contracts - Short ** Foreign Contracts

LME TIN FUTURE April 26 contracts, expiring April 2026

( 19,904,135 )

LME PRI ALUM FUTR June 2026 contracts, expiring June 2026

LME ZINC FUTURE June 2026 contracts, expiring June 2026

( 27,783,878 )

Total Open Futures Contracts *

1 unchanged sentence

Schedule of Investments (Unaudited)

At September 30, 2025

At March 31, 2026

United States Commodity Index Fund

2 unchanged sentences

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

Matures on 4/09/2026, yield 3.70 %

Matures on 6/02/2026, yield 3.51 %

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

Represents less than 0.005 %.

Collateral amounted to $ 10,563,268 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 September 30, 2025.

Reflects the 7 -day yield at March 31, 2026.

See accompanying notes to financial statements.

12 unchanged sentences

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 **

4 unchanged sentences

( 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

8 unchanged sentences

Total United States Money Market Funds

† Represents less than 0.005 %.

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

4 unchanged sentences

Schedule of Investments (Unaudited)

At September 30, 2025

At March 31, 2026

United States Copper Index Fund

5 unchanged sentences

United States Contracts

COMEX Copper Futures HG December contracts, expiring December 2025

COMEX Copper Futures HG March contracts, expiring March 2026

COMEX Copper Futures HG May 2026 contracts, expiring May 2026

( 3,309,200 )

COMEX Copper Futures HG July 2026 contracts, expiring July 2026

( 5,336,962 )

COMEX COPPER FUTURE September 2026 contracts, expiring September 2026

( 9,683,923 )

Total Open Futures Contracts *

( 18,330,085 )

Shares/Principal

1 unchanged sentence

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

Matures on 4/09/2026, yield 3.70 %

Matures on 4/16/2026, yield 3.53 %

Matures on 5/05/2026, yield 3.67 %

Matures on 6/02/2026, yield 3.51 %

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 $ 98,824,452 on open commodity futures contracts.

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

Reflects the 7-day yield at March 31, 2026.

See accompanying notes to financial statements.

10 unchanged sentences

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

9 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed commodity futures contracts

( 9,042,254 )

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

( 1,255,734 )

Dividend income

14 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed commodity futures contracts

( 3,556,887 )

( 6,421,587 )

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

18 unchanged sentences

Statements of Operations (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

Gain (loss) on trading of commodity futures contracts:

March 31, 2026

March 31, 2025

Realized gain (loss) on closed commodity futures contracts

( 15,463,841 )

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

( 52,626,870 )

Dividend income

12 unchanged sentences

Statements of Changes in Capital (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund

2 unchanged sentences

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Balances at beginning of period

3 unchanged sentences

( 3,465,647 )

( 20,520,602 )

Net income (loss)

4 unchanged sentences

Statements of Changes in Capital (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund

2 unchanged sentences

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Balances at beginning of period

3 unchanged sentences

( 8,684,890 )

( 95,892,201 )

( 76,325,113 )

Net income (loss)

5 unchanged sentences

Statements of Changes in Capital (Unaudited)

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

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust

2 unchanged sentences

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Balances at beginning of period

3 unchanged sentences

( 12,150,537 )

( 106,131,915 )

( 96,845,715 )

Net income (loss)

Balances at end of period

1,061,549,708

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

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund

Nine months ended

September 30, 2025

September 30, 2024

Three months ended

March 31, 2026

March 31, 2025

Cash Flows from Operating Activities:

6 unchanged sentences

(Increase) decrease in prepaid insurance

Increase (decrease) payable due to broker

Increase (decrease) in Management fees payable

8 unchanged sentences

Net cash provided by (used in) financing activities

( 4,911,463 )

Net Increase (Decrease) in Cash and Cash Equivalents

9 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund

Nine months ended

September 30, 2025

September 30, 2024

Three months ended

March 31, 2026

March 31, 2025

Cash Flows from Operating Activities:

Net income (loss)

( 32,167,971 )

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

1 unchanged sentence

( 32,983,237 )

( 1,988,504 )

(Increase) decrease in dividends receivable

(Increase) decrease in interest receivable

(Increase) decrease in prepaid professional fees

(Increase) decrease in prepaid insurance

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in payable due to Broker

( 24,709,925 )

Increase (decrease) in Management fees payable

19 unchanged sentences

Statements of Cash Flows (Unaudited)

For the nine months ended September 30, 2025 and 2024

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust

Nine months ended

September 30, 2025

September 30, 2024

Three months ended

March 31, 2026

March 31, 2025

Cash Flows from Operating Activities:

3 unchanged sentences

( 31,727,503 )

( 10,044,112 )

(Increase) decrease in dividends receivable

(Increase) decrease in interest receivable

(Increase) decrease in prepaid professional fees

(Increase) decrease in prepaid insurance

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in payable due to Broker

( 24,704,380 )

Increase (decrease) in Management fees payable

11 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period

1,062,119,987

Components of Cash and Cash Equivalents, and Equity in Trading Account:

3 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

1,062,119,987

See accompanying notes to financial statements.

1 unchanged sentence

Notes to Financial Statements (Unaudited)

For the period ended September 30, 2025

For the period ended March 31, 2026

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 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;

however, such financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of USCF, necessary for the fair presentation of the financial statements for the interim period.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 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;

9 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 September 30, 2025 for any Trust Series.

No interest expense or penalties have been recognized as of and for the period ended March 31, 2026 for any Trust Series.

Creations and Redemptions

14 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 September 30, 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.

As of March 31, 2026, USCF held 5 shares of USCI and 40 shares of CPER.

Cash Equivalents

Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.

Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of three months or less.

Use of Estimates

6 unchanged sentences

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

40 unchanged sentences

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

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.

As of March 31, 2026, USCI held 1,764 Futures Contracts on the NYMEX, held 707 Futures Contracts on the ICE Futures, held 1,389 Futures Contracts on the CBOT, held 405 Futures Contracts on the CME, held 1,250 Futures Contracts on the LME and did no t hold any Futures Contracts on the COMEX, totaling 5,515 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 September 30, 2025, CPER held 2,268 Futures Contracts on the COMEX.

As of March 31, 2026, CPER held 5,037 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 nine months ended of September 30, 2025 and 2024, neither USCI or CPER incurred registration fees and offering expenses.

For the three months ended of March 31, 2026 and 2025, respectively, USCI did no t incur any registration fees and offering expenses.

For the three months ended of March 31, 2026 and 2025, respectively, CPER did no t incur any 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.

33 unchanged sentences

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

Three months ended

March 31, 2026

March 31, 2025

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 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

The increase in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a higher number of contracts held and traded.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $ 382,281,180 and $ 273,448,252 , respectively.

Three months ended

March 31, 2026

March 31, 2025

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 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.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $ 691,899,938 and $ 159,829,737 , respectively.

Swap Dealer Agreement

23 unchanged sentences

(“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.

2 unchanged sentences

Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts.

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.

All of the futures contracts held by each Trust Series through March 31, 2026 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.

3 unchanged sentences

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

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.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, military conflicts and war, such as the Russia-Ukraine war and military conflicts in the Middle East, 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.

8 unchanged sentences

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

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.

As of March 31, 2026 and December 31, 2025, USCI held investments in Treasuries and money market funds in the amounts of $ 230,430,483 and $ 210,500,000 , respectively.

As of March 31, 2026 and December 31, 2025, CPER held investments in Treasuries and money market funds in the amounts of $ 575,286,836 and $ 296,475,000 , respectively.

Each Trust Series also holds cash deposits with its 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.

As of March 31, 2026 and December 31, 2025, USCI held cash deposits and short-term investments in the amounts of $ 101,571,056 and $ 70,654,690 , respectively, with the custodian and FCMs.

As of March 31, 2026 and December 31, 2025, CPER held cash deposits and short-term investments in the amounts of $ 154,824,454 and $ 131,740,409 , 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 nine months ended September 30, 2025 and 2024 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders.

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

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Per Share Operating Performance:

7 unchanged sentences

Management fees #

Net expense excluding management fees #

Total expenses excluding management fees #

Net income (loss)

1 unchanged sentence

Three months ended

Nine months ended

September 30, 2025

September 30, 2024

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

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 September 30, 2025 using the fair value hierarchy:

At September 30, 2025

The following table summarizes the valuation of USCI’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

Short-Term Investments

2 unchanged sentences

Foreign Contracts

( 1,086,912 )

The following table summarizes the valuation of USCI’s securities at December 31, 2025 using the fair value hierarchy:

3 unchanged sentences

United States Contracts

( 4,218,366 )

Foreign Contracts

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

At September 30, 2025

The following table summarizes the valuation of CPER’s securities at March 31, 2026 using the fair value hierarchy:

At March 31, 2026

Short-Term Investments

1 unchanged sentence

United States Contracts

( 18,330,085 )

The following table summarizes the valuation of CPER’s securities at December 31, 2025 using the fair value hierarchy:

3 unchanged sentences

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.

4 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

September 30, 2025

March 31, 2026

December 31, 2025

1 unchanged sentence

Unrealized gain (loss) on open commodity futures contracts

( 2,609,785 )

Fair Value of Derivative Instruments Held by CPER

3 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

September 30, 2025

March 31, 2026

December 31, 2025

3 unchanged sentences

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

For the nine months ended

September 30, 2025

September 30, 2024

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

19 unchanged sentences

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

( 1,255,734 )

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

For the nine months ended

September 30, 2025

September 30, 2024

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

19 unchanged sentences

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

( 70,577,557 )

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