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Item 2. Management’s Discussion and Analysis

2026-05-08 compared with 2025-11-07 · 106 added, 175 removed, 742 unchanged (27% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the financial statements and the notes thereto of the United States Commodity Index Funds Trust (the “Trust”) included elsewhere in this quarterly report on Form 10-Q.

Forward-Looking Information

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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 quarterly report on Form 10-Q 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.

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.

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This is because natural market forces called contango and backwardation have impacted the total return on an investment in USCI’s shares during the past year relative to a hypothetical direct investment in the various commodities and, in the future, it is likely that the relationship between the market price of USCI’s shares and changes in the spot prices of the underlying commodities will continue to be so impacted by contango and backwardation.

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.) 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.

(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.) 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 not hold any Futures Contracts on the COMEX, totaling 5,515 futures contracts.

United States Copper Index Fund

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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.

As a result, investors should be aware that CPER would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the SCI, provided that the average daily percentage change in CPER’s NAV over 30 successive valuation days is within plus/minus ten percent (10%) of the average daily percentage change in the price of the SCI over the same period.

USCF believes that market arbitrage opportunities will cause daily changes in CPER’s share price on the NYSE Arca on a percentage basis, to closely track the daily changes in CPER’s per share NAV on a percentage basis.

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(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

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based futures exchanges are not a fixed ceiling, but rather a threshold above which such exchanges may exercise greater scrutiny and control over an investor’s positions.

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

For the nine months ended September 30, 2025, no Trust Series exceeded accountability levels imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

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 not hold any Futures Contracts on the COMEX, totaling 5,515 futures contracts.

As of March 31, 2026, CPER held 5,037 Futures Contracts on the COMEX.

For the three months ended March 31, 2026, no Trust Series exceeded accountability levels imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so.

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As such, none of the Trust Series anticipates that position limits that apply to the last few days prior to a contract’s expiration will impact it.

For the nine months ended September 30, 2025, no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

For the three months ended March 31, 2026, no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Federal Position Limits

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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.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, military 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.

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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.

When interest rates fall, the 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.

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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.

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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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Commodity Futures Price Movements

Nine Months Ended September 30, 2025

As measured by the four major diversified commodity indexes listed below, commodity futures prices rose during the nine months ended September 30, 2025.

Three Months Ended March 31, 2026

As measured by the four major diversified commodity indexes listed below, commodity futures prices exhibited a strong upward trend during the three months ended March 31, 2026.

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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The value of the SDCI as of December 31, 2025 was $2,765.82.

As of September 30, 2025, the value of the SDCI was $2,768.10, up approximately 18.85% over the nine months ended September 30, 2025.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), fifteen had positive returns for the nine months ended September 30, 2025.

The best performing commodity sector was Precious Metals (up approximately 24.1%) followed by Livestock (up approximately 13.7%).

As of March 31, 2026, the value of the SDCI was $3,406.82, up approximately 23.18% over the three months ended March 31, 2026.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), 23.18 had positive returns for the quarter ended March 31, 2026.

The best performing commodity sector was Energy (up approximately 60.03%) followed by Precious Metals (up approximately 8.56%).

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

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(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.) When inflation began declining in mid-2022, commodities also declined.

However, 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 are still uncertain.

The overall impact of the administration’s actions has increased the risk of a global economic slowdown or recession, which could reduce demand for some commodities.

In economic downturns, energy and precious metals can decline, while precious metals rise, though this dynamic is not always the case.

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.

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.

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.

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

While it is impossible to predict how the current tariff turmoil will impact commodities relative to equities, and past results do not predict the future, the evidence shows that commodities have, on average, provided diversification at critical times.

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 23.18% 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 $66.04 and ended the period at $77.82 on September 30, 2025, an increase of approximately 17.84 % over the period.

USCI’s per share NAV began the period at $77.48 and ended the period at $95.34 on March 31, 2026, an increase of approximately 23.05% over the period.

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

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 have a negative impact on such Trust Series or its ability to have all 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.

Copper Markets

Copper Futures Price Movements

Nine Months Ended September 30, 2025

As measured by two major copper indexes, copper futures prices exhibited a strong upward trend during the nine months ended September 30, 2025.

Three Months Ended March 31, 2026

As measured by the two major copper indexes, copper futures prices exhibited a strong upward trend during the three months ended March 31, 2026.

The table below compares the total returns of the SCI to the Bloomberg Copper Subindex Total Return over this time period.

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The value of the SCI as of December 31, 2025 was $1,909.69.

As of September 30, 2025, the value of the SCI was $1,636.82, up approximately 19.56% over the nine months ended September 30, 2025.

As of March 31, 2026, the value of the SCI was $1,884.52, down approximately 1.32% over the three months ended March 31, 2026.

The return of approximately (1.32)% on the SCI 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.

CPER’s per share NAV began the period at $25.23 and ended the period at $29.93 on September 30, 2025, an increase of approximately 18.63% over the period.

CPER’s per share NAV began the period at $34.84 and ended the period at $34.31 on March 31, 2026, a decrease of approximately (1.52)% over the period.

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

During the nine months ended September 30, 2025, the price of the front month copper futures contract traded in a range between $402.60 per pound and $581.95 per pound.

Prices increased by 20.61% between December 31, 2024 to September 30, 2025 finishing the period at $485.65.

Copper futures markets reached an all-time high 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.

Despite the drop, copper remained up for the year as of the close on July 31, and rose another 11.5% from that point to the end of the third quarter.

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

The administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis.

The overall impact of the administration's actions has increased the risk of a global economic slowdown or recession, which would reduce demand for copper.

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.

During the quarter ended March 31, 2026, the price of the front month copper futures contract traded in a range between $537.45 per pound and $620.35 per pound.

Prices decreased by 1.20% between December 31, 2025 to March 31, 2026 finishing the period at $561.40.

After strong returns in 2025, copper exhibited a volatile pattern from January to mid-March.

Copper briefly fell in mid-March as concerns about an economic slowdown caused by the Iran War increased.

However, prices decreased to a low on March 20, 2026 and rose back above $600 subsequent to the end of the first quarter.

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.

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On September 14, 2011, USCF redeemed the 20 Sponsor Shares of USCI, and on September 19, 2011, USCF purchased five shares of USCI in the open market.

As of September 30, 2025, USCI had 3,500,000 shares outstanding.

As of March 31, 2026, USCI had 3,650,000 shares outstanding.

USCI has an unlimited number of shares registered and available for issuance.

More shares may have been issued by USCI than are outstanding due to the redemption of shares.

As of September 30, 2025, CPER had 9,300,000 shares outstanding.

As of March 31, 2026, CPER had 20,800,000 shares outstanding.

CPER has an unlimited number of shares registered and available for issuance.

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USCF and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement effective as of December 15, 2017.

As of September 30, 2025, USCI and CPER had the following Authorized Participants:

As of March 31, 2026, USCI and CPER had the following Authorized Participants:

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 Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Average daily total net assets

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

USCI’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that USCI pays to USCF is calculated as a percentage of the total net assets of USCI.

The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 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 nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was due primarily to a decrease in tax reporting and professional fees.

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 Commodity Futures Contracts being held and traded.

For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Three months ended

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

As a result, the amount

of income earned by USCI as a percentage of average daily total net assets was lower during the three months ended September 30, 2025, compared to the three months ended September 30, 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 three months ended September 30, 2025, compared to the three months ended September 30, 2024, was due primarily to a decrease in tax reporting and professional fees.

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

For the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

Nine months ended

September 30, 2025

September 30, 2024

Average daily total net assets

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

CPER’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that CPER pays to USCF is calculated as a percentage of the total net assets of CPER.

The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Although the average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, the cash balance was higher.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was higher during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

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

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 Commodity Futures Contracts being held and traded.

For the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

The increase in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to an increase in directors’ fees and insurance and brokerage fees.

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 Commodity Futures Contracts being held and traded.

For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

Three months ended

September 30, 2025

September 30, 2024

March 31, 2026

March 31, 2025

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Although the average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, the cash balance held was higher.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was higher during the three months ended March 31, 2026, compared to the three months ended March 31, 2025.

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

The increase in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to an increase in tax reporting professional fees and directors’ fees and insurance.

Tracking Each Trust Series’ Benchmark

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USCF believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in listed Futures Contracts and Other-Related Investments.

For the 30-valuation days ended September 30, 2025, the simple average daily change in the SDCI was 0.159%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.155%.

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

For the 30-valuation days ended March 31, 2026, the simple average daily change in the SDCI was 0.612%, while the simple average daily change in the per share NAV of USCI over the same time period was The average daily difference was (0.006)%.

(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 error in daily tracking by the per share NAV was (1.396)%, 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 September 30, 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%.

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through March 31, 2026, the simple average daily change in the SDCI was 0.026%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.020%.

The average daily difference was (0.006)% (or (0.1) basis points, where 1 basis point equals 1/100 of 1%).

percentage of the daily movement of the SDCI, the average difference in daily tracking by the per share NAV was (6.010)%, 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 average difference in daily tracking by the per share NAV was (5.833)%, meaning that over this time period USCI’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 SDCI’s NAV and the changes in the SDCI.

The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended September 30, 2025.

The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended September 30, 2025.

The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended March 31, 2026, the last trading day in March.

The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended March 31, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of USCI versus the return of its SDCI can be calculated by comparing the actual return of USCI, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that USCI’s returns had been exactly the same as the daily changes in its SDCI.

For the nine months ended September 30, 2025, the actual total return of USCI as measured by changes in its per share NAV was 17.84%.

This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $77.82.

For the three months ended March 31, 2026, the actual total return of USCI as measured by changes in its per share NAV was 23.05%.

This is based on an initial per share NAV of $77.48 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $95.34.

During this time period, USCI made no distributions to its shareholders.

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 $78.49 as of September 30, 2025, for a total return over the relevant time period of 18.85%.

The difference between the actual per share NAV total return of USCI of 17.84% and the expected total return based on the SDCI of 18.85% was a difference over the time period of (1.01)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage.

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 $95.45 as of March 31, 2026, for a total return over the relevant time period of 23.18%.

The difference between the actual per share NAV total return of USCI of 23.05%.

and the expected total return based on the SDCI of 23.18% was a difference over the time period of (0.13)%, which is to say that USCI’s actual total return underperformed 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.

The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

By comparison, for the nine months ended September 30, 2024, the actual total return of USCI as measured by changes in its per share NAV was 10.72%.

This is based on an initial per share NAV of $56.34 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $62.38.

By comparison, for the three months ended March 31, 2025, the actual total return of USCI as measured by changes in its per share NAV was 9.02%.

This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $72.00.

During this time period, USCI made no distributions to its shareholders.

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 $62.96 as of September 30, 2024, for a total return over the relevant time period of 11.75%.

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 $72.25 as of March 31, 2025, for a total return over the relevant time period of 9.40%.

The difference between the actual per share NAV total return of USCI of 9.02% and the expected total return based on the SDCI of 9.40% was a difference over the time period of (0.38)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage.

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For the 30-valuation days ended September 30, 2025, the simple average daily change in the SCI was 0.248%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.245%.

For the 30-valuation days ended March 31, 2026, the simple average daily change in the SCI was (0.028)%, while the simple average daily change in the per share NAV of CPER over the same time period was (0.031)%.

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 error in daily tracking by the per share NAV was (2.397)%, 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 September 30, 2025, the simple average daily change in the SCI was 0.019%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.015%.

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through March 31, 2026, 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 0.019%.

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

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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 September 30, 2025.

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 September 30, 2025.

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 March 31, 2026, the last trading day in June.

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 March 31, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of CPER versus the return of its SCI can be calculated by comparing the actual return of CPER, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that CPER’s returns had been exactly the same as the daily changes in its SCI.

For the nine months ended September 30, 2025, the actual total return of CPER as measured by changes in its per share NAV was 18.63%.

This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $29.93.

For the three months ended March 31, 2026, the actual total return of CPER as measured by changes in its per share NAV was (1.52)%.

This is based on an initial per share NAV of $34.84 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $34.31.

During this time period, CPER made no distributions to its shareholders.

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 $30.16 as of September 30, 2025, for a total return over the relevant time period of 19.56%.

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 $34.38 as of March 31, 2026, for a total return over the relevant time period of (1.32)%.

The difference between the actual per share NAV total return of CPER of (1.52)% and the expected total return based on the SCI of (1.32)% was a difference over the time period of (0.20)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

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The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

By comparison, for the nine months ended September 30, 2024, the actual total return of CPER as measured by changes in its per share NAV was 17.72%.

This is based on an initial per share NAV of $24.10 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $28.37.

By comparison, for the three months ended March 31, 2025, the actual total return of CPER as measured by changes in its per share NAV was 24.85%.

This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $31.50.

During this time period, CPER made no distributions to its shareholders.

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 $28.60 as of September 30, 2024, for a total return over the relevant time period of 18.67%.

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 $31.59 as of March 31, 2025, for a total return over the relevant time period of 25.23%.

The difference between the actual per share NAV total return of CPER of 24.85% and the expected total return based on the SCI of 25.23% was a difference over the time period of (0.38%), which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

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At the same time, each Trust Series earns dividend and interest income on its cash, cash equivalents and Treasuries.

A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the nine months ended September 30, 2025.

A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the three months ended March 31, 2026.

Interest payments, and any other income, were retained within the portfolio and added to each Trust Series’ NAV.

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As a third example, USCI could hold the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” but for a contract month other than November 2020.

During the nine months ended September 30, 2025, no Trust Series held any Other Related Investments.

During the three months ended March 31, 2026, no Trust Series held any Other Related Investments.

Fourth, a Trust Series could hold Other-Related Investments.

In that case, the error in tracking the Applicable Index could result in daily changes in the per share NAV of a Trust Series that are either too high, or too low, relative to the daily changes in the price of the Applicable Index.

During the nine months ended September 30, 2025, none of the Trust Series held any Other Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract.

During the three months ended March 31, 2026, none of the Trust Series held any Other-Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract.

If any Trust Series increases in size, and due to its obligations to comply with regulatory limits, or due to other market pricing or liquidity factors, such Trust Series may invest in Futures Contract months other than the designated month specified as the Applicable Benchmark Component Futures Contract, or in Other-Related Investments, which may have the effect of increasing transaction related expenses and may result in increased tracking error.

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The Selection Date for the SDCI is the fifth business day prior to the end of that calendar month.

The following graph shows the sector weights of the commodities selected for inclusion in the SDCI as of September 30, 2025.

The following graph shows the sector weights of the commodities selected for inclusion in the SDCI as of March 31, 2026.

Contract Selection

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Hypothetical Performance of the SDCI

The table and chart below show the hypothetical performance of the SDCI from January 1, 2015 through September 30, 2025.

The table and chart below show the hypothetical performance of the SDCI from January 1, 2016 through March 31, 2026.

The composition of the SDCI was revised effective December 24, 2020.

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Hypothetical Performance Results* for the period from

Year Ending 2015 through September 30, 2025 YTD

Year Ending 2016 through March 31, 2026 YTD

Ending Level*

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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

SummerHaven Dynamic Commodity Index Total Return ℠ (“SDCI”) Year-Over-Year Hypothetical

Total Returns (Year Ending 2016 through 3/31/2026 YTD)*

* In addition to the actual performance of the SDCI, this chart includes as “SDCI Hypothetical TR” the hypothetical performance of the SDCI had the changes to the composition of the SDCI, which became effective on December 24, 2020, been effective during the January 1, 2013 through December 24, 2020 period.

The following table and chart compare the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes for the period from December 31, 1997 to September 30, 2025.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through September 30, 2025

from December 31, 1997 through March 31, 2026

Average annualized return (total)

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SHIM, Bloomberg

The table immediately above shows the performance of the SDCI from December 31, 1997 through September 30, 2025 in comparison with three traditional commodities indices:

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

The table immediately above shows the performance of the SDCI from December 31, 1997 through March 31, 2026 in comparison with three traditional commodities indices:

the S&P GSCI Commodity Index (GSCI®) Total Return, Bloomberg Commodity Index Total ReturnSM (“BCOM TR”), and the Deutsche Bank Index Quant Optimum Yield Diversified Commodity Index Total ReturnTM (“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 ReturnSM 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 ReturnTM 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 ReturnTM 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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USCI is not responsible for any information found on such websites, and such information is not part of this quarterly report on Form 10-Q.

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to September 30, 2025;

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to March 31, 2026;

“Annualized Volatility” is a measure of the amount of variation or fluctuation in the returns of the relevant index.

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A higher Sharpe Ratio is not a guarantee that one investment or index will in the future produce better risk adjustment total returns, but USCF believes it is a useful tool for investors to consider when making investment decisions.

The following chart compares the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes between September 30, 2015 and September 30, 2025, where the SDCI TR includes the initial composition of the index until December 24, 2020 when changes to the index composition became effective.

The following chart compares the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes between March 31, 2016 and March 31, 2026, where the SDCI TR includes the initial composition of the index until December 24, 2020 when changes to the index composition became effective.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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

S&P GSCI TR, DBIQ OY TR, and the Hypothetical Returns of the SDCI TR

(3/31/2016- 3/31/2026)

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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

S&P GSCI TR, DBIQ OY TR, and the Hypothetical Returns of the SDCI TR

(3/31/2021- 3/31/2026)

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CPER’s Selection Date for the SCI is the 10th business day of the calendar month.

The following graph shows the weights of the Benchmark Component Copper Futures Contracts selected for inclusion in the SCI as of September 30, 2025.

The following graph shows the weights of the Benchmark Component Copper Futures Contracts selected for inclusion in the SCI as of March 31, 2026.

Portfolio Construction

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Hypothetical Performance of the SCI

The table and chart below show the hypothetical performance of the SCI from January 1, 2015 through September 30, 2025.

The table and chart below show the hypothetical performance of the SCI from January 1, 2016 through March 31, 2026.

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW.

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Hypothetical Performance Results* for the period from Year

Ending 2015 through September 30, 2025 YTD

Ending 2016 through March 31, 2026 YTD

Ending Level*

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SummerHaven Index Management, Bloomberg

The following table compares the total return of the SCI in comparison with the total return a major index and spot copper prices (less storage cost) from December 31, 1997 through September 30, 2025.

The following table compares the total return of the SCI in comparison with the total return a major index and spot copper prices (less storage cost) from December 31, 1997 through March 31, 2026.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through September 30, 2025

from December 31, 1997 through March 31, 2026

(less storage)

3 unchanged sentences

SHIM, Bloomberg

The table above shows the performance of the SCI from December 31, 1997 through September 30, 2025 in comparison with a traditional commodity index and spot copper prices:

The table above shows the performance of the SCI from December 31, 1997 through March 31, 2026 in comparison with a traditional commodity index and spot copper prices:

the Bloomberg Copper Subindex Total Return SM and spot copper prices less warehouse storage rents.

7 unchanged sentences

USCF is not responsible for any information found on such website, and such information is not part of this quarterly report on Form 10-Q.

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to September 30, 2025;

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to March 31, 2026;

“Annualized Volatility” is a measure of the amount of variation or fluctuation in the returns of the relevant index.

10 unchanged sentences

The following chart compares the hypothetical total return of the SCI in comparison with the actual return of three major indexes between September 30, 2015 and September 30, 2025, where the SCI includes the original composition of the index until the changes described above and became effective on January 1, 2021, from which point then the revised composition of the index is included.

The following chart compares the hypothetical total return of the SCI in comparison with the actual return of three major indexes between March 31, 2016 and March 31, 2026, where the SCI includes the original composition of the index until the changes described above and became effective on January 1, 2021, from which point then the revised composition of the index is included.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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Income received from any investments in money market funds and Treasuries by a Trust Series will be paid to such Trust Series.

During the nine months ended September 30, 2025, each Trust Series’ income earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets did not exceed the expenses.

Although permitted to do so under the Trust Agreement, each Trust Series has not leveraged, and does not intend to leverage, its assets through borrowings or otherwise, and makes its investments accordingly.

Consistent with the foregoing, each Trust Series’ investments will take into account the need for the relevant Trust Series to maintain adequate liquidity to meet its margin and collateral requirements and to avoid, to the extent reasonably possible, the Trust Series becoming leveraged.

If market conditions require it, these risk reduction procedures, including changes to a Trust Series’ investments, may occur on short notice.

Each Trust Series does not and will not borrow money or use debt to satisfy its margin or collateral obligations in respect of its investments, but it could become leveraged if the Trust Series were to hold insufficient assets that would allow it to meet not only the current, but also future, margin or collateral obligations required for such investments.

Such a circumstance could occur if the Trust Series were to hold assets that have a value of less than zero.

USCF endeavors to have the value of each Trust Series’ Treasuries, cash and cash equivalents, whether held by a Trust Series or posted as margin or other collateral, at all times approximate the aggregate market value of its obligations under its Applicable Interests and Other Related Investments.

During the three months ended March 31, 2026, each Trust Series’ income earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets did exceed the expenses.

Each Trust Series’ investments in Applicable Interests may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons.

2 unchanged sentences

Such market conditions could prevent a Trust Series from promptly liquidating its positions in Futures Contracts.

During the nine months ended September 30, 2025, none of the Trust Series purchased or liquidated any of its positions while daily limits were in effect;

During the three months ended March 31, 2026, none of the Trust Series purchased or liquidated any of its positions while daily limits were in effect;

however, no Trust Series can predict whether such an event may occur in the future.

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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 nine months ended September 30, 2025, USCI made investments on the London Metal Exchange.

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

Quantitative and Qualitative Disclosures About Market Risk” in this quarterly report on Form 10-Q for a discussion of OTC swaps.

As of September 30, 2025, each of USCI and CPER held cash deposits and short-term investments in the amount of $266,717,553 and $253,210,866, respectively, with the custodian and FCMs.

As of March 31, 2026, each of USCI and CPER held cash deposits and investments in Treasuries and money market funds in the amount of $332,001,539 and $730,118,448, respectively, with the custodian and FCMs.

Some or all of these amounts held by a custodian or an FCM, as applicable, may be subject to loss should the Trust Series’ custodian or FCMs, as applicable, cease operations.

Off Balance Sheet Financing

As of September 30, 2025, neither the Trust nor any Trust Series had any loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of any Trust Series.

As of March 31, 2026, neither the Trust nor any Trust Series had any loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of any Trust Series.

While each Trust Series’ exposure under these indemnification provisions cannot be estimated, they are not expected to have a material impact on any Trust Series’ financial position.

Redemption Basket Obligation

In order to meet its investment objective and pay its contractual obligations described below, each Trust Series requires liquidity to redeem shares, which redemptions must be in blocks of 50,000 shares called “Redemption Baskets.” Each Trust Series has to date satisfied this obligation by paying from the cash or cash equivalents it holds or through the sale of its Treasuries in an amount proportionate to the number of shares being redeemed.

satisfied this obligation by paying from the cash or cash equivalents it holds or through the sale of its Treasuries in an amount proportionate to the number of shares being redeemed.

Contractual Obligations

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Each Trust Series pays fees to FCMs in connection with its transactions in Futures Contracts.

For the nine months ended September 30, 2025, FCM fees were approximately 0.07% of average daily total net assets for USCI, and approximately 0.02% of average daily total net assets for CPER.

For the three months ended March 31, 2026, FCM fees were approximately 0.08% of average daily total net assets for USCI, and approximately 0.02% of average daily total net assets for CPER.

In general, transaction costs on OTC Applicable Interests and on Treasuries and other short-term securities are embedded in the purchase or sale price of the instrument being purchased or sold, and may not readily be estimated.

7 unchanged sentences

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

As of September 30, 2025, USCI’s portfolio consisted of 5,212 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio consisted of 2,268 Futures Contracts traded on the COMEX.

As of March 31, 2026, USCI’s portfolio held 5,515 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio held 5,037 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-Q

Item 2. Management’s Discussion and Analysis