What changed in this filing

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Item 1. Financial Statements

2026-08-07 compared with 2026-05-08 · 195 added, 132 removed, 819 unchanged (29% of the section changed)

1 unchanged sentence

Index to Financial Statements

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

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025

Schedules of Investments June 30, 2026 (Unaudited) and December 31, 2025

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026

United States Commodity Index Funds Trust

Statements of Financial Condition

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

At June 30, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Fund

March 31, 2026

June 30, 2026

December 31, 2025

8 unchanged sentences

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

12 unchanged sentences

Statements of Financial Condition

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

At June 30, 2026 (Unaudited) and December 31, 2025

United States Copper Index Fund

March 31, 2026

June 30, 2026

December 31, 2025

7 unchanged sentences

Prepaid insurance

ETF Transaction Fees Receivable

Liabilities and Capital

Payable due to Broker

Payable for shares redeemed

Management fees payable (Note 4)

12 unchanged sentences

Statements of Financial Condition

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

At June 30, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Funds Trust

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 2,989,183 )

Dividends receivable

1 unchanged sentence

Prepaid insurance

ETF Transaction Fees Receivable

1,076,147,430

1 unchanged sentence

Payable due to Broker

Payable for shares redeemed

Management fees payable (Note 4)

13 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2026

At June 30, 2026

United States Commodity Index Fund

5 unchanged sentences

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

CME Cattle Feeder Futures August 2026 contracts, expiring August 2026

NYMEX NY Harbour ULSD Futures September 2026 contracts, expiring August 2026

CME Live Cattle Futures 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

CBOT Soybean Oil Futr September 2026 contracts, expiring September 2026

CBOT Soybean Meal Futures September 2026 contracts, expiring September 2026

ICE Coffee 'C' Future September 2026 contracts, expiring September 2026

COMEX Copper Futures September 2026 contracts, expiring September 2026

COMEX Silver Future September 2026 contracts, expiring September 2026

NYMEX WTI Crude Oil Futures December 2026 contracts, expiring November 2026

United Kingdom Contracts

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

ICE BRENT CRUDE FUTR October 2026 contracts, expiring August 2026

ICE Brent Crude Oil Futures October 2026 contracts, expiring August 2026

ICE Low Sulphur Gasoil Futures September 2026 contracts, expiring September 2026

Foreign Contracts

LME TIN FUTURE April 2026 contracts, expiring April 2026

LME Lead Future July 2026 contracts, expiring July 2026

( 2,225,917 )

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

LME Zinc Futures LX September 2026 contracts, expiring September 2026

LME Pri Alum Futr October 2026 contracts, expiring October 2026

( 3,968,745 )

LME Zinc Future November 2026 contracts, expiring November 2026

Open Commodity Futures Contracts - Short ** Foreign Contracts

LME TIN FUTURE April 26 contracts, expiring April 2026

LME Lead Future July 2026 contracts, expiring July 2026

( 24,940,400 )

LME PRI ALUM FUTR June 2026 contracts, expiring June 2026

LME ZINC FUTURE June 2026 contracts, expiring June 2026

LME Zinc Futures LX September 2026 contracts, expiring September 2026

( 28,194,939 )

LME Pri Alum Futr October 2026 contracts, expiring October 2026

Total Open Futures Contracts *

1 unchanged sentence

Schedule of Investments (Unaudited)

At March 31, 2026

At June 30, 2026

United States Commodity Index Fund

6 unchanged sentences

Matures on 7/09/2026, yield 3.70 %

Matures on 7/16/2026, yield 3.70 %

Matures on 8/20/2026, yield 3.61 %

Matures on 9/03/2026, yield 3.66 %

Matures on 9/10/2026, yield 3.70 %

Matures on 9/22/2026, yield 3.54 %

Matures on 9/29/2026, yield 3.68 %

Matures on 12/10/2026, yield 3.72 %

Total United States Treasury Obligations

3 unchanged sentences

Total Cash Equivalents

Represents less than 0.005 %.

Collateral amounted to $ 24,685,967 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 March 31, 2026.

Reflects the 7 -day yield at June 30, 2026.

See accompanying notes to financial statements.

56 unchanged sentences

Schedule of Investments (Unaudited)

At March 31, 2026

At June 30, 2026

United States Copper Index Fund

5 unchanged sentences

United States Contracts

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

COMEX Copper Futures September 2026 contracts, expiring September 2026

COMEX Copper Futures December 2026 contracts, expiring December 2026

COMEX Copper Futures March 2027 contracts, expiring March 2027

( 10,864,767 )

10 unchanged sentences

Matures on 7/16/2026, yield 3.70 %

Matures on 8/20/2026, yield 3.61 %

Matures on 9/08/2026, yield 3.71 %

Matures on 9/10/2026, yield 3.57 %

Matures on 9/22/2026, yield 3.54 %

Matures on 9/29/2026, yield 3.68 %

Matures on 10/06/2026, yield 3.72 %

Matures on 10/13/2026, yield 3.73 %

Matures on 11/19/2026, yield 3.78 %

Matures on 12/03/2026, yield 3.81 %

Matures on 12/10/2026, yield 3.67 %

Total United States Treasury Obligations

4 unchanged sentences

Collateral amounted to $ 73,596,659 on open commodity futures contracts.

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

Reflects the 7 -day yield at June 30, 2026.

See accompanying notes to financial statements.

24 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Commodity Index Fund

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

2 unchanged sentences

( 14,106,177 )

( 3,645,834 )

( 4,901,568 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 10,440,402 )

Management fees (Note 4)

4 unchanged sentences

Net Income (Loss)

( 11,331,827 )

Net Income (Loss) per share

4 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Copper Index Fund

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

2 unchanged sentences

( 12,418,789 )

( 53,734,867 )

Dividend income

16 unchanged sentences

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Commodity Index Funds Trust

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed commodity futures contracts

1 unchanged sentence

( 16,064,623 )

( 49,890,357 )

Dividend income

12 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Commodity Index Fund

2 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

3 unchanged sentences

( 6,774,067 )

( 39,992,369 )

( 10,239,714 )

Net income (loss)

( 11,331,827 )

Balances at end of period

3 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Copper Index Fund

2 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

3 unchanged sentences

( 30,887,129 )

( 351,988,167 )

( 39,572,019 )

Net income (loss)

5 unchanged sentences

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

For the three and six months ended June 30, 2026 and 2025

United States Commodity Index Funds Trust

2 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Balances at beginning of period

1,061,549,708

Addition of 2,950,000 , 1,700,000 , 16,450,000 and 3,150,000 shares, respectively

2 unchanged sentences

( 37,661,196 )

( 391,980,536 )

( 49,811,733 )

Net income (loss)

1 unchanged sentence

1,062,131,007

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

2 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

For the six months ended June 30, 2026 and 2025

United States Commodity Index Fund

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 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

19 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

For the six months ended June 30, 2026 and 2025

United States Copper Index Fund

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 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:

28 unchanged sentences

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

For the six months ended June 30, 2026 and 2025

United States Commodity Index Funds Trust

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

Cash Flows from Operating Activities:

32 unchanged sentences

Notes to Financial Statements (Unaudited)

For the period ended March 31, 2026

For the period ended June 30, 2026

NOTE 1 – ORGANIZATION AND BUSINESS

34 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 March 31, 2026 for any Trust Series.

No interest expense or penalties have been recognized as of and for the period ended June 30, 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 March 31, 2026, USCF held 5 shares of USCI and 40 shares of CPER.

As of June 30, 2026, USCF held 5 shares of USCI and 40 shares of CPER.

Cash Equivalents

52 unchanged sentences

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

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.

As of June 30, 2026, USCI held 736 Futures Contracts on the NYMEX, held 833 Futures Contracts on the ICE Futures, held 1,382 Futures Contracts on the CBOT, held 373 Futures Contracts on the CME, held 2,305 Futures Contracts on the LME and held 239 Futures Contracts on the COMEX, totaling 5,868 futures contracts.

CPER’s Investment Objective

4 unchanged sentences

The Eligible Copper Futures Contracts that at any given time make up the SCI are referred to herein as “Benchmark Component Copper Futures Contracts.”

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

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

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

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

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

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

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

CPER seeks to achieve its investment objective by investing primarily in the Benchmark Component Copper Futures Contracts, and to a lesser extent, in other copper-related investments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items based on copper, such as cash-settled options, forward contracts, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of copper, the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contract and indices based on the foregoing (collectively, “Other Copper-Related Investments”).

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

risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, and market conditions.

Market conditions that USCF currently anticipates could cause CPER to invest in Other Copper-Related Investments include, but are not limited to, those allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing.

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

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.

2 unchanged sentences

USCF believes that the net effect of this expected relationship and the expected relationship described above between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses.

While CPER is composed of Benchmark Component Copper Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SCI and the cash or spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts.

CPER’s investments include the Benchmark Component Copper Futures Contracts and Other Copper Related Investments.

While such investments are a measure of the prices of the corresponding commodities comprising the SCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SCI and the cash or spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts.

Investors should be aware that CPER’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts or the prices of any particular group of futures contracts.

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

As of June 30, 2026, CPER held 4,576 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 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.

For the six months ended of June 30, 2026 and 2025, respectively, USCI did no t incur any registration fees and offering expenses.

For the six months ended of June 30, 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.

21 unchanged sentences

(i) a Custody Agreement;

(ii) a Fund Administration and Accounting Agreement;

(ii) a Fund Administration and Accounting

and (iii) a Transfer Agency and Service Agreement.

9 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”).

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 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 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

The increase in total commissions accrued to brokers for the six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to a higher number of contracts held and traded.

For the six months ended June 30, 2026 and 2025, the monthly average volume of open future contract notional value was $ 432,830,585 and $ 279,770,985 , respectively.

Six months ended

June 30, 2026

June 30, 2025

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

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.

For the six months ended June 30, 2026 and 2025, the monthly average volume of open future contract notional value was $ 707,885,979 and $ 167,900,891 , respectively.

Swap Dealer Agreement

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

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

invest in OTC swaps in furtherance of its investment objective.

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

27 unchanged sentences

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

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

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

14 unchanged sentences

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

As of 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.

As of June 30, 2026 and December 31, 2025, USCI held investments in Treasuries and money market funds in the amounts of $ 281,690,207 and $ 210,500,000 , respectively.

As of June 30, 2026 and December 31, 2025, CPER held investments in Treasuries and money market funds in the amounts of $ 634,273,471 and $ 296,475,000 , respectively.

Each Trust Series also holds cash deposits with its 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.

As of June 30, 2026 and December 31, 2025, USCI held cash deposits in the amounts of $ 54,017,679 and $ 70,654,690 , respectively, with the custodian and FCMs.

As of June 30, 2026 and December 31, 2025, CPER held cash deposits in the amounts of $ 103,790,272 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 months ended March 31, 2026 and 2025 for the shareholders.

The following table presents per share performance data and other supplemental financial data for the three and six months ended June 30, 2026 and 2025 for the shareholders.

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

1 unchanged sentence

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Per Share Operating Performance:

11 unchanged sentences

Three months ended

March 31, 2026

March 31, 2025

Six months ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 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 March 31, 2026 using the fair value hierarchy:

At March 31, 2026

The following table summarizes the valuation of USCI’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

12 unchanged sentences

Foreign Contracts

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

At March 31, 2026

The following table summarizes the valuation of CPER’s securities at June 30, 2026 using the fair value hierarchy:

At June 30, 2026

Short-Term Investments

14 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

March 31, 2026

June 30, 2026

December 31, 2025

7 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

March 31, 2026

June 30, 2026

December 31, 2025

3 unchanged sentences

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

For the three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Change in Unrealized

21 unchanged sentences

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

For the three months ended

March 31, 2026

March 31, 2025

For the six months ended

June 30, 2026

June 30, 2025

Change in Unrealized

24 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