What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-07 compared with 2026-05-08 · 150 added, 114 removed, 734 unchanged (26% 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 annual report on Form 10-K.

Forward-Looking Information

1 unchanged sentence

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

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

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.

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.

5 unchanged sentences

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

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

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

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

20 unchanged sentences

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 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.

(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 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.

United States Copper Index Fund

7 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.

Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, or in view of market conditions, CPER will invest next in other Eligible Copper Futures Contracts based on the same copper as the futures contracts subject to such regulatory constraints or market conditions, and finally, to a lesser extent, in other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts if one or more other Eligible Copper Futures Contracts is not available.

When CPER has invested to the fullest extent possible in exchange-traded futures contracts, CPER may then invest in other contracts and instruments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items based on copper, such as cash-settled options, forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts.

Other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts and other contracts and instruments based on the Benchmark Component Copper Futures Contracts are collectively referred to as “Other Copper-Related Investments,” and together with Benchmark Component Copper Futures Contracts and other Eligible Copper Futures Contracts, “Copper Interests.”

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.

6 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

16 unchanged sentences

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 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.

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.

As of June 30, 2026, CPER held 4,576 Futures Contracts on the COMEX.

For the six months ended June 30, 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.

4 unchanged sentences

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

For the six months ended June 30, 2026, no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Federal Position Limits

66 unchanged sentences

Commodity Futures Price Movements

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.

Six Months Ended June 30, 2026

As measured by the four major diversified commodity indexes listed below, commodity futures prices exhibited a strong upward trend during the six months ended June 30, 2026.

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

5 unchanged sentences

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

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%).

As of June 30, 2026, the value of the SDCI was $3,313.97, up approximately 19.82% over the six months ended June 30, 2026.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), nineteen had positive returns for the six months ended June 30, 2026.

The best performing commodity sector was Energy (up approximately 38.67% on a total return basis) followed by Industrial Metals (up approximately 56.6% on a total return basis).

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

3 unchanged sentences

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.

SDCI’s dynamic strategy led to significant outperformance versus the major commodity indexes shown above over the three year, five year, and since inception time frames.

Each commodity will continue to be driven by idiosyncratic factors that affect their supply and demand.

6 unchanged sentences

The return of approximately 19.82% 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 $77.48 and ended the period at $95.34 on March 31, 2026, an increase of approximately 23.05% over the period.

USCI’s per share NAV began the period at $77.49 and ended the period at $92.44 on June 30, 2026, an increase of approximately 19.29% over the period.

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

1 unchanged sentence

Copper Futures Price Movements

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.

Six Months Ended June 30, 2026

As measured by the two major copper indexes, copper futures prices exhibited a strong upward trend during the six months ended June 30, 2026.

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

3 unchanged sentences

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

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.

As of June 30, 2026, the value of the SCI was $2,078.39, up approximately 8.83% over the six months ended June 30, 2026.

The return of approximately 8.83% 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 $34.84 and ended the period at $34.31 on March 31, 2026, a decrease of approximately (1.52)% over the period.

CPER’s per share NAV began the period at $34.84 and ended the period at $37.75 on June 30, 2026, an increase of approximately 8.35% 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 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.

During the six months ended June 30, 2026, the price of the front month copper futures contract traded in a range between $537.45 per pound and $667.90 per pound.

Prices increased by 8.98% between December 31, 2025 to June 30, 2026 finishing the period at $619.25.

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.

Copper briefly fell in mid-March as concerns about an economic slowdown caused by geopolitical conflicts increased.

Prices decreased to a low on March 20, 2026 and rose back above $600 during the second 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.

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

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

However, copper is not one of the metals that depends heavily on supply from the region.

As a result, copper prices rose only modestly from the outbreak of the war in comparison to other metals, such as Nickel.

Copper supply is less impacted by some geopolitical conflicts than other commodities.

Copper supply is more affected by events, such as protests and labor strikes, that impact mining in South American nations, including Chile and Peru.

Meanwhile, copper demand typical depends on the state of the global economy, particularly China, which drives industrial, commercial, and manufacturing use.

Meanwhile, copper demand typically depends on the state of the global economy, particularly China, which drives industrial, commercial, and manufacturing use.

Valuation of Futures Contracts and the Computation of the Per Share NAV

16 unchanged sentences

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

As of June 30, 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 March 31, 2026, CPER had 20,800,000 shares outstanding.

As of June 30, 2026, CPER had 19,200,000 shares outstanding.

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

1 unchanged sentence

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

As of June 30, 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 Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Six months ended

June 30, 2026

June 30, 2025

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.

Although the average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, the cash balance was higher.

As a result, the amount of income earned by USCI was higher even though as a percentage of average daily total net assets was lower during the six months ended June 30, 2026, compared to the six months ended June 30, 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 six months ended June 30, 2026, compared to the six months ended June 30, 2025, was due primarily to an increase in prepaid insurance and reporting fees.

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 Commodity Futures Contracts being held and traded.

For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Three months ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

9 unchanged sentences

The fee is accrued daily and paid monthly.

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.

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 June 30, 2026, compared to the three months ended June 30, 2025, the cash balance was higher.

As a result, the amount of income earned by USCI was higher even though as a percentage of average daily total net assets was lower during the three months ended June 30, 2026, compared to the three months ended June 30, 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 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

The increase in total fees and other expenses excluding management fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due primarily to an increase in professional fees, directors’ fees and insurance and brokerage fees.

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

For the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Six months ended

June 30, 2026

June 30, 2025

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.

Although the average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, the cash balance was higher.

As a result, the amount of income earned by CPER was higher even though as a percentage of average daily total net assets was lower

during the six months ended June 30, 2026, compared to the six months ended June 30, 2025.

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

For the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Three months ended

March 31, 2026

March 31, 2025

June 30, 2026

June 30, 2025

Average daily total net assets

9 unchanged sentences

The fee is accrued daily and paid monthly.

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.

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 June 30, 2026, compared to the three months ended June 30, 2025, the cash balance was higher.

As a result, the amount of income earned by CPER was higher even though as a percentage of average daily total net assets was lower during the three months ended June 30, 2026, compared to the three months ended June 30, 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.

The increase in total fees and other expenses excluding management fees for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, was due primarily to a increase in tax reporting professional fees and brokerage fees.

Tracking Each Trust Series’ Benchmark

4 unchanged sentences

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 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 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%).

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 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.

For the 30-valuation days ended June 30, 2026, the simple average daily change in the SDCI was (0.292)%, while the simple average daily change in the per share NAV of USCI over the same time period was (0.299)%.

The average daily difference was (0.006)% (or (0.6) basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period USCI’s NAV performed 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 June 30, 2026, the simple average daily change in the SDCI was 0.025%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.019%.

The following two charts demonstrate the correlation between the changes in USCI’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 June 30, 2026, the last trading day in June.

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 June 30, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

1 unchanged sentence

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 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.

For the six months ended June 30, 2026, the actual total return of USCI as measured by changes in its per share NAV was 19.29%.

This is based on an initial per share NAV of $77.49 as of December 31, 2025 and an ending per share NAV as of June 30, 2026 of $92.44.

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 $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.

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 $92.85 as of June 30, 2026, for a total return over the relevant time period of 19.82%.

The difference between the actual per share NAV total return of USCI of 19.29% and the expected total return based on the SDCI of 19.82% was a difference over the time period of (0.51)%, 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 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.

By comparison, for the six months ended June 30, 2025, the actual total return of USCI as measured by changes in its per share NAV was 10.93%.

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 June 30, 2025 of $73.26.

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

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 $73.73 as of June 30, 2025, for a total return over the relevant time period of 11.64%.

The difference between the actual per share NAV total return of USCI of 10.93% and the expected total return based on the SDCI of 11.64% was a difference over the time period of (0.71)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage.

1 unchanged sentence

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 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)%.

As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (2.354)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

For the 30-valuation days ended June 30, 2026, the simple average daily change in the SCI was (0.026)%, while the simple average daily change in the per share NAV of CPER over the same time period was (0.030)%.

The average daily difference was (0.004)% (or (0.4) basis points, where 1 basis point equals 1/100 of 1%), meaning that over this time period CPER’s NAV performed 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 June 30, 2026, the simple average daily change in the SCI was 0.026%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.022%.

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 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.

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 June 30, 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 June 30, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

1 unchanged sentence

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 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.

For the six months ended June 30, 2026, the actual total return of CPER as measured by changes in its per share NAV was 8.35%.

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 June 30, 2026 of $37.75.

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

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 $37.92 as of June 30, 2026, for a total return over the relevant time period of 8.83%.

The difference between the actual per share NAV total return of CPER of 8.35% and the expected total return based on the SCI of 8.83% was a difference over the time period of (0.48)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

1 unchanged sentence

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 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.

By comparison, for the six months ended June 30, 2025, the actual total return of CPER as measured by changes in its per share NAV was 24.69%.

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 June 30, 2025 of $31.46.

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

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 $31.64 as of June 30, 2025, for a total return over the relevant time period of 25.39%.

The difference between the actual per share NAV total return of CPER of 24.69% and the expected total return based on the SCI of 25.39% was a difference over the time period of (0.70%), which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

10 unchanged sentences

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 three months ended March 31, 2026.

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 six months ended June 30, 2026.

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

11 unchanged sentences

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

During the six months ended June 30, 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 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.

During the six months ended June 30, 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.

1 unchanged sentence

This is due to the fact that the benchmark can theoretically own a fractional percentage of a Futures contract but a Trust Series must own a full contract.

For a Trust Series with smaller asset base, this percentage difference can have a material impact.

For a Trust Series with a smaller asset base, this percentage difference can have a material impact.

The SDCI is a commodity sector index designed to broadly represent major commodities while overweighting the components that are assessed to be in a low inventory state and underweighting the components assessed to be in a high inventory state.

138 unchanged sentences

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 March 31, 2026.

The following graph shows the sector weights of the commodities selected for inclusion in the SDCI as of June 30, 2026.

Contract Selection

13 unchanged sentences

During the Rebalancing Period, the SDCI changes its contract holdings during a four day period.

The value of the SDCI ER at the end of a business day “ t ” is equal to the SDCI ER value on day “ t -1” multiplied by the sum of the daily percentage price changes of each commodity future factoring in each respective commodity future’s notional holding on day “ t -1”.

The value of the SDCI ER at the end of a business

day “ t ” is equal to the SDCI ER value on day “ t -1” multiplied by the sum of the daily percentage price changes of each commodity future factoring in each respective commodity future’s notional holding on day “ t -1”.

Rebalancing Period

2 unchanged sentences

Hypothetical Performance of the SDCI

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

The table and chart below show the hypothetical performance of the SDCI from January 1, 2016 through June 30, 2026.

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

13 unchanged sentences

Hypothetical Performance Results* for the period from

Year Ending 2016 through March 31, 2026 YTD

Year Ending 2016 through June 30, 2026 YTD

Ending Level*

4 unchanged sentences

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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

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

Total Returns (Year Ending 2016 through 6/30/26 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 March 31, 2026.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through March 31, 2026

from December 31, 1997 through June 30, 2026

Average annualized return (total)

2 unchanged sentences

SHIM, Bloomberg

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 table immediately above shows the performance of the SDCI from December 31, 1997 through June 30, 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”).

9 unchanged sentences

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 March 31, 2026;

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to June 30, 2026;

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

10 unchanged sentences

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 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.

The following chart compares the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes between June 30, 2016 and June 30, 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

83 unchanged sentences

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 March 31, 2026.

The following graph shows the weights of the Benchmark Component Copper Futures Contracts selected for inclusion in the SCI as of June 30, 2026.

Portfolio Construction

11 unchanged sentences

Rebalancing Period

The SCI is rebalanced during the 11th-14th business days of each month, based on signals used for contract selection on the 10th business day of each month, when existing positions are placed by new positions and weightings based on the signals used for contract selection on the prior calendar month as outlined above.

The SCI is rebalanced during the 11th-14th business days of each month, based on signals used for contract selection on the 10th business day of each month, when existing positions are replaced by new positions and weightings based on the signals used for contract selection on the prior calendar month as outlined above.

Hypothetical Performance of the SCI

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

The table and chart below show the hypothetical performance of the SCI from January 1, 2016 through June 30, 2026.

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

9 unchanged sentences

Hypothetical Performance Results* for the period from Year

Ending 2016 through March 31, 2026 YTD

Ending 2016 through June 30, 2026 YTD

Ending Level*

6 unchanged sentences

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 March 31, 2026.

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 June 30, 2026.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through March 31, 2026

from December 31, 1997 through June 30, 2026

(less storage)

3 unchanged sentences

SHIM, Bloomberg

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 table above shows the performance of the SCI from December 31, 1997 through June 30, 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 March 31, 2026;

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

The following chart compares the hypothetical total return of the SCI in comparison with the actual return of three major indexes between June 30, 2016 and June 30, 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

28 unchanged sentences

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

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.

During the six months ended June 30, 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 three months ended March 31, 2026, none of the Trust Series purchased or liquidated any of its positions while daily limits were in effect;

During the six months ended June 30, 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.

15 unchanged sentences

In general, in addition to margin required to be posted by the clearinghouse in connection with cleared trades, clearinghouses are backed by their members who may be required to share in the financial burden resulting from the nonperformance of one of their members and, therefore, this additional member support should significantly reduce credit risk.

The Trust Series are not currently a member of any clearinghouse.

The Trust Series are not currently members of any clearinghouse.

Some foreign exchanges are not backed by their clearinghouse members but may be backed by a consortium of banks or other financial institutions.

6 unchanged sentences

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

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

In the future, a Trust Series may purchase OTC swaps, see “Item 3.

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

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.

As of June 30, 2026, each of USCI and CPER held cash deposits and investments in Treasuries and money market funds in the amount of $335,707,886 and $738,063,743, 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 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.

As of June 30, 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

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.

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.

Contractual Obligations

18 unchanged sentences

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

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.

For the six months ended June 30, 2026, FCM fees were approximately 0.06% of average daily total net assets for USCI, and approximately 0.03% 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 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.

As of June 30, 2026, USCI’s portfolio held 5,868 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio held 4,576 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