What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2022-02-25 compared with 2021-02-26 · 152 added, 241 removed, 947 unchanged (29% of the section changed)

4 unchanged sentences

Report of Independent Registered Public Accounting Firm.

( PCAOB ID 349 )

Statements of Financial Condition at December 31, 2021 and 2020

55 unchanged sentences

Dividends receivable

Interest receivable

Prepaid insurance *

ETF transaction fees receivable

Prepaid registration fees

Liabilities and Capital

Payable for shares redeemed

Management fees payable (Note 4)

25 unchanged sentences

Prepaid insurance *

Prepaid registration fees

Liabilities and Capital

15 unchanged sentences

At December 31, 2021 and December 31, 2020

USCF Crescent Crypto Index Fund

December 31, 2020*

December 31, 2019*

Cash (at cost $ 0 and $ 1,000 , respectively) (Notes 2 and 6)

Commitments and Contingencies (Notes 4, 5 & 6)

Total Capital

Total Liabilities and Capital

The Sponsor contributed $ 1,000 on May 8, 2019.

As of June 25, 2020, the Fund had withdrawn its registration.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Financial Condition

At December 31, 2020 and December 31, 2019

United States Commodity Index Funds Trust

December 31, 2021

8 unchanged sentences

Prepaid insurance *

ETF transaction fees receivable

Prepaid registration fees

Liabilities and Capital

17 unchanged sentences

Value/Unrealized

Gain (Loss) on Open

Gain (Loss) on

% of Partners'

Notional Amount

Open Commodity Futures Contracts - Long

1 unchanged sentence

NYMEX Natural Gas Futures NG March 2022 contracts, expiring February 2022

NYMEX RBOB Gasoline Futures RB March 2022 contracts, expiring February 2022

ICE Cotton Futures CT March 2022 contracts, expiring March 2022

CBOT Soybean Meal Futures SM March 2022 contracts, expiring March 2022

NYMEX WTI Crude Oil Futures CL April 2022 contracts, expiring March 2022

COMEX Silver Futures SI March 2022 contracts, expiring March 2022

NYMEX NY Harbour ULSD Futures HO May 2022 contracts, expiring April 2022

ICE Sugar#11 Futures SB May 2022 contracts, expiring April 2022

United Kingdom Contracts

ICE Low Sulphur Gasoil Futures QS February 2022 contracts, expiring February 2022

ICE Brent Crude Futures CO April 2022 contracts, expiring February 2022

Foreign Contracts

LME Aluminum Futures LA January 2022 contracts, expiring January 2022 *

LME Lead Futures LL January 2022 contracts, expiring January 2022 *

LME Tin Futures LT January 2022 contracts, expiring January 2022 *

LME Nickel Futures LN February 2022 contracts, expiring February 2022 *

LME Tin Futures LT February 2022 contracts, expiring February 2022 *

LME Zinc Futures LX February 2022 contracts, expiring February 2022 *

LME Lead Futures LL April 2022 contracts, expiring April 2022 *

LME Nickel Futures LN April 2022 contracts, expiring April 2022 *

Open Commodity Futures Contracts - Short **

Foreign Contracts

LME Aluminum Futures LA January 2022 contracts, expiring January 2022 *

( 18,832,200 )

LME Lead Futures LL January 2022 contracts, expiring January 2022 *

( 18,579,214 )

LME Tin Futures LT January 2022 contracts, expiring January 2022 *

( 17,823,000 )

LME Nickel Futures LN February 2022 contracts, expiring February 2022 *

( 17,905,359 )

( 1,094,793 )

LME Zinc Futures LX February 2022 contracts, expiring February 2022 *

( 2,460,818 )

LME Nickel Futures LN April 2022 contracts, expiring April 2022 *

( 1,316,295 )

Total Open Futures Contracts *

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2021 (continued)

United States Commodity Index Fund

Shares/Principal

% of Partners'

Cash Equivalents

United States Money Market Funds

Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03 % #

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

Reflects the 7 -day yield at December 31, 2021.

Collateral amounted to $ 12,431,812 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).

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2020

United States Commodity Index Fund

Value/Unrealized

Gain (Loss) on

% of Partners’

Notional Amount

Open Commodity Futures Contracts - Long

United States Contracts

NYMEX Natural Gas Futures NG March 2021 contracts, expiring February 2021

ICE Cocoa Futures CC March 2021 contracts, expiring March 2021

36 unchanged sentences

At December 31, 2021

United States Commodity Index Fund

Unrealized Gain

(Loss) on Open

Open Futures Contracts – Long

Foreign Contracts

LME Aluminum Futures LA January 2020 contracts, expiring January 2020

LME Zinc Futures LX January 2020 contracts, expiring January 2020

ICE Brent Crude Oil Futures CO April 2020 contracts, expiring February 2020

LME Nickel Futures LN March 2020 contracts, expiring March 2020

( 2,724,217 )

LME Zinc Futures LX April 2020 contracts, expiring April 2020

ICE Gas Oil Futures QS June 2020 contracts, expiring June 2020

LME Tin Futures LT August 2020 contracts, expiring August 2020

( 2,603,494 )

United States Copper Index Fund

Value/Unrealized

Gain (Loss) on

% of Partners'

Notional Amount

Open Commodity Futures Contracts - Long

United States Contracts

CME Lean Hogs Futures LH February 2020 contracts, expiring February 2020

( 1,069,710 )

ICE Coffee-C Futures KC March 2020 contracts, expiring March 2020

COMEX Copper Futures HG May 2020 contracts, expiring March 2020

COMEX Silver Futures SI March 2020 contracts, expiring March 2020

NYMEX Platinum Futures PL April 2020 contracts, expiring April 2020

NYMEX Heating Oil Futures HO June 2019 contracts, expiring May 2020

CBOT Soybean Futures S July 2020 contracts, expiring July 2020

NYMEX WTI Crude Oil Futures CL September 2020 contracts, expiring August 2020

NYMEX RBOB Gasoline Futures RB December 2020 contracts, expiring November 2020

Open Futures Contracts - Short*

Foreign Contracts

LME Aluminum Futures LA January 2020 contracts, expiring January 2020

( 16,436,388 )

LME Zinc Futures LX January 2020 contracts, expiring January 2020

( 15,888,926 )

LME Nickel Futures LN March 2020 contracts, expiring March 2020

( 2,619,888 )

( 34,945,202 )

Total Open Futures Contracts**

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2019

United States Commodity Index Fund (continued)

COMEX Copper Futures HG March 2022 contracts, expiring March 2022 *

Shares/Principal

% of Partners'

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

1.91 %, 1/02/2020

2.03 %, 1/09/2020

1.75 %, 1/16/2020

2.04 %, 1/23/2020

2.02 %, 1/30/2020

1.54 %, 2/20/2020

1.70 %, 3/26/2020

1.64 %, 4/09/2020

1.60 %, 4/16/2020

1.59 %, 4/30/2020

1.55 %, 5/21/2020

1.53 %, 6/04/2020

1.54 %, 6/18/2020

Total Treasury Obligations

United States Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio

Goldman Sachs Financial Square Funds - Government Fund - Class FS

Morgan Stanley Institutional Liquidity Funds - Government Portfolio

Total Money Market Funds

Total Cash Equivalents

* All short contracts are offset by long positions in 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).

** Collateral amounted to $ 27,277,314 on open futures contracts.

Goldman Sachs Financial Square Government Fund - Institutional Shares, 0.03 % #

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

Reflects the 7 -day yield at December 31, 2021.

Collateral amounted to $ 8,650,509 on open commodity futures contracts.

See accompanying notes to financial statements.

3 unchanged sentences

United States Copper Index Fund

Unrealized Gain

(Loss) on Open

Value/Unrealized

Gain (Loss) on

% of Partners’

Notional Amount

Open Commodity Futures Contracts - Long

12 unchanged sentences

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2019

United States Copper Index Fund

Unrealized Gain

(Loss) on Open

Open Futures Contracts – Long

United States Contracts

COMEX Copper Futures HG May 2020 contracts, expiring May 2020*

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

1.88 %, 1/02/2020

2.03 %, 1/09/2020

1.82 %, 1/16/2020

1.63 %, 1/23/2020

1.69 %, 1/30/2020

1.67 %, 2/06/2020

1.87 %, 2/13/2020

1.85 %, 2/20/2020

1.66 %, 2/27/2020

1.80 %, 3/26/2020

1.64 %, 4/09/2020

1.60 %, 4/16/2020

1.52 %, 4/23/2020

1.59 %, 4/30/2020

1.54 %, 5/07/2020

1.55 %, 5/14/2020

1.55 %, 5/21/2020

1.58 %, 5/28/2020

1.54 %, 6/18/2020

Total Treasury Obligations

United States - Money Market Funds

Fidelity Investments Money Market Funds - Government Portfolio

Goldman Sachs Financial Square Funds - Government Fund - Class FS

Total Money Market Funds

Total Cash Equivalents

* Collateral amounted to $ 399,050 on open futures contracts.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Operations

8 unchanged sentences

( 29,144,478 )

( 54,710,680 )

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

7 unchanged sentences

( 4,596,236 )

( 65,807,966 )

Management fees (Note 4)

2 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

2 unchanged sentences

( 8,413,932 )

( 71,770,971 )

Net Income (Loss) per share

13 unchanged sentences

( 1,134,850 )

( 1,318,188 )

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

( 1,785,413 )

Realized gain (loss) on short-term investments

3 unchanged sentences

Total Income (Loss)

( 2,897,904 )

Management fees (Note 4)

2 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

1 unchanged sentence

Net Income (Loss)

( 2,992,568 )

Net Income (Loss) per share

5 unchanged sentences

Statements of Operations

For the year ended December 31, 2020 and the period ended December 31, 2019

For the years ended December 31, 2021 and 2020, and the period ended December 31, 2019

USCF Crescent Crypto Index Fund

1 unchanged sentence

December 31,2020 †

December 31,2019 †

Gain (loss) on trading of commodity futures contracts:

1 unchanged sentence

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

Realized gain (loss) on short-term investments

Dividend income

11 unchanged sentences

Weighted average shares outstanding

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

The Sponsor contributed $ 1,000 on May 8, 2019.

As of June 25, 2020, the Fund had withdrawn its registration.

As of June 25, 2020, the USCF Crescent Crypto Index Fund had withdrawn its registration statement.

See accompanying notes to financial statements.

10 unchanged sentences

( 30,279,328 )

( 56,209,907 )

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

( 23,145,242 )

Realized gain (loss) on foreign currency transactions

Realized gain (loss) on short-term investments

Change in unrealized gain (loss) on foreign currency translations

Dividend income

4 unchanged sentences

( 4,241,306 )

( 68,867,799 )

Management fees (Note 4)

2 unchanged sentences

Directors’ fees and insurance

Registration fees

Total Expenses

3 unchanged sentences

( 8,143,415 )

( 74,935,061 )

* The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

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

14 unchanged sentences

( 8,413,932 )

( 71,770,971 )

Balances at end of year

13 unchanged sentences

Net income (loss)

( 2,992,568 )

Balances at end of year

3 unchanged sentences

Statements of Changes in Capital

For the year ended December 31, 2020 and the period ended December 31, 2019**

For the years ended December 31, 2021 and 2020, and the period ended December 31, 2019**

USCF Crescent Crypto Index Fund

1 unchanged sentence

December 31, 2020**

December 31, 2019**

Balances at beginning of period

5 unchanged sentences

The Sponsor contributed $ 1,000 on May 8, 2019.

As of June 25, 2020, the Fund had withdrawn its registration.

As of June 25, 2020, the USCF Crescent Crypto Index Fund had withdrawn its registration statement.

See accompanying notes to financial statements.

13 unchanged sentences

( 8,143,415 )

( 74,935,061 )

Balances at end of year

Sponsors’ shares outstanding and capital for the years ending December 31, 2021 and 2020 were zero and $-, respectively.

Sponsors' shares outstanding and capital for the year ending December 31, 2020 were zero and $-, respectively.

† The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

Sponsors’ shares outstanding and capital for the year ending December 31, 2019 was zero and $ 1,000 , respectively.

See accompanying notes to financial statements.

3 unchanged sentences

United States Commodity Index Fund

December 31, 2020

December 31, 2019

December 31, 2018

Cash Flows from Operating Activities:

2 unchanged sentences

( 8,413,932 )

( 71,770,971 )

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

(Increase) Decrease in short-term investments

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

4 unchanged sentences

(Increase) decrease in prepaid insurance *

(Increase) decrease in prepaid registration fees

(Increase) decrease in ETF transaction fees receivable

31 unchanged sentences

United States Copper Index Fund

December 31, 2020

December 31, 2019

December 31, 2018

Cash Flows from Operating Activities:

Net income (loss)

( 2,992,568 )

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

3 unchanged sentences

( 3,949,813 )

( 1,249,725 )

(Increase) decrease in receivable from Sponsor

2 unchanged sentences

(Increase) decrease in prepaid insurance *

(Increase) decrease in ETF transaction fees receivable

(Increase) decrease in prepaid registration fees

Increase (decrease) in payable due to Broker

( 1,428,240 )

Increase (decrease) in Management fees payable

23 unchanged sentences

Statements of Cash Flows

For the year ended December 31, 2020 and the period ended December 31, 2019

For the years ended December 31, 2021 and 2020, and the period ended December 31, 2019

USCF Crescent Crypto Index Fund

1 unchanged sentence

December 31, 2020*

December 31, 2019*

Cash Flows from Financing Activities:

3 unchanged sentences

Net Increase (Decrease) in Cash and Cash Equivalents

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

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

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

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

Components of Cash and Cash Equivalents:

4 unchanged sentences

The Sponsor contributed $ 1,000 on May 8, 2019.

As of June 25, 2020, the Fund had withdrawn its registration.

As of June 25, 2020, the USCF Crescent Crypto Index Fund had withdrawn its registration statement.

See accompanying notes to financial statements.

3 unchanged sentences

United States Commodity Index Funds Trust

December 31, 2020

December 31, 2019

December 31, 2018*

Cash Flows from Operating Activities:

2 unchanged sentences

( 8,143,415 )

( 74,935,061 )

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

7 unchanged sentences

(Increase) decrease in prepaid insurance *

(Increase) decrease in prepaid registration fees

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in payable due to Broker

( 1,428,240 )

Increase (decrease) in Management fees payable

24 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

* The operations include the activity of United States Agriculture Index Fund ("USAG") through September 12, 2018, the date of liquidation.

Certain prior year amounts have been reclassified for consistency with the current presentation.

6 unchanged sentences

The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and includes the United States Commodity Index Fund (“USCI”), a commodity pool formed on April 1, 2010 and first made available to the public on August 10, 2010, and the United States Copper Index Fund (“CPER”), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011.

A new series of the Trust, the USCF Crescent Crypto Index Fund (“XBET”) was formed on May 7, 2019.

Another series of the Trust, the USCF Crescent Crypto Index Fund (“XBET”) was formed on May 7, 2019.

A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020.

USCI and CPER each issue shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc.

(“NYSE Arca"), and, until September 6, 2018, the United States Agriculture Index Fund ("USAG") issued shares that were purchased and sold on NYSE Arca.

(“NYSE Arca”).

USCI and CPER are collectively referred to herein as the “Trust Series.” The Trust, and each of its series operates pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated as of December 15, 2017 (the “Trust Agreement”).

United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and each of its series and is also responsible for the management of the Trust and each of its series.

United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and the Trust Series and is also responsible for the management of the Trust and the Trust Series.

For purposes of the financial statement presentation, unless specified otherwise, all references will be to the Trust Series.

USCF has the power and authority to establish and designate one or more series and to issue shares thereof, from time to time as it deems necessary or desirable.

USCF has the power and authority to establish and designate one or more series of the Trust and to issue shares thereof, from time to time as it deems necessary or desirable.

USCF has exclusive power to fix and determine the relative rights and preferences as between the shares of any series as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall have separate voting rights or no voting rights.

6 unchanged sentences

USCF is a member of the National Futures Association (the “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) effective December 1, 2005.

The Trust and each Trust Series have a fiscal year ending on December 31.

The Trust and each Trust Series has a fiscal year ending on December 31.

USCF is also the general partner of the United States Oil Fund, LP (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”) and the United States Gasoline Fund, LP (“UGA”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007 and “UGA” on February 26, 2008, respectively.

1 unchanged sentence

USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively.

USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the “Related Public Funds.”

Effective as of May 1, 2012, each of USCI and CPER issue shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”).

Prior to May 1, 2012, each of USCI and CPER issued shares to Authorized Participants by offering baskets consisting of 100,000 shares through the Marketing Agent.

The purchase price for a Creation Basket is based upon the net asset value ("NAV") of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received.

USO, UNG, UGA, UNL, USL and BNO are referred to collectively herein as the “Related Public Funds.”

Each of USCI and CPER issue shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”).

The purchase price for a Creation Basket is based upon the net asset value (“NAV”) of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received.

Authorized Participants pay each Trust Series a $ 350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 50,000 shares.

5 unchanged sentences

GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification.

Each Trust Series is an investment company and follows the accounting and reporting guidance in FASB Topic 946.

The Trust financial statements included its respective series of funds financial statements including USCI, CPER and XBET through December 31, 2020.

The Trust financial statements included its respective series of funds financial statements including USCI, CPER, USAG, UCCO and XBET through December 31, 2020.

Each Trust Series is an investment company for accounting purposes and follows the accounting and reporting guidance in FASB Topic 946.

The Trust financial statements include the financial statements of USCI, CPER and XBET through December 31, 2021.

For reporting commencing with the December 31, 2021 reporting period, and in conjunction with the liquidation of USAG on September 12, 2018 and the withdrawal of UCCO’s registration on December 19, 2018, the USAG and UCCO financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods.

18 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 year ended December 31, 2020 for any Trust Series.

No interest expense or penalties have been recognized as of and for the period ended December 31, 2021 for any Trust Series.

Creations and Redemptions

51 unchanged sentences

In addition, USCF Canadian Crude Oil Index Fund (“UCCO”) was designated a series on June 1, 2016 and the USCF Crescent Crypto Index Fund (“XBET”) was designated as a series on May 7, 2019.

A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020.

On March 31, 2018, USCF contributed $ 1,000 to UCCO, which was deemed an initial capital contribution to the series, and has since been redeemed.

1 unchanged sentence

Further, on May 8, 2019, USCF contributed $ 1,000 to XBET in exchange for 20 Sponsor Shares of the series, which was deemed an initial capital contribution to the series.

As of June 25, 2020 the Fund had withdrawn its registration.

As of June 25, 2020, XBET had withdrawn its registration.

CPER and USAG received notice of effectiveness from the SEC for its registration of 30,000,000 CPER shares and 20,000,000 USAG shares on September 6, 2011.

9 unchanged sentences

Futures contracts for the commodities comprising the SDCI are traded on the New York Mercantile Exchange (“NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), and Commodity Exchange, Inc.

(“COMEX” together with the NYMEX, ICE Futures, CBOT, CME, LME and COMEX, the “Futures Exchanges”) and are collectively referred to herein as “Futures Contracts.” The Futures Contracts that at any given time make up the SDCI are referred to herein as “Benchmark Component Futures Contracts.” The relative weighting of the Benchmark Component Futures Contracts will change on a monthly basis, based on quantitative formulas relating to the prices of the Benchmark Component Futures Contracts developed by SHIM.

(“COMEX” together with the NYMEX, ICE Futures, CBOT, CME and LME, the “Futures Exchanges”) and are collectively referred to herein as “Futures Contracts.” The Futures Contracts that at any given time make up the SDCI are referred to herein as “Benchmark Component Futures Contracts.” The relative weighting of the Benchmark Component Futures Contracts will change on a monthly basis, based on quantitative formulas relating to the prices of the Benchmark Component Futures Contracts developed by SHIM.

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

11 unchanged sentences

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

As of December 31, 2020, USCI held 599 Futures Contracts on the NYMEX, held 792 Futures Contracts on the ICE Futures, held 915 Futures Contracts on the CBOT, did not hold any Futures Contracts on the CME, held 621 Futures Contracts on the LME and held 187 Futures Contracts on the COMEX, totaling 3,114 futures contracts.

As of December 31, 2021, USCI held 1,025 Futures Contracts on the NYMEX, held 1,574 Futures Contracts on the ICE Futures, held 411 Futures Contracts on the CBOT, did no t hold any Futures Contracts on the CME, held 2,457 Futures Contracts on the LME and held 145 Futures Contracts on the COMEX, totaling 5,612 futures contracts.

CPER’s Investment Objective

1 unchanged sentence

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 10 percent (10%) of the average daily percentage change in the price of the Benchmark Component Copper Futures Contracts over the same period.

The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the Commodity Exchange, Inc.

exchange (“COMEX”).

The SCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and calculated and published by the NYSE Arca.

The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the COMEX.

The SCI is owned and maintained by SHIM and calculated and published by the NYSE Arca.

The SCI is comprised of either one or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SHIM.

11 unchanged sentences

This is because natural market forces called contango and backwardation have impacted the total return on an investment in CPER’s shares during the past year relative to a hypothetical direct investment in various commodities and, in the future, it is likely that the relationship between the market price of CPER’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.).

CPER’s shares began trading on November 15, 2011.

(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 December 31, 2021, CPER held 2,051 Futures Contracts on the COMEX.

13 unchanged sentences

In addition, USCF has arranged for one or more third parties to provide trading advisory, administrative, custody, accounting, transfer agency and other necessary services to each Trust Series.

For these services, each of USCI and CPER is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.95 % per annum of average daily total net assets.

Effective January 1, 2016, USCF permanently lowered the management fee to 0.80 % (80 basis points) per annum of average daily total net assets for USCI and 0.65 % (65 basis points) per annum of average daily total net assets for CPER.

For these services, each of USCI and CPER is contractually obligated to pay USCF a management fee of 0.80 % (80 basis points) per annum of average daily total net assets for USCI and 0.65 % (65 basis points) per annum of average daily total net assets for CPER.

The Trustee is the Delaware trustee of the Trust.

3 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.

During the year ended December 31, 2020, 2019 and 2018, none of the Trust Series incurred any registration fees or other offering expenses.

During the year ended December 31, 2021 registration fees of $ 32,976 and $ 117,738 were incurred for USCI and CPER, respectively.

For the years ended December 31, 2020 and 2019, none of the Trust Series incurred any registration fees or other 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.

Independent Directors’ and Officers’ Expenses

1 unchanged sentence

Each Trust Series shares the fees and expenses on a pro rata basis with each other Trust Series and each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis.

These fees and expenses for the year ending December 31, 2020 are estimated to be a total of $ 585,896 for the Trust Series and the Related Public Funds.

USCI's portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $ 48,135 and CPER's portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $ 6,874 .

These fees and expenses for the year ending December 31, 2021 a totaled $ 1,081,963 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2021 was $ 45,061 and CPER’s portion of such fees and expenses for the year ending December 31, 2021 was $ 53,747 .

For the year ended December 31, 2020, these fees and expenses were $ 586,896 for the Trust Series and the Related Public Funds.

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For the year ended December 31, 2019, these fees and expenses were $ 556,951 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ended December 31, 2018 was $ 91,761 , CPER’s portion of such fees and expenses for the year ended December 31, 2018 was $ 2,100 and USAG’s portion of such fees and expenses for the year ended December 31, 2018 was $ 917 .

USCI’s portion of such fees and expenses for the year ended December 31, 2019 was $ 108,435 and CPER’s portion of such fees and expenses for the year ended December 31, 2019 was $ 2,320 .

Investor Tax Reporting Cost

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In addition to the fees described above, each Trust Series pays all brokerage fees and other expenses in connection with the operation of such Trust Series, excluding costs and expenses paid by USCF as outlined in Note 5 – Contracts and Agreements below.

USCF pays certain expenses normally borne by CPER to the extent that such expenses exceed 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis.

USCF has no obligation to continue such payments into subsequent periods.

For the year ended December 31, 2020, USCF waived $ 58,202 of expenses for CPER.

This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 5 – Contracts and Agreements below.

USCF previously paid certain expenses normally borne by CPER to the extent that such expenses exceed 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis.

USCF terminated such expense waiver as of April 30, 2021.

For the years ended December 31, 2021, 2020, and 2019, USCF waived expenses of $ 63,274 , $ 58,202 , and $ 67,628 , respectively, for CPER.

This voluntary expense waiver was in addition to those amounts USCF is contractually obligated to pay as described in Note 5 – Contracts and Agreements below and terminated on April 30, 2021.

NOTE 5 — CONTRACTS AND AGREEMENTS

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In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10 % of the gross proceeds of each Trust Series’ offering.

The above fee does not include website construction and development, which are also borne by USCF.

The above fee does not include website construction and development costs, which are also borne by USCF.

Custody, Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide USO and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020:

USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide the Trust Series and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the “BNY Mellon Agreements”), which were effective as of April 1, 2020:

(i) a Custody Agreement;

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Certain fund accounting and fund administration services rendered by BBH&Co.

to USO and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon.

to the Trust Series and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon.

Brokerage and Futures Commission Merchant Agreements

On July 7, 2014, the Trust on behalf of each Trust Series entered into a Futures and Cleared Swaps Agreement with Wells Fargo Securities, LLC (“WFS”).

In addition, the Trust on behalf of each of USCI and CPER entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC ("RBC"), in June of 2018.

Each of RBC and WFS are referred to as a “Futures Commissions Merchant” or “FCM.” Each of the Trust’s FCM agreements require the FCM to provide services to the applicable Trust Series in connection with the purchase and sale of Futures Contracts and Other Related Investments that may be purchased and sold by or through the FCM for the applicable Trust Series’ account.

The Trust, on behalf of each of USCI and CPER, entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC (“RBC”), in June of 2018.

The Trust, on behalf of each of USCI and CPER, entered into a Commodity Futures Customer Agreement with Marex North America, LLC (“MNA”), in August of 2021.

RBC and MNA are each referred to as a “Futures Commissions Merchant” or “FCM.” The agreements with the FCMs for each Trust Series require the FCMs to provide services to the applicable Trust Series in connection with the purchase and sale of Futures Contracts and Other Related Investments that may be purchased and sold by or through the applicable FCM for the applicable Trust Series’ account.

In accordance with each agreement, the FCM charges the applicable Trust Series commissions of approximately $ 7 to $ 8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts.

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Each Trust Series also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Commodity-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

December 31, 2020

December 31, 2019

December 31, 2018

Total commissions accrued to brokers

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Percentage of commissions accrued as a result of creation and redemption activity

The decrease in total commissions accrued to brokers for the year ended December 31, 2020, compared to the year ended 2019, was due primarily to a lower number of contracts held and traded.

December 31, 2020

December 31, 2019

December 31, 2018

The increase in total commissions accrued to brokers for the year ended December 31, 2021, compared to the year ended 2020, was due primarily to a higher number of contracts held and traded.

Total commissions accrued to brokers

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USCF is party to an Amended and Restated Advisory Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven, whereby SummerHaven provides advisory services to USCF with respect to the Applicable Index for each Trust Series and investment decisions for each Trust Series.

SummerHaven’s advisory services include, but are not limited to, general consultation regarding the calculation and maintenance of the Applicable Index for each Trust Series, anticipated changes to each Applicable Index and the nature of each Applicable Index’s current or anticipated component securities.

SummerHaven’s advisory services include, but are not limited to, general consultation regarding the calculation and maintenance of the Applicable Index for each Trust Series and the nature of each Applicable Index’s current or anticipated component investments.

For these services, USCF pays SummerHaven a fee based on a percentage of the average total net assets of each Trust Series.

Prior to May 1, 2018, for USCI, the fee was equal to the percentage fees paid to USCF minus 0.14 %, with that result multiplied by 0.5 , minus 0.06 % to arrive at the actual fee paid.

Prior to May 1, 2018, for CPER, the fee was equal to the percentage fees paid to USCF minus 0.18 %, with that result multiplied by 0.5 , minus 0.6 % to arrive at the actual fee paid.

USCF and SummerHaven amended and restated the existing Advisory Agreement effective as of May 1, 2018.

As of May 1, 2018, USCF pays SummerHaven an annual fee of $ 15,000 per each Trust Series as well as an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

USCF pays SummerHaven an annual fee of $ 15,000 per each Trust Series as well as an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

USCF is also party to an Amended and Restated Licensing Agreement, dated as of May 1, 2018, as amended by that certain Amendment to Amended and Restated Licensing Agreement dated as of September 15, 2020, and as further amended from time to time, with SummerHaven and SHIM, pursuant to which SHIM grants a license to USCF for the use of certain names and marks, including the Applicable Index for each Trust Series in exchange for a fee to be paid by USCF to SHIM.

For the year ended December 31, 2019, USCF paid licensing fees to SummerHaven equal to an annual fee of $ 15,000 per each Trust Series for the, plus an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

USCF pays licensing fees to SummerHaven equal to an annual fee of $ 15,000 per Trust Series, plus an annual fee of 0.06 % of the average daily total net assets of each Trust Series.

As a result of the amendment and restatement of the Licensing Agreement and Advisory Agreement in May of 2018, the fees required to be paid by USCF to SummerHaven and SHIM in the aggregate have not changed from the aggregate fees paid by USCF under the two agreements prior to the amendment and restatement.

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Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties.

The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM.

The purchase and sale of futures contracts, options on futures contracts and cleared swaps requires margin deposits with an FCM.

Additional deposits may be necessary for any loss on contract value.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities.

The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets.

Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin.

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There are direct and indirect economic effects developing for various industries and individual companies throughout the world.

Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds' accounting and financial reporting.

The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

Management will continue to monitor the impact COVID-19 has on the Trust Series and reflect the consequences as appropriate in the Trust Series’ accounting and financial reporting.

The pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S.

and world economies and markets and may have significant adverse effects on the Funds and their investments.

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

December 31, 2020

December 31, 2019

December 31, 2018

Per Share Operating Performance:

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* Effective January 1, 2016, USCF permanently lowered the management fee to 0.80 % (80 basis points) per annum of average daily total net assets for USCI.

December 31, 2020

December 31, 2019

December 31, 2018

Per Share Operating Performance:

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Net income (loss)

* USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis.

USCF has no obligation to continue such payments into subsequent periods.

* Effective January 1, 2016, USCF permanently lowered the management fee to 0.65 % (65 basis points) per annum of average daily total net assets for CPER.

† USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15 % (15 basis points) of CPER’s NAV, on an annualized basis.

USCF terminated the expense waiver as of April 30, 2021.

Total returns are calculated based on the change in value during the period.

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Total Income (Loss)

( 52,796,711 )

Total Expenses

Net Income (Loss)

( 53,241,407 )

Net Income (Loss) per Share

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( 52,796,711 )

( 10,523,581 )

Total Expenses

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( 53,241,407 )

( 11,357,318 )

Net Income (Loss) per Share

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Exchange-Traded Futures Contracts

Foreign Contracts

( 2,381,779 )

United States Contracts

Foreign Contracts

The following table summarizes the valuation of CPER’s securities at December 31, 2021 using the fair value hierarchy:

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( 29,144,478 )

( 54,710,680 )

Change in unrealized gain (loss) on open positions

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( 1,134,850 )

( 1,318,188 )

Change in unrealized gain (loss) on open positions

( 1,785,413 )

NOTE 10 – RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued Accounting Standards Update (“ASU”) No.

2018-13, which changes certain fair value measurement disclosure requirements.

The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Trust Series’ policy for the timing of transfers between levels.

The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years.

The Trust Series has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements.

NOTE 10 – SUBSEQUENT EVENTS

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

What changed 10-K

Item 8. Financial Statements and Supplementary Data