What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2023-02-27 compared with 2022-02-25 · 109 added, 195 removed, 904 unchanged (25% of the section changed)

19 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statements of financial condition of United States Commodity Index Funds Trust (the “Trust”) and its Series including United States Commodity Index Fund, United States Copper Index Fund and USCF Crescent Crypto Index Fund, in total and for each Series as of December 31, 2021 and 2020, including the schedule of investments as of December 31, 2021 and 2020, and the related statements of operations, changes in capital and cash flows for each of the years in the three-year period ended December 31, 2021, and the related notes (collectively referred to as the “financial statements”).

We have audited the accompanying statements of financial condition of United States Commodity Index Funds Trust (the “Trust”) and its Series including United States Commodity Index Fund, and United States Copper Index Fund, in total and for each Series as of December 31, 2022 and 2021, including the schedule of investments as of December 31, 2022 and 2021, and the related statements of operations, changes in capital and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes (collectively referred to as the “financial statements”).

We also have audited the Trust’s and its Series’ internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

67 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

Receivable from Sponsor (Note 4)

Dividends receivable

Interest receivable

Prepaid professional fees

Prepaid insurance *

1 unchanged sentence

Liabilities and Capital

Payable due to Broker

Management fees payable (Note 4)

20 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

Receivable from Sponsor (Note 4)

Dividends receivable

Interest receivable

Prepaid professional fees

Prepaid insurance *

1 unchanged sentence

Liabilities and Capital

Payable due to Broker

Payable for shares redeemed

Management fees payable (Note 4)

20 unchanged sentences

NYMEX Natural Gas Futures NG March 2023 contracts, expiring February 2023

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

ICE Cotton Futures CT March 2023 contracts, expiring March 2023

CBOT Soybean Oil Futures BO March 2023 contracts, expiring March 2023

( 1,638,036 )

CBOT Soybean Meal Futures SM March 2023 contracts, expiring March 2023

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

COMEX Silver Futures SI March 2022 contracts, expiring March 2022

ICE Cocoa Futures CC March 2023 contracts, expiring March 2023

ICE Coffee Futures KC March 2023 contracts, expiring March 2023

COMEX Copper Futures HG March 2023 contracts, expiring March 2023

NYMEX Platinum Futures PL April 2023 contracts, expiring April 2023

NYMEX NY Harbour ULSD Futures HO May 2023 contracts, expiring April 2023

ICE Sugar #11 Futures SB May 2023 contracts, expiring April 2023

CBOT Corn Futures C May 2023 contracts, expiring May 2023

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

ICE Low Sulphur Gasoil Futures QS April 2023 contracts, expiring April 2023

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 2023 contracts, expiring January 2023 *

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

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

LME Lead Futures LL February 2023 contracts, expiring February 2023 *

LME Zinc Futures LX February 2023 contracts, expiring February 2023*

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 2023 contracts, expiring January 2023 *

( 21,600,331 )

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

( 17,905,359 )

( 1,094,793 )

LME Zinc Futures LX February 2023 contracts, expiring February 2023 *

( 3,823,800 )

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

2 unchanged sentences

United States Money Market Funds

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

Government Money Market Fund - Institutional Shares, 0.03 % #

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.27 % #

Total United States Money Market Funds

Represents less than 0.005 %.

Reflects the 7 -day yield at December 31, 2022.

2 unchanged sentences

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

United States Commodity Index Fund

Schedule of Investments

At December 31, 2021

United States Commodity Index Fund

Value/Unrealized

5 unchanged sentences

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

ICE Cocoa Futures CC March 2021 contracts, expiring March 2021

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 Heating Oil Futures HO April 2021 contracts, expiring March 2021

COMEX Gold 100 OZ Futures GC April 2021 contracts, expiring April 2021

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

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

CBOT Soybean Meal Futures SM May 2021 contracts, expiring May 2021

CBOT Soybean Oil Futures S July 2021 contracts, expiring July 2021

CBOT Wheat Futures W July 2021 contracts, expiring July 2021

COMEX Copper Futures HG July 2021 contracts, expiring July 2021

CBOT Soybean Futures S November 2021 contracts, expiring November 2021

NYMEX RBOB Gasoline Futures RB December 2021 contracts, expiring November 2021

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 February 2021 contracts, expiring February 2021 *

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 Tin Futures LT June 2021 contracts, expiring June 2021 *

LME Zinc Futures LX July 2021 contracts, expiring July 2021 *

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 Tin Futures LT June 2021 contracts, expiring June 2021 *

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

( 18,832,200 )

LME Zinc Futures LX July 2021 contracts, expiring July 2021 *

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 *

3 unchanged sentences

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

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

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

Represents less than 0.005 %.

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

8 unchanged sentences

Gain (Loss) on

Open Commodity

% of Partners’

3 unchanged sentences

COMEX Copper Futures HG March 2023 contracts, expiring March 2023

COMEX Copper Futures HG May 2023 contracts, expiring May 2023

Total Open Futures Contracts *

Shares/Principal

2 unchanged sentences

United States Money Market Funds

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

Government Money Market Fund - Institutional Shares, 0.03 % #

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.27 % #

Total United States Money Market Funds

2 unchanged sentences

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

United States Copper Index Fund

Schedule of Investments

At December 31, 2021

United States Copper Index Fund

Value/Unrealized

9 unchanged sentences

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.03 % #

Government Money Market Fund - Institutional Share Class, 0.02 % #

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

Government Money Market Fund - Institutional Shares, 0.03 % #

Total United States Money Market Funds

12 unchanged sentences

( 30,357,891 )

( 29,144,478 )

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

6 unchanged sentences

( 24,127,241 )

( 4,596,236 )

Management fees (Note 4)

6 unchanged sentences

( 25,551,692 )

( 8,413,932 )

Net Income (Loss) per share

14 unchanged sentences

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

Realized gain (loss) on short-term investments

( 3,280,075 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 33,421,966 )

Management fees (Note 4)

6 unchanged sentences

Net Income (Loss)

Net Income (Loss) per share

Net Income (Loss) per weighted average share

Weighted average shares outstanding

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

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Operations

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

USCF Crescent Crypto Index Fund

December 31,2021 †

December 31,2020 †

December 31,2019 †

Gain (loss) on trading of commodity futures contracts:

Realized gain (loss) on closed commodity futures contracts

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

Dividend income

Interest income *

ETF transaction fees

Total Income (Loss)

Management fees (Note 4)

Professional fees

Brokerage commissions

Directors’ fees and insurance

Total Expenses

Net Income (Loss)

( 35,281,413 )

Net Income (Loss) per share

2 unchanged sentences

* 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 USCF Crescent Crypto Index Fund had withdrawn its registration statement.

See accompanying notes to financial statements.

9 unchanged sentences

( 26,810,216 )

( 30,279,328 )

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

5 unchanged sentences

( 16,559,249 )

( 4,241,306 )

Management fees (Note 4)

7 unchanged sentences

( 18,148,357 )

( 8,143,415 )

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

13 unchanged sentences

( 25,551,692 )

( 8,413,932 )

Balances at end of year

13 unchanged sentences

Net income (loss)

( 35,281,413 )

Balances at end of year

3 unchanged sentences

Statements of Changes in Capital

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

USCF Crescent Crypto Index Fund

December 31, 2021**

December 31, 2020**

December 31, 2019**

Balances at beginning of period

Addition of -, -, - and - shares, respectively

Redemption of -, -, - and - shares, respectively

Net income (loss)

Balances at end of period

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

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

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

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Changes in Capital

For the years ended December 31, 2022, 2021 and 2020

9 unchanged sentences

( 18,148,357 )

( 8,143,415 )

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, 2019 was zero and $ 1,000 , respectively.

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

See accompanying notes to financial statements.

6 unchanged sentences

( 25,551,692 )

( 8,413,932 )

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

13 unchanged sentences

( 31,036,564 )

( 25,305,825 )

Cash Flows from Financing Activities:

9 unchanged sentences

( 86,440,986 )

( 288,195,219 )

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

13 unchanged sentences

Net income (loss)

( 35,281,413 )

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

1 unchanged sentence

( 3,949,813 )

( 1,249,725 )

(Increase) decrease in receivable from Sponsor

1 unchanged sentence

(Increase) decrease in interest receivable

(Increase) decrease in prepaid professional fees

(Increase) decrease in prepaid insurance *

6 unchanged sentences

Net cash provided by (used in) operating activities

( 32,656,005 )

Cash Flows from Financing Activities:

19 unchanged sentences

Statements of Cash Flows

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

USCF Crescent Crypto Index Fund

December 31, 2021*

December 31, 2020*

December 31, 2019*

Cash Flows from Financing Activities:

Addition of shares

Redemption of shares

Net cash provided by (used in) financing activities

Net Increase (Decrease) in Cash and Cash Equivalents

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:

Cash and cash equivalents

Equity in Trading Accounts:

Cash and cash equivalents

Total Cash, Cash Equivalents and Equity in Trading Accounts

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

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

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Cash Flows

For the years ended December 31, 2022, 2021 and 2020

3 unchanged sentences

( 18,148,357 )

( 8,143,415 )

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

5 unchanged sentences

(Increase) decrease in dividends receivable

( 1,374,041 )

(Increase) decrease in interest receivable

(Increase) decrease in prepaid professional fees

(Increase) decrease in prepaid insurance *

9 unchanged sentences

( 26,546,895 )

( 25,563,130 )

Cash Flows from Financing Activities:

17 unchanged sentences

Total Cash, Cash Equivalents and Equity in Trading Accounts

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

See accompanying notes to financial statements.

5 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.

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.

27 unchanged sentences

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.

The Trust financial statements include the financial statements of USCI and CPER through December 31, 2022.

For reporting commencing with the December 31, 2021 reporting period, and in conjunction with the liquidation of the United States Agriculture Index Fund (“USAG”) on September 12, 2018, the withdrawal of the registration statement for the USCF Canadian Crude Oil Index Fund (“UCCO”) on December 19, 2018, and the withdrawal of XBET’s registration statement on June 25, 2020, the USAG and UCCO financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods.

Revenue Recognition

34 unchanged sentences

The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period.

As of December 31, 2021, USCF held 5 shares of USCI and 45 shares of CPER.

As of December 31, 2022, USCF held 5 shares of USCI and 40 shares of CPER, as a limited partner.

Offering Costs

24 unchanged sentences

On September 14, 2011, USCF redeemed the 20 Sponsor Shares of USCI and, on September 19, 2011, USCF purchased 5 shares of USCI in the open market.

In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, USAG and CPER were designated as additional series of the Trust.

In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, CPER was designated as additional series of the Trust.

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

Following the designation of USAG and CPER as additional series, USCF made an initial capital contribution of $ 3,000 to the Trust.

On November 10, 2010, the Trust transferred $ 1,000 to each of USAG and CPER, which was deemed a capital contribution to each series.

Following the designation of CPER as an additional series, USCF made an initial capital contribution to the Trust and on November 10, 2010, the Trust transferred $ 1,000 to CPER, which was deemed a capital contribution to the series.

On November 14, 2011, USCF received 40 Sponsor Shares of CPER in exchange for the previously received capital contribution, representing a beneficial interest in CPER.

On December 7, 2011, USCF redeemed the 40 Sponsor Shares of CPER and purchased 40 shares of CPER in the open market.

On April 13, 2012, USCF received 40 Sponsor Shares of USAG in exchange for the previously received capital contribution, representing a beneficial interest in USAG.

On June 28, 2012, USCF redeemed the 40 Sponsor Shares of USAG and on October 3, 2012, purchased 5 shares of USAG on the open market.

On September 7, 2018 all Sponsor Shares of USAG were redeemed and USAG discontinued trading and subsequently liquidated and distributed all proceeds to shareholders, as discussed above.

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.

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.

UCCO never commenced operations and was terminated as a series on May 8, 2019.

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, 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.

The order to permit listing CPER and USAG on the NYSE Arca was received on October 20, 2011.

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

The order to permit listing CPER on the NYSE Arca was received on October 20, 2011.

On November 15, 2011, CPER listed its shares on the NYSE Arca under the ticker symbol “CPER.” CPER established its initial per share NAV by setting the price at $ 25 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $ 2,500,000 in cash on November 15, 2011.

The $ 1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket.

As discussed above, USAG liquidated on September 12, 2018 and distributed cash pro rata to all remaining shareholders.

USCI’s Investment Objective

The investment objective of USCI is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM (the “SDCI”), less USCI’s expenses.

USCI seeks to achieve its investment objective by investing so that the average daily percentage change in USCI’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 SDCI over the same period.

USCI seeks to achieve its investment objective by investing so that the average daily percentage change in USCI’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 price of the SDCI over the same period.

The SDCI is designed to reflect the performance of a diversified group of commodities.

3 unchanged sentences

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

Then, if constrained by regulatory requirements or in view of market conditions, USCI will invest next in other Futures Contracts based on the same commodity 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 Futures Contracts if one or more other Futures Contracts is not available.

Then, if constrained by regulatory requirements or in view of market conditions, USCI will invest next in other Futures

Contracts based on the same commodity 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 Futures Contracts if one or more other Futures Contracts is not available.

When USCI has invested to the fullest extent possible in exchange-traded futures contracts, USCI may then invest in other contracts and instruments based on the Benchmark Component Futures Contracts, other Futures Contracts or the commodities included in the SDCI, 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 Futures Contracts and other contracts and instruments based on the Benchmark Component Futures Contracts are collectively referred to as “Other Commodity-Related Investments,” and together with Benchmark Component Futures Contracts and other Futures Contracts, “Commodity Interests.”

USCI seeks to achieve its investment objective by investing so that the average daily percentage change in USCI’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 price of the SDCI over the same period.

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

6 unchanged sentences

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

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.

As of December 31, 2022, USCI held 911 Futures Contracts on the NYMEX, held 2,499 Futures Contracts on the ICE Futures, held 1,419 Futures Contracts on the CBOT, did no t hold any Futures Contracts on the CME, held 1,017 Futures Contracts on the LME and 191 Futures Contracts on the COMEX, totaling 6,037 futures contracts.

CPER’s Investment Objective

8 unchanged sentences

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 collectively 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 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.

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 collectively 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 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 price of the Benchmark Component Copper Futures Contracts over the same period.

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

26 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, 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.

For the years ended December 31, 2022, 2021 and 2020, USCI incurred $ 6,617 , $ 32,976 and $ 0 respectively, in registration fees and offering expenses.

For the years ended December 31, 2022, 2021 and 2020, CPER incurred $ 24,094 , $ 117,738 and $ 0 respectively, in registration fees and offering expenses.

On April 30, 2021, 10,000,000 additional shares were registered for USCI and 50,000,000 additional shares were registered for CPER.

Independent Directors’ and Officers’ Expenses

Each Trust Series is responsible for paying its portion of the directors’ fees and directors’ and officers’ liability insurance for such Trust Series and the Related Public Funds.

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, 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 .

Each Trust Series is responsible for paying its portion of the directors’ fees and directors’ and officers’ liability insurance for such Trust Series and the other Related Public Funds.

Each Trust Series shares the fees and expenses on a pro rata basis with each other Trust Series and each other 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, 2022 are estimated to be a total of $ 1,258,000 for the Trust Series and the other Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2022 totaled $ 71,043 and CPER’s portion of such fees and expenses for the year ending December 31, 2022 totaled $ 80,390 .

For the year ended December 31, 2021, these fees and expenses were $ 1,081,963 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ended December 31, 2019 was $ 48,135 and CPER’s portion of such fees and expenses for the year ended December 31, 2019 was $ 6,874 .

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.

2 unchanged sentences

The fees and expenses associated with each Trust Series’ audit expenses and tax accounting and reporting requirements are paid by such Trust Series.

These costs are estimated to be $ 198,000 for the year ending December 31, 2021 for USCI and $ 275,000 for the year ending December 31, 2021 for CPER.

For the years ended December 31, 2022, 2021 and 2020, USCI incurred $ 553,920 , $ 198,650 and $ 209,660 respectively, in investor tax reporting costs.

For the years ended December 31, 2022, 2021 and 2020, CPER incurred $ 423,101 , $ 280,967 and $ 75,614 respectively, in investor tax reporting costs.

Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

3 unchanged sentences

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.

For the year ended December 31, 2022, 2021 and 2020 USCF waived $-, $ 63,274 and $ 58,202 , respectively, of expenses 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.

2 unchanged sentences

USCF and the Trust, each on its own behalf and on behalf of each Trust Series, are party to a marketing agent agreement, dated as of July 22, 2010, as amended from time to time, with the Marketing Agent, whereby the Marketing Agent provides certain marketing services for each Trust Series as outlined in the agreement.

The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06 % on each Trust Series’ assets up to $ 3 billion and 0.04 % on each Trust Series’ assets in excess of $ 3 billion.

Through September 30, 2022, the fee of the Marketing Agent, which is borne by USCF, was equal to 0.06 % on each Trust Series’ assets up to $ 3 billion and 0.04 % on each Trust Series’ assets in excess of $ 3 billion.

The agreement with the Marketing Agent has been amended and, commencing October 1, 2022, the fee of the Marketing Agent, which is calculated daily and payable monthly and borne by USCF, is equal to 0.10 % of USCI’s total net assets and 0.025 % of CPER’s total

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.

1 unchanged sentence

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 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:

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 other 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;

2 unchanged sentences

USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time.

Brown Brothers Harriman and Co.

(“BBH&Co.”) previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020.

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

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

19 unchanged sentences

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

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

The decrease in total commissions accrued to brokers for the year ended December 31, 2022, compared to the year ended December 31, 2021, was due primarily to a lower number of contracts held and traded.

SummerHaven Agreements

27 unchanged sentences

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

A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020.

The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak.

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 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.

Significant market volatility has recently occurred in the commodity markets and the commodity futures markets.

Such volatility is attributable in part to the COVID-19 pandemic, related supply chain disruptions, war, including the war between Russia and Ukraine, and continuing disputes among natural gas-producing countries.

These and other events could cause continuing or increased volatility in the future, which may affect the value, pricing and liquidity of some investments or other assets, including those held by or invested in by a Trust Series and have a negative impact on such Trust Series or it ability to have all of its assets invested in the Benchmark Component Futures Contracts.

A Trust Series’ cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements.

49 unchanged sentences

* 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 paid certain expenses typically borne by CPER on a discretionary basis 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.

4 unchanged sentences

Total Income (Loss)

( 2,222,314 )

( 19,228,766 )

Total Expenses

Net Income (Loss)

( 3,169,029 )

( 20,109,037 )

Net Income (Loss) per Share

Total Income (Loss)

( 52,796,711 )

Total Expenses

Net Income (Loss)

( 53,241,407 )

Net Income (Loss) per Share

1 unchanged sentence

( 54,315,842 )

( 12,686,525 )

Total Expenses

2 unchanged sentences

( 54,875,598 )

( 13,142,541 )

Net Income (Loss) per Share

49 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

December 31, 2022

December 31, 2021

Futures - Commodity Contracts

4 unchanged sentences

Derivatives not Accounted for as Hedging Instruments

December 31, 2022

December 31, 2021

Futures - Commodity Contracts

6 unchanged sentences

December 31, 2020

not Accounted

Gain (Loss) on

1 unchanged sentence

Gain (Loss) on

on Derivatives

Derivatives not

on Derivatives

1 unchanged sentence

in Derivatives

Recognized in

Accounted for as

on Derivatives

Recognized in

4 unchanged sentences

Recognized in

Hedging Instruments

Recognized in Income

Futures - Commodity Contracts

1 unchanged sentence

( 30,357,891 )

( 29,144,478 )

Change in unrealized gain (loss) on open positions

26 unchanged sentences

Change in unrealized gain (loss) on open positions

( 3,280,075 )

NOTE 10 – SUBSEQUENT EVENTS

4 unchanged sentences

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

What changed 10-K

Item 8. Financial Statements and Supplementary Data