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Item 8. Financial Statements and Supplementary Data

2024-02-29 compared with 2023-02-27 · 182 added, 141 removed, 872 unchanged (27% of the section changed)

3 unchanged sentences

Management’s Annual Report on Internal Control Over Financial Reporting.

Report of Independent Registered Public Accounting Firm.

Report of Independent Registered Public Accounting Firms.

(Cohen & Company, Ltd.

PCAOB ID 925 ;

Spicer Jeffries LLP PCAOB ID 349 )

Statements of Financial Condition at December 31, 2023 and 2022

12 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, 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 have audited the accompanying statements of financial condition, including the schedules of investments, of United States Commodity Index Funds Trust (the “Trust”), including United States Commodity Index Fund and United States Copper Index Fund, each a Series of the Trust, in total and for each Series, as of December 31, 2023, the related statements of operations, changes in capital, and cash flows for the year then ended, 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, 2023 based on criteria established in Internal Control—Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust and its Series as of December 31, 2022 and 2021, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust and its Series as of December 31, 2023 and the results of their operations, changes in capital, and their cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Trust and its Series maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023 based on criteria established in Internal Control—Integrated Framework (2013) issued by COSO.

The Trust’s and its Series’ financial statements and internal control over financial reporting for the years ended December 31, 2022, and prior, were audited by other auditors whose report dated February 27, 2023, expressed an unqualified opinion on those financial statements and internal control over financial reporting.

Basis for Opinions

The Trust’s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control over Financial Reporting.

Our responsibility is to express an opinion on the Trust’s and its Series’ financial statements and an opinion on the Trust’s and its Series’ internal control over financial reporting based on our audits.

We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust and its Series in accordance with the U.S.

federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.

Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk.

Our audits also included performing such other procedures as we considered necessary in the circumstances.

We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:

(1) relate to accounts or disclosures that are material to the financial statements and (2) involved especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

We have served as the Trust’s auditor since 2023.

/s/ Cohen & Company, Ltd.

Philadelphia, Pennsylvania

February 29, 2024

SPICER JEFFRIES LLP

Certified Public Accountants

4601 DTC BOULEVARD • SUITE 700

DENVER, COLORADO 80237

(303) 753-1959

(303) 753-0338

www.spicerjeffries.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Sponsor and Shareholders of

United States Commodity Index Funds Trust

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying statement 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, including the schedule of investments as of December 31, 2022, and the related statements of operations, changes in capital and cash flows for each of the years in the two-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”).

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust and its Series as of December 31, 2022, and the results of their operations and their cash flows for each of the years in the two-year period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Also, in our opinion, the Trust and its Series maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022 based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

Basis for Opinion

23 unchanged sentences

/s/ Spicer Jeffries LLP

We have served as the Trust’s auditor since 2009.

Denver, Colorado

10 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 3,305,080 )

Dividends receivable

1 unchanged sentence

Prepaid insurance

Prepaid registration fees

Liabilities and Capital

10 unchanged sentences

Market value per share

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

See accompanying notes to financial statements.

13 unchanged sentences

Prepaid insurance

Prepaid registration fees

Liabilities and Capital

9 unchanged sentences

Market value per share

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

See accompanying notes to financial statements.

13 unchanged sentences

Prepaid insurance

Prepaid registration fees

Liabilities and Capital

8 unchanged sentences

Shares Outstanding

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

See accompanying notes to financial statements.

10 unchanged sentences

NYMEX Natural Gas Futures NG March 2024 contracts, expiring February 2024

ICE Cotton Futures CT March 2023 contracts, expiring March 2023

CME Live Cattle Futures LC February 2024 contracts, expiring February 2024

ICE Cocoa Futures CC March 2024 contracts, expiring March 2024

CBOT Soybean Oil Futures BO March 2024 contracts, expiring March 2024

( 1,638,036 )

CBOT Soybean Futures S March 2024 contracts, expiring March 2024

CBOT Soybean Meal Futures SM March 2024 contracts, expiring March 2024

ICE Cocoa Futures CC March 2023 contracts, expiring March 2023

ICE Coffee Futures KC March 2024 contracts, expiring March 2024

COMEX Copper Futures HG March 2024 contracts, expiring March 2024

NYMEX Platinum Futures PL April 2023 contracts, expiring April 2023

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

NYMEX NY Harbour ULSD Futures HO April 2024 contracts, expiring March 2024

COMEX Gold 100 OZ Futures GC April 2024 contracts, expiring April 2024

ICE Sugar #11 Futures SB May 2024 contracts, expiring April 2024

CBOT Corn Futures C May 2023 contracts, expiring May 2023

( 2,479,287 )

NYMEX WTI Crude Oil Futures CL October 2024 contracts, expiring September 2024

United Kingdom Contracts

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

ICE Low Sulphur Gasoil Futures QS February 2024 contracts, expiring February 2024

ICE Brent Crude Futures CO November 2024 contracts, expiring September 2024

Foreign Contracts

LME Tin Futures LT January 2023 contracts, expiring January 2023 *

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

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

LME Lead Futures LL January 2024 contracts, expiring January 2024 *

LME Zinc Futures LX January 2024 contracts, expiring January 2024 *

Open Commodity Futures Contracts - Short **

Foreign Contracts

LME Tin Futures LT January 2023 contracts, expiring January 2023 *

LME Lead Futures LL January 2024 contracts, expiring January 2024 *

( 12,667,814 )

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

LME Zinc Futures LX January 2024 contracts, expiring January 2024 *

( 28,164,386 )

Total Open Futures Contracts *

( 3,305,080 )

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2023

United States Commodity Index Fund

Shares/Principal

1 unchanged sentence

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

5.40 %, 1/02/2024

5.43 %, 1/23/2024

5.39 %, 2/08/2024

5.30 %, 2/15/2024

5.30 %, 2/29/2024

5.23 %, 3/12/2024

5.21 %, 3/26/2024

5.28 %, 3/28/2024

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Represents less than 0.005 %.

Total Cash Equivalents

# Reflects the 7 -day yield at December 31, 2023.

2 unchanged sentences

See accompanying notes to financial statements.

United States Commodity Index Fund

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2022

United States Commodity Index Fund

Value/Unrealized

5 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 *

3 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.

8 unchanged sentences

Gain (Loss) on

Open Commodity

% of Partners’

4 unchanged sentences

COMEX Copper Futures HG May 2024 contracts, expiring May 2024

COMEX Copper Futures HG July 2024 contracts, expiring July 2024

Total Open Futures Contracts *

2 unchanged sentences

Cash Equivalents

United States Treasury Obligations

Treasury Bills:

5.39 %, 2/08/2024

5.30 %, 2/15/2024

5.30 %, 2/29/2024

5.21 %, 3/26/2024

5.28 %, 3/28/2024

Total United States Treasury Obligations

United States Money Market Funds

1 unchanged sentence

Total United States Money Market Funds

Total Cash Equivalents

# Reflects the 7 -day yield at December 31, 2023.

1 unchanged sentence

See accompanying notes to financial statements.

United States Copper Index Fund

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2022

United States Copper Index Fund

Value/Unrealized

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

11 unchanged sentences

Realized gain (loss) on closed commodity futures contracts

( 30,357,891 )

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

( 12,703,810 )

Realized gain (loss) on short-term investments

( 2,447,470 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 24,127,241 )

Management fees (Note 4)

9 unchanged sentences

Weighted average shares outstanding

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

The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund.

See accompanying notes to financial statements.

28 unchanged sentences

Weighted average shares outstanding

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

See accompanying notes to financial statements.

8 unchanged sentences

Realized gain (loss) on closed commodity futures contracts

( 26,810,216 )

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

Realized gain (loss) on short-term investments

( 12,680,329 )

Dividend income

2 unchanged sentences

Total Income (Loss)

( 16,559,249 )

Management fees (Note 4)

6 unchanged sentences

Net Income (Loss)

( 18,148,357 )

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

See accompanying notes to financial statements.

43 unchanged sentences

Net income (loss)

( 18,148,357 )

Balances at end of year

11 unchanged sentences

( 4,552,856 )

( 5,154,476 )

(Increase) decrease in dividends receivable

2 unchanged sentences

(Increase) decrease in prepaid registration fees

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in Management fees payable

Increase (decrease) in professional fees payable

Increase (decrease) in brokerage commissions payable

Increase (decrease) in directors’ fees payable

Net cash provided by (used in) operating activities

( 31,036,564 )

Cash Flows from Financing Activities:

11 unchanged sentences

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

Components of Cash and Cash Equivalents:

Components of Cash and Cash Equivalents, and Equity in Trading Account:

Cash and cash equivalents

2 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.

9 unchanged sentences

( 2,956,865 )

( 3,949,813 )

(Increase) decrease in receivable from Sponsor

19 unchanged sentences

( 45,099,315 )

( 23,965,620 )

Net Increase (Decrease) in Cash and Cash Equivalents

( 38,112,722 )

( 56,621,625 )

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:

Components of Cash and Cash Equivalents, and Equity in Trading Account:

Cash and cash equivalents

2 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

Net income (loss)

( 18,148,357 )

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

( 1,272,781 )

( 9,104,289 )

(Increase) decrease in receivable from Sponsor

5 unchanged sentences

(Increase) decrease in prepaid registration fees

(Increase) decrease in ETF transaction fees receivable

Increase (decrease) in payable due to Broker

2 unchanged sentences

Increase (decrease) in professional fees payable

Increase (decrease) in brokerage commissions payable

Increase (decrease) in directors’ fees payable

Net cash provided by (used in) operating activities

( 26,546,895 )

Cash Flows from Financing Activities:

12 unchanged sentences

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

Components of Cash and Cash Equivalents:

Components of Cash and Cash Equivalents, and Equity in Trading Account:

Cash and cash equivalents

24 unchanged sentences

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.

As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s and UGA’s shares commenced trading on the NYSE Arca on November 25, 2008.

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.

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”), the United States Gasoline Fund, LP (“UGA”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”).

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

9 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 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

24 unchanged sentences

Trust Capital and Allocation of Income and Losses

Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month.

Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the weighted-average number of shares each investor holds as of the close of each month.

USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement.

7 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, 2022, USCF held 5 shares of USCI and 40 shares of CPER, as a limited partner.

As of December 31, 2023, USCF held 5 shares of USCI and 40 shares of CPER.

Offering Costs

4 unchanged sentences

Cash Equivalents

Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less.

Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of three months or less.

Reclassification

28 unchanged sentences

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 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.

2 unchanged sentences

(“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.

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.

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

Then, if constrained by regulatory requirements, risk mitigation measures, liquidity 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.

6 unchanged sentences

USCI will not seek to achieve its stated investment objective over a period of time greater than one day.

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.)

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

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.

As of December 31, 2023, USCI held 813 Futures Contracts on the NYMEX, held 1,308 Futures Contracts on the ICE Futures, held 918 Futures Contracts on the CBOT, held 182 Futures Contracts on the CME, held 1,360 Futures Contracts on the LME and held 185 Futures Contracts on the COMEX, totaling 4,766 futures contracts.

CPER’s Investment Objective

The investment objective of CPER is for the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total Return SM (the “SCI”), plus interest earned on CPER’s collateral holdings, less CPER’s expenses.

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 COMEX.

2 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 to the fullest extent possible in the Benchmark Component Copper Futures Contracts.

Then, if constrained by regulatory 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 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.

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

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

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

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

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

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

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

CPER seeks to achieve its investment objective by investing 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.

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.

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

USCF believes that the net effect of this expected relationship and the expected relationship described above

between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses.

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

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These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale.

For the 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, 2023, 2022 and 2021,

USCI incurred $ 0 , $ 6,617 and $ 32,976 respectively, in registration fees and offering expenses.

For the years ended December 31, 2023, 2022 and 2021, CPER incurred $ 0 , 24,092 and $ 117,738 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.

On January 27, 2023 the SEC declared effective registration statements filed by each of USCI and CPER that registered an unlimited number of shares.

As a result, USCI and CPER each have an unlimited number of shares that can be issued in the form of Creation Baskets.

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 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.

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 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, 2023 are estimated to be a total of $ 1,210,000 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2023 totaled $ 81,283 and CPER’s portion of such fees and expenses for the year ending December 31, 2023 totaled $ 76,810 .

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

For the year ending December 31, 2022, these fees and expenses were $ 1,258,000 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2022 was $ 71,043 and CPER’s portion of such fees and expenses for the year ending December 31, 2022 was $ 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, 2020 was $ 48,135 and CPER’s portion of such fees and expenses for the year ended December 31, 2020 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 .

Investor Tax Reporting Cost

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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.

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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 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:

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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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.

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 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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Total commissions as annualized percentage of average total net assets

Commissions accrued as a result of rebalancing

Percentage of commissions accrued as a result of rebalancing

Commissions accrued as a result of creation and redemption activity

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, 2022, compared to the year ended 2021, 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, 2023, compared to the year ended December 31, 2022, was due primarily to a lower number of contracts held and traded.

For the year ended December 31, 2023, the monthly average volume of open future contract notional value was $ 259,074,838 .

For the year ended December 31, 2022, the monthly average volume of open future contract notional value was $ 384,940,596 .

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Commissions accrued as a result of rebalancing

Percentage of commissions accrued as a result of rebalancing

Commissions accrued as a result of creation and redemption activity

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

For the year ended December 31, 2023, the monthly average volume of open future contract notional value was $ 143,271,265 .

For the year ended December 31, 2022, the monthly average volume of open future contract notional value was $ 201,590,276 .

SummerHaven Agreements

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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 requires margin deposits with an FCM.

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

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

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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.

Such volatility is attributable in part to the COVID-19 pandemic, related supply chain disruptions, war, including the Russia-Ukraine war, attacks or

threats of attack by terrorists, conflicts in the Middle East, 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.

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Total expenses excluding management fees

Expense waived *

Net expense excluding management fees

Net income (loss)

* 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.

The amount shown for a share outstanding throughout the year may not agree with the change in the aggregate gains and losses for the year because of the timing of sales and repurchases of the Fund's shares in relation to fluctuating market values for the Fund.

Per Share Operating Performance:

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Net income (loss)

* 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 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.

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

An individual shareholder’s total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from each Trust Series.

Additionally, only Authorized Participants purchase and redeem shares from each Trust Series at the NAV per share.

Most shareholders will

purchase and sell shares in the secondary market at market prices, which may differ from the NAV per share and result in a higher or lower total return.

NOTE 8 – QUARTERLY FINANCIAL DATA (Unaudited)

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( 1,854,670 )

( 8,310,043 )

Total Expenses

2 unchanged sentences

( 2,352,542 )

( 8,847,678 )

Net Income (Loss) per Share

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

1 unchanged sentence

( 10,888,325 )

( 12,686,525 )

Total Expenses

Expense Waivers

Net Income (Loss)

( 11,245,128 )

( 13,142,541 )

Net Income (Loss) per Share

1 unchanged sentence

( 54,315,842 )

( 12,686,525 )

Total Expenses

Expense Waivers

Net Income (Loss)

( 54,875,598 )

( 13,142,541 )

Net Income (Loss) per Share

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United States Contracts

( 3,158,862 )

Foreign Contracts

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Futures - Commodity Contracts

Unrealized gain (loss) on open commodity futures contracts

( 3,305,080 )

Fair Value of Derivative Instruments Held by CPER

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Futures - Commodity Contracts

Unrealized gain (loss) on open commodity futures contracts

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

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December 31, 2021

Gain (Loss) on

Derivatives not

on Derivatives

in Derivatives

Realized Gain

Unrealized Gain

Realized Gain

Unrealized Gain

Realized Gain

Unrealized Gain

Accounted for as

on Derivatives

Recognized in

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Futures - Commodity Contracts

Realized gain (loss) on closed positions

Realized gain (loss) on closed commodity futures contracts

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

( 12,703,810 )

Change in unrealized gain (loss) on open positions

( 2,447,470 )

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Futures - Commodity Contracts

Realized gain (loss) on closed positions

Realized gain (loss) on closed commodity futures contracts

( 32,719,288 )

Change in unrealized gain (loss) on open positions

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

( 3,280,075 )

5 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