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Item 8. Financial Statements and Supplementary Data

2025-02-28 compared with 2024-02-29 · 116 added, 156 removed, 898 unchanged (23% of the section changed)

6 unchanged sentences

PCAOB ID 925 )

Spicer Jeffries LLP PCAOB ID 349 )

Bookmark not defined.

Statements of Financial Condition at December 31, 2024 and 2023

12 unchanged sentences

Opinions on the Financial Statements and Internal Control over Financial Reporting

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 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, 2024 and 2023, the related statements of operations, changes in capital, and cash flows for each of the years in the two-year period ended December 31, 2024, 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, 2024 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, 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.

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, 2024 and 2023, and the results of their operations, changes in capital, and their cash flows for each of the years in the two-year period ended December 31, 2024, 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, 2024 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.

The Trust’s and its Series’ financial statements and internal control over financial reporting for the years ended December 31, 2022were 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

24 unchanged sentences

/s/ COHEN & COMPANY, LTD .

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 28, 2025

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

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 Trust’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 Trust’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 Trust are being made only in accordance with authorizations of management and directors of the Trust;

and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Trust’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 our especially challenging, subjective, or complex judgments.

We determined that there are no critical audit matters.

/s/ Spicer Jeffries LLP

Denver, Colorado

February 29, 2024

United States Commodity Index Funds Trust

Statements of Financial Condition

34 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 9,781,512 )

Dividends receivable

13 unchanged sentences

Market value per share

(a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements.

See accompanying notes to financial statements.

9 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 4,389,173 )

Dividends receivable

23 unchanged sentences

United States Contracts

NYMEX WTI Crude Oil Futures CL March 2025 contracts, expiring February 2025

NYMEX Natural Gas Futures NG March 2025 contracts, expiring February 2025

1 unchanged sentence

ICE Cocoa Futures CC March 2025 contracts, expiring March 2025

CBOT Soybean Meal Futures SM March 2025 contracts, expiring March 2025

ICE Coffee Futures KC March 2025 contracts, expiring March 2025

CME Cattle Feeder Futures FC March 2025 contracts, expiring March 2025

COMEX Copper Futures HG March 2025 contracts, expiring March 2025

( 1,125,338 )

NYMEX Platinum Futures PL April 2025 contracts, expiring April 2025

NYMEX NY Harbour ULSD Futures HO May 2025 contracts, expiring April 2025

ICE Sugar #11 Futures SB May 2025 contracts, expiring April 2025

( 2,295,922 )

United Kingdom Contracts

ICE Brent Crude Futures CO April 2025 contracts, expiring February 2025

ICE Low Sulphur Gasoil Futures QS April 2025 contracts, expiring April 2025

Foreign Contracts

LME Tin Futures LT January 2025 contracts, expiring January 2025 *

LME Zinc Futures LX January 2025 contracts, expiring January 2025 *

LME Tin Futures LT February 2025 contracts, expiring February 2025 *

LME Aluminum Futures LA April 2025 contracts, expiring April 2025 *

Open Commodity Futures Contracts - Short **

Foreign Contracts

LME Tin Futures LT January 2025 contracts, expiring January 2025 *

( 13,246,045 )

LME Zinc Futures LX January 2025 contracts, expiring January 2025 *

( 13,199,356 )

LME Aluminum Futures LA April 2025 contracts, expiring April 2025 *

( 12,775,825 )

Total Open Futures Contracts *

Shares/Principal

% of Partners’

Cash Equivalents

United States Money Market Funds

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.43 % #

Total United States Money Market Funds

Collateral amounted to $ 8,190,855 on open commodity futures contracts.

All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the SDCI).

Reflects the 7 - day yield at December 31, 2024 .

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2023

United States Commodity Index Fund

Value/Unrealized

Gain (Loss) on

% of Partners’

Notional Amount

Open Commodity Futures Contracts - Long

United States Contracts

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

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

51 unchanged sentences

At December 31, 2024

United States Commodity Index Fund

United States Copper Index Fund

Value/Unrealized

4 unchanged sentences

United States Contracts

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

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

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 2025 contracts, expiring March 2025

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 April 2023 contracts, expiring April 2023

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 *

Open Commodity Futures Contracts - Short **

Foreign Contracts

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

( 5,525,224 )

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

COMEX Copper Futures HG May 2025 contracts, expiring May 2025

( 2,794,688 )

COMEX Copper Futures HG July 2025 contracts, expiring July 2025

( 1,461,600 )

Total Open Futures Contracts *

( 9,781,512 )

Shares/Principal

4 unchanged sentences

Total United States Money Market Funds

Represents less than 0.005 %.

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

Collateral amounted to $ 16,731,473 on open commodity futures contracts.

Reflects the 7 -day yield at December 31, 2024.

See accompanying notes to financial statements.

5 unchanged sentences

Gain (Loss) on

Open Commodity

% of Partners’

25 unchanged sentences

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’

Notional Amount

Open Commodity Futures Contracts - Long

United States Contracts

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

% of Partners’

Cash Equivalents

United States Money Market Funds

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

Total United States Money Market Funds

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

Collateral amounted to $ 6,906,529 on open commodity futures contracts.

See accompanying notes to financial statements.

United States Commodity Index Funds Trust

Statements of Operations

8 unchanged sentences

( 12,703,810 )

( 2,447,470 )

Dividend income

27 unchanged sentences

( 13,777,846 )

( 3,280,075 )

Dividend income

9 unchanged sentences

Total Expenses

Expense waiver (Note 4)

Net Income (Loss)

15 unchanged sentences

( 5,080,427 )

( 12,680,329 )

Dividend income

8 unchanged sentences

Total Expenses

Expense waiver (Note 4)

Net Income (Loss)

57 unchanged sentences

( 8,697,419 )

( 4,552,856 )

(Increase) decrease in dividends receivable

15 unchanged sentences

( 83,716,973 )

( 44,374,270 )

Net Increase (Decrease) in Cash and Cash Equivalents

2 unchanged sentences

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

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

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

Cash and cash equivalents

12 unchanged sentences

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

( 2,956,865 )

(Increase) decrease in receivable from Sponsor

(Increase) decrease in dividends receivable

3 unchanged sentences

(Increase) decrease in prepaid registration fees

Increase (decrease) in payable due to Broker

( 1,428,240 )

Increase (decrease) in Management fees payable

17 unchanged sentences

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

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

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

Cash and cash equivalents

12 unchanged sentences

( 1,272,781 )

(Increase) decrease in receivable from Sponsor

(Increase) decrease in dividends receivable

4 unchanged sentences

(Increase) decrease in prepaid registration fees

Increase (decrease) in payable due to Broker

( 1,428,240 )

Increase (decrease) in Management fees payable

28 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.

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

USCI and CPER each issue shares (“shares”) that are traded on the NYSE Arca, Inc.

(“NYSE Arca”).

67 unchanged sentences

Cash Equivalents

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

Reclassification

Certain amounts in the accompanying financial statements were reclassified to conform to the current presentation.

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

Use of Estimates

2 unchanged sentences

Actual results may differ from those estimates and assumptions.

Recently Issued Accounting Pronouncement

The Trust and its Trust Series, USCI and CPER, adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

Each Trust Series operates in its own segment.

Each commodity pool Trust Series segment derives its revenues from investments made in accordance with the defined investment strategy of the respective Trust Series, as prescribed in each Trust Series prospectus.

The Chief Operating Decision Maker (“CODM”) is the sponsor, USCF.

The CODM monitors the operating results of each Trust Series as part of making decisions for allocating resources and evaluating performance.

NOTE 3 - TRUST SERIES

In connection with the execution of the First Trust Agreement on April 1, 2010, USCI was designated as the first series of the Trust.

USCF contributed $ 1,000 to the Trust upon its formation on December 21, 2009, representing an initial contribution of capital to the Trust.

USCF contributed $ 1,000 to the Trust upon its formation on December 21, 2009, representing an initial contribution of capital to the

Following the designation of USCI as the first series of the Trust, the initial capital contribution of $ 1,000 was transferred from the Trust to USCI and deemed an initial contribution to USCI.

24 unchanged sentences

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.

Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by USCI, USCI’s FCMs, counterparties or other market participants), 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.

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.”

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.

As a result, investors should be aware that USCI would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the SDCI, provided that the average daily percentage change in USCI’s NAV over 30 successive valuation days is 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.

18 unchanged sentences

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.

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.

As a result, investors should be aware that CPER would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the SCI, provided that the average daily percentage change in CPER’s NAV over 30 successive valuation days is within plus/minus ten percent (10%) of the average daily percentage change in the price of the SCI 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.

17 unchanged sentences

Under the Trust Agreement, USCF is responsible for investing the assets of each Trust Series in accordance with the objectives and policies of each such Trust Series.

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

In addition, USCF has arranged for one or more third parties to provide trading advisory,

administrative, custody, accounting, transfer agency and other necessary services to each Trust Series.

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

4 unchanged sentences

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

For the 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.

For the years ended of December 31, 2024, 2023 and 2022, USCI incurred $ 0 , $ 0 and $ 6,617 , respectively, in registration fees and offering expenses.

For the years ended of December 31, 2024, 2023 and 2022, CPER incurred $ 0 , $ 0 and $ 24,092 , 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.

3 unchanged sentences

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.

Each Trust Series shares the fees and expenses on a pro rata basis with each 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, 2024 were $ 916,574 for the Trust Series and the Related Public Funds.

USCI’s portion of such fees and expenses for the year ending December 31, 2024 totaled $ 59,716 and CPER’s portion of such fees and expenses for the year ending December 31, 2024 totaled $ 46,941 .

1 unchanged sentence

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

1 unchanged sentence

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

For the years ended December 31, 2023, 2022 and 2021, USCI incurred $ 369,911 , $ 553,920 and $ 198,650 respectively, in investor tax reporting costs.

For the years ended December 31, 2023, 2022 and 2021, CPER incurred $ 431,530 , $ 423,101 and $ 280,967 respectively, in investor tax reporting costs.

For the years ended December 31, 2024, 2023 and 2022, USCI incurred $ 406,356 , $ 369,911 and $ 553,920 respectively, in investor tax reporting costs and audit expenses.

For the years ended December 31, 2024, 2023 and 2022, CPER incurred $ 537,281 , $ 431,530 and $ 423,101 respectively, in investor tax reporting costs and audit expenses.

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 year ended December 31, 2023, 2022 and 2021 USCF waived $ 0 , $ 0 and $ 63,274 , 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.

NOTE 5 — CONTRACTS AND AGREEMENTS

1 unchanged sentence

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.

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 net assets.

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 net assets.

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;

13 unchanged sentences

The decrease in total commissions accrued to brokers for the year ended December 31, 2024, compared to the year ended December 31, 2023, 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 .

For the twelve months ended December 31, 2024 and 2023, the monthly average volume of open future contract notional value was $ 217,244,129 and $ 259,074,838 , respectively.

Total commissions accrued to brokers

1 unchanged sentence

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 .

For the twelve months ended December 31, 2024 and 2023, the monthly average volume of open future contract notional value was $ 167,484,599 and $ 143,271,265 , respectively.

SummerHaven Agreements

27 unchanged sentences

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

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 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.

Significant market volatility can occur in the commodity markets and the commodity futures markets.

Such volatility can be caused by events such as 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 disputes among commodity-producing countries.

Events such as these can increase volatility, 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 its 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.

4 unchanged sentences

The failure or insolvency of the Trust Series’ custodian, however, could result in a substantial loss of each Trust Series’ assets.

USCF may invest a portion of each Trust Series’ cash in money market funds that seek to maintain a stable per share NAV.

USCF may invest a portion of each Trust Series’ cash in money market funds and Treasuries that seek to maintain a stable per share NAV.

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

36 unchanged sentences

Total expenses excluding management fees

Expense waived

Net expense excluding management fees

Net income (loss)

2 unchanged sentences

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.

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)

The following summarized (unaudited) quarterly financial information presents the results of operations and other data for the three-month periods ended March 31, June 30, September 30 and December 31, 2023 and 2022.

Total Income (Loss)

( 8,310,360 )

( 1,854,670 )

( 8,310,043 )

Total Expenses

Net Income (Loss)

( 8,936,837 )

( 2,352,542 )

( 8,847,678 )

Net Income (Loss) per Share

2 unchanged sentences

( 1,854,670 )

( 8,310,043 )

Total Expenses

2 unchanged sentences

( 2,352,542 )

( 8,847,678 )

Net Income (Loss) per Share

7 unchanged sentences

( 10,888,325 )

( 12,686,525 )

Total Expenses

1 unchanged sentence

( 11,245,128 )

( 13,142,541 )

Net Income (Loss) per Share

19 unchanged sentences

United States Contracts

( 3,158,862 )

Foreign Contracts

4 unchanged sentences

United States Contracts

( 3,158,862 )

Foreign Contracts

4 unchanged sentences

United States Contracts

( 9,781,512 )

The following table summarizes the valuation of CPER’s securities at December 31, 2023 using the fair value hierarchy:

23 unchanged sentences

Unrealized gain (loss) on open commodity futures contracts

( 9,781,512 )

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

24 unchanged sentences

( 12,703,810 )

( 2,447,470 )

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

23 unchanged sentences

( 32,719,288 )

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

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

( 13,777,846 )

( 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