What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-08 compared with 2025-05-09 · 138 added, 93 removed, 770 unchanged (23% of the section changed)

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This is because natural market forces called contango and backwardation have impacted the total return on an investment in USCI’s shares during the past year relative to a hypothetical direct investment in the various commodities and, in the future, it is likely that the relationship between the market price of USCI’s shares and changes in the spot prices of the underlying commodities will continue to be so impacted by contango and backwardation.

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.) As of March 31, 2025, USCI held 619 Futures Contracts on the NYMEX, held 1,596 Futures Contracts on the ICE Futures, held 649 Futures Contracts on the CBOT, held 325 Futures Contracts on the CME, held 1,199 Futures Contracts on the LME and held 182 Futures Contracts on the COMEX, totaling 4,570 futures contracts.

(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.) As of June 30, 2025, USCI held 920 Futures Contracts on the NYMEX, held 866 Futures Contracts on the ICE Futures, held 831 Futures Contracts on the CBOT, held 704 Futures Contracts on the CME, held 1,411 Futures Contracts on the LME and did not hold any Futures Contracts on the COMEX, totaling 4,732 futures contracts.

United States Copper Index Fund

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(It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.) CPER’s shares began trading on November 15, 2011.

As of March 31, 2025, CPER held 1,575 Futures Contracts on the COMEX.

As of June 30, 2025, CPER held 1,676 Futures Contracts on the COMEX.

Other Defined Terms

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based futures exchanges are not a fixed ceiling, but rather a threshold above which such exchanges may exercise greater scrutiny and control over an investor’s positions.

As of March 31, 2025, USCI held 619 Futures Contracts on the NYMEX, held 1,596 Futures Contracts on the ICE Futures, held 649 Futures Contracts on the CBOT, held 325 Futures Contracts on the CME, held 1,199 Futures Contracts on the LME and held 182 Futures Contracts on the COMEX, totaling 4,570 futures contracts.

As of March 31, 2025, CPER held 1,575 Futures Contracts on the COMEX.

For the three months ended March 31, 2025, no Trust Series exceeded accountability levels imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

As of June 30, 2025, USCI held 920 Futures Contracts on the NYMEX, held 866 Futures Contracts on the ICE Futures, held 831 Futures Contracts on the CBOT, held 704 Futures Contracts on the CME, held 1,411 Futures Contracts on the LME and did not hold any Futures Contracts on the COMEX, totaling 4,732 futures contracts.

As of June 30, 2025, CPER held 1,676 Futures Contracts on the COMEX.

For the six months ended June 30, 2025, no Trust Series exceeded accountability levels imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Position limits differ from accountability levels in that they represent fixed limits on the maximum number of futures contracts that any person may hold and cannot allow such limits to be exceeded without express CFTC authority to do so.

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As such, none of the Trust Series anticipates that position limits that apply to the last few days prior to a contract’s expiration will impact it.

For the three months ended March 31, 2025, [8.9]no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

For the six months ended June 30, 2025, no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Federal Position Limits

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Commodity Futures Price Movements

Three Months Ended March 31, 2025

As measured by the four major diversified commodity indexes listed below, commodity futures prices exhibited a strong upward trend during the three months ended March 31, 2025.

Six Months Ended June 30, 2025

As measured by the four major diversified commodity indexes listed below, commodity futures prices rose during the six months ended June 30, 2025.

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

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The value of the SDCI as of December 31, 2024 was $2,329.08.

As of March 31, 2025, the value of the SDCI was $2,548.01, up approximately 9.40% over the three months ended March 31, 2025.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), nineteen had positive returns for the quarter ended March 31, 2025.

The best performing commodity sector was Precious Metals (up approximately 18.3%) followed by Softs (up approximately 11.5%).

As of June 30, 2025, the value of the SDCI was $2,600.15, up approximately 11.64% over the six months ended June 30, 2025.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), fifteen had positive returns for the six months ended June 30, 2025.

The best performing commodity sector was Precious Metals (up approximately 24.1%) followed by Livestock (up approximately 13.7%).

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

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In April of 2025, the Trump administration announced large and widespread tariffs on trading partners.

While the administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis, the overall impact of the administration’s actions has materially increased the risk of a global economic slowdown or recession, which could reduce demand for some commodities.

Tariffs have been paused, reinstated, negotiated, and changed numerous times since then, and final tariff levels for many countries are still uncertain.

The overall impact of the administration’s actions has increased the risk of a global economic slowdown or recession, which could reduce demand for some commodities.

In economic downturns, energy and precious metals can decline, while precious metals rise, though this dynamic is not always the case.

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As a result, it is difficult to forecast the overall short-term and long-term impact of tariffs on commodity prices, especially in the absence of definitive policy.

Finally, tariffs are only one factor affecting commodity prices, and each commodity will continue to be driven by idiosyncratic factors that affect their supply and demand.

As a result, commodities often provide

diversification from stocks and bonds, especially during times of uncertainty.

Tariffs are only one factor affecting commodity prices, and each commodity will continue to be driven by idiosyncratic factors that affect their supply and demand.

Commodities often provide diversification from stocks and bonds, especially during times of uncertainty.

Relative to the last eight recessions, commodities outperformed equities five times as measured from the peak to trough of each asset class.

Relative to two of these recessions, both in the 1970’s, commodities returned 26% and 254% while equities were down -33% and -45% respectively.

In the next six recessions, when commodities and equties both declined, commodities outperformed equities on average and often peaked at the same time or several months after equities.

In the next six recessions, when commodities and equities both declined, commodities outperformed equities on average and often peaked at the same time or several months after equities.

The 2020 recession is the only instance where commodities peaked before equities.

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The return of approximately 11.64% on the SDCI listed above is a hypothetical return only and could not actually be achieved by an investor holding Futures Contracts due to the impact of trading costs and other expenses.

USCI’s per share NAV began the period at $66.04 and ended the period at $72.00 on March 31, 2025, an increase of approximately 9.02% over the period.

USCI’s per share NAV began the period at $66.04 and ended the period at $73.26 on June 30, 2025, an increase of approximately 10.93% over the period.

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

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, war (such as the Russia-Ukraine war), continuing disputes among commodity-producing countries, the introduction of or changes in tariffs or trade varriers, and trade wars between nations.

Events such as these, and others, could cause 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 its ability to have all of its assets invested in the Applicable Benchmark Component Futures Contracts.

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Copper Futures Price Movements

Three Months Ended March 31, 2025

As measured by the two major copper indexes, copper futures prices exhibited an upward trend during the three months ended March 31, 2025.

Six Months Ended June 30, 2025

As measured by two major copper indexes, copper futures prices exhibited a strong upward trend during the six months ended June 30, 2025.

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

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(1) The inception date for the SummerHaven Copper Index Total Return SM is November 2010.

The value of the SCI as of December 31, 2024 was $1,369.05.

As of June 30, 2025, the value of the SCI was $1,716.72, up approximately 25.39% over the six months ended June 30, 2025.

The return of approximately 25.39% on the SCI listed above is a hypothetical return only and could not actually be achieved by an investor holding Futures Contracts due to the impact of trading costs and other expenses.

CPER’s per share NAV began the period at $25.23 and ended the period at $31.50 on March 31, 2025, an increase of approximately 24.85% over the period.

CPER’s per share NAV began the period at $25.23 and ended the period at $31.46 on June 30, 2025, an increase of approximately 24.69% over the period.

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

During the quarter ended March 31, 2025, the price of the front month copper futures contract traded in a range between $402.60 per pound and $524.3 per pound.

During the six months ended June 30, 2025, the price of the front month copper futures contract traded in a range between $402.60 per pound and $524.3 per pound.

Prices increased by 25.02% between December 31, 2024 to March 31, 2025 finishing the period at $503.40.

Copper futures markets reached an all-time high on March 26, 2025 due to growing undersupply of copper globally, forecasts for forthcoming copper shortages, and price increases due to the anticipation that the Trump administration might announce tariffs on copper imports in coming months.

Over the longer term, with tight markets, increased demand from China and from new technologies, and a growing drumbeat of forecasts for a supply crunch, copper demand is likely to remain robust and supply is also likely to remain constrained and slow to respond to demand increases.

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

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners.

While no tariffs on copper itself were announced, and the administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis, the overall impact of the administration’s actions has materially increased the risk of a global economic slowdown or recession, which would reduce demand for copper.

Copper prices plumented in the wake of the tariff anouncements and, as-of the end of April 2025, remained below the highs reached in March.

Additionally, the administration has been studying potential tariffs on copper imports and such tariffs are widely expected to be implemented in the second quarter of 2025.

The administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis.

The overall impact of the administration’s actions has increased the risk of a global economic slowdown or recession, which would reduce demand for copper.

Copper prices plummeted in the wake of the tariff announcements.

While tariffs increase import costs, any attendant decline in economic growth could lead to a net negative impact on copper prices.

In July of 2025, the Trump administration established targeted tariffs on imported copper.

This caused a dramatic spike in prices, with the front month contract rising 13.25%.

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

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

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

As of March 31, 2025, USCI had 3,300,000 shares outstanding.

As of June 30, 2025, USCI had 3,300,000 shares outstanding.

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

More shares may have been issued by USCI than are outstanding due to the redemption of shares.

As of March 31, 2025, CPER had 6,350,000 shares outstanding.

As of June 30, 2025, CPER had 6,850,000 shares outstanding.

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

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

As of March 31, 2025, USCI and CPER had the following Authorized Participants:

As of June 30, 2025, USCI and CPER had the following Authorized Participants:

ABN AMRO Clearing USA LLC, BNP Paribas Securities Corp., Citadel Securities LLC, Goldman Sachs & Company, Jane Street Capital LLC, Jefferies & Company Inc., JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., RBC Capital Markets LLC and Virtu Americas LLC.

For the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

For the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Six months ended

June 30, 2025

June 30, 2024

Average daily total net assets

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

USCI’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that USCI pays to USCF is calculated as a percentage of the total net assets of USCI.

The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

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

The decrease in total fees and other expenses excluding management fees for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a decrease in directors’ fees and insurance and professional fees.

The increase in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a higher number of Commodity Futures Contracts being held and traded.

For the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Three months ended

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

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

The decrease in total fees and other expenses excluding management fees for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a decrease in reporting fees and prepaid insurance.

The increase in total commissions accrued to brokers for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a higher number of Commodity Futures Contracts being held and traded.

For the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

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

The decrease in total fees and other expenses excluding management fees for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was due primarily to a decrease in insurance, reporting, and audit fees.

The increase in total commissions accrued to brokers for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was due primarily to a higher number of Commodity Futures Contracts being held and traded.

For the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024

Six months ended

June 30, 2025

June 30, 2024

Average daily total net assets

Dividend and interest income earned on Treasuries, cash and/or cash equivalents

Annualized yield based on average daily total net assets

Management fee

Total fees and other expenses excluding management fees

Total commissions accrued to brokers

Total commissions as annualized percentage of average total net assets

Portfolio Expenses .

CPER’s expenses consist of investment management fees, brokerage fees and commissions, certain offering costs, licensing fees, registration fees, the fees and expenses of the independent directors of USCF and expenses relating to tax accounting and reporting requirements.

The management fee that CPER pays to USCF is calculated as a percentage of the total net assets of CPER.

The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the six months ended June 30, 2025, compared to the six months ended June 30, 2024.

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

The decrease in total commissions accrued to brokers for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, was due primarily to a lower number of Commodity Futures Contracts being held and traded.

For the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024

Three months ended

March 31, 2025

March 31, 2024

June 30, 2025

June 30, 2024

Average daily total net assets

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The fee is accrued daily and paid monthly.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

As a result, the amount of income

earned by CPER as a percentage of average daily total net assets was lower during the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

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

The decrease in total commissions accrued to brokers for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was due primarily to a lower number of Commodity Futures Contracts being held and traded.

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

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

The decrease in total commissions accrued to brokers for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, was due primarily to a lower number of Commodity Futures Contracts being held and traded.

Tracking Each Trust Series’ Benchmark

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USCF believes that it is not practical to manage the portfolio to achieve such an investment goal when investing in listed Futures Contracts and Other-Related Investments.

For the 30-valuation days ended March 31, 2025, the simple average daily change in the SDCI was 0.062%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.057%.

For the 30-valuation days ended June 30, 2025, the simple average daily change in the SDCI was 0.097%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.090%.

The average daily difference was (0.007)% (or (0.7) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SDCI, the average error in daily tracking by the per share NAV was (3.222)%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through March 31, 2025, the simple average daily change in the SDCI was 0.019%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.014%.

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through June 30, 2025, the simple average daily change in the SDCI was 0.020%, while the simple average daily change in the per share NAV of USCI over the same time period

The average daily difference was (0.006)% (or (0.6) basis points, where 1 basis point equals 1/100 of 1%).

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The following two charts demonstrate the correlation between the changes in SDCI’s NAV and the changes in the SDCI.

The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended March 31, 2025.

The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended March 31, 2025.

The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended June 30, 2025.

The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended June 30, 2025.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of USCI versus the return of its SDCI can be calculated by comparing the actual return of USCI, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that USCI’s returns had been exactly the same as the daily changes in its SDCI.

For the three months ended March 31, 2025, the actual total return of USCI as measured by changes in its per share NAV was 9.02%.

This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $72.00.

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

This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of June 30, 2025 of $73.26.

During this time period, USCI made no distributions to its shareholders.

However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $72.25 as of March 31, 2025, for a total return over the relevant time period of 9.40%.

However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $73.73 as of June 30, 2025, for a total return over the relevant time period of 11.64%.

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

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The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

By comparison, for the three months ended March 31, 2024, the actual total return of USCI as measured by changes in its per share NAV was 8.36%.

This is based on an initial per share NAV of $56.34 as of December 31, 2023 and an ending per share NAV as of March 31, 2024 of $61.05.

By comparison, for the six months ended June 30, 2024, the actual total return of USCI as measured by changes in its per share NAV was 10.65%.

This is based on an initial per share NAV of $56.34 as of December 31, 2023 and an ending per share NAV as of June 30, 2024 of $62.34.

During this time period, USCI made no distributions to its shareholders.

However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $61.22 as of March 31, 2024, for a total return over the relevant time period of 8.66%.

However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $62.71 as of June 30, 2024, for a total return over the relevant time period of 11.31%.

The difference between the actual per share NAV total return of USCI of 10.65% and the expected total return based on the SDCI of 11.31% was a difference over the time period of (0.66)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage.

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For the 30-valuation days ended March 31, 2025, the simple average daily change in the SCI was 0.249%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.246%.

For the 30-valuation days ended June 30, 2025, the simple average daily change in the SCI was 0.263%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.257%.

The average daily difference was (0.005)% (or (0.5) basis points, where 1 basis point equals 1/100 of 1%).

As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (1.250)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through March 31, 2025, the simple average daily change in the SCI was 0.020%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.016%.

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through June 30, 2025, the simple average daily change in the SCI was 0.020%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.016%.

The average daily difference was (0.004)% (or (0.4) basis points, where 1 basis point equals 1/100 of 1)%.

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The following two charts demonstrate the correlation between the changes in CPER’s NAV and the changes in the SCI.

The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended March 31, 2025.

The second chart below shows the monthly total returns of CPER as compared to the monthly value of the SCI for the five years ended March 31, 2025.

The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended June 30, 2025.

The second chart below shows the monthly total returns of CPER as compared to the monthly value of the SCI for the five years ended June 30, 2025.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

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An alternative tracking measurement of the return performance of CPER versus the return of its SCI can be calculated by comparing the actual return of CPER, measured by changes in its per share NAV, versus the expected changes in its per share NAV under the assumption that CPER’s returns had been exactly the same as the daily changes in its SCI.

For the three months ended March 31, 2025, the actual total return of CPER as measured by changes in its per share NAV was 24.85%.

This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $31.50.

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

This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of June 30, 2025 of $31.46.

During this time period, CPER made no distributions to its shareholders.

However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $31.59 as of March 31, 2025, for a total return over the relevant time period of 25.23%.

However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $31.64 as of June 30, 2025, for a total return over the relevant time period of 25.39%.

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

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The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

By comparison, for the three months ended March 31, 2024, the actual total return of CPER as measured by changes in its per share NAV was 3.98%.

This is based on an initial per share NAV of $24.10 as of December 31, 2023 and an ending per share NAV as of March 31, 2024 of $25.06.

By comparison, for the six months ended June 30, 2024, the actual total return of CPER as measured by changes in its per share NAV was 13.24%.

This is based on an initial per share NAV of $24.10 as of December 31, 2023 and an ending per share NAV as of June 30, 2024 of $27.29.

During this time period, CPER made no distributions to its shareholders.

However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $25.13 as of March 31, 2024, for a total return over the relevant time period of 4.27%.

However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $27.43 as of June 30, 2024, for a total return over the relevant time period of 13.82%.

The difference between the actual per share NAV total return of CPER of 13.24% and the expected total return based on the SCI of 13.82% was a difference over the time period of (0.58)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage.

10 unchanged sentences

At the same time, each Trust Series earns dividend and interest income on its cash, cash equivalents and Treasuries.

A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the three months ended March 31, 2025.

A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the six months ended June 30, 2025.

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

11 unchanged sentences

As a third example, USCI could hold the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” but for a contract month other than November 2020.

During the three months ended March 31, 2025, no Trust Series held any Other Related Investments.

During the six months ended June 30, 2025, no Trust Series held any Other Related Investments.

Fourth, a Trust Series could hold Other-Related Investments.

In that case, the error in tracking the Applicable Index could result in daily changes in the per share NAV of a Trust Series that are either too high, or too low, relative to the daily changes in the price of the Applicable Index.

During the three months ended March 31, 2025, none of the Trust Series held any Other-Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract.

During the six months ended June 30, 2025, none of the Trust Series held any Other-Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract.

If any Trust Series increases in size, and due to its obligations to comply with regulatory limits, or due to other market pricing or liquidity factors, such Trust Series may invest in Futures Contract months other than the designated month specified as the Applicable Benchmark Component Futures Contract, or in Other-Related Investments, which may have the effect of increasing transaction related expenses and may result in increased tracking error.

142 unchanged sentences

The Selection Date for the SDCI is the fifth business day prior to the end of that calendar month.

The following graph shows the sector weights of the commodities selected for inclusion in the SDCI as of March 31, 2025.

The following graph shows the sector weights of the commodities selected for inclusion in the SDCI as of June 30, 2025.

Contract Selection

18 unchanged sentences

Hypothetical Performance of the SDCI

The table and chart below show the hypothetical performance of the SDCI from January 1, 2015 through March 31, 2025.

The table and chart below show the hypothetical performance of the SDCI from January 1, 2015 through June 30, 2025.

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

13 unchanged sentences

Hypothetical Performance Results* for the period from

Year Ending 2015 through March 31, 2025 YTD

Year Ending 2015 through June 30, 2025 YTD

Ending Level*

7 unchanged sentences

* In addition to the actual performance of the SDCI, this chart includes as “SDCI Hypothetical TR” the hypothetical performance of the SDCI had the changes to the composition of the SDCI, which became effective on December 24, 2020, been effective during the January 1, 2013 through December 24, 2020 period.

The following table and chart compare the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes for the period from December 31, 1997 to March 31, 2025.

*PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through March 31, 2025

from December 31, 1997 through June 30, 2025

Average annualized return (total)

2 unchanged sentences

SHIM, Bloomberg

The table immediately above shows the performance of the SDCI from December 31, 1997 through March 31, 2025 in comparison with three traditional commodities indices:

The table immediately above shows the performance of the SDCI from December 31, 1997 through June 30, 2025 in comparison with three traditional commodities indices:

the S&P GSCI Commodity Index (GSCI®) Total Return, Bloomberg Commodity Index Total ReturnSM (“BCOM TR”), and the Deutsche Bank Liquid Commodity Index-Optimum Yield Total ReturnTM (“DB LCI OYTR”).

9 unchanged sentences

USCI is not responsible for any information found on such websites, and such information is not part of this quarterly report on Form 10-Q.

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to March 31, 2025;

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to June 30, 2025;

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

10 unchanged sentences

A higher Sharpe Ratio is not a guarantee that one investment or index will in the future produce better risk adjustment total returns, but USCF believes it is a useful tool for investors to consider when making investment decisions.

The following chart compares the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes between March 31, 2014 and March 31, 2025, where the SDCI TR includes the initial composition of the index until December 24, 2020 when changes to the index composition became effective.

The following chart compares the hypothetical total return of the SDCI in comparison with the actual total return of three major indexes between June 30, 2015 and June 30, 2025, where the SDCI TR includes the initial composition of the index until December 24, 2020 when changes to the index composition became effective.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

83 unchanged sentences

CPER’s Selection Date for the SCI is the 10th business day of the calendar month.

The following graph shows the weights of the Benchmark Component Copper Futures Contracts selected for inclusion in the SCI as of March 31, 2025.

The following graph shows the weights of the Benchmark Component Copper Futures Contracts selected for inclusion in the SCI as of June 30, 2025.

Portfolio Construction

13 unchanged sentences

Hypothetical Performance of the SCI

The table and chart below show the hypothetical performance of the SCI from January 1, 2015 through March 31, 2025.

The table and chart below show the hypothetical performance of the SCI from January 1, 2015 through June 30, 2025.

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

9 unchanged sentences

Hypothetical Performance Results* for the period from Year

Ending 2015 through March 31, 2025 YTD

Ending 2015 through June 30, 2025 YTD

Ending Level*

6 unchanged sentences

SummerHaven Index Management, Bloomberg

The following table compares the total return of the SCI in comparison with the total return a major index and spot copper prices (less storage cost) from December 31, 1997 through March 31, 2025.

The following table compares the total return of the SCI in comparison with the total return a major index and spot copper prices (less storage cost) from December 31, 1997 through June 30, 2025.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

Hypothetical and Historical Results for the period

from December 31, 1997 through March 31, 2025

from December 31, 1997 through June 30, 2025

(less storage)

3 unchanged sentences

SHIM, Bloomberg

The table above shows the performance of the SCI from December 31, 1997 through March 31, 2025 in comparison with a traditional commodity index and spot copper prices:

The table above shows the performance of the SCI from December 31, 1997 through June 30, 2025 in comparison with a traditional commodity index and spot copper prices:

the Bloomberg Copper Subindex Total Return SM and spot copper prices less warehouse storage rents.

7 unchanged sentences

USCF is not responsible for any information found on such website, and such information is not part of this quarterly report on Form 10-Q.

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to March 31, 2025;

In the table above, “Total Return” refers to the return of the relevant index from December 31, 1997 to June 30, 2025;

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

10 unchanged sentences

The following chart compares the hypothetical total return of the SCI in comparison with the actual return of three major indexes between March 31, 2015 and March 31, 2025, where the SCI includes the original composition of the index until the changes described above and became effective on January 1, 2021, from which point then the revised composition of the index is included.

The following chart compares the hypothetical total return of the SCI in comparison with the actual return of three major indexes between June 30, 2015 and June 30, 2025, where the SCI includes the original composition of the index until the changes described above and became effective on January 1, 2021, from which point then the revised composition of the index is included.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS

28 unchanged sentences

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

During the three months ended March 31, 2025, each Trust Series’ income earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets exceeded the expenses.

During the six months ended June 30, 2025, each Trust Series’ income earned and the cash earned from the sale of Creation Baskets and the redemption of Redemption Baskets did not exceeded the expenses.

Each Trust Series’ investments in Applicable Interests may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons.

2 unchanged sentences

Such market conditions could prevent a Trust Series from promptly liquidating its positions in Futures Contracts.

During the three months ended March 31, 2025, none of the Trust Series purchased or liquidated any of its positions while daily limits were in effect;

During the six months ended June 30, 2025, none of the Trust Series purchased or liquidated any of its positions while daily limits were in effect;

however, no Trust Series can predict whether such an event may occur in the future.

24 unchanged sentences

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

During the three months ended March 31, 2025, CPER made investments on the London Metal Exchange.

During the six months ended June 30, 2025, USCI made investments on the London Metal Exchange.

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

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

As of March 31, 2025, each of USCI and CPER held cash deposits and short-term investments in the amount of $232,990,713 and $191,853,352, respectively, with the custodian and FCMs.

As of June 30, 2025, each of USCI and CPER held cash deposits and short-term investments in the amount of $240,704,526 and $204,263,448, respectively, with the custodian and FCMs.

Some or all of these amounts held by a custodian or an FCM, as applicable, may be subject to loss should the Trust Series’ custodian or FCMs, as applicable, cease operations.

Off Balance Sheet Financing

As of March 31, 2025, neither the Trust nor any Trust Series had any loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of any Trust Series.

As of June 30, 2025, neither the Trust nor any Trust Series had any loan guarantee, credit support or other off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions relating to certain risks that service providers undertake in performing services which are in the best interests of any Trust Series.

While each Trust Series’ exposure under these indemnification provisions cannot be estimated, they are not expected to have a material impact on any Trust Series’ financial position.

21 unchanged sentences

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

For the three months ended March 31, 2025, FCM fees were approximately 0.08% of average daily total net assets for USCI, and approximately 0.01% of average daily total net assets for CPER.

For the six months ended June 30, 2025, FCM fees were approximately 0.07% of average daily total net assets for USCI, and approximately 0.02% of average daily total net assets for CPER.

In general, transaction costs on OTC Applicable Interests and on Treasuries and other short-term securities are embedded in the purchase or sale price of the instrument being purchased or sold, and may not readily be estimated.

7 unchanged sentences

Either party may terminate these agreements earlier for certain reasons described in the agreements.

As of March 31, 2025, USCI’s portfolio consisted of 4,570 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio consisted of 1,575 Futures Contracts traded on the COMEX.

As of June 30, 2025, USCI’s portfolio consisted of 4,732 Futures Contracts traded on the Futures Exchanges and CPER’s portfolio consisted of 1,676 Futures Contracts traded on the COMEX.

For a list of each of USCI’s and CPER’s current holdings, please see www.uscfinvestments.com.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis