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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended March 31, 2026.

☐Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to .

Commission file number: 001-34833

United States Commodity Index Funds Trust

(Exact name of registrant as specified in its charter)

Delaware		27-1537655
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(Address of principal executive offices) (Zip Code)

(510) 522-9600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class:	Trading Symbol(s)	Name of each exchange on which registered:
Shares of United States Commodity Index Fund	USCI	NYSE Arca, Inc.

Shares of United States Copper Index Fund	CPER	NYSE Arca, Inc.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer	☐	Accelerated Filer	☒
Non-Accelerated Filer	☐	Smaller Reporting Company	☐
Emerging Growth Company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

The number of outstanding shares of each series of the registrant as of May 5, 2026 are included in the table below:


		Number of Outstanding Shares as of May 5, 2026
United States Commodity Index Fund		3,800,000
United States Copper Index Fund		19,350,000
Total		23,150,000

Table of Contents

United States Commodity Index Funds Trust

Table of Contents


Part I. FINANCIAL INFORMATION	Page

Item 1. Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	34

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	70

Item 4. Controls and Procedures.	72

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	73

Item 1A. Risk Factors.	75

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	75

Item 3. Defaults Upon Senior Securities.	76

Item 4. Mine Safety Disclosures.	76

Item 5. Other Information.	77

Item 6. Exhibits.	77

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index to Financial Statements


Documents		Page

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025		2-4

Schedules of Investments March 31, 2026 (Unaudited) and December 31, 2025		5-10

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025		11-13

Statements of Changes in Capital (Unaudited) for the three months ended March 31, 2026 and 2025		14-16

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025		17-19

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026		20-33

Table of Contents

United States Commodity Index Funds Trust

Statements of Financial Condition

At March 31, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Fund


		March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $321,438,271 and $264,041,053, respectively) (Notes 2 and 6)		$	321,438,271	^(a)	$	264,041,053	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $10,563,268 and $17,113,637, respectively)			10,563,268			17,113,637
Unrealized gain (loss) on open commodity futures contracts			15,340,902			(2,609,785)
Dividends receivable			644,590			615,840
Interest receivable			287,983			265,718
Prepaid insurance			59,661			16,096

Total Assets		$	348,334,675		$	279,442,559

Liabilities and Capital
Payable due to Broker		$	5,545		$	—
Management fees payable (Note 4)			227,057			192,001
Professional fees payable			107,736			295,279
Directors’ fees payable			7,415			9,536

Total Liabilities			347,753			496,816

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		$	—		$	—
Shareholders			347,986,922			278,945,743
Total Capital			347,986,922			278,945,743

Total Liabilities and Capital		$	348,334,675		$	279,442,559

Shares outstanding			3,650,000			3,600,000
Net asset value per share		$	95.34		$	77.48
Market value per share		$	95.32		$	77.61

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Financial Condition

At March 31, 2026 (Unaudited) and December 31, 2025

United States Copper Index Fund


		March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $631,293,996 and $428,215,409, respectively) (Notes 2 and 6)		$	631,293,996		$	428,215,409	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $98,824,452 and $—, respectively)			98,824,452			—
Unrealized gain (loss) on open commodity futures contracts			(18,330,085)			52,247,472
Dividends receivable			1,798,318			845,454
Interest receivable			392,292			349,691
Prepaid insurance			96,400			13,780

Total Assets		$	714,075,373		$	481,671,806

Liabilities and Capital
Payable due to Broker		$	—		$	24,709,925
Management fees payable (Note 4)			439,226			210,142
Professional fees payable			55,217			328,341
Directors’ fees payable			18,144			11,683

Total Liabilities			512,587			25,260,091

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		$	—		$	—
Shareholders			713,562,786			456,411,715
Total Capital			713,562,786			456,411,715

Total Liabilities and Capital		$	714,075,373		$	481,671,806

Shares outstanding			20,800,000			13,100,000
Net asset value per share		$	34.31		$	34.84
Market value per share		$	34.43		$	34.96

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Financial Condition

At March 31, 2026 (Unaudited) and December 31, 2025

United States Commodity Index Funds Trust


		March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $952,732,267 and $692,256,462, respectively) (Notes 2 and 6)		$	952,732,267	(a)	$	692,256,462	(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $109,387,720 and $17,113,637, respectively)			109,387,720			17,113,637
Unrealized gain (loss) on open commodity futures contracts			(2,989,183)			49,637,687
Dividends receivable			2,442,908			1,461,294
Interest receivable			680,275			615,409
Prepaid insurance			156,061			29,876

Total Assets		$	1,062,410,048		$	761,114,365

Liabilities and Capital
Payable due to Broker		$	5,545		$	24,709,925
Management fees payable (Note 4)			666,283			402,143
Professional fees payable			162,953			623,620
Directors’ fees payable			25,559			21,219

Total Liabilities			860,340			25,756,907

Commitments and Contingencies (Notes 4, 5 and 6)

Capital
Sponsor			—			—
Shareholders			1,061,549,708			735,357,458
Total Capital			1,061,549,708			735,357,458

Total Liabilities and Capital		$	1,062,410,048		$	761,114,365

Shares Outstanding			24,450,000			16,700,000

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments (Unaudited)

At March 31, 2026

United States Commodity Index Fund


							Fair
							Value/Unrealized
							Gain (Loss) on
							Open
					Number of		Commodity			% of Partners’
		Notional Amount			Contracts		Contracts			Capital
Open Commodity Futures Contracts - Long
United States Contracts
CME CATTLE FEEDER FUT May 2026 contracts, expiring May 2026		$	25,191,387		140		$	461,863		0.13
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026			24,684,278		805			(485,978)		(0.14)
NYMEX NY Harb ULSD Fut June 2026 contracts, expiring May 2026			25,036,038		158			(211,425)		(0.06)
CBOT SOYBEAN OIL FUTR July 2026 contracts, expiring July 2026			24,707,179		604			254,933		0.07
ICE COFFEE ‘C’ FUTURE July 2026 contracts, expiring July 2026			24,000,132		217			(336,282)		(0.10)
NYMEX PLATINUM FUTURE July 2026 contracts, expiring July 2026			29,177,450		265			(3,072,300)		(0.88)
CME LIVE CATTLE FUTR August 2026 contracts, expiring August 2026			25,059,900		265			358,900		0.10
NYMEX RBOB Gasoline Futures RB September 2026 contracts, expiring August 2026			24,800,999		219			(446,535)		(0.13)
CBOT SOYBEAN MEAL FUTR September 2026 contracts, expiring September 2026			24,362,530		785			(27,530)		(0.01)
NYMEX WTI CRUDE FUTURE December 2026 contracts, expiring November 2026			20,043,825		317			2,929,165		0.84
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS May 2026 contracts, expiring May 2026			12,880,405		209			13,019,920		3.74
ICE BRENT CRUDE FUTR October 2026 contracts, expiring August 2026			19,325,868		281			3,983,083		1.15
Foreign Contracts
LME TIN FUTURE April 2026 contracts, expiring April 2026			23,356,750		87			(3,052,255)		(0.88)
LME TIN FUTURE May 2026 contracts, expiring May 2026			25,677,695		112			500,625		0.14
LME PRI ALUM FUTR June 2026 contracts, expiring June 2026			24,318,949		302			1,971,209		0.57
LME ZINC FUTURE June 2026 contracts, expiring June 2026			27,873,134		330			(1,118,384)		(0.32)
Open Commodity Futures Contracts - Short^ Foreign Contracts**
LME TIN FUTURE April 26 contracts, expiring April 2026			(19,904,135)		87			(400,360)		(0.12)
LME PRI ALUM FUTR June 2026 contracts, expiring June 2026			(157,232)		2			(16,875)		0.00	^†
LME ZINC FUTURE June 2026 contracts, expiring June 2026			(27,783,878)		330			1,029,128		0.30
Total Open Futures Contracts^*		$	332,651,274		5,515		$	15,340,902		4.40

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments (Unaudited)

At March 31, 2026

United States Commodity Index Fund


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
Matures on 4/09/2026, yield 3.70%	$	10,000,000	$	9,991,966	2.87
Matures on 6/02/2026, yield 3.51%		10,000,000		9,938,517	2.86
Total United States Treasury Obligations			$	19,930,483	5.73

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#		210,500,000		210,500,000	60.49
Total United States Money Market Funds				210,500,000	60.49
Total Cash Equivalents			$	230,430,483	66.22

†	Represents less than 0.005%.

*	Collateral amounted to $10,563,268 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 March 31, 2026.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2025

United States Commodity Index Fund


					Fair
					Value/Unrealized
					Gain (Loss) on
					Open
			Number of		Commodity		% of Partners’
	Notional Amount		Contracts		Contracts		Capital
Open Commodity Futures Contracts - Long
United States Contracts
NYMEX WTI Crude Oil Futures CL March 2026 contracts, expiring February 2026	$	18,697,280	326		$	(43,560)	(0.02)
NYMEX Natural Gas Futures NG March 2026 contracts, expiring February 2026		19,496,100	591			(997,800)	(0.36)
CME Live Cattle Futures LC February 2026 contracts, expiring February 2026		18,829,340	207			347,140	0.12
CBOT Soybean Oil BO March 2026 contracts, expiring March 2026		18,823,931	638			(235,163)	(0.08)
ICE Cocoa Futures CC March 2026 contracts, expiring March 2026		19,340,210	318			(53,510)	(0.02)
ICE Coffee Futures KC March 2026 contracts, expiring March 2026		20,205,712	146			(1,111,649)	(0.40)
CME Cattle Feeder Futures FC March 2026 contracts, expiring March 2026		19,193,539	112			144,661	0.05
COMEX Copper Futures HG March 2026 contracts, expiring March 2026		19,445,750	136			(126,950)	(0.05)
COMEX Silver Futures SI March 2026 contracts, expiring March 2026		19,709,995	53			(1,000,200)	(0.36)
NYMEX NY Harbour ULSD Futures HO April 2026 contracts, expiring March 2026		20,263,664	215			(1,558,019)	(0.56)
ICE Sugar #11 Futures SB May 2026 contracts, expiring April 2026		17,855,498	1,135			780,294	0.28
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS January 2026 contracts, expiring January 2026		4,420,350	66			(310,200)	(0.11)
ICE Brent Crude Futures CO April 2026 contracts, expiring February 2026		18,688,180	308			(57,260)	(0.02)
ICE Low Sulphur Gasoil Futures QS May 2026 contracts, expiring May 2026		14,637,150	242			3,850	0.00	^†
Foreign Contracts
LME Tin Futures LT January 2026 contracts, expiring January 2026^*		20,377,059	107			1,320,401	0.47
LME Zinc Futures LX January 2026 contracts, expiring January 2026^*		20,176,087	265			318,748	0.11
LME Tin Futures LT February 2026 contracts, expiring February 2026^*		15,214,670	74			(193,780)	(0.07)
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Tin Futures LT January 2026 contracts, expiring January 2026^*		(16,843,510)	82			215,550	0.08
LME Zinc Futures LX January 2026 contracts, expiring January 2026^*		(15,260,784)	198			(52,338)	(0.02)
Total Open Futures Contracts^*	$	273,270,221	5,219		$	(2,609,785)	(0.96)

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2025

United States Commodity Index Fund


		Shares/Principal						% of Partners’
		Amount			Market Value			Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.71%^#			210,500,000		$	210,500,000		75.46
Total United States Money Market Funds					$	210,500,000		75.46

†Represents less than 0.005%.

*Collateral amounted to $17,113,637 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, 2025.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments (Unaudited)

At March 31, 2026

United States Copper Index Fund


							Fair
							Value/Unrealized
							Gain (Loss) on
							Open
					Number of		Commodity			% of Partners’
		Notional Amount			Contracts		Contracts			Capital
Open Commodity Futures Contracts - Long
United States Contracts
COMEX Copper Futures HG May 2026 contracts, expiring May 2026		$	241,342,800		1,696		$	(3,309,200)		(0.46)
COMEX Copper Futures HG July 2026 contracts, expiring July 2026			243,146,325		1,679			(5,336,962)		(0.75)
COMEX COPPER FUTURE September 2026 contracts, expiring September 2026			247,349,923		1,662			(9,683,923)		(1.36)
Total Open Futures Contracts^*		$	731,839,048		5,037		$	(18,330,085)		(2.57)


		Shares/Principal						% of Partners’
		Amount			Market Value			Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
Matures on 4/09/2026, yield 3.70%		$	20,000,000		$	19,983,933		2.80
Matures on 4/16/2026, yield 3.53%			10,000,000			9,984,917		1.40
Matures on 5/05/2026, yield 3.67%			10,000,000			9,965,953		1.40
Matures on 6/02/2026, yield 3.51%			20,000,000			19,877,033		2.79
Total United States Treasury Obligations						59,811,836		8.39

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#			515,475,000			515,475,000		72.24
Total United States Money Market Funds						515,475,000		72.24
Total Cash Equivalents					$	575,286,836		80.63

*	Collateral amounted to $98,824,452 on open commodity futures contracts.

#	Reflects the 7-day yield at March 31, 2026.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2025

United States Copper Index Fund


							Fair
							Value/Unrealized
							Gain (Loss) on
							Open
					Number of		Commodity			% of Partners’
		Notional Amount			Contracts		Contracts			Capital
Open Commodity Futures Contracts - Long
United States Contracts
COMEX Copper Futures HG March 2026 contracts, expiring March 2026		$	134,796,426		1,071		$	17,339,125		3.80
COMEX Copper Futures HG May 2026 contracts, expiring May 2026			130,885,775		1,060			21,171,225		4.64
COMEX Copper Futures HG July 2026 contracts, expiring July 2026			138,710,953		1,053			13,737,122		3.01
Total Open Futures Contracts^*		$	404,393,154		3,184		$	52,247,472		11.45


		Shares/Principal					% of Partners’
		Amount		Market Value			Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.71%^#		296,475,000		$	296,475,000		64.96
Total United States Money Market Funds				$	296,475,000		64.96

*	Collateral amounted to $0 on open commodity futures contracts.

#	Reflects the 7-day yield at December 31, 2025.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$	44,861,056		$	17,687,182
Change in unrealized gain (loss) on open commodity futures contracts			17,950,687			(1,255,734)
Dividend income			1,894,348			1,489,760
Interest income			785,223			732,344
ETF transaction fees			2,800			3,150
Total Income (Loss)		$	65,494,114		$	18,656,702

Expenses
Management fees (Note 4)		$	605,454		$	417,789
Professional fees			86,408			84,918
Brokerage commissions			59,336			42,850
Directors’ fees and insurance			26,348			12,770
Total Expenses		$	777,546		$	558,327
Net Income (Loss)		$	64,716,568		$	18,098,375
Net Income (Loss) per share		$	17.86		$	5.96
Net Income (Loss) per weighted average share		$	17.96		$	5.94
Weighted average shares outstanding			3,602,778			3,048,889

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund


	Three months ended		Three months ended
	March 31, 2026		March 31, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	33,209,225	$	1,630,125
Change in unrealized gain (loss) on open commodity futures contracts		(70,577,557)		32,983,237
Dividend income		4,339,496		1,128,984
Interest income		2,248,207		630,792
ETF transaction fees		16,100		4,900
Total Income (Loss)	$	(30,764,529)	$	36,378,038

Expenses
Management fees (Note 4)	$	1,208,832	$	268,397
Professional fees		114,740		72,051
Brokerage commissions		43,566		3,875
Directors’ fees and insurance		36,304		9,776
Total Expenses	$	1,403,442	$	354,099
Net Income (Loss)	$	(32,167,971)	$	36,023,939
Net Income (Loss) per share	$	(0.53)	$	6.27
Net Income (Loss) per weighted average share	$	(1.51)	$	6.17
Weighted average shares outstanding		21,271,111		5,840,000

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Income
Realized gain (loss) on closed commodity futures contracts		$	78,070,281		$	19,317,307
Change in unrealized gain (loss) on open commodity futures contracts			(52,626,870)			31,727,503
Dividend income			6,233,844			2,618,744
Interest income			3,033,430			1,363,136
ETF transaction fees			18,900			8,050
Total Income (Loss)		$	34,729,585		$	55,034,740

Expenses
Management fees (Note 4)		$	1,814,286		$	686,186
Professional fees			201,148			156,969
Brokerage commissions			102,902			46,725
Directors’ fees and insurance			62,652			22,546
Total Expenses			2,180,988			912,426
Expense waiver (Note 4)			—			—
Net Income (Loss)		$	32,548,597		$	54,122,314

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund


		Shareholders^*
		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Balances at beginning of period		$	278,945,743		$	191,518,010
Addition of 250,000 and 450,000 shares, respectively			20,438,650			31,454,463
Redemption of (200,000) and (50,000) shares, respectively			(16,114,039)			(3,465,647)
Net income (loss)			64,716,568			18,098,375

Balances at end of period		$	347,986,922		$	237,605,201

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund


	Shareholders^*
	Three months ended			Three months ended
	March 31, 2026			March 31, 2025
Balances at beginning of period	$	456,411,715		$	142,561,094
Addition of 13,250,000 and 1,000,000 shares, respectively		481,806,186			30,137,686
Redemption of (5,550,000) and (300,000) shares, respectively		(192,487,144)			(8,684,890)
Net income (loss)		(32,167,971)			36,023,939

Balances at end of period	$	713,562,786		$	200,037,829

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Changes in Capital (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust


		Shareholders^*
		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Balances at beginning of period		$	735,357,458		$	334,079,104
Addition of 13,500,000 and 1,450,000 shares, respectively			502,244,836			61,592,149
Redemption of (5,750,000) and (350,000) shares, respectively			(208,601,183)			(12,150,537)
Net income (loss)			32,548,597			54,122,314

Balances at end of period		$	1,061,549,708		$	437,643,030

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Fund


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	64,716,568		$	18,098,375
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts			(17,950,687)			1,255,734
(Increase) decrease in dividends receivable			(28,750)			(70,345)
(Increase) decrease in interest receivable			(22,265)			(64,037)
(Increase) decrease in prepaid insurance			(43,565)			(35,342)
Increase (decrease) payable due to broker			5,545			—
Increase (decrease) in Management fees payable			35,056			23,485
Increase (decrease) in professional fees payable			(187,543)			(96,518)
Increase (decrease) in directors’ fees payable			(2,121)			2,069
Net cash provided by (used in) operating activities			46,522,238			19,113,421

Cash Flows from Financing Activities:
Addition of shares			20,438,650			31,454,463
Redemption of shares			(16,114,039)			(3,465,647)
Net cash provided by (used in) financing activities			4,324,611			27,988,816

Net Increase (Decrease) in Cash and Cash Equivalents			50,846,849			47,102,237

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			281,154,690			185,888,476
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	332,001,539		$	232,990,713

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	321,438,271		$	220,521,859
Equity in Trading Accounts:
Cash and cash equivalents			10,563,268			12,468,854
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	332,001,539		$	232,990,713

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Copper Index Fund


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	(32,167,971)		$	36,023,939
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts			70,577,557			(32,983,237)
(Increase) decrease in dividends receivable			(952,864)			(49,103)
(Increase) decrease in interest receivable			(42,601)			(87,540)
(Increase) decrease in prepaid insurance			(82,620)			(30,940)
(Increase) decrease in ETF transaction fees receivable			—			(350)
Increase (decrease) in payable due to Broker			(24,709,925)			13,802,794
Increase (decrease) in Management fees payable			229,084			17,012
Increase (decrease) in professional fees payable			(273,124)			(87,257)
Increase (decrease) in directors’ fees payable			6,461			1,097
Net cash provided by (used in) operating activities			12,583,997			16,606,415

Cash Flows from Financing Activities:
Addition of shares			481,806,186			30,137,686
Redemption of shares			(192,487,144)			(7,109,834)
Net cash provided by (used in) financing activities			289,319,042			23,027,852

Net Increase (Decrease) in Cash and Cash Equivalents			301,903,039			39,634,267

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			428,215,409			152,219,085
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	730,118,448		$	191,853,352

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	631,293,996		$	191,853,352
Equity in Trading Accounts:
Cash and cash equivalents			98,824,452			—
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	730,118,448		$	191,853,352

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Cash Flows (Unaudited)

For the three months ended March 31, 2026 and 2025

United States Commodity Index Funds Trust


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	32,548,597		$	54,122,314
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (gain) loss on open commodity futures contracts			52,626,870			(31,727,503)
(Increase) decrease in dividends receivable			(981,614)			(119,448)
(Increase) decrease in interest receivable			(64,866)			(151,577)
(Increase) decrease in prepaid insurance			(126,185)			(66,282)
(Increase) decrease in ETF transaction fees receivable			—			(350)
Increase (decrease) in payable due to Broker			(24,704,380)			13,802,794
Increase (decrease) in Management fees payable			264,140			40,497
Increase (decrease) in professional fees payable			(460,667)			(183,775)
Increase (decrease) in directors’ fees payable			4,340			3,166
Net cash provided by (used in) operating activities			59,106,235			35,719,836

Cash Flows from Financing Activities:
Addition of shares			502,244,836			61,592,149
Redemption of shares			(208,601,183)			(10,575,481)
Net cash provided by (used in) financing activities			293,643,653			51,016,668

Net Increase (Decrease) in Cash and Cash Equivalents			352,749,888			86,736,504

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			709,370,099			338,107,561
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	1,062,119,987		$	424,844,065

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents		$	952,732,267		$	412,375,211
Equity in Trading Accounts:
Cash and cash equivalents			109,387,720			12,468,854
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	1,062,119,987		$	424,844,065

See accompanying notes to financial statements.

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United States Commodity Index Funds Trust

Notes to Financial Statements (Unaudited)

For the period ended March 31, 2026

NOTE 1 – ORGANIZATION AND BUSINESS

The United States Commodity Index Funds Trust (the “Trust”) was organized as a Delaware statutory trust on December 21, 2009. 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 are traded on the NYSE Arca, Inc. (“NYSE Arca”). USCI and CPER are collectively referred to herein as the “Trust Series.” The Trust and each of its series operates pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated as of December 15, 2017 (the “Trust Agreement”). United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and the Trust Series and is also responsible for the management of the Trust and the Trust Series. For purposes of the financial statement presentation, unless specified otherwise, all references will be to the Trust Series.

USCF has the power and authority to establish and designate one or more series of the Trust and to issue shares thereof, from time to time as it deems necessary or desirable. USCF has exclusive power to fix and determine the relative rights and preferences as between the shares of any series as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall have separate voting rights or no voting rights. The term for which the Trust is to exist commenced on the date of the filing of the Certificate of Trust, and the Trust and any Trust Series will exist in perpetuity, unless earlier terminated in accordance with the provisions of the Trust Agreement. Separate and distinct records must be maintained for each Trust Series and the assets associated with a Trust Series must be held in such separate and distinct records (directly or indirectly, including a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets of any other Trust Series. Each Trust Series is separate from all other Trust Series created as series of the Trust in respect of the assets and liabilities allocated to that Trust Series and represents a separate investment portfolio of the Trust.

The sole Trustee of the Trust is Wilmington Trust Company (the “Trustee”), a Delaware banking corporation. The Trustee is unaffiliated with USCF. The Trustee’s duties and liabilities with respect to the offering of shares and the management of the Trust are limited to its express obligations under the Trust Agreement.

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

Each of USCI and CPER issue shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 shares (“Creation Baskets”) through ALPS Distributors, Inc., as the marketing agent (the “Marketing Agent”). The purchase price for a Creation Basket is based upon the net asset value (“NAV”) of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received.

Authorized Participants pay each Trust Series a $350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (“Redemption Baskets”), consisting of 50,000 shares. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of each Trust Series but rather at market prices quoted on such exchange.

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NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification. Each Trust Series is an investment company for accounting purposes and follows the accounting and reporting guidance in FASB Topic 946.

Revenue Recognition

Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the financial statements. Changes in the unrealized gains or losses between periods are reflected in the statements of operations. Each Trust Series earns income on funds held at the custodian or a futures commission merchant (“FCM”) at prevailing market rates earned on such investments.

Income Taxes

The Trust Series are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss, deductions or credits on his/her own income tax return.

In accordance with U.S. GAAP, each Trust Series is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Trust Series files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2021. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Series’ conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the period ended March 31, 2026 for any Trust Series.

Creations and Redemptions

Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets for USCI and CPER only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed.

Each Trust Series receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in each Trust Series’ statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed.

Authorized Participants pay each Trust Series a $350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets.

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 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.

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Calculation of Per Share NAV

Each Trust Series’ per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. Each Trust Series uses the closing prices on the relevant Futures Exchanges (as defined in Note 3 below) of the Applicable Benchmark Component Futures Contracts (as defined in Note 3 below) that at any given time make up the Applicable Index (as defined in Note 3 below) (determined at the earlier of the close of such exchange or 2:30 p.m. New York time) for the contracts traded on the Futures Exchanges, but calculates or determines the value of all other investments of each Trust Series using market quotations, if available, or other information customarily used to determine the fair value of such investments.

Net Income (Loss) Per Share

Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. 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 March 31, 2026, USCF held 5 shares of USCI and 40 shares of CPER.

Cash Equivalents

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

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reporting period. 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 Chief Executive Officer (“CEO”) of the sponsor, USCF. The CODM monitors the operating results of the Fund 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. 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. In connection with the commencement of USCI’s initial offering of shares, USCF received 20 Sponsor Shares of USCI in exchange for the previously received capital contribution, representing a beneficial ownership interest in USCI.

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In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, CPER was designated as additional series of the Trust. USCF and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement effective as of December 15, 2017. Following the designation of CPER as an additional series, USCF made an initial capital contribution to the Trust and on November 10, 2010, the Trust transferred $1,000 to CPER, which was deemed a capital contribution to the series. On November 14, 2011, USCF received 40 Sponsor Shares of CPER in exchange for the previously received capital contribution, representing a beneficial interest in CPER. On December 7, 2011, USCF redeemed the 40 Sponsor Shares of CPER and purchased 40 shares of CPER in the open market.

CPER received notice of effectiveness from the SEC for its registration of 30,000,000 CPER shares September 6, 2011. The order to permit listing CPER on the NYSE Arca was received on October 20, 2011. On November 15, 2011, CPER listed its shares on the NYSE Arca under the ticker symbol “CPER.” CPER established its initial per share NAV by setting the price at $25 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $2,500,000 in cash on November 15, 2011. The $1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket.

USCI’s Investment Objective

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

The SDCI is designed to reflect the performance of a diversified group of commodities. The SDCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and is calculated and published by Bloomberg L.P. Futures contracts for the commodities comprising the SDCI are traded on the New York Mercantile Exchange (“NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), and Commodity Exchange, Inc. (“COMEX” together with the NYMEX, ICE Futures, CBOT, CME 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 primarily in the Benchmark Component Futures Contracts. 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, 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.”

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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. USCF believes that the net effect of this expected relationship and the expected relationship described above between USCI’s per share NAV and the SDCI will be that the daily changes in the price of USCI’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SDCI on a percentage basis, less USCI’s expenses. While USCI is composed of Benchmark Component Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SDCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SDCI and the cash or spot prices of the commodities underlying the Benchmark Component Futures Contracts.

Investors should be aware that USCI’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Futures Contracts or the prices of any particular group of futures contracts. 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 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 March 31, 2026, USCI held 1,764 Futures Contracts on the NYMEX, held 707 Futures Contracts on the ICE Futures, held 1,389 Futures Contracts on the CBOT, held 405 Futures Contracts on the CME, held 1,250 Futures Contracts on the LME and did not hold any Futures Contracts on the COMEX, totaling 5,515 futures contracts.

CPER’s Investment Objective

The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the COMEX. The SCI is owned and maintained by SHIM and calculated and published by the NYSE Arca. The SCI is comprised of either one or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SHIM. The Eligible Copper Futures Contracts that at any given time make up the SCI are referred to herein as “Benchmark Component Copper Futures Contracts.”

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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.”

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. 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.

Investors should be aware that CPER’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts or the prices of any particular group of futures contracts. CPER 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 CPER’s shares during the past year relative to a hypothetical direct investment in various commodities and, in the future, it is likely that the relationship between the market price of CPER’s shares and changes in the spot prices of the underlying commodities will continue to be so impacted by contango and backwardation. (It is important to note that the disclosure above ignores the potential costs associated with physically owning and storing the commodities, which could be substantial.) CPER’s shares began trading on November 15, 2011. As of March 31, 2026, CPER held 5,037 Futures Contracts on the COMEX.

Other Defined Terms – Trust Series

The SDCI and the SCI are referred to throughout these Notes to Financial Statements collectively as the “Applicable Index” or “Indices.”

Benchmark Component Futures Contracts and Benchmark Component Copper Futures Contracts are referred to throughout these Notes to Financial Statements collectively as “Applicable Benchmark Component Futures Contracts.”

Other Commodity-Related Investments and Other Copper-Related Investments are referred to throughout these Notes to Financial Statements collectively as “Other Related Investments.”

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Trading Advisor and Trustee

The Trust Series’ trading advisor is SummerHaven Investment Management, LLC (“SummerHaven”), a Delaware limited liability company that is registered as a commodity trading advisor and CPO with the CFTC and is a member of the NFA. In addition, SummerHaven is registered as an investment adviser under the Investment Advisers Act of 1940 with the SEC. SummerHaven provides advisory services to USCF with respect to the Applicable Index of each Trust Series and the investment decisions of each Trust Series.

The Trustee accepts service of legal process on the Trust in the State of Delaware and makes certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, USCF or the shareholders.

NOTE 4 – FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS

USCF Management Fee

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. 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.

Trustee Fee

The Trustee is the Delaware trustee of the Trust. In connection with the Trustee’s services, USCF is responsible for paying the Trustee’s annual fee in the amount of $3,300.

Ongoing Registration Fees and Other Offering Expenses

Each Trust Series pays the costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. 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 three months ended of March 31, 2026 and 2025, respectively, USCI did not incur any registration fees and offering expenses. For the three months ended of March 31, 2026 and 2025, respectively, CPER did not incur any 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 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, 2026 are estimated to be a total of $881,000 for the Trust Series and the other Related Public Funds. USCI’s portion of such fees and expenses for the year ending December 31, 2026 are estimated to be $90,000 and CPER’s portion of such fees and expenses for the year ending December 31, 2026 are estimated to be $130,000.

Investor Tax Reporting Cost

The fees and expenses associated with each Trust Series’ audit expenses and tax accounting and reporting requirements are paid by such Trust Series. These costs are estimated to be $350,000 and for the year ending December 31, 2026 for USCI and $420,000 for the year ending December 31, 2026 for CPER. Tax reporting costs fluctuate between years due to the number of shareholders during any given year.

Other Expenses and Fees

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

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NOTE 5 – CONTRACTS AND AGREEMENTS

Marketing Agent Agreement

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

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

Custody, Transfer Agency and Fund Administration and Accounting Services Agreements

USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”), to provide 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; (ii) a Fund Administration and Accounting Agreement; and (iii) a Transfer Agency and Service Agreement. USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time.

Brokerage and Futures Commission Merchant Agreements

The Trust, on behalf of each of USCI and CPER, entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC (“RBC”), in June of 2018. The Trust, on behalf of each of USCI and CPER, entered into a Commodity Futures Customer Agreement with Marex North America, LLC (“MNA”), in August of 2021, and Marex Capital Markets, Inc. (“MCM”) assumed the rights and obligations of MNA vis-à-vis USCI and CPER following the transfer of MNA’s futures clearing business to MCM a part of an internal reorganization in July of 2023. RBC and MCM 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. Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when each Trust Series issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when each Trust Series redeems shares as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. Each Trust Series also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

USCI


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Total commissions accrued to brokers		$	59,336		$	42,850
Total commissions as annualized percentage of average total net assets			0.08	%		0.08	%

The increase in total commissions accrued to brokers for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to a higher number of contracts held and traded.

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $382,281,180 and $273,448,252, respectively.

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CPER


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Total commissions accrued to brokers		$	43,566		$	3,875
Total commissions as annualized percentage of average total net assets			0.02	%		0.01	%

For the three months ended March 31, 2026 and 2025, the monthly average volume of open future contract notional value was $691,899,938 and $159,829,737, respectively.

Swap Dealer Agreement

The Trust, on behalf of CPER, entered into an ISDA 2002 Master Agreement with Macquarie Bank Limited on August 9, 2023 (the “Macquarie ISDA”), pursuant to which Macquarie Bank Limited has agreed to serve as an over-the-counter (“OTC”) swap counterparty for the Trust and to enter into trades under the Agreement on behalf of CPER as a Series of the Trust. The Macquarie ISDA, together with additional required trading documentation and other agreements, including, among other documents, an account control agreement between the parties and The Bank of New York Mellon that was fully executed on August 18, 2023, provide CPER with the ability to invest in OTC swaps in furtherance of its investment objective. In the future, CPER may enter into OTC swap transactions with Macquarie under the Agreement. CPER’s OTC swap transactions outstanding under the Macquarie ISDA, if any, along with CPER’s other holdings, are posted on CPER’s website, www.uscfinvestments.com.

SummerHaven Agreements

USCF is party to an Amended and Restated Advisory Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven, whereby SummerHaven provides advisory services to USCF with respect to the Applicable Index for each Trust Series and investment decisions for each Trust Series. SummerHaven’s advisory services include, but are not limited to, general consultation regarding the calculation and maintenance of the Applicable Index for each Trust Series and the nature of each Applicable Index’s current or anticipated component investments. For these services, USCF pays SummerHaven a fee based on a percentage of the average total net assets of each Trust Series. USCF pays SummerHaven an annual fee of $15,000 per each Trust Series as well as an annual fee of 0.06% of the average daily total net assets of each Trust Series.

USCF is also party to an Amended and Restated Licensing Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven and SHIM, pursuant to which SHIM grants a license to USCF for the use of certain names and marks, including the Applicable Index for each Trust Series in exchange for a fee to be paid by USCF to SHIM. USCF pays licensing fees to SummerHaven equal to an annual fee of $15,000 per Trust Series, plus an annual fee of 0.06% of the average daily total net assets of each Trust Series.

NOTE 6 – FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES

Each Trust Series engages in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, “derivatives”). As such, each Trust Series is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract.

Each Trust Series may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. 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.

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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. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary transactions and assets. To reduce the credit risk that arises in connection with such contracts, a Trust Series will generally enter into an agreement with each counterparty based on the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) that provides for the netting of its overall exposure to its counterparty and, consistent with applicable regulatory requirements, the posting by each party to cover the mark-to-market exposure of a counterparty to the other counterparty is required.

As to OTC swaps, valuing OTC derivatives is less certain than valuing actively traded financial instruments such as exchange-traded futures contracts and securities or cleared swaps because, for OTC derivatives, the price and terms on which such OTC derivatives are entered into or can be terminated are individually negotiated, and those prices and terms may not reflect the best price or terms available from other sources. In addition, while market makers and dealers generally quote indicative prices or terms for entering into or terminating OTC contracts, they typically are not contractually obligated to do so, particularly if they are not a party to the transaction. As a result, it may be difficult to obtain an independent value for an outstanding OTC derivatives transaction.

Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Trust Series has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts.

All of the futures contracts held by each Trust Series through March 31, 2026 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if each Trust Series were to enter into non-exchange traded contracts (including Exchange for Related Position or EFRP), it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. Currently, each Trust Series has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, each Trust Series bears the risk of financial failure by the clearing broker.

Market volatility is attributable to things like the COVID-19 pandemic and related supply chain disruptions, military conflicts and war, such as the Russia-Ukraine war and military conflicts in the Middle East, continuing disputes among commodity-producing countries, the introduction of or changes in tariffs or trade barriers, 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 the impact of which could limit a Trust Series’ ability to have a substantial portion of its assets invested in the Applicable Benchmark Component Futures Contracts. In such a circumstance, a Trust Series could, if it determined it appropriate to do so in light of market conditions and regulatory requirements, invest in other Futures Contracts and/or Other Related Investments, such as OTC swaps.

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. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of a Trust Series’ assets posted with that FCM; however, the majority of each Trust Series’ assets are held in investments in Treasuries, cash and/or cash equivalents with the Trust Series’ custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of the Trust Series’ custodian, however, could result in a substantial loss of each Trust Series’ assets.

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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. As of March 31, 2026 and December 31, 2025, USCI held investments in Treasuries and money market funds in the amounts of $230,430,483 and $210,500,000, respectively. As of March 31, 2026 and December 31, 2025, CPER held investments in Treasuries and money market funds in the amounts of $575,286,836 and $296,475,000, respectively. Each Trust Series also holds cash deposits with its custodian and FCMs. As of March 31, 2026 and December 31, 2025, USCI held cash deposits and short-term investments in the amounts of $101,571,056 and $70,654,690, respectively, with the custodian and FCMs. As of March 31, 2026 and December 31, 2025, CPER held cash deposits and short-term investments in the amounts of $154,824,454 and $131,740,409, respectively, with the custodian and FCMs. Some or all of these amounts may be subject to loss should the Trust Series’ custodian and/or FCMs cease operations.

For derivatives, risks arise from changes in the market value of the contracts. Theoretically, each Trust Series is exposed to market risk equal to the value of Futures Contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, each Trust Series pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option.

The Trust Series’ policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, the Trust Series or USCF have a policy of requiring review of the credit standing of each broker or counterparty with which they conduct business.

The financial instruments held by the applicable Trust Series are reported in its statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity.

NOTE 7 – FINANCIAL HIGHLIGHTS

The following table presents per share performance data and other supplemental financial data for the three months ended March 31, 2026 and 2025 for the shareholders. This information has been derived from information presented in the financial statements.

USCI


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
		(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period		$	77.48		$	66.04
Total income (loss)			18.08			6.14
Total expenses			(0.22)			(0.18)
Net increase (decrease) in net asset value			17.86			5.96
Net asset value, end of period		$	95.34		$	72.00

Total Return			23.05	%		9.02	%

Ratios to Average Net Assets
Total income (loss)			21.35	%		8.81	%
Management fees^#			0.80	%		0.80	%
Total expenses excluding management fees^#			0.23	%		0.27	%
Net income (loss)			21.09	%		8.55	%

#	Annualized.

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CPER


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
		(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period		$	34.84		$	25.23
Total income (loss)			(0.46)			6.33
Total expenses			(0.07)			(0.06)
Net increase (decrease) in net asset value			(0.53)			6.27
Net asset value, end of period		$	34.31		$	31.50

Total Return			(1.52)	%		24.85	%

Ratios to Average Net Assets
Total income (loss)			(4.07)	%		21.72	%
Management fees^#			0.65	%		0.65	%
Total expenses excluding management fees^#			0.10	%		0.21	%
Net income (loss)			(4.26)	%		21.51	%

#	Annualized.

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 – FAIR VALUE OF FINANCIAL INSTRUMENTS

The Trust and each Trust Series value their investments in accordance with Accounting Standards Codification 820 – Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Trust and each Trust Series (observable inputs) and (2) the Trust’s and each Trust Series’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety.

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The following table summarizes the valuation of USCI’s securities at March 31, 2026 using the fair value hierarchy:


At March 31, 2026		Total			Level I			Level II			Level III
Short-Term Investments		$	230,430,483		$	230,430,483		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			16,427,814			16,427,814			—			—
Foreign Contracts			(1,086,912)			(1,086,912)			—			—

The following table summarizes the valuation of USCI’s securities at December 31, 2025 using the fair value hierarchy:


At December 31, 2025		Total			Level I			Level II			Level III
Short-Term Investments		$	210,500,000		$	210,500,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(4,218,366)			(4,218,366)			—			—
Foreign Contracts			1,608,581			1,608,581			—			—

The following table summarizes the valuation of CPER’s securities at March 31, 2026 using the fair value hierarchy:


At March 31, 2026		Total			Level I			Level II			Level III
Short-Term Investments		$	575,286,836		$	575,286,836		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(18,330,085)			(18,330,085)			—			—

The following table summarizes the valuation of CPER’s securities at December 31, 2025 using the fair value hierarchy:


At December 31, 2025		Total			Level I			Level II			Level III
Short-Term Investments		$	296,475,000		$	296,475,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			52,247,472			52,247,472			—			—

The Trust and each Trust Series have adopted the provisions of Accounting Standards Codification 815 — Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives.

Fair Value of Derivative Instruments Held by USCI


		Statements of
		Financial
		Condition		Fair Value at			Fair Value at
Derivatives not Accounted for as Hedging Instruments		Location		March 31, 2026			December 31, 2025
Futures - Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts		$	15,340,902		$	(2,609,785)

Fair Value of Derivative Instruments Held by CPER


		Statements of
		Financial
		Condition		Fair Value at			Fair Value at
Derivatives not Accounted for as Hedging Instruments		Location		March 31, 2026			December 31, 2025
Futures - Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts		$	(18,330,085)		$	52,247,472

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

 

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

Derivatives not

Location of Gain

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Hedging Instruments

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

44,861,056

17,687,182

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

17,950,687

(1,255,734)

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

 

For the three months ended

 

For the three months ended

March 31, 2026

March 31, 2025

Change in Unrealized

Derivatives not

Location of Gain

Realized Gain (Loss)

Gain (Loss) on

Realized Gain (Loss)

Gain (Loss) on

Accounted for as

(Loss) on Derivatives

on Derivatives

Derivatives

in Derivatives

Derivatives

Hedging Instruments

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

 

Recognized in Income

Futures - Commodity Contracts

Realized gain (loss) on closed commodity futures contracts

33,209,225

1,630,125

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

(70,577,557)

32,983,237

NOTE 9 – SUBSEQUENT EVENTS

The Trust and each Trust Series have performed an evaluation of subsequent events through the date the financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with the financial statements and the notes thereto of the United States Commodity Index Funds Trust (the “Trust”) included elsewhere in this annual report on Form 10-K.

Forward-Looking Information

This quarterly report on Form 10-Q, including this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements which generally relate to future events or future performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or the negative of these terms or other comparable terminology. All statements (other than statements of historical fact) included in this annual report on Form 10-K that address activities, events or developments that will or may occur in the future, including such matters as changes in inflation in the United States, movements in the stock market, movements in U.S. and foreign currencies, and market volatility in the commodities markets and futures markets and indexes that track such movements, the Russia-Ukraine war and conflicts in the Middle East, a Trust Series’ operations, USCF’s plans and references to a Trust Series’ future success and other similar matters, are forward-looking statements. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses USCF has made based on its perception of historical trends, current conditions and expected future developments, as well as other factors appropriate in the circumstances. Whether or not actual results and developments will conform to USCF’s expectations and predictions, however, is subject to a number of risks and uncertainties, including the special considerations discussed in this quarterly report on Form 10-Q, general economic, market and business conditions, changes in laws or regulations, including those concerning taxes, made by governmental authorities or regulatory bodies, and other world economic and political developments. Consequently, all the forward-looking statements made in this quarterly report on Form 10-Q are qualified by these cautionary statements, and there can be no assurance that the actual results or developments USCF anticipates will be realized or, even if substantially realized, that they will result in the expected consequences to, or have the expected effects on, a Trust Series’ operations or the value of its shares.

Each Trust Series has based the forward-looking statements included in this quarterly report on Form 10-Q on information available to it on the date of this quarterly report on Form 10-Q, and each Trust Series assumes no obligation to update any such forward-looking statements. Although each Trust Series undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, investors are advised to consult any additional disclosures that each Trust Series may make directly to them or through reports that each Trust Series files in the future with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Introduction

Each Trust Series is a commodity pool that issues shares representing fractional undivided beneficial interests in such Trust Series that may be purchased and sold on the NYSE Arca. The Trust Series are series of the Trust, a Delaware statutory trust formed on December 21, 2009.

United States Commodity Index Fund

USCI invests in futures contracts for commodities that are traded on the Futures Exchanges and, to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, Other Commodity-Related Investments. Market conditions that USCF currently anticipates could cause USCI to invest in Other Commodity Related Investments include, but are not limited to, those allowing USCI to obtain greater liquidity or to execute transactions with more favorable pricing.

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The SDCI is designed to reflect the performance of a diversified group of commodities. The SDCI is owned and maintained by SummerHaven Index Management, LLC (“SHIM”) and is calculated and published by Bloomberg L.P. Futures contracts for the commodities comprising the SDCI are traded on the New York Mercantile Exchange (“NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), and Commodity Exchange, Inc. (“COMEX”) (the NYMEX, ICE Futures, CBOT, CME, LME and COMEX, collectively, 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 primarily in the Benchmark Component Futures Contracts. 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.”

Investors should be aware that USCI’s investment objective is not for its NAV or market price of shares to equal, in dollar terms, the spot prices of the commodities underlying the Benchmark Component Futures Contracts or the prices of any particular group of futures contracts. 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.) As of March 31, 2026, USCI held 1,764 Futures Contracts on the NYMEX, held 707 Futures Contracts on the ICE Futures, held 1,389 Futures Contracts on the CBOT, held 405 Futures Contracts on the CME, held 1,250 Futures Contracts on the LME and did not hold any Futures Contracts on the COMEX, totaling 5,515 futures contracts.

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United States Copper Index Fund

CPER invests in Futures Contracts for commodities that are traded on the COMEX and, to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, Other Copper-Related Investments. Market conditions that USCF currently anticipates could cause CPER to invest in Other Copper-Related Investments include, but are not limited to, those allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing.

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”), 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 ten percent (10%) of the average daily percentage change in the prices 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. The SCI is owned and maintained by SHIM and calculated and published by the NYSE Arca. The SCI is comprised of either one or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SHIM. 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 primarily in Benchmark Component Copper Futures Contracts. Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity 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 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 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. 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.

Other Defined Terms

The SCI, together with the SDCI, are referred to throughout this quarterly report on Form 10-Q collectively as the “Applicable Index” or “Indices.”

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Benchmark Component Futures Contracts and Benchmark Component Copper Futures Contracts are referred to throughout this quarterly report on Form 10-Q collectively as “Applicable Benchmark Component Futures Contracts.”

Other Commodity-Related Investments and Other Copper-Related Investments are collectively referred to herein as “Other Related Investments.” Commodity Interests and Copper Interests are collectively referred to herein as “Applicable Interests” throughout this quarterly report on Form 10-Q.

Regulatory Disclosure

The regulation of commodity interest trading in the United States and other countries is an evolving area of the law. Below are certain key regulatory requirements that are, or may be, relevant to the Trust Series. The various statements made in this summary are subject to modification by legislative action and changes in the rules and regulations of the SEC, Financial Industry Regulatory Authority (“FINRA”), CFTC, NFA, the futures exchanges, clearing organizations and other regulatory bodies. Pending final resolution of all applicable regulatory requirements, some examples of how new rules and regulations could impact the Trust Series are discussed in “Item 1. Business” in this quarterly report on Form 10-Q.

Exchange Accountability Levels, Position Limits and Price Fluctuation Limits. Designated contract markets (“DCMs”), such as the NYMEX and ICE Futures, have established accountability levels and position limits on the maximum net long or net short futures contracts in commodity interests that any person or group of persons under common trading control (other than as a hedge, which is not applicable to the Trust Series’ investments) may hold, own or control. These levels and position limits apply to the futures contracts that each Trust Series invests in to meet the investment objective of such Trust Series. In addition to accountability levels and position limits, the NYMEX and ICE Futures may also set daily price limits on futures contracts. The daily price fluctuation limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day’s settlement price. Once the daily price fluctuation limit has been reached in a particular futures contract, no trades may be made at a price beyond that limit. The accountability levels for the commodities comprising an Applicable Index and other futures contracts traded on U.S. 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, 2026, USCI held 1,764 Futures Contracts on the NYMEX, held 707 Futures Contracts on the ICE Futures, held 1,389 Futures Contracts on the CBOT, held 405 Futures Contracts on the CME, held 1,250 Futures Contracts on the LME and did not hold any Futures Contracts on the COMEX, totaling 5,515 futures contracts. As of March 31, 2026, CPER held 5,037 Futures Contracts on the COMEX. For the three months ended March 31, 2026, 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. In addition to accountability levels and position limits that may apply at any time, the Futures Exchanges may impose position limits on contracts held in the last few days of trading in the near month contract to expire. It is unlikely that a Trust Series will run up against such position limits. A Trust Series does not typically hold the near month contract in its Applicable Benchmark Component Futures Contracts. In addition, each Trust Series’ investment strategy is to close out its positions during each Rebalancing Period in advance of the period right before expiration and purchase new contracts. 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, 2026, no Trust Series exceeded position limits imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Federal Position Limits

Part 150 of the CFTC’s regulations (the “Position Limits Rule”) establishes federal position limits for 25 core referenced futures contracts (comprised of agricultural, energy and metals futures contracts), futures and options linked to the core referenced futures contracts, and swaps that are economically equivalent to the core referenced futures contracts that all market participants must comply with, with certain exemptions.

Certain Applicable Benchmark Component Futures Contracts are subject to position limits under the Position Limits Rule, and the trading by each Trust Series does not qualify for an exemption therefrom. Accordingly, the Position Limits Rule could inhibit the Trust Series’ ability to invest in the Applicable Benchmark Component Futures Contracts and thereby could negatively impact the ability of the Trust Series to meet its investment objective.

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No Trust Series has limited the size of its offering and each Trust Series intends to utilize substantially all of its proceeds to purchase Applicable Benchmark Component Futures Contracts and Other Commodity-Related Investments to the extent possible. If a Trust Series encounters accountability levels, position limits, or price fluctuation limits for Applicable Benchmark Component Futures Contracts, it may purchase commodity futures on other exchanges that trade listed commodity futures or enter into swaps or other transactions to meet its investment objective. In addition, if a Trust Series exceeds accountability levels on an exchange, and is required by the exchange to reduce its holdings, such reduction could potentially cause a tracking error between the price of the shares of a Trust Series and the prices of the Applicable Benchmark Component Futures Contracts.

Margin for OTC Swaps

Rules put in place by U.S. federal banking regulators, the CFTC and the SEC require the daily exchange of variation margin and initial margin for swaps between swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants (“Swap Entities”) and swaps between Swap Entities and their counterparties that are “financial end-users” (such rules, the “Margin Rules”). The Margin Rules require Swap Entities to exchange variation margin with all of their counterparties who are financial end-users. The minimum variation margin amount is the daily mark-to-market change in the value of the swap, taking into account the amount of variation margin previously posted or collected. Swap Entities are required to exchange initial margin with their financial end-users who have “material swaps exposure” (i.e., an average daily aggregate notional of $8 billion or more in non-cleared swaps calculated in accordance with the Margin Rules). The Margin Rules specify the types of collateral that may be posted or collected as initial margin or variation margin (generally cash, certain government, government-sponsored enterprise securities, certain liquid debt, certain equity securities, certain eligible publicly traded debt, and gold) and sets forth haircuts for certain collateral asset classes.

No Trust Series is a Swap Entity under the Margin Rules, but each is a financial end-user. Accordingly, each Trust Series will be subject to the variation margin requirements of the Margin Rules for any swaps that it enters into. However, no Trust Series has material swaps exposure and, accordingly, no Trust Series will be subject to the initial margin requirements of the Margin Rules.

Mandatory Trading and Clearing of Swaps

CFTC regulations require that certain swap transactions be executed on organized exchanges or “swap execution facilities” and cleared through regulated clearing organizations (“derivative clearing organizations” (“DCOs”)), if the CFTC mandates the central clearing of a particular class of swap and such swap is “made available to trade” on a swap execution facility. Currently, swap dealers, major swap participants, commodity pools, certain private funds and entities predominantly engaged in activities that are financial in nature are required to execute on a swap execution facility, and clear, certain interest rate swaps and index-based credit default swaps. As a result, if a Trust Series enters into an interest rate or index-based credit default swap that is subject to these requirements, such swap will be required to be executed on a swap execution facility and centrally cleared. Mandatory clearing and “made available to trade” determinations with respect to additional types of swaps may be issued in the future, and, when finalized, could require each Trust Series to electronically execute and centrally clear certain OTC instruments presently entered into and settled on a bi-lateral basis. If a swap is required to be cleared, initial and variation margin requirements are set by the relevant clearing organization, subject to certain regulatory requirements and guidelines. Additional margin may be required and held by a Trust Series’ FCM.

Other Requirements for Swaps

Swaps that are not required to be cleared and executed on a SEF but that are executed bilaterally are also subject to various requirements pursuant to CFTC regulations, including, among other things, reporting and recordkeeping requirements and, depending on the status of the counterparties, trading documentation requirements and dispute resolution requirements.

Derivatives Regulations in Non-U.S. Jurisdictions

In addition to U.S. laws and regulations, a Trust Series may be subject to non-U.S. derivatives laws and regulations if it engages in futures and/or swap transactions with non-U.S. persons. For example, each Trust Series may be impacted by European laws and regulations to the extent that it engages in futures transactions on European exchanges or derivatives transactions with European entities. Other jurisdictions impose requirements applicable to futures and derivatives that are similar to those imposed by the U.S., including position limits, margin, clearing and trade execution requirements.

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The CFTC is generally prohibited by statute from regulating trading on non-U.S. futures exchanges and markets. The CFTC, however, has adopted regulations relating to the marketing of non-U.S. futures contracts in the United States. These regulations permit certain contracts on non-U.S. exchanges to be offered and sold in the United States.

Natural disasters, public health disruptions (such as the COVID-19 pandemic), and international armed conflicts could impact the price of commodities and/or the value, pricing and liquidity of a Trust Series’ investments or assets which, in turn, could cause the loss of your investment in a Trust Series.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), can be highly disruptive to economies and markets. Such events can, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Trust Series.

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, military conflicts in the Middle East, and the expansion of such conflicts in surrounding areas), sanctions, the introduction of or changes in tariffs or trade barriers, global or local recessions, and acts of terrorism, can also, directly or indirectly, negatively impact, and/or cause volatility in, the price of commodities and the value, pricing, and liquidity of the investments or other assets held by a Trust Series.

A negative impact on, or volatility in, the price of commodities or the value, pricing and liquidity of a Trust Series’ investments or other assets resulting from the occurrence of any of the aforementioned events, or similar events, could cause you to lose all, or substantially all, of your investment in a Trust Series.

A Trust Series may be subject to interest rate risk, which may prevent the Trust Series from investing fully at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss.

Interest rate risk is the risk that fixed income securities and other investments in a Trust Series’ portfolio will fluctuate in value because of a change in interest rates. Interest rate changes can be sudden and unpredictable, and a Trust Series may lose money because of movements in interest rates. When interest rates rise, the value of fixed income securities typically falls. In a rising interest rate environment, a Trust Series may not be able to fully invest at prevailing rates until any current investments in Treasuries mature in order to avoid selling those investments at a loss. Interest rate risk is generally lower for shorter term investments and higher for longer term investments. In addition, in rising interest rate environments, it is possible that the Treasuries held by a Trust Series will decline in value. When interest rates fall, the Trust Series may be required to reinvest the proceeds from the sale, redemption or early prepayment of a Treasury Bill or money market security at a lower interest rate.

As inflation increases, the present value of a Trust Series’ assets may decline.

Inflation is a general increase in the overall price level of goods and services in the economy. The United States Federal Reserve has a stated goal of maintaining a two percent increase in inflation over the long run, as measured by the annual change in the price index for personal consumption expenditures.

Inflation has the effect of eroding the value of cash or bonds. In a high inflation environment, the value of a Trust Series’ cash and Treasury investments may decline.

A Trust Series may potentially lose money by investing in government money market funds.

The Trust Series invest in government money market funds. Although such government money market funds seek to preserve the value of an investment at $1.00 per share, there is no guarantee that they will be able to do so and a Trust Series may lose money by investing in a government money market fund. An investment in a government money market fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (the “FDIC”), or any other government agency. The share price of a government money market fund can fall below the $1.00 share price. A Trust Series cannot rely on or expect a government money market fund’s adviser or its affiliates to enter into support agreements or take other actions to maintain the government money market fund’s $1.00 share price. The credit quality of a government money market fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the government money market fund’s share price. Due to fluctuations in interest rates, the market value of securities held by a government money market fund may vary. A government money market fund’s share price can also be negatively affected during periods of high redemption pressures and/or illiquid markets.

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Commodity Markets

Commodity Futures Price Movements

Three Months Ended March 31, 2026

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, 2026. The table below compares the total returns of the SDCI to the three major diversified commodity indexes over this time period.


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	23.18	%
S&P GSCI Commodity Index (GSCI®) Total Return(2)	40.02	%
Bloomberg Commodity Index Total Return(2)	24.41	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	29.48	%

(1)The inception date for the SummerHaven Dynamic Commodity Index Total Return^SM is December 2009.

(2)Source: Bloomberg

The value of the SDCI as of December 31, 2025 was $2,765.82. As of March 31, 2026, the value of the SDCI was $3,406.82, up approximately 23.18% over the three months ended March 31, 2026.

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), 23.18 had positive returns for the quarter ended March 31, 2026. The best performing commodity sector was Energy (up approximately 60.03%) followed by Precious Metals (up approximately 8.56%). Commodities have broadly rallied in the five years since the onset of the Covid-19 pandemic in 2020. Commodities made notable gains as inflation rose from 1.4% in 2020 to 9.1% in 2022. (Inflation is a headwind for stocks and bonds and a tailwind for real assets such as commodities. Historically, commodities have been a hedge against inflation and positive inflation shocks.) When inflation began declining in mid-2022, commodities also initially declined. However, commodities began rising again in 2023 and are up over the last three years. SDCI’s dynamic strategy led to significant outperformance versus the major commodity indexes shown above.

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 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. While it is impossible to predict future performance, and past results do not predict the future, the evidence shows that commodities have, on average, provided diversification at critical times.

The return of approximately 23.18% 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 $77.48 and ended the period at $95.34 on March 31, 2026, an increase of approximately 23.05% over the period. See “Tracking Each Trust Series’ Benchmark” below for information about how expenses and income affect USCI’s per share NAV.

Copper Markets

Copper Futures Price Movements

Three Months Ended March 31, 2026

As measured by the two major copper indexes, copper futures prices exhibited a strong upward trend during the three months ended March 31, 2026. The table below compares the total returns of the SCI to the Bloomberg Copper Subindex Total Return over this time period.


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	(1.32)	%
Bloomberg Copper Subindex Total Return(2)	(1.30)	%

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

(2)Source: Bloomberg

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The value of the SCI as of December 31, 2025 was $1,909.69. As of March 31, 2026, the value of the SCI was $1,884.52, down approximately 1.32% over the three months ended March 31, 2026.

The return of approximately (1.32)% 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 $34.84 and ended the period at $34.31 on March 31, 2026, a decrease of approximately (1.52)% 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, 2026, the price of the front month copper futures contract traded in a range between $537.45 per pound and $620.35 per pound. Prices decreased by 1.20% between December 31, 2025 to March 31, 2026 finishing the period at $561.40. After strong returns in 2025, copper exhibited a volatile pattern from January to mid-March. Copper briefly fell in mid-March as concerns about an economic slowdown caused by the Iran War increased. However, prices decreased to a low on March 20, 2026 and rose back above $600 subsequent to the end of the first quarter. 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.

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. However, copper is not one of the metals that depends heavily on supply from the region. As a result, copper prices rose only modestly from the outbreak of the war in comparison to other metals, such as Nickel. Copper supply is more affected by events, such as protests and labor strikes, that impact mining in south American nations, including Chile and Peru. Meanwhile, copper demand typical depends on the state of the global economy, particularly China, which drives industrial, commercial, and manufacturing use.

Valuation of Futures Contracts and the Computation of the Per Share NAV

Each Trust Series’ NAV is calculated once each NYSE Arca trading day. The per share NAV for a particular trading day is released after 4:00 p.m. New York time. Trading during the core trading session on the NYSE Arca typically closes at 4:00 p.m. New York time. The Trust Series’ Administrator uses the closing prices on the relevant Futures Exchanges of the Applicable Benchmark Component Futures Contracts (determined at the earlier of the close of such exchange or 2:30 p.m. New York time) for the contracts held on the Futures Exchanges, but calculates or determines the value of all other investments of such Trust Series using market quotations, if available, or other information customarily used to determine the fair value of such investments.

Results of Operations

On July 30, 2010, USCI received a notice of effectiveness from the SEC for its registration of 50,000,000 shares on Form S-1 with the SEC. On August 10, 2010, USCI listed its shares on the NYSE Arca under the ticker symbol “USCI.” USCI established its initial offering per share NAV by setting the price at $50 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $5,000,000 in cash on August 10, 2010. USCI commenced investment operations on August 10, 2010 by purchasing Futures Contracts traded on the Futures Exchanges. In order to satisfy NYSE Arca listing standards that at least 100,000 shares be outstanding at the beginning of the trading day on the NYSE Arca, USCF purchased the initial Creation Basket from the initial Authorized Participant at the initial offering price. The $1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket. USCF agreed not to resell the shares comprising such basket except that it may require the initial Authorized Participant to repurchase all of these shares at a per share price equal to USCI’s per share NAV within five days following written notice from USCF, subject to the conditions that: (i) on the date of repurchase, the initial Authorized Participant must immediately redeem these shares in accordance with the terms of the Authorized Participant Agreement and (ii) immediately following such redemption at least 100,000 shares of USCI remain outstanding. USCF held such initial Creation Basket until September 3, 2010, at which time the initial Authorized Participant repurchased the shares comprising such basket in accordance with the specified conditions noted above. 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, 2026, USCI had 3,650,000 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.

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As of March 31, 2026, CPER had 20,800,000 shares outstanding. CPER has an unlimited number of shares registered and available for issuance. More shares may have been issued by CPER than are outstanding due to the redemption of shares.

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, 2026, 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, 2026 Compared to the Three Months Ended March 31, 2025

USCI


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Average daily total net assets		$	306,819,376		$	211,795,651
Dividend and interest income earned on Treasuries, cash and/or cash equivalents		$	2,679,571		$	2,222,104
Annualized yield based on average daily total net assets			3.54	%		4.25	%
Management fee		$	605,454		$	417,789
Total fees and other expenses excluding management fees		$	172,092		$	140,538
Total commissions accrued to brokers		$	59,336		$	42,850
Total commissions as annualized percentage of average total net assets			0.08	%		0.08	%

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.

Although the 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, 2026, compared to the three months ended March 31, 2025, the cash balance was higher. As a result, the amount of income earned by USCI as a percentage of average daily total net assets was higher during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The increase in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to an increase in directors’ fees and insurance and brokerage fees.

For the Three Months Ended March 31, 2026 Compared to the Three Months Ended March 31, 2025

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CPER


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Average daily total net assets		$	755,127,687		$	167,461,327
Dividend and interest income earned on Treasuries, cash and/or cash equivalents		$	6,587,703		$	1,759,776
Annualized yield based on average daily total net assets			3.54	%		4.26	%
Management fee		$	1,208,832		$	268,397
Total fees and other expenses excluding management fees		$	194,610		$	85,702
Total commissions accrued to brokers		$	43,566		$	3,875
Total commissions as annualized percentage of average total net assets			0.02	%		0.01	%

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.

Although the 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, 2026, compared to the three months ended March 31, 2025, the cash balance held was higher. As a result, the amount of income earned by CPER as a percentage of average daily total net assets was higher during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

The increase in total fees and other expenses excluding management fees for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was due primarily to an increase in tax reporting professional fees and directors’ fees and insurance.

Tracking Each Trust Series’ Benchmark

USCF seeks to manage each Trust Series’ portfolio such that changes in its average daily per share NAV, on a percentage basis, closely track the daily changes in the average price of the Applicable Index, also on a percentage basis. Specifically, USCF seeks to manage the portfolio such that over any rolling period of 30-valuation days, the average daily change in a Trust Series’ per share NAV is within a range of 90% to 110% (0.9 to 1.1) of the average daily change in the price of the Applicable Index. As an example, if the average daily movement of the price of the Applicable Index for a particular 30-valuation daytime period was 0.50% per day, USCF would attempt to manage the portfolio such that the average daily movement of the pe

United States Commodity Index Funds Trust 10-Q