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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 June 30, 2025.

☐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 August 1, 2025 are included in the table below:


		Number of Outstanding Shares as of August 1, 2025
United States Commodity Index Fund		3,500,000
United States Copper Index Fund		8,100,000
Total		11,600,000

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.	33

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	73

Item 4. Controls and Procedures.	75

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	76

Item 1A. Risk Factors.	79

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	79

Item 3. Defaults Upon Senior Securities.	80

Item 4. Mine Safety Disclosures.	80

Item 5. Other Information.	80

Item 6. Exhibits.	81

Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index to Financial Statements


Documents		Page

Statements of Financial Condition at June 30, 2025 (Unaudited) and December 31, 2024		2-4

Schedules of Investments June 30, 2025 (Unaudited) and December 31, 2024		5-9

Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024		10-12

Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024		13-15

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024		16-18

Notes to Financial Statements (Unaudited) for the period ended June 30, 2025		19-32

Table of Contents

United States Commodity Index Funds Trust

Statements of Financial Condition

At June 30, 2025 (Unaudited) and December 31, 2024

United States Commodity Index Fund


	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $223,244,214 and $177,697,621, respectively) (Notes 2 and 6)	$	223,244,214	(a)	$	177,697,621
Equity in trading accounts:
Cash and cash equivalents (at cost $17,460,312 and $8,190,855, respectively)		17,460,312			8,190,855
Unrealized gain (loss) on open commodity futures contracts		490,771			5,392,339
Dividends receivable		595,476			440,048
Interest receivable		221,694			232,104
Prepaid insurance		40,635			5,293

Total Assets	$	242,053,102		$	191,958,260

Liabilities and Capital
Management fees payable (Note 4)	$	157,678		$	128,904
Professional fees payable		137,348			301,941
Brokerage commissions payable		3,955			3,955
Directors’ fees payable		9,194			5,450

Total Liabilities		308,175			440,250

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—			—
Shareholders		241,744,927			191,518,010
Total Capital		241,744,927			191,518,010

Total Liabilities and Capital	$	242,053,102		$	191,958,260

Shares outstanding		3,300,000			2,900,000
Net asset value per share	$	73.26		$	66.04
Market value per share	$	73.29		$	65.98

(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 June 30, 2025 (Unaudited) and December 31, 2024

United States Copper Index Fund


	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $200,148,046 and $135,487,612, respectively) (Notes 2 and 6)	$	200,148,046	(a)	$	135,487,612
Equity in trading accounts:
Cash and cash equivalents (at cost $4,115,402 and $16,731,473, respectively)		4,115,402			16,731,473
Unrealized gain (loss) on open commodity futures contracts		10,782,936			(9,781,512)
Dividends receivable		441,718			337,688
Interest receivable		210,822			193,831
Prepaid insurance		34,790			3,849

Total Assets	$	215,733,714		$	142,972,941

Liabilities and Capital
Management fees payable (Note 4)	$	102,306		$	85,037
Professional fees payable		95,043			321,874
Directors’ fees payable		7,096			4,936

Total Liabilities		204,445			411,847

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—			—
Shareholders		215,529,269			142,561,094
Total Capital		215,529,269			142,561,094

Total Liabilities and Capital	$	215,733,714		$	142,972,941

Shares outstanding		6,850,000			5,650,000
Net asset value per share	$	31.46		$	25.23
Market value per share	$	31.64		$	25.16

(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 June 30, 2025 (Unaudited) and December 31, 2024

United States Commodity Index Funds Trust


	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $423,392,260 and $313,185,233, respectively) (Notes 2 and 6)	$	423,392,260	(a)	$	313,185,233
Equity in trading accounts:
Cash and cash equivalents (at cost $21,575,714 and $24,922,328, respectively)		21,575,714			24,922,328
Unrealized gain (loss) on open commodity futures contracts		11,273,707			(4,389,173)
Dividends receivable		1,037,194			777,736
Interest receivable		432,516			425,935
Prepaid insurance		75,425			9,142

Total Assets	$	457,786,816		$	334,931,201

Liabilities and Capital
Management fees payable (Note 4)	$	259,984		$	213,941
Professional fees payable		232,391			623,815
Brokerage commissions payable		3,955			3,955
Directors’ fees payable		16,290			10,386

Total Liabilities		512,620			852,097

Commitments and Contingencies (Notes 4, 5 and 6)

Capital
Sponsor		—			—
Shareholders		457,274,196			334,079,104
Total Capital		457,274,196			334,079,104

Total Liabilities and Capital	$	457,786,816		$	334,931,201

Shares Outstanding		10,150,000			8,550,000

(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 June 30, 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
CME Lean Hogs LH August 2025 contracts, expiring August 2025	$	16,997,840	387	$	(356,840)	(0.15)
CME Cattle Feeder Futures FC August 2025 contracts, expiring August 2025		16,853,563	113		699,575	0.29
NYMEX NY Harbour ULSD Futures HO September 2025 contracts, expiring August 2025		17,341,775	183		(34,440)	(0.01)
CME Live Cattle Futures LC August 2025 contracts, expiring August 2025		17,077,252	204		374,948	0.15
NYMEX RBOB Gasoline Futures RB September 2025 contracts, expiring August 2025		18,004,018	200		(849,538)	(0.35)
CBOT Corn Futures C September 2025 contracts, expiring September 2025		17,732,488	831		(728,150)	(0.30)
ICE Cocoa Futures CC September 2025 contracts, expiring September 2025		17,636,200	195		(86,200)	(0.04)
ICE Coffee Futures KC September 2025 contracts, expiring September 2025		18,800,269	147		(2,257,256)	(0.93)
NYMEX WTI Crude Oil Futures CL November 2025 contracts, expiring October 2025		18,231,969	278		(979,290)	(0.41)
NYMEX Platinum Futures PL October 2025 contracts, expiring October 2025		13,988,100	259		3,403,750	1.41
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS August 2025 contracts, expiring August 2025		17,576,150	262		(257,950)	(0.10)
ICE Brent Crude Futures CO October 2025 contracts, expiring August 2025		17,224,300	262		31,020	0.01
Foreign Contracts
LME Aluminum Futures LA July 2025 contracts, expiring July 2025*		16,725,540	272		939,500	0.39
LME Zinc Futures LX July 2025 contracts, expiring July 2025*		16,520,348	248		524,878	0.22
LME Tin Futures LT August 2025 contracts, expiring August 2025*		17,868,380	106		62,580	0.03
LME Aluminum Futures LA October 2025 contracts, expiring October 2025*		17,143,638	265		83,217	0.03
Open Commodity Futures Contracts - Short Foreign Contracts**
LME Aluminum Futures LA July 2025 contracts, expiring July 2025*		(17,568,210)	272		(96,830)	(0.04)
LME Zinc Futures LX July 2025 contracts, expiring July 2025*		(17,063,024)	248		17,797	0.01
Total Open Futures Contracts*	$	241,090,596	4,732	$	490,771	0.21

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments (Unaudited)

At June 30, 2025


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills^˄:
4.27%, 8/19/2025	$	14,000,000	$	13,915,775	5.76
4.36%, 8/26/2025		5,000,000		4,966,633	2.05
Total United States Treasury Obligations				18,882,408	7.81
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29%#		170,500,000		170,500,000	70.53
Total United States Money Market Funds				170,500,000	70.53
Total Cash Equivalents			$	189,382,408	78.34

*	Collateral amounted to $17,460,312 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 June 30, 2025.

^˄	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2024

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 2025 contracts, expiring February 2025	$	13,568,740	193	$	182,510	0.10
NYMEX Natural Gas Futures NG March 2025 contracts, expiring February 2025		14,129,020	463		214,720	0.11
CME Live Cattle Futures LC February 2025 contracts, expiring February 2025		13,422,940	176		65,700	0.03
ICE Cocoa Futures CC March 2025 contracts, expiring March 2025		8,402,520	121		5,724,230	2.99
CBOT Soybean Meal Futures SM March 2025 contracts, expiring March 2025		13,363,700	268		177,000	0.09
ICE Coffee Futures KC March 2025 contracts, expiring March 2025		10,224,844	110		2,964,844	1.55
CME Cattle Feeder Futures FC March 2025 contracts, expiring March 2025		13,431,113	103		112,100	0.06
COMEX Copper Futures HG March 2025 contracts, expiring March 2025		14,110,800	129		(1,125,338)	(0.59)
NYMEX Platinum Futures PL April 2025 contracts, expiring April 2025		13,148,070	277		(537,645)	(0.28)
NYMEX NY Harbour ULSD Futures HO May 2025 contracts, expiring April 2025		13,617,583	147		217,116	0.11
ICE Sugar #11 Futures SB May 2025 contracts, expiring April 2025		15,630,586	667		(2,295,922)	(1.20)
United Kingdom Contracts
ICE Brent Crude Futures CO April 2025 contracts, expiring February 2025		13,502,679	184		157,481	0.08
ICE Low Sulphur Gasoil Futures QS April 2025 contracts, expiring April 2025		13,401,075	199		185,650	0.10
Foreign Contracts
LME Tin Futures LT January 2025 contracts, expiring January 2025^*		13,154,641	92		120,039	0.06
LME Zinc Futures LX January 2025 contracts, expiring January 2025^*		13,631,096	176		(605,160)	(0.32)
LME Tin Futures LT February 2025 contracts, expiring February 2025^*		13,436,330	93		31,465	0.02
LME Aluminum Futures LA April 2025 contracts, expiring April 2025^*		13,117,061	200		(354,911)	(0.18)
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Tin Futures LT January 2025 contracts, expiring January 2025^*		(13,246,045)	92		(28,635)	(0.02)
LME Zinc Futures LX January 2025 contracts, expiring January 2025^*		(13,199,356)	176		173,420	0.09
LME Aluminum Futures LA April 2025 contracts, expiring April 2025^*		(12,775,825)	200		13,675	0.01
Total Open Futures Contracts^*	$	184,071,572	4,066	$	5,392,339	2.81


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.43%^#		140,500,000	$	140,500,000	73.36
Total United States Money Market Funds			$	140,500,000	73.36

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

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

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments (Unaudited)

At June 30, 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 September 2025 contracts, expiring September 2025	$	67,272,212	563	$	4,263,975	1.98
COMEX Copper Futures HG December 2025 contracts, expiring December 2025		67,835,500	557		3,850,400	1.78
COMEX Copper Futures HG March 2026 contracts, expiring March 2026		69,632,289	556		2,668,561	1.24
Total Open Futures Contracts^*	$	204,740,001	1,676	$	10,782,936	5.00


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills^˄:
4.27%, 8/19/2025	$	13,000,000	$	12,921,791	6.00
4.36%, 8/26/2025		5,000,000		4,966,633	2.30
Total United States Treasury Obligations				17,888,424	8.30

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29%^#		126,475,000		126,475,000	58.68
Total United States Money Market Funds				126,475,000	58.68
Total Cash Equivalents			$	144,363,424	66.98

*	Collateral amounted to $4,115,402 on open commodity futures contracts.

#	Reflects the 7-day yield at June 30, 2025.

^˄	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Schedule of Investments

At December 31, 2024

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 2025 contracts, expiring March 2025	$	52,735,937	469	$	(5,525,224)	(3.88)
COMEX Copper Futures HG May 2025 contracts, expiring May 2025		49,986,375	465		(2,794,688)	(1.96)
COMEX Copper Futures HG July 2025 contracts, expiring July 2025		48,724,200	462		(1,461,600)	(1.02)
Total Open Futures Contracts^*	$	151,446,512	1,396	$	(9,781,512)	(6.86)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.43%^#		106,475,000	$	106,475,000	74.69
Total United States Money Market Funds			$	106,475,000	74.69

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

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

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

United States Commodity Index Fund


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	5,378,223	$	6,071,482	$	23,065,405	$	12,486,869
Change in unrealized gain (loss) on open commodity futures contracts		(3,645,834)		(4,376,183)		(4,901,568)		661,261
Dividend income		1,701,806		900,654		3,191,566		1,645,454
Interest income		721,827		1,454,060		1,454,171		2,835,364
ETF transaction fees		1,050		1,750		4,200		3,500
Total Income (Loss)	$	4,157,072	$	4,051,763	$	22,813,774	$	17,632,448

Expenses
Management fees (Note 4)	$	459,134	$	361,017	$	876,923	$	684,004
Professional fees		67,817		100,013		152,735		200,027
Brokerage commissions		35,890		25,317		78,740		61,419
Directors’ fees and insurance		9,258		13,291		22,028		32,343
Total Expenses	$	572,099	$	499,638	$	1,130,426	$	977,793
Net Income (Loss)	$	3,584,973	$	3,552,125	$	21,683,348	$	16,654,655
Net Income (Loss) per share	$	1.26	$	1.29	$	7.22	$	6.00
Net Income (Loss) per weighted average share	$	1.11	$	1.22	$	6.89	$	5.83
Weighted average shares outstanding		3,240,000		2,915,385		3,145,304		2,857,692

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

United States Copper Index Fund


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	9,306,562	$	18,210,100	$	10,936,687	$	19,047,325
Change in unrealized gain (loss) on open commodity futures contracts		(12,418,789)		(9,638,475)		20,564,448		(7,063,147)
Dividend income		1,270,567		693,358		2,399,551		1,143,851
Interest income		579,815		2,010,590		1,210,607		3,252,343
ETF transaction fees		9,100		8,400		14,000		14,700
Total Income (Loss)	$	(1,252,745)	$	11,283,973	$	35,125,293	$	16,395,072

Expenses
Management fees (Note 4)	$	285,630	$	333,662	$	554,027	$	542,464
Professional fees		85,176		163,122		157,227		273,245
Brokerage commissions		9,002		22,407		12,877		29,003
Directors’ fees and insurance		7,073		12,585		16,849		24,637
Total Expenses	$	386,881	$	531,776	$	740,980	$	869,349
Net Income (Loss)	$	(1,639,626)	$	10,752,197	$	34,384,313	$	15,525,723
Net Income (Loss) per share	$	(0.04)	$	2.23	$	6.23	$	3.19
Net Income (Loss) per weighted average share	$	(0.28)	$	1.46	$	5.83	$	2.44
Weighted average shares outstanding		5,940,556		7,359,890		5,892,818		6,367,857

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Operations (Unaudited)

For the three and six months ended June 30, 2025 and 2024

United States Commodity Index Funds Trust


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	14,684,785	$	24,281,582	$	34,002,092	$	31,534,194
Change in unrealized gain (loss) on open commodity futures contracts		(16,064,623)		(14,014,658)		15,662,880		(6,401,886)
Dividend income		2,972,373		1,594,012		5,591,117		2,789,305
Interest income		1,301,642		3,464,650		2,664,778		6,087,707
ETF transaction fees		10,150		10,150		18,200		18,200
Total Income (Loss)	$	2,904,327	$	15,335,736	$	57,939,067	$	34,027,520

Expenses
Management fees (Note 4)	$	744,764	$	694,679	$	1,430,950	$	1,226,468
Professional fees		152,993		263,135		309,962		473,272
Brokerage commissions		44,892		47,724		91,617		90,422
Directors’ fees and insurance		16,331		25,876		38,877		56,980
Total Expenses	$	958,980	$	1,031,414	$	1,871,406	$	1,847,142
Expense waiver (Note 4)		—		—		—		—
Net Income (Loss)	$	1,945,347	$	14,304,322	$	56,067,661	$	32,180,378

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Changes in Capital (Unaudited)

For the three and six months ended June 30, 2025 and 2024

United States Commodity Index Fund


	Shareholders^*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	237,605,201	$	167,879,587	$	191,518,010	$	169,026,568
Addition of 100,000, 250,000, 550,000 and 250,000 shares, respectively		7,328,820		15,609,139		38,783,283		15,609,139
Redemption of (100,000), (50,000), (150,000) and (300,000) shares, respectively		(6,774,067)		(3,150,712)		(10,239,714)		(17,400,223)
Net income (loss)		3,584,973		3,552,125		21,683,348		16,654,655

Balances at end of period	$	241,744,927	$	183,890,139	$	241,744,927	$	183,890,139

*	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 and six months ended June 30, 2025 and 2024

United States Copper Index Fund


	Shareholders^*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	200,037,829	$	156,641,481	$	142,561,094	$	131,353,342
Addition of 1,600,000, 2,050,000, 2,600,000 and 3,450,000 shares, respectively		48,018,195		59,236,434		78,155,881		93,909,982
Redemption of (1,100,000), (350,000), (1,400,000) and (950,000) shares, respectively		(30,887,129)		(9,641,951)		(39,572,019)		(23,800,886)
Net income (loss)		(1,639,626)		10,752,197		34,384,313		15,525,723

Balances at end of period	$	215,529,269	$	216,988,161	$	215,529,269	$	216,988,161

*	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 and six months ended June 30, 2025 and 2024

United States Commodity Index Funds Trust


	Shareholders*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	437,643,030	$	324,521,068	$	334,079,104	$	300,379,910
Addition of 1,700,000, 2,300,000, 3,150,000 and 3,700,000 shares, respectively		55,347,015		74,845,573		116,939,164		109,519,121
Redemption of (1,200,000), (400,000), (1,550,000) and (1,250,000) shares, respectively		(37,661,196)		(12,792,663)		(49,811,733)		(41,201,109)
Net income (loss)		1,945,347		14,304,322		56,067,661		32,180,378

Balances at end of period	$	457,274,196	$	400,878,300	$	457,274,196	$	400,878,300

*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 six months ended June 30, 2025 and 2024

United States Commodity Index Fund


	Six months ended		Six months ended
	June 30, 2025		June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	21,683,348	$	16,654,655
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		4,901,568		(661,261)
(Increase) decrease in dividends receivable		(155,428)		(22,956)
(Increase) decrease in interest receivable		10,410		142,223
(Increase) decrease in prepaid insurance		(35,342)		(7,313)
Increase (decrease) in Management fees payable		28,774		(1,166)
Increase (decrease) in professional fees payable		(164,593)		(158,336)
Increase (decrease) in directors’ fees payable		3,744		706
Net cash provided by (used in) operating activities		26,272,481		15,946,552

Cash Flows from Financing Activities:
Addition of shares		38,783,283		15,609,139
Redemption of shares		(10,239,714)		(17,400,223)
Net cash provided by (used in) financing activities		28,543,569		(1,791,084)

Net Increase (Decrease) in Cash and Cash Equivalents		54,816,050		14,155,468

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		185,888,476		172,109,309
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	240,704,526	$	186,264,777

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents	$	223,244,214	$	170,014,778
Equity in Trading Accounts:
Cash and cash equivalents		17,460,312		16,249,999
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	240,704,526	$	186,264,777

See accompanying notes to financial statements.

Table of Contents

United States Commodity Index Funds Trust

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

United States Copper Index Fund


	Six months ended		Six months ended
	June 30, 2025		June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	34,384,313	$	15,525,723
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		(20,564,448)		7,063,147
(Increase) decrease in dividends receivable		(104,030)		(77,146)
(Increase) decrease in interest receivable		(16,991)		4,754
(Increase) decrease in prepaid professional fees		—		9,610
(Increase) decrease in prepaid insurance		(30,941)		(11,538)
Increase (decrease) in Management fees payable		17,269		48,785
Increase (decrease) in professional fees payable		(226,831)		(117,325)
Increase (decrease) in directors’ fees payable		2,160		(417)
Net cash provided by (used in) operating activities		13,460,501		22,445,593

Cash Flows from Financing Activities:
Addition of shares		78,155,881		93,909,982
Redemption of shares		(39,572,019)		(23,800,886)
Net cash provided by (used in) financing activities		38,583,862		70,109,096

Net Increase (Decrease) in Cash and Cash Equivalents		52,044,363		92,554,689

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		152,219,085		127,101,194
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	204,263,448	$	219,655,883

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents	$	200,148,046	$	201,336,046
Equity in Trading Accounts:
Cash and cash equivalents		4,115,402		18,319,837
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	204,263,448	$	219,655,883

See accompanying notes to financial statements.

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United States Commodity Index Funds Trust

Statements of Cash Flows (Unaudited)

For the six months ended June 30, 2025 and 2024

United States Commodity Index Funds Trust


	Six months ended		Six months ended
	June 30,2025		June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	56,067,661	$	32,180,378
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		(15,662,880)		6,401,886
(Increase) decrease in dividends receivable		(259,458)		(100,102)
(Increase) decrease in interest receivable		(6,581)		146,977
(Increase) decrease in prepaid professional fees		—		9,610
(Increase) decrease in prepaid insurance		(66,283)		(18,851)
Increase (decrease) in Management fees payable		46,043		47,619
Increase (decrease) in professional fees payable		(391,424)		(275,661)
Increase (decrease) in directors’ fees payable		5,904		289
Net cash provided by (used in) operating activities		39,732,982		38,392,145

Cash Flows from Financing Activities:
Addition of shares		116,939,164		109,519,121
Redemption of shares		(49,811,733)		(41,201,109)
Net cash provided by (used in) financing activities		67,127,431		68,318,012

Net Increase (Decrease) in Cash and Cash Equivalents		106,860,413		106,710,157

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		338,107,561		299,210,503
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	444,967,974	$	405,920,660

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents	$	423,392,260	$	371,350,824
Equity in Trading Accounts:
Cash and cash equivalents		21,575,714		34,569,836
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	444,967,974	$	405,920,660

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 June 30, 2025

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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The accompanying unaudited financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles in the United States of America (“U.S. GAAP”). The financial information included herein is unaudited; however, such financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of USCF, necessary for the fair presentation of the financial statements for the interim period.

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.

Brokerage Commissions

Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis.

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 2019. 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 June 30, 2025 for any Trust Series.

Creations and Redemptions

Effective as of May 1, 2012, 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.

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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.

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 June 30, 2025, USCF held 5 shares of USCI and 40 shares of CPER.

Offering Costs

Offering costs incurred in connection with the registration of shares prior to the commencement of the offering are borne by USCF. Offering costs incurred in connection with the registration of additional shares after the commencement of the offering are borne by each Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. Costs borne by the Trust Series after the commencement of an offering are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight-line basis or a shorter period if warranted.

Cash Equivalents

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

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Recently Issued Accounting Pronouncement

The Trust and its Trust Series, USCI and CPER, adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Each Trust Series operates in its own segment. Each commodity pool Trust Series segment derives its revenues from investments made in accordance with the defined investment strategy of the respective Trust Series, as prescribed in each Trust Series prospectus. The Chief Operating Decision Maker (“CODM”) is the sponsor, USCF. The CODM monitors the operating results of each Trust Series as part of making decisions for allocating resources and evaluating performance.

NOTE 3 – TRUST SERIES

In connection with the execution of the First Trust Agreement on April 1, 2010, USCI was designated as the first series of the Trust. USCF contributed $1,000 to the Trust upon its formation on December 21, 2009, representing an initial contribution of capital to the Trust. 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.

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 per share NAV by setting the price at $50.00 and issued 100,000 shares in exchange for $5,000,000 on August 10, 2010. USCI also 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 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 5 shares of USCI in the open market.

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.

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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” 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.”

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

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CPER’s Investment Objective

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

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. CPER may also, to a lesser extent, invest in other Eligible Copper Futures Contracts beyond the Benchmark Component Copper Futures Contracts or other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts, as well as other investments based on copper, such as cash-settled options on Benchmark Component Copper Futures Contracts, forward contracts for copper, cleared swap contracts, non-cleared “over-the-counter” or “OTC” transactions that are based on the price of copper and other Benchmark Component Copper Futures Contracts and indices based on the foregoing (collectively, “Other Copper-Related Investments”). The following factors, among others, may be considered when determining CPER’s investments in Eligible Copper Futures Contracts or in Other Copper-Related Investments: regulatory requirements, risk mitigation measures taken by CPER, CPER’s FCMs, counterparties or other market participants, liquidity and market conditions. Other factors that may impact CPER’s investments in other Eligible Copper Futures Contracts, other exchange-traded futures contracts, or Other Copper-Related Investments include allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing. In addition, CPER may need to hold significant portions of its portfolio in cash beyond what it has historically held for reasons including (but not limited to) the need to address the changes in market conditions, regulatory requirements or risk mitigation measures or the need to satisfy potential margin requirements. For convenience and unless otherwise specified, Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts and Other Copper-Related Investments collectively are referred to as “Copper Interests.”

CPER seeks to achieve its investment objective by investing so that the average daily percentage change in CPER’s NAV for any period of 30 successive valuation days will be within plus/minus ten percent (10%) of the average daily percentage change in the prices of the Benchmark Component Copper Futures Contracts over the same period. As a result, investors should be aware that CPER would meet its investment objective even if there are significant deviations between changes in its daily NAV and changes in the daily price of the SCI, provided that the average daily percentage change in CPER’s NAV over 30 successive valuation days is within plus/minus ten percent (10%) of the average daily percentage change in the price of the SCI over the same period.

USCF believes that market arbitrage opportunities will cause daily changes in CPER’s share price on the NYSE Arca on a percentage basis, to closely track the daily changes in CPER’s per share NAV on a percentage basis. USCF believes that the net effect of this expected relationship and the expected relationship described above between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses. 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 June 30, 2025, CPER held 1,676 Futures Contracts on the COMEX.

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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.”

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 six months ended of June 30, 2025 and 2024, USCI incurred $0 and $0 respectively, in registration fees and offering expenses. For the six months ended of June 30, 2025 and 2024, CPER incurred $0 and $0 respectively, in registration fees and offering expenses. On April 30, 2021, 10,000,000 additional shares were registered for USCI and 50,000,000 additional shares were registered for CPER. 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, 2025 are estimated to be a total of $883,000 for the Trust Series and the other Related Public Funds. USCI’s portion of such fees and expenses for the year ending December 31, 2025 are estimated to be $62,000 and CPER’s portion of such fees and expenses for the year ending December 31, 2025 are estimated to be $53,000.

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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 $340,000 and for the year ending December 31, 2025 for USCI and $400,000 for the year ending December 31, 2025 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.

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. RBC and MNA are each referred to as a “Futures Commissions Merchant” or “FCM.” The agreements with the FCMs for each Trust Series require the FCMs to provide services to the applicable Trust Series in connection with the purchase and sale of futures contracts that may be purchased and sold by or through the applicable FCM for the applicable Trust Series’ account. In accordance with each agreement, the FCM charges the applicable Trust Series commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts. 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 Commodity-Related Investments or short-term obligations of the United States of two years or less (“Treasuries”).

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USCI


	Six months ended			Six months ended
	June 30, 2025			June 30, 2024
Total commissions accrued to brokers	$	78,740		$	61,419
Total commissions as annualized percentage of average total net assets		0.07	%		0.07	%

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

For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $279,770,985 and $220,633,862, respectively.

CPER


	Six months ended			Six months ended
	June 30, 2025			June 30, 2024
Total commissions accrued to brokers	$	12,877		$	29,003
Total commissions as annualized percentage of average total net assets		0.02	%		0.03	%

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

For the six months ended June 30, 2025 and 2024, the monthly average volume of open future contract notional value was $167,900,891 and $165,343,446, respectively.

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.

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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.

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.

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 June 30, 2025 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, war (such as the Russia-Ukraine war), 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.

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 June 30, 2025 and December 31, 2024, USCI held investments in Treasuries and money market funds in the amounts of $189,382,408 and $140,500,000, respectively. As of June 30, 2025 and December 31, 2024, CPER held investments in Treasuries and money market funds in the amounts of $144,363,424 and $106,475,000, respectively. Each Trust Series also holds cash deposits with its custodian and FCMs. As of June 30, 2025 and December 31, 2024, USCI held cash deposits and short-term investments in the amounts of $51,322,118 and $45,388,476, respectively, with the custodian and FCMs. As of June 30, 2025 and December 31, 2024, CPER held cash deposits and short-term investments in the amounts of $59,900,024 and $45,744,085, 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.

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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 and six months ended June 30, 2025 and 2024 for the shareholders. This information has been derived from information presented in the financial statements.

USCI


	Three months ended			Three months ended			Six months ended			Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	72.00		$	61.05		$	66.04		$	56.34
Total income (loss)		1.44			1.46			7.58			6.34
Total expenses		(0.18)			(0.17)			(0.36)			(0.34)
Net increase (decrease) in net asset value		1.26			1.29			7.22			6.00
Net asset value, end of period	$	73.26		$	62.34		$	73.26		$	62.34

Total Return		1.75	%		2.11	%		10.93	%		10.65	%

Ratios to Average Net Assets
Total income (loss)		1.81	%		2.23	%		10.32	%		10.25	%
Management fees^#		0.80	%		0.80	%		0.80	%		0.80	%
Total expenses excluding management fees^#		0.20	%		0.31	%		0.23	%		0.34	%
Net income (loss)		1.56	%		1.96	%		9.81	%		9.68	%

#	Annualized.

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CPER


	Three months ended			Three months ended			Six months ended			Six months ended
	June 30, 2025			June 30, 2024			June 30, 2025			June 30, 2024
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	31.50		$	25.06		$	25.23		$	24.10
Total income (loss)		0.03			2.30			6.36			3.33
Total expenses		(0.07)			(0.07)			(0.13)			(0.14)
Net increase (decrease) in net asset value		(0.04)			2.23			6.23			3.19
Net asset value, end of period	$	31.46		$	27.29		$	31.46		$	27.29

Total Return		(0.13)	%		8.90	%		24.69	%		13.24	%

Ratios to Average Net Assets
Total income (loss)		(0.71)	%		5.47	%		20.44	%		9.77	%
Management fees^#		0.65	%		0.65	%		0.65	%		0.65	%
Total expenses excluding management fees^#		0.23	%		0.39	%		0.22	%		0.39	%
Net income (loss)		(0.93)	%		5.21	%		20.00	%		9.25	%

#	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 June 30, 2025 using the fair value hierarchy:


At June 30, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	189,382,408	$	189,382,408	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(813,441)		(813,441)		—		—
Foreign Contracts		1,304,212		1,304,212		—		—

The following table summarizes the valuation of USCI’s securities at December 31, 2024 using the fair value hierarchy:


At December 31, 2024	Total		Level I		Level II		Level III
Short-Term Investments	$	140,500,000	$	140,500,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		5,699,315		5,699,315		—		—
Foreign Contracts		(306,976)		(306,976)		—		—

The following table summarizes the valuation of CPER’s securities at June 30, 2025 using the fair value hierarchy:


At June 30, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	144,363,424	$	144,363,424	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		10,782,936		10,782,936		—		—

The following table summarizes the valuation of CPER’s securities at December 31, 2024 using the fair value hierarchy:


At December 31, 2024	Total		Level I		Level II		Level III
Short-Term Investments	$	106,475,000	$	106,475,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(9,781,512)		(9,781,512)		—		—

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	June 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	490,771	$	5,392,339

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	June 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	10,782,936	$	(9,781,512)

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

For the six months ended

June 30, 2025

June 30, 2024

United States Commodity Index Funds Trust 10-Q