United States Commodity Index Funds Trust

Previous wording

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 quarterly report on Form 10-Q.

Current wording

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.

Previous wording

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 quarterly report on Form 10-Q 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.

Current wording

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.

Previous wording

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 September 30, 2025, USCI held 743 Futures Contracts on the NYMEX, held 990 Futures Contracts on the ICE Futures, held 652 Futures Contracts on the CBOT, held 659 Futures Contracts on the CME, held 2,080 Futures Contracts on the LME and held 88 Futures Contracts on the COMEX, totaling 5,212 futures contracts.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

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 September 30, 2025, CPER held 2,268 Futures Contracts on the COMEX.

Current wording

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.

Previous wording

As of September 30, 2025, USCI held 743 Futures Contracts on the NYMEX, held 990 Futures Contracts on the ICE Futures, held 652 Futures Contracts on the CBOT, held 659 Futures Contracts on the CME, held 2,080 Futures Contracts on the LME and held 88 Futures Contracts on the COMEX, totaling 5,212 futures contracts. As of September 30, 2025, CPER held 2,268 Futures Contracts on the COMEX. For the nine months ended September 30, 2025, no Trust Series exceeded accountability levels imposed by the NYMEX, COMEX, CME, CBOT, LME or ICE Futures.

Current wording

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.

Previous wording

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

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

Geopolitical conflict, including war and armed conflicts (such as the Russia-Ukraine war, 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.

Current wording

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.

Previous wording

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, a 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.

Current wording

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.

Previous wording

Following the COVID-19 pandemic, the United States experienced inflation above the Federal Reserve’s stated two percent goal. Other world economies similarly experienced elevated inflation rates. The Federal Reserve increased interest rates and successfully reduced inflation so that it is close to the stated two percent goal. As a result, in 2024, the Federal Reserve began reducing interest rates. However, the rate of inflation in the United States is still above the stated two percent goal. 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.

Current wording

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.

Previous wording

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.

Current wording

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.

Previous wording

As measured by the four major diversified commodity indexes listed below, commodity futures prices rose during the nine months ended September 30, 2025. The table below compares the total returns of the SDCI to the three major diversified commodity indexes over this time period.

Current wording

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.

Previous wording

The value of the SDCI as of December 31, 2024 was $2,329.08. As of September 30, 2025, the value of the SDCI was $2,768.10, up approximately 18.85% over the nine months ended September 30, 2025.

Current wording

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.

Previous wording

Of the 27 components of SummerHaven Dynamic Commodity Index (SDCI), fifteen had positive returns for the nine months ended September 30, 2025. The best performing commodity sector was Precious Metals (up approximately 24.1%) followed by Livestock (up approximately 13.7%). Commodities have broadly rallied in the five years since the onset of the Covid-19 pandemic in 2020. 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 declined. However, SDCI’s dynamic strategy led to significant outperformance versus the major commodity indexes shown above since the 2022 peak.

Current wording

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.

Previous wording

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners. Tariffs have been paused, reinstated, negotiated, and changed numerous times since then, and final tariff levels for many countries are still uncertain. The overall impact of the administration’s actions has increased the risk of a global economic slowdown or recession, which could reduce demand for some commodities. In economic downturns, energy and precious metals can decline, while precious metals rise, though this dynamic is not always the case. While tariffs are inflationary, higher prices can reduce demand for goods, including commodities, even in the absence of an economic contraction. Tariffs have other effects, such as impacts on currencies, supply chains, consumer and industry preferences, and other factors. As a result, it is difficult to forecast the overall short-term and long-term impact of tariffs on commodity prices, especially in the absence of definitive policy. Tariffs are only one factor affecting commodity prices, and each commodity will continue to be driven by idiosyncratic factors that affect their supply and demand. Commodities often provide diversification from stocks and bonds, especially during times of uncertainty. Relative to the last eight recessions, commodities outperformed equities five times as measured from the peak to trough of each asset class. Relative to two of these recessions, both in the 1970’s, commodities returned 26% and 254% while equities were down -33% and -45% respectively. In the next six recessions, when commodities and 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 how the current tariff turmoil will impact commodities relative to equities, and past results do not predict the future, the evidence shows that commodities have, on average, provided diversification at critical times.

Current wording

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.

Previous wording

The return of approximately 18.85% on the SDCI listed above is a hypothetical return only and could not actually be achieved by an investor holding Futures Contracts due to the impact of trading costs and other expenses. USCI’s per share NAV began the period at $66.04 and ended the period at $77.82 on September 30, 2025, an increase of approximately 17.84 % over the period. See*“Tracking Each Trust Series’ Benchmark”* below for information about how expenses and income affect USCI’s per share NAV.

Current wording

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.

Previous wording

As measured by two major copper indexes, copper futures prices exhibited a strong upward trend during the nine months ended September 30, 2025. The table below compares the total returns of the SCI to the Bloomberg Copper Subindex Total Return over this time period.

Current wording

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.

Previous wording

The value of the SCI as of December 31, 2024 was $1,369.05. As of September 30, 2025, the value of the SCI was $1,636.82, up approximately 19.56% over the nine months ended September 30, 2025.

Current wording

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.

Previous wording

The return of approximately 19.56% on the SCI listed above is a hypothetical return only and could not actually be achieved by an investor holding Futures Contracts due to the impact of trading costs and other expenses. CPER’s per share NAV began the period at $25.23 and ended the period at $29.93 on September 30, 2025, an increase of approximately 18.63% over the period. See*“Tracking Each Trust Series’ Benchmark”* below for information about how expenses and income affect CPER’s per share NAV.

Current wording

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.

Previous wording

In April of 2025, the Trump administration announced large and widespread tariffs on trading partners. The administration later paused tariff implementation and announced changing tariff levels on a country-by-country basis. The overall impact of the administration's actions has increased the risk of a global economic slowdown or recession, which would reduce demand for copper. Copper prices plummeted in the wake of the tariff announcements. While tariffs increase import costs, any attendant decline in economic growth could lead to a net negative impact on copper prices. 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.

Current wording

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.

Previous wording

As of September 30, 2025, USCI had 3,500,000 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.

Current wording

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.

Previous wording

As of September 30, 2025, CPER had 9,300,000 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.

Current wording

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.

Previous wording

Average interest rates earned on short-term investments held by USCI, including cash, cash equivalents and Treasuries, were lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. As a result, the amount of income earned by USCI as a percentage of average daily total net assets was lower during the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

Current wording

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.

Previous wording

Average interest rates earned on short-term investments held by CPER, including cash, cash equivalents and Treasuries, were lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. As a result, the amount of income earned by CPER as a percentage of average daily total net assets was lower during the three months ended September 30, 2025, compared to the three months ended September 30, 2024. To the degree that the aggregate yield is lower, the net expense ratio, inclusive of income, will be higher.

Current wording

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.

Previous wording

For the 30-valuation days ended September 30, 2025, the simple average daily change in the SDCI was 0.159%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.155%. The average daily difference was (0.004)% (or (0.4) basis points, where 1 basis point equals 1/100 of 1%). As a percentage of the daily movement of the SDCI, the average error in daily tracking by the per share NAV was (0.939)%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Current wording

For the 30-valuation days ended March 31, 2026, the simple average daily change in the SDCI was 0.612%, while the simple average daily change in the per share NAV of USCI over the same time period was The average daily difference was (0.006)%. (or (0.6) basis points, where 1 basis point equals 1/100 of 1%). As a percentage of the daily movement of the SDCI, the average error in daily tracking by the per share NAV was (1.396)%, meaning that over this time period USCI’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Previous wording

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through September 30, 2025, the simple average daily change in the SDCI was 0.021%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.015%. The average daily difference was (0.006)% or (0.6) basis points, where 1 basis point equals 1/100 of 1%). As a

Current wording

Since the commencement of the offering of USCI’s shares to the public on August 10, 2010 through March 31, 2026, the simple average daily change in the SDCI was 0.026%, while the simple average daily change in the per share NAV of USCI over the same time period was 0.020%. The average daily difference was (0.006)% (or (0.1) basis points, where 1 basis point equals 1/100 of 1%). As a percentage

Previous wording

percentage of the daily movement of the SDCI, the average difference in daily tracking by the per share NAV was (6.010)%, meaning that over this time period USCI’s tracking difference was within the plus or minus 10% range established as its benchmark tracking goal.

Current wording

of the daily movement of the SDCI, the average difference in daily tracking by the per share NAV was (5.833)%, meaning that over this time period USCI’s tracking difference was within the plus or minus 10% range established as its benchmark tracking goal.

Previous wording

The following two charts demonstrate the correlation between the changes in SDCI’s NAV and the changes in the SDCI. The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended September 30, 2025. The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended September 30, 2025.

Current wording

The following two charts demonstrate the correlation between the changes in SDCI’s NAV and the changes in the SDCI. The first chart below shows the daily movement of USCI’s per share NAV versus the daily movement of the SDCI for the 30-valuation day period ended March 31, 2026, the last trading day in March. The second chart below shows the monthly total returns of USCI as compared to the monthly value of the SDCI for the five years ended March 31, 2026.

Previous wording

By comparison, for the nine months ended September 30, 2024, the actual total return of USCI as measured by changes in its per share NAV was 10.72%. This is based on an initial per share NAV of $56.34 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $62.38. During this time period, USCI made no distributions to its shareholders. However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $62.96 as of September 30, 2024, for a total return over the relevant time period of 11.75%. The difference between the actual per share NAV total return of USCI of 10.72% and the expected total return based on the SDCI of 11.75% was a difference over the time period of (1.03)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage. USCI incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

Current wording

For the three months ended March 31, 2026, the actual total return of USCI as measured by changes in its per share NAV was 23.05%. This is based on an initial per share NAV of $77.48 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $95.34. During this time period, USCI made no distributions to its shareholders. However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $95.45 as of March 31, 2026, for a total return over the relevant time period of 23.18%. The difference between the actual per share NAV total return of USCI of 23.05%. and the expected total return based on the SDCI of 23.18% was a difference over the time period of (0.13)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage. USCI incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

Previous wording

For the nine months ended September 30, 2025, the actual total return of USCI as measured by changes in its per share NAV was 17.84%. This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $77.82. During this time period, USCI made no distributions to its shareholders. However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $78.49 as of September 30, 2025, for a total return over the relevant time period of 18.85%. The difference between the actual per share NAV total return of USCI of 17.84% and the expected total return based on the SDCI of 18.85% was a difference over the time period of (1.01)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage. USCI incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

Current wording

By comparison, for the three months ended March 31, 2025, the actual total return of USCI as measured by changes in its per share NAV was 9.02%. This is based on an initial per share NAV of $66.04 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $72.00. During this time period, USCI made no distributions to its shareholders. However, if USCI’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SDCI, USCI would have had an estimated per share NAV of $72.25 as of March 31, 2025, for a total return over the relevant time period of 9.40%. The difference between the actual per share NAV total return of USCI of 9.02% and the expected total return based on the SDCI of 9.40% was a difference over the time period of (0.38)%, which is to say that USCI’s actual total return underperformed its benchmark by that percentage. USCI incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of USCI to track slightly lower or higher than daily changes in the price of the SDCI.

Previous wording

For the 30-valuation days ended September 30, 2025, the simple average daily change in the SCI was 0.248%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.245%. The average daily difference was (0.003)% or (0.3) basis points, where 1 basis point equals 1/100 of 1%). As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was 3.558%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Current wording

For the 30-valuation days ended March 31, 2026, the simple average daily change in the SCI was (0.028)%, while the simple average daily change in the per share NAV of CPER over the same time period was (0.031)%. The average daily difference was 0.003% (or 0.3 basis points, where 1 basis point equals 1/100 of 1%). As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (2.397)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Previous wording

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through September 30, 2025, the simple average daily change in the SCI was 0.019%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.015%. The average daily difference was 0.004% or (0.4) basis points, where 1 basis point equals 1/100 of 1)%. As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (2.481)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Current wording

Since the commencement of the offering of CPER’s shares to the public on November 15, 2011 through March 31, 2026, the simple average daily change in the SCI was 0.023%, while the simple average daily change in the per share NAV of CPER over the same time period was 0.019%. The average daily difference was 0.004% (or 0.4 basis points, where 1 basis point equals 1/100 of 1)%. As a percentage of the daily movement of the SCI, the average error in daily tracking by the per share NAV was (2.354)%, meaning that over this time period CPER’s tracking error was within the plus or minus 10% range established as its benchmark tracking goal.

Previous wording

The following two charts demonstrate the correlation between the changes in CPER’s NAV and the changes in the SCI. The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended September 30, 2025. The second chart below shows the monthly total returns of CPER as compared to the monthly value of the SCI for the five years ended September 30, 2025.

Current wording

The following two charts demonstrate the correlation between the changes in CPER’s NAV and the changes in the SCI. The first chart below shows the daily movement of CPER’s per share NAV versus the daily movement of the SCI for the 30-valuation day period ended March 31, 2026, the last trading day in June. The second chart below shows the monthly total returns of CPER as compared to the monthly value of the SCI for the five years ended March 31, 2026.

Previous wording

By comparison, for the nine months ended September 30, 2024, the actual total return of CPER as measured by changes in its per share NAV was 17.72%. This is based on an initial per share NAV of $24.10 as of December 31, 2023 and an ending per share NAV as of September 30, 2024 of $28.37. During this time period, CPER made no distributions to its shareholders. However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $28.60 as of September 30, 2024, for a total return over the relevant time period of 18.67%. The difference between the actual per share NAV total return of CPER of 17.72% and the expected total return based on the SCI of 18.67% was a difference over the time period of (0.95)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage. CPER incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

Current wording

For the three months ended March 31, 2026, the actual total return of CPER as measured by changes in its per share NAV was (1.52)%. This is based on an initial per share NAV of $34.84 as of December 31, 2025 and an ending per share NAV as of March 31, 2026 of $34.31. During this time period, CPER made no distributions to its shareholders. However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $34.38 as of March 31, 2026, for a total return over the relevant time period of (1.32)%. The difference between the actual per share NAV total return of CPER of (1.52)% and the expected total return based on the SCI of (1.32)% was a difference over the time period of (0.20)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage. CPER incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

Previous wording

For the nine months ended September 30, 2025, the actual total return of CPER as measured by changes in its per share NAV was 18.63%. This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of September 30, 2025 of $29.93. During this time period, CPER made no distributions to its shareholders. However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $30.16 as of September 30, 2025, for a total return over the relevant time period of 19.56%. The difference between the actual per share NAV total return of CPER of 18.63% and the expected total return based on the SCI of 19.56% was a difference over the time period of (0.93)%, which is to say that CPER’s actual total return underperformed its benchmark by that percentage. CPER incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

Current wording

By comparison, for the three months ended March 31, 2025, the actual total return of CPER as measured by changes in its per share NAV was 24.85%. This is based on an initial per share NAV of $25.23 as of December 31, 2024 and an ending per share NAV as of March 31, 2025 of $31.50. During this time period, CPER made no distributions to its shareholders. However, if CPER’s daily changes in its per share NAV had instead exactly tracked the changes in the daily total return of the SCI, CPER would have had an estimated per share NAV of $31.59 as of March 31, 2025, for a total return over the relevant time period of 25.23%. The difference between the actual per share NAV total return of CPER of 24.85% and the expected total return based on the SCI of 25.23% was a difference over the time period of (0.38%), which is to say that CPER’s actual total return underperformed its benchmark by that percentage. CPER incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses, offset by interest and dividend income, and net of positive or negative execution, tends to cause daily changes in the per share NAV of CPER to track slightly lower or higher than daily changes in the price of the SCI.

Previous wording

Second, each Trust Series incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses tends to cause daily changes in the per share NAV of such Trust Series to track slightly lower or higher than daily changes in the price of the Applicable Index. At the same time, each Trust Series earns dividend and interest income on its cash, cash equivalents and Treasuries. A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the nine months ended September 30, 2025. Interest payments, and any other income, were retained within the portfolio and added to each Trust Series’ NAV. When this income exceeds the level of a Trust Series’ expenses for its management fee, brokerage commissions and other expenses (including ongoing registration fees, licensing fees and the fees and expenses of the independent directors of USCF), such Trust Series realizes a net yield that will tend to cause daily changes in the per share NAV of such Trust Series to track slightly higher than daily changes in the price of the Applicable Index. If short-term interest rates rise above these levels, the level of deviation created by the yield would increase. Conversely, if short-term interest rates were to decline, the amount of error created by the yield would decrease. When short-term yields drop to a level lower than the combined expenses of the management fee and the brokerage commissions, then the tracking error becomes a negative number and would tend to cause the daily returns of the per share NAV to underperform the daily returns of the Applicable Index. USCF anticipates that interest rates may continue to increase over the near future from historical lows. It is anticipated that fees and expenses paid by each Trust Series may continue to be lower than interest earned by each Trust Series. As such, USCF anticipates that each Trust Series could possibly outperform its benchmark so long as interest earned is higher than the fees and expenses paid by each Trust Series.

Current wording

Second, each Trust Series incurs expenses primarily composed of the management fee, brokerage commissions for the buying and selling of futures contracts, and other expenses. The impact of these expenses tends to cause daily changes in the per share NAV of such Trust Series to track slightly lower or higher than daily changes in the price of the Applicable Index. At the same time, each Trust Series earns dividend and interest income on its cash, cash equivalents and Treasuries. A Trust Series is not required to distribute any portion of its income to its shareholders and did not make any distributions to shareholders during the three months ended March 31, 2026. Interest payments, and any other income, were retained within the portfolio and added to each Trust Series’ NAV. When this income exceeds the level of a Trust Series’ expenses for its management fee, brokerage commissions and other expenses (including ongoing registration fees, licensing fees and the fees and expenses of the independent directors of USCF), such Trust Series realizes a net yield that will tend to cause daily changes in the per share NAV of such Trust Series to track slightly higher than daily changes in the price of the Applicable Index. If short-term interest rates rise above these levels, the level of deviation created by the yield would increase. Conversely, if short-term interest rates were to decline, the amount of error created by the yield would decrease. When short-term yields drop to a level lower than the combined expenses of the management fee and the brokerage commissions, then the tracking error becomes a negative number and would tend to cause the daily returns of the per share NAV to underperform the daily returns of the Applicable Index. USCF anticipates that interest rates may continue to increase over the near future from historical lows. It is anticipated that fees and expenses paid by each Trust Series may continue to be lower than interest earned by each Trust Series. As such, USCF anticipates that each Trust Series could possibly outperform its benchmark so long as interest earned is higher than the fees and expenses paid by each Trust Series.

Previous wording

Third, a Trust Series may hold Futures Contracts in a particular commodity other than the one specified as the Applicable Benchmark Component Futures Contract, or may hold Other Related Investments in its portfolio that may fail to closely track the Applicable Index’s total return movements. Taking USCI as an example, assume for a given month one of the Benchmark Component Futures Contracts is the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” for the contract month of November 2020. It is possible that USCI could hold a NYMEX WTI financially settled Futures Contract, trading under the symbol “WS,” for the contract month of November 2020. Alternatively, and using the same example, USCI could hold the ICE WTI financially settled Futures Contract, also for the contract month of November 2020. As a third example, USCI could hold the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” but for a contract month other than November 2020. During the nine months ended September 30, 2025, no Trust Series held any Other Related Investments.

Current wording

Third, a Trust Series may hold Futures Contracts in a particular commodity other than the one specified as the Applicable Benchmark Component Futures Contract, or may hold Other Related Investments in its portfolio that may fail to closely track the Applicable Index’s total return movements. Taking USCI as an example, assume for a given month one of the Benchmark Component Futures Contracts is the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” for the contract month of November 2020. It is possible that USCI could hold a NYMEX WTI financially settled Futures Contract, trading under the symbol “WS,” for the contract month of November 2020. Alternatively, and using the same example, USCI could hold the ICE WTI financially settled Futures Contract, also for the contract month of November 2020. As a third example, USCI could hold the NYMEX WTI physically settled Futures Contract, trading under the symbol “CL,” but for a contract month other than November 2020. During the three months ended March 31, 2026, no Trust Series held any Other Related Investments.

Previous wording

Fourth, a Trust Series could hold Other Related Investments. In that case, the error in tracking the Applicable Index could result in daily changes in the per share NAV of a Trust Series that are either too high, or too low, relative to the daily changes in the price of the Applicable Index. During the nine months ended September 30, 2025, none of the Trust Series held any Other Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract. If any Trust Series increases in size, and due to its obligations to comply with regulatory limits, or due to other market pricing or liquidity factors, such Trust Series may invest in Futures Contract months other than the designated month specified as the Applicable Benchmark Component Futures Contract, or in Other Related Investments, which may have the effect of increasing transaction related expenses and may result in increased tracking error.

Current wording

Fourth, a Trust Series could hold Other-Related Investments. In that case, the error in tracking the Applicable Index could result in daily changes in the per share NAV of a Trust Series that are either too high, or too low, relative to the daily changes in the price of the Applicable Index. During the three months ended March 31, 2026, none of the Trust Series held any Other-Related Investments, but did, at times, temporarily hold Futures Contracts that were in months other than the months specified as the Applicable Benchmark Component Futures Contract. If any Trust Series increases in size, and due to its obligations to comply with regulatory limits, or due to other market pricing or liquidity factors, such Trust Series may invest in Futures Contract months other than the designated month specified as the Applicable Benchmark Component Futures Contract, or in Other-Related Investments, which may have the effect of increasing transaction related expenses and may result in increased tracking error.

Previous wording

SummerHaven Dynamic Commodity Index Total ReturnSM**(“SDCI”) Year-Over-Year Hypothetical****

Current wording

SummerHaven Dynamic Commodity Index Total Return**℠** (“SDCI”) Year-Over-Year Hypothetical**