USCI — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-07

• CPER seeks to achieve its investment objective by investing primarily in the Benchmark Component Copper Futures Contracts, and to a lesser extent, in other copper-related investments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items bas…

• Copper supply is less impacted by some geopolitical conflicts than other commodities. Copper supply is more affected by events, such as protests and labor strikes, that impact mining in South American nations, including Chile and Peru. Meanwhile, copper demand typically depends on the state of the g…

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

• Total commissions as annualized percentage of average total net assets

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

Text removed vs the prior filing · source: 10-Q · 2026-05-08

• CPER seeks to achieve its investment objective by investing primarily in Benchmark Component Copper Futures Contracts. Then, if constrained by regulatory requirements, risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or…

• The Russia-Ukraine war has affected many commodities in which Russia, Ukraine, and Belarus are major producers and exports, such as certain metals, grains, and energy products. However, copper is not one of the metals that depends heavily on supply from the region. As a result, copper prices rose on…

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

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

• 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.