United States Commodity Index Funds Trust 10-Q for FY2023 Q1

United States Commodity Index Funds Trust (USCI)

10-Q 2023-05-08 For: 2023-03-31

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on May 8, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →

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

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.

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


		Number of Outstanding Shares as of May 1, 2023
United States Commodity Index Fund		3,600,000
United States Copper Index Fund		5,850,000
Total		9,450,000


	Page

Part I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	31

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	69

Item 4. Controls and Procedures.	71

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	72

Item 1A. Risk Factors.	74

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

Item 3. Defaults Upon Senior Securities.	75

Item 4. Mine Safety Disclosures.	75

Item 5. Other Information.	75

Item 6. Exhibits.	76


Documents		Page

Condensed Statements of Financial Condition at March 31, 2023 (Unaudited) and December 31, 2022		2-4

Condensed Schedule of Investments (Unaudited) at March 31, 2023		5-7

Condensed Statements of Operations (Unaudited) for the three months ended March 31, 2023 and 2022		8-10

Condensed Statements of Changes in Capital (Unaudited) for the three months ended March 31, 2023 and 2022		11-13

Condensed Statements of Cash Flows (Unaudited) for the three months ended March 31, 2023 and 2022		14-16

Notes to Condensed Financial Statements (Unaudited) for the period ended March 31, 2023		17-30


	March 31, 2023		December 31, 2022
Assets
Cash and cash equivalents (at cost $187,274,466 and $233,130,983, respectively) (Notes 2 and 6)	$	187,274,466	$	233,130,983
Equity in trading accounts:
Cash and cash equivalents (at cost $13,784,503 and $12,926,388, respectively)		13,784,503		12,926,388
Unrealized gain (loss) on open commodity futures contracts		2,068,955		9,398,730
Dividends receivable		525,188		833,949
Interest receivable		146,906		64,059
Prepaid insurance^*		65,445		11,886

Total Assets	$	203,865,463	$	256,365,995

Liabilities and Capital
Management fees payable (Note 4)	$	142,119	$	178,702
Professional fees payable		173,029		340,128
Brokerage commissions payable		3,955		3,955
Directors’ fees payable^*		5,127		5,696

Total Liabilities		324,230		528,481

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		203,541,233		255,837,514
Total Capital		203,541,233		255,837,514

Total Liabilities and Capital	$	203,865,463	$	256,365,995

Shares outstanding		3,750,000		4,550,000
Net asset value per share	$	54.28	$	56.23
Market value per share	$	54.26	$	56.28


				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 NY Harbour ULSD Futures HO June 2023 contracts, expiring May 2023	$	14,290,794	134	$	156,282	0.08
CME Live Cattle Futures LC June 2023 contracts, expiring June 2023		14,630,200	227		90,750	0.04
ICE Sugar #11 Futures SB July 2023 contracts, expiring June 2023		14,726,186	619		408,117	0.20
ICE Cocoa Futures CC July 2023 contracts, expiring July 2023		14,461,470	503		95,350	0.05
ICE Coffee Futures KC July 2023 contracts, expiring July 2023		14,163,695	222		(36,170)	(0.02)
NYMEX Platinum Futures PL July 2023 contracts, expiring July 2023		14,004,075	297		891,960	0.44
CBOT Soybean Oil Futures S August 2023 contracts, expiring August 2023		14,478,163	206		165,862	0.08
NYMEX RBOB Gasoline Futures RB September 2023 contracts, expiring August 2023		14,404,854	141		172,741	0.08
CBOT Corn Futures C September 2023 contracts, expiring September 2023		14,374,650	497		(29,988)	(0.01)
CBOT Soybean Meal Futures SM September 2023 contracts, expiring September 2023		14,479,871	335		116,080	0.06
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS May 2023 contracts, expiring May 2023		14,233,625	189		(25,550)	(0.01)
ICE Brent Crude Futures CO September 2023 contracts, expiring July 2023		14,476,160	186		238,300	0.12
Foreign Contracts
LME Lead Futures LL April 2023 contracts, expiring April 2023^*		15,721,216	302		211,171	0.10
LME Lead Futures LL May 2023 contracts, expiring May 2023^*		14,373,900	270		(163,463)	(0.08)
LME Zinc Futures LX July 2023 contracts, expiring July 2023^*		15,692,481	210		(359,856)	(0.18)
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Lead Futures LL April 2023 contracts, expiring April 2023^*		(16,083,693)	302		151,305	0.07
LME Zinc Futures LX July 2023 contracts, expiring July 2023^*		(935,226)	13		(13,936)	(0.01)
Total Open Futures Contracts^*	$	201,492,421	4,653	$	2,068,955	1.01


	Shares/Principal				% of Partners'
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
4.70%, 5/18/2023	$	10,000,000	$	9,939,357	4.88
4.86%, 6/20/2023		10,000,000		9,893,778	4.86
4.90%, 6/27/2023		10,000,000		9,883,638	4.86
5.08%, 7/05/2023		10,000,000		9,868,319	4.85
Total United States Treasury Obligations				39,585,092	19.45
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.79%^#		122,800,000		122,800,000	60.33
Total United States Money Market Funds				122,800,000	60.33
Total Cash Equivalents			$	162,385,092	79.78


	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	(3,511,508)	$	56,808,970
Change in unrealized gain (loss) on open commodity futures contracts		(7,329,775)		9,065,852
Dividend income		2,082,717		40,288
Interest income^*		443,656		164
ETF transaction fees		4,550		5,250
Total Income (Loss)	$	(8,310,360)	$	65,920,524

Expenses
Management fees (Note 4)	$	457,636	$	565,816
Professional fees		96,198		49,199
Brokerage commissions		54,445		51,836
Directors’ fees and insurance		18,198		13,451
Registration fees		—		6,617
Total Expenses	$	626,477	$	686,919
Net Income (Loss)	$	(8,936,837)	$	65,233,605
Net Income (Loss) per share	$	(1.95)	$	11.76
Net Income (Loss) per weighted average share	$	(2.11)	$	11.43
Weighted average shares outstanding		4,235,556		5,708,889


	Shareholders^*
	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Balances at beginning of period	$	255,837,514	$	234,520,505
Addition of 150,000 and 1,250,000 shares, respectively		8,146,814		66,425,839
Redemption of (950,000) and (300,000) shares, respectively		(51,506,258)		(15,720,266)
Net income (loss)		(8,936,837)		65,233,605

Balances at end of period	$	203,541,233	$	350,459,683


	Shareholders
	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Balances at beginning of period	$	425,373,889	$	463,303,913
Addition of 1,450,000 and 3,050,000 shares, respectively		40,864,010		117,627,169
Redemption of (3,450,000) and (950,000) shares, respectively		(113,686,082)		(33,222,114)
Net income (loss)		4,961,042		78,734,725

Balances at end of period	$	357,512,859	$	626,443,693


At March 31, 2023	Total		Level I		Level II		Level III
Short-Term Investments	$	162,385,092	$	162,385,092	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		2,030,984		2,030,984		—		—
Foreign Contracts		37,971		37,971		—		—


At December 31, 2022	Total		Level I		Level II		Level III
Short-Term Investments	$	233,050,000	$	233,050,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		6,744,521		6,744,521		—		—
Foreign Contracts		2,654,209		2,654,209		—		—


	Condensed
	Statements of
	Financial
	Condition	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Location	March 31, 2023		December 31, 2022
Futures - Commodity Contracts	Assets	$	2,068,955	$	9,398,730


	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	(8,936,837)	$	65,233,605
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		7,329,775		(9,065,852)
(Increase) decrease in dividends receivable		308,761		(26,026)
(Increase) decrease in interest receivable		(82,847)		20
(Increase) decrease in prepaid insurance^*		(53,559)		(44,767)
(Increase) decrease in prepaid registration fees		—		6,616
Increase (decrease) payable due to custody		—		—
Increase (decrease) in Management fees payable		(36,583)		76,915
Increase (decrease) in professional fees payable		(167,099)		(117,342)
Increase (decrease) in directors’ fees payable^*		(569)		364
Net cash provided by (used in) operating activities		(1,638,958)		56,063,533

Cash Flows from Financing Activities:
Addition of shares		8,146,814		66,425,839
Redemption of shares		(51,506,258)		(15,720,266)
Net cash provided by (used in) financing activities		(43,359,444)		50,705,573

Net Increase (Decrease) in Cash and Cash Equivalents		(44,998,402)		106,769,106

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		246,057,371		230,015,638
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	201,058,969	$	336,784,744

Components of Cash, Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	187,274,466	$	319,330,798
Equity in Trading Accounts:
Cash and cash equivalents		13,784,503		17,453,946
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	201,058,969	$	336,784,744


	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	13,897,879	$	13,501,120
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		1,510,979		(3,840,106)
(Increase) decrease in dividends receivable		146,293		(16,671)
(Increase) decrease in interest receivable		(113,466)		65
(Increase) decrease in prepaid professional fees		(2,384)		—
(Increase) decrease in prepaid insurance^*		(26,329)		(49,692)
(Increase) decrease in prepaid registration fees		—		24,092
(Increase) decrease in ETF transaction fees receivable		—		(350)
Increase (decrease) payable due to custody		—		—
Increase (decrease) in Management fees payable		(10,083)		3,074
Increase (decrease) in professional fees payable		(130,540)		(79,316)
Increase (decrease) in directors’ fees payable^*		(94)		(94)
Net cash provided by (used in) operating activities		15,272,255		9,542,122

Cash Flows from Financing Activities:
Addition of shares		32,717,196		46,866,524
Redemption of shares		(62,179,824)		(17,501,848)
Net cash provided by (used in) financing activities		(29,462,628)		29,364,676

Net Increase (Decrease) in Cash and Cash Equivalents		(14,190,373)		38,906,798

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		165,213,916		221,835,541
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	151,023,543	$	260,742,339

Components of Cash, Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	143,255,058	$	255,303,820
Equity in Trading Accounts:
Cash and cash equivalents		7,768,485		5,438,519
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	151,023,543	$	260,742,339


	Three months ended		Three months ended
	March 31, 2023		March 31, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	4,961,042	$	78,734,725
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		8,840,754		(12,905,958)
(Increase) decrease in dividends receivable		455,054		(42,697)
(Increase) decrease in interest receivable		(196,313)		85
(Increase) decrease in prepaid professional fees		(2,384)		—
(Increase) decrease in prepaid insurance^*		(79,888)		(94,459)
(Increase) decrease in prepaid registration fees		—		30,708
(Increase) decrease in ETF transaction fees receivable		—		(350)
Increase (decrease) in Management fees payable		(46,666)		79,989
Increase (decrease) in professional fees payable		(297,639)		(196,658)
Increase (decrease) in directors’ fees payable^*		(663)		270
Net cash provided by (used in) operating activities		13,633,297		65,605,655

Cash Flows from Financing Activities:
Addition of shares		40,864,010		113,292,363
Redemption of shares		(113,686,082)		(33,222,114)
Net cash provided by (used in) financing activities		(72,822,072)		80,070,249

Net Increase (Decrease) in Cash and Cash Equivalents		(59,188,775)		145,675,904

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		411,271,287		451,851,179
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	352,082,512	$	597,527,083

Components of Cash, Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	330,529,524	$	574,634,618
Equity in Trading Accounts:
Cash and cash equivalents		21,552,988		22,892,465
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	352,082,512	$	597,527,083


	Three months ended			Three months ended
	March 31, 2023			March 31, 2022
	(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	23.07		$	27.24
Total income (loss)		2.03			1.72
Total expenses		(0.06)			(0.06)
Net increase (decrease) in net asset value		1.97			1.66
Net asset value, end of period	$	25.04		$	28.90

Total Return		8.54	%		6.09	%

Ratios to Average Net Assets
Total income (loss)		8.95	%		6.06	%
Management fees^#*		0.65	%		0.65	%
Total expenses excluding management fees^#*		0.35	%		0.21	%
Expense waived^#*		—	%		—	%
Net expense excluding management fees^#		0.35	%		0.21	%
Net income (loss)		8.70	%		5.85	%


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	(3.12)	%
S&P GSCI Commodity Index (GSCI^®) Total Return(2)	(4.94)	%
Bloomberg Commodity Index Total Return(2)	(5.36)	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	(3.38)	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	8.93	%
Bloomberg Copper Subindex Total Return(2)	8.36	%


Commodity	Designated Contract	Exchange	Units	Quote
Aluminum	High Grade Primary Aluminum	LME	25 metric tons	USD/metric ton
Cocoa	Cocoa	ICE-US	10 metric tons	USD/metric ton
Coffee	Coffee “C”	ICE-US	37,500 lbs	U.S. cents/pound
Copper	Copper	COMEX	25,000 lbs	U.S. cents/pound
Corn	Corn	CBOT	5,000 bushels	U.S. cents/bushel
Cotton	Cotton	ICE-US	50,000 lbs	U.S. cents/pound
Crude Oil (WTI)	Light, Sweet Crude Oil	NYMEX	1,000 barrels	USD/barrel
Crude Oil (Brent)	Crude Oil	ICE-UK	1,000 barrels	USD/barrel
Gas Oil	Gas Oil	ICE-UK	100 metric tons	USD/metric ton
Gold	Gold	COMEX	100 troy oz.	USD/troy oz.
Heating Oil	Heating Oil	NYMEX	42,000 gallons	U.S. cents/gallon
Lead	Lead	LME	25 metric tons	USD/metric ton
Lean Hogs	Lean Hogs	CME	40,000 lbs.	U.S. cents/pound
Live Cattle	Live Cattle	CME	40,000 lbs.	U.S. cents/pound
Feeder Cattle	Feeder Cattle	CME	50,000 lbs.	U.S. cents/pound
Natural Gas	Henry Hub Natural Gas	NYMEX	10,000 mmbtu	USD/mmbtu
Nickel	Primary Nickel	LME	6 metric tons	USD/metric ton
Platinum	Platinum	NYMEX	50 troy oz.	USD/troy oz.
Silver	Silver	COMEX	5,000 troy oz.	U.S. cents/troy oz.
Soybeans	Soybeans	CBOT	5,000 bushels	U.S. cents/bushel
Soybean Meal	Soybean Meal	CBOT	100 tons	USD/ton
Soybean Oil	Soybean Oil	CBOT	60,000 lbs.	U.S. cents/pound
Sugar	World Sugar No. 11	ICE-US	112,000 lbs.	U.S. cents/pound
Tin	Tin	LME	5 metric tons	USD/metric ton
Unleaded Gasoline	Reformulated Blendstock for Oxygen Blending	NYMEX	42,000 gallons	U.S. cents/gallon
Wheat	Wheat	CBOT	5,000 bushels	U.S. cents/bushel
Zinc	Special High Grade Zinc	LME	25 metric tons	USD/metric ton


Commodity	Commodity			Max.
Symbol	Name	Sector	Allowed Contracts	tenor
CO	Brent Crude	Petroleum	All 12 Calendar Months	9
CL	Crude Oil	Petroleum	All 12 Calendar Months	9
QS	Gas Oil	Petroleum	All 12 Calendar Months	4
HO	Heating Oil	Petroleum	All 12 Calendar Months	4
XB	RBOB	Petroleum	All 12 Calendar Months	4
BO	Soybean Oil	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	1
C	Corn	Grains	Mar, May, Jul, Sep, Dec	4
S	Soybeans	Grains	Jan, Mar, May, Jul, Aug, Nov	4
SM	Soymeal	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	3
W	Wheat (Soft Red Winter)	Grains	Mar, May, Jul, Sep, Dec	4
LA	Aluminum	Industrial Metals	All 12 Calendar months	4
HG	Copper	Industrial Metals	Mar, May, Jul, Sep, Dec	1
LL	Lead	Industrial Metals	All 12 Calendar Months	4
LN	Nickel	Industrial Metals	All 12 Calendar Months	4
LT	Tin	Industrial Metals	All 12 Calendar Months	1
LX	Zinc	Industrial Metals	All 12 Calendar Months	4
GC	Gold	Precious Metals	Feb, Apr, Jun, Aug, Oct, Dec	1
PL	Platinum	Precious Metals	Jan, Apr, Jul, Oct	1
SI	Silver	Precious Metals	Mar, May, Jul, Sep, Dec	1
NG	Natural Gas	Non-Primary Sector	All 12 Calendar Months	6
FC	Feeder Cattle	Non-Primary Sector	Jan, Mar, Apr, May, Aug, Sep, Oct, Nov	1
LH	Lean Hogs	Non-Primary Sector	Feb, Apr, Jun, Jul, Aug, Oct, Dec	1
LC	Live Cattle	Non-Primary Sector	Feb, Apr, Jun, Aug, Oct, Dec	3
CC	Cocoa	Non-Primary Sector	Mar, May, Jul, Sep, Dec	1
KC	Coffee	Non-Primary Sector	Mar, May, Jul, Sep, Dec	1
CT	Cotton	Non-Primary Sector	Mar, May, Jul, Dec	1
SB	Sugar	Non-Primary Sector	Mar, May, Jul, Oct	3


Year	Ending Level*	Annual Return
2013	1,678.73	(2.77)	%
2014	1,475.68	(12.10)	%
2015	1,265.58	(14.24)	%
2016	1,262.46	(0.25)	%
2017	1,364.38	8.07	%
2018	1,221.18	(10.50)	%
2019	1,219.05	(0.17)	%
2020	1,089.40	(10.64)	%
2021	1,468.49	34.80	%
2022	1,933.23	31.65	%
2023 (YTD)	1,872.88	(3.12)	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through March 31, 2023
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	50.54	%	8.62	%	323.11	%	732.31	%
Average annualized return (total)	2.74	%	3.50	%	7.88	%	10.37	%
Annualized volatility	16.11	%	23.20	%	18.90	%	15.45	%
Annualized Sharpe ratio	0.05		0.06		0.30		0.53


	Commodity		Max.
Commodity Name	Symbol	Allowed Contracts	Tenor
Copper	HG	All 12 calendar months	12


		Contract
Copper Futures Contract	Expiration Date	Price
Nearest-to-maturity	December-10	374.70
Next nearest-to-maturity	March-11	365.20


Eligible Copper Futures Contracts		Price
December-10		374.70


Copper Futures Contract	Expiration Date	Contract Price
Nearest-to-maturity	December-10	374.00
Next nearest-to-maturity	March-11	375.70


	Historical Results for the period
	from December 31, 1997 through March 31, 2023
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	463.68	%	153.17	%	750.73	%
Average annualized return (total)	13.31	%	9.53	%	15.49	%
Annualized volatility	25.57	%	24.71	%	25.07	%
Annualized Sharpe ratio	0.44		0.30		0.53


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
1/1/23 to 1/31/23	300,000	$	55.44
2/1/23 to 2/28/23	400,000	$	54.23
3/1/23 to 3/31/23	250,000	$	52.72
Total	950,000

Exhibit Number		Description of Document
31.1(1)		Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2(1)		Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1(1)		Certification by Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2(1)		Certification by Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		XBRL Instance Document.
101.SCH		XBRL Taxonomy Extension Schema.
101.CAL		XBRL Taxonomy Extension Calculation Linkbase.
101.DEF		XBRL Taxonomy Extension Definition Linkbase.
101.LAB		XBRL Taxonomy Extension Label Linkbase.
101.PRE		XBRL Taxonomy Extension Presentation Linkbase.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

By:	/s/ John P. Love
	John P. Love
	President and Chief Executive Officer
	(Principal executive officer)

By:	/s/ Stuart P. Crumbaugh
	Stuart P. Crumbaugh
	Chief Financial Officer
	(Principal financial and accounting officer)

Date: May 8, 2023	By	/s/ John P. Love
	Name:	John P. Love
	Title:	President and Chief Executive Officer
		United States Commodity Funds LLC
		Sponsor of United States Commodity Index Funds Trust