United States Commodity Index Funds Trust 10-Q for FY2020 Q3

United States Commodity Index Funds Trust (USCI)

10-Q 2020-11-06 For: 2020-09-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on November 6, 2020, covering the quarter ended September 30, 2020 (FY2020 Q3).

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☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2020.

	or


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


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
		November 2, 2020
United States Commodity Index Fund		3,500,000
United States Copper Index Fund		1,450,000
Total		4,950,000


Part I. FINANCIAL INFORMATION	Page

Item I. Condensed Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	35

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

Item 4. Controls and Procedures.	74

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	75

Item 1A. Risk Factors.	77

Items 2. Unregistered Sales of Equity Securities and Use of Proceeds.	78

Item 3. Defaults Upon Senior Securities.	79

Item 4. Mine Safety Disclosures.	79

Item 5. Other Information.	79

Item 6. Exhibits.	80


Documents		Page

Condensed Statements of Financial Condition at September 30, 2020 (Unaudited) and December 31, 2019		2-5

Condensed Schedule of Investments (Unaudited) at September 30, 2020		6-8

Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2020 and 2019		9-12

Condensed Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2020 and 2019		13-16

Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2020 and 2019		17-20

Notes to (Unaudited) Condensed Financial Statements for the period ended September 30, 2020		21


	September 30, 2020		December 31, 2019
Assets
Cash and cash equivalents (at cost $98,495,028 and $163,036,680, respectively) (Notes 2 and 6)	$	98,495,028	$	163,036,680
Equity in trading accounts:
Cash and cash equivalents (at cost $3,408,539 and $27,277,314, respectively)		3,408,539		27,277,314
Unrealized gain (loss) on open commodity futures contracts		5,481,619		2,138,868
Dividends receivable		2,797		25,510
Prepaid insurance^*		10,709		20,198
ETF transaction fees receivable		—		350

Total Assets	$	107,398,692	$	192,498,920

Liabilities and Capital
Payable for shares redeemed	$	—	$	1,843,700
Management fees payable (Note 4)		72,334		142,699
Professional fees payable		292,861		571,822
Brokerage commissions payable		3,955		33,805
Directors' fees payable^*		1,422		11,412

Total Liabilities		370,572		2,603,438

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		107,028,120		189,895,482
Total Capital		107,028,120		189,895,482

Total Liabilities and Capital	$	107,398,692	$	192,498,920

Shares outstanding		3,600,000		5,150,000
Net asset value per share	$	29.73	$	36.87
Market value per share	$	29.70	$	36.90


	September 30, 2020*		December 30, 2019*
Assets
Cash (at cost $– and $1,000, respectively) (Notes 2 and 6)	$	—	$	1,000

Total Assets	$	—	$	1,000

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor	$	—	$	1,000
Shareholders		—		—
Total Capital		—		1,000

Total Liabilities and Capital	$	—	$	1,000


				Fair
				Value/Unrealized
				Gain (Loss) on
	Notional		Number of	Open Commodity		% of Partners'
	Amount		Contracts	Contracts		Capital
Open Commodity Futures Contracts - Long
United States Contracts
NYMEX RBOB Gasoline Futures XB December 2020 contracts, expiring November 2020	$	7,573,173	154	$	(36,659)	(0.03)
CBOT Soybean Oil Futures BO December 2020 contracts, expiring December 2020		6,617,550	385		1,035,480	0.97
CME Lean Hogs Futures LH December 2020 contracts, expiring December 2020		7,476,669	295		(30,869)	(0.03)
CBOT Wheat Futures W December 2020 contracts, expiring December 2020		7,532,675	280		559,325	0.52
ICE Coffee C Futures December 2020 contracts, expiring December 2020		6,857,250	178		548,662	0.51
COMEX Copper Futures HG December 2020 contracts, expiring December 2020		7,454,775	102		278,100	0.26
COMEX Silver Futures SI December 2020 contracts, expiring December 2020		7,953,655	66		(200,635)	(0.19)
CME Cattle Feeder Futures FC January 2021 contracts, expiring January 2021		7,607,262	109		39,088	0.04
COMEX Gold 100 OZ Futures OZ February 2021 contracts, expiring February 2021		6,787,460	41		1,013,200	0.95
ICE Cotton No. 2 Futures CT March 2021 contracts, expiring March 2021		7,542,710	228		42,850	0.04
ICE Cocoa Futures CC March 2021 contracts, expiring March 2021		7,000,070	298		530,390	0.50
ICE Sugar#11 Futures SB May 2021 contracts, expiring April 2021		7,469,092	511		96,979	0.09
CBOT Soybean Meal Futures SM May 2021 contracts, expiring May 2021		7,606,550	231		122,710	0.11
CBOT Soybean Futures S November 2021 contracts, expiring November 2021		7,605,888	160		126,113	0.12
Foreign Contracts
LME Tin Futures LT October 2020 contracts, expiring October 2020		8,129,095	91		(183,431)	(0.17)
LME Nickel Futures LN December 2020 contracts, expiring December 2020		9,701,283	130		1,620,417	1.51
Open Commodity Futures Contracts – Short^**
Foreign Contracts
LME Tin Futures LT October 2020 contracts, expiring October 2020^*		(7,905,265)	91		(40,400)	(0.04)
LME Nickel Futures LN December 2020 contracts, expiring December 2020^*		(11,282,000)	130		(39,701)	(0.03)
Total Open Futures Contracts^*	$	101,727,892	3,480	$	5,481,619	5.13


	Shares/Principal		Market		% of Partners'
	Amount		Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
0.10%, 12/17/2020	$	5,000,000	$	4,998,984	4.67
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.04%^#		60,063,641		60,063,641	56.12
Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.00%^#		13,607,622		13,607,622	12.71
RBC U.S. Government Money Market Fund - Institutional Share Class, 0.03%^#		19,820,614		19,820,614	18.52
Total United States Money Market Funds				93,491,877	87.35
Total Cash Equivalents			$	98,490,861	92.02


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	11,808,620	$	(12,236,395)	$	(40,973,466)	$	(27,969,141)
Change in unrealized gain (loss) on open commodity futures contracts		3,723,138		(21,772)		3,342,751		9,989,137
Realized gain (loss) on short-term investments		—		—		2,279,102		—
Dividend income		22,575		123,867		96,177		338,958
Interest income^*		44,209		1,602,319		944,811		6,480,360
ETF transaction fees		2,450		8,400		8,050		21,000
Total Income (Loss)	$	15,600,992	$	(10,523,581)	$	(34,302,575)	$	(11,139,686)

Expenses
Management fees (Note 4)	$	250,265	$	621,049	$	819,733	$	2,322,965
Professional fees		54,226		75,905		168,185		399,502
Brokerage commissions		31,187		104,902		107,561		410,699
Directors' fees and insurance		7,287		31,881		41,006		78,744
Total Expenses	$	342,965	$	833,737	$	1,136,485	$	3,211,910
Net Income (Loss)	$	15,258,027	$	(11,357,318)	$	(35,439,060)	$	(14,351,596)
Net Income (Loss) per share	$	3.09	$	(1.14)	$	(7.14)	$	(1.65)
Net Income (Loss) per weighted average share	$	3.56	$	(1.32)	$	(7.58)	$	(1.39)
Weighted average shares outstanding		4,288,587		8,573,913		4,674,818		10,308,242


	Three months ended		Nine months ended		Period ended
	September 30, 2020*		September 30, 2020*		September 30, 2019*
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	—	$	—	$	—
Change in unrealized gain (loss) on open commodity futures contracts		—		—		—
Realized gain (loss) on short-term investments		—		—		—
Dividend income		—		—		—
Interest income^*		—		—		—
ETF transaction fees		—		—		—
Total Income (Loss)	$	—	$	—	$	—

Expenses
Management fees (Note 4)	$	—	$	—	$	—
Professional fees		—		—		—
Brokerage commissions		—		—		—
Directors' fees and insurance		—		—		—
Total Expenses	$	—	$	—	$	—
Net Income (Loss)	$	—	$	—	$	—
Net Income (Loss) per share	$	—	$	—	$	—
Net Income (Loss) per weighted average share	$	—	$	—	$	—
Weighted average shares outstanding		—		—		—


	Shareholders^*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Balances at beginning of period	$	126,548,740	$	349,433,442	$	189,895,482	$	463,042,508
Addition of 300,000, –, 650,000 and – shares, respectively		8,105,031		—		18,654,333		—
Redemption of (1,450,000), (2,500,000), (2,200,000) and (5,400,000) shares, respectively		(42,883,678)		(89,018,908)		(66,082,635)		(199,633,696)
Net income (loss)		15,258,027		(11,357,318)		(35,439,060)		(14,351,596)

Balances at end of period	$	107,028,120	$	249,057,216	$	107,028,120	$	249,057,216


	Sponsor^*
	Three months ended		Nine months ended		Period ended
	September 30, 2020**		September 30, 2020**		September 30, 2019**
Balances at beginning of period	$	—	$	1,000	$	—
Addition of –, – and – shares, respectively		—		—		1,000
Redemption of –, – and – shares, respectively		—		(1,000)		—
Net income (loss)		—		—		—


Balances at end of period	$	—	$	—	$	1,000


	Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	(35,439,060)	$	(14,351,596)
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		(3,342,751)		(9,989,137)
(Increase) decrease in dividends receivable		22,713		(32,998)
(Increase) decrease in interest receivable		—		4,224
(Increase) decrease in prepaid insurance^*		9,489		392
(Increase) decrease in ETF transaction fees receivable		350		(350)
Increase (decrease) in payable due to Broker		—		—
Increase (decrease) in Management fees payable		(70,365)		(189,733)
Increase (decrease) in professional fees payable		(278,961)		(105,495)
Increase (decrease) in brokerage commissions payable		(29,850)		—
Increase (decrease) in directors' fees payable^*		(9,990)		(5,159)
Net cash provided by (used in) operating activities		(39,138,425)		(24,669,852)

Cash Flows from Financing Activities:
Addition of shares		18,654,333		—
Redemption of shares		(67,926,335)		(197,824,091)
Net cash provided by (used in) financing activities		(49,272,002)		(197,824,091)

Net Increase (Decrease) in Cash and Cash Equivalents		(88,410,427)		(222,493,943)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		190,313,994		478,509,213
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	101,903,567	$	256,015,270

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	98,495,028	$	228,152,103
Equity in Trading Accounts:
Cash and cash equivalents		3,408,539		27,863,167
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	101,903,567	$	256,015,270


	Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	2,631,530	$	(411,213)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) Decrease in short-term investments		—		295,216
Change in unrealized (gain) loss on open commodity futures contracts		(1,264,638)		(703,250)
(Increase) decrease in receivable from Sponsor		27,859		(5,119)
(Increase) decrease in dividends receivable		570		483
(Increase) decrease in interest receivable		125		221
(Increase) decrease in prepaid insurance^*		(207)		(309)
Increase (decrease) in payable due to Broker		(429,967)		—
Increase (decrease) in Management fees payable		11,279		(2,104)
Increase (decrease) in professional fees payable		(23,854)		3,076
Increase (decrease) in directors' fees payable^*		138		(7)
Net cash provided by (used in) operating activities		952,835		(823,006)

Cash Flows from Financing Activities:
Addition of shares		30,237,701		6,328,250
Redemption of shares		(11,733,126)		(10,147,686)
Net cash provided by (used in) financing activities		18,504,575		(3,819,436)

Net Increase (Decrease) in Cash and Cash Equivalents		19,457,410		(4,642,442)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		7,098,904		12,116,244
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	26,556,314	$	7,473,802

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	26,218,132	$	6,669,453
Equity in Trading Accounts:
Cash and cash equivalents		338,182		804,349
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	26,556,314	$	7,473,802


	Nine months ended		Nine months ended
	September 30, 2020		September 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$	(32,807,530)	$	(14,762,809)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Increase) Decrease in short-term investments		—		295,216
Change in unrealized (gain) loss on open commodity futures contracts		(4,607,389)		(10,692,387)
(Increase) decrease in receivable from Sponsor		27,859		(5,119)
(Increase) decrease in dividends receivable		23,283		(32,515)
(Increase) decrease in interest receivable		125		4,445
(Increase) decrease in prepaid insurance^*		9,282		83
(Increase) decrease in ETF transaction fees receivable		350		(350)
Increase (decrease) in payable due to Broker		(429,967)		—
Increase (decrease) in Management fees payable		(59,086)		(191,837)
Increase (decrease) in professional fees payable		(302,815)		(102,419)
Increase (decrease) in brokerage commissions payable		(29,850)		—
Increase (decrease) in directors' fees payable^*		(9,852)		(5,166)
Increase decrease in registration fees payable		—		—
Net cash provided by (used in) operating activities		(38,185,590)		(25,492,858)

Cash Flows from Financing Activities:
Addition of shares		48,892,034		6,329,250
Redemption of shares		(79,660,461)		(207,971,777)
Net cash provided by (used in) financing activities		(30,768,427)		(201,642,527)

Net Increase (Decrease) in Cash and Cash Equivalents		(68,954,017)		(227,135,385)

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		197,413,898		490,625,457
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	128,459,881	$	263,490,072

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	124,713,160	$	234,822,556
Equity in Trading Accounts:
Cash and cash equivalents		3,746,721		28,667,516
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	128,459,881	$	263,490,072


	Nine months ended			Nine months ended
	September 30, 2020			September 30, 2019
Total commissions accrued to brokers	$	107,561		$	410,699
Total commissions as annualized percentage of average total net assets		0.10	%		0.14	%
Commissions accrued as a result of rebalancing	$	100,415		$	393,159
Percentage of commissions accrued as a result of rebalancing		93.36	%		95.73	%
Commissions accrued as a result of creation and redemption activity	$	7,146		$	17,540
Percentage of commissions accrued as a result of creation and redemption activity		6.64	%		4.27	%


At September 30, 2020	Total		Level I		Level II		Level III
Short-Term Investments	$	98,490,861	$	98,490,861	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		4,124,734		4,124,734		—		—
Foreign Contracts		1,356,885		1,356,885		—		—


At December 31, 2019	Total		Level I		Level II		Level III
Short-Term Investments	$	188,989,355	$	188,989,355	$	—	$	—
Exchange-Traded Futures Contracts
Foreign Contracts		(2,381,779)		(2,381,779)		—		—
United States Contracts		4,520,647		4,520,647		—		—


	Condensed
	Statements of
	Financial	Fair Value at		Fair Value at
	Condition	September 30,		December 31,
Derivatives not Accounted for as Hedging Instruments	Location	2020		2019
Futures - Commodity Contracts	Assets	$	5,481,619	$	2,138,868


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)⁽¹⁾	(19.12)	%
S&P GSCI Commodity Index (GSCI^®) Total Return⁽²⁾	(33.38)	%
Bloomberg Commodity Index Total Return⁽²⁾	(12.08)	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	(17.63)	%


SummerHaven Copper Index Total Return^TM(“SCI”)⁽¹⁾	7.42	%
Bloomberg Copper Subindex Total Return⁽²⁾	6.47	%


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	Energy	All 12 Calendar Months	12
CL	Crude Oil	Energy	All 12 Calendar Months	12
QS	Gas Oil	Energy	All 12 Calendar Months	12
HO	Heating Oil	Energy	All 12 Calendar Months	12
NG	Natural Gas	Energy	All 12 Calendar Months	12
XB	RBOB	Energy	All 12 Calendar Months	12
FC	Feeder Cattle	Livestock	Jan, Mar, Apr, May, Aug, Sep, Oct, Nov	5
LH	Lean Hogs	Livestock	Feb, Apr, Jun, Jul, Aug, Oct, Dec	5
LC	Live Cattle	Livestock	Feb, Apr, Jun, Aug, Oct, Dec	5
BO	Soybean Oil	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	7
C	Corn	Grains	Mar, May, Jul, Sep, Dec	12
S	Soybeans	Grains	Jan, Mar, May, Jul, Aug, Sep, Nov	12
SM	Soymeal	Grains	Jan, Mar, May, Jul, Aug, Sep, Oct, Dec	7
W	Wheat (Soft Red Winter)	Grains	Mar, May, Jul, Sep, Dec	7
LA	Aluminum	Industrial Metals	All 12 Calendar months	12
HG	Copper	Industrial Metals	All 12 Calendar Months	12
LL	Lead	Industrial Metals	All 12 Calendar Months	7
LN	Nickel	Industrial Metals	All 12 Calendar Months	7
LT	Tin	Industrial Metals	All 12 Calendar Months	7
LX	Zinc	Industrial Metals	All 12 Calendar Months	7
GC	Gold	Precious Metals	Feb, Apr, Jun, Aug, Oct, Dec	12
PL	Platinum	Precious Metals	Jan, Apr, Jul, Oct	5
SI	Silver	Precious Metals	Mar, May, Jul, Sep, Dec	5
CC	Cocoa	Softs	Mar, May, Jul, Sep, Dec	7
KC	Coffee	Softs	Mar, May, Jul, Sep, Dec	7
CT	Cotton	Softs	Mar, May, Jul, Dec	7
SB	Sugar	Softs	Mar, May, Jul, Oct	7


Year	Ending Level*	Annual Return
2010	1,852.04	20.82	%
2011	1,703.23	(8.03)	%
2012	1,726.55	1.37	%
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 (YTD)	986.01	(19.12)	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through September 30, 2020
	BCOM TR		S&P GSCI TR		DB LCI OY TR		SDCI
Total return	(2.17)	%	(43.55)	%	117.91	%	338.19	%
Average annualized return (total)	1.61	%	1.00	%	5.73	%	8.38	%
Annualized volatility	16.03	%	23.33	%	18.72	%	15.17	%
Annualized Sharpe ratio	(0.02)		(0.04)		0.19		0.41


	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	November-10	374.70

Third nearest-to-maturity	January-11	365.20


		Percentage
		Price
Eligible Copper Futures Contracts	Price	Difference		Ranking
January-11	365.20	10.47	%	1

February-11	363.00	10.15	%	4

March-11	359.70	10.36	%	3

April-11	356.70	10.41	%	2


		Annualized
		Percentage
		Price
Eligible Copper Futures Contracts	Price	Difference		Ranking
January-11	375.70	(1.97)	%	4

February-11	376.00	(1.78)	%	3

March-11	376.30	(1.59)	%	2

April-11	376.40	(1.37)	%	1


	Hypothetical and Historical Results for the period
	from December 31, 1997 through September 30, 2020
	BCOM		Spot Copper
	HG TR		(less storage)		SCI TR
Total return	308.94	%	101.35	%	521.01	%
Average annualized return (total)	12.18	%	8.58	%	14.58	%
Annualized volatility	25.83	%	24.94	%	25.30	%
Annualized Sharpe ratio	0.39		0.27		0.49


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
7/1/20 to 7/31/20	200,000	$	27.13
8/1/20 to 8/31/20	1,150,000	$	29.99
9/1/20 to 9/30/20	100,000	$	30.40
Total	1,450,000


Exhibit Number		Description of Document
10.1(1)		Amendment to Amended and Restated Licensing Agreement dated as of September 15, 2020.
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)