United States Commodity Index Funds Trust 10-Q for FY2025 Q1

United States Commodity Index Funds Trust (USCI)

10-Q 2025-05-09 For: 2025-03-31

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on May 9, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

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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 7, 2025
United States Commodity Index Fund		3,200,000
United States Copper Index Fund		5,650,000
Total		8,850,000


Part I. FINANCIAL INFORMATION	Page

Item 1. Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	32

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	71

Item 4. Controls and Procedures.	72

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	73

Item 1A. Risk Factors.	76

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	76

Item 3. Defaults Upon Senior Securities.	77

Item 4. Mine Safety Disclosures.	77

Item 5. Other Information.	77

Item 6. Exhibits.	78


Documents		Page

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

Schedules of Investments March 31, 2025 (Unaudited) and December 31, 2024		6-8

Statements of Operations (Unaudited) for the three months ended March 31, 2025 and 2024		9-11

Statements of Changes in Capital (Unaudited) for the three months ended March 31, 2025 and 2024		12-14

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2025 and 2024		15-17

Notes to Financial Statements (Unaudited) for the period ended March 31, 2025		18-31


	March 31, 2025		December 31, 2024
Assets
Cash and cash equivalents (at cost $220,521,859 and $177,697,621, respectively) (Notes 2 and 6)	$	220,521,859	$	177,697,621
Equity in trading accounts:
Cash and cash equivalents (at cost $12,468,854 and $8,190,855, respectively)		12,468,854		8,190,855
Unrealized gain (loss) on open commodity futures contracts		4,136,605		5,392,339
Dividends receivable		510,393		440,048
Interest receivable		296,141		232,104
Prepaid insurance		40,635		5,293

Total Assets	$	237,974,487	$	191,958,260

Liabilities and Capital
Management fees payable (Note 4)	$	152,389	$	128,904
Professional fees payable		205,423		301,941
Brokerage commissions payable		3,955		3,955
Directors’ fees payable		7,519		5,450

Total Liabilities		369,286		440,250

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		237,605,201		191,518,010
Total Capital		237,605,201		191,518,010

Total Liabilities and Capital	$	237,974,487	$	191,958,260

Shares outstanding		3,300,000		2,900,000
Net asset value per share	$	72.00	$	66.04
Market value per share	$	72.12	$	65.98


				Fair
				Value/Unrealized
				Gain (Loss) on
				Open
			Number of	Commodity		% of Partners'
	Notional Amount		Contracts	Contracts		Capital
Open Commodity Futures Contracts - Long
United States Contracts
CME Cattle Feeder Futures FC May 2025 contracts, expiring May 2025	$	16,837,663	118	$	(52,162)	(0.02)
NYMEX NY Harbour ULSD Futures HO June 2025 contracts, expiring May 2025		16,863,638	180		215,158	0.09
COMEX Gold 100 OZ Futures GC June 2025 contracts, expiring June 2025		16,100,710	55		1,225,940	0.52
CME Live Cattle Futures LC June 2025 contracts, expiring June 2025		16,337,860	207		524,360	0.22
ICE Sugar #11 Futures SB July 2025 contracts, expiring June 2025		16,589,608	787		(150,752)	(0.06)
CBOT Soybean Meal Futures SM July 2025 contracts, expiring July 2025		17,429,382	649		245,484	0.10
ICE Cocoa Futures CC July 2025 contracts, expiring July 2025		16,727,630	210		(162,830)	(0.07)
ICE Coffee Futures KC July 2025 contracts, expiring July 2025		16,449,131	116		(119,231)	(0.05)
COMEX Copper Futures HG July 2025 contracts, expiring July 2025		16,435,825	127		(303,650)	(0.13)
NYMEX RBOB Gasoline Futures RB September 2025 contracts, expiring August 2025		16,929,947	187		236,541	0.10
NYMEX WTI Crude Oil Futures CL November 2025 contracts, expiring October 2025		16,727,420	252		378,340	0.16
United Kingdom Contracts
ICE Brent Crude Futures CO July 2025 contracts, expiring May 2025		16,883,060	232		277,980	0.12
ICE Low Sulphur Gasoil Futures QS June 2025 contracts, expiring June 2025		16,780,725	251		205,700	0.08
Foreign Contracts
LME Aluminum Futures LA April 2025 contracts, expiring April 2025^*		29,571,431	452		(1,138,936)	(0.48)
LME Tin Futures LT April 2025 contracts, expiring April 2025^*		16,023,710	100		2,383,790	1.01
LME Tin Futures LT May 2025 contracts, expiring May 2025^*		17,107,591	95		410,409	0.17
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Aluminum Futures LA April 2025 contracts, expiring April 2025^*		(28,828,672)	452		396,177	0.17
LME Tin Futures LT April 2025 contracts, expiring April 2025^*		(17,971,788)	100		(435,713)	(0.19)
Total Open Futures Contracts^*	$	232,994,871	4,570	$	4,136,605	1.74


	Shares/Principal		Market Value	% of Partners'
	Amount			Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29%^#	140,500,000	$	140,500,000	59.13
Total United States Money Market Funds		$	140,500,000	59.13


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


	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	17,687,182	$	6,415,387
Change in unrealized gain (loss) on open commodity futures contracts		(1,255,734)		5,037,444
Dividend income		1,489,760		744,800
Interest income		732,344		1,381,304
ETF transaction fees		3,150		1,750
Total Income (Loss)	$	18,656,702	$	13,580,685

Expenses
Management fees (Note 4)	$	417,789	$	322,987
Professional fees		84,918		100,014
Brokerage commissions		42,850		36,102
Directors’ fees and insurance		12,770		19,052
Total Expenses	$	558,327	$	478,155
Net Income (Loss)	$	18,098,375	$	13,102,530
Net Income (Loss) per share	$	5.96	$	4.71
Net Income (Loss) per weighted average share	$	5.94	$	4.68
Weighted average shares outstanding		3,048,889		2,800,000


	Shareholders^*
	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
Balances at beginning of period	$	191,518,010	$	169,026,568
Addition of 450,000 and – shares, respectively		31,454,463		—
Redemption of (50,000) and (250,000) shares, respectively		(3,465,647)		(14,249,511)
Net income (loss)		18,098,375		13,102,530

Balances at end of period	$	237,605,201	$	167,879,587


	Shareholders
	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
Balances at beginning of period	$	334,079,104	$	300,379,910
Addition of 1,450,000 and 1,400,000 shares, respectively		61,592,149		34,673,548
Redemption of (350,000) and (850,000) shares, respectively		(12,150,537)		(28,408,446)
Net income (loss)		54,122,314		17,876,056

Balances at end of period	$	437,643,030	$	324,521,068


	Three months ended		Three months ended
	March 31,2025		March 31, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	54,122,314	$	17,876,056
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		(31,727,503)		(7,612,772)
(Increase) decrease in dividends receivable		(119,448)		(8,027)
(Increase) decrease in interest receivable		(151,577)		87,272
(Increase) decrease in prepaid professional fees		—		2,275
(Increase) decrease in prepaid insurance		(66,282)		(33,191)
(Increase) decrease in ETF transaction fees receivable		(350)		—
Increase (decrease) in payable due to Broker		13,802,794		—
Increase (decrease) in Management fees payable		40,497		(6,495)
Increase (decrease) in professional fees payable		(183,775)		(255,922)
Increase (decrease) in directors’ fees payable		3,166		(100)
Net cash provided by (used in) operating activities		35,719,836		10,049,096

Cash Flows from Financing Activities:
Addition of shares		61,592,149		34,673,548
Redemption of shares		(10,575,481)		(28,408,446)
Net cash provided by (used in) financing activities		51,016,668		6,265,102

Net Increase (Decrease) in Cash and Cash Equivalents		86,736,504		16,314,198

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		338,107,561		299,210,503
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	424,844,065	$	315,524,701

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents	$	412,375,211	$	304,181,963
Equity in Trading Accounts:
Cash and cash equivalents		12,468,854		11,342,738
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	424,844,065	$	315,524,701


At March 31, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	140,500,000	$	140,500,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		2,037,197		2,037,197		—		—
Foreign Contracts		2,099,408		2,099,408		—		—


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


	Statements of
	Financial
	Condition	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Location	March 31, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	4,136,605	$	5,392,339


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	9.40	%
S&P GSCI Commodity Index (GSCI^®) Total Return(2)	4.89	%
Bloomberg Commodity Index Total Return(2)	8.88	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	5.67	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	25.23	%
Bloomberg Copper Subindex Total Return(2)	25.13	%


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
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	1,964.25	1.60	%
2024	2,329.08	18.57	%
2025 (YTD)	2,548.01	9.40	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through March 31, 2025
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	68.10	%	25.35	%	327.75	%	1,032.35	%
Average annualized return (total)	4.67	%	4.77	%	7.89	%	12.02	%
Annualized volatility	15.74	%	22.59	%	18.44	%	15.14	%
Annualized Sharpe ratio	0.15		0.11		0.30		0.63


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


Copper Futures Contract	Expiration Date	Contract 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


	Hypothetical and Historical Results for the period
	from December 31, 1997 through March 31, 2025
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	619.35	%	170.11	%	994.78	%
Average annualized return (total)	16.56	%	9.81	%	18.55	%
Annualized volatility	25.14	%	24.17	%	24.65	%
Annualized Sharpe ratio	0.56		0.31		0.65


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
1/1/25 to 1/31/25	—	$	—
2/1/25 to 2/28/25	—	$	—
3/1/25 to 3/31/25	50,000	$	69.31
Total	50,000

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 9, 2025	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