United States Commodity Index Funds Trust 10-Q for FY2026 Q1

United States Commodity Index Funds Trust (USCI)

10-Q 2026-05-08 For: 2026-03-31

Added on May 08, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on May 8, 2026, covering the quarter ended March 31, 2026 (FY2026 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 5, 2026
United States Commodity Index Fund		3,800,000
United States Copper Index Fund		19,350,000
Total		23,150,000


Part I. FINANCIAL INFORMATION	Page

Item 1. Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	34

Item 3. Quantitative and Qualitative Disclosures About Market Risk.	70

Item 4. Controls and Procedures.	72

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	73

Item 1A. Risk Factors.	75

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

Item 3. Defaults Upon Senior Securities.	76

Item 4. Mine Safety Disclosures.	76

Item 5. Other Information.	77

Item 6. Exhibits.	77


Documents		Page

Statements of Financial Condition at March 31, 2026 (Unaudited) and December 31, 2025		2-4

Schedules of Investments March 31, 2026 (Unaudited) and December 31, 2025		5-10

Statements of Operations (Unaudited) for the three months ended March 31, 2026 and 2025		11-13

Statements of Changes in Capital (Unaudited) for the three months ended March 31, 2026 and 2025		14-16

Statements of Cash Flows (Unaudited) for the three months ended March 31, 2026 and 2025		17-19

Notes to Financial Statements (Unaudited) for the period ended March 31, 2026		20-33


		March 31, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $321,438,271 and $264,041,053, respectively) (Notes 2 and 6)		$	321,438,271	^(a)	$	264,041,053	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $10,563,268 and $17,113,637, respectively)			10,563,268			17,113,637
Unrealized gain (loss) on open commodity futures contracts			15,340,902			(2,609,785)
Dividends receivable			644,590			615,840
Interest receivable			287,983			265,718
Prepaid insurance			59,661			16,096

Total Assets		$	348,334,675		$	279,442,559

Liabilities and Capital
Payable due to Broker		$	5,545		$	—
Management fees payable (Note 4)			227,057			192,001
Professional fees payable			107,736			295,279
Directors’ fees payable			7,415			9,536

Total Liabilities			347,753			496,816

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		$	—		$	—
Shareholders			347,986,922			278,945,743
Total Capital			347,986,922			278,945,743

Total Liabilities and Capital		$	348,334,675		$	279,442,559

Shares outstanding			3,650,000			3,600,000
Net asset value per share		$	95.34		$	77.48
Market value per share		$	95.32		$	77.61


							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 FUT May 2026 contracts, expiring May 2026		$	25,191,387		140		$	461,863		0.13
NYMEX Natural Gas Futures NG June 2026 contracts, expiring May 2026			24,684,278		805			(485,978)		(0.14)
NYMEX NY Harb ULSD Fut June 2026 contracts, expiring May 2026			25,036,038		158			(211,425)		(0.06)
CBOT SOYBEAN OIL FUTR July 2026 contracts, expiring July 2026			24,707,179		604			254,933		0.07
ICE COFFEE ‘C’ FUTURE July 2026 contracts, expiring July 2026			24,000,132		217			(336,282)		(0.10)
NYMEX PLATINUM FUTURE July 2026 contracts, expiring July 2026			29,177,450		265			(3,072,300)		(0.88)
CME LIVE CATTLE FUTR August 2026 contracts, expiring August 2026			25,059,900		265			358,900		0.10
NYMEX RBOB Gasoline Futures RB September 2026 contracts, expiring August 2026			24,800,999		219			(446,535)		(0.13)
CBOT SOYBEAN MEAL FUTR September 2026 contracts, expiring September 2026			24,362,530		785			(27,530)		(0.01)
NYMEX WTI CRUDE FUTURE December 2026 contracts, expiring November 2026			20,043,825		317			2,929,165		0.84
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS May 2026 contracts, expiring May 2026			12,880,405		209			13,019,920		3.74
ICE BRENT CRUDE FUTR October 2026 contracts, expiring August 2026			19,325,868		281			3,983,083		1.15
Foreign Contracts
LME TIN FUTURE April 2026 contracts, expiring April 2026			23,356,750		87			(3,052,255)		(0.88)
LME TIN FUTURE May 2026 contracts, expiring May 2026			25,677,695		112			500,625		0.14
LME PRI ALUM FUTR June 2026 contracts, expiring June 2026			24,318,949		302			1,971,209		0.57
LME ZINC FUTURE June 2026 contracts, expiring June 2026			27,873,134		330			(1,118,384)		(0.32)
Open Commodity Futures Contracts - Short^ Foreign Contracts**
LME TIN FUTURE April 26 contracts, expiring April 2026			(19,904,135)		87			(400,360)		(0.12)
LME PRI ALUM FUTR June 2026 contracts, expiring June 2026			(157,232)		2			(16,875)		0.00	^†
LME ZINC FUTURE June 2026 contracts, expiring June 2026			(27,783,878)		330			1,029,128		0.30
Total Open Futures Contracts^*		$	332,651,274		5,515		$	15,340,902		4.40


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
Matures on 4/09/2026, yield 3.70%	$	10,000,000	$	9,991,966	2.87
Matures on 6/02/2026, yield 3.51%		10,000,000		9,938,517	2.86
Total United States Treasury Obligations			$	19,930,483	5.73

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#		210,500,000		210,500,000	60.49
Total United States Money Market Funds				210,500,000	60.49
Total Cash Equivalents			$	230,430,483	66.22


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$	44,861,056		$	17,687,182
Change in unrealized gain (loss) on open commodity futures contracts			17,950,687			(1,255,734)
Dividend income			1,894,348			1,489,760
Interest income			785,223			732,344
ETF transaction fees			2,800			3,150
Total Income (Loss)		$	65,494,114		$	18,656,702

Expenses
Management fees (Note 4)		$	605,454		$	417,789
Professional fees			86,408			84,918
Brokerage commissions			59,336			42,850
Directors’ fees and insurance			26,348			12,770
Total Expenses		$	777,546		$	558,327
Net Income (Loss)		$	64,716,568		$	18,098,375
Net Income (Loss) per share		$	17.86		$	5.96
Net Income (Loss) per weighted average share		$	17.96		$	5.94
Weighted average shares outstanding			3,602,778			3,048,889


		Shareholders^*
		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Balances at beginning of period		$	278,945,743		$	191,518,010
Addition of 250,000 and 450,000 shares, respectively			20,438,650			31,454,463
Redemption of (200,000) and (50,000) shares, respectively			(16,114,039)			(3,465,647)
Net income (loss)			64,716,568			18,098,375

Balances at end of period		$	347,986,922		$	237,605,201


At March 31, 2026		Total			Level I			Level II			Level III
Short-Term Investments		$	230,430,483		$	230,430,483		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			16,427,814			16,427,814			—			—
Foreign Contracts			(1,086,912)			(1,086,912)			—			—


At December 31, 2025		Total			Level I			Level II			Level III
Short-Term Investments		$	210,500,000		$	210,500,000		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			(4,218,366)			(4,218,366)			—			—
Foreign Contracts			1,608,581			1,608,581			—			—


		Statements of
		Financial
		Condition		Fair Value at			Fair Value at
Derivatives not Accounted for as Hedging Instruments		Location		March 31, 2026			December 31, 2025
Futures - Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts		$	15,340,902		$	(2,609,785)


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	23.18	%
S&P GSCI Commodity Index (GSCI®) Total Return(2)	40.02	%
Bloomberg Commodity Index Total Return(2)	24.41	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	29.48	%


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	64,716,568		$	18,098,375
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			(17,950,687)			1,255,734
(Increase) decrease in dividends receivable			(28,750)			(70,345)
(Increase) decrease in interest receivable			(22,265)			(64,037)
(Increase) decrease in prepaid insurance			(43,565)			(35,342)
Increase (decrease) payable due to broker			5,545			—
Increase (decrease) in Management fees payable			35,056			23,485
Increase (decrease) in professional fees payable			(187,543)			(96,518)
Increase (decrease) in directors’ fees payable			(2,121)			2,069
Net cash provided by (used in) operating activities			46,522,238			19,113,421

Cash Flows from Financing Activities:
Addition of shares			20,438,650			31,454,463
Redemption of shares			(16,114,039)			(3,465,647)
Net cash provided by (used in) financing activities			4,324,611			27,988,816

Net Increase (Decrease) in Cash and Cash Equivalents			50,846,849			47,102,237

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			281,154,690			185,888,476
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	332,001,539		$	232,990,713

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	321,438,271		$	220,521,859
Equity in Trading Accounts:
Cash and cash equivalents			10,563,268			12,468,854
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	332,001,539		$	232,990,713


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	(32,167,971)		$	36,023,939
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			70,577,557			(32,983,237)
(Increase) decrease in dividends receivable			(952,864)			(49,103)
(Increase) decrease in interest receivable			(42,601)			(87,540)
(Increase) decrease in prepaid insurance			(82,620)			(30,940)
(Increase) decrease in ETF transaction fees receivable			—			(350)
Increase (decrease) in payable due to Broker			(24,709,925)			13,802,794
Increase (decrease) in Management fees payable			229,084			17,012
Increase (decrease) in professional fees payable			(273,124)			(87,257)
Increase (decrease) in directors’ fees payable			6,461			1,097
Net cash provided by (used in) operating activities			12,583,997			16,606,415

Cash Flows from Financing Activities:
Addition of shares			481,806,186			30,137,686
Redemption of shares			(192,487,144)			(7,109,834)
Net cash provided by (used in) financing activities			289,319,042			23,027,852

Net Increase (Decrease) in Cash and Cash Equivalents			301,903,039			39,634,267

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			428,215,409			152,219,085
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	730,118,448		$	191,853,352

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	631,293,996		$	191,853,352
Equity in Trading Accounts:
Cash and cash equivalents			98,824,452			—
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	730,118,448		$	191,853,352


		Three months ended			Three months ended
		March 31, 2026			March 31, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	32,548,597		$	54,122,314
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			52,626,870			(31,727,503)
(Increase) decrease in dividends receivable			(981,614)			(119,448)
(Increase) decrease in interest receivable			(64,866)			(151,577)
(Increase) decrease in prepaid insurance			(126,185)			(66,282)
(Increase) decrease in ETF transaction fees receivable			—			(350)
Increase (decrease) in payable due to Broker			(24,704,380)			13,802,794
Increase (decrease) in Management fees payable			264,140			40,497
Increase (decrease) in professional fees payable			(460,667)			(183,775)
Increase (decrease) in directors’ fees payable			4,340			3,166
Net cash provided by (used in) operating activities			59,106,235			35,719,836

Cash Flows from Financing Activities:
Addition of shares			502,244,836			61,592,149
Redemption of shares			(208,601,183)			(10,575,481)
Net cash provided by (used in) financing activities			293,643,653			51,016,668

Net Increase (Decrease) in Cash and Cash Equivalents			352,749,888			86,736,504

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period			709,370,099			338,107,561
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period		$	1,062,119,987		$	424,844,065

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents		$	952,732,267		$	412,375,211
Equity in Trading Accounts:
Cash and cash equivalents			109,387,720			12,468,854
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	1,062,119,987		$	424,844,065


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	(1.32)	%
Bloomberg Copper Subindex Total Return(2)	(1.30)	%


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
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		2,765.82		18.75	%
2026 (YTD)		3,406.82		23.18	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through March 31, 2026
			S&P GSCI		DBIQ OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	122	%	79	%	605	%	1,414	%
Average annualized return (total)	8.47	%	13.93	%	14.40	%	15.25	%
Annualized volatility	15.77	%	22.81	%	18.12	%	15.15	%
Annualized Sharpe ratio	0.38		0.50		0.65		0.84


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, 2026
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	6.87	%	2.14	%	11.03	%
Average annualized return (total)	12.14	%	8.28	%	14.07	%
Annualized volatility	25.10	%	23.99	%	24.61	%
Annualized Sharpe ratio	0.39		0.25		0.47


		Total
		Number of
		Shares		Average Price Per
Period		Redeemed		Share
1/1/26 to 1/31/26		150,000		$	79.33
2/1/26 to 2/28/26		50,000		$	84.29
3/1/26 to 3/31/26		—		$	—
Total		200,000

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, 2026	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