United States Commodity Index Funds Trust 10-Q for FY2023 Q2

United States Commodity Index Funds Trust (USCI)

10-Q 2023-08-04 For: 2023-06-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on August 4, 2023, covering the quarter ended June 30, 2023 (FY2023 Q2).

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 July 31, 2023
United States Commodity Index Fund		3,050,000
United States Copper Index Fund		5,850,000
Total		8,900,000


	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.	70

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	71

Item 1A. Risk Factors.	73

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	74

Item 3. Defaults Upon Senior Securities.	74

Item 4. Mine Safety Disclosures.	74

Item 5. Other Information.	74

Item 6. Exhibits.	76


Documents		Page

Condensed Statements of Financial Condition at June 30, 2023 (Unaudited) and December 31, 2022		2-4

Condensed Schedule of Investments (Unaudited) at June 30, 2023		5-7

Condensed Statements of Operations (Unaudited) for the three and six months ended June 30, 2023 and 2022		8-10

Condensed Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2023 and 2022		11-13

Condensed Statements of Cash Flows (Unaudited) for the six months ended June 30, 2023 and 2022		14-16

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


	June 30, 2023		December 31, 2022
Assets
Cash and cash equivalents (at cost $150,574,718 and $233,130,983, respectively) (Notes 2 and 6)	$	150,574,718	$	233,130,983
Equity in trading accounts:
Cash and cash equivalents (at cost $20,296,357 and $12,926,388, respectively)		20,296,357		12,926,388
Unrealized gain (loss) on open commodity futures contracts		(4,932,621)		9,398,730
Dividends receivable		383,810		833,949
Interest receivable		149,927		64,059
Prepaid insurance^*		52,157		11,886

Total Assets	$	166,524,348	$	256,365,995

Liabilities and Capital
Management fees payable (Note 4)	$	113,634	$	178,702
Professional fees payable		104,205		340,128
Brokerage commissions payable		3,955		3,955
Directors’ fees payable^*		3,972		5,696

Total Liabilities		225,766		528,481

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		166,298,582		255,837,514
Total Capital		166,298,582		255,837,514

Total Liabilities and Capital	$	166,524,348	$	256,365,995

Shares outstanding		3,100,000		4,550,000
Net asset value per share	$	53.64	$	56.23
Market value per share	$	53.61	$	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
CME Lean Hogs Futures LH August 2023 contracts, expiring August 2023	$	11,965,690	326	$	109,350	0.07
NYMEX NY Harbour ULSD Futures HO September 2023 contracts, expiring August 2023		12,093,547	120		214,133	0.13
NYMEX RBOB Gasoline Futures RB September 2023 contracts, expiring August 2023		12,344,078	121		170,347	0.10
CBOT Soybean Oil Futures BO September 2023 contracts, expiring September 2023		8,741,940	256		504,780	0.30
CBOT Corn Futures C September 2023 contracts, expiring September 2023		12,213,988	427		(1,784,513)	(1.07)
CBOT Soybean Meal Futures SM September 2023 contracts, expiring September 2023		12,952,191	302		(687,971)	(0.41)
ICE Coffee Futures KC September 2023 contracts, expiring September 2023		12,553,312	190		(1,224,562)	(0.74)
COMEX Copper Futures HG September 2023 contracts, expiring September 2023		11,709,338	125		39,100	0.02
ICE Sugar #11 Futures SB October 2023 contracts, expiring September 2023		12,779,962	462		(987,504)	(0.59)
NYMEX Platinum Futures PL October 2023 contracts, expiring October 2023		12,872,725	254		(1,275,085)	(0.77)
CBOT Soybean Futures S November 2023 contracts, expiring November 2023		11,883,125	184		474,775	0.29
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS August 2023 contracts, expiring August 2023		11,846,675	170		95,825	0.06
Foreign Contracts
LME Lead Futures LL July 2023 contracts, expiring July 2023^*		12,361,300	240		247,700	0.15
LME Tin Futures LT July 2023 contracts, expiring July 2023^*		12,786,413	101		940,497	0.56
LME Zinc Futures LX July 2023 contracts, expiring July 2023^*		15,692,481	210		(3,164,669)	(1.90)
LME Lead Futures LL August 2023 contracts, expiring August 2023^*		11,858,203	228		120,348	0.07
LME Tin Futures LT August 2023 contracts, expiring August 2023^*		11,828,930	89		169,160	0.10
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Lead Futures LL July 2023 contracts, expiring July 2023^*		(12,485,763)	240		(123,238)	(0.07)
LME Tin Futures LT July 2023 contracts, expiring July 2023^*		(13,568,850)	101		(158,060)	(0.10)
LME Zinc Futures LX July 2023 contracts, expiring July 2023^*		(13,914,779)	210		1,386,966	0.83
Total Open Futures Contracts^*	$	168,514,506	4,356	$	(4,932,621)	(2.97)


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
5.08%, 7/05/2023	$	10,000,000	$	9,994,456	6.01
5.08%, 8/15/2023		9,000,000		8,943,862	5.38
5.27%, 8/31/2023		7,000,000		6,938,204	4.17
5.19%, 9/21/2023		7,000,000		6,918,125	4.16
Total United States Treasury Obligations				32,794,647	19.72
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 5.07%^#		92,800,000		92,800,000	55.80
Total United States Money Market Funds				92,800,000	55.80
Total Cash Equivalents			$	125,594,647	75.52


	Shares/Principal				% of Partners'
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
5.08%, 7/05/2023	$	5,000,000	$	4,997,228	3.82
5.08%, 8/15/2023		5,000,000		4,968,812	3.80
5.27%, 8/31/2023		6,000,000		5,947,032	4.54
5.19%, 9/21/2023		7,000,000		6,918,125	5.29
Total United States Treasury Obligations				22,831,197	17.45
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 5.07%^#		71,950,000		71,950,000	54.99
Total United States Money Market Funds				71,950,000	54.99
Total Cash Equivalents			$	94,781,197	72.44


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	2,872,259	$	29,659,587	$	(639,249)	$	86,468,557
Change in unrealized gain (loss) on open commodity futures contracts		(7,001,576)		(32,442,047)		(14,331,351)		(23,376,195)
Dividend income		1,272,447		500,040		3,355,164		540,328
Interest income^*		999,050		57,306		1,442,706		57,470
ETF transaction fees		3,150		2,800		7,700		8,050
Total Income (Loss)	$	(1,854,670)	$	(2,222,314)	$	(10,165,030)	$	63,698,210

Expenses
Management fees (Note 4)	$	368,071	$	729,513	$	825,707	$	1,295,329
Professional fees		84,088		149,121		180,286		198,320
Brokerage commissions		28,454		48,981		82,899		100,817
Directors’ fees and insurance		17,259		19,100		35,457		32,551
Registration fees		—		—		—		6,617
Total Expenses	$	497,872	$	946,715	$	1,124,349	$	1,633,634
Net Income (Loss)	$	(2,352,542)	$	(3,169,029)	$	(11,289,379)	$	62,064,576
Net Income (Loss) per share	$	(0.64)	$	(0.28)	$	(2.59)	$	11.48
Net Income (Loss) per weighted average share	$	(0.69)	$	(0.51)	$	(2.96)	$	10.38
Weighted average shares outstanding		3,396,154		6,245,055		3,813,536		5,978,453


	Shareholders^*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Balances at beginning of period	$	203,541,233	$	350,459,683	$	255,837,514	$	234,520,505
Addition of –, 300,000, 150,000 and 1,550,000 shares, respectively		—		18,273,858		8,146,814		84,699,697
Redemption of (650,000), (400,000), (1,600,000) and (700,000) shares, respectively		(34,890,109)		(22,377,123)		(86,396,367)		(38,097,389)
Net income (loss)		(2,352,542)		(3,169,029)		(11,289,379)		62,064,576

Balances at end of period	$	166,298,582	$	343,187,389	$	166,298,582	$	343,187,389


At June 30, 2023	Total		Level I		Level II		Level III
Short-Term Investments	$	125,594,647	$	125,594,647	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(4,447,151)		(4,447,151)		—		—
Foreign Contracts		(485,470)		(485,470)		—		—


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	June 30, 2023		December 31, 2022
Futures - Commodity Contracts	Assets	$	(4,932,621)	$	9,398,730


	Six months ended		Six months ended
	June 30, 2023		June 30, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	(11,289,379)	$	62,064,576
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		14,331,351		23,376,195
(Increase) decrease in dividends receivable		450,139		(260,602)
(Increase) decrease in interest receivable		(85,868)		(902)
(Increase) decrease in prepaid other		—		(6,375)
(Increase) decrease in prepaid insurance^*		(40,271)		(31,479)
(Increase) decrease in prepaid registration fees		—		6,616
Increase (decrease) payable due to custody		—		—
Increase (decrease) in Management fees payable		(65,068)		91,814
Increase (decrease) in professional fees payable		(235,923)		(139,798)
Increase (decrease) in directors’ fees payable^*		(1,724)		1,323
Net cash provided by (used in) operating activities		3,063,257		85,101,368

Cash Flows from Financing Activities:
Addition of shares		8,146,814		84,699,697
Redemption of shares		(86,396,367)		(38,097,389)
Net cash provided by (used in) financing activities		(78,249,553)		46,602,308

Net Increase (Decrease) in Cash and Cash Equivalents		(75,186,296)		131,703,676

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	$	170,871,075	$	361,719,314

Components of Cash and Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	150,574,718	$	324,364,763
Equity in Trading Accounts:
Cash and cash equivalents		20,296,357		37,354,551
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	170,871,075	$	361,719,314


	Six months ended		Six months ended
	June 30, 2023		June 30, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	2,652,751	$	(41,374,478)
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		13,043,666		40,519,236
(Increase) decrease in dividends receivable		249,251		(124,445)
(Increase) decrease in interest receivable		(102,538)		65
(Increase) decrease in prepaid professional fees		(71,143)		(19,263)
(Increase) decrease in prepaid other		—		(6,375)
(Increase) decrease in prepaid insurance^*		(11,748)		(35,111)
(Increase) decrease in prepaid registration fees		—		24,092
Increase (decrease) payable due to custody		—		—
Increase (decrease) in Management fees payable		(24,189)		(24,906)
Increase (decrease) in professional fees payable		(96,886)		(201,307)
Increase (decrease) in directors’ fees payable^*		(113)		73
Net cash provided by (used in) operating activities		15,639,051		(1,242,419)

Cash Flows from Financing Activities:
Addition of shares		35,093,597		63,654,290
Redemption of shares		(76,445,289)		(89,613,224)
Net cash provided by (used in) financing activities		(41,351,692)		(25,958,934)

Net Increase (Decrease) in Cash and Cash Equivalents		(25,712,641)		(27,201,353)

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	$	139,501,275	$	194,634,188

Components of Cash and Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	119,668,146	$	153,752,542
Equity in Trading Accounts:
Cash and cash equivalents		19,833,129		40,881,646
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	139,501,275	$	194,634,188


	Six months ended		Six months ended
	June 30, 2023		June 30, 2022
Cash Flows from Operating Activities:
Net income (loss)	$	(8,636,628)	$	20,690,098
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		27,375,017		63,895,431
(Increase) decrease in dividends receivable		699,390		(385,047)
(Increase) decrease in interest receivable		(188,406)		(837)
(Increase) decrease in prepaid professional fees		(71,143)		(19,263)
(Increase) decrease in prepaid license fees		—		(12,750)
(Increase) decrease in prepaid insurance^*		(52,019)		(66,590)
(Increase) decrease in prepaid registration fees		—		30,708
Increase (decrease) in Management fees payable		(89,257)		66,908
Increase (decrease) in professional fees payable		(332,809)		(341,105)
Increase (decrease) in directors’ fees payable^*		(1,837)		1,396
Net cash provided by (used in) operating activities		18,702,308		83,858,949

Cash Flows from Financing Activities:
Addition of shares		43,240,411		148,353,987
Redemption of shares		(162,841,656)		(127,710,613)
Net cash provided by (used in) financing activities		(119,601,245)		20,643,374

Net Increase (Decrease) in Cash and Cash Equivalents		(100,898,937)		104,502,323

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	$	310,372,350	$	556,353,502

Components of Cash and Cash Equivalents, and Equity in Trading Accounts
Cash and cash equivalents	$	270,242,864	$	478,117,305
Equity in Trading Accounts:
Cash and cash equivalents		40,129,486		78,236,197
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	310,372,350	$	556,353,502


	Three months ended			Three months ended			Six months ended			Six months ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Per Share Operating Performance:
Net asset value, beginning of period	$	25.04		$	28.90		$	23.07		$	27.24
Total income (loss)		(1.82)			(6.41)			0.21			(4.70)
Total expenses		(0.06)			(0.07)			(0.12)			(0.12)
Net increase (decrease) in net asset value		(1.88)			(6.48)			0.09			(4.82)
Net asset value, end of period	$	23.16		$	22.42		$	23.16		$	22.42

Total Return		(7.47)	%		(22.42)	%		0.39	%		(17.69)	%

Ratios to Average Net Assets
Total income (loss)		(7.87)	%		(23.79)	%		2.29	%		(17.56)	%
Management fees^#*		0.65	%		0.65	%		0.65	%		0.65	%
Total expenses excluding management fees^#*		0.38	%		0.33	%		0.37	%		0.27	%
Expense waived^#*		—	%		—	%		—	%		—	%
Net expense excluding management fees^#		0.38	%		0.33	%		0.37	%		0.27	%
Net income (loss)		(8.13)	%		(24.03)	%		1.78	%		(18.02)	%


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	(3.92)	%
S&P GSCI Commodity Index (GSCI®) Total Return(2)	(7.54)	%
Bloomberg Commodity Index Total Return(2)	(7.79)	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	(7.38)	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	1.12	%
Bloomberg Copper Subindex Total Return(2)	0.46	%


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)	1,857.40	(3.92)	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2023
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	46.68	%	5.66	%	295.59	%	725.44	%
Average annualized return (total)	2.92	%	3.65	%	7.69	%	10.53	%
Annualized volatility	16.09	%	23.14	%	18.86	%	15.41	%
Annualized Sharpe ratio	0.06		0.07		0.29		0.54


	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


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2023
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	422.61	%	133.41	%	689.71	%
Average annualized return (total)	11.89	%	8.25	%	14.01	%
Annualized volatility	25.51	%	24.65	%	25.01	%
Annualized Sharpe ratio	0.38		0.25		0.47


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
4/1/23 to 4/30/23	150,000	$	55.20
5/1/23 to 5/31/23	300,000	$	52.71
6/1/23 to 6/30/23	200,000	$	53.98
Total	650,000

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: August 4, 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