United States Commodity Index Funds Trust 10-Q for FY2022 Q3

United States Commodity Index Funds Trust (USCI)

10-Q 2022-11-07 For: 2022-09-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on November 7, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

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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 November 1, 2022
United States Commodity Index Fund		5,050,000
United States Copper Index Fund		7,750,000
Total		12,800,000


	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.	32

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

Item 4. Controls and Procedures.	75

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	76

Item 1A. Risk Factors.	78

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	80

Item 3. Defaults Upon Senior Securities.	80

Item 4. Mine Safety Disclosures.	80

Item 5. Other Information.	80

Item 6. Exhibits.	81


Documents		Page

Condensed Statements of Financial Condition at September 30, 2022 (Unaudited) and December 31, 2021		2-4

Condensed Schedule of Investments (Unaudited) at September 30, 2022		5-6

Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2022 and 2021		8-10

Condensed Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2022 and 2021		11-13

Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2022 and 2021		14-16

Notes to Condensed Financial Statements (Unaudited) for the period ended September 30, 2022		17-31


	September 30, 2022		December 31, 2021
Assets
Cash and cash equivalents (at cost $246,541,571 and $217,583,826, respectively) (Notes 2 and 6)	$	246,541,571	$	217,583,826
Equity in trading accounts:
Cash and cash equivalents (at cost $38,700,823 and $12,431,812, respectively)		38,700,823		12,431,812
Unrealized gain (loss) on open commodity futures contracts		(17,815,495)		4,845,874
Dividends receivable		494,619		4,622
Interest receivable		35,711		44
Prepaid license fees		4,101		—
Prepaid insurance^*		25,319		7,274
Prepaid registration fees		—		6,616

Total Assets	$	267,986,649	$	234,880,068

Liabilities and Capital
Management fees payable (Note 4)	$	184,559	$	157,823
Professional fees payable		239,163		193,304
Brokerage commissions payable		3,955		3,955
Directors’ fees payable^*		5,930		4,481

Total Liabilities		433,607		359,563

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—		—
Shareholders		267,553,042		234,520,505
Total Capital		267,553,042		234,520,505

Total Liabilities and Capital	$	267,986,649	$	234,880,068

Shares outstanding		5,200,000		5,400,000
Net asset value per share	$	51.45	$	43.43
Market value per share	$	51.35	$	43.47


				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 December 2022 contracts, expiring November 2022	$	22,090,472	147	$	(2,784,374)	(1.04)
NYMEX RBOB Gasoline Futures RB December 2022 contracts, expiring November 2022		19,282,502	199		(235,456)	(0.09)
ICE Cotton Futures CT December 2022 contracts, expiring December 2022		23,559,249	432		(5,125,809)	(1.91)
CBOT Soybean Oil Futures BO December 2022 contracts, expiring December 2022		20,331,191	508		(1,567,703)	(0.59)
ICE Cocoa Futures CC December 2022 contracts, expiring December 2022		19,235,380	832		349,900	0.13
CME Lean Hogs Futures LH December 2022 contracts, expiring December 2022		18,992,751	624		33,009	0.01
CBOT Soybean Meal Futures SM December 2022 contracts, expiring December 2022		19,480,940	460		(942,940)	(0.35)
ICE Coffee Futures KC December 2022 contracts, expiring December 2022		18,187,855	226		588,507	0.22
COMEX Silver Futures SI December 2022 contracts, expiring December 2022		19,402,470	207		302,895	0.11
ICE Sugar #11 Futures SB May 2023 contracts, expiring April 2023		19,055,574	1,003		(25,855)	(0.01)
NYMEX WTI Crude Oil Futures CL July 2023 contracts, expiring June 2023		22,173,748	264		(3,086,548)	(1.15)
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS December 2022 contracts, expiring December 2022		21,362,626	214		(2,054,476)	(0.77)
ICE Brent Crude Futures CO February 2023 contracts, expiring December 2022		21,863,554	233		(2,759,884)	(1.03)
Foreign Contracts
LME Zinc Futures LX October 2022 contracts, expiring October 2022^*		23,085,205	291		(1,129,255)	(0.42)
LME Zinc Futures LX February 2023 contracts, expiring February 2023^*		19,275,986	268		411,964	0.15
Open Commodity Futures Contracts - Short^**
Foreign Contracts
LME Zinc Futures LX October 2022 contracts, expiring October 2022^*		(22,166,480)	291		210,530	0.08
Total Open Futures Contracts^*	$	285,213,023	6,199	$	(17,815,495)	(6.66)


	Shares/Principal			% of Partners’
	Amount	Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 2.99%^#	245,300,000	$	245,300,000	91.68
Total United States Money Market Funds		$	245,300,000	91.68


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	(21,425,957)	$	7,864,276	$	65,042,600	$	42,739,282
Change in unrealized gain (loss) on open commodity futures contracts		714,826		(4,448,960)		(22,661,369)		(1,326,932)
Dividend income		1,240,337		14,099		1,780,665		32,874
Interest income^*		236,778		40		294,248		2,130
ETF transaction fees		5,250		1,400		13,300		10,500
Total Income (Loss)	$	(19,228,766)	$	3,430,855	$	44,469,444	$	41,457,854

Expenses
Management fees (Note 4)	$	597,385	$	475,583	$	1,892,714	$	1,185,264
Professional fees		203,800		46,921		402,120		166,478
Brokerage commissions		57,426		43,611		158,243		111,271
Directors’ fees and insurance		19,386		12,659		51,937		32,207
License fees		2,274		—		2,274		—
Registration fees		—		9,979		6,617		22,996
Total Expenses	$	880,271	$	588,753	$	2,513,905	$	1,518,216
Net Income (Loss)	$	(20,109,037)	$	2,842,102	$	41,955,539	$	39,939,638
Net Income (Loss) per share	$	(3.46)	$	0.50	$	8.02	$	8.38
Net Income (Loss) per weighted average share	$	(3.67)	$	0.48	$	7.22	$	7.73
Weighted average shares outstanding		5,484,239		5,872,283		5,811,905		5,167,399


	Shareholders*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Balances at beginning of period	$	343,187,389	$	234,673,948	$	234,520,505	$	110,783,068
Addition of 400,000, 150,000, 1,950,000 and 3,000,000 shares, respectively		21,950,296		6,003,054		106,649,993		109,014,826
Redemption of (1,450,000), (200,000), (2,150,000) and (650,000) shares, respectively		(77,475,606)		(8,018,650)		(115,572,995)		(24,237,078)
Net income (loss)		(20,109,037)		2,842,102		41,955,539		39,939,638

Balances at end of period	$	267,553,042	$	235,500,454	$	267,553,042	$	235,500,454


	Shareholders^*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
Balances at beginning of period	$	161,449,996	$	306,368,077	$	228,783,408	$	65,163,704
Addition of 600,000, 1,050,000, 2,850,000 and 12,250,000 shares, respectively		12,269,254		28,896,874		75,923,544		321,311,058
Redemption of (1,100,000), (3,200,000), (4,550,000) and (5,750,000) shares, respectively		(22,912,757)		(83,063,632)		(112,525,981)		(150,709,982)
Net income (loss)		(13,142,541)		(14,429,475)		(54,517,019)		2,007,064

Balances at end of period	$	137,663,952	$	237,771,844	$	137,663,952	$	237,771,844


At September 30, 2022	Total		Level I		Level II		Level III
Short-Term Investments	$	245,300,000	$	245,300,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(12,494,374)		(12,494,374)		—		—
Foreign Contracts		(5,321,121)		(5,321,121)		—		—


At December 31, 2021	Total		Level I		Level II		Level III
Short-Term Investments	$	217,576,877	$	217,576,877	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		930,577		930,577		—		—
Foreign Contracts		3,915,297		3,915,297		—		—


	Condensed
	Statements of
	Financial
	Condition	Fair Value at		Fair Value at
Derivatives not Accounted for as Hedging Instruments	Location	September 30, 2022		December 31, 2021
Futures - Commodity Contracts	Assets	$	(17,815,495)	$	4,845,874


	Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$	41,955,539	$	39,939,638
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		22,661,369		1,326,932
(Increase) decrease in dividends receivable		(489,997)		(2,165)
(Increase) decrease in interest receivable		(35,667)		(6)
(Increase) decrease in prepaid license fees		(4,101)		—
(Increase) decrease in prepaid insurance^*		(18,045)		(10,323)
(Increase) decrease in prepaid registration fees		6,616		(16,596)
Increase (decrease) in Management fees payable		26,736		80,042
Increase (decrease) in professional fees payable		45,859		(153,775)
Increase (decrease) in directors’ fees payable^*		1,449		2,725
Net cash provided by (used in) operating activities		64,149,758		41,166,472

Cash Flows from Financing Activities:
Addition of shares		106,649,993		109,014,826
Redemption of shares		(115,572,995)		(24,237,078)
Net cash provided by (used in) financing activities		(8,923,002)		84,777,748

Net Increase (Decrease) in Cash and Cash Equivalents		55,226,756		125,944,220

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		230,015,638		103,873,008
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	285,242,394	$	229,817,228

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	246,541,571	$	218,105,747
Equity in Trading Accounts:
Cash and cash equivalents		38,700,823		11,711,481
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	285,242,394	$	229,817,228


	Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$	(54,517,019)	$	2,007,064
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		25,432,878		7,872,897
(Increase) decrease in receivable from Sponsor		—		58,202
(Increase) decrease in dividends receivable		(261,105)		(4,056)
(Increase) decrease in interest receivable		(13,277)		3
(Increase) decrease in prepaid license fees		(4,101)		—
(Increase) decrease in prepaid insurance^*		(20,370)		(15,612)
(Increase) decrease in prepaid registration fees		24,092		(59,841)
(Increase) decrease in ETF transaction fees receivable		—		(350)
Increase (decrease) in payable due to Broker		—		(1,428,240)
Increase (decrease) in Management fees payable		(58,409)		116,277
Increase (decrease) in professional fees payable		(39,572)		85,164
Increase (decrease) in directors’ fees payable^*		130		1,731
Net cash provided by (used in) operating activities		(29,456,753)		8,633,239

Cash Flows from Financing Activities:
Addition of shares		75,923,544		321,311,058
Redemption of shares		(112,525,981)		(128,183,798)
Net cash provided by (used in) financing activities		(36,602,437)		193,127,260

Net Increase (Decrease) in Cash and Cash Equivalents		(66,059,190)		201,760,499

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		221,835,541		62,333,565
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	155,776,351	$	264,094,064

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	128,866,367	$	248,999,723
Equity in Trading Accounts:
Cash and cash equivalents		26,909,984		15,094,341
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	155,776,351	$	264,094,064


	Nine months ended		Nine months ended
	September 30, 2022		September 30, 2021
Cash Flows from Operating Activities:
Net income (loss)	$	(12,561,480)	$	41,946,702
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		48,094,247		9,199,829
(Increase) decrease in receivable from sponsor		—		58,202
(Increase) decrease in dividends receivable		(751,102)		(6,221)
(Increase) decrease in interest receivable		(48,944)		(3)
(Increase) decrease in prepaid license fees		(8,202)		—
(Increase) decrease in prepaid insurance^*		(38,415)		(25,935)
(Increase) decrease in prepaid registration fees		30,708		(76,437)
(Increase) decrease in ETF transaction fees receivable		—		(350)
Increase (decrease) in payable due to Broker		—		(1,428,240)
Increase (decrease) in Management fees payable		(31,673)		196,319
Increase (decrease) in professional fees payable		6,287		(68,611)
Increase (decrease) in directors’ fees payable^*		1,579		4,456
Net cash provided by (used in) operating activities		34,693,005		49,799,711

Cash Flows from Financing Activities:
Addition of shares		182,573,537		430,325,884
Redemption of shares		(228,098,976)		(152,420,876)
Net cash provided by (used in) financing activities		(45,525,439)		277,905,008

Net Increase (Decrease) in Cash and Cash Equivalents		(10,832,434)		327,704,719

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		451,851,179		166,206,573
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	441,018,745	$	493,911,292

Components of Cash and Cash Equivalents:
Cash and cash equivalents	$	375,407,938	$	467,105,470
Equity in Trading Accounts:
Cash and cash equivalents		65,610,807		26,805,822
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	441,018,745	$	493,911,292


	Nine months ended			Nine months ended
	September 30, 2022			September 30, 2021
Total commissions accrued to brokers	$	158,243		$	111,271
Total commissions as annualized percentage of average total net assets		0.07	%		0.08	%
Commissions accrued as a result of rebalancing	$	147,313		$	102,934
Percentage of commissions accrued as a result of rebalancing		93.09	%		92.51	%
Commissions accrued as a result of creation and redemption activity	$	10,930		$	8,337
Percentage of commissions accrued as a result of creation and redemption activity		6.91	%		7.49	%


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	20.02	%
S&P GSCI Commodity Index (GSCI^®) Total Return(2)	21.80	%
Bloomberg Commodity Index Total Return(2)	13.57	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	16.63	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	(23.65)	%
Bloomberg Copper Subindex Total Return(2)	(23.51)	%


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
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	1,089.40	(10.64)	%
2021	1,468.49	34.80	%
2022 (YTD)	1,762.51	20.02	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through September 30, 2022
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	55.62	%	10.47	%	323.22	%	683.27	%
Average annualized return (total)	3.81	%	4.46	%	8.70	%	10.76	%
Annualized volatility	16.22	%	23.38	%	19.01	%	15.55	%
Annualized Sharpe ratio	0.12		0.11		0.35		0.56


	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 September 30, 2022
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	360.16	%	119.07	%	593.51	%
Average annualized return (total)	11.67	%	8.19	%	13.83	%
Annualized volatility	25.63	%	24.82	%	25.14	%
Annualized Sharpe ratio	0.38		0.26		0.47


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
7/1/22 to 7/31/22	700,000	$	52.08
8/1/22 to 8/31/22	700,000	$	54.96
9/1/22 to 9/30/22	50,000	$	51.06
Total	1,450,000

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: November 7, 2022	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