United States Commodity Index Funds Trust 10-Q for FY2025 Q3

United States Commodity Index Funds Trust (USCI)

10-Q 2025-11-07 For: 2025-09-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on November 7, 2025, covering the quarter ended September 30, 2025 (FY2025 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 3, 2025
United States Commodity Index Fund		3,600,000
United States Copper Index Fund		10,650,000
Total		14,250,000


Part I. FINANCIAL INFORMATION	Page

Item 1. Financial Statements.	1

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

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.	79

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	79

Item 3. Defaults Upon Senior Securities.	80

Item 4. Mine Safety Disclosures.	80

Item 5. Other Information.	80

Item 6. Exhibits.	81


Documents		Page

Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024		2-4

Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024		5-10

Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024		11-13

Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024		14-16

Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024		17-19

Notes to Financial Statements (Unaudited) for the period ended September 30, 2025		20-34


	September 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $253,581,744 and $177,697,621, respectively) (Notes 2 and 6)	$	253,581,744	^(a)	$	177,697,621
Equity in trading accounts:
Cash and cash equivalents (at cost $13,135,809 and $8,190,855, respectively)		13,135,809			8,190,855
Unrealized gain (loss) on open commodity futures contracts		5,090,649			5,392,339
Dividends receivable		589,302			440,048
Interest receivable		321,982			232,104
Prepaid insurance		40,371			5,293

Total Assets	$	272,759,857		$	191,958,260

Liabilities and Capital
Management fees payable (Note 4)	$	176,305		$	128,904
Professional fees payable		190,884			301,941
Brokerage commissions payable		3,955			3,955
Directors’ fees payable		9,279			5,450

Total Liabilities		380,423			440,250

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—			—
Shareholders		272,379,434			191,518,010
Total Capital		272,379,434			191,518,010

Total Liabilities and Capital	$	272,759,857		$	191,958,260

Shares outstanding		3,500,000			2,900,000
Net asset value per share	$	77.82		$	66.04
Market value per share	$	77.90		$	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
NYMEX WTI Crude Oil Futures CL December contracts, expiring November 2025	$	19,278,360	303	$	(504,480)	(0.18)
CME Cattle Feeder Futures FC November contracts, expiring November 2025		19,345,887	109		238,687	0.09
NYMEX NY Harbour ULSD Futures HO December contracts, expiring November 2025		19,562,886	198		(433,591)	(0.16)
NYMEX RBOB Gasoline Futures RB December contracts, expiring November 2025		19,377,112	242		(322,661)	(0.12)
CBOT Soybean Oil BO December contracts, expiring December 2025		19,525,092	652		(164,604)	(0.06)
CME Lean Hogs LH December contracts, expiring December 2025		19,755,050	550		(235,550)	(0.09)
ICE Cocoa Futures CC December contracts, expiring December 2025		19,099,450	277		(404,720)	(0.15)
ICE Coffee Futures KC December contracts, expiring December 2025		15,647,550	141		4,172,644	1.53
COMEX Silver Futures SI December contracts, expiring December 2025		20,396,860	88		124,740	0.05
United Kingdom Contracts
ICE Brent Crude Futures CO January contracts, expiring November 2025		19,297,810	287		(464,870)	(0.17)
ICE Low Sulphur Gasoil Futures QS December contracts, expiring December 2025		18,523,576	285		671,174	0.24
Foreign Contracts
LME Aluminum Futures LA October contracts, expiring October 2025^*		18,847,854	291		669,516	0.25
LME Tin Futures LT October contracts, expiring October 2025^*		24,436,640	141		578,875	0.21
LME Zinc Futures LX October contracts, expiring October 2025^*		18,970,646	271		1,316,007	0.48
LME Aluminum Futures LA November contracts, expiring November 2025^*		19,681,531	295		92,098	0.04
LME Tin Futures LT November contracts, expiring November 2025^*		19,963,719	114		278,691	0.10
LME Zinc Futures LX November contracts, expiring November 2025^*		19,486,222	265		231,832	0.08
Open Commodity Futures Contracts - Short^ Foreign Contracts**
LME Aluminum Futures LA October contracts, expiring October 2025^*		(19,429,266)	291		(88,104)	(0.03)
LME Tin Futures LT October contracts, expiring October 2025^*		(24,596,064)	141		(419,451)	(0.15)
LME Zinc Futures LX October contracts, expiring October 2025^*		(20,041,070)	271		(245,584)	(0.09)
Total Open Futures Contracts^*	$	267,129,845	5,212	$	5,090,649	1.87


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.09%^#		170,500,000	$	170,500,000	62.60
Total United States Money Market Funds			$	170,500,000	62.60


	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	8,806,830	$	(9,042,254)	$	31,872,235	$	3,444,615
Change in unrealized gain (loss) on open commodity futures contracts		4,599,878		7,394,347		(301,690)		8,055,608
Dividend income		1,822,837		793,261		5,014,403		2,438,715
Interest income		873,633		1,519,167		2,327,804		4,354,531
ETF transaction fees		1,400		350		5,600		3,850
Total Income (Loss)	$	16,104,578	$	664,871	$	38,918,352	$	18,297,319

Expenses
Management fees (Note 4)	$	514,639	$	356,348	$	1,391,562	$	1,040,352
Professional fees		91,147		120,664		243,882		320,691
Brokerage commissions		48,923		37,263		127,663		98,682
Directors’ fees and insurance		9,632		13,541		31,660		45,884
Total Expenses	$	664,341	$	527,816	$	1,794,767	$	1,505,609
Net Income (Loss)	$	15,440,237	$	137,055	$	37,123,585	$	16,791,710
Net Income (Loss) per share	$	4.56	$	0.04	$	11.78	$	6.04
Net Income (Loss) per weighted average share	$	4.56	$	0.05	$	11.51	$	5.85
Weighted average shares outstanding		3,382,418		2,900,543		3,224,908		2,872,080


	Shareholders*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Balances at beginning of period	$	241,744,927	$	183,890,139	$	191,518,010	$	169,026,568
Addition of 200,000, –, 750,000 and 250,000 shares, respectively	$	15,194,270		—		53,977,553		15,609,139
Redemption of (–), (50,000), (150,000) and (350,000) shares, respectively		—		(3,120,379)		(10,239,714)		(20,520,602)
Net income (loss)		15,440,237		137,055		37,123,585		16,791,710

Balances at end of period	$	272,379,434	$	180,906,815	$	272,379,434	$	180,906,815


	Shareholders^*
	Three months ended		Three months ended		Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Balances at beginning of period	$	457,274,196	$	400,878,300	$	334,079,104	$	300,379,910
Addition of 4,550,000, 300,000, 7,700,000 and 4,000,000 shares, respectively		138,606,650		8,433,602		255,545,814		117,952,723
Redemption of (1,900,000), (2,050,000), (3,450,000) and (3,300,000) shares, respectively		(56,320,182)		(55,644,606)		(106,131,915)		(96,845,715)
Net income (loss)		11,138,166		4,568,477		67,205,827		36,748,855

Balances at end of period	$	550,698,830	$	358,235,773	$	550,698,830	$	358,235,773


At September 30, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	170,500,000	$	170,500,000	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		2,470,465		2,470,465		—		—
Foreign Contracts		2,620,184		2,620,184		—		—


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	September 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	5,090,649	$	5,392,339


	Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	37,123,585	$	16,791,710
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		301,690		(8,055,608)
(Increase) decrease in dividends receivable		(149,254)		19,651
(Increase) decrease in interest receivable		(89,878)		71,816
(Increase) decrease in prepaid insurance		(35,078)		1,079
Increase (decrease) in Management fees payable		47,401		(6,013)
Increase (decrease) in professional fees payable		(111,057)		(58,920)
Increase (decrease) in directors’ fees payable		3,829		837
Net cash provided by (used in) operating activities		37,091,238		8,764,552

Cash Flows from Financing Activities:
Addition of shares		53,977,553		15,609,139
Redemption of shares		(10,239,714)		(20,520,602)
Net cash provided by (used in) financing activities		43,737,839		(4,911,463)

Net Increase (Decrease) in Cash and Cash Equivalents		80,829,077		3,853,089

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		185,888,476		172,109,309
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	266,717,553	$	175,962,398

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents	$	253,581,744	$	168,639,626
Equity in Trading Accounts:
Cash and cash equivalents		13,135,809		7,322,772
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	266,717,553	$	175,962,398


	Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	30,082,242	$	19,957,145
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		(17,936,549)		(1,988,504)
(Increase) decrease in dividends receivable		(101,307)		(50,349)
(Increase) decrease in interest receivable		(137,135)		58,889
(Increase) decrease in prepaid professional fees		—		9,610
(Increase) decrease in prepaid insurance		(30,715)		(5,433)
(Increase) decrease in ETF transaction fees receivable		(700)		(350)
Increase (decrease) in Management fees payable		35,807		15,611
Increase (decrease) in professional fees payable		(139,829)		70,371
Increase (decrease) in directors’ fees payable		3,430		(1,762)
Net cash provided by (used in) operating activities		11,775,244		18,065,228

Cash Flows from Financing Activities:
Addition of shares		185,108,738		100,924,948
Redemption of shares		(95,892,201)		(76,325,113)
Net cash provided by (used in) financing activities		89,216,537		24,599,835

Net Increase (Decrease) in Cash and Cash Equivalents		100,991,781		42,665,063

Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period		152,219,085		127,101,194
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period	$	253,210,866	$	169,766,257

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents	$	241,722,037	$	167,483,221
Equity in Trading Accounts:
Cash and cash equivalents		11,488,829		2,283,036
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	253,210,866	$	169,766,257


	Nine months ended		Nine months ended
	September 30, 2025		September 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	67,205,827	$	36,748,855
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		(17,634,859)		(10,044,112)
(Increase) decrease in dividends receivable		(250,561)		(30,698)
(Increase) decrease in interest receivable		(227,013)		130,705
(Increase) decrease in prepaid professional fees		—		9,610
(Increase) decrease in prepaid insurance		(65,793)		(4,354)
(Increase) decrease in ETF transaction fees receivable		(700)		(350)
Increase (decrease) in Management fees payable		83,208		9,598
Increase (decrease) in professional fees payable		(250,886)		11,451
Increase (decrease) in directors’ fees payable		7,259		(925)
Net cash provided by (used in) operating activities		48,866,482		26,829,780

Cash Flows from Financing Activities:
Addition of shares		239,086,291		116,534,087
Redemption of shares		(106,131,915)		(96,845,715)
Net cash provided by (used in) financing activities		132,954,376		19,688,372

Net Increase (Decrease) in Cash and Cash Equivalents		181,820,858		46,518,152

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	$	519,928,419	$	345,728,655

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents	$	495,303,781	$	336,122,847
Equity in Trading Accounts:
Cash and cash equivalents		24,624,638		9,605,808
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	519,928,419	$	345,728,655


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	18.85	%
S&P GSCI Commodity Index (GSCI^®) Total Return(2)	6.09	%
Bloomberg Commodity Index Total Return(2)	9.38	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	6.07	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	19.56	%
Bloomberg Copper Subindex Total Return(2)	19.04	%


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)	2,768.10	18.85	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through September 30, 2025
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	68.84	%	26.79	%	331.24	%	1,130.16	%
Average annualized return (total)	3.68	%	4.31	%	7.70	%	11.40	%
Annualized volatility	15.64	%	22.47	%	18.39	%	15.07	%
Annualized Sharpe ratio	0.09		0.09		0.29		0.59


	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 September 30, 2025
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	584.32	%	162.77	%	945.22	%
Average annualized return (total)	12.31	%	8.25	%	14.30	%
Annualized volatility	25.21	%	24.04	%	24.72	%
Annualized Sharpe ratio	0.40		0.25		0.48


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
7/1/25 to 7/31/25	—	$	—
8/1/25 to 8/31/25	—	$	—
9/1/25 to 9/30/25	—	$	—
Total	—

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, 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