United States Commodity Index Funds Trust 10-Q for FY2026 Q2

United States Commodity Index Funds Trust (USCI)

10-Q 2026-08-07 For: 2026-06-30

Added on August 07, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on August 7, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

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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 August 4, 2026
United States Commodity Index Fund		3,650,000
United States Copper Index Fund		18,700,000
Total		22,350,000


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.	72

Item 4. Controls and Procedures.	74

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.	75

Item 1A. Risk Factors.	77

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.	77

Item 3. Defaults Upon Senior Securities.	78

Item 4. Mine Safety Disclosures.	78

Item 5. Other Information.	79

Item 6. Exhibits.	79


Documents		Page

Statements of Financial Condition at June 30, 2026 (Unaudited) and December 31, 2025		2-4

Schedules of Investments June 30, 2026 (Unaudited) and December 31, 2025		5-10

Statements of Operations (Unaudited) for the three and six months ended June 30, 2026 and 2025		11-13

Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2026 and 2025		14-16

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2026 and 2025		17-19

Notes to Financial Statements (Unaudited) for the period ended June 30, 2026		20-33


		June 30, 2026			December 31, 2025
Assets
Cash and cash equivalents (at cost $311,021,919 and $264,041,053, respectively) (Notes 2 and 6)		$	311,021,919		$	264,041,053	^(a)
Equity in trading accounts:
Cash and cash equivalents (at cost $24,685,967 and $17,113,637, respectively)			24,685,967			17,113,637
Unrealized gain (loss) on open commodity futures contracts			1,234,725			(2,609,785)
Dividends receivable			619,703			615,840
Interest receivable			148,580			265,718
Prepaid insurance			44,490			16,096

Total Assets		$	337,755,384		$	279,442,559

Liabilities and Capital
Management fees payable (Note 4)		$	233,256		$	192,001
Professional fees payable			118,848			295,279
Directors’ fees payable			6,401			9,536

Total Liabilities			358,505			496,816

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor			—			—
Shareholders			337,396,879			278,945,743
Total Capital			337,396,879			278,945,743

Total Liabilities and Capital		$	337,755,384		$	279,442,559

Shares outstanding			3,650,000			3,600,000
Net asset value per share		$	92.44		$	77.48
Market value per share		$	92.64		$	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 Futures August 2026 contracts, expiring August 2026		$	23,968,742		129		$	(452,042)		(0.13)
NYMEX NY Harbour ULSD Futures September 2026 contracts, expiring August 2026			23,925,137		183			363,392		0.11
CME Live Cattle Futures August 2026 contracts, expiring August 2026			23,218,011		244			442,669		0.13
NYMEX RBOB Gasoline Futures RB September 2026 contracts, expiring August 2026			23,697,158		208			161,731		0.05
CBOT Soybean Oil Futr September 2026 contracts, expiring September 2026			23,938,611		587			(538,443)		(0.16)
CBOT Soybean Meal Futures September 2026 contracts, expiring September 2026			24,676,653		795			(675,603)		(0.20)
ICE Coffee 'C' Future September 2026 contracts, expiring September 2026			22,978,936		233			2,923,383		0.87
COMEX Copper Futures September 2026 contracts, expiring September 2026			24,296,125		157			250,825		0.07
COMEX Silver Future September 2026 contracts, expiring September 2026			24,297,875		82			270,145		0.08
NYMEX WTI Crude Oil Futures December 2026 contracts, expiring November 2026			22,416,505		345			1,164,246		0.35
United Kingdom Contracts
ICE Brent Crude Oil Futures October 2026 contracts, expiring August 2026			22,743,087		321			699,543		0.21
ICE Low Sulphur Gasoil Futures September 2026 contracts, expiring September 2026			24,061,900		279			566,825		0.17
Foreign Contracts
LME Lead Future July 2026 contracts, expiring July 2026			26,815,282		534			(2,225,917)		(0.66)
LME Zinc Futures LX September 2026 contracts, expiring September 2026			26,797,321		319			1,660,829		0.49
LME Pri Alum Futr October 2026 contracts, expiring October 2026			27,951,976		311			(3,968,745)		(1.18)
LME Zinc Future November 2026 contracts, expiring November 2026			24,511,871		282			462,190		0.14
Open Commodity Futures Contracts - Short^ Foreign Contracts**
LME Lead Future July 2026 contracts, expiring July 2026			(24,940,400)		534			351,035		0.10
LME Zinc Futures LX September 2026 contracts, expiring September 2026			(28,194,939)		319			(263,211)		(0.08)
LME Pri Alum Futr October 2026 contracts, expiring October 2026			(504,572)		6			41,873		0.01
Total Open Futures Contracts^*		$	336,655,279		5,868		$	1,234,725		0.37


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills:
Matures on 7/02/2026, yield 3.64%	$	15,000,000	$	14,998,521	4.45
Matures on 7/09/2026, yield 3.70%		10,000,000		9,991,978	2.96
Matures on 7/16/2026, yield 3.70%		10,000,000		9,984,938	2.96
Matures on 8/20/2026, yield 3.61%		5,000,000		4,975,208	1.48
Matures on 9/03/2026, yield 3.66%		20,000,000		19,871,466	5.88
Matures on 9/10/2026, yield 3.70%		10,000,000		9,928,803	2.94
Matures on 9/22/2026, yield 3.54%		5,000,000		4,958,350	1.47
Matures on 9/29/2026, yield 3.68%		4,000,000		3,963,800	1.17
Matures on 12/10/2026, yield 3.72%		5,000,000		4,917,143	1.46
Total United States Treasury Obligations				83,590,207	24.77

United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 3.60%^#		198,100,000		198,100,000	58.71
Total United States Money Market Funds				198,100,000	58.71
Total Cash Equivalents			$	281,690,207	83.48


		Three months ended			Three months ended			Six months ended			Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts		$	473,243		$	5,378,223		$	45,334,299		$	23,065,405
Change in unrealized gain (loss) on open commodity futures contracts			(14,106,177)			(3,645,834)			3,844,510			(4,901,568)
Dividend income			2,141,223			1,701,806			4,035,571			3,191,566
Interest income			1,047,809			721,827			1,833,032			1,454,171
ETF transaction fees			3,500			1,050			6,300			4,200
Total Income (Loss)		$	(10,440,402)		$	4,157,072		$	55,053,712		$	22,813,774

Expenses
Management fees (Note 4)		$	727,233		$	459,134		$	1,332,687		$	876,923
Professional fees			104,575			67,817			190,983			152,735
Brokerage commissions			38,008			35,890			97,344			78,740
Directors’ fees and insurance			21,609			9,258			47,957			22,028
Total Expenses		$	891,425		$	572,099		$	1,668,971		$	1,130,426
Net Income (Loss)		$	(11,331,827)		$	3,584,973		$	53,384,741		$	21,683,348
Net Income (Loss) per share		$	(2.90)		$	1.26		$	14.96		$	7.22
Net Income (Loss) per weighted average share		$	(3.02)		$	1.11		$	14.52		$	6.89
Weighted average shares outstanding			3,751,099			3,240,000			3,677,348			3,145,304


		Shareholders^*
		Three months ended			Three months ended			Six months ended			Six months ended
		June 30, 2026			June 30, 2025			June 30, 2026			June 30, 2025
Balances at beginning of period		$	347,986,922		$	237,605,201		$	278,945,743		$	191,518,010
Addition of 250,000, 100,000, 500,000 and 550,000 shares, respectively			24,620,114			7,328,820			45,058,764			38,783,283
Redemption of (250,000), (100,000), (450,000) and (150,000) shares, respectively			(23,878,330)			(6,774,067)			(39,992,369)			(10,239,714)
Net income (loss)			(11,331,827)			3,584,973			53,384,741			21,683,348

Balances at end of period		$	337,396,879		$	241,744,927		$	337,396,879		$	241,744,927


At June 30, 2026		Total			Level I			Level II			Level III
Short-Term Investments		$	281,690,207		$	281,690,207		$	—		$	—
Exchange-Traded Futures Contracts
United States Contracts			5,176,671			5,176,671			—			—
Foreign Contracts			(3,941,946)			(3,941,946)			—			—


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		June 30, 2026			December 31, 2025
Futures - Commodity Contracts		Unrealized gain (loss) on open commodity futures contracts		$	1,234,725		$	(2,609,785)


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	19.82	%
S&P GSCI Commodity Index (GSCI®) Total Return(2)	24.09	%
Bloomberg Commodity Index Total Return(2)	14.36	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	19.39	%


		Six months ended			Six months ended
		June 30, 2026			June 30, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	53,384,741		$	21,683,348
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			(3,844,510)			4,901,568
(Increase) decrease in dividends receivable			(3,863)			(155,428)
(Increase) decrease in interest receivable			117,138			10,410
(Increase) decrease in prepaid insurance			(28,394)			(35,342)
Increase (decrease) in Management fees payable			41,255			28,774
Increase (decrease) in professional fees payable			(176,431)			(164,593)
Increase (decrease) in directors’ fees payable			(3,135)			3,744
Net cash provided by (used in) operating activities			49,486,801			26,272,481

Cash Flows from Financing Activities:
Addition of shares			45,058,764			38,783,283
Redemption of shares			(39,992,369)			(10,239,714)
Net cash provided by (used in) financing activities			5,066,395			28,543,569

Net Increase (Decrease) in Cash and Cash Equivalents			54,553,196			54,816,050

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		$	335,707,886		$	240,704,526

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	311,021,919		$	223,244,214
Equity in Trading Accounts:
Cash and cash equivalents			24,685,967			17,460,312
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	335,707,886		$	240,704,526


		Six months ended			Six months ended
		June 30, 2026			June 30, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	33,126,001		$	34,384,313
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			53,734,867			(20,564,448)
(Increase) decrease in dividends receivable			(550,096)			(104,030)
(Increase) decrease in interest receivable			1,330			(16,991)
(Increase) decrease in prepaid insurance			(57,307)			(30,941)
(Increase) decrease in ETF transaction fees receivable			(700)			—
Increase (decrease) in payable due to Broker			(24,709,925)			—
Increase (decrease) in Management fees payable			206,739			17,269
Increase (decrease) in professional fees payable			(311,793)			(226,831)
Increase (decrease) in directors’ fees payable			1,519			2,160
Net cash provided by (used in) operating activities			61,440,635			13,460,501

Cash Flows from Financing Activities:
Addition of shares			587,184,579			78,155,881
Redemption of shares			(338,776,880)			(39,572,019)
Net cash provided by (used in) financing activities			248,407,699			38,583,862

Net Increase (Decrease) in Cash and Cash Equivalents			309,848,334			52,044,363

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		$	738,063,743		$	204,263,448

Components of Cash, Cash Equivalents and Equity in Trading Accounts:
Cash and cash equivalents		$	664,467,084		$	200,148,046
Equity in Trading Accounts:
Cash and cash equivalents			73,596,659			4,115,402
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	738,063,743		$	204,263,448


		Six months ended			Six months ended
		June 30, 2026			June 30, 2025
Cash Flows from Operating Activities:
Net income (loss)		$	86,510,742		$	56,067,661
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			49,890,357			(15,662,880)
(Increase) decrease in dividends receivable			(553,959)			(259,458)
(Increase) decrease in interest receivable			118,468			(6,581)
(Increase) decrease in prepaid insurance			(85,701)			(66,283)
(Increase) decrease in ETF transaction fees receivable			(700)			—
Increase (decrease) in payable due to Broker			(24,709,925)			—
Increase (decrease) in Management fees payable			247,994			46,043
Increase (decrease) in professional fees payable			(488,224)			(391,424)
Increase (decrease) in directors’ fees payable			(1,616)			5,904
Net cash provided by (used in) operating activities			110,927,436			39,732,982

Cash Flows from Financing Activities:
Addition of shares			632,243,343			116,939,164
Redemption of shares			(378,769,249)			(49,811,733)
Net cash provided by (used in) financing activities			253,474,094			67,127,431

Net Increase (Decrease) in Cash and Cash Equivalents			364,401,530			106,860,413

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		$	1,073,771,629		$	444,967,974

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents		$	975,489,003		$	423,392,260
Equity in Trading Accounts:
Cash and cash equivalents			98,282,626			21,575,714
Total Cash, Cash Equivalents and Equity in Trading Accounts		$	1,073,771,629		$	444,967,974


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	8.83	%
Bloomberg Copper Subindex Total Return(2)	8.83	%


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)		3,313.97		19.82	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2026
			S&P GSCI		DBIQ OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	104	%	59	%	550	%	1,373	%
Average annualized return (total)	4.72	%	5.99	%	9.63	%	12.26	%
Annualized volatility	15.83	%	22.87	%	18.21	%	15.15	%
Annualized Sharpe ratio	0.15		0.16		0.39		0.64


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 June 30, 2026
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	7.68	%	2.43	%	12.27	%
Average annualized return (total)	12.95	%	9.13	%	14.88	%
Annualized volatility	25.04	%	23.91	%	24.55	%
Annualized Sharpe ratio	0.42		0.29		0.51


		Total
		Number of
		Shares		Average Price Per
Period		Redeemed		Share
4/1/26 to 4/30/26		50,000		$	95.25
5/1/26 to 5/31/26		50,000		$	98.57
6/1/26 to 6/30/26		150,000		$	94.58
Total		250,000

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 7, 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