United States Commodity Index Funds Trust 10-Q for FY2025 Q2

United States Commodity Index Funds Trust (USCI)

10-Q 2025-08-08 For: 2025-06-30

Added on April 12, 2026

About this 10-Q

United States Commodity Index Funds Trust filed this 10-Q on August 8, 2025, covering the quarter ended June 30, 2025 (FY2025 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 1, 2025
United States Commodity Index Fund		3,500,000
United States Copper Index Fund		8,100,000
Total		11,600,000


Part I. FINANCIAL INFORMATION	Page

Item 1. Financial Statements.	1

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.	33

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 June 30, 2025 (Unaudited) and December 31, 2024		2-4

Schedules of Investments June 30, 2025 (Unaudited) and December 31, 2024		5-9

Statements of Operations (Unaudited) for the three and six months ended June 30, 2025 and 2024		10-12

Statements of Changes in Capital (Unaudited) for the three and six months ended June 30, 2025 and 2024		13-15

Statements of Cash Flows (Unaudited) for the six months ended June 30, 2025 and 2024		16-18

Notes to Financial Statements (Unaudited) for the period ended June 30, 2025		19-32


	June 30, 2025			December 31, 2024
Assets
Cash and cash equivalents (at cost $223,244,214 and $177,697,621, respectively) (Notes 2 and 6)	$	223,244,214	(a)	$	177,697,621
Equity in trading accounts:
Cash and cash equivalents (at cost $17,460,312 and $8,190,855, respectively)		17,460,312			8,190,855
Unrealized gain (loss) on open commodity futures contracts		490,771			5,392,339
Dividends receivable		595,476			440,048
Interest receivable		221,694			232,104
Prepaid insurance		40,635			5,293

Total Assets	$	242,053,102		$	191,958,260

Liabilities and Capital
Management fees payable (Note 4)	$	157,678		$	128,904
Professional fees payable		137,348			301,941
Brokerage commissions payable		3,955			3,955
Directors’ fees payable		9,194			5,450

Total Liabilities		308,175			440,250

Commitments and Contingencies (Notes 4, 5 & 6)

Capital
Sponsor		—			—
Shareholders		241,744,927			191,518,010
Total Capital		241,744,927			191,518,010

Total Liabilities and Capital	$	242,053,102		$	191,958,260

Shares outstanding		3,300,000			2,900,000
Net asset value per share	$	73.26		$	66.04
Market value per share	$	73.29		$	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
CME Lean Hogs LH August 2025 contracts, expiring August 2025	$	16,997,840	387	$	(356,840)	(0.15)
CME Cattle Feeder Futures FC August 2025 contracts, expiring August 2025		16,853,563	113		699,575	0.29
NYMEX NY Harbour ULSD Futures HO September 2025 contracts, expiring August 2025		17,341,775	183		(34,440)	(0.01)
CME Live Cattle Futures LC August 2025 contracts, expiring August 2025		17,077,252	204		374,948	0.15
NYMEX RBOB Gasoline Futures RB September 2025 contracts, expiring August 2025		18,004,018	200		(849,538)	(0.35)
CBOT Corn Futures C September 2025 contracts, expiring September 2025		17,732,488	831		(728,150)	(0.30)
ICE Cocoa Futures CC September 2025 contracts, expiring September 2025		17,636,200	195		(86,200)	(0.04)
ICE Coffee Futures KC September 2025 contracts, expiring September 2025		18,800,269	147		(2,257,256)	(0.93)
NYMEX WTI Crude Oil Futures CL November 2025 contracts, expiring October 2025		18,231,969	278		(979,290)	(0.41)
NYMEX Platinum Futures PL October 2025 contracts, expiring October 2025		13,988,100	259		3,403,750	1.41
United Kingdom Contracts
ICE Low Sulphur Gasoil Futures QS August 2025 contracts, expiring August 2025		17,576,150	262		(257,950)	(0.10)
ICE Brent Crude Futures CO October 2025 contracts, expiring August 2025		17,224,300	262		31,020	0.01
Foreign Contracts
LME Aluminum Futures LA July 2025 contracts, expiring July 2025*		16,725,540	272		939,500	0.39
LME Zinc Futures LX July 2025 contracts, expiring July 2025*		16,520,348	248		524,878	0.22
LME Tin Futures LT August 2025 contracts, expiring August 2025*		17,868,380	106		62,580	0.03
LME Aluminum Futures LA October 2025 contracts, expiring October 2025*		17,143,638	265		83,217	0.03
Open Commodity Futures Contracts - Short Foreign Contracts**
LME Aluminum Futures LA July 2025 contracts, expiring July 2025*		(17,568,210)	272		(96,830)	(0.04)
LME Zinc Futures LX July 2025 contracts, expiring July 2025*		(17,063,024)	248		17,797	0.01
Total Open Futures Contracts*	$	241,090,596	4,732	$	490,771	0.21


	Shares/Principal				% of Partners’
	Amount		Market Value		Capital
Cash Equivalents
United States Treasury Obligations
U.S. Treasury Bills^˄:
4.27%, 8/19/2025	$	14,000,000	$	13,915,775	5.76
4.36%, 8/26/2025		5,000,000		4,966,633	2.05
Total United States Treasury Obligations				18,882,408	7.81
United States Money Market Funds
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.29%#		170,500,000		170,500,000	70.53
Total United States Money Market Funds				170,500,000	70.53
Total Cash Equivalents			$	189,382,408	78.34


	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Income
Gain (loss) on trading of commodity futures contracts:
Realized gain (loss) on closed commodity futures contracts	$	5,378,223	$	6,071,482	$	23,065,405	$	12,486,869
Change in unrealized gain (loss) on open commodity futures contracts		(3,645,834)		(4,376,183)		(4,901,568)		661,261
Dividend income		1,701,806		900,654		3,191,566		1,645,454
Interest income		721,827		1,454,060		1,454,171		2,835,364
ETF transaction fees		1,050		1,750		4,200		3,500
Total Income (Loss)	$	4,157,072	$	4,051,763	$	22,813,774	$	17,632,448

Expenses
Management fees (Note 4)	$	459,134	$	361,017	$	876,923	$	684,004
Professional fees		67,817		100,013		152,735		200,027
Brokerage commissions		35,890		25,317		78,740		61,419
Directors’ fees and insurance		9,258		13,291		22,028		32,343
Total Expenses	$	572,099	$	499,638	$	1,130,426	$	977,793
Net Income (Loss)	$	3,584,973	$	3,552,125	$	21,683,348	$	16,654,655
Net Income (Loss) per share	$	1.26	$	1.29	$	7.22	$	6.00
Net Income (Loss) per weighted average share	$	1.11	$	1.22	$	6.89	$	5.83
Weighted average shares outstanding		3,240,000		2,915,385		3,145,304		2,857,692


	Shareholders^*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	237,605,201	$	167,879,587	$	191,518,010	$	169,026,568
Addition of 100,000, 250,000, 550,000 and 250,000 shares, respectively		7,328,820		15,609,139		38,783,283		15,609,139
Redemption of (100,000), (50,000), (150,000) and (300,000) shares, respectively		(6,774,067)		(3,150,712)		(10,239,714)		(17,400,223)
Net income (loss)		3,584,973		3,552,125		21,683,348		16,654,655

Balances at end of period	$	241,744,927	$	183,890,139	$	241,744,927	$	183,890,139


	Shareholders*
	Three months ended		Three months ended		Six months ended		Six months ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Balances at beginning of period	$	437,643,030	$	324,521,068	$	334,079,104	$	300,379,910
Addition of 1,700,000, 2,300,000, 3,150,000 and 3,700,000 shares, respectively		55,347,015		74,845,573		116,939,164		109,519,121
Redemption of (1,200,000), (400,000), (1,550,000) and (1,250,000) shares, respectively		(37,661,196)		(12,792,663)		(49,811,733)		(41,201,109)
Net income (loss)		1,945,347		14,304,322		56,067,661		32,180,378

Balances at end of period	$	457,274,196	$	400,878,300	$	457,274,196	$	400,878,300


	Six months ended		Six months ended
	June 30,2025		June 30, 2024
Cash Flows from Operating Activities:
Net income (loss)	$	56,067,661	$	32,180,378
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		(15,662,880)		6,401,886
(Increase) decrease in dividends receivable		(259,458)		(100,102)
(Increase) decrease in interest receivable		(6,581)		146,977
(Increase) decrease in prepaid professional fees		—		9,610
(Increase) decrease in prepaid insurance		(66,283)		(18,851)
Increase (decrease) in Management fees payable		46,043		47,619
Increase (decrease) in professional fees payable		(391,424)		(275,661)
Increase (decrease) in directors’ fees payable		5,904		289
Net cash provided by (used in) operating activities		39,732,982		38,392,145

Cash Flows from Financing Activities:
Addition of shares		116,939,164		109,519,121
Redemption of shares		(49,811,733)		(41,201,109)
Net cash provided by (used in) financing activities		67,127,431		68,318,012

Net Increase (Decrease) in Cash and Cash Equivalents		106,860,413		106,710,157

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	$	444,967,974	$	405,920,660

Components of Cash and Cash Equivalents, and Equity in Trading Account:
Cash and cash equivalents	$	423,392,260	$	371,350,824
Equity in Trading Accounts:
Cash and cash equivalents		21,575,714		34,569,836
Total Cash, Cash Equivalents and Equity in Trading Accounts	$	444,967,974	$	405,920,660


At June 30, 2025	Total		Level I		Level II		Level III
Short-Term Investments	$	189,382,408	$	189,382,408	$	—	$	—
Exchange-Traded Futures Contracts
United States Contracts		(813,441)		(813,441)		—		—
Foreign Contracts		1,304,212		1,304,212		—		—


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	June 30, 2025		December 31, 2024
Futures - Commodity Contracts	Unrealized gain (loss) on open commodity futures contracts	$	490,771	$	5,392,339


SummerHaven Dynamic Commodity Index Total Return^SM (“SDCI”)(1)	11.64	%
S&P GSCI Commodity Index (GSCI^®) Total Return(2)	1.94	%
Bloomberg Commodity Index Total Return(2)	5.53	%
Deutsche Bank Liquid Commodity Index-Optimum Yield Total Return^TM(2)	2.65	%


SummerHaven Copper Index Total Return^SM(“SCI”)(1)	25.39	%
Bloomberg Copper Subindex Total Return(2)	24.92	%


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)	2,600.15	11.64	%


	Hypothetical and Historical Results for the period
	from December 31, 1997 through June 30, 2025
			S&P GSCI		DB LCI OY		SDCI TR
	BCOM TR		TR		TR		Actual
Total return	62.90	%	21.83	%	319.97	%	1055.52	%
Average annualized return (total)	3.63	%	4.16	%	7.58	%	11.36	%
Annualized volatility	15.70	%	22.57	%	18.46	%	15.13	%
Annualized Sharpe ratio	0.09		0.08		0.28		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 June 30, 2025
	BCOM		Spot Copper		SCI TR
	HG TR		(less storage)		Actual
Total return	619.35	%	170.11	%	994.78	%
Average annualized return (total)	16.56	%	9.81	%	18.55	%
Annualized volatility	25.14	%	24.17	%	24.65	%
Annualized Sharpe ratio	0.56		0.31		0.65


	Total
	Number of
	Shares	Average Price Per
Period	Redeemed	Share
4/1/25 to 4/30/25	100,000	$	67.74
5/1/25 to 5/31/25	—	$	—
6/1/25 to 6/30/25	—	$	—
Total	100,000

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 8, 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