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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2023.

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from               to             .

Commission file number: 001-34833

United States Commodity Index Funds Trust

(Exact name of registrant as specified in its charter)

Delaware

    

27-1537655

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1850 Mt. Diablo Boulevard, Suite 640

Walnut Creek, California 94596

(Address of principal executive offices) (Zip Code)

(510) 522-9600

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

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.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.       Yes        No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).       Yes        No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

 

Accelerated Filer

Non-Accelerated Filer

 

Smaller Reporting Company

Emerging Growth Company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided in Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.).     Yes        No

The number of outstanding shares of each series of the registrant as of October 30, 2023. are included in the table below:

    

Number of Outstanding Shares as
of October 30, 2023

 

United States Commodity Index Fund

3,250,000

United States Copper Index Fund

5,600,000

Total

8,850,000

Part I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements.

Index to Condensed Financial Statements

Documents

    

Page

Condensed Statements of Financial Condition at September 30, 2023 (Unaudited) and December 31, 2022

2-4

Condensed Schedule of Investments (Unaudited) at September 30, 2023

5-7

Condensed Statements of Operations (Unaudited) for the three and nine months ended September 30, 2023 and 2022

8-10

Condensed Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2023 and 2022

11-13

Condensed Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2023 and 2022

14-16

Notes to Condensed Financial Statements (Unaudited) for the period ended September 30, 2023

17-30

1

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At September 30, 2023 (Unaudited) and December 31, 2022

United States Commodity Index Fund

    

September 30, 2023

    

December 31, 2022

Assets

Cash and cash equivalents (at cost $184,875,528 and $233,130,983, respectively) (Notes 2 and 6)

$

184,875,528

$

233,130,983

Equity in trading accounts:

  

Cash and cash equivalents (at cost $8,084,235 and $12,926,388, respectively)

 

8,084,235

  

 

12,926,388

Unrealized gain (loss) on open commodity futures contracts

 

1,818,757

  

 

9,398,730

Dividends receivable

 

299,275

  

 

833,949

Interest receivable

 

306,639

  

 

64,059

Prepaid insurance*

36,843

11,886

  

Total Assets

$

195,421,277

$

256,365,995

  

Liabilities and Capital

  

Management fees payable (Note 4)

$

128,028

  

$

178,702

Professional fees payable

 

187,370

  

 

340,128

Brokerage commissions payable

 

3,955

  

 

3,955

Directors’ fees payable*

4,152

  

5,696

  

Total Liabilities

 

323,505

  

 

528,481

  

Commitments and Contingencies (Notes 4, 5 & 6)

  

  

Capital

  

Sponsor

 

  

 

Shareholders

 

195,097,772

  

 

255,837,514

Total Capital

 

195,097,772

  

 

255,837,514

  

Total Liabilities and Capital

$

195,421,277

$

256,365,995

  

Shares outstanding

3,300,000

  

4,550,000

Net asset value per share

$

59.12

$

56.23

Market value per share

$

59.16

$

56.28

*     Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to condensed financial statements.

2

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At September 30, 2023 (Unaudited) and December 31, 2022

United States Copper Index Fund

    

September 30, 2023

    

December 31, 2022

Assets

 

  

 

  

Cash and cash equivalents (at cost $126,764,738 and $158,307,387, respectively) (Notes 2 and 6)

$

126,764,738

$

158,307,387

Equity in trading accounts:

 

 

  

Cash and cash equivalents (at cost $12,583,048 and $6,906,529, respectively)

 

12,583,048

 

6,906,529

Unrealized gain (loss) on open commodity futures contracts

 

(3,269,214)

 

3,972,853

Dividends receivable

 

139,460

 

549,553

Interest receivable

 

275,307

 

35,104

Prepaid professional fees

954

6,112

Prepaid insurance*

11,697

13,045

 

 

Total Assets

$

136,505,990

$

169,790,583

 

  

 

  

Liabilities and Capital

 

  

 

  

Management fees payable (Note 4)

$

75,486

$

94,784

Professional fees payable

 

79,726

 

152,375

Directors’ fees payable*

 

6,993

 

7,049

 

 

  

Total Liabilities

 

162,205

 

254,208

 

  

 

  

Commitments and Contingencies (Notes 4, 5 & 6)

 

  

 

  

 

  

 

  

Capital

 

  

 

  

Sponsor

 

 

Shareholders

 

136,343,785

 

169,536,375

Total Capital

 

136,343,785

 

169,536,375

 

 

  

Total Liabilities and Capital

$

136,505,990

$

169,790,583

 

 

  

Shares outstanding

5,900,000

7,350,000

Net asset value per share

$

23.11

$

23.07

Market value per share

$

23.02

$

23.09

*     Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to condensed financial statements.

3

United States Commodity Index Funds Trust

Condensed Statements of Financial Condition

At September 30, 2023 (Unaudited) and December 31, 2022

United States Commodity Index Funds Trust

    

September 30, 2023

    

December 31, 2022

Assets

 

  

 

  

Cash and cash equivalents (at cost $311,640,266 and $391,438,370, respectively) (Notes 2 and 6)

$

311,640,266

$

391,438,370

Equity in trading accounts:

 

 

  

Cash and cash equivalents (at cost $20,667,283 and $19,832,917, respectively)

 

20,667,283

 

19,832,917

Unrealized gain (loss) on open commodity futures contracts

 

(1,450,457)

 

13,371,583

Dividends receivable

 

438,735

 

1,383,502

Interest receivable

 

581,946

 

99,163

Prepaid professional fees

954

6,112

Prepaid insurance*

48,540

24,931

Total Assets

$

331,927,267

$

426,156,578

 

 

Liabilities and Capital

 

 

Management fees payable (Note 4)

$

203,514

$

273,486

Professional fees payable

 

267,096

 

492,503

Brokerage commissions payable

 

3,955

 

3,955

Directors’ fees payable*

 

11,145

 

12,745

 

 

Total Liabilities

 

485,710

 

782,689

 

 

  

Commitments and Contingencies (Notes 4, 5 and 6)

 

  

 

  

 

  

 

  

Capital

 

  

 

  

Sponsor

 

 

Shareholders

 

331,441,557

 

425,373,889

Total Capital

 

331,441,557

 

425,373,889

 

 

Total Liabilities and Capital

$

331,927,267

$

426,156,578

 

 

Shares Outstanding

 

9,200,000

 

11,900,000

*     Certain prior year amounts have been reclassified for consistency with the current presentation.

See accompanying notes to condensed financial statements.

4

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited)

At September 30, 2023

United States Commodity Index Fund

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 RBOB Gasoline Futures RB December 2023 contracts, expiring November 2023

$

13,936,495

 

137

$

(416,896)

 

(0.21)

ICE Cocoa Futures CC December 2023 contracts, expiring December 2023

 

13,861,770

 

402

 

(121,410)

 

(0.06)

CBOT Soybean Oil Futures BO December 2023 contracts, expiring December 2023

 

15,180,929

 

406

 

(1,580,741)

 

(0.81)

CME Lean Hogs Futures LH December 2023 contracts, expiring December 2023

 

14,210,669

 

486

 

(257,609)

 

(0.13)

ICE Coffee Futures KC December 2023 contracts, expiring December 2023

 

13,854,656

 

249

 

(207,900)

 

(0.11)

NYMEX WTI Crude Oil Futures CL January 2024 contracts, expiring December 2023

 

12,729,370

 

161

 

1,274,410

 

0.65

COMEX Copper Futures HG December 2023 contracts, expiring December 2023

 

14,695,413

 

154

 

(306,038)

 

(0.16)

COMEX Silver Futures SI December 2023 contracts, expiring December 2023

 

13,780,355

 

121

 

(198,105)

 

(0.10)

NYMEX NY Harbour ULSD Futures HO January 2024 contracts, expiring December 2023

 

13,038,309

 

111

 

1,253,518

 

0.64

CBOT Soybean Meal Futures SM January 2024 contracts, expiring January 2024

 

14,701,440

 

362

 

(967,160)

 

(0.50)

ICE Sugar #11 Futures SB May 2024 contracts, expiring April 2024

 

14,208,487

 

502

 

(6,305)

 

0.00

United Kingdom Contracts

 

 

 

 

ICE Low Sulphur Gasoil Futures QS December 2023 contracts, expiring December 2023

 

12,716,175

 

157

 

1,833,800

 

0.94

ICE Brent Crude Futures CO February 2024 contracts, expiring December 2023

 

12,983,070

 

157

 

961,670

 

0.49

Foreign Contracts

 

LME Lead Futures LL October 2023 contracts, expiring October 2023*

 

14,101,951

 

256

 

(114,751)

 

(0.06)

LME Lead Futures LL November 2023 contracts, expiring November 2023*

 

14,020,890

 

258

 

(37,290)

 

(0.02)

LME Zinc Futures LX January 2024 contracts, expiring January 2024*

 

13,768,481

 

225

 

1,160,269

 

0.60

Open Commodity Futures Contracts - Short**

 

 

 

Foreign Contracts

LME Lead Futures LL October 2023 contracts, expiring October 2023*

(14,008,070)

256

20,870

0.01

LME Zinc Futures LX January 2024 contracts, expiring January 2024*

(14,457,175)

225

(471,575)

(0.24)

Total Open Futures Contracts*

$

193,323,215

 

4,625

$

1,818,757

 

0.93

5

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited)

At September 30, 2023 (continued)

United States Commodity Index Fund

    

Shares/Principal 

    

    

% of Partners’

Amount

Market Value

Capital

Cash Equivalents

 

  

 

  

 

  

United States Treasury Obligations

 

  

 

  

 

  

U.S. Treasury Bills:

 

  

 

  

 

  

5.29%, 10/12/2023

$

8,000,000

$

7,987,216

 

4.09

5.32%, 10/26/2023

 

8,000,000

 

7,970,778

 

4.08

5.38%, 11/28/2023

 

7,000,000

 

6,940,341

 

3.56

5.37%, 11/30/2023

7,000,000

6,938,050

3.56

5.37%, 12/12/2023

7,000,000

6,926,150

3.55

5.39%, 12/19/2023

6,000,000

5,930,250

3.04

5.40%, 1/02/2024

7,000,000

6,904,015

3.54

5.43%, 1/23/2024

 

8,000,000

 

7,864,894

 

4.03

Total United States Treasury Obligations

 

  

 

57,461,694

 

29.45

United States Money Market Funds

 

  

 

  

 

  

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 5.30%#

 

65,800,000

 

65,800,000

 

33.73

Total United States Money Market Funds

 

  

 

65,800,000

 

33.73

Total Cash Equivalents

 

  

$

123,261,694

 

63.18

Represents less than 0.005%.

#

Reflects the 7-day yield at September 30, 2023.

*

Collateral amounted to $8,084,235 on open commodity futures contracts.

**

All short contracts are offset by long positions in Commodity Futures Contracts and are acquired solely for the purpose of reducing a long position (e.g., due to a redemption or to reflect a rebalancing of the SDCI).

See accompanying notes to condensed financial statements.

6

United States Commodity Index Funds Trust

Condensed Schedule of Investments (Unaudited)

At September 30, 2023

United States Copper Index Fund

    

    

    

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

 

  

 

  

 

  

 

  

COMEX Copper Futures HG December 2023 contracts, expiring December 2023

$

48,638,474

 

485

$

(3,321,287)

 

(2.44)

COMEX Copper Futures HG March 2024 contracts, expiring March 2024

45,255,327

482

112,923

0.08

COMEX Copper Futures HG May 2024 contracts, expiring May 2024

 

45,533,388

 

481

 

(60,850)

 

(0.04)

Total Open Futures Contracts*

$

139,427,189

 

1,448

$

(3,269,214)

 

(2.40)

    

Shares/Principal 

    

    

% of Partners’

Amount

Market Value

 Capital

Cash Equivalents

United States Treasury Obligations

U.S. Treasury Bills:

5.29%, 10/12/2023

$

7,000,000

$

6,988,814

 

5.13

5.32%, 10/26/2023

 

7,000,000

 

6,974,430

 

5.11

5.38%, 11/28/2023

 

7,000,000

 

6,940,340

 

5.09

5.37%, 11/30/2023

6,000,000

5,946,900

4.36

5.37%, 12/12/2023

7,000,000

6,926,150

5.08

5.39%, 12/19/2023

 

6,000,000

 

5,930,250

 

4.35

Total United States Treasury Obligations

 

  

 

39,706,884

 

29.12

United States Money Market Funds

 

  

 

  

 

  

Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 5.30%#

 

24,950,000

 

24,950,000

 

18.30

Total United States Money Market Funds

 

  

 

24,950,000

 

18.30

Total Cash Equivalents

 

  

$

64,656,884

 

47.42

#Reflects the 7-day yield at September 30, 2023.

*Collateral amounted to $12,583,048 on open commodity futures contracts.

See accompanying notes to condensed financial statements.

7

United States Commodity Index Funds Trust

Condensed Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2023 and 2022

United States Commodity Index Fund

Three months ended

Three months ended

Nine months ended

    

Nine months ended

    

September 30, 2023

    

September 30, 2022

    

September 30, 2023

    

September 30, 2022

Income

  

  

  

 

  

Gain (loss) on trading of commodity futures contracts:

  

  

 

Realized gain (loss) on closed commodity futures contracts

$

8,417,220

$

(21,425,957)

$

7,777,971

$

65,042,600

Change in unrealized gain (loss) on open commodity futures contracts

 

6,751,378

 

714,826

 

(7,579,973)

 

(22,661,369)

Dividend income

 

1,048,398

 

1,240,337

 

4,403,562

 

1,780,665

Interest income*

 

1,341,553

 

236,778

 

2,784,259

 

294,248

ETF transaction fees

 

1,750

 

5,250

 

9,450

 

13,300

Total Income (Loss)

$

17,560,299

$

(19,228,766)

$

7,395,269

$

44,469,444

 

 

 

  

 

  

Expenses

 

 

 

  

 

  

Management fees (Note 4)

$

367,141

$

597,385

$

1,192,848

$

1,892,714

Professional fees

 

88,513

 

203,800

 

268,799

 

402,120

Brokerage commissions

 

42,085

 

57,426

 

124,984

 

158,243

Directors’ fees and insurance

 

19,476

 

19,386

 

54,933

 

51,937

License fees

2,274

2,274

Registration fees

 

 

 

 

6,617

Total Expenses

$

517,215

$

880,271

$

1,641,564

$

2,513,905

Net Income (Loss)

$

17,043,084

$

(20,109,037)

$

5,753,705

$

41,955,539

Net Income (Loss) per share

$

5.48

$

(3.46)

$

2.89

$

8.02

Net Income (Loss) per weighted average share

$

5.43

$

(3.67)

$

1.60

$

7.22

Weighted average shares outstanding

 

3,140,761

 

5,484,239

 

3,586,813

 

5,811,905

*

Interest income does not exceed paid in kind of 5%.

See accompanying notes to condensed financial statements.

8

United States Commodity Index Funds Trust

Condensed Statements of Operations (Unaudited)

For the three and nine months ended September 30, 2023 and 2022

United States Copper Index Fund

Three months ended

Three months ended

Nine months ended

Nine months ended

    

September 30, 2023

    

September 30, 2022

    

September 30, 2023

    

September 30, 2022

Income

  

 

  

 

  

 

  

Gain (loss) on trading of commodity futures contracts:

  

 

  

 

 

Realized gain (loss) on closed commodity futures contracts

$

(8,094,988)

$

(28,489,524)

$

4,903,025

$

(28,661,637)

Change in unrealized gain (loss) on open commodity futures contracts

 

5,801,599

 

15,086,358

 

(7,242,067)

 

(25,432,878)

Dividend income

 

673,815

 

629,713

 

3,129,072

 

935,300

Interest income*

 

1,183,014

 

83,078

 

2,169,490

 

133,040

ETF transaction fees

 

4,550

 

3,850

 

13,650

 

13,650

Total Income (Loss)

$

(432,010)

$

(12,686,525)

$

2,973,170

$

(53,012,525)

 

 

  

 

 

  

Expenses

 

 

  

 

 

  

Management fees (Note 4)

$

232,509

$

236,591

$

712,684

$

976,774

Professional fees

 

113,133

 

185,775

 

320,197

 

401,201

Brokerage commissions

 

12,999

 

9,695

 

35,533

 

41,446

Directors’ fees and insurance

 

20,037

 

21,682

 

62,693

 

58,708

License fees

2,273

Other fees

2,273

Registration fees

24,092

Total Expenses

$

378,678

$

456,016

$

1,131,107

$

1,504,494

Net Income (Loss)

$

(810,688)

$

(13,142,541)

$

1,842,063

$

(54,517,019)

Net Income (Loss) per share

$

(0.05)

$

(1.87)

$

0.04

$

(6.69)

Net Income (Loss) per weighted average share

$

(0.13)

$

(1.92)

$

0.30

$

(6.88)

Weighted average shares outstanding

 

6,060,326