United States Commodity Index Funds Trust Files Annual Report for Fiscal Year Ending December 31, 2025

United States Commodity Index Funds Trust, comprising the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER), has filed its annual report on Form 10-K. The filing details the financial performance and operational activities of the Trust and its series for the fiscal year ending December 31, 2025. As of December 31, 2025, USCI had 3,600,000 shares outstanding, with a net asset value (NAV) of $77.48 per share, while CPER had 13,100,000 shares outstanding, with a NAV of $34.84 per share. The aggregate market value of shares held by non-affiliates as of June 30, 2025, was $457.3 million.

USCI reported average daily total net assets of $244.3 million for the year ended December 31, 2025, compared to $176.7 million for the previous year. Dividend and interest income earned on Treasuries, cash, and cash equivalents totaled $10.0 million, with an annualized yield of 4.10%. Management fees amounted to $1.95 million, while total fees and other expenses, excluding management fees, were $602,653. Brokerage commissions totaled $183,469, representing 0.08% of average total net assets. USCI's net income for the year was $36.0 million, or $11.44 per share. CPER reported average daily total net assets of $228.3 million for the year ended December 31, 2025, compared to $170.4 million for the previous year. Dividend and interest income earned on Treasuries, cash, and cash equivalents totaled $9.3 million, with an annualized yield of 4.07%. Management fees amounted to $1.48 million, while total fees and other expenses, excluding management fees, were $536,347. Brokerage commissions totaled $36,365, representing 0.02% of average total net assets. CPER's net income for the year was $82.8 million, or $9.61 per share.

The filing also outlined the investment strategies of USCI and CPER, which aim to track the SummerHaven Dynamic Commodity Index Total ReturnSM (SDCI) and the SummerHaven Copper Index Total ReturnSM (SCI), respectively. USCI primarily invests in benchmark component futures contracts, while CPER focuses on copper futures contracts traded on the COMEX exchange. Both funds may also invest in other commodity-related investments to a lesser extent, subject to regulatory requirements, risk mitigation measures, liquidity, and market conditions. The report details the composition of the SDCI and SCI, including the eligible commodities, futures exchanges, and contract selection methodologies.

The 10-K filing includes a comprehensive discussion of risk factors associated with investing in the Trust Series, including market risk, correlation risk, tax risk, and OTC contract risk. These risks encompass potential losses due to price volatility, imperfect correlation with benchmark indices, tax liabilities exceeding distributions, counterparty credit risk, and regulatory changes. The document also highlights the limited voting rights of shareholders and the potential for conflicts of interest involving USCF and its affiliates. The filing notes that the Position Limits Rule could inhibit the Trust Series’ ability to invest in the Applicable Benchmark Component Futures Contracts and thereby could negatively impact the ability of the Trust Series to meet its investment objective.