United States Commodity Index Funds Trust Reports Financial Performance for 2024

The United States Commodity Index Funds Trust (the “Trust”), a Delaware statutory trust formed in 2009, reported its financial performance for the year ended December 31, 2024, in its recent 10-K filing. The Trust operates through two series: the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER), both trading on the NYSE Arca. USCI's year-end per-share net asset value (NAV) was $66.04, up from $56.34 in 2023, representing a 17.22% increase. CPER's year-end NAV was $25.23, a 4.69% increase from $24.10 in 2023. USCI held a total of 4,066 futures contracts across various exchanges as of December 31, 2024, while CPER held 1,396 contracts on the COMEX.

USCI's average daily total net assets decreased to $176.7 million in 2024 from $195.9 million in 2023. Its dividend and interest income, however, increased to $8.96 million from $9.66 million, resulting in a slightly lower annualized yield of 5.07% compared to 4.93% in 2023. Total expenses for USCI, excluding management fees, rose to $627,609 from $611,390, primarily due to increased audit and professional fees. Brokerage commissions decreased to $134,087 from $160,196 due to lower trading volume. CPER experienced a rise in average daily total net assets to $170.4 million from $141.7 million. Its dividend and interest income increased to $8.67 million from $6.99 million, also resulting in a higher annualized yield of 5.09% compared to 4.93% in 2023. Similar to USCI, CPER's total expenses excluding management fees increased to $703,091 from $547,132, primarily due to higher audit and professional fees, while brokerage commissions slightly decreased.

The Trust's 10-K filing details the investment objectives and strategies of both USCI and CPER, focusing on tracking respective indices (SDCI and SCI) while managing risks associated with futures contracts and potential investments in other commodity-related instruments. The filing also outlines the Trust's operational structure, including its relationship with United States Commodity Funds LLC (USCF), which manages the Trust and its series, and other service providers such as BNY Mellon and ALPS Distributors. The document includes extensive disclosures on risk factors, including investment risk, correlation risk, tax risk, OTC contract risk, and other operational and regulatory risks.

The filing further details the creation and redemption of shares, which occur only in blocks of 50,000 shares (Creation and Redemption Baskets) through Authorized Participants. As of December 31, 2024, USCI had approximately 19,135 shareholders and CPER had approximately 21,159 shareholders. Neither fund made any cash distributions during the year. The 10-K also provides information on the compensation of USCF's directors and executive officers, noting that the Trust series do not directly compensate these individuals. Finally, the filing includes audited financial statements, including statements of financial condition, statements of operations, statements of changes in capital, and statements of cash flows for both USCI and CPER, along with detailed notes to the financial statements.

The Trust's outlook, as expressed in the filing, acknowledges the potential impact of various factors, including inflation, currency movements, and market volatility in commodities and futures markets, on future performance. The filing emphasizes that past performance is not indicative of future results and highlights the inherent risks associated with commodity investments.