United States Commodity Index Funds Trust Files 2023 10-K

TL;DR

<b>United States Commodity Index Funds Trust filed its 2023 10-K report detailing its financial activities and structure.</b>

AI Summary

United States Commodity Index Funds Trust (CPER) filed a Annual Report (10-K) with the SEC on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. United States Commodity Index Funds Trust is identified by Central Index Key 0001479247. The company's business address is 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596. The filing includes data related to commodity contracts and futures. The report pertains to the 1934 Act and has SEC file number 001-34833.

Why It Matters

For investors and stakeholders tracking United States Commodity Index Funds Trust, this filing contains several important signals. This 10-K filing provides a comprehensive overview of the Trust's operations and financial standing for the fiscal year 2023, crucial for investors to assess performance and risk. The inclusion of data on commodity contracts and futures indicates the Trust's focus on commodity-based investment strategies, relevant for those interested in this asset class.

Risk Assessment

Risk Level: low — United States Commodity Index Funds Trust shows low risk based on this filing. The filing is a standard 10-K for a commodity index fund, with no immediate red flags indicating high risk based on the provided header information.

Analyst Insight

Review the detailed financial statements and risk factors within the full 10-K to understand the specific performance and potential risks associated with the United States Commodity Index Funds Trust.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240229 — Filing Date (Filed as of Date)

Key Players & Entities

• United States Commodity Index Funds Trust (company) — Filer name
• 0001479247 (company) — Central Index Key
• 1850 Mt. Diablo Blvd., Suite 640, Walnut Creek, CA 94596 (company) — Business Address
• 1934 Act (regulator) — SEC Act
• 001-34833 (regulator) — SEC File Number

FAQ

Industry Context

The filing is for a commodity index fund, suggesting an investment vehicle focused on tracking commodity prices or indices.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, indicating regulatory oversight by the SEC for public companies and funds.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements, including revenue, expenses, and assets.
2. Examine the risk factors section to understand potential challenges and uncertainties faced by the Trust.
3. Investigate the Trust's investment strategy and holdings related to commodity contracts and futures.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis based on header information; a comparison to a previous filing would require access to that document.

Filing Documents

• usci-20231231x10k.htm (10-K) — 3984KB
• usci-20231231xex23d1.htm (EX-23.1) — 2KB
• usci-20231231xex31d1.htm (EX-31.1) — 14KB
• usci-20231231xex31d2.htm (EX-31.2) — 13KB
• usci-20231231xex32d1.htm (EX-32.1) — 8KB
• usci-20231231xex32d2.htm (EX-32.2) — 8KB
• usci-20231231xex97d1.htm (EX-97.1) — 31KB
• usci-20231231x10k005.jpg (GRAPHIC) — 47KB
• usci-20231231x10k006.jpg (GRAPHIC) — 27KB
• usci-20231231x10k007.jpg (GRAPHIC) — 50KB
• usci-20231231x10k008.jpg (GRAPHIC) — 53KB
• usci-20231231x10k009.jpg (GRAPHIC) — 50KB
• usci-20231231x10k010.jpg (GRAPHIC) — 58KB
• usci-20231231x10k011.jpg (GRAPHIC) — 45KB
• usci-20231231x10k012.jpg (GRAPHIC) — 91KB
• usci-20231231x10k013.jpg (GRAPHIC) — 82KB
• usci-20231231x10k014.jpg (GRAPHIC) — 50KB
• usci-20231231x10k015.jpg (GRAPHIC) — 81KB
• usci-20231231x10k016.jpg (GRAPHIC) — 83KB
• usci-20231231x10k017.jpg (GRAPHIC) — 2KB
• usci-20231231x10k018.jpg (GRAPHIC) — 3KB
• 0001410578-24-000104.txt (&nbsp;) — 11886KB
• usci-20231231.xsd (EX-101.SCH) — 61KB
• usci-20231231_cal.xml (EX-101.CAL) — 27KB
• usci-20231231_def.xml (EX-101.DEF) — 227KB
• usci-20231231_lab.xml (EX-101.LAB) — 355KB
• usci-20231231_pre.xml (EX-101.PRE) — 287KB
• usci-20231231x10k_htm.xml (XML) — 1768KB

Business

Item 1. Business. 1

Risk Factors

Item 1A. Risk Factors. 39

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 57

Cybersecurity

Item 1C. Cybersecurity. 57

Properties

Item 2. Properties. 58

Legal Proceedings

Item 3. Legal Proceedings. 58

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 60 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 61

[Reserved]

Item 6. [Reserved]. 61

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 61

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 88

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 90

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 128

Controls and Procedures

Item 9A. Controls and Procedures. 128

Other Information

Item 9B. Other Information. 128

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 128 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 129

Executive Compensation

Item 11. Executive Compensation. 135

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 135

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 135

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 136 Part IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. 137

Form 10-K Summary

Item 16. Form 10-K Summary. 138 Exhibit Index. 137 Signatures. 139 i Table of Contents Part I

Business

Item 1. Business. What is the Trust and the Trust Series? The United States Commodity Index Funds Trust (the "Trust") is a Delaware statutory trust formed on December 21, 2009. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and is organized into three separate series (each series, a "Trust Series" and collectively, the "Trust Series"). As of December 31, 2023, the Trust includes the United States Commodity Index Fund ("USCI"), a commodity pool formed on April 1, 2010 and first made available to the public on August 10, 2010, and the United States Copper Index Fund ("CPER"), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011. USCI and CPER each issues shares ("shares") that may be purchased and sold on the NYSE Arca, Inc. ("NYSE Arca"). The Trust, USCI, and CPER operate pursuant to the Trust's Fourth Amended and Restated Declaration of Trust and Trust Agreement (the "Trust Agreement"), dated as of December 15, 2017. Wilmington Trust Company, a Delaware trust company, is the Delaware trustee of the Trust. The Trust, USCI and CPER are managed and controlled by United States Commodity Funds LLC ("USCF"). USCF is a limited liability company formed in Delaware on May 10, 2005, that is registered as a commodity pool operator ("CPO") with the Commodity Futures Trading Commission and is a member of the National Futures Association ("NFA"). The Trust and Trust Series maintain their main business offices at 1850 Mt. Diablo Boulevard, Suite 640, Walnut Creek, California 94596. USCI's Investment Objective The investment objective of USCI is for the daily changes in percentage terms of its shares' per share net asset value ("NAV") to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM (the "SDCI"), less USCI's expenses. The SDCI is designed to reflect the performance of a diversified group of commodities. The SDCI is owned and maintain

View Full Filing

View this 10-K filing on SEC EDGAR