CPER 10-Q report for 2025-09-30

CPER is the United States Copper Index Fund, an equity vehicle designed to provide exposure to copper index performance.

CPER 10-Q report for 2025-09-30 United States Commodity Index Funds Trust_September 30, 2025 Table of Contents ​ ​ 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, 2025 . 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 November 3, 2025 are included in the table below: ​ ​ ​ Number of Outstanding Shares as of November 3, 2025 United States Commodity Index Fund ​ 3,600,000 ​ United States Copper Index Fund ​ 10,650,000 ​ Total ​ 14,250,000 ​ ​ ​ ​ ​ Table of Contents United States Commodity Index Funds Trust Table of Contents ​ ​ Part I. FINANCIAL INFORMATION Page ​ ​ Item 1. Financial Statements. 1 ​ ​ Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 35 ​ ​ 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 ​ ​ Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index to Financial Statements ​ ​ ​ Documents Page ​ ​ ​ Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024 2 - 4 ​ ​ ​ Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024 ​ 5 - 10 ​ ​ ​ Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 11 - 13 ​ ​ ​ Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 14 - 16 ​ ​ ​ Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 ​ 17 - 19 ​ ​ ​ Notes to Financial Statements (Unaudited) for the period ended September 30, 2025 ​ 20 - 34 ​ ​ ​ ​ 1 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 253,581,744 and $ 177,697,621 , respectively) (Notes 2 and Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 35 ​ ​ 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 ​ ​ Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index to Financial Statements ​ ​ ​ Documents Page ​ ​ ​ Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024 2 - 4 ​ ​ ​ Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024 ​ 5 - 10 ​ ​ ​ Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 11 - 13 ​ ​ ​ Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 14 - 16 ​ ​ ​ Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 ​ 17 - 19 ​ ​ ​ Notes to Financial Statements (Unaudited) for the period ended September 30, 2025 ​ 20 - 34 ​ ​ ​ ​ 1 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 253,581,744 and $ 177,697,621 , respectively) (Notes 2 and 6) ​ $ 253,581,744 (a) $ 177,697,621 Equity in trading accounts: ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 13,135,809 and $ 8,190,855 , respectively) ​ 13,135,809 8,190,855 Unrealized gain (loss) on open commodity futures contracts ​ 5,090,649 5,392,339 Dividends receivable ​ 589,302 440,048 Interest receivable ​ 321,982 232,104 Prepaid insurance ​ ​ 40,371 ​ ​ 5,293 ​ ​ ​ ​ ​ ​ Total Assets ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ ​ Management fees payable (Note 4) ​ $ 176,305 $ 128,904 Professional fees payable ​ 190,884 301,941 Brokerage commissions payable ​ 3,955 3,955 Directors’ fees payable ​ ​ 9,279 ​ 5,450 ​ ​ ​ ​ ​ ​ Total Liabilities ​ 380,423 ​ ​ 440,250 ​ ​ ​ ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital ​ ​ ​ ​ ​ Sponsor ​ ​ — ​ — Shareholders ​ ​ 272,379,434 ​ 191,518,010 Total Capital ​ 272,379,434 191,518,010 ​ ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Shares outstanding ​ ​ 3,500,000 ​ 2,900,000 Net asset value per share ​ $ 77.82 ​ $ 66.04 Market value per share ​ $ 77.90 ​ $ 65.98 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 2 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost $ 241,722,037 and $ 135,487,612 , respectively) (Notes 2 and 6) ​ $ 241,722,037 (a) $ 135,487,612 Equity in trading accounts: ​ ​ ​ Cash and cash equivalents (at cost $ 11,488,829 and $ 16,731,473 , respectively) ​ 11,488,829 ​ 16,731,473 Unrealized gain (loss) on open commodity futures contracts ​ 8,155,037 ​ ( 9,781,512 ) Receivable for shares sold ​ ​ 16,459,523 ​ ​ — Dividends receivable ​ 438,995 ​ 337,688 Interest receivable ​ 330,966 ​ 193,831 Prepaid insurance ​ ​ 34,564 ​ ​ 3,849 ETF transaction fees receivable ​ ​ 700 ​ ​ — ​ ​ ​ ​ ​ Total Assets ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Liabilities and Capital ​ ​ Management fees payable (Note 4) ​ $ 120,844 ​ $ 85,037 Professional fees payable ​ 182,045 ​ 321,874 Directors’ fees payable ​ 8,366 ​ 4,936 ​ ​ ​ ​ Total Liabilities ​ ​ 311,255 ​ 411,847 ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ ​ — ​ ​ — Shareholders ​ ​ 278,319,396 ​ ​ 142,561,094 Total Capital ​ 278,319,396 ​ 142,561,094 ​ ​ ​ ​ Total Liabilities and Capital ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Shares outstanding ​ ​ 9,300,000 ​ ​ 5,650,000 Net asset value per share ​ $ 29.93 ​ $ 25.23 Market value per share ​ $ 30.00 ​ $ 25.16 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 3 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost $ 495,303,781 and $ 313,185,233 , respectively) (Notes 2 and 6) ​ $ 495,303,781 (a) $ 313,185,233 Equity in trading accounts: ​ ​ ​ Cash and cash equivalents (at cost $ 24,624,638 and $ 24,922,328 , respectively) ​ 24,624,638 ​ 24,922,328 Unrealized gain (loss) on open commodity futures contracts ​ 13,245,686 ​ ( 4,389,173 ) Receivable for shares sold ​ 16,459,523 ​ ​ — Dividends receivable ​ 1,028,297 ​ 777,736 Interest receivable ​ 652,948 ​ 425,935 Prepaid insurance ​ ​ 74,935 ​ ​ 9,142 ETF transaction fees receivable ​ ​ 700 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total Assets ​ $ 551,390,508 ​ $ 334,931,201 ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ Management fees payable (Note 4) ​ $ 297,149 ​ $ 213,941 Professional fees payable ​ 372,929 ​ 623,815 Brokerage commissions payable ​ 3,955 ​ 3,955 Directors’ fees payable ​ 17,645 ​ 10,386 ​ ​ ​ ​ ​ Total Liabilities ​ 691,678 ​ 852,097 ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 and 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ ​ — ​ ​ — Shareholders ​ 550,698,830 ​ 334,079,104 Total Capital ​ 550,698,830 ​ 334,079,104 ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 551,390,508 ​ $ 334,931,201 ​ ​ ​ ​ ​ Shares Outstanding ​ 12,800,000 ​ 8,550,000 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 4 Table of Contents United States Commodity Index Funds Trust Schedule of Investments (Unaudited) At September 30, 2025 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 WTI Crude Oil Futures CL December contracts, expiring November 2025 ​ $ 19,278,360 303 ​ $ ( 504,480 ) ( 0.18 ) CME Cattle Feeder Futures FC November contracts, expiring November 2025 ​ 19,345,887 109 ​ 238,687 0.09 NYMEX NY Harbour ULSD Futures HO December contracts, expiring November 2025 ​ 19,562,886 198 ​ ( 433,591 ) ( 0.16 ) NYMEX RBOB Gasoline Futures RB December contracts, expiring November 2025 ​ 19,377,112 242 ​ ( 322,661 ) ( 0.12 ) CBOT Soybean Oil BO December contracts, expiring December 2025 ​ 19,525,092 652 ​ ( 164,604 ) ( 0.06 ) CME Lean Hogs LH December contracts, expiring December 2025 ​ 19,755,050 550 ​ ( 235,550 ) ( 0.09 ) ICE Cocoa Futures CC December contracts, expiring December 2025 ​ 19,099,450 277 ​ ( 404,720 ) ( 0.15 ) ICE Coffee Futures KC December contracts, expiring December 2025 ​ 15,647,550 141 ​ 4,172,644 1.53 COMEX Silver Futures SI December contracts, expiring December 2025 ​ 20,396,860 88 ​ 124,740 0.05 United Kingdom Contracts ​ ​ ​ ICE Brent Crude Futures CO January contracts, expiring November 2025 ​ 19,297,810 287 ​ ( 464,870 ) ( 0.17 ) ICE Low Sulphur Gasoil Futures QS December contracts, expiring December 2025 ​ 18,523,576 285 ​ 671,174 0.24 Foreign Contracts ​ ​ LME Aluminum Futures LA October contracts, expiring October 2025 * ​ 18,847,854 291 ​ 669,516 0.25 LME Tin Futures LT October contracts, expiring October 2025 * ​ 24,436,640 141 ​ 578,875 0.21 LME Zinc Futures LX October contracts, expiring October 2025 * ​ ​ 18,970,646 ​ 271 ​ ​ 1,316,007 ​ 0.48 LME Aluminum Futures LA November contracts, expiring November 2025 * ​ ​ 19,681,531 ​ 295 ​ ​ 92,098 ​ 0.04 LME Tin Futures LT November contracts, expiring November 2025 * ​ 19,963,719 114 ​ 278,691 0.10 LME Zinc Futures LX November contracts, expiring November 2025 * ​ 19,486,222 265 ​ 231,832 0.08 Open Commodity Futures Contracts - Short ** Foreign Contracts ​ ​ LME Aluminum Futures LA October contracts, expiring October 2025 * ​ ​ ( 19,429,266 ) ​ 291 ​ ​ ( 88,104 ) ​ ( 0.03 ) LME Tin Futures LT October contracts, expiring October 2025 * ​ ​ ( 24,596,064 ) ​ 141 ​ ​ ( 419,451 ) ​ ( 0.15 ) LME Zinc Futures LX October contracts, expiring October 2025 * ​ ( 20,041,070 ) 271 ​ ( 245,584 ) ( 0.09 ) Total Open Futures Contracts * ​ $ 267,129,845 5,212 ​ $ 5,090,649 1.87 ​ ​ 5 Table of Contents United States Commodity Index Funds Trust Schedule of Investments (Unaudited) At September 30, 2025 ​ United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares/Principal ​ ​ % of Partners’ ​ ​ Amount ​ Market Value ​ Capital Cash Equivalents ​ ​ United States Money Market Funds ​ ​ Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.09 % # ​ 170,500,000 ​ $ 170,500,000 62.60 Total United States Money Market Funds ​ ​ ​ ​ $ 170,500,000 62.60 * Collateral amounted to $ 13,135,809 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). # Reflects the 7 -day yield at September 30, 2025. ​ See accompanying notes to financial statements. 6 Table of Contents United States Commodity Index Funds Trust Schedule of Investments At December 31, 2024 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 WTI Crude Oil Futures CL March 2025 contracts, expiring February 2025 ​ $ 13,568,740 193 ​ $ 182,510 0.10 ​ NYMEX Natural Gas Futures NG March 2025 contracts, expiring February 2025 ​ 14,129,020 463 ​ 214,720 0.11 ​ CME Live Cattle Futures LC February 2025 contracts, expiring February 2025 ​ 13,422,940 176 ​ 65,700 0.03 ​ ICE Cocoa Futures CC March 2025 contracts, expiring March 2025 ​ 8,402,520 121 ​ 5,724,230 2.99 ​ CBOT Soybean Meal Futures SM March 2025 contracts, expiring March 2025 ​ 13,363,700 268 ​ 177,000 0.09 ​ ICE Coffee Futures KC March 2025 contracts, expiring March 2025 ​ 10,224,844 110 ​ 2,964,844 1.55 ​ CME Cattle Feeder Futures FC March 2025 contracts, expiring March 2025 ​ 13,431,113 103 ​ 112,100 0.06 ​ COMEX Copper Futures HG March 2025 contracts, expiring March 2025 ​ 14,110,800 129 ​ ( 1,125,338 ) ( 0.59 ) ​ NYMEX Platinum Futures PL April 2025 contracts, expiring April 2025 ​ 13,148,070 277 ​ ( 537,645 ) ( 0.28 ) ​ NYMEX NY Harbour ULSD Futures HO May 2025 contracts, expiring April 2025 ​ 13,617,583 147 ​ 217,116 0.11 ​ ICE Sugar #11 Futures SB May 2025 contracts, expiring April 2025 ​ ​ 15,630,586 ​ 667 ​ ​ ( 2,295,922 ) ​ ( 1.20 ) ​ United Kingdom Contracts ​ ​ ​ ​ ​ ​ ​ ICE Brent Crude Futures CO April 2025 contracts, expiring February 2025 ​ 13,502,679 184 ​ 157,481 0.08 ​ ICE Low Sulphur Gasoil Futures QS April 2025 contracts, expiring April 2025 ​ ​ 13,401,075 ​ 199 ​ ​ 185,650 ​ 0.10 ​ Foreign Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LME Tin Futures LT January 2025 contracts, expiring January 2025 * ​ ​ 13,154,641 ​ 92 ​ ​ 120,039 ​ 0.06 ​ LME Zinc Futures LX January 2025 contracts, expiring January 2025 * ​ 13,631,096 176 ​ ( 605,160 ) ( 0.32 ) ​ LME Tin Futures LT February 2025 contracts, expiring February 2025 * ​ 13,436,330 93 ​ 31,465 0.02 ​ LME Aluminum Futures LA April 2025 contracts, expiring April 2025 * ​ 13,117,061 200 ​ ( 354,911 ) ( 0.18 ) ​ Open Commodity Futures Contracts - Short ** ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LME Tin Futures LT January 2025 contracts, expiring January 2025 * ​ ​ ( 13,246,045 ) ​ 92 ​ ​ ( 28,635 ) ​ ( 0.02 ) ​ LME Zinc Futures LX January 2025 contracts, expiring January 2025 * ​ ​ ( 13,199,356 ) ​ 176 ​ ​ 173,420 ​ 0.09 ​ LME Aluminum Futures LA April 2025 contracts, expiring April 2025 * ​ ( 12,775,825 ) 200 ​ 13,675 0.01 ​ Total Open Futures Contracts * ​ $ 184,071,572 4,066 ​ $ 5,392,339 2.81 ​ ​ ​ 7 Table of Contents United States Commodity Index Funds Trust Schedule of Investments At December 31, 2024 ​ United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Shares/Principal  ​ ​ % of Partners’ ​ ​ Amount ​ Market Value ​ Capital Cash Equivalents ​ ​ United States Money Market Funds ​ ​ ​ Dreyfus Institutional Preferred Government Money Market Fund - Institutional Shares, 4.43 % # ​ 140,500,000 ​ $ 140,500,000 73.36 Total United States Money Market Funds ​ ​ $ 140,500,000 73.36 Collateral amounted to $ 8,190,855 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 l 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 ​ ​ Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index to Financial Statements ​ ​ ​ Documents Page ​ ​ ​ Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024 2 - 4 ​ ​ ​ Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024 ​ 5 - 10 ​ ​ ​ Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 11 - 13 ​ ​ ​ Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 14 - 16 ​ ​ ​ Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 ​ 17 - 19 ​ ​ ​ Notes to Financial Statements (Unaudited) for the period ended September 30, 2025 ​ 20 - 34 ​ ​ ​ ​ 1 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 253,581,744 and $ 177,697,621 , respectively) (Notes 2 and 6) ​ $ 253,581,744 (a) $ 177,697,621 Equity in trading accounts: ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 13,135,809 and $ 8,190,855 , respectively) ​ 13,135,809 8,190,855 Unrealized gain (loss) on open commodity futures contracts ​ 5,090,649 5,392,339 Dividends receivable ​ 589,302 440,048 Interest receivable ​ 321,982 232,104 Prepaid insurance ​ ​ 40,371 ​ ​ 5,293 ​ ​ ​ ​ ​ ​ Total Assets ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ ​ Management fees payable (Note 4) ​ $ 176,305 $ 128,904 Professional fees payable ​ 190,884 301,941 Brokerage commissions payable ​ 3,955 3,955 Directors’ fees payable ​ ​ 9,279 ​ 5,450 ​ ​ ​ ​ ​ ​ Total Liabilities ​ 380,423 ​ ​ 440,250 ​ ​ ​ ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital ​ ​ ​ ​ ​ Sponsor ​ ​ — ​ — Shareholders ​ ​ 272,379,434 ​ 191,518,010 Total Capital ​ 272,379,434 191,518,010 ​ ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Shares outstanding ​ ​ 3,500,000 ​ 2,900,000 Net asset value per share ​ $ 77.82 ​ $ 66.04 Market value per share ​ $ 77.90 ​ $ 65.98 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 2 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost $ 241,722,037 and $ 135,487,612 , respectively) (Notes 2 and 6) ​ $ 241,722,037 (a) $ 135,487,612 Equity in trading accounts: ​ ​ ​ Cash and cash equivalents (at cost $ 11,488,829 and $ 16,731,473 , respectively) ​ 11,488,829 ​ 16,731,473 Unrealized gain (loss) on open commodity futures contracts ​ 8,155,037 ​ ( 9,781,512 ) Receivable for shares sold ​ ​ 16,459,523 ​ ​ — Dividends receivable ​ 438,995 ​ 337,688 Interest receivable ​ 330,966 ​ 193,831 Prepaid insurance ​ ​ 34,564 ​ ​ 3,849 ETF transaction fees receivable ​ ​ 700 ​ ​ — ​ ​ ​ ​ ​ Total Assets ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Liabilities and Capital ​ ​ Management fees payable (Note 4) ​ $ 120,844 ​ $ 85,037 Professional fees payable ​ 182,045 ​ 321,874 Directors’ fees payable ​ 8,366 ​ 4,936 ​ ​ ​ ​ Total Liabilities ​ ​ 311,255 ​ 411,847 ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ ​ — ​ ​ — Shareholders ​ ​ 278,319,396 ​ ​ 142,561,094 Total Capital ​ 278,319,396 ​ 142,561,094 ​ ​ ​ ​ Total Liabilities and Capital ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Shares outstanding ​ ​ 9,300,000 ​ ​ 5,650,000 Net asset value per share ​ $ 29.93 ​ $ 25.23 Market value per share ​ $ 30.00 ​ $ 25.16 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 3 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost $ 495,303,781 and $ 313,185,233 , respectively) (Notes 2 and 6) ​ $ 495,303,781 (a) $ 313,185,233 Equity in trading accounts: ​ ​ ​ Cash and cash equivalents (at cost $ 24,624,638 and $ 24,922,328 , respectively) ​ 24,624,638 ​ 24,922,328 Unrealized gain (loss) on open commodity futures contracts ​ 13,245,686 ​ ( 4,389,173 ) Receivable for shares sold ​ 16,459,523 ​ ​ — Dividends receivable ​ 1,028,297 ​ 777,736 Interest receivable ​ 652,948 ​ 425,935 Prepaid insurance ​ ​ 74,935 ​ ​ 9,142 ETF transaction fees receivable ​ ​ 700 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total Assets ​ $ 551,390,508 ​ $ 334,931,201 ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ Management fees payable (Note 4) ​ $ 297,149 ​ $ 213,941 Professional fees payable ​ 372,929 ​ 623,815 Brokerage commissions payable ​ 3,955 ​ 3,955 Directors’ fees payable ​ 17,645 ​ 10,386 ​ ​ ​ ​ ​ Total Liabilities ​ 691,678 ​ 852,097 ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 and 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ ​ — ​ ​ — Shareholders ​ 550,698,830 ​ 334,079,104 Total Capital ​ 550,698,830 ​ 334,079,104 ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 551,390,508 ​ $ 334,931,201 ​ ​ ​ ​ ​ Shares Outstanding ​ 12,800,000 ​ 8,550,000 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 4 Table of Contents United States Commodity Index Funds Trust Schedule of Investments (Unaudited) At September 30, 2025 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 WTI Crude Oil Futures CL December contracts, expiring November 2025 ​ $ 19,278,360 303 ​ $ ( 504,480 ) ( 0.18 ) CME Cattle Feeder Futures FC November contracts, expiring November 2025 ​ 19,345,887 109 ​ 238,687 0.09 NYMEX NY Harbour ULSD Futures HO December contracts, expiring November 2025 ​ 19,562,886 198 ​ ( 433,591 ) ( 0.16 ) NYMEX RBOB Gasoline Futures RB December contracts, expiring November 2025 ​ 19,377,112 242 ​ ( 322,661 ) ( 0.12 ) CBOT Soybean Oil BO December contracts, expiring December 2025 ​ 19,525,092 652 ​ ( 164,604 ) ( 0.06 ) CME Lean Hogs LH December contracts, expiring December 2025 ​ 19,755,050 550 ​ ( 235,550 ) ( 0.09 ) ICE Cocoa Futures CC December contracts, expiring December 2025 ​ 19,099,450 277 ​ ( 404,720 ) ( 0.15 ) ICE Coffee Futures KC December contracts, expiring December 2025 ​ 15,647,550 141 ​ 4,172,644 1.53 COMEX Silver Futures SI December contracts, expiring December 2025 ​ 20,396,860 88 ​ 124,740 0.05 United Kingdom Contracts ​ ​ ​ ICE Brent Crude Futures CO January contracts, expiring November 2025 ​ 19,297,810 287 ​ ( 464,870 ) ( 0.17 ) ICE Low Sulphur Gasoil Futures QS December contracts, expiring December 2025 ​ 18,523,576 285 ​ 671,174 0.24 Foreign Contracts ​ ​ LME Aluminum Futures LA October contracts, e Results of Operations. 35 ​ ​ 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 ​ ​ Table of Contents Part I. FINANCIAL INFORMATION Item 1. Financial Statements. Index to Financial Statements ​ ​ ​ Documents Page ​ ​ ​ Statements of Financial Condition at September 30, 2025 (Unaudited) and December 31, 2024 2 - 4 ​ ​ ​ Schedules of Investments September 30, 2025 (Unaudited) and December 31, 2024 ​ 5 - 10 ​ ​ ​ Statements of Operations (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 11 - 13 ​ ​ ​ Statements of Changes in Capital (Unaudited) for the three and nine months ended September 30, 2025 and 2024 ​ 14 - 16 ​ ​ ​ Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2025 and 2024 ​ 17 - 19 ​ ​ ​ Notes to Financial Statements (Unaudited) for the period ended September 30, 2025 ​ 20 - 34 ​ ​ ​ ​ 1 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 253,581,744 and $ 177,697,621 , respectively) (Notes 2 and 6) ​ $ 253,581,744 (a) $ 177,697,621 Equity in trading accounts: ​ ​ ​ ​ ​ Cash and cash equivalents (at cost $ 13,135,809 and $ 8,190,855 , respectively) ​ 13,135,809 8,190,855 Unrealized gain (loss) on open commodity futures contracts ​ 5,090,649 5,392,339 Dividends receivable ​ 589,302 440,048 Interest receivable ​ 321,982 232,104 Prepaid insurance ​ ​ 40,371 ​ ​ 5,293 ​ ​ ​ ​ ​ ​ Total Assets ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Liabilities and Capital ​ ​ ​ ​ ​ Management fees payable (Note 4) ​ $ 176,305 $ 128,904 Professional fees payable ​ 190,884 301,941 Brokerage commissions payable ​ 3,955 3,955 Directors’ fees payable ​ ​ 9,279 ​ 5,450 ​ ​ ​ ​ ​ ​ Total Liabilities ​ 380,423 ​ ​ 440,250 ​ ​ ​ ​ ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital ​ ​ ​ ​ ​ Sponsor ​ ​ — ​ — Shareholders ​ ​ 272,379,434 ​ 191,518,010 Total Capital ​ 272,379,434 191,518,010 ​ ​ ​ ​ ​ ​ Total Liabilities and Capital ​ $ 272,759,857 ​ $ 191,958,260 ​ ​ ​ ​ ​ ​ Shares outstanding ​ ​ 3,500,000 ​ 2,900,000 Net asset value per share ​ $ 77.82 ​ $ 66.04 Market value per share ​ $ 77.90 ​ $ 65.98 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 2 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Copper Index Fund ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost $ 241,722,037 and $ 135,487,612 , respectively) (Notes 2 and 6) ​ $ 241,722,037 (a) $ 135,487,612 Equity in trading accounts: ​ ​ ​ Cash and cash equivalents (at cost $ 11,488,829 and $ 16,731,473 , respectively) ​ 11,488,829 ​ 16,731,473 Unrealized gain (loss) on open commodity futures contracts ​ 8,155,037 ​ ( 9,781,512 ) Receivable for shares sold ​ ​ 16,459,523 ​ ​ — Dividends receivable ​ 438,995 ​ 337,688 Interest receivable ​ 330,966 ​ 193,831 Prepaid insurance ​ ​ 34,564 ​ ​ 3,849 ETF transaction fees receivable ​ ​ 700 ​ ​ — ​ ​ ​ ​ ​ Total Assets ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Liabilities and Capital ​ ​ Management fees payable (Note 4) ​ $ 120,844 ​ $ 85,037 Professional fees payable ​ 182,045 ​ 321,874 Directors’ fees payable ​ 8,366 ​ 4,936 ​ ​ ​ ​ Total Liabilities ​ ​ 311,255 ​ 411,847 ​ ​ ​ Commitments and Contingencies (Notes 4, 5 & 6) ​ ​ ​ ​ ​ Capital ​ ​ Sponsor ​ ​ — ​ ​ — Shareholders ​ ​ 278,319,396 ​ ​ 142,561,094 Total Capital ​ 278,319,396 ​ 142,561,094 ​ ​ ​ ​ Total Liabilities and Capital ​ $ 278,630,651 ​ $ 142,972,941 ​ ​ ​ ​ Shares outstanding ​ ​ 9,300,000 ​ ​ 5,650,000 Net asset value per share ​ $ 29.93 ​ $ 25.23 Market value per share ​ $ 30.00 ​ $ 25.16 (a) A portion of this amount is designated to meet daily Futures Commission Merchants’ margin requirements. See accompanying notes to financial statements. ​ 3 Table of Contents United States Commodity Index Funds Trust Statements of Financial Condition At September 30, 2025 (Unaudited) and December 31, 2024 United States Commodity Index Funds Trust ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2025 December 31, 2024 Assets ​ ​ Cash and cash equivalents (at cost

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