Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Document Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-34833 | |
Entity Registrant Name | United States Commodity Index Funds Trust | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 27-1537655 | |
Entity Address, Address Line One | 1850 Mt. Diablo Boulevard, SuiteĀ 640 | |
Entity Address, City or Town | Walnut Creek | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94596 | |
City Area Code | 510 | |
Local Phone Number | 522-9600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001479247 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock | ||
Document Information | ||
Entity Common Stock, Shares Outstanding | 4,950,000 | |
United States Commodity Index Fund | ||
Document Information | ||
Title of 12(b) Security | Shares of United States Commodity Index Fund | |
Trading Symbol | USCI | |
Security Exchange Name | NYSEArca | |
Entity Common Stock, Shares Outstanding | 3,500,000 | |
United States Copper Index Fund | ||
Document Information | ||
Title of 12(b) Security | Shares of United States Copper Index Fund | |
Trading Symbol | CPER | |
Security Exchange Name | NYSEArca | |
Entity Common Stock, Shares Outstanding | 1,450,000 |
Condensed Statements of Financi
Condensed Statements of Financial Condition - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 124,713,160 | ||
United States Commodity Index Fund | |||
Assets | |||
Cash and cash equivalents | 98,495,028 | $ 163,036,680 | |
Equity in trading accounts: | |||
Cash and cash equivalents | 3,408,539 | 27,277,314 | |
Unrealized gain (loss) on open commodity futures contracts | 5,481,619 | 2,138,868 | |
Dividends receivable | 2,797 | 25,510 | |
Prepaid insurance | [1] | 10,709 | 20,198 |
ETF transaction fees receivable | 0 | 350 | |
Total Assets | 107,398,692 | 192,498,920 | |
Liabilities and Capital | |||
Payable for shares redeemed | 0 | 1,843,700 | |
Management fees payable (Note 4) | 72,334 | 142,699 | |
Professional fees payable | 292,861 | 571,822 | |
Brokerage commissions payable | 3,955 | 33,805 | |
Directors' fees payable | [1] | 1,422 | 11,412 |
Total Liabilities | 370,572 | 2,603,438 | |
Commitments and Contingencies (Notes 4, 5 & 6) | |||
Capital | |||
Sponsor | 0 | 0 | |
Shareholders | 107,028,120 | 189,895,482 | |
Total Capital | 107,028,120 | 189,895,482 | |
Total Liabilities and Capital | $ 107,398,692 | $ 192,498,920 | |
Shares Outstanding | 3,600,000 | 5,150,000 | |
Net asset value per share | $ 29.73 | $ 36.87 | |
Market value per share | $ 29.70 | $ 36.90 | |
United States Copper Index Fund | |||
Assets | |||
Cash and cash equivalents | $ 26,218,132 | $ 6,699,854 | |
Equity in trading accounts: | |||
Cash and cash equivalents | 338,182 | 399,050 | |
Unrealized gain (loss) on open commodity futures contracts | 1,610,888 | 346,250 | |
Receivable from Sponsor (Note 4) | 39,770 | 67,629 | |
Dividends receivable | 793 | 1,363 | |
Interest receivable | 0 | 125 | |
Prepaid insurance | [1] | 460 | 253 |
Total Assets | 28,208,225 | 7,514,524 | |
Liabilities and Capital | |||
Payable due to Broker | 0 | 429,967 | |
Management fees payable (Note 4) | 15,926 | 4,647 | |
Professional fees payable | 40,457 | 64,311 | |
Directors' fees payable | [1] | 360 | 222 |
Total Liabilities | 56,743 | 499,147 | |
Commitments and Contingencies (Notes 4, 5 & 6) | |||
Capital | |||
Sponsor | 0 | 0 | |
Shareholders | 28,151,482 | 7,015,377 | |
Total Capital | 28,151,482 | 7,015,377 | |
Total Liabilities and Capital | $ 28,208,225 | $ 7,514,524 | |
Shares Outstanding | 1,500,000 | 400,000 | |
Net asset value per share | $ 18.77 | $ 17.54 | |
Market value per share | $ 18.70 | $ 17.54 | |
USCF Crescent Crypto Index Fund | |||
Assets | |||
Cash and cash equivalents | $ 0 | $ 1,000 | |
Equity in trading accounts: | |||
Total Assets | 0 | 1,000 | |
Liabilities and Capital | |||
Commitments and Contingencies (Notes 4, 5 & 6) | |||
Capital | |||
Sponsor | 0 | 1,000 | |
Shareholders | 0 | 0 | |
Total Capital | 0 | 1,000 | |
Total Liabilities and Capital | 0 | 1,000 | |
United States Commodity Index Funds Trust | |||
Assets | |||
Cash and cash equivalents | 124,713,160 | 169,737,534 | |
Equity in trading accounts: | |||
Cash and cash equivalents | 3,746,721 | 27,676,364 | |
Unrealized gain (loss) on open commodity futures contracts | 7,092,507 | 2,485,118 | |
Receivable from Sponsor (Note 4) | 39,770 | 67,629 | |
Dividends receivable | 3,590 | 26,873 | |
Interest receivable | 0 | 125 | |
Prepaid insurance | [1] | 11,169 | 20,451 |
ETF transaction fees receivable | 0 | 350 | |
Total Assets | 135,606,917 | 200,014,444 | |
Liabilities and Capital | |||
Payable due to Broker | 0 | 429,967 | |
Payable for shares redeemed | 0 | 1,843,700 | |
Management fees payable (Note 4) | 88,260 | 147,346 | |
Professional fees payable | 333,318 | 636,133 | |
Brokerage commissions payable | 3,955 | 33,805 | |
Directors' fees payable | [1] | 1,782 | 11,634 |
Total Liabilities | 427,315 | 3,102,585 | |
Commitments and Contingencies (Notes 4, 5 & 6) | |||
Capital | |||
Sponsor | 0 | 1,000 | |
Shareholders | 135,179,602 | 196,910,859 | |
Total Capital | 135,179,602 | 196,911,859 | |
Total Liabilities and Capital | $ 135,606,917 | $ 200,014,444 | |
Shares Outstanding | 5,100,000 | 5,550,000 | |
[1] | Certain prior year amounts have been reclassified for consistency with the current presentation. |
Condensed Statements of Finan_2
Condensed Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents | $ 124,713,160 | |
United States Commodity Index Fund | ||
Cash and cash equivalents | 98,495,028 | $ 163,036,680 |
Cash and cash equivalents | 3,408,539 | 27,277,314 |
Sponsor Capital Account | 0 | 0 |
United States Copper Index Fund | ||
Cash and cash equivalents | 26,218,132 | 6,699,854 |
Cash and cash equivalents | 338,182 | 399,050 |
Sponsor Capital Account | 0 | 0 |
USCF Crescent Crypto Index Fund | ||
Cash and cash equivalents | 0 | 1,000 |
Sponsor Capital Account | 0 | 1,000 |
United States Commodity Index Funds Trust | ||
Cash and cash equivalents | 124,713,160 | 169,737,534 |
Cash and cash equivalents | 3,746,721 | 27,676,364 |
Sponsor Capital Account | $ 0 | $ 1,000 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Sep. 30, 2020USD ($)contract | |
United States Commodity Index Fund | Open Futures Contracts | ||
Notional Amount | $ 101,727,892 | [1],[2] |
Number of Contracts | contract | 3,480 | [1],[2] |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 5,481,619 | [1],[2] |
% of Partners' Capital | 5.13% | [1],[2] |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CBOT Soybean Oil Futures BO December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 6,617,550 | |
Number of Contracts | contract | 385 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 1,035,480 | |
% of Partners' Capital | 0.97% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | ICE Coffee C Futures December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 6,857,250 | |
Number of Contracts | contract | 178 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 548,662 | |
% of Partners' Capital | 0.51% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CME Cattle Feeder Futures FC January 2021 contracts, expiring January 2021 | ||
Notional Amount | $ 7,607,262 | |
Number of Contracts | contract | 109 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 39,088 | |
% of Partners' Capital | 0.04% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | NYMEX RBOB Gasoline Futures XB December 2020 contracts, expiring November 2020 | ||
Notional Amount | $ 7,573,173 | |
Number of Contracts | contract | 154 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (36,659) | |
% of Partners' Capital | (0.03%) | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CME Lean Hogs Futures LH December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 7,476,669 | |
Number of Contracts | contract | 295 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (30,869) | |
% of Partners' Capital | (0.03%) | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CBOT Wheat Futures W December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 7,532,675 | |
Number of Contracts | contract | 280 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 559,325 | |
% of Partners' Capital | 0.52% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | COMEX Copper Futures HG December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 7,454,775 | |
Number of Contracts | contract | 102 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 278,100 | |
% of Partners' Capital | 0.26% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | COMEX Silver Futures SI December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 7,953,655 | |
Number of Contracts | contract | 66 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (200,635) | |
% of Partners' Capital | (0.19%) | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | COMEX Gold 100 OZ Futures OZ February 2021 contracts, expiring February 2021 | ||
Notional Amount | $ 6,787,460 | |
Number of Contracts | contract | 41 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 1,013,200 | |
% of Partners' Capital | 0.95% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | ICE Cotton No. 2 Futures CT March 2021 contracts, expiring March 2021 | ||
Notional Amount | $ 7,542,710 | |
Number of Contracts | contract | 228 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 42,850 | |
% of Partners' Capital | 0.04% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | ICE Cocoa Futures CC March 2021 contracts, expiring March 2021 | ||
Notional Amount | $ 7,000,070 | |
Number of Contracts | contract | 298 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 530,390 | |
% of Partners' Capital | 0.50% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | ICE Sugar#11 Futures SB May 2021 contracts, expiring April 2021 | ||
Notional Amount | $ 7,469,092 | |
Number of Contracts | contract | 511 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 96,979 | |
% of Partners' Capital | 0.09% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CBOT Soybean Meal Futures SM May 2021 contracts, expiring May 2021 | ||
Notional Amount | $ 7,606,550 | |
Number of Contracts | contract | 231 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 122,710 | |
% of Partners' Capital | 0.11% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | CBOT Soybean Futures S November 2021 contracts, expiring November 2021 | ||
Notional Amount | $ 7,605,888 | |
Number of Contracts | contract | 160 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 126,113 | |
% of Partners' Capital | 0.12% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | Foreign Contracts | LME Nickel Futures LN December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ 9,701,283 | |
Number of Contracts | contract | 130 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 1,620,417 | |
% of Partners' Capital | 1.51% | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Long | Foreign Contracts | LME Tin Futures LT October 2020 contracts, expiring October 2020 | ||
Notional Amount | $ 8,129,095 | |
Number of Contracts | contract | 91 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (183,431) | |
% of Partners' Capital | (0.17%) | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Short | Foreign Contracts | LME Nickel Futures LN December 2020 contracts, expiring December 2020 | ||
Notional Amount | $ (11,282,000) | |
Number of Contracts | contract | 130 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (39,701) | |
% of Partners' Capital | (0.03%) | |
United States Commodity Index Fund | Open Commodity Futures Contracts - Short | Foreign Contracts | LME Tin Futures LT October 2020 contracts, expiring October 2020 | ||
Notional Amount | $ (7,905,265) | |
Number of Contracts | contract | 91 | |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ (40,400) | |
% of Partners' Capital | (0.04%) | |
United States Commodity Index Fund | Cash Equivalents | ||
Market Value | $ 98,490,861 | |
% of Partners' Capital | 92.02% | |
United States Commodity Index Fund | Cash Equivalents | United States Treasury Obligations | U.S. Treasury Bills, 0.10%, 12/17/2020 | ||
Shares/Principal Amount | $ 5,000,000 | |
Market Value | $ 4,998,984 | |
% of Partners' Capital | 4.67% | |
United States Commodity Index Fund | United States Money Market Funds | ||
Market Value | $ 93,491,877 | |
% of Partners' Capital | 87.35% | |
United States Commodity Index Fund | United States Money Market Funds | Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.04% | ||
Shares/Principal Amount | $ 60,063,641 | |
Market Value | $ 60,063,641 | |
% of Partners' Capital | 56.12% | |
United States Commodity Index Fund | United States Money Market Funds | Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.00% | ||
Shares/Principal Amount | $ 13,607,622 | |
Market Value | $ 13,607,622 | |
% of Partners' Capital | 12.71% | |
United States Commodity Index Fund | United States Money Market Funds | RBC U.S. Government Money Market Fund - Institutional Share Class, 0.03% | ||
Shares/Principal Amount | $ 19,820,614 | |
Market Value | $ 19,820,614 | |
% of Partners' Capital | 18.52% | |
United States Copper Index Fund | Open Commodity Futures Contracts - Long | United States Contracts | COMEX Copper Futures HG September 2020 contracts, expiring September 2020 | ||
Notional Amount | $ 26,591,363 | [3] |
Number of Contracts | contract | 372 | [3] |
Fair Value/Unrealized Gain (Loss) on Open Commodity Contracts | $ 1,610,888 | [3] |
% of Partners' Capital | 5.72% | [3] |
United States Copper Index Fund | Cash Equivalents | ||
Market Value | $ 26,217,685 | |
% of Partners' Capital | 93.14% | |
United States Copper Index Fund | Cash Equivalents | United States Treasury Obligations | U.S. Treasury Bills, 0.10%, 12/17/2020 | ||
Shares/Principal Amount | $ 500,000 | |
Market Value | $ 499,898 | |
% of Partners' Capital | 1.78% | |
United States Copper Index Fund | United States Money Market Funds | ||
Market Value | $ 25,717,787 | |
% of Partners' Capital | 91.36% | |
United States Copper Index Fund | United States Money Market Funds | Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.04% | ||
Shares/Principal Amount | $ 17,815,453 | |
Market Value | $ 17,815,453 | |
% of Partners' Capital | 63.29% | |
United States Copper Index Fund | United States Money Market Funds | Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.00% | ||
Shares/Principal Amount | $ 2,001,955 | |
Market Value | $ 2,001,955 | |
% of Partners' Capital | 7.11% | |
United States Copper Index Fund | United States Money Market Funds | RBC U.S. Government Money Market Fund - Institutional Share Class, 0.03% | ||
Shares/Principal Amount | $ 5,900,379 | |
Market Value | $ 5,900,379 | |
% of Partners' Capital | 20.96% | |
[1] | 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). | |
[2] | Collateral amounted to $ 3,408,539 on open commodity futures contracts. | |
[3] | Collateral amounted to $338,182 |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
United States Commodity Index Fund | |
Collateral Amount | $ 3,408,539 |
United States Commodity Index Fund | Cash Equivalents | United States Treasury Obligations | U.S. Treasury Bills, 0.10%, 12/17/2020 | |
Expiration date | Dec. 17, 2020 |
Interest rate | 0.10% |
United States Copper Index Fund | |
Collateral Amount | $ 338,182 |
United States Copper Index Fund | Cash Equivalents | United States Treasury Obligations | U.S. Treasury Bills, 0.10%, 12/17/2020 | |
Expiration date | Dec. 17, 2020 |
Interest rate | 0.10% |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.04% | United States Commodity Index Fund | Cash Equivalents | |
Interest rate | 0.04% |
Dreyfus Institutional Preferred Government Money Market Fund - Institutional Share Class, 0.04% | United States Copper Index Fund | Cash Equivalents | |
Interest rate | 0.04% |
Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.00% | United States Commodity Index Fund | Cash Equivalents | |
Interest rate | 0.00% |
Goldman Sachs Financial Square Funds - Government Fund - Class FS, 0.00% | United States Copper Index Fund | Cash Equivalents | |
Interest rate | 0.00% |
RBC U.S. Government Money Market Fund - Institutional Share Class, 0.03% | United States Commodity Index Fund | Cash Equivalents | |
Interest rate | 0.03% |
RBC U.S. Government Money Market Fund - Institutional Share Class, 0.03% | United States Copper Index Fund | Cash Equivalents | |
Interest rate | 0.03% |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Expenses | |||||
Net Income (Loss) | $ (32,807,530) | $ (14,762,809) | |||
Maximum | |||||
Expenses | |||||
Paid in kind interest as a percentage of total interest income | 5.00% | 5.00% | 5.00% | 5.00% | |
United States Commodity Index Fund | |||||
Gain (loss) on trading of commodity futures contracts: | |||||
Realized gain (loss) on closed commodity futures contracts | $ 11,808,620 | $ (12,236,395) | $ (40,973,466) | $ (27,969,141) | |
Change in unrealized gain (loss) on open commodity futures contracts | 3,723,138 | (21,772) | 3,342,751 | 9,989,137 | |
Realized gain (loss) on short-term investments | 0 | 0 | 2,279,102 | 0 | |
Dividend income | 22,575 | 123,867 | 96,177 | 338,958 | |
Interest income | [1] | 44,209 | 1,602,319 | 944,811 | 6,480,360 |
ETF transaction fees | 2,450 | 8,400 | 8,050 | 21,000 | |
Total Income (Loss) | 15,600,992 | (10,523,581) | (34,302,575) | (11,139,686) | |
Expenses | |||||
Management fees (Note 4) | 250,265 | 621,049 | 819,733 | 2,322,965 | |
Professional fees | 54,226 | 75,905 | 168,185 | 399,502 | |
Brokerage commissions | 31,187 | 104,902 | 107,561 | 410,699 | |
Directors' fees and insurance | 7,287 | 31,881 | 41,006 | 78,744 | |
Total Expenses | 342,965 | 833,737 | 1,136,485 | 3,211,910 | |
Net Income (Loss) | $ 15,258,027 | $ (11,357,318) | $ (35,439,060) | $ (14,351,596) | |
Net Income (Loss) per share (in dollars per share) | $ 3.09 | $ (1.14) | $ (7.14) | $ (1.65) | |
Net Income (Loss) per weighted average share (in dollars per share) | $ 3.56 | $ (1.32) | $ (7.58) | $ (1.39) | |
Weighted average shares outstanding (in shares) | 4,288,587 | 8,573,913 | 4,674,818 | 10,308,242 | |
United States Commodity Index Fund | Maximum | |||||
Expenses | |||||
Paid in kind interest as a percentage of total interest income | 5.00% | 5.00% | 5.00% | 5.00% | |
United States Copper Index Fund | |||||
Gain (loss) on trading of commodity futures contracts: | |||||
Realized gain (loss) on closed commodity futures contracts | $ 2,112,187 | $ (69,112) | $ 1,391,750 | $ (1,250,775) | |
Change in unrealized gain (loss) on open commodity futures contracts | 212,313 | (458,688) | 1,264,638 | 703,250 | |
Realized gain (loss) on short-term investments | 0 | 17 | 0 | 59 | |
Dividend income | 4,378 | 5,782 | 9,723 | 20,159 | |
Interest income | [1] | 3,095 | 47,289 | 44,517 | 179,298 |
ETF transaction fees | 5,250 | 1,050 | 8,404 | 5,250 | |
Total Income (Loss) | 2,337,223 | (473,662) | 2,719,032 | (342,759) | |
Expenses | |||||
Management fees (Note 4) | 41,253 | 15,248 | 71,096 | 55,619 | |
Professional fees | 23,409 | 14,121 | 50,397 | 62,718 | |
Brokerage commissions | 1,672 | 945 | 4,240 | 4,792 | |
Directors' fees and insurance | 599 | 599 | 1,539 | 1,743 | |
Total Expenses | 66,933 | 30,913 | 127,272 | 124,872 | |
Expense waiver (Note 4) | (16,161) | (12,147) | (39,770) | (56,418) | |
Net Expenses | 50,772 | 18,766 | 87,502 | 68,454 | |
Net Income (Loss) | $ 2,286,451 | $ (492,428) | $ 2,631,530 | $ (411,213) | |
Net Income (Loss) per share (in dollars per share) | $ 1.78 | $ (0.83) | $ 1.23 | $ (0.28) | |
Net Income (Loss) per weighted average share (in dollars per share) | $ 1.65 | $ (0.87) | $ 3.06 | $ (0.62) | |
Weighted average shares outstanding (in shares) | 1,384,239 | 564,130 | 860,219 | 664,835 | |
United States Copper Index Fund | Maximum | |||||
Expenses | |||||
Paid in kind interest as a percentage of total interest income | 5.00% | 5.00% | 5.00% | 5.00% | |
USCF Crescent Crypto Index Fund | |||||
Gain (loss) on trading of commodity futures contracts: | |||||
Realized gain (loss) on closed commodity futures contracts | $ 0 | ||||
Change in unrealized gain (loss) on open commodity futures contracts | 0 | ||||
Realized gain (loss) on short-term investments | 0 | ||||
Dividend income | 0 | ||||
Interest income | 0 | ||||
ETF transaction fees | 0 | ||||
Total Income (Loss) | 0 | ||||
Expenses | |||||
Management fees (Note 4) | 0 | ||||
Professional fees | 0 | ||||
Brokerage commissions | 0 | ||||
Directors' fees and insurance | 0 | ||||
Total Expenses | 0 | ||||
Net Income (Loss) | $ 0 | ||||
Net Income (Loss) per share (in dollars per share) | $ 0 | ||||
Net Income (Loss) per weighted average share (in dollars per share) | $ 0 | ||||
Weighted average shares outstanding (in shares) | 0 | ||||
United States Commodity Index Funds Trust | |||||
Gain (loss) on trading of commodity futures contracts: | |||||
Realized gain (loss) on closed commodity futures contracts | $ 13,920,807 | $ (12,305,507) | $ (39,581,716) | $ (29,219,916) | |
Change in unrealized gain (loss) on open commodity futures contracts | 3,935,451 | (480,460) | 4,607,389 | 10,692,387 | |
Realized gain (loss) on short-term investments | 0 | 17 | 2,279,102 | 59 | |
Dividend income | 26,953 | 129,649 | 105,900 | 359,117 | |
Interest income | [1] | 47,304 | 1,649,608 | 989,328 | 6,659,658 |
ETF transaction fees | 7,700 | 9,450 | 16,454 | 26,250 | |
Total Income (Loss) | 17,938,215 | (10,997,243) | (31,583,543) | (11,482,445) | |
Expenses | |||||
Management fees (Note 4) | 291,518 | 636,297 | 890,829 | 2,378,584 | |
Professional fees | 77,635 | 90,026 | 218,582 | 462,220 | |
Brokerage commissions | 32,859 | 105,847 | 111,801 | 415,491 | |
Directors' fees and insurance | 7,886 | 32,480 | 42,545 | 80,487 | |
Total Expenses | 409,898 | 864,650 | 1,263,757 | 3,336,782 | |
Expense waiver (Note 4) | (16,161) | (12,147) | (39,770) | (56,418) | |
Net Expenses | 393,737 | 852,503 | 1,223,987 | 3,280,364 | |
Net Income (Loss) | $ 17,544,478 | $ (11,849,746) | $ (32,807,530) | $ (14,762,809) | |
[1] | Interest income does not exceed paid in kind of 5%. |
Condensed Statement of Changes
Condensed Statement of Changes in Capital - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | May 08, 2019 | |
Net income (loss) | $ (32,807,530) | $ (14,762,809) | |||||
United States Commodity Index Fund | |||||||
Balances, Beginning | 189,895,482 | ||||||
Net income (loss) | $ 15,258,027 | $ (11,357,318) | (35,439,060) | (14,351,596) | |||
Balances, Ending | 107,028,120 | 107,028,120 | |||||
Sponsors' shares capital | 107,028,120 | 189,895,482 | $ 107,028,120 | $ 189,895,482 | |||
Sponsor | 0 | 0 | |||||
United States Copper Index Fund | |||||||
Balances, Beginning | 7,015,377 | ||||||
Net income (loss) | 2,286,451 | (492,428) | 2,631,530 | (411,213) | |||
Balances, Ending | 28,151,482 | 28,151,482 | |||||
Sponsors' shares capital | 28,151,482 | 7,015,377 | 28,151,482 | 7,015,377 | |||
Sponsor | 0 | 0 | |||||
USCF Crescent Crypto Index Fund | |||||||
Balances, Beginning | 1,000 | ||||||
Net income (loss) | 0 | ||||||
Balances, Ending | 0 | 0 | |||||
Sponsors' shares capital | 0 | 1,000 | 0 | 1,000 | |||
Sponsor | 0 | 1,000 | $ 1,000 | ||||
United States Commodity Index Funds Trust | |||||||
Balances, Beginning | 196,911,859 | ||||||
Net income (loss) | 17,544,478 | (11,849,746) | (32,807,530) | (14,762,809) | |||
Balances, Ending | 135,179,602 | 135,179,602 | |||||
Sponsors' shares capital | 135,179,602 | 196,911,859 | 135,179,602 | 196,911,859 | |||
Sponsor | $ 0 | 1,000 | |||||
Sponsor | United States Commodity Index Fund | |||||||
Balances, Ending | $ 0 | $ 0 | $ 0 | $ 0 | |||
Shares Outstanding, Ending | 0 | 0 | 0 | 0 | |||
Sponsors' shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Sponsors' shares capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Sponsor | United States Copper Index Fund | |||||||
Balances, Ending | $ 0 | $ 0 | $ 0 | $ 0 | |||
Shares Outstanding, Ending | 0 | 0 | 0 | 0 | |||
Sponsors' shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Sponsors' shares capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Sponsor | USCF Crescent Crypto Index Fund | |||||||
Balances, Beginning | 0 | 1,000 | 0 | ||||
Additions | 0 | 0 | 1,000 | ||||
Redemptions | 0 | (1,000) | 0 | ||||
Net income (loss) | 0 | 0 | 0 | ||||
Balances, Ending | 0 | 1,000 | 0 | 1,000 | |||
Sponsors' shares capital | 0 | 1,000 | 0 | 1,000 | $ 0 | 1,000 | |
Sponsor | $ 1,000 | ||||||
Sponsor | United States Commodity Index Funds Trust | |||||||
Balances, Ending | $ 0 | $ 1,000 | $ 0 | $ 1,000 | |||
Shares Outstanding, Ending | 0 | 0 | 0 | 0 | |||
Sponsors' shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Sponsors' shares capital | $ 0 | $ 1,000 | $ 0 | $ 1,000 | $ 0 | ||
Shareholders | United States Commodity Index Fund | |||||||
Balances, Beginning | 126,548,740 | 349,433,442 | 189,895,482 | 463,042,508 | |||
Additions | 8,105,031 | 18,654,333 | |||||
Redemptions | (42,883,678) | (89,018,908) | (66,082,635) | (199,633,696) | |||
Net income (loss) | 15,258,027 | (11,357,318) | (35,439,060) | (14,351,596) | |||
Balances, Ending | $ 107,028,120 | $ 249,057,216 | $ 107,028,120 | $ 249,057,216 | |||
Additions | 300,000 | 0 | 650,000 | 0 | |||
Redemptions | (1,450,000) | (2,500,000) | (2,200,000) | (5,400,000) | |||
Sponsors' shares capital | $ 107,028,120 | $ 249,057,216 | $ 107,028,120 | $ 249,057,216 | 107,028,120 | 189,895,482 | |
Shareholders | United States Copper Index Fund | |||||||
Balances, Beginning | 15,293,972 | 11,041,185 | 7,015,377 | 11,504,895 | |||
Additions | 21,609,433 | 0 | 30,237,701 | 6,328,250 | |||
Redemptions | (11,038,374) | (3,274,511) | (11,733,126) | (10,147,686) | |||
Net income (loss) | 2,286,451 | (492,428) | 2,631,530 | (411,213) | |||
Balances, Ending | $ 28,151,482 | $ 7,274,246 | $ 28,151,482 | $ 7,274,246 | |||
Additions | 1,200,000 | 0 | 1,750,000 | 350,000 | |||
Redemptions | (600,000) | (200,000) | (650,000) | (600,000) | |||
Sponsors' shares capital | $ 28,151,482 | $ 7,274,246 | $ 28,151,482 | $ 7,274,246 | $ 28,151,482 | 7,015,377 | |
Shareholders | USCF Crescent Crypto Index Fund | |||||||
Balances, Ending | $ 0 | $ 0 | $ 0 | $ 0 | |||
Shares Outstanding, Ending | 0 | 0 | 0 | 0 | |||
Sponsors' shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Sponsors' shares capital | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Shareholders | United States Commodity Index Funds Trust | |||||||
Balances, Beginning | 141,842,712 | 360,475,627 | 196,911,859 | 474,547,403 | |||
Additions | 29,714,464 | 0 | 48,892,034 | 6,329,250 | |||
Redemptions | (53,922,052) | (92,293,419) | (77,816,761) | (209,781,382) | |||
Net income (loss) | 17,544,478 | (11,849,746) | (32,807,530) | (14,762,809) | |||
Balances, Ending | $ 135,179,602 | $ 256,332,462 | $ 135,179,602 | $ 256,332,462 | |||
Additions | 1,500,000 | 2,400,000 | 350,000 | ||||
Redemptions | (2,050,000) | (2,700,000) | (2,850,000) | (6,000,000) | |||
Sponsors' shares capital | $ 135,179,602 | $ 256,332,462 | $ 135,179,602 | $ 256,332,462 | $ 135,179,602 | $ 196,911,859 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (32,807,530) | $ (14,762,809) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Increase) decrease in short-term investments | 0 | 295,216 | |
Change in unrealized (gain) loss on open commodity futures contracts | (4,607,389) | (10,692,387) | |
(Increase) decrease in receivable from Sponsor | 27,859 | (5,119) | |
(Increase) decrease in dividends receivable | 23,283 | (32,515) | |
(Increase) decrease in interest receivable | 125 | 4,445 | |
(Increase) decrease in prepaid insurance | [1] | 9,282 | 83 |
(Increase) decrease in ETF transaction fees receivable | 350 | (350) | |
Increase (decrease) in payable due to Broker | (429,967) | 0 | |
Increase (decrease) in Management fees payable | (59,086) | (191,837) | |
Increase (decrease) in professional fees payable | (302,815) | (102,419) | |
Increase (decrease) in brokerage commissions payable | (29,850) | 0 | |
Increase (decrease) in directors' fees payable | [1] | (9,852) | (5,166) |
Increase decrease in registration fees payable | 0 | 0 | |
Net cash provided by (used in) operating activities | (38,185,590) | (25,492,858) | |
Cash Flows from Financing Activities: | |||
Addition of shares | 48,892,034 | 6,329,250 | |
Redemption of shares | (79,660,461) | (207,971,777) | |
Net cash provided by (used in) financing activities | (30,768,427) | (201,642,527) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (68,954,017) | (227,135,385) | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | 197,413,898 | 490,625,457 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 128,459,881 | 263,490,072 | |
United States Commodity Index Fund | |||
Cash Flows from Operating Activities: | |||
Net income (loss) | (35,439,060) | (14,351,596) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Change in unrealized (gain) loss on open commodity futures contracts | (3,342,751) | (9,989,137) | |
(Increase) decrease in dividends receivable | 22,713 | (32,998) | |
(Increase) decrease in interest receivable | 0 | 4,224 | |
(Increase) decrease in prepaid insurance | [1] | 9,489 | 392 |
(Increase) decrease in ETF transaction fees receivable | 350 | (350) | |
Increase (decrease) in payable due to Broker | 0 | 0 | |
Increase (decrease) in Management fees payable | (70,365) | (189,733) | |
Increase (decrease) in professional fees payable | (278,961) | (105,495) | |
Increase (decrease) in brokerage commissions payable | (29,850) | 0 | |
Increase (decrease) in directors' fees payable | [1] | (9,990) | (5,159) |
Net cash provided by (used in) operating activities | (39,138,425) | (24,669,852) | |
Cash Flows from Financing Activities: | |||
Addition of shares | 18,654,333 | 0 | |
Redemption of shares | (67,926,335) | (197,824,091) | |
Net cash provided by (used in) financing activities | (49,272,002) | (197,824,091) | |
Net Increase (Decrease) in Cash and Cash Equivalents | (88,410,427) | (222,493,943) | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | 190,313,994 | 478,509,213 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 101,903,567 | 256,015,270 | |
United States Copper Index Fund | |||
Cash Flows from Operating Activities: | |||
Net income (loss) | 2,631,530 | (411,213) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
(Increase) decrease in short-term investments | 0 | 295,216 | |
Change in unrealized (gain) loss on open commodity futures contracts | (1,264,638) | (703,250) | |
(Increase) decrease in receivable from Sponsor | 27,859 | (5,119) | |
(Increase) decrease in dividends receivable | 570 | 483 | |
(Increase) decrease in interest receivable | 125 | 221 | |
(Increase) decrease in prepaid insurance | [1] | (207) | (309) |
Increase (decrease) in payable due to Broker | (429,967) | ||
Increase (decrease) in Management fees payable | 11,279 | (2,104) | |
Increase (decrease) in professional fees payable | (23,854) | 3,076 | |
Increase (decrease) in directors' fees payable | [1] | 138 | (7) |
Net cash provided by (used in) operating activities | 952,835 | (823,006) | |
Cash Flows from Financing Activities: | |||
Addition of shares | 30,237,701 | 6,328,250 | |
Redemption of shares | (11,733,126) | (10,147,686) | |
Net cash provided by (used in) financing activities | 18,504,575 | (3,819,436) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 19,457,410 | (4,642,442) | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | 7,098,904 | 12,116,244 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 26,556,314 | 7,473,802 | |
USCF Crescent Crypto Index Fund | |||
Cash Flows from Financing Activities: | |||
Addition of shares | 0 | 1,000 | |
Redemption of shares | (1,000) | 0 | |
Net cash provided by (used in) financing activities | [2] | (1,000) | 1,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | (1,000) | 1,000 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, beginning of period | 1,000 | 0 | |
Total Cash, Cash Equivalents and Equity in Trading Accounts, end of period | 0 | 1,000 | |
United States Commodity Index Funds Trust | |||
Cash Flows from Operating Activities: | |||
Net income (loss) | $ (32,807,530) | $ (14,762,809) | |
[1] | Certain prior year amounts have been reclassified for consistency with the current presentation. | ||
[2] | Ā Ā Ā The Sponsor contributed $1,000 |
Condensed Statements of Cash _2
Condensed Statements of Cash Flows (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | May 08, 2019 | Dec. 31, 2018 | |
Components of Cash and Cash Equivalents: | ||||||
Cash and cash Equivalents | $ 124,713,160 | $ 234,822,556 | ||||
Equity in Trading Accounts: | ||||||
Cash and cash Equivalents | 3,746,721 | 28,667,516 | ||||
Total Cash, Cash Equivalents and Equity in Trading Accounts | 128,459,881 | $ 197,413,898 | 263,490,072 | $ 490,625,457 | ||
United States Commodity Index Fund | ||||||
Components of Cash and Cash Equivalents: | ||||||
Cash and cash Equivalents | 98,495,028 | 163,036,680 | 228,152,103 | |||
Equity in Trading Accounts: | ||||||
Cash and cash Equivalents | 3,408,539 | 27,863,167 | ||||
Total Cash, Cash Equivalents and Equity in Trading Accounts | 101,903,567 | 190,313,994 | 256,015,270 | 478,509,213 | ||
Sponsor Capital Account | 0 | 0 | ||||
United States Copper Index Fund | ||||||
Components of Cash and Cash Equivalents: | ||||||
Cash and cash Equivalents | 26,218,132 | 6,699,854 | 6,669,453 | |||
Equity in Trading Accounts: | ||||||
Cash and cash Equivalents | 338,182 | 804,349 | ||||
Total Cash, Cash Equivalents and Equity in Trading Accounts | 26,556,314 | 7,098,904 | 7,473,802 | 12,116,244 | ||
Sponsor Capital Account | 0 | 0 | ||||
USCF Crescent Crypto Index Fund | ||||||
Components of Cash and Cash Equivalents: | ||||||
Cash and cash Equivalents | 0 | 1,000 | 1,000 | |||
Equity in Trading Accounts: | ||||||
Cash and cash Equivalents | [1] | 0 | 0 | |||
Total Cash, Cash Equivalents and Equity in Trading Accounts | 0 | 1,000 | $ 1,000 | $ 0 | ||
Sponsor Capital Account | 0 | 1,000 | $ 1,000 | |||
United States Commodity Index Funds Trust | ||||||
Components of Cash and Cash Equivalents: | ||||||
Cash and cash Equivalents | 124,713,160 | 169,737,534 | ||||
Equity in Trading Accounts: | ||||||
Sponsor Capital Account | $ 0 | $ 1,000 | ||||
[1] | 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). |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
Sep. 30, 2020 | |
ORGANIZATION AND BUSINESS | |
ORGANIZATION AND BUSINESS | NOTE 1 ā The United States Commodity Index Funds Trust (the āTrustā) was organized as a Delaware statutory trust on December 21, 2009. The Trust is a series trust formed pursuant to the Delaware Statutory Trust Act and includes the United States Commodity Index Fund (āUSCIā), 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 (āCPERā), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011. A new series of the Trust, the USCF Crescent Crypto Index Fund (āXBETā) was formed on May 7, 2019. A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020. Additional series of the Trust include: the United States Agriculture Index Fund (āUSAGā), which was liquidated on September 12, 2018 and distributed cash pro rata to all remaining shareholders, and the USCF Canadian Crude Oil Index Fund (āUCCOā), which never commenced operations and was terminated as a series on May 8, 2019. USCI and CPER each issue shares (āsharesā) that may be purchased and sold on the NYSE Arca, Inc. (āNYSE Arcaā), and, until September 6, 2018, USAG issued shares that were purchased and sold on NYSE Arca. USCI and CPER are collectively referred to herein as the āTrust Series.ā The Trust, and each of its series operates pursuant to the Fourth Amended and Restated Declaration of Trust and Trust Agreement dated as of December 15, 2017 (the āTrust Agreementā). United States Commodity Funds LLC (āUSCFā) is the sponsor of the Trust and each of its series and is also responsible for the management of the Trust and each of its series. For purposes of the financial statement presentation, unless specified otherwise, all references will be to the Trust Series. USCF has the power and authority to establish and designate one or more series and to issue shares thereof, from time to time as it deems necessary or desirable. USCF has exclusive power to fix and determine the relative rights and preferences as between the shares of any series as to right of redemption, special and relative rights as to dividends and other distributions and on liquidation, conversion rights, and conditions under which the series shall have separate voting rights or no voting rights. The term for which the Trust is to exist commenced on the date of the filing of the Certificate of Trust, and the Trust and any Trust Series will exist in perpetuity, unless earlier terminated in accordance with the provisions of the Trust Agreement. Separate and distinct records must be maintained for each Trust Series and the assets associated with a Trust Series must be held in such separate and distinct records (directly or indirectly, including a nominee or otherwise) and accounted for in such separate and distinct records separately from the assets of any other Trust Series. Each Trust Series is separate from all other Trust Series created as series of the Trust in respect of the assets and liabilities allocated to that Trust Series and represents a separate investment portfolio of the Trust. The sole Trustee of the Trust is Wilmington Trust Company (the āTrusteeā), a Delaware banking corporation. The Trustee is unaffiliated with USCF. The Trusteeās duties and liabilities with respect to the offering of shares and the management of the Trust are limited to its express obligations under the Trust Agreement. USCF is a member of the National Futures Association (the āNFAā) and became a commodity pool operator (āCPOā) registered with the Commodity Futures Trading Commission (the āCFTCā) effective December 1, 2005. The Trust and each Trust Series have a fiscal year ending on December 31. USCF is also the general partner of the United States Oil Fund, LP (āUSOā), the United States Natural Gas Fund, LP (āUNGā), the United States 12 Month Oil Fund, LP (āUSLā) and the United States Gasoline Fund, LP (āUGAā), which listed their limited partnership shares on the American Stock Exchange (the āAMEXā) under the ticker symbols āUSOā on April 10, 2006, āUNGā on April 18, 2007, āUSLā on December 6, 2007 and āUGAā on February 26, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USOās, UNGās, USLās and UGAās shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States 12 Month Natural Gas Fund, LP (āUNLā) and the United States Brent Oil Fund, LP (āBNOā), which listed their limited partnership shares on the NYSE Arca under the ticker symbols āUNLā on November 18, 2009 and āBNOā on June 2, 2010, respectively. USCF previously served as the general partner for the United States Short Oil Fund, LP (āDNOā) and the United States Diesel-Heating Oil Fund, LP (āUHNā), both of which were liquidated in 2018. In addition, USCF was the sponsor of the USCF Funds Trust, a Delaware statutory trust, and each of its series, the United States 3x Oil Fund (āUSOUā) and the United States 3x Short Oil Fund (āUSODā), which listed their shares on the NYSE Arca on July 20, 2017 under the ticker symbols "USOU" and "USOD", respectively. Each of USOU and USOD liquidated all of its assets and distributed cash pro rata to all remaining shareholders in December 2019. USO, UNG, UGA, UNL, USL, BNO, USCI and CPER are referred to collectively herein as the āRelated Public Funds.ā Effective as of May 1, 2012, each of USCI and CPER issue shares to certain authorized purchasers (āAuthorized Participantsā) by offering baskets consisting of 50,000 shares (āCreation Basketsā) through ALPS Distributors, Inc., as the marketing agent (the āMarketing Agentā). Prior to May 1, 2012, each of USCI and CPER issued shares to Authorized Participants by offering baskets consisting of 100,000 shares through the Marketing Agent. The purchase price for a Creation Basket is based upon the net asset value (āNAVā) of a share calculated shortly after the close of the core trading session on the NYSE Arca on the day the order to create the basket is properly received. Authorized Participants pay each Trust Series a $350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more baskets (āRedemption Basketsā), consisting of 50,000 shares. Shares may be purchased or sold on a nationally recognized securities exchange in smaller increments than a Creation Basket or Redemption Basket. Shares purchased or sold on a nationally recognized securities exchange are not purchased or sold at the per share NAV of each Trust Series but rather at market prices quoted on such exchange. The accompanying unaudited condensed financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the SEC and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles in the United States of America (āU.S. GAAPā). The financial information included herein is unaudited; however, such financial information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of USCF, necessary for the fair presentation of the condensed financial statements for the interim period. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 ā SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The condensed financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Boardās (āFASBā) Accounting Standards Codification. Each Trust Series is an investment company and follows the accounting and reporting guidance in FASB Topic 946. The Trust financial statements included its respective series of funds financial statements including USCI, CPER and XBET through September 30, 2020. Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the condensed statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the condensed financial statements. Changes in the unrealized gains or losses between periods are reflected in the condensed statements of operations. Each Trust Series earns income on funds held at the custodian or a futures commission merchant (āFCMā) at prevailing market rates earned on such investments. Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. Income Taxes The Trust Series are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, each Trust Series is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Trust Series files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2017. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Seriesā conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the period ended September 30, 2020 for any Trust Series. Creations and Redemptions Effective as of May 1, 2012, Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets for USCI and CPER only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Each Trust Series receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in each Trust Seriesā condensed statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay each Trust Series a $350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. Trust Capital and Allocation of Income and Losses Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement. Calculation of Per Share NAV Each Trust Seriesā per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. Each Trust Series uses the closing prices on the relevant Futures Exchanges (as defined in Note 3 below) of the Applicable Benchmark Component Futures Contracts (as defined in Note 3 below) that at any given time make up the Applicable Index (as defined in Note 3 below) (determined at the earlier of the close of such exchange or 2:30 p.m. New York time) for the contracts traded on the Futures Exchanges, but calculates or determines the value of all other investments of each Trust Series using market quotations, if available, or other information customarily used to determine the fair value of such investments. Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. As of September 30, 2020, USCF held 5 shares of USCI and 40 shares of CPER. Offering Costs Offering costs incurred in connection with the registration of shares prior to the commencement of the offering are borne by USCF. Offering costs incurred in connection with the registration of additional shares after the commencement of the offering are borne by each Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. Costs borne by the Trust Series after the commencement of an offering are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight -line basis or a shorter period if warranted. Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Reclassification Certain amounts in the accompanying condensed financial statements were reclassified to conform to the current presentation. Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
TRUST SERIES
TRUST SERIES | 9 Months Ended |
Sep. 30, 2020 | |
TRUST SERIES | |
TRUST SERIES | NOTE 3 ā TRUST SERIES In connection with the execution of the First Trust Agreement on April 1, 2010, USCI was designated as the first series of the Trust. USCF contributed $1,000 to the Trust upon its formation on December 21, 2009, representing an initial contribution of capital to the Trust. Following the designation of USCI as the first series of the Trust, the initial capital contribution of $1,000 was transferred from the Trust to USCI and deemed an initial contribution to USCI. In connection with the commencement of USCIās initial offering of shares, USCF received 20 Sponsor Shares of USCI in exchange for the previously received capital contribution, representing a beneficial ownership interest in USCI. On July 30, 2010, USCI received a notice of effectiveness from the SEC for its registration of 50,000,000 shares on Form S-1 with the SEC. On August 10, 2010, USCI listed its shares on the NYSE Arca under the ticker symbol āUSCIā. USCI established its initial per share NAV by setting the price at $50.00 and issued 100,000 shares in exchange for $5,000,000 on August 10, 2010. USCI also commenced investment operations on August 10, 2010 by purchasing Futures Contracts traded on the Futures Exchanges. In order to satisfy NYSE Arca listing standards that at least 100,000 shares be outstanding at the beginning of the trading day on the NYSE Arca, USCF purchased the initial Creation Basket from the initial Authorized Participant at the initial offering price. The $1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket. USCF held such initial Creation Basket until September 3, 2010, at which time the initial Authorized Participant repurchased the shares comprising such basket in accordance with the specified conditions noted above. On September 14, 2011, USCF redeemed the 20 Sponsor Shares of USCI and, on September 19, 2011, USCF purchased 5 shares of USCI in the open market. In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, USAG and CPER were designated as additional series of the Trust. USCF and the Trustee entered into the Fourth Amended and Restated Declaration of Trust and Trust Agreement effective as of December 15, 2017. Following the designation of USAG and CPER as additional series, USCF made an initial capital contribution of $3,000 to the Trust. On November 10, 2010, the Trust transferred $1,000 to each of USAG and CPER, which was deemed a capital contribution to each series. On November 14, 2011, USCF received 40 Sponsor Shares of CPER in exchange for the previously received capital contribution, representing a beneficial interest in CPER. On December 7, 2011, USCF redeemed the 40 Sponsor Shares of CPER and purchased 40 shares of CPER in the open market. On April 13, 2012, USCF received 40 Sponsor Shares of USAG in exchange for the previously received capital contribution, representing a beneficial interest in USAG. On June 28, 2012, USCF redeemed the 40 Sponsor Shares of USAG and on October 3, 2012, purchased 5 shares of USAG on the open market. On September 7, 2018 all Sponsor Shares of USAG were redeemed and USAG discontinued trading and subsequently liquidated and distributed all proceeds to shareholders, as discussed above. In addition, USCF Canadian Crude Oil Index Fund (āUCCOā) was designated a series on June 1, 2016 and the USCF Crescent Crypto Index Fund (āXBETā) was designated as a series on May 7, 2019. A registration statement that had been previously filed for XBET was withdrawn on June 25, 2020. On March 31, 2018, USCF contributed $1,000 to UCCO, which was deemed an initial capital contribution to the series, and has since been redeemed. UCCO never commenced operations and was terminated as a series on May 8, 2019. Further, on May 8, 2019, USCF contributed $1,000 to XBET in exchange for 20 Sponsor Shares of the series, which was deemed an initial capital contribution to the series. As of June 25, 2020 the Fund had withdrawn its registration. CPER and USAG received notice of effectiveness from the SEC for its registration of 30,000,000 CPER shares and 20,000,000 USAG shares on September 6, 2011. The order to permit listing CPER and USAG on the NYSE Arca was received on October 20, 2011. On November 15, 2011, CPER listed its shares on the NYSE Arca under the ticker symbol āCPER.ā CPER established its initial per share NAV by setting the price at $25 and issued 100,000 shares to the initial Authorized Participant, Merrill Lynch Professional Clearing Corp., in exchange for $2,500,000 in cash on November 15, 2011. The $1,000 fee that would otherwise be charged to the Authorized Participant in connection with an order to create or redeem was waived in connection with the initial Creation Basket. As discussed above, USAG liquidated on September 12, 2018 and distributed cash pro rata to all remaining shareholders. USCIās Investment Objective USCI invests in futures contracts for commodities that are currently traded on the New York Mercantile Exchange (the āNYMEXā), ICE Futures (āICE Futuresā), Chicago Board of Trade (āCBOTā), Chicago Mercantile Exchange (āCMEā), London Metal Exchange (āLMEā), Commodity Exchange, Inc. (āCOMEXā) or on other foreign exchanges (the NYMEX, ICE Futures, CBOT, CME, LME, COMEX and other foreign exchanges, collectively, the āFutures Exchangesā) (such futures contracts, collectively, āFutures Contractsā) and, to a lesser extent, in order to comply with regulatory requirements or in view of market conditions, other commodity-based contracts and instruments such as cash-settled options on Futures Contracts, forward contracts relating to commodities, cleared swap contracts and other non-exchange traded over-the-counter (āOTCā) transactions that are based on the price of commodities and Futures Contracts (collectively, āOther Commodity-Related Investmentsā). Market conditions that USCF currently anticipates could cause USCI to invest in Other Commodity Related Investments would be those allowing USCI to obtain greater liquidity or to execute transactions with more favorable pricing. Futures Contracts and Other Commodity-Related Investments collectively are referred to as āCommodity Interests.ā The investment objective of USCI is for the daily changes in percentage terms of its sharesā per share NAV to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM USCI seeks to achieve its investment objective by investing in Futures Contracts and Other Commodity-Related Investments such that daily changes in its per share NAV closely track the daily changes in the price of the SDCI. USCIās positions in Commodity Interests are rebalanced on a monthly basis in order to track the changing nature of the SDCI. If Futures Contracts relating to a particular commodity remain in the SDCI from one month to the next, such Futures Contracts are rebalanced to the 7.14% target weight. Specifically, on a specified day near the end of each month (the āSelection Dateā), it will be determined if a current Benchmark Component Futures Contract will be replaced by a new Futures Contract in either the same or different underlying commodity as a Benchmark Component Futures Contract for the following month, in which case USCIās investments would have to be changed accordingly. In order that USCIās trading does not unduly cause extraordinary market movements, and to make it more difficult for third parties to profit by trading based on market movements that could be expected from changes in the Benchmark Component Futures Contracts, USCIās investments typically are not rebalanced entirely on a single day, but rather typically rebalanced over a period of four days. After fulfilling the margin and collateral requirements with respect to its Commodity Interests, USCF invests the remainder of USCIās proceeds from the sale of shares in short-term obligations of the United States government (āTreasuriesā) or cash equivalents, and/or merely hold such assets in cash (generally in interest-bearing accounts). USCIās shares began trading on August 10, 2010. As of September 30, 2020, USCI held 154 Futures Contracts on the NYMEX, held 1,215 Futures Contracts on the ICE Futures, held 1,056 Futures Contracts on the CBOT, held 404 Futures Contracts on the CME, held 442 Futures Contracts on the LME and held 209 Futures Contracts on the COMEX, totaling 3,480 futures contracts. CPERās Investment Objective The investment objective of CPER is for the daily changes in percentage terms of its sharesā per share NAV to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total Return SM CPER seeks to achieve its investment objective by investing to the fullest extent possible in the Benchmark Component Copper Futures Contracts. Then, if constrained by regulatory requirements or in view of market conditions, CPER will invest next in other Eligible Copper Futures Contracts, and finally to a lesser extent, in other exchange traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts if one or more other Eligible Copper Futures Contracts is not available. When CPER has invested to the fullest extent possible in exchange-traded futures contracts, CPER may then invest in other contracts and instruments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or copper, such as cash-settled options, forward contracts, cleared swap contracts and swap contracts other than cleared swap contracts. Other exchange-traded futures contracts that are economically identical or substantially similar to the Benchmark Component Copper Futures Contracts and other contracts and instruments based on the Benchmark Component Copper Futures Contracts, are collectively referred to as āOther Copper-Related Investments,ā and together with Benchmark Component Copper Futures Contracts and other Eligible Copper Futures Contracts, āCopper Interests.ā CPERās shares began trading on November 15, 2011. As of September 30, 2020, CPER held 372 Futures Contracts on the COMEX. Other Defined Terms ā Trust Series The SDCI and the SCI are referred to throughout these Notes to Condensed Financial Statements collectively as the āApplicable Indexā or āIndices.ā Benchmark Component Futures Contracts and Benchmark Component Copper Futures Contracts are referred to throughout these Notes to Condensed Financial Statements collectively as āApplicable Benchmark Component Futures Contracts.ā Other Commodity-Related Investments and Other Copper-Related Investments are referred to throughout these Notes to Condensed Financial Statements collectively as āOther Related Investments.ā Trading Advisor and Trustee The Trust Seriesā trading advisor is SummerHaven Investment Management, LLC (āSummerHavenā), a Delaware limited liability company that is registered as a commodity trading advisor and CPO with the CFTC and is a member of the NFA. In addition, SummerHaven is registered as an investment adviser under the Investment Advisers Act of 1940 with the SEC. SummerHaven provides advisory services to USCF with respect to the Applicable Index of each Trust Series and the investment decisions of each Trust Series. The Trustee accepts service of legal process on the Trust in the State of Delaware and makes certain filings under the Delaware Statutory Trust Act. The Trustee does not owe any other duties to the Trust, USCF or the shareholders. |
FEES PAID BY EACH TRUST SERIES
FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2020 | |
FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS | |
FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS | NOTE 4 ā FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS USCF Management Fee Under the Trust Agreement, USCF is responsible for investing the assets of each Trust Series in accordance with the objectives and policies of each such Trust Series. In addition, USCF has arranged for one or more third parties to provide trading advisory, administrative, custody, accounting, transfer agency and other necessary services to each Trust Series. For these services, each of USCI and CPER is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.95% per annum of average daily total net assets. Effective January 1, 2016, USCF permanently lowered the management fee to 0.80% (80 basis points) per annum of average daily total net assets for USCI and 0.65% (65 basis points) per annum of average daily total net assets for CPER. Trustee Fee The Trustee is the Delaware trustee of the Trust. In connection with the Trusteeās services, USCF is responsible for paying the Trusteeās annual fee in the amount of $3,000. Ongoing Registration Fees and Other Offering Expenses Each Trust Series pays the costs and expenses associated with the ongoing registration of its shares subsequent to the initial offering. These costs include registration or other fees paid to regulatory agencies in connection with the offer and sale of shares, and all legal, accounting, printing and other expenses associated with such offer and sale. During the nine months ended September 30, 2020 and 2019, none of the Trust Series incurred any registration fees or other offering expenses. Independent Directorsā and Officersā Expenses Each Trust Series is responsible for paying its portion of the directorsā fees and directorsā and officersā liability insurance for such Trust Series and the Related Public Funds. Each Trust Series shares the fees and expenses on a pro rata basis with each other Trust Series and each Related Public Fund, as described above, based on the relative assets of each fund computed on a daily basis. These fees and expenses for the year ending December 31, 2020 are estimated to be a total of $574,000 for the Trust Series and the Related Public Funds. USCIās portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $45,000 and CPERās portion of such fees and expenses for the year ending December 31, 2020 is estimated to be a total of $5,000. Investor Tax Reporting Cost The fees and expenses associated with each Trust Seriesā audit expenses and tax accounting and reporting requirements are paid by such Trust Series. These costs are estimated to be $250,000 for the year ending December 31, 2020 for USCI and $80,000 for the year ending December 31, 2020 for CPER. Tax reporting costs fluctuate between years due to the number of shareholders during any given year. Other Expenses and Fees and Expense Waivers In addition to the fees described above, each Trust Series pays all brokerage fees and other expenses in connection with the operation of such Trust Series, excluding costs and expenses paid by USCF as outlined in Note 5 ā Contracts and Agreements below. USCF pays certain expenses normally borne by CPER to the extent that such expenses exceed 0.15% (15 basis points) of CPERās NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods. For the nine months ended September 30, 2020, USCF waived $(39,770) of expenses for CPER. This voluntary expense waiver is in addition to those amounts USCF is contractually obligated to pay as described in Note 5 ā Contracts and Agreements below. |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 9 Months Ended |
Sep. 30, 2020 | |
CONTRACTS AND AGREEMENTS | |
CONTRACTS AND AGREEMENTS | NOTE 5 ā CONTRACTS AND AGREEMENTS Marketing Agent Agreement USCF and the Trust, each on its own behalf and on behalf of each Trust Series, are party to a marketing agent agreement, dated as of July 22, 2010, as amended from time to time, with the Marketing Agent, whereby the Marketing Agent provides certain marketing services for each Trust Series as outlined in the agreement. The fee of the Marketing Agent, which is borne by USCF, is equal to 0.06% on each Trust Seriesā assets up to $3 billion and 0.04% on each Trust Seriesā assets in excess of $3 billion. In no event may the aggregate compensation paid to the Marketing Agent and any affiliate of USCF for distribution-related services exceed 10% of the gross proceeds of each Trust Seriesā offering. The above fee does not include website construction and development, which are also borne by USCF. Custody, Transfer Agency and Fund Administration and Accounting Services Agreements USCF engaged The Bank of New York Mellon, a New York corporation authorized to do a banking business ("BNY Mellon"), to provide USO and each of the Related Public Funds with certain custodial, administrative and accounting, and transfer agency services, pursuant to the following agreements with BNY Mellon dated as of March 20, 2020 (together, the "BNY Mellon Agreements"), which were effective as of April 1, 2020: (i) a Custody Agreement; (ii) a Fund Administration and Accounting Agreement; and (iii) a Transfer Agency and Service Agreement. USCF pays the fees of BNY Mellon for its services under the BNY Mellon Agreements and such fees are determined by the parties from time to time. Brown Brothers Harriman and Co. ("BBH&Co.") previously served as the Administrator, Custodian, Transfer Agent and Fund Accounting Agent for USO and the Related Public Funds prior to BNY Mellon commencing such services on April 1, 2020. Certain fund accounting and fund administration services rendered by BBH&Co. to USO and the Related Public Funds terminated on May 31, 2020 to allow for the transition to BNY Mellon. Brokerage and Futures Commission Merchant Agreements On July 7, 2014, the Trust on behalf of each Trust Series entered into a Futures and Cleared Swaps Agreement with Wells Fargo Securities, LLC (āWFSā). In addition, the Trust on behalf of each of USCI and CPER entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC (āRBCā), in June of 2018. Each of RBC and WFS are referred to as a āFutures Commissions Merchantā or āFCM.ā Each of the Trustās FCM agreements require the FCM to provide services to the applicable Trust Series in connection with the purchase and sale of Futures Contracts and Other Related Investments that may be purchased and sold by or through the FCM for the applicable Trust Seriesā account. In accordance with each agreement, the FCM charges the applicable Trust Series commissions of approximately $7 to $8 per round-turn trade, including applicable exchange, clearing and NFA fees for Futures Contracts and options on Futures Contracts. Such fees include those incurred when purchasing Futures Contracts and options on Futures Contracts when each Trust Series issues shares as a result of a Creation Basket, as well as fees incurred when selling Futures Contracts and options on Futures Contracts when each Trust Series redeems shares as a result of a Redemption Basket. Such fees are also incurred when Futures Contracts and options on Futures Contracts are purchased or redeemed for the purpose of rebalancing the portfolio. Each Trust Series also incurs commissions to brokers for the purchase and sale of Futures Contracts, Other Commodity-Related Investments or short-term obligations of the United States of two years or less (āTreasuriesā). USCI ā ā ā ā ā ā ā ā ā ā Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 Total commissions accrued to brokers ā $ 107,561 ā $ 410,699 ā Total commissions as annualized percentage of average total net assets ā 0.10 % 0.14 % Commissions accrued as a result of rebalancing ā $ 100,415 ā $ 393,159 ā Percentage of commissions accrued as a result of rebalancing ā 93.36 % 95.73 % Commissions accrued as a result of creation and redemption activity ā $ 7,146 ā $ 17,540 ā Percentage of commissions accrued as a result of creation and redemption activity ā 6.64 % 4.27 % ā The decrease in total commissions accrued to brokers for the nine months ended September 30, 2020, compared to the nine months ended 2019, was due primarily to a lower number of contracts held and traded. *USCF to confirm CPER ā ā ā ā ā ā ā ā ā ā Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 Total commissions accrued to brokers ā $ 4,240 ā $ 4,792 ā Total commissions as annualized percentage of average total net assets ā 0.04 % 0.06 % Commissions accrued as a result of rebalancing ā $ 2,814 ā $ 4,189 ā Percentage of commissions accrued as a result of rebalancing ā 66.37 % 87.42 % Commissions accrued as a result of creation and redemption activity ā $ 1,426 ā $ 603 ā Percentage of commissions accrued as a result of creation and redemption activity ā 33.63 % 12.58 % ā The decrease in total commissions accrued to brokers for the nine months ended September 30, 2020, compared to the nine months ended September 30, 2019, was due primarily to a lower number of contracts traded. *USCF to confirm SummerHaven Agreements USCF is party to an Amended and Restated Advisory Agreement, dated as of May 1, 2018, as amended from time to time, with SummerHaven, whereby SummerHaven provides advisory services to USCF with respect to the Applicable Index for each Trust Series and investment decisions for each Trust Series. SummerHavenās advisory services include, but are not limited to, general consultation regarding the calculation and maintenance of the Applicable Index for each Trust Series, anticipated changes to each Applicable Index and the nature of each Applicable Indexās current or anticipated component securities. For these services, USCF pays SummerHaven a fee based on a percentage of the average total net assets of each Trust Series. Prior to May 1, 2018, for USCI, the fee was equal to the percentage fees paid to USCF minus 0.14%, with that result multiplied by 0.5, minus 0.06% to arrive at the actual fee paid. Prior to May 1, 2018, for CPER, the fee was equal to the percentage fees paid to USCF minus 0.18%, with that result multiplied by 0.5, minus 0.6% to arrive at the actual fee paid. USCF and SummerHaven amended and restated the existing Advisory Agreement effective as of May 1, 2018. As of May 1, 2018, USCF pays SummerHaven an annual fee of $15,000 per each Trust Series as well as an annual fee of 0.06% of the average daily total net assets of each Trust Series. USCF is also party to an Amended and Restated Licensing Agreement, dated as of May 1, 2018, as amended by that certain Amendment to Amended and Restated Licensing Agreement dated as of September 15, 2020, and as further amended from time to time, with SummerHaven and SHIM, pursuant to which SHIM grants a license to USCF for the use of certain names and marks, including the Applicable Index for each Trust Series in exchange for a fee to be paid by USCF to SHIM. For the year ended December 31, 2019, USCF paid licensing fees to SummerHaven equal to an annual fee of $15,000 per each Trust Series for the, plus an annual fee of 0.06% of the average daily total net assets of each Trust Series. As a result of the amendment and restatement of the Licensing Agreement and Advisory Agreement in May of 2018, the fees required to be paid by USCF to SummerHaven and SHIM in the aggregate have not changed from the aggregate fees paid by USCF under the two agreements prior to the amendment and restatement. |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2020 | |
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | |
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | NOTE 6 ā FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES Each Trust Series engages in the trading of futures contracts, options on futures contracts, cleared swaps and OTC swaps (collectively, āderivativesā). As such, each Trust Series is exposed to both market risk, which is the risk arising from changes in the market value of the contracts, and credit risk, which is the risk of failure by another party to perform according to the terms of a contract. Each Trust Series may enter into futures contracts, options on futures contracts and cleared swaps to gain exposure to changes in the value of an underlying commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of a commodity at a specified time and place. Some futures contracts may call for physical delivery of the asset, while others are settled in cash. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery. Cleared swaps are agreements that are eligible to be cleared by a clearinghouse, e.g., ICE Clear Europe, and provide the efficiencies and benefits that centralized clearing on an exchange offers to traders of futures contracts, including credit risk intermediation and the ability to offset positions initiated with different counterparties. The purchase and sale of futures contracts, options on futures contracts and cleared swaps require margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCMās proprietary activities. Futures contracts, options on futures contracts and cleared swaps involve, to varying degrees, elements of market risk (specifically commodity price risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Trust Series has in the particular classes of instruments. Additional risks associated with the use of futures contracts are an imperfect correlation between movements in the price of the futures contracts and the market value of the underlying securities and the possibility of an illiquid market for a futures contract. Buying and selling options on futures contracts exposes investors to the risks of purchasing or selling futures contracts. All of the futures contracts held by each Trust Series through September 30, 2020 were exchange-traded. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC swaps since, in OTC swaps, a party must rely solely on the credit of its respective individual counterparties. However, in the future, if each Trust Series were to enter into non-exchange traded contracts (including Exchange for Related Position or EFRP), it would be subject to the credit risk associated with counterparty non-performance. The credit risk from counterparty non-performance associated with such instruments is the net unrealized gain, if any, on the transaction. Currently, each Trust Series has credit risk under its futures contracts since the sole counterparty to all domestic and foreign futures contracts is the clearinghouse for the exchange on which the relevant contracts are traded. In addition, each Trust Series bears the risk of financial failure by the clearing broker. A novel strain of coronavirus (COVID-19) outbreak was declared a pandemic by the World Health Organization on March 11, 2020. The situation is evolving with various cities and countries around the world responding in different ways to address the outbreak. There are direct and indirect economic effects developing for various industries and individual companies throughout the world. Management will continue to monitor the impact COVID-19 has on the Funds and reflect the consequences as appropriate in the Funds' accounting and financial reporting. The recent pandemic spread of the novel coronavirus and related geopolitical events could lead to increased market volatility, disruption to U.S. and world economies and markets and may have significant adverse effects on the Funds and their investments. A Trust Seriesā cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCMās segregation requirements. In the event of an FCMās insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. The insolvency of an FCM could result in the complete loss of a Trust Seriesā assets posted with that FCM; however, the majority of each Trust Seriesā assets are held in investments in Treasuries, cash and/or cash equivalents with the Trust Seriesā custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of the Trust Seriesā custodian, however, could result in a substantial loss of each Trust Seriesā assets. USCF may invest a portion of each Trust Seriesā cash in money market funds that seek to maintain a stable per share NAV. Each Trust Series may be exposed to any risk of loss associated with an investment in such money market funds. As of September 30, 2020 and December 31, 2019, USCI held investments in money market funds in the amounts of $93,491,877 and $19,500,000, respectively. As of September 30, 2020 and December 31, 2019, CPER held investments in money market funds in the amounts of $25,717,787 and $620,000, respectively. Each Trust Series also holds cash deposits with its custodian. As of September 30, 2020 and December 31, 2019, USCI held cash deposits and investments in Treasuries in the amounts of $8,411,690 and $170,813,994, respectively, with the custodian and FCMs. As of September 30, 2020 and December 31, 2019, CPER held cash deposits and investments in Treasuries in the amounts of $838,527 and $6,478,904, respectively, with the custodian and FCMs. Some or all of these amounts may be subject to loss should the Trust Seriesā custodian and/or FCMs cease operations. For derivatives, risks arise from changes in the market value of the contracts. Theoretically, each Trust Series is exposed to market risk equal to the value of Futures Contracts purchased and unlimited liability on such contracts sold short. As both a buyer and a seller of options, each Trust Series pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. The Trust Seriesā policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting controls and procedures. In addition, the Trust Series or USCF have a policy of requiring review of the credit standing of each broker or counterparty with which they conduct business. The financial instruments held by the applicable Trust Series are reported in its condensed statements of financial condition at market or fair value, or at carrying amounts that approximate fair value, because of their highly liquid nature and short-term maturity. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 9 Months Ended |
Sep. 30, 2020 | |
FINANCIAL HIGHLIGHTS | |
FINANCIAL HIGHLIGHTS | NOTE 7 ā FINANCIAL HIGHLIGHTS The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2020 and 2019 for the shareholders. This information has been derived from information presented in the condensed financial statements. USCI ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended Three months ended Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 September 30, 2020 ā September 30, 2019 ā ā (Unaudited) ā (Unaudited) (Unaudited) ā (Unaudited) Per Share Operating Performance: ā ā ā ā ā ā Net asset value, beginning of period ā $ 26.64 ā $ 36.98 ā $ 36.87 ā $ 37.49 ā Total income (loss) ā 3.17 ā (1.04) ā (6.90) ā (1.34) ā Total expenses ā (0.08) ā (0.10) ā (0.24) ā (0.31) ā Net increase (decrease) in net asset value ā 3.09 ā (1.14) ā (7.14) ā (1.65) ā Net asset value, end of period ā $ 29.73 ā $ 35.84 ā $ 29.73 ā $ 35.84 ā ā ā ā ā ā ā ā ā Total Return ā 11.60 % (3.08) % (19.37) % (4.40) % ā ā ā ā ā ā ā ā Ratios to Average Net Assets ā ā ā ā ā ā ā Total income (loss) ā 12.54 % (3.42) % (25.06) % (2.87) % Management fees * ā 0.80 % 0.80 % 0.80 % 0.80 % Expenses excluding management fees * ā 0.30 % 0.27 % 0.31 % 0.31 % Net income (loss) ā 12.26 % (3.69) % (25.89) % (3.70) % ā * Annualized. ā CPER ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended Three months ended Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 September 30, 2020 ā September 30, 2019 ā ā (Unaudited) ā (Unaudited) (Unaudited) ā (Unaudited) Per Share Operating Performance: ā ā ā ā ā ā ā ā ā ā ā ā ā Net asset value, beginning of period ā $ 16.99 ā $ 16.99 ā $ 17.54 ā $ 16.44 ā Total income (loss) ā 1.82 ā (0.80) ā 1.33 ā (0.18) ā Total expenses ā (0.04) ā (0.03) ā (0.10) ā (0.10) ā Net increase (decrease) in net asset value ā 1.78 ā (0.83) ā 1.23 ā (0.28) ā Net asset value, end of period ā $ 18.77 ā $ 16.16 ā $ 18.77 ā $ 16.16 ā ā ā ā ā ā ā ā ā Total Return ā 10.48 % (4.89) % 7.01 % (1.70) % ā ā ā ā ā ā ā ā Ratios to Average Net Assets ā ā ā ā ā ā ā Total income (loss) ā 9.26 % (5.09) % 18.61 % (3.00) % Management fees * ā 0.65 % ā ā 0.65 % ā 0.65 % ā 0.65 % ā Total expenses excluding management fees * ā 0.40 % ā 0.67 % 0.51 % 0.81 % Expense waived * ā (0.25) % ā ā (0.52) % ā (0.36) % ā (0.66) % ā Net expense excluding management fees * ā 0.15 % ā 0.15 % 0.15 % 0.15 % Net income (loss) ā 9.06 % ā (5.29) % 18.01 % 3.59 % ā * Annualized. ā USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15% (15 basis points) of CPERās NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods. Total returns are calculated based on the change in value during the period. An individual shareholderās total return and ratio may vary from the above total returns and ratios based on the timing of contributions to and withdrawals from each Trust Series. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 8 ā FAIR VALUE OF FINANCIAL INSTRUMENTS The Trust and each Trust Series value their investments in accordance with Accounting Standards Codification 820 ā Fair Value Measurements and Disclosures (āASC 820ā). ASC 820 defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurement. The changes to past practice resulting from the application of ASC 820 relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurement. ASC 820 establishes a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Trust and each Trust Series (observable inputs) and (2) the Trustās and each Trust Seriesā own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the ASC 820 hierarchy are as follows: Level I ā Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II ā Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar Level III ā Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall within different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest input level that is significant to the fair value measurement in its entirety. The following table summarizes the valuation of USCIās securities at September 30, 2020 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At September 30, 2020 Total Level I Level II Level III Short-Term Investments ā $ 98,490,861 ā $ 98,490,861 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā ā ā United States Contracts ā 4,124,734 ā 4,124,734 ā ā ā ā Foreign Contracts ā ā 1,356,885 ā ā 1,356,885 ā ā ā ā ā ā ā The following table summarizes the valuation of USCIās securities at December 31, 2019 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 Total Level I Level II Level III Short-Term Investments ā $ 188,989,355 ā $ 188,989,355 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā Foreign Contracts ā (2,381,779) ā (2,381,779) ā ā ā ā United States Contracts ā 4,520,647 ā 4,520,647 ā ā ā ā ā The following table summarizes the valuation of CPERās securities at September 30, 2020 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At September 30, 2020 Total Level I Level II Level III Short-Term Investments ā $ 26,217,685 ā $ 26,217,685 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā United States Contracts ā 1,610,888 ā 1,610,888 ā ā ā ā ā The following table summarizes the valuation of CPERās securities at December 31, 2019 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 Total Level I Level II Level III Short-Term Investments ā $ 7,096,018 ā $ 7,096,018 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā United States Contracts ā 346,250 ā 346,250 ā ā ā ā ā The Trust and each Trust Series have adopted the provisions of Accounting Standards Codification 815 ā Derivatives and Hedging, which require presentation of qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts and gains and losses on derivatives. Fair Value of Derivative Instruments Held by USCI ā ā ā ā ā ā ā ā ā ā ā Condensed ā ā ā ā ā ā Statements of ā ā ā ā ā ā ā ā Financial ā Fair Value at ā Fair Value at ā ā Condition ā September 30, ā December 31, Derivatives not Accounted for as Hedging Instruments ā Location ā 2020 ā 2019 Futures - Commodity Contracts Assets ā $ 5,481,619 ā $ 2,138,868 ā Fair Value of Derivative Instruments Held by CPER ā ā ā ā ā ā ā ā ā ā ā Condensed ā ā ā ā ā ā Statements of ā ā ā ā ā ā ā ā Financial ā Fair Value at ā Fair Value at ā ā Condition ā September 30, ā December 31, Derivatives not Accounted for as Hedging Instruments ā Location ā 2020 ā 2019 Futures - Commodity Contracts Assets ā $ 1,610,888 ā $ 346,250 ā The Effect of Derivative Instruments on the Condensed Statements of Operations of USCI ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the nine months ended ā For the nine months ended ā ā ā ā September 30, 2020 ā September 30, 2019 ā ā ā Change in ā Change in ā ā ā ā Realized gain ā Unrealized Gain ā Realized Gain ā Unrealized Gain ā ā ā ā (Loss) on ā (Loss) on ā (Loss) in ā (Loss) on ā ā Location of Gain (Loss) on ā Derivatives ā Derivatives ā Derivatives ā Derivatives ā Derivatives Recognized in Recognized in Recognized in Recognized in Recognized in Derivatives not Accounted for as Hedging Instruments ā Income ā Income Income ā Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ā $ (40,973,466) ā ā ā $ (27,969,141) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Change in unrealized gain (loss) on open positions ā ā ā ā $ 3,342,751 ā ā ā ā $ 9,989,137 ā The Effect of Derivative Instruments on the Condensed Statements of Operations of CPER ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the nine months ended ā For the nine months ended ā ā ā ā September 30, 2020 ā September 30, 2019 ā ā ā ā Change in ā ā Change in ā ā ā ā Realized gain ā Unrealized Gain ā Realized Gain ā Unrealized Gain ā ā ā ā (Loss) on ā (Loss) on ā (Loss) in ā (Loss) on ā ā Location of Gain (Loss) on ā Derivatives ā Derivatives ā Derivatives ā Derivatives ā ā Derivatives Recognized in ā Recognized in ā Recognized in ā Recognized in ā Recognized in Derivatives not Accounted for as Hedging Instruments ā Income ā Income ā Income ā Income ā Income Futures - Commodity Contracts Realized gain (loss) on closed positions ā $ 1,391,750 ā ā ā $ (1,250,775) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Change in unrealized gain (loss) on open positions ā ā ā ā $ 1,264,638 ā ā ā ā $ 703,250 ā |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2020 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 9 - RECENT ACCOUNTING PRONOUNCEMENTS In August 2018, the FASB issued Accounting Standards Update ("ASU") No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Trust Series' policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Trust Series has evaluated the implications of certain provisions of the ASU and has determined that there will be no material impacts to the financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 10 ā SUBSEQUENT EVENTS The Trust and each Trust Series have performed an evaluation of subsequent events through the date the condensed financial statements were issued. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments. ā |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The condensed financial statements have been prepared in conformity with U.S. GAAP as detailed in the Financial Accounting Standards Boardās (āFASBā) Accounting Standards Codification. Each Trust Series is an investment company and follows the accounting and reporting guidance in FASB Topic 946. The Trust financial statements included its respective series of funds financial statements including USCI, CPER and XBET through September 30, 2020. |
Revenue Recognition | Revenue Recognition Commodity futures contracts, forward contracts, physical commodities and related options are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts are reflected in the condensed statements of financial condition and represent the difference between the original contract amount and the market value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the year or as of the last date of the condensed financial statements. Changes in the unrealized gains or losses between periods are reflected in the condensed statements of operations. Each Trust Series earns income on funds held at the custodian or a futures commission merchant (āFCMā) at prevailing market rates earned on such investments. |
Brokerage Commissions | Brokerage Commissions Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. |
Income Taxes | Income Taxes The Trust Series are not subject to federal income taxes; each investor reports his/her allocable share of income, gain, loss deductions or credits on his/her own income tax return. In accordance with U.S. GAAP, each Trust Series is required to determine whether a tax position is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any tax related appeals or litigation processes, based on the technical merits of the position. Each Trust Series files an income tax return in the U.S. federal jurisdiction and may file income tax returns in various U.S. states. None of the Trust Series is subject to income tax return examinations by major taxing authorities for years before 2017. The tax benefit recognized is measured as the largest amount of benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. De-recognition of a tax benefit previously recognized results in each Trust Series recording a tax liability that reduces net assets. However, each Trust Seriesā conclusions regarding this policy may be subject to review and adjustment at a later date based on factors including, but not limited to, on-going analysis of and changes to tax laws, regulations and interpretations thereof. Each Trust Series recognizes interest accrued related to unrecognized tax benefits and penalties related to unrecognized tax benefits in income tax fees payable, if assessed. No interest expense or penalties have been recognized as of and for the period ended September 30, 2020 for any Trust Series. |
Creations and Redemptions | Creations and Redemptions Effective as of May 1, 2012, Authorized Participants may purchase Creation Baskets or redeem Redemption Baskets for USCI and CPER only in blocks of 50,000 shares at a price equal to the NAV of the shares calculated shortly after the close of the core trading session on the NYSE Arca on the day the order is placed. Each Trust Series receives or pays the proceeds from shares sold or redeemed within two business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in each Trust Seriesā condensed statements of financial condition as receivable for shares sold and amounts payable to Authorized Participants upon redemption are reflected as payable for shares redeemed. Authorized Participants pay each Trust Series a $350 transaction fee for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. |
Trust Capital and Allocation of Income and Losses | Trust Capital and Allocation of Income and Losses Profit or loss shall be allocated among the shareholders of each Trust Series in proportion to the number of shares each investor holds as of the close of each month. USCF may revise, alter or otherwise modify this method of allocation as described in the Trust Agreement. |
Calculation of Per Share NAV | Calculation of Per Share NAV Each Trust Seriesā per share NAV is calculated on each NYSE Arca trading day by taking the current market value of its total assets, subtracting any liabilities and dividing that amount by the total number of shares outstanding. Each Trust Series uses the closing prices on the relevant Futures Exchanges (as defined in Note 3 below) of the Applicable Benchmark Component Futures Contracts (as defined in Note 3 below) that at any given time make up the Applicable Index (as defined in Note 3 below) (determined at the earlier of the close of such exchange or 2:30 p.m. New York time) for the contracts traded on the Futures Exchanges, but calculates or determines the value of all other investments of each Trust Series using market quotations, if available, or other information customarily used to determine the fair value of such investments. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Net income (loss) per share is the difference between the per share NAV at the beginning of each period and at the end of each period. The weighted average number of shares outstanding was computed for purposes of disclosing net income (loss) per weighted average share. The weighted average shares are equal to the number of shares outstanding at the end of the period, adjusted proportionately for shares added and redeemed based on the amount of time the shares were outstanding during such period. As of September 30, 2020, USCF held 5 shares of USCI and 40 shares of CPER. |
Offering Costs | Offering Costs Offering costs incurred in connection with the registration of shares prior to the commencement of the offering are borne by USCF. Offering costs incurred in connection with the registration of additional shares after the commencement of the offering are borne by each Trust Series. These costs include registration fees paid to regulatory agencies and all legal, accounting, printing and other expenses associated with such offerings. Costs borne by the Trust Series after the commencement of an offering are accounted for as a deferred charge and thereafter amortized to expense over twelve months on a straight -line basis or a shorter period if warranted. |
Cash Equivalents | Cash Equivalents Cash equivalents include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. |
Reclassification | Reclassification Certain amounts in the accompanying condensed financial statements were reclassified to conform to the current presentation. |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with U.S. GAAP requires USCF to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of the revenue and expenses during the reporting period. Actual results may differ from those estimates and assumptions. |
CONTRACTS AND AGREEMENTS (Table
CONTRACTS AND AGREEMENTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
CONTRACTS AND AGREEMENTS | |
Schedule of brokerage and futures commission | USCI ā ā ā ā ā ā ā ā ā ā Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 Total commissions accrued to brokers ā $ 107,561 ā $ 410,699 ā Total commissions as annualized percentage of average total net assets ā 0.10 % 0.14 % Commissions accrued as a result of rebalancing ā $ 100,415 ā $ 393,159 ā Percentage of commissions accrued as a result of rebalancing ā 93.36 % 95.73 % Commissions accrued as a result of creation and redemption activity ā $ 7,146 ā $ 17,540 ā Percentage of commissions accrued as a result of creation and redemption activity ā 6.64 % 4.27 % ā The decrease in total commissions accrued to brokers for the nine months ended September 30, 2020, compared to the nine months ended 2019, was due primarily to a lower number of contracts held and traded. *USCF to confirm CPER ā ā ā ā ā ā ā ā ā ā Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 Total commissions accrued to brokers ā $ 4,240 ā $ 4,792 ā Total commissions as annualized percentage of average total net assets ā 0.04 % 0.06 % Commissions accrued as a result of rebalancing ā $ 2,814 ā $ 4,189 ā Percentage of commissions accrued as a result of rebalancing ā 66.37 % 87.42 % Commissions accrued as a result of creation and redemption activity ā $ 1,426 ā $ 603 ā Percentage of commissions accrued as a result of creation and redemption activity ā 33.63 % 12.58 % ā The decrease in total commissions accrued to brokers for the nine months ended September 30, 2020, compared to the nine months ended September 30, 2019, was due primarily to a lower number of contracts traded. |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
FINANCIAL HIGHLIGHTS | |
Schedule of per share performance data and other supplemental financial data for each Trust Series | The following table presents per share performance data and other supplemental financial data for the three and nine months ended September 30, 2020 and 2019 for the shareholders. This information has been derived from information presented in the condensed financial statements. USCI ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended Three months ended Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 September 30, 2020 ā September 30, 2019 ā ā (Unaudited) ā (Unaudited) (Unaudited) ā (Unaudited) Per Share Operating Performance: ā ā ā ā ā ā Net asset value, beginning of period ā $ 26.64 ā $ 36.98 ā $ 36.87 ā $ 37.49 ā Total income (loss) ā 3.17 ā (1.04) ā (6.90) ā (1.34) ā Total expenses ā (0.08) ā (0.10) ā (0.24) ā (0.31) ā Net increase (decrease) in net asset value ā 3.09 ā (1.14) ā (7.14) ā (1.65) ā Net asset value, end of period ā $ 29.73 ā $ 35.84 ā $ 29.73 ā $ 35.84 ā ā ā ā ā ā ā ā ā Total Return ā 11.60 % (3.08) % (19.37) % (4.40) % ā ā ā ā ā ā ā ā Ratios to Average Net Assets ā ā ā ā ā ā ā Total income (loss) ā 12.54 % (3.42) % (25.06) % (2.87) % Management fees * ā 0.80 % 0.80 % 0.80 % 0.80 % Expenses excluding management fees * ā 0.30 % 0.27 % 0.31 % 0.31 % Net income (loss) ā 12.26 % (3.69) % (25.89) % (3.70) % ā * Annualized. ā CPER ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Three months ended Three months ended Nine months ended Nine months ended ā ā September 30, 2020 ā September 30, 2019 September 30, 2020 ā September 30, 2019 ā ā (Unaudited) ā (Unaudited) (Unaudited) ā (Unaudited) Per Share Operating Performance: ā ā ā ā ā ā ā ā ā ā ā ā ā Net asset value, beginning of period ā $ 16.99 ā $ 16.99 ā $ 17.54 ā $ 16.44 ā Total income (loss) ā 1.82 ā (0.80) ā 1.33 ā (0.18) ā Total expenses ā (0.04) ā (0.03) ā (0.10) ā (0.10) ā Net increase (decrease) in net asset value ā 1.78 ā (0.83) ā 1.23 ā (0.28) ā Net asset value, end of period ā $ 18.77 ā $ 16.16 ā $ 18.77 ā $ 16.16 ā ā ā ā ā ā ā ā ā Total Return ā 10.48 % (4.89) % 7.01 % (1.70) % ā ā ā ā ā ā ā ā Ratios to Average Net Assets ā ā ā ā ā ā ā Total income (loss) ā 9.26 % (5.09) % 18.61 % (3.00) % Management fees * ā 0.65 % ā ā 0.65 % ā 0.65 % ā 0.65 % ā Total expenses excluding management fees * ā 0.40 % ā 0.67 % 0.51 % 0.81 % Expense waived * ā (0.25) % ā ā (0.52) % ā (0.36) % ā (0.66) % ā Net expense excluding management fees * ā 0.15 % ā 0.15 % 0.15 % 0.15 % Net income (loss) ā 9.06 % ā (5.29) % 18.01 % 3.59 % ā * Annualized. ā USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15% (15 basis points) of CPERās NAV, on an annualized basis. USCF has no obligation to continue such payments into subsequent periods. |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of summary of valuation of Usci's, Cper's, Usag's and Usmi's securities using fair value hierarchy | The following table summarizes the valuation of USCIās securities at September 30, 2020 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At September 30, 2020 Total Level I Level II Level III Short-Term Investments ā $ 98,490,861 ā $ 98,490,861 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā ā ā United States Contracts ā 4,124,734 ā 4,124,734 ā ā ā ā Foreign Contracts ā ā 1,356,885 ā ā 1,356,885 ā ā ā ā ā ā ā The following table summarizes the valuation of USCIās securities at December 31, 2019 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 Total Level I Level II Level III Short-Term Investments ā $ 188,989,355 ā $ 188,989,355 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā Foreign Contracts ā (2,381,779) ā (2,381,779) ā ā ā ā United States Contracts ā 4,520,647 ā 4,520,647 ā ā ā ā ā The following table summarizes the valuation of CPERās securities at September 30, 2020 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At September 30, 2020 Total Level I Level II Level III Short-Term Investments ā $ 26,217,685 ā $ 26,217,685 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā United States Contracts ā 1,610,888 ā 1,610,888 ā ā ā ā ā The following table summarizes the valuation of CPERās securities at December 31, 2019 using the fair value hierarchy: ā ā ā ā ā ā ā ā ā ā ā ā ā ā At December 31, 2019 Total Level I Level II Level III Short-Term Investments ā $ 7,096,018 ā $ 7,096,018 ā $ ā ā $ ā Exchange-Traded Futures Contracts ā ā ā ā ā ā United States Contracts ā 346,250 ā 346,250 ā ā ā ā |
Schedule of fair value of derivative instruments held by Usci, Cper, Usag and Usmi | Fair Value of Derivative Instruments Held by USCI ā ā ā ā ā ā ā ā ā ā ā Condensed ā ā ā ā ā ā Statements of ā ā ā ā ā ā ā ā Financial ā Fair Value at ā Fair Value at ā ā Condition ā September 30, ā December 31, Derivatives not Accounted for as Hedging Instruments ā Location ā 2020 ā 2019 Futures - Commodity Contracts Assets ā $ 5,481,619 ā $ 2,138,868 ā Fair Value of Derivative Instruments Held by CPER ā ā ā ā ā ā ā ā ā ā ā Condensed ā ā ā ā ā ā Statements of ā ā ā ā ā ā ā ā Financial ā Fair Value at ā Fair Value at ā ā Condition ā September 30, ā December 31, Derivatives not Accounted for as Hedging Instruments ā Location ā 2020 ā 2019 Futures - Commodity Contracts Assets ā $ 1,610,888 ā $ 346,250 |
Schedule of effect of derivative instruments on condensed statements of operations of Usci, Cper, Usag and Usmi | The Effect of Derivative Instruments on the Condensed Statements of Operations of USCI ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the nine months ended ā For the nine months ended ā ā ā ā September 30, 2020 ā September 30, 2019 ā ā ā Change in ā Change in ā ā ā ā Realized gain ā Unrealized Gain ā Realized Gain ā Unrealized Gain ā ā ā ā (Loss) on ā (Loss) on ā (Loss) in ā (Loss) on ā ā Location of Gain (Loss) on ā Derivatives ā Derivatives ā Derivatives ā Derivatives ā Derivatives Recognized in Recognized in Recognized in Recognized in Recognized in Derivatives not Accounted for as Hedging Instruments ā Income ā Income Income ā Income Income Futures - Commodity Contracts Realized gain (loss) on closed positions ā $ (40,973,466) ā ā ā $ (27,969,141) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Change in unrealized gain (loss) on open positions ā ā ā ā $ 3,342,751 ā ā ā ā $ 9,989,137 ā The Effect of Derivative Instruments on the Condensed Statements of Operations of CPER ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā For the nine months ended ā For the nine months ended ā ā ā ā September 30, 2020 ā September 30, 2019 ā ā ā ā Change in ā ā Change in ā ā ā ā Realized gain ā Unrealized Gain ā Realized Gain ā Unrealized Gain ā ā ā ā (Loss) on ā (Loss) on ā (Loss) in ā (Loss) on ā ā Location of Gain (Loss) on ā Derivatives ā Derivatives ā Derivatives ā Derivatives ā ā Derivatives Recognized in ā Recognized in ā Recognized in ā Recognized in ā Recognized in Derivatives not Accounted for as Hedging Instruments ā Income ā Income ā Income ā Income ā Income Futures - Commodity Contracts Realized gain (loss) on closed positions ā $ 1,391,750 ā ā ā $ (1,250,775) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Change in unrealized gain (loss) on open positions ā ā ā ā $ 1,264,638 ā ā ā ā $ 703,250 |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) - USD ($) | Sep. 30, 2020 | May 08, 2019 | Mar. 31, 2018 | Nov. 15, 2011 | Nov. 10, 2010 | Aug. 10, 2010 |
ORGANIZATION AND BUSINESS | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | |||||
United States Commodity Index Fund | ||||||
ORGANIZATION AND BUSINESS | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | |||||
United States Commodity Index Fund | Creation Baskets | Effective as of May 1, 2012 | ||||||
ORGANIZATION AND BUSINESS | ||||||
Number of Units per basket | 50,000 | |||||
United States Commodity Index Fund | Marketing Agent | Prior to May 1, 2012 | ||||||
ORGANIZATION AND BUSINESS | ||||||
Number of Units per basket | 100,000 | |||||
United States Commodity Index Fund | Creation Basket | ||||||
ORGANIZATION AND BUSINESS | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 350 | |||||
United States Copper Index Fund | ||||||
ORGANIZATION AND BUSINESS | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | $ 1,000 | $ 1,000 | |||
United States Copper Index Fund | Creation Baskets | Effective as of May 1, 2012 | ||||||
ORGANIZATION AND BUSINESS | ||||||
Number of Units per basket | 50,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 9 Months Ended | |||||
Sep. 30, 2020 | May 08, 2019 | Mar. 31, 2018 | Nov. 15, 2011 | Nov. 10, 2010 | Aug. 10, 2010 | |
Significant Accounting Policies | ||||||
Income tax interest expense or penalties | $ 0 | |||||
Cash equivalents maturity period | 6 months | |||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | |||||
United States Commodity Index Fund | ||||||
Significant Accounting Policies | ||||||
Weighted Average Number of Shares Outstanding, Basic | 5 | |||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | |||||
United States Commodity Index Fund | Creation Baskets | Effective as of May 1, 2012 | ||||||
Significant Accounting Policies | ||||||
Weighted Average Number of Shares Outstanding, Basic | 50,000 | |||||
United States Commodity Index Fund | Redemption Baskets | ||||||
Significant Accounting Policies | ||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 350 | |||||
United States Copper Index Fund | ||||||
Significant Accounting Policies | ||||||
Weighted Average Number of Shares Outstanding, Basic | 40 | |||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | $ 1,000 | $ 1,000 |
TRUST SERIES (Details)
TRUST SERIES (Details) | May 08, 2019USD ($)shares | Oct. 03, 2012shares | Jun. 28, 2012shares | Apr. 13, 2012shares | Dec. 07, 2011shares | Nov. 14, 2011shares | Sep. 14, 2011shares | Sep. 06, 2011 | Aug. 10, 2010USD ($)$ / sharesshares | Nov. 15, 2011USD ($)$ / sharesshares | Sep. 19, 2011shares | Jul. 30, 2010 | Dec. 21, 2009USD ($)shares | Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020$ / shares | Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019$ / shares | Jun. 30, 2019$ / shares | Dec. 31, 2018$ / shares | Mar. 31, 2018USD ($) | Nov. 10, 2010USD ($) |
Capital Unit | |||||||||||||||||||||
Capital contribution to trust series | $ 1,000 | ||||||||||||||||||||
Units acquisition | shares | 20 | ||||||||||||||||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | ||||||||||||||||||||
Future Contract Rebalance Target Weightage | 7.14% | ||||||||||||||||||||
United States Commodity Index Fund | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Sponsor capital contribution | $ 1,000 | $ 0 | $ 0 | $ 3,000 | |||||||||||||||||
Units acquisition | shares | 40 | 20 | 5 | ||||||||||||||||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 50,000,000 | ||||||||||||||||||||
Initial offering price per unit NAV | $ / shares | $ 50 | $ 29.73 | $ 26.64 | $ 36.87 | $ 35.84 | $ 36.98 | $ 37.49 | ||||||||||||||
Number of units issued | shares | 20 | 100,000 | |||||||||||||||||||
Value of unit issued | $ 5,000,000 | ||||||||||||||||||||
Number of registered units | 100,000 | ||||||||||||||||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Investment rebalancing period | 4 days | ||||||||||||||||||||
Future contract held | 3,480 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | NYMEX | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 154 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | Ice Futures | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 1,215 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | Chicago Board of Trade | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 1,056 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | Chicago Mercantile Exchange | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 404 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | London Metal Exchange | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 442 | ||||||||||||||||||||
United States Commodity Index Fund | Futures Contracts | Commodity Exchange Inc | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 209 | ||||||||||||||||||||
United States Agriculture Index Fund | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Units acquisition | shares | 40 | 40 | |||||||||||||||||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 20,000,000 | ||||||||||||||||||||
Number of shares purchased | shares | 5 | ||||||||||||||||||||
United States Copper Index Fund | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Sponsor capital contribution | $ 0 | $ 0 | |||||||||||||||||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 30,000,000 | ||||||||||||||||||||
Initial offering price per unit NAV | $ / shares | $ 25 | $ 18.77 | $ 16.99 | $ 17.54 | $ 16.16 | $ 16.99 | $ 16.44 | ||||||||||||||
Number of units issued | shares | 40 | 100,000 | |||||||||||||||||||
Value of unit issued | $ 2,500,000 | ||||||||||||||||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ 1,000 | $ 1,000 | $ 1,000 | ||||||||||||||||||
Number of shares purchased | shares | 40 | ||||||||||||||||||||
United States Copper Index Fund | Futures Contracts | Commodity Exchange Inc | |||||||||||||||||||||
Capital Unit | |||||||||||||||||||||
Future contract held | 372 |
FEES PAID BY EACH TRUST SERIE_2
FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS - (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Fees Paid and Related Party Transactions | ||
Trustee annual fee | $ 3,000 | |
Directors and Officers Liability Insurance | Forecast | ||
Fees Paid and Related Party Transactions | ||
Noninterest Expense Directors Fees | $ 574,000 | |
United States Commodity Index Fund | ||
Fees Paid and Related Party Transactions | ||
Percentage of average daily net assets paid | 0.95% | |
United States Commodity Index Fund | Forecast | ||
Fees Paid and Related Party Transactions | ||
Noninterest Expense Directors Fees | 45,000 | |
Estimated investor tax reporting cost | 250,000 | |
United States Commodity Index Fund | Effective January 1, 2016 | ||
Fees Paid and Related Party Transactions | ||
Percentage of average daily net assets paid | 0.80% | |
United States Copper Index Fund | ||
Fees Paid and Related Party Transactions | ||
Costs and expenses annual limit for reimbursement | 0.15% | |
Expense waiver | $ (39,770) | |
United States Copper Index Fund | Forecast | ||
Fees Paid and Related Party Transactions | ||
Noninterest Expense Directors Fees | 5,000 | |
Estimated investor tax reporting cost | $ 80,000 | |
United States Agriculture Index Fund | Effective January 1, 2016 | ||
Fees Paid and Related Party Transactions | ||
Percentage of average daily net assets paid | 0.65% |
CONTRACTS AND AGREEMENTS - Brok
CONTRACTS AND AGREEMENTS - Brokerage Commission (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
United States Commodity Index Fund | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 31,187 | $ 104,902 | $ 107,561 | $ 410,699 |
Brokerage commissions as a percentage of average daily net assets | 0.10% | 0.14% | 0.10% | 0.14% |
United States Commodity Index Fund | Rebalancing Investments Transaction | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 100,415 | $ 393,159 | ||
Brokerage commissions as a percentage of average daily net assets | 93.36% | 95.73% | 93.36% | 95.73% |
United States Commodity Index Fund | Creation and Redemption Activity | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 7,146 | $ 17,540 | ||
Brokerage commissions as a percentage of average daily net assets | 6.64% | 4.27% | 6.64% | 4.27% |
United States Copper Index Fund | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 1,672 | $ 945 | $ 4,240 | $ 4,792 |
Brokerage commissions as a percentage of average daily net assets | 0.04% | 0.06% | 0.04% | 0.06% |
United States Copper Index Fund | Rebalancing Investments Transaction | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 2,814 | $ 4,189 | ||
Brokerage commissions as a percentage of average daily net assets | 66.37% | 87.42% | 66.37% | 87.42% |
United States Copper Index Fund | Creation and Redemption Activity | ||||
Contracts and Agreements | ||||
Brokerage commissions | $ 1,426 | $ 603 | ||
Brokerage commissions as a percentage of average daily net assets | 33.63% | 12.58% | 33.63% | 12.58% |
CONTRACTS AND AGREEMENTS - Addi
CONTRACTS AND AGREEMENTS - Additional Information (Details) - USD ($) | May 01, 2018 | Apr. 30, 2018 | Sep. 30, 2020 | Dec. 31, 2019 |
SummerHaven Agreements | United States Commodity Index Fund | ||||
Contracts and Agreements | ||||
Fee percentage | 0.06% | 0.06% | ||
Percentage of fee paid less than base fee | 0.14% | |||
Multiplier to calculate base fee | 0.5 | |||
Percentage multiplied to get the calculate fee to be paid | 0.06% | |||
Annual licensing fee | $ 15,000 | $ 15,000 | ||
SummerHaven Agreements | United States Copper Index Fund | ||||
Contracts and Agreements | ||||
Percentage of fee paid less than base fee | 0.18% | |||
Multiplier to calculate base fee | 0.5 | |||
Percentage multiplied to get the calculate fee to be paid | 0.60% | |||
Maximum | ||||
Contracts and Agreements | ||||
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ 8 | |||
Maximum | Marketing Agent Agreement | ||||
Contracts and Agreements | ||||
Fee percentage | 10.00% | |||
Minimum | ||||
Contracts and Agreements | ||||
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ 7 | |||
Minimum | Marketing Agent Agreement | ||||
Contracts and Agreements | ||||
Fee percentage | 0.04% | |||
On each Trust Series' assets up to 3 billion | Marketing Agent Agreement | ||||
Contracts and Agreements | ||||
Fee percentage | 0.06% | |||
On each Trust Series' assets up to 3 billion | Maximum | Marketing Agent Agreement | ||||
Contracts and Agreements | ||||
Base amount for determining fee percentage | $ 3,000,000,000 | |||
On each Trust Series' assets in excess of $3 billion | Maximum | Marketing Agent Agreement | ||||
Contracts and Agreements | ||||
Base amount for determining fee percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA_2
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES - (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
United States Commodity Index Fund | ||
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | ||
Deposits, Money Market Deposits | $ 93,491,877 | $ 19,500,000 |
Cash deposits and investments in Treasuries | 8,411,690 | 170,813,994 |
United States Copper Index Fund | ||
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | ||
Deposits, Money Market Deposits | 25,717,787 | 620,000 |
Cash deposits and investments in Treasuries | $ 838,527 | $ 6,478,904 |
FINANCIAL HIGHLIGHTS - Per Unit
FINANCIAL HIGHLIGHTS - Per Unit Performance Data and Other Supplemental Financial Data (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
United States Commodity Index Fund | ||||
Per Share Operating Performance: | ||||
Net asset value, beginning of period (in dollars per share) | $ 26.64 | $ 36.98 | $ 36.87 | $ 37.49 |
Total income (loss) | 3.17 | (1.04) | (6.90) | (1.34) |
Total expenses | (0.08) | (0.10) | (0.24) | (0.31) |
Net increase (decrease) in net asset value | 3.09 | (1.14) | (7.14) | (1.65) |
Net asset value, end of period (in dollars per share) | $ 29.73 | $ 35.84 | $ 29.73 | $ 35.84 |
Total Return | 11.60% | (3.08%) | (19.37%) | (4.40%) |
Ratios to Average Net Assets | ||||
Total income (loss) | 12.54% | (3.42%) | (25.06%) | (2.87%) |
Management fees | 0.80% | 0.80% | 0.80% | 0.80% |
Net expense excluding management fees | 0.30% | 0.27% | 0.31% | 0.31% |
Net income (loss) | (12.26%) | 3.69% | 25.89% | 3.70% |
United States Copper Index Fund | ||||
Per Share Operating Performance: | ||||
Net asset value, beginning of period (in dollars per share) | $ 16.99 | $ 16.99 | $ 17.54 | $ 16.44 |
Total income (loss) | 1.82 | (0.80) | 1.33 | (0.18) |
Total expenses | (0.04) | (0.03) | (0.10) | (0.10) |
Net increase (decrease) in net asset value | 1.78 | (0.83) | 1.23 | (0.28) |
Net asset value, end of period (in dollars per share) | $ 18.77 | $ 16.16 | $ 18.77 | $ 16.16 |
Total Return | 10.48% | (4.89%) | 7.01% | (1.70%) |
Ratios to Average Net Assets | ||||
Total income (loss) | 9.26% | (5.09%) | 18.61% | (3.00%) |
Management fees | 0.65% | 0.65% | 0.65% | 0.65% |
Total expenses excluding management fees | 0.40% | 0.67% | 0.51% | 0.81% |
Expense waived | (0.25%) | (0.52%) | (0.36%) | (0.66%) |
Net expense excluding management fees | 0.15% | 0.15% | 0.15% | 0.15% |
Net income (loss) | 9.06% | (5.29%) | 18.01% | 3.59% |
FINANCIAL HIGHLIGHTS - Per Un_2
FINANCIAL HIGHLIGHTS - Per Unit Performance Data and Other Supplemental Financial Data (Details) | 9 Months Ended |
Sep. 30, 2020 | |
United States Copper Index Fund | |
Percentage of expenses exceeded | 0.15% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Valuation of Securities Using Fair Value Hierarchy (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
United States Commodity Index Fund | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | $ 98,490,861 | $ 188,989,355 |
United States Commodity Index Fund | Exchange-Traded Futures Contracts | Foreign Contracts | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 1,356,885 | (2,381,779) |
United States Commodity Index Fund | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 4,124,734 | 4,520,647 |
United States Commodity Index Fund | Level I | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 98,490,861 | 188,989,355 |
United States Commodity Index Fund | Level I | Exchange-Traded Futures Contracts | Foreign Contracts | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 1,356,885 | (2,381,779) |
United States Commodity Index Fund | Level I | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 4,124,734 | 4,520,647 |
United States Commodity Index Fund | Level II | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund | Level II | Exchange-Traded Futures Contracts | Foreign Contracts | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund | Level II | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund | Level III | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund | Level III | Exchange-Traded Futures Contracts | Foreign Contracts | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund | Level III | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 26,217,685 | 7,096,018 |
United States Copper Index Fund | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 1,610,888 | 346,250 |
United States Copper Index Fund | Level I | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 26,217,685 | 7,096,018 |
United States Copper Index Fund | Level I | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 1,610,888 | 346,250 |
United States Copper Index Fund | Level II | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund | Level II | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund | Level III | Short-Term Investments | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund | Level III | Exchange-Traded Futures Contracts | United States | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Securities, fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Fair Value of Derivative Instrument held by Usci, Cper, Usag and Usmi (Details) - Commodity Contracts - Futures - Assets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
United States Commodity Index Fund | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Derivatives not Accounted for as Hedging Instruments | $ (5,481,619) | $ (2,138,868) |
United States Copper Index Fund | ||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
Derivatives not Accounted for as Hedging Instruments | $ (1,610,888) | $ (346,250) |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Effect of Derivative Instruments on Condensed Statements of Operations of Usci, Cper, Usag and Usmi (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 4,607,389 | $ 10,692,387 | ||
United States Commodity Index Fund | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Realized Gain (Loss) on Derivatives Recognized in Income | $ 11,808,620 | $ (12,236,395) | (40,973,466) | (27,969,141) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 3,342,751 | 9,989,137 | ||
United States Commodity Index Fund | Commodity Contracts | Futures | Realized gain (loss) on closed positions | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Realized Gain (Loss) on Derivatives Recognized in Income | (40,973,466) | (27,969,141) | ||
United States Commodity Index Fund | Commodity Contracts | Futures | Change in unrealized gain (loss) on open positions | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 3,342,751 | 9,989,137 | ||
United States Copper Index Fund | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Realized Gain (Loss) on Derivatives Recognized in Income | $ 2,112,187 | $ (69,112) | 1,391,750 | (1,250,775) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 1,264,638 | 703,250 | ||
United States Copper Index Fund | Commodity Contracts | Futures | Realized gain (loss) on closed positions | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Realized Gain (Loss) on Derivatives Recognized in Income | 1,391,750 | (1,250,775) | ||
United States Copper Index Fund | Commodity Contracts | Futures | Change in unrealized gain (loss) on open positions | ||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ 1,264,638 | $ 703,250 |