Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | United States Commodity Index Funds Trust | |
Entity Central Index Key | 1,479,247 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | USCI | |
Entity Common Stock, Shares Outstanding | 13,200,000 | |
United States Commodity Index Fund [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 12,900,000 | |
United States Copper Index Fund [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 200,000 | |
United States Agriculture Index Fund [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 100,000 |
Condensed Statements of Financi
Condensed Statements of Financial Condition - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents (Notes 2 and 6) | $ 485,039,158 | $ 478,007,269 |
Equity in trading accounts: | ||
Cash and cash equivalents | 26,224,953 | 56,564,630 |
Unrealized gain (loss) on open commodity futures contracts | 5,595,779 | (8,756,695) |
Receivable from Sponsor (Note 4) | 31,281 | 115,925 |
Interest receivable | 1,307 | 1,307 |
Directors' fees and insurance receivable | 21,560 | 6,222 |
Total assets | 516,914,038 | 525,938,658 |
Liabilities and Capital | ||
Management fees payable (Note 4) | 347,703 | 362,871 |
Professional fees payable | 454,494 | 782,028 |
Brokerage commissions payable | 42,815 | 42,815 |
Directors' fees and insurance payable | 0 | 64 |
Total liabilities | $ 845,012 | $ 1,187,778 |
Commitments and Contingencies (Notes 4, 5 and 6) | ||
Capital | ||
Sponsor | $ 0 | $ 0 |
Shareholders | 516,069,026 | 524,750,880 |
Total Capital | 516,069,026 | 524,750,880 |
Total liabilities and capital | $ 516,914,038 | $ 525,938,658 |
Shares outstanding | 12,950,000 | 13,100,000 |
United States Commodity Index Fund [Member] | ||
Assets | ||
Cash and cash equivalents (Notes 2 and 6) | $ 480,454,246 | $ 474,315,271 |
Equity in trading accounts: | ||
Cash and cash equivalents | 25,951,716 | 55,991,723 |
Unrealized gain (loss) on open commodity futures contracts | 5,545,217 | (8,582,227) |
Interest receivable | 1,261 | 1,261 |
Directors' fees and insurance receivable | 21,462 | 6,190 |
Total assets | 511,973,902 | 521,732,218 |
Liabilities and Capital | ||
Management fees payable (Note 4) | 344,210 | 359,544 |
Professional fees payable | 389,031 | 693,889 |
Brokerage commissions payable | 42,815 | 42,815 |
Total liabilities | $ 776,056 | $ 1,096,248 |
Commitments and Contingencies (Notes 4, 5 and 6) | ||
Capital | ||
Sponsor | $ 0 | $ 0 |
Shareholders | 511,197,846 | 520,635,970 |
Total Capital | 511,197,846 | 520,635,970 |
Total liabilities and capital | $ 511,973,902 | $ 521,732,218 |
Shares outstanding | 12,650,000 | 12,850,000 |
Net asset value per share | $ 40.41 | $ 40.52 |
Market value per share | $ 40.42 | $ 40.47 |
United States Copper Index Fund [Member] | ||
Assets | ||
Cash and cash equivalents (Notes 2 and 6) | $ 2,736,123 | $ 1,871,256 |
Equity in trading accounts: | ||
Cash and cash equivalents | 108,934 | 433,440 |
Unrealized gain (loss) on open commodity futures contracts | 81,613 | (180,625) |
Receivable from Sponsor (Note 4) | 16,334 | 59,601 |
Directors' fees and insurance receivable | 95 | 32 |
Total assets | 2,943,099 | 2,183,704 |
Liabilities and Capital | ||
Management fees payable (Note 4) | 1,333 | 1,156 |
Professional fees payable | 35,138 | 47,158 |
Total liabilities | $ 36,471 | $ 48,314 |
Commitments and Contingencies (Notes 4, 5 and 6) | ||
Capital | ||
Sponsor | $ 0 | $ 0 |
Shareholders | 2,906,628 | 2,135,390 |
Total Capital | 2,906,628 | 2,135,390 |
Total liabilities and capital | $ 2,943,099 | $ 2,183,704 |
Shares outstanding | 200,000 | 150,000 |
Net asset value per share | $ 14.53 | $ 14.24 |
Market value per share | $ 14.53 | $ 14.27 |
United States Agriculture Index Fund [Member] | ||
Assets | ||
Cash and cash equivalents (Notes 2 and 6) | $ 1,848,789 | $ 1,820,742 |
Equity in trading accounts: | ||
Cash and cash equivalents | 164,303 | 139,467 |
Unrealized gain (loss) on open commodity futures contracts | (31,051) | 6,157 |
Receivable from Sponsor (Note 4) | 14,947 | 56,324 |
Interest receivable | 46 | 46 |
Directors' fees and insurance receivable | 3 | 0 |
Total assets | 1,997,037 | 2,022,736 |
Liabilities and Capital | ||
Management fees payable (Note 4) | 2,160 | 2,171 |
Professional fees payable | 30,325 | 40,981 |
Directors' fees and insurance payable | 0 | 64 |
Total liabilities | $ 32,485 | $ 43,216 |
Commitments and Contingencies (Notes 4, 5 and 6) | ||
Capital | ||
Sponsor | $ 0 | $ 0 |
Shareholders | 1,964,552 | 1,979,520 |
Total Capital | 1,964,552 | 1,979,520 |
Total liabilities and capital | $ 1,997,037 | $ 2,022,736 |
Shares outstanding | 100,000 | 100,000 |
Net asset value per share | $ 19.65 | $ 19.80 |
Market value per share | $ 19.64 | $ 19.39 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Mar. 31, 2016USD ($)Contract | |
United States Commodity Index Fund [Member] | ||
Number of Contracts | Contract | 15,914 | [1] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 5,545,217 | [1] |
% of Capital | 1.08% | [1] |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ||
Number of Contracts | Contract | 7,498 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (452,001) | |
% of Capital | (0.09%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Lead Futures LL April 2016 contracts, expiring April 2016 [Member] | ||
Number of Contracts | Contract | 10 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (18,625) | |
% of Capital | 0.00% | [2] |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT April 2016 contracts, expiring April 2016 [Member] | ||
Number of Contracts | Contract | 514 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 5,726,580 | |
% of Capital | 1.12% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Aluminum Futures LA May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 977 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 537,448 | |
% of Capital | 0.10% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Lead Futures LL May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 1,007 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (727,819) | |
% of Capital | (0.14%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (17,175) | |
% of Capital | 0.00% | [2] |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Sugar #11 Futures SB July 2016 contracts, expiring June 2016 [Member] | ||
Number of Contracts | Contract | 2,045 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (904,355) | |
% of Capital | (0.18%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cotton #2 Futures CT July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 1,272 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (2,099,545) | |
% of Capital | (0.41%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cocoa Futures CC July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 1,232 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (2,738,650) | |
% of Capital | (0.54%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 436 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (209,860) | |
% of Capital | (0.04%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | ||
Number of Contracts | Contract | 7,734 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 5,893,979 | |
% of Capital | 1.15% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Feeder Cattle Futures LC May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 474 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (519,773) | |
% of Capital | (0.10%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Gold Futures GC June 2016 contracts, expiring June 2016 [Member] | ||
Number of Contracts | Contract | 300 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 71,580 | |
% of Capital | 0.01% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Live Cattle Futures LC June 2016 contracts, expiring June 2016 [Member] | ||
Number of Contracts | Contract | 731 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (527,830) | |
% of Capital | (0.10%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Corn Futures C July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 1,959 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (2,201,075) | |
% of Capital | (0.43%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Oil Futures BO July 2016, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 1,807 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 5,794,947 | |
% of Capital | 1.13% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Silver Futures SI July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 482 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 983,290 | |
% of Capital | 0.19% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Lean Hogs Futures LH August 2016 contracts, expiring August 2016 [Member] | ||
Number of Contracts | Contract | 1,131 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (281,710) | |
% of Capital | (0.05%) | |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL December 2016 contracts, expiring November 2016 [Member] | ||
Number of Contracts | Contract | 850 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 2,574,550 | |
% of Capital | 0.50% | |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | ||
Number of Contracts | Contract | 682 | [3] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 103,239 | [3] |
% of Capital | 0.02% | [3] |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Lead Futures LL April 2016 contracts, expiring April 2016 [Member] | ||
Number of Contracts | Contract | 10 | [3] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 18,562 | [3] |
% of Capital | 0.01% | [3] |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Tin Futures LT April 2016 contracts, expiring April 2016 [Member] | ||
Number of Contracts | Contract | 514 | [3] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (52,441) | [3] |
% of Capital | (0.01%) | [3] |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Lead Futures LL May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 153 | [3] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 119,993 | [3] |
% of Capital | 0.02% | [3] |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Tin Futures LT May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 5 | [3] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 17,125 | [3] |
% of Capital | 0.00% | [2],[3] |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | ||
Market Value | $ 309,630,736 | |
% of Capital | 60.57% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | ||
Principal Amount | $ 30,000,000 | |
Market Value | $ 29,992,633 | |
% of Capital | 5.87% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.33%, 5/12/2016 [Member] | ||
Principal Amount | $ 40,000,000 | |
Market Value | $ 39,984,853 | |
% of Capital | 7.82% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.35%, 5/26/2016 [Member] | ||
Principal Amount | $ 30,000,000 | |
Market Value | $ 29,984,188 | |
% of Capital | 5.87% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.53%, 6/09/2016 [Member] | ||
Principal Amount | $ 30,000,000 | |
Market Value | $ 29,969,812 | |
% of Capital | 5.86% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 6/23/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,978,789 | |
% of Capital | 3.91% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | ||
Principal Amount | $ 30,000,000 | |
Market Value | $ 29,963,221 | |
% of Capital | 5.86% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.43%, 7/28/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,971,811 | |
% of Capital | 3.91% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.43%, 8/18/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,967,181 | |
% of Capital | 3.91% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.48%, 9/01/2016 [Member] | ||
Principal Amount | $ 30,000,000 | |
Market Value | $ 29,939,437 | |
% of Capital | 5.86% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 9/08/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,959,555 | |
% of Capital | 3.90% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.44%, 9/22/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,957,467 | |
% of Capital | 3.90% | |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.38%, 9/29/2016 [Member] | ||
Principal Amount | $ 20,000,000 | |
Market Value | $ 19,961,789 | |
% of Capital | 3.90% | |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | ||
Number of Contracts | Contract | 52 | [4] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 81,613 | [4] |
% of Capital | 2.81% | [4] |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 13 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 30,637 | |
% of Capital | 1.05% | |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 13 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 15,963 | |
% of Capital | 0.55% | |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG December 2016 contracts, expiring December 2016 [Member] | ||
Number of Contracts | Contract | 26 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 35,013 | |
% of Capital | 1.21% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | ||
Market Value | $ 1,498,816 | |
% of Capital | 51.57% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,693 | |
% of Capital | 8.59% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.38%, 9/29/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,522 | |
% of Capital | 8.59% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.20%, 4/28/2016 [Member] | ||
Principal Amount | $ 500,000 | |
Market Value | $ 499,927 | |
% of Capital | 17.20% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,939 | |
% of Capital | 8.60% | |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 6/23/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,735 | |
% of Capital | 8.59% | |
United States Agriculture Index Fund [Member] | ||
Number of Contracts | Contract | 71 | [5] |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (31,051) | [5] |
% of Capital | (1.58%) | [5] |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ||
Number of Contracts | Contract | 29 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (21,929) | |
% of Capital | (1.12%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Sugar #11 Futures SB July 2016 contracts, expiring June 2016 [Member] | ||
Number of Contracts | Contract | 13 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (5,936) | |
% of Capital | (0.30%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cotton #2 Futures CT July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (9,635) | |
% of Capital | (0.49%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cocoa Futures CC July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (8,180) | |
% of Capital | (0.42%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Coffee-C Futures KC July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 3 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 2,344 | |
% of Capital | 0.12% | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-Canola Futures RS July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 3 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (522) | |
% of Capital | (0.03%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | ||
Number of Contracts | Contract | 42 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (9,122) | |
% of Capital | (0.46%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Feeder Cattle Futures LC May 2016 contracts, expiring May 2016 [Member] | ||
Number of Contracts | Contract | 1 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (950) | |
% of Capital | (0.05%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Live Cattle Futures LC June 2016 contracts, expiring June 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (1,270) | |
% of Capital | (0.06%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Oil Futures BO July 2016, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 9,858 | |
% of Capital | 0.50% | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Lean Hogs Futures LH August 2016 contracts, expiring August 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (740) | |
% of Capital | (0.04%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Corn Futures C September 2016 contracts, expiring September 2016 [Member] | ||
Number of Contracts | Contract | 11 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (21,163) | |
% of Capital | (1.07%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Futures S July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ 7,500 | |
% of Capital | 0.38% | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Wheat Futures W July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 5 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (1,925) | |
% of Capital | (0.10%) | |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | KCBT Hard Red Winter Wheat Futures KW July 2016 contracts, expiring July 2016 [Member] | ||
Number of Contracts | Contract | 2 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (62) | |
% of Capital | 0.00% | [2] |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | Cbot Soybean Meal Futures SM October 2016 contracts, expiring October 2016 [Member] | ||
Number of Contracts | Contract | 3 | |
Unrealized Gain (Loss) on Open Commodity Contracts | $ (370) | |
% of Capital | (0.02%) | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | ||
Market Value | $ 1,248,920 | |
% of Capital | 63.59% | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,693 | |
% of Capital | 12.71% | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.43%, 8/18/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,590 | |
% of Capital | 12.71% | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.20%, 4/28/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,963 | |
% of Capital | 12.73% | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,939 | |
% of Capital | 12.73% | |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | US Treasury Securities [Member] | U.S. Treasury Bills 0.46%, 6/23/2016 [Member] | ||
Principal Amount | $ 250,000 | |
Market Value | $ 249,735 | |
% of Capital | 12.71% | |
[1] | Collateral amounted to $25,951,716 on open futures contracts. | |
[2] | Represents less than 0.005%. | |
[3] | All short contracts are offset by the same number of Futures Contracts in the corresponding long positions 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). | |
[4] | Collateral amounted to $108,934 on open futures contracts. | |
[5] | Collateral amounted to $164,303 on open futures contracts. |
Condensed Schedule of Investme4
Condensed Schedule of Investments (Parenthetical) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
United States Commodity Index Fund [Member] | |
Debt Instrument, Collateral Amount | $ 25,951,716 |
Interest rate | 0.005% |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cocoa Futures CC July 2016 Contracts, Expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Sugar 11 Futures SB July 2016 contracts, expiring June 2016 [Member] | |
Expiration date | June 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Lead Futures LL May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Lead Futures LL April 2016 contracts, expiring April 2016 [Member] | |
Expiration date | April 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT April 2016 contracts, expiring April 2016 [Member] | |
Expiration date | April 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Aluminum Futures LA May 2016 contracts, expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cotton 2 Futures CT July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | LME Tin Futures LT July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Live Cattle Futures LC June 2016 contracts, expiring June 2016 [Member] | |
Expiration date | June 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Oil Futures BO July 2016, Expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Feeder Cattle Futures LC May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Gold Futures GC June 2016 Contracts, Expiring June 2016 [Member] | |
Expiration date | June 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Corn Futures C July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Silver Futures SI July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Lean Hogs Futures LH August 2016 contracts, expiring August 2016 [Member] | |
Expiration date | August 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | NYMEX WTI Crude Oil Futures CL December 2016 Contracts, Expiring November 2016 [Member] | |
Expiration date | November 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Lead Futures LL May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Lead Futures LL April 2016 contracts, expiring April 2016 [Member] | |
Expiration date | April 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Tin Futures LT April 2016 contracts, expiring April 2016 [Member] | |
Expiration date | April 2,016 |
United States Commodity Index Fund [Member] | Open Futures Contracts Short [Member] | Foreign [Member] | LME Tin Futures LT May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | |
Expiration date | 5/05/2016 |
Interest rate | 0.26% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.33%, 5/12/2016 [Member] | |
Expiration date | 5/12/2016 |
Interest rate | 0.33% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.35%, 5/26/2016 [Member] | |
Expiration date | 5/26/2016 |
Interest rate | 0.35% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.53%, 6/09/2016 [Member] | |
Expiration date | 6/09/2016 |
Interest rate | 0.53% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S .Treasury Bills 0.46%, 6/23/2016 [Member] | |
Expiration date | 6/23/2016 |
Interest rate | 0.46% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | |
Expiration date | 7/07/2016 |
Interest rate | 0.46% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.43%, 7/28/2016 [Member] | |
Expiration date | 7/28/2016 |
Interest rate | 0.43% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.43%, 8/18/2016 [Member] | |
Expiration date | 8/18/2016 |
Interest rate | 0.43% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.48%, 9/01/2016 [Member] | |
Expiration date | 9/01/2016 |
Interest rate | 0.48% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 9/08/2016 [Member] | |
Expiration date | 9/08/2016 |
Interest rate | 0.46% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.44%, 9/22/2016 [Member] | |
Expiration date | 9/22/2016 |
Interest rate | 0.44% |
United States Commodity Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.38%, 9/29/2016 [Member] | |
Expiration date | 9/29/2016 |
Interest rate | 0.38% |
United States Copper Index Fund [Member] | |
Debt Instrument, Collateral Amount | $ 108,934 |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG May 2016 contracts, expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Copper Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | COMEX Copper Futures HG December 2016 contracts, expiring December 2016 [Member] | |
Expiration date | December 2,016 |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.20%, 4/28/2016 [Member] | |
Expiration date | 4/28/2016 |
Interest rate | 0.20% |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | |
Expiration date | 5/05/2016 |
Interest rate | 0.26% |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 6/23/2016 [Member] | |
Expiration date | 6/23/2016 |
Interest rate | 0.46% |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | |
Expiration date | 7/07/2016 |
Interest rate | 0.46% |
United States Copper Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.38%, 9/29/2016 [Member] | |
Expiration date | 9/29/2016 |
Interest rate | 0.38% |
United States Agriculture Index Fund [Member] | |
Debt Instrument, Collateral Amount | $ 164,303 |
Interest rate | 0.005% |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cocoa Futures CC July 2016 Contracts, Expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Sugar 11 Futures SB July 2016 contracts, expiring June 2016 [Member] | |
Expiration date | June 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Coffee-C Futures KC July 2016 Contracts, Expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-US Cotton 2 Futures CT July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | Foreign [Member] | ICE-Canola Futures RS July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Live Cattle Futures LC June 2016 contracts, expiring June 2016 [Member] | |
Expiration date | June 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Oil Futures BO July 2016, Expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Corn Futures C September 2016 Contracts, Expiring September 2016 [Member] | |
Expiration date | September 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CBOT Soybean Meal Futures SM October 2016 contracts, expiring October 2016 [Member] | |
Expiration date | October 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Feeder Cattle Futures LC May 2016 Contracts, Expiring May 2016 [Member] | |
Expiration date | May 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | CME Lean Hogs Futures LH August 2016 contracts, expiring August 2016 [Member] | |
Expiration date | August 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | Cbot Soybean Futures S July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | Cbot Wheat Futures W July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Open Futures Contracts Long [Member] | United States Contracts [Member] | Kcbt Hard Red Winter Wheat Futures KW July 2016 contracts, expiring July 2016 [Member] | |
Expiration date | July 2,016 |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.20%, 4/28/2016 [Member] | |
Expiration date | 4/28/2016 |
Interest rate | 0.20% |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.26%, 5/05/2016 [Member] | |
Expiration date | 5/05/2016 |
Interest rate | 0.26% |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 6/23/2016 [Member] | |
Expiration date | 6/23/2016 |
Interest rate | 0.46% |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.46%, 7/07/2016 [Member] | |
Expiration date | 7/07/2016 |
Interest rate | 0.46% |
United States Agriculture Index Fund [Member] | Cash Equivalents [Member] | United States Treasury Obligations [Member] | U.S. Treasury Bills 0.43%, 8/18/2016 [Member] | |
Expiration date | 8/18/2016 |
Interest rate | 0.43% |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Gain (loss) on trading of commodity futures contracts: | ||
Realized gain (loss) on closed positions | $ (15,424,155) | $ (49,673,132) |
Change in unrealized gain (loss) on open positions | 14,352,474 | 3,321,346 |
Realized gain (loss) on foreign currency transactions | (15) | 53 |
Realized gain (loss) on short-term investments | 0 | 3,812 |
Change in unrealized gain (loss) on foreign currency translations | 870 | (32) |
Interest income | 340,479 | 81,858 |
ETF transaction fees | 2,800 | 4,900 |
Total income (loss) | (727,547) | (46,261,195) |
Expenses | ||
Management fees (Note 4) | 1,005,697 | 1,319,960 |
Professional fees | 181,232 | 291,772 |
Brokerage commissions | 177,964 | 200,410 |
Directors' fees and insurance | 23,222 | 27,884 |
Total expenses | 1,388,115 | 1,840,026 |
Expense waiver (Note 4) | (31,280) | (29,608) |
Net expenses | 1,356,835 | 1,810,418 |
Net income (loss) | (2,084,382) | (48,071,613) |
United States Commodity Index Fund [Member] | ||
Gain (loss) on trading of commodity futures contracts: | ||
Realized gain (loss) on closed positions | (15,199,289) | (48,958,657) |
Change in unrealized gain (loss) on open positions | 14,127,444 | 2,972,667 |
Realized gain (loss) on short-term investments | 0 | 3,645 |
Interest income | 337,983 | 81,071 |
ETF transaction fees | 2,450 | 4,200 |
Total income (loss) | (731,412) | (45,897,074) |
Expenses | ||
Management fees (Note 4) | 999,051 | 1,311,264 |
Professional fees | 149,961 | 261,536 |
Brokerage commissions | 176,687 | 199,183 |
Directors' fees and insurance | 23,052 | 27,613 |
Total expenses | 1,348,751 | 1,799,596 |
Net income (loss) | $ (2,080,163) | $ (47,696,670) |
Net income (loss) per share (in dollars per share) | $ (0.11) | $ (3.30) |
Net income (loss) per weighted average share (in dollars per share) | $ (0.16) | $ (3.34) |
Weighted average shares outstanding (in shares) | 12,615,934 | 14,291,111 |
United States Copper Index Fund [Member] | ||
Gain (loss) on trading of commodity futures contracts: | ||
Realized gain (loss) on closed positions | $ (248,876) | $ (362,375) |
Change in unrealized gain (loss) on open positions | 262,238 | 247,238 |
Realized gain (loss) on short-term investments | 0 | 17 |
Interest income | 1,265 | 301 |
ETF transaction fees | 350 | 350 |
Total income (loss) | 14,977 | (114,469) |
Expenses | ||
Management fees (Note 4) | 3,512 | 3,103 |
Professional fees | 16,277 | 11,185 |
Brokerage commissions | 681 | 260 |
Directors' fees and insurance | 92 | 99 |
Total expenses | 20,562 | 14,647 |
Expense waiver (Note 4) | (16,334) | (10,824) |
Net expenses | 4,228 | 3,823 |
Net income (loss) | $ 10,749 | $ (118,292) |
Net income (loss) per share (in dollars per share) | $ 0.29 | $ (0.56) |
Net income (loss) per weighted average share (in dollars per share) | $ 0.07 | $ (1.10) |
Weighted average shares outstanding (in shares) | 154,396 | 107,778 |
United States Agriculture Index Fund [Member] | ||
Gain (loss) on trading of commodity futures contracts: | ||
Realized gain (loss) on closed positions | $ 24,010 | $ (169,684) |
Change in unrealized gain (loss) on open positions | (37,208) | (35,123) |
Realized gain (loss) on foreign currency transactions | (15) | 53 |
Change in unrealized gain (loss) on foreign currency translations | 870 | (32) |
Interest income | 1,231 | 328 |
Total income (loss) | (11,112) | (204,458) |
Expenses | ||
Management fees (Note 4) | 3,134 | 3,498 |
Professional fees | 14,994 | 10,008 |
Brokerage commissions | 596 | 658 |
Directors' fees and insurance | 78 | 101 |
Total expenses | 18,802 | 14,265 |
Expense waiver (Note 4) | (14,946) | (9,891) |
Net expenses | 3,856 | 4,374 |
Net income (loss) | $ (14,968) | $ (208,832) |
Net income (loss) per share (in dollars per share) | $ (0.15) | $ (2.09) |
Net income (loss) per weighted average share (in dollars per share) | $ (0.15) | $ (2.09) |
Weighted average shares outstanding (in shares) | 100,000 | 100,000 |
Condensed Statement of Changes
Condensed Statement of Changes in Capital | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Balances | $ 524,750,880 |
Net income (loss) | (2,084,382) |
Balances | 516,069,026 |
United States Commodity Index Fund [Member] | |
Balances | 520,635,970 |
Additions | 12,297,318 |
Redemptions | (19,655,279) |
Net income (loss) | (2,080,163) |
Balances | $ 511,197,846 |
Shares Outstanding | shares | 12,850,000 |
Additions | shares | 300,000 |
Redemptions | shares | (500,000) |
Shares Outstanding | shares | 12,650,000 |
Net Asset Value Per Share: | |
Net asset value, beginning of period (in dollars per share) | $ / shares | $ 40.52 |
Net asset value, end of period (in dollars per share) | $ / shares | $ 40.41 |
United States Copper Index Fund [Member] | |
Balances | $ 2,135,390 |
Additions | 760,489 |
Redemptions | 0 |
Net income (loss) | 10,749 |
Balances | $ 2,906,628 |
Shares Outstanding | shares | 150,000 |
Additions | shares | 50,000 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 200,000 |
Net Asset Value Per Share: | |
Net asset value, beginning of period (in dollars per share) | $ / shares | $ 14.24 |
Net asset value, end of period (in dollars per share) | $ / shares | $ 14.53 |
United States Agriculture Index Fund [Member] | |
Balances | $ 1,979,520 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | (14,968) |
Balances | $ 1,964,552 |
Shares Outstanding | shares | 100,000 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 100,000 |
Net Asset Value Per Share: | |
Net asset value, beginning of period (in dollars per share) | $ / shares | $ 19.80 |
Net asset value, end of period (in dollars per share) | $ / shares | $ 19.65 |
United States Commodity Index Funds Trust [Member] | |
Balances | $ 524,750,880 |
Additions | 13,057,807 |
Redemptions | (19,655,279) |
Net income (loss) | (2,084,382) |
Balances | $ 516,069,026 |
Shares Outstanding | shares | 13,100,000 |
Additions | shares | 350,000 |
Redemptions | shares | (500,000) |
Shares Outstanding | shares | 12,950,000 |
Sponsor [Member] | United States Commodity Index Fund [Member] | |
Balances | $ 0 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | 0 |
Balances | $ 0 |
Shares Outstanding | shares | 0 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 0 |
Sponsor [Member] | United States Copper Index Fund [Member] | |
Balances | $ 0 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | 0 |
Balances | $ 0 |
Shares Outstanding | shares | 0 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 0 |
Sponsor [Member] | United States Agriculture Index Fund [Member] | |
Balances | $ 0 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | 0 |
Balances | $ 0 |
Shares Outstanding | shares | 0 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 0 |
Sponsor [Member] | United States Commodity Index Funds Trust [Member] | |
Balances | $ 0 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | 0 |
Balances | $ 0 |
Shares Outstanding | shares | 0 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 0 |
Shareholders [Member] | United States Commodity Index Fund [Member] | |
Balances | $ 520,635,970 |
Additions | 12,297,318 |
Redemptions | (19,655,279) |
Net income (loss) | (2,080,163) |
Balances | $ 511,197,846 |
Shares Outstanding | shares | 12,850,000 |
Additions | shares | 300,000 |
Redemptions | shares | (500,000) |
Shares Outstanding | shares | 12,650,000 |
Shareholders [Member] | United States Copper Index Fund [Member] | |
Balances | $ 2,135,390 |
Additions | 760,489 |
Redemptions | 0 |
Net income (loss) | 10,749 |
Balances | $ 2,906,628 |
Shares Outstanding | shares | 150,000 |
Additions | shares | 50,000 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 200,000 |
Shareholders [Member] | United States Agriculture Index Fund [Member] | |
Balances | $ 1,979,520 |
Additions | 0 |
Redemptions | 0 |
Net income (loss) | (14,968) |
Balances | $ 1,964,552 |
Shares Outstanding | shares | 100,000 |
Additions | shares | 0 |
Redemptions | shares | 0 |
Shares Outstanding | shares | 100,000 |
Shareholders [Member] | United States Commodity Index Funds Trust [Member] | |
Balances | $ 524,750,880 |
Additions | 13,057,807 |
Redemptions | (19,655,279) |
Net income (loss) | (2,084,382) |
Balances | $ 516,069,026 |
Shares Outstanding | shares | 13,100,000 |
Additions | shares | 350,000 |
Redemptions | shares | (500,000) |
Shares Outstanding | shares | 12,950,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ (2,084,382) | $ (48,071,613) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | 30,339,677 | 12,168,737 |
Unrealized (gain) loss on open futures contracts | (14,352,474) | (3,321,346) |
(Increase) decrease in receivable from Sponsor | 84,644 | 99,031 |
(Increase) decrease in interest receivable | 0 | 10 |
(Increase) decrease in directors' fees and insurance receivable | (15,338) | (55,831) |
(Increase) decrease in ETF transaction fees receivable | 0 | 1,050 |
Increase (decrease) in management fees payable | (15,168) | (104,290) |
Increase (decrease) in professional fees payable | (327,534) | (268,485) |
Increase (decrease) in directors' fees and insurance payable | (64) | (15,856) |
Net cash provided by (used in) operating activities | 13,629,361 | (39,568,593) |
Cash Flows from Financing Activities: | ||
Addition of shares | 13,057,807 | 39,544,842 |
Redemption of shares | (19,655,279) | (230,763,102) |
Net cash provided by (used in) financing activities | (6,597,472) | (191,218,260) |
Net Increase (Decrease) in Cash and Cash Equivalents | 7,031,889 | (230,786,853) |
Cash and Cash Equivalents, beginning of period | 478,007,269 | 718,659,173 |
Cash and Cash Equivalents, end of period | 485,039,158 | 487,872,320 |
United States Commodity Index Fund [Member] | ||
Cash Flows from Operating Activities: | ||
Net income (loss) | (2,080,163) | (47,696,670) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | 30,040,007 | 11,654,087 |
Unrealized (gain) loss on open futures contracts | (14,127,444) | (2,972,667) |
(Increase) decrease in directors' fees and insurance receivable | (15,272) | (55,511) |
(Increase) decrease in ETF transaction fees receivable | 0 | 1,050 |
Increase (decrease) in management fees payable | (15,334) | (102,432) |
Increase (decrease) in professional fees payable | (304,858) | (182,828) |
Increase (decrease) in directors' fees and insurance payable | 0 | (15,638) |
Net cash provided by (used in) operating activities | 13,496,936 | (39,370,609) |
Cash Flows from Financing Activities: | ||
Addition of shares | 12,297,318 | 39,544,842 |
Redemption of shares | (19,655,279) | (227,935,467) |
Net cash provided by (used in) financing activities | (7,357,961) | (188,390,625) |
Net Increase (Decrease) in Cash and Cash Equivalents | 6,138,975 | (227,761,234) |
Cash and Cash Equivalents, beginning of period | 474,315,271 | 711,984,950 |
Cash and Cash Equivalents, end of period | 480,454,246 | 484,223,716 |
United States Copper Index Fund [Member] | ||
Cash Flows from Operating Activities: | ||
Net income (loss) | 10,749 | (118,292) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | 324,506 | 189,634 |
Unrealized (gain) loss on open futures contracts | (262,238) | (247,238) |
(Increase) decrease in receivable from Sponsor | 43,267 | 32,005 |
(Increase) decrease in interest receivable | 0 | (1) |
(Increase) decrease in directors' fees and insurance receivable | (63) | (233) |
Increase (decrease) in management fees payable | 177 | (605) |
Increase (decrease) in professional fees payable | (12,020) | (23,935) |
Increase (decrease) in directors' fees and insurance payable | 0 | (35) |
Net cash provided by (used in) operating activities | 104,378 | (168,700) |
Cash Flows from Financing Activities: | ||
Addition of shares | 760,489 | 0 |
Redemption of shares | 0 | (893,834) |
Net cash provided by (used in) financing activities | 760,489 | (893,834) |
Net Increase (Decrease) in Cash and Cash Equivalents | 864,867 | (1,062,534) |
Cash and Cash Equivalents, beginning of period | 1,871,256 | 2,729,373 |
Cash and Cash Equivalents, end of period | 2,736,123 | 1,666,839 |
United States Agricultural Index Fund [Member] | ||
Cash Flows from Operating Activities: | ||
Net income (loss) | (14,968) | (208,832) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
(Increase) decrease in commodity futures trading account - cash and cash equivalents | (24,836) | 6,860 |
Unrealized (gain) loss on open futures contracts | 37,208 | 35,123 |
(Increase) decrease in receivable from Sponsor | 41,377 | 29,241 |
(Increase) decrease in directors' fees and insurance receivable | (3) | (87) |
Increase (decrease) in management fees payable | (11) | (125) |
Increase (decrease) in professional fees payable | (10,656) | (22,726) |
Increase (decrease) in directors' fees and insurance payable | (64) | (104) |
Net cash provided by (used in) operating activities | 28,047 | (160,650) |
Cash Flows from Financing Activities: | ||
Addition of shares | 0 | 0 |
Redemption of shares | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
Net Increase (Decrease) in Cash and Cash Equivalents | 28,047 | (160,650) |
Cash and Cash Equivalents, beginning of period | 1,820,742 | 2,142,415 |
Cash and Cash Equivalents, end of period | $ 1,848,789 | $ 1,981,765 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Business | NOTE 1 - ORGANIZATION AND BUSINESS The United States Commodity Index Funds Trust (the “Trust”) 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 (“USCI”), a commodity pool formed on April 1, 2010 and first made available to the public on August 10, 2010, the United States Copper Index Fund (“CPER”), a commodity pool formed on November 26, 2010 and first made available to the public on November 15, 2011, and the United States Agriculture Index Fund (“USAG”), a commodity pool formed on November 26, 2010 and first made available to the public on April 13, 2012. USCF as the sponsor of the Trust and its series the United States Metals Index Fund (“USMI”) terminated USMI effective March 18, 2015 and USMI was also delisted from NYSE Arca. On March 24, 2015, USMI liquidated all its assets and distributed cash pro rata to all remaining shareholders as of such date. USCI, CPER and USAG each issue shares (“shares”) that may be purchased and sold on the NYSE Arca, Inc. (“NYSE Arca”). USCI, CPER, and USAG are collectively referred to herein as the “Trust Series.” The Trust and each Trust Series operate pursuant to the Third Amended and Restated Declaration of Trust and Trust Agreement dated as of March 22, 2013 (the “Trust Agreement”). United States Commodity Funds LLC (“USCF”) is the sponsor of the Trust and the Trust Series and is also responsible for the management of the Trust and the Trust 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 “Trustee”), a Delaware banking corporation. The Trustee is unaffiliated with USCF. The Trustee’s 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 “NFA”) and became a commodity pool operator (“CPO”) registered with the Commodity Futures Trading Commission (the “CFTC”) 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 (“USO”), the United States Natural Gas Fund, LP (“UNG”), the United States 12 Month Oil Fund, LP (“USL”), the United States Gasoline Fund, LP (“UGA”) and the United States Diesel-Heating Oil Fund, LP (“UHN”), which listed their limited partnership shares on the American Stock Exchange (the “AMEX”) under the ticker symbols “USO” on April 10, 2006, “UNG” on April 18, 2007, “USL” on December 6, 2007, “UGA” on February 26, 2008 and “UHN” on April 9, 2008, respectively. As a result of the acquisition of the AMEX by NYSE Euronext, each of USO’s, UNG’s, USL’s, UGA’s and UHN’s shares commenced trading on the NYSE Arca on November 25, 2008. USCF is also the general partner of the United States Short Oil Fund, LP (“DNO”), the United States 12 Month Natural Gas Fund, LP (“UNL”) and the United States Brent Oil Fund, LP (“BNO”), which listed their limited partnership shares on the NYSE Arca under the ticker symbols “DNO” on September 24, 2009, “UNL” on November 18, 2009 and “BNO” on June 2, 2010, respectively. All funds listed previously are referred to collectively herein as the “Related Public Funds.” Effective as of May 1, 2012, each of USCI, CPER and USAG issue shares to certain authorized purchasers (“Authorized Participants”) by offering baskets consisting of 50,000 100,000 Authorized Participants pay USCI $ 350 50,000 1,000 350 1,000 The accompanying unaudited condensed financial statements have been prepared in accordance with Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”) and, therefore, do not include all information and footnote disclosure required under generally accepted accounting principles (“GAAP”) in the United States of America. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) 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, USAG and USMI through March 31, 2015. For reporting commencing with the June 30, 2015 reporting period, and in conjunction with the termination of USMI on March 18, 2015 the USMI financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods. 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 futures commission merchant (“FCM”) at prevailing market rates earned on such investments. Brokerage commissions on all open commodity futures contracts are accrued on a full-turn basis. 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 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 2012. 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 Series’ 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 March 31, 2016 for any Trust Series. 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. Effective as of May 1, 2012 50,000 Each Trust Series receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in each Trust Series’ 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 fee of $350 for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. Each Trust Series’ 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 the amount by the total number of shares issued and 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 is the difference between the per share NAV at the beginning of each period and the per share NAV 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 March 31, 2016, USCF held 5 shares of USCI, 40 5 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 include money market funds and overnight deposits or time deposits with original maturity dates of six months or less. Certain prior year amounts have been reclassified to conform to the current year presentation. The preparation of condensed financial statements in conformity with 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 | 3 Months Ended |
Mar. 31, 2016 | |
Trust Series [Abstract] | |
Trust Series | NOTE 3 - 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 1,000 20 On July 30, 2010, USCI received a notice of effectiveness from the U.S. Securities and Exchange Commission (the “SEC”) for its registration of 50,000,000 50.00 100,000 5,000,000 100,000 1,000 20 In connection with the Second Amended and Restated Trust Agreement dated November 10, 2010, USMI, USAG and CPER were designated as three additional series of the Trust. Following the designation of the additional series, an initial capital contribution of $ 3,000 1,000 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 June 10, 2012, USCF received 40 Sponsor Shares of USMI in exchange for the previously received capital contribution, representing a beneficial interest in USMI. On August 27, 2012, USCF redeemed the 40 Sponsor Shares of USMI and on September 4, 2013, purchased 5 shares of USMI on the open market. CPER and USAG received notice of effectiveness from the SEC for its registration of 30,000,000 20,000,000 25 100,000 2,500,000 1,000 On April 13, 2012, USAG listed its shares on the NYSE Arca under the ticker symbol “USAG.” USAG established its’ initial per share NAV by setting the price at $ 25 1,000 USCI’s Investment Objective USCI invests in futures contracts for commodities that are currently traded on the New York Mercantile Exchange (the “NYMEX”), ICE Futures (“ICE Futures”), Chicago Board of Trade (“CBOT”), Chicago Mercantile Exchange (“CME”), London Metal Exchange (“LME”), Commodity Exchange, Inc. (“COMEX”) or on other foreign exchanges (the NYMEX, ICE Futures, CBOT, CME, LME, COMEX and other foreign exchanges, collectively, the “Futures Exchanges”) (such futures contracts, collectively, “Futures Contracts”) 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 (“OTC”) transactions that are based on the price of commodities and Futures Contracts (collectively, “Other Commodity-Related Investments”). 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 “Commodity Interests.” The investment objective of USCI is for the daily changes in percentage terms of its shares’ per share net asset value (“NAV”) to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index Total Return SM USCI’s shares began trading on August 10, 2010. As of March 31, 2016, USCI held 850 4,549 3,766 2,336 3,631 782 15,914 CPER’s Investment Objective The investment objective of CPER is for the daily changes in percentage terms of its shares’ 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 referred to collectively as “Other Copper-Related Investments,” and together with Benchmark Component Copper Futures Contracts and other Eligible Copper Futures Contracts, “Copper Interests.” CPER’s shares began trading on November 15, 2011. As of March 31, 2016, CPER held 52 USAG’s Investment Objective The investment objective of USAG is for the daily changes in percentage terms of its shares’ per share NAV to reflect the daily changes in percentage terms of the SummerHaven Dynamic Agriculture Index Total Return SM USAG seeks to achieve its investment objective by investing to the fullest extent possible in the Benchmark Component Agriculture Futures Contracts. Then, if constrained by regulatory requirements or in view of market conditions, USAG will invest next in other Eligible Agriculture Futures Contracts based on the same agricultural commodity as the futures contracts subject to such regulatory constraints or market conditions, and finally, to a lesser extent, in other exchange traded futures contracts that are economically identical or substantially similar to the Benchmark Component Agriculture Futures Contracts if one or more other Eligible Agriculture Futures Contracts is not available. When USAG has invested to the fullest extent possible in exchange-traded futures contracts, USAG may then invest in other contracts and instruments based on the Benchmark Component Agriculture Futures Contracts, other Eligible Agriculture Futures Contracts or the agricultural commodities included in the SDAI, 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 Agriculture Futures Contracts and other contracts and instruments based on the Benchmark Component Agriculture Futures Contracts, as well as metals included in the SDAI, are collectively referred to as “Other Agriculture-Related Investments,” and together with Benchmark Component Agriculture Futures Contracts and other Eligible Agriculture Futures Contracts, “Agriculture Interests.” USAG’s shares began trading on April 13, 2012. As of March 31, 2016, USAG held 29 Futures Contracts on the ICE Futures, 29 11 2 71 Other Defined Terms Trust Series The SDCI, the SCI and the SDAI are referred to throughout these Notes to Financial Statements collectively as the “Applicable Index” or “Indices.” Benchmark Component Futures Contracts, Benchmark Component Copper Futures Contracts and Benchmark Component Agriculture Futures Contracts are referred to throughout these Notes to Condensed Financial Statements collectively as “Applicable Benchmark Component Futures Contracts.” Other Commodity-Related Investments, Other Copper-Related Investments and Other Agriculture-Related Interests are referred to throughout these Notes to Condensed Financial Statements collectively as “Other Related Investments.” Trading Advisor and Trustee The Trust Series’ trading advisor is SummerHaven Investment Management, LLC (“SummerHaven”), 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. 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 | 3 Months Ended |
Mar. 31, 2016 | |
Fees Paid By Usci and Cper and Related Party Transactions [Abstract] | |
Fees Paid By Each Trust Series And Related Party Transactions | NOTE 4 - 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, CPER and USAG is contractually obligated to pay USCF a fee, which is paid monthly, equal to 0.95 0.80 0.65 Trustee Fee The Trustee is the Delaware trustee of the Trust. In connection with the Trustee’s services, USCF is responsible for paying the Trustee’s 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 three months ended March 31, 2016 and 2015, no Trust Series incurred any registration fees or other offering expenses. Independent Directors’ and Officers’ Expenses Each Trust Series is responsible for paying its portion of the directors’ fees and directors’ and officers’ 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 ended December 31, 2016, are estimated to be a total of $ 554,800 65,400 300 200 Investor Tax Reporting Cost The fees and expenses associated with each Trust Series’ audit expenses and tax accounting and reporting requirements are paid by such Trust Series. These costs are estimated to be $ 600,000 46,000 42,000 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 Contracts and Agreements 0.15 16,334 14,368 Note 5 Contracts and Agreements |
CONTRACTS AND AGREEMENTS
CONTRACTS AND AGREEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Contracts And Agreements | NOTE 5 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 3 0.04 3 10 The above fee does not include website construction and development, which are also borne by USCF. Brown Brothers Harriman & Co. Agreements USCF and the Trust, on its own behalf and on behalf of each Trust Series, are also party to a custodian agreement, dated July 22, 2010, as amended from time to time, with Brown Brothers Harriman & Co. (“BBH&Co.”), whereby BBH&Co. holds investments on behalf of each Trust Series. USCF pays the fees of the custodian, which are determined by the parties from time to time. In addition, USCF and the Trust, on its own behalf and on behalf of each Trust Series, are party to an administrative agency agreement, dated July 22, 2010, as amended from time to time, with BBH&Co., whereby BBH&Co. acts as the administrative agent, transfer agent and registrar for each Trust Series. USCF also pays the fees of BBH&Co. for its services under such agreement and such fees are determined by the parties from time to time. Currently, USCF pays BBH&Co. for its services, in the foregoing capacities, a minimum amount of $ 75,000 20,000 0.06 500 0.0465 500 1 0.035 1 7 15 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 (“WFS”). WFS is referred to as the “Futures Commissions Merchant” or “FCM”. The agreements require the FCM to provide services to each 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 each Trust Series’ account. In accordance with the agreement, the FCM charges each Trust Series commissions of approximately $ 7 8 For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 176,687 $ 199,183 Total commissions as an annualized percentage of average total net assets 0.14 % 0.12 % Commissions accrued as a result of rebalancing $ 172,946 $ 181,403 Percentage of commissions accrued as a result of rebalancing 97.88 % 91.07 % Commissions accrued as a result of creation and redemption activity $ 3,741 $ 17,780 Percentage of commissions accrued as a result of creation and redemption activity 2.12 % 8.93 % The decrease in USCI’s total commissions accrued to brokers for the three months ended March 31, 2016, compared to the three months ended March 31, 2015, was primarily due to a decrease in the number of contracts traded during the rebalancing periods. For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 681 $ 260 Total commissions as an annualized percentage of average total net assets 0.13 % 0.05 % Commissions accrued as a result of rebalancing $ 585 $ 190 Percentage of commissions accrued as a result of rebalancing 85.90 % 72.98 % Commissions accrued as a result of creation and redemption activity $ 96 $ 70 Percentage of commissions accrued as a result of creation and redemption activity 14.10 % 27.02 % CPER’s total commissions accrued to brokers for the three months ended March 31, 2016, compared to the three months ended March 31, 2015, increased due to the number contracts traded during the rebalancing periods. For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 596 $ 658 Total commissions as an annualized percentage of average total net assets 0.12 % 0.12 % Commissions accrued as a result of rebalancing $ 596 $ 567 Percentage of commissions accrued as a result of rebalancing 100 % 86.23 % Commissions accrued as a result of creation and redemption activity $ 0 $ 91 Percentage of commissions accrued as a result of creation and redemption activity 0.00 % 13.77 % USAG’s total commissions accrued to brokers for the three months ended March 31, 2016, compared to the three months ended March 31, 2015, decreased slightly due to the contracts traded during the rebalancing periods. SummerHaven Agreements USCF is party to an Amended Advisory Agreement, dated July 1, 2011, 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. SummerHaven’s 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 Index’s 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. For USCI, the fee is 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. For each of CPER and USAG, the fee is equal to the percentage fees paid to USCF minus 0.18%, with that result multiplied by 0.5, minus 0.06% to arrive at the actual fee paid. USCF is also party to an Amended Licensing Agreement, dated July 1, 2011, as amended from time to time, with SummerHaven, whereby SummerHaven sub-licensed to each Trust Series the use of certain names and marks, including the Applicable Index for each Trust Series for which SummerHaven has a sub-license from SHIM, the owner of each Applicable Index. Under the Licensing Agreement, USCF paid SummerHaven an annual fee of $ 15,000 |
FINANCIAL INSTRUMENTS, OFF-BALA
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Financial Instruments, Off-Balance Sheet Risks and Contingencies | NOTE 6 FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES Each Trust Series engages in the trading of futures contracts, options on futures contracts and cleared swaps (collectively, “derivatives”). 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 and options on futures contracts 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 OTC agreements that are eligible to be cleared by a clearinghouse, e.g. ICE Clear Europe, but which are not traded on an exchange. A cleared swap is created when the parties to an off-exchange OTC swap transaction agree to extinguish their OTC swap and replace it with a cleared swap. Cleared swaps are intended to 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 and options on futures contracts 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 FCM’s 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 were exchange-traded through March 31, 2016. 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 Trust Series’ cash and other property, such as Treasuries, deposited with an FCM are considered commingled with all other customer funds, subject to the FCM’s segregation requirements. In the event of an FCM’s 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 Series’ assets posted with that FCM; however, the majority of each Trust Series’ assets are held in Treasuries, cash and/or cash equivalents with the Trust Series’ custodian and would not be impacted by the insolvency of an FCM. The failure or insolvency of the Trust Series’ custodian, however, could result in a substantial loss of each Trust Series’ assets. USCF may invest a portion of each Trust Series’ 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 March 31, 2016 and December 31, 2015, none of the Trust Series held investments in money market funds. Each Trust Series holds cash deposits with its custodian. Pursuant to a written agreement with BBH&Co., uninvested overnight cash balances are swept to offshore branches of U.S. regulated and domiciled banks located in Toronto, Canada; London, United Kingdom; Grand Cayman, Cayman Islands; and Nassau, Bahamas; which are subject to U.S. regulation and regulatory oversight. As of March 31, 2016 and December 31, 2015, USCI held cash deposits and investments in Treasuries in the amounts of $ 506,405,962 530,306,994 2,845,057 2,304,696 2,013,092 1,960,209 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 Series’ 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 | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Financial Highlights | NOTE 7 FINANCIAL HIGHLIGHTS USCI For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 40.52 $ 48.24 Total income (loss) 0.00 (3.17) Net expenses (0.11) (0.13) Net increase (decrease) in net asset value (0.11) (3.30) Net asset value, end of period $ 40.41 $ 44.94 Total Return (0.27) % (6.84) % Ratios to Average Net Assets Total income (loss) (0.15) % (6.90) % Management fees* 0.80 %** 0.80 %*** Total expenses excluding management fees* 0.28 % 0.30 % Expenses waived* %** %*** Net expenses excluding management fees* 0.28 % 0.30 % Net income (loss) (0.41) % (7.18) % * Annualized. ** Effective January 1, 2016 USCF’s management fee charged to USCI is 0.80 Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.80 Amount represents less than $ 0.005 CPER For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 14.24 $ 19.10 Total income (loss) 0.32 (0.52) Net expenses (0.03) (0.04) Net increase (decrease) in net asset value 0.29 (0.56) Net asset value, end of period $ 14.53 $ 18.54 Total Return 2.04 % (2.93) % Ratios to Average Net Assets Total income (loss) 0.69 % (5.91) % Management fees* 0.65 %** 0.65 %*** Total expenses excluding management fees* 3.16 % 2.42 % Expenses waived* (3.01) % (2.27) %*** Net expenses excluding management fees* 0.15 % 0.15 % Net income (loss) 0.49 % (6.11) % * Annualized. ** Effective January 1, 2016 USCF’s management fee charged to CPER is 0.65 *** Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65 0.15 USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15 USAG For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 19.80 $ 22.97 Total income (loss) (0.11) (2.05) Net expenses (0.04) (0.04) Net increase (decrease) in net asset value (0.15) (2.09) Net asset value, end of period $ 19.65 $ 20.88 Total Return (0.76) % (9.10) % Ratios to Average Net Assets Total income (loss) (0.57) % (9.37) % Management fees* 0.65 %** 0.65 %*** Total expenses excluding management fees* 3.25 % 2.00 % Expenses waived* (3.10) % (1.84) %*** Net expenses excluding management fees* 0.15 % 0.16 % Net income (loss) (0.77) % (9.57) % * Annualized. ** Effective January 1, 2016, USCF’s management fee charged to USAG is 0.65 *** Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65 USCF paid certain expenses on a discretionary basis typically borne by USAG where expenses exceeded 0.15% (15 basis points) of USAG’s NAV, on an annualized basis, through March 31, 2016. 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 shareholder’s 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 | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Of Financial Instruments | NOTE 8 FAIR VALUE OF FINANCIAL INSTRUMENTS The Trust and each Trust Series value their investments in accordance with Accounting Standards Codification 820 Fair Value Measurements and Disclosures (“ASC 820”). 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 Trust’s and each Trust Series’ 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 Quoted prices (unadjusted) in active markets for identical Level II 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 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. At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 309,630,736 $ 309,630,736 $ $ Exchange-Traded Futures Contracts Foreign Contracts (348,762) (348,762) United States Contracts 5,893,979 5,893,979 During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of USCI’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 299,704,608 $ 299,704,608 $ $ Exchange-Traded Futures Contracts Foreign Contracts (4,020,212) (4,020,212) United States Contracts (4,562,015) (4,562,015) During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’s securities at March 31, 2016 using the fair value hierarchy: At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 1,498,816 $ 1,498,816 $ $ Exchange-Traded Futures Contracts United States Contracts 81,613 81,613 During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 998,899 $ 998,899 $ $ Exchange-Traded Futures Contracts United States Contracts (180,625) (180,625) During the year ended December 31, 2015, there were no transfers between Level I and Level II. At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 1,248,920 $ 1,248,920 $ $ Exchange-Traded Futures Contracts Foreign Contracts (21,929) (21,929) United States Contracts (9,122) (9,122) During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of USAG’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 749,059 $ 749,059 $ $ Exchange-Traded Futures Contracts Foreign Contracts 48,270 48,270 United States Contracts (42,113) (42,113) During the year ended December 31, 2015, there were no transfers between Level I and Level II. The Trust and each Trust Series have adopted the provisions of Accounting Standards Codification 815 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. Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ 5,545,217 $ (8,582,227) Fair Value of Derivative Instruments Held by CPER Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ 81,613 $ (180,625) Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ (31,051) $ 6,157 For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ (15,199,289) $ (48,958,657) Change in unrealized gain (loss) on open contracts $ 14,127,444 $ 2,972,667 The Effect of Derivative Instruments on the Condensed Statements of Operations of CPER For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ (248,876) $ (362,375) Change in unrealized gain (loss) on open contracts $ 262,238 $ 247,238 The Effect of Derivative Instruments on the Condensed Statements of Operations of USAG For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ 24,010 $ (169,684) Change in unrealized gain (loss) on open contracts $ (37,208) $ (35,123) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 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. |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation | Basis of Presentation The financial statements have been prepared in conformity with GAAP as detailed in the Financial Accounting Standards Board’s (“FASB”) 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, USAG and USMI through March 31, 2015. For reporting commencing with the June 30, 2015 reporting period, and in conjunction with the termination of USMI on March 18, 2015 the USMI financial statements have not been included, but are included in the overall Trust financial statements for the applicable reporting periods. |
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 futures commission merchant (“FCM”) 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 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 2012. 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 Series’ 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 March 31, 2016 for any Trust Series. |
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. |
Creations and Redemptions | Creations and Redemptions Effective as of May 1, 2012 50,000 Each Trust Series receives or pays the proceeds from shares sold or redeemed within three business days after the trade date of the purchase or redemption. The amounts due from Authorized Participants are reflected in each Trust Series’ 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 fee of $350 for each order placed to create one or more Creation Baskets or to redeem one or more Redemption Baskets. |
Calculation of NAV | Calculation of Per Share Net Asset Value (“NAV”) Each Trust Series’ 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 the amount by the total number of shares issued and 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 the per share NAV 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 March 31, 2016, USCF held 5 shares of USCI, 40 5 |
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. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
Use of Estimates | Use of Estimates The preparation of condensed financial statements in conformity with 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) | 3 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Brokerage Commissions | For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 176,687 $ 199,183 Total commissions as an annualized percentage of average total net assets 0.14 % 0.12 % Commissions accrued as a result of rebalancing $ 172,946 $ 181,403 Percentage of commissions accrued as a result of rebalancing 97.88 % 91.07 % Commissions accrued as a result of creation and redemption activity $ 3,741 $ 17,780 Percentage of commissions accrued as a result of creation and redemption activity 2.12 % 8.93 % CPER For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 681 $ 260 Total commissions as an annualized percentage of average total net assets 0.13 % 0.05 % Commissions accrued as a result of rebalancing $ 585 $ 190 Percentage of commissions accrued as a result of rebalancing 85.90 % 72.98 % Commissions accrued as a result of creation and redemption activity $ 96 $ 70 Percentage of commissions accrued as a result of creation and redemption activity 14.10 % 27.02 % USAG For the three For the three months ended months ended March 31, 2016 March 31, 2015 Total commissions accrued to brokers $ 596 $ 658 Total commissions as an annualized percentage of average total net assets 0.12 % 0.12 % Commissions accrued as a result of rebalancing $ 596 $ 567 Percentage of commissions accrued as a result of rebalancing 100 % 86.23 % Commissions accrued as a result of creation and redemption activity $ 0 $ 91 Percentage of commissions accrued as a result of creation and redemption activity 0.00 % 13.77 % |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Per Unit Performance Data and Other Supplemental Financial Data for Usci, Cper, Usag and Usmi | USCI For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 40.52 $ 48.24 Total income (loss) 0.00 (3.17) Net expenses (0.11) (0.13) Net increase (decrease) in net asset value (0.11) (3.30) Net asset value, end of period $ 40.41 $ 44.94 Total Return (0.27) % (6.84) % Ratios to Average Net Assets Total income (loss) (0.15) % (6.90) % Management fees* 0.80 %** 0.80 %*** Total expenses excluding management fees* 0.28 % 0.30 % Expenses waived* %** %*** Net expenses excluding management fees* 0.28 % 0.30 % Net income (loss) (0.41) % (7.18) % * Annualized. ** Effective January 1, 2016 USCF’s management fee charged to USCI is 0.80 Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.80 Amount represents less than $ 0.005 CPER For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 14.24 $ 19.10 Total income (loss) 0.32 (0.52) Net expenses (0.03) (0.04) Net increase (decrease) in net asset value 0.29 (0.56) Net asset value, end of period $ 14.53 $ 18.54 Total Return 2.04 % (2.93) % Ratios to Average Net Assets Total income (loss) 0.69 % (5.91) % Management fees* 0.65 %** 0.65 %*** Total expenses excluding management fees* 3.16 % 2.42 % Expenses waived* (3.01) % (2.27) %*** Net expenses excluding management fees* 0.15 % 0.15 % Net income (loss) 0.49 % (6.11) % * Annualized. ** Effective January 1, 2016 USCF’s management fee charged to CPER is 0.65 *** Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65 0.15 USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15 USAG For the three For the three months ended months ended March 31, 2016 March 31, 2015 (Unaudited) (Unaudited) Per Share Operating Performance: Net asset value, beginning of period $ 19.80 $ 22.97 Total income (loss) (0.11) (2.05) Net expenses (0.04) (0.04) Net increase (decrease) in net asset value (0.15) (2.09) Net asset value, end of period $ 19.65 $ 20.88 Total Return (0.76) % (9.10) % Ratios to Average Net Assets Total income (loss) (0.57) % (9.37) % Management fees* 0.65 %** 0.65 %*** Total expenses excluding management fees* 3.25 % 2.00 % Expenses waived* (3.10) % (1.84) %*** Net expenses excluding management fees* 0.15 % 0.16 % Net income (loss) (0.77) % (9.57) % * Annualized. ** Effective January 1, 2016, USCF’s management fee charged to USAG is 0.65 *** Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65 USCF paid certain expenses on a discretionary basis typically borne by USAG where expenses exceeded 0.15% (15 basis points) of USAG’s NAV, on an annualized basis, through March 31, 2016. USCF has no obligation to continue such payments into subsequent periods. |
FAIR VALUE OF FINANCIAL INSTR20
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Valuation of Usci's, Cper's, Usag's and Usmi's Securities Using Fair Value Hierarchy | The following table summarizes the valuation of USCI’s securities at March 31, 2016 using the fair value hierarchy: At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 309,630,736 $ 309,630,736 $ $ Exchange-Traded Futures Contracts Foreign Contracts (348,762) (348,762) United States Contracts 5,893,979 5,893,979 During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of USCI’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 299,704,608 $ 299,704,608 $ $ Exchange-Traded Futures Contracts Foreign Contracts (4,020,212) (4,020,212) United States Contracts (4,562,015) (4,562,015) During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’s securities at March 31, 2016 using the fair value hierarchy: At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 1,498,816 $ 1,498,816 $ $ Exchange-Traded Futures Contracts United States Contracts 81,613 81,613 During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of CPER’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 998,899 $ 998,899 $ $ Exchange-Traded Futures Contracts United States Contracts (180,625) (180,625) During the year ended December 31, 2015, there were no transfers between Level I and Level II. The following table summarizes the valuation of USAG’s securities at March 31, 2016 using the fair value hierarchy: At March 31, 2016 Total Level I Level II Level III Short-Term Investments $ 1,248,920 $ 1,248,920 $ $ Exchange-Traded Futures Contracts Foreign Contracts (21,929) (21,929) United States Contracts (9,122) (9,122) During the three months ended March 31, 2016, there were no transfers between Level I and Level II. The following table summarizes the valuation of USAG’s securities at December 31, 2015 using the fair value hierarchy: At December 31, 2015 Total Level I Level II Level III Short-Term Investments $ 749,059 $ 749,059 $ $ Exchange-Traded Futures Contracts Foreign Contracts 48,270 48,270 United States Contracts (42,113) (42,113) During the year ended December 31, 2015, there were no transfers between Level I and Level II. |
Fair Value of Derivative Instruments Held by Usci, Cper, Usag and Usmi | Fair Value of Derivative Instruments Held by USCI Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ 5,545,217 $ (8,582,227) Fair Value of Derivative Instruments Held by CPER Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ 81,613 $ (180,625) Fair Value of Derivative Instruments Held by USAG Condensed Fair Value Fair Value Derivatives not Accounted for Statements of Financial At March 31, At December as Hedging Instruments Condition Location 2016 31, 2015 Futures - Commodity Contracts Assets $ (31,051) $ 6,157 |
Effect of Derivative Instruments on Statements of Operations of Usci, Cper, Usag and Usmi | The Effect of Derivative Instruments on the Condensed Statements of Operations of USCI For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ (15,199,289) $ (48,958,657) Change in unrealized gain (loss) on open contracts $ 14,127,444 $ 2,972,667 The Effect of Derivative Instruments on the Condensed Statements of Operations of CPER For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ (248,876) $ (362,375) Change in unrealized gain (loss) on open contracts $ 262,238 $ 247,238 The Effect of Derivative Instruments on the Condensed Statements of Operations of USAG For the three months ended For the three months ended Change in Change in Derivatives Location of Realized Unrealized Realized Unrealized not Accounted Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) Gain (Loss) for as on Derivatives on Derivatives on Derivatives on Derivatives on Derivatives Hedging Recognized Recognized Recognized Recognized Recognized Instruments in Income in Income in Income in Income in Income Futures Commodity Contracts Realized gain $ 24,010 $ (169,684) Change in unrealized gain (loss) on open contracts $ (37,208) $ (35,123) |
ORGANIZATION AND BUSINESS (Addi
ORGANIZATION AND BUSINESS (Additional Information) (Details) | Mar. 31, 2016$ / Unit | Mar. 31, 2016$ / Units | Nov. 15, 2011$ / Unit | Nov. 10, 2010$ / Unit | Aug. 10, 2010$ / Unit |
United States Commodity Index Fund [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
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 | |||
United States Commodity Index Fund [Member] | Creation Baskets [Member] | Effective as of May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Number of Units per basket | 50,000 | ||||
United States Commodity Index Fund [Member] | Marketing Agent [Member] | Prior to May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Number of Units per basket | 100,000 | ||||
United States Commodity Index Fund [Member] | Redemption Baskets [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
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 Commodity Index Fund [Member] | Redemption Baskets [Member] | Effective as of May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Number of Units per basket | 350 | 350 | |||
United States Copper Index Fund [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
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 Copper Index Fund [Member] | Creation Baskets [Member] | Effective as of May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
Number of Units per basket | 50,000 | ||||
United States Copper Index Fund [Member] | Redemption Baskets [Member] | Effective as of May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
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 Copper Index Fund [Member] | Redemption Baskets [Member] | Prior to May 1, 2012 [Member] | |||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items] | |||||
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 |
SUMMARY OF SIGNIFICANT ACCOUN22
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Additional Information) (Details) - 3 months ended Mar. 31, 2016 | $ / Unitshares | $ / Units |
United States Commodity Index Fund [Member] | ||
Significant Accounting Policies [Line Items] | ||
Weighted average shares outstanding | 2,012 | |
United States Copper Index Fund [Member] | ||
Significant Accounting Policies [Line Items] | ||
Weighted average shares outstanding | 40 | |
United States Agriculture Index Fund [Member] | ||
Significant Accounting Policies [Line Items] | ||
Weighted average shares outstanding | 5 | |
Creation Baskets [Member] | Effective as of May 1, 2012 [Member] | United States Commodity Index Fund [Member] | ||
Significant Accounting Policies [Line Items] | ||
Number of Units per basket | $ / Unit | 50,000 | |
Redemption Baskets [Member] | Effective as of May 1, 2012 [Member] | United States Commodity Index Fund [Member] | ||
Significant Accounting Policies [Line Items] | ||
Number of Units per basket | 350 | 350 |
TRUST SERIES (Additional Inform
TRUST SERIES (Additional Information) (Details) | Sep. 06, 2011 | Aug. 10, 2010USD ($)$ / shares$ / Unitshares | Nov. 15, 2011USD ($)$ / shares$ / Unitshares | Sep. 19, 2011shares | Jul. 30, 2010 | Dec. 21, 2009USD ($)shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2014$ / shares | Apr. 13, 2012$ / shares$ / Unit | Nov. 10, 2010USD ($)$ / Unit |
Capital Unit [Line Items] | ||||||||||||
Sponsor capital contribution | $ 1,000 | $ 0 | $ 0 | |||||||||
Capital contribution to trust series | $ 1,000 | |||||||||||
Units acquisition | shares | 20 | 20 | ||||||||||
Partner sponsor units description | 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 June 10, 2012, USCF received 40 Sponsor Shares of USMI in exchange for the previously received capital contribution, representing a beneficial interest in USMI. On August 27, 2012, USCF redeemed the 40 Sponsor Shares of USMI and on September 4, 2013, purchased 5 shares of USMI on the open market. | |||||||||||
United States Commodity Index Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor capital contribution | $ 0 | $ 0 | ||||||||||
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 | $ 40.41 | $ 40.52 | $ 44.94 | $ 48.24 | |||||||
Number of units issued | shares | 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 | $ / Unit | 1,000 | 1,000 | ||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 15,914 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | NYMEX [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 850 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | Ice Futures [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 4,549 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | Chicago Board of Trade [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 3,766 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | Chicago Mercantile Exchange [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 2,336 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | London Metal Exchange [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 3,631 | |||||||||||
United States Commodity Index Fund [Member] | Futures Contracts [Member] | Commodity Exchange Inc [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 782 | |||||||||||
United States Agriculture Index Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor capital contribution | $ 0 | $ 0 | ||||||||||
Number of initially registered units on Form S-1 with the U.S. Securities and Exchange Commission | 20,000,000 | |||||||||||
Initial offering price per unit NAV | $ / shares | $ 19.65 | $ 19.80 | 20.88 | 22.97 | $ 25 | |||||||
Fee paid by Authorized Purchasers for each order placed to create one or more Creation Baskets or to redeem one or more baskets | $ / Unit | 1,000 | |||||||||||
United States Agriculture Index Fund [Member] | Futures Contracts [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 71 | |||||||||||
United States Agriculture Index Fund [Member] | Futures Contracts [Member] | Chicago Board of Trade [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 29 | |||||||||||
United States Agriculture Index Fund [Member] | Futures Contracts [Member] | Chicago Mercantile Exchange [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 11 | |||||||||||
United States Agriculture Index Fund [Member] | Futures Contracts [Member] | Kansas City Board Of Trade [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 2 | |||||||||||
United States Metals Index Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Sponsor capital contribution | $ 3,000 | |||||||||||
United States Copper Index Fund [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
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 | $ 14.53 | $ 14.24 | $ 18.54 | $ 19.10 | |||||||
Number of units issued | shares | 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 | $ / Unit | 1,000 | |||||||||||
United States Copper Index Fund [Member] | Futures Contracts [Member] | Commodity Exchange Inc [Member] | ||||||||||||
Capital Unit [Line Items] | ||||||||||||
Future contract held | 52 |
FEES PAID BY EACH TRUST SERIE24
FEES PAID BY EACH TRUST SERIES AND RELATED PARTY TRANSACTIONS (Additional Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | |
Fees Paid and Related Party Transactions [Line Items] | |||
Trustee annual fee | $ 3,000 | ||
Noninterest Expense Directors Fees | 23,222 | $ 27,884 | |
Expense waiver | $ 31,280 | $ 29,608 | |
Directors and Officers Liability Insurance [Member] | Scenario, Forecast [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Noninterest Expense Directors Fees | $ 554,800 | ||
United States Commodity Index Fund [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Percentage of average daily net assets paid | 0.14% | 0.12% | |
Noninterest Expense Directors Fees | $ 23,052 | $ 27,613 | |
United States Commodity Index Fund [Member] | Scenario, Forecast [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Noninterest Expense Directors Fees | 65,400 | ||
Estimated investor tax reporting cost | 600,000 | ||
United States Commodity Index Fund [Member] | Effective January 1, 2016 [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Percentage of average daily net assets paid | 0.80% | ||
United States Copper Index Fund [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Percentage of average daily net assets paid | 0.13% | 0.05% | |
Noninterest Expense Directors Fees | $ 92 | $ 99 | |
Costs and expenses annual limit for reimbursement | 0.15% | ||
Expense waiver | $ 16,334 | $ 10,824 | |
United States Copper Index Fund [Member] | Scenario, Forecast [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Noninterest Expense Directors Fees | 300 | ||
Estimated investor tax reporting cost | 46,000 | ||
United States Agriculture Index Fund [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Percentage of average daily net assets paid | 0.12% | 0.12% | |
Noninterest Expense Directors Fees | $ 78 | $ 101 | |
Expense waiver | $ 14,946 | $ 9,891 | |
United States Agriculture Index Fund [Member] | Scenario, Forecast [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Noninterest Expense Directors Fees | 200 | ||
Estimated investor tax reporting cost | $ 42,000 | ||
United States Agriculture Index Fund [Member] | Effective January 1, 2016 [Member] | |||
Fees Paid and Related Party Transactions [Line Items] | |||
Percentage of average daily net assets paid | 0.65% |
CONTRACTS AND AGREEMENTS (Broke
CONTRACTS AND AGREEMENTS (Brokerage Commission) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 177,964 | $ 200,410 |
United States Commodity Index Fund [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 176,687 | $ 199,183 |
Brokerage commissions as a percentage of average daily net assets | 0.14% | 0.12% |
United States Commodity Index Fund [Member] | Rebalancing Investments Transaction [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 172,946 | $ 181,403 |
Brokerage commissions as a percentage of average daily net assets | 97.88% | 91.07% |
United States Commodity Index Fund [Member] | Creation and Redemption Activity [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 3,741 | $ 17,780 |
Brokerage commissions as a percentage of average daily net assets | 2.12% | 8.93% |
United States Copper Index Fund [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 681 | $ 260 |
Brokerage commissions as a percentage of average daily net assets | 0.13% | 0.05% |
United States Copper Index Fund [Member] | Rebalancing Investments Transaction [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 585 | $ 190 |
Brokerage commissions as a percentage of average daily net assets | 85.90% | 72.98% |
United States Copper Index Fund [Member] | Creation and Redemption Activity [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 96 | $ 70 |
Brokerage commissions as a percentage of average daily net assets | 14.10% | 27.02% |
United States Agriculture Index Fund [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 596 | $ 658 |
Brokerage commissions as a percentage of average daily net assets | 0.12% | 0.12% |
United States Agriculture Index Fund [Member] | Rebalancing Investments Transaction [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 596 | $ 567 |
Brokerage commissions as a percentage of average daily net assets | 100.00% | 86.23% |
United States Agriculture Index Fund [Member] | Creation and Redemption Activity [Member] | ||
Long Duration Contracts Assumptions By Product and Guarantee [Line Items] | ||
Brokerage commissions | $ 0 | $ 91 |
Brokerage commissions as a percentage of average daily net assets | 0.00% | 13.77% |
CONTRACTS AND AGREEMENTS (Addit
CONTRACTS AND AGREEMENTS (Additional Information) (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / Unit | Mar. 31, 2015 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Annual transfer agency services fee | $ 20,000 | |
Management fee description | For USCI, the fee is 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. For each of CPER and USAG, the fee is equal to the percentage fees paid to USCF minus 0.18%, with that result multiplied by 0.5, minus 0.06% to arrive at the actual fee paid. | |
Licensing Agreements [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Annual licensing fee | $ 15,000 | |
Management fee paid to SummerHaven by USCF | an annual fee of 0.06% of the average daily total net assets of each Trust Series. | |
Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Transaction fees per transaction | $ / Unit | 15 | |
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ / Unit | 8 | |
Minimum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 75,000 | |
Transaction fees per transaction | $ / Unit | 7 | |
Commissions per round-turn trade, including applicable exchange and NFA fees for Futures Contracts and options on Futures Contracts | $ / Unit | 7 | |
For the first $500 million [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 0.06% | |
For the first $500 million [Member] | Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 500,000,000 | |
Combined net assets greater than $500 million but less than $1 billion [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 0.0465% | |
Combined net assets greater than $500 million but less than $1 billion [Member] | Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 1,000,000,000 | |
Combined net assets greater than $500 million but less than $1 billion [Member] | Minimum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 500,000,000 | |
Combined net assets exceed $1 billion [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 0.035% | |
Combined net assets exceed $1 billion [Member] | Minimum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 1,000,000,000 | |
Marketing Agreement [Member] | Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 10.00% | |
Marketing Agreement [Member] | Minimum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 0.04% | |
Marketing Agreement [Member] | On each Trust Series' assets up to 3 billion [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Fee percentage | 0.06% | |
Marketing Agreement [Member] | On each Trust Series' assets up to 3 billion [Member] | Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 3,000,000,000 | |
Marketing Agreement [Member] | On each Trust Series' assets in excess of $3 billion [Member] | Maximum [Member] | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Base amount for determining fee percentage | $ 3,000,000,000 |
FINANCIAL INSTRUMENTS, OFF-BA27
FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES (Additional Information) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
United States Commodity Index Fund [Member] | ||
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items] | ||
Cash deposits and investments in Treasuries | $ 506,405,962 | $ 530,306,994 |
United States Copper Index Fund [Member] | ||
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items] | ||
Cash deposits and investments in Treasuries | 2,845,057 | 2,304,696 |
United States Agriculture Index Fund [Member] | ||
Carrying Amounts and Fair Values of Financial Instruments or Liabilities [Line Items] | ||
Cash deposits and investments in Treasuries | $ 2,013,092 | $ 1,960,209 |
FINANCIAL HIGHLIGHTS (Per Unit
FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Details) - $ / shares | 3 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | ||||
United States Commodity Index Fund [Member] | |||||
Per Share Operating Performance: | |||||
Net asset value, beginning of period (in dollars per share) | $ 40.52 | $ 48.24 | |||
Total income (loss) | 0 | [1] | (3.17) | ||
Net expenses | (0.11) | (0.13) | |||
Net increase (decrease) in net asset value | (0.11) | (3.30) | |||
Net asset value, end of period (in dollars per share) | $ 40.41 | $ 44.94 | |||
Total Return | (0.27%) | (6.84%) | |||
Ratios to Average Net Assets | |||||
Total income (loss) | (0.15%) | (6.90%) | |||
Management fees | [2],[3] | 0.80% | 0.80% | [4] | |
Total expenses excluding management fees | [2] | 0.28% | 0.30% | ||
Expenses waived | [2],[3] | 0.00% | 0.00% | [4] | |
Net expenses excluding management fees | [2] | 0.28% | 0.30% | ||
Net income (loss) | (0.41%) | (7.18%) | |||
United States Copper Index Fund [Member] | |||||
Per Share Operating Performance: | |||||
Net asset value, beginning of period (in dollars per share) | $ 14.24 | $ 19.10 | |||
Total income (loss) | 0.32 | (0.52) | |||
Net expenses | (0.03) | (0.04) | |||
Net increase (decrease) in net asset value | 0.29 | (0.56) | |||
Net asset value, end of period (in dollars per share) | $ 14.53 | $ 18.54 | |||
Total Return | 2.04% | (2.93%) | |||
Ratios to Average Net Assets | |||||
Total income (loss) | 0.69% | (5.91%) | |||
Management fees | [2],[5] | 0.65% | 0.65% | [6] | |
Total expenses excluding management fees | [2] | 3.16% | 2.42% | ||
Expenses waived | [2],[7] | (3.01%) | (2.27%) | [8] | |
Net expenses excluding management fees | [2] | 0.15% | 0.15% | ||
Net income (loss) | 0.49% | (6.11%) | |||
United States Agriculture Index Fund [Member] | |||||
Per Share Operating Performance: | |||||
Net asset value, beginning of period (in dollars per share) | $ 19.80 | $ 22.97 | |||
Total income (loss) | (0.11) | (2.05) | |||
Net expenses | (0.04) | (0.04) | |||
Net increase (decrease) in net asset value | (0.15) | (2.09) | |||
Net asset value, end of period (in dollars per share) | $ 19.65 | $ 20.88 | |||
Total Return | (0.76%) | (9.10%) | |||
Ratios to Average Net Assets | |||||
Total income (loss) | (0.57%) | (9.37%) | |||
Management fees | [2],[9] | 0.65% | 0.65% | [10] | |
Total expenses excluding management fees | [2] | 3.25% | [11] | 2.00% | |
Expenses waived | [2],[7] | (3.10%) | (1.84%) | [10] | |
Net expenses excluding management fees | [2] | 0.15% | [11] | 0.16% | |
Net income (loss) | (0.77%) | (9.57%) | |||
[1] | Amount represents less than $0.005 per share. | ||||
[2] | Annualized. | ||||
[3] | Effective January 1, 2016 USCF’s management fee charged to USCI is 0.80% per annum of average daily total net assets. | ||||
[4] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.80% per annum of average daily total net assets for USCI. | ||||
[5] | Effective January 1, 2016 USCF’s management fee charged to CPER is 0.65% per annum of average daily total net assets. | ||||
[6] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65% per annum of average daily total net assets for CPER. USCF has voluntarily agreed to pay certain expenses typically borne by CPER to the extent that such expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis, through at least May 1, 2015. USCF has no obligation to continue such payments into subsequent periods. | ||||
[7] | USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis, through March 31, 2016. USCF has no obligation to continue such payments into subsequent periods. | ||||
[8] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65% per annum of average daily total net assets for CPER. USCF has voluntarily agreed to pay certain expenses typically borne by CPER to the extent that such expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis, through at least May 1, 2015. USCF has no obligation to continue such payments into subsequent periods. | ||||
[9] | Effective January 1, 2016, USCF’s management fee charged to USAG is 0.65% per annum of average daily total net assets. | ||||
[10] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65% per annum of average daily total net assets for USAG. | ||||
[11] | USCF paid certain expenses on a discretionary basis typically borne by USAG where expenses exceeded 0.15% (15 basis points) of USAG’s NAV, on an annualized basis, through March 31, 2016. USCF has no obligation to continue such payments into subsequent periods. |
FINANCIAL HIGHLIGHTS (Per Uni29
FINANCIAL HIGHLIGHTS (Per Unit Performance Data and Other Supplemental Financial Data) (Parenthetical) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2014 | ||||
United States Copper Index Fund [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | [1],[2] | 3.01% | 2.27% | [3] | ||
Total Income Loss Per Unit | $ 0.32 | $ (0.52) | ||||
United States Copper Index Fund [Member] | Effective May 1, 2014 and continuing through December 31, 2015 [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.65% | |||||
United States Agriculture Index Fund [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | [1],[2] | 3.10% | 1.84% | [4] | ||
Total Income Loss Per Unit | $ (0.11) | $ (2.05) | ||||
United States Agriculture Index Fund [Member] | Effective January 1, 2016 [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.65% | |||||
United States Agriculture Index Fund [Member] | Effective May 1, 2014 and continuing through December 31, 2015 [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.65% | |||||
United States Commodity Index Fund [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | [1],[5] | 0.00% | 0.00% | [6] | ||
Total Income Loss Per Unit | $ 0 | [7] | $ (3.17) | |||
United States Commodity Index Fund [Member] | Effective January 1, 2016 [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.80% | |||||
United States Commodity Index Fund [Member] | Effective May 1, 2014 and continuing through December 31, 2015 [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.80% | |||||
United States Commodity Index Fund [Member] | Maximum [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.15% | |||||
United States Commodity Index Fund [Member] | Minimum [Member] | ||||||
Average Sales Price and Production Costs Per Unit of Production [Line Items] | ||||||
Percentage of average daily net assets paid monthly, waiver expense | 0.15% | |||||
[1] | Annualized. | |||||
[2] | USCF paid certain expenses on a discretionary basis typically borne by CPER where expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis, through March 31, 2016. USCF has no obligation to continue such payments into subsequent periods. | |||||
[3] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65% per annum of average daily total net assets for CPER. USCF has voluntarily agreed to pay certain expenses typically borne by CPER to the extent that such expenses exceeded 0.15% (15 basis points) of CPER’s NAV, on an annualized basis, through at least May 1, 2015. USCF has no obligation to continue such payments into subsequent periods. | |||||
[4] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.65% per annum of average daily total net assets for USAG. | |||||
[5] | Effective January 1, 2016 USCF’s management fee charged to USCI is 0.80% per annum of average daily total net assets. | |||||
[6] | Effective May 1, 2014 and continuing through December 31, 2015, USCF has contractually agreed to lower the management fee to 0.80% per annum of average daily total net assets for USCI. | |||||
[7] | Amount represents less than $0.005 per share. |
FAIR VALUE OF FINANCIAL INSTR30
FAIR VALUE OF FINANCIAL INSTRUMENTS (Valuation of Securities Using Fair Value Hierarchy) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
United States Commodity Index Fund [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 309,630,736 | $ 299,704,608 |
United States Commodity Index Fund [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (348,762) | (4,020,212) |
United States Commodity Index Fund [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 5,893,979 | (4,562,015) |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 309,630,736 | 299,704,608 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (348,762) | (4,020,212) |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 5,893,979 | (4,562,015) |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Commodity Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 1,498,816 | 998,899 |
United States Copper Index Fund [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 81,613 | (180,625) |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 1,498,816 | 998,899 |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 81,613 | (180,625) |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Copper Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 1,248,920 | 749,059 |
United States Agriculture Index Fund [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (21,929) | 48,270 |
United States Agriculture Index Fund [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (9,122) | (42,113) |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 1,248,920 | 749,059 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (21,929) | 48,270 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 1 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | (9,122) | (42,113) |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Short-Term Investments [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | Foreign [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | 0 | 0 |
United States Agriculture Index Fund [Member] | Fair Value, Inputs, Level 3 [Member] | Exchange-Traded Futures Contracts [Member] | United States [Member] | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Securities, fair value | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR31
FAIR VALUE OF FINANCIAL INSTRUMENTS (Fair Value of Derivative Instrument held by Usci, Cper, Usag and Usmi) (Details) - Commodity Contracts [Member] - Futures [Member] - Assets [Member] - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
United States Commodity Index Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not Accounted for as Hedging Instruments | $ 5,545,217 | $ (8,582,227) |
United States Copper Index Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not Accounted for as Hedging Instruments | 81,613 | (180,625) |
United States Agriculture Index Fund [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives not Accounted for as Hedging Instruments | $ (31,051) | $ 6,157 |
FAIR VALUE OF FINANCIAL INSTR32
FAIR VALUE OF FINANCIAL INSTRUMENTS (Effect of Derivative Instruments on Statements of Operations of Usci, Cper, Usag and Usmi) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | $ (15,424,155) | $ (49,673,132) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 14,352,474 | 3,321,346 |
United States Commodity Index Fund [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | (15,199,289) | (48,958,657) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 14,127,444 | 2,972,667 |
United States Commodity Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Realized gain (loss) on closed positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | (15,199,289) | (48,958,657) |
United States Commodity Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Change in unrealized gain (loss) on open positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 14,127,444 | 2,972,667 |
United States Copper Index Fund [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | (248,876) | (362,375) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 262,238 | 247,238 |
United States Copper Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Realized gain (loss) on closed positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | (248,876) | (362,375) |
United States Copper Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Change in unrealized gain (loss) on open positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | 262,238 | 247,238 |
United States Agriculture Index Fund [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | 24,010 | (169,684) |
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | (37,208) | (35,123) |
United States Agriculture Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Realized gain (loss) on closed positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Realized Gain (Loss) on Derivatives Recognized in Income | 24,010 | (169,684) |
United States Agriculture Index Fund [Member] | Commodity Contracts [Member] | Futures [Member] | Change in unrealized gain (loss) on open positions [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Change in Unrealized Gain (Loss) on Derivatives Recognized in Income | $ (37,208) | $ (35,123) |