8-K: Commodity Funds Report Strong September Gains

United States Commodity Index Funds Trust and its series funds, USCI and CPER, reported significant net income and increased Net Asset Value for the month ended September 30, 2025.

Summary

• United States Commodity Index Funds Trust (consolidated) reported a total net income of $18,661,896 for the month ended September 30, 2025.
• The United States Commodity Index Fund (USCI) achieved a net income of $4,392,107 for the month.
• The United States Copper Index Fund (CPER) recorded a net income of $14,269,789 for the month.
• The USCI Trust's consolidated Net Asset Value increased from $478,706,912 at the beginning of September to $550,698,830 by month-end.
• USCI's Net Asset Value rose from $260,284,844 on September 1, 2025, to $272,379,434 by September 30, 2025.
• CPER's Net Asset Value increased from $218,422,068 on September 1, 2025, to $278,319,396 by September 30, 2025.
• Both funds experienced significant unrealized gains on the market value of commodity futures, contributing positively to their income.

Sentiment

Score: 8

Explanation: The filing reports strong positive net income and significant increases in Net Asset Value for both funds, driven by substantial unrealized gains in commodity futures. This indicates robust performance for the month.

Positives

• United States Commodity Index Fund (USCI) reported a net income of $4,392,107 for September 2025.
• United States Copper Index Fund (CPER) reported a substantial net income of $14,269,789 for September 2025.
• The overall United States Commodity Index Funds Trust achieved a consolidated net income of $18,661,896 for the month.
• USCI's Net Asset Value increased by over $12 million, reaching $272,379,434 by month-end.
• CPER's Net Asset Value saw a significant increase of over $59 million, ending the month at $278,319,396.
• Both funds benefited from substantial unrealized gains on the market value of commodity futures, with USCI at $1,123,872 and CPER at $13,706,063.
• Dividend income of $589,302 for USCI and $438,995 for CPER, along with interest income, contributed positively to total income.

Negatives

• United States Copper Index Fund (CPER) experienced a realized trading loss on commodity futures of $43,862 for the month.

Future Outlook

The filing provides a historical account of financial performance for the month ended September 30, 2025, and does not contain explicit forward-looking statements or guidance regarding future performance.

Management Comments

• To the best of my knowledge and belief, the information contained in the Account Statement for the month ended September 30, 2025 is accurate and complete. (Stuart P. Crumbaugh, Chief Financial Officer, United States Commodity Funds LLC, Sponsor)

Industry Context

The reported gains in Net Asset Value and net income for both the broad commodity index fund (USCI) and the specific copper index fund (CPER) suggest a potentially favorable market environment for commodity investments during September 2025. The significant unrealized gains in commodity futures indicate positive price movements in the underlying commodity markets, which could be driven by global demand, supply constraints, or macroeconomic factors influencing investor sentiment towards raw materials.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders: Experienced positive returns on their investments through increased Net Asset Value and net income for the month.
• Management/Sponsor: United States Commodity Funds LLC, as the sponsor, oversees funds that demonstrated strong performance, potentially enhancing their reputation and fee generation.

Next Steps

• The funds will continue to issue monthly account statements as required by Rule 4.22 under the Commodity Exchange Act.

Key Dates

Recommendation

The filing presents strong monthly performance with significant net income and NAV growth for both commodity funds. While these are positive indicators, this is a routine monthly report reflecting past performance. A 'hold' recommendation is appropriate as the report does not provide forward-looking guidance or strategic shifts that would warrant an immediate 'buy' or 'strong buy' without further analysis of market trends and future prospects. Investors should continue to monitor commodity market dynamics and subsequent reports.

Keywords

Commodity Index Fund, Copper Index Fund, USCI, CPER, Net Asset Value, Commodity Futures, Investment Fund, Monthly Report, SEC Filing, 8-K