8-K: Commodity Index Funds Report Mixed February Performance

United States Commodity Index Funds Trust reports positive net income for February 2026, driven by realized trading gains, despite significant unrealized losses and net withdrawals in its Copper Index Fund.

Summary

• United States Commodity Index Funds Trust (the Registrant) and its series, United States Commodity Index Fund (USCI) and United States Copper Index Fund (CPER), issued their monthly account statements for the month ended February 28, 2026.
• The combined Trust reported a Net Income of $16,152,636 for February 2026.
• Total income for the Trust was $16,918,020, primarily from $33,724,720 in realized trading gains on commodity futures, offset by $20,016,467 in unrealized losses.
• Total expenses for the Trust amounted to $765,384, including management fees of $629,233.
• The Trust's Net Asset Value (NAV) decreased slightly from $1,181,910,024 at the beginning of February to $1,179,329,964 at month-end.
• USCI reported a Net Income of $4,547,162, with a month-end NAV of $307,540,572 and NAV per share of $85.43.
• CPER reported a Net Income of $11,605,474, with a month-end NAV of $871,789,392 and NAV per share of $36.94.
• CPER experienced net withdrawals of $22,603,628 (2,650,000 shares withdrawn vs. 2,000,000 shares added), while USCI had net additions of $3,870,932 (100,000 shares added vs. 50,000 shares withdrawn).

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive report. While the Trust achieved positive net income, significant unrealized losses and net withdrawals in the copper fund temper the overall sentiment, indicating mixed performance across its offerings.

Positives

• The United States Commodity Index Funds Trust achieved a combined net income of $16,152,636 for the month.
• Realized trading gains on commodity futures were substantial, totaling $33,724,720 for the combined Trust.
• The United States Commodity Index Fund (USCI) reported positive net income of $4,547,162 and an increase in Net Asset Value from $299,122,478 to $307,540,572.
• USCI experienced net additions of shares, indicating investor interest or capital inflow for that specific fund.

Negatives

• The combined Trust experienced significant unrealized losses on the market value of commodity futures, totaling $20,016,467.
• The United States Copper Index Fund (CPER) saw a decrease in its Net Asset Value from $882,787,546 to $871,789,392.
• CPER experienced net withdrawals of shares, with 2,650,000 shares withdrawn compared to 2,000,000 shares added, resulting in a net capital outflow of $22,603,628.
• The overall Net Asset Value for the United States Commodity Index Funds Trust slightly decreased from $1,181,910,024 to $1,179,329,964.

Risks

• The filing, being a monthly account statement, does not explicitly detail specific risk factors beyond the inherent market risks implied by unrealized gains/losses on commodity futures.

Future Outlook

The filing, a monthly account statement, does not provide any explicit forward-looking statements or guidance regarding future performance or market conditions.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC (Sponsor), represented that, to the best of his knowledge and belief, the information contained in the Account Statement for the month ended February 28, 2026, is accurate and complete.

Industry Context

StockSavvy.ai notes that commodity index funds, particularly those focused on specific commodities like copper, are highly susceptible to market volatility and global economic shifts. The mixed performance, with strong realized gains but significant unrealized losses and net withdrawals in the copper fund, reflects the dynamic and often unpredictable nature of commodity markets. Investor sentiment can quickly shift based on macroeconomic indicators, supply-demand dynamics, and geopolitical events affecting specific commodities.

Comparison to Industry Standards

• Without specific industry benchmarks or competitor performance data within the filing, a direct comparison is challenging. However, commodity funds typically experience fluctuations in NAV due to the inherent volatility of underlying futures contracts.
• The presence of both realized gains and unrealized losses is common in actively managed commodity funds, reflecting ongoing trading activities and market price movements.
• Net withdrawals, as seen in CPER, can indicate a shift in investor sentiment away from a particular commodity or a broader move out of risk assets, which is a trend observed across various commodity-focused ETFs during periods of uncertainty.

Stakeholder Impact

• Shareholders of USCI saw an increase in Net Asset Value per share, indicating positive returns for the month.
• Shareholders of CPER experienced a decrease in Net Asset Value per share, reflecting negative returns for the month.
• Investors in the overall Trust experienced a slight decrease in total Net Asset Value, despite positive net income, due to net withdrawals and unrealized losses.

Next Steps

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

Key Dates

Recommendation

The filing presents a routine monthly account statement with mixed financial performance. While the overall Trust generated positive net income, the significant unrealized losses and net withdrawals in the Copper Index Fund suggest underlying volatility and potential investor caution. The United States Commodity Index Fund showed better performance. Given the routine nature of the report and the mixed results, a 'hold' recommendation is appropriate for investors to monitor future trends in commodity markets and fund performance.

Keywords

Commodity Index Fund, Copper Index Fund, USCI, CPER, Commodity Futures, Net Asset Value, Trading Gains, Unrealized Losses, ETF, Financial Report, SEC Filing