8-K: Commodity Index Funds Report Strong August Gains

United States Commodity Index Funds Trust and its series reported positive net income for August 2025, driven by significant unrealized gains in commodity futures.

Summary

• United States Commodity Index Funds Trust reported a consolidated net income of $15,764,053 for the month ended August 31, 2025.
• The Trust's Net Asset Value (NAV) increased from $468,906,321 at the beginning of August to $478,706,912 by month-end.
• United States Commodity Index Fund (USCI) achieved a net income of $7,299,388, with its NAV rising to $260,284,844 from $249,271,308.
• USCI's Net Asset Value Per Share was $76.55 based on 3,400,000 shares outstanding.
• United States Copper Index Fund (CPER) reported a net income of $8,464,665.
• CPER's NAV decreased slightly to $218,422,068 from $219,635,013, primarily due to $37,321,414 in share withdrawals.
• CPER's Net Asset Value Per Share was $28.18 based on 7,750,000 shares outstanding.
• Both funds experienced realized trading losses on commodity futures (USCI: $(972,652), CPER: $(6,243,963)) but were offset by substantial unrealized gains (USCI: $7,586,437, CPER: $14,086,638).

Sentiment

Score: 7

Explanation: The overall sentiment is positive due to strong net income and significant unrealized gains across the Trust and its funds. While CPER experienced withdrawals, the underlying performance metrics were robust, indicating a healthy operational month.

Positives

• The Trust and its individual funds, USCI and CPER, reported positive net income for August 2025, totaling $15,764,053 for the Trust.
• Significant unrealized gains on the market value of commodity futures were recorded, with $7,586,437 for USCI and $14,086,638 for CPER, indicating favorable market movements for underlying commodities.
• United States Commodity Index Fund (USCI) saw its Net Asset Value increase by over $11 million, reflecting strong performance and share additions.
• The overall Net Asset Value of the United States Commodity Index Funds Trust increased by nearly $10 million during the month.

Negatives

• Both USCI and CPER experienced realized trading losses on commodity futures, totaling $(972,652) and $(6,243,963) respectively.
• United States Copper Index Fund (CPER) saw a net decrease in its Net Asset Value despite positive net income, primarily due to substantial share withdrawals amounting to $37,321,414.

Risks

• The inherent volatility of commodity futures trading, as evidenced by the realized trading losses for both funds, poses a risk to investment performance.
• Fluctuations in market value of commodity futures can lead to significant unrealized gains or losses, impacting the Net Asset Value of the funds.

Future Outlook

No specific forward-looking statements or guidance were provided in this monthly account statement.

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 August 31, 2025, is accurate and complete.

Industry Context

The positive unrealized gains across both commodity funds suggest a generally favorable market environment for the underlying commodities during August 2025. Commodity funds are inherently sensitive to global supply and demand dynamics, geopolitical events, and macroeconomic indicators, which can drive significant fluctuations in futures prices.

Related Party Transactions

• Management Fees were paid to United States Commodity Funds LLC, the sponsor of the Trust and its funds. For the month, USCI paid $170,974, CPER paid $124,370, totaling $295,344 for the Trust.

Stakeholder Impact

• Shareholders of USCI and the overall Trust benefited from positive net income and an increase in Net Asset Value.
• Shareholders of CPER experienced a slight decrease in Net Asset Value despite positive income, due to significant share withdrawals, which could impact their investment value.

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 Trust and its funds demonstrated positive net income for August 2025, primarily driven by unrealized gains in commodity futures. While USCI showed NAV growth, CPER experienced significant withdrawals, offsetting its positive income and leading to a slight NAV decline. The overall performance indicates stability but no extraordinary catalysts for a strong buy or sell recommendation based solely on this monthly operational report. Investors should hold and monitor future performance and market conditions.

Keywords

Commodity Index Fund, Copper Index Fund, USCI, CPER, Net Asset Value, Commodity Futures, ETF, Financial Performance, Monthly Report, Investment Fund