8-K: United States Commodity Index Funds Trust Reports January 2024 Performance

United States Commodity Index Funds Trust releases monthly account statements for January 2024, detailing income, expenses, and changes in net asset value for its commodity and copper index funds.

Summary

• The United States Commodity Index Funds Trust has released its monthly account statements for January 2024.
• The report includes financial details for the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER).
• USCI reported a net income of $5,485,102 for the month, with a net asset value of $163,163,785 at the end of January.
• CPER reported a net income of $1,023,761 for the month, with a net asset value of $131,299,433 at the end of January.
• The combined net income for the trust was $6,508,863, with a total net asset value of $294,463,218 at the end of the month.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive, reflecting the positive net income for both funds, although there were slight decreases in net asset value due to withdrawals. The report is factual and does not contain any significant positive or negative surprises.

Positives

• Both the USCI and CPER funds generated positive net income for the month of January.
• USCI had significant realized and unrealized gains on commodity futures, contributing to its net income.
• CPER also experienced positive realized and unrealized gains on commodity futures, contributing to its net income.
• Both funds received substantial dividend and interest income.

Negatives

• USCI experienced a decrease in net asset value due to withdrawals.
• CPER also experienced a slight decrease in net asset value due to withdrawals.

Risks

• Fluctuations in commodity futures markets can impact the funds' income and net asset value.
• Withdrawals from the funds can reduce the net asset value.
• Market conditions and trading activities can affect the funds' performance.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, certified the accuracy and completeness of the account statements.

Industry Context

This report provides transparency into the performance of commodity-based exchange-traded funds, which are popular investment vehicles for accessing commodity markets. The results are typical for funds that track commodity indices, with performance driven by market fluctuations and trading activities.

Comparison to Industry Standards

• The performance of USCI and CPER is comparable to other commodity and copper index funds, with results largely dependent on the underlying commodity market performance.
• For example, similar funds like the Invesco DB Commodity Index Tracking Fund (DBC) and the iShares Copper Trust (IAU) would have experienced similar market-driven fluctuations in their net asset values during the same period.
• The management and professional fees are within the expected range for exchange-traded funds of this type.

Stakeholder Impact

• Shareholders of USCI and CPER will be interested in the funds' performance and net asset value changes.
• The report provides transparency to investors regarding the funds' financial activities.

Key Dates

Keywords

Commodity Index Fund, Copper Index Fund, Net Asset Value, Monthly Account Statement, Commodity Futures, Financial Report, USCI, CPER