8-K: United States Commodity Index Funds Trust Reports Positive May 2025 Performance Driven by Unrealized Gains

United States Commodity Index Funds Trust and its constituent funds, USCI and CPER, reported positive net income for the month ended May 31, 2025, primarily due to significant unrealized gains on commodity futures.

Summary

• For the month ended May 31, 2025, United States Commodity Index Funds Trust reported a consolidated Net Income of $5,180,558.
• The consolidated Net Asset Value (NAV) for the Trust increased from $382,183,414 at the beginning of May to $398,269,707 by month-end.
• United States Commodity Index Fund (USCI) recorded a Net Income of $2,130,208 for May 2025, with its NAV increasing from $220,112,246 to $225,774,432.
• USCI's Net Asset Value Per Share was $69.47 based on 3,250,000 shares outstanding at month-end.
• United States Copper Index Fund (CPER) reported a Net Income of $3,050,350 for May 2025, and its NAV grew from $162,071,168 to $172,495,275.
• CPER's Net Asset Value Per Share was $29.24 based on 5,900,000 shares outstanding at month-end.
• Both funds experienced substantial Unrealized Gains on Market Value of Commodity Futures, contributing $2,381,141 for USCI and $2,501,587 for CPER.
• Total expenses for USCI were $210,311, and for CPER were $137,426, including management fees, professional fees, brokerage commissions, and directors' fees.
• The Trust as a whole saw $15,216,559 in additions (450,000 shares) and $4,310,824 in withdrawals (150,000 shares) during the month.

Sentiment

Score: 7

Explanation: The overall sentiment is positive due to significant net income and growth in Net Asset Value for both funds. While there were some realized trading losses and CPER experienced withdrawals, the strong unrealized gains and overall profitability for the month outweigh these factors.

Positives

• Both United States Commodity Index Fund (USCI) and United States Copper Index Fund (CPER) reported positive Net Income for the month ended May 31, 2025, with USCI at $2,130,208 and CPER at $3,050,350.
• Significant Unrealized Gains on Market Value of Commodity Futures were a primary driver of income, totaling $2,381,141 for USCI and $2,501,587 for CPER.
• Both funds experienced an increase in their Net Asset Value (NAV) from the beginning to the end of May 2025, indicating overall growth in fund value.
• The Trust received $15,216,559 in additions from new share creations during the month, reflecting continued investor interest.

Negatives

• United States Commodity Index Fund (USCI) and the consolidated Trust experienced Realized Trading Losses on Commodity Futures of $(849,945) and $(757,108) respectively.
• United States Copper Index Fund (CPER) had withdrawals totaling $4,310,824 (150,000 shares) during the month, indicating some investor outflows.

Future Outlook

The document does not contain explicit forward-looking statements or guidance beyond the historical monthly performance data.

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 May 31, 2025, is accurate and complete, as required by Rule 4.22(h) under the Commodity Exchange Act.

Industry Context

This filing provides routine monthly performance updates for commodity-focused exchange-traded funds (ETFs). The performance of these funds is directly tied to the underlying commodity markets (a broad index for USCI and copper for CPER), reflecting market movements and the funds' trading strategies. The positive net income for the month suggests favorable market conditions or effective management of positions within the commodity sector during May 2025.

Stakeholder Impact

• Shareholders of USCI and CPER are positively impacted by the reported net income and increase in Net Asset Value, indicating growth in their investment value for the month.
• The sponsor, United States Commodity Funds LLC, benefits from management fees generated by the funds' assets under management.

Key Dates

Recommendation

Keywords

Commodity Index Fund, Copper Index Fund, USCI, CPER, SEC Filing, 8-K, Monthly Account Statement, Net Asset Value, Commodity Futures, Investment Fund, ETF, Financial Performance