8-K: United States Commodity Index Funds Trust Reports Significant Monthly Losses Driven by Unrealized Commodity Futures Declines

United States Commodity Index Funds Trust and its series, USCI and CPER, reported substantial net losses for April 2025, primarily due to significant unrealized losses on commodity futures.

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), filed their monthly account statements for the month ended April 30, 2025.
• The overall Trust reported a Net Income (Loss) of $(29,344,124) for April 2025.
• The Net Asset Value (NAV) for the overall Trust decreased from $437,643,030 at the beginning of April to $382,183,414 at the end of the month.
• USCI recorded a Net Income (Loss) of $(10,718,888) for the month, with its NAV declining from $237,605,201 to $220,112,246.
• CPER experienced a Net Income (Loss) of $(18,625,236) for the month, and its NAV decreased from $200,037,829 to $162,071,168.
• The primary driver of these losses across all funds was significant unrealized losses on the market value of commodity futures, totaling $(35,248,241) for the Trust, $(12,175,529) for USCI, and $(23,072,712) for CPER.

Sentiment

Score: 3

Explanation: The sentiment is negative due to significant net losses across all funds, primarily driven by large unrealized losses on commodity futures, leading to a notable decrease in Net Asset Value for the month.

Positives

• The funds generated positive realized trading gains on commodity futures, with the Trust reporting $4,785,803, USCI $836,978, and CPER $3,948,825.
• Consistent dividend income was received across the funds, totaling $868,079 for the Trust, $493,836 for USCI, and $374,243 for CPER.
• Interest income contributed positively to the funds' performance, with the Trust earning $503,268, USCI $285,082, and CPER $218,186.

Negatives

• The Trust, USCI, and CPER all reported substantial net losses for April 2025, amounting to $(29,344,124), $(10,718,888), and $(18,625,236) respectively.
• Significant unrealized losses on the market value of commodity futures were the main detractor, totaling $(35,248,241) for the Trust, $(12,175,529) for USCI, and $(23,072,712) for CPER.
• The Net Asset Value (NAV) for all funds decreased during April, with the Trust's NAV falling by approximately 12.68%, USCI's by 7.36%, and CPER's by 18.98%.

Risks

• The primary risk highlighted by the financial statements is the exposure to market fluctuations in commodity futures, leading to significant unrealized gains or losses.
• The nature of commodity index funds means their performance is highly dependent on the volatility and direction of commodity markets, which can result in substantial monthly losses as seen in April 2025.

Future Outlook

The document is a routine monthly financial disclosure and does not contain 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), certified that, to the best of his knowledge and belief, the information contained in the Account Statements for the month ended April 30, 2025, is accurate and complete, as required by Rule 4.22(h) under the Commodity Exchange Act.

Industry Context

This filing provides a snapshot of the performance of specific commodity index funds within the broader commodity market. The significant unrealized losses suggest a challenging month for the underlying commodity futures markets, particularly those related to the indices tracked by USCI and copper for CPER. Such performance is typical for commodity-linked investment vehicles during periods of adverse market movements.

Comparison to Industry Standards

• The document does not provide specific comparable companies, projects, or results to assess performance against global benchmarks. Performance is solely reported for the specific funds (USCI and CPER) and the overall Trust.
• Without external market data for April 2025 on the specific commodity indices tracked by USCI and the performance of copper futures, a direct comparison to industry standards or competitor funds is not possible based solely on this document.

Stakeholder Impact

• Shareholders of USCI and CPER experienced a decrease in the Net Asset Value per share during April 2025 due to the reported net losses.
• The performance directly impacts the investment returns for individuals and institutions holding shares in these commodity index funds.

Next Steps

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

Key Dates

Recommendation

Keywords

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