CPER.NYSE ARCAUnited States Commodity Index Funds Trust

8-K: USCI & CPER Funds Report Strong 2025 Performance

Sentiment:

Annual Financial Statements 27 March 2026 9:53 AM

📋All filings for United States Commodity Index Funds Trust

United States Commodity Index Funds Trust announced robust financial results for its USCI and CPER funds in 2025, marked by significant increases in net income and total assets.

Capital raiseUSCI and CPER have an unlimited number of shares that can be issued in the form of Creation Baskets, following effective registration statements declared by the SEC on January 27, 2023. This provides ongoing flexibility for capital raising through share issuance.

Better than expectedUSCI's Net Income increased significantly to $35,973,918 in 2025 from $27,325,144 in 2024 and a loss in 2023.CPER's Net Income surged to $82,822,584 in 2025 from $83,768 in 2024.Both funds reported strong total returns in 2025: USCI at 17.32% and CPER at 38.09%.Total assets and capital for both funds showed substantial growth.

Summary

The United States Commodity Index Funds Trust, comprising the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER), reported substantial financial growth for the year ended December 31, 2025.
USCI's net income increased to $35,973,918 in 2025, up from $27,325,144 in 2024, and a loss of $(3,093,973) in 2023.
CPER's net income surged to $82,822,584 in 2025, a significant increase from $83,768 in 2024 and $6,916,282 in 2023.
Total assets for the combined Trust grew to $761,114,365 in 2025 from $334,931,201 in 2024.
USCI achieved a total return of 17.32% in 2025, while CPER delivered an impressive 38.09% total return.
The Trust and its series maintained effective internal control over financial reporting as of December 31, 2025.
Both funds experienced increased realized gains on closed commodity futures contracts and higher dividend income in 2025 compared to 2024.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this as a very positive report, reflecting strong financial performance and growth in assets for both commodity funds, particularly CPER, driven by favorable market conditions for commodities in 2025.

Positives

USCI's Net Income significantly increased to $35,973,918 in 2025 from $27,325,144 in 2024, reversing a loss from 2023.
CPER's Net Income saw a dramatic rise to $82,822,584 in 2025, up from $83,768 in 2024.
Both USCI and CPER delivered strong total returns of 17.32% and 38.09% respectively in 2025.
Total assets for the Trust more than doubled, reaching $761,114,365 in 2025 from $334,931,201 in 2024.
Total capital for the Trust increased to $735,357,458 in 2025 from $334,079,104 in 2024.
Realized gains on closed commodity futures contracts increased for USCI to $36,508,035 and for CPER to $13,488,462 in 2025.
CPER recorded a substantial positive change in unrealized gain on open commodity futures contracts of $62,028,984 in 2025, compared to a loss in 2024.
Dividend income increased for both USCI ($6,770,833) and CPER ($5,885,535) in 2025.

Negatives

USCI experienced a change in unrealized loss on open commodity futures contracts of $(8,002,124) in 2025, contrasting with a gain in 2024.
USCI's interest income decreased to $3,247,708 in 2025 from $5,523,266 in 2024.
CPER's interest income decreased to $3,403,680 in 2025 from $6,116,415 in 2024.
USCI reported a net income loss per share of $(0.34) for the fourth quarter of 2025.
CPER reported net income losses per share of $(0.04) and $(1.53) for the second and third quarters of 2025, respectively.

Risks

Exposure to market risk arising from changes in the market value of futures contracts, options, and swaps.
Credit risk due to the potential failure of a counterparty to perform according to contract terms.
Imperfect correlation between movements in the price of futures contracts and the market value of underlying securities.
Possibility of an illiquid market for futures contracts.
Risks associated with buying and selling options on futures contracts.
Credit risk from counterparty non-performance for non-exchange traded contracts (OTC swaps).
Risk of financial failure by the clearing broker (FCM).
Potential for complete loss of assets posted with an FCM in the event of its insolvency.
Risk of substantial loss of assets due to the failure or insolvency of the Trust Series custodian.
Exposure to market volatility caused by global events such as pandemics, wars (e.g., Russia-Ukraine war), disputes among commodity-producing countries, and trade barriers.
Impact of natural market forces like contango and backwardation on total return relative to a hypothetical direct investment in commodities.
Risk of loss associated with investments in money market funds.

Future Outlook

USCI and CPER will continue to pursue their investment objectives by primarily investing in Benchmark Component Futures Contracts, with the flexibility to utilize other commodity-related investments if market conditions or regulatory requirements necessitate. CPER may also engage in OTC swap transactions with Macquarie Bank Limited in the future. The relationship between the market price of shares and the spot prices of underlying commodities is expected to continue to be influenced by natural market forces such as contango and backwardation.

Management Comments

John P. Love, President and Chief Executive Officer of United States Commodity Funds LLC, affirmed that, to the best of his knowledge and belief, the information contained in the Annual Report for the years ended December 31, 2025, 2024, and 2023 is accurate and complete.

Industry Context

StockSavvy.ai notes that the commodity ETF sector, particularly those tracking broad indices and specific metals like copper, is highly sensitive to global economic growth, supply chain dynamics, and geopolitical events. The strong performance of CPER in 2025, driven by significant unrealized gains in copper futures, suggests robust demand or supply constraints in the copper market, potentially reflecting broader industrial optimism or inflationary pressures. USCI's diversified commodity exposure also showed strong net income growth, indicating a generally favorable environment across various commodity classes, despite some negative unrealized gains in specific contracts.

Comparison to Industry Standards

The filing does not provide specific comparisons to other commodity ETFs or industry benchmarks.
StockSavvy.ai would typically compare USCI's performance against diversified commodity ETFs such as Invesco DB Commodity Index Tracking Fund (DBC) or iShares S&P GSCI Commodity-Indexed Trust (GSG).
CPER's performance would typically be benchmarked against copper-specific ETFs like Invesco DB Copper Fund (JJC) to evaluate its relative returns and expense ratios.

Related Party Transactions

USCF (sponsor) pays the Marketing Agent fee, which is 0.10% of USCI's total net assets and 0.025% of CPER's total net assets.
USCF pays the Trustee's annual fee of $3,300.
USCF pays the fees of The Bank of New York Mellon for custodial, administrative, accounting, and transfer agency services.
USCF pays SummerHaven Investment Management, LLC an annual advisory fee of $15,000 per Trust Series plus 0.06% of the average daily total net assets of each Trust Series.
USCF pays licensing fees to SummerHaven and SHIM equal to an annual fee of $15,000 per Trust Series plus 0.06% of the average daily total net assets of each Trust Series.
As of December 31, 2025, USCF held 5 shares of USCI and 40 shares of CPER.

Stakeholder Impact

Shareholders: Benefited from strong total returns (USCI 17.32%, CPER 38.09%) and increased Net Asset Value per share in 2025.
Authorized Participants: Continue to facilitate the creation and redemption of shares, paying a $350 transaction fee per order.
USCF (Sponsor): Receives management fees (0.80% for USCI, 0.65% for CPER) and covers various operational and advisory fees.
Futures Commission Merchants (RBC Capital Markets LLC, Marex Capital Markets, Inc.): Earn brokerage commissions of approximately $7 to $8 per round-turn trade.
SummerHaven Investment Management, LLC: Receives advisory and licensing fees from USCF.
The Bank of New York Mellon: Provides custodial, administrative, accounting, and transfer agency services.

Next Steps

USCI and CPER will continue to pursue their investment objectives by investing primarily in Benchmark Component Futures Contracts.
CPER may enter into OTC swap transactions with Macquarie Bank Limited in the future.

Key Dates

Date	Description
2009-12-21	United States Commodity Index Funds Trust (the Trust) was organized as a Delaware statutory trust.
2010-04-01	United States Commodity Index Fund (USCI) was formed as a commodity pool.
2010-07-22	Marketing agent agreement with ALPS Distributors, Inc. was dated.
2010-07-30	USCI received a notice of effectiveness from the SEC for its registration of 50,000,000 shares on Form S-1.
2010-08-10	USCI was first made available to the public, listed its shares on the NYSE Arca, and commenced investment operations.
2010-09-03	The initial Authorized Participant repurchased the initial Creation Basket from USCF.
2010-11-10	United States Copper Index Fund (CPER) was designated as an additional series of the Trust.
2011-09-06	CPER received notice of effectiveness from the SEC for its registration of 30,000,000 shares.
2011-09-14	USCF redeemed 20 Sponsor Shares of USCI.
2011-09-19	USCF purchased 5 shares of USCI in the open market.
2011-10-20	The order to permit listing CPER on the NYSE Arca was received.
2011-11-14	USCF received 40 Sponsor Shares of CPER.
2011-11-15	CPER was first made available to the public and listed its shares on the NYSE Arca.
2011-12-07	USCF redeemed 40 Sponsor Shares of CPER and purchased 40 shares of CPER in the open market.
2017-12-15	The Fourth Amended and Restated Declaration of Trust and Trust Agreement became effective.
2018-05-01	Amended and Restated Advisory Agreement and Licensing Agreement with SummerHaven were dated.
2018-06-01	The Trust, on behalf of USCI and CPER, entered into a Futures and Cleared Derivatives Transactions Customer Account Agreement with RBC Capital Markets LLC.
2020-03-20	BNY Mellon Agreements (Custody, Fund Administration, Transfer Agency) were dated.
2020-04-01	BNY Mellon Agreements became effective.
2021-04-30	10,000,000 additional shares were registered for USCI and 50,000,000 additional shares were registered for CPER.
2021-08-01	The Trust, on behalf of USCI and CPER, entered into a Commodity Futures Customer Agreement with Marex North America, LLC (MNA).
2023-01-27	The SEC declared effective registration statements filed by USCI and CPER that registered an unlimited number of shares.
2023-07-01	Marex Capital Markets, Inc. (MCM) assumed the rights and obligations of MNA's futures clearing business.
2023-08-09	The Trust, on behalf of CPER, entered into an ISDA 2002 Master Agreement with Macquarie Bank Limited.
2023-08-18	An account control agreement between CPER, Macquarie Bank Limited, and The Bank of New York Mellon was fully executed.
2025-12-31	End of the fiscal year for which annual financial statements are reported.
2026-02-27	Date of the Report of Independent Registered Public Accounting Firm.
2026-03-27	Date of Report (earliest event reported) and issuance of annual financial statements for the year ended December 31, 2025.

Recommendation

strong buy

The significant increase in net income and total returns for both USCI and CPER in 2025, coupled with substantial growth in assets under management, indicates robust performance and effective management in a favorable commodity market. The ability to issue an unlimited number of shares provides flexibility for future growth. While commodity markets carry inherent risks, the current financial health and positive trajectory suggest a strong investment opportunity.

Keywords

Commodity Index Fund, Copper Index Fund, USCI, CPER, SEC Filing, Financial Statements, Commodity Futures, Exchange Traded Funds, ETF, Commodity Markets, Futures Contracts, Net Asset Value, Total Return, Derivatives, Market Risk, Credit Risk

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