8-K: United States Commodity Index Funds Trust Releases Monthly Account Statements for October 2024

United States Commodity Index Funds Trust has released its monthly account statements for October 2024, detailing the financial performance of its commodity and copper index funds.

Summary

• The United States Commodity Index Funds Trust has released its monthly account statements for October 2024.
• The statements include the performance of the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER).
• USCI reported a net income of $1,149,782 for the month, with a net asset value of $178,917,769 at the end of October.
• CPER experienced a net loss of $6,987,030, with a net asset value of $175,861,955 at the end of the month.
• The combined net loss for the trust was $5,837,248, with a total net asset value of $354,779,724 at the end of October.
• The reports include details on realized and unrealized gains/losses on commodity futures, dividend and interest income, and various expenses.

Sentiment

Score: 4

Explanation: The sentiment is negative due to the significant net loss in the Copper Index Fund and the overall net loss for the trust, despite a positive result in the Commodity Index Fund. The unrealized losses also contribute to the negative sentiment.

Positives

• The United States Commodity Index Fund (USCI) generated a net income of $1,149,782 for the month of October.
• USCI had a positive realized trading gain on commodity futures of $5,364,478.
• USCI also generated $286,238 in dividend income and $460,780 in interest income.

Negatives

• The United States Copper Index Fund (CPER) incurred a net loss of $6,987,030 for the month of October.
• CPER experienced a significant unrealized loss on the market value of commodity futures of $7,634,438.
• The combined net loss for the trust was $5,837,248 for the month.
• The total net asset value of the trust decreased from $358,235,773 to $354,779,724 during the month.

Risks

• The funds are subject to market fluctuations, as evidenced by the significant unrealized losses on commodity futures.
• Changes in commodity prices can significantly impact the funds' performance.
• The funds are exposed to risks associated with trading commodity futures.

Management Comments

• Stuart P. Crumbaugh, Chief Financial Officer of United States Commodity Funds LLC, stated that the information in the account statements is accurate and complete to the best of his knowledge and belief.

Industry Context

This report provides insight into the performance of commodity-based exchange-traded funds (ETFs), which are popular investment vehicles for gaining exposure to commodity markets. The results reflect the volatility and risks inherent in these markets.

Comparison to Industry Standards

• The performance of USCI and CPER can be compared to other commodity and copper ETFs, such as the Invesco DB Commodity Index Tracking Fund (DBC) and the Global X Copper Miners ETF (COPX).
• USCI's positive net income contrasts with CPER's net loss, highlighting the different market dynamics affecting broad commodity indices versus specific metals like copper.
• The unrealized losses in both funds reflect the volatility in commodity futures markets, which is a common characteristic of these types of investments.

Stakeholder Impact

• Shareholders of the United States Copper Index Fund experienced a decrease in the value of their holdings due to the net loss.
• Shareholders of the United States Commodity Index Fund saw a slight increase in value due to the net income.
• The overall performance of the trust may impact investor confidence.

Key Dates

Keywords

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