CPERHIGH SIGNALFINANCIAL10-K

CPER experienced dramatic financial improvements with net income swinging from -$18.1M to +$75.3M while total assets declined 58% despite cash increasing 160%.

The massive positive swing in profitability combined with substantial asset reduction suggests either a major restructuring, significant asset sales, or fundamental changes in the fund's strategy. The contradiction between improved cash position and declining total assets warrants careful investor scrutiny of the underlying portfolio composition changes.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

CPER demonstrated exceptional financial volatility with net income improving by over 500% from negative to strongly positive territory, while operating cash flow similarly surged from -$26.5M to +$73.6M. However, this positive performance occurred alongside a dramatic 58% decline in total assets from $475.6M to $200.0M, despite cash and equivalents increasing 160% to $430.8M. This unusual combination of improved profitability, stronger cash generation, and substantial asset reduction suggests significant portfolio restructuring or asset liquidation that fundamentally altered the fund's composition and risk profile.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+515.1%
-$18.1M$75.3M

Net income grew 515.1% — bottom-line growth signals improving overall business health.

Operating Cash Flow
Cash Flow
+377.3%
-$26.5M$73.6M

Operating cash flow surged 377.3% — exceptional cash generation, highest quality earnings signal.

Revenue
P&L
-290.4%
-$4.2M-$16.6M

Revenue declined 290.4% — significant demand weakness or market share loss warrants investigation.

Total Liabilities
Balance Sheet
+184.6%
$1.1M$3.1M

Liabilities grew 184.6% — significant increase in debt or obligations, assess impact on financial flexibility.

Cash & Equivalents
Balance Sheet
+160%
$165.7M$430.8M

Cash position surged 160% — strong cash generation or capital raise providing significant financial cushion.

Total Assets
Balance Sheet
-57.9%
$475.6M$200.0M

Total assets contracted 57.9% — asset sales, write-downs, or balance sheet optimization underway.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
Shares of United States Copper Index Fund CPER NYSE Arca , Inc.
USCI seeks to achieve its investment objective by investing so that the average daily percentage change in USCI s NAV for any period of 30 successive valuation days will be within plus/minus 10 percent (10%) of the average daily percentage change in the price of the SDCI over the same period.
As of December 31, 2025, USCI held 1,132 Futures Contracts on the NYMEX, held 2,215 Futures Contracts on the ICE Futures, held 638 Futures Contracts on the CBOT, held 319 Futures Contracts on the CME, held 726 Futures Contracts on the LME and held 189 Futures Contracts on the COMEX.
As of December 31, 2025, CPER held 3,184 Futures Contracts on the COMEX.
Each Trust Series endeavors to place trades in Applicable Interests and otherwise manage its investments so that A will be within plus/minus ten percent (10%) of B , where: A is the average daily percentage change in such Trust Series per share NAV for any period of 30 successive valuation days; i.e., any NYSE Arca trading day as of which the Trust Series calculates its per share NAV; and B is the average daily percentage change in the price of the Applicable Index over the same period.
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REMOVED
Shares of United States Copper Index Fund CPER NYSE Arca, Inc.
While USCI is composed of Benchmark Component Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SDCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SDCI and the cash or spot prices of the commodities underlying the Benchmark Component Futures Contracts.
As of December 31, 2024, USCI held 1,080 Futures Contracts on the NYMEX, held 1,281 Futures Contracts on the ICE Futures, held 268 Futures Contracts on the CBOT, held 279 Futures Contracts on the CME, held 1,029 Futures Contracts on the LME and held 129 Futures Contracts on the COMEX.
While CPER is composed of Benchmark Component Copper Futures Contracts and is therefore a measure of the prices of the corresponding commodities comprising the SCI for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the SCI and the cash or spot prices of the commodities underlying the Benchmark Component Copper Futures Contracts.
As of December 31, 2024, CPER held 1,396 Futures Contracts on the COMEX.
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