USCIHIGH SIGNALFINANCIAL10-K
USCI experienced a substantial decline in total assets alongside significant changes to its futures contract positions across multiple commodity exchanges.
The material reduction in total assets indicates either significant outflows from the fund or substantial losses in the underlying commodity positions. This represents a major shift in the fund's scale and potentially its market positioning within the commodity ETF space.
Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS
The fund's total assets declined substantially from $475.6M to $200.0M, representing a material contraction in fund size. This dramatic reduction in assets under management signals either significant investor redemptions or substantial losses in the underlying commodity positions. The magnitude of this decline represents a fundamental shift in the fund's financial profile and market presence.
FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
$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.
Accountability Levels, Position Limits and Price Fluctuation Limits.
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.
Contract Selection and Weighting Weights for each of the Benchmark Component Copper Futures Contracts are determined for the next month.
RBC Capital is subject to complex legal and regulatory requirements that continue to evolve.
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.
USCF is required to evaluate the credit risk of each Trust Series to the futures commission merchant ( FCM ), oversee the purchase and sale of the Trust Series shares by certain authorized purchasers ( Authorized Participants ), review daily positions and margin requirements of the Trust Series and manage the Trust Series investments.
While the Applicable Index is composed of Applicable Benchmark Component Futures Contracts and is therefore a measure of the prices of the applicable commodities comprising the Applicable Index for future delivery, there is nonetheless expected to be a reasonable degree of correlation between the Applicable Index and the cash or spot prices of the commodities underlying the Applicable Benchmark Component Futures Contracts.
Each Trust Series anticipates that, to the extent it invests in Applicable Benchmark Component Futures Contracts other than the Applicable Benchmark Component Futures Contracts and Other Related Investments that are not economically equivalent to the Applicable Benchmark Component Futures Contracts, it will enter into various non-exchange-traded derivative contracts to hedge the short-term price movements of such Applicable Benchmark Component Futures Contracts and Other Related Investments against the current Applicable 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.
As of December 31, 2024, CPER held 1,396 Futures Contracts on the COMEX.
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