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United States Copper Index Fund (CPER-1.40%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net asset value per share to $28.37 from $24.10 at the beginning of the year. This increase is attributed to a rise in copper futures prices, reflecting an 18.66% increase in the SummerHaven Copper Index Total Return.
CPER reported a net income of $19,957,145 for the nine months ended September 30, 2024, compared to $1,842,063 in the previous year. The increase in net income is linked to higher average daily net assets and increased interest income.
Management fees for the nine months were $835,957, up from $712,684 in the previous year, while total fees and other expenses excluding management fees rose to $582,843 from $418,423.
Total commissions accrued to brokers were $33,679, a decrease from $35,533, due to a lower number of contracts held and traded during the period.
CPER's investment strategy involves holding copper futures contracts primarily on the COMEX (CME+0.07%), with the goal of tracking the SummerHaven Copper Index Total Return.
The filing also discusses the impact of geopolitical risks, such as the Russia-Ukraine war, on commodity prices, though copper is less directly affected compared to other metals.
The report highlights CPER's use of futures contracts and the associated market and credit risks, emphasizing that the fund does not use borrowings or other lines of credit to meet its obligations.
CPER's cash and cash equivalents increased to $169,766,257 as of September 30, 2024, up from $139,347,786 at the beginning of the year, reflecting net cash provided by operating activities and financing activities.
The filing notes that CPER does not anticipate making distributions to shareholders, as income is retained within the portfolio to support its investment strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States Copper Index Fund quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.