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United States Copper Index Fund (CPER) allows swaps, OTC and options in strategy

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
424B3

Rhea-AI Filing Summary

United States Copper Index Fund (CPER) filed a prospectus supplement dated June 30, 2026 that amends its Prospectus dated April 24, 2026. The supplement clarifies that CPER primarily invests in Benchmark Component Copper Futures Contracts and, when appropriate due to liquidity or pricing, in other copper-related instruments including OTC swaps, forwards, and cash-settled options.

The fund states it expects CPER share price movements on NYSE Arca to closely track per-share NAV changes and, in turn, the SCI on a percentage basis, adjusted for expenses. The supplement lists liquidity, risk mitigation measures, FCM actions, counterparties, and market conditions as factors that may cause use of Other Copper-Related Investments.

Positive

  • None.

Negative

  • None.

Insights

Supplement reiterates CPER's use of futures and alternative copper instruments for liquidity and pricing flexibility.

CPER emphasizes primary exposure via Benchmark Component Copper Futures Contracts while allowing investment in Other Copper-Related Investments such as cash-settled options, forwards, cleared swaps and OTC transactions when market conditions or liquidity favor those instruments.

The filing names risk mitigation measures, FCMs, counterparties and liquidity as drivers of such choices; timing and specific allocations are not provided, so subsequent disclosures would show actual instrument mix.

Supplement date <date>June 30, 2026</date> Supplement to Prospectus
Prospectus date <date>April 24, 2026</date> Original Prospectus
SEC File No. 333-268247 Prospectus supplement cover
Benchmark Component Copper Futures Contracts financial
"investing primarily in the Benchmark Component Copper Futures Contracts"
SCI financial
"closely track the daily changes in the SCI on a percentage basis"
futures commission merchants (FCMs) regulatory
"risk mitigation measures (including those that may be taken by CPER’s futures commission merchants (“FCMs”)"
Futures commission merchants (FCMs) are licensed firms that handle customer accounts and execute trades in futures contracts and options on futures, acting like a broker and bank for those derivative products. They hold clients’ funds, pass orders to the market, and manage regulatory and settlement steps so investors can trade complex contracts without dealing with clearing details themselves; the safety and reliability of an FCM affects counterparty risk and access to these markets.
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Filed pursuant to Rule 424(b)(3)
File No. 333-268247

 

UNITED STATES COPPER INDEX FUND

 

 

Supplement dated June 30, 2026

to

Prospectus dated April 24, 2026

 

 

 

This supplement contains information which amends, supplements or modifies certain information contained in the prospectus of United States Copper Index Fund (“CPER”) dated April 24, 2026 (the “Prospectus”). Please read it and keep it with your Prospectus for future reference.

 

*          *          *          *          *

 

1.The second paragraph of the section titled “CPER’s Investment Objective and Strategy”, on page 1 of the Prospectus, is hereby deleted and replaced with the following:

 

CPER seeks to achieve its investment objective by investing primarily in the Benchmark Component Copper Futures Contracts, and to a lesser extent, in other copper-related investments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items based on copper, such as cash-settled options, forward contracts, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of copper, the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contract and indices based on the foregoing (collectively, “Other Copper-Related Investments”). The following factors, among others, may impact CPER’s investments in Eligible Copper Futures Contracts or in Other Copper-Related Investments: risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, and market conditions. Market conditions that USCF currently anticipates could cause CPER to invest in Other Copper-Related Investments include, but are not limited to, those allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing. For convenience and unless otherwise specified, Benchmark Component Copper Futures Contracts, Eligible Copper Futures Contracts and Other Copper-Related Investments, collectively are referred to as “Copper Interests” in this prospectus.

 

2.The third paragraph of the section titled “CPER’s Investment Objective and Strategy” on page 1 of the Prospectus is hereby deleted and replaced with the following:

 

USCF believes that market arbitrage opportunities will cause daily changes in CPER’s share price on the NYSE Arca on a percentage basis to closely track daily changes in CPER’s per share NAV on a percentage basis. USCF believes that the net effect of this expected relationship and the expected relationship described above between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses. CPER’s investments include the Benchmark Component Copper Futures Contracts and Other Copper Related Investments. While such investments are 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.

 

 

 

3.The fourth paragraph of the section titled “What are the Trading Policies of CPER? – Investment Objective” on page 33 of the Prospectus is hereby deleted and replaced with the following:

 

CPER seeks to achieve its investment objective by investing primarily in the Benchmark Component Copper Futures Contracts, and to a lesser extent, in other copper-related investments based on the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts or other items based on copper, such as cash-settled options, forward contracts, cleared swap contracts and non-exchange traded (“over-the-counter” or “OTC”) transactions that are based on the price of copper, the Benchmark Component Copper Futures Contracts, other Eligible Copper Futures Contracts and indices based on the foregoing (collectively, “Other Copper-Related Investments”). The following factors, among others, may impact CPER’s investments in Eligible Copper Futures Contracts or in Other Copper-Related Investments: risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants (“FCMs”), counterparties or other market participants), liquidity requirements, and market conditions. Market conditions that USCF currently anticipates could cause CPER to invest in Other Copper-Related Investments include, but are not limited to, those allowing CPER to obtain greater liquidity or to execute transactions with more favorable pricing. For convenience and unless otherwise specified, Benchmark Component Copper Futures Contracts, Eligible Copper Futures Contracts and Other Copper-Related Investments, collectively are referred to as “Copper Interests” in this prospectus.

 

4.The fifth paragraph of the section titled “What are the Trading Policies of CPER? – Investment Objective” on page 33 of the Prospectus is hereby deleted and replaced with the following:

 

USCF believes that market arbitrage opportunities will cause daily changes in CPER’s share price on the NYSE Arca on a percentage basis to closely track daily changes in CPER’s per share NAV on a percentage basis. USCF believes that the net effect of this expected relationship and the expected relationship described above between CPER’s per share NAV and the SCI will be that the daily changes in the price of CPER’s shares on the NYSE Arca on a percentage basis will closely track the daily changes in the SCI on a percentage basis, less CPER’s expenses. CPER’s investments include the Benchmark Component Copper Futures Contracts and Other Copper Related Investments. While such investments are 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.

 

 

 

 

 

 

FAQ

What does the June 30, 2026 CPER supplement change about investments?

The supplement clarifies investment flexibility, stating CPER will invest primarily in Benchmark Component Copper Futures Contracts and may use OTC swaps, forwards, and options when liquidity or pricing is favorable.

How does CPER aim to track the SCI after this supplement?

CPER states it expects daily percentage changes in its NYSE Arca share price to closely track per-share NAV changes, and in turn to closely track the SCI on a percentage basis, less fund expenses.

Does the supplement specify exact allocations to alternative instruments?

No. The supplement permits use of other copper-related investments for liquidity or pricing benefits but does not disclose specific allocation percentages, timing, or counterparties for those instruments.