United States Copper Index Overview

The United States Copper Index Fund^® (CPER) is an exchange-traded security. CPER is listed on the NYSE Arca.

CPER’s Objective

The investment objective of CPER is for the daily changes in percentage terms of its shares’ per share net asset value (NAV) to reflect the daily changes in percentage terms of the SummerHaven Copper Index Total Return^SM, less CPER’s expenses.

SummerHaven Dynamic Copper Index Total Return^SM

The SummerHaven Copper Index Total Return^SM (“SCITR”) is an index designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the COMEX exchange. The SCITR is comprised of either one or three Eligible Copper Futures Contracts that are selected on a monthly basis based on quantitative formulas relating to the prices of the Eligible Copper Futures Contracts developed by SummerHaven Index Management LLC. The SCITR is owned and maintained by SummerHaven Index Management LLC and calculated and published by the NYSE Arca.

The SCITR is rules-based and is rebalanced monthly based on observable price signals. CPER is rebalanced each month to reflect these changes to the index.

CPER’s Portfolio

The portfolio consists of copper futures contracts and, to a lesser extent, in order to comply with regulatory requirements, risk mitigation measures (including those that may be taken by CPER, CPER’s futures commission merchants, counterparties or other market participants), liquidity requirements, or in view of market conditions, other copper-related forwards and swap contracts. These investments will be collateralized by cash, cash equivalents and US government obligations with remaining maturities of two years or less.

Copper is a metal that has global and widespread uses across multiple industries. Copper futures contracts are one of the most actively traded of the metals futures contracts and serve as the single commodity in the SCITR.

Below are the eligible commodities that may comprise the Index on a monthly basis:

CPER

For the month of September, the Benchmark Component Futures Contracts are:

COPPER FUTURE Dec24

COPPER FUTURE Mar25

COPPER FUTURE May25

Reasons to Consider CPER

• CPER has features including, intra-day pricing, and market, limit, and stop orders.
• CPER offers commodity exposure without using a commodity futures account.
• CPER provides portfolio holdings, market price, NAV and TNA on its website each day.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Performance

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The Fund's NAV is calculated by dividing the value of the Fund's total assets less total liabilities by the number of shares outstanding. Share price returns are based on closing prices for the Fund and do not represent the returns an investor would receive if shares were traded at other times.

Beginning with the commodity selection process that commenced 12/31/2020, the SCITR was revised to be comprised of one or three Eligible Copper Futures Contracts, to reduce the number of Futures Contracts that are Eligible Copper Futures Contracts and to make certain other changes as described in CPER’s prospectus.

^†CPER commenced operations on 11/15/2011

Growth of $10,000 Investment

This chart shows how a hypothetical investment of $10,000 in the Fund at its inception would have performed versus an investment in the Fund’s benchmark futures contract(s). The values indicate what $10,000 would have grown to over the time period indicated. The hypothetical example does not represent the returns of any particular investment.

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Average Daily Returns

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

Premium / Discount

Premium/Discount Daily Information as of
NAV
4PM Bid/Ask Midpoint
Difference ($)
Premium/Discount (%)

The performance data quoted above represents past performance. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Investment return and value of the Fund shares will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted.

The above frequency distribution chart presents information about the difference between the daily market price for shares of the Fund and the Fund's reported NAV. The amount that the Fund's market price is above the reported NAV is called the premium. The amount that the Fund's market price is below the reported NAV is called the discount. The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated (usually 4:00 pm Eastern time). The vertical axis of the chart shows the premium or discount expressed in basis points. The horizontal axis indicates the number of trading days in the period covered by the chart. Each bar in the chart shows the number of trading days in which the Fund traded within the premium/discount range indicated.

^* A basis point is equal to 1/100th of 1%.