ETF Evaluator:
United States Copper Index ()
Follow This ETF
(as of Aug 26)
Best Performing in Commodities Focused Over the Last Year
| 2251.5% | Breakwave Tanker Shipping ETF (BWET) |
| 81.8% | United States Gasoline (UGA) |
| 64.2% | Commodities Focused () |
| 63.3% | Invesco DB Energy (DBE) |
| 61.8% | United States Oil (USO) |
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ETF Details
United States Copper Index Overview
United States Copper Index (CPER) is a passively managed Commodities Commodities Focused exchange-traded fund (ETF). USCF Investments launched the ETF in 2011.
The investment seeks 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 ReturnSM (the "SCI"), less CPER's expenses.
The fund seeks to achieve its investment objective by investing in the Benchmark Component Copper Futures Contracts. The SCI is designed to reflect the performance of the investment returns from a portfolio of copper futures contracts on the Commodity Exchange, Inc. exchange ("COMEX").
About United States Copper Index (CPER)
There are 1 members of the management team with an average tenure of 14.72 years: Management Team (2011). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: SummerhHaven Copper TR USD index with a weighting of 100%. United States Copper Index has 23 securities in its portfolio. The top 10 holdings constitute 88.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
United States Copper Index is part of the Real Assets global asset class and is within the Commodities ETF group. United States Copper Index has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% There is 0.0% allocated to foreign stock, and 28.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 10.6% (10.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). United States Copper Index has 10.4% of the portfolio in cash.
Assets Under Management
The fund has $732 million in total assets, which is below the $4 billion average for the Commodities Focused category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CPER Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The United States Copper Index expense ratio is high compared to funds in the Commodities Focused category. United States Copper Index has an expense ratio of 0.88%, which is 15% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. United States Copper Index has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 15% for the Commodities Focused category.
Recently, in the month of July 2026, United States Copper Index returned 3.7%, which earned it a grade of B, as the Commodities Focused category had an average return of 5.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
United States Copper Index has a trailing yield of 0.00%, which is below the 7.11% category average.
The fund normally distributes its income none.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
United States Copper Index Grades
Year to date, the ETF has returned 12.4%, 19.0 percentage points worse than the category, which translates into a grade of B. The fund has returned 44.4% over the past year (grade of B), 16.5% over the past three years (grade of C) and 7.3% per year over the past five years (grade of D) and 10.3% per year over the past 10 years (grade of C).
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CPER Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CPER Return (NAV) | 3.7% | 7.9% | 44.4% | 16.5% | 7.3% | 10.3% |
| CPER Return (Price) | 4.9% | 8.3% | 44.1% | 16.8% | 7.6% | 10.5% |
| NAV +/- Price Return | -1.131% | -0.432% | 0.267% | -0.335% | -0.294% | -0.172% |
| Commodities Focused Avg | 5.1% | -6.8% | 64.2% | 14.3% | 9.6% | 6.0% |
| CPER Grade (NAV) | B | A | B | C | D | C |
| +/- Category (NAV) | -1.4% | 14.7% | -19.8% | 2.1% | -2.2% | 4.3% |
| CPER Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
CPER Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CPER Return (NAV) | 12.4% | 38.1% | 4.7% | 4.5% | -15.3% | 25.4% | 23.8% | 6.7% | -21.9% | 28.7% | 14.9% |
| CPER Return (Price) | 13.2% | 39.0% | 4.2% | 4.5% | -15.1% | 25.2% | 23.9% | 6.7% | -21.9% | 28.8% | 14.6% |
| NAV +/- Price Ret | 0.064% | 0.023% | -0.100% | 0.013% | -0.011% | -0.007% | 0.002% | -0.7% | -0.0% | 0.4% | -2.1% |
| Commodities Focused Avg | 31.4% | 35.6% | 6.2% | -1.1% | 9.2% | 27.8% | 1.5% | 14.9% | -9.5% | 3.1% | 10.0% |
| CPER Grade (NAV) | B | C | C | C | F | C | B | D | F | A | B |
| +/- Category | -19.0% | 2.5% | -1.5% | 5.6% | -24.5% | -2.4% | 22.4% | -8.2% | -12.5% | 25.6% | 4.9% |
| Risk Measures | |
| Beta: | 0.48 |
| R-Squared: | 10% |
| Standard Deviation: | 20.2% |
| Category Risk Index: | 0.79 |
| Category Risk Rating: | Average |
| Total Risk Index: | 1.64 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 732 Mil |
| Share Class Assets: | $ 732 Mil |
| Turnover: | na |
| Expense Ratio: | 0.88% |
| Index Fund: | Yes |
| Index Tracked: | SummerhHaven Copper TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 14.7 years | |||
| Average Tenure: 14.7 years | |||
| Managers (Year): Team Management (2011) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 23 |
| % in Top 10 Holdings: | 88.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 28.2% |
| Domestic Bond: | 10.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 50.8% |
| Cash: | 10.4% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | USCF Investments |
| Phone Number: | 510-522-9600 |
| Website: | |
| Inception Date: | November 14, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.88% (Rating: High) |
| Category Average Expense Ratio (%): | 0.76% |
