At a glance
CPER charges 0.65% a year, above the 0.61% average of the 6 funds most like it (the 3rd cheapest of 7). It has $738.4M in assets, the 2nd largest of that group. Over the past year it returned +25.5% with distributions reinvested (S&P 500: +11.5%), 6th of those 7 funds; over three years it returned +20.9% a year. At its worst it fell 20.5% in the 2020 crash (S&P 500: 33.7%) and 34.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 22 months after the lows.
The short version
The United States Copper Index Fund (CPER) is a commodity pool. It holds COMEX copper futures contracts to track the SummerHaven Copper Index Total Return, rather than owning copper metal or mining stocks. That makes it a more direct way to follow copper prices than copper-miner ETFs such as COPX. The trade-offs: it costs 0.65% a year, sends investors a Schedule K-1 at tax time and pays no distributions.
Price history
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CPER +25.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CPER price data to Oct 27, 2026 | +14.6% | +25.5% | +20.9% | +8.3% | +10.9% | +3.2% |
- Over the year to Oct 27, 2026, CPER returned +25.5%, 6th of 7 among similar funds.
- Its 5-year annualized return was +8.3% and its 10-year +10.9%.
- In the 2020 COVID crash it fell 20.5% and regained its old high 2.5 months after the low.
- Its worst full calendar year was 2015 (-25.0%); its best was 2025 (+39.0%).
- The deepest fall in its price history was 54% (Feb 9, 2012 to Jan 15, 2016), recovered by May 6, 2021.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.6% |
| 2025 | +39.0% |
| 2024 | +4.2% |
| 2023 | +4.5% |
| 2022 | -15.1% |
| 2021 | +25.2% |
| 2020 | +23.9% |
| 2019 | +6.7% |
| 2018 | -21.9% |
| 2017 | +28.8% |
| 2016 | +14.6% |
| 2015 | -25.0% |
| 2014 | -17.0% |
| 2013 | -8.4% |
| 2012 | +2.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 20.5% over that stretch · deepest drop along the way 20.5%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.5% over that stretch · deepest drop along the way 34.7%, back to its old high 22 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $738.4M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
CPER is run by United States Commodity Funds LLC (USCF), a subsidiary of The Marygold Companies. It aims to have the daily percentage change in its net asset value (NAV, the per-share value of what it holds) match the daily change in the SummerHaven Copper Index Total Return, minus expenses. SummerHaven Index Management owns the index. Each month, the index's formulas use futures prices to pick either one or three copper futures contracts traded on COMEX. A futures contract is an agreement to buy copper at a set price on a later date. As of December 31, 2025, the fund held 3,184 COMEX copper contracts.
Futures expire, so the fund keeps rolling into later contracts. When later contracts cost more (contango), rolling drags on returns. When they cost less (backwardation), it helps. Over time this can pull the fund well away from the spot price of copper, which is why it targets its goal one day at a time. Cash and Treasury bills back the futures and cover margin. If limits or market conditions require it, the fund may also use copper options, forwards or swaps.
The tracking standard is loose. The fund meets its objective if its average daily NAV change over 30 trading days stays within plus or minus 10% of the index's. CPER is not a 1940 Act fund, and it is taxed as a partnership.
What it really costs
- CPER charges 0.65% a year, versus an average of 0.61% for the similar funds below (3rd of 7, cheapest first).
Structure and tax notes
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
Copper futures have swung sharply, including a 54% peak-to-trough fall, and the fund pays no income, so it may suit only a small, higher-risk slice of a portfolio.
CPER adds exposure to copper, an industrial metal tied to economic activity. It has not cushioned bad markets. It fell 20.5% in the 2020 COVID crash and recovered by June 8, 2020. In 2022 it dropped 34.7% between March and July and took 22 months to recover. Its worst calendar year was 2015, down 25%. Its deepest drop, 54% from February 2012 to January 2016, did not fully recover until May 2021. It launched in 2011, so it has no 2008 record. Anyone who may need cash in a bad year could end up taking money out near a low. It pays no distributions, so it provides no income. It costs 0.65% a year and issues a K-1 at tax time. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting copper price exposure through COMEX futures rather than mining stocks, which add company and stock-market risk.
- Long-horizon investors able to sit through slumps like the 34.7% fall in 2022, which took 22 months to recover.
- Investors comfortable with Schedule K-1 tax forms and with owing tax on the fund's gains each year without receiving cash.
Look elsewhere if
- Retirees seeking income: CPER has no recorded distributions, so any cash would have to come from parting with shares.
- Cost-focused investors: its 0.65% fee is above the 0.61% average for similar funds, though most of those hold mining stocks.
- Anyone wanting simple 1099 tax reporting or 1940 Act fund protections, which this commodity pool doesn't offer.
Close alternatives
Matched by legacy category (no holdings report for this fund).
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| CPER this fund | 0.65% | $738.4M | +25.5% | +20.9% |
| COPX Global X Copper Miners ETF | 0.65% | $2.60B | +29.0% | +34.1% |
| DBB Invesco DB Base Metals Fund | 0.75% | $124.5M | +19.2% | +16.9% |
| ICOP iShares Copper and Metals Mining ETF | 0.47% | $46.7M | +34.1% | +33.4% |
| COPP Sprott Copper Miners ETF | 0.65% | $23.1M | +36.3% | — |
| COPJ Sprott Junior Copper Miners ETF | 0.78% | $11.7M | +26.5% | +45.1% |
| COPA Themes Copper Miners ETF | 0.35% | $463K | +32.4% | — |
Questions investors ask
Does CPER pay dividends?
No. CPER has no recorded distributions, so it pays no dividends or interest to shareholders. Any return comes from changes in its share price, which follows copper futures. Investors who want regular cash from it would have to part with shares, possibly at a low price. Because the fund is taxed as a partnership, holders may still owe tax on its gains each year even though they receive no payouts.
Does CPER own physical copper?
No. CPER holds copper futures contracts traded on COMEX, plus the cash and Treasury bills that back them, not physical metal. As contracts near expiry, the fund rolls into later ones. If later contracts cost more (contango), rolling drags on returns. If they cost less (backwardation), it helps. Over time, this can pull CPER's results well away from the spot price of copper, which is the price for immediate delivery.
What's the difference between CPER and COPX?
COPX, the Global X Copper Miners ETF, invests in copper mining companies, while CPER holds copper futures. Mining stocks add company and stock-market risk, so COPX follows a different strategy. Both charge 0.65%. As of October 27, 2026, COPX returned 29% over one year and 34.1% a year over three years, compared with 25.5% and 20.9% for CPER. For another futures-based fund, the Invesco DB Base Metals Fund (DBB) is worth comparing, though it covers several metals and costs 0.75%.
Does CPER send a K-1?
Yes. CPER is a commodity pool taxed as a partnership, so investors receive a Schedule K-1 rather than a Form 1099. Each holder owes tax on their share of the fund's gains every year, even if they keep their shares and receive no cash. CPER is also not a 1940 Act investment company, so it lacks some of the investor protections that apply to ordinary mutual funds and ETFs. Besides its 0.65% fee, it pays brokerage commissions and other costs.
Is CPER a good long-term investment?
That depends on how much volatility an investor can tolerate. As of October 27, 2026, CPER returned 10.9% a year over 10 years and 8.3% a year over five. But it lost 54% from February 2012 to January 2016 and didn't fully recover until May 2021. Calendar-year returns ranged from a 25% loss in 2015 to a 38.95% gain in 2025. It pays no income and charges 0.65% a year. Past results don't predict future ones.