USCINYSECommodity Contracts Brokers & DealersUS GAAP · USD

United States Commodity Index Funds Trust

United States Commodity Index Funds Trust is a Delaware statutory trust that sponsors exchange-traded commodity pool series, including the United States Commodity Index Fund (USCI) and the United States Copper Index Fund (CPER). Its series issue shares on NYSE Arca and seek to provide commodity exposure through futures contracts and related commodity-linked investments.

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Net income75.3m USD
+515.1 %y/y

Fiscal year 2021 · change from previous year

Development 2016–2021

-75-50-2502550m USD2016: -9.2 m USD20162017: 34 m USD20172018: -69 m USD20182019: -4.2 m USD20192020: -17 m USD20202021
RevenueOperating profit (EBIT)
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Business

Share of revenue
Commodity index funds70 %

Exchange-traded commodity pool shares designed to track a commodity index or metal exposure.

Futures-based commodity exposure20 %

Futures contracts used to obtain and maintain the funds' target commodity exposure.

Commodity-related investments10 %

Other commodity-linked instruments used when needed for liquidity, pricing, or regulatory reasons.

Customers

The Trust’s investors are market participants seeking listed commodity exposure without directly holding physical commodities or managing futures accounts. Its shares are used by retail and institutional investors, as well as traders and hedgers who want exposure to broad commodities or copper through an exchange-traded vehicle.

Retail investors

Buy listed shares for simple access to commodity exposure through a brokerage account.

Institutional investors

Use the funds for portfolio diversification, tactical allocation, or risk management.

Traders and hedgers

Use the shares to express short- or medium-term views on commodities or copper.

Strategy

The Trust’s core strategy is to maintain futures-based exposure that closely tracks its benchmark indices while using related commodity investments when needed for liquidity, pricing, or regulatory reasons. It also relies on service providers, clearing brokers, and exchange infrastructure to operate an exchange-traded commodity product with daily NAV tracking.

Maintain benchmark trackingShort term

The product value proposition depends on closely following the target commodity index.

Preserve operational access to futures marketsMedium term

The Trust needs reliable clearing, custody, and execution to hold and roll positions.

Operate within regulatory constraintsMedium term

Commodity pools and exchange-traded funds face position limits, disclosure, and trading rules.

Geography

The Trust is organized in Delaware and maintains its main business offices in Walnut Creek, California. Its shares trade on NYSE Arca in the United States, while the underlying futures exposure can include U.S. and, at times, non-U.S. commodity markets depending on contract availability and market conditions.

Risks

The Trust is exposed to commodity price volatility, tracking error, and correlation risk because its shares are designed to follow futures-based benchmarks rather than hold physical commodities. It also faces regulatory, counterparty, liquidity, and cybersecurity risks tied to futures exchanges, clearing brokers, service providers, and the broader commodity market infrastructure.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Commodity price volatility1Tracking error and correlation risk2Counterparty and clearing risk3Cybersecurity and service-provider disruption4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Commodity price volatilityImpact: HighLikelihood: Medium

    The Trust's NAV is directly linked to futures and commodity-related asset values.

    Exposure: USCI and CPER shareholders

  2. Tracking error and correlation riskImpact: HighLikelihood: Medium

    The funds seek to approximate benchmark returns, not eliminate basis and roll effects.

    Exposure: Benchmark-tracking investors

  3. Counterparty and clearing riskImpact: MediumLikelihood: Low

    Futures, swaps, and collateral arrangements depend on brokers, clearing firms, and custodians.

    ExposureRBC CapitalSwap counterpartiesCustodians
  4. Cybersecurity and service-provider disruptionImpact: MediumLikelihood: Low

    Operational continuity depends on external administrators, market makers, and exchanges.

    ExposureUSCFBNY MellonTrading venues
  5. Position limits and market access constraintsImpact: Medium

    Exchange and regulatory limits can inhibit investment in benchmark component contracts.

    Exposure: Futures positions in benchmark commodities

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Accounting

Judgemental items
Fair value of futures and OTC swaps

These instruments are marked to market and can move reported NAV materially each day.

Impact: Daily valuation changes flow through the Trust's financial statements.

Interest income estimation

Cash and cash equivalents are accrued using prevailing rates before actual receipt.

Impact: Small timing differences can affect periodic income recognition.

Collateral and margin accounting

The Trust posts margin and collateral to support futures and swap positions.

Impact: Affects liquidity, asset composition, and balance sheet presentation.

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Last updated: 24/09/2026

United States Commodity Index Funds Trust (NYSE) – Commodity Contracts Brokers & Dealers | Financial Analysis – Clarifo