Commodity price volatility
The Trust's NAV is directly linked to futures and commodity-related asset values.
- Scope
- USCI and CPER shareholders
- Materiality
- high
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.
| % | |
|---|---|
| Commodity index funds | 70% Exchange-traded commodity pool shares designed to track a commodity index or metal exposure. |
| Futures-based commodity exposure | 20% Futures contracts used to obtain and maintain the funds' target commodity exposure. |
| Commodity-related investments | 10% Other commodity-linked instruments used when needed for liquidity, pricing, or regulatory reasons. |
The Trust’s investors are market participants seeking listed commodity exposure without directly holding physical...
- Retail investorsprimary
Buy listed shares for simple access to commodity exposure through a brokerage account.
- Institutional investorsprimary
Use the funds for portfolio diversification, tactical allocation, or risk management.
- Traders and hedgerssecondary
Use the shares to express short- or medium-term views on commodities or copper.
The Trust is organized in Delaware and maintains its main business offices in Walnut Creek, California...
- •Delaware statutory trust organized in the United States
- •Main business offices in Walnut Creek, California
- •Shares listed and traded on NYSE Arca
- •Primary futures exposure on U.S. commodity exchanges
- •Some trading may occur on non-U.S. markets when needed
The Trust’s core strategy is to maintain futures-based exposure that closely tracks its benchmark indices while using...
01
Maintain benchmark trackingshort-term
The product value proposition depends on closely following the target commodity index.
02
Preserve operational access to futures marketsmedium-term
The Trust needs reliable clearing, custody, and execution to hold and roll positions.
03
Operate within regulatory constraintsmedium-term
Commodity pools and exchange-traded funds face position limits, disclosure, and trading rules.
The Trust is exposed to commodity price volatility, tracking error, and correlation risk because its shares are...
Tracking error and correlation risk
The funds seek to approximate benchmark returns, not eliminate basis and roll effects.
- Scope
- Benchmark-tracking investors
- Materiality
- high
Position limits and market access constraints
Exchange and regulatory limits can inhibit investment in benchmark component contracts.
- Scope
- Futures positions in benchmark commodities
- Materiality
- high
Counterparty and clearing risk
Futures, swaps, and collateral arrangements depend on brokers, clearing firms, and custodians.
- Scope
- RBC Capital, swap counterparties, custodians
- Materiality
- medium
Cybersecurity and service-provider disruption
Operational continuity depends on external administrators, market makers, and exchanges.
- Scope
- USCF, BNY Mellon, trading venues
- Materiality
- medium
Fair value of futures and OTC swaps
Daily valuation changes flow through the Trust's financial statements
Interest income estimation
Small timing differences can affect periodic income recognition
Collateral and margin accounting
Affects liquidity, asset composition, and balance sheet presentation
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: 29.4.2026