# United States Commodity Index Funds Trust

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/United States Commodity Index Funds Trust).

## Overview

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.

## Products & services

• USCI commodity pool shares tracking a broad commodity index
• CPER commodity pool shares tracking copper exposure
• Futures contracts on commodity exchanges
• Commodity-related investments, including limited use of swaps/forwards
• Exchange-traded shares representing fractional beneficial interests

- **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.

- USCI commodity pool shares tracking a broad commodity index
- CPER commodity pool shares tracking copper exposure
- Futures contracts on commodity exchanges
- Commodity-related investments, including limited use of swaps/forwards
- Exchange-traded shares representing fractional beneficial interests

## 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** (primary) — Buy listed shares for simple access to commodity exposure through a brokerage account.
- **Institutional investors** (primary) — Use the funds for portfolio diversification, tactical allocation, or risk management.
- **Traders and hedgers** (secondary) — Use the shares to express short- or medium-term views on commodities or copper.

- Retail investors buying exchange-traded commodity exposure
- Institutional investors seeking portfolio diversification
- Traders using listed shares for tactical commodity views
- Hedgers wanting indirect exposure to commodity price moves
- Brokerage and market participants transacting on NYSE Arca

## 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.

- 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

## 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 tracking** (short-term) — The product value proposition depends on closely following the target commodity index.
- **Preserve operational access to futures markets** (medium-term) — The Trust needs reliable clearing, custody, and execution to hold and roll positions.
- **Operate within regulatory constraints** (medium-term) — Commodity pools and exchange-traded funds face position limits, disclosure, and trading rules.

- Track benchmark commodity index performance through futures
- Use other commodity-related investments when market conditions require
- Maintain exchange-traded structure for easy investor access
- Rely on clearing, custody, and administration service providers
- Manage exposure within futures exchange and position-limit rules

## 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.

- **Commodity price volatility** [high] — The Trust's NAV is directly linked to futures and commodity-related asset values.
- **Tracking error and correlation risk** [high] — The funds seek to approximate benchmark returns, not eliminate basis and roll effects.
- **Position limits and market access constraints** [medium] — Exchange and regulatory limits can inhibit investment in benchmark component contracts.
- **Counterparty and clearing risk** [medium] — Futures, swaps, and collateral arrangements depend on brokers, clearing firms, and custodians.
- **Cybersecurity and service-provider disruption** [medium] — Operational continuity depends on external administrators, market makers, and exchanges.

- Commodity price swings can materially move NAV and investor returns
- Tracking error can cause shares to diverge from benchmark performance
- Position limits may restrict access to desired futures contracts
- Counterparty and clearing risk arise from futures and swap activity
- Cybersecurity or service-provider failures could disrupt operations

## Accounting

The most important accounting judgments are fair value measurement of futures, forwards, and OTC swaps, which can materially affect daily NAV and reported results. Interest income on cash and cash equivalents is estimated daily and adjusted when actual amounts are received, and the Trust also must account for collateral, margin, and any valuation inputs that are not directly observable.

- **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.

- Fair value of futures and OTC swaps drives reported NAV
- Broker-provided market prices are used when available
- OTC derivatives rely on discounted cash flow valuation
- Daily interest income estimates are later trued up to actual receipts
- Margin and collateral accounting affects liquidity presentation

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*Last updated: 2026-04-29T05:06:16.266644+00:00*