Futures markets have evolved over the past 150 years with a single purpose - to allow businesses to manage price uncertainty.  Before 1988, there was no passive index to measure the returns to risk bearing in futures markets.

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In 1988, Mount Lucas Management introduced the MLM Index as the first passive index of returns to futures investing.  The objective of the MLM Index strategy is to provide pure systematic trend following exposure in a consistent, efficient, and cost effective manner which captures the price risk premium offered by those who seek price certainty.