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United States Commodity Index Fund is launched


United States Commodity Funds, a sponsor of exchange traded commodity funds, has listed the United States Commodity Index Fund on the New York Stock Exchange Arca.

The fund is an exchange-traded product that seeks to reflect the performance of a diverse group of commodities. 

The investment objective is for the daily changes in percentage terms of its units’ net asset value to reflect the daily changes in percentage terms of the SummerHaven Dynamic Commodity Index, less the fund’s expenses.

The fund’s target is a diversified basket of the most important physical commodities in the global economy. These commodity holdings are among the most actively traded futures contracts and represent the primary US and non-US benchmarks for each commodity.

The portfolio consists of positions in listed commodity futures contracts and other commodity-related futures, forwards and swap contracts. These investments will be collateralized by cash, cash equivalents and US government obligations with remaining maturities of two years or less.

The SummerHaven Dynamic Commodity Index uses fundamental signals about underlying physical markets to create an active benchmark for commodity futures investors. It tracks the performance of a fully collateralised portfolio of 14 commodity futures, selected each month from a universe of 27 eligible commodities based on observable price signals, subject to a diversification requirement across major commodity sectors. The commodity sectors for the index include precious metals, industrial metals, energy and agricultural products such as livestock, softs, and grains.

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