United States Commodity Funds has listed a new exchange traded commodity index fund, the United States Copper Index Fund, under the ticker CPER, on the New York Stock Exchange Arca.
The United States Copper Index Fund seeks to reflect the performance of a portfolio of copper futures contracts fully collateralised with three-month US Treasury Bills. The investment objective of CPER is for the daily changes in percentage terms of its units’ net asset value (NAV) to reflect the daily changes in percentage terms of the SummerHaven Copper Index, less CPER’s expenses. CPER issued units may be purchased and sold on the NYSE Arca.
United States Copper Index Fund’s target is a portfolio of copper futures contracts designed to be an investment benchmark for copper as an asset class. The Copper Index is composed of copper futures contracts on the Comex exchange. The Copper Index attempts to maximise backwardation and minimise contango while using contracts in the liquid portions of the futures curve.
Copper is a metal that has global and widespread uses across multiple industries. Copper futures contracts are one of the most actively traded of the metals futures contracts and serves as the single commodity in the Copper Index.