United States Commodity Index Fund
The United States Commodity Index Fund® ("USCI") is an exchange-traded security that is designed to track, in percentage terms, the price movements of the SummerHaven Dynamic Commodity Index Total Return℠. USCI issues shares that may be purchased and sold on the NYSE Arca.
The SummerHaven Dynamic Commodity Index Total Return℠ (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar).
The SDCITR uses market price signals, including backwardation and 12 month price change, as part of its rules-based selection method. USCI is rebalanced monthly to reflect these changes to the index.
The portfolio consists of listed futures contracts and other commodity-related investments and may consist of 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.
Below are the eligible commodities that may comprise the Index on a monthly basis:
|Crude Oil (Brent)||Crude Oil (WTI)||Gasoil||Heating Oil||Natural Gas||Unleaded Gasoline||Feeder Cattle||Lean Hogs||Live Cattle||Bean Oil||Corn||Soybeans||Soybean Meal||Wheat||Aluminum||Copper||Lead||Nickel||Tin||Zinc||Gold||Platinum||Silver||Cocoa||Coffee||Cotton||Sugar|
For the month of October, the Benchmark Component Futures Contracts are:
|Unleaded Gasoline (RBOB) DEC16||Feeder Cattle NOV16||Lean Hogs DEC16||Live Cattle DEC16||Soybean Oil MAR17||Soybean Meal JAN17||Lead May17||Tin JAN17||Zinc APR17||Gold JUN17||Silver DEC16||Cocoa MAR17||Coffee MAR17||Sugar (#11) MAY17|
USCI's Key Features
- USCI permits commodity exposure without using a commodity futures account.
- USCI offers the convenience of an exchange-traded security (NYSE Arca).
- USCI provides “equity-like” order flexibility, including market, limit, stop, stop limit and Good-Til-Cancelled (GTC) orders.
- USCI provides Market Price, NAV and Portfolio Holdings on a daily basis.
|Intraday Indicative Value||USCI.IV|
|Minimum Trade||1 share|
|Administrator||Brown Brothers Harriman & Co.|
|Distributor||ALPS Distributors, Inc.|
|Sponsor||United States Commodity Funds, LLC|
The Morningstar Rating™ is provided for those exchange-traded funds ("ETFs") with at least a three-year history. Ratings are based on the ETF’s Morningstar Risk-Adjusted Return measure which accounts for variation in monthly performance, placing more emphasis on downward variations and rewarding consistent performance. An ETF’s risk-adjusted return includes a brokerage commission estimate. This estimate is intended to reflect what an average investor would pay when buying or selling an ETF. NOTE, this estimate is subject to change and the actual brokerage commission an investor pays may be higher or lower than this estimate. Morningstar compares each ETF’s risk-adjusted return to the open-end mutual fund rating breakpoints for that category. Consistent with the open-end mutual fund ratings, the top 10% of ETFs in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The overall rating for an ETF is based on a weighted average of the time-period ratings (e.g., the ETF’s 3, 5, and 10 year rating). The determination of an ETF’s rating does not affect the retail open end mutual fund data published by Morningstar. Past performance is no guarantee of future results.
As of 06/30/2016, United States Commodity Index ETF was rated 5 stars out of 129 U.S. based Commodities Broad Basket ETFs and open-end funds for the overall, 5 stars out of 129 for the 3-year periods and 5 stars out of 84 for the 5-year periods.
© 2016 Morningstar, Inc. All Rights Reserved. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is an independent investment research firm that compiles and analyzes fund, stock and general market data.