CPER Fund Description

The United States Copper Index Fund tracks a rules-based index of copper futures contracts selected based on the shape of the copper futures curve.

CPER ETF.com Insight

CPER is the most recent and most expensive fund in the segment: It charges over 300 bps, drastically more than its competitors. A significant portion of these expenses are due to fixedCPER is far and away the most expensive fund in the segment costs that should abate if the fund gathers more assets. This may be a chicken-and-egg problem, as the high cost seems to be scaring investors away. Investors may also be averse to the structure of the fund which is a commodities pool rather than an ETN or it may be that the fund's rules-based contango mitigation strategy is too complicated. CPER holds 2 or 3 contracts chosen on a monthly basis based on the index provider's quantitative formula. It may prove to be a fantastic model, but for now, the onerous cost of holding and trading it undermines its attractiveness. (Insight updated 07/24/2014)

1 Year
Performance [as of 11/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
CPER -1.48% -6.06% -11.68% -7.13% -4.89% -- --
CPER (NAV) -1.07% -6.70% -11.27% -6.79% -4.74% -- --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CPER Top 10 Contracts

CPER Summary Data

US Commodity Funds

A company that produces and manages ETFs.

11/15/11

The first date of a fund's operations, as documented by the issuer.

Commodities Pool

The organizational structure of the fund or ETN.

3.39%

The net total annual fee a fund holder pays to the issuer.

$3.05 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$27.56 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.41%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

CPER Portfolio Data

Futures

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Optimized

Rolling strategy is the process by which a fund deals with contract expiration.

Monthly

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

1.52%

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

0.98%

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.

1

The number of single commodities represented in the fund holdings.

CPER Index Data

SummerHaven Copper Index
Total Return

This is the benchmark an ETF is desigend to track or replicate.

Single Asset

A set of rules that the underlying index provider follows to weight its constituent securities.

Single Asset

A set of rules that the underlying index provider follows to select its constituent securities.

S&P GSCI Copper

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to CPER

CUPM, JJC

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

CPER ETF.com Efficiency Insight

CPER has really struggled in Efficiency thanks to its tiny AUM, high risk of closure, and high expense ratio. The fund's stated fee, after a waiver, is 80 bps. As a commodity pool, this expense ratio doesn't include fixed tax accounting costs which raise the realized cost to over 3% annually. The total cost should abate if the fund attracts more assets, since these fixed costs will be spread over a larger asset base. (Insight updated 07/24/2014)

Total Return - 07/24/2014
Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
CPER 4.81% 6.01% -3.01% 1.88% -- -- --
CPER (NAV) 4.08% 6.14% -3.41% 1.71% -- -- --
SummerHaven Copper Index Total Return 3.97% 6.04% -2.96% 2.40% -10.26% 4.56% 15.43%
S&P GSCI Copper 4.02% 6.28% -1.99% 2.07% -9.64% 4.90% 14.79%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

CPER Portfolio Management

3.39%

The net total annual fee a fund holder pays to the issuer.

-0.87%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.53%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.28%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

CPER Tax Exposure

27.84% / 27.84%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

Yes

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

CPER Fund Structure

Commodities Pool

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

High

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

CPER ETF.com Tradability Insight

CPER's low assets and meager liquidity contribute to wide average bid/ask spreads, but the fund earns a high block liquidity score. However, the bigger concern is the meager amount of shares changing hands each day, so finding a trading partner can be a challenge. To ensure prices near fair value, monitor iNAV before entering your trade and use limit orders. (Insight updated 07/24/2014)



Average Spread
Premium/Discount
Volume

CPER ETF.com/ Block LiquidityAs of 11/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of CPER. CPER is rated a 5 out of 5.

CPER Tradability

1,353

It is the daily number of shares traded, averaged over the past 45 trading days.

$27.56 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

500

Median number of shares traded over the past 45 trading days.

$10.43 K

Median dollar value of shares traded over the past 45 trading days.

0.41%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.09

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.13%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

1.76% / -2.00%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.01

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.02%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

--

The total number of net outstanding options contracts for an ETF.

$20.32

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

CPER ETF.com Fit Insight

CPER is a very different take on the market than either of its competitors, holding as many as three but no fewer than two copper contracts. The quant-driven index aims to minimize contango (or maximize backwardation) and picks the optimal mix of contracts. It is therefore a poor Fit to our front-month benchmark, with less sensitivity to short-term price changes. Its performance has been similar, albeit slightly worse, than our benchmark to date. (Insight updated 07/24/2014)

CPER Sector Breakdown

CPER Segment Benchmark
100.00% 100.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

0.00% 0.00%

CPER Top 10 Contracts

CPER Performance Statistics

0.90

The degree to which the fund and its segment benchmark move up and down in unison.

0.96

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

1.02

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

1.01

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

CPER Top 5 Collateral Investments

No data available

CPER Expected Decay

CPER Segment Benchmark
CommodityWeightDecay
to Front
Decay to
Preceding
CommodityWeightDecay
to Front
Decay to
Preceding
Copper100.00%1.52%0.98%Copper100.00%0.00%0.00%
Weighted Average
Expected Decay:
Weighted Average
Expected Decay:

Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure