United States Commodity Funds launches United States Metals Index Fund (USMI)
United States Commodity Funds LLC, a sponsor of exchange traded commodity funds, has listed a new exchange traded commodity index fund, United States Metals Index Fund, under the ticker "USMI”, for trading on the New York Stock Exchange Arca.
The United States Metals Index Fund (USMI) is an exchange traded product (ETP) that seeks to reflect the performance of a portfolio of metals futures contracts fully collateralised with US Treasury Bills. The investment objective of USMI 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 Dynamic Metals Index Total Return, less USMI's expenses. USMI issued units may be purchased and sold on the NYSE Arca.
United States Metals Index Fund's target is an Index comprised of a group of 10 metals currently traded on the LME, COMEX, and NYMEX exchanges. The Metals Index attempts to maximise backwardation and minimise contango while using contracts in the liquid portions of the futures curve.
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