UBS Constant Maturity Commodity Index (CMCI) is the first commodity index that diversifies investment across the futures curve and introduces the concept of 'constant maturity' to commodity investing. It is a highly innovative approach which tackles the widely publicized issue of negative roll yield as well as allowing investors access to the price performance of forward commodity markets. The global weighting engine, diversified commodity selection and multiple maturities mean that this is a fully representative benchmark for the commodities asset class.
The CMCI Composite Index
The CMCI Composite Index
The CMCI Composite Index is comprised of 27 commodity futures contracts representing the energy, precious metals, industrial metals, agricultural and livestock sectors. On top of this comes a liquidity weighted exposure to all available constant maturities (from 3 months up to 3 years) for each commodity.
UBS Bloomberg S&P GSCI Constant Maturity
UBS Bloomberg S&P GSCI Constant Maturity
CMCI Flex Indices combining CMCI methodology with S&P GSCI weights are called UBS Bloomberg S&P GSCI Constant Maturity.
UBS Bloomberg BCOM Constant Maturity
UBS Bloomberg BCOM Constant Maturity
CMCI Flex Indices combining CMCI methodology with BCOM weights are called UBS Bloomberg BCOM Constant Maturity.
UBS CMCI Ex Agriculture Ex Livestock
UBS CMCI Ex Agriculture Ex Livestock
The UBS CMCI Ex Agriculture Ex Livestock Index (CMCI xAL) uses the exact commodity weights and monthly rebalancing methodology of the CMCI, but excludes all components from the agriculture sector and the livestock sector. On a component basis, it uses the same tenor weights as are used under the CMCI and also uses the same forward tenors, daily rolling and constant maturity methodology of the CMCI.
The UBS CMCI Ex Agriculture Ex Livestock Capped Index (CMCI xAL Capped) additionally applies 35/20 allocation capping rules detailed in the Technical Document (the “35/20 Rules”), such that no single component comprises more than 35% of the index and only one component may comprise more than 20% of the index. The target weights for this index are shown in the factsheet available at the link below.
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UBS Index Disclaimer
No legal relationship (whether in contract, tort, or otherwise) exists between any investor buying, selling, entering into or holding products linked to the Index (such products, the “Index Products” and such investors, the “Index Product Investors”) and UBS AG, Securities LLC (in its capacity as owner of the Index the "Index Owner") and the Index Owner owes no duty (whether in contract, tort, or otherwise) to any Index Product Investor. No claims, actions or legal proceedings may therefore be brought against the Index Owner in any manner whatsoever by an Index Product Investor or any other person.
The Index Owner makes no representation, warranty or guarantee whatsoever, express or implied, either as to the results to be obtained as to the use of the Index or the figures or levels at which the Index stands at any particular day or otherwise. In addition, the Index Owner gives no assurance regarding any modification or change in any methodology used in calculating the Index and is under no obligation to continue the calculation, publication and dissemination of the Index.
The Index Owner does not warrant or represent or guarantee to any person the accuracy or completeness of the Index and its computation or any information related thereto and makes no warranty or representation or guarantee of any kind whatsoever relating to the Index. The process and basis of computation and compilation of the Index and the related formulae, constituent benchmarks and factors may at any time be changed or altered by the Index Administrator. The Index is subject to the terms set out in the Index Manual, as such Index Manual may be amended from time to time.
No responsibility or liability is accepted by the Index Owner (whether for negligence or otherwise) in respect of the use of and/or reference to the Index by us or any other person in connection with securities, or for any inaccuracies, omissions, mistakes or errors in the computation of the Index (and the Index Owner shall not be obliged to advise any person or any Index Product Investor of any error therein) or for any economic or other loss which may be directly or indirectly sustained by any Index Product Investor or any other persons dealing with securities as a result. Any Index Product Investor or other person dealing with securities does so, therefore, in full knowledge of this disclaimer and can place no reliance whatsoever on the Index Owner.
The Index Owner makes no representation, warranty or guarantee as to the accuracy, completeness or appropriateness of the methodology, nor does it accept any liability for the use of such information.
Nothing in this disclaimer shall exclude or limit liability to the extent such exclusion or limitation is not permitted by law or regulations to which the Index Owner is subject.
The mark and name of the Index is proprietary to UBS.
CMCI is a trademark of UBS AG.