Roll loss lightbox
Commodity investments are typically made via futures contracts, as physical purchase of the commodity itself is not suitable for most investors. The returns on such commodity investments therefore depend not only on movements of the commodity spot price, but also on the income or loss from the rolling forward of expiring futures contracts. Roll returns are negative when the rolling forward of an expiring future into a longer dated future causes a negative cash flow due to their relative prices and positive when the reverse is true. The cumulative result of these cash flows over the course of a year is commonly referred to as roll yield which can be very significant to overall returns.
Index Disclaimer
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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.
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CMCI is a trademark of UBS AG.
