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Morningstar® Commodity Indexes
The Morningstar Commodity Index family consists of five indexes providing diversified commodity exposure. Each index employs different strategic combinations of long futures, short futures, and cash.
Index Data as of 11/19/2009 1-Day (%) YTD (%)
Broad Commodity Index
Long-Only Commodity-1.0116.70
Long/Short Commodity-0.77-4.82
Long/Flat Commodity-0.853.09
Short/Flat Commodity0.21-6.86
Short-Only Commodity0.74-13.09
Commodity Sector Index
Agriculture Commodity-0.524.55
Energy Commodity-2.186.84
Livestock Commodity-0.05-16.01
Metals Commodity-0.1744.37
The Long-Only Commodity Index takes a long-only approach—the purest way to gain passive exposure to commodities. Alternatively, the Long/Short Commodity Index codifies research on price momentum and futures curves in commodity markets, adding short positions to a passive approach. The Long/Flat Commodity Index has a lower-risk approach analogous to the long/short index except it holds cash instead of shorting commodity futures with a negative price momentum. The Short/Flat Commodity Index is comparable to the long/short index but also holds cash instead of taking a long position on commodity futures with a positive momentum signal.

These indexes can be used to create investment products that offer an opportunity to diversify a portfolio through controlled exposure to commodities.
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