Van Eck Global - Since 1955

CM Commodity Index FundCMCAX

  • Daily Price   as of 10/24/2014

    NAV DAILY CHANGE
    $6.94  $-0.02 / -0.3%
  • Class A Details: CMCAX

    INCEPTION DATE GROSS/NET EXPENSES1
    12/31/2010 1.31%/0.95%
  • Fund Summary & Key Points

    The Van Eck CM Commodity Index Fund seeks to track, before fees and expenses, the UBS Bloomberg Constant Maturity Commodity Index (the “CMCI”). 

    • CMCI is a next-generation commodity index diversified across maturities, minimizing its exposure to the front end of the futures curves
    • By spreading its exposure across multiple maturities and maintaining a constant maturity per commodity, CMCI seeks to mitigate the impacts of negative roll yield in contango environments
    • Diversified across five commodity sectors and 28 commodity components; energy allocation typically around 35%
    • In contrast with many “enhanced” commodity funds, offers “pure” commodity exposure by investing in commodity-linked derivative instruments and more conservative fixed income securities, such as U.S. Treasury Bills

  • Fund Details 
    as of 09/30/14

    • Net Assets (All Classes)
      $349.1M
    • Number of Commodity Sectors
      5
    • Number of Commodity Components
      28
    • Avg. Weighted Contract Maturity
      7.1 months
    • Benchmark Indices
      UBS Bloomberg Constant Maturity Commodity Index (CMCI)

  • Investment Approach

    • The Van Eck CM Commodity Index Fund is a passively-managed mutual fund that seeks to track the CMCI by primarily investing in commodity-linked derivative instruments and conservatively-managed fixed income instruments.

    • The Fund may invest in instruments linked to the value of a particular commodity or commodity futures contract, or a subset of commodities or commodity futures contracts, through a wholly owned subsidiary of the Fund formed in the Cayman Islands.
       

     
  • Performance History: Average Annual Total Returns (%) 

    1 MO*3 MO*YTD*1 YR3 YR5 YR10 YRLIFE
    (12/31/10)
    Van Eck CM Commodity Index Fund: Class A
    At Net Asset Value (NAV†)-6.60-11.17-6.72-7.69-3.83-----5.80
    At Maximum 5.75% Sales Charge-11.94-16.31-12.05-13.01-5.72-----7.27
    UBS Bloomberg CMCI Index2-6.52-10.83-5.80-6.41-2.432.08----
    1 MO*3 MO*YTD*1 YR3 YR5 YR10 YRLIFE
    (12/31/10)
    Van Eck CM Commodity Index Fund: Class A
    At Net Asset Value (NAV†)-6.60-11.17-6.72-7.69-3.83-----5.80
    At Maximum 5.75% Sales Charge-11.94-16.31-12.05-13.01-5.72-----7.27
    UBS Bloomberg CMCI Index2-6.52-10.83-5.80-6.41-2.432.08----

    *Returns less than one year are not annualized.

    The table presents past performance which is no guarantee of future results and which may be lower or higher than current performance. Returns reflect temporary contractual fee waivers and/or expense reimbursements. Had the Fund incurred all expenses and fees1, investment returns would have been reduced. Expenses: Class A: Gross 1.31% and Net 0.95%. Expenses are capped contractually through 05/01/15 at 0.95% for Class A. Investment returns and Fund share values will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. 

  • CMCI Target Sector Weightings (%): Overview as of 2H-14

    Sector % OF NET ASSETS
    Energy
    38.2
    Agriculture
    28.0
    Industrial metals
    24.3
    Precious Metals
    5.4
    Livestock
    4.1
  • Important Disclosure 

    Unless otherwise stated, portfolio facts and statistics are shown for Class A shares; other classes may have different characteristics. 

    NAV: Unless you are eligible for a waiver, the public offering price you pay when you buy Class A shares of the Fund is the Net Asset Value (NAV) of the shares plus an initial sales charge. The initial sales charge varies depending upon the size of your purchase.  No sales charge is imposed where Class A shares are issued to you pursuant to the automatic investment of income dividends or capital gains distribution. It is the responsibility of the financial intermediary to ensure that the investor obtains the proper “breakpoint” discount. Class I and Class Y do not have an initial sales charge. See the prospectus for more information.

    1Van Eck Absolute Return Advisers Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 0.95% for Class A, 0.65% for Class I, and 0.70% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    Van Eck Absolute Return Advisers Corporation (the “Adviser”) has agreed to waive fees and/or pay Fund expenses to the extent necessary to prevent the operating expenses of the Fund (excluding acquired fund fees and expenses, interest expense, trading expenses, dividends and interest payments on securities sold short, taxes and extraordinary expenses) from exceeding 0.95% for Class A, 0.65% for Class I, and 0.70% for Class Y of the Fund’s average daily net assets per year until May 1, 2015. During such time, the expense limitation is expected to continue until the Board of Trustees acts to discontinue all or a portion of such expense limitation.

    2The Dow Jones-UBS Commodity Index (DJUBS) is composed of futures contracts on 20 physical commodities covering seven sectors, specifically energy, petroleum, precious metals, industrial metals, grains, livestock and softs. Energy exposure is limited to no more than 33%; the manager cannot invest above that level no matter how favorable the energy market. The S&P® 500 Index consists of 500 widely held common stocks covering industrial, utility, financial and transportation sectors. The S&P® Goldman Sachs Commodity Total Return Index (SPGSCITR) is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures. The Barclays Capital Global Aggregate Bond Index is composed of the mortgage-backed and asset-backed securities and government/credit bonds. All indices are unmanaged and include the reinvestment of all dividends, but do not reflect the payment of transaction costs, advisory fees or expenses that are associated with an investment in the Fund. An index’s performance is not illustrative of the Fund’s performance. Indices are not securities in which investments can be made.

    UBS and Bloomberg own or exclusively license, solely or jointly as agreed between them, all proprietary rights with respect to the Index. In no way do UBS or Bloomberg sponsor or endorse, nor are they otherwise involved in the issuance and offering of the Fund, nor do either of them make any representation or warranty, express or implied, to the holders of the Fund or any member of the public regarding the advisability of investing in the Fund or commodities generally or in futures particularly, or as to results to be obtained from the use of the Index or from the Fund.

    The views and opinions expressed are those of Van Eck Global. Fund manager commentaries are general in nature and should not be construed as investment advice. Opinions are subject to change with market conditions. Any discussion of specific securities mentioned in the commentaries is neither an offer to sell nor a solicitation to buy these securities. Fund holdings will vary.

    You can lose money by investing in the Fund. Any investment in the Fund should be part of an overall investment program, not a complete program. Commodities are assets that have tangible properties, such as oil, metals, and agriculture. Commodities and commodity-linked derivatives may be affected by overall market movements and other factors that affect the value of a particular industry or commodity, such as weather, disease, embargoes or political or regulatory developments. The value of a commodity-linked derivative is generally based on price movements of a commodity, a commodity futures contract, a commodity index or other economic variables based on the commodity markets. Derivatives use leverage, which may exaggerate a loss. The Fund is subject to the risks associated with its investments in commodity-linked derivatives, risks of investing in wholly owned subsidiary, risk of tracking error, risks of aggressive investment techniques, leverage risk, derivatives risks, counterparty risks, non-diversification risk, credit risk, concentration risk and market risk. The use of commodity-linked derivatives such as swaps, commodity-linked structured notes and futures entails substantial risks, including risk of loss of a significant portion of their principal value, lack of a secondary market, increased volatility, correlation risk, liquidity risk, interest-rate risk, market risk, credit risk, valuation risk and tax risk. Gains and losses from speculative positions in derivatives may be much greater than the derivative’s cost. At any time, the risk of loss of any individual security held by the Fund could be significantly higher than 50% of the security’s value. Investment in commodity markets may not be suitable for all investors. The Fund’s investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investment in traditional securities. For a description of these and other risk considerations, please refer to the Fund’s prospectus, which should be read carefully before you invest. Again, the Fund offers investors exposure to the broad commodity markets, currently, by investing in commodity-linked swaps.

    Investing involves risk, including possible loss of principal. An investor should consider investment objectives, risks, charges and expenses of the investment company carefully before investing. The prospectus and summary prospectus contain this and other information.  Please read them carefully before investing. 

    Not FDIC Insured — No Bank Guarantee — May Lose Value 

    Van Eck Securities Corporation, Distributor
    335 Madison Avenue, 19th Floor
    New York, NY 10017
    800.826.2333