Definitions

30-Day SEC Yield: Refers to a calculation that is based on the 30-day period ending on the last day of the previous month.

Alerian Midstream Energy Select Total Return Index (AMEIX): The Alerian Midstream Energy Select Total Return IndexSM (“AMEIX”) is a composite of North American energy infrastructure companies. The capped, float-adjusted, capitalization-weighted index, whose constituents are engaged in midstream activities involving energy commodities, is disseminated real-time on a total-return basis.

Backwardation: If the futures market is in backwardation, an investor would be buying a next month future contracts at a lower price than the current near month futures contract.

Basis Point: A per ten thousand sign or basis point is one hundredth of a percent or equivalently one ten thousandth.

Basis Points (BPS): A common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.

Beta: A measure of the risk arising from exposure to general market movements as opposed to idiosyncratic factors.

Bloomberg Aluminum Subindex Total Return (BCOMALTR): The Bloomberg Aluminum Subindex Total Return ("BCOMALTR") the index is a single commodity subindex of the Bloomberg CI composed of futures contracts on Aluminum. It reflects the return of underlying commodity futures price movements only.

Bloomberg Commodity Index Total Return (BCOMTR): The Bloomberg Commodity Index Total ReturnSM (“BCOM”) is an index that tracks the performance of 22 broadly diversified commodity futures contracts. Prior to July 1, 2014, BCOM was known as the Dow Jones- UBS Commodity Index.

Bloomberg Electrification Metals TR Index (BELECTR): Bloomberg Electrification Metals TR IndexSM (“BELECTR”) is an index that aims to track the performance of holding a long position precious metal commodities futures contracts; the index tracks the return of a basket of metals key to the Energy transition: Aluminum, Copper, Nickel, Zinc, Cobalt, and Lithium.

Bloomberg Energy Subindex Total Return (BCOMENTR): Bloomberg Energy Subindex Total ReturnSM (“BCOMENTR”) is an index that tracks the performance of futures contracts on crude oil, heating oil, unleaded gasoline and natural gas.

Bloomberg Gold Subindex Total Return (BCOMGCTR): Bloomberg Gold Subindex Total ReturnSM (“BCOMGCTR”) is an index that tracks the performance of gold futures contracts. Prior to July 1, 2014, BCOMGCTR was known as the Dow Jones-UBS Gold Subindex Total Return Index.

Commodity Futures: an agreement to buy or sell a predetermined amount of a commodity at a specific price on a specific date in the future.

Contango: If the futures market is in contango, an investor would be buying a next month futures contract for a higher price than the current near month futures contract.

Correlation: a statistic that measures the degree to which two securities move in relation to each other

Dispersion: Describes a range of possible returns for an investment.

Diversification: The process of allocating capital in a way that reduces the exposure to any one particular asset or risk.

Forward Curves: Define the prices at which a contract for future delivery or payment can be concluded today. The forward curve represents a term structure of prices.

Good Til Cancelled Order: A good 'til canceled (GTC) order can be placed by an investor to buy or sell a security at a specified price that remains active until it is either rescinded by the investor or the trade is executed.

Gross Domestic Product (GDP): The monetary value of all the finished goods and services produced within a country's borders in a specific time period.

Limit Order: A limit order is a take-profit order placed with a bank or brokerage to buy or sell a set amount of a financial instrument at a specified price or better; because a limit order is not a market order, it may not be executed if the price set by the investor cannot be met during the period of time in which the order is left open. Limit orders also allow an investor to limit the length of time an order can be outstanding before being canceled.

Liquidity: Is defined as the number of shares traded of the stock or ETF on a daily basis.

Market Order: A market order is a buy or sell order to be executed immediately at current market prices. As long as there are willing sellers and buyers, market orders are filled. Market orders are therefore used when certainty of execution is a priority over price of execution.

Momentum: The tendency of a security to continue movement in a single direction.

Non-Correlated Assets: If two assets are considered to be non-correlated, the price movement of one asset has no effect on the price movement of the other asset.

Return on Capital: A profitability ratio. It measures the return that an investment generates for capital contributors, i.e. bondholders and stockholders. Return on capital indicates how effective a company is at turning capital into profits.

Risk Premium: the return in excess of the risk-free rate of return an investment is expected to yield.

Russell 1000: The Russell 1000 Index is a stock market index that tracks the highest-ranking 1,000 stocks in the Russell 3000 Index, which represent about 90% of the total market capitalization of that index.

Sharpe Ratio: The Sharpe ratio is a measure of volatility-adjusted performance and is calculated by dividing excess return by the standard deviation of excess return.

Smart Beta: Defines a set of investment strategies that emphasize the use of alternative index construction rules to traditional market capitalization based indices. Smart beta emphasizes capturing investment factors or market inefficiencies in a rules-based and transparent way.

Stop Order: A stop order is an order to buy or sell a security when its price surpasses a particular point, thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the investor’s loss or locking in his or her profit. Once the price surpasses the predefined entry/exit point, the stop order becomes a market order.

Stop-Limit Order: A stop-limit order is an order placed with a broker that combines the features of a stop order with those of a limit order. A stop-limit order will be executed at a specified price, or better, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.

SummerHaven Dynamic Commodity Index Total Return (SDCITR): The SummerHaven Dynamic Commodity Index Total ReturnSM (“SDCITR”) is an index designed to reflect the performance of a fully margined and collateralized portfolio of exchange-traded commodities futures contracts. The total return of the SDCITR is based upon the market price movements of its component futures contracts and the return on the hypothetical investments used to collateralize those futures contracts. At any time, the SDCITR is comprised of 14 commodity futures contracts (the “Component Futures Contracts”), weighted equally by notional amount, selected each month based upon a universe of 27 eligible commodities and futures contracts for those commodities. The eligible futures contracts are physical non-financial commodity futures contracts traded on futures exchanges in major industrialized countries, and typically have active and liquid markets. The eligible futures contracts are denominated in U.S. dollars. Currently, the universe of eligible commodities is categorized into five commodity sectors. Specifically, there are four primary commodity sectors (petroleum; precious metals; industrial metals; and grains) and a non-primary sector. The SDCITR is rules-based and reconstituted and rebalanced monthly using quantitative formulas, subject to the constraint that each of the four primary commodity sectors must be represented by at least one Component Futures Contract. There is no requirement that the non-primary sector be so represented.

S&P 500: The Standard & Poor’s 500, often abbreviated as the S&P 500, or just the S&P, is an American stock market index based on the market capitalizations of 500 large companies having common stock listed on the NYSE or NASDAQ.

S&P 500 Value Total Return Index (SPXVTR): S&P 500 Value Total Return IndexSM (“SPXVTR”) measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments. Constituents are drawn from the S&P 500.

S&P Goldman Sachs Commodity Index Total Return® (SPGSCI TR): Is a composite index representing the unleveraged, long-only performance of a diversified group of commodity futures contracts. The returns are calculated on a fully collateralized basis with full reinvestment.

The New York Mercantile Exchange (NYMEX): A commodity futures exchange owned and operated by CME Group of Chicago.

Total Net Assets (TNA): The total of all investor dollars invested in the fund.

Trailing 12-Month Yield: The Trailing 12-month Yield is calculated by assuming any income distributions over the past 12 months and any capital gain distributions made over the past 12 months and dividing the sum by the most recent NAV.

Transparency: Refers to the extent to which investors have ready access to any required financial information about a company such as price levels, market depth and audited financial reports.

T+2: Trade Date + 2 business days. This rule means that when you buy securities, the brokerage firm must receive your payment no later than three business days after the trade is executed.

Warrant: A derivative that give the right, but not the obligation, to buy or sell a security at a certain price before expiration.

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