United States Commodity Index Fund has been launch August 2010, tracking the SummerHaven Dynamic Commodity Index. 14 contracts are selected on a monthly basis from a possible 27. The index was created by two professors from Yale. It's an "algo" (rules-based). Powershares also have a commodity index fund. iShares also have an ETF tracking S&P GSCI index, allowing broad-based exposure to commodities.
There is concern that such products distort the market and encourage front-running. US Commodity Funds is already famous for USO and UNG. The strategy is to invest in futures that exhibit backwardation (an "anti-contago" strategy). It is reminiscent of the "size effect" in equities.
In other innovations, PowerShares has already released a product to track Ultra-T-bond futures on CBOT (where you can leverage up or down three times). It applies their "monthly leverage rebalancing methodology to fixed-income products".
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