Rosenblatt Securities Inc.
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For Passive Investors, Rolling Commodities Gather a Loss
—Wall Street Journal
…The problem with exchange-traded funds, or ETFs, backed by commodity futures is that those futures expire and positions have to be rolled forward into new ones. This can sometimes be helpful, providing a positive "roll yield" when the curve slopes down and longer-dated futures cost less than near-term ones. But that usually only happens when physical commodity markets are tight and people are willing to pay up for near-term supply.
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