VanEck CMCI Commodity Strategy ETF (CMCI US) – Portfolio Construction Methodology

The underlying UBS Constant Maturity Commodity Total Return Index targets broad commodity beta by holding exchange-traded futures on about 29 commodities across energy, industrial metals, precious metals, agriculture and livestock. It structures each commodity as a basket of contracts with target maturities typically ranging from roughly 3 months to about 3 years, and then uses a rules-based daily roll to maintain constant-maturity exposure rather than concentrating in the front month. Sector and single-commodity target weights are set using production, liquidity and economic-relevance metrics and are reset at scheduled monthly rebalancings, while contract selection within each tenor favors the most liquid listed contracts. Total return combines futures price changes with the assumed return on collateral invested in short-dated U.S. government instruments, less embedded index-level costs.

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