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Weekly Commodities ETF Report: Crude Ends in the Red Ahead of OPEC+ Meeting; Gold Gains as Equities Slip on Trade Deal Uncertainty

(MT Newswires) – Crude ended Friday’s session lower ahead of this week’s meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other oil-producing countries (known as the OPEC+ group) to decide on whether to extend 1.2 million barrels per day of production cuts.  Most analysts are expecting an extension of at least three months to the agreement, though a few are calling for deeper cuts. Meanwhile, the US Energy Information Administration said oil inventories rose by 1.6 million barrels the week ending Nov. 22 to 452.0 million barrels, placing stocks at 3% above the five-year average. The rise compares with a build of 3.639 million barrels in commercial supplies reported by the American Petroleum Institute.  Finally, the US oil rig count fell by three to 668 during the week that ended Nov. 27, the lowest level since March 2017, according to data compiled by energy services firm Baker Hughes (BKR). The combined oil and gas rig count in the US fell by one to 802 as gas rigs were up by two to 131.

Light, sweet crude oil for December delivery slipped 4.26% for the week, settling at $58.11 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 4.36% over the previous five days and settled at $1.68 per gallon on Friday. Natural gas was down 14.42% for the week, ending Friday at $2.50 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 1.34% this week, compared with a decline of 1.26% in the prior week.

Gold ended Friday higher at $1,460.80 and the week up 0.55%, benefitting from its safe-haven status as equities weakened. Copper prices, meanwhile, fell during Friday’s session, ending at a settlement price of $2.70 but closed the week 0.55% higher.  Both the precious metal and the industrial metal responded to developments in the ongoing trade negotiations between the United States and China, although by the end of the week there was little new information following the approval of a new US law supporting Hong Kong protesters earlier in the week. China threatened to retaliate after the bill was signed but has not yet taken any steps to act on its disapproval; however, a report from Global Times said Chinese officials are now pondering banning the US officials who drafted the pro-democracy Hong Kong bill from entering China and its territories. Earlier in the week, an unnamed senior Trump administration official told Politico that the US and China are only “millimeters” away from reaching an interim trade agreement.

Among agricultural commodities, soybeans ended the week 2.64% lower, closing Friday’s session at $8.82 per bushel; corn rose 2.39% for the week,  settling at a price of $3.73 per bushel on Friday; and wheat ended the week up 6.07%, closing the Friday session at a price of $5.27 per bushel. Other commodities were higher: sugar had a weekly increase of 2.53% and settled at a price of $0.13 per pound on Friday; cocoa was down 3.26% for the week and closed Friday’s session at $2,568 per tonne;  and coffee was around $1.19 per pound at Friday’s close, up 3.88% for the week.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002079 Ex. 1/31/2020

Roku Valuation Seen Difficult to Sustain Due to Gross Margins, Profit Declines, Morgan Stanley Says

8:58 AM, Dec 2, 2019 — Roku’s (ROKU) current valuation premium is going to be difficult to sustain as the streaming-media platform sees declines in gross margins and moderating gross profit, Morgan Stanley said Monday while cutting its rating on the company while lifting its price target.

“We are bullish on Roku’s growth prospects,” said analyst Benjamin Swinburne, while lowering his firm’s rating on San Jose, Calif.-based company to underweight from equal-weight and raising its price target $10 to $110. “However, Roku shares are up over 400% (year to date) due to rising estimates and overall exuberance over all things streaming. As a result, we see the risk/reward skewed to the downside.”

Moody’s said Roku’s valuation level have risen higher than other digital media players and software as a service companies, even with its “structurally lower gross margins.”

Roku share were about 7.7% lower in pre-market trading.

Swinburne said a correction in Roku’s shares may be driven by quicker-than-forecast pressure on gross margins that is already showing up in the company’s recent results and guidance, slower active account growth and fewer new original equipment manufacturer partners, and a longer timeline for it to monetize international opportunities.

Moody’s said Roku’s active account growth has benefited from its single OEM partnership with TCL. However, active net account additions declined year over year in the third quarter for the first time since the first quarter of 2017, “and it is likely to continue to moderate in the US without new OEM partners,” it added.

Swinburne also said competition is more than recognized as more internet-enabled set-tops from cable and satellite providers, and its advertising business will see slowing growth.

“This has been the case with other emerging digital, advertising businesses like Snap and Twitter, where rather than face modestly, growth slowed dramatically,” he said.

Still, Morgan Stanley said, Roku’s shares have avoided a “momentum growth selloff” seen recently, likely due to the launches of AppleTV Plus and Disney Plus in the past few weeks.

Price: $160.37, Change: $-1.27, Percent Change: -0.79%

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Apple’s AirPods Pro Could Face Holiday-Shopping Shortage as Consumer Demand Surges, Wedbush Says

3:42 PM, Nov 27, 2019 — Shoppers looking to grab up Apple’s (AAPL) new AirPods Pro could face shortages into the Christmas season amid a surge of demand for the product, Wedbush Securities said in a note Wednesday.

With the holiday spending season already underway, analysts Daniel Ives and Strecker Backe said they estimate the consumer-tech giant will sell about 15 million AirPods, the company’s wireless ear buds, over the next month.

The product is “on pace to be a clear star of Black Friday and holiday season,” they said, referring to the day after US Thanksgiving. Adobe Analytics said on Wednesday that US online shopping has already hit $50 billion ahead of Thursday’s holiday and overall it’s expected to surge 14% year-over-year to $140 billion in November to December.

“While there are various shortages for AirPods Pro for the holiday season, production appears to be ramping steadily in anticipation of this dynamic and we expect Apple to fill nearly all of the orders as the shipping deadlines approach over the coming weeks,” the Wedbush analysts said.

While AirPods only make up about 4% of overall revenue for Apple, the product category “continues to speak to the unparalleled flywheel” that the company has with 900 million-plus iPhones around the world and 1.4 billion-plus active devices that it can monetize with other products and services, Wedbush said.

The AirPods Pro began selling a month ago, with the Cupertino, Calif.-based company touting its noise cancellation and water resistance features with a new in-ear design. The devices have a starting price of $249. Over 2019, Wedbush sees Apple selling more than 65 million AirPods this year, rising to 85 million to 90 million in 2020.

“We also expect price cuts on the older AirPods versions at various retail locations starting on Black Friday and especially on Amazon,” said Ives and Backe, who have an outperform rating on Apple with a $325 price target.

Price: $267.26, Change: $+2.96, Percent Change: +1.12%

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Weekly Commodities ETF Report: Crude Settles Lower as Trade Woes Offset Hopes for OPEC Output Cuts; Gold Ends Week in the Red

(MT Newswires) – Crude ended Friday’s session lower as trade concerns offset expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia will renew their production cut agreement when they meet next month. Trade worries have kept a lid on oil prices as investors watch for news on the progress of trade talks between China and the United States. China’s President Xi Jinping made his first comments on the talks Friday, with the South China Morning Post reporting he supports talks to reach an initial deal with the United States but will fight back against arbitrary US measures. Expectations that OPEC and Russia will extend their agreement to keep 1.2 million barrels per day off the market has added support for oil. Russian President Vladimir Putin said his country will continue to cooperate with OPEC in a supply-cut agreement. On Tuesday Reuters had reported that Russia will not support a Saudi push for additional production cuts when it meets with OPEC next month but may commit to extending their existing deal to reduce their combined output by 1.2 million barrels per day. Meanwhile, the US Energy Information Administration said oil inventories had risen by 1.4 million barrels the previous week, placing stocks at 3% under the five-year average. The rise compares with expectations of industry experts polled by S&P Global Platts for a 1.54 million-barrel build for the week and a rise of 5.95 million barrels in commercial supplies reported late Tuesday by the American Petroleum Institute. Finally, the number of oil rigs operating in the US fell for the fifth straight week to a nearly 32-month low. The crude-equipment tally fell by three to 671 in the week through Nov. 22 to remain at their lowest level since 662 were operating in the week ended March 31, 2017, data from Houston-based energy services firm Baker Hughes (BKR) showed. A year ago, there were 885 oil rigs operating. For oil and gas, the US total number of rigs working for the week fell by three to 803.

Light, sweet crude oil for December delivery gained 0.21% for the week, but settled lower at $58.58 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 2.12% over the last five days and settled at $1.70 per gallon on Friday. Natural gas was up 1.23% for the week, ending Friday at $2.62 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.81% on the week, compared with an increase of 0.07% in the prior week.

Gold ended Friday lower at $1,463.60 and the week down 0.44%, as a higher US dollar checks demand. However, the price of the metal has seen some support due to trade worries over the ongoing US-China trade war, as the market awaits a conclusion to trade talks between the two countries amid conflicting reports over their progress. Copper prices, meanwhile, rose during Friday’s session, ending at a settlement price of $2.62 and closing the week 0.28% higher,  after the World Bureau of Metal Statistics (WBMS) reported that the world copper market recorded a deficit of 203 kilo tonnes in the first nine months of this year, versus 284 kilo tonnes for the whole of 2018. The global copper consumption came in at 17.56 million tonnes in the January to September period, which was down from 17.86 million tonnes in the corresponding period last year.

In agricultural commodities news, soybeans ended the week 2.42% lower, closing Friday’s session at $8.97 per bushel, following reports that the signing of a phase one trade deal between the US and China may be postponed until next year. Meanwhile, corn declined 0.61% on Friday, settling at a price of $3.69 per bushel; and wheat ended the week down 2.98%, closing the Friday session at a price of $5.19 per bushel. Other commodities were mostly higher:  sugar had a weekly increase of 0.63% and settled at a price of $0.13 per pound on Friday; cocoa was down 2.45% for the week and closed Friday’s session at $2,617 per tonne;  and coffee was around $1.16 per pound at Friday’s close, up 4.81% for the week.

 

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

The Caixin Manufacturing PMI Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002079 Ex. 12/31/2019

Lowe’s Lifts Guidance Amid Mixed Third Quarter Results, Charge from Canadian Operations Review Weighs

10:09 AM, Nov 20, 2019 — Lowe’s (LOW) on Wednesday raised its full-year earnings guidance as the home-improvement retailer posted fiscal third-quarter results that beat on earnings but missed on sales as it booked $53 million in charges relating to its Canadian business.

The Mooresville, NC-based company now expects adjusted per-share earnings between $5.63 and $5.70 for fiscal 2019, above its prior forecast for $5.45 to $5.65. The consensus compiled by Capital IQ is for $5.70.

For the quarter ended Nov. 1, adjusted earnings per share rose to $1.41 from $1.04 in the prior-year period and were ahead of the Street’s expectation for $1.35. Net sales slid to $17.39 billion from $17.42 billion. The Street’s view was for $17.68 billion.

Comparable-store sales rose 2.2%, below the Street’s expected 3.1% gain.

“We were pleased with the performance of our US home-improvement stores, which reflects a solid macroeconomic backdrop and continued progress in our transformation driven by investments in customer experience, improved merchandise category performance, and continued growth in our pro-business,” said Chief Executive Marvin Ellison.

Lowe’s said it booked $53 million in non-cash charges from its initiation of a strategic review of its Canadian operations. The company said the review has resulted in a leadership change for the business and it will close 34 underperforming stores in the country. It added that it will reorganize its Canadian corporate support structure to better serve the stores there and “rationalize the product assortment across the simplified Canadian store banners.”

“We are committed to the Canadian market and are taking decisive action to the performance and profitability of our Canadian operations,” Marvin said.

Wedbush Securities analyst Seth Basham said his firm looks “positively” on Lowe’s moves in Canada, adding that they will “have a modest favorable impact on continuing operations.”

Rival Home Depot (HJD) on Tuesday lowered its full-year guidance after its third-quarter results missed expectations due to the timing of certain benefits from that company’s strategic investments.

Companies: Lowe’s Companies, Inc.
Price: 119.94 Price Change: +6.54 Percent Change: +5.77

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Weekly Commodities ETF Report: Crude Ends the Week Higher as IEA Boosts 2020 Production Forecasts; Gold Also Up on Positive US-China Trade News

(MT Newswires) – Crude ended Friday’s session higher after the International Energy Agency (IEA) boosted its estimate for 2020 production from non-member countries of the Organization of the Petroleum Exporting Countries (OPEC). The IEA raised its production forecasts by 100,000 barrels per day, saying new oil from the United States, Brazil, Norway and Guyana will add 2.3 million barrels per day in 2020. It also said that oil demand will fall by 90,000 bpd in 2019, the first drop since 2009. Oil had also risen after an OPEC official said he expects lower growth from US shale oil producers in 2020. Mohammed Barkindo, OPEC’s secretary-general, told reporters at an Abu Dhabi oil conference that a slowdown in US shale drilling could become worse in 2020, and that output might rise by only as much as 400,000 barrels per day. A slower rise in US output would create more room for OPEC exports next year but Barkindo did not say if OPEC is planning further production cuts when it meets with Russia in December to decide on the future of its existing 1.2 million barrels per day of quota restrictions. Meanwhile, the Energy Information Administration (EIA) said Nov. 13 that US oil inventories in the previous week rose by 2.2 million barrels, more than twice the one-million-barrel rise expected, on average, by analysts. The data was contrary to a day-prior survey from the American Petroleum Institute, which showed a decrease of more than 500,000 barrels in US oil stocks. Finally, the number of oil rigs operating in the US dropped by 10 to 674 during the week that ending Nov. 15, the lowest level since April 2017, according to data compiled by energy services firm Baker Hughes. The combined oil and gas rig count in the US fell by 11 to 806 as gas rigs slid by one to 129.

Light, sweet crude oil for December delivery rose 0.59% for the week, settling at $56.77 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 0.06% over the five-day period and settled at $1.62 per gallon on Friday. Natural gas was down 3.94% for the week, ending Friday at $2.65 per 1 million British thermal unit.

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) declined 0.50% on the week, compared with a decline of 1.66% in the prior week.

Gold ended Friday lower at $1,473.40 and the week up 0.52%, as the US dollar weakened following optimism over developments in the closely watched Sino-American trade negotiations. Larry Kudlow, the White House trade adviser, said that a partial deal to end the trade war between the world’s two largest economies is near, but that US President Donald Trump made no commitments. Kudlow’s statement came after days of uncertainty on the trade front, with Trump denying reports that Washington will roll back higher tariffs on Chinese goods and threatening more import levies if a deal is not be signed between the two countries. On the other hand, copper prices rose during Friday’s session, ending at a settlement price of $2.62 but ultimately closed the week 1.93% lower, as lower demand due to weakening global economic growth outweighed the positive trade deal news.

In agricultural commodities news, weekly exports for soybeans exceeded the US Department of Agriculture’s forecasts, with total soybean exports reaching 46.2 million bushels during the week, versus 66.4 million in the prior week. The rate to reach the department’s forecast is 21.4 million bushels.  China remains the top destination for soybean exports. Corn export sales improved to 22.9 million bushels from the prior week’s tally of 19.2 million bushels — lower than the weekly rate needed to reach the USDA expectations of 34.4 million bushels. Wheat sales, meanwhile, were 8.8 million bushels, down from 13.3 million bushels and versus the weekly rate needed to match USDA forecasts of 13.5 million bushels. Soybeans ended the week 1.32% lower, closing Friday’s session at $9.18 per bushel; corn declined 1.53% on Friday, settling at a price of $3.71 per bushel; and wheat ended the week down 1.37%, closing the Friday session at a price of $5.03 per bushel. Other commodities were mostly higher:  sugar had a weekly increase of 1.35% and settled at a price of $0.13 per pound on Friday; cocoa was up 7.91% for the week and closed Friday’s session at $2,681 per tonne;  and coffee was around $1.10 per pound at Friday’s close, up 1.19% for the week.

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

Investing involves risks, including loss of principal.

Commodity ETP Disclosures:  Download a copy of a Fund’s Prospectus by clicking one of the following: USCIUSOUSLUSOUUSODBNOUNGUNL, UGA, or CPER

Please read any Prospectus carefully before investing.

These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

The Caixin Manufacturing PMI Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

Past performance does not guarantee future results.

This information is intended for U.S. residents.

Funds distributed by ALPS Distributors, Inc.

USO002079 Ex. 12/31/2019

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Tech Major Globant Releases Fresh Guidance as Third-Quarter Earnings Beat

8:48 AM, Nov 15, 2019 — Globant (GLOB) unveiled fresh guidance after markets closed on Thursday as the technology provider reported revenue for its third quarter, which was in line with analysts’ estimates, while adjusted earnings sailed past Street projections.

The Luxembourg-based company generated revenue of $171.3 million in the three months ended Sept. 30, up 27% from the corresponding quarter of the prior year and in line with the consensus estimate of analysts polled by Capital IQ for $171.3 million.

The geographic revenue breakdown for the third quarter saw 77.1% from North America, 17.0% from Latin America and others and 5.9% from Europe. In terms of currencies, 86.3% of Globant’s revenues for the third quarter was denominated in US dollars.

Adjusted diluted earnings per share came in at $0.62, up from $0.46 a year earlier and ahead of the Street’s projection of $0.59 per share.

For the fourth quarter, the company is targeting adjusted diluted earnings per share in the range of $0.58-to-$0.62. Revenues during the period are expected to be between $182-$184 million, implying 30.6% year-over-year growth at the midpoint of the range.

For the full-year, revenues are estimated to be in the range of $657-to-$659 million, implying 26.0% year-over-year revenue growth at the midpoint of the range. Adjusted diluted earnings per share are expected to be in the range of $2.23-to-$2.27.

Companies: Globant S.A.
Price: 109.25 Price Change: -0.01 Percent Change: -0.01

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Ford Launch of All-Electric SUV Could Pose ‘Compelling Alternative’ to Tesla’s Model 3, Says Credit Suisse

2:10 PM, Nov 14, 2019 — Ford Motor Co. (F) is revving up to launch its first all-electric SUV and the new vehicle will carry the Mustang name that’s been long associated with the company’s muscular sports cars.

The auto maker will begin taking reservations for the Mustang Mach-E from US and European buyers immediately after the vehicle is unveiled at a live-streamed ceremony in Los Angeles on Sunday evening, the company said in a Thursday statement.

“Timing will be critical, especially for a limited First Edition,” said Ford, adding that reservations can be made with a $500 refundable deposit. The company will announce the date for reservations from China at a later time.

Ford’s new vehicle highlights the company’s increased emphasis in electrification, and, on a broader scale, underscores larger efforts by major US automakers be relevant in the electrification market, said Credit Suisse in a note published Thursday.

“Yet we believe the key test will lie in challenging Tesla for share in the US market, as Tesla has been the only game in town in the US EV market,” wrote Credit Suisse equity analysts Dan Levy and Robert Moon.

While Credit Suisse rates Tesla (TSLA) at underperform, the investment firm says Tesla’s Model 3 is in a “unique position” as it still hasn’t faced a true competitive threat, particularly in the US market.

The investment bank said there hasn’t yet been an electric vehicle option as compelling as the Model 3 at its price point. Other EV vehicles such as Audi’s e-Tron and Jaguar’s I-PACE sell at premium prices, limiting the pool of buyers, while lower-priced vehicles including Nissan’s Leaf and Chevrolet’s “have internal combustion engine comps that are ~$15k lower — indicating limited interest,” said Credit Suisse.

“Ford’s new [battery electric vehicle] should provide a more compelling alternative at the Model 3 price range than the other comps, especially given the performance focus. However, the ultimate proof point of its success will be if it can truly take BEV share from the Model 3 — far from guaranteed,” the analysts said.

Ford in its statement did not specify a price range for the Mustang Mach-E. Credit Suisse said expectations are for the vehicle to be priced in the mass luxury range, starting between $40,000 to $50,000. That range would be accessible to more buyers than premium-priced cars, it said.

Companies: Ford Motor Company
Price: 8.79 Price Change: -0.02 Percent Change: -0.23

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Kemet Shares Surge Following $1.8 Billion Bid From Taiwan’s Yageo

7:48 AM, Nov 12, 2019 — Taiwan’s Yageo said on Monday that it has agreed to acquire its US rival Kemet (KEM) for $1.8 billion in an all-cash deal, strengthening its position as a global electronic component manufacturer.

The price tag inclusive of net debt represents a 26% premium to Kemet’s volume-weighted average price for the last 30 trading days, according to a statement. The takeover will be funded via cash on hand and committed financing.

Set up in 1919, Kemet’s global footprint currently includes 23 manufacturing units in 22 countries across the Americas, Asia, and Europe. The merged entity will own 42 production facilities and 14 research and development centers, positioning itself as a “one-stop provider” in the $28 billion passive electronic components industry, including polymer and chip resistors as well as magnetics and sensors.

The acquisition will also drive profitability by achieving “meaningful” cost synergies and greater efficiencies, leveraging Kemet’s recent structural transformation that led to its higher margins and a durable revenue base.

“Kemet gives us the extraordinary opportunity to combine our strengths to achieve synergies in product and technology offerings as well as geographic coverage,” Pierre Chen, chief executive officer of Yageo said. “The integration will enhance our ability to serve customers in consumer electronics as well as in the high-end automotive, aerospace, and medical sectors.”

The deal, which is subject to regulatory approvals, is expected to close in the second half of next year.

Shares of Kemet traded 12% higher in early trade.

Companies: Kemet Corporation
Price: 25.96 Price Change: +2.94 Percent Change: +12.77

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Weekly Commodities ETF Report: Gold Ends Lower as Uncertainty Over US-China Trade Talks Resurface; Crude Logs Gains on Possible Push for OPEC Production Cuts by Saudi Arabia

(MT Newswires) – Crude ended Friday’s session higher following reports that the Organization of the Petroleum Exporting Countries (OPEC) will not agree to new production cuts when it meets with Russia next month to decide on the future of their 1.2 million barrels per day in output restrictions. However, Saudi Arabia will reportedly push for lower output ahead of the Initial public offering (IPO) of Saudi Arabian Oil Co., or Aramco — a move that would help drive oil prices higher. Meanwhile, stockpiles of US commercial crude surged in the week ending Nov. 1, posting a bigger build than the previous period. Inventories rose 7.9 million to 446.8 million barrels, putting the stockpiles about 3% above the five-year average for this time of year. A week earlier, crude stockpiles were up 5.7 million barrels and were 1% above the norm. This compares with the American Petroleum Institute’s weekly survey, which showed US oil inventories rose by 4.3 million barrels for the period. Finally, the number of oil rigs operating in the US fell for the third straight week, dropping by seven to 684 in the week ended Nov. 8, according to energy services firm Baker Hughes.  

Light, sweet crude oil for November delivery rose 2.13% for the week, settling at $57.15 per barrel at the end of Friday’s session. In other energy futures, gasoline was down 1.36% over the last five days and settled at $1.64 per gallon on Friday. Natural gas was up 3.33% on the week, ending Friday at $2.77 per 1 million British thermal unit.  

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 2.01% for the week, compared with a decline of 0.30% in the prior week.

Gold ended Friday at $1,466.40 and the week down 3.80%, with prices slipping lower after the US-China trade talks took a sour turn as reports that tariffs will be rolled back as part of the countries’ phase one trade deal were denied by a US trade official. There have also been reports that some US officials were opposed to a partial deal with China that would see the two countries roll back tariffs imposed during the trade spat.  This has caused renewed concerns that the two countries are not as close to a deal to end their long-running trade war as thought. Similarly, copper prices fell during Friday’s session, ending at a settlement price of $2.73 but ultimately closed the week 1.01% higher. The industrial metal has seen lowered demand after China, the world’s top consumer of copper, reported a 3.1% drop in copper imports in October, attributing the decline to tepid growth in its manufacturing sector.

In agricultural commodities news, the US Agriculture Department (USDA) slashed its forecasts for the corn harvest, citing cold and wet conditions late in the growing season, which cut into yields, particularly in areas like South Dakota, Nebraska and Minnesota — key areas for production of the crop. The USDA also cut its forecasts for wheat production but maintained its guidance for the soybean harvest. Soybeans also ended the week 0.69% lower, closing Friday’s session at $9.31 per bushel; corn declined 3.09% on Friday, settling at a price of $3.77 per bushel; and wheat ended the week down 0.97%, closing the Friday session at a price of $5.10 per bushel. Other commodities were mostly higher: sugar had a weekly increase of 0.72% and settled at a price of $0.13 per pound on Friday; cocoa was up 1.34% for the week and closed Friday’s session at $2,498 per tonne; and coffee was around $1.09 per pound at Friday’s close, up 4.36% for the week.

Copyright © 2019 MT Newswires, www.mtnewswires.com.

Information Contact: Justin Hillstrom – 720.917.0770 Email: Justin.hillstrom@alpsinc.com, Website is www.uscfinvestments.com

Justin Hillstrom is a registered representative of ALPS Distributors, Inc.

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These Funds are not mutual funds or any other type of Investment Company within the meaning of the Investment Company Act of 1940, as amended, and are not subject to regulation thereunder.

Commodity trading is highly speculative and involves a high degree of risk. Commodities and futures generally are volatile and are not suitable for all investors. Investing in commodity interests subject each Fund to the risks of its related industry. An investor may lose all or substantially all of an investment. These risks could result in large fluctuations in the price of a particular Fund’s respective shares. Funds that focus on a single sector generally experience greater volatility. Leveraged and inverse exchange-traded products pursue daily leveraged investment objectives which means they are riskier than alternatives which do not use leverage. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. For further discussion of these and additional risks associated with an investment in the Funds please read the respective Fund Prospectus before investing.

The SummerHaven Dynamic Commodity Index Total ReturnSM (SDCITR) is an index designed to reflect the performance of a portfolio of 14 commodity futures. The index is reformulated each month from 27 possible futures contracts. The 14 selected contracts are equally weighted and represent six sectors: Energy (WTI crude oil, Brent crude oil, natural gas, heating oil, gasoil, RBOB gasoline), Precious Metals (gold, silver, platinum), Industrial Metals (aluminum, copper, lead, nickel, tin, zinc), Grains (corn, soybeans, soybean meal, soybean oil, wheat), Livestock (live cattle, feeder cattle, lean hogs) and Softs (coffee, cocoa, cotton and sugar). One Cannot invest directly in an index.

Performance is historical and does not guarantee future results; current performance may be lower or higher. Investment returns/principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Most recent performance is available at www.uscfinvestments.com.

The Caixin Manufacturing PMI Purchasing Managers’ Index measures the performance of the manufacturing sector and is derived from a survey of private 430 industrial companies. The Manufacturing Purchasing Managers Index is based on five individual indexes with the following weights: New Orders (30 percent), Output (25 percent), Employment (20 percent), Suppliers’ Delivery Times (15 percent) and Stock of Items Purchased (10 percent), with the Delivery Times index inverted so that it moves in a comparable direction.

We advise you to consider a fund’s objectives, strategies, risks, charges and expenses carefully before investing. The Prospectus contains this and other information. Download a copy of a fund’s Prospectus by clicking the following: SDCI. Please read any Prospectus carefully before investing

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Funds distributed by ALPS Distributors, Inc.

USO002079 Ex. 12/31/2019