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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.

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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SunPower Poised to Separate Into Two Publicly Traded Companies

8:50 AM, Nov 11, 2019 — SunPower (SPWR) unveiled a plan to divide itself into two independent, publicly traded companies on Monday while affirming that the two separate entities would continue to cooperate to commercialize next-generation solar panel technologies.

The San Jose, Calif.-based company said that it would separate into SunPower and Maxeon Solar Technologies. Concurrent with the transaction, the company said that an equity investment of $298 million would be made in Maxeon Solar by partner Tianjin Zhonghuan Semiconductor, a supplier of silicon wafers, to help finance the scale-up of Maxeon 5 production capacity.

“We believe that the solar industry is entering a period of extended growth where success will be driven by value chain specialization, technology innovation and economies of scale,” Tom Werner, chief executive of SunPower. said. “This new structure and investment will create two focused businesses, each with unique expertise to excel in their part of the value chain.”

Werner is to continue as chairman and CEO of SunPower and the company will maintain its corporate headquarters in Silicon Valley. Jeff Waters, currently CEO of SunPower’s Technologies business unit, has been named Maxeon Solar’s CEO.

Companies: SunPower Corporation
Price: 8.90 Price Change: +0.53 Percent Change: +6.33

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Weekly Commodities ETF Report: Crude Logs Weekly Loss But Rises Friday on Upbeat Jobs Report, US-China Trade Deal Progress; Gold Ends Higher on Fed Rate Cut

(MT Newswires) – Crude ended Friday’s session higher on a better-than-expected US jobs report. The price gains came after the release of a US nonfarm payrolls report that showed the country added 128,000 jobs last month, well above the 95,000 new jobs expected by Action Economics. Comments from US Commerce Secretary Wilbur Ross that the initial phase of a trade agreement with China will be ready for signing by mid-month also supported prices, as did positive economic data from China, where factory activity rose at the fastest pace in two years. Earlier in the week, oil prices had declined as Bloomberg reported that Chinese officials were concerned that they may not be able to reach a trade deal with the United States and China was unwilling to make concessions on demands for structural changes to its economy. Worries that the trade war will continue come a day after the US government data showed that stockpiles of crude rose last week, which some in the market saw as a sign that demand for oil is weak. The Energy Information Administration said inventories of crude oil rose by 5.7 million barrels to 438.9 million barrels in the week ended Oct. 25. The data also showed that US stockpiles of crude oil are now about 1% above the five-year average for this time of year. The weekly gain followed a decline of 1.7 million barrels in the prior period, which was the first decrease since early September. This compares with the American Petroleum Institute’s report on Tuesday that US oil inventories fell by 708,000 barrels the previous week, while forecasts called for a rise of about one million barrels. Meanwhile, the number of oil rigs operating in the US fell for the second straight week to remain at a 30-month low. The crude equipment tally fell by five to 691 in the week through Friday to remain at their lowest level since 688 were operating in the week ended April 21, 2017, data from Houston-based energy services firm Baker Hughes (BKR) showed. A year ago, there were 874 oil rigs operating.

Light, sweet crude oil for November delivery fell 1.04% for the week, settling at $54.18 per barrel at the end of Friday’s session. In other energy futures, gasoline was up 1.24% over the five-day period and settled at $1.59 per gallon on Friday. Natural gas was up 9.92% on the week, ending Friday at $2.63 per 1 million British thermal unit.  

The SummerHaven Dynamic Commodity Index Total Return Index (SDCITR) fell 0.30% for the week, compared with a growth of 1.17% in the prior week.

Gold ended Friday at $1,514.80 and the week up 0.54%, with prices gaining support from the Federal Reserve move earlier in the week to cut the target range on its policy lending rate for a third straight time.  Gold saw losses early Friday as the US dollar rose following a better-than-expected jobs report and trade optimism, which reduced the metal’s appeal as a safe haven. On the other hand, copper prices rose during Friday’s session, ending at a settlement price of $2.64 but ultimately closed the week down 0.84% following the upbeat factory activity data from China. The Caixin/Markit’s Manufacturing Purchasing Managers’ Index for October showed that China’s manufacturing output rose to 51.7 last month from 51.4 in September and much better than the 51 reading that economists had predicted in a Reuter’s poll.

In agricultural commodities news, US corn declined on Friday, settling at a price of $3.89 per bushel on worries over possible delays in the crop’s harvest, but managed to eke a weekly gain of 0.19%. Soybeans also ended the week 1.52% higher, closing Friday’s session at $9.37 per bushel as the prospects for a “phase one” trade deal between the US and China once again turned positive. However, Washington’s demand for China to buy as much as $50 billion of US farm products — something Beijing has been reluctant to commit to — could remain a point of contention in future negotiations between the two countries. Meanwhile, wheat ended the week down 0.29%, closing the Friday session at a price of $5.16 per bushel. Other commodities were mostly higher: sugar had a weekly increase of 1.14% and settled at a price of $0.12 per pound on Friday; cocoa was up 0.65% for the week and closed Friday’s session at $2,478 per tonne;  and coffee was around $1.04 per pound at Friday’s close, up 5.04% 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

Stryker to Acquire Wright Medical Group in $5.4 Billion Deal to Bolster Position in Devices Industry

3:39 PM, Nov 4, 2019 — Stryker (SYK) on Monday said it has reached an agreement to acquire Wright Medical Group (WMGI) in a $5.4 billion deal that will boost its position in the medical devices industry.

Kalamazoo, Mich.-based Stryker said it would pay $30.75 for each Wright share, giving the transaction a total equity value of $4 billion. The acquisition has a $5.4 billion enterprise value when including the Dutch medical-device maker’s outstanding convertible notes, the companies said in separate statements.

Wright shares soared 32% while Stryker was 2.7% lower in afternoon trading.

“This acquisition enhances our global market position in trauma and extremities, providing significant opportunities to advanced innovation, improve outcomes and reach more patients,” said Chief Executive Kevin Lobo.

Stryker said that Wright’s “lower extremity and biologics will complement Stryker’s portfolio and strengthen the company’s position in this high-growth segment.”

Wright has global sales of nearly $1 billion and is a leader in upper extremities like shoulder, elbow and lower extremities like the foot and ankle. It also has a role in the biologics markets, Stryker said.

The deal, which is poised to close in the second half of next year, is expected to have no impact to Stryker’s 2019 adjusted per-share earnings. Stryker said that assuming a September 2020 closing, the tie-up will have no impact on its adjusted EPS next year, have a $0.10 dilution in 2021, and be accretive after that.

“We believe this transaction will provide truly unique opportunities and will create significant value for our shareholders, customers and employees,” said Wright CEO Robert Palminsano. “By merging our complementary strengths and resources, we will be able to advance our broad platform of extremities and biologics technologies with one of the world’s leading medical-technology companies that share our vision of delivering breakthrough and innovative solutions to improve outcomes.”

Companies: Stryker Corporation
Price: 204.64 Price Change: -8.13 Percent Change: -3.82

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General Electric Shares Surge on Full-Year Cash Flow Guidance, Better-Than-Expected Quarterly Earnings

10:50 AM, Oct 30, 2019 — General Electric (GE) shares surged in early trading on Wednesday after the industrial conglomerate raised its industrial free cash flow guidance and affirmed its earnings outlook for the full year after its third-quarter earnings beat expectations.

Boston-based GE said it now expects industrial free cash flow for 2019 to be flat to up $2 billion, up from its previous guidance of down $1 billion to up $1 billion. It still expects adjusted per-share earnings between $0.55 to $0.65. The consensus compiled by Capital IQ is for $0.60.

For the quarter ended Sept. 30, adjusted per-share earnings rose to $0.15 from $0.11 in the prior-year period and above the Street’s view for $0.12. Total revenue slid to $23.36 billion from $23.39 billion the year before.

GE shares were nearly 13% higher in morning trading.

“Our results reflect another quarter of progress in the transformation of GE,” said Chief Executive H. Lawrence Culp. “We are encouraged by our strong backlog, organic growth, margin expansion, and positive cash trajectory amidst global macro uncertainty.”

Culp said the company lifted its industrial free cash flow outlook for the year despite “external headwinds” due to the grounding of Boeing’s (BA) 737 Max jetliner and tariffs.

Revenue at GE’s power business fell 14% from the year before to $3.93 billion, weighed down by a 17% slide in gas power orders due to order timing while power portfolio orders fell 54% on a non-repeat large order.

Renewable energy revenue rose 13%, driven by a 19% gain in onshore wind orders.

Aviation revenue rose 8% to $8.11 billion as LEAP units drove results. GE said its CFM International jet-engine joint venture with French aerospace company Safran “continues to work closely with Boeing to ensure the timely and safe return to service of the 737 Max.”

Healthcare revenue rose 5% to $4.92 billion as orders firmed 1% while GE Capital reported a $645 million loss. The company said the loss was “driven by the impact of the annual insurance US GAAP premium deficiency test,” and “resulted in a non-cash pre-tax charge to earnings of approximately $1 billion, which was driven largely by discount rates and partially offset by premium rate increases.”

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Kellogg Third-Quarter Earnings Beat Views as Sales Weighed Down by Cookies, Snacks Divestitures

1:01 PM, Oct 29, 2019 — Kellogg (K) on Tuesday posted better-than-expected third-quarter results despite sales at the cereal company weighed down by the sale of some of its cookie and snacks businesses.

The Battle Creek, Mich.-based company reported adjusted per-share earnings of $1.03 on a diluted basis for the quarter ended Sept. 28, down from $1.06 in the prior-year period and above the consensus compiled by Capital IQ for $0.91. Net sales slid to $3.37 billion on a reported basis from $3.47 billion last year, ahead of the Street’s views for $3.35 billion.

Kellogg shares were 4.4% higher in early afternoon trading.

“We remain squarely on strategy and on plan, and this is reflected in our third-quarter results,” said Chief Executive Steve Cahillane. “Our reshaped portfolio is doing what it is intended to do, focusing on our higher growth categories and markets.”

Kellogg in late July completed the sale of its cookie businesses, which included the Keebler, Mother’s, Famous Amos and cookies made for the Girl Scouts of America, to Italy’s Ferrero Group in a $1.3 billion deal.

North American snack sales fell 1.4% on a reported basis due to the divestiture, Kellogg said. Cereal sales slid 4.9% “on category softness and only a gradual return to brand building activity following a pack-size harmonization in the first half of the year,” the company said.

Frozen foods edged up 0.5% on “increasing consumer awareness of plant-based meat alternatives and effective commercial programs” for Kellogg’s Morningstar Farms veggie foods, the company said.

European sales fell retreated 1% to $527 million while Latin American sales slid 2% to $244 million. Asia Pacific, Middle East and Africa sales rose 6%.

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