SummerHaven Copper Index^sm (“SCI”)

SCI INDEX METHODOLOGY

SCI – INDEX PHILOSOPHY

The SummerHaven Copper Index (“SCI”) was developed by SummerHaven Index Management to provide an investment benchmark for copper as an investable asset. The SCI attempts to maximize backwardation and minimize contango while utilizing contracts in liquid portions of the futures curve.

SCI – INDEX CONSTRUCTION

The SCI is composed of copper futures contracts on the COMEX exchange. One or three copper contracts are selected and weighted each month through the steps outlined below.

STEP 1: Copper Futures Curve Shape – Backwardation or Contango

Determine if the copper futures curve is in backwardation or contango.

STEP 2: Copper Contract Selection

SCI Rebalancing:

Price observations for the steps described above are taken on the 10^th business day of each month (the “Selection Date”). SCI rebalancing starts on the 11^th business day and ends on the 14^th business day. At the end of each of these days, one fourth of the prior month portfolio positions are replaced by the new positions in the commodity contracts determined on the Selection Date.

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