INDEX PERFORMANCE

Source: Bloomberg, BNP Paribas from February 2nd 2006 to . All numbers and figures are annualized (except for year-to-date).
​​​​​​​Past performance is not indicative of future performance. The CMV Alpha Commodity 5 Index is based on Hypothetical Past Performance Data (“HPPD”) prior to the Index Launch Date on (the “Launch Date”). Actual/historical performance begins after the Launch Date. Because the CMV Alpha Commodity 5 Index did not exist prior to the Launch Date, all retrospective levels provided in the table above are simulated and must be considered illustrative only. The presentation of hypothetical data reflects the deduction of fees and charges. These simulations are the result of estimates made by BNP Paribas at a given moment on the basis of the parameters selected by BNP Paribas, certain assumptions that may or may not hold in future periods, of market conditions at this given moment and of historical data, which should not be used as guidance, in any way, of the future results of the CMV Alpha Commodity 5 Index.
The CMV Alpha Commodity 5 Index is an “Excess Return Index” meaning its returns are derived from changes in the level of its components (known as “price return”) and profit or loss gained from rolling from one futures contract to another (known as “roll return”). Unlike Total Return Indices, it does not derive returns based on interest earned on cash or other collateral deposited in connection with the purchase of futures contracts (known as “collateral return”)