S&P GSCI™ Components and Weights
Currently, 24 commodities meet the eligibility requirement for the S&P GSCI™. A list of these components and their dollar weights in the S&P GSCI™ organized by subsector, is presented in Table 1.
Table 2 contains the index values for the S&P GSCI™ and its main sub-indices. All sub-indices of the S&P GSCI™ follow the same rules regarding world production weights, methodology for rolling and other functional characteristics as disclosed in the S&P GSCI™ manual.
The S&P GSCI Reduced Energy, Light Energy and UltraLight Energy sub-indices track the performance of a rolling basket of front-month commodity futures using the same conventions as the S&P GSCI™. The S&P GSCI Reduced, Light and UltraLight Energy Indices contain all 24 commodities and differ from the benchmark S&P GSCI™ index only with regards to their lesser energy weighting. The S&P GSCI Reduced Energy Index calculation uses 1/2 of the S&P GSCI™ contract production weights for the energy components, while the S&P GSCI Light and S&P GSCI UltraLight Energy Index calculations use 1/4 and 1/8 of the S&P GSCI™ contract production weights for the energy components, respectively. Table 3 contains the index values for these two indices. S&P GSCI Reduced and S&P GSCI Light Energy Index Values
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| Table 4: S&P GSCI Reduced Energy Components and Dollar Weights (%) (November 6, 2009) |
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| Table 5: S&P GSCI Light Energy Components and Dollar Weights (%) (November 6, 2009) |
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| Table 6: S&P GSCI Ultra-Light Energy Components and Dollar Weights (%) (November 6, 2009) |
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| Table 7: S&P GSCI Non- Energy Components and Dollar Weights (%) (November 6, 2009) |
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| Table 8: S&P GSCI Agriculture & Livestock Components and Dollar Weights (%) (November 6, 2009) |
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| Table 9: S&P GSCI Agriculture Components and Dollar Weights (%) (November 6, 2009) |
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| Table 10: S&P GSCI JPY Index Values (November 6, 2009) |
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S&P GSCI Agriculture JPY Index Values
| Table 11: S&P GSCI Agriculture JPY Index Values (November 6, 2009) |
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| Table 12: S&P GSCI Crude Index Values (November 6, 2009) |
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| Construction of the S&P GSCI™ |
Three S&P GSCI™ indices are published: excess return, total return and spot. The excess return index measures the returns accrued from investing in uncollateralized nearby commodity futures, the total return index measures the returns accrued from investing in fully-collateralized nearby commodity futures, and the spot index measures the level of nearby commodity prices. Thus, the excess return and total return indices provide useful representations of returns available to investors from investing in the S&P GSCI™. In fact, the total return (i.e., the return on the S&P GSCI™ total return index) is the measure of commodity returns that is completely comparable to returns from a regular investment in the S&P 500 (with dividend reinvestment) or a government bond, while the return on the excess return index is comparable to the return on the S&P 500 above cash.
S&P GSCI™-TR Returns as of November 6, 2009
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