Abstract: The subject invention pertains to securities, preferably exchange traded funds, or ETFs, relating to commodities subject to futures contracts in a commodities market. More specifically, the invention relates to shipping certificates for commodities that dynamically compensate for commodity “roll neutrality” adjustments by altering the quantity of commodity associated with the shipping certificate, as opposed to a cash adjustment. The subject invention also pertains to the underlying “roll neutrality” adjustment related to a commodities market futures transaction and to the resulting ETF valuation as follows: ?PiBi, where Pi is the price of the relevant contract month, Bi is the number of commodity units for that month, and i is the time index.

Abstract: The subject invention pertains to securities, preferably exchange traded funds, or ETFs, relating to commodities subject to futures contracts in a commodities market. More specifically, the invention relates to shipping certificates for commodities that dynamically compensate for commodity “roll neutrality” adjustments by altering the quantity of commodity associated with the shipping certificate, as opposed to a cash adjustment. The subject invention also pertains to the underlying “roll neutrality” adjustment related to a commodities market futures transaction and to the resulting ETF valuation as follows: ?PiBi, where Pi is the price of the relevant contract month, Bi is the number of commodity units for that month, and i is the time index.

Abstract: Systems and methods for trading and clearing eroding futures contracts on an exchange. Eroding futures contracts are futures contracts in which the contract size or open position size is determined as a balance remaining on a contract that is finally settled incrementally over time. The contract includes a delivery process that reflects reduction of contract size (e.g., by financial settlement) during the delivery period until no value remains for the contract.