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What are the differences between Spot and S&P GSCI Crude Oil Index ER?

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What are the differences between Spot and S&P GSCI Crude Oil Index ER?

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As the S&P GSCI Crude Oil  Index ER(Excess Return does not mean any additional return on the Sub-Fund's performance) is based upon WTI Futures Contracts but not on physical WTI crude oil, the performance of the Index may differ from the current market or spot price performance of the WTI crude oil. The price movements of a futures contract are typically correlated with the movements of the spot price of the referenced commodity, but the correlation is generally imperfect and price movements in the spot market may not be reflected in the futures market (and vice versa).

For example:    

During the one-year period from 1 January 2009 to 31 December 2009, the Index underperformed the spot price of WTI crude oil by 71% (the level of the Index increased by 7%, while the spot price of crude oil increased by 78%).

Large differences between the spot price and the futures price can exist because the market is always trying to look ahead to predict what prices will be. Futures prices can be either higher or lower than spot prices, depending on the outlook for supply and demand of the asset in the future.

You can find historical performance of Spot and ER indices at this link