Commodities Series 19

Sequoia Commodities Series 19 (“Series 19”) is a structured investment whereby investors obtain 100% leverage and exposure to any positive performance of S&P GSCI Agriculture ER Index (”the Reference Asset or Index”) over an 18 month period with the potential to receive an uncapped Performance Coupon at Maturity dependent on the Index Performance, adjusted for changes in the AUD/USD exchange rate during the Investment Term.

A Summary of the key features:


The S&P GSCI Agriculture ER Index (Bloomberg Ticker: SPGCAGP), a sub-set of the S&P GSCI commodities index, provides investors with a reliable and publicly available benchmark for investment performance in the agricultural commodity markets.

The S&P GSCI Agriculture ER Index is designed as a benchmark for investment in the agriculture commodity markets and as a measure of agriculture commodity market performance over time. It is also designed as a tradable index that is readily accessible to market participants. In order to accomplish these objectives, the S&P GSCI Agriculture ER Index is calculated primarily on a world production-weighted basis and comprises the principal physical commodities that are the subject of active, liquid futures markets in the agriculture industry segment as described below. The S&P GSCI is calculated and maintained by S&P.

Commodity indices such as the S&P GSCI Agriculture ER Index aim to provide exposure to the commodity market by using futures. Futures are contractual agreements specifying a future delivery date of particular product at a price and quantity agreed today. In order to maintain constant exposure and avoid the delivery of the physical product, as the date of delivery approaches, the futures contract is sold and a new futures contract with a later expiry date is purchased. This process, which is repeated before every contract expiry, is called rolling. Each time a futures contract is rolled into the next one, there will be a profit or a loss: this is the roll yield. Due to the impact of the roll yield, the returns from a commodity index investment do not equal the returns from investing in physical commodities.

The Index is diversified across eight individual commodities. The individual commodity allocation of the Index is as follows:

SPGCAGP – composition as of 11 Aug 2023

More information on Commodities Series 19 can be obtained by downloading the PDS.

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