The Market Access Rogers International Commodity Index UCITS ETF (RICI) is one of Europe’s longest-established and broadest commodity ETFs. It was launched in 2006 and is listed in Frankfurt, Zurich and on the London Stock Exchange.

The ETF tracks the Rogers International Commodity Index® (RICIGLTR), a US dollar-denominated total return index of commodities consumed in the global economy, ranging from agricultural to energy to metal products. The Index provides exposure to 38 different exchange-traded commodities, through futures contracts quoted in four currencies, listed on 10 exchanges in four countries.

RICIGLTR is calculated on a total return basis, meaning that it includes an assumed interest rate return based on the USD 3-month T-bill rate.

Reasons to consider the RICI and broad commodity exposure

  • RICI has the broadest range of constituents among major commodity benchmarks
  • A broad index provides a potential hedge against rising inflation risks
  • Themes: base metals are key to the clean energy transition
  • Themes: climate change impacts agriculture and energy demand
  • Oil and gold provide a potential hedge against geopolitical risks


Source: Market Access, Bloomberg. Past performance should not be used as an indicator of future performance.

Discrete annual performance to 28 March 2024 (in GBP)

Mar 19 - Mar 20Mar 20 - Mar 21Mar 21 - Mar 22Mar 22 - Mar 23Mar 23 - Mar 24
Jim Rogers International Commodity Index (GBP)-27.05%35.96%69.06%-4.17%2.96%
Spot Gold (GBP)28.16%-2.49%18.99%8.28%10.66%
FTSE 100 Index-22.08%18.37%11.95%1.54%4.20%
FTSE NAREIT All Equity REITS TR Index (GBP)-11.72%20.89%29.61%-14.13%5.57%
5 Yr Gilt Index0.53%0.03%0.65%2.83%4.21%

Source: Market Access, Bloomberg. Past performance should not be used as an indicator of future performance.

Five year returns to 28 March 2024 (in GBP)

5 YearRICIGLTR (GBP) GBP Gold Spot (XAU) FTSE 100 Index
Annualised performance10.59%12.25%1.79%
Annualised Volatility19.33%14.43%17.47%
Max Drawdown38.97%22.43%35.03%
Sharpe Ratio0.460.730.00

Source: Market Access, Bloomberg. Past performance should not be used as an indicator of future performance.

Commodities as an inflation hedge

Commodities, as key inputs in manufacturing and consumer staples, can be leading indicators of emerging inflation and exposure to them can serve to potentially hedge inflation risks.

Source: Market Access, Bloomberg. Past performance should not be used as an indicator of future performance.



Source: Target 2024 weights. Market Access, index issuer websites: RICI, Bloomberg Commodity Index, UBS CMCI, S&P GSCI. RICI - Rogers International Commodity Index (RICIGLTR), BCOM – Bloomberg Commodity index (BCOMTR), UBS CMCI Constant Maturity Commodity Index (CMCITR), S&P GSCI - S&P GSCI Index (SPGCGPTR).

RICI index background

James B. Rogers, Jr. designed the index in the late 1990s. His focus was to create an index that reflected global consumption of commodities.

This global focus differentiates the RICI from other commodity indices, meaning that it includes commodities like rice, rubber, white sugar and lumber.

There are 11 commodities in the RICI that are not included in the other three comparison benchmarks. They represent 9.05% of the index target weights.

Base metals – essential to the transition to clean energy

In the drive towards a net zero carbon economy, there will be a potentially significant uplift in demand for commodities that are critical in enabling the transition to clean energy. This includes nickel, which is one of the key materials used in batteries for electric vehicles.

Stated Policies Scenario, an indication of where the global energy system is heading based on a sector-by-sector analysis of today’s policies and policy announcements.

Sustainable Development Scenario, indicating what would be required in a trajectory consistent with meeting the Paris Agreement goals.

Source: International Energy Agency, The Role of Critical Minerals in Clean Energy Transitions, NTree International

Commodity in focus – Copper

Source: Data as of 28 March 2024. Market Access, Bloomberg.

Commodity in focus – Copper

It is a good time to look at some of the factors that have been driving the copper price up recently and that may be important in the months ahead.

First, there is evidence of a pick up in manufacturing activity, not just in China but more broadly. The J.P. Morgan Global Manufacturing PMI® data(1) showed that in March the rate of growth in global manufacturing production accelerated to its fastest rate since June 2022 with the strengthening of new order inflows. India led the global manufacturing output growth rankings in March with strong rates of expansion in Indonesia and Brazil, and growth in US and China hitting 22-month and 10-month highs respectively. Some forward-looking indicators are also positive: inflows of new business rose globally for a fifth month in a row and companies' expectations of output in the coming year rose to a nine-month high(2).

There is global capex boom with governments and companies increasing expenditure in metal-intensive areas. This includes defence, clean energy systems, infrastructure, including power grid enhancements. Within this mix, there is the rise of artificial intelligence, which like the crypto space, is electricity intensive. There are a range of estimates as to the copper requirements linked to the uplift in demand for electricity from data centres – BMO uses the estimate of 5 tonnes of copper per MW of processing power(3). The chief economist at Trafigura, the commodity trading house, has suggested that copper linked to AI and data centres could add up to one million tonnes of demand by 2030; this would come in a market where the projected deficit is 4 to 5 million tonnes in 2030(4).

Supply side issues are a further factor providing support for the copper price. Two developments in December 2023 were significant. The first related to local opposition in Panama to a First Quantum Minerals’ Cobre Panama copper mine that led to the mining company being forced to shut down the mine. It produced 330,863 tonnes of copper in 2023(5) representing about 1.5% of global production. In the second case, AngloAmerican announced that it was putting one of the two processing plants at the Los Bronces copper mine into care and maintenance to save on operating costs while it deals with challenging mining conditions at the mine and, secondly, reducing production at Quellaveco in Peru because of some redesign work. As a result, it reduced its copper production guidance by 7% to 730,000-790,000 tonnes for 2024(6).

With some investors believing that we are at the peak of the interest rate cycle and favourable macro tailwinds, we could see the beginning of restocking and demand for metals such as copper. One gauge of sentiment, including investor interest, is to look at the Commitments of Traders Reports published by the Commodity Futures Trading Commission (CFTC) for data on U.S. exchanges and the London Metal Exchange (LME). The data for copper shows a pick up in long and net long positioning by investors since the end of last year. On the LME, investment fund long positions reached 70,891 contracts in the week to 28 March compared to 46,219 in the week to 29 December 2023(7), while in the case of the CME, money manager long copper positions were 92,986 contacts in the week to 2 April compared to 59,378 contracts in the week to 26 December 2023(8).

How to invest

Please contact your wealth management adviser or stockbroker. The ETF is also available through leading online investment platforms. The ETF is ISA and SIPP eligible.

Please contact us if there any issues with trading the ETF through a platform and we will gladly try to assist.

To find out more, please click here for fund information and literature.

Please read the prospectus, including the risk factors, and KIID before making an investment in the ETF.

Click here to find out more about Market Access and China Post Global.

key features

Legal form UCITS ETF
ISIN LU0249326488
TER / OCF 0.60%
Domicile Luxembourg
Management Company FundRock Management Company S.A.
Investment Manager China Post Global (UK) Limited
Custodian and Administrator RBC Investor Services Bank S.A.
Replication Synthetic (swap with Barclays Bank Plc)
ISA / SIPP eligible Yes
UK Reporting Fund Status Yes