Gli exchange-traded commodities: il caso natural gas

[Autom. eng. transl.] Interest in commodity investments has recently increased, mainly due to the low correlation with other major asset classes and the nature of a hedging instrument in periods of generalized growth in commodity prices. By analyzing a sample of contracts traded on the Italian Stock Exchange referring to a specific raw material, natural gas, it is shown that the performances recorded by the Exchange Traded Commodities (ETC) diverge, even significantly, from the performance achieved by the futures contract relating to the underlying commodity. . The performance of ETCs is not explained only by the future price trend, but also by the particular structure of the forward curve, as well as by other variables such as the exchange rate and the yield on the collateral. The intrinsic technical complexity makes this tool difficult to understand for retail investors, thus recommending regulatory intervention aimed at increasing its transparency and making it easier for savers to understand.