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This article is property of Two Sigma Investor Solutions, LP or its affiliates (collectively, “Two Sigma”). This article is for your private use and is for informational and educational purposes only. This article is not an offer to any potential clients or investors for the provision by Two Sigma of investment management, advisory or any other related services. This article is offered as-is and as-available. Except as required by law, Two Sigma makes no representations or warranties of any kind concerning the article, including regarding its accuracy or completeness, and the recipient accepts all risks in relying on this article for any purpose whatsoever.


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total loss of capital, and that discussion herein does not contain a list or description of relevant risk factors. Past performance is no guarantee of future results.


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Views reflected in this article reflect significant assumptions and subjective judgments of the author(s) of this document and are subject to change without notice. While the information herein was obtained from or based upon sources believed by the author(s) to be reliable, Two Sigma has not necessarily independently verified the information and except as required by law provides no assurance as to its accuracy, reliability, suitability or completeness. Two Sigma may have market views or opinions that materially differ from those discussed, and may have a significant financial interest in (or against) one or more of such views or opinions.


This article may include certain statements and that are historic or forward-looking in nature, and are inherently subject to significant business, economic and competitive uncertainties and contingencies. In addition, forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.


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Certain data in this article may be derived from third party data and is displayed pursuant to the following notices / disclaimers:


Barra, LLC’s analytics and data ( were used in preparation of this information. Copyright 2020 Barra, LLC. All Rights Reserved.


Certain data derived from data by Global Financial Data, Incorporated.


Certain data provided by MSCI. Copyright MSCI 2020. All Rights Reserved. Unpublished. PROPRIETARY TO MSCI.


Any data derived from the Bloomberg Commodity Index is provided under the following notice:


“Bloomberg®” and “Bloomberg Commodity IndexSM” are service marks of Bloomberg Finance L.P. and its affiliates (collectively, “Bloomberg”). The Bloomberg Commodity IndexSM has been licensed by Bloomberg and UBS Securities LLC (and together with its affiliates, collectively, “UBS”) for use for certain purposes by TSIS. Neither Bloomberg nor UBS are affiliated with TSIS, and Bloomberg and UBS do not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.