{"bundle_type":"pith_open_graph_bundle","bundle_version":"1.0","pith_number":"pith:2016:4VLWLVZMHG3TVFD47OURUOJ3TT","short_pith_number":"pith:4VLWLVZM","canonical_record":{"source":{"id":"1610.09404","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-10-28T21:08:01Z","cross_cats_sorted":[],"title_canon_sha256":"6713c6389ce9254d78267a6fe319ee67b864ec372092d1f2a32092bc477713a6","abstract_canon_sha256":"1c065b555b2ff8d9484ab6c57375097114386741a4900bce2ad1ce5afe47077c"},"schema_version":"1.0"},"canonical_sha256":"e55765d72c39b73a947cfba91a393b9ccc313657faff06cc7b819aa31eea61a6","source":{"kind":"arxiv","id":"1610.09404","version":1},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1610.09404","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"arxiv_version","alias_value":"1610.09404v1","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1610.09404","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"pith_short_12","alias_value":"4VLWLVZMHG3T","created_at":"2026-05-18T12:29:58Z"},{"alias_kind":"pith_short_16","alias_value":"4VLWLVZMHG3TVFD4","created_at":"2026-05-18T12:29:58Z"},{"alias_kind":"pith_short_8","alias_value":"4VLWLVZM","created_at":"2026-05-18T12:29:58Z"}],"events":[{"event_type":"record_created","subject_pith_number":"pith:2016:4VLWLVZMHG3TVFD47OURUOJ3TT","target":"record","payload":{"canonical_record":{"source":{"id":"1610.09404","kind":"arxiv","version":1},"metadata":{"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-10-28T21:08:01Z","cross_cats_sorted":[],"title_canon_sha256":"6713c6389ce9254d78267a6fe319ee67b864ec372092d1f2a32092bc477713a6","abstract_canon_sha256":"1c065b555b2ff8d9484ab6c57375097114386741a4900bce2ad1ce5afe47077c"},"schema_version":"1.0"},"canonical_sha256":"e55765d72c39b73a947cfba91a393b9ccc313657faff06cc7b819aa31eea61a6","receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-05-18T01:00:52.123561Z","signature_b64":"zUXoEIA95/TbQaWYH91O3SBuroJIVMQzJwyN9A1YZvvkSl5xvoCS81fGw5MHST06T0AhHN0WzX7fRNVBanL3AQ==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"e55765d72c39b73a947cfba91a393b9ccc313657faff06cc7b819aa31eea61a6","last_reissued_at":"2026-05-18T01:00:52.122965Z","signature_status":"signed_v1","first_computed_at":"2026-05-18T01:00:52.122965Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"source_kind":"arxiv","source_id":"1610.09404","source_version":1,"attestation_state":"computed"},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T01:00:52Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"3oALxnctXm/rzSQEkXBmC+PZVKy8rSnNmk99tI1dZl+AyVYlcC2adF3DSv7pUNnMPqnoZLBanXROXWTqCrxdBA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-24T20:13:49.995687Z"},"content_sha256":"d66a07768377f199dd3fa2ccae7dee377a7af239b26b600ec20be8d84f19153b","schema_version":"1.0","event_id":"sha256:d66a07768377f199dd3fa2ccae7dee377a7af239b26b600ec20be8d84f19153b"},{"event_type":"graph_snapshot","subject_pith_number":"pith:2016:4VLWLVZMHG3TVFD47OURUOJ3TT","target":"graph","payload":{"graph_snapshot":{"paper":{"title":"Understanding the Tracking Errors of Commodity Leveraged ETFs","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.GN","authors_text":"Kevin Guo, Tim Leung","submitted_at":"2016-10-28T21:08:01Z","abstract_excerpt":"Commodity exchange-traded funds (ETFs) are a significant part of the rapidly growing ETF market. They have become popular in recent years as they provide investors access to a great variety of commodities, ranging from precious metals to building materials, and from oil and gas to agricultural products. In this article, we analyze the tracking performance of commodity leveraged ETFs and discuss the associated trading strategies. It is known that leveraged ETF returns typically deviate from their tracking target over longer holding horizons due to the so-called volatility decay. This motivates "},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1610.09404","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"verdict_id":null},"signer":{"signer_id":"pith.science","signer_type":"pith_registry","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"created_at":"2026-05-18T01:00:52Z","supersedes":[],"prev_event":null,"signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"NlGEYUtLpqOhyRr8QPmojEul2LRWzLlkgVbTOIxaOUUHzOrxfQZEhihsNzJR88W4HjBAPMjsKAu+EyVu3sLMDA==","signed_message":"open_graph_event_sha256_bytes","signed_at":"2026-06-24T20:13:49.996033Z"},"content_sha256":"a3fed01436260b1ab8f2dacfa3f4c86b49f57237a1e5e8172535983f352af446","schema_version":"1.0","event_id":"sha256:a3fed01436260b1ab8f2dacfa3f4c86b49f57237a1e5e8172535983f352af446"}],"timestamp_proofs":[],"mirror_hints":[{"mirror_type":"https","name":"Pith Resolver","base_url":"https://pith.science","bundle_url":"https://pith.science/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/bundle.json","state_url":"https://pith.science/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/state.json","well_known_bundle_url":"https://pith.science/.well-known/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/bundle.json","status":"primary"}],"public_keys":[{"key_id":"pith-v1-2026-05","algorithm":"ed25519","format":"raw","public_key_b64":"stVStoiQhXFxp4s2pdzPNoqVNBMojDU/fJ2db5S3CbM=","public_key_hex":"b2d552b68890857171a78b36a5dccf368a953413288c353f7c9d9d6f94b709b3","fingerprint_sha256_b32_first128bits":"RVFV5Z2OI2J3ZUO7ERDEBCYNKS","fingerprint_sha256_hex":"8d4b5ee74e4693bcd1df2446408b0d54","rotates_at":null,"url":"https://pith.science/pith-signing-key.json","notes":"Pith uses this Ed25519 key to sign canonical record SHA-256 digests. Verify with: ed25519_verify(public_key, message=canonical_sha256_bytes, signature=base64decode(signature_b64))."}],"merge_version":"pith-open-graph-merge-v1","built_at":"2026-06-24T20:13:49Z","links":{"resolver":"https://pith.science/pith/4VLWLVZMHG3TVFD47OURUOJ3TT","bundle":"https://pith.science/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/bundle.json","state":"https://pith.science/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/state.json","well_known_bundle":"https://pith.science/.well-known/pith/4VLWLVZMHG3TVFD47OURUOJ3TT/bundle.json"},"state":{"state_type":"pith_open_graph_state","state_version":"1.0","pith_number":"pith:2016:4VLWLVZMHG3TVFD47OURUOJ3TT","merge_version":"pith-open-graph-merge-v1","event_count":2,"valid_event_count":2,"invalid_event_count":0,"equivocation_count":0,"current":{"canonical_record":{"metadata":{"abstract_canon_sha256":"1c065b555b2ff8d9484ab6c57375097114386741a4900bce2ad1ce5afe47077c","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-10-28T21:08:01Z","title_canon_sha256":"6713c6389ce9254d78267a6fe319ee67b864ec372092d1f2a32092bc477713a6"},"schema_version":"1.0","source":{"id":"1610.09404","kind":"arxiv","version":1}},"source_aliases":[{"alias_kind":"arxiv","alias_value":"1610.09404","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"arxiv_version","alias_value":"1610.09404v1","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.1610.09404","created_at":"2026-05-18T01:00:52Z"},{"alias_kind":"pith_short_12","alias_value":"4VLWLVZMHG3T","created_at":"2026-05-18T12:29:58Z"},{"alias_kind":"pith_short_16","alias_value":"4VLWLVZMHG3TVFD4","created_at":"2026-05-18T12:29:58Z"},{"alias_kind":"pith_short_8","alias_value":"4VLWLVZM","created_at":"2026-05-18T12:29:58Z"}],"graph_snapshots":[{"event_id":"sha256:a3fed01436260b1ab8f2dacfa3f4c86b49f57237a1e5e8172535983f352af446","target":"graph","created_at":"2026-05-18T01:00:52Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"graph_snapshot":{"author_claims":{"count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","strong_count":0},"builder_version":"pith-number-builder-2026-05-17-v1","claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"paper":{"abstract_excerpt":"Commodity exchange-traded funds (ETFs) are a significant part of the rapidly growing ETF market. They have become popular in recent years as they provide investors access to a great variety of commodities, ranging from precious metals to building materials, and from oil and gas to agricultural products. In this article, we analyze the tracking performance of commodity leveraged ETFs and discuss the associated trading strategies. It is known that leveraged ETF returns typically deviate from their tracking target over longer holding horizons due to the so-called volatility decay. This motivates ","authors_text":"Kevin Guo, Tim Leung","cross_cats":[],"headline":"","license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-10-28T21:08:01Z","title":"Understanding the Tracking Errors of Commodity Leveraged ETFs"},"references":{"count":0,"internal_anchors":0,"resolved_work":0,"sample":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"1610.09404","kind":"arxiv","version":1},"verdict":{"created_at":null,"id":null,"model_set":{},"one_line_summary":"","pipeline_version":null,"pith_extraction_headline":"","strongest_claim":"","weakest_assumption":""}},"verdict_id":null}}],"author_attestations":[],"timestamp_anchors":[],"storage_attestations":[],"citation_signatures":[],"replication_records":[],"corrections":[],"mirror_hints":[],"record_created":{"event_id":"sha256:d66a07768377f199dd3fa2ccae7dee377a7af239b26b600ec20be8d84f19153b","target":"record","created_at":"2026-05-18T01:00:52Z","signer":{"key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signer_id":"pith.science","signer_type":"pith_registry"},"payload":{"attestation_state":"computed","canonical_record":{"metadata":{"abstract_canon_sha256":"1c065b555b2ff8d9484ab6c57375097114386741a4900bce2ad1ce5afe47077c","cross_cats_sorted":[],"license":"http://arxiv.org/licenses/nonexclusive-distrib/1.0/","primary_cat":"q-fin.GN","submitted_at":"2016-10-28T21:08:01Z","title_canon_sha256":"6713c6389ce9254d78267a6fe319ee67b864ec372092d1f2a32092bc477713a6"},"schema_version":"1.0","source":{"id":"1610.09404","kind":"arxiv","version":1}},"canonical_sha256":"e55765d72c39b73a947cfba91a393b9ccc313657faff06cc7b819aa31eea61a6","receipt":{"algorithm":"ed25519","builder_version":"pith-number-builder-2026-05-17-v1","canonical_sha256":"e55765d72c39b73a947cfba91a393b9ccc313657faff06cc7b819aa31eea61a6","first_computed_at":"2026-05-18T01:00:52.122965Z","key_id":"pith-v1-2026-05","kind":"pith_receipt","last_reissued_at":"2026-05-18T01:00:52.122965Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","receipt_version":"0.3","signature_b64":"zUXoEIA95/TbQaWYH91O3SBuroJIVMQzJwyN9A1YZvvkSl5xvoCS81fGw5MHST06T0AhHN0WzX7fRNVBanL3AQ==","signature_status":"signed_v1","signed_at":"2026-05-18T01:00:52.123561Z","signed_message":"canonical_sha256_bytes"},"source_id":"1610.09404","source_kind":"arxiv","source_version":1}}},"equivocations":[],"invalid_events":[],"applied_event_ids":["sha256:d66a07768377f199dd3fa2ccae7dee377a7af239b26b600ec20be8d84f19153b","sha256:a3fed01436260b1ab8f2dacfa3f4c86b49f57237a1e5e8172535983f352af446"],"state_sha256":"11d4294c58efbc21cb2cb873bd9d9809b6762e1ec564b2dcb31678b331807423"},"bundle_signature":{"signature_status":"signed_v1","algorithm":"ed25519","key_id":"pith-v1-2026-05","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54","signature_b64":"YYsYInhRprl0S1AAKbRPQtSAq9q1kiq2TOz0eKuCM2HFMagEe+OQwD4dWyYr4Uk8JCL26tqfu5KVMx6m8UePAg==","signed_message":"bundle_sha256_bytes","signed_at":"2026-06-24T20:13:49.997989Z","bundle_sha256":"fbd32fd46eab2ea2420a9a39c0e59a9387fc2a2ed2d7e38283e0afb917d69523"}}