X-funds are short-dated futures contracts that have a two-week life span.  Each X-fund is comprised of underlying “components” (certain contracts traded at CME and CBOT), which may be either long or short.  The X-funds are designed and managed by Commodity Trading Advisors and individuals known as “fund designers”.  No actual positions are taken in the individual components that comprise the X-funds. Also, positions in the X-funds must be re-established upon expiration, as there is no automatic roll. CME will notify customers after 3:45 p.m. each Thursday prior to the next designated Monday trading session during which X-Funds will be available for a 2-week trading cycle.

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