The left chart shows the Bloomberg Commodity Index since its inception along with annotated inflection points. Looking at the most recent data, you can see that the commodity index plunged in March 2020 at the onset of the pandemic before recovering by 131% through June 2022, as the economy reopened and inflation surged. On the right-hand side, we show a more granular snapshot of commodities. The table illustrates the current spot price of each of the constituents in the Bloomberg Index in addition to how each constituent’s price has changed since 12/31/2021 and since the index peaked in June 2022.