A new index family that combines long and short futures and cash is available for exchange traded funds (ETFs) to follow. Morningstar has created a group of five commodity-futures indexes that are designed for investors in search of benchmarks. The Morningstar Commodity Indexes come in Long/Short, Long/Flat, Short/Flat, Long-only and Short-only. Morningstar figures out a "linked" price for each commodity by using price changes and the loss or gain resulting from replacing a contract with one that matures in the future, reports Darla Mercado for Investment News. So stay tuned: The launch of new indexes indicates new ETFs likely are on the way.

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