Barclays Bank PLC on Thursday launched 15 exchange-traded notes on the NYSE Arca exchange, each of which is designed to provide investors with exposure to the performance of a subindex of the Bloomberg Commodity Index Total ReturnSM.
Barclays also announced that it plans to delist from the NYSE Arca exchange and suspend sales from inventory and further issuances of certain existing commodity ETNs (the “Existing ETNs” and, together with the New ETNs), effective after the close of trading on April 12, 2018 (the “Delisting Date”).
The New ETNs are expected to begin trading on the NYSE Arca exchange on January 18, 2018 under the ticker symbols listed in the table below:
| New ETN Name |
ETN |
Underlying Index Name | Index Ticker | |||||||||
| iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN | JJAB | Bloomberg Agriculture Subindex Total ReturnSM | BCOMAGTR | |||||||||
| iPath® Series B Bloomberg Aluminum Subindex Total ReturnSM ETN | JJUB | Bloomberg Aluminum Subindex Total ReturnSM | BCOMALTR | |||||||||
| iPath® Series B Bloomberg Coffee Subindex Total ReturnSM ETN | BJO | Bloomberg Coffee Subindex Total ReturnSM | BCOMKCTR | |||||||||
| iPath® Series B Bloomberg Copper Subindex Total ReturnSMETN | JJCB | Bloomberg Copper Subindex Total ReturnSM | BCOMHGTR | |||||||||
| iPath® Series B Bloomberg Cotton Subindex Total ReturnSM ETN | BALB | Bloomberg Cotton Subindex Total ReturnSM | BCOMCTTR | |||||||||
| iPath® Series B Bloomberg Energy Subindex Total ReturnSMETN | JJEB | Bloomberg Energy Subindex Total ReturnSM | BCOMENTR | |||||||||
| iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN | JJGB | Bloomberg Grains Subindex Total ReturnSM | BCOMGRTR | |||||||||
| iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM ETN | JJMB | Bloomberg Industrial Metals Subindex Total ReturnSM | BCOMINTR | |||||||||
| iPath® Series B Bloomberg Livestock Subindex Total ReturnSM ETN | COWB | Bloomberg Livestock Subindex Total ReturnSM | BCOMLITR | |||||||||
| iPath® Series B Bloomberg Nickel Subindex Total ReturnSM ETN | BJJN | Bloomberg Nickel Subindex Total ReturnSM | BCOMNITR | |||||||||
| iPath® Series B Bloomberg Platinum Subindex Total ReturnSMETN | PGMB | Bloomberg Platinum Subindex TR | BCOMPLTR | |||||||||
| iPath® Series B Bloomberg Precious Metals Subindex Total ReturnSM ETN | JJPB | Bloomberg Precious Metals Subindex Total ReturnSM | BCOMPRTR | |||||||||
| iPath® Series B Bloomberg Softs Subindex Total ReturnSM ETN | JJSB | Bloomberg Softs Subindex Total ReturnSM | BCOMSOTR | |||||||||
| iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN | SGGB | Bloomberg Sugar Subindex Total ReturnSM | BCOMSBTR | |||||||||
| iPath® Series B Bloomberg Tin Subindex Total ReturnSM ETN | JJTB | Bloomberg Tin Subindex Total ReturnSM | BCOMSNTR | |||||||||
The New ETNs feature an investor fee calculated and subtracted from the closing indicative value of the ETNs on a daily basis at a rate of 0.45% per annum. The New ETNs will also be redeemable at the sole discretion of Barclays on any business day on or after their inception until maturity.
The subindices underlying the New ETNs reflect the returns that are potentially available through an unleveraged investment in the respective commodity futures contracts comprising the relevant subindex plus the rate of interest that could be earned on cash collateral invested in specified Treasury Bills.
The Existing ETNs that Barclays plans to delist currently trade on NYSE Arca under the ticker symbols listed in the table below. After the close of trading on the Delisting Date, Barclays plans to suspend, until further notice, any further sales from inventory and any further issuances of each series of the Existing ETNs. Some of the Existing ETNs listed below may already be subject to this suspension.
| Existing ETN Name |
ETN |
Underlying Index Name | Index Ticker | |||||||||
| iPath® Bloomberg Agriculture Subindex Total ReturnSM ETN | JJA | Bloomberg Agriculture Subindex Total ReturnSM | BCOMAGTR | |||||||||
| iPath® Bloomberg Aluminum Subindex Total ReturnSM ETN | JJU | Bloomberg Aluminum Subindex Total ReturnSM | BCOMALTR | |||||||||
| iPath® Bloomberg Coffee Subindex Total ReturnSM ETN | JO | Bloomberg Coffee Subindex Total ReturnSM | BCOMKCTR | |||||||||
| iPath® Bloomberg Copper Subindex Total ReturnSM ETN | JJC | Bloomberg Copper Subindex Total ReturnSM | BCOMHGTR | |||||||||
| iPath® Bloomberg Cotton Subindex Total ReturnSM ETN | BAL | Bloomberg Cotton Subindex Total ReturnSM | BCOMCTTR | |||||||||
| iPath® Bloomberg Energy Subindex Total ReturnSM ETN | JJE | Bloomberg Energy Subindex Total ReturnSM | BCOMENTR | |||||||||
| iPath® Bloomberg Grains Subindex Total ReturnSM ETN | JJG | Bloomberg Grains Subindex Total ReturnSM | BCOMGRTR | |||||||||
| iPath® Bloomberg Industrial Metals Subindex Total ReturnSM ETN | JJM | Bloomberg Industrial Metals Subindex Total ReturnSM | BCOMINTR | |||||||||
| iPath® Bloomberg Livestock Subindex Total ReturnSM ETN | COW | Bloomberg Livestock Subindex Total ReturnSM | BCOMLITR | |||||||||
| iPath® Bloomberg Nickel Subindex Total ReturnSM ETN | JJN | Bloomberg Nickel Subindex Total ReturnSM | BCOMNITR | |||||||||
| iPath® Bloomberg Platinum Subindex Total ReturnSM ETN | PGM | Bloomberg Platinum Subindex TR | BCOMPLTR | |||||||||
| iPath® Bloomberg Precious Metals Subindex Total ReturnSM ETN | JJP | Bloomberg Precious Metals Subindex Total ReturnSM | BCOMPRTR | |||||||||
| iPath® Bloomberg Softs Subindex Total ReturnSM ETN | JJS | Bloomberg Softs Subindex Total ReturnSM | BCOMSOTR | |||||||||
| iPath® Bloomberg Sugar Subindex Total ReturnSM ETN | SGG | Bloomberg Sugar Subindex Total ReturnSM | BCOMSBTR | |||||||||
| iPath® Bloomberg Tin Subindex Total ReturnSM ETN | JJT | Bloomberg Tin Subindex Total ReturnSM | BCOMSNTR | |||||||||
| iPath® S&P GSCI® Crude Oil Total Return Index ETN | OIL | S&P GSCI® Crude Oil Total Return Index | SPGSCLTR | |||||||||
Following the delisting, the Existing ETNs will remain outstanding, though they will no longer be listed for trading on any national securities exchange. At such point, the ETNs may trade, if at all, on an over-the-counter basis, the secondary market for the Existing ETNs may experience a significant drop in liquidity, and holders of the Existing ETNs may not be able to trade or sell their Existing ETNs easily.
The Existing ETN holders’ option to require Barclays to repurchase the Existing ETNs will not be affected by this delisting. Currently, holders of the Existing ETNs are required to redeem a minimum number of Existing ETNs of the same series at one time in order to exercise the right to redeem the Existing ETNs directly with the issuer. Barclays will temporarily waive the required minimum redemption size for each series of Existing ETNs. The waiver will be irrevocable and effective after the close of trading on January 17, 2018 for the next three years until and including January 19, 2021, unless extended by Barclays at its sole discretion. Any future modification, including extending the term of the waiver or temporarily or permanently reducing, waiving or otherwise modifying the minimum redemption size, will be applied on a consistent basis for all holders of that series of Existing ETNs at the time such modification becomes effective.
For more information on new fund products, visit our new ETFs category.