DJP Fund Description

The iPath Dow Jones-UBS Commodity Index Total Return ETN tracks a broad index of front-month commodities futures contracts selected according to liquidity and diversity requirements.

DJP ETF.com Insight

[As of 11/1/13] DJP delivers exposure to the Dow Jones-UBS Commodity Index, a broad, simple index that attempts to diversify its basket of commodities by applying a 33% cap to eachIt has about half as much exposure to energy as our benchmark commodity sector and a 15% cap to each individual commodity. As a result, it has about half as much exposure to energy as our uncapped production-weighted benchmark and much more exposure to agriculture and metals. Most notably, it severely underweights WTI and Brent crude oil—the two commodities that, together, make up nearly half of our benchmark—and overweights natural gas, gold and aluminum. DJP is one of the most liquid and popular ETNs on the market, with $1.7B in AUM. It provides reasonable, diverse exposure to the commodities space, but its front-month rolling strategy is more sensitive to contango, so long-term investors should watch out for implied roll costs.

1 Year

Performance [as of 03/21/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

DJP (Mkt)
-0.49% 4.06% 6.01% -4.37% -8.05% 2.67% --

DJP (NAV)

-0.66% 4.31% 5.96% -4.58% -8.03% 2.69% --

Bloomberg Commodity Index Total Return

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DJP Top 10 Contracts

DJP Summary Data

Barclays Capital

A company that produces and manages ETFs.

06/06/06

The first date of a fund's operations, as documented by the issuer.

Exchange-Traded Note

The organizational structure of the fund or ETN.

0.75%

The net total annual fee a fund holder pays to the issuer.

$1.57 B

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$10.5 M

Average dollar value of shares traded over 60 calendar days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

DJP Portfolio Data

Futures

This details how the fund accesses its commodities, whether holdings are physically–held or futures based.

Front Month

Rolling strategy is the process by which a fund deals with contract expiration.

Annual

How often a fund rebalances its holdings back to the stated target weights in the prospectus.

-0.01%

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to the current front month contract.

-0.07%

This is the weighted average decay of all contracts held by a fund, calculated from the current contract to each holding's preceding contract.


21

The number of single commodities represented in the fund holdings.

DJP Index Data

Bloomberg Commodity Index
Total Return

This is the benchmark an ETF is desigend to track or replicate.

Multi-Factor

A set of rules that the underlying index provider follows to weight its constituent securities.

Fixed

A set of rules that the underlying index provider follows to select its constituent securities.

S&P GSCI

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to DJP

DBC, GSP, USCI, SBV, UCI

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DJP ETF.com Efficiency Insight

[As of 11/1/13] DJP has had trouble tracking its index. Its fee is 75 bps—a reasonable price for a commodity ETN—but it uses a dynamic pricing structure that results in a higher fee when the index does well. As a result, the median tracking difference between DJP and its index is -1.01%— tacking almost 30 bps onto its sticker price. Still, with nearly $1.7B in AUM, investor interest is strong.

Total Return

Performance [as of 03/21/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

DJP (Mkt)
-0.49% 4.06% 6.01% -4.37% -8.05% 2.67% --

DJP (NAV)
-0.66% 4.31% 5.96% -4.58% -8.03% 2.69% --

Bloomberg Commodity Index Total Return
-- -- -- -- -- -- --

S&P GSCI
-1.25% 0.94% 1.71% 0.02% -2.98% 5.80% -0.2%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DJP Portfolio Management

0.75%

The net total annual fee a fund holder pays to the issuer.

-1.26%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.65%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-1.70%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

DJP Tax Exposure

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DJP Fund Structure

Exchange-Traded Note

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

N/A

An indicator of whether or not a fund actively lends its portfolio holdings.

Barclays Capital Inc

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

Low

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Semi Annually

The frequency of an issuer's disclosure of all fund holdings.

N/A

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

N/A

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

DJP ETF.com Tradability Insight

[As of 11/1/13] DJP should be easy to trade for most investors. Almost $20M changes hands on most days, at average spreads of just 4 bps. Over 11 creation units’ worth of shares trade on an average day, and DJP is easy to hedge, so it’s no surprise the ETN earns a perfect block liquidity score. Overall, the note is highly liquid and easy to trade at any size.

Average Spread

Premium/Discount

Volume

DJP ETF.com/ Block LiquidityAs of 07/25/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DJP. DJP is rated a 5 out of 5.

DJP Tradability

269,020

The average number of shares traded during a 60 day period.

$10.5 M

Average dollar value of shares traded over 60 calendar days.

227,823

Median number of shares traded over the past 45 trading days.

$8.95 M

Median dollar value of shares traded over the past 45 trading days.

0.05%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

$0.02

The difference between the highest and lowest posted prices for an ETF, averaged over the past 60 days, in dollars.

0.00%

The middle value in the ranked set of all premium/discount values over a 12-month period.

1.16% / -0.36%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

50,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

4.56

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

347

The total number of net outstanding options contracts for an ETF.

N/A

Indicates whether there is an active futures market for the underlying index tracked by the fund, which can help market makers hedge their trading activity.

--

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

DJP ETF.com Fit Insight

[As of 11/1/13] DJP caps its exposure to commodities and sectors in order to limit the influence of energy and provide a more balanced portfolio. DJP cuts our benchmark’s 72% allocation to energy down to 37%, paring its crude and Brent crude oil allocations from 49% to about 16%. Instead, it overweights the other commodities, most notably natural gas, gold and aluminum. In all, DJP provides diversified exposure that significantly reduces energy exposure relative to our benchmark.

DJP Sector Breakdown

DJP Segment Benchmark
13.95% 32.90%
71.05% 30.66%
2.77% 15.80%
6.08% 14.88%
6.14% 5.76%

DJP Performance Statistics

0.55

The degree to which the fund and its segment benchmark move up and down in unison.

0.68

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.55

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.79

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.01%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

DJP Top 5 Collateral Investments

No data available

DJP Expected Decay

DJP Segment Benchmark
Commodity Weight Decay
to Front
Decay to
Preceding
Commodity Weight Decay
to Front
Decay to
Preceding
Gold 11.80% 0.00% 0.00% Gold 2.44% 0.00% 0.00%
Natural Gas 8.96% -0.03% -0.39% Natural Gas 3.07% -0.01% -0.13%
Crude Oil 8.47% -0.07% -0.79% Crude Oil 24.97% -0.20% -2.33%
Corn 7.62% 0.00% 0.00% Corn 3.56% 0.04% 0.22%
Copper 6.21% -0.09% -0.52% Copper 2.79% -0.00% -0.01%
Brent Crude 6.09% -0.04% -0.21% Brent Crude 22.96% -0.06% -0.66%
Soybeans 5.91% 0.00% 0.00% Soybeans 2.84% -0.05% -0.31%
Wheat 4.99% -0.01% -0.05% Wheat 3.98% -0.00% -0.03%
Aluminium 4.29% 0.04% 0.55% Aluminium 1.79% 0.02% 0.23%
Silver 4.00% 0.00% 0.03% Silver 0.33% 0.00% 0.00%
Weighted Average
Expected Decay:



Weighted Average
Expected Decay:


Expected Decay: Decay-to-front measures the annualized price difference between the price of a futures contract and the current front-month futures price for the commodity. Decay-to-front shows the annualized expected cost (appreciation) should the front month price not change between now and contract expiration. We annualize this cost to make it uniform for all contract months. Decay-to-preceding similarly measures the annualized price difference between a futures contract and the contract before it on the curve and shows the annualized expected cost (appreciation) should the spot prices and the shape of the curve remain intact. The figures are presented as decay, so a negative number implies an expected gain and a positive number implies an expected loss. Front month positions are evaluated against the next available contract ahead of it on the curve.

Term Structure