GSP Fund Description

The iPath S&P GSCI Total Return ETN tracks a broad index of commodities futures contracts weighted according to global production.

GSP ETF.com Insight

GSP is the best of three ETPs on the market that track the S&P GSCI. Of course, that doesn't necessarily mean it's the best broad-based commodities product: Like the GSCI, it usesGSP is the best of three ETPs on the market that track the S&P GSCI front-month futures contracts for exposure to its target commodities, making it especially sensitive to the forces of contango. Also like the GSCI, it has heavy exposure to energy (over 70%), and WTI crude and Brent crude oil in particular (almost 50%). However, if a plain-vanilla, production-weighted index of commodities is what you're looking for, it's hard to beat GSP. The only dark mark here is liquidity: Unlike some of its brethren that trade multiple millions of dollars on most days, GSP has a median daily volume of about $300K. (Insight updated 07/24/2014)

1 Year
Performance [as of 10/21/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GSP -7.61% -15.44% -14.21% -15.02% -5.24% -2.94% --
GSP (NAV) -7.78% -15.68% -14.28% -15.16% -5.30% -3.04% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GSP Top 10 Contracts

This chart is unavailable

GSP 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.

$84.64 M

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

$636.83 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.20%

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.

GSP 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.

--

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

--

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

0

The number of single commodities represented in the fund holdings.

GSP Index Data

S&P GSCI

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

Production

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

Futures Liquidity

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 GSP

DBC, SBV, USCI, DJP, UCI

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

GSP ETF.com Efficiency Insight

GSP is a reasonably efficient fund. It charges 75 bps, which is a reasonable price in the commodities world, and has delivered the best, albeit still volatile, tracking of the GSCI. GSP's median tracking difference of 82 bps—higher than its expense ratio—adds to costs. (Insight updated 07/24/2014)

Total Return - 05/30/2014
Performance [as of 07/24/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
GSP -5.53% -4.01% 1.08% -0.25% -3.49% 2.49% --
GSP (NAV) -5.53% -3.77% 1.26% -0.18% -3.54% 2.54% --
S&P GSCI -5.14% -3.36% 1.60% 0.59% -2.65% 3.22% -0.87%
S&P GSCI -5.14% -3.36% 1.60% 0.59% -2.65% 3.22% -0.87%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

GSP Portfolio Management

0.75%

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

-0.82%

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.

-0.02%

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

-1.17%

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

GSP 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.

GSP 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.

Monthly

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

GSP ETF.com Tradability Insight

GSP comes up short in Tradability. It trades about $300K on a typical day, while spreads average 20 bps. This is far from ideal, but can be managed with limit orders set close to iNAV, although getting filled may take time. Its block liquidity score is perfect, so institutions should have no problems moving full creation units. (Insight updated 07/24/2014)



Average Spread
Premium/Discount
Volume

GSP ETF.com/ Block LiquidityAs of 10/22/2014

5
4
3
2
1

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

GSP Tradability

21,672

It is the daily number of shares traded, averaged over the past 45 trading days.

$636.83 K

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

13,376

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

$389.15 K

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

0.20%

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 45 days, as a percent.

$0.06

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

-0.02%

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

0.56% / -0.39%

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

0.27

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.

--

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

$27.89

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.

GSP ETF.com Fit Insight

GSP tracks the same index we’ve chosen as our neutral benchmark. Thus, it’s an energy-heavy play with especially high exposure to WTI crude oil (26%) and Brent crude oil (23%). In contrast, it has very little exposure to the precious metals or really any of the other commodity sectors. As we’d expect, GSP has underperformed our benchmark by around the amount of its expense ratio.

Note: GSP has not been scored in Fit due to insufficient data. (Insight updated 07/24/2014)

GSP Sector Breakdown

GSP Segment Benchmark
72.35% 0.00%

11.42% 0.00%

7.06% 0.00%

6.43% 0.00%

2.74% 0.00%

GSP Top 10 Contracts

GSP Performance Statistics

1.00

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

1.06

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.

1.06

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.

1.06

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.

GSP Top 5 Collateral Investments

No data available

GSP Expected Decay

GSP Segment Benchmark
CommodityWeightDecay
to Front
Decay to
Preceding
CommodityWeightDecay
to Front
Decay to
Preceding
Soybeans------Soybeans2.22%-0.78%-0.30%
Coffee------Coffee0.76%0.06%0.06%
Lean Hogs------Lean Hogs2.14%-1.18%-1.18%
Crude Oil------Crude Oil26.03%-3.84%-3.84%
Silver------Silver0.34%0.00%0.00%
Cocoa------Cocoa0.32%-0.02%-0.02%
Lead------Lead0.47%0.01%0.01%
Zinc------Zinc0.66%0.00%0.00%
Cotton------Cotton0.85%-0.03%-0.03%
RBOB Gasoline------RBOB Gasoline5.95%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