COWiPath Series B Bloomberg Livestock Subindex Total Return ETN
COW Fund Description
COW tracks an index of lean hogs and live cattle commodity futures contracts, rolled according to a fixed schedule.
COW Factset Analytics Insight
COW is a livestock ETN that tracks an index comprised of lean hogs and live cattle futures contracts. That differs from our benchmark, which incorporates all three types of livestock contracts: lean hogs, live cattle, and feeder cattle. The index typically rolls its contracts every other month, except in May and June when the lean hog exposure rolls into the front-month contract to allow for greater contract liquidity during the summer trading season. As an ETN, COW does not issue a K-1 form at tax time, but carries the counterparty risk of issuer Barclays. COW replaced an older ETN with the same ticker. The newer, series B note tracks the same index, but avoids path dependency issues. It also includes a call provision. The new version traded under the ticker COWB until November 16, 2018.
COW Portfolio Management
COW Tax Exposures
COW Fund Structure
COW Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of COW. COW is rated a 5 out of 5.
COW Sector Breakdown
COW Tenor Strategy
COW invests solely in second-month futures contracts. This means that the fund will be particularly sensitive to changes in spot prices, but may be priced higher or lower than spot, sometimes dramatically.
COW Rolling Strategy
COW rolls contracts over an annually pre-determined 5 day period each month.