JJAiPath Series B Bloomberg Agriculture Subindex Total Return ETN
JJA Fund Description
JJA tracks an index of seven agricultural commodity futures contracts that are selected according to liquidity and production.
JJA Factset Analytics Insight
JJA tracks an index of futures contracts on agricultural commodities. The notes’ targeted contracts include corn, soybeans, sugar, wheat, soybean oil, coffee, and cotton. The index eliminated cocoa futures from its basket in 2005. The methodology weights the contracts by liquidity (2/3) and US dollar-weighted production (1/3). Each commodity contract has a roll schedule that is set by the index provider, Bloomberg, and varies in length from one to five months to maturity. Investors avoid a K-1 at tax time due to the ETN wrapper, but also accept some counterparty risk from issuer Barclays. JJA replaced an older ETN with the same ticker. The newer, series B note tracks the same index and avoids path dependency issues. It also includes a call provision. The new version traded under the ticker JJAB until Nov. 16, 2018.
JJA Portfolio Management
JJA Tax Exposures
JJA Fund Structure
JJA Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of JJA. JJA is rated a 5 out of 5.
JJA Sector Breakdown
JJA Tenor Strategy
JJA 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.
JJA Rolling Strategy
JJA rolls contracts over an annually pre-determined 5 day period each month.