JJMiPath Series B Bloomberg Industrial Metals Subindex Total Return ETN
JJM Fund Description
JJM tracks an index of futures contracts on four different industrial metals, rolled according to a fixed schedule.
JJM Factset Analytics Insight
JJM tracks an index of four contracts in the industrial metals space: aluminum, nickel, zinc, and copper. These contracts are weighted by a combination of liquidity and production, with a 33% cap per contract. Contract maturities range from one to three months, depending on the commodity, according to a fixed schedule. Noticeably, JJM excludes exposure to lead (unlike our benchmark), but that is not too surprising considering the exclusion of lead is common in the industrial metals space. As an ETN, JJM does not issue a K-1 form at tax time, though investors must accept the counterparty risk of issuer Barclays. JJM 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 JJMB until November 16, 2018.
JJM Portfolio Management
JJM Tax Exposures
JJM Fund Structure
JJM Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of JJM. JJM is rated a 5 out of 5.
JJM Sector Breakdown
JJM Tenor Strategy
JJM 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.
JJM Rolling Strategy
JJM rolls contracts over an annually pre-determined 5 day period each month.