JJPiPath Series B Bloomberg Precious Metals Subindex Total Return ETN
JJP Fund Description
JJP tracks an index designed to provide exposure to gold and silver through futures contracts.
JJP Factset Analytics Insight
JJP tracks an index of futures contracts on both gold and silver. Contracts are tracked beginning at two to four months to maturity, according to a fixed schedule, and held until shortly before expiration. JJP weights the two metals using a combination of liquidity and production data, which means it overweights silver compared to its production-weighted, gold-heavy benchmark. JJP will not perfectly follow the spot price of gold and silver because it tracks futures prices. As an ETN, JJP is subject to the counterparty risk of its issuer, Barclays. This note offers two advantages over other products: it issues a 1099 at tax time (not a complex K-1), and it’s taxed at the regular long-term capital gains rate (not the higher collectibles rate). JJP 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 JJPB until November 16, 2018.
JJP Portfolio Management
JJP Tax Exposures
JJP Fund Structure
JJP Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of JJP. JJP is rated a 5 out of 5.
JJP Sector Breakdown
JJP Tenor Strategy
JJP 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.
JJP Rolling Strategy
JJP rolls contracts over an annually pre-determined 5 day period each month.