JOiPath Series B Bloomberg Coffee Subindex Total Return ETN
JO Fund Description
JO tracks an index that holds a single coffee futures contract, rolled according to a fixed schedule.
JO Factset Analytics Insight
JO tracks a single coffee futures contract at a time, purchased two or three months out and held until the month of maturity. The note tracks every other contract from February through July, but switches to every third contract during the fall and winter months. This method differentiates the note from its benchmark, which holds the front-month futures contracts year-round. Still, JO serves as a viable option for getting exposure to coffee prices via futures. Structured as an ETN, JO carries the counterparty risk of its issuer. Note: JO 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 BJO until November 16, 2018.
JO Portfolio Management
JO Tax Exposures
JO Fund Structure
JO Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of JO. JO is rated a 5 out of 5.
JO Sector Breakdown
JO Tenor Strategy
JO 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.
JO Rolling Strategy
JO rolls contracts over an annually pre-determined 5 day period each month.