iPath® Dow Jones-UBS Coffee Subindex Total ReturnSM ETN (JO)
The iPath® Dow Jones-UBS Coffee Subindex Total Return ETN is designed to provide investors with exposure to the Dow Jones-UBS Coffee Subindex Total Return.
The Dow Jones-UBS Coffee Subindex Total Return (the "Index") reflects the returns that are potentially available through an unleveraged investment in the futures contracts on coffee. Index currently consists of one futures contract on the commodity of coffee which is included in the Dow Jones-UBS Commodity Index Total Return.
|Daily Indicative Value†||$36.09|
† The "Daily Indicative Value" is historical, does not guarantee future performance, and is shown for illustrative purposes only. The issuer or an affiliate will provide the official Redemption Value to the redeeming holder in advance of any redemption. See additional information below.
* Market Capitalization = Daily Indicative Value x ETNs Outstanding
|20-Day Volume Average||49,284|
|Primary Exchange||NYSE Arca|
|Intraday Indicative Value Ticker||JO.IV|
|Bloomberg ETN Keystroke||JO<EQUITY><GO>|
|Bloomberg Index Ticker||DJUBKCTR|
|iPath Indicative Value Return||-4.17%||8.20%||3.23%||68.10%||58.09%||-14.40%||-0.39%||N/A||-4.90%|
|iPath Market Price Return||-3.30%||9.07%||4.57%||69.46%||58.56%||-14.03%||-0.20%||N/A||-4.80%|
Source: BlackRock. Period ending 09/30/2014.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. See additional market price information.
|Dow Jones-UBS Coffee Subindex Total ReturnSM||1.00|
|MSCI EAFE Index||0.25|
|MSCI Emerging Markets IndexSM||0.19|
|Barclays US Aggregate Bond Index||0.11|
|Bloomberg Commodity℠ (Total Return Index)||0.53|
Sources: Dow Jones Opco, LLC, UBS Securities LLC, MSCI Inc., Barclays, S&P, BlackRock, 5 years based on monthly returns.
Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index Returns do not reflect any management fees, transaction costs, or expenses which would reduce your actual return. Indexes are unmanaged and one cannot invest directly in an index.
Market Returns measure returns over the relevant period using the change in the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern time) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions, which will reduce actual returns.
Indicative Value Returns
The Indicative Value Returns measure the returns over the relevant period using the change in the Indicative Value expressed as a percentage from the beginning of the relevant period to the end of the relevant period and reflect the Current Investor Fee.
Subject to the notification requirements described in the applicable prospectus, the ETNs may be redeemed by the holder on any Redemption Date during the term of the ETNs. If the ETNs are redeemed, the holder will receive a cash payment in U.S. dollars equal to the Daily Redemption Value, which is (1) the Principal Amount per ETN times (2) the applicable Index Factor on the applicable Valuation Date minus (3) the Investor Fee on the applicable Valuation Date. A holder must redeem at least 50,000 iPath ETNs2 of the same series at one time in order to exercise the right to redeem ETNs on any Redemption Date.
A Redemption Date is the third business day following each Valuation Date (other than the Final Valuation Date). The Final Redemption Date will be the third business day following the Valuation Date that is immediately prior to the Final Valuation Date. Valuation Date means each business day from the Initial Valuation Date to the Final Valuation Date, inclusive or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days.
An intraday "indicative value" meant to approximate the intrinsic economic value of each series of iPath ETNs is calculated and published by Bloomberg L.P. or a successor via the facilities of the Consolidated Tape Association under the respective ticker symbols listed above. Additionally, the Daily Indicative Value of this series of iPath ETNs is calculated and posted each trading day to the Indicative Values table above. In connection with this series of iPath ETNs, the term "indicative value" refers to the value of the ETNs at a given time determined based on the following equation:
Indicative Value = Principal Amount per ETN X (Current Index Level / Initial Index Level) - Current Investor Fee
Principal Amount per ETN = $50
Current Index Level = The most recent published level of the Index underlying this series of iPath ETNs, as reported by the relevant index sponsor.
Initial Index Level = The level of the Index underlying the ETNs on the inception date.
Current Investor Fee = The most recent daily calculation of the investor fee with respect to an iPath ETN, determined as described on this product page1 (which, during any trading day, will be the investor fee determined on the preceding calendar day).
The indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of the iPath ETNs, nor does it reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published Index levels from the sponsors of the indices underlying the iPath ETNs may occasionally be subject to delay or postponement. Any such delays or postponements will affect the Current Index Level and therefore the indicative value of the iPath ETNs. Index levels provided by the sponsors of the indices underlying the iPath ETNs do not necessarily reflect the depth and liquidity of the underlying commodities markets. For this reason and others, the actual trading price of the iPath ETNs may be different from their indicative value.
1 The Investor Fee is equal to the Yearly Fee times the Principal Amount of the ETNs times the applicable Index Factor, calculated on a daily basis in the following manner. The Investor Fee on the Inception Date equaled zero. On each subsequent calendar day until maturity or early redemption, the Investor Fee will increase by an amount equal to (1) the Yearly Fee times (2) the principal amount of the ETNs times (3) the applicable Index Factor on that day (or, if such day is not a trading day, the Index Factor on the immediately preceding trading day) divided by (4) 365. The Index Factor on any given day will be equal to the closing value of the Index underlying the ETNs on that day divided by the Initial Index Level. The Initial Index Level for this series of iPath ETNs is the closing value of the Index underlying the ETNs on the Inception Date.
2 The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount of 50,000 ETNs, applicable to all holders, at the time the reduction becomes effective.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the "ETNs") involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any decrease in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the value of such index has increased. Because the ETNs are subject to an investor fee and any other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt obligations of the issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Market and Volatility Risk: The prices of physical commodities, including the commodities underlying the index components, can fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Additionally, the market value of the ETNs may be influenced by many unpredictable factors including changes in supply and demand relationships, governmental policies and economic events.
Concentration Risk: Because the ETNs are linked to an index composed of futures contracts on a single commodity or in only one commodity sector, the ETNs are less diversified than other funds. The ETNs can therefore experience greater volatility than other funds or investments.
A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on NYSE Arca, a trading market for the ETNs may not develop and the liquidity of the ETNs may be limited, as we are not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions: You must redeem at least 50,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date. You may only redeem your ETNs on a redemption date if we receive a notice of redemption from you by certain dates and times as set forth in the pricing supplement.
Uncertain Tax Treatment: Significant aspects of the tax treatment of the ETNs are uncertain. You should consult your own tax advisor about your own tax situation.
The Dow Jones-UBS Commodity Indexes are a joint product of Dow Jones Opco, LLC ("Dow Jones Opco"), a subsidiary of S&P Dow Jones Indices LLC, and UBS Securities LLC ("UBS"), and have been licensed for use by Barclays Bank PLC. "Dow Jones®", "DJ", "UBS", "Dow Jones-UBS Commodity Index", "Dow Jones-UBS Commodity Index Total Return", "Dow Jones-UBS Coffee Subindex Total Return", and "DJ-UBSCI", are service and/or trademarks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and UBS AG ("UBS AG"), as the case may be. S&P® is a registered trademark of Standard & Poor's Financial Services LLC. The ETNs based on the Dow Jones-UBS Coffee Subindex Total Return are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective affiliates, makes any representation or warranty, express or implied, to the owners of or counterparts to the ETNs based on the indices or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs based on any of the indices particularly.