iPath Pure Beta Broad Commodity ETN
BCM
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ROIC.AI
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- iPath Pure Beta Broad Commodity ETN (BCM) is an exchange-traded note (ETN) issued by Barclays Bank PLC that provides exposure to the Barclays Commodity Index Pure Beta Total Return, comprising a diversified basket of exchange-traded futures contracts on physical commodities across multiple sectors including energy, metals, agriculture, and livestock; the index employs a pure beta methodology that rolls futures contracts based on the Barclays Pure Beta Series 2 Methodology to capture returns potentially available from an unleveraged investment in those commodities. BCM offers investors commodity market performance without direct ownership of physical assets or futures positions, with no distributions or K-1 tax forms, maturing on April 18, 2041, and listed on NYSE Arca. The ETN targets institutional and retail investors seeking broad commodity beta exposure globally through U.S. markets, backed by the unsecured credit of Barclays Bank PLC headquartered in London, United Kingdom, with inception on April 20, 2011. In a major operational change, Barclays Bank PLC exercised its issuer call option to redeem BCM in full on June 14, 2023, with trading suspended prior to market open on June 8, 2023, and holders receiving a cash payment per ETN equal to the closing indicative value on June 7, 2023 (the Valuation Date). This redemption followed Barclays' broader strategy to discontinue certain legacy iPath ETNs, including BCM among 21 series announced for full redemption in April 2023, amid efforts to streamline its structured product offerings. No subsequent relaunches, new issuances, partnerships, or acquisitions related to BCM have been reported, rendering the ETN inactive post-redemption.