iPath Pure Beta Cocoa ETN
CHOC
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- iPath® Pure Beta Cocoa ETN (CHOC) is an exchange-traded note issued by Barclays Bank PLC that provides investors with exposure to the returns of the Barclays Cocoa Pure Beta TR Index (Bloomberg Subindex Total Return), which tracks the performance of cocoa futures contracts through a pure-beta strategy reflecting excess returns from rolling futures positions; the ETN matures on April 18, 2041. Launched on April 20, 2011, and domiciled in the United States, it operates in the commodities sector, targeting investors seeking leveraged or unleveraged exposure to cocoa market volatility without direct commodity ownership. Barclays Bank PLC, headquartered in London, United Kingdom, serves as the issuer and handles all obligations under the unsecured debt instrument. The ETN's core offering centers on synthetic replication of cocoa commodity benchmarks via derivatives, including front-month and deferred futures contracts on cocoa traded on exchanges such as ICE Futures U.S.; it features an investor fee of 0.75% annually, with no physical delivery of cocoa. As part of Barclays' broader iPath® ETN series, it caters to institutional and retail investors in agriculture commodities, with geographic focus on global cocoa markets spanning production regions in West Africa, Latin America, and Asia. In recent developments, Barclays Bank PLC announced on June 12, 2025, its intent to exercise the issuer call option for full redemption of several iPath® ETNs, though specific inclusion of CHOC remains tied to ongoing tender offers and consent solicitations extended into late 2025; earlier, sales of iPath® ETNs including cocoa-linked products were suspended indefinitely as of 2022. Multiple sources indicate the ETN ceased active operations or was delisted around April 12, 2018, with limited trading volume persisting into 2025 amid low liquidity and potential early redemption risks. No new product launches, acquisitions, or strategic partnerships specific to CHOC have been reported in the last 1-2 years, aligning with Barclays' wind-down of legacy Pure Beta commodity ETNs.