iPath Bloomberg Livestock Subindex Total Return(SM) ETN
COWTF
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- iPath Bloomberg Livestock Subindex Total Return(SM) ETN (COWTF) is an exchange-traded note issued by Barclays Bank PLC that provides investors with exposure to the performance of the Bloomberg Livestock Subindex Total Return, which tracks futures contracts on livestock commodities including lean hogs and live cattle. The ETN, launched on October 23, 2007, and domiciled in the United Kingdom, offers uncollateralized exposure to the livestock commodity sector without direct investment in physical assets or the futures contracts themselves; it matures on October 22, 2037, and carries an expense ratio of 0.75%. Previously known as iPath Dow Jones-UBS Livestock Subindex Total Return ETN, it trades on the OTC Markets under the ticker COWTF and targets investors seeking commodity market returns adjusted for collateral interest rates. Barclays Bank PLC, headquartered in London, United Kingdom, serves as the issuer and maintains global operations across consumer banking, payments, corporate, and investment banking segments, with the iPath ETNs forming part of its structured products offerings in commodities-focused financial instruments. The ETN's assets under management stand at approximately $2.87 million as of recent data, reflecting its niche role in providing targeted livestock subindex performance amid broader commodity market volatility. In a significant recent development, Barclays exercised its issuer call option following a cash tender offer and consent solicitation, announcing the full redemption of the COWTF series—along with three other iPath ETNs—on June 25, 2025, with a valuation date of June 17, 2025, after amending the indenture to enable this discretionary early termination. This operational change eliminates holder redemption rights post-amendment and provides cash payments based on the closing indicative note value, marking a major wind-down for the outstanding notes originally set to mature in 2037. No additional partnerships, acquisitions, funding rounds, or new product launches specific to this ETN were reported in the last 1-2 years, underscoring Barclays' strategic portfolio adjustments in its ETN lineup.