ELEMENTS Linked to the Rogers International Commodity Index - Metals Total Return
RJZ
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- ELEMENTS Linked to the Rogers International Commodity Index - Metals Total Return (RJZ) is an exchange-traded note (ETN) that seeks to replicate, net of expenses, the Rogers International Commodity Index - Metals Total Return, representing the value of a basket of 10 metals commodity futures contracts consumed in the global economy; the index tracks futures on metals including copper, aluminum, zinc, nickel, lead, tin, gold, silver, platinum, and palladium. Issued under the ELEMENTS ETN brand, RJZ provides investors with targeted exposure to the metals sector of the commodities market without direct ownership of physical assets or futures positions. The ETN trades on NYSE Arca and targets institutional and retail investors seeking commodity-linked returns as part of diversified portfolios. Launched on October 17, 2007, with a scheduled maturity date of October 24, 2022, RJZ was issued by the Swedish Export Credit Corporation (Aktiebolaget Svensk Exportkredit, or SEK), a state-owned Swedish financial institution headquartered in Stockholm that promotes Swedish exports through long-term financing solutions. Although the original maturity passed, the ETN continues to trade actively in U.S. markets as of late 2025, with recent pricing around $9.80 per share and low daily volume indicative of its niche status; no major redemptions, early calls, or delistings have been announced recently. ELEMENTS ETNs, including RJZ, were sponsored by Merrill Lynch (now under Bank of America) as index sponsors, with SEK serving as the specific issuer for the Rogers-linked metals product alongside related issuances like RJA (Agriculture), RJN (Energy), and RJI (Total Return). In recent years, no specific partnerships, funding rounds, acquisitions, or product relaunches directly impact RJZ, as the ETN operates under its fixed-term structure with performance tied solely to the underlying index; however, SEK has maintained compliance with EU regulatory frameworks such as the Bank Recovery and Resolution Directive (BRRD) and Minimum Requirement for own funds and Eligible Liabilities (MREL), ensuring ongoing operational stability at 7.0% MREL as of 2021. The broader ELEMENTS suite remains listed on the ELEMENTS ETN website managed by Bank of America affiliates, with no announced reorganizations or strategic shifts for the RJZ ticker. Geographic operations center on global metals futures markets, primarily U.S. exchanges for trading, serving investors worldwide through brokerage channels.