Barclays Suspends Sales of Platinum ETN

Barclays has suspended further sales and issuance of the iPath Dow Jones-UBS Platinum Subindex Total Return ETN (PGM).

Although the suspension of new sales may affect valuation, trading and redemption of the notes are not affected by the action.

The firm didn’t give a specific reason for the suspension, but did note that the underlying factors may affect other commodity-linked ETNs in the future.

iPath commodity-linked ETNs are intended to reflect the returns that are potentially available through an unleveraged investment in the futures contracts on physical commodities comprising the index as well as the rate of interest that could be earned on cash collateral invested in Treasury Bills.

The Dow Jones-UBS Platinum Subindex Total Return  is a single-commodity sub-index currently consisting of one futures contract on the commodity of platinum.

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