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Cocoa ETF Finally Bounces, Following Miserable Start To 2017
The iPath Bloomberg Cocoa Sub-Index Total Return ETN (NIB) outperformed all other non-leveraged, non-inverse exchange traded products in the U.S. today on a percentage basis, producing a +4.35% one-day return and outperforming the wider markets by a total of 3.83 percentage points.
Behind The Gains
NIB closed today at $24.47 per share, up $1.02 (+4.35%). Putting this move in context, the S&P 500 index — largely considered the most popular and useful benchmark for equity performance — closed up $1.22 (+0.52%) on the day.
NIB’s trading volume today was a total of 173,802 shares, which was an increase of 90% versus its average daily trading volume of 91,574. Rising trading volume generally an indicator of increased demand for a particular security, and is typically associated with a specific news event or trend that draws investors into or out of specific asset classes, or sectors or subsectors within those classes.
Including any dividends as well as today’s gains, NIB has still fallen a total of -9.03% year-to-date, versus a 5.1% gain in the S&P 500 during the same timeframe.
A Look Under The Hood
iPath Bloomberg Cocoa Sub-Index Total Return ETN is a Commodity-focused product issued by iPath. Its expense ratio of 0.70% makes it the #45 cheapest ETF among 120 total funds in the Commodity ETFs category.
NIB currently boasts just $14.45M in assets under management (AUM), placing it #65 of 120 ETFs in its category, and #1399 of 1915 total ETFs in the U.S. exchange traded universe.
The investment objective of the iPath Dow Jones-UBS Cocoa Subindex Total Return ETN to provide exposure to the Bloomberg Cocoa Subindex Total Return. The Index reflects the returns that are potentially available through an unleveraged investment in the futures contracts on cocoa. The Index currently consists of one futures contract on the commodity of cocoa which is included in the Bloomberg Commodity Index Total Return.
NIB SMART Grade
NIB currently has an ETF Daily News SMART Grade of D (Sell), and is ranked #89 of 121 funds in the Commodity ETFs category.
For more information about this ETF, including full ratings, news, data, and more, please visit NIB’s ticker page.
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