This ETN was delisted after the market close on April 12, 2018, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. The note has been replaced by JJMB, which provides identical exposure. JJM tracks an index of four contracts in the industrial metals space: aluminum, nickel, zinc, and copper. These contracts are weighted by a combination of liquidity and production, with a 33% cap per contract. Contract maturities range from one to three months, depending on the commodity, according to a fixed schedule. Noticeably, JJM excludes exposure to lead (unlike our benchmark), but that is not too surprising considering the exclusion of lead is common in the industrial metals space. JJM is an unpopular fund in an unpopular segment. Though ETNs rarely close, JJM is at risk of being de-listed. While reasonably priced in context, the note is difficult to trade, raising round trip costs. As an ETN, JJM does not issue a K-1 form at tax time, though investors must accept the counterparty risk of issuer Barclays.