NYSE Euronext (NYX) announced that its fully-owned subsidiary NYSE Arca today began trading two Barclays Exchange Traded Notes (“ETNs”) – iPath® CBOE S&P 500 BuyWrite Index ETN (NYSE Arca: BWV) and Barclays GEMS IndexTM ETN (NYSE Arca: JEM) on a primary listed basis. The ETNs joined NYSE Arca as a transfer from NYSE Alternext US (formerly the American Stock Exchange).
The iPath® CBOE S&P 500 BuyWrite IndexSM ETN offers investors cost-effective exposure to the CBOE S&P 500 BuyWrite Index, commonly known as the BXM Index. The BXM Index is designed to measure the total rate of return of a hypothetical "buy-write", or "covered call", strategy on the S&P 500® Index. This strategy consists of a hypothetical portfolio consisting of a "long" position indexed to the S&P 500® Index (i.e. purchasing the common stocks included in the S&P 500® Index) and the sale of a succession of one-month, at– or slightly out-of-the-money S&P 500® Index call options that are listed on the Chicago Board Options Exchange ("CBOE").
The Barclays GEMS IndexTM ETN seeks to provide investors with exposure to 15 diversified Emerging Markets currencies and is linked to the Barclays Global Emerging Markets Strategy (GEMS) IndexTM. . The return on the Securities tracks the total return of the Barclays Global Emerging Markets Strategy (GEMS) IndexTM and pays a monthly coupon representing the implied yield on the index. It is now one of three ETNs linked to the Barclays GEMS family of indices available on NYSE Arca.
