About Barclays Bank PLC
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. PGM is designed to give investor exposure to platinum by tracking a single futures contract on the metal, starting three months from maturity and held until shortly before expiration, according to a fixed schedule. This strategy produces performance that varies significantly from spot prices. The note is more expensive than PPLT, a competitor from ETFS, which holds physical platinum bars (and therefore tracks spot platinum very closely). However, PGM`s ETN structure means it avoids the higher collectibles tax rate applied to physically held ETPs. PGM has been closed to creations since October of 2009, so it can trade at large premiums and discounts at times. The note lacks the asset base to support a robust secondary market, so trading can be difficult and very expensive. It also faces high closure risk (ETNs rarely close outright but may be delisted by the issuer).