BNP Paribas Quantitative Strategies, the Paris-based bank's
commodity pool operator, is delisting its only ETF this month-the
futures-based commodities fund Stream S&P Dynamic Roll Global
Commodities Fund (NYSEArca:BNPC)-less than a year after its
BNPC, tracking the world-production-weighted S&P GSCI
Dynamic Roll Excess Return Index-a long-only synthetic portfolio
consisting of futures contracts on 24 underlying index
commodities-was designed to serve up broad exposure to commodities
through a portfolio that reflects general price movements and
inflation in the global economy.
The fund came to market at the height of the European debt
crisis last June, a time when commodities prices were under
significant pressure from growing fears that a sluggish global
economy would translate into lower aggregate demand both here and
Still, BNPC managed to amass some $20 million in assets in 10
months and tally gains of nearly 7 percent, even as it faced stiff
competition for investor assets from
such as the $6.83 billion PowerShares DB Commodity Tracking Index
Fund (NYSEArca:DBC) and the $517 million United States Commodity
Index Fund (NYSEArca:USCI).
"The managing owner has determined that, in light of current
market conditions, it was advisable to voluntarily withdraw its
shares from listing on the exchange and to terminate the
registration of the shares," the bank said in a press release.
BNPC's last trading day is set to be on or about April 12, the
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