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Published on 7/21/2009 in the Prospect News Structured Products Daily.

S&P GSCI Crude Oil keeps top spot as most-traded Barclays iPath ETN

By Angela McDaniels

Tacoma, Wash., July 21 - Barclays Bank plc's iPath S&P GSCI Crude Oil Total Return index exchange-traded notes were the bank's most-traded iPath ETN in May, according to a trading strategy report filed with the Securities and Exchange Commission Tuesday.

An average of 1,836,000 notes changed hands each day, and the ETNs had an average daily trading volume of $39.3 million. The ETNs have been the bank's most-traded iPath ETNs for six months.

In second place were the iPath MSCI India index ETNs, which followed with an average of 816,000 notes changing hands daily in May and an average daily trading volume of $35.9 million.

The iPath Dow Jones - AIG Commodity Index Total Return ETN took the No. 3 spot with an average daily trading volume of 412,000 by number of notes and $14.9 million by dollar amount.

The iPath S&P 500 VIX Short-Term Futures ETN came in fourth by number of notes; an average of 393,000 notes traded daily in May. Its average daily volume was $32.0 million.

The top four spots were a repeat of April, but the iPath Dow Jones - AIG Natural Gas Total Return subindex ETNs overtook the iPath S&P 500 VIX Mid-Term Futures ETN for fifth place. An average of 180,000 notes, or $3.3 million, changed hands each day.

The iPath S&P 500 VIX Mid-Term Futures ETN fell to seventh place behind the iPath Dow Jones - AIG Livestock Total Return subindex ETNs.

The average spread for the iPath ETNs widened to 68.53 basis points in May from 45.04 bps in April.

The widest spread by far was that for the iPath Dow Jones - AIG Tin Total Return subindex ETNs, which posted a spread of 669.9 bps. The iPath GBP/USD Exchange Rate ETNs had the tightest spread at zero bps, followed by the iPath S&P GSCI Crude Oil Total Return index ETNs with 5.1 bps.


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