The iPath Series B S&P GSCI Crude Oil Total Return Index ETN (OIL) is an exchange-traded note (ETN) designed to track the performance of the crude oil market through futures contracts. The product is issued by Barclays and trades under the ticker OIL on the NYSE Arca.

Classified as a commodity ETN, OIL provides exposure to crude oil prices without directly owning physical barrels of oil. Instead, its performance is linked to the S&P GSCI Crude Oil Total Return Index, which tracks crude oil futures while incorporating the effects of futures-roll activity and collateral returns.

Because it is an ETN rather than an ETF, the product is an unsecured debt obligation of the issuer and does not hold a portfolio of underlying assets. Its return depends on both the performance of the reference index and the creditworthiness of Barclays.

Diversification and sector exposure

OIL provides exposure primarily associated with:

• Crude oil.

• Crude oil futures.

• Commodities.

• Global energy markets.

• Financial derivatives.

• Energy sector.

• Oil supply and demand.

• Energy infrastructure.

The ETN's performance is directly linked to movements in crude oil futures contracts, reflecting the factors that drive global energy markets.

In addition to worldwide supply-and-demand dynamics, geopolitical developments, OPEC+ production decisions, inventory levels, and expectations for global economic activity can significantly influence crude oil prices.

Structure and costs

OIL notes trade on the secondary market on the NYSE Arca during regular trading hours. Their market price is intended to reflect the value of the underlying index, although trading conditions and market liquidity may cause deviations.

As an ETN, OIL does not hold physical commodities and does not distribute dividends or recurring income.

The product charges a management fee as outlined in its prospectus and does not apply a performance fee. In addition to commodity-market risk, investors are exposed to the credit risk of Barclays, a defining characteristic of exchange-traded notes.

History and evolution of the ETF

The iPath Series B S&P GSCI Crude Oil Total Return Index ETN was launched in 2018 as the successor to the original iPath commodity-linked ETN series. Since inception, the product has provided investors with exchange-traded access to crude oil futures performance without requiring direct participation in the futures market.

In recent years, global production trends, geopolitical conflicts, OPEC+ policy decisions, energy-demand recovery, and shifts in worldwide economic activity have continued to shape the crude oil market and, in turn, the ETN's performance.

Additional Information

iPath Series B S&P GSCI Crude Oil Total Return Index ETN (United States) is an exchange-traded fund (ETF), with assets under management totaling $325.12 million.

Over the past 12 months, iPath Series B S&P GSCI Crude Oil Total Return Index ETN recorded a return of 0.00%, with its price trading between $0.00 and $0.00 during the same period.

The ETF is traded under the ticker OIL.