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ETRACS BLOOMBERG COMMODITY INDEX TOTAL RETURN ETN SERIES B
On New Year's Eve in 2019, markets were in a lot better shape than the previous year. The stock market was making new all-time highs. The markets looked forward to the signing of the "phase one" trade agreement between the US and China that de-escalated the trade agreement. In the UK, Boris Johnson's overwhelming victory in the mid-December general election meant that the saga of Brexit that began in June 2016 would finally end without a hard exit from the European Union.
In the US, GDP growth was steaming along, and unemployment was at its