NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (“Barclays Bank”) announced today that it has suspended, until further notice, any further sales by Barclays Bank and its affiliates of each series of iPath® ETNs listed in the table below, effective as of the open of trading on Thursday, April 28, 2022. As described below, this suspension may cause fluctuations in the trading value of such ETNs. Daily redemptions at the option of holders of the ETNs will not be affected by this suspension.
Name of ETN |
Ticker |
Exchange |
CUSIP |
iPath® Bloomberg Commodity Index Total Return℠ ETN |
DJP |
NYSE Arca |
06738C778 |
iPath® Shiller CAPE™ Index ETN |
CAPD |
NYSE Arca |
06742A669 |
iPath® Select MLP ETN |
ATMP |
CBOE BZX |
06742C723 |
iPath® Series B Bloomberg Copper Subindex Total Return℠ ETN |
JJC |
NYSE Arca |
06746P555 |
iPath® Series B Carbon ETN |
GRN |
NYSE Arca |
06747C322 |
iPath® Series B Bloomberg Coffee Subindex Total Return℠ ETN |
JO |
NYSE Arca |
06746P563 |
iPath® Series B Bloomberg Grains Subindex Total Return℠ ETN |
JJG |
NYSE Arca |
06746P522 |
iPath® Series B S&P 500® VIX Mid-Term Futures™ ETNs |
VXZ |
CBOE BZX |
06746P613 |
iPath® Series B Bloomberg Nickel Subindex Total Return℠ ETN |
JJN |
NYSE Arca |
06746P480 |
iPath® Pure Beta Broad Commodity ETN |
BCM |
NYSE Arca |
06740P114 |
iPath® S&P GSCI® Total Return Index ETN |
GSP |
NYSE Arca |
06738C794 |
Pacer® iPath® Gold ETN |
GBUG |
NYSE Arca |
06747D809 |
iPath® Series B Bloomberg Cotton Subindex Total Return℠ ETN |
BAL |
NYSE Arca |
06746P548 |
iPath® Series B Bloomberg Tin Subindex Total Return℠ ETN |
JJT |
NYSE Arca |
06746P431 |
iPath® Series B Bloomberg Sugar Subindex Total Return℠ ETN |
SGG |
NYSE Arca |
06746P449 |
iPath® Series B Bloomberg Agriculture Subindex Total Return℠ ETN |
JJA |
NYSE Arca |
06746P589 |
iPath® Series B Bloomberg Industrial Metals Subindex Total Return℠ ETN |
JJM |
NYSE Arca |
06746P514 |
iPath® Bloomberg Cocoa Subindex Total Return℠ ETN |
NIB |
NYSE Arca |
06739H313 |
iPath® Series B Bloomberg Aluminum Subindex Total Return℠ ETN |
JJU |
NYSE Arca |
06746P571 |
Pacer® iPath® Gold Trendpilot ETN |
PBUG |
NYSE Arca |
06747T382 |
iPath® Series B Bloomberg Livestock Subindex Total Return℠ ETN |
COW |
NYSE Arca |
06746P498 |
iPath® Series B Bloomberg Softs Subindex Total Return℠ ETN |
JJS |
NYSE Arca |
06746P456 |
iPath® Silver ETN |
SBUG |
NYSE Arca |
06747D700 |
iPath® S&P MLP ETN |
IMLP |
CBOE BZX |
06742A750 |
iPath® Series B Bloomberg Energy Subindex Total Return℠ ETN |
JJE |
NYSE Arca |
06746P530 |
iPath® Series B Bloomberg Precious Metals Subindex Total Return℠ ETN |
JJP |
NYSE Arca |
06746P464 |
iPath® Series B Bloomberg Platinum Subindex Total Return℠ ETN |
PGM |
NYSE Arca |
06746P472 |
Barclays Women in Leadership ETN |
WIL |
CBOE BZX |
06742W430 |
Barclays Return on Disability ETN |
RODI |
CBOE BZX |
06740D830 |
iPath® Bloomberg Lead Subindex Total Return℠ ETN |
LD |
NYSE Arca |
06739H263 |
Barclays PLC announced today that Barclays Bank plans to restate the financial statements included in its Annual Report on Form 20-F for the year ended December 31, 2021 (the “Form 20‑F”) filed with the Securities and Exchange Commission (the “SEC”) and to amend the Form 20-F to reflect such restatement and to change its conclusions with respect to the effectiveness of its internal control over financial reporting and disclosure controls and procedures. Because the registration statement and prospectus under which Barclays Bank makes sales of each series of ETNs incorporates by reference the Form 20‑F, Barclays Bank and its affiliates cannot continue to make sales under such registration statement and prospectus until the restatement is completed and Barclays Bank files an amended Form 20-F and a new shelf registration statement. Barclays Bank expects to reopen sales of the ETNs when the amended Form 20-F and new shelf registration statement have been filed with the SEC and will make a further public announcement when this action is taken.
The market value of the ETNs may be influenced by, among other things, the levels of supply and demand for such ETNs. It is possible that this suspension of sales may influence the market value of the ETNs. Barclays Bank believes that the above-mentioned limitations on sales may cause an imbalance of supply and demand in the secondary market for the ETNs, which may cause the ETNs to trade at a premium or discount in relation to their indicative value. Therefore, any purchase of the ETNs in the secondary market may be at a purchase price significantly different from their indicative value. In particular, paying a premium purchase price over the indicative value of the ETNs could lead to significant losses in the event an investor sells ETNs at a time when such premium is no longer present in the marketplace or if Barclays Bank redeems the ETNs at its discretion. The pricing supplement and prospectus relating to each series of ETNs can be found on EDGAR, the SEC website at www.sec.gov, as well as on the product website at the product page for each of the ETNs listed in the table above at ipathetn.barclays.
An investment in the ETNs involves significant risks and may not be suitable for all investors. The ETNs are riskier than ordinary unsecured debt securities and do not benefit from any principal protection. For more information on risks associated with the ETNs, please see “Selected Risk Considerations” below and the risk factors included in the relevant pricing supplement.
Barclays Bank is the issuer of the ETNs and Barclays Capital Inc. is the issuer’s agent in the distribution. Please contact Barclays Bank for further questions:
- Financial advisors: Directly contact Barclays Bank at etndesk@barclays.com or 1-212-528-7990 to obtain further information.
- Individual investors: Instruct your broker/advisor/custodian to email us at etndesk@barclays.com or to call us at: 1-212-528-7990. You may call in together with your broker/advisor/custodian or have them speak to us on your behalf.
About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a full-service corporate and investment bank. For further information about Barclays, please visit our website www.barclays.com.
Selected Risk Considerations
An investment in the ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any change in the level of the underlying index, or the Volume Weighted Average Price (“VWAP”) level, in the case of the iPath® S&P MLP ETN, between the inception date and the applicable valuation date. Additionally, if the level of the underlying index or the VWAP level, is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the value of such index or the VWAP level has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt obligations of Barclays Bank PLC and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, if Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Issuer Redemption: If specified in the applicable prospectus, Barclays Bank PLC will have the right to redeem or call the ETNs (in whole but not in part) at its sole discretion and without your consent on any trading day on or after the inception date until and including maturity.
A Trading Market for the ETNs May Not Develop: Although the ETNs are listed on a U.S. national securities exchange, a trading market for the ETNs may not develop and the liquidity of the ETNs may be limited, as we are not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs: You may not receive any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions: Except as specified in the pricing supplement, you must redeem at least the minimum number of ETNs specified in the pricing supplement at one time in order to exercise your right to redeem your ETNs on any redemption date. You may only redeem your ETNs on a redemption date if we receive a notice of redemption from you by certain dates and times as set forth in the pricing supplement.
Uncertain Tax Treatment: Significant aspects of the tax treatment of the ETNs are uncertain. You should consult your own tax advisor about your own tax situation.
The ETNs may be sold throughout the day on the exchange through any brokerage account. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of ETNs. Sales in the secondary market may result in significant losses.
© 2022 Barclays Bank PLC. All rights reserved. iPath, iPath ETNs and the iPath logo are registered trademarks of Barclays Bank PLC. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners.
NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
