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18 Pure Beta ETNs.
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ETNs iPath
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Exchange Traded Notes (ETNs) are innovative investment products from Barclays that seek to provide investors with a way to access the returns of a market or strategy,
less investor fees.
iPath
®
ETNs
offer:
Cost Efficiency
Daily Exchange Liquidity
Index Tracking
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®
ETNs >>
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October 5, 2012
Barclays Bank PLC to Automatically Redeem the
iPath
®
Long Enhanced S&P 500 VIX Mid-Term Futures
TM
ETN (II).
See press release to learn more »
September 21, 2012
Barclays Bank PLC Announces Reverse Split of iPath
®
S&P 500 VIX Short-Term
Futures
TM
Exchange Traded Notes.
See press release to learn more »
September 13, 2012
- Barclays Bank PLC to automatically redeem the iPath
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Short Extended Russell 2000
®
TR Index ETN (ticker: RTSA).
See press release to learn more »
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iPath
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Leveraged
ETNs offer exposure to a host of equities where your leverage factor is locked in from point of purchase, with no tracking error and no resets.
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6
INDIVIDUAL INVESTOR VERSION
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Welcome:
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Sugar
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Agriculture
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Coffee
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Broad
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U.S. Individual Investor
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>SGAR
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>DIRT
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>CAFÉ
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>BCM
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Get the latest details to make
informed decisions about iPath
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ETNs.
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Commodities exposure.
Now refined into
18 Pure Beta ETNs.
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Product Prospectuses
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Fact Sheets
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Category Basics
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ETNs
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iPath
®
Announcements
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Dig Deeper into leveraged ETNs
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About
iPath
®
ETNs iPath
®
Exchange Traded Notes (ETNs) are innovative investment products from Barclays that seek to provide investors with a way to access the returns of a market or strategy,
less investor fees.
iPath
®
ETNs
offer:
Cost Efficiency
Daily Exchange Liquidity
Index Tracking
Learn more about iPath
®
ETNs >>
|
|
October 5, 2012
Barclays Bank PLC to Automatically Redeem the iPath
®
Long Enhanced S&P 500 VIX Mid-Term Futures
TM
ETN (II).
See press release to learn more »
September 21, 2012
Barclays Bank PLC Announces Reverse Split of iPath
®
S&P 500 VIX Short-Term
Futures
TM
Exchange Traded Notes.
See press release to learn more »
September 13, 2012
- Barclays Bank PLC to automatically redeem the iPath
®
Short Extended Russell 2000
®
TR Index ETN (ticker: RTSA).
See press release to learn more »
|
|
iPath
®
Leveraged
ETNs offer exposure to a host of equities where your leverage factor is locked in from point of purchase, with no tracking error and no resets.
Learn more
»
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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.
7
Credit of Barclays Bank PLC
: The ETNs are unsecured debt obligations of the issuer, 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, in the event Barclays Bank PLC were to default
on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not
Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on
the series) ETNs of the same series 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.
Barclays Bank PLC has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this
offering. You may get these documents for free by visiting
www.iPathETN.com
or EDGAR on the SEC website at
www.sec.gov
. Alternatively, Barclays Bank PLC will arrange for Barclays Inc. to send you the prospectus if you request it
by calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC, assists in the promotion of the iPath ETNs.
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.
The Dow Jones-UBS Commodity Indexes
SM
are a joint product of Dow Jones Opco, LLC (Dow Jones Opco), a subsidiary of S&P Dow Jones Indices
LLC, and UBS Securities LLC (UBS), and have been licensed for use by Barclays Bank PLC. Dow
Jones
®
, DJ, UBS, Dow Jones-UBS Commodity Index
SM
, Dow Jones-UBS Commodity Index Total Return
SM
, Dow Jones-UBS Agriculture Subindex Total Return
SM
, Dow Jones-UBS Aluminum Subindex Total Return
SM
, Dow Jones-UBS Cocoa Subindex Total Return
SM
, Dow Jones-UBS Coffee Subindex Total Return
SM
, Dow Jones-UBS Copper Subindex Total Return
SM
, Dow Jones-UBS Cotton Subindex Total Return
SM
, Dow Jones-UBS Energy Subindex Total Return
SM
, Dow Jones-UBS Grains Subindex Total Return
SM
, Dow Jones-UBS Industrial Metals Subindex Total
Return
SM
, Dow Jones-UBS Lead Subindex Total
Return
SM
, Dow Jones-UBS Livestock Subindex
Total Return
SM
, Dow Jones-UBS Natural Gas
Subindex Total Return
SM
, Dow Jones-UBS Nickel Subindex Total Return
SM
, Dow Jones-UBS Platinum Subindex Total Return
SM
, Dow Jones-UBS Precious Metals Subindex Total
Return
SM
, Dow Jones-UBS Softs Subindex Total
Return
SM
, Dow Jones-UBS Sugar Subindex Total
Return
SM
, Dow Jones-UBS Tin Subindex Total
Return
SM
and DJ-UBSCI
SM
, are service and/or trademarks of Dow Jones Trademark
Holdings, LLC (Dow Jones) and UBS AG (UBS AG), as the case may be. S&P
®
is a
registered trademark of Standard & Poors Financial Services LLC. The ETNs based on the indices are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective subsidiaries or
affiliates, and none of Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective affiliates, makes any representation or warranty, express or implied, to the owners of or counterparts to the ETNs based on the indices or any member of the
public regarding the advisability of investing in securities or commodities generally or in the ETNs based on any of the indices particularly.
8
The MSCI indexes are the exclusive property of MSCI, Inc. (MSCI). MSCI and the MSCI index names
are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with
respect to any such financial securities. The relevant pricing supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller or holder of this
product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCIs permission is required.
Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
S&P GSCI
®
, S&P GSCI
®
Index, S&P GSCI
®
Total Return Index, S&P
GSCI
®
Commodity Index and S&P GSCI
®
Crude Oil Total Return Index are trademarks of Standard & Poors Financial Services LLC (S&P) and have been licensed for use by
Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold or promoted by S&P. S&P does not make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of
investing in securities generally or in the ETNs particularly or the ability of the S&P GSCI
®
to track
general stock market performance.
Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return, are trademarks of Standard & Poors Financial Services,
LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC
(Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
and Buywrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively, S&P Dow Jones Indices) and CBOE
make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of the index to track market
performance.
Standard & Poors
®
, S&P
500
®
and S&P
®
are registered trademarks of Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return are registered trademarks of S&P and have been licensed for use by S&P Dow Jones Indices LLC
and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. The S&P 500
®
Total Return (the
Index
) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively,
S&P Dow Jones Indices) make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in
the ability of the index to track market performance
Standard & Poors
®
, S&P 500
®
, S&P
®
,
S&P 500
®
Total Return, S&P 500 VIX Short-Term Futures, S&P 500
VIX Mid-Term Futures and S&P 500
®
Dynamic VIX Futures are trademarks of
Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered
trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
, VIX
®
and BuyWrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. This document is not sponsored, endorsed, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates
(collectively, S&P Dow Jones Indices) or by CBOE. S&P Dow Jones Indices and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the
advisability of investing in securities generally or in the ETNs or in the ability of the indices to track market performance.
Russell 1000
®
Index and Russell 2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC. The ETNs
are not sponsored, endorsed, sold, or promoted by Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
9
Each of the Barclays commodities indices referenced herein is a trademark of Barclays Bank PLC.
Barclays US Treasury 2Y/10Y Yield Curve Index
TM
, Barclays 2Y US Treasury Futures Targeted Exposure Index
TM
, Barclays 5Y US Treasury Futures Targeted Exposure
Index
TM
, Barclays 10Y US Treasury Futures
Targeted Exposure Index
TM
and Barclays Long
Bond US Treasury Futures Targeted Exposure Index
TM
are trademarks of Barclays Bank PLC.
Barclays Optimized Currency Carry Index
TM
and the USD Optimized Currency Carry Index
TM
are trademarks of Barclays Bank PLC.
Barclays Global Carbon Index
TM
and Barclays Global Carbon Index Total Return
TM
are trademarks of Barclays Bank PLC.
Barclays Global Emerging Markets Strategy (GEMS) Asia 8 Index
TM
, Barclays Global Emerging Markets Strategy (GEMS) Pegged Currency Index
TM
and Barclays Global Emerging Markets Strategy (GEMS)
Index
TM
are trademarks of Barclays Bank PLC.
© 2012 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
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Barclays Bank PLC. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners.
END HOME PAGE
10
PRODUCT INFORMATION PAGE
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Product Information
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Daily Liquidity:
iPath ETNs can be bought or sold anytime during market hours.
The performance quoted represents past performance and does not guarantee future results
. Investment return and principal value
of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Click here for additional market price
information
. For information on fees, please click on the Profile Tab below.
Product Information
ISSUE DETAILS: Barclays Bank PLC
DAILY
LIQUIDITY: iPath ETNS can be bought or sold anytime during market hours.
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Category: [All Products]
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[Returns]
[Profile]
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Product Name^
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Ticker
>
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Inception
Date >
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Indicative Value Returns (%)
As of xx/xx/xxxx
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Market Price Returns (%)
As of xx/xx/xxxx
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1 Mo.
>
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3 Mo.
>
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6 Mo.
>
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>
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1
Year
>
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Since
Inception*
>
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1 Mo. >
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3 Mo. >
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6 Mo. >
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YTD
>
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Year
>
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Since
Inception*
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iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN
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BWV
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5/22/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Agriculture Subindex Total Return
SM
ETN
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JJA
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Aluminum Subindex Total Return
SM
ETN
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JJU
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6/24/2008
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Cocoa Subindex Total Return
SM
ETN
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NIB
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6/24/2008
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Coffee Subindex Total Return
SM
ETN
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JO
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6/24/2008
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Commodity Index Total Return
SM
ETN
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DJP
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6/6/2006
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Copper Subindex Total Return
SM
ETN
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JJC
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Cotton Subindex Total Return
SM
ETN
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BAL
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6/24/2008
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Energy Subindex Total Return
SM
ETN
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JJE
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Grains Subindex Total Return
SM
ETN
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JJG
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Industrial Metals Subindex Total Return
SM
ETN
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JJM
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Lead Subindex Total Return
SM
ETN
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LD
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6/24/2008
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow Jones-UBS
Livestock Subindex Total Return
SM
ETN
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COW
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10/23/2007
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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xx
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iPath
®
Dow
Jones-UBS Natural Gas Subindex Total Return
SM
ETN
|
|
GAZ
|
|
10/23/2007
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Dow
Jones-UBS Nickel Subindex Total Return
SM
ETN
|
|
JJN
|
|
10/23/2007
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Dow
Jones-UBS Platinum Subindex Total Return
SM
ETN
|
|
PGM
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Dow
Jones-UBS Precious Metals Subindex Total Return
SM
ETN
|
|
JJP
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Dow
Jones-UBS Softs Subindex Total Return
SM
ETN
|
|
JJS
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Dow
Jones-UBS Sugar Subindex Total Return
SM
ETN
|
|
SGG
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iPath
®
Dow
Jones-UBS Tin Subindex Total Return
SM
ETN
|
|
JJT
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Broad Commodity ETN
|
|
BCM
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta S&P GSCI
®
-Weighted ETN
|
|
SBV
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Agriculture ETN
|
|
DIRT
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Energy ETN
|
|
ONG
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Grains ETN
|
|
WEET
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Industrial Metals ETN
|
|
HEVY
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Livestock ETN
|
|
LSTK
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Precious Metals ETN
|
|
BLNG
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Softs ETN
|
|
GRWN
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Seasonal Natural Gas ETN
|
|
DCNG
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Crude Oil ETN
|
|
OLEM
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Aluminum ETN
|
|
FOIL
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Copper ETN
|
|
CUPM
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Lead ETN
|
|
LEDD
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Nickel ETN
|
|
NINI
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Cocoa ETN
|
|
CHOC
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Coffee ETN
|
|
CAFE
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Cotton ETN
|
|
CTNN
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Pure Beta Sugar ETN
|
|
SGAR
|
|
4/20/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
EUR/USD Exchange Rate ETN
|
|
ERO
|
|
5/8/2007
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Asian & Gulf Currency Exchange Rate ETN
|
|
PGD
|
|
02/25/08
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iPath
®
GBP/USD Exchange Rate ETN
|
|
GBB
|
|
5/8/2007
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Global Carbon ETN
|
|
GRN
|
|
6/24/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
JPY/USD Exchange Rate ETN
|
|
JYN
|
|
5/8/2007
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
GEMS Index ETN
|
|
JEM
|
|
02/01/08
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
GEMS Asia 8 ETN
|
|
AYT
|
|
04/02/08
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
MSCI India Index
SM
ETN
|
|
INP
|
|
12/19/2006
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Optimized Currency Carry ETN
|
|
ICI
|
|
1/31/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
|
|
XXV
|
|
7/16/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II)
|
|
IVOP
|
|
9/16/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
S&P 500 Dynamic VIX ETN
|
|
XVZ
|
|
8/17/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
S&P 500 VIX Mid-Term Futures ETN
|
|
VXZ
|
|
1/29/2009
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
S&P 500 VIX Short-Term Futures ETN
|
|
VXX
|
|
1/29/2009
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
S&P GSCI
®
Crude Oil Total Return Index ETN
|
|
OIL
|
|
8/15/2006
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
S&P GSCI
®
Total Return Index ETN
|
|
GSP
|
|
6/6/2006
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury Steepener ETN
|
|
STPP
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury Flattener ETN
|
|
FLAT
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury 2-year Bull ETN
|
|
DTUL
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iPath
®
US
Treasury 2-year Bear ETN
|
|
DTUS
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury 5-year Bull ETN
|
|
DFVL
|
|
7/11/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury 5-year Bear ETN
|
|
DFVS
|
|
7/11/2011
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury 10-year Bull ETN
|
|
DTYL
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury 10-year Bear ETN
|
|
DTYS
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury Long Bond Bull ETN
|
|
DLBL
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
US
Treasury Long Bond Bear ETN
|
|
DLBS
|
|
8/9/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Long Extended Russell 1000
®
TR Index ETN
|
|
ROLA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Long Extended Russell 2000
®
TR Index ETN
|
|
RTLA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Long Extended S&P 500
®
TR Index ETN
|
|
SFLA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
|
|
MFLA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
|
|
MFSA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
|
|
EMLB
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
|
|
EMSA
|
|
11/29/2010
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
GEMS Asia 8 ETN
|
|
AYT
|
|
04/02/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
GEMS Index
TM
ETN
|
|
JEM
|
|
02/01/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
iPath
®
Asian & Gulf Currency Revaluation ETN
|
|
PGD
|
|
02/05/2008
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
|
xx
|
*
|
Since inception returns are cumulative for notes less than one year old, otherwise, returns are annualized.
|
15
Market Returns
Market Returns measure returns over the relevant period using the change in the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern
time) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions,
which will reduce actual returns.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE
Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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 Dow Jones-UBS Commodity Indexes
SM
are a joint product of Dow Jones Opco, LLC (Dow Jones Opco), a subsidiary of S&P Dow Jones Indices
LLC, and UBS Securities LLC (UBS), and have been licensed for use by Barclays Bank PLC. Dow
Jones
®
, DJ, UBS, Dow Jones-UBS Commodity Index
SM
, Dow Jones-UBS Commodity Index Total Return
SM
, Dow Jones-UBS Agriculture Subindex Total Return
SM
, Dow Jones-UBS Aluminum Subindex Total Return
SM
, Dow Jones-UBS Cocoa Subindex Total Return
SM
, Dow Jones-UBS Coffee Subindex Total Return
SM
, Dow Jones-UBS Copper Subindex Total Return
SM
, Dow Jones-UBS Cotton Subindex Total Return
SM
, Dow Jones-UBS Energy Subindex Total Return
SM
, Dow Jones-UBS Grains Subindex Total Return
SM
, Dow Jones-UBS Industrial Metals Subindex Total
Return
SM
, Dow Jones-UBS Lead Subindex Total
Return
SM
, Dow Jones-UBS Livestock Subindex
Total Return
SM
, Dow Jones-UBS Natural Gas
Subindex Total Return
SM
, Dow Jones-UBS Nickel
Subindex Total Return
SM
, Dow Jones-UBS
Platinum Subindex Total Return
SM
, Dow
Jones-UBS Precious Metals Subindex Total Return
SM
,
Dow Jones-UBS Softs Subindex Total Return
SM
,
Dow Jones-UBS Sugar Subindex Total Return
SM
,
Dow Jones-UBS Tin Subindex Total
16
Return
SM
and DJ-UBSCI
SM
, are service and/or trademarks of Dow Jones Trademark Holdings, LLC (Dow Jones) and UBS AG (UBS AG), as the case may be. S&P
®
is a registered trademark of Standard & Poors Financial Services LLC. The ETNs based on the indices
are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective affiliates, makes any
representation or warranty, express or implied, to the owners of or counterparts to the ETNs based on the indices or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs based on any
of the indices particularly.
The MSCI indexes are the exclusive property of MSCI, Inc. (MSCI). MSCI and the MSCI index names are
service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with
respect to any such financial securities. The relevant pricing supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller or holder of this
product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCIs permission is required.
Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
S&P GSCI
®
, S&P GSCI
®
Index, S&P GSCI
®
Total Return Index, S&P
GSCI
®
Commodity Index and S&P GSCI
®
Crude Oil Total Return Index are trademarks of Standard & Poors Financial Services LLC (S&P) and have been licensed for use by
Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold or promoted by S&P. S&P does not make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of
investing in securities generally or in the ETNs particularly or the ability of the S&P GSCI
®
to track
general stock market performance.
Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return, are trademarks of Standard & Poors Financial Services,
LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC
(Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
and Buywrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively, S&P Dow Jones Indices) and CBOE
make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of the index to track market
performance.
Standard & Poors
®
, S&P
500
®
and S&P
®
are registered trademarks of Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return are registered trademarks of S&P and have been licensed for use by S&P Dow Jones Indices LLC
and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. The S&P 500
®
Total Return (the
Index) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively,
S&P Dow Jones Indices) make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in
the ability of the index to track market performance
Standard & Poors
®
, S&P 500
®
, S&P
®
,
S&P 500
®
Total Return, S&P 500 VIX Short-Term Futures, S&P 500
VIX Mid-Term Futures and S&P 500
®
Dynamic VIX Futures are trademarks of
Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered
trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
, VIX
®
and BuyWrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. This document is not sponsored, endorsed, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates
(collectively, S&P Dow Jones Indices)
17
or by CBOE. S&P Dow Jones Indices and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the
advisability of investing in securities generally or in the ETNs or in the ability of the indices to track market performance.
Russell 1000
®
Index and Russell 2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC. The ETNs
are not sponsored, endorsed, sold, or promoted by Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
Each of the Barclays commodities indices referenced herein is a trademark of Barclays Bank PLC.
Barclays US Treasury 2Y/10Y Yield Curve Index
TM
, Barclays 2Y US Treasury Futures Targeted Exposure
Index
TM
, Barclays 5Y US Treasury Futures
Targeted Exposure Index
TM
, Barclays 10Y US
Treasury Futures Targeted Exposure Index
TM
and
Barclays Long Bond US Treasury Futures Targeted Exposure Index
TM
are trademarks of Barclays Bank PLC.
Barclays Optimized
Currency Carry Index
TM
and the USD Optimized
Currency Carry Index
TM
are trademarks of Barclays
Bank PLC.
Barclays Global Carbon Index
TM
and Barclays Global Carbon Index Total Return
TM
are trademarks of Barclays Bank PLC.
Barclays Global Emerging Markets Strategy (GEMS) Asia 8 Index
TM
, Barclays Global Emerging Markets Strategy (GEMS) Pegged Currency Index
TM
and Barclays Global Emerging Markets Strategy (GEMS)
Index
TM
are trademarks of Barclays Bank PLC.
© 2012 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
|
|
|
|
Product Information
|
|
[icon] Print this page [icon] iPath
|
Product List
|
|
|
Daily Liquidity:
iPath ETNs can be bought or sold anytime during market hours.
|
|
|
Category: [All Products]
|
|
[Returns]
[Profile]
|
|
|
|
|
|
|
|
|
|
Product Name
|
|
Ticker
|
|
Yearly Fee (%)
|
|
Exchange
|
|
Maturity Date
|
iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN
|
|
BWV
|
|
0.75
|
|
NYSE Arca
|
|
5/28/2037
|
iPath
®
Dow
Jones-UBS Agriculture Subindex Total Return
SM
ETN
|
|
JJA
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Aluminum Subindex Total Return
SM
ETN
|
|
JJU
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Cocoa Subindex Total Return
SM
ETN
|
|
NIB
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Coffee Subindex Total Return
SM
ETN
|
|
JO
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Commodity Index Total Return
SM
ETN
|
|
DJP
|
|
0.75
|
|
NYSE Arca
|
|
6/12/2036
|
iPath
®
Dow
Jones-UBS Copper Subindex Total Return
SM
ETN
|
|
JJC
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Cotton Subindex Total Return
SM
ETN
|
|
BAL
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
18
|
|
|
|
|
|
|
|
|
iPath
®
Dow
Jones-UBS Energy Subindex Total Return
SM
ETN
|
|
JJE
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Grains Subindex Total Return
SM
ETN
|
|
JJG
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Industrial Metals Subindex Total Return
SM
ETN
|
|
JJM
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Lead Subindex Total Return
SM
ETN
|
|
LD
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Livestock Subindex Total Return
SM
ETN
|
|
COW
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Natural Gas Subindex Total Return
SM
ETN
|
|
GAZ
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Nickel Subindex Total Return
SM
ETN
|
|
JJN
|
|
0.75
|
|
NYSE Arca
|
|
10/22/2037
|
iPath
®
Dow
Jones-UBS Platinum Subindex Total Return
SM
ETN
|
|
PGM
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Precious Metals Subindex Total Return
SM
ETN
|
|
JJP
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Softs Subindex Total Return
SM
ETN
|
|
JJS
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Sugar Subindex Total Return
SM
ETN
|
|
SGG
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Dow
Jones-UBS Tin Subindex Total Return
SM
ETN
|
|
JJT
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
Pure Beta Broad Commodity ETN
|
|
BCM
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta S&P GSCI
®
-Weighted ETN
|
|
SBV
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Agriculture ETN
|
|
DIRT
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Energy ETN
|
|
ONG
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Grains ETN
|
|
WEET
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Industrial Metals ETN
|
|
HEVY
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Livestock ETN
|
|
LSTK
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Precious Metals ETN
|
|
BLNG
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Softs ETN
|
|
GRWN
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Seasonal Natural Gas ETN
|
|
DCNG
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Crude Oil ETN
|
|
OLEM
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Aluminum ETN
|
|
FOIL
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Copper ETN
|
|
CUPM
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Lead ETN
|
|
LEDD
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Nickel ETN
|
|
NINI
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Cocoa ETN
|
|
CHOC
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Coffee ETN
|
|
CAFE
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Cotton ETN
|
|
CTNN
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
Pure Beta Sugar ETN
|
|
SGAR
|
|
0.75
|
|
NYSE Arca
|
|
4/18/2041
|
iPath
®
EUR/USD Exchange Rate ETN
|
|
ERO
|
|
0.4
|
|
NYSE Arca
|
|
5/14/2037
|
19
|
|
|
|
|
|
|
|
|
iPath
®
GBP/USD Exchange Rate ETN
|
|
GBB
|
|
0.4
|
|
NYSE Arca
|
|
5/14/2037
|
iPath
®
Global Carbon ETN
|
|
GRN
|
|
0.75
|
|
NYSE Arca
|
|
6/24/2038
|
iPath
®
JPY/USD Exchange Rate ETN
|
|
JYN
|
|
0.4
|
|
NYSE Arca
|
|
5/14/2037
|
iPath
®
MSCI India Index
SM
ETN
|
|
INP
|
|
0.89
|
|
NYSE Arca
|
|
12/18/2036
|
iPath
®
Optimized Currency Carry ETN
|
|
ICI
|
|
0.65
|
|
NYSE Arca
|
|
1/28/2038
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
|
|
XXV
|
|
0.89
|
|
NYSE Arca
|
|
7/17/2020
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II)
|
|
IVOP
|
|
0.89
|
|
NYSE Arca
|
|
9/20/2021
|
iPath
®
S&P 500 Dynamic VIX ETN
|
|
XVZ
|
|
0.95
|
|
NYSE Arca
|
|
8/18/2021
|
iPath
®
S&P 500 VIX Mid-Term Futures ETN
|
|
VXZ
|
|
0.89
|
|
NYSE Arca
|
|
1/30/2019
|
iPath
®
S&P 500 VIX Short-Term Futures ETN
|
|
VXX
|
|
0.89
|
|
NYSE Arca
|
|
1/30/2019
|
iPath
®
S&P GSCI
®
Crude Oil Total Return Index ETN
|
|
OIL
|
|
0.75
|
|
NYSE Arca
|
|
8/14/2036
|
iPath
®
S&P GSCI
®
Total Return Index ETN
|
|
GSP
|
|
0.75
|
|
NYSE Arca
|
|
6/12/2036
|
iPath
®
US
Treasury Steepener ETN
|
|
STPP
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury Flattener ETN
|
|
FLAT
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury 2-year Bull ETN
|
|
DTUL
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury 2-year Bear ETN
|
|
DTUS
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury 5-year Bull ETN
|
|
DFVL
|
|
0.75
|
|
NYSE Arca
|
|
7/12/2021
|
iPath
®
US
Treasury 5-year Bear ETN
|
|
DFVS
|
|
0.75
|
|
NYSE Arca
|
|
7/12/2021
|
iPath
®
US
Treasury 10-year Bull ETN
|
|
DTYL
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury 10-year Bear ETN
|
|
DTYS
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury Long Bond Bull ETN
|
|
DLBL
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
US
Treasury Long Bond Bear ETN
|
|
DLBS
|
|
0.75
|
|
NYSE Arca
|
|
8/13/2020
|
iPath
®
Long Extended Russell 1000
®
TR Index ETN
|
|
ROLA
|
|
0.50
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Long Extended Russell 2000
®
TR Index ETN
|
|
RTLA
|
|
0.50
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Long Extended S&P 500
®
TR Index ETN
|
|
SFLA
|
|
0.35
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
|
|
MFLA
|
|
0.80
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
|
|
MFSA
|
|
0.80
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
|
|
EMLB
|
|
0.80
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
|
|
EMSA
|
|
0.80
|
|
NYSE Arca
|
|
11/30/2020
|
iPath
®
GEMS Asia 8 ETN
|
|
AYT
|
|
0.89
|
|
NYSE Arca
|
|
04/08/2038
|
iPath
®
GEMS Index
TM
ETN
|
|
JEM
|
|
0.89
|
|
NYSE Arca
|
|
02/04/2038
|
iPath
®
Asian & Gulf Currency Revaluation ETN
|
|
PGD
|
|
0.89
|
|
NYSE Arca
|
|
02/04/2038
|
20
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE
Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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 Dow Jones-UBS Commodity Indexes
SM
are a joint product of Dow Jones Opco, LLC (Dow Jones Opco), a subsidiary of S&P Dow Jones Indices
LLC, and UBS Securities LLC (UBS), and have been licensed for use by Barclays Bank PLC. Dow
Jones
®
, DJ, UBS, Dow Jones-UBS Commodity Index
SM
, Dow Jones-UBS Commodity Index Total Return
SM
, Dow Jones-UBS Agriculture Subindex Total Return
SM
, Dow Jones-UBS Aluminum Subindex Total Return
SM
, Dow Jones-UBS Cocoa Subindex Total Return
SM
, Dow Jones-UBS Coffee Subindex Total Return
SM
, Dow Jones-UBS Copper Subindex Total Return
SM
, Dow Jones-UBS Cotton Subindex Total Return
SM
, Dow Jones-UBS Energy Subindex Total Return
SM
, Dow Jones-UBS Grains Subindex Total Return
SM
, Dow Jones-UBS Industrial Metals Subindex Total
Return
SM
, Dow Jones-UBS Lead Subindex Total
Return
SM
, Dow Jones-UBS Livestock Subindex
Total Return
SM
, Dow Jones-UBS Natural Gas
Subindex Total Return
SM
, Dow Jones-UBS Nickel
Subindex Total Return
SM
, Dow Jones-UBS
Platinum Subindex Total Return
SM
, Dow
Jones-UBS Precious Metals Subindex Total Return
SM
,
Dow Jones-UBS Softs Subindex Total Return
SM
,
Dow Jones-UBS Sugar Subindex Total Return
SM
,
Dow Jones-UBS Tin Subindex Total Return
SM
and
DJ-UBSCI
SM
, are service and/or trademarks of
Dow Jones Trademark Holdings, LLC (Dow Jones) and UBS AG (UBS AG), as the case may be.
S&P
®
is a registered trademark of Standard & Poors Financial Services LLC. The ETNs based on
the indices are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective subsidiaries or affiliates, and none of Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective affiliates,
makes any representation or warranty, express or implied, to the owners of or counterparts to the ETNs based on the indices or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs
based on any of the indices particularly.
21
The MSCI indexes are the exclusive property of MSCI, Inc. (MSCI). MSCI and the MSCI index names
are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with
respect to any such financial securities. The relevant pricing supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller or holder of this
product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCIs permission is required.
Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
S&P GSCI
®
, S&P GSCI
®
Index, S&P GSCI
®
Total Return Index, S&P
GSCI
®
Commodity Index and S&P GSCI
®
Crude Oil Total Return Index are trademarks of Standard & Poors Financial Services LLC (S&P) and have been licensed for use by
Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold or promoted by S&P. S&P does not make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of
investing in securities generally or in the ETNs particularly or the ability of the S&P GSCI
®
to track
general stock market performance.
Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return, are trademarks of Standard & Poors Financial Services,
LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC
(Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
and Buywrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively, S&P Dow Jones Indices) and CBOE
make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of the index to track market
performance.
Standard & Poors
®
, S&P
500
®
and S&P
®
are registered trademarks of Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return are registered trademarks of S&P and have been licensed for use by S&P Dow Jones Indices LLC
and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. The S&P 500
®
Total Return (the
Index
) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively,
S&P Dow Jones Indices) make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in
the ability of the index to track market performance
Standard & Poors
®
, S&P 500
®
, S&P
®
,
S&P 500
®
Total Return, S&P 500 VIX Short-Term Futures, S&P 500
VIX Mid-Term Futures and S&P 500
®
Dynamic VIX Futures are trademarks of
Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered
trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
, VIX
®
and BuyWrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. This document is not sponsored, endorsed, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates
(collectively, S&P Dow Jones Indices) or by CBOE. S&P Dow Jones Indices and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the
advisability of investing in securities generally or in the ETNs or in the ability of the indices to track market performance.
Russell 1000
®
Index and Russell 2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC. The ETNs
are not sponsored, endorsed, sold, or promoted by Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
22
Each of the Barclays commodities indices referenced herein is a trademark of Barclays Bank PLC.
Barclays US Treasury 2Y/10Y Yield Curve Index
TM
, Barclays 2Y US Treasury Futures Targeted Exposure Index
TM
, Barclays 5Y US Treasury Futures Targeted Exposure
Index
TM
, Barclays 10Y US Treasury Futures
Targeted Exposure Index
TM
and Barclays Long
Bond US Treasury Futures Targeted Exposure Index
TM
are trademarks of Barclays Bank PLC.
Barclays Optimized Currency Carry Index
TM
and the USD Optimized Currency Carry Index
TM
are trademarks of Barclays Bank PLC.
Barclays Global Carbon Index
TM
and Barclays Global Carbon Index Total Return
TM
are trademarks of Barclays Bank PLC.
Barclays Global Emerging Markets Strategy (GEMS) Asia 8 Index
TM
, Barclays Global Emerging Markets Strategy (GEMS) Pegged Currency Index
TM
and Barclays Global Emerging Markets Strategy (GEMS)
Index
TM
are trademarks of Barclays Bank PLC.
© 2012 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
END PRODUCT INFORMATION PAGE
23
ABOUT iPATH ETNs
Home > About iPath ETNs
About
iPath
®
ETNs
[icon] Print this page
Get comprehensive information and insight about
iPath
®
Exchange Traded Notes (ETNs)
|
|
|
|
|
|
|
Gain a clear understanding of iPath ETNs, from the basics of structure to the breadth of product offering. Youll also
learn how you can integrate ETNs in to your portfolio strategieswhether to diversify your portfolio, implement your views, or help mitigate risk.
Essentials of
iPath
®
ETNs
Discover the fundamentals of ETNs, including structure and redemption options, and explore the unique properties of leveraged ETNs. Begin learning about ETNs
iPath
®
ETN Product Suites
Integrate iPath ETNs into your
portfolio with products designed to help meet a wide range of investing needs, including commodity, currency, fixed income, and leveraged ETNs. Learn about iPath ETN products suites
Diversification may not protect against market risk.
|
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Related Resources
[icon] Product List
[icon]
Fundamentals of
iPath ETNs
[icon] FAQ
[icon] Tax FAQ
|
|
|
|
|
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Next »
Essentials of iPath ETNs
|
|
|
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
24
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on
the series) ETNs of the same series 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.
END ABOUT iPATH ETNs
25
ESSENTIALS OF iPATH ETNs
|
|
|
|
|
Home > About iPath ETNs > Essentials of iPath ETNs
|
|
|
Essentials of iPath
®
ETNs
[icon] Print this page
Get comprehensive information and insight about iPath
®
Exchange
Traded Notes (ETNs)
|
|
|
|
Learn how you can access the returns of market benchmarks or strategies with iPath ETNs, and discover the features and intended benefits
of these securities.
Understanding iPath
®
ETNs
Learn about the basic structure of ETNs and see how they compare to equities, index funds, and Exchange Traded Funds (ETFs). Begin learning the
fundamentals
Benefits
Discover how to gain exposure to the returns of market benchmarks, and diversify your
portfolio with iPath ETNs. Learn about iPath ETN products
Trading and
Redemption
Learn about your options for liquidating iPath ETNs and
find out how indicative value and trading price are calculated. Learn about trading and redemption
Tax Considerations
Understand the tax consequences of iPath ETNs and learn how ETNs should be treated for federal income tax purposes. Learn about tax
considerations
Leveraged ETNs
Learn how to access leveraged exposures through the iPath Leveraged ETN suite. Learn
about Leveraged ETNs
Diversification may not protect against market
risk.
|
|
Related Resources
[icon] Product List
[icon] Fundamentals of
iPath
ETNs
[icon] FAQ
[icon] Tax
FAQ
[icon] Premium and Discounts
|
|
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|
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|
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|
« Previous
About iPath ETNs
|
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Next»
Understanding iPath ETNs
|
|
|
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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.
26
Credit of Barclays Bank PLC
: The ETNs are unsecured debt obligations of the issuer, 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, in the event Barclays Bank PLC were to default
on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not
Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on
the series) ETNs of the same series 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.
END ESSENTIALS of iPATH ETNs
27
UNDERSTANDING iPATH ETNs
|
|
|
|
|
|
|
Home > About iPath ETNs > Essentials of ETNs > Understanding iPath ETNs
|
|
|
|
|
Understanding iPath
®
ETNs
[icon] Print this page
|
|
|
|
Understanding iPath ETNs
iPath Exchange Traded Notes (ETNs) offer investors an efficient way to access difficult-to-reach market benchmarks or strategies. iPath ETNs are senior,
unsecured debt securities issued by Barclays Bank PLC.
While ETNs are not
equities or index funds, they do share several characteristics. Like equities, they trade on an exchange and can be shorted1 on an uptick or a downtick, subject to the ability to locate shares to borrow. Like an index fund, they are linked to the
return of a benchmark index.
Structure of iPath ETNs
iPath ETNs can be characterized by the following key features:
|
|
Related Resources
[icon] Product List
[icon] Fundamentals of iPath
ETNs
[icon] FAQ
[icon] Tax
FAQ
|
|
|
|
|
|
|
Payment at maturity
|
|
Investors who hold iPath ETNs to maturity will receive a cash payment at maturity that is linked to the performance of the corresponding index during the period beginning on the
inception date and ending at maturity, less investor fees.
|
|
|
|
|
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Redemption prior to maturity
|
|
Investors can redeem a large block of iPath ETNs, typically 25,000 to 50,000 units, directly to Barclays Bank PLC before their maturity date, subject to the procedures described
in the relevant prospectus
2
. A redemption charge may apply
for redemption of certain series of iPath ETNs.
|
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Coupon
|
|
Interest will not be paid during the term of the iPath ETNs
|
|
|
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Distribution
|
|
The iPath ETNs currently available do not make dividend distributions.
|
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|
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|
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|
Investor fee and additional costs
|
|
The investor fee is subtracted on a daily basis from the closing indicative value of each iPath ETN at a cumulative annual rate equal to the Yearly Fee. Because the investor fee
and other applicable costs reduce the amount of an investors return at maturity or upon redemption, if the value of the underlying index decreases or does not increase significantly, investors may receive less than the principal amount of the
investment at maturity or upon redemption. For a more complete description of how the investor fee and other applicable costs are calculated, please see the applicable product page and pricing supplement. Additional costs, such as rolling costs, may
apply to certain iPath ETNs. Please refer to the relevant prospectus for more information.
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28
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No principal protection
|
|
Investors will receive a cash payment at maturity or upon redemption linked to the performance of the corresponding index, less investor fees and other applicable
costs. The index may go up or down. Even if the index goes up, investors may not recover their principal once investor fees and costs are deducted.
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Ratings
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The iPath ETNs are not rated, but are backed by the credit of Barclays Bank PLC.
3
Credit ratings relate solely to the issuer, Barclays Bank PLC, and not to the ETNs.
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Unsecured debt
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iPath ETNs are senior, unsecured debt securities issued by Barclays Bank PLC.
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Voting rights
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Because the iPath ETNs are debt securities, they do not have any voting rights.
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Distributions
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The iPath ETNs currently available do not make dividend distributions.
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Differences and similarities between ETNs and Exchange Traded Funds (ETFs)
Both ETNs and ETFs provide investors access to the returns of various market
benchmarks. However, iPath ETNs are debt securities issued by Barclays Bank PLC, whereas ETFs are typically registered investment companies collateralized by an underlying portfolio of securities. Other differences and similarities are noted in the
following chart:
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ETN
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ETF
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Liquidity
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Daily on exchange
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Daily on exchange
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Registration
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Securities Act of 1933
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Investment Company Act of 1940
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Recourse
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Issuer credit
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Portfolio of securities
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Principal risk
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Market and issuer risk
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Market risk
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29
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Tracking Error*
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Low to moderate
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Low
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Tax Issues
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Capital gains only realized upon the sale, redemption or maturity of the ETN. No dividend distributions.
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Potential exposure to capital gains and losses of portfolio, although creation/redemption mechanism works to minimize this. Dividends and interest income passed through to
shareholders.
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Transparency
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Performance of ETNs generally depends on the return of the underlying index, less applicable fees and costs. There is typically not an underlying portfolio of securities that
investors have recourse to.
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Performance of ETFs generally depends on the return on a portfolio of securities or instruments held by the fund, less applicable fees and costs. Holdings of the fund are
disclosed by the fund sponsor.
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Accessibility
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Access through any brokerage account (certain firms may have restrictions on product availability on their platforms)
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Access through any brokerage account (certain firms may have restrictions on product availability on their platforms)
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Institutional size redemption
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Daily to the issuer
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Daily via custodian
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Short sales
1
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Yes, on an uptick or a downtick
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Yes, on an uptick or a downtick
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* Tracking error refers to the performance difference of an investment versus its benchmark over a given time period.
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iPath Roles
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Barclays Bank PLC and its subsidiary undertakings (taken together, the Group) is a major global financial services provider engaged in retail and commercial
banking, credit cards, investment banking, wealth management and investment management services. The Group operates in many countries around the world. The whole of the issued ordinary share capital of Barclays Bank PLC is beneficially owned by
Barclays PLC, which is the ultimate holding company of the Group.
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Barclays Capital Inc. acts as the issuers agent in connection with the distribution of the iPath ETNs. Barclays
Capital Inc. is an affiliate of Barclays Bank PLC and is a registered US broker-dealer regulated by the SEC and the FINRA.
BlackRocks broker-dealer affiliate, BlackRock Fund Distribution Company, engages in the promotion of iPath ETNs to intermediaries including registered broker-dealers and registered investment
advisors; and to end-users, such as mutual funds, hedge funds and insurance companies.
Regulation of iPath ETNs
iPath ETNs are registered under the Securities Act of 1933. They are not regulated by the Commodity Futures Trade Commission (CFTC), and you do not need a
Series 3 License to sell them. However, futures contracts notionally underlying the relevant market index may be regulated by the CFTC.
1
With short sales, an investor faces the potential for unlimited
losses as the securitys price rises.
2
The issuer may
from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount. Any such reduction will be applied on a consistent basis for all holders of units at the time the reduction becomes effective.
3
Credit ratings are subject to revision or withdrawal at any time
by the assigning rating organization, which may have an adverse effect on the market price or marketability of the iPath ETNs.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the
applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
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A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
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<<Previous
Essentials of iPath ETNs
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Next >>
Benefits of ETNs
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END UNDERSTANDING iPATH ETNs
32
BENEFITS OF ETNs
Home > About iPath ETNs > Essentials of
ETNs > Benefits of ETNs
Benefits of ETNs
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iPath Exchange Traded Notes (ETNs) offer investors access to the returns of a particular market or strategy, less investor fees, and
offer the following benefits:
Gain access to difficult-to-reach
exposures
iPath ETNs offer exposure to the returns of market
benchmarks, less investor fees and costs, with exchange-traded accessibility. The ETN structure offers investors flexible exposure to investments in previously expensive or difficult-to-reach market sectors or strategies.
Help manage your taxable
events
1
U.S. holders of iPath ETNs (other than the single currency ETNs) should generally not
be required to include amounts in income prior to sale, redemption or maturity. Investors should recognize gain or loss upon the sale, redemption or maturity of their iPath ETNs in an amount equal to the difference between the amount they receive at
such time and their tax basis in the securities. This enables investors to generally manage the timing of taxable events related to their investment in iPath ETNs. However, significant aspects of the tax treatment of the ETNs are uncertain, and the
IRS and U.S. Treasury are actively considering the tax treatment of instruments such as iPath ETNs, which could change at any time. Investors should consult a tax advisor about their own tax situation.
Trading Flexibility
iPath ETNs are listed on NYSE Arca and can be bought and sold at their market price
on the secondary market anytime during trading hours, similar to other publicly traded securities. Certain iPath ETNs are listed on additional exchanges as well as NYSE Arca. Investors may also redeem a large block of securities, typically 25,000 or
50,000 securities, directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant
prospectus
2
. A one-time redemption charge will apply to
certain ETNs. The charge is intended to allow the issuer to recoup brokerage and other costs incurred in connection with an early redemption (although the proceeds from the charge may be more or less than such costs).
1
Please see the
applicable prospectus for a more complete discussion of the primary tax treatment and alternative tax characterizations that are possible with respect to each iPath ETN.
2
The issuer may from time to time in its sole discretion reduce, in
part or in whole, the minimum redemption amount. Any such reduction will be applied on a consistent basis for all holders of units at the time the reduction becomes effective.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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.
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Related Resources
[icon] Product List
[icon] Fundamentals
of
iPath ETNs
[icon] FAQ
[icon] Tax FAQ
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33
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You May Lose Some or All of Your Principal
:
T
he ETNs are exposed to change in the level of the underlying
index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the
issuer, 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, in the event Barclays
Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the
series) ETNs of the same series 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.
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<<Previous
Understanding iPath ETNs
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Trading and Redemption
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END BENEFITS OF ETNs
34
TRADING AND REDEMPTION
Home > About
iPath ETNs > Essentials of ETNs > Trading and Redemption
Trading and Redemption
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iPath Exchange Traded Notes (ETNs) are listed on NYSE Arca (and in the case of certain iPath ETNs, on additional exchanges) and can be
bought and sold at their market price on the secondary market, similar to other publicly traded securities. Interest is not paid during the term of the iPath ETNs and the currently available iPath ETNs do not make dividend distributions.
Trading or redemption options
Investors can liquidate iPath ETNs in one of three ways:
Sell in the secondary market during trading hours. Investors transacting on the
secondary market will not incur a redemption charge.
Redeem a large block
of securities, typically 25,000 to 50,000 securities directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant prospectus¹. The redemption feature is intended to induce arbitrageurs to counteract any trading
of the iPath ETNs at a premium or discount to their indicative value, though there can be no assurance that arbitrageurs will employ the redemption feature in this manner. A one-time redemption charge will apply to certain ETNs. The charge is
intended to allow the issuer to recoup brokerage and other costs incurred in connection with an early redemption (although the proceeds from the charge may be more or less than such costs).
Hold until maturity and receive a cash payment on the maturity date from the issuer,
Barclays Bank PLC, based on the performance of the corresponding index, less investor fees and other applicable costs. Please see the relevant prospectus for details on how the payment at maturity is calculated for your ETNs.
Indicative value calculation
iPath ETNs are debt securities, not mutual funds, so they do not have a net asset
value or NAV. An intraday indicative value meant to approximate the intrinsic economic value of each iPath ETN is calculated and published by Bloomberg or other third party. Additionally, the closing indicative value of each
iPath ETN is calculated and published at the end of each calendar day on this website. View now.
Some iPath ETNs apply an index multiplier for purposes of calculating the closing indicative note value on each calendar day. The effect of the index multiplier is to adjust the rate at which the value of
the ETN is expected to change (either directly or inversely) in response to changes in the level of the relevant index.
Indicative value and trading price
The intraday indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption, or
termination of the iPath ETNs, nor does it reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published index levels from the index sponsors underlying the iPath ETNs may occasionally be subject to
delay or postponement. Any such delays or postponements will affect the current index level and therefore the intraday indicative value of the applicable iPath ETNs. Index levels provided by the index sponsors underlying the iPath ETNs do not
necessarily reflect the depth and liquidity of the underlying relevant market. For this reason and others, the actual trading price of the iPath ETNs may be different from their indicative value.
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Related Resources
[icon] Product List
[icon] Fundamentals
of
iPath ETNs
[icon] FAQ
[icon] Tax FAQ
[icon] Trading
Strategy
Report
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35
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Automatic termination
Certain iPath ETNs will be automatically redeemed if the indicative value reaches a certain level (an automatic termination event), as
described in the relevant prospectus. Upon the occurrence of an automatic termination event, Barclays Capital will deliver notice of automatic termination, and investors will receive a cash payment in U.S. dollars per ETN on the applicable valuation
date calculated in accordance with the procedures described in the relevant prospectus.
Subsequent issuances
If demand for any iPath ETN exceeds the initial amount of securities issued, subsequent issuances may be made under the registration statement. The terms
of the new issueincluding maturity date, investor fee, ticker and CUSIPwill be the same as the original issue, and it is expected that both issues would be immediately fungible.
Suspension of issuances
Depending on market factors or regulatory developments, iPath ETNs may be suspended
from further sales from inventory and/or further issuances.² Daily redemptions at the option of the holders of iPath ETNs are typically not affected by suspensions, nor are Barclays Bank PLCs lending activities from existing inventory
with respect to iPath ETNs typically affected by suspensions.
It is
possible that a suspension, as described above, may influence the market value of iPath ETNs. Limitations on issuance and sale implemented may cause an imbalance of supply and demand in the secondary market for iPath ETNs, which may cause them to
trade at a premium or discount in relation to their indicative value. Therefore, any purchase of iPath ETNs in the secondary market may be at a purchase price significantly different from their indicative value.
¹ The issuer may from time to time in its sole discretion
reduce, in part or in whole, the minimum redemption amount. Any such reduction will be applied on a consistent basis for all holders of units at the time the reduction becomes effective.
² As will be described in further detail in the applicable
pricing supplement relating to the iPath ETNs.
Selected Risk
Considerations
An investment in the iPath ETNs described herein (the
ETNs) 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 change in
the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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.
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Credit of Barclays Bank PLC
: The ETNs are unsecured debt obligations of the issuer, 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, in the event Barclays Bank PLC were to default on its
obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the
series) ETNs of the same series 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.
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<<Previous
Benefits of ETNs
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Next >>
Premiums and Discounts
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END TRADING AND REDEMPTION
37
PREMIUMS AND DISCOUNTS
Home > About iPath ETNs > Essentials of
ETNs > Premiums and Discounts
Premiums and Discounts
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Premium
When discussing iPath ETNs, a premium is described as the amount that the market price of an exchange-traded note on the
exchange trades above its intraday indicative value. The intraday indicative value is meant to approximate the intrinsic economic value of each iPath ETN. As iPath ETNs are debt securities, and unlike exchange-traded funds do not own underlying
assets, the intraday indicative note value is based on the performance of the related index rather than the price of any assets.
Discount
When discussing iPath ETNs, a discount is described as the amount that the market price of an exchange-traded note on the exchange trades below its intraday indicative value. The intraday indicative value
is meant to approximate the intrinsic economic value of each iPath ETN. As iPath ETNs are debt securities, and unlike exchange-traded funds do not own underlying assets, the intraday indicative note value is based on the performance of the related
index rather than the price of any assets.
The actual market price of a
series of iPath ETNs may be different from its indicative value and may reflect a premium or discount for various reasons. Any changes in the level of supply or demand for the ETNs may impact the market price of the note and cause it to diverge from
the indicative value (for example, see Capacity limitations may affect the market price of an ETN for a description of one supply side factor that may impact the price of the ETN). In addition, any delay or postponement by the index
sponsor in publishing the value of an underlying index will affect the current index level and therefore the intraday indicative value of the applicable iPath ETNs, which may in turn result in a divergence from the market price of the applicable
iPath ETNs.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in
the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the
issuer, 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
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Related Resources
[icon] Premium and
Discounts
[icon] Press Release
May 18, 2012
Barclays
Issues Investor
Guidance on
GAZ
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38
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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, in the event Barclays Bank PLC were to default on its obligations, you
may not receive any amounts owed to you under the terms of the ETNs.
A
Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
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<<Previous
Trading and Redemption
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Next >>
Tax Considerations
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END PREMIUMS AND DISCOUNTS
39
TAX CONSIDERATIONS
Home > About iPath ETNs > Essentials of
ETNs > Tax Considerations
Tax Considerations
[icon] Print this page
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For U.S. federal income tax purposes, Barclays Bank PLC and investors agree to treat all iPath ETNs, except certain currency ETNs, as
prepaid executory contracts with respect to the relevant index. If such iPath ETNs are so treated, investors should recognize gain or loss upon the sale, redemption or maturity of their iPath ETNs in an amount equal to the difference between the
amount they receive at such time and their tax basis in the securities. Investors generally agree to treat such gain or loss as capital gain or loss, except with respect to those iPath ETNs for which investors agree to treat such gain or loss as
ordinary, as detailed in the chart below.
iPath ETN Tax
Consequences
The following table summarizes certain U.S. federal tax
consequences that holders of iPath ETNs and Barclays Bank PLC agree to be subject to pursuant to the terms of iPath ETNs. These tax consequences, however, are not certain and alternative treatments are possible. Please see the applicable prospectus
for a more complete discussion of the primary tax treatment and alternative tax characterizations that are possible with respect to each iPath ETN.
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Related Resources
[icon] Product List
[icon] Fundamentals of iPath
ETNs
[icon] FAQ
[icon] Tax
FAQ
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TYPE
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TREATMENT AT
MATURITY
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RECOGNITION OF
CURRENT
INCOME
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Alternatives
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Capitals gains
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No
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Buy Write
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Capital gains
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No
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Commodities
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Capital gains
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No
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Equity
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Capital gains
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No
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Fixed Income
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Capital gains
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No
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Leveraged
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Capital gains
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No
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Currency
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- Carry Trade
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Ordinary Income
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No
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- Exchange Rate
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Ordinary Income
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Yes
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- Global Emerging Markets Strategy (GEMS)
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Ordinary Income
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Yes
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Barclays Bank PLCs position on the tax status of ETNs
Barclays Bank PLC is aligned with the Securities Industry and Financial Markets
Association (SIFMA) and believes that the tax treatment of investment products should be driven by the products attributes. Mutual funds and ETNs are taxed differently because they are fundamentally different products. Investors who buy shares
in a
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mutual fund own the underlying securities and receive annual dividend income from those securities, which is taxable. ETN investors do
not own underlying securities and receive no dividends while holding an ETN.
Tax Status of Currency ETNs
Revenue ruling 2008-1, issued on December 7, 2007, holds that certain financial instruments linked directly to the value of a foreign currencyregardless of whether the instrument is privately
offered, publicly offered or traded on an exchangeshould be treated like debt for federal tax purposes. Revenue Ruling 2008-1 is relevant to iPath exchange rate and GEMS ETNs.
Barclays Bank PLC believes that this ruling provides investors clarity on the tax
treatment of certain financial instruments linked directly to the value of a foreign currencyregardless of whether the instrument is privately offered, publicly offered, or traded on an exchange.
With respect to the iPath exchange rate ETNs, this means that any interest accrued
(net of fees) during the life of those ETNs will be taxed as ordinary income on a current basis, even though that interest is reinvested and not paid out until the holder sells the ETN or the ETN matures. It also means that a gain or loss from the
redemption or maturity of these ETNs will generally be ordinary. With respect to iPath GEMS ETNs, this means that interest on these ETNs should be taxed as ordinary income at the time it accrues or is received (iPath GEMS ETNs are designed to pay a
monthly coupon). It also means that gain or loss from the sale or redemption of these ETNs should generally be ordinary.
With respect to iPath GEMS ETNs, this means that interest on these ETNs should be taxed as ordinary income at the time it accrues or is received (iPath GEMS ETNs are designed to pay a monthly coupon). It
also means that gain or loss from the sale or redemption of these ETNs should generally be ordinary.
The iPath Optimized Currency Carry ETN is different from the instruments described in Revenue Ruling 2008-1. However, due to rules under Section 988 of the Internal Revenue Code, gain or loss from the
sale or redemption of this ETN should generally be ordinary.
Tax
status of equity, fixed income, commodity, leveraged and certain alternatives ETNs
Revenue ruling 2008-1 likely does not apply to iPath ETNs other than iPath exchange rate and GEMS ETNs. However, on December 7, 2007, the IRS also issued notice 2008-2 asking for comments on the
appropriate tax treatment of instruments such as the equity and commodity ETNs. The IRS has not issued additional guidance on this issue.
An investment in iPath ETNs may not be suitable for all investors. Please see the applicable prospectus for a more complete discussion of the primary
tax treatment and alternative tax characterizations that are possible with respect to each iPath ETN. Significant aspects of the tax treatment of the ETNs are uncertain. Investors should consult a tax advisor about their own tax situation. An
investment in iPath ETNs also involves other risks, including possible loss of principal. See the applicable prospectus for a discussion of these other risks.
Barclays Capital Inc. and its affiliates and BlackRock Investments, LLC, and its affiliates do not provide tax advice and nothing contained herein
should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including any attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S.
tax-related penalties; and (ii) was written to support the promotion or marketing of the transactions or other matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax
advisor.
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41
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the
applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
A Trading Market for
the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
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<<Previous
Premiums and
Discounts
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Next >>
iPath Leveraged ETNs
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END TAX CONSIDERATIONS
42
iPATH LEVERAGED ETNs
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Home > About iPath ETNs > Essentials of iPath ETNs > iPath Leveraged ETNs
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iPath
®
Leveraged ETNs
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[icon] Print this page
iPath Leveraged ETNs are designed to provide investors with a leveraged return that is linked to the performance, or inverse performance, of a market
benchmark less applicable charges, costs and fees. Each iPath Leveraged ETN has an intraday indicative note value (IINV), which is meant to approximate the intrinsic economic value of each iPath Leveraged ETN at any point in
time.
The IINV will be calculated by the calculation agent on an ongoing
basis from the initial valuation date to the final valuation date. During the hours on which trading is generally conducted on NYSE Arca, NYSE Arca or a successor will calculate and publish the IINV for each iPath leveraged ETN every 15 seconds
under the applicable ticker symbol. Additionally, a closing indicative note value (CINV) for each iPath Leveraged ETN will be published by NYSE Arca on each valuation date under the applicable ticker symbol. For a more complete description of how
the IINV and CINV are calculated for each series of iPath leveraged ETNs, please see the relevant prospectus.
Indicative value for iPath
®
Leveraged ETNs
Unlike some leveraged investments, the iPath Leveraged ETNs do not track a fixed multiple of the daily or monthly performance of an underlying index. Instead, on any given day the indicative value of any
series of iPath Leveraged ETNs will change by a multiple of the underlying index performance that is variable and depends, in part, on the then current IINV of that series of iPath Leveraged ETNs.
In order to allow investors to monitor the ratio of percentage daily changes in the
IINV to daily index percentage returns, NYSE Arca will calculate and publish every 15 seconds a participation for each series iPath Leveraged ETNs. For each series of iPath Leveraged ETNs, the participation is calculated by dividing the
amount per ETN that is notionally exposed to the underlying index by the then current IINV of that ETN. The participation is published intraday to common data providers such as Bloomberg, and once per day to this website. View now.
Automatic redemption
In order to prevent the ETNs from reaching a negative value, there will be an
automatic redemption of any series of the iPath Leveraged ETNs if, on any calendar day prior to or on the final valuation date, the intraday indicative note value (IINV) is less than or equal to the applicable automatic termination level specified
below per ETN. Upon the occurrence of an automatic termination event, investors in that series of iPath leveraged ETNs will receive a redemption amount that will be significantly less than the issue price and will receive no greater than the
automatic termination level specified below per ETN. Accordingly, investors may lose some or all of their principal if they invest in the iPath leveraged ETNs. Please refer to the relevant prospectus for further details on the automatic redemption,
timing and processes, and how the payment upon redemption is calculated.
Fees for iPath
®
Leveraged ETNs
As the iPath Leveraged ETNs seek to replicate a long or short investment in an
underlying index, certain charges, costs and fees are built into the calculation of the CINV and the IINV.
The iPath Long Leveraged ETNs charge an annualized investor fee and an annualized financing charge on notional cash amounts underlying each iPath Long Leveraged ETN¹. The notional cash amounts of the
iPath Long Leveraged ETNs will vary according to the financing rate and fee rate, both as defined in the applicable prospectus.
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Related Resources
[icon] The Basics of iPath
Leveraged
ETNs
[icon] (877) 764-7284
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43
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The iPath Short Leveraged ETNs charge an annualized investor fee and an annualized index borrow cost on the notional borrowed equity
amounts underlying each iPath Short Leveraged ETN (offset by annualized interest on notional cash amounts underlying each iPath Short Leveraged ETN). The notional borrowed equity amounts of the iPath Short Leveraged ETNs will vary according to
movements in the underlying index, as defined in the applicable prospectus, and will not in general move in tandem with the underlying index or the IINV or CINV.
Therefore, under certain circumstances, particularly where the financing level is a high multiple of the applicable CINV, the fees may represent a
significant percentage of the applicable CINV.
For full details of the
accrued fees, charges and costs for the iPath Leveraged ETNs, and hypothetical examples as to how these can affect the performance of the ETNs, investors should consult the applicable prospectus.
Differences and Similarities Between iPath
®
Leveraged ETNs and Leveraged exchange traded funds (Leveraged ETFs)
Both iPath Leveraged ETNs and leveraged ETFs provide investors with access to the
leveraged returns of various market benchmarks. However, the iPath Leveraged ETNs are senior, unsecured debt securities issued by Barclays Bank PLC, whereas ETFs are typically registered investment companies and are collateralized by an underlying
portfolio of securities.
iPath Leveraged ETNs seek to provide investors
with an alternative to leveraged ETFs, which typically track a daily or monthly multiple of an indexs returns. Instead, the iPath Leveraged ETNs track a fixed multiple of underlying index performance over the term of the ETNs. Other
differences and similarities are noted in the following chart:
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iPath Leveraged ETNs
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Leveraged ETF
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Leveraged Performance
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Yes
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Yes
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Liquidity
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Daily on Exchange
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Daily on Exchange
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Principal risk
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Market and issuer risk
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Market risk
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Recourse
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Issuer credit
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Portfolio of Securities
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Performance Target
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Payment at Maturity
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Daily or Monthly
Performance Target
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Maturity
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Fixed Maturity²
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No
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Path Dependency³
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No
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Yes
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Institutional size redemption
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Daily to the issuer²
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Daily via custodian
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Formulaic Optional Redemption Value
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Yes²
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No
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Automatic Termination Event
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Yes
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No
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¹ Because the daily investor fee accrues as part of the financing level
and the daily financing charge is calculated on the basis of the financing level, a portion of the daily financing charge will reflect the incremental increase of the financing level attributable to the accrued daily investor
fee.
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44
²
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Subject to the occurrence of an automatic termination event or early redemption by the investor.
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³
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An index-linked security shows path dependency if its value on any given day cannot be derived from the current and initial values of its underlying
index but instead is dependent on the historical path that the index has taken over the calculation period.
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Diversification may not protect against market risk.
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« Previous
Benefits of ETNs
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Next »
iPath ETN Product Suites
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event 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 a series of 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.
Automatic Redemption
: If specified in the applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but
not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday indicative note value of the ETNs becomes less than or equal to the applicable level specified in the
prospectus. For ETNs inversely linked to the S&P 500 VIX Short-Term Futures Index Excess Return, an automatic redemption may occur as a result of a precipitous increase in volatility in the U.S. equity markets and is highly likely to occur
if the historical frequency of precipitous increases in volatility in the U.S. equity markets persist.
Market and Volatility Risk:
The
market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary
market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other
financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such
index.
45
Your Return May Be Affected By Factors Affecting International Security Markets
: The international
equities underlying certain indices sponsored by MSCI, Inc. may have less liquidity and could be more volatile than the securities traded in the U.S. or other longer-established securities markets. Additional special risks associated with
international securities may include less rigorous regulation of securities markets, different accounting and disclosure standards, government interference, higher inflation, and social, economic, and political uncertainties.
Leverage Risk
: In cases where an investment in the ETNs is leveraged, changes in the level of the underlying index will have a greater impact on
the payout on the ETNs than on a payout on securities that are not so leveraged. In particular, any decrease or increase, as the case may be in the level of the underlying index will result in a significantly greater decrease in the payment at
maturity or upon redemption, and an investor will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain a leverage component.
The Performance of the Underlying Indices are Unpredictable:
An investment in the ETNs linked to an index composed of futures
contracts on the CBOE
®
Volatility Index (the VIX Index) is subject to risks associated with
fluctuations in the performance of the underlying index. The performance of the underlying index will depend on many factors including, the level of the S&P 500
®
, the prices of options on the S&P
500
®
, and the level of the VIX Index which may change unpredictably, affecting the value of futures contracts on
the VIX Index and, consequently, the level of the underlying index. Additional factors that may contribute to fluctuations in the level of such index include prevailing market prices and forward volatility levels of the U.S. stock markets and the
equity securities included in the S&P 500
®
, the prevailing market prices of options on the VIX Index,
relevant futures contracts on the VIX Index, or any other financial instruments related to the S&P 500
®
and
the VIX Index, interest rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
Your ETNs Are Not Linked to the VIX Index:
The value of ETNs linked to an index composed of futures contracts on the VIX Index will be linked to the value of the underlying index, and your ability
to benefit from any rise or fall in the level of the VIX Index is limited. The index underlying such ETNs is based upon holding a rolling long position in futures on the VIX Index. These futures will not necessarily track the performance of the VIX
Index. Such ETNs may not benefit from increases in the level of the VIX Index because such increases will not necessarily cause the level of VIX Index futures to rise. Accordingly, a hypothetical investment that was linked directly to the VIX Index
could generate a higher return than such ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE
Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
END iPATH LEVERAGED ETNs
46
iPATH ETNs PRODUCT SUITES
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Home > About iPath ETNs > iPath ETN Product Suites
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iPath
®
ETN Product Suites
[icon] Print this page
Explore ETN products designed to help meet a wide range of investing
needs.
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Find iPath ETNs that match your investing objectives. Whether you want a specific commodity exposure or access to a fixed income
strategy, youll find iPath ETN products to help you build and diversify your portfolio.
Commodities >>
Explore our broad, narrow or targeted exposure commodity ETNs, and learn how they can add diversification to your portfolio.
Learn about Commodity ETNs
Currency >>
Find
out how you can get convenient, cost-efficient single- and multi-currency exposure with iPath Currency ETNs.
Learn about Currency
ETNs
Equities >>
Explore our wide range of equity ETNs that offer single-trade access to leveraged
equities, strategies, international equity and equity volatility.
Learn about Equity ETNs
Fixed Income >>
Learn how you can target the US Treasury yield curve with iPath Fixed Income
ETNs.
Learn about Fixed Income ETNs
Diversification may not protect against market risk.
Buying and selling iPath ETNs will result in brokerage commissions.
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Related Resources
[icon] Product List
[icon] Fundamentals of iPath
ETNs
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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.
47
Credit of Barclays Bank PLC
: The ETNs are unsecured debt obligations of the issuer, 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, in the event Barclays Bank PLC were to default
on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not
Develop
: Although the ETNs are listed on NYSE Arca, 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
: You must redeem at least 25,000 or 50,000 (depending on the
series) ETNs of the same series 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.
END iPATH ETN PRODUCT SUITES
48
iPATH COMMODITY ETNs
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iPath
®
Pure Beta
Commodity ETNs.
Commodities exposure. Now refined into 18 Pure Beta ETNs.
Go Broad
i
Go Sector
i
Go Single
i
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Home > About iPath ETNs > iPath ETN Product Suites > Commodities
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iPath
®
Pure Beta
Commodity Exchange Traded Notes offer investors exposure to a wide variety of commodities future indices in a refined form.
An investment in commodities futures contracts requires
holdings to be regularly rolled into new futures contracts as expiry dates approach.
Traditional commodity indices typically track the
performance of nearby futures contracts, which can impact performance by introducing roll yield. Roll yield occurs when the price of future contracts are over or under the spot prices.
iPath
®
Pure Beta ETNs are linked to indices that offer the potential to mitigate this by rolling into one of a number of contracts with varying expiration dates.
Historical Performance of the Barclays Capital Commodity Index Pure
Beta
TR and Barclays Capital Commodity Index TR
Pure Beta ETNs are linked to the performance of the relevant Barclays Capital Pure Beta Index, minus
applicable costs and fees.
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Related Resources
[icon] iPath Commodity ETNs
[icon] Basics of
iPath Pure Beta Commodity ETNs
[icon] Product List
[icon] Fundamentals of iPath ETNs
[icon] Premiums and Discounts
[icon] Fact Sheets
[icon] (877)
764-7284
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iPath Pure Beta Commodity ETN
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Ticker
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Yearly Fee¹
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Futures
Execution
Cost¹
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iPath
®
Pure Beta Agriculture ETN
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DIRT
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Aluminum ETN
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FOIL
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Broad Commodity ETN
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BCM
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0.75
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%
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0.10
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iPath
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Pure Beta Cocoa ETN
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CHOC
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Coffee ETN
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CAFE
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Copper ETN
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CUPM
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Cotton ETN
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CTNN
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Crude Oil ETN
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OLEM
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Energy ETN
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ONG
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0.75
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%
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0.10
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%
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49
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iPath
®
Pure Beta Grains ETN
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WEET
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Industrial Metals ETN
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HEVY
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Lead ETN
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LEDD
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Livestock ETN
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LSTK
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Nickel ETN
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NINI
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Precious Metals ETN
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BLNG
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta S&P GSCI
®
-Weighted ETN
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SBV
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0.75
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%
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0.10
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%
|
iPath
®
Pure Beta Softs ETN
|
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GRWN
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0.75
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%
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0.10
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%
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iPath
®
Pure Beta Sugar ETN
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SGAR
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0.75
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%
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0.10
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%
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1
The investor fee is equal to the Yearly Fee times the principal amount of your Securities times the index factor, calculated on a daily basis in the
following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your
Securities times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the Index on that
day divided by the initial index level. The initial index level is the value of the Index on the inception date. In addition, on each calendar day, a futures execution cost will be charged and deducted from the closing indicative note
value of each ETN. The effect of the futures execution cost accumulates over time and is subtracted at a rate of 0.10% per year. See the applicable prospectus for more details.
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the
issuer, 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, in the event 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 a series of 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.
Barclays Pure Beta Series 2 Methodology
: The Barclays Pure Beta Series 2 Methodology seeks to mitigate distortions in the commodities markets associated with investment flows and supply and demand
distortions. However, there is no guarantee that the Pure Beta Series 2 Methodology will succeed in these objectives and an investment in the ETNs linked to indices using this methodology may underperform compared to an investment in a traditional
commodity index linked to the same commodities.
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50
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Market and Volatility Risk:
The prices of physical commodities, including the commodities underlying the index components, can
fluctuate widely due to supply and demand disruptions in major producing or consuming regions. Additionally, the market value of the ETNs may be influenced by many unpredictable factors including changes in supply and demand relationships,
governmental policies and economic events.
Concentration Risk:
Because certain ETNs are linked to an index composed of futures contracts on a single commodity or in only one commodity sector, such ETNs are less diversified than other funds. The ETNs can therefore experience greater volatility than other funds
or investments.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on NYSE Arca, 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:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
Barclays Bank PLC has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by
calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC, assists in the promotion of the iPath ETNs.
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.
Each of the Barclays commodities indices referenced herein is a trademark of
Barclays Bank PLC
© 2012 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. iP-0495-1211
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51
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NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
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« Previous
iPath ETN Product Suites
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Next »
Currencies
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END iPATH COMMODITY ETNs
52
iPATH CURRENCY ETNs
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iPath
®
Currency
ETNs.
Multi-Currecny ETNs
i
Single Currency ETNs
i
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Home > About iPath ETNs > iPath ETN Product Suites > Currencies
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iPath
®
Currency
Exchange Traded Notes (ETNs) from Barclays Bank PLC offer a number of exchange rate and multi-currency solutions.
iPath ETNs provide convenient access to the currency markets and may be used in the following ways:
Short Term Tactical Views
Substitute or Alternative Asset Class
Cash Diversification
Currency Overlays
Hedging
|
|
Related Resources
[icon] Product List
[icon] Basics of
Currencies
[icon] Tax FAQ
[icon]
iPath Currency ETNs
[icon] iPath Optimized Currency Carry
[icon] (877) 764-7284
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Exchange Rate
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iPath ETN
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Ticker
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Yearly Fee¹
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iPath
®
EUR/USD Exchange Rate ETN
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ERO
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0.40
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%
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iPath
®
GBP/USD Exchange Rate ETN
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GBB
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0.40
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%
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iPath
®
JPY/USD Exchange Rate ETN
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JYN
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0.40
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%
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Multi-Currency
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iPath ETN
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Ticker
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Yearly Fee¹
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iPath
®
GEMS Asia 8 ETN
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AYT
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0.89
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%
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iPath
®
GEMS Index ETN
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JEM
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0.89
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%
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iPath
®
Asian & Gulf Currency Revaluation ETN
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PGD
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0.89
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%
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iPath
®
Optimized Currency Carry ETN
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ICI
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0.65
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%
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Diversification may not protect against market risk.
1
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The investor fee for the iPath exchange rate ETNs is equal to the Yearly Fee times the principal amount of your ETNs times the index factor, calculated
on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the
principal amount of your ETNs times the index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the currency
component on that day times the accumulation component on that day.
|
The investor fee for the iPath
®
GEMS ETNs is equal to the Yearly Fee times the closing indicative value times the daily index factor, calculated on
a daily basis in the following manner. The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will be equal to the Yearly Fee times the closing indicative value on
the immediately preceding calendar day (or the ex coupon indicative value if such day was an index roll date) times the index factor on that day (or, if such day is not an index business day, one) divided by 365. The index factor on any day will
equal the closing level of the relevant underlying index on such day divided by the closing level of such index on the immediately preceding index business day.
53
The investor fee for the iPath
®
Optimized Currency Carry ETN is equal to the Yearly Fee times the principal amount of your ETNs times the index factor, calculated on a daily basis in the following
manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your ETNs times the
index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by 365. The index factor on any given day will be equal to the closing value of the underlying index on that day
divided by the initial index level. The initial index level is the value of the underlying index on the inception date.
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« Previous
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Next »
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Commodities
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Equity
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Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
Single Currency Exchange Risk:
An investment in ETNs linked to the performance of a
foreign currency exchange rate is subject to risks associated with fluctuations, particularly a decline, in the price of the applicable single foreign currency relative to the U.S. dollar. Factors that may have the effect of causing a decline in the
price of a foreign currency include national debt levels and trade deficits, domestic and foreign inflation rates, domestic and foreign interest rates, and global or regional economic, financial, political, regulatory, geographical or judicial
events. Currency exchange rates may be extremely volatile, and exposure to a single currency can lead to significant losses.
Market and
Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your
ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock or foreign exchange markets, the index components included in the underlying index, and prevailing market prices
of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other
financial instruments related to such index.
Currency Carry Risk
: Because the carry trade involves investing in high-yielding
currencies with the exposure financed by borrowings in low-yielding currencies, the success of the Intelligent Carry Strategy, the level of the Barclays Optimized
54
Currency Carry Index
TM
and the market value of the ETNs linked to that index will depend on the exchange rates and interest rates applicable to the index constituent currencies. If the applicable exchange rates or interest
rates move against the direction targeted by the Intelligent Carry Strategy, the level of such index, and the market value of the ETNs, will decline. Factors that may contribute to volatile fluctuations in such index include exchange rates
applicable to the index constituent currencies, interest rates applicable to the constituent currencies, the prevailing interest rate environment, and global or regional economic, financial, political, regulatory, geographical or judicial events
that affect exchange rates and interest rates.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE
Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
END iPATH CURRENCY ETNs
55
iPATH EQUITY ETNs
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iPath
®
Equity
ETNs.
Leveraged
i
Strategy
i
International
i
Volatility
i
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Home > About iPath ETNs > iPath ETN Product Suites > Equity
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iPath Exchange Traded Notes (ETNs) are innovative investment products from Barclays Bank PLC. They provide investors with
access to a wide range of equity exposures and strategies with single-trade access to leveraged equities, strategies, international equity and equity volatility.
iPath ETNs feature:
Cost efficiency
Daily exchange liquidity
Index tracking
Go long. Go short. Go leveraged, international, or strategic. iPath gives you the
tools to express your views on equities.
Leveraged Equity (click
product name to see current participation rate)
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Related Resources
[icon] The Basics of
iPath Leveraged
ETNs
[icon] Basics of VIX
Futures
ETNs
[icon] Product List
[icon]
Fundamentals of
iPath ETNs
[icon]
Fact Sheets
[icon] (877) 764-7284
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iPath ETN
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Ticker
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Yearly
Fee¹
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iPath
®
Long Extended Russell 1000
®
TR Index ETN
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ROLA
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0.50
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%
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iPath
®
Long Extended S&P 500
®
TR Index ETN
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SFLA
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0.35
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%
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iPath
®
Long Extended Russell 2000
®
TR Index ETN
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RTLA
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0.50
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%
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iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
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MFLA
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0.80
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%
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iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
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MFSA
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0.80
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%
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iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
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EMLB
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0.80
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%
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iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
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EMSA
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0.80
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%
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Equity Strategy
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iPath ETN
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Ticker
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Yearly Fee¹
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iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN
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BWV
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0.75
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%
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International Equity
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iPath ETN
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Ticker
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Yearly
Fee¹
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iPath
®
MSCI India Index
SM
ETN
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INP
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0.89
|
%
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Equity Volatility
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iPath ETN
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Ticker
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Yearly Fee¹
|
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iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
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XXV
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0.89
|
%
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II)
|
|
IVOP
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0.89
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%
|
iPath
®
S&P 500 Dynamic VIX ETN
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XVZ
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0.95
|
%
|
iPath
®
S&P 500 VIX Mid-Term Futures ETN
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VXZ
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0.89
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%
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iPath
®
S&P 500 VIX Short-Term Futures ETN
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VXX
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0.89
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%
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56
¹
|
The investor fee is calculated cumulatively based on the Yearly Fee and the performance of the underlying index or currency exchange rate and increases each day
based on the level of the index or currency exchange rate on that day. Because the investor fee reduces the amount of your return at maturity or upon redemption, if the value of the underlying decreases or does not increase significantly, you may
receive less than the principal amount of your investment at maturity or upon redemption. For a more complete description of how the investor fee is calculated and any other applicable costs, including the daily financing charge or borrow rate
applicable to the leveraged equity ETNs, please see the applicable product page and Pricing Supplement at www.iPathETN.com.
|
With short sales, an investor faces the potential for unlimited losses as the securitys price rises.
Diversification may not protect against market risk.
|
|
|
|
|
|
|
NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
|
|
|
|
|
|
|
|
« Previous
|
|
Next »
|
|
|
Currencies
|
|
Fixed Income
|
|
|
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event 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 a series of 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.
Automatic Redemption
: If specified in the applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but
not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday indicative note value of the ETNs becomes less than or equal to the applicable level specified in the
prospectus. For ETNs inversely linked to the S&P 500 VIX Short-Term Futures Index Excess Return, an automatic redemption may occur as a result of a precipitous increase in volatility in the U.S. equity markets and is highly likely to occur
if the historical frequency of precipitous increases in volatility in the U.S. equity markets persist.
Market and Volatility Risk:
The
market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary
market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and
57
prevailing market prices of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political,
regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
Your
Return May Be Affected By Factors Affecting International Security Markets
: The international equities underlying certain indices sponsored by MSCI, Inc. may have less liquidity and could be more volatile than the securities traded in the U.S.
or other longer-established securities markets. Additional special risks associated with international securities may include less rigorous regulation of securities markets, different accounting and disclosure standards, government interference,
higher inflation, and social, economic, and political uncertainties.
Leverage Risk
: In cases where an investment in the ETNs is
leveraged, changes in the level of the underlying index will have a greater impact on the payout on the ETNs than on a payout on securities that are not so leveraged. In particular, any decrease or increase, as the case may be in the level of the
underlying index will result in a significantly greater decrease in the payment at maturity or upon redemption, and an investor will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain
a leverage component.
The Performance of the Underlying Indices are Unpredictable:
An investment in the ETNs
linked to an index composed of futures contracts on the CBOE
®
Volatility Index (the VIX Index) is
subject to risks associated with fluctuations in the performance of the underlying index. The performance of the underlying index will depend on many factors including, the level of the S&P 500
®
, the prices of options on the S&P
500
®
, and the level of the VIX Index which may change unpredictably, affecting the value of futures contracts on
the VIX Index and, consequently, the level of the underlying index. Additional factors that may contribute to fluctuations in the level of such index include prevailing market prices and forward volatility levels of the U.S. stock markets and the
equity securities included in the S&P 500
®
, the prevailing market prices of options on the VIX Index,
relevant futures contracts on the VIX Index, or any other financial instruments related to the S&P 500
®
and
the VIX Index, interest rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
Your ETNs Are Not Linked to the VIX Index:
The value of ETNs linked to an index composed of futures contracts on the VIX Index will be linked to the value of the underlying index, and your ability
to benefit from any rise or fall in the level of the VIX Index is limited. The index underlying such ETNs is based upon holding a rolling long position in futures on the VIX Index. These futures will not necessarily track the performance of the VIX
Index. Such ETNs may not benefit from increases in the level of the VIX Index because such increases will not necessarily cause the level of VIX Index futures to rise. Accordingly, a hypothetical investment that was linked directly to the VIX Index
could generate a higher return than such ETNs.
Emerging Market Risk
: The MSCI India Total Return Index tracks investments in an
emerging market, which carries the risk of capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles, lower trading volumes, and economic or political instability. ETNs linked to such index
may be subject to more volatility than investments outside of emerging markets.
A Trading Market for the ETNs May Not Develop
:
Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on
the series) ETNs of the same series 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.
END iPATH EQUITY ETNs
58
iPATH FIXED INCOME ETNs
|
iPath
®
Fixed
Income ETNs.
Go Steep
i
Go Flat
i
Pick a Point
i
Home > About iPath ETNs > iPath ETN Product Suites > Fixed Income
|
|
|
|
iPath
®
Fixed Income Exchange Traded Notes provide investors with the ability to express their views on US Treasury yields or the yield curve. In particular, the iPath
®
Steepener (STPP) and iPath
®
Flattener (FLAT) ETNs provide an opportunity to access steep or flat yield curve strategies through an exchange traded product. Potential applications
include:
Accessing a particular fixed income strategy for additional portfolio
diversification
Executing tactical views regarding expectations of yield curve or
specific yield shifts
Implementing a fixed income strategy based on expectations of future
economic cycles
Implementing a specific hedging strategy to mitigate a portfolios
sensitivity to yield curve or specific yield shifts
|
|
Related Resources
[icon] Basics of Yield
Curve Strategies
[icon] Targeted Access
to the [icon] US
Treasury Yield Curve
[icon] Product List
[icon] Fundamentals of
iPath ETNs
[icon] Fact Sheets
[icon] (877)
764-7284
|
Experience the flexibility of implementing your yield curve or specific yield views with iPath Fixed Income ETNs:
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iPath ETN
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Ticker
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Yearly Fee¹
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iPath
®
US
Treasury Steepener ETN
|
|
|
STPP
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury Flattener ETN
|
|
|
FLAT
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 2-year Bull ETN
|
|
|
DTUL
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 2-year Bear ETN
|
|
|
DTUS
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 5-year Bull ETN
|
|
|
DFVL
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 5-year Bear ETN
|
|
|
DFVS
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 10-year Bull ETN
|
|
|
DTYL
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury 10-year Bear ETN
|
|
|
DTYS
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury Long Bond Bull ETN
|
|
|
DLBL
|
|
|
|
0.75
|
%
|
iPath
®
US
Treasury Long Bond Bear ETN
|
|
|
DLBS
|
|
|
|
0.75
|
%
|
¹
|
The investor fee on the inception date of the ETNs will equal zero. On each subsequent calendar day until maturity or early redemption of the ETNs, the investor fee
will equal the Yearly Fee (0.75%) times the closing indicative note value of the ETNs on the immediately preceding calendar day, divided by 365. Because the investor fee reduces the amount of your return at maturity or upon redemption, if the value
of the underlying index decreases or does not increase significantly, you may receive less than the principal amount of your investment at maturity or upon redemption. In addition, on each futures contract roll date, $0.005 or $0.01 will be charged
per ETN and deducted from the performance. For a more complete description of how the investor fee and roll cost are calculated, please see the applicable product page and Pricing Supplement at www.iPathETN.com.
|
Diversification may not protect against market risk.
« Previous
Equity
Selected Risk Considerations
An investment in the iPath ETNs described herein (the
ETNs) 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.
59
You May Lose Some or All of Your Principal
: The ETNs are exposed to change in the level of the
underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
The Underlying U.S. Treasury Note or Bond Yield or Slope of the U.S. Treasury Yield Curve May Increase, Decrease or Remain Unchanged Over
the Term of Your ETNs
: The return on your ETNs is linked directly or inversely, as the case may be to the performance of the underlying index, which corresponds directly or inversely, respectively to changes in the underlying U.S. Treasury yield
curve or U.S. Treasury note or bond yield, depending on the ETN. Changes in the underlying U.S. Treasury yield or yield curve are affected by a number of unpredictable factors, and such factors may cause the underlying U.S. Treasury yield or yield
curve to increase, decrease or remain unchanged over the term of your ETNs.
There is No Guarantee that the Index Level Will Decrease or
Increase by 1.00 Point For Every 0.01% Change in the Level of the Underlying U.S. Treasury Note or Bond Yield or Underlying U.S. Treasury Yield Curve
: Reasons why this might occur include: market prices for underlying U.S. Treasury note or bond
futures contracts may not capture precisely the underlying changes in the U.S. Treasury yield or yield curve; the index calculation methodology uses approximation; and the underlying U.S. Treasury bond weighting is rebalanced monthly.
Due to the Index Multiplier, Any Changes in the Value of Your ETNs Will Not Occur at the Same Rate as the Corresponding Changes in the Value of the
Underlying Index
: The ETNs apply an index multiplier, the effect of which is to adjust and, for ETNs inversely linked to the index, invert the rate at which the value of the ETNs changes in response to changes in the underlying index level.
Market and Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the
date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the
U.S. stock or U.S. Treasury markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including
economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or
50,000 (depending on the series) ETNs of the same series 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.
60
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.
END iPATH FIXED INCOME ETNs
61
iPATH LEVERAGED ETNs
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iPath
®
Leveraged
ETNs.
Dig Into Domestic
i
Dig Into International
i
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iPath has 11 ETNs with long- and short-leveraged exposure to a range of assets that aim to deliver:
A leverage factor locked in from your point of purchase
No tracking error
And no resets
For a deeper dive into iPath leveraged ETNs download
The Basics of iPath Leveraged ETNs
.
|
|
Related Resources
[icon] The Basics of iPath Leveraged ETNs
[icon]
(877) 764-7284
|
|
|
|
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|
|
|
|
iPath Leveraged ETN
|
|
Ticker
|
|
Leverage
Factor
|
|
As Of
|
iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
|
|
MFLA
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
|
|
EMLB
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Long Extended Russell 1000
®
TR Index ETN
|
|
ROLA
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Long Extended Russell 2000
®
TR Index ETN
|
|
RTLA
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Long Extended S&P 500
®
TR Index ETN
|
|
SFLA
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
|
|
MFSA
|
|
x.xx
|
|
xx/xx/xxxx
|
iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
|
|
EMSA
|
|
x.xx
|
|
xx/xx/xxxx
|
THE BASICS OF LEVERAGE FACTORS
Unlike some leveraged instruments, the iPath Long- and Short-leveraged ETNs do not track a fixed multiple of the daily or monthly performance of an underlying index. Instead, the indicative value of iPath
Leveraged ETNs is based on the current intraday Indicative Note Value (INV). And once you lock into your leverage factor at point of purchase, it never resets.
The INV ratio is published by NYSE Arca and is accurate to the minute, so an investor always knows the exact leverage factor they are locking into.
For a more in-depth explanation, download The Basics of Leveraged ETNs.
The performance quoted represents past performance and is not indicative of future results. Investment return and principal value of an investment will fluctuate so that an investment, when sold or
redeemed, may be worth more or less than the original cost. Because your notes are subject to fees and financing charges, the return on the Securities will always be lower than the total return on a direct investment in the equities that underlie
the relevant Index. Current performance may be lower or higher than the performance quoted. For more performance information, please click here.
Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index
Returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index Returns do not reflect any management fees, transaction costs, or expenses that would reduce your actual return. Indexes are unmanaged and one cannot
invest directly in an index.
Tracking errors refers to the under/over performance differential of an ETN versus its benchmark index
over a given time period, after accounting for the ETNs fees.
62
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event 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 a series of 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.
Automatic Redemption
: If specified in the applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but
not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday indicative note value of the ETNs becomes less than or equal to the applicable level specified in the
prospectus. For ETNs inversely linked to the S&P 500 VIX Short-Term Futures Index Excess Return, an automatic redemption may occur as a result of a precipitous increase in volatility in the U.S. equity markets and is highly likely to occur
if the historical frequency of precipitous increases in volatility in the U.S. equity markets persist.
Market and Volatility Risk:
The
market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary
market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other
financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such
index.
Your Return May Be Affected By Factors Affecting International Security Markets
: The international equities underlying certain
indices sponsored by MSCI, Inc. may have less liquidity and could be more volatile than the securities traded in the U.S. or other longer-established securities markets. Additional special risks associated with international securities may include
less rigorous regulation of securities markets, different accounting and disclosure standards, government interference, higher inflation, and social, economic, and political uncertainties.
Leverage Risk
: In cases where an investment in the ETNs is leveraged, changes in the level of the underlying index will have a greater impact on the payout on the ETNs than on a payout on
securities that are not so leveraged. In particular, any decrease or increase, as the case may be in the level of the underlying index will result in a significantly greater decrease in the payment at maturity or upon redemption, and an investor
will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain a leverage component.
63
The Performance of the Underlying Indices are Unpredictable:
An investment in
the ETNs linked to an index composed of futures contracts on the CBOE
®
Volatility Index (the VIX
Index) is subject to risks associated with fluctuations in the performance of the underlying index. The performance of the underlying index will depend on many factors including, the level of the S&P 500
®
, the prices of options on the S&P 500
®
, and the level of the VIX Index which may change unpredictably, affecting the value of futures contracts on the VIX Index and, consequently, the level of the
underlying index. Additional factors that may contribute to fluctuations in the level of such index include prevailing market prices and forward volatility levels of the U.S. stock markets and the equity securities included in the S&P 500
®
, the prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX Index, or any other
financial instruments related to the S&P 500
®
and the VIX Index, interest rates, supply and demand in the
listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
Your
ETNs Are Not Linked to the VIX Index:
The value of ETNs linked to an index composed of futures contracts on the VIX Index will be linked to the value of the underlying index, and your ability to benefit from any rise or fall in the level of the
VIX Index is limited. The index underlying such ETNs is based upon holding a rolling long position in futures on the VIX Index. These futures will not necessarily track the performance of the VIX Index. Such ETNs may not benefit from increases in
the level of the VIX Index because such increases will not necessarily cause the level of VIX Index futures to rise. Accordingly, a hypothetical investment that was linked directly to the VIX Index could generate a higher return than such ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on the series) ETNs of the same series 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.
END iPATH LEVERAGED ETNs
64
iPATH ETN RESOURCES
Home > iPath ETN Resources
iPath
®
ETN Resources
[icon] Print this page
Discover the resources you need to make the most of iPath
®
ETNs.
Access all the information you need to help meet your investing objectives using iPath ETNs.
Prospectuses >>
Discover the
resources you need to make the most of iPath ETNs.
Go to Prospectuses page
Fact Sheets >>
Get quick access to the latest information on each
of our iPath ETNs, including note details, index commodity groups, index correlation, issuer details and total returns.
Go to Fact Sheets
page
Product Essentials >>
Learn about the structure, benefits, and risks of iPath ETNs while also understanding the intricacies of each of the iPath product suites.
Go to Product Essentails page
iPath Trading Information >>
Access the iPath product list.
Go to iPath
Trading Information page
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 change in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any
amounts owed to you under the terms of the ETNs.
65
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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
:
You must redeem at least 25,000 or 50,000 (depending on
the series) ETNs of the same series 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.
END iPATH ETN RESOURCES
66
iPATH ETN PROSPECTUSES
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|
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Home > iPath ETN Resources > Prospectuses
|
|
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iPath
®
ETN Prospectuses
|
|
[icon] Print this page
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Title
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Ticker
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Date
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Audience
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iPath
®
US Treasury Steepener ETN
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STPP
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xx/xx/xxxx
|
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All
|
iPath
®
US Treasury Long Bond Bull ETN
|
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DLBL
|
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xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Long Bond Bear ETN
|
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DLBS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Flattener ETN
|
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FLAT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 5-year Bull ETN
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DFVL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 5-year Bear ETN
|
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DFVS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 2-year Bull ETN
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DTUL
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xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 2-year Bear ETN
|
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DTUS
|
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xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 10-year Bull ETN
|
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DTYL
|
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xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 10-year Bear ETN
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DTYS
|
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xx/xx/xxxx
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|
All
|
iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
|
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EMSA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
|
|
MFSA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Seasonal Natural Gas ETN
|
|
DCNG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P GSCI
®
Total Return Index ETN
|
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GSP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P GSCI
®
Crude Oil Total Return Index ETN
|
|
OIL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 VIX Short-Term Futures ETN
|
|
VXX
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 VIX Mid-Term Futures ETN
|
|
VXZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 Dynamic VIX ETN
|
|
XVZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Sugar ETN
|
|
SGAR
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Softs ETN
|
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GRWN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta S&P GSCI
®
-Weighted ETN
|
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SBV
|
|
xx/xx/xxxx
|
|
All
|
67
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|
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|
|
iPath
®
Pure Beta Precious Metals ETN
|
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BLNG
|
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xx/xx/xxxx
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|
All
|
iPath
®
Pure Beta Nickel ETN
|
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NINI
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xx/xx/xxxx
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|
All
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iPath
®
Pure Beta Livestock ETN
|
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LSTK
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xx/xx/xxxx
|
|
All
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iPath
®
Pure Beta Lead ETN
|
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LEDD
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xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Industrial Metals ETN
|
|
HEVY
|
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xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Grains ETN
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WEET
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xx/xx/xxxx
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All
|
iPath
®
Pure Beta Energy ETN
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ONG
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xx/xx/xxxx
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All
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iPath
®
Pure Beta Crude Oil ETN
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OLEM
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xx/xx/xxxx
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All
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iPath
®
Pure Beta Cotton ETN
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CTNN
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xx/xx/xxxx
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All
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iPath
®
Pure Beta Copper ETN
|
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CUPM
|
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xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Coffee ETN
|
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CAFE
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Cocoa ETN
|
|
CHOC
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Broad Commodity ETN
|
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BCM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Aluminum ETN
|
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FOIL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Agriculture ETN
|
|
DIRT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Optimized Currency Carry ETN
|
|
ICI
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xx/xx/xxxx
|
|
All
|
iPath
®
MSCI India Index
SM
ETN
|
|
INP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended S&P
500
®
TR Index ETN
|
|
SFLA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended Russell
2000
®
TR Index ETN
|
|
RTLA
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|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended Russell
1000
®
TR Index ETN
|
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ROLA
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|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
|
|
EMLB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
|
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MFLA
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|
xx/xx/xxxx
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All
|
iPath
®
JPY/USD Exchange Rate ETN
|
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JYN
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xx/xx/xxxx
|
|
All
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II)
|
|
IVOP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
|
|
XXV
|
|
xx/xx/xxxx
|
|
All
|
68
|
|
|
|
|
|
|
iPath
®
Global Carbon ETN
|
|
GRN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GEMS Index ETN
|
|
JEM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GEMS Asia 8 ETN
|
|
AYT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GBP/USD Exchange Rate ETN
|
|
GBB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
EUR/USD Exchange Rate ETN
|
|
ERO
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Tin Subindex Total Return
SM
ETN
|
|
JJT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Sugar Subindex Total Return
SM
ETN
|
|
SGG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Softs Subindex Total Return
SM
ETN
|
|
JJS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Precious Metals Subindex Total Return
SM
ETN
|
|
JJP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Platinum Subindex Total Return
SM
ETN
|
|
PGM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Nickel Subindex Total Return
SM
ETN
|
|
JJN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Natural Gas Subindex Total Return
SM
ETN
|
|
GAZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Livestock Subindex Total Return
SM
ETN
|
|
COW
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Lead Subindex Total Return
SM
ETN
|
|
LD
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Industrial Metals Subindex Total Return
SM
ETN
|
|
JJM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Grains Subindex Total Return
SM
ETN
|
|
JJG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Energy Subindex Total Return
SM
ETN
|
|
JJE
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Cotton Subindex Total Return
SM
ETN
|
|
BAL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Copper Subindex Total Return
SM
ETN
|
|
JJC
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Commodity Index Total Return
SM
ETN
|
|
DJP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Coffee Subindex Total Return
SM
ETN
|
|
JO
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Cocoa Subindex Total Return
SM
ETN
|
|
NIB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Aluminum Subindex Total Return
SM
ETN
|
|
JJU
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Agriculture Subindex Total Return
SM
ETN
|
|
JJA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN
|
|
BWV
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Asian & Gulf Currency Revaluation ETN
|
|
PGD
|
|
xx/xx/xxxx
|
|
All
|
END iPATH ETN PROSPECTUSES
69
iPATH ETN FACT SHEETS
|
|
|
Home > iPath ETN Resources > Fact Sheets
|
|
|
iPath
®
ETN Fact Sheets
|
|
[icon] Print this page
|
|
|
|
|
|
|
|
Title
|
|
Ticker
|
|
Date
|
|
Audience
|
iPath
®
Asian & Gulf Currency Revaluation ETN
|
|
PGD
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN
|
|
BWV
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Agriculture Subindex Total Return
SM
ETN
|
|
JJA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Aluminum Subindex Total Return
SM
ETN
|
|
JJU
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Cocoa Subindex Total Return
SM
ETN
|
|
NIB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Coffee Subindex Total Return
SM
ETN
|
|
JO
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Commodity Index Total Return
SM
ETN
|
|
DJP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Copper Subindex Total Return
SM
ETN
|
|
JJC
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Cotton Subindex Total Return
SM
ETN
|
|
BAL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Energy Subindex Total Return
SM
ETN
|
|
JJE
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Grains Subindex Total Return
SM
ETN
|
|
JJG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Industrial Metals Subindex Total Return
SM
ETN
|
|
JJM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Lead Subindex Total Return
SM
ETN
|
|
LD
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Livestock Subindex Total Return
SM
ETN
|
|
COW
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Natural Gas Subindex Total Return
SM
ETN
|
|
GAZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Nickel Subindex Total Return
SM
ETN
|
|
JJN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Platinum Subindex Total Return
SM
ETN
|
|
PGM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Precious Metals Subindex Total Return
SM
ETN
|
|
JJP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Softs Subindex Total Return
SM
ETN
|
|
JJS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Sugar Subindex Total Return
SM
ETN
|
|
SGG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Dow Jones-UBS Tin Subindex Total Return
SM
ETN
|
|
JJT
|
|
xx/xx/xxxx
|
|
All
|
70
|
|
|
|
|
|
|
iPath
®
EUR/USD Exchange Rate ETN
|
|
ERO
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GBP/USD Exchange Rate ETN
|
|
GBB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GEMS Asia 8 ETN
|
|
AYT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
GEMS Index ETN
|
|
JEM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Global Carbon ETN
|
|
GRN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
|
|
XXV
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II)
|
|
IVOP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
JPY/USD Exchange Rate ETN
|
|
JYN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Enhanced MSCI EAFE
®
Index ETN
|
|
MFLA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Enhanced MSCI Emerging Markets Index ETN
|
|
EMLB
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended Russell
1000
®
TR Index ETN
|
|
ROLA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended Russell
2000
®
TR Index ETN
|
|
RTLA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Long Extended S&P
500
®
TR Index ETN
|
|
SFLA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
MSCI India Index
SM
ETN
|
|
INP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Optimized Currency Carry ETN
|
|
ICI
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Agriculture ETN
|
|
DIRT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Aluminum ETN
|
|
FOIL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Broad Commodity ETN
|
|
BCM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Cocoa ETN
|
|
CHOC
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Coffee ETN
|
|
CAFE
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Copper ETN
|
|
CUPM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Cotton ETN
|
|
CTNN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Crude Oil ETN
|
|
OLEM
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Energy ETN
|
|
ONG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Grains ETN
|
|
WEET
|
|
xx/xx/xxxx
|
|
All
|
71
|
|
|
|
|
|
|
iPath
®
Pure Beta Industrial Metals ETN
|
|
HEVY
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Lead ETN
|
|
LEDD
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Livestock ETN
|
|
LSTK
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Nickel ETN
|
|
NINI
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Precious Metals ETN
|
|
BLNG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta S&P GSCI
®
-Weighted ETN
|
|
SBV
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Softs ETN
|
|
GRWN
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Pure Beta Sugar ETN
|
|
SGAR
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 Dynamic VIX ETN
|
|
XVZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 VIX Mid-Term Futures ETN
|
|
VXZ
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P 500 VIX Short-Term Futures ETN
|
|
VXX
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P GSCI
®
Crude Oil Total Return Index ETN
|
|
OIL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
S&P GSCI
®
Total Return Index ETN
|
|
GSP
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Seasonal Natural Gas ETN
|
|
DCNG
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Short Enhanced MSCI EAFE
®
Index ETN
|
|
MFSA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
Short Enhanced MSCI Emerging Markets Index ETN
|
|
EMSA
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 10-year Bear ETN
|
|
DTYS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 10-year Bull ETN
|
|
DTYL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 2-year Bear ETN
|
|
DTUS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 2-year Bull ETN
|
|
DTUL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 5-year Bear ETN
|
|
DFVS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury 5-year Bull ETN
|
|
DFVL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Flattener ETN
|
|
FLAT
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Long Bond Bear ETN
|
|
DLBS
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Long Bond Bull ETN
|
|
DLBL
|
|
xx/xx/xxxx
|
|
All
|
iPath
®
US Treasury Steepener ETN
|
|
STPP
|
|
xx/xx/xxxx
|
|
All
|
END iPATH ETN FACT SHEETS
72
iPATH ETN PRODUCT ESSENTIALS
|
|
|
Home > iPath ETN Resources > PRODUCT ESSENTIALS
|
|
|
iPath
®
ETN Product
Essentials
|
|
[icon] Print this page
|
|
|
|
|
|
|
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|
|
|
|
Title
|
|
Length
|
|
Date
|
|
Audience
|
Basics of iPath Leveraged
|
|
16 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Basics of iPath Pure Beta Commodity
|
|
8 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Basics of VIX Futures ETNs
|
|
8 Pgs
|
|
xx/xx/xxxx
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|
All
|
Basics of Yield Curve Strategies
|
|
8 Pgs
|
|
xx/xx/xxxx
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|
All
|
Fundamentals of iPath ETNs
|
|
2 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath Commodity ETNs
|
|
6 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath Currency ETNs
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath FAQs
|
|
8 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath Tax FAQs
|
|
2 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath VIX Futures ETNs: Splits & Reverse Splits
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath Volatility ETNs
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Optimized Currency Carry
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Periodic Returns Table
|
|
2 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Premiums and Discounts
|
|
2 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Product List
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
Targeted Access to the US Treasury Yield Curve
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
END iPATH ETN PRODUCT ESSENTIALS
73
iPATH ETN TRADING INFORMATION
|
|
|
Home > iPath ETN Resources > Trading Information
|
|
|
iPath
®
ETN Trading
Information
|
|
[icon] Print this page
|
|
|
|
|
|
|
|
|
|
|
|
Title
|
|
length
|
|
Date
|
|
Audience
|
iPath Product List
|
|
4 Pgs
|
|
xx/xx/xxxx
|
|
All
|
iPath Trading Strategy Report
|
|
5 Pgs
|
|
xx/xx/xxxx
|
|
All
|
END iPATH ETN TRADING INFORMATION
74
IVO AUTOMATIC REDEMPTION PAGE
|
|
|
Home > Index: S&P 500 VIX Short-Term
Futures
TM
Excess Return Exposure: Inverse
|
|
|
Index: S&P 500 VIX Short-Term Futures
TM
Excess Return Exposure: Inverse
|
|
[icon] Print this page
|
Certain iPath ETNs linked to the inverse performance of the S&P 500 VIX Short-Term Futures Index Excess Return,
as indicated in the table below, will be automatically redeemed by the issuer, Barclays Bank PLC, at their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the result of an automatic termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the
applicable automatic termination level. Please see the relevant prospectus for additional information relating to automatic termination.
|
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Ticker
|
|
Name
|
|
Automatic
Termination
Date
1
|
|
Automatic
Termination
Level
|
|
|
Automatic
Redemption
Value
2
|
|
|
Automatic
Redemption
Date
3
|
|
Prospectus
|
IVO
|
|
iPath
®
Inverse January 2021 S&P 500
VIX Short-Term Futures ETN
|
|
September 12, 2011
|
|
$
|
10
|
|
|
$
|
11.8024
|
|
|
September 19, 2011
|
|
Download
|
Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
Barclays Bank PLC has issued another series of iPath ETNs offering inverse exposure
4
to this index. Investors who wish to gain inverse exposure to the
Index can now access returns via:
Ticker: IVOP
Name: iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
(II)
For tax implications of purchasing replacement securities offering similar exposure, including the potential application of the wash
sale rules, please consult a tax professional.
1
|
An automatic termination event occurred because the intraday indicative note value of the
relevant series of iPath ETNs was less than or equal to the automatic termination level on the automatic termination date.
|
75
2
|
The automatic redemption value was determined in accordance with the procedures set forth in the
prospectus relating to the relevant series of iPath ETNs, available
download
.
|
3
|
Holders of the ETNs on the automatic redemption date will receive a payment equal to the
automatic redemption value on the fifth business day following the automatic termination date.
|
4
|
The performance of the iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN (II) (the IVOP ETNs) is not equivalent to the hypothetical performance that would be achieved had the
applicable iPath ETNs not been automatically redeemed.
|
Selected Risk Considerations
An investment in the iPath ETNs (the Securities) 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. Capitalized terms used below but not defined herein shall have the meanings attributed to them in the applicable prospectus
supplement and pricing supplement.
You May Lose Some or All of Your Principal:
The Securities are exposed to any change in the level
of the Index caused by any daily increase or decrease in the level of the Index. Additionally, if the level of the Index is insufficient to offset the negative effect of the investor fee, you will lose some or all of your investment at maturity or
upon redemption, even if the value of the Index has decreased.
The Securities are riskier than ordinary unsecured debt securities and have no principal protection.
Past Performance Is Not Indicative of Future Results:
It is impossible to predict whether any Index underlying your Securities will rise or fall. The actual performance of the Index underlying your
Securities or any index component over the term of the respective series of the Securities, as well as the amount payable at maturity or upon redemption, may bear little relation to the historical levels of comparable indices, which in most cases
have been highly volatile.
The Performance of the Underlying Indices are Unpredictable:
An investment in the
Securities linked to the inverse performance of the Index is subject to risks associated with fluctuations, particularly an increase, in the performance of the Index. Because the performance of the Index is linked to the inverse performance of the
VIX Index the performance of the Index will depend on many factors including, the level of the S&P 500
®
Index, the prices of options on the S&P 500
®
Index, and the level of the VIX Index which may change
unpredictably, affecting the value of futures contracts on the VIX Index and, consequently, the level of the Index. Additional factors that may contribute to fluctuations in the level of the Index include prevailing market prices and forward
volatility levels of the U.S. stock markets and the equity securities included in the S&P 500
®
Index, the
prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX Index, or any other financial instruments related to the S&P 500
®
Index and the VIX Index, interest rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the
equity-linked structured product markets.
Your Securities Are Not Linked to the Inverse of the VIX Index:
The value of your Securities
will be linked to the inverse performance of the Index, and your ability to benefit inversely from any rise or fall in the level of the VIX Index is limited. The Index underlying your Securities is based upon holding a rolling long position in
futures on the VIX Index. These futures will not necessarily track the performance of the VIX Index. Your Securities may not benefit from decreases in the level of the VIX Index because such decreases will not necessarily cause the level of VIX
Index futures to decrease. Accordingly, a hypothetical investment that was linked directly to the inverse performance of the VIX Index could generate a higher return than your Securities.
Market and Volatility Risk:
The market value of the Securities may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or
redemption date. You may also sustain a significant loss if you sell your Securities in the secondary market. Factors that may influence the market value of the Securities include prevailing market prices of the U.S. stock markets, the index
components included in the Index, and prevailing market prices of options on the Index or any other financial instruments related to the Index; supply and demand for the Securities, including inventory positions with Barclays Capital Inc.
76
or any market maker; the time remaining to the maturity of the Securities; interest rates; or economic, financial, political, regulatory, geographical or judicial events that affect the level of
the underlying Index or other financial instruments related to the Index. These factors interrelate in complex ways, and the effect of one factor on the market value of your Securities may offset or enhance the effect of another factor.
Credit of Barclays Bank PLC:
The Securities are senior unsecured debt obligations of the issuer, 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 Securities, 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 Securities prior to maturity or redemption. In addition, in the event Barclays Bank PLC were to default on its obligations,
you may not receive any amounts owed to you under the terms of the Securities.
A Trading Market for the Securities May Not Develop:
Although the Securities are listed on NYSE Arca, a trading market for the Securities may not develop. Certain affiliates of Barclays Bank PLC may engage in limited purchase and resale transactions in the Securities, although they are not required to
and may stop at any time. We are not required to maintain any listing of the Securities on NYSE Arca or any other exchange. Therefore, the liquidity of the Securities may be limited.
No Interest Payments from the Securities:
You will not receive any interest payments on the Securities.
Restrictions on the Minimum Number of Securities and Date Restrictions for Redemptions:
You must redeem at least 50,000 Securities at one time in order to exercise your right to redeem your
Securities on an optional redemption date. You may only redeem your Securities on an optional redemption date if we receive a notice of redemption from you by certain dates and times as set for in the pricing supplement.
Automatic Termination:
If, on any index business day prior to or on the final valuation date, the intraday indicative note value of the Securities
becomes less than or equal to $10.00 per Security, an automatic termination event will be deemed to have occurred and your Securities will be automatically redeemed in an amount equal to the automatic redemption value. An automatic redemption may
occur as a result of a precipitous increase in volatility in the U.S. equity markets and is highly likely to occur if the historical frequency of precipitous increases in volatility in the U.S. equity markets persist.
Uncertain Tax Treatment:
Significant aspects of the tax treatment of the Securities are uncertain. You should consult your own tax advisor about
your own tax situation.
END IVO Automatic Termination Page
77
ROSA AUTOMATIC REDEMPTION PAGE
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Home > Index: Russell 1000 Total Return Index. Exposure: Short Extended
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Index: Russell 1000
®
Total Return Index
Exposure: Short
Extended
1
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|
[icon] Print this page
|
Certain iPath ETNs linked to a leveraged participation in the performance of the Russell 1000
®
Total Return Index, as indicated in the table below, will be automatically redeemed by the issuer, Barclays Bank
PLC, at their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the result of an
automatic termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the applicable automatic termination level. Please see the relevant prospectus for additional information relating to
automatic termination.
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Ticker
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Name
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Automatic
Termination
Date
2
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Automatic
Termination
Level
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Automatic
Redemption
Value
3
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Automatic
Redemption
Date
4
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Prospectus
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ROSA
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iPath
®
Short Extended Russell 1000
®
TR Index ETN
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September 7, 2012
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$
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10
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$
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9.8168
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September 14, 2012
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Download
|
Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
For tax implications of purchasing replacement ETNs offering similar exposure, including the potential application of the wash sale rules, please consult
a tax professional.
1
|
For the iPath Leveraged ETNs, enhanced refers to an initial leverage factor of 2 on
the date of the ETNs issuance and extended refers to an initial leverage factor of 3 on the date of the ETNs issuance. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time
other than inception of the each respective iPath Leveraged ETN will invest at a different participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand
therefore may have a different leverage ratio than the initial leverage factor. For more information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange
Traded Notes paper.
|
2
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An automatic termination event occurred because the intraday indicative note value of the
relevant series of iPath ETNs was less than or equal to the automatic termination level on the automatic termination date.
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3
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The automatic redemption value was determined in accordance with the procedures set forth in the
prospectus relating to the relevant series of iPath ETNs, available at download.
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78
4
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Holders of the ETNs on the automatic redemption date will receive a payment equal to the
automatic redemption value on the fifth business day following the automatic termination date.
|
Selected
Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 increase in the level of the underlying index between the inception date and the applicable valuation date.
Additionally, if the level of the underlying index 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 has decreased. Because the ETNs are subject to an investor fee and any 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 the issuer, 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,
in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Automatic Redemption:
If specified in the applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in
whole only, but not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday indicative note value of the ETNs becomes less than or equal to the applicable level specified
in the prospectus.
Market and Volatility Risk:
The market value of the ETNs may be influenced by many
unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value
of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other financial instruments related to such index; and supply
and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
Leverage Risk:
Because an investment in the ETNs is leveraged, changes in the level of the underlying index will have a greater
impact on the payout on the ETNs than on a payout on securities that are not so leveraged. In particular, any increase in the level of the underlying index will result in a significantly greater decrease in the payment at maturity or upon
redemption, and an investor will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain a leverage component.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on NYSE Arca, 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:
You must redeem at least 25,000 ETNs of the same series 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.
79
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.
Barclays Bank PLC has filed a registration
statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about
the issuer and this offering. You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you
request it by calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC assists in the promotion of the iPath ETNs.
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.
Russell 1000
®
Index and Russell
2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC.
The ETNs are not sponsored, endorsed, sold, or promoted by Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
© 2012 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. iP-0535-0912
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NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
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END ROSA Automatic Termination Page
80
RTSA AUTOMATIC REDEMPTION PAGE
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Home > Index: Russell 1000 Total Return Index. Exposure: Short Extended
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Index: Russell 2000
®
Total Return Index
Exposure: Short Extended
1
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[icon] Print this page
|
Certain iPath ETNs linked to a leveraged participation in the performance of the Russell 2000
®
Total Return Index, as indicated in the table below, will be automatically redeemed by the issuer, Barclays Bank
PLC, at their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the result of an
automatic termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the applicable automatic termination level. Please see the relevant prospectus for additional information relating to
automatic termination.
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Ticker
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Name
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Automatic
Termination
Date
2
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Automatic
Termination
Level
|
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Automatic
Redemption
Value
3
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Automatic
Redemption
Date
4
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Prospectus
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RTSA
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iPath
®
Short Extended Russell 2000
®
TR Index ETN
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September 13, 2012
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$
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15
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$
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14.8054
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September 20, 2012
|
|
Download
|
Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
For tax implications of purchasing replacement ETNs offering similar exposure, including the potential application of the wash sale rules, please consult
a tax professional.
1
|
For the iPath Leveraged ETNs, enhanced refers to an initial leverage factor of 2 on
the date of the ETNs issuance and extended refers to an initial leverage factor of 3 on the date of the ETNs issuance. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time
other than inception of the each respective iPath Leveraged ETN will invest at a different participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand
therefore may have a different leverage ratio than the initial leverage factor. For more information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange
Traded Notes paper.
|
2
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An automatic termination event occurred because the intraday indicative note value of the
relevant series of iPath ETNs was less than or equal to the automatic termination level on the automatic termination date.
|
3
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The automatic redemption value was determined in accordance with the procedures set forth in the
prospectus relating to the relevant series of iPath ETNs, available at download.
|
4
|
Holders of the ETNs on the automatic redemption date will receive a payment equal to the
automatic redemption value on the fifth business day following the automatic termination date.
|
81
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 increase in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has decreased. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you
may not receive any amounts owed to you under the terms of the ETNs.
Automatic Redemption:
If specified in the
applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday
indicative note value of the ETNs becomes less than or equal to the applicable level specified in the prospectus.
Market and
Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you
sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of
options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other
financial instruments related to such index.
Leverage Risk:
Because an investment in the ETNs is leveraged,
changes in the level of the underlying index will have a greater impact on the payout on the ETNs than on a payout on securities that are not so leveraged. In particular, any increase in the level of the underlying index will result in a
significantly greater decrease in the payment at maturity or upon redemption, and an investor will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain a leverage component.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on NYSE Arca, 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:
You must redeem at least 25,000 ETNs of the
same series 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.
82
Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the
offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering. You may get these
documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by calling toll-free 1-877-764-7284, or
you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC assists in the promotion of
the iPath ETNs.
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.
Russell 1000
®
Index and Russell 2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold, or promoted by
Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
©
2012 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. iP-0536-0912
|
NOT FDIC
INSURED
NO BANK GUARANTEE
MAY LOSE VALUE
|
END RTSA Automatic Termination Page
83
SFSA AUTOMATIC REDEMPTION PAGE
|
|
|
Home > Index: S&P 500 Total Return. Exposure: Short Extended
|
|
|
Index: S&P 500
®
Total Return
Exposure: Short Extended
1
|
|
[icon] Print this page
|
Certain iPath ETNs linked to a leveraged participation in the performance of the S&P 500
®
Total Return, as indicated in the table below, will be automatically redeemed by the issuer, Barclays Bank PLC, at
their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the result of an automatic
termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the applicable automatic termination level. Please see the relevant prospectus for additional information relating to automatic
termination.
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Ticker
|
|
Name
|
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Automatic
Termination
Date
2
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|
Automatic
Termination
Level
|
|
|
Automatic
Redemption
Value
3
|
|
|
Automatic
Redemption
Date
4
|
|
Prospectus
|
SFSA
|
|
iPath
®
Short Extended S&P 500
®
TR Index ETN
|
|
September 7, 2012
|
|
$
|
10
|
|
|
$
|
9.9312
|
|
|
September 14, 2012
|
|
Download
|
Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
For tax implications of purchasing replacement ETNs offering similar exposure, including the potential application of the wash sale rules, please consult
a tax professional.
1
|
For the iPath Leveraged ETNs, enhanced refers to an initial leverage factor of 2 on
the date of the ETNs issuance and extended refers to an initial leverage factor of 3 on the date of the ETNs issuance. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time
other than inception of the each respective iPath Leveraged ETN will invest at a different participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand
therefore may have a different leverage ratio than the initial leverage factor. For more information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange
Traded Notes paper.
|
2
|
An automatic termination event occurred because the intraday indicative note value of the
relevant series of iPath ETNs was less than or equal to the automatic termination level on the automatic termination date.
|
3
|
The automatic redemption value was determined in accordance with the procedures set forth in the
prospectus relating to the relevant series of iPath ETNs, available at download.
|
4
|
Holders of the ETNs on the automatic redemption date will receive a payment equal to the
automatic redemption value on the fifth business day following the automatic termination date.
|
84
Selected Risk Considerations
An investment in the iPath ETNs described herein (the ETNs) 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 increase in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index 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 has decreased. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you
may not receive any amounts owed to you under the terms of the ETNs.
Automatic Redemption:
If specified in the
applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday
indicative note value of the ETNs becomes less than or equal to the applicable level specified in the prospectus.
Market and
Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you
sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of
options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other
financial instruments related to such index.
Leverage Risk:
Because an investment in the ETNs is leveraged,
changes in the level of the underlying index will have a greater impact on the payout on the ETNs than on a payout on securities that are not so leveraged. In particular, any increase in the level of the underlying index will result in a
significantly greater decrease in the payment at maturity or upon redemption, and an investor will suffer losses on an investment in the ETNs substantially greater than an investor would if the ETNs did not contain a leverage component.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on NYSE Arca, 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:
You must redeem at least 25,000 ETNs of the
same series 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.
85
© 2012 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. iP-0535-0912
END SFSA Automatic Termination Page
86
VZZ AUTOMATIC REDEMPTION PAGE
|
|
|
Home > Index: S&P 500 VZZ Mid-Term
Futures
TM
Exposure: Long Enhanced
|
|
|
Index: S&P 500 VIX Mid-Term Futures
Exposure: Long Enhanced
1
|
|
[icon] Print this page
|
Certain iPath ETNs linked to a leveraged participation in the performance of the S&P 500
®
VIX Mid-Term Futures Index, as indicated in the table below, will be automatically redeemed by the issuer,
Barclays Bank PLC, at their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the
result of an automatic termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the applicable automatic termination level. Please see the relevant prospectus for additional information
relating to automatic termination.
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Ticker
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Name
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Automatic
Termination
Date
1
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Automatic
Termination
Level
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Automatic
Redemption
Value
2
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Automatic
Redemption
Date
3
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Prospectus
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VZZ
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iPath
®
Long Enhanced S&P 500 VIX
Mid-Term Futures ETN
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July 1, 2011
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$
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10
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$
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10
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July 11, 2011
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|
Download
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Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
Barclays Bank PLC has issued another series of iPath ETNs offering leveraged exposure
5
to this index. Investors who wish to gain leveraged exposure to the
Index can now access returns via:
Ticker: VZZB
Name: iPath
®
Inverse S&P 500 VIX Short-Term Futures ETN
(II)
For tax implications of purchasing replacement securities offering similar exposure, including the potential application of the wash
sale rules, please consult a tax professional.
1
|
For the iPath Leveraged ETNs, enhanced refers to an initial leverage factor of 2 on
the date of the ETNs issuance and extended refers to an initial leverage factor of 3 on the date of the ETNs issuance. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time
other than inception of the each respective iPath Leveraged ETN will invest at a different participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand
therefore may have a different leverage ratio than the initial leverage factor. For more information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange
Traded Notes paper.
|
87
2
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An automatic termination event occurred because the intraday indicative note value of the
relevant series of iPath ETNs was less than or equal to the automatic termination level on the automatic termination date.
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3
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The automatic redemption value was determined in accordance with the procedures set forth in the
prospectus relating to the relevant series of iPath ETNs, available at download.
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4
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Holders of the ETNs on the automatic redemption date will receive a payment equal to the
automatic redemption value on the fifth business day following the automatic termination date.
|
5
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The performance of the iPath
®
Long Enhanced S&P 500 VIX Mid-Term Futures
TM
ETNs (II) (the VZZB ETNs) is not equivalent to the hypothetical performance that would be achieved had the
applicable iPath ETNs not been automatically redeemed. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time other than inception of the VZZB ETNs will invest at a different
participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand therefore may have a different leverage ratio than the initial leverage factor. For more
information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange Traded Notes paper.
|
Selected Risk Considerations
An investment in
the iPath ETNs (the Securities) 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. Capitalized terms used below but not defined herein shall have the meanings attributed to them in the applicable prospectus supplement and pricing supplement.
Credit of Barclays Bank PLC: The Securities are unsecured obligations of Barclays Bank PLC and are not secured debt. The Securities are riskier than ordinary unsecured debt securities and have no
principal protection. Risks of investing in the Securities include limited portfolio diversification trade price fluctuations, uncertain principal repayment, and liquidity. Investing in the Securities is not equivalent to investing directly in an
index or in any particular index components. The investor fee will reduce the amount of your return at maturity or on redemption and as a result you may receive less than the principal amount of your investment at maturity or upon redemption of your
Securities if the level of the relevant index has increased or decreased (as may be applicable to the particular series of Securities). An investment in the Securities may not be suitable for all investors.
Restrictions on the Minimum Number of Securities and Date Restrictions for Redemptions: The Securities may be sold throughout the day on the exchange
through any brokerage account. There are restrictions on the minimum number of Securities you may redeem directly with the issuer as specified in the applicable pricing supplement. You may only redeem your Securities on an optional redemption date
if we receive notice of the redemption from you by certain dates and times as set forth in the pricing supplement. Commissions may apply and there are tax consequences in the event of sale, redemption or maturity of Securities. Sales in the
secondary market may result in significant losses.
Market and Volatility Risk: For an investment in Securities
(iPath Long ETNs) linked to a leveraged participation in the performance of the S&P 500
®
Total
Return Index, the Russell 1000
®
Total Return Index, the Russell 2000
®
Total Return Index, the MSCI EAFE
®
Net Total Return Index, the MSCI Emerging Markets Net Total Return Index, or the S&P 500
®
VIX Mid-Term Futures Total Return Index any decrease in the level of the underlying index will result in a significantly greater decrease in the repayment
amount and you may receive less than your original investment in the ETNs at maturity or upon redemption. For an investment in Securities (iPath Short ETNs) linked to a leveraged participation in the inverse performance of the S&P
500
®
Total Return Index, the Russell 1000
®
Total Return Index, the Russell
2000
®
Total Return Index, the MSCI EAFE
®
Net Total Return Index, or the MSCI Emerging Markets Net Total Return Index, any increase in the level of the underlying Index will result in a significantly greater
decrease in the repayment amount and you may receive less than your original investment in the Securities at maturity or upon redemption.
88
Leverage Risk: An investment in Securities linked to a leveraged participation in the performance (in the
case of the iPath Long ETNs) or the inverse performance (in the case of the iPath Short ETNs) of the applicable underlying index is subject to risks associated with fluctuations, particularly a decrease (in the case of the iPath Long ETNs) or an
increase (in the case of the iPath Short ETNs) in the value of the underlying index. The market value of the Securities may be influenced by many unpredictable factors. Leverage increases the sensitivity of the Securities to changes in the value of
the underlying index. The ratio between the value of the Securities and the notional exposure of each Security to the underlying index will fluctuate during the term of the Securities.
Automatic Redemption: If the level of the underlying index decreases (in the case of the iPath Long ETNs) or increases (in the case of the iPath Short ETNs) sufficiently such that, on any valuation date
prior to or on the final valuation date, the intraday indicative note value of the Securities is less than or equal to the automatic termination value per Security, the Securities will be automatically redeemed at the automatic redemption value,
which is determined by the calculation agent as soon as practicable following the occurrence of an automatic termination event (or for the iPath Long ETNs linked to the S&P 500 VIX Mid-Term Index, at the close of business on the automatic
termination date). Therefore, the payment you receive on the automatic redemption date may be less than the intraday indicative note value at the time of the automatic termination event. Following the calculation of the automatic redemption value,
you will not benefit from any subsequent increase (in the case of the iPath Long ETNs) or decrease (in the case of the iPath Short ETNs) in the applicable index level. The payment you receive following an automatic termination event may be
significantly less than the principal amount of the Securities and may equal $0.
Particular Risks Associated with the
VIX Index: An investment in Securities linked to a leveraged participation in the performance of the S&P 500 VIX Mid-Term Futures Index TR is subject to particular risks associated with fluctuations, particularly a decline, in the
performance of the index. Because the performance of the index is linked to the CBOE Volatility Index (the VIX Index), the performance of the index will depend on many factors including the level of the S&P 500
®
Index, the prices of options on the S&P 500
®
Index, and, consequently, the level of the VIX Index. Additional factors that may contribute to fluctuations in the level of the index include prevailing market
prices and forward volatility levels of the U.S. stock markets and the equity securities included in the S&P
500
®
index, the prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX
Index, or any other financial instruments related to the S&P 500
®
Index and the VIX Index, interest rates,
supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
You may lose some or all of your principal: The Securities are exposed to any decline in the level of the Index caused by any daily decrease in the level of the applicable index (in the case of iPath Long
ETNs) or daily increase in the level of the Index (in the case of iPath Short ETNs). Additionally, if the level of the applicable index is insufficient to offset the negative effect of the daily financing charge and investor fee, you will lose some
or all of your investment at maturity or upon redemption.
A trading market for the Securities may not develop: Although the Securities are
listed on NYSE Arca, a trading market for the Securities may not develop. Certain affiliates of Barclays Bank PLC may engage in limited purchase and resale transactions in the Securities, although they are not required to and may stop at any time.
We are not required to maintain any listing of the Securities on NYSE Arca or any other exchange. Therefore, the liquidity of the Securities may be limited.
No interest payments from the Securities: You will not receive any interest payments on the Securities.
Uncertain tax treatment: Significant aspects of the tax treatment of the Securities are uncertain. You should consult your own tax advisor about your own tax situation.
END VZZ Automatic Termination Page
89
VZZB AUTOMATIC REDEMPTION PAGE
Index: S&P 500 VIX Mid-Term Futures
Index TR
Exposure: Long Enhanced
1
Certain iPath ETNs linked to a leveraged participation in the performance of the S&P 500 VIX Mid-Term Futures Index TR, as indicated in the
table below, will be automatically redeemed by the issuer, Barclays Bank PLC, at their automatic redemption value on the automatic redemption date.
The respective iPath ETN is being redeemed as the result of an automatic termination event occurring on the date listed below, when the intraday indicative note value was equal to or less than the
applicable automatic termination level. Please see the relevant prospectus for additional information relating to automatic termination.
|
|
|
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|
|
|
|
|
|
|
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|
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|
Ticker
|
|
Name
|
|
Automatic
Termination Date
2
|
|
Automatic
Termination
Level
|
|
|
Automatic
Redemption
Value
3
|
|
|
Automatic
Redemption Date
4
|
|
Prospectus
|
VZZB
|
|
iPath
®
Long Enhanced S&P 500 VIX
Mid-Term Futures ETN (II)
|
|
October 5, 2012
|
|
$
|
10
|
|
|
$
|
10
|
|
|
October 15, 2012
|
|
Download
|
Implications for Investors
Holders of the applicable iPath ETN on the automatic redemption date will receive a cash payment, per ETN, equal to the automatic redemption value.
For tax implications of purchasing replacement securities offering similar exposure, including the potential application of the wash sale rules, please
consult a tax professional.
1
|
For the iPath Leveraged ETNs, enhanced refers to an initial leverage factor of 2 on the date of the ETNs issuance and
extended refers to an initial leverage factor of 3 on the date of the ETNs issuance. Because the leveraged exposure to the underlying index does not reset, investors who invest at a time other than inception of the each respective
iPath Leveraged ETN will invest at a different participationor value of the notional exposure per ETN to the performance of the underlying index relative to the value of each ETNand therefore may have a different leverage
ratio than the initial leverage factor. For more information on the participation, see the section entitled Participation in the applicable prospectus or the Basics of iPath Leveraged Exchange Traded Notes paper.
|
2
|
An automatic termination event occurred because the intraday indicative note value of the relevant series of iPath ETNs was less than or equal to the
automatic termination level on the automatic termination date.
|
3
|
The automatic redemption value was determined in accordance with the procedures set forth in the prospectus relating to the relevant series of iPath
ETNs, available at download.
|
4
|
Holders of the ETNs on the automatic redemption date will receive a payment equal to the automatic redemption value on the fifth business day following
the automatic termination date.
|
90
Selected Risk Considerations
An investment in the iPath ETNs (the Securities) 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. Capitalized terms used below but not defined herein shall have the meanings attributed to them in the applicable prospectus supplement and pricing supplement.
Credit of Barclays Bank PLC:
The Securities are unsecured obligations of Barclays Bank PLC and are not secured debt. The Securities are riskier
than ordinary unsecured debt securities and have no principal protection. Risks of investing in the Securities include limited portfolio diversification trade price fluctuations, uncertain principal repayment, and liquidity. Investing in the
Securities is not equivalent to investing directly in an index or in any particular index components. The investor fee will reduce the amount of your return at maturity or on redemption and as a result you may receive less than the principal amount
of your investment at maturity or upon redemption of your Securities if the level of the relevant index has increased or decreased (as may be applicable to the particular series of Securities). An investment in the Securities may not be suitable for
all investors.
Restrictions on the Minimum Number of Securities and Date Restrictions for Redemptions:
The Securities may be sold
throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of Securities you may redeem directly with the issuer as specified in the applicable pricing supplement. You may only redeem your
Securities on an optional redemption date if we receive notice of the redemption from you by certain dates and times as set forth in the pricing supplement. Commissions may apply and there are tax consequences in the event of sale, redemption or
maturity of Securities. Sales in the secondary market may result in significant losses.
Market and Volatility
Risk:
For an investment in Securities (iPath Long ETNs) linked to a leveraged participation in the performance of the S&P 500
®
Total Return Index, the Russell
1000
®
Total Return Index, the Russell 2000
®
Total Return Index, the MSCI
EAFE
®
Net Total Return Index, the MSCI Emerging Markets Net Total Return Index, or the S&P 500
®
VIX Mid-Term Futures Total Return Index any decrease in the level of the underlying index will result in
a significantly greater decrease in the repayment amount and you may receive less than your original investment in the ETNs at maturity or upon redemption. For an investment in Securities (iPath Short ETNs) linked to a leveraged
participation in the inverse performance of the S&P 500
®
Total Return Index, the Russell 1000
®
Total Return Index, the Russell 2000
®
Total Return Index, the MSCI
EAFE
®
Net Total Return Index, or the MSCI Emerging Markets Net Total Return Index, any increase in the
level of the underlying Index will result in a significantly greater decrease in the repayment amount and you may receive less than your original investment in the Securities at maturity or upon redemption.
Leverage Risk:
An investment in Securities linked to a leveraged participation in the performance (in the case of the iPath Long ETNs) or the
inverse performance (in the case of the iPath Short ETNs) of the applicable underlying index is subject to risks associated with fluctuations, particularly a decrease (in the case of the iPath Long ETNs) or an increase (in the case of the iPath
Short ETNs) in the value of the underlying index. The market value of the Securities may be influenced by many unpredictable factors. Leverage increases the sensitivity of the Securities to changes in the value of the underlying index. The ratio
between the value of the Securities and the notional exposure of each Security to the underlying index will fluctuate during the term of the Securities.
Automatic Redemption:
If the level of the underlying index decreases (in the case of the iPath Long ETNs) or increases (in the case of the iPath Short ETNs) sufficiently such that, on any valuation
date prior to or on the final valuation date, the intraday indicative note value of the Securities is less than or equal to the automatic termination value per Security, the Securities will be automatically redeemed at the automatic redemption
value, which is determined by the calculation agent as soon as practicable following the occurrence of an automatic termination event (or for the iPath Long ETNs linked to the S&P 500 VIX Mid-Term Index, at the close of business on the automatic
termination date). Therefore, the payment you receive on the automatic redemption date may be less than the intraday indicative note value at the time of the automatic termination event. Following the calculation of the automatic redemption value,
you will not benefit from any subsequent increase (in the case of the iPath Long ETNs) or decrease (in the case of the iPath Short ETNs) in the applicable index level. The payment you receive following an automatic termination event may be
significantly less than the principal amount of the Securities and may equal $0.
91
Particular Risks Associated with the VIX Index:
An investment in Securities
linked to a leveraged participation in the performance of the S&P 500 VIX Mid-Term Futures Index TR is subject to particular risks associated with fluctuations, particularly a decline, in the performance of the index. Because the
performance of the index is linked to the CBOE Volatility Index (the VIX Index), the performance of the index will depend on many factors including the level of the S&P 500
®
Index, the prices of options on the S&P 500
®
Index, and, consequently, the level of the VIX Index. Additional factors that may contribute to fluctuations in the level of the index include prevailing market
prices and forward volatility levels of the U.S. stock markets and the equity securities included in the S&P
500
®
index, the prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX
Index, or any other financial instruments related to the S&P 500
®
Index and the VIX Index, interest
rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
You may lose some or all of your principal:
The Securities are exposed to any decline in the level of the Index caused by any daily decrease in the level of the applicable index (in the case of
iPath Long ETNs) or daily increase in the level of the Index (in the case of iPath Short ETNs). Additionally, if the level of the applicable index is insufficient to offset the negative effect of the daily financing charge and investor fee, you will
lose some or all of your investment at maturity or upon redemption.
A trading market for the Securities may not develop:
Although the
Securities are listed on NYSE Arca, a trading market for the Securities may not develop. Certain affiliates of Barclays Bank PLC may engage in limited purchase and resale transactions in the Securities, although they are not required to and may stop
at any time. We are not required to maintain any listing of the Securities on NYSE Arca or any other exchange. Therefore, the liquidity of the Securities may be limited.
No interest payments from the Securities:
You will not receive any interest payments on the Securities.
Uncertain tax treatment:
Significant aspects of the tax treatment of the Securities are uncertain. You should consult your own tax advisor about your own tax situation.
END VZZB Automatic Redemption Page
92
CONTACT US
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|
Home > Contact Us
|
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Contact Us
|
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[icon] Print this page
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Have questions or comments about iPath?
Please give us your feedback:
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Related Resources
[icon]
ipathetn@blackrock.com
[icon] (877) 764-7284
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Your message: *
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Would you like a reply?
If you would like to receive a response, please enter your contact
information:
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First name:
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Last name:
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Phone number:
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END CONTACT US
93
PRESS RELEASES
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Home > Press Releases
|
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Press Releases
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[icon] Print this page
|
Barclays Bank PLC to Automatically Redeem the iPath
®
Long
Enhanced S&P 500 VIX Mid-Term Futures
TM
ETN (II).
Barclays Bank PLC Announces Reverse Split of iPath
®
S&P 500
VIX Short-Term Futures
TM
Exchange Traded Notes.
Bank PLC to automatically redeem the iPath
®
Short Extended
Russell 2000
®
TR Index ETN (ticker: RTSA).
Barclays Bank PLC to automatically redeem the iPath
®
Short
Extended Russell 1000
®
TR Index ETN (ticker: ROSA).
Barclays Bank PLC to automatically redeem the iPath
®
Short
Extended S&P 500
®
TR Index ETN (ticker: SFSA).
Barclays Issues Investor Guidance on iPath
®
Dow Jones-UBS
Natural Gas Subindex Total Return
SM
Exchange Traded Notes
(Ticker: GAZ).
Barclays Adds Three Currency Exchange Traded Notes to iPath
®
Platform
Barclays launches additional series of Inverse iPath
®
Exchange
Traded NotesNew ETNs offer investors a short view on volatility of U.S. equity markets
Barclays to automatically redeem the iPath
®
Inverse January 2021
S&P 500 VIX Short-Term Futures ETN (ticker: IVO).
Barclays Expands Volatility Suite of iPath
®
Exchange Traded
NotesNew ETN provides investors with access to a dynamic volatility strategy.
Barclays Expands Suite of iPath
®
Exchange Traded Notes Linked to
US Treasury Futures IndicesTwo new ETNs allow investors to express views on the US Treasury yield curve.
Barclays launches additional series of Leveraged iPath Exchange Traded NotesNew ETN provides investors with leveraged returns on medium-term volatility index
94
Barclays Bank PLC to automatically redeem the iPath
®
Long
Enhanced S&P 500 VIX Mid-Term Futures ETN (ticker: VZZ)
Barclays Launches New iPath
®
Commodity Exchange Traded Notes
Barclays Launches Additional Series of Exchange Traded Notes Linked Inversely to a Volatility Index.
Barclays Launches Leveraged iPath
®
Exchange Traded Notes.
Barclays Announces Reverse Split of iPath
®
S&P 500 VIX
Short-Term Futures Exchange Traded Notes
Barclays Launches Eight New iPath
®
Exchange Traded Notes Linked
to US Treasury Futures IndicesNew iPath
®
ETNs allow investors to express views on the shape of the US
Treasury yield curve
Closing Indicative Value of the iPath
®
S&P 500 VIX
Short-Term Futures Exchange Traded Notes Is Below $25; No Reverse Split Planned Currently, But May Be Considered in the Future
Barclays Suspends Further Sales and Issuance of iPath
®
MSCI
India Index
SM
ETN
Barclays Temporarily Suspends Further Sales and Issuance of
iPath
®
Dow Jones-UBS Platinum Subindex Total Return
SM
ETN
Barclays Temporarily Suspends Further Issuance of iPath
®
Dow
Jones-UBS Natural Gas Subindex Total Return
SM
ETN
Barclays Launches Two New iPath
®
Exchange Traded Notes Linked to
the S&P 500 VIX Futures Indices
Barclays Announces Benchmark Change to Three iPath Currency ETNs
Barclays Announces Updated Information on Capital, Dividend and Current Trading.
iPath
®
CBOE S&P 500 BuyWrite Index
SM
ETN Scheduled to Move to NYSE Arca
Barclays Launches First Exchange Traded Note Linked to Carbon
95
Barclays Launches iPath
®
Exchange Traded Note Linked to Barclays Intelligent Carry Index
iPath
®
MSCI India Index
SM
ETN Important Notice re: INP 01/15/08
Barclays iPath
®
Exchange Traded Notes Scheduled to Move to NYSE
Arca
IRS Ruling Provides Clarity to Investors in Barclays iPath
®
Currency Exchange Traded Notes
See related FAQs
iPath
®
MSCI India Index
SM
ETN Important Notice re: INP 11/05/07
iPath
®
MSCI India Index
SM
ETN Important Notice re: INP 10/26/07
Barclays iPath
®
ETNs Move from Weekly to Daily Redemption
Barclays iPath
®
ETNs attract more than $3 billion in market
capitalization
Barclays iPath
®
ETNs attract more than $1 billion in market
capitalization in just over six months
Barclays Launches iPath
®
Exchange Traded Note Linked to Goldman
Sachs Crude Oil Total Return Index
Robert E. Diamond, Jr., President, Barclays PLC to Ring NYSE Opening Bell
Launch of First iPath
®
Exchange Traded Notes on NYSE.
First Day of Barclays Classic - PGA TOUR Event.
20
th
Anniversary of Barclays listing on NYSE.
END PRESS RELEASES
96
PRIVACY POLICY
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Home > Privacy Policy
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|
Privacy Policy
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[icon] Print this page
|
Effective date: May 10, 2006
INTRODUCTION
This Privacy Policy applies to information that visitors transmit to Barclays
Bank PLC and/or its affiliates (together, BBPLC) through this iPath ETN website (the Site).
BBPLC is committed to
your privacy. This Privacy Policy is designed to inform you of what information we collect from you on this Site and how we and our affiliates handle that information.
To put it simply: We will not sell non-public, personal information we collect about you on this Site to anyone. We will store the information using generally accepted encryption and data-storage
technology. And we will give you the ability to opt out of our using the information to send you separate online marketing and advertising.
Please direct any questions to ipathetn@blackrock.com or call 1-877-764-7284.
US ONLY
This Privacy Policy explains the Sites processing and storage practices in
the United States for personal information transmitted through the Site. Visitors subject to the jurisdiction of other countries must not submit information through this Site, and by doing so waive any and all liability BBPLC may have to them in
connection with such information. By browsing the Site and communicating electronically with us, Site visitors acknowledge that we are processing and storing their personal information in the United States under US privacy standards.
WHAT WE COLLECT AND WHEN
Personally
Identifiable Information
When you opt-in
with the Site we collect your name, company address, email address, telephone number, and
additional contact information. We also ask whether you are an individual or a financial professional and for related information.
When
you send email
through the Site, we collect your email address, as well as any additional information you include in the message.
When
youre navigating the Site
we record your IP address.
We consider each of the above pieces of information to be Personally
Identifiable Information because it is individually identifiable information about you.
Other Information Associable with You
When you answer our online surveys
we collect your responses.
When youre navigating the Site
we log various information to help manage and improve our Site, services, and marketing, in general, and for you in particular. For example, we identify items
such as domains and browser types to understand how our Site is used and to report these statistics in the aggregate to the vendors that manage the technology of our website.
Cookies, etc.
Like many websites, we use cookies, 1-pixel gifs (spotlight tags),
JavaScript code, and other standard web technology to collect information for our own use.
A cookie is a small data file that we transfer to
your computers hard disk for record-keeping purposes. You can instruct your browser, by editing its options, to stop accepting cookies or to prompt you before accepting a cookie and to permit you to refuse it. In most cases you can refuse a
cookie and still navigate our Site, though it may disable some features. Check with the maker of your browser for more information about how to control cookies.
97
Cookies make it easier for you to use the site and for us to offer opt-in and opt-out opportunities, and
they enable us to follow your navigation through the site and customize it to your interests. They allow us to remember your identity and preferences so we can display content appropriate for you and your interests.
These technologies also help manage our online marketing. Third parties advertisers, who host web sites where we advertise, use (and are contractually
obligated to disclose their use of) 1-pixel or transparent GIF files (spotlight technology) on their own and other third party websites. These GIF files are provided by our ad management partner. These files enable our ad management
partner to recognize a unique cookie on your web browser, which in turn enables us to learn which advertisements bring users to our website. The cookie was placed by us or by another advertiser who works with our ad management partner. Our ad
management partner uses your IP address in conjunction with these technologies but does not collect your name, address, telephone number, or email address. Please contact us at the email or phone number below for more information about our ad
management partner, including information about how to opt out of these technologies.
Although we contract with third parties to manage the
use of these technologies, the information is only used to help manage our own marketing materials and our own websites. The third parties are obligated by contract to keep the information confidential and are prohibited from using it for any other
purpose.
HOW WE USE YOUR PERSONALLY IDENTIFIABLE INFORMATION
We use your personally identifiable information (and at times other information we collect) to authenticate your visits; to send you email notifications and product fact sheets; so you can participate in
conferences or events; so we can respond to email inquiries and questions to our call center; and to help us better market and provide our and our affiliates products and services. We also use the information to manage and improve our Site
content and notify you about changes or improvements to our Site.
Unless you have opted out of receiving marketing information, we use your
personal information to customize and deliver that information to you.
We also enhance or merge personal information with data from third
parties in order to better market our products and services and serve your needs.
We use the search terms you enter to help us refine our
search functionality and to improve how we appear on external search engines such as Google and Yahoo!.
LIMITED DISCLOSURE OF YOUR
PERSONAL INFORMATION TO THIRD PARTIES
We do share non-public, personally identifiable information with our affiliates. We only disclose
non-public, personally identifiable information to unaffiliated third parties as follows.
To advertising and marketing agencies to help sell
and market our own products and services. To technology and other service providers (such as those that provide portfolio tools) to provide technology and services to us. To vendors that help us fulfill requests to deliver product information,
publications, or reference materials or that facilitate use of third party tools provided by or through our Site.
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99
TERMS OF USE
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Terms of Use
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Global Internet Disclaimer
This website is for the users personal use. The user may not sell, copy, publish, distribute, transfer, modify, display, reproduce, and/or create any derivative works from the information or
software on this site. The user also may not redeliver any of the pages, text, images, or content of this site using framing or similar technology.
The contents of this site, including text, graphics, links and/or other items, have been prepared based upon sources, materials, and systems believed to be reliable and accurate, and are provided to you
on an as is and as available basis. Barclays Bank PLC, its affiliates and its data providers make no representations, and disclaim all expressed, implied and statutory warranties of any kind to the user or any third party,
including, but not limited to, representations, and warranties regarding accuracy, timeliness, completeness, merchantability, fitness for any particular purpose, non-infringement of third party rights, and/or freedom from computer viruses. BBPLC and
its data providers assume no responsibility for the consequences of any errors or omissions.
The user agrees that, as a condition of
continued receipt of the information provided herewith, the user shall not create, sponsor or permit the trading on the users exchange facilities, if applicable, of financial instruments or investment products (including, without limitation,
derivatives, structured products, investment funds, exchange-traded funds or derivatives based on exchange-traded funds (e.g., options on ETFs or futures on ETFs)) where the price, return and/or performance of such instrument or product is based on,
related to, or intended to track, an index or financial instrument or investment product (e.g., an exchange-traded fund) linked to such index, without a separate written agreement with the index provider.
IMPORTANT iPATH EXCHANGE TRADED NOTES DISCLUSURE
Selected Risk Considerations
An investment in the iPath ETNs described herein (the
ETNs) 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 change in the level of the underlying index between the inception date and the
applicable valuation date. Additionally, if the level of the underlying index 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 has increased or decreased, as the case may be. Because the ETNs are subject to an investor fee and any 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 the issuer, 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, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop
: Although the ETNs are listed on NYSE Arca, 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.
100
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
:
You must redeem at least 25,000 or 50,000
(depending on the series) ETNs of the same series 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.
Barclays Bank PLC has filed a registration statement
(including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer
and this offering. You may get these documents for free by visiting
www.iPathETN.com
or EDGAR on the SEC website at
www.sec.gov
. Alternatively, Barclays Bank PLC will arrange for Barclays Inc. to send you the prospectus if you
request it by calling toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC, assists in the promotion of the iPath ETNs.
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.
The Dow Jones-UBS Commodity Indexes
SM
are a joint product of Dow Jones Opco, LLC (Dow Jones Opco), a subsidiary of S&P Dow Jones Indices
LLC, and UBS Securities LLC (UBS), and have been licensed for use by Barclays Bank PLC. Dow
Jones
®
, DJ, UBS, Dow Jones-UBS Commodity Index
SM
, Dow Jones-UBS Commodity Index Total Return
SM
, Dow Jones-UBS Agriculture Subindex Total Return
SM
, Dow Jones-UBS Aluminum Subindex Total Return
SM
, Dow Jones-UBS Cocoa Subindex Total Return
SM
, Dow Jones-UBS Coffee Subindex Total Return
SM
, Dow Jones-UBS Copper Subindex Total Return
SM
, Dow Jones-UBS Cotton Subindex Total Return
SM
, Dow Jones-UBS Energy Subindex Total Return
SM
, Dow Jones-UBS Grains Subindex Total Return
SM
, Dow Jones-UBS Industrial Metals Subindex Total
Return
SM
, Dow Jones-UBS Lead Subindex Total
Return
SM
, Dow Jones-UBS Livestock Subindex
Total Return
SM
, Dow Jones-UBS Natural Gas
Subindex Total Return
SM
, Dow Jones-UBS Nickel Subindex Total Return
SM
, Dow Jones-UBS Platinum Subindex Total Return
SM
, Dow Jones-UBS Precious Metals Subindex Total
Return
SM
, Dow Jones-UBS Softs Subindex Total
Return
SM
, Dow Jones-UBS Sugar Subindex Total
Return
SM
, Dow Jones-UBS Tin Subindex Total
Return
SM
and DJ-UBSCI
SM
, are service and/or trademarks of Dow Jones Trademark
Holdings, LLC (Dow Jones) and UBS AG (UBS AG), as the case may be. S&P
®
is a
registered trademark of Standard & Poors Financial Services LLC. The ETNs based on the indices are not sponsored, endorsed, sold or promoted by Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective subsidiaries or
affiliates, and none of Dow Jones, UBS, UBS AG, Dow Jones Opco or any of their respective affiliates, makes any representation or warranty, express or implied, to the owners of or counterparts to the ETNs based on the indices or any member of the
public regarding the advisability of investing in securities or commodities generally or in the ETNs based on any of the indices particularly.
The MSCI indexes are the exclusive property of MSCI, Inc. (MSCI). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates
and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The
relevant pricing supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller or holder of this product, or any other person or entity, should
use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market or promote this product without first contacting MSCI to determine whether MSCIs permission is required. Under no circumstances may any person or entity
claim any affiliation with MSCI without the prior written permission of MSCI.
101
S&P GSCI
®
, S&P GSCI
®
Index, S&P GSCI
®
Total Return Index, S&P GSCI
®
Commodity Index and S&P GSCI
®
Crude Oil Total Return Index are trademarks of Standard & Poors Financial Services LLC (S&P) and have been licensed for use by
Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold or promoted by S&P. S&P does not make any representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of
investing in securities generally or in the ETNs particularly or the ability of the S&P GSCI
®
to track
general stock market performance.
Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return, are trademarks of Standard & Poors Financial Services,
LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC
(Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
and Buywrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively, S&P Dow Jones Indices) and CBOE
make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of the index to track market
performance.
Standard & Poors
®
, S&P
500
®
and S&P
®
are registered trademarks of Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones). Standard &
Poors
®
, S&P 500
®
, S&P
®
and S&P 500
®
Total Return are registered trademarks of S&P and have been licensed for use by S&P Dow Jones Indices LLC
and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. The S&P 500
®
Total Return (the
Index) is a product of S&P Dow Jones Indices LLC, and has been licensed for use by Barclays Bank PLC. S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively,
S&P Dow Jones Indices) make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the advisability of investing in securities generally or in the ETNs or in
the ability of the index to track market performance
Standard & Poors
®
, S&P 500
®
, S&P
®
,
S&P 500
®
Total Return, S&P 500 VIX Short-Term Futures, S&P 500
VIX Mid-Term Futures and S&P 500
®
Dynamic VIX Futures are trademarks of
Standard & Poors Financial Services, LLC (S&P) and Dow Jones
®
is a registered
trademark of Dow Jones Trademark Holdings LLC (Dow Jones). These trademarks have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by Barclays Bank PLC. CBOE
®
, VIX
®
and BuyWrite are trademarks of the Chicago Board Options Exchange, Incorporated (CBOE) and have been licensed for use by S&P Dow
Jones Indices LLC and sublicensed for certain purposes by Barclays Bank PLC. This document is not sponsored, endorsed, or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates
(collectively, S&P Dow Jones Indices) or by CBOE. S&P Dow Jones Indices and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or to any member of the public regarding the
advisability of investing in securities generally or in the ETNs or in the ability of the indices to track market performance.
Russell 1000
®
Index and Russell 2000
®
Index are trademarks of Frank Russell Company and have been licensed for use by Barclays Bank PLC. The ETNs
are not sponsored, endorsed, sold, or promoted by Frank Russell Company and Frank Russell Company makes no representation regarding the advisability of investing in the ETNs.
Each of the Barclays commodities indices referenced herein is a trademark of Barclays Bank PLC.
Barclays US Treasury 2Y/10Y Yield Curve Index
TM
, Barclays 2Y US Treasury Futures Targeted Exposure
Index
TM
, Barclays 5Y US Treasury Futures
Targeted Exposure Index
TM
, Barclays 10Y US
Treasury Futures Targeted Exposure Index
TM
and
Barclays Long Bond US Treasury Futures Targeted Exposure Index
TM
are trademarks of Barclays Bank PLC.
102
Barclays Optimized Currency Carry Index
TM
and the USD Optimized Currency Carry Index
TM
are trademarks of Barclays Bank PLC.
Barclays Global Carbon Index
TM
and Barclays Global Carbon Index Total Return
TM
are trademarks of Barclays Bank PLC.
Barclays Global Emerging Markets Strategy (GEMS) Asia 8 Index
TM
, Barclays Global Emerging Markets Strategy (GEMS) Pegged Currency Index
TM
and Barclays Global Emerging Markets Strategy (GEMS)
Index
TM
are trademarks of Barclays Bank PLC.
© 2012 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
|
Not FDIC
insured
No bank guarantee
May lose value
Privacy Policy
Please see our privacy
policy.
Downloading and Ownership of Other Material
Internet software or transmission problems may produce inaccurate or incomplete copies of information and materials that may be downloaded and displayed on a users computer. Barclays Bank PLC and
its affiliates are not liable for any damages, changes, or omissions that occur during transmission of information and materials.
The
contents of this site are not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Barclays Bank PLC, its affiliates and data
providers make no representations that the contents are appropriate for use in all locations, or that the transactions, securities, products, instruments, or services discussed on this site are available or appropriate for sale or use in all
jurisdictions or countries, or by all investors or counterparties. All persons and entities accessing this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.
IN NO EVENT SHALL BARCLAYS BANK PLC, ITS AFFILIATES OR DATA PROVIDERS BE LIABLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL, OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES ARISING IN CONNECTION WITH THIS SITE OR THE USE THEREOF OR INABILITY TO USE BY ANY PARTY, OR IN CONNECTION WITH ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT,
DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, OR LINE OR SYSTEM FAILURE, EVEN IF BBPLC, OR ANY OF ITS AFFILIATES, PROVIDERS OR ANY REPRESENTATIVES THEREOF, ARE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, LOSSES, OR EXPENSES. USE OF HYPERLINKS
TO OTHER INTERNET RESOURCES IS AT YOUR OWN RISK.
END TERMS OF USE
103
GLOSSARY
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Home > Glossary
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Glossary
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A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Arbitrage
The attempt to profit from
the difference in prices of identical or similar financial instruments by the simultaneous purchase and sale of both instruments.
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Automatic Redemption Value
The value at which the issuer pays the holder of an ETN subsequent to an automatic termination event. For the iPath volatility leveraged ETNs, the
automatic redemption value is calculated upon market close. For the domestic and international equity iPath leveraged ETNs, the automatic redemption value is calculated as soon as practicable following the occurrence of an automatic termination
event.
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Automatic
Termination Event
The event where an ETN is fully redeemed by the issuer, typically caused when the intraday indicative value of the ETN
falls below a certain pre-determined threshold.
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Automatic Termination Level
For certain iPath ETNs, a pre-determined dollar intraday
indicative value for the ETN that, if crossed, causes an automatic termination event of the ETNs.
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Backwardation
When the prices of
futures contracts with distant delivery months are lower than prices of futures contracts with nearer delivery months, the futures curve is said to be in backwardation.
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Barclays Bank PLC
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking, and wealth management with an extensive international presence in Europe,
the Americas, Africa and Asia. Barclays Bank PLC is the issuer of iPath ETNs.
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Barclays Capital Inc.
Barclays Capital
Inc. acts as the issuers agent in connection with the distribution of iPath ETNs. Barclays Capital Inc. is an affiliate of Barclays Bank PLC and is a registered US broker-dealer regulated by the SEC and FINRA.
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Bear ETNs
iPath ETNs in which the payment at maturity is linked to the
inverse performance
of the underlying index.
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104
BlackRock Investments, LLC
A broker-dealer affiliate of BlackRock, Inc., responsible for promoting iPath ETNs and other services.
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Borrow Rate
A cost that applies in the case of certain leveraged iPath ETNs, in particular those linked inversely to the performance of equity indices, that is intended to incorporate the cost of borrowing the
underlying equity securities that are notionally borrowed and sold short.
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Bull ETNs
iPath ETNs in
which the payment at maturity is linked to the
positive performance
of the underlying index.
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Buy-Write Strategy
Sometimes referred
to as a covered call, the strategy entails buying a stock or a basket of stocks and then writing or selling call options.
Back to top
Call Feature
A call feature, also known as an issuer redemption feature, provides the issuer with the option, at its sole discretion, to redeem all outstanding ETNs of a particular series. The issuer must
typically provide a minimum of 10 days notice to all holders of the ETN. A holder will receive a cash payment in dollars per ETN in an amount equal to the closing indicative note value on the applicable valuation date.
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Carbon-Related Credit Plan
Established by the Kyoto Protocol in 1997 or as otherwise specified in the applicable prospectus, carbon-related credit plans were
established to help lower greenhouse gas emissions. The largest and most liquid market is the European Union Emission Trading Scheme (EU ETS).
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Carry Strategy
In the context of currencies, a carry strategy aims to capture returns from the trend that currencies associated with higher interest rates tend to have
positive relative returns when compared to currencies associated with lower interest rates.
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Cheapest to Deliver (CTD) Bond
The
least expensive bond that can be delivered upon the expiration of a US Treasury futures contract. When investing in US Treasury futures, the CTD bond tends to be the primary driver of the price of the futures contract.
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Closed to Further Issuances
When an ETN is no longer creating new issuances to be made available to investors. An ETN closed to further issuances can share
characteristics with other closed products such as closed-end funds; in particular there is an increased risk that the issuance trades on exchange at a premium to the redemption value.
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Closing Indicative Note Value (CINV)
A closing indicative note value for each iPath ETN will be published on each valuation date under the applicable ticker symbol.
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105
Contango
When the prices of futures contracts with distant delivery months are higher than prices of futures contracts with nearer delivery months, the futures curve is said to be in contango.
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Credit Rating
Published by third party financial analysis companies, a credit rating reflects the opinion on a companys ability to meet its debt
obligations.
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Daily
Indicative Value
The daily indicative value is meant to approximate the economic value of each iPath ETN and is calculated and published
at the end of each trading day on www.iPathETN.com. Also called a Closing Indicative Note Value for certain iPath ETNs.
Back to
top
Discount
The amount
that the market price of the exchange-traded note on the exchange trades below its intraday indicative value.
Back to top
Duration
Usually expressed in number of
years, duration is most commonly utilized to calculate the sensitivity of a bonds price to a change in yield. The higher the duration, the more sensitive a bonds price is to a change in yields and the more risk involved with investing in
that bond.
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Exchange Traded Note (ETN)
ETNs are
senior, unsecured debt securities, typically issued by large financial institutions, that are listed on an exchange. ETNs provide holders with a return linked to certain indices or strategies, and provide investors with the right to receive an early
redemption payment on demand, subject to a minimum redemption size. They offer no principal protection and have a maturity date.
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Exchange Traded Product (ETP)
ETPs is an all-encompassing term covering products purchased and sold daily on an exchange that are not traditional in nature (traditional products
include cash equities, futures, and options). There are a variety of ETP structures - including grantor trusts, partnerships, notes, mutual funds and commodity pools - which can result in different tax and regulatory implications for investors.
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Financing Level
An amount that applies in the case of certain iPath ETNs, in particular those linked to a leveraged performance in the underlying Index.
The Financing Level is intended to reflect a cash amount notionally borrowed by investors in the ETN in order to leverage exposure in the underlying index.
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Financing Rate
A cost that applies in the case of iPath ETNs that are leveraged. The Financing Rate is intended to reflect the costs of borrowing additional cash that is notionally borrowed to purchase components of the
underlying index. The Financing Rate is typically linked to a market interest rate such as 3-month LIBOR, plus an additional spread.
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top
106
Flattener
A flattening yield curve indicates that the difference between the yields of longer and shorter dated maturity bonds is narrowing. A flattener strategy seeks to take advantage of this market environment
to generate returns.
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Forward Contract
An agreement between
two parties, one of whom undertakes to purchase from or sell to the other, on a specified future date, a specified quantity of a specified asset at a specified location in exchange for a specified purchase price. Forward contracts are traded over
the counter - usually the subject of negotiation between the parties involved and generally not subject to regulatory requirements. Counterparties may require collateral.
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Futures Contract
A futures contract is a standardized forward contract traded on an exchange. Futures are subject to the regulations of the exchange on which they trade, and the exchange sets the terms of a futures
contract - there is no negotiation between two parties other than the price and the number of contracts traded. Futures contracts are customarily bought and sold on margins that represent a percentage of the purchase price of the asset underlying
the contract being traded.
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Futures Execution Cost
For certain iPath ETNs, a cost that is deducted from the value of
the ETNs that is intended to approximate the brokerage and execution costs in maintaining a rolling position in the futures contracts underlying the index.
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G-10 Currencies
The G-10 currencies include the U.S. dollar, the Euro, the Japanese Yen, the Canadian dollar, the Swiss Franc, the British Pound Sterling, the Australian Dollar, the New Zealand Dollar, the Norwegian
Krone and the Swedish Krona.
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Index Multiplier
The effect of an index multiplier is to adjust the rate at which the
value of the ETN changes in response to change in the underlying index level.
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Intelligent Carry Index (ICI)
A
Barclays Capital index which adopts an innovative strategy that seeks to enable investors to capture returns from foreign currency markets utilizing an Intelligent Carry Strategy. The Intelligent Carry Strategy seeks to capture the
returns available from the carry trade while also controlling for volatility.
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Intraday Indicative Value
The intraday
indicative value of an ETN provides a guide to the intrinsic economic value of the ETN based on the intraday level of the index to which that ETN is linked. The intraday indicative values of each ETN is typically published under a given ticker
symbol every fifteen seconds during market hours.
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107
Inversely linked iPath ETNs
Inverse iPath ETNs are inversely linked to the returns on a long position in relation to their respective index. No leverage is involved, and these ETNs seek to avoid any path dependency
issues that might arise with periodic resets. An index-linked security shows path dependency if its value on any given day cannot be derived from the current and initial values of the underlying index, but instead is dependent on the
historical path that the index has taken over the calculation period.
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iPath
The exchange-traded note brand
issued by Barclays Bank PLC and promoted by BlackRock Investments, LLC. iPath ETNs were the first ETNs launched in the U.S.
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Issuer Redemption
An issuer
redemption, also known as a call feature, provides the issuer with the option, at its sole discretion, to redeem all outstanding ETNs of a particular series. The issuer must typically provide a minimum of 10 days notice to all holders of
the ETN. A holder will receive a cash payment in dollars per ETN in an amount equal to the closing indicative note value on the applicable valuation date.
Back to top
Lead Market Maker (LMM)
A broker-dealer that has defined obligations and accepts a certain level of risk to hold shares of a security in order to conduct trading within the
security. Lead Market Makers must maintain continuous buy/sell price quotes for the security and meet certain exchange requirements.
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top
Long Bond
US Treasury
notes maturing in 15 years or longer.
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Long Enhanced
The standardized naming convention of iPath ETNs 2 times leveraged against
the underlying index if the ETN is held from inception to maturity.
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Long Extended
The standardized naming convention of iPath ETNs 3 times leveraged against
the underlying index if the ETN is held from inception to maturity.
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Long Index Amount
For iPath ETNs linked to a leveraged return in the underlying index, the
notional exposure to the underlying index can be calculated as the economic value of the ETN plus the notional cash borrowed on margin per ETN. Long Index Amount = Closing Indicative Note Value + Financing Level
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Maturity Date
The date at which an ETN is set to become due and be fully redeemed by the issuer.
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Non-Parallel Yield Curve Shift
A change in the yield curve where the yields for bonds with differing maturity dates change evenly (parallel shift) or unevenly (non-parallel shift).
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108
No-reset
A phrase utilized when referring to leveraged ETPs that do not reset their leverage amount on a pre-determined schedule. The most common form of leveraged reset ETPs are daily resetting funds and notes,
although less frequent schedules (such as monthly) are also available.
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Option Premiums
Money earned from the deemed sale of a succession of one-month,
at-the-money call options on a particular index.
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Parallel Yield Curve Shift
A change in the yield curve where the yields for bonds with
differing maturity dates change evenly (parallel shift) or unevenly (non-parallel shift).
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Participation
Published for certain
iPath ETNs, the participation provides a ratio between the current economic value of an ETN (as represented by the Intraday Indicative Value) and the notional exposure per ETN to the underlying index to which that ETN is linked. Intended to provide
investors with an indication of leverage at any given point in time. Participation = Intraday Long (or Short) Index Amount / Intraday Indicative Note Value
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Premium
The amount that the market price of the exchange-traded note on the exchange trades above its intraday indicative value.
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Pre-paid Forward
A type of derivative instrument where two parties agree to a pre-determined price for future delivery of a commodity or other financial instrument.
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Redemption Charge
For certain iPath ETNs, a one-time-charge that is paid to exercise the holders right to redeem the ETNs before their maturity date.
The redemption charge may approximate brokerage and other charges that are associated with unwinding the position in the ETN.
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Redemption Order
Any holder
of the ETNs may, subject to a certain minimum size, enter a redemption order for those ETNs with the issuer. Subject to the relevant conditions in the prospectus, a redemption order will result in a payment in U.S. dollars per ETN equal to the
closing indicative note value of the ETNs on the relevant valuation date, while the ETNs are returned to the issuer.
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Reverse Split
A reverse split is a
decrease in the number of outstanding ETNs without any changes in the total amount of ETNs outstanding. Each outstanding ETN is worth more as a result of a reverse split.
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109
Roll Cost
For certain iPath ETNs, a cost that is deducted from the value of the ETNs that is intended to approximate the brokerage and execution costs in maintaining a rolling position in the futures contracts
underlying the index.
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Roll Yield
In the context of investment
strategies in the futures markets, roll yield is commonly used to describe the returns that occur over and above the changes in the spot returns. For example, a futures curve that remains in contango will generate negative roll yield,
while a futures curve that remains in backwardation will generate positive roll yield.
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Senior, Unsecured Debt Securities
Debt
that assumes priority over other debt securities distributed by an issuer. However, the debt is not backed by a promise of collateral or underlying asset. iPath ETNs are senior, unsecured debt obligations of Barclays Bank PLC.
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Short Enhanced
The standardized naming convention of iPath ETNs 2 times inversely linked to their underlying index if the ETN is held from inception to maturity.
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Short Extended
The standardized naming convention of iPath ETNs 3 times inversely linked to their underlying index if the ETN is held from inception to
maturity.
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Short
Index Amount
Represents the cost of the cash that investors in a 2 or 3 times inversely linked iPath ETN would borrow on
margin to gain the intended exposure.
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Split
A split is an increase in the number of outstanding ETNs without any change in the
total amount of ETNs outstanding. Each outstanding ETN is worth less as a result of a split.
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Spot price
The prevalent market price
for the immediate delivery of an asset (such as a barrel of crude oil) for a payment in cash.
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Steepener
A steepening yield curve
indicates that the difference between the yields available for longer dated bonds and shorter dated bonds is widening. A steepener strategy seeks to take advantage of this market environment to generate returns.
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Tenor Indices
In the context of a range of futures contracts linked to the same underlying commodity but with varying maturity dates, Tenor Indices are a series of
indices that represent holding and rolling a futures contract
110
of a single tenor such as, for example, always holding the futures contract that has 12 months to expiry and rolling into the next available futures contract when that next futures
contract is closest to 12 months.
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Treasury Bill (T-Bill) Amount
In the context of certain iPath ETNs, the Treasury Bill
(T-Bill) Amount represents a notional cash amount on which the ETN investor will earn an interest rate. For example: in iPath ETNs that are linked inversely to the performance of an equity index, the T-Bill Amount conceptually represents the cash
collateral that would be deposited in a margin account plus proceeds from short sales of equity securities underlying the index, in order to gain the intended exposure. The T-Bill Amount is equal to the intrinsic value of the ETN, plus the notional
value of shares sold short: T-Bill Amount = Closing Indicative Note Value + Short Index Amount
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Valuation Date
The date on which the
closing indicative value of an ETN is determined for purposes of redemption or maturity.
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VIX Index
The
Chicago Board Options Exchange Market Volatility Index
®
(VIX
®
), is a key measure of market expectations of near-term volatility conveyed by S&P 500 stock index option prices. Since its introduction in 1993, VIX has been
considered by many to be the worlds premier barometer of investor sentiment regarding future market volatility.
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Yearly Fee
The yearly fee
is an annual fee that is calculated daily (yearly fee / 365) and deducted daily from the holdings within an ETN.
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Yield Curve
A yield curve plots the
relationship between yield and maturity for bonds. Generally speaking, a normal yield curve is upward sloping due to the need for increased yield to compensate for moving further out in maturity.
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END GLOSSARY
111
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