Free Writing Prospectus - Filing Under Securities Act Rules 163/433 (fwp)
May 24 2013 - 12:12PM
Edgar (US Regulatory)
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration No. 333-169119
May 24, 2013
IVOPiPath® Inverse S&P 500 VIX Short-Term FuturesTM ETN (II)Note DescriptionThe
iPath® Inverse S&P 500 VIX Short-Term FuturesTM ETN (II) is designed to provide investors with inverse exposure to the S&P 500 VIX Short-Term FuturesTM Index Excess Return.Index DescriptionThe S&P 500 VIX Short-Term FuturesTM Index
Excess Return (the Index) is designed to reflect the returns that are potentially available through an unleveraged investment in short-term futures contracts on the CBOE Volatility Index®. The Index offers exposure to a daily rolling
long position in the first and second month VIX Index futures contracts and reflects the implied volatility of the S&P 500® at various points along the volatility forward curve.Note Details Ticker IVOPIntraday Indicative Value Ticker
IVOP.IVCUSIP 06741K486ISIN US06741K4866Primary exchange NYSE ArcaYearly Fee1 0.89%Inception date 9/16/2011Maturity date 9/20/2021Issuer Barclays Bank PLCCallable ETN YesCumulative Index Return2S&P 500 VIX Short-Term FuturesTM Index Excess
ReturnSource: S&P Dow Jones Indices, LLC (based on daily returns 09/11-12/12 since Note inception date).2 Index returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index performance returns do not
reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results. For current Index and iPath ETN performance, go to
www.iPathETN.com.Index DetailsIndex name S&P 500 VIX Short-Term FuturesTM Index Excess ReturnComposition Futures on S&P 500 VIXNumber of components 2Bloomberg Index ticker SPVXSTRInception date 1/22/2009Base value and date 100,000 as of
12/20/2005Index sponsors S&P Dow Jones Indices, LLCIndex CompositionSource: S&P Dow Jones Indices, LLC, as of 12/31/2012. Index composition is subject to change.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 closing value of the index on the inception date of the securities.Page 1 of 3
IVOPAnnualized Performance, Standard Deviation And Correlation History6-month Return %
1-Year Return % Annualized 3-Year Return % Annualized 5-Year Return % Annualized 10-Year Return % Annualized Standard Deviation % Annualized3 Index Correlations4S&P 500 VIX Short-Term FuturesTM Index Excess Return -47.65 -77.94 -60.99 n/a n/a
73.93 1.00S&P 500® 5.95 16.00 10.87 1.66 7.10 15.30 -0.80MSCI EAFE Index 13.95 17.32 3.56 -3.69 8.21 19.65 -0.79MSCI Emerging Markets IndexSM 13.75 18.22 4.66 -0.92 16.52 21.80 -0.71Barclays U.S. Aggregate Bond Index 1.80 4.21 6.19 5.95 5.18
2.42 0.38Dow Jones-UBS Commodity Index Total ReturnSM 2.75 -1.06 0.07 -5.17 4.09 17.91 -0.55Source: BlackRock, S&P Dow Jones Indices, LLC, MSCI, Barclays, Dow Jones Opco and UBS, as of 12/31/2012.Index returns are for illustrative purposes only
and do not represent actual iPath ETN performance. Index performance returns do not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee
future results. For current Index and iPath ETN performance, go to www.iPathETN.com.3 Standard deviation is a measure of variability from the expected value. Standard Deviation % Annualized is based on monthly returns for 12/09-12/12, and describes
how the annual returns in a given annual period are likely to differ from average annualized returns. Because the Standard Deviation % Annualized is based on historical data, it may not predict variability in annualized performance of the ETNs in
the future. Source: BlackRock, Barclays4 Correlations based on weekly returns for 12/09-12/12. Correlation is the term used to describe the statistical relationship between two or more quantities or variables. Perfectly correlated assets will have a
correlation coefficient of one, while the correlation coefficient will be zero when returns on two assets are completely independent. Source: BlackRock, Barclays 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. 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 FuturesTM 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. The Performance
of the Underlying Index is Unpredictable: An investment in the ETNs 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 futures contracts on the CBOE® Volatility Index (the VIX 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.iP-IVOP-I1212Page 2 of 3
IVOPBenefits Risks May provide portfolio diversification and completion* No principal
protection Ability to execute tactical views Credit risk of the issuer Interest Rate Management Concentration of index exposure Hedging Tool Minimum redemption value directly with issuer Exchange listed Market risk Daily redemption capabilities
directly to issuer Yearly fee and applicable costs No tracking error to their specified underlying index*** Diversification does not protect against market risk.** Excluding fees and applicable costs and applies only to the indicative value, not
necessarily to the secondary market price. Tracking error refers to the under/over performance differential of an ETN versus its underlying index over a given time period, after accounting for the ETNs fees and costs. One cannot invest
directly in an index.Your ETNs Are Not Linked to the Inverse of the VIX Index: The value of your ETNs will be linked to the inverse performance of the underlying 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 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. Your ETNs 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 ETNs.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. 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 50,000 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. 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 callingtoll-free1-877-764-7284, or you mayrequest a copy fromany otherdealer 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.Standard & Poors®, S&P 500®,
S&P®, S&P 500® Total Return and S&P 500 VIX Short-Term FuturesTMare 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 VIX® 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 index to track market
performance.© 2013 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-0664-0213iP-IVOP-I12121-877-764-7284 www.ipathetn.comNot FDIC Insured - No Bank Guarantee - May Lose ValuePage 3 of 3