Barclays Bank PLC (“Barclays”) announced today the launch of the
Pacer® iPath® Gold Trendpilot ETNs (the “ETNs”). The ETNs will
track the performance of the Pacer Barclays Gold Trendpilot Total
Return Index (the “Index”).
“At Pacer Financial we are pleased to extend our relationship
with Barclays by adding a second ETN that tracks gold,” says Sean
O’Hara, President at Pacer Financial. “In addition to GBUG, a zero
investor fee ETN that tracks the price of gold, Pacer and Barclays
are adding a gold ETN that utilizes the Pacer Trendpilot
methodology (ticker: PBUG).”
"We are excited to further expand our iPath platform with
today’s launch of the Pacer iPath Gold Trendpilot ETN. Not only
does this reinforce our commitment to offering investors with
innovative risk management solutions, but it also marks our second
product partnership with Pacer Financial,” says Shilpa Akella,
Managing Director and Head of Cross-Asset Structuring Americas.
“This could not come at a better time, as we continue to see
investor demand for commodities and we believe that the Trendpilot
methodology is uniquely positioned to offer risk mitigated access
to gold."
The Index is calculated on a total return basis and is intended
to reflect (1) the performance over time of a dynamic allocation
strategy by taking 100%, 50% or 0% notional exposure to the
Barclays Gold 3 Month Deferred Index Excess Return (the “Gold
Index”) on a daily basis based on three specified signals that
reference the short-term and long-term performance of the Gold
Index and (2) the return that corresponds to the weekly announced
interest rate for specified 3-month U.S. Treasury bills. The Gold
Index is intended to reflect the performance of a rolling position
in specified gold futures contracts that will become the first
liquid nearby futures contracts three months in the future in
accordance with a specified schedule.
The ETNs do not guarantee any return of principal at or prior to
maturity and do not pay any interest during their term. Instead,
you will receive a cash payment in U.S. dollars at maturity or upon
early redemption based on the performance of the Index.
The ETNs are expected to begin trading on the NYSE Arca exchange
on June 16, 2021. The ETNs will feature an investor fee of 0.65%
per annum and will also be redeemable at the sole discretion of
Barclays on any trading day on or after their inception until
maturity. Please refer to the ETN prospectus for further
details.
The prospectus relating to the ETNs can be found on EDGAR, the
SEC website at: www.sec.gov, as well as on the product website at
www.iPathETN.com/PBUGprospectus.
Barclays is a top issuer of ETNs in the US, with over 30% market
share of notional value* and Barclays Capital Inc. is the issuer’s
agent in the distribution. Please contact Barclays further
questions:
- Directly contact Barclays at etndesk@barclays.com or
1-212-528-7990 to obtain further information
Individual investors:
- Instruct your broker/advisor/custodian to email us at
etndesk@barclays.com or to call us at: 1-212-528-7990
You may call in together with your broker/advisor/custodian or
have them speak to us on your behalf.
*Source: Bloomberg, as of June 6, 2021.
About Barclays
Barclays is a transatlantic consumer and wholesale bank offering
products and services across personal, corporate and investment
banking, credit cards and wealth management, with a strong presence
in our two home markets of the UK and the US.
With over 325 years of history and expertise in banking,
Barclays operates in over 40 countries and employs approximately
83,500 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide. For further information about
Barclays, please visit our website www.barclays.com
About Pacer Financial LLC
Pacer Financial’s mission is to use our experience and position
in the financial services network to grow the businesses of our
distribution partners and financial advisors. Pacer Financial does
this by working with our distribution partners to bring products
and ideas to financial advisors that address the challenges of the
current market and meet the needs of investors. Pacer Financial is
selective in our collaborations with distribution partners – only
choosing a small group of partners with diverse and innovative
strategies that address wealth accumulation and distribution,
downside protection and taxes. Pacer Financial only works through
retail broker-dealers and registered investment advisors. We do not
work with the public directly. Pacer Financial, Inc., member FINRA,
SIPC is the distributor for Pacer ETFs.
Selected Risk Considerations
An investment in the iPath ETNs described herein involves risks.
Selected risks are summarized here, but we urge you to read the
more detailed explanation of risks described under “Risk Factors”
in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are
exposed to any decrease 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 level
has increased or decreased, as the case may be. Because the ETNs
are subject to an investor fee and other applicable costs, the
return on the ETNs will always be lower than the total return on a
direct investment in the index components. The ETNs are riskier
than ordinary unsecured debt securities and have no principal
protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of 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.
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.
Concentration Risk: Because the ETNs are linked to an index
composed of futures contracts on a single commodity or in only one
commodity sector, the ETNs are less diversified than other funds.
The ETNs can therefore experience greater volatility than other
funds or investments.
No Direct Exposure to Gold: THE ETNS OFFER EXPOSURE TO FUTURES
CONTRACTS AND NOT DIRECT EXPOSURE TO GOLD OR ITS SPOT PRICES. THESE
FUTURES CONTRACTS WILL NOT TRACK THE PERFORMANCE OF GOLD. In
addition, the nature of the futures market for gold has
historically resulted in a cost to maintain a rolling position in
the futures contracts underlying each index. As a result, the level
of the underlying index, which tracks a rolling position in
specified futures contracts, may experience significant declines as
a result of these costs, known as roll costs, especially over a
longer period. The price of gold will perform differently than the
underlying index and, in certain cases, may have positive
performance during periods where the underlying index is
experiencing negative performance. In turn, an investment in the
ETNs may experience a significant decline in value over time, the
risk of which increases the longer that the ETNs are held.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are listed on a U.S. national securities exchange, a
trading market for the ETNs may not develop and the liquidity of
the ETNs may be limited, as we are not required to maintain any
listing of the ETNs.
No Interest Payments from the ETNs: You may not receive
any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: You must redeem at least 5,000
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 product
prospectus.
Uncertain Tax Treatment: Significant aspects of the tax
treatment of the ETNs are uncertain. You should consult your own
tax advisor about your own tax situation.
The ETNs may be sold throughout the day on the exchange through
any brokerage account. There are restrictions on the minimum number
of ETNs you may redeem directly with the issuer as specified in the
applicable prospectus. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of ETNs.
Sales in the secondary market may result in significant
losses.
The “Pacer Barclays Gold Trendpilot Total Return Index” and the
“Barclays Gold 3 Month Deferred Index Excess Return” are trademarks
of Barclays Bank PLC.
© 2021 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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version on businesswire.com: https://www.businesswire.com/news/home/20210615005257/en/
Pacer Financial Trevor Davis +1 215 475 5931
trevor@gregoryfca.com
Barclays Danielle Popper +1 212 526 5963
Danielle.Popper@barclays.com
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