NEW YORK--(BUSINESS WIRE)--Barclays Bank PLC (“Barclays”) announced today that it plans to amend the tickers for 17 existing Commodity ETNs listed in the table below (collectively, “the Commodity ETNs”). All of the Commodity ETNs are listed on the NYSE Arca exchange. Please refer to the related press releases dated January 11, 2018 and April 3, 2018 for further details regarding the listing of the Commodities ETNs and delisting of certain related ETNs.
The current and proposed ticker symbols for the Commodity ETNs are listed in the table below. The ticker symbol changes will be effective after the close of trading on November 15, 2018.
|iPath® Series B Bloomberg Agriculture Subindex Total ReturnSM ETN||JJAB||JJA|
|iPath® Series B Bloomberg Aluminum Subindex Total ReturnSM ETN||JJUB||JJU|
|iPath® Series B Bloomberg Coffee Subindex Total ReturnSM ETN||BJO||JO|
|iPath® Series B Bloomberg Copper Subindex Total ReturnSM ETN||JJCB||JJC|
|iPath® Series B Bloomberg Cotton Subindex Total ReturnSM ETN||BALB||BAL|
|iPath® Series B Bloomberg Energy Subindex Total ReturnSM ETN||JJEB||JJE|
|iPath® Series B Bloomberg Grains Subindex Total ReturnSM ETN||JJGB||JJG|
|iPath® Series B Bloomberg Industrial Metals Subindex Total ReturnSM ETN||JJMB||JJM|
|iPath® Series B Bloomberg Livestock Subindex Total ReturnSM ETN||COWB||COW|
|iPath® Series B Bloomberg Nickel Subindex Total ReturnSM ETN||BJJN||JJN|
|iPath® Series B Bloomberg Platinum Subindex Total ReturnSM ETN||PGMB||PGM|
|iPath® Series B Bloomberg Precious Metals Subindex Total ReturnSM ETN||JJPB||JJP|
|iPath® Series B Bloomberg Softs Subindex Total ReturnSM ETN||JJSB||JJS|
|iPath® Series B Bloomberg Sugar Subindex Total ReturnSM ETN||SGGB||SGG|
|iPath® Series B Bloomberg Tin Subindex Total ReturnSM ETN||JJTB||JJT|
|iPath® Series B S&P GSCI® Crude Oil Total Return Index ETN||OILB||OIL|
|iPath® Series B Bloomberg Natural Gas Subindex Total ReturnSM ETN||GAZB||GAZ|
Anyone considering investing in the ETNs or continuing to hold the ETNs should consider the risks described in the prospectus for the relevant series of ETNs when making an investment decision and consult with their broker or financial adviser to evaluate their investment in the ETNs.
The ETNs are riskier than ordinary unsecured debt securities and have no principal protection. 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. An investment in the ETNs involves significant risks, including possible loss of principal, and may not be suitable for all investors. For more information on risks associated with the ETNs, please see "Selected Risk Considerations" below and the risk factors included in the relevant prospectus.
The prospectus relating to each series of ETNs can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at the links listed below for the relevant series:
Barclays Bank PLC is the issuer of iPath® ETNs and Barclays Capital Inc. is the issuer’s agent in the distribution.
For further information, please instruct your broker/advisor/custodian to email us at firstname.lastname@example.org or alternatively, your broker/custodian can call us at: 1-212-528-7990.
Selected Risk Considerations
An investment in the ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any 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 has increased. 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 the ETNs (in whole but not in part) at its sole discretion and without your consent on any trading day on or after the inception date until and including maturity.
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.
The ETNs offer exposure to futures contracts and not direct exposure to physical commodities: The ETNs offer investors exposure to the price of commodities futures contracts and not to the spot price of commodities. The price of a commodity futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity reflects the immediate delivery value of the commodity. A variety of factors can lead to a disparity between the expected future price of a commodity and the spot price at a given point in time, such as the cost of storing the commodity for the term of the futures contract, interest charges to finance the purchase of the commodity and expectations concerning supply and demand for the commodity. The price movement of a futures contract is typically correlated with the movements of the spot price of the reference commodity, but the correlation is generally imperfect and price moves in the spot market may not be reflected in the futures market (and vice versa). Accordingly, the ETNs may underperform a similar investment that reflects the return on the physical commodity.
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 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.
A Trading Market for the ETNs May Not Develop: Although the ETNs are currently listed on a 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 will 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 20,000, 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 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. 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 "S&P GSCI® Index Total Return" and "S&P GSCI® Crude Oil Total Return Index" (the "S&P GSCI Indices") are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by Barclays Bank PLC. S&P® and GSCI® are registered trademarks of Standard & Poor’s Financial Services LLC ("SPFS"). These trademarks have been licensed to SPDJI and its affiliates and sublicensed to Barclays Bank PLC for certain purposes. The S&P GSCI Indices are not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies. The ETNs are not sponsored, endorsed, sold or promoted by SPDJI, SPFS, or any of their respective affiliates (collectively, "S&P Dow Jones Indices"). S&P Dow Jones Indices 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 Indices to track general market performance.
"Bloomberg®", "Bloomberg Commodity IndexSM", "Bloomberg Commodity Index Total ReturnSM", "Bloomberg Agriculture Subindex Total ReturnSM", "Bloomberg Aluminum Subindex Total ReturnSM", "Bloomberg Cocoa Subindex Total ReturnSM", "Bloomberg Coffee Subindex Total ReturnSM", "Bloomberg Copper Subindex Total ReturnSM", "Bloomberg Cotton Subindex Total ReturnSM", "Bloomberg Energy Subindex Total ReturnSM", "Bloomberg Grains Subindex Total ReturnSM", "Bloomberg Industrial Metals Subindex Total ReturnSM", "Bloomberg Lead Subindex Total ReturnSM", "Bloomberg Livestock Subindex Total ReturnSM", "Bloomberg Natural Gas Subindex Total ReturnSM", "Bloomberg Nickel Subindex Total ReturnSM", "Bloomberg Platinum Subindex Total ReturnSM", "Bloomberg Precious Metals Subindex Total ReturnSM", "Bloomberg Softs Subindex Total ReturnSM", "Bloomberg Sugar Subindex Total ReturnSM", "Bloomberg Tin Subindex Total ReturnSM" and "BCOM" are service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and have been licensed for use for certain purposes by Barclays Bank PLC. Any ETNs based on the Bloomberg Commodity Indices are not sponsored, endorsed, sold or promoted by Bloomberg, UBS AG, UBS Securities LLC ("UBS"), or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparties to the ETNs or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs particularly.
© 2018 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
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 80,000 people. Barclays moves, lends, invests and protects
money for customers and clients worldwide.
For further information about Barclays, please visit our website home.barclays