Barclays Bank PLC Announces Proposed Change to Index Underlying the iPath® Select MLP ETNs
NEW YORK–(BUSINESS WIRE)–
Barclays Bank PLC (“Barclays”), as index sponsor for the CIBC Atlas Select Index (the “Index”), announced that it is running a consultation process on proposed changes to the Index. The return on the iPath® Select MLP ETNs (the “ETNs”), which are issued by Barclays Bank PLC, is linked to the performance of the Index.
Currently, as described in the prospectus relating to the ETNs, the Index rebalances on a quarterly basis over four index business days. The proposed change would increase the number of days over which each quarterly rebalancing occurs to eight business days. If implemented, the proposed change to the Index is expected to become effective on April 11, 2025.
Barclays Index Administration (“BINDA”), a distinct function within the Investment Bank of Barclays responsible for day-to-day governance of Barclays’ activities as index sponsor, has published a Consultation Announcement relating to the proposed change, a copy of which can be found here: https://indices.cib.barclays/IM/21/en/efsdocument.app?documentId=897&filename=2025-02-26++Material+Change+Consultation+relating+to+CIBC+Atlas+Select+MLP+indices.pdf
Holders of the ETNs or any other interested parties may submit feedback to BINDA on the proposed changes until March 26, 2025. Any party wishing to submit feedback is encouraged to contact BINDA as described in the Consultation Announcement.
Anyone considering investing in the ETNs or continuing to hold the ETNs should consider the risks described in the prospectus for the ETNs when making an investment decision and consult with their broker or financial adviser to evaluate their investment in the ETNs.
The pricing supplement and prospectus relating to the ETNs can be found on EDGAR, the SEC’s website at www.sec.gov, as well as on the product website at the product page for the ETNs at ipathetn.barclays.
An investment in the ETNs involves significant risks and may not be suitable for all investors. The ETNs are riskier than ordinary unsecured debt securities and do not benefit from any principal protection. For more information on risks associated with the ETNs, please see “Selected Risk Considerations” below and the risk factors included in the relevant pricing supplement.
Barclays Bank is the issuer of the ETNs and Barclays Capital Inc. is the issuer’s agent in the distribution. Please contact Barclays Bank for further questions:
- Financial advisors: Directly contact Barclays Bank at [email protected] or 1-212-528-7990 to obtain further information.
- Individual investors: Instruct your broker/advisor/custodian to email us at [email protected] or to call us at: 1-212-528-7990. You may call in together with your broker/advisor/custodian or have them speak to us on your behalf.
About Barclays
Barclays is a British universal bank. We are diversified by business, by different types of customers and clients, and by geography. Our businesses include consumer banking and payments operations around the world, as well as a full-service corporate and investment bank. For further information about Barclays, please visit our website www.barclays.com.
Selected Risk Considerations
An investment in the ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are exposed to any change in the Volume Weighted Average Price (“VWAP”) level of the underlying index (the “index”) between the inception date and the applicable valuation date. Additionally, if the level of the 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 level of such index has increased or decreased, as the case may be. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
The Payment on the ETNs is Linked to the VWAP Level, Not to the Closing Level of the Index and Not to the Published Intraday Indicative Value of the ETNs: Your payment at maturity or upon early redemption is linked to the performance of the VWAP level, as compared to the initial VWAP level. Although the VWAP level is intended to track the performance of the index, the calculation of the VWAP level is different from the calculation of the official closing level of the index. Therefore, the payment at maturity or early redemption of your ETNs, may be different from the payment you would receive if such payment were determined by reference to the official closing level of the index.
Credit of Barclays Bank PLC: The ETNs are unsecured debt obligations of Barclays Bank PLC and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, if Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
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 commodity markets, the U.S. stock markets or the U.S. Treasury market, 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: The index constituents are companies in the Energy Sector or Gas Utilities Sector, as determined by the GICS® classification system. In addition, many of the index constituents are smaller, non-diversified businesses that are exposed to the risks associated with such businesses, including the lack of capital funding to sustain or grow businesses and potential competition from larger, better financed and more diversified businesses. The ETNs are susceptible to general market fluctuations in the energy and gas MLP market and to volatile increases and decrease.
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.
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 through certain brokerage accounts. 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.
© 2025 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.
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NOT FDIC INSURED · NO BANK GUARANTEE · MAY LOSE VALUE |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250227884684/en/
Press:
Ann Thielke
+1 212 526 1472
[email protected]
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS: Banking Professional Services Finance
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