NEW YORK–(BUSINESS WIRE)–On April 29, 2019, Barclays Bank PLC (“Barclays”) had announced the
transfer of primary listing for sixteen iPath Exchange Traded Notes from
NYSE and NASDAQ to CBOE. Barclays Bank PLC (“Barclays”) announced today
that the NASDAQ exchange (the “Exchange”) has notified Barclays that as
an issuer Barclays did not comply with the NASDAQ listing rule 5840(j)
(the “Rule”) that requires an issuer that chooses to voluntarily delist
its securities to notify NASDAQ at least 10 days prior to filing a Form
25 and publish notice of the intent to delist, along with the reasons
for the delisting, via press release. In addition, the Rule requires
that an issuer include in its notice to NASDAQ and press release if the
issuer has received notice from NASDAQ that the securities to be
delisted are currently failing to comply with one or more of the
continued listing standards.
The original press release related to transfer of listing did not
include a disclosure regarding the notice from NASDAQ that the two ETNs
iPath® US Treasury 5-year Bull ETN (ticker symbol: DFVL) and
iPath® US Treasury 2-year Bull ETN (ticker symbol: DTUL)] do
not meet the continued listing standards of the exchange, as Barclays
had previously announced on February 22, 2019 and April 24, 2019,
respectively.
As announced in the transfer of listing press release, Barclays has
already transferred the primary listing venue for iPath US Treasury
5-year Bull ETN (NASDAQ Symbol: DFVL) and iPath US Treasury 2-year Bull
ETN (NASDAQ Symbol: DTUL)] from NASDAQ to the CBOE Exchange on May 13,
2019.
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.
Daily redemptions at the option of the holders of the ETNs continue to
stay open. The prospectus relating to the ETNs can be found on EDGAR,
the SEC website at: www.sec.gov,
as well as on the respective product websites at www.iPathETN.com/DFVLprospectus
and www.iPathETN.com/DTULprospectus.
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 [email protected] or
alternatively, your broker/custodian can call us at: 1-212-528-7990.
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
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 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.
The Underlying U.S. Treasury Note or Bond Yield May Increase,
Decrease or Remain Unchanged Over the Term of Your ETNs: The return
on your ETNs is linked to the performance of the underlying index, which
corresponds to changes in the underlying U.S. Treasury note or bond
yield. Changes in the underlying U.S. Treasury note or bond yield are
affected by a number of unpredictable factors, and such factors may
cause the underlying U.S. Treasury note or bond yield 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: 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 note or bond yield; the index calculation methodology uses
approximation; and the underlying U.S. Treasury note or 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 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 NASDAQ, 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 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. Notwithstanding the foregoing,
beginning after the close of trading on September 4, 2018, we have
waived the minimum redemption amount so that you may exercise your right
to redeem your ETNs on any redemption date with no minimum amount. Our
waiver of the minimum redemption amount will be available to any and all
holders of the ETNs on such early redemption dates and will remain in
effect until we announce otherwise. We may, at any time and in our sole
discretion, make further modifications to the minimum redemption amount,
including, among others, to reinstate the minimum redemption amount of
20,000 ETNs for all redemption dates after such further modification.
Any such modification will be applied on a consistent basis for all
holders of the ETNs at the time such modification becomes effective.
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.
“Barclays 2Y US Treasury Futures Targeted Exposure Index™” and “Barclays
5Y US Treasury Futures Targeted Exposure Index™” are trademarks of
Barclays Bank PLC.
© 2019 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
Contacts
Press:
Brittany Berliner
+1 212 5264894
[email protected]
