Barclays Announces Reductions and Extensions of Minimum Early Redemption Size of Certain ETNs

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Barclays Bank PLC has announced an extension of the waiver for the minimum redemption size for certain equity and commodity Exchange Traded Notes (ETNs). This change becomes effective after trading closes on February 28, 2022, and will remain until further notice. The minimum early redemption size for the affected ETNs is set at 5,000 units. Barclays will notify ETN holders at least ten days before modifying or removing the waiver. The ETNs carry significant risks, including the potential loss of principal, and are not guaranteed by third parties.

Positive

Extension of the waiver for minimum redemption size may enhance liquidity for ETN holders.
Notification to holders at least ten days in advance allows for informed decisions.

Negative

The ETNs are riskier than ordinary unsecured debt securities with no principal protection.
Potential loss of principal may deter some investors from participating in these ETNs.

02/16/2022 - 04:15 PM

NEW YORK--(BUSINESS WIRE)-- Barclays Bank PLC (“Barclays” or the “Issuer”) has announced an extension of the waiver for the reduction of the minimum redemption size relating to certain equity and commodities Exchange Traded Notes (collectively, the “ETNs”) as specified in the table below. These changes will be effective after the close of trading on February 28, 2022 and will remain effective until further notice or until the waiver is removed by Barclays at its sole discretion (whichever comes first). Barclays intends to provide to holders of the ETNs at least ten (10) calendar days’ notice prior to removing any waiver for the reduction of the minimum redemption size for a series of ETNs.

Asset Class	ETN Name	ETN Ticker	Minimum early redemption size (# of ETNs)
Equity	iPath^® Women in Leadership ETN	WIL	5,000
Equity	iPath^® Return On Disability ETN	RODI	5,000
Commodity	iPath^® S&P GSCI™ Total Return Index ETN	GSP	5,000
Commodity	iPath^® Bloomberg Lead Subindex Total Return ETN	LD	5,000
Commodity	iPath^® Bloomberg Cocoa Subindex Total Return ETN	NIB	5,000
Commodity	iPath^® Series B S&P GSCI™ Crude Oil Total Return Index ETN	OIL	5,000
Commodity	iPath^® Series B Bloomberg Natural Gas Subindex Total Return^SM ETN	GAZ	5,000
Commodity	iPath^® Series B Bloomberg Agriculture Subindex Total Return^SM ETN	JJA	5,000
Commodity	iPath^® Series B Bloomberg Aluminum Subindex Total Return^SM ETN	JJU	5,000
Commodity	iPath^® Series B Bloomberg Coffee Subindex Total Return^SM ETN	JO	5,000
Commodity	iPath^® Series B Bloomberg Copper Subindex Total Return^SM ETN	JJC	5,000
Commodity	iPath^® Series B Bloomberg Cotton Subindex Total Return^SM ETN	BAL	5,000
Commodity	iPath^® Series B Bloomberg Energy Subindex Total Return^SM ETN	JJE	5,000
Commodity	iPath^® Series B Bloomberg Grains Subindex Total Return^SM ETN	JJG	5,000
Commodity	iPath^® Series B Bloomberg Industrial Metals Subindex Total Return^SM ETN	JJM	5,000
Commodity	iPath^® Series B Bloomberg Livestock Subindex Total Return^SM ETN	COW	5,000
Commodity	iPath^® Series B Bloomberg Nickel Subindex Total Return^SM ETN	JJN	5,000
Commodity	iPath^® Series B Bloomberg Platinum Subindex Total Return^SM ETN	PGM	5,000
Commodity	iPath^® Series B Bloomberg Precious Metals Subindex Total Return^SM ETN	JJP	5,000
Commodity	iPath^® Series B Bloomberg Softs Subindex Total Return^SM ETN	JJS	5,000
Commodity	iPath^® Series B Bloomberg Sugar Subindex Total Return^SM ETN	SGG	5,000
Commodity	iPath^® Series B Bloomberg Tin Subindex Total Return^SM ETN	JJT	5,000
Commodity	iPath^® Pure Beta Broad Commodity ETN	BCM	5,000
Commodity	iPath^® Pure Beta Crude Oil ETN	OIL	5,000
Commodity	iPath^® Global Carbon ETN	GRNTF	-
Commodity	iPath^® Bloomberg Cotton Subindex Total Return^SMETN	BALTF	-
Commodity	iPath^® Bloomberg Livestock Subindex Total Return^SMETN	COWTF	-
Commodity	iPath^® Bloomberg Agriculture Subindex Total Return^SMETN	JJATF	-
Commodity	iPath^® Bloomberg Copper Subindex Total Return^SMETN	JJCTF	-
Commodity	iPath^® Bloomberg Energy Subindex Total Return^SMETN	JJETF	-
Commodity	iPath^® Bloomberg Grains Subindex Total Return^SMETN	JJGTF	-
Commodity	iPath^® Bloomberg Industrial Metals Subindex Total Return^SMETN	JJMTF	-
Commodity	iPath^® Bloomberg Nickel Subindex Total Return^SMETN	JJNTF	-
Commodity	iPath^® Bloomberg Precious Metals Subindex Total Return^SMETN	JJPFF	-
Commodity	iPath^® Bloomberg Softs Subindex Total Return^SMETN	JJSSF	-
Commodity	iPath^® Bloomberg Tin Subindex Total Return^SMETN	JJTFF	-
Commodity	iPath^® Bloomberg Aluminum Subindex Total Return^SMETN	JJUFF	-
Commodity	iPath^® Bloomberg Coffee Subindex Total Return^SMETN	JJOFF	-
Commodity	iPath^® Bloomberg Sugar Subindex Total Return^SMETN	SGGFF	-
Commodity	iPath^® Bloomberg Platinum Subindex Total Return^SMETN	PGMFF	-
Commodity	iPath^® S&P GSCI™ Crude Oil Total Return Index ETN	OILNF	-

The obligation of Barclays to accept any early redemption of ETNs, including with the waiver of the minimum redemption sizes, as specified herein, is subject to the procedures set forth in the section “Specific Terms of the ETNs - Early Redemption Procedures” in the prospectus relating to the ETNs. These procedures include delivering a notice of redemption and signed confirmation to Barclays prior to the relevant valuation dates within the time frames set forth in the prospectus and instructing the DTC custodian at which the ETNs are held to book and settle a delivery versus a payment trade with respect to 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 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.

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 is the Issuer of iPath^® ETNs and Barclays Capital Inc. is the Issuer’s agent in the distribution. Please contact Barclays for further questions:

Financial advisors:

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.

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.

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 applicable 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: 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.

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 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.

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: Except in the circumstances described above or as otherwise specified in the applicable product prospectus, you must redeem at least the minimum number of ETNs specified in the applicable product prospectus 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.

© 2022 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220216006097/en/

Press:

Danielle Popper

+1 212 526 5963

Danielle.Popper@barclays.com

Source: Barclays Bank PLC

FAQ

What is the new minimum redemption size for BCS and WIL ETNs?

The new minimum redemption size for affected ETNs, including BCS and WIL, is 5,000 units.

When is the effective date for the new redemption size waiver by Barclays?

The waiver for the minimum redemption size becomes effective after the close of trading on February 28, 2022.

How long will the minimum redemption size waiver remain in effect for BCS and WIL ETNs?

The waiver will remain effective until further notice or until Barclays removes it at its discretion.

What risks are associated with investing in the BCS and WIL ETNs?

Investing in BCS and WIL ETNs involves significant risks, including the possible loss of principal, as they are unsecured debt obligations.

Will Barclays notify ETN holders before changes to the waiver?

Yes, Barclays intends to notify ETN holders at least ten calendar days prior to any changes.

Barclays Announces Reductions and Extensions of Minimum Early Redemption Size of Certain ETNs

FAQ

What is the new minimum redemption size for BCS and WIL ETNs?

When is the effective date for the new redemption size waiver by Barclays?

How long will the minimum redemption size waiver remain in effect for BCS and WIL ETNs?

What risks are associated with investing in the BCS and WIL ETNs?

Will Barclays notify ETN holders before changes to the waiver?

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Barclays Announces Reductions and Extensions of Minimum Early Redemption Size of Certain ETNs

FAQ

What is the new minimum redemption size for BCS and WIL ETNs?

When is the effective date for the new redemption size waiver by Barclays?

How long will the minimum redemption size waiver remain in effect for BCS and WIL ETNs?

What risks are associated with investing in the BCS and WIL ETNs?

Will Barclays notify ETN holders before changes to the waiver?

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