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Barclays Announces Upcoming Maturity of iPath® Shiller CAPE™ ETNs
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Rhea-AI Summary
Barclays Bank PLC is reminding investors that the iPath® Shiller CAPE™ ETNs will mature on October 12, 2022. Holders will receive a cash payment equal to the closing indicative value on October 4, 2022. Until October 11, holders can sell ETNs on the secondary market and redeem them under specified conditions. Barclays also waives the minimum holder redemption size of 25,000 ETNs. Investors interested in sector-based strategies can explore the newly launched DoubleLine Shiller CAPE® U.S. Equities ETF (CAPE). Investors should be aware of the significant risks involved with ETNs.
Positive
Waiver of the minimum holder redemption size of 25,000 ETNs, providing more flexibility for investors.
Announcement of the DoubleLine Shiller CAPE® U.S. Equities ETF, offering a new investment option for sector-based strategies.
Negative
ETNs are unsecured debt obligations, meaning they carry higher risk with no principal protection.
Investors may lose some or all of their principal due to exposure to the underlying index fluctuations.
No interest payments are provided, and potential losses may occur in secondary market sales.
NEW YORK--(BUSINESS WIRE)--
Barclays Bank PLC (“Barclays”) is issuing a reminder notice today that the iPath® Shiller CAPE™ ETNs (the “ETNs”) are scheduled to mature on October 12, 2022 (the “maturity date”). The ETNs currently trade on the NYSE Arca exchange under the ticker symbol “CAPD”. On the maturity date, Barclays will pay to holders a cash payment per ETN equal to the closing indicative value (as defined in the pricing supplement relating to the ETNs) on October 4, 2022, the final valuation date. Following their maturity, the ETNs will cease to be outstanding and no further payments will be due on the ETNs.
Until the close of trading on October 11th, 2022, holders can continue to sell their ETNs on the secondary market at the prevailing trading price on the exchange. In addition, holders can continue to redeem their ETNs to Barclays under the holder redemption option until the valuation date immediately prior to the final valuation date specified in the pricing supplement relating to the ETNs.
Barclays is also announcing, effective as of the open of trading on August 15th, 2022, a waiver of the minimum holder redemption size of 25,000 ETNs, which will be in effect until the maturity of the ETNs. Any redemption of ETNs is subject to the other conditions described in the pricing supplement for the ETNs and will be valued using the applicable closing indicative value on the valuation date for the transaction. In addition, Barclays will accept holder redemptions where, at the election of the holder, the applicable valuation date for such holder redemption is the same date as that of the holder redemption notice, if such notice is delivered to Barclays no later than 2:00 pm Eastern time on such valuation date. If not specified, the applicable valuation date for a holder redemption will be the first valuation date after the date on which the notice of holder redemption is delivered, in accordance with the procedures set forth in the prospectus relating to the ETNs.
For investors who may wish to invest in an exchange-traded fund (ETF) that offers exposure to a sector-based strategy based on the Shiller Barclays CAPE US Sector TR Index, DoubleLine Capital (“DoubleLine”) has launched the DoubleLine Shiller CAPE®U.S. Equities ETF (the “CAPE ETF”). The CAPE ETF trades on the NYSE Arca exchange under the ticker symbol “CAPE”. Investors may access further information regarding the CAPE ETF on DoubleLine’s website at https://doublelinefunds.com/shiller-cape-u-s-equities-etf/ or by contacting DoubleLine at ETFCapitalMarkets@DoubleLine.com or +1 213 633 8446. Please refer to the information under “Important Disclaimers” below regarding the CAPE ETF.
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 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. For further information about Barclays, please visit our website www.barclays.com.
Important Disclaimers
Barclays Capital Inc. and its affiliates (“Barclays”) is not the issuer or producer of DoubleLine Shiller CAPE®U.S. Equities ETF (the “CAPE ETF”) and Barclays has no responsibilities, obligations or duties to investors in the CAPE ETF. The Shiller Barclays CAPE® US Sector USD Index (the “ETF Index”) is a trademark owned by Barclays Bank PLC and licensed for use by the CAPE ETF. While the CAPE ETF may execute transaction(s) with Barclays in or relating to the ETF Index, CAPE ETF investors acquire interests solely in the CAPE ETF and investors neither acquire any interest in the ETF Index nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in the CAPE ETF. The CAPE ETF is not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the CAPE ETF or use of the ETF Index or any data included therein. Barclays shall not be liable in any way to the CAPE ETF, investors or to other third parties in respect of the use or accuracy of the ETF Index or any data included therein. Please see the CAPE ETF prospectus for further details.
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 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 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 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.
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.
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.
Dynamic Allocation and Strategy Risk: The value of the index will depend upon the success of the index in dynamically allocating among the Sector Indices. The allocation among the Sector Indices is based upon a proprietary index methodology sponsored by Barclays Bank PLC that may not provide outperformance relative to any alternative allocation among the Sector Indices or a diversified portfolio generally, and is made in accordance with pre-defined weightings that may not be optimal.
Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions: Except as specified in the pricing supplement, you must redeem at least the minimum number of ETNs specified in the pricing supplement 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 thepricing supplement.
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.
"Shiller Barclays CAPE® US Core Sector Index" is a trademark of Barclays Bank PLC. CAPE® is a trademark of RSBB-I, LLC ("RSBB") and has been licensed for certain purposes by Barclays Bank PLC.
The Standard & Poors®, S&P 500® Index is a product of Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Barclays Bank PLC. S&P® and S&P 500® are registered trademarks of Standard & Poors Financial Services, LLC ("SPFS"). These trademarks have been licensed to SPDJI and its affiliates and sublicensed to Barclays Bank PLC for certain purposes. The Shiller Barclays CAPE® US Core Sector Index (the "Index") which is based on the S&P 500® and the Sector Indices is not sponsored or endorsed by S&P Dow Jones Indices LLC, Dow Jones, S&P, or any of their respective subsidiaries or affiliates (collectively, "S&P Dow Jones Indices"), but is published with their consent. The ETNs based on the Index are not sponsored or endorsed by S&P Dow Jones Indices or any of their respective affiliates and S&P Dow Jones Indices makes no 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 Index to track general market performance.
The Shiller Barclays CAPE US Index Family has been developed in part by RSBB, LLC, the research principal of which is Robert J. Shiller. RSBB, LLC is not an investment advisor and does not guarantee the accuracy and completeness of the Shiller Barclays CAPE US Index Family or any data or methodology either included therein or upon which it is based. RSBB, LLC shall have no liability for any errors, omissions or interruptions therein and makes no warranties expressed or implied, as to the performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaims all warranties of the merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages even, if RSBB, LLC is advised of the possibility of same. All other trademarks, servicemarks or registered trademarks are the property, and used with the permission, of their respective owners.
