Barclays Bank PLC Announces Proposed Change to Index Underlying the iPath® Select MLP ETNs
Barclays Bank PLC has announced a consultation process regarding proposed changes to the CIBC Atlas Select Index, which underlies the iPath® Select MLP ETNs. The key modification would extend the quarterly rebalancing period from four to eight business days, with implementation expected on April 11, 2025.
Barclays Index Administration (BINDA) is accepting feedback on these changes until March 26, 2025. Interested parties can submit their input through BINDA as detailed in the Consultation Announcement. The bank emphasizes that investment in these ETNs carries significant risks and may not suit all investors, as they are riskier than ordinary unsecured debt securities and lack principal protection.
Barclays Bank PLC ha annunciato un processo di consultazione riguardante le modifiche proposte all'Indice CIBC Atlas Select, che è alla base degli iPath® Select MLP ETNs. La modifica principale estenderebbe il periodo di ribilanciamento trimestrale da quattro a otto giorni lavorativi, con attuazione prevista per il 11 aprile 2025.
L'Amministrazione degli Indici Barclays (BINDA) sta accettando feedback su queste modifiche fino al 26 marzo 2025. Le parti interessate possono inviare il proprio contributo tramite BINDA come dettagliato nell'Annuncio di Consultazione. La banca sottolinea che l'investimento in questi ETNs comporta rischi significativi e potrebbe non essere adatto a tutti gli investitori, poiché sono più rischiosi rispetto ai normali titoli di debito non garantiti e mancano di protezione del capitale.
Barclays Bank PLC ha anunciado un proceso de consulta sobre los cambios propuestos al Índice CIBC Atlas Select, que subyace a los iPath® Select MLP ETNs. La modificación clave extendería el período de reequilibrio trimestral de cuatro a ocho días hábiles, con implementación prevista para el 11 de abril de 2025.
La Administración de Índices de Barclays (BINDA) está aceptando comentarios sobre estos cambios hasta el 26 de marzo de 2025. Las partes interesadas pueden enviar sus aportes a través de BINDA, como se detalla en el Anuncio de Consulta. El banco enfatiza que la inversión en estos ETNs conlleva riesgos significativos y puede no ser adecuada para todos los inversores, ya que son más arriesgados que los valores de deuda no garantizados ordinarios y carecen de protección del capital.
바클레이즈 은행 PLC가 CIBC 아틀라스 선택 지수에 대한 제안된 변경 사항에 대한 상담 프로세스를 발표했습니다. 이 지수는 iPath® Select MLP ETN의 기초가 됩니다. 주요 수정 사항은 분기별 재조정 기간을 4일에서 8일로 연장하는 것이며, 시행은 2025년 4월 11일로 예상됩니다.
바클레이즈 지수 관리(BINDA)는 2025년 3월 26일까지 이러한 변경 사항에 대한 피드백을 받고 있습니다. 이해관계자는 상담 발표에 자세히 설명된 대로 BINDA를 통해 의견을 제출할 수 있습니다. 은행은 이러한 ETN에 대한 투자가 상당한 위험을 동반하며 모든 투자자에게 적합하지 않을 수 있다고 강조합니다. 이는 일반 무담보 채무 증권보다 더 위험하며 원금 보호가 없습니다.
Barclays Bank PLC a annoncé un processus de consultation concernant les modifications proposées à l'Indice CIBC Atlas Select, qui sous-tend les iPath® Select MLP ETNs. La modification clé prolongerait la période de rééquilibrage trimestriel de quatre à huit jours ouvrables, avec une mise en œuvre prévue pour le 11 avril 2025.
L'Administration des Indices Barclays (BINDA) accepte les retours sur ces modifications jusqu'au 26 mars 2025. Les parties intéressées peuvent soumettre leurs contributions via BINDA, comme détaillé dans l'Annonce de Consultation. La banque souligne que l'investissement dans ces ETNs comporte des risques importants et peut ne pas convenir à tous les investisseurs, car ils sont plus risqués que les titres de créance non garantis ordinaires et manquent de protection du capital.
Barclays Bank PLC hat einen Konsultationsprozess bezüglich der vorgeschlagenen Änderungen des CIBC Atlas Select Index angekündigt, der den iPath® Select MLP ETNs zugrunde liegt. Die wesentliche Änderung würde den vierteljährlichen Rebalancing-Zeitraum von vier auf acht Geschäftstage verlängern, mit einer Umsetzung, die für den 11. April 2025 geplant ist.
Die Barclays Indexverwaltung (BINDA) nimmt bis zum 26. März 2025 Rückmeldungen zu diesen Änderungen entgegen. Interessierte Parteien können ihre Beiträge über BINDA einreichen, wie im Konsultationsankündigung detailliert beschrieben. Die Bank betont, dass die Investition in diese ETNs erhebliche Risiken birgt und möglicherweise nicht für alle Investoren geeignet ist, da sie riskanter sind als gewöhnliche unbesicherte Schuldverschreibungen und keinen Kapitalschutz bieten.
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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 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.
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
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
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.
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
Ann.Thielke@barclays.com
Source: Barclays Bank PLC
FAQ
What changes is Barclays (BCS) proposing for the CIBC Atlas Select Index?
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How will the proposed changes affect BCS's iPath Select MLP ETNs?
What are the key risks associated with Barclays (BCS) iPath Select MLP ETNs?
