Barclays Suspends Until Further Notice Further Sales of iPath® ETNs (the “ETNs”)

Rhea-AI Summary

Barclays Bank announced the suspension of sales of several iPath ETNs effective April 28, 2022, due to the need to restate financial statements from its 2021 Annual Report. This suspension will remain in place until an amended Form 20-F is filed with the SEC. Existing daily redemptions for ETN holders will not be affected. The suspension may lead to fluctuations in market value due to changes in supply and demand dynamics. Investors are cautioned that the ETNs carry significant risks, including potential losses of principal and no guarantees of payment.

Positive

• Daily redemptions at the option of holders of the ETNs will not be affected by the suspension.

Negative

• Sales of iPath ETNs suspended until financial restatement is completed.
• Market value of the ETNs may be negatively influenced by the suspension.
• Investors may face significant losses if purchasing ETNs at a premium.

NEW YORK--(BUSINESS WIRE)-- Barclays Bank PLC (“Barclays Bank”) announced today that it has suspended, until further notice, any further sales by Barclays Bank and its affiliates of each series of iPath^® ETNs listed in the table below, effective as of the open of trading on Thursday, April 28, 2022. As described below, this suspension may cause fluctuations in the trading value of such ETNs. Daily redemptions at the option of holders of the ETNs will not be affected by this suspension.

Name of ETN	Ticker	Exchange	CUSIP
iPath® Bloomberg Commodity Index Total Return℠ ETN	DJP	NYSE Arca	06738C778
iPath® Shiller CAPE™ Index ETN	CAPD	NYSE Arca	06742A669
iPath® Select MLP ETN	ATMP	CBOE BZX	06742C723
iPath® Series B Bloomberg Copper Subindex Total Return℠ ETN	JJC	NYSE Arca	06746P555
iPath® Series B Carbon ETN	GRN	NYSE Arca	06747C322
iPath® Series B Bloomberg Coffee Subindex Total Return℠ ETN	JO	NYSE Arca	06746P563
iPath® Series B Bloomberg Grains Subindex Total Return℠ ETN	JJG	NYSE Arca	06746P522
iPath® Series B S&P 500® VIX Mid-Term Futures™ ETNs	VXZ	CBOE BZX	06746P613
iPath® Series B Bloomberg Nickel Subindex Total Return℠ ETN	JJN	NYSE Arca	06746P480
iPath® Pure Beta Broad Commodity ETN	BCM	NYSE Arca	06740P114
iPath® S&P GSCI® Total Return Index ETN	GSP	NYSE Arca	06738C794
Pacer® iPath® Gold ETN	GBUG	NYSE Arca	06747D809
iPath® Series B Bloomberg Cotton Subindex Total Return℠ ETN	BAL	NYSE Arca	06746P548
iPath® Series B Bloomberg Tin Subindex Total Return℠ ETN	JJT	NYSE Arca	06746P431
iPath® Series B Bloomberg Sugar Subindex Total Return℠ ETN	SGG	NYSE Arca	06746P449
iPath® Series B Bloomberg Agriculture Subindex Total Return℠ ETN	JJA	NYSE Arca	06746P589
iPath® Series B Bloomberg Industrial Metals Subindex Total Return℠ ETN	JJM	NYSE Arca	06746P514
iPath® Bloomberg Cocoa Subindex Total Return℠ ETN	NIB	NYSE Arca	06739H313
iPath® Series B Bloomberg Aluminum Subindex Total Return℠ ETN	JJU	NYSE Arca	06746P571
Pacer® iPath® Gold Trendpilot ETN	PBUG	NYSE Arca	06747T382
iPath® Series B Bloomberg Livestock Subindex Total Return℠ ETN	COW	NYSE Arca	06746P498
iPath® Series B Bloomberg Softs Subindex Total Return℠ ETN	JJS	NYSE Arca	06746P456
iPath® Silver ETN	SBUG	NYSE Arca	06747D700
iPath® S&P MLP ETN	IMLP	CBOE BZX	06742A750
iPath® Series B Bloomberg Energy Subindex Total Return℠ ETN	JJE	NYSE Arca	06746P530
iPath® Series B Bloomberg Precious Metals Subindex Total Return℠ ETN	JJP	NYSE Arca	06746P464
iPath® Series B Bloomberg Platinum Subindex Total Return℠ ETN	PGM	NYSE Arca	06746P472
Barclays Women in Leadership ETN	WIL	CBOE BZX	06742W430
Barclays Return on Disability ETN	RODI	CBOE BZX	06740D830
iPath® Bloomberg Lead Subindex Total Return℠ ETN	LD	NYSE Arca	06739H263

Barclays PLC announced today that Barclays Bank plans to restate the financial statements included in its Annual Report on Form 20-F for the year ended December 31, 2021 (the “Form 20‑F”) filed with the Securities and Exchange Commission (the “SEC”) and to amend the Form 20-F to reflect such restatement and to change its conclusions with respect to the effectiveness of its internal control over financial reporting and disclosure controls and procedures. Because the registration statement and prospectus under which Barclays Bank makes sales of each series of ETNs incorporates by reference the Form 20‑F, Barclays Bank and its affiliates cannot continue to make sales under such registration statement and prospectus until the restatement is completed and Barclays Bank files an amended Form 20-F and a new shelf registration statement. Barclays Bank expects to reopen sales of the ETNs when the amended Form 20-F and new shelf registration statement have been filed with the SEC and will make a further public announcement when this action is taken.

The market value of the ETNs may be influenced by, among other things, the levels of supply and demand for such ETNs. It is possible that this suspension of sales may influence the market value of the ETNs. Barclays Bank believes that the above-mentioned limitations on sales may cause an imbalance of supply and demand in the secondary market for the ETNs, which may cause the ETNs to trade at a premium or discount in relation to their indicative value. Therefore, any purchase of the ETNs in the secondary market may be at a purchase price significantly different from their indicative value. In particular, paying a premium purchase price over the indicative value of the ETNs could lead to significant losses in the event an investor sells ETNs at a time when such premium is no longer present in the marketplace or if Barclays Bank redeems the ETNs at its discretion. The pricing supplement and 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 product page for each of the ETNs listed in the table above 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 level of the underlying index, or the Volume Weighted Average Price (“VWAP”) level, in the case of the iPath^® S&P MLP ETN, between the inception date and the applicable valuation date. Additionally, if the level of the underlying index or the VWAP level, 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 or the VWAP 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 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.

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 the pricing 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.

© 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/20220428005650/en/

Ann Thielke

+1 212 526 1472

Ann.Thielke@barclays.com

Source: Barclays Bank PLC

FAQ

Why has Barclays Bank suspended sales of iPath ETNs?

Barclays Bank suspended sales of iPath ETNs to restate financial statements included in its 2021 Annual Report, pending an amended Form 20-F filing with the SEC.

What are the affected iPath ETNs by Barclays' suspension?

The suspended ETNs include the iPath Bloomberg Commodity Index Total Return ETN (DJP), iPath Shiller CAPE Index ETN (CAPD), and others listed in the press release.

When will Barclays Bank reopen sales of the suspended ETNs?

Barclays Bank plans to reopen sales of the ETNs after filing an amended Form 20-F and a new shelf registration statement with the SEC.

What risks are associated with investing in iPath ETNs?

Investing in iPath ETNs entails risks including potential loss of principal, no principal protection, and significant losses in the secondary market.

How will the suspension of sales affect the market value of iPath ETNs?

The suspension may cause fluctuations in the market value of ETNs due to supply and demand imbalances, potentially leading to premium or discount trades.