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.
The pricing supplement and prospectus relating to the ETNs can
be found on EDGAR, the SEC website at www.sec.gov, as well as on
the product website at http://ipathetn.barclays/CAPDprospectus.
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 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.
"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.
© 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
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version on businesswire.com: https://www.businesswire.com/news/home/20220815005550/en/
Ann Theilke +1 212 526 1472 Ann.Thielke@barclays.com
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