Barclays Bank PLC (“Barclays”) announced today that it
will implement a 1 for 4 reverse split of two series of iPath® ETNs
(together, the “ETNs”): the iPath® Series B S&P 500® VIX
Short-Term Futures™ ETNs (CUSIP: 06748F324) (the “VXX ETNs”)
and the iPath® Series B S&P 500® VIX Mid-Term Futures™ ETNs
(CUSIP: 06746P613) (the “VXZ ETNs”). Barclays intends the
reverse split for each series of ETNs to be effective at the open
of trading on Wednesday, July 24, 2024. Each series of ETNs
currently trades on the CBOE BZX Exchange (“CBOE”) under the
ticker symbol “VXX” for the VXX ETNs and “VXZ” for the VXZ
ETNs.
Barclays has the right (but no obligation) to initiate such a
reverse split of the ETNs at its discretion on any business day, as
described in the pricing supplement relating to the ETNs. On July
9, 2024, the closing indicative value of the VXX ETNs was $10.2926,
and the closing indicative value of the VXZ ETNs was $12.1973.
The record date for the reverse split of each series of ETNs
will be effective after the close of business, New York time, on
July 23, 2024. The closing indicative value of each series of ETNs
on the record date will be multiplied by four to determine the
respective reverse-split adjusted value of the relevant series of
ETNs. The reverse split for each series of ETNs will be effective
at the open of trading on July 24, 2024, and each series of ETNs
will begin trading on the CBOE on a reverse-split adjusted basis on
such date. The reverse-split adjusted ETNs will have a new CUSIP,
but will retain the same ticker symbols.
Investors who, as of the record date, hold a number of ETNs that
is not divisible by four will receive one reverse-split adjusted
ETN of the relevant series for every four ETNs of the relevant
series held on the record date and a cash payment for any odd
number of ETNs remaining (the “partials”). The cash amount due on
any partials will be determined on July 30, 2024, based on the
closing indicative value of the relevant series of reverse-split
adjusted ETNs on such date and will be paid by Barclays on August
2, 2024.
For more information regarding the reverse split process,
including how the reverse-split adjusted value is determined, see
the pricing supplement relating to the ETNs under the heading
“Specific Terms of the ETNs— Split or Reverse Split.” The pricing
supplement and prospectus relating to each series of 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 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 is the issuer of the 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. 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 decrease 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 any
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.
The Performance of the Underlying Indices are
Unpredictable: An investment in the ETNs is subject to risks
associated with fluctuations, particularly a decline, in the
performance of the underlying index. Because the performance of
such index is linked to futures contracts on the CBOE® Volatility
Index (the “VIX Index”), the performance of the underlying
index will depend on many factors including, the level of the
S&P 500®, the prices of options on the S&P 500®, and the
level of the VIX Index which may change unpredictably, affecting
the value of futures contracts on the VIX Index and, consequently,
the level of the underlying index. Additional factors that may
contribute to fluctuations in the level of such index include
prevailing market prices and forward volatility levels of the U.S.
stock markets and the equity securities included in the S&P
500®, the prevailing market prices of options on the VIX Index,
relevant futures contracts on the VIX Index, or any other financial
instruments related to the S&P 500® and the VIX Index, interest
rates, supply and demand in the listed and over-the-counter equity
derivative markets as well as hedging activities in the
equity-linked structured product markets.
Your ETNs Are Not Linked to the VIX Index: The value of
your ETNs will be linked to the value of the underlying index, and
your ability to benefit from any rise or fall in the level of the
VIX Index is limited. The index underlying your ETNs is based upon
holding a rolling long position in futures on the VIX Index. These
futures will not necessarily track the performance of the VIX
Index. Your ETNs may not benefit from increases in the level of the
VIX Index because such increases will not necessarily cause the
level of VIX Index futures to rise. Accordingly, a hypothetical
investment that was linked directly to the VIX Index could generate
a higher return than your 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 U.S.
stock markets, 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 CBOE, 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: You must redeem at least 25,000
ETNs of the same series 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. There are restrictions on the minimum number
of ETNs you may redeem directly with the issuer as specified in the
applicable prospectus. 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.
The S&P 500 VIX Futures Indices are products of S&P Dow
Jones Indices LLC ("SPDJI"). S&P®, S&P 500®, and "S&P
500 VIX Short-Term Futures™", and "S&P 500® Dynamic VIX
Futures™" are trademarks of Standard & Poor’s Financial
Services LLC ("SPFS"). VIX® is a registered trademark of Chicago
Board Options Exchange, Incorporated ("CBOE"). These trademarks
have been licensed to S&P Dow Jones Indices LLC ("SPDJI") and
its affiliates, and sublicensed to Barclays Bank PLC for certain
purposes. The ETNs are not sponsored, endorsed, sold or promoted by
SPDJI, SPFS, CBOE or any of their respective affiliates
(collectively, "S&P Dow Jones Indices"). S&P Dow Jones
Indices does not make any 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 S&P 500 VIX
Futures Indices to track general market performance.
© 2024 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/20240710818246/en/
Press: Ann Thielke +1 212 526 1472 Ann.Thielke@barclays.com
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