iPath® Exchange Traded Notes

An investment in the iPath ETNs listed below (the "ETNs") involves risks, including possible loss of principal, and may not be suitable for all investors. Selected risks are summarized under "Select Risk Considerations" below and on the relevant product pages, but we urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable product prospectus. View available products using the asset class product filters.

Last Price Update: 12/31/2018

The performance quoted represents past performance and does not guarantee future results.  Investment return and principal value of an investment will fluctuate so that an investment, when sold or redeemed may be worth more or less than the original cost.  Current performance may be lower or higher than the performance quoted.  See below for how return figures are calculated.

ETN Market Price Returns
ETN Market Price Returns show the change in the end-of-day trading price of the ETNs on the exchange over the relevant period, expressed as a percentage.  Market price returns are calculated using the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern time) from the beginning of the relevant period to the end of the relevant period.  For any historical period of one year or longer, market price returns are shown on an annualized basis.  Market price returns do not represent the returns you would receive if you traded at a price or at a time on the exchange other than as described in this section. Market price returns do not account for brokerage commissions, which will reduce actual returns, and may not include the effect of any applicable fees and costs on the ETNs.

In the event that there is an absence of a bid/ask value at 4PM on the relevant month end, N/A will be displayed in place of a percentage value for ETN Market Price Returns.