iPath® Alternative ETNs

iPath® Exchange Traded Notes ( ETNs) are innovative investment products issued by Barclays Bank PLC that seek to provide investors with a way to access the returns of a market or strategy, less investor fees and costs. .

An investment in iPath ETNs involves significant risks, including possible loss of principal, and may not be suitable for all investors. For additional information regarding risks associated with the all the iPath Alternative ETNs, please see "Selected Risk Considerations" below.

Exchange Traded Notes (ETNs) have become increasingly popular investment instruments, providing single-trade access to hard-to-reach exposures. The iPath Alternative ETNs (the “ETNs”) are debt securities that can be bought and sold on an exchange and seek to provide investors with a return linked to the performance of an underlying index, less fees and applicable costs.  The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.  The ETNs are unsecured debt obligations of the issuer, 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.  An investment in the ETNs involves significant risks, including possible loss of principal and may not be suitable for all investors.

iPath® Global Carbon ETN

The iPath® Global Carbon ETN (the "ETNs") is designed to provide investors with exposure to the Barclays Global Carbon Index Total ReturnTM (the "Index").  The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.  An investment in the ETNs involves significant risks, including possible loss of principal, and may not be suitable for all investors.

The Index is designed to measure the performance of the most liquid carbon-related credit plans. Each carbon-related credit plan included in the Index is represented by the most liquid instrument available in the marketplace. The Index expects to incorporate new carbon-related credit plans as they develop around the world. Owning the ETNs is not the same as owning interests in the contracts comprising the Index or a security directly linked to the performance of the Index.

iPath Alternative ETNs Ticker Investor Fee Rate1
GRN 0.75% per annum

1 The investor fee on the inception date was equal to zero. On each subsequent calendar day until maturity or early redemption, the investor fee will be equal to: (1) the Investor Fee Rate times (2) the principal amount of your ETNs times (3) the applicable index factor on that day (or, if such day is not a trading day, the index factor on the immediately preceding trading day) divided by (4) 365. The Index Factor on any given day will be equal to the closing value of the Index underlying the ETNs on that day divided by the Initial Index Level. The Initial Index Level for this series of iPath ETNs is the closing value of the Index underlying the ETNs on the Inception Date.

Please see the relevant product page on this website and the applicable product prospectus for more information on the fees and costs associated with the iPath Alternative ETNs.

iPath® S&P MLP ETN

The iPath® S&P MLP ETN (the "ETNs") is designed to provide exposure to the Volume-Weighting Average Price ("VWAP")2 level of the S&P MLP Index (the "Index").  The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.  An investment in the ETNs involves significant risks, including possible loss of principal and may not be suitable for all investors.

The Index is designed to provide exposure to leading partnerships that trade on major U.S. exchanges and are classified in the GICS® Energy Sector and GICS® Gas Utilities Industry according to the Global Industry Classification Standard® ("GICS").  It includes both master limited partnerships ("MLPs") and publicly traded limited liability companies which have a similar legal structure to MLPs (collectively, the "Index Constituents"). Owning the ETNs is not the same as owning interests in the Index Constituents or a security directly linked to the performance of the Index.

iPath Alternative ETNs Ticker Investor Fee Rate1
IMLP 0.85% per annum

1 The daily fee value (or daily investor fee) on any calendar day is equal to the product of (1) the closing VWAP level on such calendar day divided by the VWAP factor and (2) the Investor Fee Rate divided by 365.  The VWAP factor is 85.7984, which is equal to the initial VWAP level of the Index divided by the principal amount of $25.00 per ETN. The VWAP factor represents the initial exposure of each ETN to the initial VWAP level of the Index.  The initial VWAP level was 2,144.96, which was the VWAP level at the closing of trading on the initial valuation date.
2 The Volume-Weighted Average Price (VWAP) with respect to each Index Constituent, on any index business day, is the consolidated volume-weighted average price of one unit of such Index Constituent as determined by the VWAP calculation agent based on all trades in such Index Constituent reported in the consolidated tape system during the regular trading session. The VWAP Level on an index business day, as calculated by the VWAP calculation agent, (1) the sum of the products of (i) the VWAP of each Index Constituent as of such date plus (ii) the published unit weighting of that Index Constituent as of such date, divided by (2) the index divisor as of such date.

Please see the relevant product page on this website and the applicable product prospectus for more information on the fees and costs associated with the iPath Alternative ETNs.

 

An investment in the iPath ETNs described herein (the ETNs) involves risks, including possible loss of principal, and may not be suitable for all investors.  Selected risks are summarized here and select product specific risk factors are summarized under Select Risk Considerations 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.

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 the issuer, 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, in the event 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: 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.

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.

No Guaranteed Interest Payments and Coupon Payments: You may not receive any interest payments or coupon payments on the ETNs.  Certain ETNs will not pay any such payments by their terms.  For those ETNs that are designed to pay a coupon payment, you are not guaranteed to receive coupon payments.  You will receive a coupon payment on a coupon payment date only to the extent that the accrued dividend exceeds the accrued investor fee on the relevant coupon valuation date.  The amount of the accrued dividend on any coupon valuation date depends in part on the aggregate cash value of distributions that a reference holder would have been entitled to receive in respect of the index constituents prior to the relevant coupon valuation date.

Carbon Market Risk for the iPath Global Carbon ETN: Trading in futures contracts on carbon emissions commodities, including trading in the index components, is speculative and can be extremely volatile.  The commodity futures markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention and market prices of the index components may fluctuate rapidly based on numerous factors.  These factors could adversely affect the value of the underlying index and, therefore, the value of your ETNs.

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.

Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions: You must redeem at least 20,0000, 25,000 or 50,000 (depending on the series) 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 product prospectus.

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.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus and other documents Barclays Bank PLC has filed with the SEC for more complete information about the issuer and this offering.  You may get these documents for free by visiting www.iPathETN.com or EDGAR on the SEC website at www.sec.gov.  Alternatively, Barclays Bank PLC will arrange for Barclays Capital Inc. to send you the prospectus if you request it by calling 1-212-528-7990, or you may request a copy from any other dealer participating in the offering.

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.

The S&P MLP Index (the "Index") is a product of S&P Dow Jones Indices LLC and has been licensed for use by Barclays Bank PLC. The ETNs are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC or any of its 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 Index to track general market performance.

"Barclays Global Carbon IndexTM" and "Barclays Global Carbon Index Total ReturnTM" are trademarks of Barclays Bank PLC.

© 2016 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

 

Contact us

For all enquiries, please instruct your broker/advisor/custodian to email us at etndesk@barclays.com

Barclays Capital Inc. acts as the issuer's agent in connection with the distribution of the iPath ETNs. Barclays Capital Inc. is an affiliate of Barclays Bank PLC and is a registered US broker-dealer regulated by the SEC and the FINRA.