iPath® Commodity 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 of the iPath Commodity ETNs, please see "Selected Risk Consideration" below.

The iPath® Commodity ETNs (the "ETNs") are designed to provide access to broad, sector and single commodities exposures through indices comprised of commodities futures contracts. 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.

Broad Commodities

iPath Commodity ETN Ticker Investor Fee Rate1 Futures Execution Cost2
BCM 0.75% per annum 0.10% per annum
DJP 0.75% per annum N/A
SBV 0.75% per annum 0.10% per annum
GSP 0.75% per annum N/A

1 The investor fee on the inception date was equal to zero. On each subsequent calendar day until maturity or early redemption of the relevant series of ETNs, the investor fee per ETN for a series of ETNs will be equal to (1) the Investor Fee Rate times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) 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.
2 The futures execution cost is designed to approximate the estimated costs of maintaining a rolling position in the futures contracts underlying the Index. The futures execution cost per ETN on any given calendar day will be calculated in the following manner: The futures execution cost on the inception date was zero. On each subsequent calendar day until maturity or early redemption, the futures execution cost for each ETN will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4) 365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year

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 Commodity ETNs.

Sector Commodities

iPath Commodity ETN Ticker Investor Fee Rate1 Futures Execution Cost2
DIRT 0.75% per annum 0.10% per annum
JJA 0.75% per annum N/A
ONG 0.75% per annum 0.10% per annum
JJE 0.75% per annum N/A
WEET 0.75% per annum 0.10% per annum
JJG 0.75% per annum N/A
HEVY 0.75% per annum 0.10% per annum
JJM 0.75% per annum N/A
LSTK 0.75% per annum 0.10% per annum
COW 0.75% per annum N/A
BLNG 0.75% per annum 0.10% per annum
JJP 0.75% per annum N/A
GRWN 0.75% per annum 0.10% per annum
JJS 0.75% per annum N/A

1 The investor fee on the inception date was equal to zero. On each subsequent calendar day until maturity or early redemption of the relevant series of ETNs, the investor fee per ETN for a series of ETNs will be equal to (1) the Investor Fee Rate times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) 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.
2 The futures execution cost is designed to approximate the estimated costs of maintaining a rolling position in the futures contracts underlying the Index. The futures execution cost per ETN on any given calendar day will be calculated in the following manner: The futures execution cost on the inception date was zero. On each subsequent calendar day until maturity or early redemption, the futures execution cost for each ETN will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4) 365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year

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 Commodity ETNs.

Single Commodities

iPath Commodity ETN Ticker Investor Fee Rate1 Futures Execution Cost2
FOIL 0.75% per annum 0.10% per annum
JJU 0.75% per annum N/A
CHOC 0.75% per annum 0.10% per annum
NIB 0.75% per annum N/A
CAFE 0.75% per annum 0.10% per annum
JO 0.75% per annum N/A
CUPM 0.75% per annum 0.10% per annum
JJC 0.75% per annum N/A
CTNN 0.75% per annum 0.10% per annum
BAL 0.75% per annum N/A
LEDD 0.75% per annum 0.10% per annum
LD 0.75% per annum N/A
DCNG 0.75% per annum 0.10% per annum
GAZ 0.75% per annum N/A
NINI 0.75% per annum 0.10% per annum
JJN 0.75% per annum N/A
PGM 0.75% per annum N/A
SGAR 0.75% per annum 0.10% per annum
SGG 0.75% per annum N/A
JJT 0.75% per annum N/A
OLEM 0.75% per annum 0.10% per annum
OIL 0.75% per annum N/A

1 The investor fee on the inception date was equal to zero. On each subsequent calendar day until maturity or early redemption of the relevant series of ETNs, the investor fee per ETN for a series of ETNs will be equal to (1) the Investor Fee Rate times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on that day (or, if such day is not an index business day, one) 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.
2 The futures execution cost is designed to approximate the estimated costs of maintaining a rolling position in the futures contracts underlying the Index. The futures execution cost per ETN on any given calendar day will be calculated in the following manner: The futures execution cost on the inception date was zero. On each subsequent calendar day until maturity or early redemption, the futures execution cost for each ETN will be equal to (1) 0.10% times (2) the applicable closing indicative value on the immediately preceding calendar day times (3) the applicable daily index factor on such calendar day (or, if such day is not an index business day, one) divided by (4) 365. The net effect of the futures execution cost accumulates over time and is subtracted at the rate of 0.10% per year

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 Commodity 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 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 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:  If specified in the applicable prospectus, Barclays Bank PLC will have the right to redeem or "call" a series of 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.

Automatic Redemption:  If specified in the applicable prospectus, Barclays Bank PLC will automatically redeem a series of ETNs (in whole only, but not in part) at the specified automatic redemption value if, on any valuation date prior to or on the final valuation date, the intraday indicative note value of the ETNs becomes less than or equal to the applicable level specified in the prospectus. 

Market and Volatility Risk:  The prices of physical commodities, including the commodities underlying the index components, can fluctuate widely due to supply and demand disruptions in major producing or consuming regions.  Additionally, the market value of the ETNs may be influenced by many unpredictable factors including changes in supply and demand relationships, governmental policies and economic events.

Concentration Risk:  Because the ETNs are linked to an index composed of futures contracts on a single commodity or in only one commodity sector, the ETNs are less diversified than other funds.  The ETNs can therefore experience greater volatility than other funds or investments.

Barclays Pure Beta Series 2 Methodology:  The Barclays Pure Beta Series 2 Methodology seeks to mitigate distortions in the commodities markets associated with investment flows and supply and demand distortions.  However, there is no guarantee that the Pure Beta Series 2 Methodology will succeed in these objectives and an investment in the ETNs linked to indices using this methodology may underperform compared to an investment in a traditional commodity index linked to the same commodities.

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: 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 GSCI® Index Total Return" and "S&P GSCI® Crude Oil Total Return Index" (the "S&P GSCI Indices") are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by Barclays Bank PLC. S&P® and GSCI® 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 S&P GSCI Indices are not owned, endorsed, or approved by or associated with Goldman, Sachs & Co. or its affiliated companies.  The ETNs are not sponsored, endorsed, sold or promoted by SPDJI, SPFS, 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 GSCI Indices to track general market performance.

"Bloomberg®", "Bloomberg Commodity IndexSM", "Bloomberg Commodity Index Total ReturnSM", "Bloomberg Agriculture Subindex Total ReturnSM", "Bloomberg Aluminum Subindex Total ReturnSM", "Bloomberg Cocoa Subindex Total ReturnSM", "Bloomberg Coffee Subindex Total ReturnSM", "Bloomberg Copper Subindex Total ReturnSM", "Bloomberg Cotton Subindex Total ReturnSM", "Bloomberg Energy Subindex Total ReturnSM", "Bloomberg Grains Subindex Total ReturnSM", "Bloomberg Industrial Metals Subindex Total ReturnSM", "Bloomberg Lead Subindex Total ReturnSM", "Bloomberg Livestock Subindex Total ReturnSM", "Bloomberg Natural Gas Subindex Total ReturnSM", "Bloomberg Nickel Subindex Total ReturnSM", "Bloomberg Platinum Subindex Total ReturnSM", "Bloomberg Precious Metals Subindex Total ReturnSM", "Bloomberg Softs Subindex Total ReturnSM", "Bloomberg Sugar Subindex Total ReturnSM", "Bloomberg Tin Subindex Total ReturnSM" and "BCOM" are service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and have been licensed for use for certain purposes by Barclays Bank PLC.  Any ETNs based on the Bloomberg Commodity Indices are not sponsored, endorsed, sold or promoted by Bloomberg, UBS AG, UBS Securities LLC ("UBS"), or any of their subsidiaries or affiliates. None of Bloomberg, UBS AG, UBS Securities or any of their subsidiaries or affiliates makes any representation or warranty, express or implied, to the owners of or counterparties to the ETNs or any member of the public regarding the advisability of investing in securities or commodities generally or in the ETNs particularly.

The Barclays Pure Beta Commodity Indices 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.