- DTUL
iPath® US Treasury
2-year Bull ETN - DTUS
iPath® US Treasury
2-year Bear ETN - DFVL
iPath® US Treasury
5-year Bull ETN - DFVS
iPath® US Treasury
5-year Bear ETN - DTYL
iPath® US Treasury
10-year Bull ETN - DTYS
iPath® US Treasury
10-year Bear ETN - DLBL
iPath® US Treasury
Long Bond Bull ETN - DLBS
iPath® US Treasury
Long Bond Bear ETN
iPath® Fixed Income Exchange Traded Notes provide investors with the ability to express their views on US Treasury yields or the yield curve. In particular, the iPath Steepener (STPP) and iPath Flattener (FLAT) ETNs provide an opportunity to access steep or flat yield curve strategies through an exchange traded product. Potential applications include:
- Accessing a particular fixed income strategy for additional portfolio diversification
- Executing tactical views regarding expectations of yield curve or specific yield shifts
- Implementing a fixed income strategy based on expectations of future economic cycles
- Implementing a specific hedging strategy to mitigate a portfolio's sensitivity to yield curve or specific yield shifts
Experience the flexibility of implementing your yield curve or specific yield views with iPath Fixed Income ETNs:
iPath ETN |
Ticker |
Yearly Fee¹ |
| iPath® US Treasury Steepener ETN | STPP | 0.75% |
| iPath® US Treasury Flattener ETN | FLAT | 0.75% |
| iPath® US Treasury 2-year Bull ETN | DTUL | 0.75% |
| iPath® US Treasury 2-year Bear ETN | DTUS | 0.75% |
| iPath® US Treasury 5-year Bull ETN | DFVL | 0.75% |
| iPath® US Treasury 5-year Bull ETN | DFVS | 0.75% |
| iPath® US Treasury 10-year Bull ETN | DTYL | 0.75% |
| iPath® US Treasury 10-year Bear ETN | DTYS | 0.75% |
| iPath® US Treasury Long Bond Bull ETN | DLBL | 0.75% |
| iPath® US Treasury Long Bond Bear ETN | DLBS | 0.75% |
¹The investor fee on the inception date of the ETNs will equal zero. On each subsequent calendar day until maturity or early redemption of the ETNs, the investor fee will equal the Yearly Fee (0.75%) times the closing indicative note value of the ETNs on the immediately preceding calendar day, divided by 365. Because the investor fee reduces the amount of your return at maturity or upon redemption, if the value of the underlying index decreases or does not increase significantly, you may receive less than the principal amount of your investment at maturity or upon redemption. In addition, on each futures contract roll date, $0.005 or $0.01 will be charged per ETN and deducted from the performance. For a more complete description of how the investor fee and roll cost are calculated, please see the applicable product page and Pricing Supplement at www.iPathETN.com.
Diversification may not protect against market risk.
An investment in iPath ETNs involves risks, including possible loss of principal. For a description of the main risks see "Risk Factors" in the applicable prospectus.
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 toll-free 1-877-764-7284, or you may request a copy from any other dealer participating in the offering.
BlackRock Investments, LLC, assists in the promotion of the iPath ETNs.
iPath ETNs (the "Securities") are unsecured obligations of Barclays Bank PLC and are not secured debt. The Securities are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the Securities include limited portfolio diversification, trade price fluctuations, uncertain principal repayment, and illiquidity. Investing in the Securities is not equivalent to investing directly in an index or in any particular index components. The investor fee will reduce the amount of your return at maturity or on redemption, and as a result you may receive less than the principal amount of your investment at maturity or upon redemption of your Securities even if the level of the relevant index has increased or decreased (as may be applicable to the particular series of Securities). An investment in iPath ETNs may not be suitable for all investors.
The Securities may be sold throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of Securities 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 Securities. Sales in the secondary market may result in significant losses.
An investment in iPath ETNs linked to the performance of the Barclays Capital US Treasury 2Y/10Y Yield Curve Index™ is subject to risks associated with fluctuations, particularly a decline (or, in the case of iPath ETNs inversely linked to the performance of the index, an increase) in the value of the index. The market value of the ETNs may be influenced by many unpredictable factors.
There is no guarantee that the index level will decrease or increase by 1.00 point for every 0.01% decrease or increase, respectively, in the difference between the 2-year yield and the 10-year yield. Market prices for 2-year and 10-year Treasury futures contracts may not capture precisely the underlying changes in the 2-year yield and the 10-year yield. The index calculation methodology uses the mathematical approximation of modified duration, which has certain limitations in approximating the relationship between Treasury note prices and yields. Additionally, the index's weights are rebalanced on a monthly basis only and such weightings may not be optimal on any given index business day. For a description of additional risks of investing in the ETNs, see "Risk Factors" in the applicable prospectus.
An investment in iPath ETNs linked to the performance of any of the Barclays Capital 2Y US Treasury Futures Targeted Exposure Index™, Barclays Capital 5Y US Treasury Futures Targeted Exposure Index™, the Barclays Capital 10Y US Treasury Futures Targeted Exposure Index™ or the Barclays Capital Long Bond US Treasury Futures Targeted Exposure Index™ is subject to risks associated with fluctuations, particularly a decline (or, in the case of iPath ETNs inversely linked to the performance of any of such indices, an increase) in the value of the respective index. The market value of the ETNs may be influenced by many unpredictable factors.
There is no guarantee that the respective index level will increase or decrease by 1.00 point for every 0.01% decrease or increase, respectively, in the 2-year, 5-year, 10-year or Long-Bond yield, as the case may be. Market prices for 2-year, 5-year, 10-year or Long-Bond Treasury futures contracts may not capture precisely the underlying changes in the 2-year, 5-year, 10-year and Long-Bond yields, respectively. The index calculation methodology uses the mathematical approximation of modified duration, which has certain limitations in approximating the relationship between Treasury note prices and yields. Additionally, the index's weights are rebalanced on a monthly basis only and such weightings may not be optimal on any given index business day. For a description of additional risks of investing in the ETNs, see "Risk Factors" in the applicable prospectus.
"Barclays Capital US Treasury 2Y/10Y Yield Curve Index™", "Barclays Capital 2Y US Treasury Futures Targeted Exposure Index™", "Barclays Capital 5Y US Treasury Futures Targeted Exposure Index™", "Barclays Capital 10Y US Treasury Futures Targeted Exposure Index™" and "Barclays Capital Long Bond US Treasury Futures Targeted Exposure Index™" are trademarks of Barclays Bank PLC.
