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Print this pageiPath® MSCI India Index ETN (INP)
The iPath® MSCI India Index
ETNs are linked to the MSCI India Total Return Index (the "Index"). The Index is a free-float-adjusted market capitalization index designed to measure the market performance, including price performance and income from dividend payments, of Indian equity securities. The Index seeks to represent approximately 85% of the free-float-adjusted market capitalization of equity securities by industry group within India. As of June 30, 2011, the Index was comprised of 72 companies listed on the National Stock Exchange of India (the "NSE").
Related Resources
| Daily Indicative Value† | $58.28 |
| Shares Outstanding | 9,648,800 |
| Market Capitalization* | $562,332,064 |
† Source: Barclays Bank PLC. The "Daily Indicative value" is historical, does not guarantee future performance, and is shown for illustrative purposes only. The issuer or an affiliate will provide the official Redemption Value to the redeeming holder in advance of any redemption. See additional information below.
* Market Capitalization = Daily Indicative Value x Shares Outstanding
| Closing Price | $58.70 |
| Net Change | $0.23 |
| % Change | 0.39% |
| High | $58.87 |
| Low | $58.41 |
| Volume | 44,034 |
| 20-Day Volume Average | 72,460 |
| Primary Exchange | NYSE Arca |
| Ticker | INP |
| Intraday Indicative Value Ticker | INP.IV |
| Bloomberg ETN Keystroke | INP<EQUITY><GO> |
| Bloomberg Index Ticker | NDEUSIA |
| Yearly Fee | 0.89%1 |
| CUSIP | 06739F291 |
| Inception Date | 12/19/2006 |
| Maturity Date | 12/18/2036 |
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| Index | 20.98% | -4.44% | -15.00% | 20.98% | -12.57% | 23.92% | 2.17% | 18.24% | 3.56% | ||||||||||
| iPath Indicative Value Return | 22.12% | -4.84% | -15.93% | 22.12% | -13.84% | 23.47% | 1.23% | N/A | 2.60% | ||||||||||
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| iPath Market Price Return | 21.62% | -4.58% | -16.40% | 21.62% | -14.17% | 24.32% | 0.82% | N/A | 2.47% |
Source: BlackRock. Period ending 01/31/2012.
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 additional market price information.
| MSCI India Total Return IndexSM | 1.00 |
| S&P 500 Index | 0.71 |
| Barclays Capital U.S. Aggregate Bond Index | 0.16 |
| MSCI EAFE Index | 0.77 |
| MSCI Emerging Markets IndexSM | 0.87 |
Sources: MSCI, Inc., S&P, Barclays Capital, BlackRock. Based on monthly returns, calculated for time period of 01/07-01/12.
Investor Fee/Yearly Fee
The investor fee is equal to the Yearly Fee times the principal amount of your securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your securities times the 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 365. The index factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.
Investors may redeem at least 50,000 units of the iPath® MSCI India Index ETN on a daily basis directly to the issuer, Barclays Bank PLC, subject to the procedures described in the relevant prospectus. A redemption charge of 0.00125% times the daily redemption value will apply. The redemption charge is a one-time charge imposed upon early redemption and is intended to allow the issuer to recoup brokerage and other transaction costs incurred in connection with early redemption.
Index Returns
Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual iPath ETN performance. Index Returns do not reflect any management fees, transaction costs, or expenses which would reduce your actual return. Indexes are unmanaged and one cannot invest directly in an index.
Market Returns
Market Returns measure returns over the relevant period using the change in 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) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions, which will reduce actual returns.
Indicative Value Returns
The Indicative Value Returns measure the returns over the relevant period using the change in the Indicative Value expressed as a percentage from the beginning of the relevant period to the end of the relevant period and reflect the current investor fee.
Redemption Value
Subject to the notification requirements described in the prospectus, Securities may be redeemed on any redemption date during the term of the Securities. If Securities are redeemed, they will receive a daily redemption value, which is equal to the principal amount per unit times the index factor on the applicable Valuation Date less the investor fee on the applicable Valuation Date. At least 50,000 units2 of a particular iPath ETN must be redeemed at one time in order to exercise the right to redeem Securities on any Redemption Date.
A Redemption Date is the third business day following each valuation date. Valuation Date means each business day during the term of the Securities inclusive or, if such date is not a trading day, the next succeeding trading day, not to exceed five business days.
Indicative Value
An intraday "indicative value" meant to approximate the intrinsic economic value of each iPath ETN is calculated and published by Bloomberg or a successor under the respective ticker symbols listed above. Additionally, the Daily Indicative value of each iPath ETN is calculated and posted each trading day to the Indicative Values table above. In connection with iPath ETNs, the term "indicative value" refers to the value at a given time determined based on the following equation:
Indicative Value = Principal Amount per Unit X (Current Index Level / Initial Index Level) - Current Investor Fee
Where:
Principal Amount per Unit = $50
Current Index Level = The most recent published level of the index underlying your iPath ETN as reported by the relevant index sponsor.
Initial Index Level = The level of the relevant index on the inception date.
Current Investor Fee = The most recent daily calculation of the investor fee with respect to an iPath ETN, determined as described above (which, during any trading day, will be the investor fee determined on the preceding calendar day).
The indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of the iPath ETNs, nor do they reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published index levels from the sponsors of the indices underlying each iPath ETN may occasionally be subject to delay or postponement. Any such delays or postponements will affect the Current Index Level and therefore the indicative value of each iPath ETN. The actual trading price of the iPath ETN may be different from their indicative value.
1 The investor fee is equal to the Yearly Fee times the principal amount of your Securities times the index factor, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent calendar day until maturity or early redemption, the investor fee will increase by an amount equal to the Yearly Fee times the principal amount of your Securities times the 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 365. The index factor on any given day will be equal to the closing value of the Index on that day divided by the initial index level. The initial index level is the value of the Index on the inception date.
2 The issuer may from time to time in its sole discretion reduce, in part or in whole, the minimum redemption amount of 50,000 units, applicable to all holders, at the time the reduction becomes effective.
| Top Ten Constituent | Float Adj. Shares (%) | Sector | ||
|---|---|---|---|---|
| INFOSYS LTD | 9.99 | INFORMATION TECHNOLOGY | ||
| RELIANCE INDUSTRIES LTD | 8.90 | ENERGY | ||
| HOUSING DEVELOPMENT FINANCE | 6.40 | FINANCIALS | ||
| HDFC BANK LIMITED | 6.23 | FINANCIALS | ||
| TATA CONSULTANCY SVS LTD | 4.47 | INFORMATION TECHNOLOGY | ||
| ITC LTD | 3.87 | CONSUMER STAPLES | ||
| ICICI BANK LTD | 3.11 | FINANCIALS | ||
| TATA MOTORS LTD | 3.02 | CONSUMER DISCRETIONARY | ||
| HINDUSTAN UNILEVER LTD | 2.90 | CONSUMER STAPLES | ||
| LARSEN & TOUBRO LTD | 2.32 | INDUSTRIALS |
Source: MSCI. Subject to change.
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Pricing Supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller, or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market, or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
The MSCI indexes are the exclusive property of Morgan Stanley Capital International Inc. ("MSCI"). MSCI and the MSCI index names are service mark(s) of MSCI or its affiliates and have been licensed for use for certain purposes by Barclays Bank PLC. The financial securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such financial securities. The Pricing Supplement contains a more detailed description of the limited relationship MSCI has with Barclays Bank PLC and any related financial securities. No purchaser, seller, or holder of this product, or any other person or entity, should use or refer to any MSCI trade name, trademark or service mark to sponsor, endorse, market, or promote this product without first contacting MSCI to determine whether MSCI's permission is required. Under no circumstances may any person or entity claim any affiliation with MSCI without the prior written permission of MSCI.
