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Barclays Announces a Reminder for the Upcoming Maturity of 18 ETNs & Related Options and Waiver to the Minimum Early Redemption Size of 4 ETNs

Barclays Bank PLC (“Barclays” or the “Issuer”) issued a reminder notice today regarding the upcoming maturity of certain Barclays iPath® ETNs (as specified in the table below) (collectively, the “Maturing ETNs”).

Asset Class

ETN Name

ETN Ticker

Final Valuation Date

Maturity Date

Volatility

iPath® Inverse S&P 500 VIX Short-Term Futures ETN

XXVFF

7/16/2020

7/17/2020

Rates

iPath® US Treasury Steepener ETN

STPP

8/10/2020

8/13/2020

Rates

iPath® US Treasury Flattener ETN

FLAT

8/10/2020

8/13/2020

Rates

iPath® US Treasury 2-year Bull ETN

DTUL

8/10/2020

8/13/2020

Rates

iPath® US Treasury 2-year Bear ETN

DTUS

8/10/2020

8/13/2020

Rates

iPath® US Treasury 10-year Bull ETN

DTYL

8/10/2020

8/13/2020

Rates

iPath® US Treasury 10-year Bear ETN

DTYS

8/10/2020

8/13/2020

Rates

iPath® US Treasury Long Bond Bull ETN

DLBLF

8/10/2020

8/13/2020

Rates

iPath® US Treasury Long Bond Bear ETN

DLBS

8/10/2020

8/13/2020

Volatility

Barclays ETN+ VEQTOR ETN

VQT

8/31/2020

9/8/2020

Equity

iPath® Long Extended Russell 2000® TR Index ETN

RTLAF

11/24/2020

11/30/2020

Equity

iPath® Long Extended Russell 1000® TR Index ETN

ROLAF

11/24/2020

11/30/2020

Equity

iPath® Long Extended S&P 500® TR Index ETN

SFLAF

11/24/2020

11/30/2020

Equity

iPath® Long Enhanced MSCI Emerging Markets Index ETN

EMLBF

11/24/2020

11/30/2020

Equity

iPath® Long Enhanced MSCI EAFE® Index ETN

MFLAF

11/24/2020

11/30/2020

Rates

iPath® US Treasury 5-year Bull ETN

DFVL

7/2/2021

7/12/2021

Rates

iPath® US Treasury 5-year Bear ETN

DFVS

7/2/2021

7/12/2021

Volatility

iPath® S&P 500 Dynamic VIX ETN

XVZ

8/11/2021

8/18/2021

The Closing Indicative Value (the “CIV”) on the final valuation date for each of the Maturing ETNs would be the final cash settlement value received by holders of record on the applicable maturity date. Holders of the Maturing ETNs are not required to take any action as a result of this announcement and may choose to continue to hold or trade their Maturing ETNs until the applicable maturity date.

Barclays had previously announced the listing of the iPath® Series B US Treasury 10-year Bear ETNs (Ticker: BTYS) (the“New ETNs”) on February 4, 2020. The New ETNs currently trade on the CBOE BZX Exchange.

Holders of the certain Maturing ETNs (Tickers: DTYS, DFVS, DLBS and DTUS) that wish to sell their Maturing ETNs and/or purchase New ETNs (Ticker: BTYS) may take any of the following actions:

  1. Sell the Maturing ETNs and/or purchase New ETNs (or vice versa) on the secondary market at the prevailing trading price on the exchange.
  2. Put Maturing ETNs to Barclays with no minimum early redemption size and simultaneously purchase an equivalent amount of the corresponding New ETNs from Barclays (or vice versa), with each transaction having the same valuation date and settlement date (a “Net Settlement”). In this case, upon redemption of the Maturing ETNs, the holder would receive a number of New ETNs equal to the number of redeemed Maturing ETNs (or vice versa). Holders who wish to effect a Net Settlement must instruct their broker or other person through whom they hold their Maturing ETNs (or their New ETNs) in accordance with the procedures set forth in the section “Specific Terms of the ETNs—Early Redemption Procedures” in the prospectus relating to the Maturing ETNs (or the New ETNs). Holders may also contact Barclays at etndesk@barclays.com or 1-212-528-7990 to obtain further information regarding the procedures for Net Settlement.
  3. Put Maturing ETNs to Barclays under the early redemption option (subject to the existing minimum early redemption size) without simultaneously purchasing New ETNs from Barclays or purchase New ETNs from Barclays without simultaneously redeeming Maturing ETNs, in each case for the applicable cash value.

Any redemption of Maturing ETNs or purchase of New ETNs (or vice versa) is subject to the conditions described in the prospectus for the relevant series of ETNs and will be valued using the applicable closing indicative value on the valuation date for the transaction, with applicable purchase or redemption fees except as described above for paired orders, in each case in accordance with the prospectus for the relevant series of ETNs. Holders are not required to take any of the actions set forth above and may choose to continue to hold their ETNs.

Barclays would also like to waive the minimum early redemption size of certain series of ETNs as specified in the table below (together, the “ETNs”). These changes will be effective after the close of trading on February 28, 2020 and will remain effective until maturity, unless modified otherwise by Barclays at Barclays’ sole discretion. Any such future modification will be applied on a consistent basis for all holders of these ETNs at the time such modification becomes effective.

ETN Name

ETN Ticker

Current minimum early redemption size (# of ETNs)

Reduced minimum early redemption size (# of ETNs)

iPath® US Treasury 10-year Near ETN

DTYS

20,000

0

iPath® US Treasury Long Bond Near ETN

DLBS

20,000

0

Barclays ETN+ S&P VEQTOR ETN

VQT

15,000

0

iPath® S&P 500 Dynamic VIX ETN

XVZ

50,000

0

The obligation of Barclays to accept any early redemption of ETNs, including with the waiver of the minimum redemption sizes as specified herein, is subject to the procedures set forth in the section “Specific Terms of the ETNs - Early Redemption Procedures” in the prospectus relating to the ETNs. These procedures include delivering a notice of redemption and signed confirmation to Barclays prior to the relevant valuation dates within the time frames set forth in the prospectus and instructing the DTC custodian at which the ETNs are held to book and settle a delivery versus payment trade with respect to the ETNs.

The ETNs are riskier than ordinary unsecured debt securities and have no principal protection. The ETNs are unsecured debt obligations of the Issuer and are not, either directly or indirectly, an obligation of or guaranteed by any third party. An investment in the ETNs involves significant risks, including possible loss of principal and may not be suitable for all investors.

The prospectus relating to each series of ETNs can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at the links listed below for the relevant series:

http://www.ipathetn.com/XXVFFprospectus
http://www.ipathetn.com/STPPprospectus
http://www.ipathetn.com/FLATprospectus
http://www.ipathetn.com/DTULprospectus
http://www.ipathetn.com/DTUSprospectus
http://www.ipathetn.com/DTYLprospectus
http://www.ipathetn.com/DTYSprospectus
http://www.ipathetn.com/DLBLFprospectus
http://www.ipathetn.com/DLBSprospectus
http://www.ipathetn.com/DFVLprospectus
http://www.ipathetn.com/DFVSprospectus
http://www.ipathetn.com/VQTprospectus
http://www.ipathetn.com/RTLAFprospectus
http://www.ipathetn.com/ROLAFprospectus
http://www.ipathetn.com/SFLAFprospectus
http://www.ipathetn.com/EMLBFprospectus
http://www.ipathetn.com/MFLAFprospectus
http://www.ipathetn.com/XVZprospectus

Barclays is the issuer of iPath® ETNs and Barclays Capital Inc. is the Issuer’s agent in the distribution. Please contact Barclays for further questions:

Financial advisors:

Individual investors:

  • Instruct your broker/advisor/custodian to email us at etndesk@barclays.com or to call us at: 1-212-528-7990

You may call in together with your broker/advisor/custodian or have them speak to us on your behalf.

About Barclays

Barclays is a British universal bank. We are diversified by business, by different types of customer and client, and geography. Our businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by our service company which provides technology, operations and functional services across the Group.

Selected Risk Considerations

An investment in the iPath ETNs described herein involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement and pricing supplement.

You May Lose Some or All of Your Principal: The ETNs are exposed to any decrease in the level of the underlying index between the applicable 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: Barclays Bank PLC will have the right to redeem or call the New 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 or the U.S. Treasury market, 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.

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: Except with respect to the circumstances described above or as otherwise specified in the applicable product prospectus, you must redeem at least the minimum number of ETNs specified in the applicable product prospectus 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.

The ETNs may be sold throughout the day on the exchange through any brokerage account. There are restrictions on the minimum number of ETNs 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 ETNs. Sales in the secondary market may result in significant losses.

© 2020 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

Contacts:

Danielle Popper
+1 212 526 5963
Danielle.Popper@barclays.com

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