Barclays Bank PLC (“Barclays”) and Pacer Financial LLC (“Pacer”)
announced today a partnership focused on marketing and education
for the iPath® Gold ETNs (the “ETNs”). As part of the agreement
with Barclays, Pacer will provide marketing, educational and
promotional services in connection with the marketing for sale of
the ETNs.
Barclays additionally announced today that it plans to change
the name for the iPath® Gold ETNs, which are currently listed on
the New York Stock Exchange under the ticker symbol “GBUG”. The
current and proposed names for the ETNs are listed in the table
below. The ETNs will continue to trade under the same ticker symbol
following the name change, which will be effective before the open
of trading on September 14, 2020.
Current ETN Name
New ETN Name
ETN
Ticker
iPath® Gold ETNs
Pacer® iPath® Gold ETNs
GBUG
The partnership combines Pacer’s distribution capabilities
across a wide array of investment offerings, with Barclays' brand
and position in exchange-traded notes.
"Investors have witnessed an incredible performance in gold this
year, and investor appetite is strong for products that can offer
both exposure to this safe haven asset and minimal fees" said Sean
O’Hara, Director at Pacer Financial. "Partnering with Barclays'
iPath business was a natural choice. Combining our firms' efforts
provides an advantageous position to bolster this investment
product through education and marketing. Two areas we thrive
in."
“We are excited to enter a distribution and innovation
partnership with Pacer on our core suite of iPath Commodity ETNs.”
said Gavin Filmore, Head of Exchange Traded Product Platforms, at
Barclays. “The commodities asset class continues to offer investors
the potential for strategic diversification and tactical investment
opportunities. iPath Commodities ETNs are generally used as part of
a larger asset allocation toolkit for advisors, and since 2006,
have had a unique role to play in many investor portfolios.”
“This partnership provides an opportunity to expand upon the
strategic expertise from both Pacer and Barclays,” said Joe
Thomson, President at Pacer Financial. “Our shared experience and
resources in marketing and distribution, paired with the timely
strategy behind the iPath® Gold ETN, brings a unique solution for
investors eager to capitalize on the commodities market.”
The prospectus relating to the ETNs can be found on EDGAR, the
SEC website at: www.sec.gov, as well as on the product website at
the link listed below:
http://www.ipathetn.com/GBUGprospectus
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. Barclays offers investment
banking products and services in the US through Barclays Capital
Inc. For further information about Barclays, please visit our
website home.barclays.com
About Pacer Financial LLC
Pacer Financial’s mission is to use our experience and position
in the financial services network to grow the businesses of our
distribution partners and financial advisors. Pacer Financial does
this by working with our distribution partners to bring products
and ideas to financial advisors that address the challenges of the
current market and meet the needs of investors. Pacer Financial is
selective in our collaborations with distribution partners – only
choosing a small group of partners with diverse and innovative
strategies that address wealth accumulation and distribution,
downside protection and taxes. Pacer Financial only works through
retail broker-dealers and registered investment advisors. We do not
work with the public directly. Pacer Financial, Inc., member FINRA,
SIPC is the distributor for Pacer ETFs.
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 inception date and the applicable valuation date.
Therefore, a decrease in the level of the Index could cause you to
lose up to your entire investment in the ETNs. The ETNs are riskier
than ordinary unsecured debt securities and have no principal
protection.
The ETNs May Generate a Profit for the Issuer and Its
Affiliates: Although the ETNs do not have an investor fee, the
ETNs may generate a profit for the issuer and its affiliates from a
return generated on the principal amount that the issuer receives
from the sale of the ETNs to the extent such return exceeds the
interest rate included in the total return feature of the
underlying index together with the costs of providing the ETNs and
their exposure to the underlying index. It is possible that the
issuer and its affiliates could receive substantial returns from
the ETNs while the market value of the ETNs declines.
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.
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. 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, 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.
No Direct Exposure to Gold or Silver: THE ETNS OFFER
EXPOSURE TO FUTURES CONTRACTS AND NOT DIRECT EXPOSURE TO GOLD OR
SILVER OR THEIR SPOT PRICES. THESE FUTURES CONTRACTS WILL NOT TRACK
THE PERFORMANCE OF GOLD OR SILVER. In addition, the nature of the
futures market for gold and silver has historically resulted in a
cost to maintain a rolling position in the futures contracts
underlying each index. As a result, the level of the underlying
index, which tracks a rolling position in specified futures
contracts, may experience significant declines as a result of these
costs, known as roll costs, especially over a longer period. The
price of gold or silver will perform differently than the
underlying index and, in certain cases, may have positive
performance during periods where the underlying index is
experiencing negative performance. In turn, an investment in the
ETNs may experience a significant decline in value over time, the
risk of which increases the longer that the ETNs are held.
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 5,000
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.
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.
“Barclays Gold 3 Month Index Total Return” is a trademarks of
Barclays Bank PLC.
© 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200904005137/en/
Pacer Financial Trevor Davis +1 215 475 5931
trevor@gregoryfca.com
Barclays Danielle Popper +1 212 526 5963
Danielle.Popper@barclays.com
Barclays (LSE:BARC)
Historical Stock Chart
From Mar 2024 to Apr 2024
Barclays (LSE:BARC)
Historical Stock Chart
From Apr 2023 to Apr 2024