Barclays Bank PLC announced today the launch of the Barclays Inverse US Treasury Composite Exchange Traded Notes (“ETNs”) on the NASDAQ Stock Market (“NASDAQ”) under the ticker symbol TAPR. The ETNs begin trading today.
The ETNs are designed to help investors position for rising US dollar Treasury yields by tracking the Barclays Inverse US Treasury Futures Composite Index™ (“the Index”). The Index employs a strategy that tracks the sum of the returns of periodically rebalanced synthetic short positions in equal face values of each of the 2-year, 5-year, 10-year, long-bond and ultra-long US Treasury futures contracts.
An investment in the ETNs involves significant risks, including possible loss of principal, and may not be suitable for all investors. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
The ETNs are also subject to certain investor fees, which will have a negative effect on the value of the ETNs. The ETNs are speculative and may exhibit high volatility.
“TAPR expands and complements our existing range of fixed income ETNs, and offers investors a differentiated strategy to hedge against or benefit from rising US dollar interest rates,” said Ian Merrill, Head of ETNs Americas. “TAPR is also the first Barclays-issued ETN to be listed on NASDAQ.”
“With economic targets being met, and the Federal Reserve continuing the tapering of its quantitative easing program, many investors are concerned about the potential of rising USD interest rates,” said Manish Saraf, Director, Macro Structuring, Americas. “The TAPR ETNs are the only ETNs that provide inverse exposure to all five tenors on the US Treasury Futures curve using a single instrument.”
The ETN prospectus can be found on EDGAR, the SEC website, at
Barclays ETNs are senior, unsecured, unsubordinated debt securities issued by Barclays Bank PLC. Barclays Bank PLC is the issuer of Barclays ETNs and Barclays Capital Inc. is the issuer’s agent.