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Volatility

Barclays launches additional series of inverse volatility ETNs

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Barclays Bank has announced the launch of an additional series of iPath Exchange Traded Notes (ETNs) linked to the inverse performance of the S&P 500 VIX Short-Term FuturesTM Index Excess Return.

The launch of the iPath January 2021 Inverse S&P 500 VIX Short-Term FuturesTM ETNs expands the Barclays suite of equity volatility ETNs. The ETNs will be listed on the NYSE Arca stock exchange under the ticker symbol IVO.

The ETNs are designed to provide investors with an exchange-traded way to implement a ‘short’ view on volatility in the US equities markets. The returns on these new ETNs are calculated in a similar manner to those on the existing iPath Inverse S&P 500 VIX Short-Term FuturesTM ETNs (ticker symbol: XXV) launched on July 16, 2010. The two series of ETNs are both linked to the inverse performance of the Index; however, they have, among other things, different inception dates, issue dates, initial valuation dates, final valuation dates and maturity dates, and the two series of ETNs are not fungible with one another.

The Index is designed to reflect the returns that are potentially available through an unleveraged investment in short-term futures contracts on the CBOE Volatility Index (the “VIX Futures”). VIX Futures reflect the implied volatility of the S&P 500 Index, which provides an indication of the pattern of stock price movement in the U.S. equities market. The new series of ETNs is an uncollateralised debt obligation of Barclays Bank PLC with a 10-year maturity.

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