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Barclays Bank to reverse split two iPath Volatility ETNs

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Barclays is to implement a one-for-four reverse split of two series of its iPath ETNs on 9 August.

The ETNs are the iPath S&P 500 VIX Short-Term Futures ETN (VXX ETNs) and the iPath S&P 500 VIX Mid-Term Futures ETN (VXZ ETNs).
 
The record date for the reverse split of each series of ETNs will be the close of business, New York time, on 8 August 2016. The closing indicative value of each series of ETNs on the record date will be multiplied by four to determine the respective reverse-split adjusted value of that series of ETNs.
 
Each reverse split will be effective at the open of trading on 9 August, and each series of ETNs will begin trading on NYSE Arca on a reverse-split adjusted basis on such date. The reverse-split adjusted ETNs will each have a new CUSIP, but will retain the same ticker symbols.
 
Investors who, as of the record date, hold a number of ETNs that is not divisible by four will receive one reverse-split adjusted ETN for every four ETNs held on the record date and a cash payment for any odd number of ETNs remaining. The cash amount due on any partials will be determined on 15 August, based on the closing indicative value of the reverse-split adjusted ETNs on such date and will be paid by Barclays Bank PLC on 18 August.

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