Exchange-traded note

Barclays launches Inverse US Treasury Composite ETNs

Thu, 17/07/2014 - 10:10

Barclays Bank has launched the Barclays Inverse US Treasury Composite Exchange Traded Notes (ETNs) on the Nasdaq Stock Market under the ticker symbol TAPR.

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 employs a strategy that tracks the sum of the returns of periodically rebalanced synthetic short positions in equal face values of each of the two-year, five-year, 10-year, long-bond and ultra-long US Treasury futures contracts.
 
“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,” says 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,” says 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.”


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