VelocityShares VIX Tail Risk ETN (BSWN) is an exchange-traded note issued by Barclays Bank PLC that provides leveraged exposure to tail risk hedging strategies tied to the S&P 500 VIX Short-Term Futures Index; it seeks daily investment results, before fees and expenses, of 200% of the performance of the index, which tracks a portfolio of first- and second-month VIX futures contracts rolled daily to maintain a constant weighted average maturity of one month. The ETN offers investors a tool for portfolio protection against extreme market volatility events, with principal protection features that cap upside participation while providing leveraged downside hedging; it trades on major U.S. exchanges under the ticker BSWN and matures on specified dates subject to early redemption or acceleration clauses. Barclays Bank PLC, headquartered in London, United Kingdom and founded in 1690, operates globally across investment banking, wealth management, and structured products segments, including ETNs listed primarily in the United States for institutional and retail investors targeting derivatives and volatility markets.
BSWN targets sophisticated investors, hedge funds, and risk managers seeking tail risk mitigation amid equity market drawdowns, with geographic focus on North American exchanges and global volatility exposure derived from U.S. equity futures.