iPath Series B US Treasury 10-year Bear ETN
BTYS
Chicago Board Options Exchange- -
USD
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- -
Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Bonds
- Address
- IPO Date
- Feb 4, 2020
- Similar Companies
- Business
- iPath Series B US Treasury 10-year Bear ETN (BTYS) is an exchange-traded note (ETN) issued by Barclays Bank PLC that seeks to provide inverse exposure to the performance of the Barclays 10Y US Treasury Futures Targeted Exposure Index Excess Return, which tracks the price return of 10-year US Treasury note futures contracts on the Chicago Mercantile Exchange. The ETN offers investors a leveraged tool for betting against rises in 10-year Treasury prices or, equivalently, for profiting from increases in 10-year US Treasury yields, with an expense ratio of 0.75%; it features daily inverse tracking rather than total return replication, exposing holders to potential principal loss due to daily resets, investor fees, and futures roll costs. Launched on February 4, 2020, BTYS trades on US exchanges including NYSE Arca and targets sophisticated investors seeking short-duration Treasury yield exposure, with Barclays Bank PLC serving as issuer and Barclays Capital Inc. handling distribution. Geographically, the product operates primarily in US markets, with Barclays headquartered in London, UK. In June 2025, Barclays announced its intent to exercise the issuer call option and fully redeem multiple iPath ETN series on June 25, 2025, following cash tender offers and consent solicitations that amended indentures to enable such redemptions; while specific inclusion of BTYS in the redemption list remains unconfirmed in public announcements, the ongoing tender activities and issuer call rights reflect Barclays' strategic portfolio management of low-liquidity legacy ETNs amid market conditions. Holders as of the valuation date of June 17, 2025, receive cash based on the Closing Indicative Note Value, with no further holder redemptions accepted post-amendment; trading may continue over-the-counter until redemption or delisting if applicable, consistent with prior iPath ETN wind-downs.