iPath Pure Beta Agriculture ETN
DIRT
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- iPath® Pure Beta Agriculture ETN (DIRT) is an exchange-traded note issued by Barclays Bank PLC that provides exposure to the performance of the Barclays Agriculture Pure Beta Total Return Index, which reflects returns from a diversified basket of agricultural commodity futures contracts including corn, soybeans, wheat, sugar, coffee, cotton, cocoa, and soybeans meal; the ETN offers investors leveraged access to agriculture sector volatility without direct commodity ownership or management of futures positions. Traded on NYSE Arca under the ticker DIRT with CUSIP 06740P262, the senior unsecured debt security matures on an unspecified future date and pays no dividends or interest, with returns tied solely to the underlying index's indicative value adjusted for the issuer's credit risk. Barclays Bank PLC, founded in 1690 and headquartered in London, United Kingdom, operates globally through its investment banking arm, issuing the iPath series of ETNs focused on commodities, volatility, and thematic sectors for institutional and retail investors targeting agriculture commodities markets. In a significant recent development, Barclays announced on June 12, 2025, its intention to exercise the issuer call option and fully redeem all outstanding shares of DIRT, alongside three other iPath ETNs, with the redemption scheduled for June 25, 2025, following amendments to the indenture obtained through a prior cash tender offer and consent solicitation; holders receive a cash payment based on the Closing Indicative Note Value as of June 17, 2025, after which no further holder redemptions are accepted. This action aligns with Barclays' ongoing portfolio management of legacy iPath ETNs, including multiple redemptions in prior years such as 21 series in 2023 and suspensions/resumptions of issuances in 2022, reflecting strategic contractions in certain commodity-linked products amid low assets under management (approximately $1.08 million) and limited trading volume. The redemption terminates ongoing trading and issuance, directing investors to sell in the secondary market beforehand or hold until payout, underscoring Barclays' discretion over these uncollateralized obligations.