iPath US Treasury 10-year Bull ETN (DTYL) is an exchange-traded note issued by Barclays Bank PLC that seeks to provide investors with exposure to the Capital 10Y US Treasury Futures Targeted Exposure Index Excess Return, which tracks the performance of 10-year US Treasury futures contracts on decreases in Treasury yields. The ETN offers leveraged exposure to long positions in 10-year US Treasury futures; it is designed for sophisticated investors seeking targeted returns linked to Treasury yield movements without principal protection or interest payments. Barclays Bank PLC, headquartered in London, UK, and founded in 1690, issues the iPath series of ETNs as part of its broader structured products offerings in investment banking, with global operations spanning consumer banking, corporate services, and capital markets across Europe, North America, Asia, and other regions.
In June 2025, Barclays announced the full redemption of DTYL and three other iPath ETNs effective June 25, 2025, following requisite investor consents from a prior cash tender offer and consent solicitation that amended the indentures to grant the issuer call option. Holders received a cash payment based on the Closing Indicative Note Value as of June 17, 2025, with no further holder redemption options permitted post-amendment. This redemption reflects Barclays' ongoing portfolio management of its $1.6 billion iPath ETN suite, including prior suspensions for SEC Form 20-F updates and multiple series redemptions or maturities in recent years amid low liquidity and operational shifts. The product targets institutional and retail investors in fixed income derivatives, operating primarily on US exchanges with exposure to domestic Treasury markets.