iPath US Treasury Steepener ETN
STPP
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- iPath US Treasury Steepener ETN (STPP) is an exchange-traded note issued by Barclays Bank PLC that provides exposure to the Barclays US Treasury 2Y/10Y Yield Curve Index Excess Return, which tracks the performance of the U.S. Treasury yield curve steepener strategy through long positions in 2-year U.S. Treasury note futures and short positions in 10-year U.S. Treasury note futures; the ETN does not pay interest or dividends and is subject to the issuer's credit risk without principal protection. The product targets institutional and retail investors seeking targeted fixed income market views, primarily in the United States fixed income markets. Originally launched on August 9, 2010, with a scheduled maturity of August 13, 2020, the ETN continues to trade on NYSE Arca and is domiciled in the United Kingdom, with Barclays Bank PLC headquartered in London. Barclays Bank PLC, the issuer and index sponsor, operates globally across consumer banking, payments, corporate banking, and investment banking segments, with principal operations in the United Kingdom, Europe, the Americas, and Asia-Pacific. The iPath series of ETNs, including STPP, forms part of Barclays' structured investment products offering exposure to commodities, currencies, equities, and fixed income indices via unsecured senior debt obligations. In June 2025, Barclays announced the full redemption of STPP and three other iPath ETNs on June 25, 2025, exercising its issuer call option following requisite holder consents obtained via a prior cash tender offer and consent solicitation; the valuation date was set for June 17, 2025, with holders receiving a cash payment equal to the Closing Indicative Note Value, after which no further holder redemptions were permitted. This redemption reflects Barclays' ongoing management of its legacy iPath ETN portfolio, including multiple tender offers and amendments to indentures in 2024 and 2025 to facilitate issuer calls amid low outstanding amounts. No new product launches, acquisitions, or strategic partnerships specific to STPP have been reported in the last two years.