Barclays plans to price iPath Pure Beta S&P GSCI-weighted ETNs

By Toni Weeks

San Diego, April 19 - Barclays Bank plc plans to price 0% iPath exchange-traded notes linked to the Barclays Capital Pure Beta S&P GSCI-weighted Series 2 TR index, according to a 424B3 filing with the Securities and Exchange Commission.

The payout at maturity will be the closing indicative value on the final valuation date for the ETNs. The closing indicative value will be par of $50 on the inception date. On each subsequent date, it will equal the closing indicative value on the preceding calendar day times the daily index factor minus fees.

The investor fee is initially zero and increases by an annualized rate of 0.75%.

The notes will be putable at any time, subject to a minimum of 50,000 securities. The payout will be calculated in the same way as payout at maturity.

The index is designed to give investors exposure to total returns of the commodities included in the S&P GSCI Total Return Index while mitigating the effects of distortions in the commodity markets through the application of the Barclays Capital Pure Beta Series 2 methodology. The Barclays Capital Pure Beta Series-2 TR Index may roll into one of a number of futures contracts with varying expiration dates except for some precious metals, which roll monthly on a pre-determined schedule.

The company said it will apply to list the notes on the NYSE Arca under "SBV."

The Cusip for the notes will be 06740P122.

Barclays Capital will be the agent.

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