First Barclays-Issued ETNs to List on NASDAQ
TAPR Provides Investors with Exposure to Rising U.S. Treasury Yields
NASDAQ OMX today announced that Barclays Bank PLC will list new exchange traded notes (ETNs), Barclays Inverse U.S. Treasury Composite ETNs (Nasdaq:TAPR), on The NASDAQ Stock Market® (NASDAQ®). TAPR will begin trading on NASDAQ today, July 15, 2014.
"TAPR expands and complements our existing range of fixed income ETNs, and offers investors a differentiated strategy to hedge against or benefit from rising U.S. dollar interest rates," said Ian Merrill, Head of ETNs Americas. "TAPR is also the first Barclays-issued ETN to be listed on NASDAQ."
The ETNs are designed to help investors position for rising U.S. dollar Treasury yields by tracking the Barclays Inverse U.S. Treasury Futures Composite Index™ (the "Index"). The Index employs a strategy that tracks the sum of the returns of periodically rebalanced synthetic short positions in equal face values of each of the 2-year, 5-year, 10-year, long-bond and ultra-long U.S. Treasury futures contracts.
"We are thrilled to embark on a closer partnership with Barclays and introduce their unique exchange traded products into one of the single largest pools of liquidity," said Dave LaValle, Head of Exchange Traded Product Listings at NASDAQ OMX. "As an operator of leading electronic trading venues in asset classes including cash equities and fixed income, we continue to facilitate various investment opportunities in these products."
NASDAQ OMX operates an efficient platform for successfully introducing a product suite into one of the single largest pools of liquidity, including market participants which represent a full spectrum of investors. ETP issuers benefit from an end-to-end solution that provides ongoing product support at every level including index licensing, listings opportunities, data offerings and trading services. As a home to some of the world's most innovative ventures, NASDAQ OMX generates opportunities for issuers to access new markets and deliver new concepts that change the way the industry develops, manages and applies ETPs.