About Barclays Bank PLC
ISIN
GB00B1WL1590
This ETN was delisted after the close on April 12, 2018, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. BWV offers a classic options overlay strategycovered callsbut investors aren't enticed. BWV's reference index tracks a nominal position in the S&P 500 overlaid with a short call position. The calls that are 'written' against the long position indexed to the S&P 500 are 'at the money,' meaning the strike price is roughly equal to the price of the S&P 500 at the time of sale. The goal is to enhance the risk/return of the S&P 500, with the trade-off being a limitation of potential upside appreciation. (The note makes no distributions, so don't come here for yield.) BWV lacks liquidity and assets to the point where we question its viability. Those interested in the covered-call strategy can find a more liquid facsimile in PBP or HSPX.