iPath® B S&P 500® VIX Md-Trm Futs™ ETN SEC Filings

Barclays Bank PLC is offering $8.386 million of Autocallable Contingent Barrier Return Enhanced Lookback Entry Notes linked to the S&P 500® Index. The Notes are part of the bank’s Global Medium-Term Notes, Series A program and were priced on 27 June 2025 for expected issuance on 2 July 2025.

Key economic terms

• Initial issue price: $1,000 per Note; minimum $10,000 denominations.
• Automatic call: If, on the Review Date (27 Aug 2026), the S&P 500 closing level is ≥ the Lookback Underlier Value (lowest close recorded between the Pricing Date and 25 July 2025), investors receive the Call Price of $1,118 (11.80% premium) on 1 Sept 2026 and the Note terminates.
• Maturity: 1 Sept 2027, unless called early.
• Upside participation: If not called and the Final Underlier Value exceeds the Lookback Underlier Value, return equals 1.5× the positive Underlier Return.
• Barrier: 80% of the Lookback Underlier Value. If final value < barrier, principal is reduced 1-for-1 with the index decline, potentially to $0.
• Estimated value: $981.70 per $1,000 Note (1.8% below issue price).
• Issuer credit: Unsecured, unsubordinated obligations of Barclays Bank PLC; subject to U.K. Bail-in Power.

Investor considerations

• No periodic coupons; total return derives solely from call premium or leveraged upside.
• Lookback feature lowers the effective entry level, potentially increasing call probability and downside cushion, yet investors remain exposed to full downside below the 80% barrier.
• Liquidity: No exchange listing; secondary market, if any, will be made solely by Barclays affiliates and may be illiquid and at prices below issue price.
• Fees & charges: Placement agents (J.P. Morgan) receive up to $15.83 per $1,000; these fees contribute to the gap between estimated and issue price.
• Risks disclosed: loss of principal, reinvestment risk if called after ~14 months, model-driven estimated value, tax uncertainty (pre-paid forward treatment), potential U.K. regulatory bail-in.

Tax & ERISA: Barclays’ counsel expects the Notes to be treated as prepaid forward contracts; IRS could challenge this view. Section 871(m) withholding is not expected to apply. ERISA fiduciaries must confirm adequate consideration and lack of Barclays discretionary control.

The supplement highlights extensive Selected Risk Considerations, including volatility risk, absence of dividends, calculation-agent discretion, change-in-law acceleration, and conflicts of interest arising from Barclays’ dual roles as issuer, hedger and calculation agent.

Transaction summary: Morgan Stanley Finance LLC, with a full guarantee from Morgan Stanley, is offering Worst-of Contingent Income Securities tied to the S&P 500 (SPX), Nasdaq-100 (NDX) and Russell 2000 (RTY). The notes price on 28 July 2025 and mature on 2 August 2028.

Income profile: Investors may receive a contingent coupon of 7.00%-9.00% per annum, paid quarterly, but only if the closing level of each index is at least 70% of its initial level on the relevant observation date. Miss the barrier on any date and the entire coupon for that quarter is forfeited.

Principal repayment: At maturity the investor is repaid the full $1,000 principal only if the worst-performing index has not fallen below the 70% downside threshold. Should the worst index finish below that threshold, repayment is reduced 1-for-1 with the index decline (e.g., –31% worst performance -> $690 return). There is no upside participation beyond par.

Valuation & liquidity: The issuer’s estimated value is $944.90, implying roughly a 5% original-issue discount due to structuring and hedging costs. The notes will not be listed on any exchange and secondary trading may be limited.

Key risks highlighted: principal is at risk, coupons are non-guaranteed, performance is based on the worst index, investors are exposed to Morgan Stanley credit risk, and U.S. tax treatment remains uncertain.

Barclays Bank PLC is offering $330,000 of unsecured, unsubordinated Barrier Digital Notes maturing July 1, 2027. The Notes are linked to the least-performing of three U.S. equity indices—the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX). They pay no periodic interest and do not guarantee full principal repayment.

Key economic terms

• Issue price: $1,000 per Note; minimum denomination $1,000.
• Digital Percentage: 18.80 %.
• Initial valuation date: 27-Jun-2025; maturity: 01-Jul-2027.
• Barrier Value for each index: 70 % of its initial level (NDX 15,773.94; RTY 1,520.77; SPX 4,321.15).
• Payment at maturity per $1,000: • If the Final Value of the Least Performing Underlier ≥ its Barrier, investor receives $1,000 + $188 = $1,188. • If the Final Value < Barrier, repayment equals $1,000 × (1 + Underlier Return of the Least Performing Underlier). Losses therefore mirror any decline beyond 30 %, down to total loss at -100 %.
• Estimated value on the pricing date: $979.60, i.e. 2.0 % below the issue price, reflecting structuring and distribution costs and Barclays’ internal funding rate.
• Underwriting: Barclays Capital Inc. earns a 0.40 % commission ($4 per Note).
• The Notes will not be listed on any exchange; secondary liquidity is expected to be limited and solely at the discretion of Barclays or its affiliates.

Risk highlights

• Principal at risk: a Final Underlier level below the 70 % barrier triggers dollar-for-dollar losses.
• Limited upside: returns are capped at 18.80 % even if indices appreciate substantially.
• Least-performing structure: exposure is driven by the worst of the three indices; low correlation raises barrier-breach probability.
• Bail-in consent: holders accept potential write-down or conversion under the U.K. Banking Act if Barclays enters resolution.
• Tax uncertainty: treatment as prepaid forward contracts is not settled law.

The instrument may interest investors willing to trade potential 18.8 % fixed upside against the risk of significant—or total—principal loss, absence of interim cash flow, limited liquidity and Barclays’ credit and bail-in exposure. It is not suited to investors seeking full capital preservation, dividend income or open-ended market participation.

Erie Indemnity Co. (ERIE) Form 4 filing: Executive Vice President Douglas Edward Smith reported a participant-directed acquisition of 0.718 Class A common shares on 30-Jun-2025 through the company’s 401(k) plan (transaction code J). The fractional purchase, executed at $346.79 per share, lifted Smith’s direct holdings to 5,154.078 shares. No derivative transactions were reported. The filing represents routine benefit-plan activity and does not indicate any strategic change in insider positioning.

Product overview. Barclays Bank PLC is offering $740,000 aggregate principal amount of unsecured, unsubordinated Digital Notes due July 1, 2027 that are linked to the lesser performing of the Nasdaq-100 Index (NDX) and the S&P 500 Index (SPX). The Notes belong to the bank’s Global Medium-Term Notes, Series A programme and are sold in $1,000 denominations.

Return profile. The Notes pay no periodic coupons. At maturity investors receive:

• $1,122.00 per $1,000 note (12.20% Digital Percentage) if the Final Value of the lesser-performing index is at or above its Initial Value.
• Par ($1,000) if the Final Value of the lesser-performing index is below its Initial Value.

Thus the product offers a fixed, capped upside of 12.20% with full principal repayment at maturity, provided Barclays remains solvent and is not subject to U.K. bail-in actions.

Key terms.

• Initial Valuation Date: 27 Jun 2025
• Issue Date: 2 Jul 2025  |  Maturity Date: 1 Jul 2027
• Initial Index Levels: NDX 22,534.20; SPX 6,173.07
• Estimated value (Barclays internal model): $983.20 per $1,000, below the issue price.
• Agent commission: up to 1.00% ($10 per note); net proceeds to issuer 99.00%.
• Calculation Agent: Barclays Bank PLC
• CUSIP/ISIN: 06746CBP3 / US06746CBP32

Risk highlights.

• Limited upside: maximum total return of 12.20% regardless of index performance.
• No downside buffer beyond par: investors give up equity upside yet are exposed to opportunity cost versus other products.
• Credit & bail-in risk: repayment depends on Barclays’ creditworthiness; U.K. resolution authority may write down or convert the Notes.
• Lesser-performing trigger: performance is based on the worse of the two indices, increasing the chance of receiving only par.
• Liquidity: not exchange-listed; secondary market making is discretionary by Barclays Capital Inc.
• Tax: expected treatment as contingent payment debt instrument; investors must accrue taxable interest annually despite no cash flow.

Investor suitability. The Notes may appeal to investors who 1) can hold to maturity, 2) desire capped equity-linked exposure with principal repayment, 3) are comfortable with issuer credit risk, and 4) are willing to forgo dividends and any index appreciation beyond 12.20%.

Barclays Bank PLC is offering Callable Fixed-Rate Notes due July 17, 2030 under its Global Medium-Term Notes, Series A programme. The notes are issued in minimum denominations of $1,000 and pay a fixed coupon of 4.75% per annum, calculated on a 30/360 basis. Interest is scheduled to be paid each July 17, beginning July 17, 2026, until maturity or earlier redemption.

Issuer call option: Barclays may, at its sole discretion, redeem all or part of the notes on any 17th of January, April, July or October from July 17, 2026 onward, upon five business-day notice. The redemption price equals par plus accrued interest; no further amounts are payable thereafter.

Maturity / payment: If not called, investors receive on July 17, 2030 the principal of $1,000 per note plus any accrued interest. All payments are subject to Barclays Bank PLC’s credit risk and to the exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority, which could result in partial or total loss of principal and/or interest.

Distribution & pricing: Initial public offering price is 100% of par; Barclays Capital Inc. acts as agent and may receive up to 1.00% ($10 per $1,000) in commissions, reducing net proceeds to the issuer to 99%. The notes will not be listed on any U.S. exchange, and secondary market making is discretionary.

Key risks highlighted include issuer early-redemption/reinvestment risk, unsecured creditor status, bail-in risk, limited liquidity, and potential price concessions in secondary trading due to embedded costs. Investors must be able to hold to maturity, accept Barclays’ credit exposure, and consent to bail-in provisions.

Barclays Bank PLC is offering an unsecured, unsubordinated issue of Callable Fixed-Rate Notes due July 16, 2032 under its Global Medium-Term Notes, Series A programme. The minimum denomination is $1,000, with an initial issue price of 100% of principal (subject to concessions for certain fee-based accounts). The Notes pay a fixed coupon of 5.00% per annum, calculated on a 30/360 basis and paid annually on July 16, commencing July 16, 2026. Principal and interest are subject to the credit of Barclays Bank PLC and to potential write-down or conversion under the U.K. Bail-in Power.

The issuer may, at its sole discretion, redeem the Notes in whole or in part on any January 16, April 16, July 16 or October 16, beginning July 16, 2026, by paying par plus accrued interest. Because the call can occur roughly one year after issuance, investors face reinvestment risk if market rates are lower at that time. If not called, the Notes mature on July 16, 2032, returning $1,000 per Note plus any accrued interest.

Estimated offering economics allocate up to 1.30% of principal as selling commission; net proceeds to Barclays are approximately 98.70% of face value. The Notes will not be listed on any U.S. exchange, and secondary liquidity will depend on Barclays Capital Inc. and its affiliates, which are not obligated to maintain a market. Other key terms include book-entry settlement through DTC, CUSIP 06746CGN3 / ISIN US06746CGN39, “following, unadjusted” business-day convention and Barclays Bank PLC acting as calculation agent.

Risk disclosures emphasise: (i) issuer call risk; (ii) credit risk of Barclays Bank PLC; (iii) possible loss of some or all principal if the U.K. resolution authority exercises bail-in powers; (iv) absence of deposit-insurance protection; and (v) potential illiquidity and price concessions in any secondary trading. Tax counsel (Davis Polk & Wardwell LLP) expects the Notes to constitute debt without original-issue discount for U.S. federal income-tax purposes.

Barclays Bank PLC is offering an unsecured, unsubordinated issue of Callable Fixed-Rate Notes due July 16, 2032 under its Global Medium-Term Notes, Series A programme. The minimum denomination is $1,000, with an initial issue price of 100% of principal (subject to concessions for certain fee-based accounts). The Notes pay a fixed coupon of 5.00% per annum, calculated on a 30/360 basis and paid annually on July 16, commencing July 16, 2026. Principal and interest are subject to the credit of Barclays Bank PLC and to potential write-down or conversion under the U.K. Bail-in Power.

The issuer may, at its sole discretion, redeem the Notes in whole or in part on any January 16, April 16, July 16 or October 16, beginning July 16, 2026, by paying par plus accrued interest. Because the call can occur roughly one year after issuance, investors face reinvestment risk if market rates are lower at that time. If not called, the Notes mature on July 16, 2032, returning $1,000 per Note plus any accrued interest.

Estimated offering economics allocate up to 1.30% of principal as selling commission; net proceeds to Barclays are approximately 98.70% of face value. The Notes will not be listed on any U.S. exchange, and secondary liquidity will depend on Barclays Capital Inc. and its affiliates, which are not obligated to maintain a market. Other key terms include book-entry settlement through DTC, CUSIP 06746CGN3 / ISIN US06746CGN39, “following, unadjusted” business-day convention and Barclays Bank PLC acting as calculation agent.

Risk disclosures emphasise: (i) issuer call risk; (ii) credit risk of Barclays Bank PLC; (iii) possible loss of some or all principal if the U.K. resolution authority exercises bail-in powers; (iv) absence of deposit-insurance protection; and (v) potential illiquidity and price concessions in any secondary trading. Tax counsel (Davis Polk & Wardwell LLP) expects the Notes to constitute debt without original-issue discount for U.S. federal income-tax purposes.

First US Bancshares, Inc. (FUSB) – Form 4 filing: Director Jack W. Meigs reported the routine quarterly crediting of 32.64 phantom stock units on 06/30/2025 under the company’s Non-Employee Directors’ Deferred Compensation Plan. The units convert to common stock on a 1-for-1 basis and were booked at an implied price of $12.90 per unit, lifting the director’s total phantom holdings to 6,080.04 units. Ownership remains direct; settlement will occur at the end of the elected deferral period. No open-market purchase or sale of common shares occurred, and there is no change in the director’s voting power until conversion. The filing reflects standard compensation accrual, with negligible dollar value (≈ $420) and no apparent signal of material change in insider sentiment or corporate outlook.