This important legal information relates to this website (the “Site”) and contains the terms and conditions on which we make it available to you. The information also includes important information about the regulatory status of some of our companies and important risk warnings.

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Risk warnings

Not all products, services or investments described on this Site are available in all jurisdictions and some are available on a limited basis only, due to local regulatory and legal requirements.

Any investment information which may be provided on this Site is also provided for illustration only. No investment information on this Site should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

Illustrations of the likely risk and reward properties of possible portfolios and investments on this Site are not specific advice about any investment and you should not rely on them. Any illustrations are accurate at the time of writing, and may be subject to change.

The recommendations made for your actual portfolio might differ from any asset allocation or strategies outlined on this Site. Please ensure that your portfolio is updated or redefined when your investment objectives or personal circumstances change.

The value of the investments which may be stated in this Site, and the income from them, may fall as well as rise. Past performance of investments is no guide to future performance. You may not get back the amount of capital you invest. Any income projections and yields are estimated and are included for indication only. Further, any valuations given in this Site may not accurately reflect the values at which investments may actually be bought or sold and no allowance has been made for taxation.

Risk warnings are provided for your information and protection. We strongly encourage you to read them and to contact us if you have any questions about the features or risks of any investment or service.

Risk warnings about borrowing

If a loan is denominated in a currency other than the United States dollar, changes in the exchange rate may increase the United States dollar equivalent of the debt.

As a responsible lender, we only want you to borrow what you can afford, and in a way that is best for you. When considering your application, your financial circumstances will be assessed before we make a decision to lend money. And remember, if you should run into any difficulties please contact us as soon as you become aware of them.

Risk warnings about investments

The price and value of investments and their income may fluctuate and may fall against your interest. You may get back less than you invested. Any information on past performance is not necessarily a guide to future performance.

The investments and any investment services that are available on this site may not be suitable for you and it is recommended that you consult an investment representative if you have any doubts about those investments or investment services.

Some investments available on this site may have a high level of volatility. Please note that high volatility investments can undergo sudden and large falls in their value which may cause you to sustain losses upon realization of that investment, that may equal your original investment. In the case of some investments the potential losses may exceed the initial amount paid by you, in such a circumstance you may be required to pay more money to support those losses.

Income yields from investments may fluctuate and in consequence capital paid to make the investment may be used as part of that income.

Investments denominated in foreign currencies may suffer from an adverse effect on their value, price or income yield because of an exposure to exchange rate fluctuations.

Some investments contained on this site may not be readily realizable, and you may find it difficult to sell those investments, or it may prove difficult for you to obtain reliable information about the value or risks to which such an investment is exposed.

Some investments contained on this site will be offered solely by a single entity and in the case of some investments, Barclays, or an associate of Barclays, may be the person making that offer.

Barclays does not advise on the tax consequences of any transaction. You are advised to contact an independent tax adviser. Stated bases and levels of taxation may be subject to change.

Global dealing restrictions

We make no representations that materials at this site are appropriate for use in all locations, or that transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions, or by all investors or counter parties. Those who access this site do so on their own initiative, and are responsible for compliance with applicable local laws or regulations. Users of this site may not necessarily be able to deal directly with all entities that post materials at this site. No software at this site may be downloaded or otherwise exported in contravention of U.S. Department of Treasury or U.S. Department of Commerce regulation, or to a resident of or location in any nation to which the U.S. or U.K. has embargoed goods.

No offer of securities – Disclosure of interests

Under no circumstances should any material at this site be used or considered as an offer to sell, or a solicitation of any offer to buy, the securities or any other instruments from Barclays or an other issuer. If you wish to obtain further details about any information contained on this site we suggest that you contact us

It is possible that individual employees of Barclays may disagree with opinions or recommendations in materials at this site. Barclays may make a market or deal as principal in the securities, commodities or instruments mentioned in materials at this site or in options or other derivative instruments based thereon. In addition, Barclays, its shareholders, affiliated companies, directors, officers and/or employees, may from time to time have long or short positions in such securities or in options, futures or other derivative instruments based thereon. One or more directors, officers and/or employees of Barclays or its affiliates may be a director of the issuer of the securities mentioned at this site. Barclays or its affiliates may have managed or co-managed a public offering of, or acted as initial purchaser or placement agent for a private placement of, any of the securities of any issuer mentioned at this site within the last three years, or may from time to time perform investment banking or other services for, or solicit investment banking or other business from, mentioned companies.

No reliance

While Barclays uses reasonable efforts to obtain information from reliable sources, Barclays makes no representations or warranties as to the accuracy, reliability or completeness of any information or document at this site. Opinions and any other contents at this site are subject to change without notice. Barclays is not utilizing this site to provide investment or other advice to you or any other party, and no information or material at this site is to be relied upon for the purpose of making or communicating investment or other decisions.

Price information/valuations

Actionable prices can be obtained only on a real-time, expressly agreed upon basis. Any indicative valuations in materials at this site are provided for information only. They are not an offer to enter into, transfer and assign or terminate any transaction, or a commitment by Barclays to make such an offer. An indicative valuation may differ substantially from an actionable value. Such estimates do not necessarily reflect Barclays' internal bookkeeping or theoretical model-based valuations. Certain factors which may not have been assessed for purposes of these valuations, including, for example, notional amounts, credit spreads, underlying volatility, costs of carry or use of capital and profit, may substantially affect a stated valuation. Indicative valuations in materials at this site may vary significantly from indicative valuations available from other sources. While Barclays has obtained the information on which these evaluations are based from sources it believes reliable, Barclays makes no representations or warranties with respect to any indicative valuations.

Material to be consulted in its entirety

All materials at this site are meant to be reviewed in their entirety, including any footnotes, legal disclaimers, restrictions or disclosures, and any copyright or proprietary notices. Any disclaimers, restrictions, disclosure or hedge clauses apply to any partial document or material in the same manner as they do the whole, and will be deemed incorporated in the portion of any material or document that you consult or download.

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Site terms and conditions

References to "you" or "your" are references to any person accessing the Site.

References to "we", "us" or "our" are references to Wealth and Investment Management division of Barclays

These terms and conditions govern your use of the Site and by accessing the Site you agree to be bound by them. Please note that if you are an existing customer of Barclays, or if you become a new customer of Barclays, the products and services are subject to separate terms and conditions. For new customers those terms and conditions will be provided before you enter into a contractual relationship. For existing customers, an additional copy of those terms and conditions can be obtained from your usual relationship manager or service provider.

Our liability to you

Save as otherwise provided in these terms and conditions, we shall be liable to you for loss you may suffer in respect of the Site and any information on it or in connection with the access of, use of, performance of, browsing in or linking to other sites from this Site or your use or inability to use the Site, only to the extent it results from our breach of our duties or liabilities under applicable legislation, wilful default of these terms and conditions, or fraud. To the fullest extent permitted by law, we will accept no liability (whether in contract, tort or otherwise) in any other circumstances for loss of any kind, including (without limitation) direct, indirect, incidental, special or consequential damages, loss of any profit, goodwill or reputation, expenses or losses arising out of, or in connection with any error, omission, defect, computer virus or system failure, of whatever nature howsoever arising, even if expressly advised of the possibility of such loss or damages.

We shall be liable to you for any loss you may suffer as a result of acts or omissions relating to any Site services which we have delegated to any of our agents in the same way as for our own acts. This means we will be liable to you for your loss only to the extent that such loss results from our or our agents’ negligence, wilful default of these terms and conditions or fraud. None of our agents shall be directly liable to you in any way

This Site does not contain information which is intended to be investment, legal, tax or other advice. You should obtain relevant and specific professional advice tailored for your personal circumstances before making any investment decision.

No warranty


Availability of the Site

We may modify, suspend or discontinue, temporarily or permanently, the Site or any part of it, with or without notice, at any time. You agree that we shall not be liable to you or to any third party for any losses of whatsoever nature howsoever arising for any such modification, suspension or discontinuance of the Site.

Use of Site

We may in our sole discretion terminate your access to or use of this Site for any reason, including without limitation where we believe that you have not acted in accordance with the terms and conditions of this Site.

Internet communications are not secure

Please remember that internet communications are not secure unless the data being sent is encrypted. Please do not send confidential information over the Internet. Information is sent at your own personal risk.  We cannot accept any responsibility for the unauthorised access by a third party and/or the corruption of data being sent by individuals to Barclays.  Some countries prohibit transmission of encrypted data over telephone lines.  You should not encrypt data transmitted if you know doing so would contravene applicable local, national or international laws. For guidance relating to your use of internet communications, please contact a legal adviser.

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It has always been our policy that if any of our clients are victims of unauthorised access to their accounts we will cover any resulting financial loss which the client suffers provided that the client has not breached our security procedures.

You must ensure that viruses, trojans, worms or equivalent or similar items do not enter your computer system. We assume no responsibility for loss of whatever nature, howsoever arising, resulting from such viruses, trojans, worms or equivalent or similar items.

For further information and advice on security, please read our Security section.

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Data protection

By submitting any personal information to us on this Site, you specifically confirm that you have read, understood and agreed to our obtaining, processing and disclosing personal and financial information relating to you solely for the purposes detailed in and otherwise in accordance with our Privacy Policy and in these terms and conditions.

We may record and monitor calls made or received by us to maintain high quality service standards, to check instructions and for your protection and ours.

We will use information about you to inform you about products and services which may be of interest to you. You may ask us not to do this. Please read our Privacy Policy for more information.


Where we provide hypertext links to third party internet websites, such links are not an endorsement by us of any products or services in such websites. You use such links entirely at your own risk and we accept no responsibility or liability of any nature whatsoever for the content, use or availability of such websites. We have not verified the truth or accuracy of any content of such websites.

No party is permitted to link any other website to this Site or frame or scrape the content of this Site without obtaining our prior written consent.

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Business continuity management

Barclays is committed to providing our clients with outstanding service. This commitment makes it vital that we have in place effective recovery and resumption plans that we can implement in the event of a Significant Business Disruption (SBD). See our Business Continuity Management Plan Summary[Opens in new window]. 172KB

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Countries from which you may access this Site

This Site is not directed to, nor intended for distribution or use by, any person or entity in any jurisdiction or country where the publication or availability of this Site or such distribution or use would be contrary to local law or regulation. You should not access the Site or information on this Site if you know that your access would contravene applicable local, national or international laws. Our sister site,, is not directed to any of the above or to residents of the United States.

Terms may be changed

We may change these terms and conditions at any time without notice by updating this page and if you continue to access or use this Site we will consider that you have accepted any changes.

Information on the Site may not be accurate

Although we have taken all reasonable care to ensure that the information provided on this Site is accurate, we give no warranties of any kind, express or implied, with regard to the accuracy, timeliness or completeness of any such information.

This Site may also contain some material provided by third parties and we accept no responsibility or liability for the accuracy of such material, whether in contract, tort or otherwise.

Opinions and any other content of the Site are provided by us for your personal use and informational purposes only. They are subject to change without notice.

Wealth and Investment Management or its affiliates may, where permitted by law, act upon material available on the Site prior to its publication on the Site.


Our latest audited accounts are available on request.

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You may complain in person, in writing, by post or e-mail. To obtain a copy of our complaints handling procedures or to make a complaint about this site, please contact us. If you have an account with us, please make your complaint to your usual contact address.

Law and where any dispute would take place

This agreement shall be governed by and construed in accordance with the substantive and procedural laws of the State of New York, without giving effect to the principles of conflicts of law. You agree that the Courts of the State of New York shall have jurisdiction to determine any matter or dispute in connection with or arising out of this Site and these terms and conditions.

Intellectual Property

The entire content of the Site is subject to copyright with all rights reserved and it may only be stored, held or used for your personal use only. You may not download (all or in part) for non-personal use or otherwise reproduce, transmit or modify the Site without our prior permission. However, you may print out part or all of the Site for your own personal use. These permissions are revocable by us at any time. Barclays is a registered trade mark owned by Barclays Bank PLC. You are granted a non-exclusive licence of those rights in order to view this Site on a non-commercial basis only, revocable at any time.

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Contacting us about this Site

If you have any questions or comments about this Site please contact us


If any provision in these terms and conditions shall be held to be illegal, invalid or unenforceable, in whole or in part, then such provision or part of it shall, to the extent that it is illegal, invalid or unenforceable, be deemed not to form part of these terms and conditions and the legality, validity and enforceability of the remainder of these terms and conditions shall not be affected.

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Important company and regulatory information about Barclays companies

"Barclays" refers to any company in the Barclays PLC group of companies.
Barclays offers wealth management products and services to its clients through Barclays Bank PLC ("BBPLC") that functions in the United States through Barclays Capital Inc. ("BCI"), an affiliate of BBPLC.  BCI is a registered broker dealer and investment adviser, regulated by the U.S. Securities and Exchange Commission, with offices at 745 Seventh Avenue, New York, New York 10019. Member FINRA and SIPC.

Barclays Bank PLC is registered in England and authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP. The wealth management products offered by Barclays in the United States clear through, and where applicable, assets are custodied by, Pershing LLC, a subsidiary of the Bank of New York Mellon Corporation. Pershing LLC is a member of FINRA, NYSE and SIPC.

Barclays undertakes its U.S. securities and investment banking business in the name of its wholly-owned subsidiary Barclays Capital Inc. Barclays offers corporate banking products and services, and investment banking products and services outside the U.S., to its clients through Barclays Bank PLC. Barclays Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority and a member of the London Stock Exchange. Barclays Bank PLC is registered in England No. 1026167. Registered Office: 1 Churchill Place, London E14 5HP.

Custom Credit Loans are made by Barclays Bank, PLC, New York Branch. Bank regulations require that the loan review and approval proves to be independent of, and cannot be impacted by, brokerage/ investment-related matters or other business dealings.
Borrowing using securities as collateral involves a high degree of risk. Securities-based borrowing is not for everyone. Clients need to examine their investment objectives, financial resources and risk tolerance to determine whether securities-based borrowing is acceptable for them.

Funds on deposit at Program Banks through the CDARS program are eligible for deposit insurance by the FDIC, but are not covered by the Securities Investor Protection Corporation (“SIPC”). In the event that an FDIC-insured institution fails financially, deposits at that bank are eligible for FDIC insurance protection up to a limit of $250,000 (for individual, IRA and certain self-directed retirement accounts) and up to a limit of $250,000 per joint owner for accounts held jointly by two or more individuals. A significant loss of principal could result if your CDs are sold prior to maturity. There is no secondary market for your CDs issued through CDARS.

In the U.S., Wealth and Investment Management deposits available cash for participating brokerage accounts into deposit accounts at banks in the IND Network. Each bank will receive up to $246,500 for individual, IRA and certain self-directed retirement accounts and $493,000 for joint accounts. When all the banks in the IND network have been filled in the applicable amount, Wealth and Investment Management will place excess funds in Barclays Bank Delaware, the excess bank, without limit. These excess funds will not be FDIC-insured.

Barclays Wealth Trustees (U.S.), N.A. (“BWT”) is a national bank limited to fiduciary activities, subject to regulation and examination by the Office of the Comptroller of the Currency (the “OCC”). BWT is an indirect, wholly-owned subsidiary of Barclays Bank PLC. ("BBPLC”) and an affiliate of Barclays Capital Inc. (“BCI”) and various other subsidiaries of, and entities affiliated with, BBPLC. Barclays offers wealth management products and services to its clients through BBPLC and functions in the United States through BCI, an affiliate of BBPLC.  BCI is a registered broker dealer and investment advisor, regulated by the U.S. Securities and Exchange Commission, with offices at 745 Seventh Avenue, New York, New York 10019. Member FINRA and SIPC.

Securities, mutual funds and other non-deposit investments in your account are subject to investment risk, including possible loss of principal amounts invested, are not savings accounts, deposits or other obligations of, or guaranteed by BWT, and are not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation, or any other government agency. 

Regulator and responsibility

For persons in the USA, Barclays accepts responsibility for the contents of any information on the Site considered to be a research report. Any orders, originating in the USA, resulting from any research report, should be placed through Barclays. Additional information concerning this report will be furnished upon request. Barclays Capital Inc. is a registered Broker Dealer with FINRA (see link above) and a member of SIPC.

For other persons the Site is made available at the request of the relevant local Barclays entity in their jurisdiction with Barclays Bank PLC acting merely as agent for that entity. The local Barclays entity takes responsibility for the contents of the Site.

Barclays is committed to the principles of equal employment opportunity. The firm does not discriminate against any employee or applicant for employment because of race, color, religion, gender, national origin, veteran status, disability, age, citizenship, marital status, sexual orientation or because of any other criteria prohibited under controlling federal, state or local law.

Important information about procedures for opening a new account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Asset Class and Product Risk

  • Alternative Trading Strategies (“ATS”). There are specific concerns related to alternative investment strategies with respect to private wealth clients. These include: investor taxability; suitability of funds that require long lock-up periods for investors with liquidity needs or multiple investment horizons; communicating complex strategies to a non-professional client; greater likelihood of decision risk (changing strategies at the point of maximum loss) and clients whose wealth stems from concentrated positions in closely held companies may not be suited to other illiquid investments.
  • Bonds are subject to market, interest rate and credit risk; and are subject to availability and market conditions. Generally, the higher the interest rate the greater the risk. Bond values will decline as interest rates rise. Government bonds are subject to federal taxes. Municipal bond interest may be subject to the alternative minimum tax; other state and local taxes may apply. High yield bonds, also known as “junk bonds” are subject to additional risks such as the increased risk of default.

    • Debt securities may be subject to call features or other redemption features, such as sinking funds, and may be redeemed in whole or in part before maturity. These occurrences may affect yield.
    • Like all bonds, corporate bonds tend to rise in value when interest rates fall, and they fall in value when interest rates rise. The longer the maturity of the bond, the greater the degree of price volatility. If you hold a bond until maturity, you may be less concerned about these price fluctuations (which are known as interest rate risk or market risk), because you will receive the par or face value of your bond at maturity.
  • Cash Equivalents. Portfolios that invest in very short-term securities provide taxable or tax-advantaged current income, pose little risk to principal and offer the ability to convert the investment into cash quickly. These investments may result in a lower yield than would be available from investments with a lower quality or longer term.

  • Closed-End Funds. Unlike open-end funds, shares are not continually offered. Similar to public companies, closed-end funds have a one-time initial public offering, and once their shares are issued, are generally bought and sold through non-affiliated broker/dealers and trade on nationally recognized stock exchanges. Share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than your original investment. Shares of exchange-traded closed-end funds may trade at a discount or premium to their original offering price, and often trade at a discount to their net asset value. Closed-end funds may be leveraged, meaning the fund has issued or purchased stock or other investments using borrowed funds. While leveraging may result in increased yield during favorable market conditions, it could also result in losses if market conditions become unfavorable.

  • Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. An investment in commodities may not be suitable for all investors. Commodities may be affected by overall market movements and other factors that affect the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. Commodities are volatile investments and should only form a small part of a diversified portfolio. Diversification does not assure a profit or protect against a loss. Consult your investment representative to help you determine whether a commodity investment is right for you.

    • Commodity asset classes tends to have higher volatility and downside risk compared to traditional asset classes like bonds and equities.
    • Market distortion and disruptions have an impact on commodity performance and may impact the performance and values of products linked to commodities or related commodity indices. The levels, values or prices of commodities can fluctuate widely due to supply and demand disruptions in major producing or consuming regions.
    • Commodities prices are highly volatile and are affected by numerous factors in addition to economic activity. These include political events, weather, labour activity, direct government intervention, such as embargos, and supply disruptions in major producing or consuming regions. Those events tend to affect prices worldwide, regardless of the location of the event. Market expectations about these events and speculative activity also cause prices to fluctuate. These factors may adversely affect the performance of commodities and related commodity indices and, as a result, the value of products linked to such commodities or indices.
  • Exchange Traded Funds (ETFs) shareholders are subject to risks similar to those of holders of other portfolios, such as mutual funds. In addition to these general risks, there are risks specific to each ETF, which are described in the relevant prospectus. Risks may include the following:

    • The general value of securities held may decline, thus adversely affecting the value of an ETF that represents an interest in those securities. This could occur with equities, commodities, fixed income, futures, or other investments the fund may hold on behalf of the shareholders.
    • For ETFs whose stated investment objective is to track a particular industry or asset sector, the fund may be adversely affected by the performance of that specific industry or sector.
    • Fund holdings of international investments may involve risk of capital loss from unfavorable fluctuations in currency exchange rates, differences in generally accepted accounting principles, or economic or political instability in other nations.
    • Although ETFs are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indexes, the trusts may not be able to exactly replicate that performance because of trust expenses and other factors. This is sometimes referred to as “tracking error”.
  • Hedge Funds & Fund of Funds. May invest in highly illiquid securities that may be difficult to value. Moreover, many hedge funds give themselves significant discretion in valuing securities. You should understand a fund's valuation process and know the extent to which a fund's securities are valued by independent sources. Hedge funds typically charge an asset management fee of 1-2% of assets, plus a performance fee of 20% of a hedge fund's profits. Hedge funds typically limit opportunities to redeem, or cash in, your shares (e.g., to four times a year), and often impose a "lock-up" period of one year or more, during which you cannot cash in your shares. If you invest in hedge funds through a fund of hedge funds, you will pay two layers of fees: the fees of the fund of hedge funds (including performance fees) and the fees charged by the underlying hedge funds.

  • International Investing / Emerging Markets. International investing may not be suitable for every investor and is subject to additional risks, including currency fluctuations, political factors, withholding, lack of liquidity, the absence of adequate financial information, and exchange control restrictions impacting foreign issuers. These risks may be magnified in emerging markets.

  • Loans/Leveraging is investing with borrowed money which can magnify both gains and losses and may have a compounding effect of all other associated risks.

  • Master Limited Partnerships (“MLPs”). MLPs are an interest rate-sensitive investment; MLPs are impacted by the supply and demand of the products they transport or store; MLPs require access to the capital markets to fund growth spending; MLPs generally have less liquidity than most common stocks due to high retail ownership and tax advantages of owning the positions long term and MLP cash flows and unit prices could be adversely affected by changes to federal tax policy.

  • Private Investments. Private investments can be speculative in nature, illiquid, employ leverage and involve the possibility of partial or total loss of capital. In addition, they are subject to economic and market risks. Please see the Offering Memorandum for a complete description of the strategy, including risks.

  • Real Estate Investing - Real estate is subject to various risks including fluctuation in underlying property values, expenses, income and environmental liabilities.

  • Real Estate Investment Trusts (REITs). The properties held by REITs could fall in value for a variety of reasons, such as declines in rental income, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate tax laws. There is a risk that REIT stock prices overall will decline over short or even long periods because of rising interest rates. Other risks include: Sensitive to Demand for Other High-Yield Assets. Generally, rising interest rates could make Treasury securities more attractive, drawing funds away from REITs and lowering their share prices. Property Taxes. REITs must pay property taxes, which can make up as much as 25% of total operating expenses. State and municipal authorities could increase property taxes to make up for budget shortfalls, reducing cash flows to shareholders. Tax Rates. One of the downsides to the high yield of REITs is that taxes are due on dividends, and the tax rates are typically higher than the 15% most dividends are currently taxed at. This is because a large chunk of a REIT's dividends (typically about three quarters, though it varies widely by REIT) is considered ordinary income, which is usually taxed at a higher rate.

  • Small & Mid-Cap Stocks. have limited marketability and may be subject to more abrupt or erratic market movements than large-cap stocks. This group of companies may involve a higher degree of risk and volatility than investments in larger companies.

  • U.S. Large Cap Stocks. Portfolios that emphasize large and established US companies may involve price fluctuations as stock market conditions change.

  • Warrants: Investing in warrants is not suitable for all investors. Risks associated with investing in warrants include the leveraging effect of price movements which can result in large losses in a short period of time. Warrants typically have fixed terms which can increase depreciation risk. Warrants are subject to volatility of the underlying asset which can significantly affect the value of a warrant. Because warrants are typically traded in Euros or US dollars, they may be subject to foreign currency risk which causes the value of the investment to increase or decrease as the rates of exchange between those currencies and the US dollar change, which can be volatile. Warrants are also subject to counterparty risk; as warrants are considered debt of the issuer, loss of principal is possible in the event of payment default by the issuer. Holders of warrants have no shareholding or voting rights and are not entitled to any dividends.

Benchmark definitions

Download the Benchmark definitions [PDF, 261KB]

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