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Print this pageiPath® S&P 500 Dynamic VIX CAD Hedged ETN (DVX)
The iPath® S&P 500 Dynamic VIX CAD Hedged ETN is designed to provide investors with exposure to the S&P 500® Dynamic VIX Futures™ Total Return Index, hedged to Canadian Dollars.
Related Resources
- Prospectus
- Fact Sheet
- Fundamentals of iPath ETNs
- 1 (866) 486-4874
| Daily Closing Indicative Value† | $35.53 |
| Notes Outstanding | 40,000 |
| Market Capitalization* | $1,421,200 |
† Source: Barclays Bank PLC. The "Daily Closing Indicative value" is historical, does not guarantee future performance, and is shown for illustrative purposes only. The issuer or an affiliate will provide the official Redemption Value to the redeeming holder in advance of any redemption. See additional information below.
* Market Capitalization = Daily Closing Indicative Value x Notes Outstanding
| Closing Price | 50.85 |
| Net Change | N/A |
| % Change | N/A |
| High | N/A |
| Low | N/A |
| Volume | N/A |
| 20-Day Volume Average | N/A |
| Primary Exchange | Toronto Stock Exchange |
| Ticker | DVX |
| Intraday Indicative Value Ticker | DVX.IV |
| Bloomberg Index Ticker | SPDVIXTR |
| Yearly Fee | 0.99%1 |
| CUSIP | 06741L245 |
| Inception Date | 04/12/2012 |
| Maturity Date | 04/16/2042 |
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| Index | -5.21 | -7.07 | -21.29 | -15.80 | -29.80 | N/A | N/A | N/A | -30.64 | ||||||||||
| iPath Indicative Value Return | -4.50% | -6.30% | -20.86% | -15.77% | -29.94% | N/A | N/A | N/A | -29.37% | ||||||||||
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| iPath Market Price Return | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Source: BlackRock. Period ending 04/30/2013.
The performance quoted represents past performance and does not guarantee future results. The closing indicative value of the ETNs will fluctuate so that the ETNs, when sold or redeemed may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. See additional market price information.
| S&P 500 Dynamic VIX Futures TM Index TR | 1.00 |
| S&P/TSX 60 Index | -0.35 |
| S&P 500 Index | -0.51 |
| MSCI EAFE Index | -0.38 |
| MSCI Emerging Markets Index SM | -0.49 |
| DEX Universe Bond Index | 0.28 |
Sources: S&P, MSCI, Scotia Capital Markets, BlackRock, 1 year based on weekly returns.
Index Returns
Index Returns measure returns over the relevant period using the change in the index level expressed as a percentage from the beginning of the relevant period to the end of the relevant period. Index Returns are for illustrative purposes only and do not represent actual ETN performance. Index Returns do not reflect any investor fees, transaction costs, or expenses which would reduce your actual return or the results of any currency hedging returns. Indexes are unmanaged and one cannot invest directly in an index.
Market Returns
Market Returns measure returns over the relevant period using the change in the midpoint of the bid/ask spread at 4:00 pm Eastern time (or the last midpoint of the bid/ask spread prior to 4:00 pm Eastern time) expressed as a percentage from the beginning of the relevant period to the end of the relevant period and do not represent the returns you would receive if you traded at other times. Market Returns do not account for brokerage commissions, which will reduce actual returns.
Indicative Value Returns
The Indicative Value Returns measure the returns over the relevant period using the change in the closing indicative value expressed as a percentage from the beginning of the relevant period to the end of the relevant period and reflect the current investor fee.
Redemption Value
Subject to the requirements which may be established by the issuer from time to time, the ETNs may be redeemed on any redemption date during the term of the ETNs. In order to exercise the right to redeem the ETNs on any redemption date, the ETNs must be redeemed by the holder in blocks of at least 25,000 at one time.
A redemption date is the third business day following each valuation date (other than the final valuation date). Valuation Date means each business day during the term of the ETNs inclusive (subject to a market disruption event) where (1) such day is a currency business day and (2) such business day is an index business day.
Indicative Value
An intraday "indicative value" meant to approximate the intrinsic economic value of each ETN is calculated and published by Bloomberg or a successor under the respective ticker symbols listed above. Additionally, the daily closing indicative value of each ETN is calculated and posted each trading day to the Product Data table above.
The Indicative value calculation is provided for reference purposes only. It is not intended as a price or quotation, or as an offer or solicitation for the purchase, sale, redemption or termination of the ETNs, nor does it reflect hedging or transaction costs, credit considerations, market liquidity, or bid-offer spreads. Published index levels from the sponsors of the indices underlying each ETN may occasionally be subject to delay or postponement, which may affect the indicative value of the ETN. The actual trading price of the ETNs may be different from their indicative value.
1 The investor fee is the Yearly Fee times the applicable closing indicative value, calculated on a daily basis in the following manner: The investor fee on the inception date will equal zero. On each subsequent valuation date until maturity or early redemption, the investor fee will be equal to the Yearly Fee times the closing indicative value on the immediately preceding valuation date times the number of calendar days from the immediately preceding valuation date to such subsequent valuation date divided by 365.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the "ETNs") involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable Prospectus.
You May Lose Some or All of Your Principal:
The ETNs are exposed to a decrease in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the value of such index has increased. Because the ETNs are subject to an investor fee and any other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
The ETNs are not insured deposit liabilities:
The ETNs are not deposit liabilities of Barclays Bank PLC and are not insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of Canada, the United States, the United Kingdom or any other jurisdiction.
Credit of Barclays Bank PLC:
The ETNs are unsecured debt obligations of the issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Issuer Redemption:
Barclays Bank PLC will have the right to redeem or "call" a series of ETNs (in whole but not in part) at its sole discretion and without your consent on any business day on or after the inception date until and including maturity.
The Performance of the Underlying Index is Unpredictable:
An investment in the ETNs is subject to risks associated with fluctuations, particularly a decline, in the performance of the underlying index. Because the performance of such index is linked to futures contracts on the CBOE® Volatility Index (the "VIX Index"), the performance of the underlying index will depend on many factors including, the level of the S&P 500® Index, the prices of options on the S&P 500® Index, and the level of the VIX Index which may change unpredictably, affecting the value of futures contracts on the VIX Index and, consequently, the level of the underlying index. Additional factors that may contribute to fluctuations in the level of such index include prevailing market prices and forward volatility levels of the U.S. stock markets and the equity securities included in the S&P 500® Index, the prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX Index, or any other financial instruments related to the S&P 500® Index and the VIX Index, interest rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
Dynamic Allocation of Underlying Index:
The value of the underlying index will depend upon the success of such index in dynamically allocating between the short-term and mid-term volatility futures components. The allocation of such index is based on implied volatility measurements that may not effectively predict trends in future volatility, and is made in accordance with pre-defined weightings that may not be optimal. Additionally, such index may allocate to short as well as long positions in the index components and is not guaranteed to react positively to increased levels of market volatility.
Market and Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on the Toronto Stock Exchange, a trading market for the ETNs may not develop and the liquidity of the ETNs may be limited, as we are not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs:
You may not receive any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions:
You must redeem at least 25,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date. You may only redeem your ETNs on a redemption date if we receive a notice of redemption from you by certain dates and times as set forth in the Prospectus.
"Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500™", "S&P 500 VIX Short-Term Futures™", "S&P 500 VIX Mid-Term Futures™" and "S&P 500® Dynamic VIX Futures™" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by Barclays Bank PLC. "VIX" is a registered trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and has been licensed for use by S&P. The ETNs are not sponsored, endorsed, sold or promoted by S&P or the CBOE. S&P and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of either index to track market performance.
Selected Risk Considerations
An investment in the iPath ETNs described herein (the "ETNs") involves risks. Selected risks are summarized here, but we urge you to read the more detailed explanation of risks described under "Risk Factors" in the applicable Prospectus.
You May Lose Some or All of Your Principal:
The ETNs are exposed to a decrease in the level of the underlying index between the inception date and the applicable valuation date. Additionally, if the level of the underlying index is insufficient to offset the negative effect of the investor fee and other applicable costs, you will lose some or all of your investment at maturity or upon redemption, even if the value of such index has increased. Because the ETNs are subject to an investor fee and any other applicable costs, the return on the ETNs will always be lower than the total return on a direct investment in the index components. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.
The ETNs are not insured deposit liabilities:
The ETNs are not deposit liabilities of Barclays Bank PLC and are not insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other governmental agency of Canada, the United States, the United Kingdom or any other jurisdiction.
Credit of Barclays Bank PLC:
The ETNs are unsecured debt obligations of the issuer, Barclays Bank PLC, and are not, either directly or indirectly, an obligation of or guaranteed by any third party. Any payment to be made on the ETNs, including any payment at maturity or upon redemption, depends on the ability of Barclays Bank PLC to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of Barclays Bank PLC will affect the market value, if any, of the ETNs prior to maturity or redemption. In addition, in the event Barclays Bank PLC were to default on its obligations, you may not receive any amounts owed to you under the terms of the ETNs.
Issuer Redemption:
Barclays Bank PLC will have the right to redeem or "call" a series of ETNs (in whole but not in part) at its sole discretion and without your consent on any business day on or after the inception date until and including maturity.
The Performance of the Underlying Index is Unpredictable:
An investment in the ETNs is subject to risks associated with fluctuations, particularly a decline, in the performance of the underlying index. Because the performance of such index is linked to futures contracts on the CBOE® Volatility Index (the "VIX Index"), the performance of the underlying index will depend on many factors including, the level of the S&P 500® Index, the prices of options on the S&P 500® Index, and the level of the VIX Index which may change unpredictably, affecting the value of futures contracts on the VIX Index and, consequently, the level of the underlying index. Additional factors that may contribute to fluctuations in the level of such index include prevailing market prices and forward volatility levels of the U.S. stock markets and the equity securities included in the S&P 500® Index, the prevailing market prices of options on the VIX Index, relevant futures contracts on the VIX Index, or any other financial instruments related to the S&P 500® Index and the VIX Index, interest rates, supply and demand in the listed and over-the-counter equity derivative markets as well as hedging activities in the equity-linked structured product markets.
Dynamic Allocation of Underlying Index:
The value of the underlying index will depend upon the success of such index in dynamically allocating between the short-term and mid-term volatility futures components. The allocation of such index is based on implied volatility measurements that may not effectively predict trends in future volatility, and is made in accordance with pre-defined weightings that may not be optimal. Additionally, such index may allocate to short as well as long positions in the index components and is not guaranteed to react positively to increased levels of market volatility.
Market and Volatility Risk:
The market value of the ETNs may be influenced by many unpredictable factors and may fluctuate between the date you purchase them and the maturity date or redemption date. You may also sustain a significant loss if you sell your ETNs in the secondary market. Factors that may influence the market value of the ETNs include prevailing market prices of the U.S. stock markets, the index components included in the underlying index, and prevailing market prices of options on such index or any other financial instruments related to such index; and supply and demand for the ETNs, including economic, financial, political, regulatory, geographical or judicial events that affect the level of such index or other financial instruments related to such index.
A Trading Market for the ETNs May Not Develop:
Although the ETNs are listed on the Toronto Stock Exchange, a trading market for the ETNs may not develop and the liquidity of the ETNs may be limited, as we are not required to maintain any listing of the ETNs.
No Interest Payments from the ETNs:
You may not receive any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date Restrictions for Redemptions:
You must redeem at least 25,000 ETNs of the same series at one time in order to exercise your right to redeem your ETNs on any redemption date. You may only redeem your ETNs on a redemption date if we receive a notice of redemption from you by certain dates and times as set forth in the Prospectus.
"Standard & Poor's®", "S&P®", "S&P 500®", "Standard & Poor's 500™", "S&P 500 VIX Short-Term Futures™", "S&P 500 VIX Mid-Term Futures™" and "S&P 500® Dynamic VIX Futures™" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by Barclays Bank PLC. "VIX" is a registered trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and has been licensed for use by S&P. The ETNs are not sponsored, endorsed, sold or promoted by S&P or the CBOE. S&P and CBOE make no representation, condition or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs or in the ability of either index to track market performance.
