DFVL

iPath US Treasury 5-Year Bull ETN
*Unless otherwise stated, data provided by FactSet.

DFVL Fund Description

DFVL tracks the Barclays 5Y U.S. Treasury Futures Targeted Exposure Index. The index gains a point for each 1 bp drop in yield and the note gains 10 cents for each 1 point gain in the index.

DFVL Factset Analytics Insight

DFVL offers atypical exposure to 5 year US Treasurys in an ETN that barely trades. Regarding direction, the note rises when yields fall, just as a bond would. But regarding the magnitude of exposure, DFVL differs from most leveraged products in that it does not set exposure based on a set multiple like 2x or 3x. Instead it aims for a fixed dollar exposure to its index, so it increases a dime for each 1 point increase in the index. The index itself (inversely) moves a point for each bp of change in yield with the whole idea being fixed dollar exposure relative to changes in yield. This also means “variable” exposure compared with the more typical fixed-multiple daily-reset geared products as the note offers fixed exposure to Treasurys in dollars. For example, a 10 cent increase on a $50 handle is a 20 bp move while the same increase if the note stands at $100 produces a 10 bp move. The market takes a dim view of this approach judging from the tiny AUM (<$1M). DFVL goes for days without trading too.

DFVL CHARTS AND PERFORMANCE

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
RESET
Select ETFs to compare their performance:
PERFORMANCE [as of 06/13/19] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
DFVL 16.80% 16.80% 16.80% 12.52% -0.03% 3.44% --
DFVL (NAV) 5.28% 9.34% 10.26% 18.80% -0.20% 3.91% --
Bloomberg Barclays Intermediate U.S. Treasury Index 1.47% 2.77% 3.57% 6.33% 1.37% 1.94% 2.50%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DFVL Summary Data

iPath
07/11/11
Exchange-Traded Note
0.75%
$5.02M
0.92%

DFVL Portfolio Data

0.00%
N/A

DFVL Index Data

Single Asset
Single Asset
Bloomberg Barclays Intermediate U.S. Treasury Index

DFVL Fund Structure

No
N/A
N/A / N/A
Barclays Bank PLC
Low
High
Variable
Monthly

DFVL Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

DFVL Factset Analytics Block Liquidity

As of 06/14/19
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of DFVL. DFVL is rated a N/A out of 5.

DFVL Tradability

20
$980.51
0
0
0.92%
$0.65
0.25%
7.98% / -10.82%
None
0.00%
0
0
0.00%
--
--
$71.02
N/A