iPath S&P 500 Dynamic VIX ETN

The investment seeks to provide investors with exposure to the S&P 500 Dynamic VIX Futures™ Total Return Index. The S&P 500 Dynamic VIX Futures™ Total Return Index (the "index") is designed to dynamically allocate between the S&P 500 VIX Short-Term Futures™ Index Excess Return and the S&P 500 VIX Mid-Term Futures™ Index Excess Return by monitoring the steepness of the implied volatility curve. The index seeks to react positively to overall increases in market volatility and aims to lower the roll cost of investments linked to future implied volatility.