About Deutsche Bank AG (London Branch)
This ETN was delisted on April 11, 2019, and now trades over-the-counter on the pink sheets. As a result, shareholders should anticipate ultra-wide spreads, minimal trading volumes, and prices well above or below NAVs. DDP is, like most leveraged and inverse products, designed to provide -1x exposure to its index for a finite period, in this case, monthly. Investors holding it beyond its next monthly reset date will be subject to the effects of compoundinga dynamic that can cause the note`s performance to drift from its promised -1x exposure. The note`s index tracks a single futures contract on six commodities: wheat, corn, light sweet crude, heating oil, gold, and aluminum. The index tracks the futures contract on each commodity determined to be least influenced by contango. The index measures the changes in price of the futures contracts, the returns from rolling those contracts over, and the cost of borrowing (collateral) as measured by the 3-month Treasury bill. Although its 75 bp fee is entirely reasonable compared with other inverse products, trading costs are of greater importance, since DDP is designed for round-trip intraday trading. To that end, the market for DDP is both shallow and wide, with limited trading and wide spreads. Worse, the note is closed for creations, meaning the basic arbitrage mechanism that keeps market price and fair value aligned is broken.
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Frequently Asked Questions
An exchange-traded fund (ETF) is a collection of assets (stocks, bonds, commodities, etc.) that track an underlying index and can be bought on an exchange like individual stocks.
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No, DDPXF doesn't pay dividends to its holders.