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Deutsche Bank AG (London Branch)

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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. AGF provides exposure to corn, wheat, soybeans and sugar via futures contracts that are chosen by the index provider to minimize the effects of contango. In contrast, our production-weighted benchmark uses front-month contracts for exposure to its basket of commodities. AGF has outperformed both our benchmark and its underlying index in recent years as AGF's dynamic contract selection is less sensitive to short-term price changesAGF has more exposure to contracts farther along the futures curve. Structurally, AGF offers investors a trade-off: As an ETN, it introduces counterparty risk, but frees investors from the headaches associated with receiving a K-1. AGF's 75 bp fee is higher than some competing products, but not prohibitive. The big concern for investors is that AGF is closed to creations, so shares can swing to huge premiums in periods of high demand.

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