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. As a levered product, DYY is not a buy-and-hold ETF, it`s a short-term tactical instrument. Unlike most levered fundswhich usually reset dailyDYY offers 2x exposure over one-month periods. Over periods that span one or more monthly reset dates, returns can vary significantly from its promised 2x exposure. Crucially, the plumbing that keeps DYY trading in line with its indicative value is broken: DYY has been closed for creations since February 2012. Consequently, it`s subject to premiums that may persist indefinitely. Management fees are reasonable, but as a short-term product, trading costs are relatively more important here. Access could be prohibitively expensive: in the past, average spreads have been extremely wide and variable, and the fund barely trades. AUM is low too. Only the most resolute and experienced investors should even consider navigating DYY`s myriad challenges.