ADZ

DB Agriculture Short ETN
*Unless otherwise stated, data provided by FactSet.

ADZ Fund Description

The DB Agriculture Short ETN provides monthly inverse exposure to an index that tracks the performance of futures contracts on corn, soybeans, sugar and wheat.

ADZ Factset Analytics Insight

ADZ is, like most leveraged and inverse products, designed to provide -1x exposure to its index for a fixed period of time—monthly in this case. Investors holding it beyond the next monthly reset will be subject to the effects of compounding—a 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 four agricultural commodities: corn, wheat, soybeans and sugar. 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 expense ratio is entirely reasonable compared with other inverse products, trading costs are of greater importance, since ADZ is designed for round-trip intraday trading. To that end, it’s nearly untradeable. Median volume is zero, meaning that most days, not a single share changes hands, and spreads are obscenely wide. Investors face substantial premiums or discounts, too, as the note is closed for creations, preventing arbitrageurs from doing their job.

ADZ 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 06/21/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
ADZ 10.78% 10.78% 6.32% 18.44% 3.34% 11.13% 4.65%
ADZ (NAV) 7.34% 6.28% 7.07% 12.67% 2.50% 9.51% 4.50%
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

ADZ Summary Data

04/14/08
Exchange-Traded Note
0.75%
$253.95K
70.29%

ADZ Portfolio Data

0.00%
N/A

ADZ Index Data

Fixed
Fixed
N/A

ADZ Fund Structure

No
N/A
N/A / N/A
Deutsche Bank AG
Low
High
-1
Daily

ADZ Tax Exposures

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

ADZ Factset Analytics Block Liquidity

As of 06/22/18
5
4
3
2
1

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

ADZ Tradability

35
$1.22K
0
0
70.29%
$18.62
-0.02%
6.24% / -40.62%
Potential
0.00%
50,000
0
0.08%
--
--
$36.72
5

Options Strategies for Outcome Investing

A collar strategy is a protective option strategy constructed by writing a call and buying a put with the same expiration date while being long the underlying security.