DEE

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

DEE Fund Description

The DB Commodity Double Short ETN provides monthly -2x exposure to an index that tracks the performance of futures contracts on wheat, corn, crude oil, heating oil, gold, and aluminum.

DEE Factset Analytics Insight

DEE, like most leveraged and inverse products, is designed to provide -2x exposure to its index for a fixed period of time; in this case, monthly. 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 -2x 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 DEE is designed for round-trip intraday trading. To that end, it’s nearly untradable. Median volume is zero, meaning that most days, not a single share changes hands, and average spreads are unacceptably large. Worse, the basic arbitrage mechanism for keeping market price and fair value in line is broken, because the note is closed for creations.

DEE 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 07/18/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
DEE 0% -28.57% -28.57% -28.57% -0.73% 14.50% 9.85%
DEE (NAV) 2.95% 1.49% -11.68% -33.97% 0.97% 15.82% 12.55%
Deutsche Bank Liquid Commodity Index -- -- -- -- -- -- 12.55%
MSCI World Ex-USA Mid Cap -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DEE Summary Data

04/28/08
Exchange-Traded Note
0.75%
$238.92K
87.64%

DEE Portfolio Data

0.00%
N/A

DEE Index Data

Fixed
Fixed
MSCI World Ex-USA Mid Cap

DEE Fund Structure

No
N/A
N/A / N/A
Deutsche Bank AG
Low
High
-2
Daily

DEE 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

DEE Factset Analytics Block Liquidity

As of 07/19/18
5
4
3
2
1

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

DEE Tradability

5
$197.08
0
0
87.64%
$46.92
6.70%
47.76% / -13.87%
Potential
0.00%
50,000
0
0.00%
--
--
$60.97
5