DLBR

VelocityShares Short LIBOR ETN

DLBR Fund Description

The VelocityShares Short LIBOR ETN tracks the inverse of the daily change in forward 3-month USD LIBOR, as determined by Eurodollar futures.

DLBR Factset Analytics Insight

A complicated investment, DLBR tracks an index that aims to synthetically reproduce the inverse of the day-to-day change in 3-month USD LIBOR. The note functions as a direct bet on LIBOR itself; for example if LIBOR decreases from 3% to 2.7%, DLBR should rise by 10% (subject to fees and contango effects). To replicate the daily inverse performance of LIBOR, the note goes long a ladder of Eurodollar futures with a weighted average tenor of one year. Therefore, the note does not track current LIBOR, but an average of forward LIBOR rates implied by the futures ladder.
To avoid increased volatility when rates are low, positions are subject to a floor of 2.5%. If rates fall below this floor, the note will proportionally gear down its exposure to the index. In this way, it uses leverage in a variable manner, subject to daily fluctuations. Like all leveraged and inverse ETPs, the note will experience path-dependency effects over time. Because forward LIBOR is derived from futures prices, DLBR is also subject to the effects of contagno, which may boost or hurt returns. In addition to its expense ratio, the note charges a spread fee to simulate the cost of rolling the futures contracts. This fee is fixed relative to LIBOR, so will have a greater effect when interest rates are low.
DLBR is a pricey and complex investment, yet offers a unique take on interest rates. Due to high fees, the inherent volatility of LIBOR, contango effects, and path-dependency effects, investors should trade with caution and use this as a short-term instrument only. As an ETN, DLBR is subject to the credit risk of Citibank.

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
RESET
Select ETFs to compare their performance:
Bats Book Viewer
TOP OF BOOK
SHARES/SIZEPRICE
ASKS----
----
----
----
----
BIDS----
----
----
----
----
LAST 10 TRADES
TIMEPRICESHARES
------
------
------
------
------
------
------
------
------
------
Bats BZX Real-time Quote - 23:59:59
Daily Spread
Premium/Discount
Volume

DLBR Factset Analytics Block Liquidity

As of 01/12/18
5
4
3
2
1

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

DLBR Summary Data

CitiGroup
08/15/17
Exchange-Traded Note
1.50%
$3.11M
1.86%

DLBR Portfolio Data

--
N/A

DLBR Index Data

Single Asset
Single Asset
N/A

DLBR Fund Structure

No
N/A
N/A
Citigroup Global Markets Holdings Inc
Low
Low
Variable
Daily

DLBR Tax Exposures

20.00% / 39.60%
--
No

DLBR Tradability

1,169
$33.26K
0
0
1.86%
1.34%
4.86% / -1.43%
None
50,000
0
0.21%
--
$20.79
N/A