DEENF

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

DEENF 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.

DEENF 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.

DEENF Charts And Performance

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
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Select ETFs to compare their performance:
PERFORMANCE [as of 05/27/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
DEENF 0% -28.57% -28.57% -28.57% -5.50% 4.36% 1.22%
ticker (NAV) -30.54% 33.18% 72.88% 57.77% 7.96% 13.27% 5.82%
Deutsche Bank Liquid Commodity Index -- -- -- -- -- -- 5.82%
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DEENF Summary Data

Deutsche Bank
04/28/08
Exchange-Traded Note
0.75%
$403.27K
73.54%

DEENF Portfolio Data

0.00%
N/A

DEENF Index Data

Fixed
Fixed
N/A

DEENF Fund Structure

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

DEENF Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

DEENF Factset Analytics Block Liquidity

As of 05/28/20
5
4
3
2
1

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

DEENF Tradability

1
0
1
0
73.54%
$32.26
-42.16%
-38.20% / -51.82%
Potential
0.00%
50,000
0.00
0.00%
--
0
$105.35
5