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Deutsche To Buy Back 3 Elements ETNs

Deutsche Bank, the Germany-based bank that is in the process of rolling out its own lineup of DBX ETFs in the U.S., is buying back three Elements ETNs that carry investing legend Benjamin Graham’s name. It didn’t cite a reason, but the three ETNs have gathered few assets.

The three ETNs, and their assets as of Friday, Aug. 19, are:

  • Elements Benjamin Graham Total Market Value Index-Total Return ETN (NYSEArca:BVT), $2.82 million
  • Elements Benjamin Graham Large Cap Value Index-Total Return ETN (NYSEArca:BVL), $520,000
  • Elements Benjamin Graham Small Cap Value Index-Total Return ETN (NYSEArca:BSC), $1.39 million

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Holders of the ETNs as of Aug. 23 are will receive a cash payment on Aug. 26 equal to the daily repurchase value on Aug. 23, Deutsche said in a press release. It said the dates could change due to certain market disruption events.

It noted that it will post information related to the repurchases on the website as soon as possible after Aug. 23. Deutsche expects the ETNs will stop trading on Aug. 25.

The company, which already uses Invesco PowerShares to market a family of ETFs and ETNs it sponsors in the U.S., also began to roll out its very own ETFs under the DBX brand earlier this year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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