Deutsche Bank To Redeem All Shares Of Leveraged Oil ETN
01 Settembre 2009 - 11:25PM
Dow Jones News
Political pressure to reign in energy "speculators" appears to
have claimed its first victim in the ETF industry.
On Tuesday Deutsche Bank said it will redeem all shares of
PowerShares DB Crude Oil Double Long Exchange Traded Note (DXO), an
ETF-like security that helps investor double bets on the price of
oil.
Deutsche Bank had already stopped issuing new shares for the
exchange-traded note, prompting existing shares to trade at a steep
premium. The move appears to be the first time calls to curb
speculation in the energy markets has prompted a fund firm to close
a product.
-By Ian Salisbury, Dow Jones Newswires; 212-416-2241;
ian.salisbury@dowjones.com