DB Agriculture Long ETN
AGF
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- DB Agriculture Long ETN (AGF) is an exchange-traded note issued by Deutsche Bank AG (London Branch), providing investors with exposure to the performance of the DBIQ Optimum Yield Agriculture Index Excess Return, which tracks futures contracts on key agricultural commodities including corn, soybeans, wheat, and sugar. The ETN offers a senior unsecured debt obligation maturing on April 1, 2038, delivering monthly returns based on the index's performance plus the return of the DB 3-Month T-Bill Index, subject to an annual investor fee of 0.75%; it does not distribute dividends and carries credit risk tied to the issuer. Traded primarily on U.S. exchanges such as NYSE Arca, the product targets institutional and retail investors seeking leveraged commodity exposure without direct futures trading. Originally launched on April 14, 2008, under the PowerShares branding as part of a suite including double-long and short variants, the AGF transitioned fully to direct issuance by Deutsche Bank following the 2011 delisting of PowerShares DB Agriculture ETNs amid low liquidity and issuance suspensions. In recent years, the ETN has experienced minimal trading volumes and negative performance, with year-to-date declines around 3-7% amid volatile agricultural markets influenced by weather, supply chains, and geopolitical factors; no major new issuances, redemptions, or structural changes have been announced in 2024 or 2025. Deutsche Bank continues to support periodic repurchases at the holder's option, though secondary market trading may reflect premiums or discounts due to suspended new creations. The product operates globally through U.S.-listed exchanges, with exposure to international agricultural futures markets via the index's optimized rolling strategy designed to mitigate contango effects. Headquartered in London for issuance purposes, it leverages Deutsche Bank's commodity derivatives platform serving North American and worldwide investors.