From the August 2008 issue of Research Magazine • Subscribe!

August 1, 2008

Deutsche Bank Launches Value-Focused ETNs

Deutsche Bank has announced it will issue ELEMENTS exchange-traded notes (ETNs) linked to Benjamin Graham Intelligent Value Indices.

Benjamin Graham ELEMENTS ETNs are senior unsecured obligations of Deutsche Bank that are linked to the performance of the Benjamin Graham series of value indices.

Deutsche Bank will issue the Benjamin Graham ELEMENTS ETNs in denominations of $10, and they will be distributed by Nuveen Investments and Merrill Lynch.

The ETNs will be the first to offer investors exposure to indices based on the value-oriented investment philosophy of Benjamin Graham. The main investment strategy will be to identify businesses with strong, liquid balance sheets that trade at a discount to their implied intrinsic value.

Graham was a Columbia University professor and well-known author in securities analysis. He single-handedly influenced an entire generation of investors including the heralded Warren Buffett. Graham died in 1976.

The ETNs will be listed on the NYSE Arca, as follows:

--Benjamin Graham Large Cap Value ELEMENTS (BVL),

--Benjamin Graham Small Cap Value ELEMENTS (BSC), and

--Benjamin Graham Total Market Value ELEMENTS (BVT).

"The ELEMENTS ETNs linked to the Benjamin Graham Intelligent Value Indices offer a convenient way to access the pioneering investment philosophy of Mr. Graham," says Michael Nadel, director of the global-markets division at Deutsche Bank. "We are pleased to once again partner with Nuveen and Merrill Lynch to bring innovative products to market."

Reprints Discuss this story
This is where the comments go.