Deutsche Bank lists three Exchange Traded Notes

Deutsche Bank listed three Exchanged Traded Notes (ETNs). These JSE-listed instruments offer a cost-efficient, convenient and liquid solution for South African investors wishing to invest into Emerging Market regions and countries without utilising their offshore allowances.

The ETNs will track the following Indices:

* MSCI Emerging Markets Total Return Index:

This is a free float adjusted market capitalisation index and currently includes companies across 23 Emerging Market countries. The shares listed in the BRIC countries (Brazil, Russia, India and China) account for approximately 50% of the Index whereas South Africa shares account for approximately 7.5%.

* MSCI China Total Return Index:

This is a free float adjusted market capitalisation index and includes approximately 150 companies incorporated in the People’s Republic of China (listed in USD on the Shanghai Stock Exchange or the Shenzhen Stock Exchange (in HKD), or listed in HKD on the Hong Kong Stock Exchange).

* MSCI Africa Top 50 Capped Total Return Index:

This is a free float adjusted market capitalisation index and only includes shares listed in MSCI EFM Africa countries which currently includes Egypt, Kenya, Mauritius, Morocco, Nigeria, South Africa and Tunisia. In addition to the country filter, the index also applies a liquidity filter so that only securities with an annualised traded value greater than USD 200 million will be considered for inclusion. The top 50 shares ranked according to free float adjusted market capitalisation are selected from the remaining list.

An ETN is a contractual obligation made by Deutsche Bank, as the issuer to pay the holder of the ETN a return which is linked to the performance of the relevant underlying index.

The ETNs are issued with a fixed term but investors can buy and sell the ETNs in the secondary market as would a share during normal JSE trading hours. The ETNs will trade in Rand but as the offshore Indices are referenced in USD, investors will benefit from any depreciation in the Rand against the USD.

The ETNs track Total Return Indices and as Total Return indices calculate the performance assuming dividends and any other distributions are reinvested, the ETNs will not pay any distributions.