DB Agriculture Short ETN Exp 01 Apr 2038 Stock Price, News & Analysis

DEUTSCHE BK AGRI SHT ETN (symbol ADZCF) is associated in regulatory filings with Deutsche Bank Aktiengesellschaft, referenced in English as Deutsche Bank Corporation. According to multiple Form 6-K filings, Deutsche Bank Aktiengesellschaft files reports with the U.S. Securities and Exchange Commission as a foreign issuer under the Securities Exchange Act of 1934. These filings indicate that Deutsche Bank prepares financial information under International Financial Reporting Standards (IFRS) and provides additional non-GAAP financial measures reconciled to IFRS metrics.

The Form 6-K reports describe how Deutsche Bank prepares financial results in accordance with IFRS as endorsed by the European Union, referred to as EU IFRS, and also in accordance with IFRS as issued by the International Accounting Standards Board, referred to as IASB IFRS. The filings explain that EU IFRS incorporates an "EU carve-out" for certain fair value hedge accounting, particularly for portfolio hedges of interest rate risk, non-maturing deposits and fixed rate mortgages with pre-payment options. This approach is used to minimize accounting exposure to movements in interest rates and to reduce volatility of reported revenue from treasury activities.

For U.S. reporting purposes, Deutsche Bank prepares versions of its earnings reports and its Annual Report on Form 20-F using IASB IFRS, which does not permit the EU carve-out. The impact of the EU carve-out is described in the notes to the consolidated financial statements and in sections titled "Basis of accounting – EU carve-out" or "Basis of preparation/impact of changes in accounting principles" in the referenced reports. The 6-K filings also note that Deutsche Bank’s financial targets and capital objectives are based on results prepared in accordance with EU IFRS.

The filings list a range of non-GAAP financial measures that Deutsche Bank uses alongside IFRS figures. Examples include adjusted profit (loss) attributable to Deutsche Bank shareholders for segments, net interest income in key banking book segments, revenues on a currency-adjusted basis, adjusted costs and costs on a currency-adjusted basis, nonoperating costs, net assets (adjusted), tangible shareholders’ equity, average tangible shareholders’ equity, tangible book value, average tangible book value, and post-tax return on average shareholders’ equity or average tangible shareholders’ equity. The most directly comparable IFRS measures are profit (loss), net interest income, net revenues, noninterest expenses, total assets, and total shareholders’ equity (book value), as well as book value per share outstanding.

In addition, the filings reference tangible book value per basic share outstanding and book value per basic share outstanding as measures derived from total shareholders’ equity. The documents emphasize that detailed descriptions of these non-GAAP measures and the adjustments from IFRS measures are provided in sections titled "Non-GAAP financial measures" in Deutsche Bank’s earnings reports and in the "Supplementary Information (Unaudited): Non-GAAP Financial Measures" section of its Annual Report on Form 20-F.

Several Form 6-K filings also mention key updates communicated during specific quarters, investor conferences such as an Investor Deep Dive, and the inclusion of exhibits like media releases, financial data supplements, and English translations of the Articles of Association of Deutsche Bank Aktiengesellschaft. These exhibits are incorporated by reference into a registration statement identified as No. 333-278331 for Deutsche Bank AG.

While the name DEUTSCHE BK AGRI SHT ETN suggests an exchange-traded note, the provided materials focus on Deutsche Bank’s consolidated reporting framework, accounting basis, and use of non-GAAP financial measures, rather than on the specific terms or structure of the ETN itself. Based on the available information, ADZCF should be understood in the context of Deutsche Bank’s broader SEC reporting and IFRS-based financial disclosures.

Non-GAAP Measures Highlighted in Filings

The Form 6-K filings identify specific non-GAAP measures that Deutsche Bank uses for internal and external analysis. These include:

• Profit (loss) attributable to Deutsche Bank shareholders for segments and related equity components, compared with IFRS profit (loss).
• Net interest income in key banking book segments, compared with IFRS net interest income.
• Revenues on a currency-adjusted basis, compared with IFRS net revenues.
• Adjusted costs, costs on a currency-adjusted basis, and nonoperating costs, compared with IFRS noninterest expenses.
• Net assets (adjusted), compared with IFRS total assets.
• Tangible shareholders’ equity and average tangible shareholders’ equity, compared with IFRS total shareholders’ equity (book value).
• Tangible book value and average tangible book value, compared with total shareholders’ equity.
• Post-tax return on average shareholders’ equity and post-tax return on average tangible shareholders’ equity, both based on profit (loss) attributable to Deutsche Bank shareholders after AT1 coupon, compared with post-tax return on average shareholders’ equity under IFRS.
• Tangible book value per basic share outstanding and book value per basic share outstanding, compared with book value per share outstanding.

The filings explain that these non-GAAP measures are intended to provide additional insight into performance, financial position and returns, with full reconciliations and definitions available in the referenced earnings reports and annual report sections.

Forward-Looking Statements and Risk References

The Form 6-K documents include cautionary language on forward-looking statements, noting that statements about Deutsche Bank’s intentions, beliefs, expectations or predictions are based on plans, estimates and projections available to management at the time. The filings highlight that such statements involve risks and uncertainties, and that actual results may differ materially due to factors described in the "Risk Factors" section of Deutsche Bank’s Annual Report on Form 20-F and other SEC filings.

According to the filings, factors that may cause differences include conditions in financial markets in Germany, Europe, the United States and elsewhere, potential defaults of borrowers or trading counterparties, implementation of strategic initiatives, and the reliability of risk management policies, procedures and methods, among other risks referenced in SEC filings.

Use of IFRS Frameworks

Across the provided Form 6-K filings, Deutsche Bank describes a dual IFRS framework:

• EU IFRS with EU carve-out for non-U.S. reporting, incorporating portfolio fair value hedge accounting for interest rate risk, non-maturing deposits and fixed rate mortgages with pre-payment options, and used for financial targets and capital objectives.
• IASB IFRS for U.S. reporting, including the Annual Report on Form 20-F and certain earnings reports, which does not allow the EU carve-out but is otherwise the same as EU IFRS.

The filings consistently state that the impact of the EU carve-out is described in specific notes or sections of the earnings reports and the Annual Report on Form 20-F.

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