According to the firms, the PowerShares DB 3x Long 25+ Year Treasury Bond ETN (NYSE Arca: LBND) and the PowerShares DB 3x Short 25+ Year Treasury Bond ETN (NYSE Arca: SBND) are the first exchange-traded products to provide investors with a cost effective and convenient way to take a leveraged long or leveraged short view on the performance of Ultra Bond futures. The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London Branch, linked to the month-over-month performance of a total return version of the DB Long US Treasury Bond Futures Index or the DB Short US Treasury Bond Futures Index.  

The underlying assets of Ultra Bond futures are Treasury bonds with at least 25 years remaining term to maturity. The returns of each ETN are obtained by combining three times the returns of the relevant index with the returns of the T-Bill index, less investor fees. Investors can buy and sell the ETNs on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early redemption based on the performance of the index less investor fees.