PowerShares DB Inverse Japanese Govt Bond Futures ETN
PowerShares DB 3x Inverse Japanese Govt Bond Futures ETN
What are the PowerShares DB Inverse JGB Futures ETNs?
The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month performance of the DB USD
Inverse JGB Futures Index.
The DB USD Inverse JGB Futures Index is intended to measure the performance of
a notional short position in 10-year JGB Futures. The underlying assets of
10-year JGB Futures are Japanese-government issued debt securities ("JGBs")
with a remaining term to maturity of not less than 7 years and not more than 11
years as of their issue date and the futures contract delivery date. The
returns of each ETN are obtained by combining the monthly returns or three
times the monthly returns from the Short JGB Futures Index with the returns of
the TBill 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. The issuer
has the right to redeem the ETNs at the repurchase value at any time.
Investors may redeem the ETNs in blocks of no less than 50,000 securities and
multiples of 50,000 securities thereafter, subject to the procedures described
in the pricing supplement. Redemptions may include a fee of up to $0.03 per
Benefits and Risks of PowerShares DB Inverse JGB Futures ETNs
 Leveraged or unleveraged short notes
 Relatively low cost
 Intraday access
 Non-principal protected
 Leveraged losses
 Subject to an investor fee
 Limitations on repurchase
 Concentrated exposure
 Credit risk of the issuer
 Issuer call right
 Potential lack of liquidity
Deutsche Bank AG, London Branch has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus and other documents filed by
Deutsche Bank AG, London Branch for more complete information about the issuer
and this offering. You may get these documents for free by visiting
powersharesetns.com | www.dbxus.com or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 800 983 0903 | 877 369
4617, or you may request a copy from any dealer participating in this
Important Risk Considerations:
Each security offers investors exposure to the month-over-month performance of
its respective index measured from the first calendar day to the last calendar
day of each month and the amount you receive at maturity (or upon an earlier
repurchase) will be contingent upon each monthly performance of the respective
index during the term of the ETNs. The 3x Inverse JGB Futures ETNs and the
Inverse JGB Futures ETNs may not be suitable for investors seeking an
investment with a term greater than the time remaining to the next monthly
reset date and should be used only by knowledgeable investors who understand
the potential adverse consequences of seeking longer-term leveraged investment
results by means of securities that reset their exposure monthly, resulting in
the compounding of monthly returns. Investing in the ETNs is not equivalent to
a direct investment in the applicable index or index components. The principal
amount is also subject to the monthly application of the investor fee, which
can adversely affect returns. There is no guarantee that you will receive at
upon an earlier repurchase, your initial investment back or any return on that
investment. Significant adverse monthly performances of your ETNs may not be
offset by any beneficial monthly performances.
The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch,
and the amount due on the ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection. Risks of investing in the ETNs
include limited portfolio diversification, full principal at risk, uncertain
tax treatment, trade price fluctuations, illiquidity and leveraged losses. The
investor fee will reduce the amount of your return at maturity or upon
redemption of your ETNs even if the value of the relevant index has increased.
If at any time the repurchase value of the ETNs is zero, the relevant ETNs will
be accelerated and you will lose your entire investment in such ETNs. As
described in the pricing supplement, Deutsche Bank may redeem the ETNs for an
amount in cash equal to the repurchase value.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. There are restrictions on the minimum number of ETNs that you may
redeem directly with Deutsche Bank AG, London Branch, as specified in the
applicable pricing supplement. Ordinary brokerage commissions apply. Sales in
the secondary market may result in losses.
The ETNs provide concentrated exposure to notional positions in 10-year JGB
futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, changes in currency exchange
rates, and monetary and other
governmental actions, each in the US or Japan.
The 3x Inverse JGB Futures ETN is a leveraged investment. As such, it is likely
to be more volatile than an unleveraged investment. There is also a greater
risk of loss of principal associated with a leveraged investment than with an
PowerShares([R]) is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC is an indirect,
wholly owned subsidiary of Invesco Ltd.
Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management
LLC. Invesco Distributors, Inc. will be compensated by Deutsche Bank or its
affiliates for providing these marketing services. Neither Invesco
Distributors, Inc. nor Invesco PowerShares is affiliated with Deutsche Bank.
An investor should consider the ETNs' investment objectives, risks, charges and
expenses carefully before investing.
An investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors"
in the applicable pricing supplement and the accompanying prospectus supplement
Not FDIC Insured -- No Bank Guarantee -- May Lose Value This material must be
accompanied or preceded by a prospectus. Before investing, please read the
Note: Not all products available through all firms or in all jurisdictions.