Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-184193
Dated February 25, 2015
 |
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Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
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Related Products
DB Commodity
DEE Double Short ETN
ETN
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DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DDP DDP: DB Commodity Short ETN
Prospectus
ETN
Total Notes Outstanding: $2,520,893 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Deutsche Bank announced on February 9, 2012 the Regulatory
suspension of any further issuance of the DB Commodity Documents
Short ETN. The DB Commodity Short ETN will continue to be
listed and traded on NYSE Arca. Please see the press release PROSPECTUS
filed by Deutsche Bank with the SEC on February 9, 2012 for
additional information.
The DB Commodity Short ETN (Symbol: DDP) is part of the "DB Commodity ETNs"
collection. DB Commodity ETNs provide investors a way to take a long, short or
leveraged view on the performance of a broad-based commodity index. All of the
DB Commodity Exchange Traded Notes are based on a total return version of the
Deutsche Bank Liquid Commodity Index[TM]. The Long and Double Long ETNs are
based on the Optimum Yield[TM] version of the Index. The Short and Double Short
ETNs are based on the standard version of the Index. Any payment at maturity or
upon early redemption is subject to Deutsche Bank AG's ability to pay its
obligations as they become due. Each index is intended to track the long or
short performance of the underlying futures contracts relating to six
commodities: wheat, corn, light sweet crude oil, heating oil, gold and
aluminum. Investors can buy and sell the DB Commodity ETNs at market price on
the NYSE Arca exchange or receive a cash payment at the scheduled maturity or
early repurchase based on the month-over-month performance of the index less
investor fees. Investors may redeem the DB Commodity ETNs in blocks of no less
than 5,000 securities and integral multiples of 5,000 securities thereafter,
subject to the procedures described in the pricing supplement, which may
include a fee of up to $0.03 per security. Inverse ETNs are not suitable for
all investors. See risk considerations below.
Risks Benefits
Non-principal protected Unleveraged short notes
2/25/2015
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Subject to an investor fee Relatively low cost
Limitations on repurchase Intraday access
Concentrated exposure to notional Listed
positions in commodity futures contracts
Transparent
Credit risk of the issuer
Lack of liquidity
DDP Profile DDP Financial Details
As of 25-Feb-2015 01:14 PM
Inception Date: 04/28/2008
------------- --------------- -------
ETN Price at Initial Listing: $25.00 Last Trade: Bid: Ask:
Maturity Date: 4/1/2038 $44.00 $0.00 $0.00
Listing Exchange: NYSE Arca Open: High: Low:
$0.00 $44.00 $42.51
Yearly Investor Fee: 0.75%
Ticker: DDP
CUSIP: 25154H467
------------- --------------- -------
Pricing Snapshot
Current Pricing 52 Week
============================= =======
Indicative Value
Intraday Indicative Security Value: $43.60 1
Last End of Day Value: $44.23
Last End of Day Date: 02/24/2015
1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.
About the Note's Index
Last Updated 02/24/2015
Index Ticker: DBLCMACL
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Page 3 of 4 Component Contract Date Weight % Aluminium 16-Dec-2015 13.70 ----------- ------------- --------- Corn 14-Dec-2015 13.89 ----------- ------------- --------- Gold 29-Dec-2015 12.87 ----------- ------------- --------- Heating Oil 31-Mar-2015 19.70 ----------- ------------- --------- Light Crude 20-Mar-2015 26.80 ----------- ------------- --------- Wheat 14-Dec-2015 13.04 DDP News and Updates 2 | 25 | 2015 Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs) 3 | 7 | 2014 Press Release: Deutsche Asset and Wealth Management reduces redemption size of twelve ETNs 2 | 9 | 2012 Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces Changes to Underlying Indexes Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info Risks for the DB Exchange Traded Notes 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 www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 1-877-369-4617, or you may request a copy from any dealer participating in this offering. 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. Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. 2/25/2015 |
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Page 4 of 4 Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Page 1 of 2
Privacy | Contact Us
About Us Search
DDP DDP: DB Commodity Short ETN
Prospectus
ETN
Total Notes Outstanding: $2,520,893 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
----------------------------------
as of Jan 2015 []
------------------ --- ===========
Quarter-end Month-end
Cumulative Average Annualized
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
------------------ --- ---- ------ --- ---- --------- ------- ------- ------- ----------
DBLCI -5.60 -22.33 -29.59 -5.60 -29.14 -14.91 -5.15 -13.33
Excess
Return
Index
ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have been
lower than the relevant index. See the prospectus for more complete information.
Investors holding less than the minimum number of shares required to effect a
repurchase would have to sell their shares at prevailing market prices, which
may be at a significant discount to the repurchase value. Indexes are unmanaged,
and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT GUARANTEE
FUTURE RESULTS. Performance data current to the most recent month end can be
obtained by calling 1-855-329-3837 or by visiting www.deutsche-etfs.com.
Quick Links:
Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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
2/25/2015
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 |
Page 2 of 2 investors who understand the potential adverse consequences of seeking longer-term inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DDP DDP: DB Commodity Short ETN
Prospectus
ETN
Total Notes Outstanding: $2,520,893 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
News
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
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Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Page 1 of 2
Privacy | Contact Us
Products Insights Literature Resources About Us Search
Contact Us
Shareholders: DDP DDP: DB Commodity Short ETN
To speak with a shareholder representative, Prospectus
ETN
call (877) 369-4617. Total Notes Outstanding: $2,520,893 - As of: 02/24/2015
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255. Overview Performance News Related Materials FAQ
Related Products Related Materials
DDP Prospectus PDF
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DDP DDP: DB Commodity Short ETN
Prospectus
ETN
Total Notes Outstanding: $2,520,893 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
FAQ's
What is an Exchange Traded Note (ETN)?
An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.
What risks are associated with ETNs?
Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.
ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.
Do the ETNs replicate a direct investment in the underlying index?
Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount
2/25/2015
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Page 2 of 3 (the amount you invested) is also subject to the applicable investor fees, which can adversely affect returns. What are Inverse ETNs? Inverse ETNs are products that provide investors with short exposure to an underlying index, meaning that their returns will increase with depreciations and decrease with appreciations of the underlying index. Inverse ETNs may also provide investors leveraged short exposure to an underlying index. Inverse ETNs may not be suitable for all investors. How do I buy and sell ETNs? ETNs are traded on an exchange. Investors can buy or sell ETNs through their broker on a U.S. securities exchange during market hours. Is a net asset value (NAV) calculated for ETNs? Because ETNs are securities and investors don't have an ownership stake in any underlying assets, they do not have a NAV like ETFs. For ETNs, the intraday indicative value (which approximates the intrinsic economic value of each ETN) is published every 15 seconds during the trading sessions and the repurchase value (at which the issuer will repurchase the ETNs) is published at the end of each trading day on the issuer's website or on third party publication sources including Bloomberg and Reuters. Who is the issuer for the DB ETNs? The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to the credit risk of Deutsche Bank AG. For more information about Deutsche Bank AG, you can review Deutsche Bank's annual report on Form 20-F and Interim Reports on Form 6-K at www.sec.gov. Do the DB ETNs pay interest and dividends? These ETNs do not pay any interest or dividends. How are ETNs taxed? In determining our tax reporting responsibilities, if any, with respect to the ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid financial contracts that are not 2/25/2015 |
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Page 3 of 3
debt. If this treatment is respected, subject to any special considerations
described in the relevant pricing supplement, (i) you should not recognize
taxable income or loss prior to the taxable disposition of your Deutsche
X-trackers ETNs (including at maturity or upon early redemption), (ii) in the
case of equity-linked or commodity-linked ETNs, your gain or loss on the ETNs
should be capital gain or loss, and (iii) 1099s, not K-1s, will be the tax
reporting forms received. However, significant aspects of the tax treatment of
the ETNs are uncertain. If the Internal Revenue Service ("IRS") were successful
in asserting an alternative treatment for the ETNs, the tax consequences of
ownership and disposition of the ETNs could differ materially and adversely
from those described briefly above. In addition, in 2007 the U.S. Treasury
Department and the IRS released a notice requesting comments on the tax
treatment of "prepaid forward contracts" and similar instruments. Any resulting
guidance could materially and adversely affect the tax consequences of an
investment in the ETNs, possibly with retroactive effect.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. 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.
The ETNs provide concentrated exposure to notional positions in commodity
futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, volatile prices, changes
in supply and demand relationships, changes in interest rates, and monetary and
other governmental actions.
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
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.
Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.
Not FDIC Insured -- No Bank Guarantee -- May Lose Value
Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a
registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or
registered trademarks are the property of their respective owners. Your use of
this site signifies that you accept our Terms and Conditions of Use.
2/25/2015
|
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DEE DEE: DB Commodity Double Short ETN
Prospectus
ETN
Total Notes Outstanding: $3,146,933 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Deutsche Bank announced on February 9, 2012 the Regulatory
suspension of any further issuance of the DB Commodity Documents
Double Short ETN. The DB Commodity Double Short ETN will
continue to be listed and traded on NYSE Arca. Please see the PROSPECTUS
press release filed by Deutsche Bank with the SEC on
February 9, 2012 for additional information.
The DB Commodity Double Short ETN (Symbol: DEE) is part of the "DB Commodity
ETNs" collection. DB Commodity ETNs provide investors a way to take a long,
short or leveraged view on the performance of a broad-based commodity index.
All of the DB Commodity Exchange Traded Notes are based on a total return
version of the Deutsche Bank Liquid Commodity Index[TM]. The Long and Double
Long ETNs are based on the Optimum Yield[TM] version of the Index. The Short
and Double Short ETNs are based on the standard version of the Index. Any
payment at maturity or upon early redemption is subject to Deutsche Bank AG's
ability to pay its obligations as they become due. Each index is intended to
track the long or short performance of the underlying futures contracts
relating to six commodities: wheat, corn, light sweet crude oil, heating oil,
gold and aluminum. Investors can buy and sell the DB Commodity ETNs at market
price on the NYSE Arca exchange or receive a cash payment at the scheduled
maturity or early repurchase based on the month-over-month performance of the
index less investor fees. Investors may redeem the DB Commodity ETNs in blocks
of no less than 5,000 securities and integral multiples of 5,000 securities
thereafter, subject to the procedures described in the pricing supplement,
which may include a fee of up to $0.03 per security. Leveraged inverse ETNs are
not suitable for all investors. See risk considerations below.
Risks Benefits
Non-principal protected Leveraged short notes
2/25/2015
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Page 2 of 4
Leveraged losses Relatively low cost
Subject to an investor fee Intraday access
Limitations on repurchase Listed
Concentrated exposure to notional Transparent
positions in commodity futures contracts
Credit risk of the issuer
Lack of liquidity
DEE Profile DEE Financial Details
As of 25-Feb-2015 12:44 PM
Inception Date: 04/28/2008
------------- --------------- -------------------
ETN Price at Initial Listing: $25.00 Last Trade: Bid: Ask:
Maturity Date: 4/1/2038 $58.48 $0.00 $58.00
Listing Exchange: NYSE Arca Open: High: Low:
$0.00 $0.00 $0.00
Yearly Investor Fee: 0.75%
Ticker: DEE
CUSIP: 25154H483
------------- --------------- -------------------
Pricing Snapshot
Current Pricing 52 Week
============================= ===================
Indicative Value
Intraday Indicative Security Value: $57.67 1
Last End of Day Value: $59.38
Last End of Day Date: 02/24/2015
1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.
About the Note's Index
Last Updated 02/24/2015
Index Ticker: DBLCMACL
2/25/2015
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Page 3 of 4 Component Contract Date Weight % Aluminium 16-Dec-2015 13.70 ----------- ------------- --------- Corn 14-Dec-2015 13.89 ----------- ------------- --------- Gold 29-Dec-2015 12.87 ----------- ------------- --------- Heating Oil 31-Mar-2015 19.70 ----------- ------------- --------- Light Crude 20-Mar-2015 26.80 ----------- ------------- --------- Wheat 14-Dec-2015 13.04 DEE News and Updates 2 | 25 | 2015 Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs) 3 | 7 | 2014 Press Release: Deutsche Asset and Wealth Management reduces redemption size of twelve ETNs 2 | 9 | 2012 Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces Changes to Underlying Indexes Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info Risks for the DB Exchange Traded Notes 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 www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 1-877-369-4617, or you may request a copy from any dealer participating in this offering. 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. Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. 2/25/2015 |
 |
Page 4 of 4 Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Page 1 of 2
Privacy | Contact Us
About Us Search
DEE DEE: DB Commodity Double Short ETN
Prospectus
ETN
Total Notes Outstanding: $3,146,933 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
----------------------------------
as of Jan 2015 []
------------------ --- ===========
Quarter-end Month-end
Cumulative Average Annualized
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
------------------ --- ---- ------ --- ---- -------------- ------- ------- ------- ----------
DBLCI -5.60 -22.33 -29.59 -5.60 -29.14 -14.91 -5.15 -13.33
Excess
Return
Index
ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have
been lower than the relevant index. See the prospectus for more complete
information. Investors holding less than the minimum number of shares required
to effect a repurchase would have to sell their shares at prevailing market
prices, which may be at a significant discount to the repurchase value. Indexes
are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. Performance data current to the most recent
month end can be obtained by calling 1-855-329-3837 or by visiting
www.deutsche-etfs.com.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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
2/25/2015
|
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Page 2 of 2 investors who understand the potential adverse consequences of seeking longer-term inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DEE DEE: DB Commodity Double Short ETN
Prospectus
ETN
Total Notes Outstanding: $3,146,933 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
News
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Page 1 of 2
Privacy | Contact Us
Products Insights Literature Resources About Us
Contact Us
Shareholders: DEE DEE: DB Commodity Double Short ETN
To speak with a shareholder representative, Prospectus
ETN
call (877) 369-4617. Total Notes Outstanding: $3,146,933 - As of: 02/24/2015
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255. Overview Performance News Related Materials FAQ
Related Products Related Materials
DEE Prospectus PDF
DB Commodity
DDP Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources
Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DEE DEE: DB Commodity Double Short ETN
Prospectus
ETN
Total Notes Outstanding: $3,146,933 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
FAQ's
What is an Exchange Traded Note (ETN)?
An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.
What risks are associated with ETNs?
Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.
ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.
Do the ETNs replicate a direct investment in the underlying index?
Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount
2/25/2015
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Page 2 of 4 (the amount you invested) is also subject to the applicable investor fees, which can adversely affect returns. What are Leveraged ETNs? Leveraged ETNs are designed to amplify returns related to an underlying index, whether positive or negative. Leveraged ETNs typically attempt to provide double or triple returns of an underlying index over a predetermined period of time, usually daily or monthly. The current principal amount is reset each day or month to ensure that a consistent degree of leverage is applied to any performance of the underlying index. If the current principal amount is reduced by a negative daily or monthly performance, any further negative daily or monthly performance will lead to a smaller loss when applied to that reduced current principal amount. However, if the current principal amount increases, the loss for a certain level of negative daily or monthly performance will increase correspondingly. Resetting the current principal amount also means that any gain from a positive daily or monthly performance will be contingent upon the current principal amount. The leverage feature and the daily or monthly reset of the principal amount will cause the performance of the ETNs to differ significantly from the point-to-point performance of the underlying index. Leveraged ETNs may not be suitable for all investors. What makes Deutsche Bank's Leveraged ETNs different from other Leveraged ETPs? Deutsche Bank offers a number of leveraged ETNs, the returns of which are reset on a monthly basis, as compared to other leveraged ETNs in the market that reset on a daily basis. ETNs reset on a daily basis are typically designed to achieve their stated objectives on a daily basis. Due to the effects of the leverage feature and the daily reset of the principal amount, the performance of leveraged ETNs over longer periods of time can differ significantly from the point-to-point performance of the underlying index. Deutsche Bank ETNs offer investors exposure to the month-over-month performance of its respective underlying index measured from the first calendar day to the last calendar day of each month. While Deutsche Bank's monthly reset ETNs lessen the deviation to the underlying index to certain degree, they 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. What are Inverse ETNs? Inverse ETNs are products that provide investors with short exposure to an underlying index, meaning that their returns will increase with depreciations and decrease with appreciations of the underlying index. Inverse ETNs may also provide investors leveraged short exposure to an underlying index. Inverse ETNs may not be suitable for all investors. How do I buy and sell ETNs? 2/25/2015 |
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Page 3 of 4
ETNs are traded on an exchange. Investors can buy or sell ETNs through their
broker on a U.S. securities exchange during market hours.
Who is the issuer for the DB ETNs?
The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to
the credit risk of Deutsche Bank AG. For more information about Deutsche Bank
AG, you can review Deutsche Bank's annual report on Form 20-F and Interim
Reports on Form 6-K at www.sec.gov.
Do the DB ETNs pay interest and dividends?
These ETNs do not pay any interest or dividends.
Can the DB ETNs be offered to the issuer for repurchase before its maturity
date?
These ETNs can be offered to the issuer for repurchase prior to its maturity
date, subject to the minimum size requirements and the procedures described in
the relevant prospectus.
How are ETNs taxed?
In determining our tax reporting responsibilities, if any, with respect to the
ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid
financial contracts that are not debt. If this treatment is respected, subject
to any special considerations described in the relevant pricing supplement, (i)
you should not recognize taxable income or loss prior to the taxable
disposition of your Deutsche X-trackers ETNs (including at maturity or upon
early redemption), (ii) in the case of equity-linked or commodity-linked ETNs,
your gain or loss on the ETNs should be capital gain or loss, and (iii) 1099s,
not K-1s, will be the tax reporting forms received. However, significant
aspects of the tax treatment of the ETNs are uncertain. If the Internal Revenue
Service ("IRS") were successful in asserting an alternative treatment for the
ETNs, the tax consequences of ownership and disposition of the ETNs could
differ materially and adversely from those described briefly above. In
addition, in 2007 the U.S. Treasury Department and the IRS released a notice
requesting comments on the tax treatment of "prepaid forward contracts" and
similar instruments. Any resulting guidance could materially and adversely
affect the tax consequences of an investment in the ETNs, possibly with
retroactive effect.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
2/25/2015
|
 |
Page 4 of 4 Risks for the DB Exchange Traded Notes 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 www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 1-877-369-4617, or you may request a copy from any dealer participating in this offering. 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. Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DPU DPU: DB Commodity Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,031,394 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Deutsche Bank announced on February 9, 2012 the Regulatory
suspension of any further issuance of the DB Commodity Documents
Long ETN. The DB Commodity Long ETN will continue to be
listed and traded on NYSE Arca. Separately, Deutsche Bank PROSPECTUS
announced that, effective after the close of trading on
February 16, 2012, there would be a change in the underlying
index to the DB Commodity Long Exchange Traded Note.
Please see the press release filed by Deutsche Bank with the
SEC on February 9, 2012 for additional information.
The DB Commodity Long ETN (Symbol: DPU) is part of the "DB Commodity ETNs"
collection. DB Commodity ETNs provide investors a way to take a long, short or
leveraged view on the performance of a broad-based commodity index. All of the
DB Commodity Exchange Traded Notes are based on a total return version of the
Deutsche Bank Liquid Commodity Index[TM]. The Long and Double Long ETNs are
based on the Optimum Yield[TM] version of the Index. The Short and Double Short
ETNs are based on the standard version of the Index. Any payment at maturity or
upon early redemption is subject to Deutsche Bank AG's ability to pay its
obligations as they become due. Each index is intended to track the long or
short performance of the underlying futures contracts relating to six
commodities: wheat, corn, light sweet crude oil, heating oil, gold and
aluminum. Investors can buy and sell the DB Commodity ETNs at market price on
the NYSE Arca exchange or receive a cash payment at the scheduled maturity or
early repurchase based on the month-over-month performance of the index less
investor fees. Investors may redeem the DB Commodity ETNs in blocks of no less
than 5,000 securities and integral multiples of 5,000 securities thereafter,
subject to the procedures described in the pricing supplement, which may
include a fee of up to $0.03 per security. See risk considerations below.
Risks Benefits
2/25/2015
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 |
Page 2 of 4
Non-principal protected Unleveraged long notes
Subject to an investor fee Relatively low cost
Limitations on repurchase Intraday access
Concentrated exposure to notional Listed
positions in commodity futures contracts
Transparency
Credit risk of the issuer
Lack of liquidity
DPU Profile DPU Financial Details
As of 19-Feb-2015 11:39 AM
Inception Date: 04/28/2008
------------- --------------- -------
ETN Price at Initial Listing: $25.00 Last Trade: Bid: Ask:
Maturity Date: 4/1/2038 $11.19 $0.00 $16.13
Listing Exchange: NYSE Arca Open: High: Low:
$0.00 $0.00 $0.00
Yearly Investor Fee: 0.75%
Ticker: DPU
CUSIP: 25154H459
------------- --------------- -------
Pricing Snapshot
Current Pricing 52 Week
============================= =======
Indicative Value
Intraday Indicative Security Value: $11.33 1
Last End of Day Value: $11.21
Last End of Day Date: 02/24/2015
1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.
About the Note's Index
Last Updated 02/24/2015
Index Ticker: DBLCOYER
2/25/2015
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 |
Page 3 of 4
Component Contract Weight
Date %
Aluminium 21-Oct-2015 13.82
---------------- ----------- --------
Corn 14-Dec-2015 13.73
---------------- ----------- --------
Gold 28-Apr-2015 12.74
Heating Oil 29-May-2015 18.79
---------------- ----------- --------
Light Crude 22-Feb-2016 27.61
---------------- ----------- --------
Wheat 14-Jul-2015 4.35
---------------- ----------- --------
Wheat (Kansas 14-Jul-2015 4.36
Wheat)
---------------- ----------- --------
Wheat-Mineapolis 14-May-2015 4.61
Wht
DPU News and Updates
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. 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.
The ETNs provide concentrated exposure to notional positions in commodity
futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, volatile prices, changes
in supply and demand relationships, changes in interest rates, and monetary and
other governmental actions.
2/25/2015
|
 |
Page 4 of 4 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Page 1 of 2
Privacy | Contact Us
About Us Search
DPU DPU: DB Commodity Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,031,394 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
----------------------------------
as of Jan 2015 []
-------------------- =============
Quarter-end Month-end
Cumulative Average Annualized
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
-------------------- ---- -------- --- ---- --------- ------- -------- --------- ----------
DBLCI -5.73 -22.33 -30.18 -5.73 -28.15 -14.66 -4.84 -10.89
Optimum
Yield
Excess
Return
Index
ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have
been lower than the relevant index. See the prospectus for more complete
information. Investors holding less than the minimum number of shares required
to effect a repurchase would have to sell their shares at prevailing market
prices, which may be at a significant discount to the repurchase value. Indexes
are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. Performance data current to the most recent
month end can be obtained by calling 1-855-329-3837 or by visiting
www.deutsche-etfs.com.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
2/25/2015
|
 |
Page 2 of 2 Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DPU DPU: DB Commodity Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,031,394 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
News
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Page 1 of 2
Privacy | Contact Us
Products Insights Literature Resources About Us Search
Contact Us
Shareholders: DPU DPU: DB Commodity Long ETN
To speak with a shareholder representative, Prospectus
ETN
call (877) 369-4617. Total Notes Outstanding: $1,031,394 - As of: 02/24/2015
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255. Overview Performance News Related Materials FAQ
Related Products Related Materials
DPU Prospectus PDF
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DYY Double Long ETN
ETN
DPU DPU: DB Commodity Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,031,394 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
FAQ's
What is an Exchange Traded Note (ETN)?
An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.
What risks are associated with ETNs?
Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.
ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.
Do the ETNs replicate a direct investment in the underlying index?
Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount
2/25/2015
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Page 2 of 4 (the amount you invested) is also subject to the applicable investor fees, which can adversely affect returns. How do I buy and sell ETNs? ETNs are traded on an exchange. Investors can buy or sell ETNs through their broker on a U.S. securities exchange during market hours. Is a net asset value (NAV) calculated for ETNs? Because ETNs are securities and investors don't have an ownership stake in any underlying assets, they do not have a NAV like ETFs. For ETNs, the intraday indicative value (which approximates the intrinsic economic value of each ETN) is published every 15 seconds during the trading sessions and the repurchase value (at which the issuer will repurchase the ETNs) is published at the end of each trading day on the issuer's website or on third party publication sources including Bloomberg and Reuters. Who is the issuer for the DB ETNs? The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to the credit risk of Deutsche Bank AG. For more information about Deutsche Bank AG, you can review Deutsche Bank's annual report on Form 20-F and Interim Reports on Form 6-K at www.sec.gov. Do the DB ETNs pay interest and dividends? These ETNs do not pay any interest or dividends. What are the advantages of the DB ETNs? Deutsche Bank offers a broad range of ETNs that provide investors a flexible and cost effective way to gain long or short, unleveraged or leveraged exposure to commodity, currency or fixed income assets. For investors who are looking to gain leveraged exposure, the DB ETNs reset the principal amount monthly, rather than daily like many ETNs in the market. For investors seeking to add commodities to their portfolio without the hassle of receiving a Form K-1, the commodity ETN's offer investors an alternative that reports on Form 1099. 2/25/2015 |
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Page 3 of 4
What is the Deutsche Bank Optimum Yield[TM]
strategy?
A number of commodity ETNs employs Deutsche Bank's proprietary Optimum YieldTM
(OY) strategy, which is an innovative methodology designed to address negative
roll yields in contango markets. In general, as a futures contract approaches
its expiration date, its price moves towards the spot price. In a contango
market, assuming the spot price does not change, this results in the futures
contract price decreasing and a negative implied roll yield. The opposite is
true in a backwardation market. By evaluating each of the available contracts
and roll to the contract that has the best implied, annualized roll yield, the
Optimum YieldTM strategy seeks to maximize the gains from rolling in
backwardation markets and minimize the losses from rolling in contango markets.
Click here to learn more about Optimum YieldTM.
Why is the Deutsche Bank Optimum Yield[TM] strategy valuable to ETN investors?
When markets are in contango, returns of traditional commodity ETNs will be
adversely affected by the negative roll yields. The long and double long
commodity ETNs employs Deutsche Bank's proprietary Optimum YieldTM (OY)
strategy, which is designed to maximize the positive roll yields in
backwardation markets and minimize the negative roll yields in contango
markets. Click here to learn more about Optimum YieldTM.
How are ETNs taxed?
In determining our tax reporting responsibilities, if any, with respect to the
ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid
financial contracts that are not debt. If this treatment is respected, subject
to any special considerations described in the relevant pricing supplement, (i)
you should not recognize taxable income or loss prior to the taxable
disposition of your Deutsche X-trackers ETNs (including at maturity or upon
early redemption), (ii) in the case of equity-linked or commodity-linked ETNs,
your gain or loss on the ETNs should be capital gain or loss, and (iii) 1099s,
not K-1s, will be the tax reporting forms received. However, significant
aspects of the tax treatment of the ETNs are uncertain. If the Internal Revenue
Service ("IRS") were successful in asserting an alternative treatment for the
ETNs, the tax consequences of ownership and disposition of the ETNs could
differ materially and adversely from those described briefly above. In
addition, in 2007 the U.S. Treasury Department and the IRS released a notice
requesting comments on the tax treatment of "prepaid forward contracts" and
similar instruments. Any resulting guidance could materially and adversely
affect the tax consequences of an investment in the ETNs, possibly with
retroactive effect.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
2/25/2015
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Page 4 of 4 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. Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DYY DYY: DB Commodity Double Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,972,125 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Deutsche Bank announced on February 9, 2012 the Regulatory
suspension of any further issuance of the DB Commodity Documents
Double Short ETN. The DB Commodity Double Short ETN will
continue to be listed and traded on NYSE Arca. Please see the PROSPECTUS
press release filed by Deutsche Bank with the SEC on
February 9, 2012 for additional information.
The DB Commodity Double Long ETN (Symbol: DYY) is part of the "DB Commodity
ETNs" collection. DB Commodity ETNs provide investors a way to take a long,
short or leveraged view on the performance of a broad-based commodity index.
All of the DB Commodity Exchange Traded Notes are based on a total return
version of the Deutsche Bank Liquid Commodity Index[TM]. The Long and Double
Long ETNs are based on the Optimum Yield[TM] version of the Index. The Short
and Double Short ETNs are based on the standard version of the Index. Any
payment at maturity or upon early redemption is subject to Deutsche Bank AG's
ability to pay its obligations as they become due. Each index is intended to
track the long or short performance of the underlying futures contracts
relating to six commodities: wheat, corn, light sweet crude oil, heating oil,
gold and aluminum. Investors can buy and sell the DB Commodity ETNs at market
price on the NYSE Arca exchange or receive a cash payment at the scheduled
maturity or early repurchase based on the month-over-month performance of the
index less investor fees. Investors may redeem the DB Commodity ETNs in blocks
of no less than 5,000 securities and integral multiples of 5,000 securities
thereafter, subject to the procedures described in the pricing supplement,
which may include a fee of up to $0.03 per security. Leveraged ETNs are not
suitable for all investors. See risk considerations below.
Risks Benefits
Non-principal protected Leveraged long notes
2/25/2015
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Page 2 of 4
Leveraged losses Relatively low cost
Subject to an investor fee Intraday access
Limitations on repurchase Listed
Concentrated exposure to notional Transparent
positions in commodity futures contracts
Credit risk of the issuer
Lack of liquidity
DYY Profile DYY Financial Details
As of 25-Feb-2015 01:23 PM
Inception Date: 04/28/2008
------------- --------------- -------------------
ETN Price at Initial Listing: $25.00 Last Trade: Bid: Ask:
Maturity Date: 4/1/2038 $3.60 $3.25 $4.40
Listing Exchange: NYSE Arca Open: High: Low:
$3.60 $3.73 $3.59
Yearly Investor Fee: 0.75%
Ticker: DYY
CUSIP: 25154H475
------------- --------------- -------------------
Pricing Snapshot
Current Pricing 52 Week
============================= ===================
Indicative Value
Intraday Indicative Security Value: $3.64 1
Last End of Day Value: $3.57
Last End of Day Date: 02/24/2015
1 The intraday indicative security value is meant to approximate the economic
value of the ETNs at any given time during a trading day. The intraday
indicative security value is a calculated value (calculated in accordance with
the formula set forth in the pricing supplement) and is not the same as the
trading price of the ETNs and is not a price at which you can buy or sell the
ETNs in the secondary market. The actual trading price of the ETNs in the
secondary market may vary significantly from their intraday indicative security
value.
About the Note's Index
Last Updated 02/24/2015
Index Ticker: DBLCOYER
2/25/2015
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Page 3 of 4
Component Contract Weight
Date %
Aluminium 21-Oct-2015 13.82
---------------- ----------- --------
Corn 14-Dec-2015 13.73
---------------- ----------- --------
Gold 28-Apr-2015 12.74
Heating Oil 29-May-2015 18.79
---------------- ----------- --------
Light Crude 22-Feb-2016 27.61
---------------- ----------- --------
Wheat 14-Jul-2015 4.35
---------------- ----------- --------
Wheat (Kansas 14-Jul-2015 4.36
Wheat)
---------------- ----------- --------
Wheat-Mineapolis 14-May-2015 4.61
Wht
DYY News and Updates
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. 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.
The ETNs provide concentrated exposure to notional positions in commodity
futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, volatile prices, changes
in supply and demand relationships, changes in interest rates, and monetary and
other governmental actions.
2/25/2015
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Page 4 of 4 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DYY DYY: DB Commodity Double Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,972,125 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
----------------------------------
as of Jan 2015 []
-------------------- =============
Quarter-end Month-end
Cumulative Average Annualized
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
-------------------- ---- -------- --- ---- -------------- ------- -------- --------- ----------
DBLCI -5.73 -22.33 -30.18 -5.73 -28.15 -14.66 -4.84 -10.89
Optimum
Yield
Excess
Return
Index
ETN repurchase value performance figures reflect repurchase value, which is the
amount per note you will be entitled to receive upon any early repurchase.
Investors are required to offer a minimum number of notes (found in pricing
supplement) to be eligible to effect a repurchase. Repurchase value takes into
account the current principal amount and the monthly returns from the relevant
indexes, less the investor fee. As a result, the ETN performance would have
been lower than the relevant index. See the prospectus for more complete
information. Investors holding less than the minimum number of shares required
to effect a repurchase would have to sell their shares at prevailing market
prices, which may be at a significant discount to the repurchase value. Indexes
are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE
DOES NOT GUARANTEE FUTURE RESULTS. Performance data current to the most recent
month end can be obtained by calling 1-855-329-3837 or by visiting
www.deutsche-etfs.com.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
2/25/2015
|
 |
Page 2 of 2 Each ETN 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. The inverse or leveraged 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 inverse and/or 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 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 maturity, or upon an earlier repurchase, your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. 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 relevant pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value. Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
DYY DYY: DB Commodity Double Long ETN
Prospectus
ETN
Total Notes Outstanding: $1,972,125 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
News
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs)
3 | 7 | 2014
Press Release: Deutsche Asset and Wealth Management reduces redemption size of
twelve ETNs
2 | 9 | 2012
Deutsche Bank Suspends New Issuance of Seven Exchange Traded Notes, Announces
Changes to Underlying Indexes
Quick Links:
Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers
Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
|
 |
Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Page 1 of 2
Privacy | Contact Us
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Contact Us
Shareholders: DYY DYY: DB Commodity Double Long ETN
To speak with a shareholder representative, Prospectus
ETN
call (877) 369-4617. Total Notes Outstanding: $1,972,125 - As of: 02/24/2015
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255. Overview Performance News Related Materials FAQ
Related Products Related Materials
DYY Prospectus PDF
DB Commodity
DDP Short ETN
ETN
DB Commodity
DEE Double Short ETN
ETN
DB Commodity
DPU Long ETN
ETN
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
2/25/2015
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Page 2 of 2 Risks of investing in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment. The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. Ordinary brokerage commissions apply. Sales in the secondary market may result in losses. 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. The ETNs provide concentrated exposure to notional positions in commodity futures contracts. The market value of the ETNs may be influenced by many unpredictable factors, including, among other things, volatile prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. 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 and prospectus. An investor should consider the ETNs' investment objective, risks, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and sold from time to time in amounts to be determined solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to sell additional ETNs at any time, and if Deutsche Bank AG does sell additional ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the price and liquidity of such ETNs in the secondary market could be materially and adversely affected. Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |
 |
Products Insights Literature Resources Contact Us
Shareholders:
To speak with a shareholder representative, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
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Prospectus
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Total Notes Outstanding: $1,972,125 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
FAQ's
What is an Exchange Traded Note (ETN)?
An ETN is a senior, unsecured, unsubordinated debt security issued by a
financial institution that can be bought and sold on an exchange. Unlike
traditional debt securities, ETNs do not guarantee investors any return of
principal. Instead, the returns of ETNs are based on the performance, whether
negative or positive, of an underlying index that provides exposure to one or
more underlying asset classes, including commodity, currency, equity and fixed
income assets. In addition, investors in ETNs have no ownership interest in the
underlying assets and are subject to the credit risk of the issuer.
What risks are associated with ETNs?
Unlike traditional debt securities, the principal of ETNs is not protected.
Returns of ETNs will be positively affected by any favorable performance and
negatively affected by any adverse performance of the underlying index. For
leveraged ETNs, any gain or loss related to the underlying index will be
amplified.
ETN investors are also exposed to issuer credit risk. As a result, the issuer's
actual and perceived creditworthiness will affect the market value of the ETNs,
and in the event the issuer were to default on its payment obligations,
investors may not receive any amount owed to them under the terms of the ETNs.
Investors in ETNs have no recourse to any underlying assets.
Do the ETNs replicate a direct investment in the underlying index?
Investing in the ETNs is not equivalent to a direct investment in the
underlying index or index components. Investors have no recourse to any
underlying assets and the principal amount
2/25/2015
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Page 2 of 5 (the amount you invested) is also subject to the applicable investor fees, which can adversely affect returns. What are Leveraged ETNs? Leveraged ETNs are designed to amplify returns related to an underlying index, whether positive or negative. Leveraged ETNs typically attempt to provide double or triple returns of an underlying index over a predetermined period of time, usually daily or monthly. The current principal amount is reset each day or month to ensure that a consistent degree of leverage is applied to any performance of the underlying index. If the current principal amount is reduced by a negative daily or monthly performance, any further negative daily or monthly performance will lead to a smaller loss when applied to that reduced current principal amount. However, if the current principal amount increases, the loss for a certain level of negative daily or monthly performance will increase correspondingly. Resetting the current principal amount also means that any gain from a positive daily or monthly performance will be contingent upon the current principal amount. The leverage feature and the daily or monthly reset of the principal amount will cause the performance of the ETNs to differ significantly from the point-to-point performance of the underlying index. Leveraged ETNs may not be suitable for all investors. What makes Deutsche Bank's Leveraged ETNs different from other Leveraged ETPs? Deutsche Bank offers a number of leveraged ETNs, the returns of which are reset on a monthly basis, as compared to other leveraged ETNs in the market that reset on a daily basis. ETNs reset on a daily basis are typically designed to achieve their stated objectives on a daily basis. Due to the effects of the leverage feature and the daily reset of the principal amount, the performance of leveraged ETNs over longer periods of time can differ significantly from the point-to-point performance of the underlying index. Deutsche Bank ETNs offer investors exposure to the month-over-month performance of its respective underlying index measured from the first calendar day to the last calendar day of each month. While Deutsche Bank's monthly reset ETNs lessen the deviation to the underlying index to certain degree, they 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. How do I buy and sell ETNs? ETNs are traded on an exchange. Investors can buy or sell ETNs through their broker on a U.S. securities exchange during market hours. Is a net asset value (NAV) calculated for ETNs? Because ETNs are securities and investors don't have an ownership stake in any underlying assets, they do not have a NAV like ETFs. For ETNs, the intraday indicative value (which 2/25/2015 |
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Page 3 of 5 approximates the intrinsic economic value of each ETN) is published every 15 seconds during the trading sessions and the repurchase value (at which the issuer will repurchase the ETNs) is published at the end of each trading day on the issuer's website or on third party publication sources including Bloomberg and Reuters. Who is the issuer for the DB ETNs? The DB ETNs are issued by Deutsche Bank AG, London Branch and are subject to the credit risk of Deutsche Bank AG. For more information about Deutsche Bank AG, you can review Deutsche Bank's annual report on Form 20-F and Interim Reports on Form 6-K at www.sec.gov. Do the DB ETNs pay interest and dividends? These ETNs do not pay any interest or dividends. What are the advantages of the DB ETNs? Deutsche Bank offers a broad range of ETNs that provide investors a flexible and cost effective way to gain long or short, unleveraged or leveraged exposure to commodity, currency or fixed income assets. For investors who are looking to gain leveraged exposure, the DB ETNs reset the principal amount monthly, rather than daily like many ETNs in the market. For investors seeking to add commodities to their portfolio without the hassle of receiving a Form K-1, the commodity ETN's offer investors an alternative that reports on Form 1099. What is the Deutsche Bank Optimum Yield[TM] strategy? A number of commodity ETNs employs Deutsche Bank's proprietary Optimum YieldTM (OY) strategy, which is an innovative methodology designed to address negative roll yields in contango markets. In general, as a futures contract approaches its expiration date, its price moves towards the spot price. In a contango market, assuming the spot price does not change, this results in the futures contract price decreasing and a negative implied roll yield. The opposite is true in a backwardation market. By evaluating each of the available contracts and roll to the contract that has the best implied, annualized roll yield, the Optimum YieldTM strategy seeks to maximize the gains from rolling in backwardation markets and minimize the losses from rolling in contango markets. Click here to learn more about Optimum YieldTM. Why is the Deutsche Bank Optimum Yield[TM] strategy valuable to ETN investors? 2/25/2015 |
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Page 4 of 5
When markets are in contango, returns of traditional commodity ETNs will be
adversely affected by the negative roll yields. The long and double long
commodity ETNs employs Deutsche Bank's proprietary Optimum YieldTM (OY)
strategy, which is designed to maximize the positive roll yields in
backwardation markets and minimize the negative roll yields in contango
markets. Click here to learn more about Optimum YieldTM.
How are ETNs taxed?
In determining our tax reporting responsibilities, if any, with respect to the
ETNs, we expect to treat them for U.S. federal income tax purposes as prepaid
financial contracts that are not debt. If this treatment is respected, subject
to any special considerations described in the relevant pricing supplement, (i)
you should not recognize taxable income or loss prior to the taxable
disposition of your Deutsche X-trackers ETNs (including at maturity or upon
early redemption), (ii) in the case of equity-linked or commodity-linked ETNs,
your gain or loss on the ETNs should be capital gain or loss, and (iii) 1099s,
not K-1s, will be the tax reporting forms received. However, significant
aspects of the tax treatment of the ETNs are uncertain. If the Internal Revenue
Service ("IRS") were successful in asserting an alternative treatment for the
ETNs, the tax consequences of ownership and disposition of the ETNs could
differ materially and adversely from those described briefly above. In
addition, in 2007 the U.S. Treasury Department and the IRS released a notice
requesting comments on the tax treatment of "prepaid forward contracts" and
similar instruments. Any resulting guidance could materially and adversely
affect the tax consequences of an investment in the ETNs, possibly with
retroactive effect.
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks for the DB Exchange Traded Notes
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
www.deutsche-etfs.com/prospectuses or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 1-877-369-4617, or you
may request a copy from any dealer participating in this offering.
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.
Each ETN 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. The inverse or leveraged 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 inverse
and/or 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 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 maturity, or upon an earlier repurchase,
your initial investment back or any return on that investment. Significant
adverse monthly performances for your securities may not be offset by any
beneficial monthly performances. 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 relevant pricing
supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to
the repurchase value.
Risks of investing in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are leveraged investments. 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 unleveraged investment.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. Ordinary brokerage commissions apply. Sales in the secondary market
may result in losses. 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.
The ETNs provide concentrated exposure to notional positions in commodity
futures contracts. The market value of the ETNs may be influenced by many
unpredictable factors, including, among other things, volatile prices, changes
in supply and demand relationships, changes in interest rates, and monetary and
other governmental actions.
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
and prospectus. An investor should consider the ETNs' investment objective,
risks, charges and expenses carefully before investing.
Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and sold from time to time in amounts to be determined
solely by Deutsche Bank AG. However, Deutsche Bank AG is under no obligation to
sell additional ETNs at any time, and if Deutsche Bank AG does sell additional
ETNs, Deutsche Bank AG may limit such sales and stop selling additional ETNs at
any time. If Deutsche Bank AG suspends the issuance of additional ETNs, the
price and liquidity of such ETNs in the secondary market could be materially
and adversely affected.
2/25/2015
|
 |
Page 5 of 5 Not FDIC Insured -- No Bank Guarantee -- May Lose Value Copyright [C] 2015 Deutsche Bank AG. All rights reserved. db-X[R] is a registered trademark of Deutsche Bank AG. All other trademarks, servicemarks or registered trademarks are the property of their respective owners. Your use of this site signifies that you accept our Terms and Conditions of Use. 2/25/2015 |