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Free Writing Prospectus
Filed pursuant to Rule 433
Registration Statement No. 333-162195
Dated May 3, 2011
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Gold Exchange Traded Notes
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Description
The PowerShares DB Gold Double Long Exchange Traded Note (Symbol: DGP),
PowerShares DB Gold Short Exchange Traded Note (Symbol: DGZ) and PowerShares DB
Gold Double Short Exchange Traded Note (Symbol: DZZ) (collectively, the
"PowerShares DB Gold ETNs") are the first exchange-traded products that provide
investors with a cost-effective and convenient way to take a short or leveraged
view on the performance of gold.
All of the PowerShares DB Gold ETNs are based on a total return version of the
Deutsche Bank Liquid Commodity Index -- Optimum Yield GoldTM , which is intended
to track the long or short performance of a single unfunded gold futures
contract.
Investors can buy and sell the PowerShares DB Gold 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 PowerShares DB Gold ETNs in blocks of no less
than 200,000 securities and integral multiples of 50,000 securities thereafter,
subject to the procedures described in the pricing supplement, which may include
a fee of up to $0.03 per security.
Fact Sheet
Prospectus
Index History(1)
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Source: DB / Bloomberg
Index Weights
As Of: 02-May-2011
Commodity Contract Expiry Date Weight %
Gold 29-Aug-2011 / Aug 11 100.0
(1) ETN performance figures are based on repurchase value.
DB Gold ETN and Index Data Repurchase value is the current principal amount x applicable index
factor x fee factor. See the prospectus for more complete
DB Gold ETN Symbols information. Index history is for illustrative purposes only and does
not represent actual PowerShares DB Gold ETN performance. The
Gold Double Short DZZ inception date of the Deutsche Bank Liquid Commodity Index --
Optimum Yield GoldTM is May 24, 2006. ETN Performance is based
on a combination of the monthly returns from the Deutsche Bank
Gold Double Long DGP Liquid Commodity Index -- Optimum Yield Gold Excess ReturnTM
(the "Gold Index") plus the monthly returns from the DB 3-Month T-
Gold Short DGZ Bill Index (the "T-Bill Index"), resetting monthly as per the formula
applied to the PowerShares DB Gold ETNs, less the investor fee.
Details The T-Bill Index is intended to approximate the returns from investing
in 3-month United States Treasury bills on a rolling basis.
ETN price at initial listing $25.00 Index history does not reflect any transaction costs or expenses.
Indexes are unmanaged, and you cannot invest directly in an index.
Inception date 2/27/08 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE
RESULTS
Maturity date 2/15/08
(2) The PowerShares DB Gold ETNs are senior unsecured
obligations of Deutsche Bank AG, London Branch, and the
Yearly investor fee 0.75% amount due on the PowerShares DB Gold ETNs is dependent on
Deutsche Bank AG, London Branch's ability to pay. The
Listing exchange NYSE Arca PowerShares DB Gold ETNs are riskier than ordinary unsecured
debt securities and have no principal protection. Risks of
Index symbol DGLDIX investing in the PowerShares DB Gold ETNs include limited portfolio
diversification, uncertain principal repayment, trade price fluctuations,
illiquidity and leveraged losses. Investing in the PowerShares DB
CUSIP symbols Gold ETNs is not equivalent to a direct investment in the index or
index components. The investor fee will reduce the amount of your
Gold Double Long 25154H749 return at maturity or upon redemption of your PowerShares DB Gold
ETNs even if the value of the relevant index has increased. If at any
time the redemption value of the PowerShares DB Gold ETNs is
DZZ Financial Details
Ticker: DZZ
Last Update 03-May-2011
01:30 PM
Price 6.57
DZZ Index Level* 151.84810
Indicative Intra-day 6.55
Value**
Last end of day 6.40852
Value***
Last date for end 02-May-2011
of day Value
Data Source: www.nyse.com (Data delayed 20 minutes)
* Indicative intra-day and Index closing
** Indicative intra-day value of the DZZ
*** Last end of day DZZ RP
DGP Financial Details
Ticker: DGP
Last Update 03-May-2011
01:30 PM
Price 49.04
DGP Index Level* 151.84810
Indicative Intra-day 49.22
Value**
Last end of day 50.32500
Value***
Last date for end 02-May-2011
of day Value
Data Source: www.nyse.com (Data delayed 20 minutes)
* Indicative intra-day and Index closing
** Indicative intra-day value of the DGP
*** Last end of day DGP RP
DGZ Financial Details
Ticker: DGZ
Last Update 03-May-2011
01:30 PM
Price 13.80
DGZ Index Level* 151.84810
Indicative Intra-day 13.80
Value**
Last end of day 13.65510
Value***
Last date for end 02-May-2011
of day Value
Data Source: www.nyse.com (Data delayed 20 minutes)
* Indicative intra-day and Index closing
** Indicative intra-day value of the DGZ
*** Last end of day DGZ RP
Contact Information
Any questions please call
1-877-369-4617
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Gold Short 25154H731
Gold Double Short 25154H756
Intraday Intrinsic Value Symbols
Gold Double Short DZZIV
Gold Double Long DGPIV
Gold Short DGZIV
Risks(2)
Non-principal protected
Leveraged losses
Subject to an investor fee
Limitations on repurchase
Concentrated exposure to gold
Benefits
Leveraged and short notes
Relatively Low Cost
Intraday access
Listed
Transparent
Tax treatment(3)
Issuers Details
Deutshe Bank AG, London Branch
Long-term Unsecured Obligations[5]
zero, your Investment will expire worthless.
The PowerShares DB Gold Double Long ETN and PowerShares DB Gold Double Short ETN
are both leveraged investments. As such, they are 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 PowerShares DB Gold ETNs may be sold throughout the day on NYSE Arca through
any brokerage account. There are restrictions on the minimum number of
PowerShares DB Gold ETNs that you may repurchase directly from Deutsche Bank AG,
London Branch, as specified in the applicable pricing supplement. Ordinary
brokerage commissions apply, and there are tax consequences in the event of
sale, redemption or maturity of the PowerShares DB Gold ETNs. Sales in the
secondary market may result in losses.
The PowerShares DB Gold ETNs are concentrated in gold. The market value of the
PowerShares DB Gold ETNs may be influenced by many unpredictable factors,
including, among other things, volatile gold prices, changes in supply and
demand relationships, changes in interest rates, and monetary and other
governmental actions. The PowerShares DB Gold ETNs are concentrated in a single
commodity sector, are speculative and generally will exhibit higher volatility
than commodity products linked to more than one commodity sector. For a
description of the main risks, see "Risk Factors" in the applicable pricing
supplement.
Not FDIC Insured -- No Bank Guarantee -- May Lose Value
(3) Deutsche Bank AG, London Branch, Invesco PowerShares and their affiliates do
not provide tax advice and nothing contained herein should be construed to be
tax advice. Please be advised that any discussion of U.S. tax matters contained
herein (including attachments) (i) is not intended or written to be used, and
cannot be used, by you for the purpose of avoiding U.S. tax related penalties
and (ii) was written to support the promotion or marketing of the transactions
or matters addressed herein. Accordingly, you should seek advice based on your
particular circumstances from an independent tax advisor.
Issuer Details
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations(2)
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.dbfunds.db.com/notes 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.
Important Risk Considerations:
The PowerShares DB Gold ETNs are not suitable for all investors and should be
utilized only by sophisticated investors who understand leverage risk and the
consequences of seeking monthly leveraged investment results, and who intend to
actively monitor and manage their investments. Investing in the ETNs is not
equivalent to a direct investment in the index or index components because the
current principal amount (the amount you invested) is reset each month,
resulting in the compounding of monthly returns. The principal amount is also
subject to the investor fee, which can adversely affect returns. The amount you
receive at maturity (or upon an earlier repurchase) will be contingent upon each
monthly performance of the index during the term of the securities. The ETNS are
not designed to be long-term investments and may not be suitable for investors
seeking an investment with a term greater than the time remaining to the next
monthly reset date. 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.
The PowerShares DB Gold ETNs are senior unsecured obligations of Deutsche Bank
AG, London Branch, and the amount due on the PowerShares DB Gold ETNs is
dependent on Deutsche Bank AG, London Branch's ability to pay. The PowerShares
DB Gold ETNs are riskier than ordinary unsecured debt securities and have no
principal protection.
The PowerShares DB ETNs are not suitable for all investors and should be
utilized only by sophisticated investors who understand leverage risk and the
consequences of seeking monthly leveraged investment results, and who intend to
actively monitor and manage their investments. Investing in the PowerShares DB
ETNs is not equivalent to a direct investment in the index or index components
because the current principal amount (the amount you invested) is reset each
month, resulting in the compounding of monthly returns. The principal amount is
also subject to the investor fee, which can adversely affect returns. The amount
you receive at maturity (or upon an earlier repurchase) will be contingent upon
each monthly performance of the index during the term of the securities. 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.
Certain marketing services may be provided for these products by Invesco Aim
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC.
Neither firm is affiliated with Deutsche Bank.
PowerShares[R] is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC and Invesco Aim
Distributors, Inc. are indirect, wholly owned subsidiaries of Invesco Ltd.
An investor should consider the PowerShares DB ETNs' investment objective,
risks, charges and expenses carefully before investing.
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