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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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Crude Oil Exchange Traded Notes
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Description
The PowerShares DB Crude Oil Long Exchange Traded Note (Symbol: OLO),
PowerShares DB Crude Oil Short Exchange Traded Note (Symbol: SZO) and
PowerShares DB Crude Oil Double Short Exchange Traded Note (Symbol: DTO)
(collectively, the "PowerShares DB Crude Oil ETNs") are the first U.S.
exchange-traded products that provide investors with a cost- effective and
convenient way to take a long, short or leveraged view on the performance of an
oil-based commodity index.
All of the PowerShares DB Crude Oil ETNs are based on a total return version of
the Deutsche Bank Liquid Commodity Index -- Oil, which is intended to track the
long or short performance of the underlying futures contracts of a basket of oil
futures contracts. The Long ETN is based on the Optimum YieldTM version of the
Index, and the Short and Double Short ETNs are based on the standard version of
the Index.
Investors can buy and sell the PowerShares DB Crude Oil 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 Crude Oil 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
Long ETN Index Weights
As Of: 02-May-2011
Contract Contract Expiry Date Weight %
Light Crude 21-Jun-2011 100
Short ETN Index Weights
As Of: 02-May-2011
Contract Contract Expiry Date Weight %
Light Crude 20-May-2011 100
(1)ETN performance figures are based on repurchase value.
Poweshares DB Crude Oil ETN and Repurchase value is the current principal amount x applicable index
Index Data factor x fee factor. See the prospectus for more complete
information. Index history is for illustrative purposes only and does
Ticker symbols not represent actual PowerShares DB Crude Oil ETN performance.
The inception date of the Deutsche Bank Liquid Commodity Index-Oil
Crude Oil Long OLO is Jan. 12, 2004. The inception date of the Index's Optimum Yield
version is May 24, 2006. ETN Performance is based on a
combination of the monthly returns from the relevant Commodity
Crude Oil Short SZO Index plus the monthly returns from the DB 3-Month T-Bill Index (the
"T-Bill Index"), resetting monthly as per the formula applied to the
Crude Oil Double Short DTO PowerShares DB Crude Oil ETNs, less the investor fee. The Long
ETN is based on the Deutsche Bank Liquid Commodity Index --
Intraday Indicative value symbols Optimum Yield Crude OilTM, and the Short and Double Short ETNs
are based on the standard version of the Deutsche Bank Liquid
Commodity Index -- Light CrudeTM (the "Commodity Indexes"). The
Crude Oil Long OLOIV T-Bill Index is intended to approximate returns from investing in 3-
month United States Treasury bills on a rolling basis.
Crude Oil Short SZOIV
Index history does not reflect any transaction costs or expenses.
Crude Oil Double Short DTOIV Indexes are unmanaged, and you cannot invest directly in an index.
PAST PERFORMANCE DOES NOT GUARANTEE FUTURE
DTO Financial Details
Ticker: DTO
Last Update 03-May-2011
01:30 PM
Price 38.94
DTO Index Level* 858.89643
Indicative Intra-day 38.49
Value **
Last end of day 37.66316
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 DTO
*** Last end of day DTO RP
OLO Financial Details
Ticker: OLO
Last Update 03-May-2011
01:30 PM
Price 16.49
OLO Index Level* 2,500.00435
Indicative Intra-day 16.58
Value **
Last end of day 16.77057
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 OLO
*** Last end of day OLO RP
SZO Financial Details
Ticker: SZO
Last Update 03-May-2011
01:30 PM
Price 37.78
SZO Index Level* 858.89643
Indicative Intra-day 37.83
Value **
Last end of day 37.41847
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 SZO
*** Last end of day SZO RP
Contact Information
Any questions please call
1-877-369-4617
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CUSIP symbols
Crude Oil Long 25154K866
Crude Oil Short 25154K874
Crude Oil Double Short 25154K809
Details
ETN price at listing $25.00
Inception date 6/16/08
Maturity date 6/01/38
Yearly investor fee 0.75%
Listing exchange NYSE Arca
DB Optimum Yield[] Crude DBLCOCLT
Oil Index
DB Standard Crude Oil Index DBRCLTR
Risks(2)
Non-principal protected
Leveraged losses
Subject to an investor fee
Limitations on repurchase
Concentrated exposure to oil
Acceleration risk
Benefits
Leveraged and short notes
Relatively Low Cost
Intraday access
Listed
Transparent
Tax Treatment(3)
Issuer Details
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations (2)
RESULTS.
(2)The PowerShares DB Crude Oil ETNs are senior unsecured obligations of
Deutsche Bank AG, London Branch, and the amount due on the PowerShares DB Crude
Oil ETNs is dependent on Deutsche Bank AG, London Branch's ability to pay. The
PowerShares DB Crude Oil ETNs are riskier than ordinary unsecured debt
securities and have no principal protection. Risks of investing in the
PowerShares DB Crude Oil ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. Investing in the PowerShares DB Crude Oil ETNs is not
equivalent to a direct investment in the index or index components. The investor
fee will reduce the amount of your return at maturity or upon redemption of your
PowerShares DB Crude Oil ETNs even if the value of the relevant index has
increased. If at any time the redemption value of the PowerShares DB Crude Oil
ETNs is zero, your Investment will expire worthless.
The PowerShares DB Crude Oil Double Short ETN is a leveraged investment. As
such, it is likely to be more volatile than an unleveraged investment. There is
also a greater risk of loss of principal associated with a leveraged investment
than with an unleveraged investment.
The PowerShares DB Crude Oil ETNs may be sold throughout the day on NYSE Arca
through any brokerage account. There are restrictions on the minimum number of
PowerShares DB Crude Oil 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 Crude Oil ETNs.
Sales in the secondary market may result in losses.
The PowerShares DB Crude Oil ETNs are concentrated in crude oil futures
contracts. The market value of the PowerShares DB Crude Oil ETNs may be
influenced by many unpredictable factors, including, among other things,
volatile oil prices, changes in supply and demand relationships, changes in
interest rates, and monetary and other governmental actions. The PowerShares DB
Crude Oil 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.
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 Crude Oil 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 Crude Oil ETNs are senior unsecured obligations of Deutsche
Bank AG, London Branch, and the amount due on the PowerShares DB Crude Oil ETNs
is entirely dependent on Deutsche Bank AG, London Branch's ability to pay. The
PowerShares DB Crude Oil 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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