Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-184193
Dated April 29, 2013
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ETN and index data as of March 31, 2013
Description
The PowerShares DB Inverse Japanese Govt Bond Futures Exchange Traded Note
(Symbol: JGBS) and the PowerShares DB 3x Inverse Japanese Govt Bond Futures
Exchange Traded Note (Symbol: JGBD) (collectively, the "PowerShares DB Inverse
JGB Futures ETNs," or the "ETNs") are the []rst exchange-traded products to
provide investors with short leveraged or unleveraged exposure to the U.S.
dollar value of the returns of a Japanese sovereign bond futures index.
The PowerShares DB Inverse JGB Futures ETNs are based on the DB USD Inverse JGB
Futures Index (the "Short JGB Futures Index"), which is intended to measure the
performance of a short position in 10-year JGB Futures.
PowerShares DB Inverse JGB Futures ETNs and Index Data Ticker symbols Inverse
JGB Futures ______________________ JGBS 3x Inverse JGB Futures
___________________ JGBD Intraday indicative value symbols Inverse JGB Futures
____________________ JGBSIV 3x Inverse JGB Futures _________________ JGBDIV
CUSIP symbols Inverse JGB Futures _______________ 25154P170 3x Inverse JGB
Futures ____________ 25154P188 Details ETN price at inception _________________
$20.00 Inception date ____________________ 11/08/2011 Maturity date
_____________________ 11/30/2021 Yearly investor fee (JGBS) _____________ 0.50%
Yearly investor fee (JGBD) _____________ 0.95% Leverage reset frequency
______________ Monthly Listing exchange ____________________ NYSE Arca DB USD
Inverse JGB Futures Index DBBNJGBS
Issuer
Deutsche Bank AG, London Branch Senior Unsecured Obligations
JGBS PowerShares DB Inverse Japanese Govt Bond Futures ETN
JGBD PowerShares DB 3x Inverse Japanese Govt Bond Futures ETN
ETN Performance and Index History (%)(1)
1 Year 2 Year ETN Inception
ETN Performance
Inverse JGB Futures -3.91 -- -3.11
3x Inverse JGB Futures -11.00 -- -8.73
Index History
Short JGB Futures Index -3.51 -3.16 -2.68
Comparative Indexes(2)
SandP 500 13.96 11.22 21.90
Barclays U.S. Aggregate 3.77 5.73 3.35
Source: Invesco PowerShares, Bloomberg L.P.
(1) ETN performance []gures are based on repurchase value. Repurchase value is
the current principal amount x applicable index factor x fee factor. See the
prospectus for more complete information. ETN performance is based on a
combination of three times the monthly returns, for the 3x Inverse JGB Futures
ETNs, or the monthly returns, for the Inverse JGB Futures ETNs, from the Short
JGB Futures 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 ETNs, less
the investor fee. The T-Bill Index is intended to approximate the returns from
investing in 3-month United States Treasury bills on a rolling basis. Index
history is for illustrative purposes only and does not represent actual
PowerShares DB Inverse JGB Futures ETN performance. The inception date of the
Short JGB Futures Index is September 20, 2010. Index history does not re[]ect
any transaction costs or expenses. Indexes are unmanaged, and you cannot invest
directly in an index. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. (2)
The SandP 500([R]) Index is an unmanaged index used as a measurement of change
in stock market conditions based on the performance of a speci[]ed group of
common stocks. The Barclays U.S. Aggregate Index is an unmanaged index
considered representative of the U.S. investment-grade, []xed-rate bond market.
Correlation indicates the degree to which two investments have historically
moved in the same direction and magnitude. Volatility is the annualized standard
deviation of index returns.
800 983 0903 | 877 369 4617 powersharesetns.com | www.dbxus.com twitter:
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ETN data as of March 31, 2013
Volatility (%)(1,2)
Short 3x Short
Since ETN Publication 1.45 4.29
Historical Correlation(1,2)
Since ETN Publication
Short 3x Short
SandP 500 0.05 0.05 Barclays U.S. Aggregate -0.11 -0.10
Deutsche Bank AG, London Branch has []led 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 []led by
Deutsche Bank AG, London Branch for more complete information about the issuer
and this offering. You may get these documents for free by visiting
powersharesetns.com | www.dbxus.com or EDGAR on the SEC website at www.sec.gov.
Alternatively, you may request a prospectus by calling 800 983 0903 | 877 369
4617, or you may request a copy from any dealer participating in this offering.
Important Risk Considerations:
Each security offers investors exposure to the month-over-month performance of
its respective index measured from the []rst calendar day to the last calendar
day of each month and the amount you receive at maturity (or upon an earlier
repurchase) will be contingent upon each monthly performance of the respective
index during the term of the ETNs. The 3x Inverse JGB Futures ETNs and the
Inverse JGB Futures ETNs may not be suitable for investors seeking an investment
with a term greater than the time remaining to the next monthly reset date and
should be used only by knowledgeable investors who understand the potential
adverse consequences of seeking longer-term leveraged investment results by
means of securities that reset their exposure monthly, resulting in the
compounding of monthly returns. Investing in the ETNs is not equivalent to a
direct investment in the applicable index or index components. The principal
amount is also subject to the monthly application of the investor fee, which can
adversely affect returns. There is no guarantee that you will receive at
maturity, or upon an earlier repurchase, your initial investment
JGBS PowerShares DB Inverse Japanese Govt Bond Futures ETN JGBD PowerShares DB
3x Inverse Japanese Govt Bond Futures ETN
What are the PowerShares DB Inverse JGB Futures ETNs?
The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London
Branch that are linked to the month-over-month performance of the DB USD Inverse
JGB Futures Index.
The DB USD Inverse JGB Futures Index is intended to measure the performance of a
notional short position in 10-year JGB Futures. The underlying assets of 10-year
JGB Futures are Japanese-government issued debt securities ("JGBs") with a
remaining term to maturity of not less than 7 years and not more than 11 years
as of their issue date and the futures contract delivery date. The returns of
each ETN are obtained by combining the monthly returns or three times the
monthly returns from the Short JGB Futures Index with the returns of the TBill
index, less investor fees. Investors can buy and sell the ETNs on the NYSE Arca
exchange or receive a cash payment at the scheduled maturity or early redemption
based on the performance of the index less investor fees. The issuer has the
right to redeem the ETNs at the repurchase value at any time.
Investors may redeem the ETNs in blocks of no less than 50,000 securities and
multiples of 50,000 securities thereafter, subject to the procedures described
in the pricing supplement. Redemptions may include a fee of up to $0.03 per
security.
Bene[]ts and Risks of PowerShares DB Inverse JGB Futures ETNs
Bene[]ts Risks
[] Leveraged or unleveraged short notes [] Non-principal protected
[] Relatively low cost [] Leveraged losses
[] Intraday access [] Subject to an investor fee
[] Listed [] Limitations on repurchase
[] Concentrated exposure
[] Credit risk of the issuer
[] Issuer call right
Targeted exposure to sovereign debt has never been easier.
back or any return on that investment. Signi[]cant adverse monthly performances
of your ETNs may not be offset by any bene[]cial monthly performances. The ETNs
are senior unsecured obligations of Deutsche Bank AG, London Branch, and the
amount due on the ETNs is dependent on Deutsche Bank AG, London Branch's ability
to pay. The ETNs are riskier than ordinary unsecured debt securities and have no
principal protection. Risks of investing in the ETNs include limited portfolio
diversi[]cation, full principal at risk, uncertain tax treatment, trade price
[]uctuations, illiquidity and leveraged losses. The investor fee will reduce the
amount of your return at maturity or upon redemption of your ETNs even if the
value of the relevant index has increased. If at any time the repurchase value
of the ETNs is zero, the relevant ETNs will be accelerated and you will lose
your entire investment in such ETNs. As described in the pricing supplement,
Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase
value.
The ETNs may be sold throughout the day on NYSE Arca through any brokerage
account. There are restrictions on the minimum number of ETNs that you may
redeem directly with Deutsche Bank AG, London Branch, as speci[]ed in the
applicable pricing supplement. Ordinary brokerage commissions apply. Sales in
the secondary market may result in losses.
The ETNs provide concentrated exposure to notional positions in 10-year JGB
futures contracts. The market value of the ETNs may be in[]uenced by many
unpredictable factors, including, among other things, changes in supply and
demand relationships, changes in interest rates, changes in currency exchange
rates, and monetary and other governmental actions, each in the U.S. or Japan.
The 3x Inverse JGB Futures ETN is a leveraged investment. As such, it is likely
to be more volatile than an unleveraged investment. There is also a greater risk
of loss of principal associated with a leveraged investment than with an
unleveraged investment.
PowerShares([R]) is a registered trademark of Invesco PowerShares Capital
Management LLC. Invesco PowerShares Capital Management LLC is an indirect,
wholly owned subsidiary of Invesco Ltd.
Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its af[]liate, Invesco PowerShares Capital Management LLC.
Invesco Distributors, Inc. will be compensated by Deutsche Bank or its
af[]liates for providing these marketing services. Neither Invesco Distributors,
Inc. nor Invesco PowerShares is af[]liated with Deutsche Bank. An investor
should consider the ETNs' investment objectives, risks, charges and expenses
carefully before investing.
An investment in the ETNs involves risks, including the loss of some or all of
the principal amount. For a description of the main risks, see "Risk Factors" in
the applicable pricing supplement and the accompanying prospectus supplement and
prospectus.
Not FDIC Insured -- No Bank Guarantee -- May Lose Value This material must be
accompanied or preceded by a prospectus. Before investing, please read the
prospectus carefully. For US Use Only
[C] 2013 Invesco PowerShares Capital Management LLC P-DBSJG-ETN-PC-1-E 04/13
800 983 0903 | 877 369 4617 powersharesetns.com | www.dbxus.com twitter:
@PowerShares
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