FWP 1 dp43793_fwp-treas.htm FORM FWP
Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-184193
Dated February 5, 2014
 





The PowerShares DB 3x Long 25+ Year Treasury Bond Exchange Traded Notes
(Symbol: LBND) and PowerShares DB 3x Short 25+ Year Treasury Bond Exchange
Traded Notes (Symbol: SBND) (collectively, the "PowerShares DB U.S. Treasury
ETNs," or the "ETNs") provide at way to take a leveraged view on the
performance of a U.S. Treasury bond futures index.

The PowerShares DB U.S. Treasury ETNs are based on the DB Long U.S. Treasury
Bond Futures Index and the DB Short U.S. Treasury Bond Futures Index, which
measure the performance of a long or short investment in the CBOT Ultra T-Bond
futures.

The DB Long U.S. Treasury Bond Futures Index measures the performance of a long
investment in the CBOT Ultra T-Bond futures and the DB Short U.S. Treasury Bond
Futures Index measures the performance of a short investment in the CBOT Ultra
T-Bond futures. The underlying assets of the Ultra TBond futures are U.S.
Treasury Bonds with at least 25 years remaining term to maturity. The returns
of each ETN are obtained by combining 3x the returns of the relevant index with
the returns of the DB 3-Month T-Bill 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 repurchase based on the month-over-month
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 200,000 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.



  Fact Sheet Prospectus                                          Download Historical Repurchase Value
------------------------------------ ------------- ------------- ------------------------------------
Financial Details
                                      LBND           SBND        -              -
                                      2/4/2014       2/4/2014    -              -
Last Update                           12:30 PM EST   4:00 PM EST -              -
Price                                 35.01          8.71        -              -
Indicative Intra-day Value            35.22          8.62        -              -
Last End of Day Repurchase Value(1)   36.152         8.3866      -              -
Last Date for End of Day Value        2/3/2014       2/3/2014    -              -
                                     ------------- ------------- ----- -------- ---------------------
PowerShares DB U.S. Treasury ETN     ETN and Index History(%)
and Index Data                         As of                                         ETN
                                     12/31/2013    1 Year 3 Year 5 Year 10 Year Inception
Ticker Symbols                       ETN Repurchase Value(1)
3x Long 25+ Year
                                LBND
Treasury Bond
                                     3x Long 25+   -38.38 10.70      - -           4.31
3x Short 25+ Year                    Year Treasury




 
 
 

 
 
 




Treasury Bond                     SBND  Bond
                                        3x Short 25+
Intraday Indicative Value Symbols       Year Treasury  43.58   -25.45    -          - -21.22
3x Long 25+ Year                        Bond
Treasury Bond                   LBNDIV
3x Short 25+ Year               SBNDIV  ETN Market Price(2)
Treasury Bond
                                        3x Long 25+
CUSIP Symbols                           Year Treasury  -36.06  13.87     -          - 2.75
                                        Bond
3x Long 25+ Year
Treasury Bond                25154N522  3x Short 25+
3x Short 25+ Year                       Year Treasury  40.96   -26.27    -          - -13.22
                             25154N530  Bond
Treasury Bond
Details                                 Index History
ETN price at inception           $25.00 DB Long U.S.
Inception date               6/28/2010  Treasury Bond  -13.68    5.43    -          - 3.41
                                        Futures Index
Maturity date                5/31/2040
                                        DB Short U.S.
Yearly investor fee              0.95%  Treasury Bond  14.27    -7.14    -          - -5.38
Leverage Reset Frequency        Monthly Futures Index
Listing exchange              NYSE Arca
DB Long U.S. Treasury           DBBNDL  Comparative Indexes(3)
Bond Futures Index
                                        SandP 500
DB Short U.S. Treasury                                 32.39   16.18     -          - 20.36
                               DBBNDS   Index
Bond Futures Index
                                        Barclays U.S.
                                                        -2.02    3.26    -          - 3.13
Issuer                                  Aggregate
                                        -------------- ------- ------ ------------- ------------
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations         Long Index Weights
                                        As of 2/4/2014
                                                               Contract Expiry
Risks                                   Contract                                    Weight (%)
                                                                      Date
   Non-principal protected              Ultra Long Term UST          3/20/2014            100.00
   Leveraged losses                     Bond Future
                                        -------------- ------- ------ ------------- ------------
   Subject to an investor fee
   Limitations on repurchase            Short Index Weights
   Concentrated exposure                As of 2/4/2014
                                                               Contract Expiry
   Credit risk of the issuer            Contract                                    Weight (%)
                                                                      Date
   Issuer call right
                                        Ultra Long Term UST
   Potential lack of liquidity                                       3/20/2014           -100.00
                                        Bond Future
Benefits                                Source: Invesco PowerShares, Bloomberg L.P.
Leveraged long and short notes (1) ETN repurchase value performance figures reflect repurchase
Relatively low cost            value, which would require investors to have a minimum
Intraday access                number of shares (found in pricing supplement). Repurchase
Listed                         value is the current principal amount x applicable index factor x
                               fee factor. 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 discount to the
                               repurchase value. See "ETN Market Price" in this table. Index
                               history is for illustrative purposes only and does not represent
                               actual PowerShares DB U.S. Treasury ETN performance. The
                               inception date of the DB Long U.S. Treasury Bond Futures
                               Index and the DB Short U.S. Treasury Bond Futures Index is
                               May 4, 2010. ETN repurchase value is based on a combination
                               of three times the monthly returns from the relevant Treasury
                               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.
                               PAST PERFORMANCE DOES NOT GUARANTEE FUTURE
                               RESULTS.
                               (2) ETN market price performance is calculated using the change
                               in the bid/ask midpoint at 4 p.m. ET expressed as a percentage
                               change from the beginning to the end of the specified time
                               period.



 
 
 

 
 
 




(3)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 specified group of common stocks. The
Barclays U.S. Aggregate Index[] is an unmanaged index
considered representative of the U.S. investment-grade, fixed-
rate bond market. Index history does not reflect any
transaction costs or expenses. Indexes are unmanaged, and
you cannot invest directly in an index.

Important Risk Considerations
The 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 or leveraged investment results by means of
securities that reset their exposure monthly. Investing in
the ETNs is not equivalent to a direct investment in the
index or index components because the current principal
amount 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
ETNs. 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 ETNs
may not be offset by any beneficial monthly
performances.

The ETNs are senior unsecured obligations of Deutsche
Bank AG, London Branch, and the amount due on the
ETNs is dependent on Deutsche Bank AG, London
Branch's ability to pay. The ETNs are riskier than
ordinary unsecured debt securities and have no principal
protection. Risks of investing in the ETNs include limited
portfolio diversification, full principal at risk, trade price
fluctuations, illiquidity and leveraged losses. Investing in the
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 ETNs even
if the value of the relevant index has increased. If at any time
the redemption value of the ETNs is zero, your investment will
expire worthless. As described in the pricing supplement,
Deutsche Bank may redeem the ETNs for an amount in cash
equal to the repurchase value. Ordinary brokerage
commissions apply, and there are tax consequences in the
event of sale, redemption or maturity of the ETNs. Sales in the
secondary market may result in losses. An investment in the
ETNs may not be suitable for all investors.

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 repurchase directly
from Deutsche Bank AG, London Branch, as specified in the
applicable pricing supplement.

The ETNs provide concentrated exposure to notional positions
in U.S. Treasury bond futures contracts. The market value of
the ETNs may be influenced by many unpredictable factors,
including, among other things, changes in supply and demand
relationships, changes in interest rates, and monetary and
other governmental actions.

The ETNs are 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.

An investment in the ETNs involves risks, including
possible loss of principal. For a description of the main
risks, see "Risk Factors" in the applicable pricing



 
 
 

 
 
 




supplement.

Not FDIC Insured -- No Bank Guarantee -- May Lose
Value

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.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.

Certain marketing services may be provided for these products by Invesco
Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management
LLC. Invesco Distributors, Inc. will be compensated by Deutsche Bank or its
affiliates for providing these marketing services. Neither Invesco
Distributors, Inc. nor Invesco PowerShares is affiliated with Deutsche Bank.

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.

This material must be accompanied or preceded by a prospectus. Before
investing, please read the prospectus carefully.

An investor should consider the Securities' investment objective, risks,
charges and expenses carefully before investing.

http://beta.powersharesetns.com/portal/site/etns/usfixedincome

2/5/2014