Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-184193
Dated February 25, 2015
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Related Products
DB Crude Oil
OLO
Long ETN ETN
SZO DB Crude Oil Short ETN
ETN
DTO: DB Crude Oil Double Short ETN
DTO
Prospectus ETN
Total Notes Outstanding: $53,832,131 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Regulatory Documents
PROSPECTUS
The DB Crude Oil Double Short ETN (Symbol: DTO) is part of the "DB Crude Oil
ETN" collection. DB Crude Oil ETNs provide investors a way to take a long,
short or leveraged view on the performance of an oil-based commodity index. All
of the DB Crude Oil Exchange Traded Notes are based on a total return version
of the Deutsche Bank Liquid Commodity Index-Light Crude, 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 Yield[]
version of the Index, and the Short and Double Short ETN s 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. Investors can buy and sell the 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 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 suppl ement, which may
include a fee of up to $0.03 per security. Leveraged inverse ETNs are not
suitable for all investors.
Risks Benefits
Non-principal protected Leveraged short notes Leveraged losses Relatively low
cost Subject to an investor fee Intraday access Limitations on repurchase
Listed
Concentrated exposure to notional Transparency positions in crude oil futures
contracts
Credit risk of the issuer
Acceleration risk
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Lack of liquidity DTO Profile Inception Date: 06/16/2008 ETN Price at Initial Listing: $25.00 Maturity Date: 6/1/2038 Listing Exchange: NYSE Arca Yearly Investor Fee: 0.75% Ticker: DTO CUSIP: 25154K809 DTO Financial Details As of 25-Feb-2015 04:00 PM Market Price: Change: $$91.92 $0.68 (0.70%) Notes Volume: O utstanding: 222,333 0.6MM Pricing Snapshot Current Pricing 52 Week Indicative Value Intraday Indicative Security Value: $90.97 (1) Last End of Day Value: $97.88 Last End of Day Date: 02/24/2015 (1) The intraday indicative sec urity 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 s et 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 t he 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: DBRCLTR Component Contract Date Weight % Light Crude 20-Mar-2015 100.00 DTO News and Updates 2 | 25 | 2015 Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs) 4 | 15 | 2013 Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes |
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3 | 14 | 2013 Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange Traded Notes Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info RisksfortheDBExchangeTradedNotes 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 m eans 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNsare lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Privacy | Contact Us
Products Insights Literature Resources About Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
OLO DB Crude Oil Long ETN
ETN
SZO DB Crude Oil Short ETN
ETN
DTO: DB Crude Oil Double Short ETN
DTO
Prospectus ETN
Total Notes Outstanding: $53,832,131 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
as of Jan 2015 []
Quarter-end Month-end
Cumulative Average Annuali zed
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
------------------- ---------- -------- ------ ------ -------- ---------- ---------
DBIQ -10.38 -40.80 -50.12 -10.38 -47.77 -21.33 -12.01 -23.02
Deutsche
Commodities
DBLC
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 fortheDBExchange 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 m eans 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, whic h 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.
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Risks of inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Privacy | Contact Us
Products Insights Literature Resources About Us
Contact Us
Shareholders:
To speak with a shareholder representativ e,
call (877) 369-4617.
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255.
Related Products
DB Crude Oil
OLO Long ETN
ETN
DB Crude Oil
SZO Short ETN
ETN
DTO: DB Crude Oil Double Short ETN DTO
Prospectus ETN
Total Notes Outstanding: $53,832,131 - 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)
4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes
3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
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Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Deutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Deutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secood"'Y maket could be ma:enaly and adverse affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
 |
Privacy | Contact Us
Products Insights Literature Resources About Us
Contact Us
Shareholders:
To speak with a shareholder representativ e,
call (877) 369-4617.
Advisors:
To speak with an ETF sales representative,
call (844) 851-4255.
Related Products
DB Crude Oil
OLO Long ETN
ETN
DB Crude Oil
SZO Short ETN
ETN
DTO: DB Crude Oil Double Short ETN DTO
Prospectus ETN
Total Notes Outstanding: $53,832,131 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Related Materials
DTO Prospectus PDF
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
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Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Deutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Deutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secood"'Y maket could be ma:enaly and adverse affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
 |
Privacy | Contact Us
Products Insights Literature Resources About Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
OLO DB Crude Oil Long ETN
ETN
SZO DB Crude Oil Short ETN
ETN
DTO: DB Crude Oil Double Short ETN
DTO
Prospectus ETN
Total Notes Outstanding: $53,832,131 - 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 creditwor thiness 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.
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
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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? 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. |
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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 pur poses 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 fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
Depending on market demand, Deutsche Bank AG may create and issue additional
ETNs that may be offered and s old from time to time in amounts to be determ
ined 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 sec ondary market
could be materially and adversely affected.
Not FDIC Ins ured -- 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.
|
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Crude Oil
DTO
Double Short ETN ETN
SZO DB Crude Oil Short ETN
ETN
OLO: DB Crude Oil Long ETN OLO
Prospectus ETN
Total Notes Outstanding: $10,981,473 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Regulatory Documents
PROSPECTUS
The DB Crude Oil Long ETN (Symbol: OLO) is part of the "DB Crude Oil ETN"
collecti on. DB Crude Oil ETNs provide investors a way to take a long, short or
leveraged view on the performanc e of an oil-based commodity index. All of the
DB Crude Oil Exchange Traded Notes are based on a total return version of the
Deutsche Bank Liquid Commodity Index - Light Crude, 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 Yield[] version
of the Index, and 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. Investors can buy and sell the DB Crude Oil ETNs at market price on the
NYSE Arca exchange or receiv e a cash payment at the scheduled maturity or
early repurchas e based on the month-over-month performance of the index less
investor fees. Investors may redeem the DB Crude Oil ETNs in blocks of no less
than 200,000 securities and integral multiples of 50,000 securi ties
thereafter, subject to the procedures described in the pricing supplement,
which may include a fee of up to $0.03 per security.
Risks Benefits
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 crude oil futures contracts
Transparent
Credit risk of the issuer
Acceleration risk
Lack of liquidity
|
 |
OLO Profile
Inception Date: 06/16/2008 ETN Price at Initial Listing: $25.00 Maturity Date:
6/1/2038 Listing Exchange: NYSE Arca Yearly Investor Fee: 0.75% Ticker: OLO
CUSIP: 25154K866
OLO Financial Details
As of 25-Feb-2015 03:21 PM
Last Trade: Bid: Ask:
$7.49 $6.30 $13.20
Open: High: Low:
$7.36 $7.49 $7.25
----------- ---------------- --------
Pricing Snapshot
Current Pricing 52 Week
===========
Indicative Value
Intraday Indicative Security Value: $7.50 (1)
Last End of Day Value: $7.30 Last End of Day Date: 02/24/2015
(1) The intraday indicative sec urity value is meant to approx imate 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 s et 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 t he 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: DBLCOCLT
Component Contract Date Weight %
Light Crude 22-Feb-2016 100.00
OLO News and Updates
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs) 4 | 15 |
2013 Deutsche Bank to Reopen Issuances of Twenty-Si x Exchange Traded Notes 3 |
14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes
|
 |
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
SZO DB Crude Oil Short ETN
ETN
OLO: DB Crude Oil Long ETN OLO
Prospectus ETN
Total Notes Outstanding: $10,981,473 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
as of Jan 2015 [] Quarter-end Month-end
Cumulative Average Annuali zed
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
---------------- ---------- -------- ------ ------- -------- ---------- ---------
DBLCI O -10.38 -40.74 -50.24 -10.38 -46.41 -20.06 -9.95 -16.78
ptimum
Yield
Crude
Oil
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 fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
SZO DB Crude Oil Short ETN
ETN
OLO: DB Crude Oil Long ETN OLO
Prospectus ETN
Total Notes Outstanding: $10,981,473 - 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)
4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes
3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
|
 |
Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Cllutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Cllutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secoodi>'y maket could be ma:enaly and adversely affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
SZO DB Crude Oil Short ETN
ETN
OLO: DB Crude Oil Long ETN OLO
Prospectus ETN
Total Notes Outstanding: $10,981,473 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Related Materials
OLO Prospectus PDF
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
|
 |
Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Cllutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Cllutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secoodi>'y maket could be ma:enaly and adversely affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
SZO DB Crude Oil Short ETN
ETN
OLO: DB Crude Oil Long ETN OLO
Prospectus ETN
Total Notes Outstanding: $10,981,473 - 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 creditwor thiness 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.
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.
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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 is the Deutsche Bank Optimum Yield[] strategy?
A number of commodity ETNs employs Deutsche Bank's proprietary Optimum
Yield(TM) (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 towar ds 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 Yield(TM) 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 Yield(TM).
Why is the Deutsche Bank Optimum Yield[] 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 Yield(TM) (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 Yield(TM).
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 pur poses 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.
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Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DB Crude Oil
DTO
Double Short ETN ETN
OLO DB Crude Oil Long ETN
ETN
SZO: DB Crude Oil Short ETN SZO
Prospectus ETN
Total Notes Outstanding: $5,395,488 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Regulatory Documents
PROSPECTUS
DB C rude Oil Exchange Traded Notes provide investors a way to take a l ong,
short or leveraged view on the performance of an oil- based commodity index.
All of the DB Crude Oil Exchange Traded Notes are based on a total return
version of the Deutsche Bank Liquid Commodity Index Light Crude 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 Yield[] version of the Index, and 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. Investors can buy and sell the DB Crude Oil
ETNs at market price on the NYSE Arca exchange or receive a cash payment at the
scheduled maturity or early repurchas e based on the month-over-month
performance of the index less investor fees. Investors may redeem the 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.
Inverse ETNs are not suitable for all investors .
Risks Benefits
Non-principal protected Unleveraged short notes
Subject to an investor fee Relatively low cost
Limitations on repurchase Intraday access
Concentrated exposure to notional Listed
positions in crude oil futures contracts
Transparent
Credit risk of the issuer
Acceleration risk
Lack of liquidity
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SZO Profile
Inception Date: 06/16/2008 ETN Price at Initial Listing: $25.00 Maturity Date:
6/1/2038 Listing Exchange: NYSE Arca Yearly Investor Fee: 0.75% Ticker: SZO
CUSIP: 25154K874
SZO Financial Details
As of 25-Feb-2015 03:45 PM
Last Trade: Bid: Ask:
$63.29 $59.00 $0.00
Open: High: Low:
$65.93 $65.98 $63.29
----------- ---------------- --------
Pricing Snapshot
Current Pricing 52 Week
===========
Indicative Value
Intraday Indicative Security Value: $65.08 (1)
Last End of Day Value: $67.44 Last End of Day Date: 02/24/2015
(1) The intraday indicative sec urity value is meant to approx imate 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 s et 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 t he 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: DBRCLTR
Component Contract Date Weight %
Light Crude 20-Mar-2015 100.00
SZO News and Updates
2 | 25 | 2015
Press Release: Deutsche Bank renames 26 Exchange Traded Notes (ETNs) 4 | 15 |
2013 Deutsche Bank to Reopen Issuances of Twenty-Si x Exchange Traded Notes 3 |
14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes
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Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder Market Makers Downloads Individual Investor Info Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
OLO DB Crude Oil Long ETN
ETN
SZO: DB Crude Oil Short ETN SZO
Prospectus ETN
Total Notes Outstanding: $5,395,488 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Total Returns (%)
as of Jan 2015 [] Quarter-end Month-end
Cumulative Average Annuali zed
1 Month 3 Months 6 Months YTD 1 Year 3 Year 5 Year Since
Inception
Underlying Index
------------------- ---------- -------- ------ ------ -------- ---------- ---------
DBIQ -10.38 -40.80 -50.12 -10.38 -47.77 -21.33 -12.01 -23.02
Deutsche
Commodities
DBLC
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 fortheDBExchange 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 m eans 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, whic h 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.
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Risks of inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
OLO DB Crude Oil Long ETN
ETN
SZO: DB Crude Oil Short ETN SZO
Prospectus ETN
Total Notes Outstanding: $5,395,488 - 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)
4 | 15 | 2013
Deutsche Bank to Reopen Issuances of Twenty-Six Exchange Traded Notes
3 | 14 | 2013
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange
Traded Notes
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
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Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Deutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Deutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secoodi>'y maket could be ma:enaly and adversely affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
 |
Products Insights Literature Resources About Us
Privacy | Contact Us
Contact Us
Shareholders:
To speak with a shareholder representativ e, call (877) 369-4617.
Advisors:
To speak with an ETF sales representative, call (844) 851-4255.
Related Products
DTO DB Crude Oil Double Short ETN
ETN
OLO DB Crude Oil Long ETN
ETN
SZO: DB Crude Oil Short ETN SZO
Prospectus ETN
Total Notes Outstanding: $5,395,488 - As of: 02/24/2015
Overview Performance News Related Materials FAQ
Related Materials
SZO Prospectus PDF
Quick Links: Terms and Conditions News and Updates Proxy Voting Product Finder
Market Makers Downloads Individual Investor Info
Risks fortheDBExchange 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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification,
uncertain principal repayment, trade price fluctuations, illiquidity and
leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent.
The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in
crude oil futures contracts. The market value of the 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. Because the ETNs
provide concentrated exposure to notional positions in futures contracts of a
single commodity sector, they are speculative and generally will exhibit higher
volatility than commodity products linked to more than one commodity sec tor.
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' inv estment objective,
risk s, charges and expenses carefully before investing.
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Depending oo market demmd. Cllutsche Bmk AG may create and 1ssue add1t1ooal ETNs that m"J be offered and s(jd from tme to t1me 1n amounts to be determned sdetJ; Deutsche Bank AG However.Deutsche Bank AG rs under no obligat100 to se adclt1onal ETNs at any t1me. and 1f Cllutsche Bank AG does sell adclt1onal ETNs.Deutsche Bank AG m"J lrm1t such sales and stop selling add1t1ooal ETNs at my t1me If Deutsche Bank AG suspends the issumce of add1t1ona ETNs. the pnce md l1qud1ty of such ETNs in the secoodi>'y maket could be ma:enaly and adversely affected Net FDIC Insured-No Bank Guarmtee-May Lose Value CC9ynght [C] 2015 Deutsche Bank AG Allnghts reserved db-X[R] is a reg1stered trademark of Deutsche Bmk AG Allothertradernarks. serv1cemarks or regstered trademarks are the prC9erty ct the11 respectrve ov.ners. Your use ofth1s s1te srgnrf1es that you accer:t our Terms and Conclt1ons ct Use |
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To speak with a shareholder representativ e, call (877) 369-4617.
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Total Notes Outstanding: $5,395,488 - 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 creditwor thiness 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 (the amount you invested) is also
subject to the applicable investor fees, which can adversely affect returns.
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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.
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 pur poses 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.
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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 m eans 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, whic h 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 inv esting in the ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. The leveraged ETNs are lev eraged 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 m ay 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 supplem ent. The DB Crude Oil ETNs provide c oncentrated exposure to notional positions in crude oil futures contracts. The market value of the 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. Because the ETNs provide concentrated exposure to notional positions in futures contracts of a single commodity sector, they are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sec tor. 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' inv estment objective, risk s, charges and expenses carefully before investing. Depending on market demand, Deutsche Bank AG may create and issue additional ETNs that may be offered and s old from time to time in amounts to be determ ined 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 sec ondary market could be materially and adversely affected. Not FDIC Ins ured -- 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. |