![]() | CRUDE OIL OLO SZO DTO PowerShares DB Crude Oil Long ETN OLO PowerShares DB Crude Oil Short ETN SZO PowerShares DB Crude Oil Double Short ETN DTO Filed pursuant to Rule 433 Registration Statement No. 333-162195 Dated March 3, 2010 The PowerShares DB Crude Oil Long Exchange Traded Note (Symbol: OLO), PowerShares DB Crude Oil Short Exchange Traded Note (Symbol: SZO) and PowerShares DB Crude Oil Double Short Exchange Traded Note (Symbol: DTO) (collectively, the "PowerShares DB Crude Oil ETNs") are the first United States exchange traded products that provide investors with a cost-effective and convenient way to take a long, short or leveraged view on the performance of an oil-based commodity index. All of the PowerShares DB Crude Oil ETNs are based on a total return version of the Deutsche Bank Liquid Commodity Index-Oil (the "Index") which is designed to reflect the performance of certain crude oil futures contracts plus the returns from investing in 3 month United States Treasury bills. 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. The Optimum Yield[] version of the index attempts to minimize the negative effects of contango and maximize the positive effects of backwardation by applying flexible roll rules to pick a new futures contract when a contract expires. The standard version of the index, which does not attempt to minimize the negative effects of contango and maximize the positive effects of backwardation, uses static roll rules that dictate that an expiring futures contract must be replaced with a contract having a pre-defined expiration date. Investors can buy and sell PowerShares DB Crude Oil ETNs at market price on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early redemption based on the performance of the index less investor fees. Investors may redeem PowerShares DB 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 include a fee of up to $0.03 per security. Fact Sheet Prospectus Financial Details OLO SZO DTO - 3/2/2010 3/2/2010 3/2/2010 - Last Update 2:36 PM EST 2:44 PM EST 3:59 PM EST - Price 13.28 47.69 65.03 - Indicative Intra-day Value 13.29 47.75 65.09 - Last End of Day RP Value 13.1324 48.3371 66.6896 - Last Date for End of Day Value 3/1/2010 3/1/2010 3/1/2010 - Index History(1) (Growth of $10,000 since May 31, 2006) |
![]() | [GRAPHIC OMITTED] Index History(1) (Growth of $10,000 since Jan. 30, 2004) [GRAPHIC OMITTED] ETN Performance & Index History (%) (1) As of 12/31/2009 1 Year 3 Year 5 Year 10 Year Inception ETN Performance Crude Oil Long 35.25 - - - -32.52 Crude Oil Short -23.77 - - - 52.18 Crude Oil Double Short -50.96 - - - 87.96 Index History Deutsche Bank Liquid Commodity Index- 35.25 3.14 - - -32.52 Optimum Yield Oil[] +1x Levered Deutsche Bank Liquid Commodity Index-Oil[] - -23.77 -4.85 -3.19 - 52.18 1x Levered Deutsche Bank Liquid Commodity Index-Oil[] - -50.96 -24.23 -19.03 - 87.96 2x Levered Comparative Indexes (2) S&P 500 Index 26.46 -5.63 0.42 - -9.46 Barclays Capital U.S. Aggregate Bond Index 5.93 6.04 6.04 - 7.17 Long Index Weights As of 3/1/2010 Commodity Contract Expiry Date Weight (%) Light Crude 6/22/2010 100.00 Short Index Weights As of 3/1/2010 Commodity Contract Expiry Date Weight (%) Light Crude 3/22/2010 100.00 Source: DB, Bloomberg PowerShares DB Crude Oil ETN & Index Data Ticker Symbols Crude Oil Long OLO Crude Oil Short SZO Crude Oil Double DTO Short Intraday Indicative Value Symbols Crude Oil Long OLOIV Crude Oil Short SZOIV Crude Oil Double DTOIV Short CUSIP Symbols Crude Oil Long 25154K866 Crude Oil Short 25154K874 Crude Oil Double 25154K809 Short Details ETN price at listing $25.00 Inception date 6/16/08 Maturity date 6/1/38 Yearly investor fee 0.75% Listing exchange NYSE Arca DB Optimum Yield DBLCOCLT Crude Oil[] Index DB Standard Crude DBRCLTR Oil Index Issuer Deutsche Bank AG, London Branch (1)Index history is for illustrative purposes only and does not represent actual PowerShares |
![]() | Long-term Unsecured Obligations Risks Non-principal protected Leveraged losses Subject to an investor fee Limitations on repurchase Concentrated exposure to Crude oil Acceleration risk Benefits Leveraged and short notes Relatively low cost Intraday access Listed Transparent Tax treatment(3) DB Crude Oil ETN performance. The inception date of the Deutsche Bank Liquid Commodity Index-Oil is Jan. 12, 2004. The inception date of the Index's Optimum Yield version is May 24, 2006. Index history is based on a combination of the monthly returns from the relevant Commodity Index (as defined below) plus the monthly returns from the DB 3-Month T-Bill Index (the "T-Bill Index"), resetting monthly as per the formula applied to the PowerShares DB Crude Oil ETNs, less the investor fee. Index history for the Long ETN is based on the Deutsche Bank Liquid Commodity Index -- Optimum Yield Crude Oil[], and index history for the Short and Double Short ETNs is based on the standard version of the Deutsche Bank Liquid Commodity Index -- Light Crude[] (the "Commodity Indexes"). The Commodity Indexes are intended to reflect changes in the market value of certain crude oil futures contracts. The T-Bill Index is intended to approximate returns from investing in 3-month United States Treasury bills on a rolling basis. Index history does not reflect any transaction costs or expenses. Indexes are unmanaged, and you cannot invest directly in an index. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. For current index and PowerShares DB Crude Oil ETN performance, go to dbfunds.db.com/notes. (2)The S&P 500([R]) Index is an unmanaged index used as a measurement of change in stock market conditions based on the performance of a specified group of common stocks. The Barclays Capital U.S. Aggregate Bond Index[] is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market. Correlation indicates the degree to which two investments have historically moved in the same direction and magnitude. Volatility is the annualized standard deviation of monthly index returns. (3)Deutsche Bank AG, London Branch, Invesco PowerShares and their affiliates do not provide tax advice, and nothing contained herein should be construed to be tax advice. Please be advised that any discussion of U.S. tax matters contained herein (including attachments) (i) is not intended or written to be used, and cannot be used, by you for the purpose of avoiding U.S. tax related penalties and (ii) was written to support the promotion or marketing of the transactions or matters addressed herein. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor. An investment in the PowerShares DB Crude Oil ETNs involves risks, including possible loss of principal. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement. Not FDIC Insured -- No Bank Guarantee -- May Lose Value The PowerShares DB Crude Oil ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch that are linked to the Index. The PowerShares DB Crude Oil ETNs are riskier than ordinary unsecured debt securities and have no principal protection. Risks of investing in the PowerShares DB Crude Oil ETNs include limited portfolio diversification, uncertain principal repayment, trade price fluctuations, illiquidity and leveraged losses. Investing in the PowerShares DB Crude Oil ETNs is not equivalent to a direct investment in the index or index components. The investor fee will reduce the amount of your return at maturity or upon redemption of your PowerShares DB Crude Oil ETNs even if the value of the relevant index has increased. If at any time the redemption value of the PowerShares DB Crude Oil ETNs is zero, your investment will expire worthless. Deutsche Bank may accelerate the PowerShares DB Crude Oil ETNs upon the occurrence of a regulatory event as described in the pricing supplement. Ordinary brokerage commissions apply, and there are tax consequences in the event of sale, redemption or maturity of the PowerShares DB Crude Oil ETNs. Sales in the secondary market may result in losses. An investment in the PowerShares DB Crude Oil ETNs may not be suitable for all investors. The PowerShares DB Crude Oil ETNs are concentrated in crude oil commodity futures contracts. The market value of the PowerShares DB Crude Oil ETNs may be influenced by many unpredictable factors, including, among other things, volatile oil prices, changes in supply and demand relationships, changes in interest rates, and monetary and other governmental actions. The DB Crude Oil ETNs are concentrated in a single commodity sector, are speculative and generally will exhibit higher volatility than commodity products linked to more than one commodity sector. The DB Crude Oil Double Short ETN is a leveraged investment. As such, it is likely to be more volatile than an unleveraged investment. There is also a greater risk of loss of principal associated with a leveraged investment than with an unleveraged investment. |
![]() | 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 dbfunds.db.com or EDGAR on the SEC website at www.sec.gov. Alternatively, you may request a prospectus by calling 800.983.0903, or you may request a copy from any dealer participating in this offering. The PowerShares DB Crude Oil ETNs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking monthly leveraged investment results and intend to actively monitor and manage their investments. Investing in the ETNs is not equivalent to a direct investment in the index or index components because the current principal amount (the amount you invested) is reset each month, resulting in the compounding of monthly returns. The principal amount is also subject to the investor fee, which can adversely affect returns. The amount you receive at maturity (or upon an earlier repurchase) will be contingent upon each monthly performance of the index during the term of the securities. There is no guarantee that you will receive at maturity, or upon an earlier repurchase your initial investment back or any return on that investment. Significant adverse monthly performances for your securities may not be offset by any beneficial monthly performances. Certain marketing services may be provided for these products by Invesco Aim Distributors, Inc. or its affiliate, Invesco PowerShares Capital Management LLC. Neither firm is affiliated with Deutsche Bank. PowerShares[R] is a registered trademark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC is an indirect, wholly owned subsidiary of Invesco Ltd. An investor should consider the PowerShares DB Crude Oil ETNs' investment objective, risks, charges and expenses carefully before investing. |