Free Writing Prospectus
Filed Pursuant to Rule 433
Registration Statement No. 333-184193
Dated October 23, 2014
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ThePowerSharesDBCrudeOilLongExchangeTradedNote(Symbol:OLO), PowerSharesDBCrudeOil
ShortExchangeTradedNote(Symbol:SZO) andPowerSharesDBCrudeOilDoubleShortExchange
TradedNote(Symbol:DTO) (colectively, the"PowerSharesDBCrudeOilETNs") provideinvestorsa
waytotakealong, shortorleveragedview ontheperformanceofanoil-basedcommodityindex.
AlofthePowerSharesDBCrudeOilETNsarebasedonatotalreturnversionoftheDeutscheBank
LiquidCommodityIndex-- Oil, whichisintendedtotrackthelongorshortperformanceofthe
underlyingfuturescontractsofabasketofoilfuturecontracts. TheLongETNisbasedontheOptimum
Yield[] versionoftheIndex, andtheShortandDoubleShortETNsarebasedonthestandardversion
oftheIndex.
InvestorscanbuyandselPowerSharesDBCrudeOilETNsatmarketpriceontheNYSEArcaexchange
orreceiveacashpaymentatthescheduledmaturityorearlyrepurchasebasedonthemonth-over-
monthperformanceoftheindexlessinvestorfees. InvestorsmayoferPowerSharesDBCrudeOil
ETNsinblocksofnolessthan200,000securitiesandintegralmultiplesof50,000securitiesthereafter
forpurchase, subjecttotheproceduresdescribedinthepricingsupplementwhichincludeafeeofup
to$0.03persecurity.
FactSheet Prospectus DownloadHistoricalRepurchaseValue
--------------------------- ---------------------- ------------- ---------- ---------------------------------
FinancialDetails
OLO SZO DTO -
LastUpdate 10/22/2014 10/22/2014 10/22/2014 -
9:30AMEST 12:00AMEST 10:14AMEST -
Price 11.50 41.93 41.92 -
IndicativeIntra-dayValue 12.08 43.00 42.32 -
LastEndofDayRepurchaseValue(1) 12.14 42.8463 41.9441 -
LastDateforEndofDayValue 10/21/2014 10/21/2014 10/21/2014 -
------------- ---------- ---------------- ------ --------- --- --------
PowerSharesDBCrudeOilETNand ETNand IndexHistory(%)
IndexData ETN
TickerSymbols Asof9/30/2014 1Year 3Year 5Year 10Year Inception
CrudeOilLong OLO ETNRepurchaseValue(1)
CrudeOilShort SZO CrudeOilLong -1.63 5.15 1.64 - -9.45
CrudeOilDoubleShort DTO CrudeOilShort 3.89 -9.26 -5.58 - 7.44
CrudeOilDoubleShort 6.51 -21.20 -15.01 - 5.70
IntradayIndicativeValue
Symbols
CrudeOilLong OLOIV ETNMarketPrice(2)
CrudeOilShort SZOIV CrudeOilLong -3.03 4.98 1.41 - -9.62
CrudeOilDoubleShort DTOIV CrudeOilShort 4.36 -10.28 -6.22 - 6.88
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10/22/14 PowerSharesETNs.com- Products- PowerSharesDBCrudeOilExchangeTradedNotes
CrudeOilDoubleShort 5.73 -21.63 -15.25 - 5.46
CUSIPSymbols
CrudeOilLong 25154K866 IndexHistory
CrudeOilShort 25154K874 DeutscheBankLiquidCommodity -0.99 5.89 2.38 - -8.75
CrudeOilDoubleShort 25154K809 Index-Optimum YieldOil
DeutscheBankLiquidCommodity -6.34 4.46 -0.26 - -15.93
Details Index-Oil
ETNpriceatlisting $25.00
Inceptiondate 6/16/08 ComparativeIndexes(3)
Maturitydate 6/1/38 SandP500Index 19.73 22.99 15.70 - 8.57
Yearlyinvestorfee 0.75% BarclaysU.S. Aggregate 3.96 2.43 4.12 - 5.00
Listingexchange NYSEArca
--------------------------- ------------- -------- ---------------- -------------
DBOptimum Yield(Crude) DBLCOCLT LongIndexWeights
Oil[] Index Asof10/21/2014
DBStandardCrudeOil DBRCLTR Commodity ContractExpiryDate Weight(%)
Index LightCrude 12/19/2014 100.00
--------------------------- ---------------------- ---------------- -------------
Issuer
DeutscheBankAG, LondonBranch ShortIndexWeights
Long-term UnsecuredObligations Asof10/21/2014
Commodity ContractExpiryDate Weight(%)
Risks LightCrude 11/20/2014 100.00
Source:InvescoPowerShares, BloombergL.P.
Non-principalprotected
Leveragedlosses (1) ETNrepurchasevalueperformancefiguresreflectrepurchasevalue, whichwould
Subjecttoaninvestorfee requireinvestorstohaveaminimum numberofshares(foundinpricingsupplement).
Limitationsonrepurchase Repurchasevalueisthecurrentprincipalamountxapplicableindexfactorxfee
factor.Seetheprospectusformorecompleteinformation. Investorsholdingless
Concentratedexposure thantheminimum numberofsharesrequiredtoefectarepurchasewouldhaveto
Accelerationrisk seltheirsharesatprevailingmarketprices, whichmaybeatadiscounttothe
Creditriskoftheissuer repurchasevalue. See"ETNMarketPrice" inthistable. Indexhistoryisforilustrative
Potentiallackofliquidity purposesonlyanddoesnotrepresentactualPowerSharesDBCrudeOilETN
performance. TheinceptiondateoftheDeutscheBankLiquidCommodityIndex-Oilis
Jan. 12, 2004. TheinceptiondateoftheIndex'sOptimum YieldversionisMay24,
2006. ETNrepurchasevalueisbasedonacombinationofthemonthlyreturnsfrom
Benefits therelevantCommodityIndexplusthemonthlyreturnsfrom theDB3-MonthT-Bil
Index(the"T-BilIndex"), resettingmonthlyaspertheformulaappliedtothe
Leveragedandshortnotes PowerSharesDBCrudeOilETNs, lesstheinvestorfee. TheLongETNisbasedonthe
Relativelylowcost DeutscheBankLiquidCommodityIndex-- Optimum YieldCrudeOil[], andtheShort
Intradayaccess andDoubleShortETNsarebasedonthestandardversionoftheDeutscheBank
LiquidCommodityIndex-- LightCrude[] (the"CommodityIndexes"). TheT-BilIndex
Listed isintendedtoapproximatereturnsfrom investingin3-monthUnitedStatesTreasury
Transparent bilsonarolingbasis.
PASTPERFORMANCEDOESNOTGUARANTEEFUTURERESULTS.
(2) ETNmarketpriceperformanceiscalculatedusingthechangeinthebid/askmidpoint
at4p.m. ETexpressedasapercentagechangefrom thebeginningtotheendofthe
specifiedtimeperiod.
(3) TheSandP500([R]) Indexisanunmanagedindexusedasameasurementofchangein
stockmarketconditionsbasedontheperformanceofaspecifiedgroupofcommon
stocks. TheBarclaysU.S. AggregateBondIndex[] isanunmanagedindexconsidered
representativeoftheU.S. investment-grade, fixed-ratebondmarket.Indexhistory
doesnotreflectanytransactioncostsorexpenses. Indexesareunmanaged, and
youcannotinvestdirectlyinanindex.
ImportantRiskConsiderations
ThePowerSharesDBCrudeOilETNsmaynotbesuitableforinvestorsseeking
aninvestmentwithaterm greaterthanthetimeremainingtothenextmonthly
resetdateandshouldbeusedonlybyknowledgeableinvestorswhounderstand
thepotentialadverseconsequencesofseekinglongerterm inverseorleveraged
investmentresultsbymeansofsecuritiesthatresettheirexposuremonthly.
InvestingintheETNsisnotequivalenttoadirectinvestmentintheindexor
indexcomponentsbecausethecurrentprincipalamount(theamountyou
invested)isreseteachmonth,resultinginthecompoundingofmonthly
returns.Theprincipalamountisalsosubjecttotheinvestorfee,whichcan
adverselyaffectreturns.Theamountyoureceiveatmaturity(oruponan
earlierrepurchase)wilbecontingentuponeachmonthlyperformanceofthe
indexduringtheterm ofthesecurities.Thereisnoguaranteethatyouwil
receiveatmaturity, oruponanearlierrepurchase, yourinitialinvestmentback
oranyreturnonthatinvestment.Significantadversemonthlyperformancesfor
yoursecuritiesmaynotbeoffsetbyanybeneficialmonthlyperformances.
ThePowerSharesDBCrudeOilETNsareseniorunsecuredobligationsof
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10/22/14 PowerSharesETNs.com- Products- PowerSharesDBCrudeOilExchangeTradedNotes DeutscheBankAG, LondonBranch, andtheamountdueonthePowerSharesDB CrudeOilETNsisdependentonDeutscheBankAG, LondonBranch'sabilityto pay. ThePowerSharesDBCrudeOilETNsareriskierthanordinaryunsecured debtsecuritiesandhavenoprincipalprotection. Risksofinvestinginthe PowerSharesDBCrudeOilETNsincludelimitedportfoliodiversification, fulprincipal atrisk, tradepricefluctuations, iliquidityandleveragedlosses. Investinginthe PowerSharesDBCrudeOilETNsisnotequivalenttoadirectinvestmentintheindex orindexcomponents. Theinvestorfeewilreducetheamountofyourreturnat maturityoruponredemptionofyourPowerSharesDBCrudeOilETNsevenifthe valueoftherelevantindexhasincreased. Ifatanytimetheredemptionvalueofthe PowerSharesDBCrudeOilETNsiszero, yourinvestmentwilexpireworthless. DeutscheBankmayacceleratethePowerSharesDBCrudeOilETNsuponthe occurrenceofaregulatoryeventasdescribedinthepricingsupplement.Ordinary brokeragecommissionsapply, andtherearetaxconsequencesintheeventofsale, redemptionormaturityofthePowerSharesDBCrudeOilETNs. Salesinthe secondarymarketmayresultinlosses. AninvestmentinthePowerSharesDBCrude OilETNsmaynotbesuitableforalinvestors. ThePowerSharesDBCrudeOilETNsprovideconcentratedexposuretonotional positionsincrudeoilcommodityfuturescontracts. Themarketvalueofthe PowerSharesDBCrudeOilETNsmaybeinfluencedbymanyunpredictablefactors, including, amongotherthings, volatileoilprices, changesinsupplyanddemand relationships, changesininterestrates, andmonetaryandothergovernmental actions. BecausetheETNsprovideconcentratedexposuretonotionalpositionsin futurescontractsofasinglecommoditysector, theyarespeculativeandgeneraly wilexhibithighervolatilitythancommodityproductslinkedtomorethanone commoditysector. TheDBCrudeOilDoubleShortETNisaleveragedinvestment.Assuch, itislikelyto bemorevolatilethananunleveragedinvestment.Thereisalsoagreaterriskofloss ofprincipalassociatedwithaleveragedinvestmentthanwithanunleveraged investment. AninvestmentinthePowerSharesDBCrudeOilETNsinvolvesrisks, including possiblelossofprincipal.Foradescriptionofthemainrisks, see"RiskFactors" intheapplicablepricingsupplement. NotFDICInsured-- NoBankGuarantee-- MayLoseValue DeutscheBankAG, LondonBranchhasfiledaregistrationstatement(includingaprospectus) withtheSECforthe offeringtowhichthiscommunicationrelates. Beforeyouinvest, youshouldreadtheprospectusandother documentsfiledbyDeutscheBankAG, LondonBranchformorecompleteinformationabouttheissuerandthis offering. Youmaygetthesedocumentsforfreebyvisitingwww.dbxus.com orEDGARontheSECwebsiteat www.sec.gov. Alternatively, youmayrequestaprospectusbycaling800.983.0903|877.369.4617, oryoumay requestacopyfrom anydealerparticipatinginthisoffering. CertainmarketingservicesmaybeprovidedfortheseproductsbyInvescoDistributors, Inc. oritsaffiliate, Invesco PowerSharesCapitalManagementLLC. InvescoDistributors, Inc. wilbecompensatedbyDeutscheBankorits affiliatesforprovidingthesemarketingservices. NeitherInvescoDistributors, Inc. norInvescoPowerSharesis affiliatedwithDeutscheBank. PowerShares([R]) isaregisteredtrademarkofInvescoPowerSharesCapitalManagementLLC. InvescoPowerShares CapitalManagementLLCisanindirect, wholyownedsubsidiaryofInvescoLtd. Thismaterialmustbeaccompaniedorprecededbyaprospectus. Beforeinvesting, pleasereadtheprospectus carefuly. Aninvestorshouldconsiderthesecurities' investmentobjective, risks, chargesandexpensescarefulybefore investing. beta.powersharesetns.com/portal/site/etns/crudeoil 3/3 |