Filed pursuant to Rule 433
Registration Statement No. 333-162195
Dated March 3, 2010

The PowerShares DB 3x Italian Treasury Bond Futures Exchange Traded Notes (Symbol: ITLT) and the PowerShares DB Italian Treasury Bond Futures Exchange Traded Notes (Symbol: ITLY), (collectively, the "PowerShares DB BTP Futures ETNs," or the "ETNs") provide investors with leveraged or unleveraged exposure to the U.S. dollar value of the returns of an Italian bond futures index.

The PowerShares DB BTP Futures ETNs are based on the DB USD BTP Futures Index (the "BTP Futures Index"), which is intended to measure the performance of a long position in Euro-BTP Futures.

The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London Branch that are linked to the month-over-month performance of the DB USD BTP Futures Index.

The DB USD BTP Futures Index is intended to measure the performance of a long position in Euro-BTP Futures. The underlying assets of Euro-BTP Futures are Republic of Italy-government issues debt securities ("BTPs") with an original term of no longer than 16 years and remaining term to maturity of not less than 8 years and 6 months and not more than 11 years as of the futures contract delivery date. The returns of each ETN are obtained by combining the returns from the relevant futures index plus the returns of the TBill index, less investor fees. Investors can buy and sell the ETNs on the NYSE Arca exchange or receive a cash payment at the scheduled maturity or early redemption based on the performance of the index less investor fees. The issuer has the right to redeem the ETNs at the repurchase value at any time.

Investors may redeem the ETNs in blocks of no less than 50,000 securities and multiples of 50,000 securities thereafter, subject to the procedures described in the pricing supplement. Redemptions may include a fee of up to $0.03 per security.

Fact SheetProspectus Download Historical Repurchase Value

Financial Details
Last Update1/26/2015
12:08 PM EST
4:00 PM EST
Indicative Intra-day Value31.5569.10--
Last End of Day Repurchase Value131.538469.0399--
Last Date for End of Day Value1/23/20151/23/2015--
PowerShares DB Italian Bond ETN & Index Data
Ticker Symbols
3x BTP Futures ITLT
BTP Futures ITLY
Intraday Indicative Value Symbols
3x BTP Futures ITLTIV
CUSIP Symbols
3x BTP Futures 25154W605
BTP Futures 25154W704
ETN price at inception $20.00
Inception date 3/22/2011
Maturity date 3/31/2021
Yearly investor fee (ITLT) 0.95%
Yearly investor fee (ITLY) 0.50%
Leverage Reset Frequency Monthly
Listing exchange NYSE Arca
Deutsche Bank AG, London Branch
Long-term Unsecured Obligations
  • Non-principal protected
  • Leveraged losses
  • Subject to an investor fee
  • Limitations on repurchase
  • Concentrated exposure
  • Credit risk of the issuer
  • Issuer call right
  • Potential lack of liquidity
  • Leveraged or unleveraged long notes
  • Relatively low cost
  • Intraday access
  • Listed
ETN & Index History(%)
As of 9/30/20141 Year3 Year5 Year10 YearETN Inception
ETN Repurchase Value1
Italian Government Bond21.7015.18--11.90
3x Italian Government Bond78.6748.08--35.19
ETN Market Price2
Italian Government Bond21.5015.12--11.85
3x Italian Government Bond78.2848.36--35.16
Index History
BTP Futures Index22.2415.69--12.39
Comparative Indexes3
S&P 500 Index19.7322.99--15.07
Barclays U.S. Aggregate3.962.43--3.75

ITLT Index Weights
As of 1/26/2015
ContractContract Expiry DateWeight (%)
EURO-BTP FUTURE3/6/2015100.00

ITLY Index Weights
As of 1/26/2015
ContractContract Expiry DateWeight (%)
EURO-BTP FUTURE3/6/2015100.00

Source: Invesco PowerShares, Bloomberg L.P.

1 ETN repurchase value performance figures reflect repurchase value, which would require investors to have a minimum number of shares (found in pricing supplement). Repurchase value is the current principal amount x applicable index factor x fee factor. See the prospectus for more complete information. Investors holding less than the minimum number of shares required to effect a repurchase would have to sell their shares at prevailing market prices, which may be at a discount to the repurchase value. See "ETN Market Price" in this table. ETN repurchase value is based on a combination of three times the monthly returns, for the 3x BTP Futures ETNs, or the monthly returns, for the BTP Futures ETNs, from the BTP Futures Index plus the monthly returns from the DB 3-Month T-Bill Index (the "T-Bill Index"), resetting monthly as per the formula applied to the ETNs, less the investor fee. The T-Bill Index is intended to approximate the returns from investing in 3-month United States Treasury bills on a rolling basis.

The inception date of the BTP Futures Index is September 20, 2010.


2ETN market price performance is calculated using the change in the bid/ask midpoint at 4 p.m. ET expressed as a percentage change from the beginning to the end of the specified time period.

3 The S&P 500® Index is an unmanaged index used as a measurement of change in stock market conditions based on the performance of a specified group of common stocks. The Barclays U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market. Index history does not reflect any transaction costs or expenses. Indexes are unmanaged, and you cannot invest directly in an index.

Important Risk Considerations
Each security 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 and the amount you receive at maturity (or upon an earlier repurchase) will be contingent upon each monthly performance of the respective Index during the term of the ETNs. The BTP Futures ETNs may not be suitable for investors seeking an investment with a term greater than the time remaining to the next monthly reset date and should be used only by knowledgeable investors who understand the potential adverse consequences of seeking longer-term leveraged investment results by means of securities that reset their exposure monthly, resulting in the compounding of monthly returns. Investing in the ETNs is not equivalent to a direct investment in the 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 ETNs may not be offset by any beneficial monthly performances.

The ETNs are senior unsecured obligations of Deutsche Bank AG, London Branch, and the amount due on the ETNs is dependent on Deutsche Bank AG, London Branch's ability to pay. The ETNs are riskier than ordinary unsecured debt securities and have no principal protection.

Risks of investing in the ETNs include limited portfolio diversification, full principal at risk, trade price fluctuations, illiquidity and leveraged losses. The investor fee will reduce the amount of your return at maturity or upon redemption of your ETNs even if the value of the relevant index has increased. If at any time the repurchase value of the ETNs is zero, your Investment will expire worthless. As described in the pricing supplement, Deutsche Bank may redeem the ETNs for an amount in cash equal to the repurchase value.

The ETNs may be sold throughout the day on NYSE Arca through any brokerage account. There are restrictions on the minimum number of ETNs that you may redeem directly with Deutsche Bank AG, London Branch, as specified in the applicable pricing supplement. Ordinary brokerage commissions apply, and there are tax consequences in the event of sale, redemption or maturity of the ETNs. Sales in the secondary market may result in losses.

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

The 3x BTP Futures ETN is a leveraged investment. As such, it is likely to be more volatile than an unleveraged investment. There is also a greater risk of loss of principal associated with a leveraged investment than with an unleveraged investment.

An investment in the ETNs involves risks, including the loss of some or all of the principal amount. For a description of the main risks, see "Risk Factors" in the applicable pricing supplement and the accompanying prospectus supplement and prospectus.

Not FDIC Insured — No Bank Guarantee — May Lose Value