Mick McLaughlin 1Q 2014 v2

db X-trackers MSCI international currency-hedged equity funds offer an easy, efficient way to implement a currency-hedge strategy.

Currency exposure can have a significant impact on international equity returns. The challenge: When the U.S. dollar is rising, gains on non-U.S.-dollar-denominated securities can be diminished when converted back into U.S. dollars. Investors seeking pure exposure to underlying local markets can help neutralize this risk with a currency-hedged investment.

db X-trackers MSCI All World ex US Hedged Equity Fund (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI ACWI ex USA US Dollar Hedged Index (the “Index”). The Index is designed to provide exposure to equity securities in developed and emerging stock markets (excluding the U.S.), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

Three reasons to choose this fund:

  • Attractive dividend yield
  • Pure equity exposure
  • Diversification across international equities

MSCI ACWI ex USA Index stocks provide an attractive dividend yield of 3.00% vs. 1.90% for the S&P 500 Index.

DBAW - Source: Bloomberg as of 12/31/13

Source: Bloomberg as of 12/31/13.

Investors in MSCI All World ex U.S. Hedged Equity Fund (DBAW) can be sure they are getting pure and balanced exposure to developed and emerging market equities, matching exposure to the unhedged index.

DBAW - Source: Deutsche Asset & Wealth Management and MSCI as of 12/31/13

Source: MSCI as of 12/31/13.

MSCI ACWI ex USA Index captures large-and-mid cap representation across 22 of 23 developed markets (DM) countries (excluding the U.S.) and 21 emerging markets (EM) countries.1 With 1,824 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S.

DBAW - Source: MSCI as of 12/31/13

Source: MSCI as of 12/31/13.

1 DM countries include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the UK. EM countries include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

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For more than a decade, international equity investors have benefitted from the U.S. dollar's decline. With the U.S. dollar near all-time lows, this tide could shift anytime, hurting international returns for U.S. investors and increasing portfolio volatility.

Adding DBEF to a portfolio can help investors gain pure developed-market equity exposure and hedge against these currency fluctuations.

Three reasons to choose this fund:

  • Prepare for currency fluctuations
  • Manage currency risk
  • Hedge for lower volatility

The U.S. dollar's secular decline has helped boost international portfolios for years—but history tells us that the U.S. dollar is likely to strengthen, and when it does, returns on traditional (unhedged) products will be reduced. Is your portfolio ready?

DBEF - Strength of the U.S. dollar (1967-2012)

Source: Deutsche Bank and Bloomberg as of 12/31/13.

A significant portion of the MSCI EAFE Index's return has historically come from sharp and unpredictable currency moves. Sometimes they helped returns, sometimes they hurt them.

DBEF offers investors a way to avoid making currency calls and having gains reduced by a stronger U.S. dollar.

DBEF - Contribution from currency (1983-2012)

Source: Bloomberg as of 12/31/13. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Since inception of DBEF (6/9/11) through 12/31/13, the MSCI EAFE U.S. Dollar Hedged Index has outperformed the unhedged MSCI EAFE Index.

DBEF - Hedged vs. unhedged volatility (as of 12/31/12)

Source: Bloomberg. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. It is not possible to invest directly in an index. Volatility is represented by standard deviation, which depicts how widely an investment's returns vary from its average return over a certain period. Volatility over other time periods might not have been as favorable.

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Harness the global growth potential of emerging economies while avoiding the potential for damaging currency fluctuations with DBEM.

Three reasons to choose this fund:

  • Growth in emerging markets
  • Bargains in emerging markets
  • Hedge for lower volatility

Emerging markets are poised to deliver strong growth compared to the United States and euro area, thanks to healthy government, company and consumer balance sheets.

DBEM - Forecasted gross domestic product (GDP) growth

Source: International Monetary Fund as of January 2013. Gross domestic product is the value of all goods and services produced by an economy.

Developing market stocks are inexpensive relative to U.S. shares and their own 10-year average, as represented by the price-to-earnings (P/E) ratio. As a result, now may be a smart time to add emerging-market stocks to your portfolio through DBEM.

DBEM - P/E ratio (as of 3/1/13)

Source: Bloomberg as of 12/31/13. The price-to-earnings ratio compares current share prices to per-share earnings.

Currency hedging may also help lower portfolio volatility. The MSCI Emerging Markets U.S. Dollar Hedged Index, which the fund seeks to track, has outperformed its unhedged counterpart with less volatility since inception in February 2011. Of course, past performance is no guarantee of future results.

DBEM - Hedged vs. unhedged volatility (as of 12/31/12)

Since inception of DBEM (6/9/11) through 12/31/13, the MSCI Emerging Markets U.S. Dollar Hedged Index has outperformed the unhedged MSCI Emerging Markets Index. Of course, past performance is no guarantee of future results.

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Although growth in developed economies in the Asia Pacific region slowed in 2012 from the year prior, it outpaced that of all other regions, according the World Bank as of April 2013. Adding DBAP to a portfolio can help mitigate currency risk and potentially benefit from the growth opportunities provided by developed and emerging economies in the Asia‐Pacific region (excluding Japan).

Three reasons to choose this fund:

  • Add a growth powerhouse
  • Bargains in Asia Pacific
  • Boost income potential

Building on its reputation as a leading region for growth, gross‐domestic‐product forecasts for countries in the Asia Pacific region are expected to remain high in 2014, with countries poised to deliver GDP growth ranging from 8.6% to 3.4%.

DBAP - Countries in the Asia-Pacific region are poised to deliver strong GDP growth

Source: Deutsche Asset & Wealth Management as of 12/31/13. Gross domestic product (GDP) represents the value of all goods and services produced by an economy. “Others” includes Korea (3.90%), New Zealand (3.20%), Taiwan and Singapore (3.50%) and Australia (3.40%).

Asia Pacific (ex‐Japan) stocks are currently trading at attractive levels with price‐to‐book and price‐to‐earnings ratios that are 10% and 86% below their 15‐year average, respectively.

DBAP - Stocks in the MSCI Asia Pacific Ex Japan Index are inexpensive compared to historical averages

Source: Bloomberg as of 12/31/13. The price‐to‐earnings ratio compares a company’s current share price to its per‐share earnings. The price‐to‐book ratio compares a stock’s market value with its book value. The MSCI Asia Pacific ex Japan U.S. Dollar Hedged Index, which is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia‐Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non‐U.S. currencies. You cannot invest directly in an index.

Asia Pacific stocks (ex‐Japan) are currently offering compelling income opportunities. Stocks in the MSCI Asia Pacific Ex Japan Index provide an attractive dividend yield of 2.5% vs. 1.9% for the S&P 500 Index as of 12/31/13.

DBAP - Stocks in the MSCI Asia Pacific Ex Japan Index offer attractive dividend yields (as of 6/30/13)

Source: Bloomberg as of 12/31/13. Past performance is historical and does not guarantee future results. The S&P 500 Index tracks the performance of 500 leading U.S. stocks. The MSCI Asia Pacific ex Japan U.S. Dollar Hedged Index, which is designed to provide exposure to equity securities in developed and emerging stock markets in the Asia‐Pacific region (excluding Japan), while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non‐U.S. currencies. Dividend yield is the rate of income generated by a stock in the form of dividends. There is no guarantee dividends will continue to be paid. If dividends are not paid or are lowered, the dividend yield will be reduced. The dividend yield of the MSCI Europe Index should not be considered the dividend yield of the fund.

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After its longest recession on record—a total of six quarters—Europe appears to be poised for growth.

Adding DBEU to a portfolio provides access to growth opportunities provided by the stocks of 16 developed European nations, while helping to neutralize currency risk.

Three reasons to choose this fund:

  • Bargains in Europe
  • Boost income potential
  • Pure equity exposure

European stocks, as represented by the MSCI Europe Index, are trading at price-to-earnings ratios that are 26%, respectively, below their 15-year averages, meaning European stocks are currently selling at attractive valuations.

DBEU - Stocks in the MSCI Europe Index are inexpensive compared to historical averages

Source: Bloomberg as of 12/31/13. Past performance is no guarantee of future results. The price-to- earnings ratio compares a company’s current share price to its per-share earnings. The price-to-book ratio compares a stock’s market value with its book value. The MSCI Europe Index is designed to provide exposure to developed European equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. You cannot invest directly in an index.

European stocks are currently offering compelling income opportunities. Stocks in the MSCI Europe Index provide an attractive dividend yield of 3.4% vs. 1.9% for the S&P 500 Index as of 12/31/13.

DBEU - STOCKS IN MSCI EUROPE INDEX OFFER ATTRACTIVE DIVIDEND YIELDS

Source: Bloomberg as of 12/31/13. The S&P 500 Index tracks the performance of 500 leading U.S. stocks. The MSCI Europe Index is designed to provide exposure to developed European equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies. It is not possible to invest directly in an index. Dividend yield is the rate of income generated by a stock in the form of dividends. There is no guarantee dividends will continue to be paid. If dividends are not paid or are lowered, the dividend yield will be reduced. The dividend yield of the MSCI Europe Index should not be considered the dividend yield of the fund.

Investors in DBEU can be sure they are getting pure and balanced exposure to developed- market European equities, matching exposure to the unhedged index.

DBEU - THE MSCI EUROPE INDEX IS DIVERSIFIED ACROSS 10 SECTORS

Source: MSCI as of 1/31/14. The MSCI Europe Index is designed to provide exposure to developed European equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and selected non-U.S. currencies.

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Brazil will host the 2014 World Cup and 2016 Summer Olympics. These events will require increased infrastructure development that could generate more than $100 billion in direct and indirect investment.

DBBR allows pure exposure to Brazilian stocks while seeking to reduce the effects of currency fluctuations.

Three reasons to choose this fund:

  • Growth in Brazil
  • Pure equity exposure
  • Hedge for lower volatility

According to the International Monetary Fund (IMF), Brazil's forecasted gross domestic product (GDP) growth is greater than that of the euro area and the United States in 2013 and 2014.

DBBR - Forecasted GDP

Source: IMF as of January 2013. Gross domestic product is the value of all goods and services produced by an economy.

Investors in DBBR can be sure they are getting pure exposure to the broad Brazilian equity market. As of 12/31/13, all the fund's sectors were within 201 basis points (just over two percentage points) of the unhedged index.

DBBR - The MSCI Brazil U.S. Dollar Hedged Index is diversified across sectors (as of 12/31/12)

Source: MSCI as of 12/31/13. One basis point equals 1/100 of a percentage point.

Currency hedging may also help lower portfolio volatility. The MSCI Brazil U.S. Dollar Hedged Index, which the fund seeks to track, has outperformed its unhedged counterpart with less volatility since inception in February 2011. Of course, past performance is no guarantee of future results.

DBBR - Hedged vs. unhedged volatility (as of 12/31/12)

Since inception of DBBR (6/9/11) through 12/31/13, the MSCI Brazil U.S. Dollar Hedged Index has outperformed the unhedged MSCI Brazil Index. Of course, past performance is no guarantee of future results.

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Europe's largest economy belongs in any international portfolio. Consider DBGR, the first ETF to access the full power of Europe's economic engine without the potentially damaging effects of currency fluctuations between the euro and the U.S. dollar.

Three reasons to choose this fund:

  • Prepare for currency fluctuations
  • Add an export powerhouse
  • Hedge for lower volatility

Over the five years ended 12/31/13, the euro (EUR) has been highly volatile vs. the U.S. dollar (USD). Such exchange-rate movements can add volatility to your portfolio, but a hedged ETF like DBGR can help mitigate this currency risk.

DBGR - Volatility of the hedged vs the unhedged indices (as of 4/30/13)

Source: www.federalreserve.gov as of 12/31/13. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. EUR/USD exchange rates might have been different over other time periods.

Many currency strategists, including our own, have forecast a decline in the euro vs. the U.S. dollar. A weaker euro is a boon for an export-driven economy like Germany’s, where exports account for 50% of gross domestic product (GDP), tops among the largest economies in the Eurozone.

DBGR - The EUR/USD exchange rate has been volatile (4/30/08-4/30/13)

Source: World Bank as of 4/15/13. GDP is the value of all goods and services produced by a country.

Currency hedging may help lower portfolio volatility. The MSCI Germany U.S. Dollar Hedged Index, which the fund seeks to track, has been significantly less volatile than its unhedged counterpart over a variety of time periods ended 12/31/13.

DBGR - Exports as a percentage of GDP

Source: Bloomberg. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. It is not possible to invest directly in an index. Volatility is represented by standard deviation, which depicts how widely an investment's returns vary from its average return over a certain period. Volatility over other time periods might not have been as favorable.

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Japanese government stimulus programs—in excess of $100 billion—have the potential to jumpstart the world's third-largest economy. DBJP allows pure exposure to Japanese stocks while seeking to reduce the effects of currency fluctuations.

Three reasons to choose this fund:

  • Target a weaker yen
  • Pure equity exposure
  • Boost return potential

Japanese policies have weakened the yen and boosted Japanese exports, which make up nearly 20% of the country's gross domestic product.1 As shown below, a falling yen has historically led to a sharp increase in the performance of Japanese stocks.

DBJP - Opportunities amid Japan's current economic development

Source: Bloomberg as of 12/31/13. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

1 Source: CIA World Factbook as of 2/5/13. Gross domestic product is the value of all goods and services produced by an economy.

Investors in DBJP can be sure they are getting pure exposure to the broad Japanese equity market. As of 12/31/13, all of the fund's sectors were within 15 basis points (0.15%) of the unhedged index.

DBJP - The MSCI Japan U.S. Dollar Hedged Index is diversified across 10 sectors (as of 12/31/12)

Source: MSCI as of 12/31/13. One basis point equals 1/100 of a percentage point.

Since the inception of DBJP, 6/9/11, the MSCI Japan U.S. Dollar Hedged Index has outperformed the unhedged MSCI Japan Index by more than 11 percentage points annually.

DBJP - MSCI Japan U.S. Dollar Hedged Index outpaced the unhedged index (2/10/11-12/31/12)

Source: Bloomberg as of 12/31/13. PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Index returns do not reflect fees or expenses and it is not possible to invest directly in an index. The MSCI Japan U.S. Dollar Hedged Index returns: 1-year, 52.98; since DBJP inception (6/9/11), 21.15%, MSCI Japan Index (unhedged) return: 1-year, 27.16; since DBJP inception (6/9/11), 9.89%. Current performance may differ from the data shown.

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The db X-trackers MSCI Mexico Hedged Equity Fund (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Mexico IMI 25/50 US Dollar Hedged Index (the “Index”). The Index is designed to provide exposure to the Mexican equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and Mexican peso.

Three reasons to choose this fund:

  • Emerging manufacturing superpower
  • Pure equity exposure
  • Growth in Mexico

Mexico has benefitted from a changing cost equation. China's rising labor costs, nearly tripling since 2002, see chart below, as well as increases in transportation and real estate costs, are undermining it's competitive advantage and manufacturers in Mexico are gaining market share.

DBMX - Source: U.S. Bureau of Labor Statistics, International Labor Comparisons.

Source: U.S. Bureau of Labor Statistics, International Labor Comparisons.

Investors in MSCI Mexico Hedged Equity Fund (DBMX) can be sure they are getting pure and balanced exposure to Mexican equities, matching exposure to the unhedged index.

DBMX - Source: MSCI as of 12/31/13

Source: MSCI as of 12/31/13.

Mexico’s Finance and Public Credit Secretariat expects the country to attract a record amount of foreign direct investment in 2013. This high foreign direct investment (FDI) indicates that investors are more confident in the Mexican economy than they have been in years.

DBMX - Source: The World Bank as of 12/31/12.

Source: The World Bank as of 12/31/12.

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db X-trackers MSCI South Korea Hedged Equity Fund (the “Fund”) seeks investment results that correspond generally to the performance, before fees and expenses, of the MSCI Korea 25/50 US Dollar Hedged Index (the “Index”). The Index is designed to provide exposure to South Korean equity markets, while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and the South Korean won.

Three reasons to choose this fund:

  • Add an export powerhouse
  • Mitigate portfolio volatility
  • Growth in South Korea

South Korea is an robust export-driven economy, with exports of goods and services accounting for about 60% of GDP in 2012.

DBKO - Source: The World Bank as of 12/31/12. Gross domestic product is the value of all goods and services produced by an economy.

Source: The World Bank as of 12/31/12. Gross domestic product is the value of all goods and services produced by an economy.

Currency hedging may help lower portfolio volatility. Looking back over the last 20 years, there were two upward spikes, each representing significant won depreciation against the U.S. dollar. These large spikes represent times when currency can really affect returns negatively. Of course, past performance is no guarantee of future results.

DBKO - Source: Bloomberg as of 12/19/13.

Source: Bloomberg as of 12/19/13.

The Korean economy is poised to deliver strong growth, compared to the United States and euro area, as sustained recovery in exports points GDP growth higher to 3.70%, from 2.80% in 2013.

DBKO - Source: The World Bank as of 12/31/12. Gross domestic product is the value of all goods and services produced by an economy.

Source: The World Bank as of 12/31/12. Gross domestic product is the value of all goods and services produced by an economy.

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Adding DBUK to a portfolio can help mitigate currency risk and provide exposure to equities from the United Kingdom—one of the world’s leading economies.

Three reasons to choose this fund:

  • Prepare for currency moves
  • Bargains in the United Kingdom
  • Boost income potential

Currency moves can be sharp and unpredictable and can have significant and potentially adverse effects on foreign equity securities—including the addition of undesired volatility. In recent years, fluctuations between the U.S. dollar (USD) and British pound sterling (GDP) have led to volatile exchange rates.

DBUK - The GDP/USD exchange rate has been volatile (6/28/08‐6/28/13)

Source: www.federalreserve.gov. Past performance is no guarantee of future results.

U.K. stocks are attractively valued, with a P/E ratio 41% below their 15‐year average and a P/B ratio 13% below their 15‐year average. At the same time, growth forecasts for the United Kingdom are rising.

DBUK - Stocks in the MSCI United Kingdom Index are inexpensive compared to historical averages (as of 6/30/13)

U.K. stocks are currently offering compelling income opportunities. Stocks in the MSCI United Kingdom Index provide an attractive dividend yield of 3.7% vs. 1.9% for the S&P 500 Index as of 12/31/13.

DBUK - Stocks in the MSCI United Kingdom Index offer attractive dividend yields (as of 6/30/13)

Source: Bloomberg as of 12/31/13. Past performance is historical and does not guarantee future results. The S&P 500 Index tracks the performance of 500 leading U.S. stocks. The MSCI United Kingdom Index is which is designed to provide exposure to the equity market of the United Kingdom while at the same time mitigating exposure to fluctuations between the value of the U.S. dollar and pound sterling. There is no guarantee dividends will continue to be paid. If dividends are not paid or are lowered, the dividend yield will be reduced. The dividend yield of the MSCI Europe Index should not be considered the dividend yield of the fund.

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The funds attempt to hedge exposure to fluctuations between the U.S. dollar and international currencies.

PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. Performance data quoted represents past performance; past performance does not guarantee future results; and the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; and current performance may be lower or higher than performance data quoted. Performance data current to the most recent month end can be obtained by calling 1-855-329-3837 or by viewing performance data on our site.

DEFINITIONS: The MSCI EAFE Index captures large- and mid-cap representation across developed markets countries around the world, excluding the United States and Canada. The MSCI EAFE U.S. Dollar Hedged Index is calculated using the same methodology as its corresponding MSCI EAFE Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

The MSCI Emerging Markets Index captures large- and mid-cap representation across 21 emerging markets. The MSCI Emerging Markets U.S. Dollar Hedged Index is calculated using the same methodology as its corresponding MSCI Emerging Markets Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

The MSCI Brazil Index is designed to track the performance of the large- and mid-cap segments of the Brazilian market. The MSCI Brazil U.S. Dollar Hedged Index is calculated using the same methodology as its corresponding MSCI Brazil Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

The S&P 500 Index tracks the performance of 500 leading U.S. stocks and is widely considered representative of the U.S. equity market.

The MSCI Japan Index is designed to track the performance of the large- and mid-cap segments of the Japanese market. The MSCI Japan U.S. Dollar Hedged Index is calculated using the same methodology as its corresponding MSCI Japan Index, but is designed to mitigate exposure to fluctuations between the value of the U.S. dollar and non-U.S. currencies.

The U.S. Dollar Index measures the performance of the U.S. dollar vs. a basket of currencies including the euro, yen, British pound, Canadian dollar and Swiss franc.

One cannot invest directly in an index.

PowerShares DB Commodity Index Tracking Fund (DBC)—view prospectus.