Notice to Shareholders

3 Jan 2017 07:00

db x-trackers

Investment company with variable capital

Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg

R.C.S. Luxembourg B-119.899

(the “Company”)

IMPORTANT NOTICE TO SHAREHOLDERS OF

db x-trackers ShortDAX® Daily UCITS ETF ISIN LU0292106241

db x-trackers Euro Stoxx 50® Short Daily UCITS ETF LU0292106753

db x-trackers S&P 500 Inverse Daily UCITS ETF ISIN LU0322251520

(the “Sub-Funds”)

30 December 2016

In accordance with the provisions of the Product Annex of the Sub-Funds as disclosed in the current prospectus of the Company (the “Prospectus”), to achieve its Investment Policy the Sub-Funds may:

enter into a financial contract (derivative) with Deutsche Bank AG to swap most subscription proceeds for a return on the relevant Reference Index (a "Funded Swap"); and/or invest in transferable securities and enter into derivatives with Deutsche Bank AG relating to the transferable securities and the relevant Reference Index, in order to obtain the return on the relevant Reference Index (an "Unfunded Swap").

According to the Prospectus, the Sub-Funds may, with due regard to the best interest of its Shareholders, decide from time to time to switch partially or totally from a Funded Swap to an Unfunded Swap and vice versa.

Based on the above provisions, the board of directors of the Company has decided to totally switch the Sub-Funds from a Funded Swap to an Unfunded Swap to be effective on the following dates:

Effective Date		Sub-Fund
13 January 2017		db x-trackers Euro Stoxx 50® Short Daily UCITS ETF
20 January 2017		db x-trackers S&P 500 Inverse Daily UCITS ETF
20 January 2017		db x-trackers ShortDAX® Daily UCITS ETF

For the avoidance of doubt the cost of this switch of Investment Policy will not be borne by the Shareholders.

Capitalised terms used in this letter shall have the meaning ascribed to them in the Prospectus unless the context otherwise requires.

Any further information in relation to the above change may be obtained from the relevant local representatives, the legal entities mentioned under ‘Contact information’ below or by sending an email to info.dbx-trackers@db.com.

db x-trackers

The board of directors

Contact information

db x-trackers

49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg

Deutsche Asset & Wealth Management Investment S.A.

2, boulevard Konrad Adenauer, L-1115 Luxembourg, Grand Duchy of Luxembourg

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