Important Notice to Shareholders


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”)


db x-trackers ShortDAX® x2 Daily UCITS ETF

db x-trackers LevDAX® Daily UCITS ETF

db x-trackers FTSE 100 Short Daily UCITS ETF

db x-trackers S&P 500 2x Inverse Daily UCITS ETF

db x-trackers S&P 500 2x Leveraged Daily UCITS ETF

(the “Sub-Funds”)

Luxembourg, 21 April 2017

Dear Shareholder,

The Board of Directors hereby informs the shareholders of the Sub-Funds (the “Shareholders”) that it has resolved to change the investment manager of the Sub-Funds as described below with effect from 24 May 2017 (the “Effective Date”).

Currently, State Street Global Advisors Limited ("SSGA") acts as investment manager of the Sub-Funds. SSGA shall be replaced by Deutsche Asset Management (UK) Limited ("DeAM (UK)") in order to act as the new investment manager of the Sub-Funds.

DeAM (UK) was incorporated in the United Kingdom on 16 September 2004 and is regulated by the Financial Conduct Authority (FCA).

Furthermore, DeAM (UK) will appoint Deutsche International Corporate Services (Ireland) Limited ("DICSIL") to provide certain operational support services in respect to the Sub-Funds. For the avoidance of any doubt, DICSIL will not carry out any portfolio management functions and will be remunerated by DeAM (UK). DICSIL was incorporated under the laws of Ireland on 19 September 1989 and is a wholly owned subsidiary of Deutsche Bank AG. The principal activity of DICSIL is to manage and/or administer collective investment schemes and special purpose vehicles. DICSIL is authorised and regulated by the Central Bank of Ireland.

The above described changes have been decided in order to optimise and rationalise the portfolio management set-up of the Sub-Funds.

There will be no increase in the fees levied on the Sub-Funds as a result of this replacement. In addition, no costs or expenses relating to the above mentioned change and its implementation will be borne by Shareholders.

The Investment Objective and Policy of the Sub-Funds will remain unchanged and the investment style and investment philosophy will remain the same.

Shareholders who subscribe or redeem shares in the Sub-Funds on the primary market and who do not agree with the above change are entitled to redeem their shares in the Sub-Fund in accordance with the prospectus of the Company. Such redemption shall be free of any Redemption Charge until one day prior to the Effective Date. Please note that the Company does not charge any redemption fee for the sale of shares in the secondary market. Orders to sell shares through a stock exchange can be placed via an authorized intermediary or stockbroker. However, shareholders should note that orders in the secondary market may incur costs over which the Company has no control and to which the above exemption of Redemption Charge does not apply.

The above mentioned change will be reflected in a revised prospectus of the Company (the “Prospectus”) to be issued on or around the Effective Date. Revised copies of the Prospectus reflecting the above change will be available on the website of the Company (, and may be obtained free of charge at the Company’s registered office or at the foreign representatives’ offices, once available.

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

If you have any queries or if any of the above is not clear, you should seek advice from your stockbroker, bank manager, legal adviser, accountant or other independent financial advisor.

Shareholders should also consult their own professional advisers as to the specific tax implications under the laws of the countries of their nationality, residence, domicile or incorporation.

Further information in relation to the above may also be obtained from the legal entities mentioned under ‘Contact information’ below or by sending an email to

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 Management S.A.

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

Short Name: db x-trackers
Category Code: MSCU
Sequence Number: 582104
Time of Receipt (offset from UTC): 20170421T104615+0100


Deutsche Bank AG


Deutsche Bank AG