Deutsche X-trackers Comprehensive Factor ETFs

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Factors

Academic concepts

FTSE Russell implementation

Value “Cheaper equities” are thought to outperform

“expensive equities” over the long term1 Composite measure of cash-flow yield, earnings yield _{and sales-to-price of each company}

Quality The quality of a company’s earnings may actually be a better gauge of future earnings performance2

Composite measure of each company’s profitability, efficiency, earnings quality and leverage3

Momentum Relatively recent price movements-over-time, can be

a potential indicator of future stock price performance4 11-month cumulative total returns of each stock

Volatility Portfolios with less volatility and/or low beta can offer higher-than-average return and smaller drawdowns5

Standard deviation of five years of weekly total local returns for each stock

Size _{Historical long-term studies show long-term}

outperformance of small-cap stocks over large-cap stocks6 Each company’s full market capitalization in U.S. dollars

Deutsche X-trackers Comprehensive Factor ETFs

U.S. large cap:DEUS I U.S. small cap: DESC I Developed international: DEEF I Emerging markets: DEMG

Exchange-Traded Funds

Our unique weighting methodology: Simple and transparent

The FTSE Russell methodology scores each stock based on all five factors, simply multiplying each factor score by the stock’s

starting benchmark weight. As a result, we keep the stocks with the strongest overall factor scores, weeding out any weak links.

Stock weight example

Name Market-cap Weight Quality Momentum Value Size Low Vol Unadjusted Weight Final Index Weight

Tyson Foods Inc. 0.07% x 0.76 x 0.65 x 0.93 x 0.34 x 0.61 = 0.007% 0.62%

Hess Corp. 0.07% x 0.48 x 0.22 x 0.97 x 0.30 x 0.33 = 0.001% 0.07%

Netflix Inc. 0.26% x 0.24 x 1.00 x 0.09 x 0.07 x 0.00 = 0.000% 0.00%

Example stocks chosen from the Russell 1000 index universe. Unadjusted weights are rescaled to add up to 1. All weights are based on the actual FTSE Russell Factor scores as of 12/21/15. Subject to change. As of 3/31/16, the stocks had the following weights in the Russell 1000 Comprehensive Factor Index: Tyson Foods (consumer goods), 0.83%; Hess (oil & gas), 0.06%; Netflix (consumer services), 0.00%. For illustrative purposes only.

Extreme _examples

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Enhance the core with multi-factor exposure

What are factors?

Think of factors as the nutritional

make-up of a stock, characteristics

that describe each stock’s risks

and returns. Within our multi-factor

strategies, we consider five main

factors that have been used in the

industry for years: Value, quality,

momentum, low volatility and size.

Why factors are relevant

Factor ETF strategies provide a simple,

transparent, and cost-efficient way to

potentially generate excess returns.

Combining factors, in particular, can

provide a more holistic approach to

investing, potentially enabling investors

to weather various and unpredictable

economic environments.

Investing with Deutsche X-trackers

Our unique methodology evaluates

every stock from the bottom up,

seeking those proficient in all five

factor scores for inclusion. Our

strategy has both factors and stocks

working together to form what we

believe is the most effective access

to core equity markets.

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Top 10 holdings: factor vs. market-cap

Russell 1000 Comprehensive Factor Index Benchmark: Russell 1000 Index

Name Factor weight Market-cap weight Name Market-cap weight Factor weight

Tyson Foods 0.83% 0.10% Apple 3.02% 0.10%

Kroger 0.83% 0.18% Microsoft 2.12% 0.03%

Progressive 0.67% 0.10% Exxon Mobil 1.74% 0.04%

Amdocs 0.66% 0.05% General Electric 1.49% 0.02%

Darden Restaurants 0.64% 0.04% Johnson & Johnson 1.48% 0.03%

AmerisourceBergen 0.58% 0.09% Facebook 1.24% 0.00%

Nisource 0.57% 0.04% Wells Fargo & Company 1.23% 0.00%

Lear 0.57% 0.04% AT&T 1.21% 0.07%

Hewlett Packard 0.56% 0.15% Amazon 1.13% 0.00%

Northrop Grumman 0.55% 0.18% Procter & Gamble 1.12% 0.02%

Total 6.46% Total in top 10 15.77%

Sector breakdown

19.5% 17.5% 17.4% 9.8% 8.1% 3.9% 0.5% 8.0% 12.9% Industrials Financials Consumer services Utilities Consumer goods Health care Tele-communications Technology Basic materials Oil & gas

0% 5% 10% 15% 20% 25% 2.3% 17.5% 16.8% 14.4% 12.2% 10.9% 3.5% 2.4% 6.6% 13.1% Financials Technology Consumer services Industrial Health care Consumer goods Basic materials Oil & gas Utilities

Telecommunications

0% 5% 10% 15% 20% 25%

2.7%

*Stocks with low factor scores may be removed from the index, resulting in a total of less than 1000 constituents. Source: FTSE Russell as of 3/31/16. Subject to change.

Deutsche X-trackers Russell 1000 Comprehensive Factor ETF (DEUS)

Index characteristics

ETF characteristics

Name Russell 1000 Comprehensive

Factor Index Ticker DEUS

Benchmark Russell 1000 Index Name _{Deutsche X-trackers}

Russell 1000 Comprehensive Factor ETF7

Inception date 9/28/15

Number of constituents 840*

Total market cap $19,141 billion Listing date 11/24/15

Dividend yield 1.95% Management fee 0.25%

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Index characteristics

ETF characteristics

Name Russell 2000 Comprehensive

Factor Index Ticker DESC

Benchmark Russell 2000 Index Name _{Deutsche X-trackers}

Russell 2000 Comprehensive Factor ETF

Number of constituents 1431*

Rebalancing frequency Semi-annual Distribution frequency Quarterly

Top 10 holdings: factor vs. market-cap

Name Factor weight Corresponding

Market-cap weight Name Correspondingfactor weight Market-cap weight

FNFV Group 0.52% 0.05% STERIS 0.02% 0.36%

Cash America Intl 0.51% 0.05% Tyler Technologies 0.02% 0.33%

Insperity 0.47% 0.07% West Pharm Svcs 0.07% 0.32%

AMERISAFE 0.33% 0.07% CubeSmart 0.03% 0.32%

Tech Data 0.32% 0.16% TreeHouse Foods 0.03% 0.31%

SpartanNash 0.31% 0.07% Manhatan Assoc 0.04% 0.29%

Employers Holdings 0.30% 0.06% Vail Resorts 0.05% 0.29%

Universal Corp 0.29% 0.07% Post Holdings 0.02% 0.29%

Central Garden & Pet Co 0.27% 0.04% Piedmont Natural Gas 0.06% 0.29%

US Physical Therapy Inc 0.27% 0.04% Sovran Self Storage 0.07% 0.29%

Total 3.59% Total 3.09%

Sector breakdown

35.40% 20.85% 11.08% 7.00% 6.60% 3.43% 1.47% 3.92% 8.76% Financials Industrials Consumer services Consumer goods Health care Technology Utilities Basic materials Telecommunications Oil & gas

0% 10% 20% 30% 40%

1.61%

Source: FTSE Russell as of 6/7/16. Subject to change.

13.75% 26.73% 11.77% 2.74% 7.39% 0.80% 12.91% 16.54% Health care Financials Industrials Telecommunications Technology

Oil & gas

3.82% Consumer services Consumer goods Basic materials Utilities 0% 5% 10% 15% 20% 25% 30% 3.56%

Deutsche X-trackers Russell 2000 Comprehensive Factor ETF (DESC)

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Sector & country breakdowns

FTSE Developed ex US Comprehensive Factor Index Benchmark: FTSE Developed ex US Index

Sector

Country

21.33% 20.64% 15.54% 7.19% 6.14% 3.73% 2.38% 5.19% 15.26% Consumer services

Oil & gas Health care Consumer goods Basic materials Financials Utilities Technology Telecommunications Industrials 0% 5% 10% 15% 20% 25% 2.61% Australia—10.90% Canada—7.80% Singapore—3.10% Sweden—3.30% Hong Kong—4.60% Switzerland—3.70% South Korea—3.80% Other—16.20% Japan—24.00% U.K.—18.30% France—4.40% Australia—6.35% Canada—7.06% Netherlands—2.75% Hong Kong—3.24% Switzerland—7.81% Germany—7.92% South Korea—4.03% Other—14.31% Japan—21.01% U.K.—17.34% France—8.19% 13.78% 24.47% 8.81% 3.67% 6.88% 3.62% 9.56% 19.09% Consumer services

Oil & gas

Health care Consumer goods Basic materials Financials Utilities Technology Telecommunications 5.61% Industrials 0% 5% 10% 15% 20% 25% 30% 4.51%

Index characteristics

ETF characteristics

Name FTSE Developed ex US

Comprehensive Factor Index Ticker DEEF

Benchmark FTSE Developed ex US Index Name Deutsche X-trackers

FTSE Developed ex U.S. Comprehensive Factor ETF7

Number of constituents 1,170

Top 10 holdings: factor vs. market-cap

FTSE Developed ex US Comprehensive Factor Index Benchmark index: FTSE Developed ex US Index

Name Factor

weight Market-cap weightCorresponding Name weightFactor Market-cap weightCorresponding

Scentre Group 0.75% 0.13% Nestle 0.03% 1.68%

Westfield Corp 0.67% 0.11% Roche Hldgs 0.01% 1.24%

Goodman Group 0.65% 0.06% Novartis 0.01% 1.11%

GPT Group 0.48% 0.05% Toyota Motor 0.00% 1.04%

Dexus Property Group 0.39% 0.04% HSBC 0.00% 0.87%

Medibank Private 0.38% 0.04% Samsung Electronics 0.03% 0.86%

Caltex Australia 0.36% 0.05% British American Tobacco 0.05% 0.78%

Stockland 0.34% 0.06% Royal Dutch Shell 0.00% 0.73%

Amcor 0.33% 0.09% Novo-Nordisk 0.03% 0.72%

Mirvac Group 0.33% 0.04% Anheuser-Busch Inbev 0.00% 0.71%

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Index characteristics

ETF characteristics

Name FTSE Emerging

Comprehensive Factor Index Ticker DEMG

Benchmark FTSE Emerging Index Name Deutsche X-trackers FTSE

Emerging Comprehensive Factor ETF

Number of constituents 834

Sector & country breakdowns

FTSE Emerging Comprehensive Factor Index Benchmark: FTSE Emerging Index

Sector

Country

Mexico—8.83% Taiwan—12.31% Brazil—8.44% India—8.02% Malaysia—6.98% Russia—4.08% Thailand—3.63% Poland—2.96%

Others—13.22% South Africa—16.05%

China—15.48% Malaysia—4.59% Russia—4.56% Indonesia—2.72% Thailand—2.72% Others—10.36% China—25.63% Taiwan—14.65% India—12.12% South Africa—9.09% Brazil—7.90% Mexico—5.64% 19.44% 17.00% 13.19% 9.27% 8.89% 6.08% 2.61% 6.26% 12.57% Telecommunications Health care Financials Consumer goods Technology Oil & gas

Consumer services Industrials Utilities Basic materials 0% 5% 10% 15% 20% 25% 4.69% 30.14% 12.63% 10.13% 8.49% 7.84% 6.69% 2.76% 7.42% 10.11% Telecommunications Industrials Health care Consumer goods Consumer services Financials Utilities Oil & gas Technology Basic materials

0% 5% 10% 15% 20% 25% 30%35%

3.80%

Top 10 holdings: factor vs. market-cap

FTSE Emerging Comprehensive Factor Index Benchmark: FTSE Emerging Index

Name Factor

weight market-cap weightCorresponding Name weightFactor market-cap weightCorresponding

Brait 1.70% 0.12% Taiwan Semiconductor

Manufacturing Company 0.08% 3.85%

The SPAR Group 1.33% 0.07% Tencent Holdings 0.02% 3.49%

Lite-On Technology 0.90% 0.08% Naspers 0.01% 1.92%

Hyprop Investments 0.86% 0.06% China Mobile 0.05% 1.90%

Resilient REIT 0.82% 0.08% China Construction Bank 0.01% 1.86%

Bidvest Group 0.77% 0.26% Industrial and Commercial

Bank of China 0.01% 1.29%

BM&F Bovespa 0.72% 0.24% Hon Hai Precision Industry 0.25% 1.15%

Fuyao Glass Industry Group 0.67% 0.04% Infosys 0.10% 1.11%

TATNEFT 0.64% 0.25% Bank of China 0.04% 1.00%

Asseco Poland 0.63% 0.04% Itau Unibanco Holding 0.16% 0.85%

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Investing involves risk, including possible loss of principal. Stocks may decline in value. Small company stocks tend to be more volatile than medium-sized or large company stocks. Foreign investing involves greater and different risks than investing in U.S. companies, including currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company

information, political instability and differing auditing and legal standards. Emerging markets tend to be more volatile than the markets of more mature economies and generally have less diverse and less mature economic structures and less stable political systems than those of developed countries. Funds investing in a single industry, country or in a limited geographic region generally are more volatile than more diversified funds. Because the funds seeks to provide exposure to stocks based on the following multifactors—value, momentum, quality, low volatility and size – it is expected exposure to such investment factors will detract from performance in some market environments, as more fully explained in each fund’s prospectus. Performance of a Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in any fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with that fund. Please read the prospectus for more information.

Deutsche X-trackers ETFs (“ETFs”) are managed by DBX Advisors LLC or (the “Adviser”) and distributed by ALPS Distributors, Inc. (“ALPS”). The Adviser is a subsidiary of Deutsche Bank AG, and is not affiliated with ALPS.

Carefully consider the fund’s investment objectives, risk factors, and charges and expenses before investing. This and

other information can be found in the fund’s prospectus, which may be obtained by calling 1-855-329-3837, or by

viewing or downloading a prospectus at www.deutsche-etfs.com. Read the prospectus carefully before investing.

Investment products: No bank guarantee | Not FDIC insured | May lose value

I

ndexes are unmanaged and you cannot invest directly in an index. The funds are new and have limited operating history.

Shares are not individually redeemable, and owners of Shares may acquire those Shares from the Fund, or tender such Shares for redemption to the Fund, in Creation Units only.

Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Developed ex U.S. Comprehensive Factor Index. Deutsche X-trackers FTSE Emerging Comprehensive Factor ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the FTSE Emerging Comprehensive Factor Index. Deutsche X-trackers Russell 1000 Comprehensive Factor ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 1000 Comprehensive Factor Index. Deutsche X-trackers Russell 2000 Comprehensive Factor ETF seeks investment results that correspond generally to the performance, before fees and expenses, of the Russell 2000 Comprehensive Factor Index. The price/earnings ratio or P/E ratio is a stock’s current price divided by the company’s trailing 12-month earnings per share from continuous operations. Beta measures a security’s sensitivity to the movements of the fund’s benchmark or the market as a whole. A beta of greater than one indicates more volatility than the benchmark or market, while a beta of less than one indicates less volatility. Market capitalization is the total dollar market value of a company’s outstanding shares. The Russell 1000Comprehensive Factor Index is a benchmark designed to capture exposure to five factors—Quality, Value, momentum, Low Volatility and Size. These factors represent common factor characteristics for which there is a broad academic and practitioner consensus, supported by a body of empirical evidence across different geographies and time periods. The Russell 1000 Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

1 _{“The cross-section of expected stock returns,” Eugene F. Fama and Kenneth R. French, June 1992} 2 _{“Do stock prices fully reflect information in accruals and cash flows about future earnings?” Sloan, 1996} 3 _{Excludes financial stocks, for which return-on-assets is the sole measure of quality}

4 _{“Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency,” Jegadeesh and Sheridan Titman, March 1993} 5 _{“Benchmarks as Limits to Arbitrage: Understanding the low-volatility anomaly,” Malcolm Baker, Brendan Bradley and Jeffrey Wurgler. Feb. 2011} 6 _{“The Relationship between Return and Market Value of Common Stocks,” Rolf W. Banz, March 1981}

7 _{Effective 3/16/16, the Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF and Deutsche X-trackers Russell 1000 Enhanced Beta ETF} were renamed Deutsche X-trackers FTSE Developed ex US Comprehensive Factor ETF and Deutsche X-trackers Russell 1000 Comprehensive Factor ETF, respectively.