POWERSHARES DB MULTI-SECTOR COMMODITY TRUST

PowerShares DB Agriculture Fund 168,172,875 Common Units of Beneficial Interest

PowerShares DB Multi-Sector Commodity Trust, or the Trust, isorganized in seven separate series as a Delaware statutory trust,one of which is offered pursuant to this Prospectus. PowerSharesDB Agriculture Fund, or the Fund, is a series of the Trust. TheFund issues common units of beneficial interest, or Shares, whichrepresent units of fractional undivided beneficial interest in andownership of the Fund.

Authorized Participants may sell the Shares they purchase fromthe Fund in blocks of 200,000 Shares, called Baskets, to otherinvestors at prices that are expected to reflect, among otherfactors, the trading price of the Fund’s Shares on the NYSE Arca,Inc., or the NYSE Arca, and the supply of and demand for Sharesof the Fund at the time of sale and are expected to fall between netasset value and the trading price of the Shares of the Fund on theNYSE Arca at the time of sale.

The Shares trade on the NYSE Arca under the symbol “DBA.”

The Fund trades exchange-traded futures contracts on thecommodities comprising the DBIQ Diversified Agriculture IndexExcess Return™, or the Index, with a view to tracking the Index

over time. The Fund also earns interest income from United StatesTreasury and other high credit quality short-term fixed incomesecurities.

The Index, which is comprised of one or more underlyingcommodities, or Index Commodities, is intended to reflect theagricultural sector. The Index Commodities consist of Corn,Soybeans, Wheat, Kansas City Wheat, Sugar, Cocoa, Coffee,Cotton, Live Cattle, Feeder Cattle and Lean Hogs.

The common units of beneficial interest of the other six series ofthe Trust (PowerShares DB Energy Fund, PowerShares DB OilFund, PowerShares DB Precious Metals Fund, PowerShares DBGold Fund, PowerShares DB Silver Fund and PowerShares DBBase Metals Fund) are offered pursuant to a separate prospectus.

Except when aggregated in Baskets, the Shares are notredeemable securities.

DB Commodity Services LLC serves as the Managing Owner,commodity pool operator and commodity trading advisor of theFund.

INVESTING IN THE SHARES INVOLVES SIGNIFICANT RISKS. PLEASE REFER TO “THE RISKS YOUFACE” BEGINNING ON PAGE 18.

• Futures trading is volatile and even a small movement in market prices could cause large losses.

• The success of the Fund’s trading program depends upon the skill of the Managing Owner and its trading principals.

• You could lose all or substantially all of your investment.

• The Index is concentrated in a small number of commodities. Concentration may result in greater volatility.

• Investors pay fees in connection with their investment in the Shares, including asset-based fees of 0.85% per annum. Additional chargesinclude brokerage fees of approximately 0.16% per annum in the aggregate.

Authorized Participants may offer to the public, from time-to-time, Shares from any Baskets they create. Shares offered to the public byAuthorized Participants will be offered at a per-Share offering price that will vary depending on, among other factors, the trading price ofthe Shares on the NYSE Arca, the net asset value per Share and the supply of and demand for the Shares at the time of the offer. Sharesinitially comprising the same Basket but offered by Authorized Participants to the public at different times may have different offeringprices. Authorized Participants will not receive from the Fund, the Managing Owner or any of their affiliates, any fee or othercompensation in connection with their sale of Shares to the public.

An Authorized Participant may receive commissions or fees from investors who purchase Shares through their commission or fee-basedbrokerage accounts. In addition, the Managing Owner pays a distribution services fee to ALPS Distributors, Inc. and pays a marketing feeto Invesco Distributors, Inc. without reimbursement from the Trust or the Fund. For more information regarding these items ofcompensation paid to FINRA members, please see the “Plan of Distribution” section on page 92.

These securities have not been approved or disapproved by the Securities and Exchange Commission or any state securitiescommission nor has the Securities and Exchange Commission or any state securities commission passed upon the accuracy oradequacy of this Prospectus. Any representation to the contrary is a criminal offense. The Fund is not a mutual fund or any othertype of investment company within the meaning of the Investment Company Act of 1940, as amended, and the Fund is not subjectto regulation thereunder.

THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE MERITS OF PARTICIPATING INTHIS POOL NOR HAS THE COMMISSION PASSED ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSUREDOCUMENT.

The Shares are neither interests in nor obligations of any of the Managing Owner, the Trustee or any of their respective affiliates.The Shares are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.

January 3, 2013

COMMODITY FUTURES TRADING COMMISSIONRISK DISCLOSURE STATEMENT

YOU SHOULD CAREFULLY CONSIDER WHETHER YOUR FINANCIAL CONDITION PERMITSYOU TO PARTICIPATE IN A COMMODITY POOL. IN SO DOING, YOU SHOULD BE AWARE THATCOMMODITY INTEREST TRADING CAN QUICKLY LEAD TO LARGE LOSSES AS WELL AS GAINS.SUCH TRADING LOSSES CAN SHARPLY REDUCE THE NET ASSET VALUE OF THE POOL ANDCONSEQUENTLY THE VALUE OF YOUR INTEREST IN THE POOL. IN ADDITION, RESTRICTIONSON REDEMPTIONS MAY AFFECT YOUR ABILITY TO WITHDRAW YOUR PARTICIPATION IN THEPOOL.

FURTHER, COMMODITY POOLS MAY BE SUBJECT TO SUBSTANTIAL CHARGES FORMANAGEMENT, AND ADVISORY AND BROKERAGE FEES. IT MAY BE NECESSARY FOR THOSEPOOLS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TOAVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THIS DISCLOSURE DOCUMENTCONTAINS A COMPLETE DESCRIPTION OF EACH EXPENSE TO BE CHARGED THIS POOL ATPAGE 56 AND A STATEMENT OF THE PERCENTAGE RETURNS NECESSARY TO BREAK EVEN,THAT IS, TO RECOVER THE AMOUNT OF YOUR INITIAL INVESTMENT, AT PAGE 13.

THIS BRIEF STATEMENT CANNOT DISCLOSE ALL THE RISKS AND OTHER FACTORSNECESSARY TO EVALUATE YOUR PARTICIPATION IN THIS COMMODITY POOL. THEREFORE,BEFORE YOU DECIDE TO PARTICIPATE IN THIS COMMODITY POOL, YOU SHOULD CAREFULLYSTUDY THIS DISCLOSURE DOCUMENT, INCLUDING A DESCRIPTION OF THE PRINCIPAL RISKFACTORS OF THIS INVESTMENT, AT PAGES 18 THROUGH 27.

YOU SHOULD ALSO BE AWARE THAT THIS COMMODITY POOL MAY TRADE FOREIGNFUTURES OR OPTIONS CONTRACTS. TRANSACTIONS ON MARKETS LOCATED OUTSIDE THEUNITED STATES, INCLUDING MARKETS FORMALLY LINKED TO A UNITED STATES MARKET,MAY BE SUBJECT TO REGULATIONS WHICH OFFER DIFFERENT OR DIMINISHED PROTECTIONTO THE POOL AND ITS PARTICIPANTS. FURTHER, UNITED STATES REGULATORY AUTHORITIESMAY BE UNABLE TO COMPEL THE ENFORCEMENT OF THE RULES OF REGULATORYAUTHORITIES OR MARKETS IN NON-UNITED STATES JURISDICTIONS WHERE TRANSACTIONSFOR THE POOL MAY BE EFFECTED.

THIS PROSPECTUS DOES NOT INCLUDE ALL OF THE INFORMATION OR EXHIBITS IN THEREGISTRATION STATEMENT OF THE TRUST. YOU CAN READ AND COPY THE ENTIREREGISTRATION STATEMENT AT THE PUBLIC REFERENCE FACILITIES MAINTAINED BY THE SECIN WASHINGTON, D.C.

THE FUND FILES QUARTERLY AND ANNUAL REPORTS WITH THE SEC. YOU CAN READ ANDCOPY THESE REPORTS AT THE SEC PUBLIC REFERENCE FACILITIES IN WASHINGTON, D.C.PLEASE CALL THE SEC AT 1-800-SEC-0330 FOR FURTHER INFORMATION.

THE FILINGS OF THE TRUST ARE POSTED AT THE SEC WEBSITE AT HTTP://WWW.SEC.GOV.

REGULATORY NOTICES

NO DEALER, SALESMAN OR ANY OTHER PERSON HAS BEEN AUTHORIZED TO GIVE ANYINFORMATION OR TO MAKE ANY REPRESENTATION NOT CONTAINED IN THIS PROSPECTUS,AND, IF GIVEN OR MADE, SUCH OTHER INFORMATION OR REPRESENTATION MUST NOT BERELIED UPON AS HAVING BEEN AUTHORIZED BY THE TRUST, THE FUND, THE MANAGINGOWNER, THE AUTHORIZED PARTICIPANTS OR ANY OTHER PERSON.

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THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO SELL OR ASOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY OFFER, SOLICITATION, ORSALE OF THE SHARES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION, OR SALEIS NOT AUTHORIZED OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE ANY SUCHOFFER, SOLICITATION, OR SALE.

THE BOOKS AND RECORDS OF THE FUND ARE MAINTAINED AS FOLLOWS: ALL MARKETINGMATERIALS ARE MAINTAINED AT THE OFFICES OF ALPS DISTRIBUTORS, INC., 1290 BROADWAY,SUITE 1100, DENVER, COLORADO 80203; TELEPHONE NUMBER (303) 623-2577; BASKET CREATIONAND REDEMPTION BOOKS AND RECORDS, ACCOUNTING AND CERTAIN OTHER FINANCIALBOOKS AND RECORDS (INCLUDING FUND ACCOUNTING RECORDS, LEDGERS WITH RESPECT TOASSETS, LIABILITIES, CAPITAL, INCOME AND EXPENSES, THE REGISTRAR, TRANSFERJOURNALS AND RELATED DETAILS) AND TRADING AND RELATED DOCUMENTS RECEIVEDFROM FUTURES COMMISSION MERCHANTS ARE MAINTAINED BY THE BANK OF NEW YORKMELLON, 2 HANSON PLACE, BROOKLYN, NEW YORK 11217, TELEPHONE NUMBER (718) 315-7500.ALL OTHER BOOKS AND RECORDS OF THE FUND (INCLUDING MINUTE BOOKS AND OTHERGENERAL CORPORATE RECORDS, TRADING RECORDS AND RELATED REPORTS AND OTHERITEMS RECEIVED FROM THE FUND’S COMMODITY BROKERS) ARE MAINTAINED AT THE FUND’SPRINCIPAL OFFICE, C/O DB COMMODITY SERVICES LLC, 60 WALL STREET, NEW YORK, NEWYORK 10005; TELEPHONE NUMBER (212) 250-5883. SHAREHOLDERS WILL HAVE THE RIGHT,DURING NORMAL BUSINESS HOURS, TO HAVE ACCESS TO AND COPY (UPON PAYMENT OFREASONABLE REPRODUCTION COSTS) SUCH BOOKS AND RECORDS IN PERSON OR BY THEIRAUTHORIZED ATTORNEY OR AGENT. MONTHLY ACCOUNT STATEMENTS FOR THE FUNDCONFORMING TO COMMODITY FUTURES TRADING COMMISSION (THE “CFTC”) AND THENATIONAL FUTURES ASSOCIATION (THE “NFA”) REQUIREMENTS ARE POSTED ON THEMANAGING OWNER’S WEBSITE AT HTTP://WWW.DBFUNDS.DB.COM. ADDITIONAL REPORTS AREPOSTED ON THE MANAGING OWNER’S WEBSITE IN THE DISCRETION OF THE MANAGINGOWNER OR AS REQUIRED BY REGULATORY AUTHORITIES. THERE WILL SIMILARLY BEDISTRIBUTED TO SHAREHOLDERS OF THE FUND, NOT MORE THAN 90 DAYS AFTER THE CLOSEOF THE FUND’S FISCAL YEAR, CERTIFIED AUDITED FINANCIAL STATEMENTS AND (IN NOEVENT LATER THAN MARCH 15 OF THE IMMEDIATELY FOLLOWING YEAR) THE TAXINFORMATION RELATING TO SHARES OF THE FUND NECESSARY FOR THE PREPARATION OFSHAREHOLDERS’ ANNUAL FEDERAL INCOME TAX RETURNS.

THE DIVISION OF INVESTMENT MANAGEMENT OF THE SECURITIES AND EXCHANGECOMMISSION REQUIRES THAT THE FOLLOWING STATEMENT BE PROMINENTLY SET FORTHHEREIN: “NEITHER POWERSHARES DB MULTI-SECTOR COMMODITY TRUST NOR ANY SERIESTHEREOF IS A MUTUAL FUND OR ANY OTHER TYPE OF INVESTMENT COMPANY WITHIN THEMEANING OF THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED, AND IS NOT SUBJECT TOREGULATION THEREUNDER.”

AUTHORIZED PARTICIPANTS MAY BE REQUIRED TO DELIVER A PROSPECTUS WHENTRANSACTING IN SHARES. SEE “PLAN OF DISTRIBUTION.”

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PART ONEDISCLOSURE DOCUMENT

SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1The Trust and the Fund . . . . . . . . . . . . . . . . . . 1Shares Listed on the NYSE Arca . . . . . . . . . . . 1Purchases and Sales in the Secondary

Market on the NYSE Arca . . . . . . . . . . . . 1Pricing Information Available on the NYSE

Arca and Other Sources . . . . . . . . . . . . . . 2CUSIP Number . . . . . . . . . . . . . . . . . . . . . . . . 2Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . 2The Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Investment Objective . . . . . . . . . . . . . . . . . . . . 4General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Composition of the Index . . . . . . . . . . . . . . . . . 5Contract Selection (OY Single

Commodity Indexes only) . . . . . . . . . . . . 6Contract Selection (Non-OY Single

Commodity Indexes only) . . . . . . . . . . . . 7Monthly Index Roll Period with respect to

both OY Single Commodity Indexes andNon-OY Single Commodity Indexes . . . . 7

Shares Should Track Closely the Valueof its Index . . . . . . . . . . . . . . . . . . . . . . . . 8

The Managing Owner . . . . . . . . . . . . . . . . . . . 8The Commodity Broker . . . . . . . . . . . . . . . . . . 8The Administrator, Custodian and Transfer

Agent . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9ALPS Distributors, Inc. . . . . . . . . . . . . . . . . . . 10“800” Number for Investors . . . . . . . . . . . . . . . 10Invesco Distributors, Inc. . . . . . . . . . . . . . . . . . 10Limitation of Liabilities . . . . . . . . . . . . . . . . . . 10Creation and Redemption of Shares . . . . . . . . . 11The Offering . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Authorized Participants . . . . . . . . . . . . . . . . . . 11Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . 11Clearance and Settlement . . . . . . . . . . . . . . . . . 11Segregated Accounts/Interest Income . . . . . . . 11Fees and Expenses . . . . . . . . . . . . . . . . . . . . . . 12Breakeven Amounts . . . . . . . . . . . . . . . . . . . . . 13Distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . 13Fiscal Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13U.S. Federal Income Tax Considerations . . . . 13Breakeven Table . . . . . . . . . . . . . . . . . . . . . . . 13Incorporation by Reference of Certain

Documents . . . . . . . . . . . . . . . . . . . . . . . . 15Reports to Shareholders . . . . . . . . . . . . . . . . . . 15Cautionary Note Regarding Forward-Looking

Statements . . . . . . . . . . . . . . . . . . . . . . . . 16Patent Applications Pending . . . . . . . . . . . . . . 16

ORGANIZATION CHART . . . . . . . . . . . . . . . . . . . 17THE RISKS YOU FACE . . . . . . . . . . . . . . . . . . . . . 18

(1) The Value of the Shares of the Fund RelatesDirectly to the Value of the Futures Contractsand Other Assets Held by the Fund andFluctuations in the Price of These AssetsCould Materially Adversely Affect anInvestment in the Fund’s Shares. . . . . . . . . . . 18

(2) Net Asset Value May Not Always Correspondto Market Price and, as a Result, Baskets Maybe Created or Redeemed at a Value that Differsfrom the Market Price of the Shares. . . . . . . . . 18

(3) Regulatory and Exchange Position Limits andOther Rules May Restrict the Creation ofBaskets and the Operation of the Fund. . . . . . . 19

(4) The Fund’s Performance May Not AlwaysReplicate Exactly the Changes in the Level ofits Index. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

(5) The Fund Is Not Actively Managed and Tracksits Index During Periods in Which the Index IsFlat or Declining as Well as When the Index IsRising. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

(6) The NYSE Arca May Halt Trading in theShares of the Fund Which Would AdverselyImpact Your Ability to Sell Shares. . . . . . . . . . . 21

(7) The Lack of Active Trading Markets for theShares of the Fund May Result in Losses onYour Investment in the Fund at the Time ofDisposition of Your Shares. . . . . . . . . . . . . . . . 21

(8) The Shares of the Fund Are Relatively NewSecurities Products and Their Value CouldDecrease if Unanticipated Operational orTrading Problems Arise. . . . . . . . . . . . . . . . . . . 21

(9) As the Managing Owner and its Principalshave Been Operating Investment Vehicles likethe Fund Since January 2006, their ExperienceMay be Inadequate or Unsuitable to Managethe Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

(10) You May Not Rely on Past Performance orIndex Results in Deciding Whether to BuyShares. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

(11) Fewer Representative Commodities May ResultIn Greater Index Volatility. . . . . . . . . . . . . . . . . 22

(12) Price Volatility May Possibly Cause the TotalLoss of Your Investment. . . . . . . . . . . . . . . . . . . 22

(13) Unusually Long Peak-to-Valley DrawdownPeriods With Respect To the Index May BeReflected in Equally Long Peak-to-ValleyDrawdown Periods with Respect to thePerformance of the Shares of the Fund. . . . . . . 22

(14) Fees and Commissions are ChargedRegardless of Profitability and May Result inDepletion of Assets. . . . . . . . . . . . . . . . . . . . . . . 22

(15) You Cannot Be Assured of the ManagingOwner’s Continued Services, WhichDiscontinuance May Be Detrimental to theFund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

(16) Possible Illiquid Markets May ExacerbateLosses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

(17) You May Be Adversely Affected byRedemption Orders that Are Subject ToPostponement, Suspension or Rejection UnderCertain Circumstances. . . . . . . . . . . . . . . . . . . 23

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(18) Because the Futures Contracts Have NoIntrinsic Value, the Positive Performance ofYour Investment Is Wholly Dependent Uponan Equal and Offsetting Loss. . . . . . . . . . . . . . 23

(19) Failure of Commodity Futures Markets toExhibit Low to Negative Correlation toGeneral Financial Markets Will ReduceBenefits of Diversification and MayExacerbate Losses to Your Portfolio. . . . . . . . 23

(20) Shareholders Will Not Have the ProtectionsAssociated With Ownership of Shares in anInvestment Company Registered Under theInvestment Company Act of 1940. . . . . . . . . . . 23

(21) Trading on Commodity Exchanges Outside theUnited States is Not Subject toU.S. Regulation. . . . . . . . . . . . . . . . . . . . . . . . . 23

(22) Various Actual and Potential Conflicts ofInterest May Be Detrimental toShareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . 24

(23) Shareholders Will Be Subject to Taxation onTheir Allocable Share of the Fund’s TaxableIncome, Whether or Not They Receive CashDistributions. . . . . . . . . . . . . . . . . . . . . . . . . . . 24

(24) Items of Income, Gain, Loss and DeductionWith Respect to Shares could be Reallocated ifthe IRS does not Accept the Assumptions orConventions Used by the Fund in AllocatingSuch Items. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24

(25) The Current Treatment of Long-Term CapitalGains Under Current U.S. Federal IncomeTax Law May Be Adversely Affected, Changedor Repealed in the Future. . . . . . . . . . . . . . . . . 24

(26) Failure of Futures Commission Merchants orCommodity Brokers to Segregate Assets MayIncrease Losses; Despite Segregation ofAssets, the Fund Remains at Risk ofSignificant Losses Because the Fund MayOnly Receive a Pro-Rata Share of the Assets,or No Assets at All. . . . . . . . . . . . . . . . . . . . . . . 25

(27) The Effect Of Market Disruptions andGovernment Intervention Are UnpredictableAnd May Have An Adverse Effect On TheValue Of Your Shares. . . . . . . . . . . . . . . . . . . . 25

(28) Regulatory Changes or Actions, Including theImplementation of the Dodd-Frank Act, MayAlter the Operations and Profitability of theFunds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

(29) Lack of Independent Advisers RepresentingInvestors. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

(30) Possibility of Termination of the Fund MayAdversely Affect Your Portfolio. . . . . . . . . . . . 26

(31) Shareholders Do Not Have the Rights Enjoyedby Investors in Certain Other Vehicles. . . . . . . 26

(32) An Investment in Shares May Be AdverselyAffected by Competition From Other Methodsof Investing in Commodities. . . . . . . . . . . . . . . 26

(33) Competing Claims Over Ownership ofIntellectual Property Rights Related to theFund Could Adversely Affect the Fund and anInvestment in Shares. . . . . . . . . . . . . . . . . . . . . 26

(34) The Value of the Shares Will be AdverselyAffected if the Fund is Required to Indemnifythe Trustee or the Managing Owner. . . . . . . . . 26

(35) The Net Asset Value Calculation of the FundMay Be Overstated or Understated Due to theValuation Method Employed When aSettlement Price is not Available on the Dateof Net Asset Value Calculation. . . . . . . . . . . . . 27

(36) Although the Shares are Limited LiabilityInvestments, Certain Circumstances such asBankruptcy of the Fund or Indemnification ofthe Fund by the Shareholder will Increase aShareholder’s Liability. . . . . . . . . . . . . . . . . . . 27

(37) An Insolvency Resulting From Another Seriesin the Trust or the Trust Itself May Have aMaterial Adverse Effect On the Fund. . . . . . . . 27

INVESTMENT OBJECTIVE . . . . . . . . . . . . . . . . . . 27Role of Managing Owner . . . . . . . . . . . . . . . . . 29Market Diversification . . . . . . . . . . . . . . . . . . . 30

PERFORMANCE OF POWERSHARES DBAGRICULTURE FUND (TICKER: DBA), ASERIES OF POWERSHARES DB MULTI-SECTOR COMMODITY TRUST . . . . . . . . . . . . . . 31

DESCRIPTION OF THE DBIQ DIVERSIFIEDAGRICULTURE INDEX EXCESSRETURN™ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Composition of the Index . . . . . . . . . . . . . . . . . 35Contract Selection (OY Single Commodity

Indexes only) . . . . . . . . . . . . . . . . . . . . . . 35Contract Selection (Non-OY Single

Commodity Indexes only) . . . . . . . . . . . . 37Monthly Index Roll Period with respect to

both OY Single Commodity Indexes andNon-OY Single Commodity Indexes . . . . 38

Change in the Methodology of the Index . . . . . 38Publication of Closing Levels and

Adjustments . . . . . . . . . . . . . . . . . . . . . . . 38Interruption of Index Calculation . . . . . . . . . . . 39Historical Closing Levels . . . . . . . . . . . . . . . . . 39Cautionary Statement-Statistical

Information . . . . . . . . . . . . . . . . . . . . . . . . 40Volatility of the Index . . . . . . . . . . . . . . . . . . . 42

INFORMATION BARRIERS BETWEEN THEINDEX SPONSOR AND THE MANAGINGOWNER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55

USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . 55

CHARGES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56

Management Fee . . . . . . . . . . . . . . . . . . . . . . . 56

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Organization and Offering Expenses . . . . . . . . 56Brokerage Commissions and Fees . . . . . . . . . . 56Routine Operational, Administrative and

Other Ordinary Expenses . . . . . . . . . . . . . 56Non-recurring and Unusual Fees and

Expenses . . . . . . . . . . . . . . . . . . . . . . . . . . 56Management Fee and Expenses to be Paid

First out of Interest Income . . . . . . . . . . . 57Selling Commission . . . . . . . . . . . . . . . . . . . . . 57

WHO MAY SUBSCRIBE . . . . . . . . . . . . . . . . . . . . 57

CREATION AND REDEMPTION OFSHARES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57

Creation Procedures . . . . . . . . . . . . . . . . . . . . . 58

Determination of required payment . . . . . . . . . 59Rejection of creation orders . . . . . . . . . . . . . . . 59Redemption Procedures . . . . . . . . . . . . . . . . . . 59Determination of redemption proceeds . . . . . . 60Delivery of redemption proceeds . . . . . . . . . . . 60Suspension, Postponement or Rejection of

Redemption Orders . . . . . . . . . . . . . . . . . . . 60Creation and Redemption Transaction Fee . . . 60

THE COMMODITY BROKER . . . . . . . . . . . . . . . . 60Tax-Related Litigation . . . . . . . . . . . . . . . . . . . 61Mortgage-Related and Asset Backed

Securities Matters . . . . . . . . . . . . . . . . . . . 61Auction Rate Securities . . . . . . . . . . . . . . . . . . 62Trust Preferred Securities . . . . . . . . . . . . . . . . . 63

CONFLICTS OF INTEREST . . . . . . . . . . . . . . . . . 63General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63The Managing Owner . . . . . . . . . . . . . . . . . . . 63

Relationship of the Managing Owner to theCommodity Broker . . . . . . . . . . . . . . . . . . . 63

The Commodity Broker . . . . . . . . . . . . . . . . . . 64Proprietary Trading/Other Clients . . . . . . . . . . 64

DESCRIPTION OF THE SHARES; THE FUND;CERTAIN MATERIAL TERMS OF THE TRUSTDECLARATION . . . . . . . . . . . . . . . . . . . . . . . . . . . 65

Description of the Shares . . . . . . . . . . . . . . . . . 65Principal Office; Location of Records . . . . . . . 65The Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 65The Trustee . . . . . . . . . . . . . . . . . . . . . . . . . . . 66The Managing Owner . . . . . . . . . . . . . . . . . . . 67Fiduciary and Regulatory Duties of the

Managing Owner . . . . . . . . . . . . . . . . . . . 68Ownership or Beneficial Interest in the

Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69Management; Voting by Shareholders . . . . . . . 69Recognition of the Trust and the Fund in

Certain States . . . . . . . . . . . . . . . . . . . . . . 70Possible Repayment of Distributions Received

by Shareholders; Indemnification byShareholders . . . . . . . . . . . . . . . . . . . . . . . 70

Shares Freely Transferable . . . . . . . . . . . . . . . . 70

Book-Entry Form . . . . . . . . . . . . . . . . . . . . . . . 70Reports to Shareholders . . . . . . . . . . . . . . . . . . 71Net Asset Value . . . . . . . . . . . . . . . . . . . . . . . . 71Termination Events . . . . . . . . . . . . . . . . . . . . . 72

DISTRIBUTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . 72

THE ADMINISTRATOR, CUSTODIAN ANDTRANSFER AGENT . . . . . . . . . . . . . . . . . . . . . . . . 73

ALPS DISTRIBUTORS, INC. . . . . . . . . . . . . . . . . 73“800” Number for Investors . . . . . . . . . . . . . . . 74

INVESCO DISTRIBUTORS, INC. . . . . . . . . . . . . . 74

THE SECURITIES DEPOSITORY; BOOK-ENTRY-ONLY SYSTEM; GLOBALSECURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

SHARE SPLITS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75

MATERIAL CONTRACTS . . . . . . . . . . . . . . . . . . 75Brokerage Agreement . . . . . . . . . . . . . . . . . . . 75Administration Agreement . . . . . . . . . . . . . . . . 76Global Custody Agreement . . . . . . . . . . . . . . . 77Transfer Agency and Service Agreement . . . . 78Distribution Services Agreement . . . . . . . . . . . 79Marketing Agreement . . . . . . . . . . . . . . . . . . . 80

MATERIAL U.S. FEDERAL INCOME TAXCONSIDERATIONS . . . . . . . . . . . . . . . . . . . . . . . . 81

Status of the Fund . . . . . . . . . . . . . . . . . . . . . . 82Special Rules for Publicly Traded

Partnerships . . . . . . . . . . . . . . . . . . . . . . . . . 82U.S. Shareholders . . . . . . . . . . . . . . . . . . . . . . . 82

PURCHASES BY EMPLOYEE BENEFITPLANS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91

General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91“Plan Assets” . . . . . . . . . . . . . . . . . . . . . . . . . . 91Ineligible Purchasers . . . . . . . . . . . . . . . . . . . . 92

PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . 92Authorized Participants . . . . . . . . . . . . . . . . . . 92Likelihood of Becoming a Statutory

Underwriter . . . . . . . . . . . . . . . . . . . . . . . . . 93Summary of Items of Value Paid Pursuant to

FINRA Rule 2310 . . . . . . . . . . . . . . . . . . . . 94General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94

LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . 96

EXPERTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96

ADDITIONAL INFORMATION . . . . . . . . . . . . . . 96

RECENT FINANCIAL INFORMATION ANDANNUAL REPORTS . . . . . . . . . . . . . . . . . . . . . . . 97

PRIVACY POLICY OF THE MANAGINGOWNER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

INCORPORATION BY REFERENCE OFCERTAIN DOCUMENTS . . . . . . . . . . . . . . . . . . . . 97

v

PART TWOSTATEMENT OF ADDITIONAL

INFORMATIONGeneral Information Relating toDeutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . 101

The Futures Markets . . . . . . . . . . . . . . . . . . . . . . 101Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . 101Hedgers and Speculators . . . . . . . . . . . . . . . . . . 102Futures Exchanges . . . . . . . . . . . . . . . . . . . . . . . 102Daily Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

Exhibit A—Privacy Notice . . . . . . . . . . . . . . . . . . P–1

vi

SUMMARY

This summary of material information contained orincorporated by reference in this Prospectus is intendedfor quick reference only and does not contain all of theinformation that may be important to you. For ease ofreference, any references throughout this Prospectus tovarious actions taken by the Fund are actually actionsthat the Trust has taken on behalf of the Fund. Theremainder of this Prospectus contains more detailedinformation. You should read the entire Prospectus,including the information incorporated by reference inthis Prospectus before deciding to invest in Shares of theFund. Please see the section “Incorporation byReference of Certain Documents” on page 97 forinformation on how you can obtain the information thatis incorporated by reference in this Prospectus. ThisProspectus is dated January 3, 2013.

The Trust and the Fund

PowerShares DB Multi-Sector Commodity Trust, orthe Trust, was formed as a Delaware statutory trust, inseven separate series, or funds, on August 3, 2006.PowerShares DB Agriculture Fund, or the Fund, is aseries of the Trust. The Fund issues common units ofbeneficial interest, or Shares, which represent units offractional undivided beneficial interest in and ownershipof the Fund. The term of the Trust and the Fund isperpetual (unless terminated earlier in certaincircumstances). The principal offices of the Trust and theFund are located at c/o DB Commodity Services LLC,60 Wall Street, New York, New York 10005, and thetelephone number of each of them is (212) 250-5883.

The Trust was organized in separate series as aDelaware statutory trust rather than as separate statutorytrusts in order to achieve certain administrativeefficiencies. The interests of investors are not adverselyaffected by the choice of form of organization. As of thedate of this Prospectus, the Trust consists of thefollowing seven series—PowerShares DB Energy Fund,PowerShares DB Oil Fund, PowerShares DB PreciousMetals Fund, PowerShares DB Gold Fund, PowerSharesDB Silver Fund, PowerShares DB Base Metals Fundand PowerShares DB Agriculture Fund. This Prospectusis for the Fund only and not for the first 6 funds listed inthe prior sentence, or the Sectors Funds. The SectorsFunds, which are series of the Trust, are not being

offered by this Prospectus. Information regarding boththe Fund and the Sectors Funds (and any otheradditional series of the Trust, as applicable) is availableat www.dbfunds.db.com.

Shares Listed on the NYSE Arca

The Shares of the Fund are listed on the NYSEArca under the symbol “DBA.”

Secondary market purchases and sales of Shareswill be subject to ordinary brokerage commissions andcharges.

Purchases and Sales in the Secondary Market onthe NYSE Arca

The Shares trade on the NYSE Arca like any otherequity security.

Baskets of Shares may be created or redeemed onlyby Authorized Participants. It is expected that Basketswill be created when the market price per Share is at apremium to the net asset value per Share. AuthorizedParticipants are expected to sell such Shares, which arelisted on the NYSE Arca, to the public at prices that areexpected to reflect, among other factors, the tradingprice of the Shares on the NYSE Arca and the supply ofand demand for Shares at the time of sale and areexpected to fall between net asset value and the tradingprice of the Shares on the NYSE Arca at the time ofsale. Similarly, it is expected that Baskets will beredeemed when the market price per Share is at adiscount to the net asset value per Share. Retailinvestors seeking to purchase or sell Shares on any dayare expected to effect such transactions in the secondarymarket, on the NYSE Arca, at the market price perShare, rather than in connection with the creation orredemption of Baskets.

The market price of the Shares may not be identicalto the net asset value per Share, but these valuations areexpected to be very close. Investors are able to use theindicative intra-day value per Share to determine if theywant to purchase in the secondary market via the NYSEArca. The intra-day indicative value per Share is basedon the prior day’s final net asset value, adjusted fourtimes per minute throughout the day to reflect thecontinuous price changes of the Fund’s futures positionsto provide a continuously updated estimated net assetvalue per Share.

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Retail investors may purchase and sell Sharesthrough traditional brokerage accounts. Purchases orsales of Shares may be subject to customary brokeragecommissions. Investors are encouraged to review theterms of their brokerage accounts for applicable charges.

Pricing Information Available on the NYSEArca and Other Sources

The following table lists additional NYSE Arcasymbols and their meanings with respect to the Fundand the Index:

DBA Market price per Share on NYSEArca

DBA.IV Indicative intra-day value perShare

DBA.NV End of day net asset value of theFund

DBAGIX Intra-day Index closing level

DBLCDBAE End of day Index closing level asof close of NYSE Arca

The intra-day data in the above table is publishedonce every fifteen seconds throughout each trading day.

The Index Sponsor publishes the closing level ofthe Index daily. The Managing Owner publishes the netasset value of the Fund and the net asset value per Sharedaily. Additionally, the Index Sponsor publishes theintra-day Index level, and the Managing Ownerpublishes the indicative value per Share of the Fund(quoted in U.S. dollars) once every fifteen secondsthroughout each trading day.

All of the foregoing information is published asfollows:

The intra-day level of the Index (symbol:DBAGIX) and the intra-day indicative value per Share(symbol: DBA.IV) (each quoted in U.S. dollars) arepublished once every fifteen seconds throughout eachtrading day on the consolidated tape, Reuters and/orBloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto.

The current trading price per Share (symbol: DBA)(quoted in U.S. dollars) is published continuously astrades occur throughout each trading day on theconsolidated tape, Reuters and/or Bloomberg and on theManaging Owner’s website athttp://www.dbfunds.db.com, or any successor thereto.

The most recent end-of-day Index closinglevel (symbol: DBLCDBAE) is published as ofthe close of business for the NYSE Arca each tradingday on the consolidated tape, Reuters and/or Bloombergand on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto.

The most recent end-of-day net asset value ofthe Fund (symbol: DBA.NV) is published as ofthe close of business on Reuters and/or Bloombergand on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto. Inaddition, the most recent end-of-day net asset value ofthe Fund (symbol: DBA.NV) is published the followingmorning on the consolidated tape.

All of the foregoing information with respect to theIndex, including the Index’s history, is also published athttps://index.db.com.

The Index Sponsor obtains information forinclusion in, or for use in the calculation of, the Indexfrom sources the Index Sponsor considers reliable. Noneof the Index Sponsor, the Managing Owner, the Fund orany of their respective affiliates accepts responsibilityfor or guarantees the accuracy and/or completeness ofthe Index or any data included in the Index.

CUSIP Number

The CUSIP number of the Fund is 73936B408.

Risk Factors

An investment in Shares is speculative and involvesa high degree of risk. The summary risk factors set forthbelow are intended merely to highlight certain risks ofthe Fund. The Fund has particular risks that are setforth elsewhere in this Prospectus.

• Past performance is not necessarily indicativeof future results; all or substantially all of aninvestment in the Fund could be lost.

• The trading of the Fund takes place in veryvolatile markets.

• The Fund is subject to fees and expenses in theaggregate amount of approximately 1.01% perannum as described herein and will besuccessful only if its annual returns fromfutures trading, plus its annual interest income

2

from its holdings of United States Treasurysecurities and other high credit quality short-term fixed income securities, exceed such feesand expenses of approximately 1.01% perannum. The Fund is expected to earn interestincome equal to 0.11% per annum, based uponthe yield of 3-month U.S. Treasury bills as ofOctober 31, 2012, or $0.03 per annum perShare at $25.00 as the net asset value perShare. Therefore, based upon the differencebetween the current yield of 3-month U.S.Treasury bills and the annual fees andexpenses, the Fund will be required to earnapproximately 0.90% per annum, or $0.23 perannum per Share at $25.00 as the net assetvalue per Share, in order for an investor tobreak-even on an investment during the firsttwelve months of an investment. Actual interestincome could be higher or lower than thecurrent yield of 3-month U.S. Treasury bills.

• As of the date of this Prospectus, the CFTC andcommodity exchange rules impose speculativeposition limits on market participants trading inall eleven commodities included in the Index(Corn, Soybeans, Wheat, Kansas City Wheat,Sugar, Cocoa, Coffee, Cotton, Live Cattle,Feeder Cattle and Lean Hogs, or the AffectedIndex Commodities). Because the Fund issubject to position limits, its ability to issuenew Baskets or its ability to reinvest income inadditional futures contracts corresponding tothe Affected Index Commodities may belimited to the extent that these activities wouldcause the Fund to exceed its applicable positionlimits. Limiting the size of the Fund may affectthe correlation between the price of its Shares,as traded on the NYSE Arca, and its net assetvalue. That is, the inability to create additionalBaskets could result in Shares trading at apremium or discount to net asset value of theFund.

• If the Managing Owner determines in itscommercially reasonable judgment that it hasbecome impracticable or inefficient for anyreason for the Fund to gain full or partialexposure to any Index Commodity by investingin a specific futures contract that comprises theIndex, the Fund may invest in a futures contractreferencing the particular Index Commodityother than the specific contract that comprises

the Index or, in the alternative, invest in otherfutures contracts not based on the particularIndex Commodity if, in the commerciallyreasonable judgment of the Managing Owner,such futures contracts tend to exhibit tradingprices that correlate with a futures contract thatcomprises the Index.

• There can be no assurance that the Fund willachieve profits or avoid losses, significant orotherwise.

• Performance of the Fund may not track theIndex during particular periods or over the longterm. Such tracking error may cause the Fundto outperform or underperform the Index.

• Certain potential conflicts of interest existbetween the Managing Owner and its affiliatesand the Shareholders. For example, because theManaging Owner and the Commodity Brokerare both indirect wholly-owned subsidiaries ofDeutsche Bank AG, the Managing Owner has adisincentive to replace the Commodity Broker.The Commodity Broker may have a conflict ofinterest between its execution of trades for theFund and for its other customers. Morespecifically, the Commodity Broker willbenefit from executing orders for other clients,whereas the Fund may be harmed to the extentthat the Commodity Broker has fewer resourcesto allocate to the Fund’s accounts due to theexistence of such other clients. Allocation ofresources among the Commodity Broker’sclients adds to the potential conflict.Proprietary trading by the affiliates of theManaging Owner and the Commodity Brokermay create conflicts of interest fromtime-to-time because such proprietary tradesmay take a position that is opposite of that ofthe Fund or may compete with the Fund forcertain positions within the marketplace. See“Conflicts of Interest” for a more completedisclosure of various conflicts. Although theManaging Owner has established proceduresdesigned to resolve certain of these conflictsequitably, the Managing Owner has notestablished formal procedures to resolve allpotential conflicts of interest. Consequently,investors may be dependent on the good faithof the respective parties subject to suchconflicts to resolve them equitably. Although

3

the Managing Owner attempts to monitor theseconflicts, it is extremely difficult, if notimpossible, for the Managing Owner to ensurethat these conflicts will not, in fact, result inadverse consequences to the Fund.

The Trustee

Wilmington Trust Company, or the Trustee, aDelaware trust company, is the sole trustee of the Trust.The Trustee delegated to the Managing Owner all of thepower and authority to manage the business and affairsof the Trust and the Fund and has only nominal dutiesand liabilities to the Trust and the Fund.

Investment Objective

The Fund seeks to track changes, whether positiveor negative, in the level of the DBIQ DiversifiedAgriculture Index Excess Return™, or the Index, overtime, plus the excess, if any, of the Fund’s interestincome from its holdings of United States Treasury andother high credit quality short-term fixed incomesecurities over its expenses. The Shares are designed forinvestors who want a cost-effective and convenient wayto invest in commodity futures on U.S. andnon-U.S. markets.

Advantages of investing in the Shares include:

• Ease and Flexibility of Investment. TheShares trade on the NYSE Arca and provideinstitutional and retail investors with indirectaccess to commodity futures markets. TheShares may be bought and sold on the NYSEArca like other exchange-listed securities.Retail investors may purchase and sell Sharesthrough traditional brokerage accounts.

• Margin. Shares are eligible for marginaccounts.

• Diversification. The Shares may help todiversify a portfolio because historically theIndex has tended to exhibit low to negativecorrelation with both equities and conventionalbonds and positive correlation to inflation.

• Optimum Yield™. The Shares seek to trackthe Index, a portion of which employs theOptimum Yield™ rolling methodology, whichseeks to minimize the effects of negative roll

yield that may be experienced by conventionalcommodities indexes.

• Transparency. The Shares provide a moredirect investment in commodities than mutualfunds that invest in commodity-linked notes,which have implicit imbedded costs and creditrisk.

Investing in the Shares does not insulateShareholders from certain risks, including pricevolatility.

The Fund pursues its investment objective byinvesting in a portfolio of exchange-traded futures onthe commodities comprising the Index.

The Index, which is comprised of one or moreunderlying commodities, or Index Commodities, isintended to reflect the agricultural sector. The IndexCommodities consist of Corn, Soybeans, Wheat, KansasCity Wheat, Sugar, Cocoa, Coffee, Cotton, Live Cattle,Feeder Cattle and Lean Hogs.

If the Managing Owner determines in itscommercially reasonable judgment that it has becomeimpracticable or inefficient for any reason for the Fund togain full or partial exposure to any Index Commodity byinvesting in a specific futures contract that comprises theIndex, the Fund may invest in a futures contractreferencing the particular Index Commodity other thanthe specific contract that comprises the Index or, in thealternative, invest in other futures contracts not based onthe particular Index Commodity if, in the commerciallyreasonable judgment of the Managing Owner, suchfutures contracts tend to exhibit trading prices thatcorrelate with a futures contract that comprises the Index.

The Index Sponsor calculates the Index on both anexcess return basis and a total return basis. The excessreturn basis calculation reflects the change in marketvalue over time, whether positive or negative, of theapplicable underlying commodity futures only. The totalreturn basis calculation reflects the sum of the change inmarket value over time, whether positive or negative, ofthe applicable underlying commodity futures plus thereturn on 3-month U.S. Treasury bills. The Fund seeksto track changes, whether positive or negative, in thelevel of the Index over time, plus the excess, if any, ofits interest income from its holdings of United StatesTreasury and other high credit quality short-term fixedincome securities over its expenses.

4

The Fund will make distributions at the discretionof the Managing Owner. To the extent that the Fund’sactual and projected interest income from its holdings ofUnited States Treasury securities and other high creditquality short-term fixed income securities exceeds theactual and projected fees and expenses of the Fund, theManaging Owner expects periodically to makedistributions of the amount of such excess. The Fundcurrently does not expect to make distributions withrespect to capital gains. Depending on the Fund’sperformance for the taxable year and your own taxsituation for such year, your income tax liability for thetaxable year for your allocable share of the Fund’s netordinary income or loss and capital gain or loss mayexceed any distributions you receive with respect tosuch year.

The Fund’s portfolio also will includeUnited States Treasury securities and other high creditquality short-term fixed income securities for depositwith the Fund’s Commodity Broker as margin.

General

Each of the DBIQ Optimum Yield Index ExcessReturn™, or DBIQ-OYER™, and the DBIQ IndexExcess Return™, or DBIQ ER™ (“DBIQ-OYER™”and “DBIQ ER™,” collectively, “DBIQ™” or “DBIQER™”), is intended to reflect the changes in marketvalue, positive or negative, in certain sectors ofcommodities, or an index. The Index is calculated on anexcess return, or unfunded basis. The Index is rolled onboth an Optimum YieldTM and non-Optimum YieldTM

basis. The Optimum YieldTM rolling methodology isaimed at potentially maximizing the roll benefits inbackwardated markets and minimizing the losses fromrolling in contangoed markets. The non-OptimumYieldTM portion of the Index is rolled to the next toexpire futures contract as provided below under“Contract Selection (Non-OY Single CommodityIndexes only).” The Index is comprised of one or moreunderlying commodities, or Index Commodities. EachIndex Commodity is assigned a weight, or Index BaseWeight, which is intended to reflect the proportion ofsuch Index Commodity relative to the Index.

The Index has been calculated back to a base date,or Base Date. On the Base Date of January 18, 1989, theclosing level of the Index, or Closing Level, was 100.

The sponsor of the Index is Deutsche Bank AGLondon, or Index Sponsor.

Composition of the Index

The Index is composed of notional amounts of eachof the underlying Index Commodities. The notionalamount of each Index Commodity included in the Indexis intended to reflect the changes in market value ofeach such Index Commodity within the Index. TheClosing Level of the Index is calculated on eachbusiness day by the Index Sponsor based on the closingprice of the futures contracts for each of the underlyingIndex Commodities and the notional amounts of suchIndex Commodities.

The Index is rebalanced annually in November toensure that each of the Index Commodities is weightedin the same proportion that such Index Commoditieswere weighted on the Base Date.

The composition of the Index may be adjusted inthe event that the Index Sponsor is not able to calculatethe closing prices of the Index Commodities.

The Index includes provisions for the replacementof futures contracts as they approach maturity. Thisreplacement takes place over a period of time in order tolessen the impact on the market for the futures contractsbeing replaced. With respect to each Index Commodity,the Fund employs a rule-based approach when it ‘rolls’from one futures contract to another. The Index iscomprised of OY Single Commodity Indexes andnon-OY Single Commodity Indexes. The IndexCommodities that underlie the OY Single CommodityIndexes are Corn, Soybeans, Wheat, Kansas City Wheatand Sugar. The Index Commodities that underlie thenon-OY Single Commodity Indexes are Cocoa, Coffee,Cotton, Live Cattle, Feeder Cattle and Lean Hogs. TheOY Single Commodity Indexes are rolled to the futurescontract which generates the best possible “implied rollyield.” The futures contract with a delivery monthwithin the next thirteen months which generates the bestpossible implied roll yield will be included in each OYSingle Commodity Index. As a result, each OY SingleCommodity Index is able to potentially maximize theroll benefits in backwardated markets and minimize thelosses from rolling in contangoed markets.

Each of the non-OY Single Commodity Indexesrolls only to the next to expire futures contract asprovided below under “Contract Selection (Non-OYSingle Commodity Indexes only).”

In general, as a futures contract approaches itsexpiration date, its price will move towards the spot

5

price in a contangoed market. Assuming the spot pricedoes not change, this would result in the futures contractprice decreasing and a negative implied roll yield. Theopposite is true in a backwardated market. Rolling in acontangoed market will tend to cause a drag on an IndexCommodity’s contribution to the Fund’s return whilerolling in a backwardated market will tend to cause apush on an Index Commodity’s contribution to theFund’s return.

The futures contract price for each IndexCommodity will be the exchange closing price for suchIndex Commodity on each weekday when banks inNew York, New York are open, or Index Business Days.If a weekday is not an Exchange Business Day (asdefined in the following sentence) but is an IndexBusiness Day, the exchange closing price from theprevious Index Business Day will be used for eachIndex Commodity. “Exchange Business Day” means, inrespect of an Index Commodity, a day that is a tradingday for such Index Commodity on the relevant exchange(unless either an Index disruption event or force majeureevent has occurred).

Contract Selection (OY Single CommodityIndexes only)

On the first New York business day, or VerificationDate, of each month, each Index Commodity futurescontract will be tested in order to determine whether tocontinue including it in the applicable OY SingleCommodity Index. If the Index Commodity futurescontract requires delivery of the underlying commodityin the next month, known as the Delivery Month, a newIndex Commodity futures contract will be selected forinclusion in such OY Single Commodity Index. Forexample, if the first New York business day is May 1,2013, and the Delivery Month of the Index Commodityfutures contract currently in such OY Single CommodityIndex is June 2013, a new Index Commodity futurescontract with a later Delivery Month will be selected.

For each underlying Index Commodity of an OYSingle Commodity Index, the new Index Commodityfutures contract selected will be the Index Commodityfutures contract with the best possible “implied rollyield” based on the closing price for each eligible IndexCommodity futures contract. Eligible Index Commodityfutures contracts are any Index Commodity futurescontracts having a Delivery Month (i) no sooner than themonth after the Delivery Month of the IndexCommodity futures contract currently in such OY Single

Commodity Index, and (ii) no later than the 13th monthafter the Verification Date. For example, if the first NewYork business day is May 1, 2013 and the DeliveryMonth of an Index Commodity futures contractcurrently in an OY Single Commodity Index is thereforeJune 2013, the Delivery Month of an eligible new IndexCommodity futures contract must be between July 2013and June 2014. The implied roll yield is then calculatedand the futures contract on the Index Commodity withthe best possible implied roll yield is then selected. Iftwo futures contracts have the same implied roll yield,the futures contract with the minimum number ofmonths prior to the Delivery Month is selected.

After selection of the replacement futures contract,each OY Single Commodity Index will roll suchreplacement futures contract as provided in thesub-paragraph “Monthly Index Roll Period with respectto both OY Single Commodity Indexes and Non-OYSingle Commodity Indexes.”

[Remainder of page left blank intentionally.]

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Contract Selection (Non-OY Single Commodity Indexes only)

On the first Index Business Day of each month, each non-OY Single Commodity Index will select a new futurescontract to replace the old futures contract as provided in the following schedule.

ContractExchange(Symbol) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Cocoa ICE-US (CC) H K K N N U U Z Z Z H HCoffee ICE-US (KC) H K K N N U U Z Z Z H HCotton ICE-US (CT) H K K N N Z Z Z Z Z H HLive Cattle CME (LC) J J M M Q Q V V Z Z G GFeeder Cattle CME (FC) H J K Q Q Q U V X F F HLean Hogs CME (LH) J J M M N Q V V Z Z G G

MonthMonth

Letter Code

January F

February G

March H

April J

May K

June M

July N

August Q

September U

October V

November X

December Z

After selection of the replacement futures contract,each non-OY Single Commodity Index will roll suchreplacement futures contract as provided in thesub-paragraph “Monthly Index Roll Period with respectto both OY Single Commodity Indexes and Non-OYSingle Commodity Indexes.”

Monthly Index Roll Period with respect to bothOY Single Commodity Indexes and Non-OYSingle Commodity Indexes

After the futures contract selection with respect toboth OY Single Commodity Indexes and non-OY SingleCommodity Indexes, the monthly roll for each IndexCommodity subject to a roll in that particular monthunwinds the old futures contract and enters a position inthe new futures contract. This takes place between the2nd and 6th Index Business Day of the month.

On each day during the roll period, new notionalholdings are calculated. The calculations for the oldIndex Commodities that are leaving the Index and thenew Index Commodities are then calculated.

On all days that are not monthly index roll days,the notional holdings of each Index Commodity futureremains constant.

The Index is re-weighted on an annual basis on the6th Index Business Day of each November.

The calculation of the Index is expressed as theweighted average return of the Index Commodities.

Trade Mark applications in the United States arepending with respect to both the Trust and aspects of theIndex. Any use of these marks must be with the consent

7

of or under license from the Index Sponsor. The Fundand the Managing Owner have been licensed to useDBIQ™. The Index Sponsor does not approve, endorseor recommend the Fund or the Managing Owner.

There can be no assurance that the Fund will achieveits investment objective or avoid substantial losses.

Shares Should Track Closely the Value of its Index

The Shares are intended to provide investmentresults that generally correspond to changes, positive ornegative, in the levels of the Index, over time.

The value of the Shares is expected to fluctuate inrelation to changes in the value of its portfolio. Themarket price of the Shares may not be identical to thenet asset value per Share, but these two valuations areexpected to be very close.

The Fund holds a portfolio of long futures contractson the Index Commodities which comprise its Index,each of which are traded on various commodity futuresmarkets in the United States and abroad. The Fund alsoholds cash and United States Treasury securities andother high credit quality short-term fixed incomesecurities for deposit with its Commodity Broker asmargin. The Fund’s portfolio is traded with a view totracking the changes in its Index over time, whether theIndex is rising, falling or flat over any particular period.The Fund is not “managed” by traditional methods,which typically involve effecting changes in thecomposition of a portfolio on the basis of judgmentsrelating to economic, financial and marketconsiderations with a view to obtaining positive results.

The Managing Owner

DB Commodity Services LLC, a Delaware limitedliability company, serves as Managing Owner of theTrust and the Fund. The Managing Owner was formedon May 23, 2005. The Managing Owner is an affiliate ofDeutsche Bank AG. The Managing Owner was formedto be the managing owner of investment vehicles suchas the Trust and the Fund and has been managing suchinvestment vehicles since January 2006. The ManagingOwner serves as the commodity pool operator andcommodity trading advisor of the Trust and the Fund.The Managing Owner is registered as a commodity pooloperator and commodity trading advisor with theCommodity Futures Trading Commission, or the CFTC,and is a member of the National Futures Association, or

the NFA. As a registered commodity pool operator andcommodity trading advisor, with respect to both theTrust and the Fund, the Managing Owner must complywith various regulatory requirements under theCommodity Exchange Act and the rules and regulationsof the CFTC and the NFA, including investor protectionrequirements, antifraud prohibitions, disclosurerequirements, and reporting and recordkeepingrequirements. The Managing Owner is also subject toperiodic inspections and audits by the CFTC and NFA.

The Shares are not deposits or other obligations ofthe Managing Owner, the Trustee or any of theirrespective subsidiaries or affiliates or any other bank,are not guaranteed by the Managing Owner, the Trusteeor any of their respective subsidiaries or affiliates or anyother bank and are not insured by the Federal DepositInsurance Corporation or any other governmentalagency. An investment in the Shares of the Fund isspeculative and involves a high degree of risk.

The principal office of the Managing Owner islocated at 60 Wall Street, New York, New York 10005.The telephone number of the Managing Owner is(212) 250-5883.

The Fund pays the Managing Owner aManagement Fee, monthly in arrears, in an amountequal to 0.85% per annum of the daily net asset value ofthe Fund.

The Management Fee is paid in consideration ofthe Managing Owner’s commodity futures tradingadvisory services.

The Commodity Broker

A variety of executing brokers execute futurestransactions on behalf of the Fund. Such executingbrokers give-up all such transactions to Deutsche BankSecurities Inc., a Delaware corporation, which serves asclearing broker, or Commodity Broker of the Fund. TheCommodity Broker is an affiliate of the ManagingOwner. In its capacity as clearing broker, theCommodity Broker executes and clears the Fund’sfutures transactions and performs certain administrativeservices for the Fund. Deutsche Bank Securities Inc. isregistered with the CFTC as a futures commissionmerchant and is a member of the NFA in such capacity.

The Fund pays to the Commodity Broker allbrokerage commissions, including applicable exchangefees, NFA fees, give-up fees, pit brokerage fees and other

8

transaction related fees and expenses charged in connectionwith trading activities for the Fund. On average, totalcharges paid to the Commodity Broker are expected to beless than $10.00 per round-turn trade, although theCommodity Broker’s brokerage commissions and tradingfees are determined on a contract-by-contract basis. TheManaging Owner does not expect brokerage commissionsand fees to exceed 0.16% of the net asset value of the Fundin any year, although the actual amount of brokeragecommissions and fees in any year or any part of any yearmay be greater.

A round-turn trade is a completed transactioninvolving both a purchase and a liquidating sale, or asale followed by a covering purchase.

The Administrator, Custodian and TransferAgent

The Trust, on behalf of the Fund, has appointedThe Bank of New York Mellon as the administrator, orthe Administrator, of the Fund and has entered into anAdministration Agreement in connection therewith. TheBank of New York Mellon serves as custodian, orCustodian, of the Fund and has entered into a GlobalCustody Agreement, or Custody Agreement, inconnection therewith. The Bank of New York Mellonserves as the transfer agent, or Transfer Agent, of theFund and has entered into a Transfer Agency andService Agreement in connection therewith.

The Bank of New York Mellon, a bankingcorporation organized under the laws of the State ofNew York with trust powers, has an office at 2 HansonPlace, Brooklyn, N.Y. 11217. The Bank of New YorkMellon is subject to supervision by the New York StateBanking Department and the Board of Governors of theFederal Reserve System. Information regarding the netasset value of the Fund, creation and redemptiontransaction fees and the names of the parties that haveexecuted a Participant Agreement may be obtained fromThe Bank of New York Mellon by calling the followingnumber: (718) 315-7500. A copy of the AdministrationAgreement is available for inspection at The Bank ofNew York Mellon’s office identified above.

Pursuant to the Administration Agreement, theAdministrator performs or supervises the performanceof services necessary for the operation andadministration of the Fund (other than makinginvestment decisions), including receiving andprocessing orders from Authorized Participants to createand redeem Baskets, net asset value calculations,

accounting and other fund administrative services. TheAdministrator retains, separately for the Fund, certainfinancial books and records, including: Basket creationand redemption books and records, Fund accountingrecords, ledgers with respect to assets, liabilities, capital,income and expenses, the registrar, transfer journals andrelated details and trading and related documentsreceived from futures commission merchants, c/o TheBank of New York Mellon, 2 Hanson Place, Brooklyn,New York 11217, telephone number (718) 315-7500.

The Administration Agreement will continue ineffect from the commencement of trading operationsunless terminated on at least 90 days’ prior writtennotice by either party to the other party.Notwithstanding the foregoing, the Administrator mayterminate the Administration Agreement upon 30 days’prior written notice if the Fund has materially failed toperform its obligations under the AdministrationAgreement.

The Administration Agreement provides for theexculpation and indemnification of the Administratorfrom and against any costs, expenses, damages,liabilities or claims (other than those resulting from theAdministrator’s own bad faith, negligence or willfulmisconduct) which may be imposed on, incurred by orasserted against the Administrator in performing itsobligations or duties under the AdministrationAgreement. Key terms of the Administration Agreementare summarized under the heading “Material Contracts.”

The Administrator’s monthly fees are paid onbehalf of the Fund by the Managing Owner out of theManagement Fee.

The Administrator and any of its affiliates mayfrom time-to-time purchase or sell Shares for their ownaccount, as agent for their customers and for accountsover which they exercise investment discretion.

The Transfer Agent receives a transactionprocessing fee in connection with orders fromAuthorized Participants to create or redeem Baskets inthe amount of $500 per order. These transactionprocessing fees are paid directly by the AuthorizedParticipants and not by the Fund.

The Fund is expected to retain the services of oneor more additional service providers to assist withcertain tax reporting requirements of the Fund and theShareholders of the Fund.

9

ALPS Distributors, Inc.

The Trust, on behalf of the Fund, has appointedALPS Distributors, Inc., or ALPS Distributors, to assistthe Managing Owner and the Administrator with certainfunctions and duties relating to distribution andmarketing, including reviewing and approving marketingmaterials. ALPS Distributors retains all marketingmaterials separately for the Fund, at c/o ALPSDistributors, Inc., 1290 Broadway, Suite 1100, Denver,Colorado 80203; telephone number (303) 623-2577.Investors may contact ALPS Distributors toll-free in theU.S. at (877) 369-4617. The Managing Owner, on behalfof the Fund, has entered into a Distribution ServicesAgreement with ALPS Distributors. ALPS Distributors isaffiliated with ALPS Fund Services, Inc., a Denver-basedoutsourcing solution for administration, compliance, fundaccounting, legal, marketing, tax administration, transferagency and shareholder services for open-end, closed-end, hedge and exchange-traded funds. ALPS FundServices, Inc. and its affiliates provide fundadministration services to funds with assets in excess of$35 billion. ALPS Distributors provides distributionservices to funds with assets of more than $333 billion.

The Managing Owner, out of the Management Fee,pays ALPS Distributors for performing its duties onbehalf of the Fund and may pay ALPS Distributorsadditional compensation in consideration of theperformance by ALPS Distributors of additionalmarketing, distribution and ongoing support services tothe Fund. Such additional services may include, amongother services, the development and implementation of amarketing plan and the utilization of ALPS Distributors’resources, which include an extensive broker databaseand a network of internal and external wholesalers.

ALPS Distributors, Inc. provides distributionservices to PowerShares DB Agriculture Fund. Certainmarketing services may be provided for the Fund byInvesco Distributors, Inc. or Invesco PowerSharesCapital Management, LLC. This assistance includes thelicensing of the PowerShares® registered service markto the Managing Owner for use with the Fund.PowerShares® is a registered service mark of InvescoPowerShares Capital Management LLC. InvescoPowerShares Capital Management LLC is not a sponsoror promoter of the Fund and has no responsibility for theperformance of the Fund or the decisions made oractions taken by the Managing Owner.

“800” Number for Investors

Investors may contact Invesco PowerShares CapitalManagement LLC toll free in the U.S. at (800) 983-0903.

Invesco Distributors, Inc.

Through a marketing agreement between theManaging Owner and Invesco Distributors, Inc.(formerly known as Invesco Aim Distributors, Inc.), orInvesco Distributors, an affiliate of InvescoPowerShares Capital Management LLC (formerlyknown as PowerShares Capital Management LLC), orInvesco PowerShares, the Managing Owner, on behalfof the Fund, has appointed Invesco Distributors as amarketing agent. Invesco Distributors assists theManaging Owner and the Administrator with certainfunctions and duties such as providing variouseducational and marketing activities regarding the Fund,primarily in the secondary trading market, whichactivities include, but are not limited to, communicatingthe Fund’s name, characteristics, uses, benefits, andrisks, consistent with this Prospectus. InvescoDistributors will not open or maintain customeraccounts or handle orders for the Fund. InvescoDistributors is an indirect and wholly-owned subsidiaryof Invesco Ltd. Invesco Ltd. is a leading independentglobal investment manager operating under the AIM,Atlantic Trust, Invesco, Perpetual, PowerShares,Invesco Canada and WL Ross brands.

The Managing Owner, out of the Management Fee,pays Invesco Distributors for performing its duties onbehalf of the Fund.

Limitation of Liabilities

Although the Managing Owner has unlimitedliability for any obligations of the Fund that exceed theFund’s net assets, your investment in the Fund is part ofthe assets of the Fund, and it will therefore be subject tothe risks of the Fund’s trading only. You cannot losemore than your investment in the Fund, and you will notbe subject to the losses or liabilities of any other fund ofthe Trust in which you have not invested. We havereceived an opinion of counsel that the Fund is entitledto the benefits of the limitation on inter-series liabilityprovided under the Delaware Statutory Trust Act. EachShare, when purchased in accordance with the ThirdAmended and Restated Declaration of Trust and TrustAgreement of the Trust, or the Trust Declaration, shall,except as otherwise provided by law, be fully-paid andnon-assessable.

The debts, liabilities, obligations, claims andexpenses of the Fund will be enforceable against theassets of the Fund only, and not against the assets of theTrust generally or the assets of any other fund of theTrust, and, unless otherwise provided in the Trust

10

Declaration, none of the debts, liabilities, obligationsand expenses incurred, contracted for or otherwiseexisting with respect to the Trust generally or any otherseries thereof will be enforceable against the assets ofthe Fund, as the case may be.

Creation and Redemption of Shares

The Fund creates and redeems Shares fromtime-to-time, but only in one or more Baskets. A Basketis a block of 200,000 Shares. Baskets may be created orredeemed only by Authorized Participants. Except whenaggregated in Baskets, the Shares are not redeemablesecurities. Authorized Participants pay a transaction feeof $500 in connection with each order to create orredeem a Basket. Authorized Participants may sell theShares included in the Baskets they purchase from theFund to other investors.

See “Creation and Redemption of Shares” for moredetails.

The Offering

Unless otherwise agreed to by the ManagingOwner and the Authorized Participant as provided in thenext sentence, the Fund issues Shares in Baskets toAuthorized Participants continuously on the creationorder settlement date as of 2:45 p.m., Eastern time, onthe business day immediately following the date onwhich a valid order to create a Basket is accepted by theFund, at the net asset value of 200,000 Shares of theFund as of the closing time of the NYSE Arca or the lastto close of the exchanges on which the Fund’s futurescontracts are traded, whichever is later, on the date thata valid order to create a Basket is accepted by the Fund.Upon submission of a creation order, the AuthorizedParticipant may request the Managing Owner to agree toa creation order settlement date up to 3 business daysafter the creation order date.

Authorized Participants

Baskets may be created or redeemed only byAuthorized Participants. Each Authorized Participantmust (1) be a registered broker-dealer or other securitiesmarket participant such as a bank or other financialinstitution which is not required to register as a broker-dealer to engage in securities transactions, (2) be aparticipant in DTC, and (3) have entered into anagreement with the Fund and the Managing Owner, or aParticipant Agreement. The Participant Agreement setsforth the procedures for the creation and redemption ofBaskets and for the delivery of cash required for suchcreations or redemptions. A list of the currentAuthorized Participants can be obtained from the

Administrator. See “Creation and Redemption ofShares” for more details.

Net Asset Value

Net asset value, in respect of the Fund, means thetotal assets of the Fund including, but not limited to, allcash and cash equivalents or other debt securities lesstotal liabilities of the Fund, each determined on the basisof generally accepted accounting principles in theUnited States, consistently applied under the accrualmethod of accounting.

Net asset value per Share is the net asset value of theFund divided by the number of its outstanding Shares.

See “Description of the Shares; The Fund; CertainMaterial Terms of the Trust Declaration-Net AssetValue” for more details.

Clearance and Settlement

The Shares are evidenced by global certificates thatthe Fund issues to DTC. The Shares are available onlyin book-entry form. Shareholders may hold Sharesthrough DTC, if they are participants in DTC, orindirectly through entities that are participants in DTC.

Segregated Accounts/Interest Income

The proceeds of the offering of the Fund aredeposited in cash in a segregated account in its name atthe Commodity Broker (or another eligible financialinstitution, as applicable) in accordance with CFTCinvestor protection and segregation requirements. TheFund is credited with 100% of the interest earned on itsaverage net assets on deposit with the Commodity Brokeror such other financial institution each week. In anattempt to increase interest income earned, the ManagingOwner expects to invest non-margin assets of the Fund inUnited States government securities (which include anysecurity issued or guaranteed as to principal or interest bythe United States), or any certificate of deposit for any ofthe foregoing, including United States Treasury bonds,United States Treasury bills and issues of agencies of theUnited States government, and certain cash items such asmoney market funds, certificates of deposit (under ninemonths) and time deposits or other instruments permittedby applicable rules and regulations. Currently, the rate ofinterest expected to be earned by the Fund is estimated tobe 0.11% per annum, based upon the yield on 3-monthU.S. Treasury bills as of October 31, 2012. This interestincome is used by the Fund to pay its expenses. See “Feesand Expenses” for more details.

11

Fees and Expenses

Management Fee The Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amountequal to 0.85% per annum of its daily net asset value. The Management Fee is paid inconsideration of the Managing Owner’s commodity futures trading advisory services.

Organization andOffering Expenses

Expenses incurred in connection with organizing the Fund and the initial offering of itsShares were paid by the Managing Owner. Expenses incurred in connection with thecontinuous offering of Shares after the commencement of its trading operations are alsopaid by the Managing Owner.

BrokerageCommissions andFees

The Fund pays to the Commodity Broker all brokerage commissions, including applicableexchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction relatedfees and expenses charged in connection with its trading activities. On average, totalcharges paid to the Commodity Broker are expected to be less than $10.00 per round-turntrade, although the Commodity Broker’s brokerage commissions and trading fees aredetermined on a contract-by-contract basis. The Managing Owner does not expectbrokerage commissions and fees to exceed 0.16% of the net asset value of the Fund in anyyear, although the actual amount of brokerage commissions and fees in any year or anypart of any year may be greater.

Routine Operational,Administrative andOther OrdinaryExpenses

The Managing Owner pays all of the routine operational, administrative and otherordinary expenses of the Fund, including, but not limited to, computer services, the feesand expenses of the Trustee, legal and accounting fees and expenses, tax preparationexpenses, filing fees, and printing, mailing and duplication costs.

Non-Recurring Feesand Expenses

The Fund pays all non-recurring and unusual fees and expenses (referred to asextraordinary fees and expenses in the Trust Declaration), if any, of itself. Non-recurringand unusual fees and expenses are fees and expenses which are non-recurring and unusualin nature, such as legal claims and liabilities, litigation costs or indemnification or otherunanticipated expenses. Such non-recurring and unusual fees and expenses, by theirnature, are unpredictable in terms of timing and amount.

Management Feeand Expenses to bePaid First out ofInterest Income

The Management Fee and the brokerage commissions and fees of the Fund are paid firstout of interest income from the Fund’s holdings of U.S. Treasury bills and other highcredit quality short-term fixed income securities on deposit with the Commodity Broker asmargin or otherwise. Such interest income has historically been sufficient to cover the feesand expenses of the Fund. If, however, the interest income is not sufficient to cover thefees and expenses of the Fund during any period, the excess of such fees and expensesover such interest income will be paid out of income from futures trading, if any, or fromsales of the Fund’s fixed income securities.

Selling Commission Retail investors may purchase and sell Shares through traditional brokerage accounts.Investors are expected to be charged a customary commission by their brokers inconnection with purchases of Shares that will vary from investor to investor. Investors areencouraged to review the terms of their brokerage accounts for applicable charges.

12

Breakeven Amounts

The estimated amount of all fees and expenseswhich are anticipated to be incurred by a new investor inShares of the Fund during the first twelve months ofinvestment is 1.01% per annum of the net asset value ofthe Fund, plus the amount of any commissions chargedby the investor’s broker.

The Fund will be successful only if its annualreturns from futures trading, plus its annual interestincome from its holdings of United States Treasurysecurities and other high credit quality short-term fixedincome securities, exceed such fees and expenses ofapproximately 1.01% per annum. The Fund is expectedto earn interest income equal to 0.11% per annum, basedupon the yield of 3-month U.S. Treasury bills as ofOctober 31, 2012, or $0.03 per annum per Share at$25.00 as the net asset value per Share. Therefore, basedupon the difference between the current yield of3-month U.S. Treasury bills and the annual fees andexpenses, the Fund will be required to earnapproximately 0.90% per annum, or $0.23 per annumper Share at $25.00 as the net asset value per Share, inorder for an investor to break-even on an investmentduring the first twelve months of an investment. Actualinterest income could be higher or lower than the currentyield of 3-month U.S. Treasury bills.

Distributions

The Fund will make distributions at the discretionof the Managing Owner. To the extent that the Fund’sactual and projected interest income from its holdings ofUnited States Treasury securities and other high creditquality short-term fixed income securities exceeds theactual and projected fees and expenses of the Fund, theManaging Owner expects periodically to makedistributions of the amount of such excess. The Fundcurrently does not expect to make distributions withrespect to capital gains. Depending on the Fund’sperformance for the taxable year and your own taxsituation for such year, your income tax liability for thetaxable year for your allocable share of the Fund’s netordinary income or loss and capital gain or loss mayexceed any distributions you receive with respect tosuch year.

Fiscal Year

The fiscal year of the Fund ends on December 31of each year.

U.S. Federal Income Tax Considerations

Subject to the discussion below in “MaterialU.S. Federal Income Tax Considerations,” the Fund willbe classified as a partnership for U.S. federal income taxpurposes. Accordingly, the Fund will not incurU.S. federal income tax liability; rather, each beneficialowner of Shares will be required to take into account itsallocable share of the Fund’s income, gain, loss,deduction and other items for the Fund’s taxable yearending with or within the owner’s taxable year.

Additionally, please refer to the “MaterialU.S. Federal Income Tax Considerations” section belowfor information on the potential U.S. federal income taxconsequences of the purchase, ownership anddisposition of Shares.

Breakeven Table

The Breakeven Table on page 14 indicates theapproximate percentage and dollar returns required forthe value of an initial $25.00 investment in a Share ofthe Fund to equal the amount originally invested twelvemonths after issuance.

The Breakeven Table as presented, is anapproximation only. The capitalization of the Fund doesnot directly affect the level of its charges as apercentage of its net asset value, other than brokeragecommissions.

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13

BREAKEVEN TABLEDollar Amount and Percentage of Expenses For the Fund

DBA9

Expense1 $ %

Management Fee2 $ 0.22 0.85%

Organization and Offering Expense Reimbursement3 $ 0.00 0.00%

Brokerage Commissions and Fees4 $ 0.04 0.16%

Routine Operational, Administrative and Other Ordinary Expenses5,6 $ 0.00 0.00%

Interest Income7 $(0.03) (0.11)%

12-Month Breakeven8 $ 0.23 0.90%

1. The breakeven analysis assumes that the Shares have a constant month-end Fund net asset value and is based on$25.00 as the net asset value per Share. See “Charges” on page 56 for an explanation of the expenses included inthe “Breakeven Table.”

2. From the Management Fee, the Managing Owner will be responsible for paying the fees and expenses of theAdministrator, ALPS Distributors and Invesco Distributors.

3. The Managing Owner is responsible for paying the organization and offering expenses and the continuousoffering costs of the Fund.

4. The actual amount of brokerage commissions and trading fees to be incurred will vary based upon the tradingfrequency of the Fund and the specific futures contracts traded.

5. The Managing Owner is responsible for paying all routine operational, administrative and other ordinaryexpenses of the Fund.

6. In connection with orders to create and redeem Baskets, Authorized Participants will pay a transaction fee in theamount of $500 per order. Because these transaction fees are de minimis in amount, are charged on atransaction-by-transaction basis (and not on a Basket-by-Basket basis), and are borne by the AuthorizedParticipants, they have not been included in the Breakeven Table.

7. Interest income currently is estimated to be earned at a rate of 0.11%, based upon the yield on 3-monthU.S. Treasury bills as of October 31, 2012. Actual interest income could be higher or lower than the current yieldof 3-month U.S. Treasury bills.

8. You may pay customary brokerage commissions in connection with purchases of the Shares. Because suchbrokerage commission rates will vary from investor to investor, such brokerage commissions have not beenincluded in the Breakeven Table. Investors are encouraged to review the terms of their brokerage accounts forapplicable charges.

9. DBA is subject to (i) a Management Fee of 0.85% per annum and (ii) estimated brokerage commissions and feesof 0.16% per annum. DBA is subject to fees and expenses in the aggregate amount of approximately 1.01% perannum. DBA will be successful only if its annual returns from the underlying futures contracts, including annualincome from 3-month U.S. Treasury bills, exceeds approximately 1.01% per annum. DBA is expected to earn0.11% per annum, based upon the yield of 3-month U.S. Treasury bills as of October 31, 2012. Therefore, basedupon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses,DBA would be required to earn approximately 0.90% per annum, in order for an investor to break-even on aninvestment during the first twelve months of an investment. Actual interest income could be higher or lower thanthe current yield of 3-month U.S. Treasury bills.

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14

Incorporation by Reference of CertainDocuments

The Securities and Exchange Commission, or theSEC, allows us to “incorporate by reference” into thisProspectus the information that we file with it, meaningwe can disclose important information to you byreferring you to those documents already on file with theSEC.

The information we incorporate by reference is animportant part of this Prospectus, and later informationthat we file with the SEC will automatically update andsupersede some of this information. We incorporate byreference the documents listed below, and any futurefilings we make with the SEC pursuant to Section 13(a),13(c), 14 or 15(d) of the Securities Exchange Act of1934.

This filing incorporates by reference the followingdocuments, which we have previously filed and maysubsequently file with the SEC, in response to certaindisclosures:

• The Annual Report on Form 10-K for the yearended December 31, 2011 filed onFebruary 28, 2012.

• The Current Reports on Form 8-K filedMarch 28, 2012, May 24, 2012, August 17,2012, September 17, 2012, November 16, 2012and December 7, 2012;

• The Quarterly Reports on Form 10-Q for thequarterly periods ended on March 31, 2012filed May 9, 2012, June 30, 2012 filed onAugust 3, 2012 and September 30, 2012 filedon November 2, 2012, respectively;

• All other reports filed pursuant to Section 13(a)or 15(d) of the Exchange Act sinceDecember 31, 2011, except for informationfurnished under Form 8-K, which is notdeemed filed and not incorporated herein byreference;

• Any documents filed pursuant to the ExchangeAct subsequent to the date of this RegistrationStatement and prior to its effectiveness shall bedeemed incorporated by reference into theProspectus; and

• Any documents filed under Sections 13(a),13(c), 14 or 15(d) of the Exchange Actsubsequent to the date of this Prospectus andprior to the termination of the offering madeunder this Prospectus.

Any statement contained in a document that isincorporated by reference will be modified orsuperseded for all purposes to the extent that a statementcontained in this Prospectus (or in any other documentthat is subsequently filed with the SEC and incorporatedby reference) modifies or is contrary to that previousstatement. Any statement so modified or superseded willnot be deemed a part of this Prospectus except as somodified or superseded.

We will provide to you a copy of the filings thathave been incorporated by reference in this Prospectusupon your request, at no cost. Any request may be madeby writing or calling us at the following address ortelephone number:

Invesco PowerShares Capital Management LLC301 West Roosevelt Road

Wheaton, IL 60187Telephone: (800) 983-0903

These documents may also be accessed through ourwebsite at http://www.dbfunds.db.com or as describedherein under “Additional Information.” The informationand other content contained on or linked from ourwebsite is not incorporated by reference in thisProspectus and should not be considered a part of thisProspectus.

We file annual, quarterly, current reports and otherinformation with the SEC. You may read and copy thesematerials at the SEC’s Public Reference Room at 100 FStreet, NW, Washington, DC 20549. The public mayobtain information on the operation of the PublicReference Room by calling the SEC at1-800-SEC-0330. The SEC maintains an internet site athttp://www.sec.gov that contains reports, proxy andinformation statements and other information regardingthe Funds.

Reports to Shareholders

The Managing Owner will furnish you with anannual report of the Fund within 90 calendar days afterthe end of the Fund’s fiscal year as required by the rulesand regulations of the CFTC, including, but not limited

15

to, an annual audited financial statement certified byindependent registered public accountants and any otherreports required by any other governmental authoritythat has jurisdiction over the activities of the Fund. Youalso will be provided with appropriate information topermit you to file your U.S. federal and state income taxreturns (on a timely basis) with respect to your Shares.Monthly account statements conforming to CFTC andNFA requirements are posted on the Managing Owner’swebsite at http://www.dbfunds.db.com. Additionalreports may be posted on the Managing Owner’swebsite in the discretion of the Managing Owner or asrequired by regulatory authorities.

Cautionary Note Regarding Forward-LookingStatements

This Prospectus includes forward-lookingstatements that reflect the Managing Owner’s currentexpectations about the future results, performance,prospects and opportunities of the Fund. The ManagingOwner has tried to identify these forward-lookingstatements by using words such as “may,” “will,”“expect,” “anticipate,” “believe,” “intend,” “should,”“estimate” or the negative of those terms or similarexpressions. These forward-looking statements arebased on information currently available to theManaging Owner and are subject to a number of risks,uncertainties and other factors, both known, such asthose described in “Risk Factors” in this Summary, in“The Risks You Face” and elsewhere in this Prospectus,and unknown, that could cause the actual results,performance, prospects or opportunities of the Fund todiffer materially from those expressed in, or implied by,these forward-looking statements.

You should not place undue reliance on anyforward-looking statements. Except as expresslyrequired by the federal securities laws, the ManagingOwner undertakes no obligation to publicly update orrevise any forward-looking statements or the risks,uncertainties or other factors described in thisProspectus, as a result of new information, future eventsor changed circumstances or for any other reason afterthe date of this Prospectus.

THE SHARES ARE SPECULATIVE ANDINVOLVE A HIGH DEGREE OF RISK.

Patent Applications Pending

Patent applications directed to the creation andoperation of the Trust and aspects of the Index arepending at the United States Patent and TrademarkOffice.

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16

ORGANIZATION CHART

POWERSHARES DB MULTI-SECTOR COMMODITY TRUSTPOWERSHARES DB AGRICULTURE FUND

NYSE Arca, Inc.

Investor Investor Investor Investor Investor Investor Investor Investor Investor

AuthorizedParticipant

AuthorizedParticipant

AuthorizedParticipant

Commodity Brokers

ManagingOwner

Trustee Administrator

andDistributor

DBA

AgriculturalFuturesMarkets

Trust (Fund Listed on NYSE Arca and offered by this Prospectus)1

1 PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerSharesDB Gold Fund, PowerShares DB Silver Fund and PowerShares DB Base Metals Fund, which are the remainingseries of the Trust, are not offered by this Prospectus.

17

THE RISKS YOU FACE

You could lose money investing in the Shares.You should consider carefully the risks describedbelow before making an investment decision. Youshould also refer to the other information included inthis Prospectus.

(1) The Value of the Shares of the FundRelates Directly to the Value of theFutures Contracts and Other Assets Heldby the Fund and Fluctuations in thePrice of These Assets Could MateriallyAdversely Affect an Investment in theFund’s Shares.

The Shares are designed to reflect as closely aspossible the changes, positive or negative, in the levelof its Index, over time, through its portfolio ofexchange traded futures contracts on its IndexCommodities. The value of the Shares relates directlyto the value of its portfolio, less the liabilities(including estimated accrued but unpaid expenses) ofthe Fund. The price of the various IndexCommodities may fluctuate widely. Several factorsmay affect the prices of the Index Commodities,including, but not limited to:

• Global supply and demand of the IndexCommodities which may be influenced bysuch factors as forward selling by thevarious commodities producers, purchasesmade by the commodities’ producers tounwind their hedge positions and productionand cost levels in the major markets of theIndex Commodities;

• Domestic and foreign interest rates andinvestors’ expectations concerning interestrates;

• Domestic and foreign inflation rates andinvestors’ expectations concerning inflationrates;

• Investment and trading activities of mutualfunds, hedge funds and commodity funds;and

• Global or regional political, economic orfinancial events and situations.

(2) Net Asset Value May Not AlwaysCorrespond to Market Price and, as aResult, Baskets May be Created orRedeemed at a Value that Differs fromthe Market Price of the Shares.

The net asset value per share of the Shares of theFund will change as fluctuations occur in the marketvalue of its portfolio. Investors should be aware thatthe public trading price of a Basket of Shares may bedifferent from the net asset value of a Basket ofShares (i.e., 200,000 Shares may trade at a premiumover, or a discount to, net asset value of a Basket ofShares) and similarly the public trading price perShare may be different from the net asset value perShare. Consequently, an Authorized Participant maybe able to create or redeem a Basket of Shares at adiscount or a premium to the public trading price perShare. This price difference may be due, in large part,to the fact that supply and demand forces at work inthe secondary trading market for Shares are closelyrelated, but not identical to the same forcesinfluencing the prices of the Index Commoditiescomprising the Index, trading individually or in theaggregate at any point in time. Investors also shouldnote that the size of the Fund in terms of total assetsheld may change substantially over time and fromtime-to-time as Baskets are created and redeemed.

Authorized Participants or their clients orcustomers may have an opportunity to realize ariskless profit if they can purchase a Basket of theFund at a discount to the public trading price of theShares or can redeem a Basket at a premium over thepublic trading price of such Shares. The ManagingOwner expects that the exploitation of such arbitrageopportunities by Authorized Participants and theirclients and customers will tend to cause the publictrading price to track net asset value per Shareclosely over time.

The value of a Share may be influenced bynon-concurrent trading hours between the NYSEArca and the various futures exchanges on which theIndex Commodities are traded. While the Sharestrade on the NYSE Arca from 9:30 a.m. to 4:00 p.m.Eastern Standard Time, the trading hours for thefutures exchanges on which each of the IndexCommodities trade may not necessarily coincideduring all of this time. For example, while the Sharesof the Fund trade on the NYSE Arca until 4:00 p.m.Eastern Standard Time, liquidity in the global cornmarket will be reduced after the close of the CBOT at2:15 p.m. Eastern Standard Time. As a result, duringperiods when the NYSE Arca is open and the futures

18

exchanges on which the Index Commodities aretraded are closed, trading spreads and the resultingpremium or discount on the Shares may widen and,therefore, increase the difference between the price ofthe Shares and the net asset value of such Shares.

(3) Regulatory and Exchange PositionLimits and Other Rules May Restrict theCreation of Baskets and the Operation ofthe Fund.

CFTC and commodity exchange rules imposespeculative position limits on market participants,including the Fund, trading in certain commodities.These position limits prohibit any person fromholding a position of more than a specific number ofsuch futures contracts.

In the aggregate, the Index is composed of 11Index Commodities, which are all subject tospeculative position limits imposed by the CFTCand/or the rules of the futures exchanges on whichthe futures contracts for the applicable IndexCommodities are traded. The purposes of speculativeposition limits are to diminish, eliminate or preventsudden or unreasonable fluctuations or unwarrantedchanges in the prices of futures contracts. Currently,speculative position limits (i) for corn, oats, wheat,soybean, soybean oil and cotton are determined bythe CFTC and (ii) for all other commodities aredetermined by the futures exchanges. Pursuant to thestatutory mandate of the Dodd-Frank Wall StreetReform and Consumer Protection Act, or the Dodd-Frank Act, which was signed into law on July 21,2010, the CFTC adopted final regulations onOctober 18, 2011, or the Regulations, which, inpertinent part, impose new federal position limits onfutures and options on a subset of energy, metal, andagricultural commodities, or the ReferencedContracts, and economically equivalent swaps. TheRegulations were to go into effect 60 days after theterm “swap” is further defined pursuant toSection 721 of the Dodd-Frank Act. However, onSeptember 28, 2012, a federal court issued an ordervacating the Regulations. At this time, it is notcertain whether the CFTC will appeal the federalcourt’s order or propose new position limits rulesidentical to the Regulations but in conformity withprocedural guidelines set forth in the federal court’sorder.

Generally, speculative position limits in thephysical delivery markets are set at a stricter levelduring the spot month, the month when the futurescontract matures and becomes deliverable, versus the

limits set for all other months. If the ManagingOwner determines that the Fund’s trading may beapproaching any of these speculative position limits,the Fund may reduce its trading in that commodity ortrade in other commodities or instruments that theIndex Sponsor determines comply with the rules andgoals of the Index. Below is a chart that sets forthcertain relevant information, including currentspeculative position limits for each Affected IndexCommodity that any person may hold, separately orin combination, net long or net short, for the purchaseor sale of any commodity futures contract or, on afutures-equivalent basis, options thereon. Speculativeposition limit levels remain subject to change by theCFTC or the relevant exchanges.

Exchanges may also establish accountabilitylevels applicable to futures contracts. An exchangemay order a person who holds or controls aggregatepositions in excess of specified positionaccountability levels not to further increase thepositions, to comply with any prospective limit whichexceeds the size of the position owned or controlled,or to reduce any open position which exceedsposition accountability levels if the exchangedetermines that such action is necessary to maintainan orderly market. Under current regulations, subjectto any relevant exemptions, traders, such as the Fund,may not exceed speculative position limits, eitherindividually or in the aggregate with other personswith whom they are under common control orownership. Under the vacated Regulations, the CFTCwould have required certain persons to aggregateexchange listed futures and economically equivalentswap positions owned or controlled by such persons.

[Remainder of page left blank intentionally.]

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Affected IndexCommodity

Exchange(Symbol)1 Exchange Position Limits2

Corn CBOT (C) 600 – Spot Month13,500 – Single Month22,000 – All Months Combined

Cotton #2 ICE-US (CT) 300 – Spot Month3,500 – Single Month5,000 – All Months Combined

Sugar #11 ICE-US (SB) 5,000 – Spot Month

Soybeans CBOT (S) 600 – Spot Month6,500 – Single Month10,000 – All Months Combined

Wheat CBOT (W) 600 – Spot Month5,000 – Single Month6,500 – All Months Combined

Kansas City Wheat KCB (KW) 600 – Spot Month (Spot month limits go into effect on a contract at the close oftrade the day before its first delivery notice day.)5,000 – Single Month6,500 – All Months Combined

Cocoa ICE-US (CC) 1,000 – Notice Period

Coffee ICE-US (KC) 500 – Notice Period

Live Cattle CME (LC) 450 – Spot Month (as of the close of business on the first business day followingthe first Friday of the contract month)300 – Spot Month (as of the close of business on the business day immediatelypreceding the last five business days of the contract month)6,300 – Single Month

Feeder Cattle CME (FC) 300 – Spot Month (during the last ten days of trading)1,950- Single Month

Lean Hogs CME (LH) 950 – Spot Month (as of the close of business on the fifth business day of thecontract month)4,150 – Single Month

1 Legend:“CBOT” means the Board of Trade of the City of Chicago Inc., or its successor.“ICE-US” means ICE Futures U.S., Inc., or its successor.“KCB” means the Board of Trade of Kansas City, Missouri, Inc., or its successor.“CME” means the Chicago Mercantile Exchange, Inc., or its successor.

2 Subject to any additional limitations on an exchange-by-exchange basis, as applicable.

Because the Fund may be subject to position limitsand, consequently, the Fund’s ability to issue newBaskets, or the Fund’s ability to reinvest income inadditional futures contracts corresponding to theAffected Index Commodities may be limited to theextent these activities would cause such Fund to exceedits applicable position limits. Limiting the size of theFund may affect the correlation between the price of theShares, as traded on the NYSE Arca, and the net assetvalue of the Shares. That is, the inability to createadditional Baskets could result in Shares trading at apremium or discount to net asset value of the Shares.

Under the vacated Regulations, the CFTC, amongother things, established speculative position limits onexchange listed futures and options on physicalcommodities (including certain energy, metals andagricultural products) and economically equivalentover-the-counter derivatives. Under the vacated

Regulations, the CFTC also established aggregate positionlimits for certain other contracts based on the sameunderlying commodity, including certain contracts tradedon non-U.S. exchanges. Depending on the outcome of anyfuture CFTC or futures exchange rulemaking, asapplicable, the rules concerning position limits may beamended in a manner that is detrimental to the Fund. Forexample, if the amended rules are detrimental to the Fund,its ability to issue new Baskets, or reinvest income inadditional futures contracts corresponding to the AffectedIndex Commodities, may be limited to the extent theseactivities would cause the Fund to exceed the applicableposition limits. Limiting the size of the Fund may affect thecorrelation between the price of the Shares of the Fund, astraded on the NYSE Arca, and the net asset value of theShares. That is, the inability to create additional Basketscould result in Shares in the Fund trading at a premium ordiscount to net asset value of the Shares.

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(4) The Fund’s Performance May NotAlways Replicate Exactly the Changes inthe Level of its Index.

It is possible that the Fund’s performance maynot fully replicate the changes in the level of theIndex due to disruptions in the markets for therelevant Index Commodities, the imposition ofspeculative position limits (as discussed in “TheRisks You Face — (3) Regulatory and ExchangePosition Limits and Other Rules May Restrict theCreation of Baskets and the Operation of the Fund”),or due to other extraordinary circumstances. As theFund approaches or reaches position limits withrespect to certain futures contracts comprising itsIndex, the Fund may commence investing in otherfutures contracts based on commodities that comprisethe Index and in futures contracts based oncommodities other than commodities that comprisethe Index that, in the commercially reasonablejudgment of the Managing Owner, tend to exhibittrading prices that correlate with a futures contractthat comprises the Index. In addition, the Fund is notable to replicate exactly the changes in the level ofthe Index because the total return generated by theFund is reduced by expenses and transaction costs,including those incurred in connection with theFund’s trading activities, and increased by interestincome from the Fund’s holdings of short-term highcredit quality fixed income securities. Tracking theIndex requires trading of the Fund’s portfolio with aview to tracking the Index over time and is dependentupon the skills of the Managing Owner and itstrading principals, among other factors.

(5) The Fund Is Not Actively Managed andTracks its Index During Periods inWhich the Index Is Flat or Declining asWell as When the Index Is Rising.

The Fund is not actively managed by traditionalmethods. Therefore, if positions in any one or moreof its Index Commodities are declining in value, theFund will not close out such positions, except inconnection with a change in the composition orweighting of the Index. The Managing Owner willseek to cause the net asset value of the Fund to trackits Index during periods in which the Index is flat ordeclining as well as when the Index is rising.

(6) The NYSE Arca May Halt Trading in theShares of the Fund Which WouldAdversely Impact Your Ability to SellShares.

Trading in Shares of the Fund may be halted dueto market conditions or, in light of NYSE Arca rulesand procedures, for reasons that, in the view of theNYSE Arca, make trading in the Shares inadvisable.In addition, trading is subject to trading halts causedby extraordinary market volatility pursuant to “circuitbreaker” rules that require trading to be halted for aspecified period based on a specified market decline.There can be no assurance that the requirementsnecessary to maintain the listing of the Shares willcontinue to be met or will remain unchanged. TheFund will be terminated if its Shares are delisted.

(7) The Lack of Active Trading Markets forthe Shares of the Fund May Result inLosses on Your Investment in the Fundat the Time of Disposition of YourShares.

Although the Shares are listed and traded on theNYSE Arca, there can be no guarantee that an activetrading market for the Shares will be maintained. Ifyou need to sell your Shares at a time when no activemarket for them exists, the price you receive for yourShares, assuming that you are able to sell them, likelywill be lower than that you would receive if an activemarket did exist.

(8) The Shares of the Fund Are RelativelyNew Securities Products and Their ValueCould Decrease if UnanticipatedOperational or Trading Problems Arise.

The mechanisms and procedures governing thecreation, redemption and offering of the Shares havebeen developed specifically for these securitiesproducts. Consequently, there may be unanticipatedproblems or issues with respect to the mechanics ofthe operations of the Fund and the trading of theShares that could have a material adverse effect on aninvestment in the Shares. In addition, although theFund is not actively “managed” by traditionalmethods, to the extent that unanticipated operationalor trading problems or issues arise, the ManagingOwner’s past experience and qualifications may notbe suitable for solving these problems or issues.

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(9) As the Managing Owner and itsPrincipals have Been OperatingInvestment Vehicles like the Fund SinceJanuary 2006, their Experience May beInadequate or Unsuitable to Manage theFund.

The Managing Owner was formed to be themanaging owner of investment vehicles such as theFund and has been managing such investmentvehicles since January 2006. The past performancesof the Managing Owner’s management of othercommodity pools are no indication of its ability tomanage investment vehicles such as the Fund. If theexperience of the Managing Owner and its principalsis not adequate or suitable to manage investmentvehicles such as the Fund, the operations of the Fundmay be adversely affected.

(10) You May Not Rely on Past Performanceor Index Results in Deciding Whether toBuy Shares.

Although past performance is not necessarilyindicative of future results, the Fund’s performancehistory might (or might not) provide you with moreinformation on which to evaluate an investment inthe Fund. Likewise, the Index has a history whichmight be indicative of the future Index results, or ofthe future performance of the Fund. Therefore, youwill have to make your decision to invest in the Fundwithout relying on the Fund’s past performancehistory or the Index’s closing level history.

(11) Fewer Representative Commodities MayResult In Greater Index Volatility.

The Index is concentrated in terms of thenumber of commodities represented. The Fund isconcentrated in approximately 11 commodities. Youshould be aware that other commodities indexes aremore diversified in terms of both the number andvariety of commodities included. Concentration infewer commodities may result in a greater degree ofvolatility in the Index and the net asset value of theFund which tracks the Index under specific marketconditions and over time.

(12) Price Volatility May Possibly Cause theTotal Loss of Your Investment.

Futures contracts have a high degree of pricevariability and are subject to occasional rapid andsubstantial changes. Consequently, you could lose allor substantially all of your investment in the Fund.

(13) Unusually Long Peak-to-ValleyDrawdown Periods With Respect To theIndex May Be Reflected in Equally LongPeak-to-Valley Drawdown Periods withRespect to the Performance of the Sharesof the Fund.

Although past Index levels are not necessarilyindicative of future Index levels, the peak-to-valleydrawdown periods that the Index has experienced hasbeen unusually long and has lasted for multi-yeardrawdown periods. Please see the chart on page 40for information regarding worst peak-to-valleydrawdown periods with respect to the Index.

Because it is expected that the Fund’sperformance will track the change of its underlyingIndex, the Fund would suffer a continuous drawdownduring the period that an Index suffers such adrawdown period, and in turn, the value of yourShares will also suffer.

(14) Fees and Commissions are ChargedRegardless of Profitability and MayResult in Depletion of Assets.

The Fund directly is subject to the fees andexpenses described herein which are payableirrespective of profitability. See “Breakeven Table”on page 14 Consequently, depending upon theperformance of the Fund and the interest rateenvironment, the expenses of the Fund could, overtime, result in losses to your investment in the Fund.You may never achieve profits, significant orotherwise by investing in the Fund.

(15) You Cannot Be Assured of the ManagingOwner’s Continued Services, WhichDiscontinuance May Be Detrimental tothe Fund.

You cannot be assured that the Managing Ownerwill be willing or able to continue to service the Fundfor any length of time. If the Managing Ownerdiscontinues its activities on behalf of the Fund, theFund may be adversely affected.

(16) Possible Illiquid Markets MayExacerbate Losses.

Futures positions cannot always be liquidated atthe desired price. It is difficult to execute a trade at aspecific price when there is a relatively small volumeof buy and sell orders in a market. A marketdisruption, such as when foreign governments maytake or be subject to political actions which disrupt

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the markets in their currency or major exports, canalso make it difficult to liquidate a position.

There can be no assurance that market illiquiditywill not cause losses for the Fund. The large size ofthe positions which the Fund may acquire increasesthe risk of illiquidity by both making its positionsmore difficult to liquidate and increasing the lossesincurred while trying to do so.

(17) You May Be Adversely Affected byRedemption Orders that Are Subject ToPostponement, Suspension or RejectionUnder Certain Circumstances.

The Fund may, in its discretion, suspend theright of redemption or postpone the redemptionsettlement date, (1) for any period during which anemergency exists as a result of which the redemptiondistribution is not reasonably practicable, or (2) forsuch other period as the Managing Owner determinesto be necessary for the protection of the Shareholdersof the Fund. In addition, the Fund will reject aredemption order if the order is not in proper form asdescribed in the Participant Agreement or if thefulfillment of the order, in the opinion of its counsel,might be unlawful. Any such postponement,suspension or rejection could adversely affect aredeeming Authorized Participant. For example, theresulting delay may adversely affect the value of theAuthorized Participant’s redemption proceeds if thenet asset value of the Fund declines during the periodof delay. The Fund disclaims any liability for anyloss or damage that may result from any suchsuspension or postponement.

(18) Because the Futures Contracts Have NoIntrinsic Value, the PositivePerformance of Your Investment IsWholly Dependent Upon an Equal andOffsetting Loss.

Futures trading is a risk transfer economicactivity. For every gain there is an equal andoffsetting loss rather than an opportunity toparticipate over time in general economic growth.Unlike most alternative investments, an investment inthe Shares does not involve acquiring any asset withintrinsic value. Overall stock and bond prices couldrise significantly and the economy as a whole prosperwhile the Shares trade unprofitably.

(19) Failure of Commodity Futures Marketsto Exhibit Low to Negative Correlation toGeneral Financial Markets Will ReduceBenefits of Diversification and MayExacerbate Losses to Your Portfolio.

Historically, commodity futures’ returns havetended to exhibit low to negative correlation with thereturns of other assets such as stocks and bonds.Although commodity futures trading can provide adiversification benefit to investor portfolios becauseof its low to negative correlation with other financialassets, the fact that the Index is not 100% negativelycorrelated with financial assets such as stocks andbonds means that the Fund cannot be expected to beautomatically profitable during unfavorable periodsfor the stock or bond market, or vice-versa. If theShares perform in a manner that correlates with thegeneral financial markets or do not performsuccessfully, you will obtain no diversificationbenefits by investing in the Shares and the Sharesmay produce no gains to offset your losses fromother investments.

(20) Shareholders Will Not Have theProtections Associated With Ownershipof Shares in an Investment CompanyRegistered Under the InvestmentCompany Act of 1940.

The Fund is not registered as an investmentcompany under the Investment Company Act of1940, and is not required to register under such Act.Consequently, Shareholders will not have theregulatory protections provided to investors inregistered and regulated investment companies.

(21) Trading on Commodity ExchangesOutside the United States is Not Subjectto U.S. Regulation.

A portion of the Fund’s trading is expected to beconducted on commodity exchanges outside theUnited States. Trading on such exchanges is notregulated by any United States governmental agencyand may involve certain risks not applicable totrading on United States exchanges, includingdifferent or diminished investor protections. Intrading contracts denominated in currencies otherthan U.S. dollars, Shares are subject to the risk ofadverse exchange-rate movements between the dollarand the functional currencies of such contracts.Investors could incur substantial losses from tradingon foreign exchanges which such investors would nothave otherwise been subject had the Fund’s tradingbeen limited to U.S. markets.

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(22) Various Actual and Potential Conflictsof Interest May Be Detrimental toShareholders.

The Fund is subject to actual and potentialconflicts of interest involving the Managing Owner,various commodity futures brokers and AuthorizedParticipants. The Managing Owner and its principals,all of whom are engaged in other investmentactivities, are not required to devote substantially allof their time to the business of the Fund, which alsopresents the potential for numerous conflicts ofinterest with the Fund. As a result of these and otherrelationships, parties involved with the Fund have afinancial incentive to act in a manner other than inthe best interests of the Fund and the Shareholders.The Managing Owner has not established any formalprocedure to resolve conflicts of interest.Consequently, investors are dependent on the goodfaith of the respective parties subject to such conflictsto resolve them equitably. Although the ManagingOwner attempts to monitor these conflicts, it isextremely difficult, if not impossible, for theManaging Owner to ensure that these conflicts donot, in fact, result in adverse consequences to theShareholders.

The Fund may be subject to certain conflictswith respect to the Commodity Broker, including, butnot limited to, conflicts that result from receivinggreater amounts of compensation from other clients,or purchasing opposite or competing positions onbehalf of third party accounts traded through theCommodity Broker.

(23) Shareholders Will Be Subject toTaxation on Their Allocable Share of theFund’s Taxable Income, Whether or NotThey Receive Cash Distributions.

Shareholders will be subject to U.S. federalincome taxation and, in some cases, state, local, orforeign income taxation on their allocable share ofthe Fund’s taxable income, whether or not theyreceive cash distributions from the Fund.Shareholders may not receive cash distributions equalto their share of the Fund’s taxable income or eventhe tax liability that results from such income.

(24) Items of Income, Gain, Loss andDeduction With Respect to Shares couldbe Reallocated if the IRS does not Acceptthe Assumptions or Conventions Used bythe Fund in Allocating Such Items.

U.S. federal income tax rules applicable topartnerships are complex and often difficult to applyto publicly traded partnerships. The Fund will applycertain assumptions and conventions in an attempt tocomply with applicable rules and to report items ofincome, gain, loss and deduction to the Shareholdersin a manner that reflects the Shareholders’ beneficialinterest in such tax items, but these assumptions andconventions may not be in compliance with allaspects of the applicable tax requirements. It ispossible that the IRS will successfully assert that theconventions and assumptions used by the Fund donot satisfy the technical requirements of the Codeand/or Treasury Regulations and could require thatitems of income, gain, loss and deduction be adjustedor reallocated in a manner that adversely affects oneor more Shareholders.

(25) The Current Treatment of Long-TermCapital Gains Under CurrentU.S. Federal Income Tax Law May BeAdversely Affected, Changed or Repealedin the Future.

Under current law, long-term capital gains aretaxed to non-corporate investors at reducedU.S. federal income tax rates. This tax treatment maybe adversely affected, changed or repealed by futurechanges in, or the expiration of, tax laws at any time.

PROSPECTIVE INVESTORS ARESTRONGLY URGED TO CONSULT THEIROWN TAX ADVISERS AND COUNSEL WITHRESPECT TO THE POSSIBLE TAXCONSEQUENCES TO THEM OF ANINVESTMENT IN THE SHARES; SUCH TAXCONSEQUENCES MAY DIFFER WITHRESPECT TO DIFFERENT INVESTORS.

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(26) Failure of Futures CommissionMerchants or Commodity Brokers toSegregate Assets May Increase Losses;Despite Segregation of Assets, the FundRemains at Risk of Significant LossesBecause the Fund May Only Receive aPro-Rata Share of the Assets, or NoAssets at All.

The Commodity Exchange Act requires aclearing broker to segregate all funds received fromcustomers from such broker’s proprietary assets. Ifthe Commodity Broker fails to do so, the assets of theFund might not be fully protected in the event of theCommodity Broker’s bankruptcy. Furthermore, in theevent of the Commodity Broker’s bankruptcy, theShares could be limited to recovering either a pro ratashare of all available funds segregated on behalf ofthe Commodity Broker’s combined customeraccounts or the Shares may not recover any assets atall, even though certain property specificallytraceable to the Fund was held by the CommodityBroker. The Commodity Broker may, fromtime-to-time, have been the subject of certainregulatory and private causes of action. Such materialactions, if any, are described under “The CommodityBroker.”

In the event of a bankruptcy or insolvency ofany exchange or a clearing house, the Fund couldexperience a loss of the funds deposited through itsCommodity Broker as margin with the exchange orclearing house, a loss of any unrealized profits on itsopen positions on the exchange, and the loss ofprofits on its closed positions on the exchange.

(27) The Effect Of Market Disruptions andGovernment Intervention AreUnpredictable And May Have AnAdverse Effect On The Value Of YourShares.

The global financial markets have in the past fewyears gone through pervasive and fundamentaldisruptions that have led to extensive andunprecedented governmental intervention. Suchintervention has in certain cases been implemented onan “emergency” basis, suddenly and substantiallyeliminating market participants’ ability to continue toimplement certain strategies or manage the risk oftheir outstanding positions. In addition — as onewould expect given the complexities of the financialmarkets and the limited time frame within whichgovernments have felt compelled to take action —these interventions have typically been unclear in

scope and application, resulting in confusion anduncertainty which in itself has been materiallydetrimental to the efficient functioning of the marketsas well as previously successful investment strategies.

The Fund may incur major losses in the event ofdisrupted markets and other extraordinary events inwhich historical pricing relationships becomematerially distorted. The risk of loss from pricingdistortions is compounded by the fact that indisrupted markets many positions become illiquid,making it difficult or impossible to close outpositions against which the markets are moving. Thefinancing available to market participants from theirbanks, dealers and other counterparties is typicallyreduced in disrupted markets. Such a reduction mayresult in substantial losses to the affected marketparticipants. Market disruptions may fromtime-to-time cause dramatic losses, and such eventscan result in otherwise historically low-risk strategiesperforming with unprecedented volatility and risk.

(28) Regulatory Changes or Actions, Includingthe Implementation of the Dodd-FrankAct, May Alter the Operations andProfitability of the Funds.

The regulation of commodity interesttransactions in the United States is a rapidly changingarea of law and is subject to ongoing modification bygovernmental and judicial action. Considerableregulatory attention has been focused onnon-traditional investment pools that are publiclydistributed in the United States. The Dodd-Frank Actseeks to regulate markets, market participants andfinancial instruments that previously have beenunregulated and substantially alters the regulation ofmany other markets, market participants andfinancial instruments. Because many provisions ofthe Dodd-Frank Act require rulemaking by theapplicable regulators before becoming fully effectiveand the Dodd-Frank Act mandates multiple agencyreports and studies (which could result in additionallegislative or regulatory action), it is difficult topredict the impact of the Dodd-Frank Act on theFund, the Managing Owner, and the markets inwhich the Fund may invest, the Net Asset Value ofthe Fund or the market price of the Shares. TheDodd-Frank Act could result in the Fund’sinvestment strategy becoming non-viable ornon-economic to implement. Therefore, the Dodd-Frank Act and regulations adopted pursuant to theDodd-Frank Act could have a material adverseimpact on the profit potential of the Fund and in turnthe value of your Shares.

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(29) Lack of Independent AdvisersRepresenting Investors.

The Managing Owner has consulted withcounsel, accountants and other advisers regarding theformation and operation of the Fund. No counsel hasbeen appointed to represent you in connection withthe offering of the Shares. Accordingly, you shouldconsult your own legal, tax and financial advisersregarding the desirability of an investment in theShares.

(30) Possibility of Termination of the FundMay Adversely Affect Your Portfolio.

The Managing Owner may withdraw from theTrust upon 120 days’ notice, which would cause theFund to terminate unless a substitute managingowner were obtained. Owners of 50% of the Sharesof the Fund have the power to terminate the Fund. Ifit is so exercised, investors who may wish to continueto invest in the Fund’s Index through a fund vehiclewill have to find another vehicle, and may not be ableto find another vehicle that offers the same featuresas the Fund. See “Description of the Shares; TheFund; Certain Material Terms of the TrustDeclaration — Termination Events” for a summaryof termination events. Such detrimentaldevelopments could cause you to liquidate yourinvestments and upset the overall maturity and timingof your investment portfolio. If the registrations withthe CFTC or memberships in the NFA of theManaging Owner or the Commodity Broker wererevoked or suspended, such entity would no longerbe able to provide services to the Fund.

(31) Shareholders Do Not Have the RightsEnjoyed by Investors in Certain OtherVehicles.

As interests in separate series of a Delawarestatutory trust, the Shares have none of the statutoryrights normally associated with the ownership ofshares of a corporation (including, for example, theright to bring “oppression” or “derivative” actions).In addition, the Shares have limited voting anddistribution rights (for example, Shareholders do nothave the right to elect directors and the Fund is notrequired to pay regular distributions, although theFund may pay distributions in the discretion of theManaging Owner).

(32) An Investment in Shares May BeAdversely Affected by Competition FromOther Methods of Investing inCommodities.

The Fund constitutes a relatively new type ofinvestment vehicle. The Fund competes with otherfinancial vehicles, including other commodity pools,hedge funds, traditional debt and equity securitiesissued by companies in the commodities industry,other securities backed by or linked to suchcommodities, and direct investments in theunderlying commodities or commodity futurescontracts. Market and financial conditions, and otherconditions beyond the Managing Owner’s control,may make it more attractive to invest in otherfinancial vehicles or to invest in such commoditiesdirectly, which could limit the market for the Sharesand therefore reduce the liquidity of the Shares.

(33) Competing Claims Over Ownership ofIntellectual Property Rights Related tothe Fund Could Adversely Affect theFund and an Investment in Shares.

While the Managing Owner believes that allintellectual property rights needed to operate theFund are either owned by or licensed to theManaging Owner or have been obtained, third partiesmay allege or assert ownership of intellectualproperty rights which may be related to the design,structure and operations of the Fund. To the extentany claims of such ownership are brought or anyproceedings are instituted to assert such claims, thenegotiation, litigation or settlement of such claims, orthe ultimate disposition of such claims in a court oflaw if a suit is brought, may adversely affect theFund and an investment in the Shares, for example,resulting in expenses or damages or the terminationof the Fund.

(34) The Value of the Shares Will beAdversely Affected if the Fund isRequired to Indemnify the Trustee or theManaging Owner.

Under the Trust Declaration, the Trustee and theManaging Owner have the right to be indemnified forany liability or expense either incurs withoutnegligence or misconduct. That means the ManagingOwner may require the assets of the Fund to be soldin order to cover losses or liability suffered by it orby the Trustee. Any sale of that kind would reducethe net asset value of the Fund and, consequently, thevalue of the Shares.

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(35) The Net Asset Value Calculation of theFund May Be Overstated or UnderstatedDue to the Valuation Method EmployedWhen a Settlement Price is not Availableon the Date of Net Asset ValueCalculation.

Calculating the net asset value of the Fundincludes, in part, any unrealized profits or losses onopen commodity futures contracts. Under normalcircumstances, the net asset value of the Fund reflectsthe settlement price of open commodity futurescontracts on the date when the net asset value isbeing calculated. However, if a commodity futurescontract traded on an exchange (both U.S. and, to theextent it becomes applicable, non-U.S. exchanges)could not be liquidated on such day (due to theoperation of daily limits or other rules of theexchange upon which that position is traded orotherwise), the Managing Owner may value suchfutures contract pursuant to policies the ManagingOwner has adopted, which are consistent with normalindustry standards. In such a situation, there is a riskthat the calculation of the net asset value of the Fundon such day will not accurately reflect the realizablemarket value of such commodity futures contract. Forexample, daily limits are generally triggered in theevent of a significant change in market price of acommodity futures contract. Therefore, as a result ofthe daily limit, the current settlement price isunavailable. Because the Managing Owner mayvalue such futures contract pursuant to policies theManaging Owner has adopted, which are consistentwith normal industry standards, there is a risk that theresulting calculation of the net asset value of theFund could be under or overstated, perhaps to asignificant degree.

(36) Although the Shares are LimitedLiability Investments, CertainCircumstances such as Bankruptcy ofthe Fund or Indemnification of the Fundby the Shareholder will Increase aShareholder’s Liability.

The Shares are limited liability investments;investors may not lose more than the amount thatthey invest plus any profits recognized on theirinvestment. However, Shareholders could berequired, as a matter of bankruptcy law, to return tothe estate of the Fund any distribution they receivedat a time when the Fund was in fact insolvent or inviolation of its Trust Declaration. In addition,although the Managing Owner is not aware of thisprovision ever having been invoked in the case ofany public futures fund, Shareholders agree in the

Trust Declaration that they will indemnify the Fundfor any harm suffered by it as a result of

• Shareholders’ actions unrelated to thebusiness of the Fund, or

• taxes imposed on the Shares by the states ormunicipalities in which such investorsreside.

(37) An Insolvency Resulting From AnotherSeries in the Trust or the Trust ItselfMay Have a Material Adverse Effect Onthe Fund.

This Fund is a series or a part of a Delawarestatutory trust. Pursuant to Delaware law, theorganization of the Trust provides that the assets andliabilities of this Fund is separate from the assets andliabilities of all other series of the Trust (e.g., theSectors Funds), as well as the larger Trust itself.Though such organization may, under state law,protect the assets of the Fund in an insolvency actionbrought by the creditors of one or more of the SectorsFunds, or series of the Trust, this may be insufficientto protect the assets of the Fund from such creditorsin an insolvency action in Federal court, or in a courtin a foreign jurisdiction. Accordingly, an insolvencyresulting from one or more of the Sectors Funds inthe Trust or the Trust itself may have a materialadverse effect on the Fund. The material risksassociated with the Sectors Funds have not beenincluded in this disclosure document.

INVESTMENT OBJECTIVE

The Fund seeks to track changes, whetherpositive or negative, in the level of the DBIQDiversified Agriculture Index Excess Return™, orthe Index, over time, plus the excess, if any, of theFund’s interest income from its holdings of UnitedStates Treasury and other high credit quality short-term fixed income securities over its expenses. TheShares are designed for investors who want a cost-effective and convenient way to invest in commodityfutures on U.S. and non-U.S. markets.

Advantages of investing in the Shares include:

• Ease and Flexibility of Investment. TheShares trade on the NYSE Arca and provideinstitutional and retail investors withindirect access to commodity futuresmarkets. The Shares may be bought and soldon the NYSE Arca like other exchange-listed securities. Retail investors may

27

purchase and sell Shares through traditionalbrokerage accounts.

• Margin. Shares are eligible for marginaccounts.

• Diversification. The Shares may help todiversify a portfolio because historically theIndex has tended to exhibit low to negativecorrelation with both equities andconventional bonds and positive correlationto inflation.

• Optimum Yield™. The Shares seek totrack the Index, a portion of which employsthe Optimum Yield™ rolling methodology,which seeks to minimize the effects ofnegative roll yield that may be experiencedby conventional commodities indexes.

• Transparency. The Shares provide a moredirect investment in commodities thanmutual funds that invest in commodity-linked notes, which have implicit imbeddedcosts and credit risk.

Investing in the Shares does not insulateShareholders from certain risks, including pricevolatility.

The Fund pursues its investment objective byinvesting in a portfolio of exchange-traded futures onthe commodities comprising the Index.

The Index, which is comprised of one or moreunderlying commodities, or Index Commodities, isintended to reflect the agricultural sector. The IndexCommodities consist of Corn, Soybeans, Wheat,Kansas City Wheat, Sugar, Cocoa, Coffee, Cotton,Live Cattle, Feeder Cattle and Lean Hogs.

If the Managing Owner determines in itscommercially reasonable judgment that it has becomeimpracticable or inefficient for any reason for theFund to gain full or partial exposure to any IndexCommodity by investing in a specific futures contractthat comprises the Index, the Fund may invest in afutures contract referencing the particular IndexCommodity other than the specific contract thatcomprises the Index or, in the alternative, invest inother futures contracts not based on the particularIndex Commodity if, in the commercially reasonablejudgment of the Managing Owner, such futurescontracts tend to exhibit trading prices that correlatewith a futures contract that comprises the Index.

The Fund will make distributions at thediscretion of the Managing Owner. To the extent thatthe Fund’s actual and projected interest income fromits holdings of United States Treasury securities andother high credit quality short-term fixed incomesecurities exceeds the actual and projected fees andexpenses of the Fund, the Managing Owner expectsperiodically to make distributions of the amount ofsuch excess. The Fund currently does not expect tomake distributions with respect to capital gains.Depending on the Fund’s performance for the taxableyear and your own tax situation for such year, yourincome tax liability for the taxable year for yourallocable share of the Fund’s net ordinary income orloss and capital gain or loss may exceed anydistributions you receive with respect to such year.

The sponsor of the Index, or the Index Sponsor,is Deutsche Bank AG London. Trade Markapplications in the United States are pending withrespect to both the Trust and aspects of the Index.Deutsche Bank AG is an affiliate of the Fund and theManaging Owner.

Under the Trust Declaration, Wilmington TrustCompany, the Trustee of the Fund, has delegated tothe Managing Owner the exclusive management andcontrol of all aspects of the business of the Fund. TheTrustee will have no duty or liability to supervise ormonitor the performance of the Managing Owner,nor will the Trustee have any liability for the acts oromissions of the Managing Owner.

The Shares are intended to provide investmentresults that generally correspond to the changes,positive or negative, in the levels of the Fund’s Indexover time.

The value of the Shares is expected to fluctuatein relation to changes in the value of its portfolio.The market price of the Shares may not be identicalto the net asset value per Share, but these twovaluations are expected to be very close. See “TheRisks You Face — (2) Net Asset Value May NotAlways Correspond to Market Price and, as a Result,Baskets may be Created or Redeemed at a Value thatDiffers from the Market Price of the Shares.”

The Index Sponsor publishes the closing level ofthe Index daily. The Managing Owner publishes thenet asset value of the Fund and the net asset value perShare daily. Additionally, the Index Sponsorpublishes the intra-day Index level, and the ManagingOwner publishes the indicative value per Share of the

28

Fund (quoted in U.S. dollars) once every fifteenseconds throughout each trading day.

All of the foregoing information is published asfollows:

The intra-day level of the Index (symbol:DBAGIX) and the intra-day indicative value perShare (symbol: DBA.IV) (each quoted in U.S.dollars) are published once every fifteen secondsthroughout each trading day on the consolidated tape,Reuters and/or Bloomberg and on the ManagingOwner’s website at http://www.dbfunds.db.com, orany successor thereto.

The current trading price per Share (symbol:DBA) (quoted in U.S. dollars) is publishedcontinuously as trades occur throughout each tradingday on the consolidated tape, Reuters and/orBloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto.

The most recent end-of-day Index closing level(symbol: DBLCDBAE) is published as of the closeof business for the NYSE Arca each trading day onthe consolidated tape, Reuters and/or Bloomberg andon the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto.

The most recent end-of-day net asset value ofthe Fund (symbol: DBA.NV) is published as of theclose of business on Reuters and/or Bloomberg andon the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto. In addition, the most recent end-of-day netasset value of the Fund (symbol: DBA.NV) ispublished the following morning on the consolidatedtape.

All of the foregoing information with respect tothe Index, including the Index’s history, is alsopublished at https://index.db.com.

The Index Sponsor obtains information forinclusion in, or for use in the calculation of, the Indexfrom sources the Index Sponsor considers reliable.None of the Index Sponsor, the Managing Owner, theFund or any of their respective affiliates acceptsresponsibility for or guarantees the accuracy and/orcompleteness of the Index or any data included in theIndex.

The intra-day indicative value per Share is basedon the prior day’s final net asset value, adjusted fourtimes per minute throughout the day to reflect thecontinuous price changes of the Fund’s futurespositions. The final net asset value of the Fund andthe final net asset value per Share is calculated as ofthe closing time of the NYSE Arca or the last to closeof the exchanges on which the Fund’s futurescontracts are traded, whichever is later, and posted inthe same manner. Although a time gap may existbetween the close of the NYSE Arca and the close ofthe exchanges on which the Fund’s futures contractsare traded, there is no effect on the net asset valuecalculations as a result.

There can be no assurance that the Fund willachieve its investment objective or avoid substantiallosses.

Role of Managing Owner

The Managing Owner serves as the commoditypool operator and commodity trading advisor of theFund.

Specifically, the Managing Owner:

• selects the Trustee, Commodity Broker,Administrator, Custodian and TransferAgent, distributor, marketing agent andauditor;

• negotiates various agreements and fees;

• performs such other services as theManaging Owner believes that the Fundmay from time-to-time require; and

• monitors the performance results of theFund’s portfolio and reallocates assetswithin such portfolio with a view to causingthe performance of the Fund’s portfolio totrack its Index over time.

The Managing Owner is registered as acommodity pool operator and commodity tradingadvisor with the CFTC and is a member of the NFA.

The principal office of the Managing Owner islocated at 60 Wall Street, New York, New York10005. The telephone number of the ManagingOwner is (212) 250-5883.

29

Market Diversification

As global markets and investing become morecomplex, the inclusion of futures may continue toincrease in traditional portfolios of stocks and bondsmanaged by advisors seeking improved balance anddiversification. The globalization of the world’seconomy has the potential to offer significantinvestment opportunities, as major political andeconomic events continue to have an influence, insome cases a dramatic influence, on the world’smarkets, creating risk but also providing the potentialfor profitable trading opportunities. By allocating aportion of the risk segment of their portfolios to theFund and investing in futures comprising its Index,investors have the potential, if their investments aresuccessful, to reduce the volatility of their portfoliosover time and the dependence of such portfolios onany single nation’s economy.

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30

PERFORMANCE OF POWERSHARES DB AGRICULTURE FUND (TICKER: DBA), A SERIES OFPOWERSHARES DB MULTI-SECTOR COMMODITY TRUST

Name of Pool: PowerShares DB Agriculture FundType of Pool: Public, Exchange-Listed Commodity Pool

Inception of Trading: January 2007Aggregate Gross Capital Subscriptions as of October 31, 2012: $8,411,103,250

Net Asset Value as of October 31, 2012: $1,812,804,591Net Asset Value per Share as of October 31, 2012: $28.96

Worst Monthly Drawdown: (14.74)% September 2008Worst Peak-to-Valley Drawdown: (43.49)% February 2008 – May 2010*

Monthly Rate of Return 2012(%) 2011(%) 2010(%) 2009(%) 2008(%) 2007(%)January 0.52 5.93 (3.81) (3.62) 12.47 3.44February 1.00 1.69 (0.13) (5.88) 12.90 3.91March (3.90) (1.86) (4.56) 3.74 (12.43) (5.81)April (2.95) (0.12) 2.62 2.58 0.27 (1.94)May (4.36) (4.24) (5.34) 11.50 (1.56) 5.84June 7.86 (2.23) 1.94 (9.17) 13.41 (0.04)July 7.07 0.97 8.30 (0.55) (10.36) (0.50)August 0.83 5.57 (0.12) 3.69 (3.28) 2.07September (2.93) (12.23) 5.81 (2.03)**** (14.74) 10.20October (1.80) 1.90 8.06 0.43 (14.44) (0.17)November (5.11) (1.95) 3.07 (4.41) 4.94December (0.48) 11.28***** (0.38) 5.10** 6.56***Compound Rate of Return 0.52

(10 months)(11.00)% 22.47% 1.85% (20.91)% 31.24%

* The Worst Peak-to-Valley Drawdown from February 2008 – May 2010 includes the effect of the $0.45 per Share distribution made toShareholders of record as of December 17, 2008. Please see Footnote **.

** The December 2008 return of 5.10% includes the $0.45 per Share distribution made to Shareholders of record as of December 17, 2008.Prior to the December 30, 2008 distribution, the pool’s return for December 2008 was 6.93%.

*** The December 2007 return of 6.56% includes the $0.45 per Share distribution made to Shareholders of record as of December 19, 2007.Prior to the December 28, 2007 distribution, the pool’s return for December 2007 was 7.89%.

**** As of October 19, 2009, the Fund commenced tracking the Deutsche Bank Liquid Commodity Index Diversified Agriculture ExcessReturn™. Prior to October 19, 2009, the Fund tracked the Deutsche Bank Liquid Commodity Index-Optimum Yield Agriculture ExcessReturn™.

***** See Footnote 7 below.

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.See accompanying Footnotes to Performance Information.

Footnotes to Performance Information

1. “Aggregate Gross Capital Subscriptions” is the aggregate of all amounts ever contributed to the pool,including investors who subsequently redeemed their investments.

2. “Net Asset Value” is the net asset value of the pool as of October 31, 2012.

3. “Net Asset Value per Share” is the Net Asset Value of the pool divided by the total number of Sharesoutstanding with respect to the pool as of October 31, 2012.

4. “Worst Monthly Drawdown” is the largest single month loss sustained since inception of trading.“Drawdown” as used in this section of the Prospectus means losses experienced by the pool over the specified periodand is calculated on a rate of return basis, i.e., dividing net performance by beginning equity. “Drawdown” is measuredon the basis of monthly returns only, and does not reflect intra-month figures. “Month” is the month of the WorstMonthly Drawdown.

5. “Worst Peak-to-Valley Drawdown” is the largest percentage decline in the Net Asset Value per Share overthe history of the pool. This need not be a continuous decline, but can be a series of positive and negative returns wherethe negative returns are larger than the positive returns. “Worst Peak-to-Valley Drawdown” represents the greatestpercentage decline from any month-end Net Asset Value per Share that occurs without such month-end Net Asset

31

Value per Share being equaled or exceeded as of a subsequent month-end. For example, if the Net Asset Value perShare of the pool declined by $1 in each of January and February, increased by $1 in March and declined again by $2in April, a “peak-to-valley drawdown” analysis conducted as of the end of April would consider that “drawdown” to bestill continuing and to be $3 in amount, whereas if the Net Asset Value per Share had increased by $2 in March, theJanuary-February drawdown would have ended as of the end of February at the $2 level.

6. “Compound Rate of Return” of the pool is calculated by multiplying on a compound basis each of themonthly rates of return set forth in the chart above and not by adding or averaging such monthly rates of return. Forperiods of less than one year, the results are year-to-date.

7. The Fund tracked the Deutsche Bank Liquid Commodity Index Diversified Agriculture Excess Return™ upto and including December 31, 2010. The Fund has tracked the DBIQ Diversified Agriculture Index Excess Return™since December 31, 2010. The only difference between the Deutsche Bank Liquid Commodity Index DiversifiedAgriculture Excess Return™ and the DBIQ Diversified Agriculture Index Excess Return™ is a name change.

DBLCI™ and Deutsche Bank Liquid Commodity Index™ are trade marks of the Index Sponsor and are thesubject of Community Trade Mark Nos. 3055043 and 3054996. Trade Mark applications in the United States arepending with respect to both the Trust and aspects of the Index. The Fund and the Managing Owner have been licensedto use DBLCI™, Deutsche Bank Liquid Commodity Index™ and DBIQ™.

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32

DESCRIPTION OF THE DBIQ DIVERSIFIEDAGRICULTURE INDEX EXCESS RETURN™

Trade Mark applications in the United Statesare pending with respect to the Trust and aspects ofthe Index. Any use of these marks must be with theconsent of or under license from the Index Sponsor.The Fund and the Managing Owner have beenlicensed to use DBLCI™, Deutsche Bank LiquidCommodity Index™ and DBIQ™. The Index Sponsordoes not approve, endorse or recommend the Fund orthe Managing Owner.

General

Each of the DBIQ Optimum Yield Index ExcessReturn™, or DBIQ-OYER™, and the DBIQ IndexExcess Return™, or DBIQ ER™ (“DBIQ-OYER™”and “DBIQ ER™,” collectively, “DBIQ™” or“DBIQ ER™”), is intended to reflect the changes inmarket value, over time, positive or negative, incertain sectors of commodities, or an index. TheIndex is calculated on an excess return, or unfundedbasis. The Index is rolled on both an OptimumYield™ and non-Optimum Yield™ basis. TheOptimum Yield™ rolling methodology is aimed atpotentially maximizing the roll benefits inbackwardated markets and minimizing the lossesfrom rolling in contangoed markets. Thenon-Optimum Yield™ portion of the Index is rolledto the next to expire futures contract as providedbelow under “Contract Selection (Non-OY SingleCommodity Indexes only).” The Index is comprisedof one or more underlying commodities, or IndexCommodities. Each Index Commodity is assigned aweight, or Index Base Weight, which is intended toreflect the proportion of such Index Commodityrelative to the Index.

DBIQ Diversified Agriculture Index ExcessReturn™, or the Index, is intended to reflect theagricultural sector.

The Index has been calculated back to a basedate, or Base Date. On the Base Date of January 18,1989, the closing level of the Index, or ClosingLevel, was 100.

The sponsor of the Index is Deutsche Bank AGLondon, or Index Sponsor.

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33

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34

Composition of the Index

The Index is composed of notional amounts ofeach of the underlying Index Commodities. Thenotional amount of each Index Commodity includedin the Index is intended to reflect the changes inmarket value of each such Index Commodity withinthe Index. The Closing Level of the Index iscalculated on each business day by the Index Sponsorbased on the closing price of the futures contracts foreach of the underlying Index Commodities and thenotional amounts of such Index Commodities.

The Index is rebalanced annually in Novemberto ensure that each of the Index Commodities isweighted in the same proportion that such IndexCommodities were weighted on the Base Date.

The composition of the Index may be adjustedin the event that the Index Sponsor is not able tocalculate the closing prices of the IndexCommodities.

The Index includes provisions for thereplacement of futures contracts as they approachmaturity. This replacement takes place over a periodof time in order to lessen the impact on the marketfor the futures contracts being replaced. With respectto each Index Commodity, the Fund employs a rule-based approach when it ‘rolls’ from one futurescontract to another. The Index is comprised of OYSingle Commodity Indexes and non-OY SingleCommodity Indexes. The Index Commodities thatunderlie the OY Single Commodity Indexes areCorn, Soybeans, Wheat, Kansas City Wheat andSugar. The Index Commodities that underlie thenon-OY Single Commodity Indexes are Cocoa,Coffee, Cotton, Live Cattle, Feeder Cattle and LeanHogs. The OY Single Commodity Indexes are rolledto the futures contract which generates the bestpossible “implied roll yield.” The futures contractwith a delivery month within the next thirteen monthswhich generates the best possible implied roll yieldwill be included in each OY Single CommodityIndex. As a result, each OY Single Commodity Indexis able to potentially maximize the roll benefits inbackwardated markets and minimize the losses fromrolling in contangoed markets.

Each of the non-OY Single Commodity Indexesrolls only to the next to expire futures contract asprovided below under “Contract Selection (Non-OYSingle Commodity Indexes only)”.

In general, as a futures contract approaches itsexpiration date, its price will move towards the spotprice in a contangoed market. Assuming the spotprice does not change, this would result in the futurescontract price decreasing and a negative implied rollyield. The opposite is true in a backwardated market.Rolling in a contangoed market will tend to cause adrag on an Index Commodity’s contribution to theFund’s return while rolling in a backwardated marketwill tend to cause a push on an Index Commodity’scontribution to the Fund’s return.

The Index is calculated in USD on both anexcess return (unfunded) and total return (funded)basis.

The futures contract price for each IndexCommodity will be the exchange closing price forsuch Index Commodity on each weekday when banksin New York, New York are open, or Index BusinessDays. If a weekday is not an Exchange Business Day(as defined in the following sentence) but is an IndexBusiness Day, the exchange closing price from theprevious Index Business Day will be used for eachIndex Commodity. “Exchange Business Day” means,in respect of an Index Commodity, a day that is atrading day for such Index Commodity on therelevant exchange (unless either an Index disruptionevent or force majeure event has occurred).

Contract Selection (OY Single CommodityIndexes only)

On the first New York business day, orVerification Date, of each month, each IndexCommodity futures contract will be tested in order todetermine whether to continue including it in theapplicable OY Single Commodity Index. If the IndexCommodity futures contract requires delivery of theunderlying commodity in the next month, known asthe Delivery Month, a new Index Commodity futurescontract will be selected for inclusion in such OYSingle Commodity Index. For example, if the firstNew York business day is May 1, 2013, and theDelivery Month of the Index Commodity futurescontract currently in such OY Single CommodityIndex is June 2013, a new Index Commodity futurescontract with a later Delivery Month will be selected.

For each underlying Index Commodity of an OYSingle Commodity Index, the new Index Commodityfutures contract selected will be the IndexCommodity futures contract with the best possible“implied roll yield” based on the closing price foreach eligible Index Commodity futures contract.

35

Eligible Index Commodity futures contracts are anyIndex Commodity futures contracts having a DeliveryMonth (i) no sooner than the month after the DeliveryMonth of the Index Commodity futures contractcurrently in such OY Single Commodity Index, and(ii) no later than the 13th month after the VerificationDate. For example, if the first New York business day isMay 1, 2013 and the Delivery Month of an IndexCommodity futures contract currently in an OY SingleCommodity Index is therefore June 2013, the DeliveryMonth of an eligible new Index Commodity futurescontract must be between July 2013 and July 2014. Theimplied roll yield is then calculated and the futurescontract on the Index Commodity with the best possibleimplied roll yield is then selected. If two futurescontracts have the same implied roll yield, the futurescontract with the minimum number of months prior tothe Delivery Month is selected.

After selection of the replacement futures contract,each OY Single Commodity Index will roll suchreplacement futures contract as provided in thesub-paragraph “Monthly Index Roll Period with respectto both OY Single Commodity Indexes and Non-OYSingle Commodity Indexes.”

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36

Contract Selection (Non-OY Single Commodity Indexes only)

On the first Index Business Day of each month, each non-OY Single Commodity Index will select a new futurescontract to replace the old futures contract as provided in the following schedule.

ContractExchange(Symbol) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Cocoa ICE-US (CC) H K K N N U U Z Z Z H HCoffee ICE-US (KC) H K K N N U U Z Z Z H HCotton ICE-US (CT) H K K N N Z Z Z Z Z H HLive Cattle CME (LC) J J M M Q Q V V Z Z G GFeeder Cattle CME (FC) H J K Q Q Q U V X F F HLean Hogs CME (LH) J J M M N Q V V Z Z G G

Month and Letter Codes

Month Letter Code

January F

February G

March H

April J

May K

June M

July N

August Q

September U

October V

November X

December Z

After selection of the replacement futures contract,each non-OY Single Commodity Index will roll suchreplacement futures contract as provided in thesub-paragraph “Monthly Index Roll Period with respectto both OY Single Commodity Indexes and Non-OYSingle Commodity Indexes.”

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37

Monthly Index Roll Period with respect toboth OY Single Commodity Indexes and Non-OY Single Commodity Indexes

After the futures contract selection with respectto both OY Single Commodity Indexes and non-OYSingle Commodity Indexes, the monthly roll for eachIndex Commodity subject to a roll in that particularmonth unwinds the old futures contract and enters aposition in the new futures contract. This takes placebetween the 2nd and 6th Index Business Day of themonth.

On each day during the roll period, new notionalholdings are calculated. The calculations for the oldIndex Commodities that are leaving the Index and thenew Index Commodities are then calculated.

On all days that are not monthly index roll days,the notional holdings of each Index Commodityfuture remains constant.

The Index is re-weighted on an annual basis onthe 6th Index Business Day of each November.

The calculation of the Index is expressed as theweighted average return of the Index Commodities.

Change in the Methodology of the Index

The Index Sponsor employs the methodologydescribed above and its application of suchmethodology shall be conclusive and binding. Whilethe Index Sponsor currently employs the abovedescribed methodology to calculate the Index, noassurance can be given that fiscal, market, regulatory,juridical or financial circumstances (including, butnot limited to, any changes to or any suspension ortermination of or any other events affecting anyIndex Commodity or a futures contract) will not arisethat would, in the view of the Index Sponsor,necessitate a modification of or change to suchmethodology and in such circumstances the IndexSponsor may make any such modification or changeas it determines appropriate. The Index Sponsor mayalso make modifications to the terms of the Index inany manner that it may deem necessary or desirable,including (without limitation) to correct any manifestor proven error or to cure, correct or supplement anydefective provision of the Index. The Index Sponsorwill publish notice of any such modification orchange and the effective date thereof as set forthbelow.

Publication of Closing Levels andAdjustments

In order to calculate each indicative Index level,the Index Sponsor polls Reuters every 15 seconds todetermine the real time price of each underlyingfutures contract with respect to each IndexCommodity of the Index. The Index Sponsor thenapplies a set of rules to these values to create theindicative level of the Index. These rules areconsistent with the rules which the Index Sponsorapplies at the end of each trading day to calculate theclosing level of the Index. A similar polling processis applied to the U.S. Treasury bills to determine theindicative value of the U.S. Treasury bills held by theFund every 15 seconds throughout the trading day.

The intra-day indicative value per Share iscalculated by adding the intra-day U.S. Treasury billslevel plus the intra-day level of the Index which willthen be applied to the last published net asset value ofthe Fund, less accrued fees.

The Index Sponsor publishes the closing level ofthe Index daily. The Managing Owner publishes thenet asset value of the Fund and the net asset value perShare daily. Additionally, the Index Sponsorpublishes the intra-day Index level, and the ManagingOwner publishes the indicative value per Share(quoted in U.S. dollars) once every fifteen secondsthroughout each trading day.

All of the foregoing information is published asfollows:

The intra-day level of the Index (symbol:DBAGIX) and the intra-day indicative value perShare (symbol: DBA.IV) (each quoted in U.S.dollars) are published once every fifteen secondsthroughout each trading day on the consolidated tape,Reuters and/or Bloomberg and on the ManagingOwner’s website at http://www.dbfunds.db.com, orany successor thereto.

The current trading price per Share (symbol:DBA) (quoted in U.S. dollars) is publishedcontinuously as trades occur throughout each tradingday on the consolidated tape, Reuters and/orBloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto.

The most recent end-of-day Index closing level(symbol: DBLCDBAE) is published as of the closeof business for the NYSE Arca each trading day on

38

the consolidated tape, Reuters and/or Bloomberg andon the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto.

The most recent end-of-day net asset value ofthe Fund (symbol: DBA.NV) is published as of theclose of business on Reuters and/or Bloomberg andon the Managing Owner’s website athttp://www.dbfunds.db.com, or any successorthereto. In addition, the most recent end-of-day netasset value of the Fund (symbol: DBA.NV) ispublished the following morning on the consolidatedtape.

All of the foregoing information with respect tothe Index, including the Index’s history, is alsopublished at https://index.db.com.

The Index Sponsor obtains information forinclusion in, or for use in the calculation of, the Indexfrom sources the Index Sponsor considers reliable.None of the Index Sponsor, the Managing Owner, theFund or any of their respective affiliates acceptsresponsibility for or guarantees the accuracy and/orcompleteness of the Index or any data included in theIndex.

The Index Sponsor publishes any adjustmentsmade to the Index on the Managing Owner’s websitehttp://www.dbfunds.db.com and https://index.db.com,or any successor thereto.

Interruption of Index Calculation

Calculation of the Index may not be possible orfeasible under certain events or circumstances,including, without limitation, a systems failure,natural or man-made disaster, act of God, armedconflict, act of terrorism, riot or labor disruption orany similar intervening circumstance, that is beyondthe reasonable control of the Index Sponsor and thatthe Index Sponsor determines affects the Index orany Index Commodity. Upon the occurrence of suchforce majeure events, the Index Sponsor may, in itsdiscretion, elect one (or more) of the followingoptions:

• make such determinations and/oradjustments to the terms of the Index as itconsiders appropriate to determine anyclosing level on any such appropriate IndexBusiness Day; and/or

• defer publication of the information relatingto the Index until the next Index BusinessDay on which it determines that no forcemajeure event exists; and/or

• permanently cancel publication of theinformation relating to the Index.

Additionally, calculation of the Index may alsobe disrupted by an event that would require the IndexSponsor to calculate the closing price in respect ofthe relevant Index Commodity on an alternative basiswere such event to occur or exist on a day that is atrading day for such Index Commodity on therelevant exchange. If such an Index disruption eventin relation to an Index Commodity as described in theprior sentence occurs and continues for a period offive successive trading days for such IndexCommodity on the relevant exchange, the IndexSponsor will, in its discretion, either

• to continue to calculate the relevant closingprice for a further period of five successivetrading days for such Index Commodity onthe relevant exchange or

• if such period extends beyond the fivesuccessive trading days, the Index Sponsormay elect to replace the exchange tradedinstrument with respect to a specific IndexCommodity and shall make all necessaryadjustments to the methodology andcalculation of the Index as it deemsappropriate.

Historical Closing Levels

Set out below are the Closing Levels and relateddata with respect to the Index as of October 31, 2012.

With respect to each of the Closing LevelsTables, historic daily Index Closing Levels have beencalculated with respect to the Index since the BaseDate of the Index.

The Base Date for the Index is January 18, 1989.

The Base Date was selected by the IndexSponsor based on the availability of price data withrespect to the relevant underlying futures contracts onthe Index Commodities.

Since June 2006, the historic data with respectto the closing prices of futures contracts on FeederCattle (FC), Cotton #2 (CT), Coffee (KC), Cocoa

39

(CC), Live Cattle (LC), Lean Hogs (LH), Corn (C),Wheat (W), Soybeans (S), Sugar #11 (SB) andKansas City Wheat (KW) originated from Reuters.Prior to June 2006, the closing prices of futurescontracts on Feeder Cattle (FC), Cotton #2 (CT),Coffee (KC), Cocoa (CC), Live Cattle (LC), LeanHogs (LH), Corn (C), Wheat (W), Soybeans (S),Sugar #11 (SB) and Kansas City Wheat (KW) wereobtained from publicly available information fromLogical Information Machines (http://www.lim.com),Bloomberg, and Reuters. The Index Sponsor has notindependently verified the information extractedfrom these sources. The Index calculationmethodology and commodity future selection are thesame prior to and following June 2006.

Complete price histories regarding certainfutures contracts on the Index Commodities were notavailable (e.g., due to lack of trading on specificdays). In the event that prices on such futurescontracts on the Index Commodities were unavailableduring a contract selection day, such futures contractswere excluded from the futures contract selectionprocess. The Index Sponsor believes that theincomplete price histories should not have a materialimpact on the calculation of the Index.

The Index Closing Level is equal to theweighted sum of the market value of the commodityfutures contracts of all the respective IndexCommodities that comprise the Index. The marketvalue of the commodity futures contracts of an IndexCommodity is equal to the number of commodityfutures contracts of an Index Commodity heldmultiplied by the commodity futures contractsclosing price of an Index Commodity.

The weight of each Index Commodity of theIndex is linked to the number of commodity futurescontracts held of such Index Commodity and theprice of commodity futures contracts of the IndexCommodity. The weight of an Index Commodity isdefined as the market value of the commodity futurescontracts of the Index Commodity divided by thesum of all market values of all commodity futurescontracts of the Index Commodities that comprise anIndex multiplied by 100%.

The Index Commodities Weights Tables reflectthe range of the weightings with respect to each ofthe Index Commodities used to calculate the Index.

The Index rules stipulate the holding in eachIndex Commodity futures contract. Holdings in eachIndex Commodity change during the Index

rebalancing periods as determined by the OptimumYield™ roll rules and the non-Optimum Yield™ rollrules, as applicable.

Cautionary Statement-Statistical Information

Various statistical information is presented onthe following pages, relating to the Closing Levels ofthe Index, on an annual and cumulative basis,including certain comparisons of the Index to othercommodities indices. In reviewing such information,prospective investors should consider that:

• Changes in Closing Levels of the Indexduring any particular period or market cyclemay be volatile.

Index

WorstPeak-to-ValleyDrawdown and

Time Period

Worst MonthlyDrawdown and

Month and Year

DBIQ DiversifiedAgriculture IndexExcess Return™

(53.40)%,4/97 - 4/02

(14.37)%,10/08

For example, the “Worst Peak-to-ValleyDrawdown” of the Index represents the greatestpercentage decline from any month-end ClosingLevel, without such Closing Level being equaled orexceeded as of a subsequent month-end, whichoccurred during the above-listed time period.

The “Worst Monthly Drawdown” of the Indexoccurred during the above-listed month and year.

See “Volatility of the Index” on page 42.

• Neither the fees charged by the Fund nor theexecution costs associated with establishingfutures positions in the Index Commoditiesare incorporated into the Closing Levels ofthe Index. Accordingly, such Index Levelshave not been reduced by the costsassociated with an actual investment, suchas the Fund, with an investment objective oftracking the Index.

• The Index was established in September2009 and is independently calculated byDeutsche Bank AG London, the IndexSponsor. The Index calculationmethodology and commodity futurescontracts selection is the same before andafter September 2009, as described above.Accordingly, the Closing Levels of the

40

Index, terms of the Index methodology andIndex Commodities, reflect an element ofhindsight at the time the Index wasestablished. See “The Risks You Face-(10) You May Not Rely on PastPerformance or Index Results in DecidingWhether to Buy Shares” and “-(11) FewerRepresentative Commodities May Result InGreater Index Volatility.”

WHILE THE FUND’S OBJECTIVE IS NOTTO GENERATE PROFIT THROUGH ACTIVEPORTFOLIO MANAGEMENT, BUT IS TOTRACK THE INDEX, BECAUSE THE INDEXWAS ESTABLISHED IN SEPTEMBER 2009,CERTAIN INFORMATION RELATING TOINDEX CLOSING LEVELS MAY BECONSIDERED TO BE “HYPOTHETICAL.”HYPOTHETICAL INFORMATION MAY HAVECERTAIN INHERENT LIMITATIONS, SOME OFWHICH ARE DESCRIBED BELOW.

NO REPRESENTATION IS BEING MADETHAT THE INDEX WILL OR IS LIKELY TOACHIEVE ANNUAL OR CUMULATIVECLOSING LEVELS CONSISTENT WITH ORSIMILAR TO THOSE SET FORTH HEREIN.SIMILARLY, NO REPRESENTATION IS BEINGMADE THAT THE FUND WILL GENERATEPROFITS OR LOSSES SIMILAR TO THE FUND’SPAST PERFORMANCE OR THE HISTORICALANNUAL OR CUMULATIVE CHANGES IN THEINDEX CLOSING LEVELS. IN FACT, THEREARE FREQUENTLY SHARP DIFFERENCESBETWEEN HYPOTHETICAL RESULTS ANDTHE ACTUAL RESULTS SUBSEQUENTLYACHIEVED BY INVESTMENTMETHODOLOGIES, WHETHER ACTIVE ORPASSIVE.

ONE OF THE LIMITATIONS OFHYPOTHETICAL INFORMATION IS THAT IT ISGENERALLY PREPARED WITH THE BENEFITOF HINDSIGHT. TO THE EXTENT THATINFORMATION PRESENTED HEREIN RELATESTO THE PERIOD SINCE THE BASE DATETHROUGH INCEPTION WITH RESPECT TO THEINDEX (SEPTEMBER 2009), THE INDEX’SCLOSING LEVELS REFLECT THEAPPLICATION OF THE INDEX’SMETHODOLOGY, AND SELECTION OF INDEXCOMMODITIES, IN HINDSIGHT.

NO HYPOTHETICAL RECORD CANCOMPLETELY ACCOUNT FOR THE IMPACT OF

FINANCIAL RISK IN ACTUAL TRADING. FOREXAMPLE, THERE ARE NUMEROUS FACTORS,INCLUDING THOSE DESCRIBED UNDER “THERISKS YOU FACE” HEREIN, RELATED TO THECOMMODITIES MARKETS IN GENERAL OR TOTHE IMPLEMENTATION OF THE FUND’SEFFORTS TO TRACK ITS INDEX OVER TIMEWHICH CANNOT BE, AND HAVE NOT BEEN,ACCOUNTED FOR IN THE PREPARATION OFSUCH INDEX INFORMATION SET FORTH ONTHE FOLLOWING PAGES, ALL OF WHICH CANADVERSELY AFFECT ACTUALPERFORMANCE RESULTS FOR THE FUND.FURTHERMORE, THE INDEX INFORMATIONDOES NOT INVOLVE FINANCIAL RISK ORACCOUNT FOR THE IMPACT OF FEES ANDCOSTS ASSOCIATED WITH THE FUND.

THE MANAGING OWNER COMMENCEDOPERATIONS IN JANUARY 2006. ASMANAGING OWNER, THE MANAGING OWNERAND ITS TRADING PRINCIPALS HAVE BEENMANAGING THE DAY-TO-DAY OPERATIONSFOR THE FUND AND RELATED PRODUCTSAND MANAGING FUTURES TRADINGACCOUNTS. BECAUSE THERE ARE LIMITEDACTUAL TRADING RESULTS TO COMPARE TOTHE INDEX CLOSING LEVELS SET FORTHHEREIN, PROSPECTIVE INVESTORS SHOULDBE PARTICULARLY WARY OF PLACINGUNDUE RELIANCE ON THE ANNUAL ORCUMULATIVE INDEX RESULTS.

[Remainder of page left blank intentionally.]

41

Volatility of the Index

The following table1 reflects various measures of volatility2 of the history of the Index as calculated on an excessreturn basis:

Volatility Type DBIQ Diversified Agriculture Index Excess Return™3

Daily volatility over full history 10.69%Average rolling 3 month daily volatility 10.00%Monthly return volatility 12.73%Average annual volatility 10.23%

The following table reflects the daily volatility on an annual basis of the Index:

Year DBIQ Diversified Agriculture Index Excess Return™3

1989 8.35%1990 7.92%1991 7.85%1992 6.93%1993 8.24%1994 12.80%1995 6.78%1996 7.80%1997 11.19%1998 8.06%1999 10.74%2000 8.87%2001 8.38%2002 9.51%2003 8.37%2004 11.01%2005 9.40%2006 9.57%2007 9.36%2008 21.09%2009 15.60%2010 13.55%2011 13.07%20121 11.06%

1As of October 31, 2012. Past Index levels are not necessarily indicative of future Index levels.

2Volatility, for these purposes, means the following:

Daily Volatility: The relative rate at which the price of the Index moves up and down, found by calculating the annualized standard deviationof the daily change in price.

Monthly Return Volatility: The relative rate at which the price of the Index moves up and down, found by calculating the annualized standarddeviation of the monthly change in price.

Average Annual Volatility: The average of yearly volatilities for a given sample period. The yearly volatility is the relative rate at which theprice of the Index moves up and down, found by calculating the annualized standard deviation of the daily change in price for each business dayin the given year.

3As of January 18, 1989. Past Index levels are not necessarily indicative of future Index levels.

[Remainder of page left blank intentionally.]

42

CLOSING LEVELS TABLESDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™*

CLOSING LEVEL CHANGES

High1 Low2 Annual Index Changes3Index Changes Since

Inception4

19895 106.21 93.13 -3.76% -3.76%1990 109.76 93.55 -2.79% -6.45%1991 98.56 87.18 -1.67% -8.01%1992 93.91 84.75 -4.28% -11.95%1993 94.15 84.61 5.93% -6.73%1994 112.01 90.78 12.43% 4.86%1995 111.80 99.83 5.05% 10.16%1996 127.26 108.40 6.19% 16.98%1997 146.63 116.98 10.46% 29.22%1998 130.61 94.76 -25.65% -3.92%1999 99.66 77.22 -13.58% -16.97%2000 85.25 75.94 -6.33% -22.22%2001 80.19 66.48 -11.33% -31.04%2002 80.12 64.94 9.63% -24.40%2003 84.27 72.22 5.72% -20.08%2004 92.94 79.92 7.93% -13.74%2005 95.26 81.72 3.68% -10.56%2006 93.91 82.42 3.47% -7.45%2007 102.50 88.80 10.46% 2.23%2008 123.53 71.21 -19.22% -17.42%2009 87.40 72.91 4.18% -13.97%2010 105.23 74.69 22.32% 5.23%2011 114.93 90.14 -10.68% -6.01%20126 100.65 84.22 1.09% -4.99%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BETAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

DBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™

CLOSING LEVEL CHANGES

High1 Low2 Annual Index Changes3Index Changes Since

Inception4

19895 107.66 98.26 4.13% 4.13%1990 122.64 103.97 4.94% 9.27%1991 116.41 105.67 3.86% 13.49%1992 116.36 107.38 -0.87% 12.50%1993 123.83 108.46 9.21% 22.86%1994 150.59 120.79 17.40% 44.24%1995 161.94 140.22 11.11% 60.26%1996 189.53 158.05 11.77% 79.12%1997 229.29 179.14 16.30% 108.31%1998 211.30 160.18 -21.94% 62.61%1999 168.89 133.88 -9.40% 47.32%2000 154.70 141.66 -0.59% 46.45%2001 152.05 129.07 -8.20% 34.44%2002 158.33 127.33 11.44% 49.82%2003 168.63 143.96 6.81% 60.02%2004 186.83 160.03 9.43% 75.12%2005 194.37 169.54 7.04% 87.45%2006 203.52 178.87 8.57% 103.52%2007 235.57 196.35 15.48% 135.02%2008 285.15 166.00 -18.09% 92.50%2009 204.74 177.70 4.91% 101.95%2010 245.99 175.42 21.80% 145.99%2011 268.73 210.82 -10.64% 119.81%20126 235.53 197.03 1.16% 122.37%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE AND NEGATIVE, SHOULD BETAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

See accompanying Notes and Legends.

43

INDEX COMMODITIES WEIGHTS TABLESDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™*

C7 S7 W7 KCW7

High1 Low2 High1 Low2 High1 Low2 High1 Low2

19895 12.0% 11.7% 12.1% 10.7% 6.1% 6.3% 6.3% 6.5%

1990 12.8% 12.7% 11.7% 12.6% 5.0% 5.9% 5.1% 5.9%

1991 12.8% 12.9% 12.4% 12.1% 5.9% 6.2% 6.0% 6.5%

1992 13.1% 11.3% 12.9% 12.7% 8.2% 7.1% 8.0% 7.0%

1993 12.7% 12.8% 12.4% 12.9% 6.3% 6.3% 6.4% 6.3%

1994 9.0% 12.3% 9.4% 12.4% 5.3% 6.3% 5.5% 6.4%

1995 15.3% 13.7% 12.8% 12.5% 7.2% 6.3% 8.0% 6.8%

1996 14.1% 13.1% 12.8% 13.6% 7.4% 6.2% 8.3% 6.4%

1997 9.2% 11.8% 10.2% 12.3% 5.0% 6.3% 5.5% 6.2%

1998 12.5% 13.1% 12.0% 12.9% 5.9% 6.1% 6.0% 6.5%

1999 12.5% 12.9% 12.2% 11.7% 6.0% 6.0% 6.2% 6.3%

2000 13.2% 12.5% 13.6% 12.5% 6.0% 6.2% 6.0% 6.2%

2001 11.8% 11.7% 11.4% 12.2% 6.2% 6.2% 6.0% 5.5%

2002 11.1% 11.7% 12.7% 13.2% 5.9% 5.8% 6.3% 5.9%

2003 12.4% 11.7% 12.9% 13.8% 6.3% 6.6% 6.3% 5.8%

2004 14.6% 13.1% 13.9% 14.0% 6.0% 6.6% 6.1% 6.5%

2005 11.3% 10.9% 13.2% 13.6% 6.2% 6.2% 5.8% 6.1%

2006 12.0% 13.4% 11.6% 11.4% 6.2% 7.1% 6.5% 8.2%

2007 12.7% 12.1% 13.5% 14.7% 6.8% 7.4% 6.9% 7.1%

2008 12.3% 10.9% 14.0% 11.5% 8.1% 6.1% 8.3% 6.1%

2009 11.8% 11.5% 12.6% 11.1% 6.7% 6.2% 6.9% 6.3%

2010 12.0% 11.4% 12.7% 12.9% 6.1% 5.4% 6.2% 5.8%

2011 12.0% 12.3% 12.1% 13.0% 5.7% 6.0% 6.1% 5.9%

20126 15.8% 12.3% 17.6% 15.2% 6.8% 6.3% 6.7% 6.2%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

44

INDEX COMMODITIES WEIGHTS TABLES

DBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™*SB7 CC7 KC7 CT7

High1 Low2 High1 Low2 High1 Low2 High1 Low2

19895 14.8% 17.4% 12.2% 10.0% 10.2% 7.7% 2.6% 3.5%

1990 11.5% 12.2% 14.1% 10.6% 11.6% 11.1% 2.5% 3.0%

1991 11.7% 12.3% 10.3% 8.7% 11.1% 9.8% 3.1% 3.3%

1992 11.5% 15.1% 9.7% 7.9% 9.1% 7.0% 2.4% 2.5%

1993 12.4% 11.7% 12.0% 9.7% 11.0% 10.1% 2.9% 3.1%

1994 11.2% 12.6% 11.1% 10.6% 27.4% 11.4% 2.9% 3.8%

1995 12.4% 11.7% 9.6% 10.5% 6.4% 9.8% 4.4% 4.2%

1996 13.4% 13.0% 9.5% 10.6% 10.3% 9.6% 2.3% 2.8%

1997 10.5% 12.9% 9.1% 11.0% 27.9% 11.5% 2.1% 2.8%

1998 11.7% 12.9% 10.8% 11.2% 13.9% 12.3% 2.6% 2.7%

1999 13.5% 10.9% 10.7% 8.8% 12.1% 11.7% 2.5% 2.7%

2000 13.4% 12.2% 9.9% 10.8% 9.4% 10.8% 3.1% 2.8%

2001 13.4% 12.3% 14.0% 16.8% 9.5% 5.7% 2.3% 1.3%

2002 11.9% 10.8% 19.8% 15.8% 10.9% 11.2% 2.6% 2.7%

2003 12.4% 13.5% 13.1% 10.1% 11.4% 9.2% 2.4% 3.1%

2004 12.7% 12.0% 9.7% 12.1% 12.2% 11.8% 1.7% 2.7%

2005 12.0% 15.6% 9.8% 8.0% 15.8% 10.7% 2.9% 2.9%

2006 18.8% 12.4% 10.8% 11.5% 10.6% 9.7% 2.6% 2.3%

2007 12.8% 8.9% 10.9% 12.2% 10.9% 9.8% 2.5% 2.6%

2008 13.8% 12.7% 11.8% 13.5% 11.0% 10.9% 2.4% 2.9%

2009 14.4% 14.2% 13.5% 13.6% 11.8% 10.7% 3.2% 2.8%

2010 11.8% 10.1% 11.3% 11.1% 12.0% 11.3% 2.7% 3.2%

2011 11.5% 12.6% 12.6% 9.6% 12.4% 11.4% 3.5% 2.7%

20126 9.8% 11.5% 10.6% 9.9% 8.1% 8.7% 2.2% 2.3%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

45

INDEX COMMODITIES WEIGHTS TABLES

DBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™*LC7 FC7 LH7

High1 Low2 High1 Low2 High1 Low2

19895 11.9% 13.4% 3.8% 4.4% 7.8% 8.3%

1990 12.1% 13.3% 3.8% 4.4% 9.7% 8.3%

1991 13.4% 14.0% 4.4% 4.9% 9.0% 9.4%

1992 12.7% 14.6% 4.1% 5.1% 8.3% 9.7%

1993 12.0% 14.2% 4.0% 4.5% 7.8% 8.5%

1994 9.3% 12.2% 3.3% 4.2% 5.4% 7.9%

1995 12.2% 12.3% 3.5% 3.9% 8.2% 8.2%

1996 9.8% 12.5% 3.1% 4.0% 9.0% 8.3%

1997 10.5% 12.6% 3.6% 4.2% 6.4% 8.5%

1998 12.3% 12.1% 4.2% 4.1% 8.3% 6.0%

1999 12.3% 15.8% 4.3% 5.6% 7.7% 7.5%

2000 12.1% 12.9% 4.0% 4.3% 9.3% 8.8%

2001 12.7% 13.3% 4.1% 4.6% 8.5% 10.4%

2002 10.5% 12.2% 3.4% 3.9% 4.9% 6.7%

2003 11.7% 14.3% 4.0% 4.4% 7.1% 7.6%

2004 11.0% 10.0% 4.0% 3.6% 8.0% 7.7%

2005 11.7% 13.0% 4.0% 5.0% 7.4% 8.1%

2006 10.9% 12.3% 3.6% 4.1% 6.5% 7.5%

2007 11.4% 13.0% 3.8% 4.9% 7.9% 7.3%

2008 9.1% 12.0% 3.1% 4.0% 6.1% 9.5%

2009 9.6% 11.7% 3.7% 4.2% 5.8% 7.9%

2010 12.5% 14.1% 4.3% 5.1% 8.5% 9.6%

2011 11.6% 13.1% 4.2% 4.5% 8.2% 8.8%

20126 11.7% 13.6% 3.8% 5.0% 7.0% 9.0%

THE FUND WILL TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX EXCESS RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

46

INDEX COMMODITIES WEIGHTS TABLES

DBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™C7 S7 W7 KCW7

High1 Low2 High1 Low2 High1 Low2 High1 Low2

19895 12.0% 11.7% 12.1% 10.7% 6.1% 6.3% 6.3% 6.5%

1990 12.8% 13.0% 11.7% 13.0% 5.0% 6.3% 5.1% 6.5%

1991 12.8% 12.9% 12.4% 12.1% 5.9% 6.2% 6.0% 6.5%

1992 13.1% 11.3% 12.9% 12.7% 8.2% 7.1% 8.0% 7.0%

1993 12.7% 12.8% 12.4% 12.9% 6.3% 6.3% 6.4% 6.3%

1994 9.0% 12.3% 9.4% 12.4% 5.3% 6.3% 5.5% 6.4%

1995 12.8% 13.7% 13.1% 12.5% 6.2% 6.3% 6.3% 6.8%

1996 15.0% 13.1% 13.3% 13.6% 6.1% 6.2% 7.2% 6.4%

1997 9.2% 11.8% 10.2% 12.3% 5.0% 6.3% 5.5% 6.2%

1998 12.5% 13.1% 12.0% 12.9% 5.9% 6.1% 6.0% 6.5%

1999 12.5% 12.9% 12.2% 11.7% 6.0% 6.0% 6.2% 6.3%

2000 13.2% 13.5% 13.6% 13.6% 6.0% 6.2% 6.0% 6.2%

2001 11.8% 11.7% 11.0% 12.2% 6.0% 6.2% 5.8% 5.5%

2002 11.1% 11.7% 12.7% 13.2% 5.9% 5.8% 6.3% 5.9%

2003 12.4% 11.7% 12.9% 13.8% 6.3% 6.6% 6.3% 5.8%

2004 14.6% 13.1% 13.9% 14.0% 6.0% 6.6% 6.1% 6.5%

2005 11.3% 10.9% 13.2% 13.6% 6.2% 6.2% 5.8% 6.1%

2006 12.8% 13.4% 12.8% 11.4% 6.3% 7.1% 6.3% 8.2%

2007 12.7% 12.7% 13.5% 12.9% 6.8% 6.2% 6.9% 6.2%

2008 12.3% 10.9% 14.0% 11.5% 8.1% 6.1% 8.3% 6.1%

2009 12.2% 11.5% 12.6% 12.0% 6.0% 5.9% 5.9% 6.2%

2010 12.0% 11.4% 12.7% 12.9% 6.1% 5.4% 6.2% 5.8%

2011 12.0% 12.3% 12.1% 13.0% 6.0% 6.0% 6.1% 5.9%

20126 15.8% 12.3% 17.6% 15.2% 6.8% 6.3% 6.7% 6.2%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

47

INDEX COMMODITIES WEIGHTS TABLES

DBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™SB7 CC7 KC7 CT7

High1 Low2 High1 Low2 High1 Low2 High1 Low2

19895 14.8% 17.4% 12.2% 10.0% 10.2% 7.7% 2.6% 3.5%

1990 11.5% 11.1% 14.1% 10.4% 11.6% 11.4% 2.5% 2.5%

1991 11.7% 12.3% 10.3% 8.7% 11.1% 9.8% 3.1% 3.3%

1992 11.5% 15.1% 9.7% 7.9% 9.1% 7.0% 2.4% 2.5%

1993 12.4% 11.7% 12.0% 9.7% 11.0% 10.1% 2.9% 3.1%

1994 11.2% 12.6% 11.1% 10.6% 27.4% 11.4% 2.9% 3.8%

1995 13.3% 11.7% 10.4% 10.5% 9.5% 9.8% 2.8% 4.2%

1996 14.8% 13.0% 9.3% 10.6% 9.1% 9.6% 2.2% 2.8%

1997 10.5% 12.9% 9.1% 11.0% 27.9% 11.5% 2.1% 2.8%

1998 11.7% 12.9% 10.8% 11.2% 13.9% 12.3% 2.6% 2.7%

1999 13.5% 10.9% 10.7% 8.8% 12.1% 11.7% 2.5% 2.7%

2000 13.4% 10.2% 9.9% 10.1% 9.4% 10.0% 3.1% 3.2%

2001 12.8% 12.3% 15.7% 16.8% 8.4% 5.7% 2.2% 1.3%

2002 11.9% 10.8% 19.8% 15.8% 10.9% 11.2% 2.6% 2.7%

2003 12.4% 13.5% 13.1% 10.1% 11.4% 9.2% 2.4% 3.1%

2004 12.7% 12.0% 9.7% 12.1% 12.2% 11.8% 1.7% 2.7%

2005 12.0% 15.6% 9.8% 8.0% 15.8% 10.7% 2.9% 2.9%

2006 11.6% 12.4% 11.4% 11.5% 11.5% 9.7% 2.9% 2.3%

2007 12.8% 11.7% 10.9% 11.5% 10.9% 11.2% 2.5% 2.9%

2008 13.8% 12.7% 11.8% 13.5% 11.0% 10.9% 2.4% 2.9%

2009 13.6% 13.8% 11.6% 13.9% 11.1% 10.7% 2.8% 3.0%

2010 11.8% 10.1% 11.3% 11.1% 12.0% 11.3% 2.7% 3.2%

2011 11.5% 12.6% 12.6% 9.6% 12.4% 11.4% 3.5% 2.7%

20126 9.8% 11.5% 10.6% 9.9% 8.1% 8.7% 2.2% 2.3%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

48

INDEX COMMODITIES WEIGHTS TABLES

DBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™LC7 FC7 LH7

High1 Low2 High1 Low2 High1 Low2

19895 11.9% 13.4% 3.8% 4.4% 7.8% 8.3%

1990 12.1% 13.1% 3.8% 4.3% 9.7% 8.6%

1991 13.4% 14.0% 4.4% 4.9% 9.0% 9.4%

1992 12.7% 14.6% 4.1% 5.1% 8.3% 9.7%

1993 12.0% 14.2% 4.0% 4.5% 7.8% 8.5%

1994 9.3% 12.2% 3.3% 4.2% 5.4% 7.9%

1995 12.5% 12.3% 4.1% 3.9% 8.9% 8.2%

1996 10.7% 12.5% 3.4% 4.0% 9.0% 8.3%

1997 10.5% 12.6% 3.6% 4.2% 6.4% 8.5%

1998 12.3% 12.1% 4.2% 4.1% 8.3% 6.0%

1999 12.3% 15.8% 4.3% 5.6% 7.7% 7.5%

2000 12.1% 13.1% 4.0% 4.4% 9.3% 9.5%

2001 13.1% 13.3% 4.1% 4.6% 9.3% 10.4%

2002 10.5% 12.2% 3.4% 3.9% 4.9% 6.7%

2003 11.7% 14.3% 4.0% 4.4% 7.1% 7.6%

2004 11.0% 10.0% 4.0% 3.6% 8.0% 7.7%

2005 11.7% 13.0% 4.0% 5.0% 7.4% 8.1%

2006 12.7% 12.3% 4.3% 4.1% 7.4% 7.5%

2007 11.4% 13.2% 3.8% 4.4% 7.9% 7.3%

2008 9.1% 12.0% 3.1% 4.0% 6.1% 9.5%

2009 11.8% 11.1% 3.9% 4.2% 8.5% 7.6%

2010 12.5% 14.1% 4.3% 5.1% 8.5% 9.6%

2011 11.6% 13.1% 4.2% 4.5% 8.2% 8.8%

20126 11.7% 13.6% 3.8% 5.0% 7.0% 9.0%

THE FUND WILL NOT TRADE WITH A VIEW TO TRACKING THEDBIQ DIVERSIFIED AGRICULTURE INDEX TOTAL RETURN™ OVER TIME.

NEITHER THE PAST PERFORMANCE OF THE FUND NOR THE PRIOR INDEX LEVELS AND CHANGES, POSITIVE ANDNEGATIVE, SHOULD BE TAKEN AS AN INDICATION OF THE FUND’S FUTURE PERFORMANCE.

LEGEND:

Symbol Index Commodity Symbol Index Commodity

C Corn KC Coffee

S Soybeans CT Cotton

W Wheat LC Live Cattle

KCW Kansas City Wheat FC Feeder Cattle

SB Sugar LH Lean Hogs

CC Cocoa

See accompanying Notes and Legends.

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ends

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acco

mpa

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gN

otes

and

Leg

ends

.

52

NO

TE

SA

ND

LE

GE

ND

S:

1.“H

igh”

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ects

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high

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appl

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ar.

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dex

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31of

each

appl

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ar.

4.“I

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ince

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18,1

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™”

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icul

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icul

ture

TR

™”

isD

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fied

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icul

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urn™

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alR

etur

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S&P

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IA

gric

ultu

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dex

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etur

n.11

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nnua

lized

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nges

toIn

dex

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el”

refl

ectt

hech

ange

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eap

plic

able

inde

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velo

nan

annu

alba

sis

asof

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embe

r31

ofea

chap

plic

able

year

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vera

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lling

3m

onth

daily

vola

tility

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heda

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ere

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era

teat

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chth

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inde

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ddo

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chis

foun

dby

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ulat

ing

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annu

aliz

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anda

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viat

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eda

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ange

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rn,a

nav

erag

eof

this

valu

eis

calc

ulat

edon

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mon

thro

lling

basi

s.13

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harp

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res

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teof

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inus

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ree

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e“s

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n”—

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em

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tes

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peR

atio

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tes

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,ac

cord

ing

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em

easu

res

used

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the

rate

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achi

eved

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part

icul

arst

rate

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seq

uale

dor

exce

eded

the

risk

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sum

edby

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.T

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ree

rate

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inth

ese

calc

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assu

med

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3.46

%.

14.

“%of

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ths

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ge”

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from

ince

ptio

nto

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ober

31,2

012.

15.

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rage

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thly

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chan

ge”

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riod

from

ince

ptio

nto

Oct

ober

31,2

012.

16.

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thly

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ge”

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from

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ptio

nto

Oct

ober

31,2

012.

17.

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ualiz

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ect

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54

INFORMATION BARRIERS BETWEEN THEINDEX SPONSOR AND THE MANAGING

OWNER

It is Deutsche Bank’s policy that procedures areimplemented to prevent the improper sharing ofinformation between different departments of thebank. Specifically, the procedures discussed belowcreate an information barrier between the personnelwithin Deutsche Bank AG London that calculate andreconstitute the Index, or the Calculation Group, andother Deutsche Bank personnel, including but notlimited to the Managing Owner, those in sales andtrading, external or internal fund managers and bankpersonnel who are involved in hedging the bank’sexposure to instruments linked to the Index, or PublicPersonnel, in order to prevent the improper sharing ofinformation relating to the recomposition of the Index.Effective information barriers between the CalculationGroup and Public Personnel will help ensure thatPublic Personnel may continue to trade in the futurescontracts underlying the Index and securities linked tothe Index (otherwise, restrictions might applyregarding trading on nonpublic information under thesecurities laws of the United States).

As such, the information barriers erected underthese procedures require the Calculation Group toadhere to the following procedures:

• The Calculation Group may not share anynon-public, proprietary or confidentialinformation concerning the Index. Inparticular, the Calculation Group may notrelease any information concerning a changein the methodology of calculating the Indexor a new composition of the Index to PublicPersonnel or others unless and until suchinformation has been previously publishedby NYSE Arca, on Reuters, or Bloombergunder the symbols DBA, DBAGIX,DBA.IV, DBA.NV, DBA.SO, DBA.EU andDBA.TC and on the websites athttp://www.dbfunds.db.com andhttps://index.db.com, or any successorthereto.

• The Calculation Group and Public Personnelmay not coordinate or seek to coordinatedecision-making on the selection of anyIndex constituent instruments.

• The Calculation Group also may not enterinto any trades based on any non-public,proprietary or confidential information withrespect to the Index.

These procedures supplement and do notoverride policies and procedures concerninginformation barriers otherwise adopted by DeutscheBank AG or any of Deutsche Bank’s affiliates.

USE OF PROCEEDS

A substantial amount of proceeds of the offeringof the Shares are used by the Fund to engage in thetrading of exchange-traded futures on its IndexCommodities with a view to tracking the changes,positive or negative, in the level of the Index overtime, less the expenses of the operations of the Fund.The Fund’s portfolio also includes United StatesTreasury securities and other high credit qualityshort-term fixed income securities for deposit withthe Fund’s Commodity Broker as margin.

To the extent that the Fund trades in futurescontracts on United States exchanges, the assetsdeposited by the Fund with its Commodity Broker asmargin must be segregated pursuant to theregulations of the CFTC. Such segregated funds maybe invested only in a limited range of instruments —principally U.S. government obligations.

To the extent, if any, that the Fund trades infutures on markets other than regulated United Statesfutures exchanges, funds deposited to marginpositions held on such exchanges are invested inbank deposits or in instruments of a credit standinggenerally comparable to those authorized by theCFTC for investment of “customer segregatedfunds,” although applicable CFTC rules prohibitfunds employed in trading on foreign exchanges frombeing deposited in “customer segregated fundaccounts.”

Although the following percentages may varysubstantially over time, as of the date of thisProspectus, the Fund estimates that approximately100% of the net asset value of the Fund is maintainedin segregated accounts in the name of the Fund withthe Commodity Broker in the form of cash or UnitedStates Treasury bills. Approximately 10% of the netasset value of the Fund may be held in cash at anyone time. Such funds are segregated pursuant toCFTC rules.

The Managing Owner, a registered commoditypool operator and commodity trading advisor, isresponsible for the cash management activities of theFund, including investing in United States Treasuryand United States Government Agencies issues.

55

In addition, assets of the Fund not required tomargin positions may be maintained in United Statesbank accounts opened in the name of the Fund andmay be held in United States Treasury bills (or othersecurities approved by the CFTC for investment ofcustomer funds).

The Fund receives 100% of the interest incomeearned on its fixed income assets.

CHARGES

See “Summary — Breakeven Amounts” and“Summary — ‘Breakeven Table’” for additionalbreakeven related information.

Management Fee

The Fund pays the Managing Owner aManagement Fee, monthly in arrears, in an amountequal to 0.85% per annum of its daily net asset value.The Management Fee is paid in consideration of theManaging Owner’s commodity futures tradingadvisory services.

Organization and Offering Expenses

Expenses incurred in connection withorganizing the Fund and the initial offering of itsShares were paid by the Managing Owner. Expensesincurred in connection with the continuous offeringof Shares after the commencement of its tradingoperations are also paid by the Managing Owner.

Organization and offering expenses relating tothe Fund means those expenses incurred inconnection with its formation, the qualification andregistration of the Shares and in offering, distributingand processing the Shares under applicable federallaw, and any other expenses actually incurred and,directly or indirectly, related to the organization ofthe Fund or the offering of the Shares, including, butnot limited to, expenses such as:

• initial and ongoing registration fees, filingfees and taxes;

• costs of preparing, printing (includingtypesetting), amending, supplementing,mailing and distributing the RegistrationStatement, the exhibits thereto and theProspectus;

• the costs of qualifying, printing (includingtypesetting), amending, supplementing,mailing and distributing sales materials usedin connection with the offering and issuanceof the Shares;

• travel, telegraph, telephone and otherexpenses in connection with the offering andissuance of the Shares; and

• accounting, auditing and legal fees(including disbursements related thereto)incurred in connection therewith.

The Managing Owner will not allocate to theFund the indirect expenses of the Managing Owner.

The pro-rated amount of the originalorganization and offering expenses for the Fundoffered pursuant to this Prospectus wasapproximately $520,833.

Brokerage Commissions and Fees

The Fund pays to the Commodity Broker allbrokerage commissions, including applicableexchange fees, NFA fees, give-up fees, pit brokeragefees and other transaction related fees and expensescharged in connection with its trading activities. Onaverage, total charges paid to the Commodity Brokerare expected to be less than $10.00 per round-turntrade, although the Commodity Broker’s brokeragecommissions and trading fees are determined on acontract-by-contract basis. A round-turn trade is acompleted transaction involving both a purchase anda liquidating sale, or a sale followed by a coveringpurchase. The Managing Owner does not expectbrokerage commissions and fees to exceed 0.16% ofthe net asset value of the Fund in any year, althoughthe actual amount of brokerage commissions and feesin any year or any part of any year may be greater.

Routine Operational, Administrative andOther Ordinary Expenses

The Managing Owner pays all of the routineoperational, administrative and other ordinaryexpenses of the Fund, generally, as determined by theManaging Owner, including, but not limited to,computer services, the fees and expenses of theTrustee, legal and accounting fees and expenses, taxpreparation expenses, filing fees, and printing,mailing and duplication costs. The Managing Ownerexpects that all of the routine operational,administrative and other ordinary expenses of theFund will be approximately 0.40%.

Non-recurring and Unusual Fees andExpenses

The Fund pays all non-recurring and unusualfees and expenses (referred to as extraordinary fees

56

and expenses in the Trust Declaration), if any, ofitself, as determined by the Managing Owner.Non-recurring and unusual fees and expenses are feesand expenses which are non-recurring and unusual innature, such as legal claims and liabilities andlitigation costs or indemnification or otherunanticipated expenses. Non-recurring and unusualfees and expenses will also include material expenseswhich are not currently anticipated obligations of theFund or of managed futures funds in general. Routineoperational, administrative and other ordinaryexpenses will not be deemed non-recurring andunusual expenses.

Management Fee and Expenses to be PaidFirst out of Interest Income

The Management Fee and the brokeragecommissions and fees of the Fund are paid first out ofinterest income from the Fund’s holdings ofU.S. Treasury bills and other high credit qualityshort-term fixed income securities on deposit withthe Commodity Broker as margin or otherwise. Suchinterest income has historically been sufficient tocover the fees and expenses of the Fund. If, however,the interest income is not sufficient to cover the feesand expenses of the Fund during any period, theexcess of such fees and expenses over such interestincome will be paid out of income from futurestrading, if any, or from sales of the Fund’s fixedincome securities.

Selling Commission

Retail investors may purchase and sell Sharesthrough traditional brokerage accounts. Investors areexpected to be charged a customary commission bytheir brokers in connection with purchases of Sharesthat will vary from investor to investor. Investors areencouraged to review the terms of their brokerageaccounts for applicable charges. Also, the excess, ifany, of the price at which an Authorized Participantsells a Share over the price paid by such AuthorizedParticipant in connection with the creation of suchShare in a Basket will be deemed to be underwritingcompensation by the Financial Industry RegulatoryAuthority, or FINRA, Corporate FinancingDepartment.

WHO MAY SUBSCRIBE

Baskets may be created or redeemed only byAuthorized Participants. Each Authorized Participantmust (1) be a registered broker-dealer or othersecurities market participant such as a bank or other

financial institution which is not required to registeras a broker-dealer to engage in securitiestransactions, (2) be a participant in DTC, and(3) have entered into an agreement with the Fund andthe Managing Owner, or a Participant Agreement.The Participant Agreement sets forth the proceduresfor the creation and redemption of Baskets and forthe delivery of cash required for such creations orredemptions. A list of the current AuthorizedParticipants can be obtained from the Administrator.See “Creation and Redemption of Shares” for moredetails.

CREATION AND REDEMPTION OF SHARES

The Fund creates and redeems Shares fromtime-to-time, but only in one or more Baskets. ABasket is a block of 200,000 Shares. Baskets may becreated or redeemed only by Authorized Participants.Except when aggregated in Baskets, the Shares arenot redeemable securities. Authorized Participantspay a transaction fee of $500 in connection with eachorder to create or redeem a Basket. AuthorizedParticipants may sell the Shares included in theBaskets they purchase from the Fund to otherinvestors.

Authorized Participants are the only persons thatmay place orders to create and redeem Baskets.Authorized Participants must be (1) registeredbroker-dealers or other securities market participants,such as banks and other financial institutions, whichare not required to register as broker-dealers toengage in securities transactions, and (2) participantsin DTC. To become an Authorized Participant, aperson must enter into a Participant Agreement withthe Fund and the Managing Owner. The ParticipantAgreement sets forth the procedures for the creationand redemption of Baskets and for the payment ofcash required for such creations and redemptions.The Managing Owner may delegate its duties andobligations under the Participant Agreement to ALPSDistributors, Invesco Distributors, the Administratoror the Transfer Agent without consent from anyShareholder or Authorized Participant. TheParticipant Agreement and the related proceduresattached thereto may be amended by the ManagingOwner without the consent of any Shareholder orAuthorized Participant. To compensate the TransferAgent for services in processing the creation andredemption of Baskets, an Authorized Participant isrequired to pay a transaction fee of $500 per order tocreate or redeem Baskets. Authorized Participantswho purchase Baskets from the Fund receive no fees,commissions or other form of compensation orinducement of any kind from either the Managing

57

Owner or the Fund, and no such person has anyobligation or responsibility to the Managing Owneror the Fund to effect any sale or resale of Shares.

Authorized Participants are cautioned that someof their activities will result in their being deemedparticipants in a distribution in a manner whichwould render them statutory underwriters and subjectthem to the prospectus delivery and liabilityprovisions of the Securities Act of 1933, or theSecurities Act, as described in “Plan of Distribution.”

Each Authorized Participant must be registeredas a broker-dealer under the Exchange Act andregulated by FINRA, or exempt from being, orotherwise not be required to be, so regulated orregistered, and qualified to act as a broker or dealerin the states or other jurisdictions where the nature ofits business so requires. Certain AuthorizedParticipants may be regulated under federal and statebanking laws and regulations. Each AuthorizedParticipant will have its own set of rules andprocedures, internal controls and information barriersas it determines is appropriate in light of its ownregulatory regime.

Authorized Participants may act for their ownaccounts or as agents for broker-dealers, custodiansand other securities market participants that wish tocreate or redeem Baskets.

Persons interested in purchasing Baskets shouldcontact the Managing Owner or the Administrator toobtain the contact information for the AuthorizedParticipants. Shareholders who are not AuthorizedParticipants will only be able to redeem their Sharesthrough an Authorized Participant.

Under the Participant Agreements, theManaging Owner has agreed to indemnify theAuthorized Participants and certain parties related tothe Authorized Participants against certain liabilitiesas a result of:

• any breach by the Managing Owner, theTrust, or any of their respective agents oremployees, of any provision of theParticipant Agreement, including anyrepresentations, warranties and covenants byany of them or the Trust therein or in theOfficers’ Certificate (as defined in theParticipant Agreement);

• any failure on the part of the ManagingOwner to perform any obligation of theManaging Owner set forth in the ParticipantAgreement;

• any failure by the Managing Owner tocomply with applicable laws and regulationsin connection with the ParticipantAgreement, except that the ManagingOwner will not be required to indemnify aManaging Owner Indemnified Party (asdefined in the Participant Agreement) to theextent that such failure was caused by thereasonable reliance on instructions given orrepresentations made by one or moreManaging Owner Indemnified Parties or thenegligence or willful malfeasance of anyManaging Owner Indemnified Party;

• any untrue statement or alleged untruestatement of a material fact contained in theRegistration Statement, of which thisProspectus is a part of, or arising out of orbased upon the omission or alleged omissionto state therein a material fact required to bestated therein or necessary to make thestatements therein not misleading, exceptthose statements in the RegistrationStatement based on information furnished inwriting by or on behalf of the AuthorizedParticipant expressly for use in theRegistration Statement;

• any untrue statement or alleged untruestatement of a material fact contained in aProspectus or arising out of or based uponthe omission or alleged omission to statetherein a material fact required to be statedtherein or necessary to make the statementstherein, in the light of the circumstancesunder which they were made, notmisleading, except those statements in thisProspectus based on information furnishedin writing by or on behalf of the AuthorizedParticipant expressly for use in suchProspectus.

The following description of the procedures forthe creation and redemption of Baskets is only asummary and an investor should refer to the relevantprovisions of the Trust Declaration and the form ofParticipant Agreement for more detail. The TrustDeclaration and the form of Participant Agreementare filed as exhibits to the registration statement ofwhich this Prospectus is a part.

Creation Procedures

On any business day, an Authorized Participantmay place an order with the Transfer Agent to createone or more Baskets. For purposes of processing both

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creation and redemption orders, a “business day”means any day other than a day when banks inNew York City are required or permitted to beclosed. Creation orders must be placed by 10:00 a.m.,Eastern time. The day on which the Transfer Agentreceives a valid creation order is the creation orderdate. The day on which a creation order is settled isthe creation order settlement date. As providedbelow, the creation order settlement date may occurup to 3 business days after the creation order date. Byplacing a creation order, and prior to delivery of suchBaskets, an Authorized Participant’s DTC account ischarged the non-refundable transaction fee due forthe creation order.

Unless otherwise agreed to by the ManagingOwner and the Authorized Participant as provided inthe next sentence, Baskets are issued on the creationorder settlement date as of 2:45 p.m., Eastern time, onthe business day immediately following the creationorder date at the applicable net asset value per Share asof the closing time of the NYSE Arca or the last toclose of the exchanges on which its futures contractsare traded, whichever is later, on the creation orderdate, but only if the required payment has been timelyreceived. Upon submission of a creation order, theAuthorized Participant may request the ManagingOwner to agree to a creation order settlement date upto 3 business days after the creation order date. Byplacing a creation order, and prior to receipt of theBaskets, an Authorized Participant’s DTC account ischarged the non-refundable transaction fee due for thecreation order.

Determination of Required Payment

The total payment required to create eachBasket is the net asset value of 200,000 Shares of theapplicable Fund as of the closing time of the NYSEArca or the last to close of the exchanges on whichits futures contracts are traded, whichever is later, onthe creation order date.

Because orders to purchase Baskets must beplaced by 10:00 a.m., Eastern time, but the totalpayment required to create a Basket will not bedetermined until 4:00 p.m., Eastern time, on the datethe creation order is received, AuthorizedParticipants will not know the total amount of thepayment required to create a Basket at the time theysubmit the purchase order for the Basket. The netasset value of the Fund and the total amount of thepayment required to create a Basket could rise or fallsubstantially between the time a creation order issubmitted and the time the amount of the purchaseprice in respect thereof is determined.

Rejection of creation orders

The Managing Owner or the Transfer Agentmay reject a creation order if:

• The Managing Owner of the Transfer Agentdetermines that the creation order is not inproper form;

• The Managing Owner believes that theacceptance or receipt of the creation orderwould have adverse tax consequences to theFund or its Shareholders; or

• Circumstances outside the control of theManaging Owner or the Transfer Agentmake it, for all practical purposes, notfeasible to process creations of Baskets.

The Managing Owner will not be liable for therejection of any creation order.

Redemption Procedures

The procedures by which an AuthorizedParticipant can redeem one or more Baskets mirrorthe procedures for the creation of Baskets. On anybusiness day, an Authorized Participant may place anorder with the Transfer Agent to redeem one or moreBaskets. Redemption orders must be placed by10:00 a.m., Eastern time. The day on which theManaging Owner receives a valid redemption orderis the redemption order date. The day on which aredemption order is settled is the redemption ordersettlement date. As provided below, the redemptionorder settlement date may occur up to 3 businessdays after the redemption order date. The redemptionprocedures allow Authorized Participants to redeemBaskets. Individual Shareholders may not redeemdirectly from the Fund. Instead, individualShareholders may only redeem Shares in integralmultiples of 200,000 and only through an AuthorizedParticipant.

Unless otherwise agreed to by the ManagingOwner and the Authorized Participant as provided inthe next sentence, by placing a redemption order, anAuthorized Participant agrees to deliver the Basketsto be redeemed through DTC’s book-entry system tothe applicable Fund not later than the redemptionorder settlement date as of 2:45 p.m., Eastern time,on the business day immediately following theredemption order date. Upon submission of aredemption order, the Authorized Participant mayrequest the Managing Owner to agree to a

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redemption order settlement date up to 3 businessdays after the redemption order date. By placing aredemption order, and prior to receipt of theredemption proceeds, an Authorized Participant’sDTC account is charged the non-refundabletransaction fee due for the redemption order.

Determination of redemption proceeds

The redemption proceeds from the Fund consistof the cash redemption amount. The cash redemptionamount is equal to the net asset value of the numberof Basket(s) of the Fund requested in the AuthorizedParticipant’s redemption order as of the closing timeof the NYSE Arca or the last to close of theexchanges on which its futures contracts are traded,whichever is later, on the redemption order date. TheManaging Owner will distribute the cash redemptionamount at 2:45 p.m., Eastern time, on the redemptionorder settlement date through DTC to the account ofthe Authorized Participant as recorded on DTC’sbook-entry system.

Delivery of redemption proceeds

The redemption proceeds due from the Fund aredelivered to the Authorized Participant at 2:45 p.m.,Eastern time, on the redemption order settlement dateif, by such time, the Fund’s DTC account has beencredited with the Baskets to be redeemed. If theFund’s DTC account has not been credited with all ofthe Baskets to be redeemed by such time, theredemption distribution is delivered to the extent ofwhole Baskets received. Any remainder of theredemption distribution is delivered on the nextbusiness day to the extent of remaining wholeBaskets received if the Transfer Agent receives thefee applicable to the extension of the redemptiondistribution date which the Managing Owner may,from time-to-time, determine and the remainingBaskets to be redeemed are credited to the Fund’sDTC account by 2:45 p.m., Eastern time, on suchnext business day. Any further outstanding amount ofthe redemption order will be cancelled. TheManaging Owner is also authorized to deliver theredemption distribution notwithstanding that theBaskets to be redeemed are not credited to the Fund’sDTC account by 2:45 p.m., Eastern time, on theredemption order settlement date if the AuthorizedParticipant has collateralized its obligation to deliverthe Baskets through DTC’s book-entry system onsuch terms as the Managing Owner may determinefrom time-to-time.

Suspension, Postponement or Rejection ofRedemption Orders

In respect of the Fund, the Managing Ownermay, in its discretion, suspend the right ofredemption, or postpone the redemption settlementdate, for (1) any period during which an emergencyexists as a result of which the redemption distributionis not reasonably practicable, or (2) such other periodas the Managing Owner determines to be necessaryfor the protection of the Shareholders. The ManagingOwner will not be liable to any person or in any wayfor any loss or damages that may result from anysuch suspension or postponement.

The Managing Owner or the Transfer Agentmay reject a redemption order if the order is not inproper form as described in the ParticipantAgreement. The Managing Owner or the TransferAgent will reject a redemption order if the acceptanceor receipt of the order, in the opinion of its counsel,might be unlawful.

Creation and Redemption Transaction Fee

To compensate the Transfer Agent for servicesin processing the creation and redemption of Baskets,an Authorized Participant is required to pay atransaction fee of $500 per order to create or redeemBaskets. An order may include multiple Baskets. Thetransaction fee may be reduced, increased orotherwise changed by the Managing Owner. TheManaging Owner will notify DTC of any agreementto change the transaction fee and will not implementany increase in the fee for the redemption of Basketsuntil 30 days after the date of the notice.

Monthly account statements conforming toCFTC and NFA requirements are posted on theManaging Owner’s website athttp://www.dbfunds.db.com. Additional reports maybe posted on the Managing Owner’s website in thediscretion of the Managing Owner or as required byregulatory authorities.

THE COMMODITY BROKER

A variety of executing brokers execute futurestransactions on behalf of the Fund. Such executingbrokers give-up all such transactions to DeutscheBank Securities Inc., a Delaware corporation, whichserves as the clearing broker, or Commodity Broker,for the Fund. The Commodity Broker is an affiliateof Deutsche Bank AG. In its capacity as clearing

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broker, the Commodity Broker executes and clearseach of the futures transactions of the Fund andperforms certain administrative services for the Fund.Deutsche Bank Securities Inc. is also registered withthe CFTC as a futures commission merchant and is amember of the NFA in such capacity.

At any given time and in the ordinary course oftheir business, Deutsche Bank Securities Inc.(“DBSI”) is involved in and subject to a number oflegal actions, administrative proceedings andregulatory examinations, inquiries and investigations,which, in the aggregate, are not, as of the date of thisdisclosure document, expected to have a materialeffect upon their condition, financial or otherwise, orto materially impair their ability to perform theirobligation as a clearing member or in renderingservices to the Fund. Except as disclosed below, therehave been no administrative, civil or criminalproceedings pending, on appeal or concluded againstDBSI or its principals within the five years precedingthe date of this disclosure document that DBSI woulddeem material for purposes of Part 4 of CFTCregulations.

Tax-Related Litigation

Deutsche Bank AG (the “Bank”), along withcertain affiliates, including DBSI, and current and/orformer employees (collectively referred to asDeutsche Bank), have collectively been named asdefendants in a number of legal proceedings broughtby customers in various tax-oriented transactions.Deutsche Bank provided financial products andservices to these customers, who were advised byvarious accounting, legal and financial advisoryprofessionals. The customers claimed tax benefits asa result of these transactions, and the United StatesInternal Revenue Service (IRS) has rejected thoseclaims. In these legal proceedings, the customersallege that the professional advisors, together withDeutsche Bank, improperly misled the customers intobelieving that the claimed tax benefits would beupheld by the IRS. The legal proceedings are pendingin state and federal courts, and claims againstDeutsche Bank are alleged under both U.S. state andfederal law. Approximately 106 legal proceedingshave been resolved and dismissed with prejudicewith respect to Deutsche Bank. A number of otherlegal proceedings remain pending as againstDeutsche Bank and are currently at various pre-trialstages, including discovery. Deutsche Bank hasreceived a number of unfiled claims as well, and hasresolved certain of those unfiled claims, thoughothers remain pending against Deutsche Bank. The

Bank does not expect these pending legalproceedings and unfiled claims to have a significanteffect on its financial position or profitability.

Mortgage-Related and Asset BackedSecurities Matters

The Bank and its affiliates, including DBSI(collectively referred to as Deutsche Bank), havereceived subpoenas and requests for informationfrom certain regulators and government entitiesconcerning its activities regarding the origination,purchase, securitization, sale and/or trading ofmortgage loans, residential mortgage backedsecurities (RMBS), collateralized debt obligations,asset backed commercial paper and creditderivatives. Deutsche Bank is cooperating fully inresponse to those subpoenas and requests forinformation.

Deutsche Bank has been named as defendant innumerous civil litigations in various roles as issuer orunderwriter in RMBS offerings. These cases includepurported class action suits, actions by individualpurchasers of securities, and actions by insurancecompanies that guaranteed payments of principal andinterest for particular tranches of securities offerings.Although the allegations vary by lawsuit, these casesgenerally allege that the RMBS offering documentscontained material misrepresentations and omissions,including with regard to the underwriting standardspursuant to which the underlying mortgage loanswere issued, or assert that various representations orwarranties relating to the loans were breached at thetime of origination.

Deutsche Bank and several current or formeremployees were named as defendants in a putativeclass action commenced on June 27, 2008, relating totwo Deutsche Bank-issued RMBS offerings.Following a mediation, the court has approved asettlement of the case.

Deutsche Bank is a defendant in putative classactions relating to its role, along with other financialinstitutions, as underwriter of RMBS issued byvarious third-parties and their affiliates includingCountrywide Financial Corporation, IndyMac MBS,Inc., Novastar Mortgage Corporation, and ResidentialAccredit Loans, Inc. These cases are in various stagesup through discovery. On March 29, 2012, the courtdismissed with prejudice and without leave to repleadthe putative Novastar Mortgage Corporation classaction, which the plaintiffs have appealed.

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Deutsche Bank is a defendant in variousnon-class action lawsuits by alleged purchasers of,and counterparties involved in transactions relatingto, RMBS, and their affiliates, including AllstateInsurance Company, Asset Management Fund,Assured Guaranty Municipal Corporation,Baverische Landesbank, Cambridge PlaceInvestments Management Inc., the Federal DepositInsurance Corporation (as conservator for FranklinBank S.S.B., Citizens National Bank and StrategicCapital Bank), the Federal Home Loan Bank ofBoston, the Federal Home Loan Bank of SanFrancisco, the Federal Home Loan Bank of Seattle,the Federal Housing Finance Agency (as conservatorfor Fannie Mae and Freddie Mac), John HancockInsurance Company, Mass Mutual Life InsuranceCompany, Phoenix Light SF Limited, SealinkFunding Ltd., Stichting Pensioenfonds ABP, TheCharles Schwab Corporation, The Union Central LifeInsurance Company, The Western and Southern LifeInsurance Co. and the West Virginia InvestmentManagement Board. These civil litigations are invarious stages up through discovery.

In the actions against Deutsche Bank solely asan underwriter of other issuers’ RMBS offerings,Deutsche Bank has contractual rights toindemnification from the issuers, but those indemnityrights may in whole or in part prove effectivelyunenforceable where the issuers are now or may inthe future be in bankruptcy or otherwise defunct.

On February 6, 2012, the United States DistrictCourt for the Southern District of New York issuedan order dismissing claims brought by Dexia SA/NVand Teachers Insurance and Annuity Association ofAmerica, and their affiliates. The court dismissedsome of the claims with prejudice and granted theplaintiffs leave to replead other claims.

On July 16, 2012, the Fourth Judicial District forthe State of Minnesota dismissed Deutsche Bankfrom a litigation brought by Moneygram PaymentSystems, Inc. (Moneygram) relating to investments inRMBS, collateralized debt obligations and credit-linked notes. The court further denied Moneygram’smotion for reconsideration.

A number of other entities have threatened toassert claims against Deutsche Bank in connectionwith various RMBS offerings and other relatedproducts, and Deutsche Bank has entered intoagreements with a number of these entities to toll therelevant statute of limitations. It is possible that thesepotential claims may have a material impact onDeutsche Bank.

On May 3, 2011, the United States Departmentof Justice (USDOJ) filed a civil action againstDeutsche Bank AG and MortgageIT, Inc. (MIT) inthe United States District Court for the SouthernDistrict of New York. The USDOJ filed an amendedcomplaint on August 22, 2011. The amendedcomplaint, which asserts claims under the U.S. FalseClaims Act and common law, alleges that DeutscheBank AG, DB Structured Products, Inc., MIT, andDBSI submitted false certifications to the Departmentof Housing and Urban Development’s FederalHousing Administration (FHA) concerning MIT’scompliance with FHA requirements for qualitycontrols and concerning whether individual loansqualified for FHA insurance. As set forth in theamended complaint, the FHA has paid $368 millionin insurance claims on mortgages that are allegedlysubject to false certifications. The amendedcomplaint seeks recovery of treble damages andindemnification of future losses on loans insured byFHA, and as set forth in the filings, the governmentseeks over $1 billion in damages. On September 23,2011, the defendants filed a motion to dismiss theamended complaint. Following a hearing onDecember 21, 2011, the court granted the USDOJleave to file a second amended complaint. On May10, 2012, Deutsche Bank settled this litigation withthe USDOJ for $202.3 million.

On May 8, 2012, Deutsche Bank reached asettlement with Assured Guaranty MunicipalCorporation (Assured) regarding claims on certainRMBS issued and underwritten by Deutsche Bankthat are covered by financial guaranty insuranceprovided by Assured. Pursuant to this settlement,Deutsche Bank made a payment of $166 million andagreed to participate in a loss share arrangement tocover a percentage of Assured’s future losses oncertain RMBS issued by Deutsche Bank. All ofDeutsche Bank’s currently expected paymentspursuant to this settlement were provisioned inprevious quarters. This settlement resolves twolitigations with Assured relating to financial guarantyinsurance and limits claims in a third litigation whereall the underlying mortgage collateral was originatedby Greenpoint Mortgage Funding, Inc. (a subsidiaryof Capital One), which is required to indemnifyDeutsche Bank.

Auction Rate Securities

The Bank and DBSI, including a division ofDBSI, have been named as defendants in 21individual actions asserting various claims under thefederal securities laws and state common law arising

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out of the sale of auction rate securities (ARS). Ofthose 21 actions, four are pending and 17 have beenresolved and dismissed with prejudice. The Bank andDBSI were the subjects of a putative class action,filed in the United States District Court for theSouthern District of New York, asserting variousclaims under the federal securities laws on behalf ofall persons or entities who purchased and continue tohold ARS offered for sale by the Bank and DBSIbetween March 17, 2003 and February 13, 2008. InDecember 2010, the court dismissed the putativeclass action with prejudice. After initially filing anotice of appeal, the plaintiff voluntarily withdrewand dismissed the appeal in December 2011. TheBank was also named as a defendant, along with tenother financial institutions, in two putative classactions, filed in the United States District Court forthe Southern District of New York, assertingviolations of the antitrust laws. The putative classactions allege that the defendants conspired toartificially support and then, in February 2008,restrain the ARS market. On or about January 26,2010, the court dismissed the two putative classactions. The plaintiffs have filed appeals of thedismissals.

Trust Preferred Securities

The Bank and certain of its affiliates andofficers, including DBSI, are the subject of aconsolidated putative class action, filed in the UnitedStates District Court for the Southern District of NewYork, asserting claims under the federal securitieslaws on behalf of persons who purchased certain trustpreferred securities issued by Deutsche Bank and itsaffiliates between October 2006 and May 2008.Claims are asserted under sections 11, 12(a)(2), and15 of the Securities Act of 1933. An amended andconsolidated class action complaint was filed onJanuary 25, 2010. On August 19, 2011, the courtgranted in part and denied in part the defendants’motion to dismiss. Defendants have moved forreconsideration of the portion of the decision denyingthe motion to dismiss. On September 20, 2011,plaintiffs filed a second amended complaint, whichno longer includes claims based on the October 2006issuance of securities.

Additional or replacement Commodity Brokersmay be appointed in respect of the Fund in the future.

CONFLICTS OF INTEREST

General

The Managing Owner has not established formalprocedures to resolve all potential conflicts ofinterest. Consequently, investors may be dependenton the good faith of the respective parties subject tosuch conflicts to resolve them equitably. Althoughthe Managing Owner attempts to monitor theseconflicts, it is extremely difficult, if not impossible,for the Managing Owner to ensure that these conflictsdo not, in fact, result in adverse consequences to theFund.

Prospective investors should be aware that theManaging Owner presently intends to assert thatShareholders have, by subscribing for Shares,consented to the following conflicts of interest in theevent of any proceeding alleging that such conflictsviolated any duty owed by the Managing Owner toinvestors.

The Managing Owner

The Managing Owner has a conflict of interestin allocating its own limited resources amongdifferent clients and potential future businessventures, to each of which it owes fiduciary duties.Additionally, the professional staff of the ManagingOwner also service other affiliates of the ManagingOwner and their respective clients. Although theManaging Owner and its professional staff cannotand will not devote all of its or their respective timeor resources to the management of the business andaffairs of the Fund, the Managing Owner intends todevote, and to cause its professional staff to devote,sufficient time and resources to manage properly thebusiness and affairs of the Fund consistent with its ortheir respective fiduciary duties to the Fund andothers.

Relationship of the Managing Owner to theCommodity Broker

The Managing Owner and the CommodityBroker are indirect wholly-owned subsidiaries ofDeutsche Bank AG. The Commodity Broker receivesa brokerage commission for futures intereststransactions effected for the Fund. Customers of theCommodity Broker who maintain commodity andforeign exchange trading accounts may paycommissions at negotiated rates which are greater orless than the rate paid by the Fund.

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The Managing Owner has a disincentive toreplace the Commodity Broker as the Fund’s brokerbecause it is an affiliate of the Managing Owner. Inconnection with this conflict of interest, Shareholdersshould understand that the Commodity Brokerreceives a round-turn brokerage fee from the Fundfor serving as the Fund’s commodity broker. Around-turn trade is a completed transaction involvingboth a purchase and a liquidating sale, or a salefollowed by a covering purchase.

The Managing Owner and the CommodityBroker may, from time-to-time, have conflictingdemands in respect of their obligations to the Fundand, in the future, to other commodity pools andaccounts. It is possible that future pools that theManaging Owner may become involved with maygenerate larger brokerage commissions, resulting inincreased payments to employees.

There is an absence of arm’s length negotiationwith respect to some of the terms of this offering, andthere has been no independent due diligenceconducted with respect to this offering.

The Commodity Broker

The Commodity Broker may act fromtime-to-time as a commodity broker for otheraccounts with which it is affiliated or in which it orone of its affiliates has a financial interest. Thecompensation received by the Commodity Brokerfrom such accounts may be more or less than thecompensation received for brokerage servicesprovided to the Fund. In addition, various accountstraded through the Commodity Broker (and overwhich their personnel may have discretionary tradingauthority) may take positions in the futures marketsopposite to those of the Fund or may compete withthe Fund for the same positions. The CommodityBroker may have a conflict of interest in its executionof trades for the Fund and for other customers. TheManaging Owner will, however, not retain anycommodity broker for the Fund which the ManagingOwner has reason to believe would knowingly ordeliberately favor any other customer over the Fundwith respect to the execution of commodity trades.

The Commodity Broker will benefit fromexecuting orders for other clients, whereas the Fundmay be harmed to the extent that the CommodityBroker has fewer resources to allocate to the Fund’saccounts due to the existence of such other clients.

Certain officers or employees of the CommodityBroker may be members of United States

commodities exchanges and/or serve on thegoverning bodies and standing committees of suchexchanges, their clearing houses and/or various otherindustry organizations. In such capacities, theseofficers or employees may have a fiduciary duty tothe exchanges, their clearing houses and/or suchvarious other industry organizations which couldcompel such employees to act in the best interests ofthese entities, perhaps to the detriment of the Fund.

Proprietary Trading/Other Clients

The Managing Owner does not trade for its ownaccount.

Because the principals of the Managing Ownermay trade for their own personal trading accounts(subject to certain internal Deutsche Bank employeetrading policies and procedures) at the same time thatthey are managing the account of the Fund,prospective investors should be aware that theactivities of the principals of the Managing Owner,subject to their fiduciary duties, may, fromtime-to-time, result in taking positions in theirpersonal trading accounts which are opposite of thepositions taken for the Fund. Records of theManaging Owner principals’ personal tradingaccounts will not be available for inspection byShareholders.

The Commodity Broker and its affiliates maytrade in the commodity and foreign exchangemarkets for their own accounts and for the accountsof their clients, and in doing so may take positionsopposite to those held by the Fund or may competewith the Fund for positions in the marketplace. Suchtrading may create conflicts of interest in respect oftheir obligations to the Fund. Records of proprietarytrading and trading on behalf of other clients will notbe available for inspection by Shareholders.

Because the Commodity Broker principals maytrade for their own personal trading accounts (subjectto certain internal Deutsche Bank trading policies andprocedures with respect to both the CommodityBroker and its principals) at the same time that theManaging Owner is managing the account of theFund, prospective investors should be aware thatsuch persons may from time-to-time take positions intheir proprietary accounts which are opposite of thepositions taken for the Fund. Records of theCommodity Broker principals’ personal tradingaccounts will not be available for inspection byShareholders.

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DESCRIPTION OF THE SHARES; THEFUND; CERTAIN MATERIAL TERMS OF

THE TRUST DECLARATION

The following summary describes in brief theShares and certain aspects of the operation of theTrust, the Fund and the respective responsibilities ofthe Trustee and the Managing Owner concerning theTrust and the material terms of the TrustDeclaration. Prospective investors should carefullyreview the Form of Trust Declaration filed as anexhibit to the registration statement of which thisProspectus is a part and consult with their ownadvisers concerning the implications to suchprospective subscribers of investing in a series of aDelaware statutory trust. Capitalized terms used inthis section and not otherwise defined shall have suchmeanings assigned to them under the TrustDeclaration.

Description of the Shares

The Fund issues common units of beneficialinterest, or Shares, which represent units of fractionalundivided beneficial interest in and ownership of theFund. The Shares are listed on the NYSE Arca underthe symbol “DBA.”

The Shares may be purchased from the Fund orredeemed on a continuous basis, but only byAuthorized Participants and only in blocks of200,000 Shares, or Baskets. Individual Shares maynot be purchased from the Fund or redeemed.Shareholders that are not Authorized Participantsmay not purchase from the Fund or redeem Shares orBaskets.

Principal Office; Location of Records

The Trust was organized under the DelawareStatutory Trust Act in seven separate series as aDelaware statutory trust rather than as separatestatutory trusts in order to achieve certainadministrative efficiencies. The interests of investorsare not adversely affected by the choice of form oforganization. As of the date of this Prospectus, theTrust consists of the following seven series—PowerShares DB Energy Fund, PowerShares DB OilFund, PowerShares DB Precious Metals Fund,PowerShares DB Gold Fund, PowerShares DB SilverFund, PowerShares DB Base Metals Fund andPowerShares DB Agriculture Fund. This Prospectusis for the Fund only and not for the first 6 funds listedin the prior sentence, or the Sectors Funds. TheSectors Funds, which are series of the Trust, are notbeing offered by this Prospectus. Information

regarding both the Fund and the Sectors Funds (andany other additional series of the Trust, as applicable)is available at www.dbfunds.db.com. The Trust ismanaged by the Managing Owner, whose office islocated at 60 Wall Street, New York, New York10005, telephone: (212) 250-5883.

The books and records of the Fund aremaintained as follows: all marketing materials aremaintained at the offices of ALPS Distributors, Inc.,1290 Broadway, Suite 1100, Denver, Colorado80203; telephone number (303) 623-2577; Basketcreation and redemption books and records, certainfinancial books and records (including Fundaccounting records, ledgers with respect to assets,liabilities, capital, income and expenses, the registrar,transfer journals and related details) and trading andrelated documents received from futures commissionmerchants are maintained by The Bank of New YorkMellon, 2 Hanson Place, Brooklyn, New York 11217,telephone number (718) 315-7500. All other booksand records of the Fund (including minute books andother general corporate records, trading records andrelated reports and other items received from theFund’s Commodity Brokers) are maintained at theFund’s principal office, c/o DB Commodity ServicesLLC, 60 Wall Street, New York, New York 10005;telephone number (212) 250-5883.

The books and records of the Fund are located atthe foregoing addresses, and available for inspectionand copying (upon payment of reasonablereproduction costs) by Shareholders of the Fund ortheir representatives for any purposes reasonablyrelated to a Shareholder’s interest as a beneficialowner of the Fund during regular business hours asprovided in the Trust Declaration. The ManagingOwner will maintain and preserve the books andrecords of the Fund for a period of not less than sixyears.

The Fund

Solely for the purposes of this sub-section, theterm “Fund” or “Funds” refers to all the series of theTrust (including the DBA Fund). The term “DBAFund” refers to the series that is offered pursuant tothis Prospectus. The term “Non-DBA Funds” refersto all the remaining series of the Trust, excluding theDBA Fund.

The Trust was formed and is operated in amanner such that the Funds are liable only forobligations attributable to the applicable Funds andthe Shareholders of the Funds are not subject to thelosses or liabilities of any of the other Funds. For

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example, if any creditor or Shareholder in aNon-DBA Fund asserted against the DBA Fund avalid claim with respect to its indebtedness or Shares,the creditor or Shareholder of the Non-DBA Fundwould only be able to recover money from thatparticular Non-DBA Fund and its assets and from theManaging Owner and its assets. Accordingly, thedebts, liabilities, obligations and expenses, orcollectively, Claims, incurred, contracted for orotherwise existing solely with respect to a particularNon-DBA Fund are enforceable only against theassets of that Non-DBA Fund and against theManaging Owner and its assets, and not against theDBA Fund or any other Non-DBA Fund or the Trustgenerally or any of their respective assets. The assetsof any particular Fund include only those funds andother assets that are paid to, held by or distributed tosuch Fund, including, without limitation, fundsdelivered to the Trust for the purchase of Shares insuch Fund. This limitation on liability is referred toas the “Inter-Series Limitation on Liability.” TheInter-Series Limitation on Liability is expresslyprovided for under the Delaware Statutory Trust Act,which provides that if certain conditions (as set forthin Section 3804(a)) are met, then the debts of anyparticular series will be enforceable only against theassets of such series and not against the assets of anyother Fund or the Trust generally. For the avoidanceof doubt, the Inter-Series Limitation on Liabilityapplies to all series of the Trust, including those thatare not being offered through this Prospectus.

In furtherance of the Inter-Series Limitation onLiability, every party providing services to the Trust,any Fund or the Managing Owner on behalf of theTrust or any Fund has acknowledged and consentedin writing to:

• the Inter-Series Limitation on Liability withrespect to such party’s Claims;

• voluntarily reduce the priority of its Claimsagainst the Funds or their respective assets,such that its Claims are junior in right ofrepayment to all other parties’ Claimsagainst the Funds or their respective assets,except that Claims against the Trust whererecourse for the payment of such Claimswas, by agreement, limited to the assets of aparticular Fund, will not be junior in right ofrepayment, but will receive repayment fromthe assets of such particular Fund (but notfrom the assets of any other Fund or theTrust generally) equal to the treatmentreceived by all other creditors and

Shareholders that dealt with such Fund; and

• a waiver of certain rights that such partymay have under the United StatesBankruptcy Code, if such party heldcollateral for its Claims, in the event that theTrust is a debtor in a chapter 11 case underthe United States Bankruptcy Code, to haveany deficiency Claim (i.e., the difference, ifany, between the amount of the Claim andthe value of the collateral) treated as anunsecured Claim against the Trust generallyor any Fund.

No special custody arrangements are applicableto any Fund, and the existence of a trustee should notbe taken as an indication of any additional level ofmanagement or supervision over any Fund. To thegreatest extent permissible under Delaware law, theTrustee acts in an entirely passive role, delegating allauthority over the operation of the Trust, and eachFund to the Managing Owner.

Although Shares in the DBA Fund need notcarry any voting rights, the Trust Declaration givesShareholders of the DBA Fund voting rights inrespect of the business and affairs of the DBA Fundcomparable to those typically extended to limitedpartners in publicly-offered futures funds.

The Trustee

Wilmington Trust Company, a Delaware trustcompany, is the sole Trustee of the Trust and theFund. The Trustee’s principal offices are located atRodney Square North, 1100 North Market Street,Wilmington, Delaware 19890-0001. The Trustee isunaffiliated with the Managing Owner. The Trustee’sduties and liabilities with respect to the offering ofthe Shares and the management of the Trust and theFund are limited to its express obligations under theTrust Declaration.

The rights and duties of the Trustee, theManaging Owner and the Shareholders are governedby the provisions of the Delaware Statutory Trust Actand by the Trust Declaration.

The Trustee serves as the sole trustee of theTrust in the State of Delaware. The Trustee acceptsservice of legal process on the Trust and the Fund inthe State of Delaware and will make certain filingsunder the Delaware Statutory Trust Act. The Trusteedoes not owe any other duties to the Trust, theManaging Owner or the Shareholders. The Trustee ispermitted to resign upon at least sixty (60) days’notice to the Trust, provided, that any such

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resignation will not be effective until a successorTrustee is appointed by the Managing Owner. TheTrust Declaration provides that the Trustee iscompensated by the Fund, as appropriate, and isindemnified by the Fund, as appropriate, against anyexpenses it incurs relating to or arising out of theformation, operation or termination of the Fund, asappropriate, or the performance of its duties pursuantto the Trust Declaration, except to the extent thatsuch expenses result from the gross negligence orwillful misconduct of the Trustee. The ManagingOwner has the discretion to replace the Trustee.

Only the Managing Owner has signed theregistration statement of which this Prospectus is apart, and only the assets of the Trust and theManaging Owner are subject to issuer liability underthe federal securities laws for the informationcontained in this Prospectus and under federalsecurities laws with respect to the issuance and saleof the Shares. Under such laws, neither the Trustee,either in its capacity as Trustee or in its individualcapacity, nor any director, officer or controllingperson of the Trustee is, or has any liability as, theissuer or a director, officer or controlling person ofthe issuer of the Shares. The Trustee’s liability inconnection with the issuance and sale of the Shares islimited solely to the express obligations of theTrustee set forth in the Trust Declaration.

Under the Trust Declaration, the Trustee hasdelegated to the Managing Owner the exclusivemanagement and control of all aspects of the businessof the Fund and the Trust. The Trustee has no duty orliability to supervise or monitor the performance ofthe Managing Owner, nor does the Trustee have anyliability for the acts or omissions of the ManagingOwner. The Shareholders have no voice in theday-to-day management of the business andoperations of the Fund and the Trust, other thancertain limited voting rights as set forth in the TrustDeclaration. In the course of its management of thebusiness and affairs of the Fund and the Trust, theManaging Owner may, in its sole and absolutediscretion, appoint an affiliate or affiliates of theManaging Owner as additional managing owners(except where the Managing Owner has been notifiedby the Shareholders that it is to be replaced as themanaging owner) and retain such persons, includingaffiliates of the Managing Owner, as it deemsnecessary for the efficient operation of the Fund orthe Trust, as appropriate.

Because the Trustee has delegated substantiallyall of its authority over the operation of the Fund and

the Trust to the Managing Owner, the Trustee itself isnot registered in any capacity with the CFTC.

Performance information with respect to theoffered pool starts on page 31.

The Managing Owner

Background and Principals

DB Commodity Services LLC, a Delawarelimited liability company, is the Managing Owner ofthe Trust and the Fund. The Managing Owner servesas both commodity pool operator and commoditytrading advisor of the Trust and the Fund. TheManaging Owner has been registered with the CFTCas a commodity pool operator and commodity tradingadvisor since June 7, 2005 and has been a member ofthe NFA since June 16, 2005. Its principal place ofbusiness is 60 Wall Street, New York, New York10005, telephone number (212) 250-5883. TheManaging Owner is a wholly-owned subsidiary ofDB U.S. Financial Markets Holding Corporation,which is a wholly-owned, indirect subsidiary ofDeutsche Bank AG. DB U.S. Financial MarketsHolding Corporation has been a principal of theManaging Owner since May 31, 2005. Theregistration of the Managing Owner with the CFTCand its membership in the NFA must not be taken asan indication that either the CFTC or the NFA hasrecommended or approved the Managing Owner, theTrust and the Fund.

In its capacity as a commodity pool operator, theManaging Owner is an organization which operatesor solicits funds for commodity pools; that is, anenterprise in which funds contributed by a number ofpersons are combined for the purpose of tradingfutures contracts. In its capacity as a commoditytrading advisor, the Managing Owner is anorganization which, for compensation or profit,advises others as to the value of or the advisability ofbuying or selling futures contracts.

Principals

The following principals serve in the belowcapacities on behalf of the Managing Owner:

Name Capacity

Martin Kremenstein Chief Executive Officer, ChiefInvestment Officer andDirector

Alex Depetris Chief Operating Officer andDirector

Michael Gilligan Chief Financial Officer andDirector

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DB U.S. Financial Markets Holding Corporationis also a principal of the Managing Owner.

The Managing Owner is managed by a Board ofManagers. The Board of Managers is comprised ofMessrs. Kremenstein, Depetris and Gilligan.

The Managing Owner has designated Messrs.Kremenstein and Depetris as the trading principals ofthe Fund.

Martin Kremenstein joined Deutsche Bank AG,a large international financial institution, in August2006, and serves as Americas Head of PassiveInvestments (also known as DBX Group).Mr. Kremenstein also serves as Director of the DBXGroup. The Passive Investments Group is the teamthat structures and manages exchange-tradedproducts. Mr. Kremenstein serves as the ChiefExecutive Officer, Chief Investment Officer andDirector of the Managing Owner. Mr. Kremensteinhas been a principal and associated person of theManaging Owner since November 1, 2006 andNovember 3, 2006, respectively, and an associatemember of the NFA since November 3, 2006.Mr. Kremenstein received his B.A. from theUniversity of Leeds in 1998.

Alex Depetris joined Deutsche Bank AG, a largeinternational financial institution, in June 2008 andserves as a Director in the DBX Group withresponsibility for providing cross-asset investmentsolutions in the Americas. The DBX Group is theteam that structures and manages exchange-tradedproducts. Mr. Depetris serves as Chief OperatingOfficer and Director of the Managing Owner and isresponsible for its general oversight and strategy.From June 9, 2008 to January 31, 2012, Mr. Depetrisserved as a Vice President of the Managing Ownerand was responsible for the daily oversight of theManaging Owner. Mr. Depetris has been a principaland associated person of the Managing Owner sinceApril 13, 2009 and June 17, 2009, respectively, andan associate member of the NFA since June 17, 2009.From December 2006 to May 2008, Mr. Depetris wasan associate with the law firm of Arnold & PorterLLP in New York, and prior to that he was anassociate with the law firm Sullivan & WorcesterLLP in Boston, Massachusetts from September 2005through November 2006. Mr. Depetris received hisJ.D. from Boston University School of Law in 2005and his Bachelors of Science in Finance fromUniversity of Maryland, College Park in 2002.

Michael Gilligan joined Deutsche Bank AG, alarge international financial institution, in March

2008 and is a Director in the Finance Group.Mr. Gilligan serves as a principal and Chief FinancialOfficer of the Managing Owner. Mr. Gilligan alsoserves as a Director of the Managing Owner.Mr. Gilligan has been a principal of the ManagingOwner since April 29, 2008. Prior to joiningDeutsche Bank, Mr. Gilligan worked for CreditSuisse, a large international financial institution,from September 1998 to March 2008 and held anumber of positions in finance, including Controllerof their residential and commercial real estatebusiness; immediately prior to joining DeutscheBank, Mr. Gilligan was the Chief Operating Officerof the Americas Credit Trading Group, a businessgroup within Credit Suisse, from May 2007 to March2008 with responsibility for the U.S. High Gradebond trading and Emerging Markets credit tradingdesks and his duties included business planning andmanagement. Mr. Gilligan is a Chartered Accountantand received his Bachelors of Science inManagement from Trinity College in 1989 and hisPost Graduate Diploma in Professional Accountingfrom University College Dublin in 1990.

DB U.S. Financial Markets HoldingCorporation, which is a wholly owned, indirectsubsidiary of Deutsche Bank AG, has been aprincipal of the Managing Owner since May 31,2005.

Fiduciary and Regulatory Duties of theManaging Owner

An investor should be aware that the ManagingOwner has a fiduciary responsibility to theShareholders to exercise good faith and fairness in alldealings affecting the Trust and the Fund.

As managing owner of the Trust and the Fund,the Managing Owner effectively is subject to theduties and restrictions imposed on “fiduciaries” underboth statutory and common law. The ManagingOwner has a fiduciary responsibility to theShareholders to exercise good faith, fairness andloyalty in all dealings affecting the Trust and theFund, consistent with the terms of the TrustDeclaration. A form of the Trust Declaration is filedas an exhibit to the registration statement of whichthis Prospectus is a part. The general fiduciary dutieswhich would otherwise be imposed on the ManagingOwner (which would make the operation of the Trustand the Fund as described herein impracticable due tothe strict prohibition imposed by such duties on, forexample, conflicts of interest on behalf of a fiduciaryin its dealings with its beneficiaries), are defined and

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limited in scope by the disclosure of the businessterms of the Trust and the Fund, as set forth hereinand in the Trust Declaration (to which terms allShareholders, by subscribing to the Shares, aredeemed to consent).

The Trust Declaration provides that theManaging Owner and its affiliates will have noliability to the Trust and the Fund or to anyShareholder for any loss suffered by the Trust and theFund arising out of any action or inaction of theManaging Owner or its affiliates or their respectivedirectors, officers, shareholders, partners, members,managers or employees, or the Managing OwnerRelated Parties, if the Managing Owner RelatedParties, in good faith, determined that such course ofconduct was in the best interests of the Fund, andsuch course of conduct did not constitute negligenceor misconduct by the Managing Owner RelatedParties. The Trust and the Fund have agreed toindemnify the Managing Owner Related Partiesagainst claims, losses or liabilities based on theirconduct relating to the Trust and the Fund, providedthat the conduct resulting in the claims, losses orliabilities for which indemnity is sought did notconstitute negligence or misconduct and was done ingood faith and in a manner reasonably believed to bein the best interests of the Fund.

Under Delaware law, a beneficial owner of abusiness trust (such as a Shareholder of the Fund)may, under certain circumstances, institute legalaction on behalf of himself and all other similarlysituated beneficial owners (a “class action”) torecover damages from a managing owner of suchbusiness trust for violations of fiduciary duties, or onbehalf of a business trust (a “derivative action”) torecover damages from a third party where amanaging owner has failed or refused to instituteproceedings to recover such damages. In addition,beneficial owners may have the right, subject tocertain legal requirements, to bring class actions infederal court to enforce their rights under the federalsecurities laws and the rules and regulationspromulgated thereunder by the Securities andExchange Commission, or the SEC. Beneficialowners who have suffered losses in connection withthe purchase or sale of their beneficial interests maybe able to recover such losses from a managingowner where the losses result from a violation by theManaging Owner of the anti-fraud provisions of thefederal securities laws.

Under certain circumstances, Shareholders alsohave the right to institute a reparations proceeding

before the CFTC against the Managing Owner (aregistered commodity pool operator and commoditytrading advisor), the Commodity Broker (registeredfutures commission merchant), as well as those oftheir respective employees who are required to beregistered under the Commodity Exchange Act, asamended, and the rules and regulations promulgatedthereunder. Private rights of action are conferred bythe Commodity Exchange Act, as amended. Investorsin futures and in commodity pools may, therefore,invoke the protections provided thereunder.

There are substantial and inherent conflicts ofinterest in the structure of the Trust and the Fundwhich are, on their face, inconsistent with theManaging Owner’s fiduciary duties. One of thepurposes underlying the disclosures set forth in thisProspectus is to disclose to all prospectiveShareholders these conflicts of interest so that theManaging Owner may have the opportunity to obtaininvestors’ informed consent to such conflicts.Prospective investors who are not willing to consentto the various conflicts of interest described under“Conflicts of Interest” and elsewhere should notinvest in the Fund. The Managing Owner currentlyintends to raise such disclosures and consent as adefense in any proceeding brought seeking reliefbased on the existence of such conflicts of interest.

The foregoing summary describing in generalterms the remedies available to Shareholders underfederal law is based on statutes, rules and decisionsas of the date of this Prospectus. This is a rapidlydeveloping and changing area of the law. Therefore,Shareholders who believe that they may have a legalcause of action against any of the foregoing partiesshould consult their own counsel as to theirevaluation of the status of the applicable law at suchtime.

Ownership or Beneficial Interest in the Fund

The Managing Owner has made and expects tomaintain an aggregate investment of $1,000 in theFund. As of the date of this Prospectus, principals ofthe Managing Owner own less than 1% of the Shares.

Management; Voting by Shareholders

The Shareholders take no part in themanagement or control, and have no voice in theoperations or the business of the Trust or the Fund.Shareholders, voting together as a single series, may,however, remove and replace the Managing Owneras the managing owner of the Trust and the Fund,

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and may amend the Trust Declaration, except incertain limited respects, by the affirmative vote of amajority of the outstanding Shares then owned byShareholders (as opposed to by the Managing Ownerand its affiliates). The owners of a majority of theoutstanding Shares then owned by Shareholders mayalso compel dissolution of the Trust and the Fund.The owners of 10% of the outstanding Shares thenowned by Shareholders have the right to bring amatter before a vote of the Shareholders. TheManaging Owner has no power under the TrustDeclaration to restrict any of the Shareholders’voting rights. Any Shares purchased by the ManagingOwner or its affiliates, as well as the ManagingOwner’s general liability interest in the Fund of theTrust, are non-voting.

The Managing Owner has the right unilaterallyto amend the Trust Declaration as it applies to theFund provided that any such amendment is for thebenefit of and not adverse to the Shareholders of theFund or the Trustee and also in certain unusualcircumstances — for example, if doing so isnecessary to comply with certain regulatoryrequirements.

Recognition of the Trust and the Fund inCertain States

A number of states do not have “business trust”statutes such as that under which the Trust has beenformed in the State of Delaware. It is possible,although unlikely, that a court in such a state couldhold that, due to the absence of any statutoryprovision to the contrary in such jurisdiction, theShareholders, although entitled under Delaware lawto the same limitation on personal liability asstockholders in a private corporation for profitorganized under the laws of the State of Delaware,are not so entitled in such state. To protectShareholders against any loss of limited liability, theTrust Declaration provides that no written obligationmay be undertaken by the Fund unless suchobligation is explicitly limited so as not to beenforceable against any Shareholder personally.Furthermore, the Fund itself indemnifies all itsShareholders against any liability that suchShareholders might incur in addition to that of abeneficial owner. The Managing Owner is itselfgenerally liable for all obligations of the Fund andwill use its assets to satisfy any such liability beforesuch liability would be enforced against anyShareholder individually.

Possible Repayment of Distributions Receivedby Shareholders; Indemnification byShareholders

The Shares are limited liability investments;investors may not lose more than the amount thatthey invest plus any profits recognized on theirinvestment. However, Shareholders of the Fundcould be required, as a matter of bankruptcy law, toreturn to the estate of the Fund any distribution theyreceived at a time when the Fund was in factinsolvent or in violation of the Trust Declaration. Inaddition, although the Managing Owner is not awareof this provision ever having been invoked in thecase of any public futures fund, Shareholders of theFund agree in the Trust Declaration that they willindemnify the Fund for any harm suffered by it as aresult of

• Shareholders’ actions unrelated to thebusiness of the Fund, or

• taxes separately imposed on the Fund by anystate, local or foreign taxing authority.

The foregoing repayment of distributions andindemnity provisions (other than the provision forShareholders of the Fund indemnifying such Fund fortaxes imposed upon it by a state, local or foreigntaxing authority, which is included only as aformality due to the fact that many states do not havebusiness trust statutes so that the tax status of theFund in such states might, theoretically, bechallenged — although the Managing Owner isunaware of any instance in which this has actuallyoccurred) are commonplace in statutory trusts andlimited partnerships.

Shares Freely Transferable

The Shares trade on the NYSE Arca and provideinstitutional and retail investors with direct access tothe Fund. The Shares may be bought and sold on theNYSE Arca like any other exchange-listed security.

Book-Entry Form

Individual certificates will not be issued for theShares. Instead, global certificates are deposited bythe Trustee with DTC and registered in the name ofCede & Co., as nominee for DTC. The globalcertificates evidence all of the Shares outstanding atany time. Under the Trust Declaration, Shareholdersare limited to (1) participants in DTC such as banks,brokers, dealers and trust companies (DTC

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Participants), (2) those who maintain, either directlyor indirectly, a custodial relationship with a DTCParticipant (Indirect Participants), and (3) thosebanks, brokers, dealers, trust companies and otherswho hold interests in the Shares through DTCParticipants or Indirect Participants. The Shares areonly transferable through the book-entry system ofDTC. Shareholders who are not DTC Participantsmay transfer their Shares through DTC by instructingthe DTC Participant holding their Shares (or byinstructing the Indirect Participant or other entitythrough which their Shares are held) to transfer theShares. Transfers are made in accordance withstandard securities industry practice.

Reports to Shareholders

The Managing Owner will furnish you with anannual report of the Fund within 90 calendar daysafter the end of its fiscal year as required by the rulesand regulations of the CFTC, including, but notlimited to, an annual audited financial statementcertified by independent registered publicaccountants and any other reports required by anyother governmental authority that has jurisdictionover the activities of the Trust and the Fund. Youalso will be provided with appropriate information topermit you to file your U.S. federal and state incometax returns (on a timely basis) with respect to yourShares. Monthly account statements conforming toCFTC and NFA requirements are posted on theManaging Owner’s website athttp://www.dbfunds.db.com. Additional reports maybe posted on the Managing Owner’s website in thediscretion of the Managing Owner or as required byapplicable regulatory authorities.

The Managing Owner will notify Shareholdersof any change in the fees paid by the Trust or of anymaterial changes to the Fund by filing with the SEC asupplement to this Prospectus and a Form 8-K, whichwill be publicly available at http://www.sec.gov andat the Managing Owner’s website athttp://www.dbfunds.db.com. Any such notificationwill include a description of Shareholders’ votingrights.

Net Asset Value

Net asset value in respect of the Fund means thetotal assets of the Fund including, but not limited to,all cash and cash equivalents or other debt securitiesless total liabilities of the Fund, each determined onthe basis of generally accepted accounting principles

in the United States, consistently applied under theaccrual method of accounting. In particular, net assetvalue includes any unrealized profit or loss on openfutures contracts, and any other credit or debitaccruing to the Fund but unpaid or not received bythe Fund. All open futures contracts traded on aUnited States exchange are calculated at their thencurrent market value, which are based upon thesettlement price for that particular futures contracttraded on the applicable United States exchange onthe date with respect to which net asset value is beingdetermined; provided, that if a futures contract tradedon a United States exchange could not be liquidatedon such day, due to the operation of daily limits orother rules of the exchange upon which that positionis traded or otherwise, the Managing Owner mayvalue such futures contract pursuant to policies theManaging Owner has adopted, which are consistentwith normal industry standards. The current marketvalue of all open futures contracts traded on anon-United States exchange, to the extent applicable,will be based upon the settlement price for thatparticular futures contract traded on the applicablenon-United States exchange on the date with respectto which net asset value is being determined;provided further, that if a futures contract traded on anon-United States exchange, to the extent applicable,could not be liquidated on such day, due to theoperation of daily limits (if applicable) or other rulesof the exchange upon which that position is traded orotherwise, the Managing Owner may value suchfutures contract pursuant to policies the ManagingOwner has adopted, which are consistent with normalindustry standards. The Managing Owner may in itsdiscretion (and under circumstances, including, butnot limited to, periods during which a settlementprice of a futures contract is not available due toexchange limit orders or force majeure type eventssuch as systems failure, natural or man-madedisaster, act of God, armed conflict, act of terrorism,riot or labor disruption or any similar interveningcircumstance) value any asset of the Fund pursuant tosuch other principles as the Managing Owner deemsfair and equitable so long as such principles areconsistent with normal industry standards. Interestearned on the Fund’s foreign exchange futuresbrokerage account is accrued at least monthly. Theamount of any distribution will be a liability of theFund from the day when the distribution is declareduntil it is paid.

Net asset value per Share, in respect of theFund, is the net asset value of the Fund divided bythe number of its outstanding Shares.

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Termination Events

The Trust, or, as the case may be, the Fund, willdissolve at any time upon the happening of any of thefollowing events:

• The filing of a certificate of dissolution orrevocation of the Managing Owner’s charter(and the expiration of 90 days after the dateof notice to the Managing Owner ofrevocation without a reinstatement of itscharter) or upon the withdrawal, removal,adjudication or admission of bankruptcy orinsolvency of the Managing Owner, or anevent of withdrawal unless (i) at the timethere is at least one remaining ManagingOwner and that remaining Managing Ownercarries on the business of the Fund or(ii) within 90 days of such event ofwithdrawal all the remaining Shareholdersagree in writing to continue the business ofthe Fund and to select, effective as of thedate of such event, one or more successorManaging Owners. If the Trust is terminatedas the result of an event of withdrawal and afailure of all remaining Shareholders tocontinue the business of the Trust and toappoint a successor Managing Owner asprovided above within 120 days of suchevent of withdrawal, Shareholders holdingShares representing at least a majority (over50%) of the net asset value of the Fund (notincluding Shares held by the ManagingOwner and its affiliates) may elect tocontinue the business of the Trust byforming a new statutory trust, orreconstituted trust, on the same terms andprovisions as set forth in the TrustDeclaration. Any such election must alsoprovide for the election of a ManagingOwner to the reconstituted trust. If such anelection is made, all Shareholders of theFund will be bound thereby and continue asShareholders of series of the reconstitutedtrust.

• The occurrence of any event which wouldmake unlawful the continued existence ofthe Trust or the Fund, as the case may be.

• In the event of the suspension, revocation ortermination of the Managing Owner’sregistration as a commodity pool operator,or membership as a commodity pooloperator with the NFA (if, in either case,

such registration is required at such timeunless at the time there is at least oneremaining Managing Owner whoseregistration or membership has not beensuspended, revoked or terminated).

• The Trust or the Fund, as the case may be,becomes insolvent or bankrupt.

• The Shareholders holding Sharesrepresenting at least a majority (over 50%)of the net asset value (which excludes theShares of the Managing Owner) vote todissolve the Trust, notice of which is sent tothe Managing Owner not less than ninety(90) Business Days prior to the effectivedate of termination.

• The determination of the Managing Ownerthat the aggregate net assets of the Fund inrelation to the operating expenses of theFund make it unreasonable or imprudent tocontinue the business of the Fund, or, in theexercise of its reasonable discretion, thedetermination by the Managing Owner todissolve the Trust because the aggregate netasset value of the Trust as of the close ofbusiness on any business day declines below$10 million.

• The Trust or the Fund becoming required tobe registered as an investment companyunder the Investment Company Act of 1940.

• DTC is unable or unwilling to continue toperform its functions, and a comparablereplacement is unavailable.

DISTRIBUTIONS

The Managing Owner has discretionaryauthority over all distributions made by the Fund. Tothe extent that the Fund’s actual and projectedinterest income from its holdings of United StatesTreasury securities and other high credit qualityshort-term fixed income securities exceeds the actualand projected fees and expenses of the Fund, theManaging Owner expects periodically to makedistributions of the amount of such excess. The Fundcurrently does not expect to make distributions withrespect to capital gains. Depending on the Fund’sperformance for the taxable year and your own taxsituation for such year, your income tax liability forthe taxable year for your allocable share of theFund’s net ordinary income or loss and capital gainor loss may exceed any distributions you receive withrespect to such year.

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THE ADMINISTRATOR, CUSTODIAN ANDTRANSFER AGENT

The Trust, on behalf of the Fund, has appointedThe Bank of New York Mellon as the administratorof the Fund and has entered into an AdministrationAgreement in connection therewith. The Bank ofNew York Mellon serves as custodian, or Custodian,of the Fund and has entered into a Global CustodyAgreement, or Custody Agreement, in connectiontherewith. The Bank of New York Mellon serves asthe transfer agent, or Transfer Agent, of the Fund andhas entered into a Transfer Agency and ServiceAgreement in connection therewith.

The Bank of New York Mellon, a bankingcorporation organized under the laws of the State ofNew York with trust powers, has an office at2 Hanson Place, Brooklyn, New York 11217. TheBank of New York Mellon is subject to supervisionby the New York State Banking Department and theBoard of Governors of the Federal Reserve System.Information regarding the net asset value of the Fund,creation and redemption transaction fees and thenames of the parties that have executed a ParticipantAgreement may be obtained from The Bank ofNew York Mellon by calling the following number:(718) 315-7500. A copy of the AdministrationAgreement is available for inspection at The Bank ofNew York Mellon’s office identified above.

The Administrator retains certain financialbooks and records, including: Basket creation andredemption books and records, Fund accountingrecords, ledgers with respect to assets, liabilities,capital, income and expenses, the registrar, transferjournals and related details and trading and relateddocuments received from futures commissionmerchants, c/o The Bank of New York Mellon,2 Hanson Place, Brooklyn, New York 11217,telephone number (718) 315-7500.

A summary of the material terms of theAdministration Agreement is disclosed in the“Material Contracts” section.

The Administrator’s monthly fees of up to0.05% per annum are paid on behalf of the Fund bythe Managing Owner out of the Management Fee.

The Administrator and any of its affiliates mayfrom time-to-time purchase or sell Shares for theirown account, as agent for their customers and foraccounts over which they exercise investmentdiscretion.

The Administrator and any successoradministrator must be a participant in DTC or suchother securities depository as shall then be acting.

The Transfer Agent receives a transactionprocessing fee in connection with orders fromAuthorized Participants to create or redeem Basketsin the amount of $500 per order. These transactionprocessing fees are paid directly by the AuthorizedParticipants and not by the Fund.

The Trust may retain the services of one or moreadditional service providers to assist with certain taxreporting requirements of the Fund and theShareholders of the Fund.

ALPS DISTRIBUTORS, INC.

The Trust, on behalf of the Fund, has appointedALPS Distributors, Inc. or ALPS Distributors, toassist the Managing Owner and the Administratorwith certain functions and duties relating todistribution and marketing, which include thefollowing: consultation with the marketing staff ofthe Managing Owner and its affiliates with respect toFINRA compliance in connection with marketingefforts; review and filing of marketing materials withFINRA; and consultation with the Managing Ownerand its affiliates in connection with marketing andsales strategies. Investors may contact ALPSDistributors toll-free in the U.S. at (877) 369-4617.

ALPS Distributors retains all marketingmaterials separately for the Fund, at the offices ofALPS Distributors, Inc., 1290 Broadway, Suite 1100,Denver, Colorado 80203; telephone number(303) 623-2577.

The Managing Owner, out of the ManagementFee, pays ALPS Distributors for performing its dutieson behalf of the Fund and may pay ALPSDistributors additional compensation in considerationof the performance by ALPS Distributors ofadditional marketing, distribution and ongoingsupport services to the Fund. Such additional servicesmay include, among other services, the developmentand implementation of a marketing plan and theutilization of ALPS Distributors’ resources, whichinclude an extensive broker database and a networkof internal and external wholesalers. ALPSDistributors is affiliated with ALPS Fund Services,Inc., a Denver-based outsourcing solution foradministration, compliance, fund accounting, legal,marketing, tax administration, transfer agency andshareholder services for open-end, closed-end, hedge

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and exchange-traded funds. ALPS Fund Services,Inc. and its affiliates provide fund administrationservices to funds with assets in excess of $35 billion.ALPS Distributors provides distribution services tofunds with assets of more than $333 billion.

ALPS Distributors, Inc. provides distributionservices to PowerShares DB Agriculture Fund.Certain marketing services may be provided for theFund by Invesco Distributors, Inc. or InvescoPowerShares Capital Management, LLC. Thisassistance includes the licensing of the PowerShares®

registered service mark to the Managing Owner foruse with the Fund. PowerShares® is a registeredservice mark of Invesco PowerShares CapitalManagement LLC. Invesco PowerShares CapitalManagement LLC is not a sponsor or promoter of theFund and has no responsibility for the performance ofthe Fund or the decisions made or actions taken bythe Managing Owner.

“800” Number for Investors

Investors may contact Invesco PowerSharesCapital Management LLC toll free in the U.S. at(800) 983-0903.

INVESCO DISTRIBUTORS, INC.

Through a marketing agreement between theManaging Owner and Invesco Distributors, Inc., orInvesco Distributors, an affiliate of InvescoPowerShares Capital Management LLC, or InvescoPowerShares, the Managing Owner, on behalf of theFund, has appointed Invesco Distributors as amarketing agent. Invesco Distributors assists theManaging Owner and the Administrator with certainfunctions and duties such as providing variouseducational and marketing activities regarding theFund, primarily in the secondary trading market,which activities include, but are not limited to,communicating the Fund’s name, characteristics,uses, benefits, and risks, consistent with thisProspectus. Invesco Distributors will not open ormaintain customer accounts or handle orders for theFund. Invesco Distributors engages in publicseminars, road shows, conferences, media interviews,and distributing sales literature and othercommunications (including electronic media)regarding the Fund.

Invesco Distributors is an indirect and wholly-owned subsidiary of Invesco Ltd. Invesco Ltd. is aleading independent global investment manageroperating under the AIM, Atlantic Trust, Invesco,

Perpetual, PowerShares, Invesco Canada andWL Ross brands.

The Managing Owner, out of the ManagementFee, pays Invesco Distributors for performing itsduties on behalf of the Fund.

THE SECURITIES DEPOSITORY;BOOK-ENTRY-ONLY SYSTEM; GLOBAL

SECURITY

DTC acts as securities depository for the Shares.DTC is a limited-purpose trust company organizedunder the laws of the State of New York, a memberof the Federal Reserve System, a “clearingcorporation” within the meaning of the New YorkUniform Commercial Code, and a “clearing agency”registered pursuant to the provisions of section 17Aof the Exchange Act. DTC was created to holdsecurities of DTC Participants and to facilitate theclearance and settlement of transactions in suchsecurities among the DTC Participants throughelectronic book-entry changes. This eliminates theneed for physical movement of securities certificates.DTC Participants include securities brokers anddealers, banks, trust companies, clearingcorporations, and certain other organizations, some ofwhom (and/or their representatives) own DTC.Access to the DTC system is also available to otherssuch as banks, brokers, dealers and trust companiesthat clear through or maintain a custodial relationshipwith a DTC Participant, either directly or indirectly.DTC has agreed to administer its book-entry systemin accordance with its rules and by-laws and therequirements of law.

Individual certificates will not be issued for theShares. Instead, global certificates are signed by theTrustee and the Managing Owner on behalf of theFund, registered in the name of Cede & Co., asnominee for DTC, and deposited with the Trustee onbehalf of DTC. The global certificates evidence all ofthe Shares of the Fund outstanding at any time. Therepresentations, undertakings and agreements madeon the part of the Fund in the global certificates aremade and intended for the purpose of binding onlythe Fund and not the Trustee or the Managing Ownerindividually.

Upon the settlement date of any creation,transfer or redemption of Shares, DTC credits ordebits, on its book-entry registration and transfersystem, the amount of the Shares so created,transferred or redeemed to the accounts of theappropriate DTC Participants. The Managing Owner

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and the Authorized Participants designate theaccounts to be credited and charged in the case ofcreation or redemption of Shares.

Beneficial ownership of the Shares is limited toDTC Participants, Indirect Participants and personsholding interests through DTC Participants andIndirect Participants. Owners of beneficial interestsin the Shares is shown on, and the transfer ofownership is effected only through, recordsmaintained by DTC (with respect to DTCParticipants), the records of DTC Participants (withrespect to Indirect Participants), and the records ofIndirect Participants (with respect to Shareholdersthat are not DTC Participants or IndirectParticipants). Shareholders are expected to receivefrom or through the DTC Participant maintaining theaccount through which the Shareholder haspurchased their Shares a written confirmation relatingto such purchase.

Shareholders that are not DTC Participants maytransfer the Shares through DTC by instructing theDTC Participant or Indirect Participant throughwhich the Shareholders hold their Shares to transferthe Shares. Shareholders that are DTC Participantsmay transfer the Shares by instructing DTC inaccordance with the rules of DTC. Transfers aremade in accordance with standard securities industrypractice.

DTC may decide to discontinue providing itsservice with respect to Baskets and/or the Shares ofthe Fund by giving notice to the Trustee and theManaging Owner. Under such circumstances, theTrustee and the Managing Owner will either find areplacement for DTC to perform its functions at acomparable cost or, if a replacement is unavailable,terminate the Fund.

The rights of the Shareholders generally must beexercised by DTC Participants acting on their behalfin accordance with the rules and procedures of DTC.Because the Shares can only be held in book-entryform through DTC and DTC Participants, investorsmust rely on DTC, DTC Participants and any otherfinancial intermediary through which they hold theShares to receive the benefits and exercise the rightsdescribed in this section. Investors should consultwith their broker or financial institution to find outabout procedures and requirements for securities heldin book-entry form through DTC.

SHARE SPLITS

If the Managing Owner believes that the perShare price of the Fund in the secondary market hasfallen outside a desirable trading price range, theManaging Owner may direct the Trustee to declare asplit or reverse split in the number of Sharesoutstanding and to make a corresponding change inthe number of Shares of the Fund constituting aBasket.

MATERIAL CONTRACTS

Brokerage Agreement

The Commodity Broker and the Trust (on behalfof the Fund) entered into the brokerage agreementwith respect to the Fund, or, the BrokerageAgreement. As a result the Commodity Broker:

• acts as the clearing broker;

• acts as custodian of the Fund’s assets; and

• performs such other services for the Fund asthe Managing Owner may from time-to-timerequest.

As clearing broker for the Fund, the CommodityBroker receives orders for trades from the ManagingOwner.

Confirmations of all executed trades are given tothe Fund by the Commodity Broker. The BrokerageAgreement incorporates the Commodity Broker’sstandard customer agreements and relateddocuments, which generally include provisions that:

• all funds, futures and open or cash positionscarried for the Fund are held as security forthe Fund’s obligations to the CommodityBroker;

• the margins required to initiate or maintainopen positions are as from time-to-timeestablished by the Commodity Broker andmay exceed exchange minimum levels; and

• the Commodity Broker may close outpositions, purchase futures or cancel ordersat any time it deems necessary for itsprotection, without the consent of the Truston behalf of the Fund.

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As custodian of the Fund’s assets, theCommodity Broker is responsible, among otherthings, for providing periodic accountings of alldealings and actions taken by the Trust on behalf ofthe Fund during the reporting period, together withan accounting of all securities, cash or otherindebtedness or obligations held by it or its nomineesfor or on behalf of the Fund.

Administrative functions provided by theCommodity Broker to the Fund include, but are notlimited to, preparing and transmitting dailyconfirmations of transactions and monthly statementsof account, calculating equity balances and marginrequirements.

As long as the Brokerage Agreement betweenthe Commodity Broker and the Trust, on behalf ofthe Fund, is in effect, the Commodity Broker will notcharge the Fund a fee for any of the services it hasagreed to perform, except for the agreed uponbrokerage fee.

The Brokerage Agreement is not exclusive andruns for successive one-year terms to be renewedautomatically each year unless terminated. TheBrokerage Agreement is terminable by the Trust, onbehalf of the Fund, or the Commodity Broker withoutpenalty upon thirty (30) days’ prior written notice(unless where certain events of default occur or thereis a material adverse change to the Fund’s financialposition, in which case only prior written notice isrequired to terminate the Brokerage Agreement).

The Brokerage Agreement provides that neitherthe Commodity Broker nor any of its managingdirectors, officers, employees or affiliates will beliable for any costs, losses, penalties, fines, taxes anddamages sustained or incurred by the Trust or theFund other than as a result of the CommodityBroker’s gross negligence or reckless or intentionalmisconduct or breach of such agreement.

Administration Agreement

Pursuant to the Administration Agreementbetween the Trust, on behalf of itself and on behalf ofthe Fund, and the Administrator, the Administratorperforms or supervises the performance of servicesnecessary for the operation and administration onbehalf of the Fund (other than making investmentdecisions), including receiving and processing ordersfrom Authorized Participants to create and redeemBaskets, net asset value calculations, accounting andother fund administrative services.

The Administration Agreement will continue ineffect from the commencement of trading operationsunless terminated on at least 90 days’ prior writtennotice by either party to the other party.Notwithstanding the foregoing, the Administratormay terminate the Administration Agreement withrespect to the Fund upon 30 days prior written noticeif the Fund has materially failed to perform itsobligations under the Administration Agreement orupon the termination of the Global CustodyAgreement.

The Administrator is both exculpated andindemnified under the Administration Agreement.

Except as otherwise provided in theAdministration Agreement, the Administrator willnot be liable for any costs, expenses, damages,liabilities or claims (including attorneys’ andaccountants’ fees) incurred by the Trust or the Fund,except those costs, expenses, damages, liabilities orclaims arising out of the Administrator’s own grossnegligence or willful misconduct. In no event will theAdministrator be liable to the Trust, the Fund or anythird party for special, indirect or consequentialdamages, or lost profits or loss of business, arisingunder or in connection with the AdministrationAgreement, even if previously informed of thepossibility of such damages and regardless of theform of action. The Administrator will not be liablefor any loss, damage or expense, including counselfees and other costs and expenses of a defenseagainst any claim or liability, resulting from, arisingout of, or in connection with its performance underthe Administration Agreement, including its actionsor omissions, the incompleteness or inaccuracy ofany Proper Instructions (as defined therein), or fordelays caused by circumstances beyond theAdministrator’s control, unless such loss, damage orexpense arises out of the gross negligence or willfulmisconduct of the Administrator.

Subject to limitations, the Trust and/or the Fundwill indemnify and hold harmless the Administratorfrom and against any and all costs, expenses,damages, liabilities and claims (including claimsasserted by the Trust or the Fund), and reasonableattorneys’ and accountants’ fees relating thereto,which are sustained or incurred or which may beasserted against the Administrator by reason of or asa result of any action taken or omitted to be taken bythe Administrator in good faith under theAdministration Agreement or in reliance upon (i) anylaw, act, regulation or interpretation of the same eventhough the same may thereafter have been altered,

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changed, amended or repealed, (ii) the registrationstatement or Prospectus, (iii) any Proper Instructions,or (iv) any opinion of legal counsel for the Fund orarising out of transactions or other activities of theFund which occurred prior to the commencement ofthe Administration Agreement; provided, that neitherthe Trust nor the Fund will indemnify theAdministrator for costs, expenses, damages,liabilities or claims for which the Administrator isliable under the preceding paragraph. This indemnitywill be a continuing obligation of the Trust, the Fundand their respective successors and assigns,notwithstanding the termination of theAdministration Agreement. Without limiting thegenerality of the foregoing, the Trust and the Fundwill indemnify the Administrator against and save theAdministrator harmless from any loss, damage orexpense, including counsel fees and other costs andexpenses of a defense against any claim or liability,arising from any one or more of the following:(i) errors in records or instructions, explanations,information, specifications or documentation of anykind, as the case may be, supplied to theAdministrator by any third-party described above orby or on behalf of the Fund; (ii) action or inactiontaken or omitted to be taken by the Administratorpursuant to Proper Instructions of the Trust, on behalfof the Fund, or otherwise without gross negligence orwillful misconduct; (iii) any action taken or omittedto be taken by the Administrator in good faith inaccordance with the advice or opinion of counsel forthe Trust or the Fund or its own counsel; (iv) anyimproper use by the Trust or the Fund or theirrespective agents, distributor or investment advisor ofany valuations or computations supplied by theAdministrator pursuant to the AdministrationAgreement; (v) the method of valuation and themethod of computing net asset value; or (vi) anyvaluations or net asset value provided by the Fund.

Actions taken or omitted in reliance on ProperInstructions, or upon any information, order,indenture, stock certificate, power of attorney,assignment, affidavit or other instrument believed bythe Administrator to be genuine or bearing thesignature of a person or persons believed to beauthorized to sign, countersign or execute the same,or upon the opinion of legal counsel for the Trust, onbehalf of the Fund, or its own counsel, will beconclusively presumed to have been taken or omittedin good faith.

Notwithstanding any other provision containedin the Administration Agreement, the Administratorwill have no duty or obligation with respect to,

including, without limitation, any duty or obligationto determine, or advise or notify the Fund of: (a) thetaxable nature of any distribution or amount receivedor deemed received by, or payable to the Fund;(b) the taxable nature or effect on the Fund or itsshareholders of any corporate actions, class actions,tax reclaims, tax refunds, or similar events; (c) thetaxable nature or taxable amount of any distributionor dividend paid, payable or deemed paid by theFund to their respective shareholders; or (d) the effectunder any federal, state, or foreign income tax lawsof the Fund making or not making any distribution ordividend payment, or any election with respectthereto.

Global Custody Agreement

The Bank of New York Mellon serves as theFund’s custodian, or Custodian. Pursuant to theGlobal Custody Agreement between the Trust, on itsown behalf and on behalf of the Fund, and theCustodian, or Custody Agreement, the Custodianserves as custodian of all securities and cash at anytime delivered to Custodian by the Fund during theterm of the Custody Agreement and has authorizedthe Custodian to hold its securities in registered formin its name or the name of its nominees. TheCustodian has established and will maintain one ormore securities accounts and cash accounts for theFund pursuant to the Custody Agreement. TheCustodian will maintain separate and distinct booksand records segregating the assets of the Fund.

The Trust, on behalf of the Fund, independently,and the Custodian may terminate the CustodyAgreement by giving to the other party a notice inwriting specifying the date of such termination,which will be not less than ninety (90) days after thedate of such notice. Upon termination thereof, theFund will pay to the Custodian such compensation asmay be due to the Custodian, and will likewisereimburse the Custodian for other amounts payableor reimbursable to the Custodian thereunder. TheCustodian will follow such reasonable oral or writteninstructions concerning the transfer of custody ofrecords, securities and other items as the Trust, onbehalf of the Fund, gives; provided, that (a) theCustodian will have no liability for shipping andinsurance costs associated therewith, and (b) fullpayment will have been made to the Custodian of itscompensation, costs, expenses and other amounts towhich it is entitled hereunder. If any securities orcash remain in any account, the Custodian maydeliver to the Trust, on behalf of the Fund, suchsecurities and cash. Except as otherwise provided

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herein, all obligations of the parties to each otherhereunder will cease upon termination of the CustodyAgreement.

The Custodian is both exculpated andindemnified under the Custody Agreement.

Except as otherwise expressly provided in theCustody Agreement, the Custodian will not be liablefor any costs, expenses, damages, liabilities orclaims, including attorneys’ and accountants’ fees, orlosses, incurred by or asserted against the Trust or theFund, except those losses arising out of the grossnegligence or willful misconduct of the Custodian.The Custodian will have no liability whatsoever forthe action or inaction of any depository. Subject tothe Custodian’s delegation of its duties to itsaffiliates, the Custodian’s responsibility with respectto any securities or cash held by a subcustodian islimited to the failure on the part of the Custodian toexercise reasonable care in the selection or retentionof such subcustodian in light of prevailing settlementand securities handling practices, procedures andcontrols in the relevant market. With respect to anylosses incurred by the Trust or the Fund as a result ofthe acts or the failure to act by any subcustodian(other than an affiliate of the Custodian), theCustodian will take appropriate action to recoversuch losses from such subcustodian; and theCustodian’s sole responsibility and liability to theTrust or the Fund will be limited to amounts soreceived from such subcustodian (exclusive of costsand expenses incurred by the Custodian). In no eventwill the Custodian be liable to the Trust or the Fundor any third-party for special, indirect orconsequential damages, or lost profits or loss ofbusiness, arising in connection with the CustodyAgreement.

The Trust, on behalf of the Fund, as applicable,will indemnify the Custodian and each subcustodianfor the amount of any tax that the Custodian, anysuch subcustodian or any other withholding agent isrequired under applicable laws (whether byassessment or otherwise) to pay on behalf of, or inrespect of income earned by or payments ordistributions made to or for the account of the Fund(including any payment of tax required by reason ofan earlier failure to withhold). The Custodian will, orwill instruct the applicable subcustodian or otherwithholding agent to, withhold the amount of any taxwhich is required to be withheld under applicable lawupon collection of any dividend, interest or otherdistribution made with respect to any security andany proceeds or income from the sale, loan or other

transfer of any security. In the event that theCustodian or any subcustodian is required underapplicable law to pay any tax on behalf of the Fund,the Custodian is hereby authorized to withdraw cashfrom any cash account in the amount required to paysuch tax and to use such cash, or to remit such cashto the appropriate subcustodian, for the timelypayment of such tax in the manner required byapplicable law.

The Trust, on its own behalf and on behalf ofthe Fund, will indemnify the Custodian and hold theCustodian harmless from and against any and alllosses sustained or incurred by or asserted against theCustodian by reason of or as a result of any action orinaction, or arising out of the Custodian’sperformance under the Custody Agreement,including reasonable fees and expenses of counselincurred by the Custodian in a successful defense ofclaims by the Fund; provided however, that the Trust,on its own behalf and on behalf of the Fund, asapplicable, will not indemnify the Custodian forthose losses arising out of the Custodian’s grossnegligence or willful misconduct. This indemnitywill be a continuing obligation of the Trust, on itsown behalf and on behalf of the Fund, as applicable,their successors and assigns, notwithstanding thetermination of the Custody Agreement.

Transfer Agency and Service Agreement

The Bank of New York Mellon serves as theFund’s transfer agent, or Transfer Agent. Pursuant tothe Transfer Agency and Service Agreement betweenthe Trust, the Trust on behalf of the Fund and theTransfer Agent, the Transfer Agent serves as theFund’s transfer agent, dividend or distributiondisbursing agent, and agent in connection withcertain other activities as provided under the TransferAgency and Service Agreement.

The term of the Transfer Agency and ServiceAgreement is one year from the effective date andwill automatically renew for additional one yearterms unless any party provides written notice oftermination (with respect to the Fund) at least ninety(90) days prior to the end of any one year term or,unless earlier terminated as provided below:

• Either party terminates prior to theexpiration of the initial term in the event theother party breaches any material provisionof the Transfer Agency and ServiceAgreement, including, without limitation inthe case of the Trust, on behalf of the Fund,

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its obligations to compensate the TransferAgent, provided that the non-breachingparty gives written notice of such breach tothe breaching party and the breaching partydoes not cure such violation within 90 daysof receipt of such notice.

• The Fund may terminate the TransferAgency and Service Agreement prior to theexpiration of the initial term upon ninety(90) days’ prior written notice in the eventthat the Managing Owner determines toliquidate the Trust or the Fund and terminateits registration with the Securities andExchange Commission other than inconnection with a merger or acquisition ofthe Trust.

The Transfer Agent will have no responsibilityand will not be liable for any loss or damage unlesssuch loss or damage is caused by its own grossnegligence or willful misconduct or that of itsemployees, or its breach of any of its representations.In no event will the Transfer Agent be liable forspecial, indirect or consequential damages regardlessof the form of action and even if the same wereforeseeable.

Pursuant to the Transfer Agency and ServiceAgreement, the Transfer Agent will not beresponsible for, and the Trust or the Fund willindemnify and hold the Transfer Agent harmlessfrom and against, any and all losses, damages, costs,charges, counsel fees, payments, expenses andliability, or Losses, arising out of or attributable to:

• All actions of the Transfer Agent or itsagents or subcontractors required to be takenpursuant to the Transfer Agency and ServiceAgreement, provided that such actions aretaken without gross negligence, or willfulmisconduct.

• The Trust’s or the Fund’s gross negligenceor willful misconduct.

• The breach of any representation orwarranty of the Trust thereunder.

• The conclusive reliance on or use by theTransfer Agent or its agents orsubcontractors of information, records,documents or services which (i) are receivedby the Transfer Agent or its agents orsubcontractors, and (ii) have been prepared,

maintained or performed by the Trust, on itsown behalf or on behalf of the Fund, or anyother person or firm on behalf of the Trustor the Fund including but not limited to anyprevious transfer agent or registrar.

• The conclusive reliance on, or the carryingout by the Transfer Agent or its agents orsubcontractors of any instructions orrequests of the Trust on behalf of the Fund.

• The offer or sale of Shares in violation ofany requirement under the federal securitieslaws or regulations or the securities laws orregulations of any state that such Shares beregistered in such state or in violation of anystop order or other determination or rulingby any federal agency or any state withrespect to the offer or sale of such Shares insuch state.

Distribution Services Agreement

ALPS Distributors provides certain distributionservices to the Fund. Pursuant to the DistributionServices Agreement between the Trust, with respectto the Fund and ALPS Distributors, ALPSDistributors assists the Managing Owner and theAdministrator with certain functions and dutiesrelating to distribution and marketing includingreviewing and approving marketing materials.

The date of the Distribution Services Agreementis the effective date and such Agreement willcontinue until two years from such date andthereafter will continue automatically for successiveannual periods, provided that such continuance isspecifically approved at least annually (i) by theManaging Owner with respect to the Fund or(ii) otherwise as provided under the DistributionServices Agreement. The Distribution ServicesAgreement is terminable without penalty on sixtydays’ written notice by the Managing Owner of theFund or by ALPS Distributors. The DistributionServices Agreement will automatically terminate inthe event of its assignment.

Pursuant to the Distribution ServicesAgreement, the Fund will indemnify ALPSDistributors as follows:

The Fund indemnifies and holds harmless ALPSDistributors and each of its directors and officers andeach person, if any, who controls ALPS Distributorswithin the meaning of Section 15 of the Securities

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Act, against any loss, liability, claim, damages orexpenses (including the reasonable cost ofinvestigating or defending any alleged loss, liability,claim, damages or expenses and reasonable counselfees incurred in connection therewith) arising byreason of any person acquiring any Shares, basedupon the ground that the registration statement,Prospectus, statement of additional information,Shareholder reports or other information filed ormade public by the Fund (as from time-to-timeamended) included an untrue statement of a materialfact or omitted to state a material fact required to bestated therein or necessary in order to make thestatements therein not misleading under theSecurities Act or any other statute or the commonlaw. However, the Fund does not indemnify ALPSDistributors or hold it harmless to the extent that thestatement or omission was made in reliance upon,and in conformity with, information furnished to theFund by or on behalf of ALPS Distributors. In nocase

• is the indemnity of the Fund in favor ofALPS Distributors or any personindemnified to be deemed to protect ALPSDistributors or any person against anyliability to the Fund or its security holders towhich ALPS Distributors or such personwould otherwise be subject by reason ofwillful misfeasance, bad faith or negligencein the performance of its duties or by reasonof its reckless disregard of its obligationsand duties under the Distribution ServicesAgreement, or

• is the Fund to be liable under its indemnityagreement contained in this paragraph withrespect to any claim made against ALPSDistributors or any person indemnifiedunless ALPS Distributors or the person, asthe case may be, will have notified the Fundin writing of the claim promptly after thesummons or other first written notificationgiving information of the nature of theclaims will have been served upon ALPSDistributors or any such person (or afterALPS Distributors or such person will havereceived notice of service on any designatedagent).

However, failure to notify the Fund of any claimwill not relieve the Fund from any liability which itmay have to any person against whom such action isbrought otherwise than on account of its indemnityagreement described herein. The Fund will be

entitled to participate at its own expense in thedefense, or, if it so elects, to assume the defense ofany suit brought to enforce any claims, and if theFund elects to assume the defense, the defense willbe conducted by counsel chosen by the Fund. In theevent the Fund elects to assume the defense of anysuit and retain counsel, ALPS Distributors, officersor directors or controlling person(s), defendant(s) inthe suit, will bear the fees and expenses of anyadditional counsel retained by them. If the Fundelects not to assume the defense of any suit, it willreimburse ALPS Distributors, officers or directors orcontrolling person(s) or defendant(s) in the suit forthe reasonable fees and expenses of any counselretained by them. The Fund agrees to notify ALPSDistributors promptly of the commencement of anylitigation or proceeding against it or any of itsofficers in connection with the issuance or sale of anyof the Shares.

Marketing Agreement

Invesco Distributors provides certain marketingservices to the Fund. Pursuant to the MarketingAgreement, as amended from time-to-time, betweenthe Managing Owner on behalf of the Fund, DeutscheBank AG, London Branch and Invesco Distributors,Invesco Distributors assists the Managing Owner andthe Administrator with certain functions and dutiessuch as providing various educational and marketingactivities regarding the Fund, primarily in thesecondary trading market, which activities include,but are not limited to, communicating the Fund’sname, characteristics, uses, benefits, and risks,consistent with this Prospectus. Invesco Distributorsdoes not open or maintain customer accounts orhandle orders for the Funds. Invesco Distributorsengages in public seminars, road shows, conferences,media interviews and distributing sales literature andother communications (including electronic media)regarding the Fund.

The effective date of the Marketing Agreementwill be the effective date of the registration statementand such Marketing Agreement will continue untilterminated. The Marketing Agreement is terminableupon written notice by the Managing Owner of theFund or by Invesco Distributors. The MarketingAgreement may be terminated upon 30 days’ priorwritten notice for cause as provided under theMarketing Agreement or upon 90 days’ prior writtennotice as provided under the Marketing Agreement.

The Marketing Agreement may not be assignedwithout the prior written consent of the parties to theMarketing Agreement.

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Pursuant to the Marketing Agreement, eachparty will indemnify and hold harmless the otherparties against all losses, claims, damages, liabilitiesor expenses (including reasonable fees anddisbursements of counsel) from any claim, demand,action or suit arising out of or in connection with theindemnifying party’s failure to comply withapplicable laws, rules and regulations in connectionwith performing its obligations; negligence or willfulmisconduct in carrying out its duties andresponsibilities; or material breach of the terms of theMarketing Agreement. The indemnities granted bythe parties will survive the termination of theMarketing Agreement. Additionally, the ManagingOwner and Deutsche Bank AG, London Branch willindemnify Invesco Distributors and hold InvescoDistributors harmless from any losses, claims,damages, liabilities or expenses (including reasonablefees and disbursements of counsel) from any claim,demand, action or suit arising out of or in connectionwith any product sales materials relating to the Fundprovided by the Managing Owner to InvescoDistributors.

Invesco Distributors will not perform anymarketing in respect of the Fund prior to InvescoDistributors’ receipt of written notice from theManaging Owner that the Fund’s registrationstatement has been declared effective by the SEC.

MATERIAL U.S. FEDERAL INCOME TAXCONSIDERATIONS

The following discussion describes the materialU.S. federal (and certain state and local) income taxconsiderations associated with the purchase,ownership and disposition of Shares as of the datehereof by U.S. Shareholders (as defined below) andnon-U.S. Shareholders (as defined below). Exceptwhere noted, this discussion deals only with Sharesheld as capital assets by Shareholders who acquiredShares by purchase and does not address specialsituations, such as those of:

• dealers in securities, commodities orcurrencies;

• financial institutions;

• regulated investment companies, or RICs,other than the status of the Fund as aqualified publicly traded partnership, orqualified PTP, within the meaning of theCode;

• real estate investment trusts;

• tax-exempt organizations;

• insurance companies;

• persons holding Shares as a part of ahedging, integrated or conversiontransaction or a straddle;

• traders in securities or commodities thatelect to use a mark-to-market method ofaccounting for their securities orcommodities holdings; or

• persons liable for alternative minimum tax.

Furthermore, the discussion below is based uponthe provisions of the Internal Revenue Code of 1986,as amended, or the Code, the Treasury Regulationspromulgated thereunder, or the Treasury Regulations,and administrative and judicial interpretationsthereof, all as of the date hereof, and such authoritiesmay be repealed, revoked, modified or subject todiffering interpretations, possibly on a retroactivebasis, so as to result in U.S. federal income taxconsequences different from those described below.

A “U.S. Shareholder” means a beneficial ownerof Shares that is for U.S. federal income taxpurposes:

• an individual citizen or resident of theUnited States;

• a corporation (or other entity taxable as acorporation) created or organized in orunder the laws of the United States or anystate thereof or the District of Columbia;

• an estate the income of which is subject toU.S. federal income taxation regardless ofits source; or

• a trust if it (1) is subject to the primarysupervision of a court within the UnitedStates and one or more U.S. persons havethe authority to control all substantialdecisions of such trust or (2) has a validelection in effect under applicable TreasuryRegulations to be treated as a U.S. person.

A “non-U.S. Shareholder” means a beneficialowner of Shares that is not a U.S. Shareholder.

If a partnership or other entity or arrangementtreated as a partnership for U.S. federal income taxpurposes holds Shares, the tax treatment of a partner

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in such partnership will generally depend upon thestatus of the partner and the activities of thepartnership. If you are a partner in a partnershipholding Shares, we urge you to consult your own taxadviser.

No statutory, administrative or judicial authoritydirectly addresses the treatment of Shares orinstruments similar to Shares for U.S. federal incometax purposes. As a result, we cannot assure you thatthe United States Internal Revenue Service, or theIRS, or the courts will agree with the taxconsequences described herein. A different treatmentfrom that described below could adversely affect theamount, timing and character of items of income,gain, loss or deduction in respect of an investment inthe Shares. If you are considering the purchase ofShares, we urge you to consult your own taxadviser concerning the particular U.S. federalincome tax consequences to you of the purchase,ownership and disposition of Shares, as well asany consequences to you arising under the laws ofany other taxing jurisdiction.

Status of the Fund

Under current law and assuming full compliancewith the terms of the Trust Declaration andapplicable law (and other relevant documents), in theopinion of Sidley Austin LLP, the Fund will beclassified as a partnership for U.S. federal income taxpurposes. Accordingly, subject to the discussionbelow regarding publicly traded partnerships, theFund will not be a taxable entity for U.S. federalincome tax purposes and will not incur U.S. federalincome tax liability.

Special Rules for Publicly Traded Partnerships

A partnership is not a taxable entity and incursno U.S. federal income tax liability. Section 7704 ofthe Code provides that publicly traded partnershipswill, as a general rule, be taxed as corporations.However, an exception exists with respect to publiclytraded partnerships of which 90% or more of thegross income during each taxable year consists of“qualifying income” within the meaning ofSection 7704(d) of the Code, or the qualifyingincome exception. Qualifying income includesdividends, interest, capital gains from the sale orother disposition of stocks and debt instruments and,in the case of a partnership (such as the Fund) aprincipal activity of which is the buying and sellingof commodities or futures contracts with respect tocommodities, income and gains derived from

commodities or futures contracts with respect tocommodities. The Fund anticipates that at least 90%of its gross income for each taxable year willconstitute qualifying income within the meaning ofSection 7704(d) of the Code.

There can be no assurance that the IRS will notassert that the Fund should be treated as a publiclytraded partnership taxable as a corporation. No rulinghas been or will be sought from the IRS, and the IRShas made no determination as to the status of the Fundfor U.S. federal income tax purposes or whether theFund’s operations generate “qualifying income” underSection 7704(d) of the Code. Whether the Fund willcontinue to meet the qualifying income exception is amatter that will be determined by the Fund’soperations and the facts existing at the time of futuredeterminations. However, the Fund’s ManagingOwner will use its best efforts to cause the Fund tooperate in such manner as is necessary for the Fund tocontinue to meet the qualifying income exception.

If the Fund were taxable as a corporation in anytaxable year, either as a result of a failure to meet thequalifying income exception described above orotherwise, the Fund’s items of income, gain, loss anddeduction would be reflected only on its tax returnrather than being passed through to the Shareholders,and the Fund’s net income would be taxed to it at theincome tax rates applicable to domestic corporations.In addition, if the Fund were taxable as a corporation,any distribution made by the Fund to a Shareholderwould be treated as taxable dividend income, to theextent of the Fund’s current or accumulated earningsand profits, or, in the absence of current andaccumulated earnings and profits, as a nontaxablereturn of capital to the extent of the Shareholder’s taxbasis in its Shares, or as taxable capital gain, after theShareholder’s tax basis in its Shares is reduced tozero. Taxation of the Fund as a corporation couldresult in a material reduction in a Shareholder’s cashflow and after-tax return and thus could result in asubstantial reduction of the value of the Shares.

The discussion below is based on Sidley AustinLLP’s opinion that the Fund will be classified as apartnership for U.S. federal income tax purposes thatis not subject to corporate income tax for U.S. federalincome tax purposes.

U.S. Shareholders

Treatment of Fund Income

A partnership does not incur U.S. federalincome tax liability. Instead, each partner of a

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partnership is required to take into account its shareof items of income, gain, loss, deduction and otheritems of the partnership. Accordingly, eachShareholder will be required to include in income itsallocable share of the Fund’s income, gain, loss,deduction and other items for the Fund’s taxable yearending with or within its taxable year. In computing apartner’s U.S. federal income tax liability, the itemsmust be included, regardless of whether cashdistributions are made by the partnership. Thus,Shareholders may be required to take into accounttaxable income without a corresponding currentreceipt of cash if the Fund generates taxable incomebut does not make cash distributions in an amountequal to the taxable income, or if the Shareholder isnot able to deduct, in whole or in part, theShareholder’s allocable share of the Fund’s expensesor capital losses. The Fund’s taxable year will end onDecember 31 unless otherwise required by law. TheFund will use the accrual method of accounting.

Shareholders will take into account theirrespective shares of ordinary income realized by theFund from accruals of interest on U.S. Treasury bills,or T-Bills, held in the Fund’s portfolio. The Fundmay hold T-Bills or other debt instruments with“acquisition discount” or “original issue discount”, inwhich case Shareholders will be required to includeaccrued amounts in taxable income on a current basiseven though receipt of those amounts may occur in asubsequent year. The Fund may also acquire debtinstruments with “market discount.” Upondisposition of such obligations, gain will generally berequired to be treated as interest income to the extentof the market discount and Shareholders will berequired to include as ordinary income their share ofthe market discount that accrued during the periodthe obligations were held by the Fund.

It is expected that a substantial portion of thefutures on the Index Commodities held by the Fundwill constitute Section 1256 Contracts (as definedbelow). The Code generally applies a“mark-to-market” system of taxing unrealized gainsand losses on and otherwise provides for special rulesof taxation with respect to futures and other contractsthat are Section 1256 Contracts. A Section 1256Contract includes certain regulated futures contracts.Section 1256 Contracts held by the Fund at the end ofa taxable year of the Fund will be treated forU.S. federal income tax purposes as if they were soldby the Fund at their fair market value on the lastbusiness day of the taxable year. The net gain or loss,if any, resulting from these deemed sales (known as“marking-to-market”), together with any gain or loss

resulting from any actual sales of Section 1256Contracts (or other termination of the Fund’sobligations under such contracts), must be taken intoaccount by the Fund in computing its taxable incomefor the year. If a Section 1256 Contract held by theFund at the end of a taxable year is sold in thefollowing year, the amount of any gain or lossrealized on the sale will be adjusted to reflect the gainor loss previously taken into account under themark-to-market rules.

Capital gains and losses from Section 1256Contracts generally are characterized as short-termcapital gains or losses to the extent of 40% of thegains or losses and as long-term capital gains orlosses to the extent of 60% of the gains or losses.Thus, Shareholders will generally take into accounttheir pro rata share of the long-term capital gains andlosses and short-term capital gains and losses fromSection 1256 Contracts held by the Fund and takeninto account by the Fund in computing its taxableincome. If a non-corporate taxpayer incurs a netcapital loss for a year, the portion of the loss, if any,which consists of a net loss on Section 1256Contracts may, at the election of the taxpayer, becarried back three years. A loss carried back to a yearby a non-corporate taxpayer may be deducted only tothe extent (1) the loss does not exceed the net gain onSection 1256 Contracts for the year and (2) theallowance of the carryback does not increase orproduce a net operating loss for the year.

Any futures on Index Commodities held by theFund that are not classified as Section 1256 Contractswill not be subject to the year end “mark-to-market”rules of Section 1256, as described above.Accordingly, any long-term or short-term capitalgains or losses with respect to such futures held bythe Fund that are not classified as Section 1256Contracts will only be recognized by the Fund whensuch futures positions are assigned or closed (byoffset or otherwise). The applicable holding periodfor qualification for long-term capital gain or losstreatment for the commodity futures held by the Fundthat are not Section 1256 Contracts is more than sixmonths (rather than the more than one year holdingperiod applicable to other capital assets).

Allocation of the Fund’s Profits and Losses

For U.S. federal income tax purposes, aShareholder’s distributive share of the Fund’sincome, gain, loss, deduction and other items will bedetermined by the Trust’s Declaration of Trust,unless an allocation under either agreement does not

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have “substantial economic effect,” in which case theallocations will be determined in accordance with the“partners’ interests in the partnership.” Subject to thediscussion below under “-Monthly Allocation andRevaluation Conventions and Transferor/TransfereeAllocations” and “-Section 754 Election,” theallocations pursuant to the Trust’s Declaration ofTrust should be considered to have substantialeconomic effect or deemed to be made in accordancewith the partners’ interests in the Fund.

If the allocations provided by the Trust’sDeclaration of Trust were successfully challenged bythe IRS, the amount of income or loss allocated toShareholders for U.S. federal income tax purposesunder the Declaration of Trust could be increased orreduced or the character of the income or loss couldbe modified or both.

As described in more detail below, theU.S. federal income tax rules that apply topartnerships are complex and their application is notalways clear. Additionally, the rules generally werenot written for, and in some respects are difficult toapply to, publicly traded partnerships. The Fund willapply certain assumptions and conventions intendedto comply with the intent of the rules and to reportincome, gain, loss, deduction and credit toShareholders in a manner that reflects the economicgains and losses, but these assumptions andconventions may not comply with all aspects of theapplicable Treasury Regulations. It is possibletherefore that the IRS will successfully assert thatassumptions made and/or conventions used do notsatisfy the technical requirements of the Code or theTreasury Regulations and will require that tax itemsbe adjusted or reallocated in a manner that couldadversely impact Shareholders.

Monthly Allocation and RevaluationConventions and Transferor/TransfereeAllocations

In general, the Fund’s taxable income and losseswill be determined monthly and will be apportionedamong the Shareholders in proportion to the numberof Shares owned by each of them as of the close ofthe last trading day of the preceding month. Byinvesting in Shares, a U.S. Shareholder agrees that, inthe absence of an administrative determination orjudicial ruling to the contrary, it will report incomeand loss under the monthly allocation and revaluationconventions described below.

Under the monthly allocation convention,whomever is treated for U.S. federal income tax

purposes as holding Shares as of the close of the lasttrading day of the preceding month will be treated ascontinuing to hold the Shares until immediatelybefore the close of the last trading day of thefollowing month. With respect to any Shares thatwere not treated as outstanding as of the close of thelast trading day of the preceding month, the firstperson that is treated as holding such Shares (otherthan an underwriter or other person holding in asimilar capacity) for U.S. federal income taxpurposes will be treated as holding such Shares forthis purpose as of the close of the last trading day ofthe preceding month. As a result, a Shareholder whohas disposed of Shares prior to the close of the lasttrading day of a month may be allocated items ofincome, gain, loss and deduction realized after thedate of transfer.

Section 706 of the Code generally requires thatitems of partnership income and deductions beallocated between transferors and transferees ofpartnership interests on a daily basis. It is possiblethat transfers of Shares could be considered to occurfor U.S. federal income tax purposes when thetransfer is completed without regard to the Fund’smonthly convention for allocating income anddeductions. If this were to occur, the Fund’sallocation method might be considered a monthlyconvention that does not literally comply with thatrequirement. If the IRS treats transfers of Shares asoccurring throughout each month and a monthlyconvention is not allowed by the TreasuryRegulations (or only applies to transfers of less thanall of a Shareholder’s Shares) or if the IRS otherwisedoes not accept the Fund’s convention, the IRS maycontend that taxable income or losses of the Fundmust be reallocated among the Shareholders. If sucha contention was sustained, the Shareholders’respective tax liabilities would be adjusted to thepossible detriment of certain Shareholders. TheManaging Owner is authorized to revise the Fund’smethods of allocation between transferors andtransferees (as well as among Shareholders whoseinterests otherwise vary during a taxable period).

In addition, for any month in which a creation orredemption of Shares takes place, the Fund generallywill credit or debit, respectively, the “book” capitalaccounts of the existing Shareholders with anyunrealized gain or loss in the Fund’s assets. This willresult in the allocation of the Fund’s items of income,gain, loss, deduction and credit to existingShareholders to account for the difference betweenthe tax basis and fair market value of property ownedby the Fund at the time new Shares are issued or old

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Shares are redeemed, or reverse Section 704(c)allocations. The intended effect of these allocations isto allocate any built-in gain or loss in the Fund’sassets at the time of a creation or redemption ofShares to the investors that economically have earnedsuch gain or loss.

As with the other allocations described above,the Fund generally will use a monthly convention forpurposes of the reverse Section 704(c) allocations.More specifically, the Fund generally will credit ordebit, respectively, the “book” capital accounts of theexisting Shareholders with any unrealized gain orloss in the Fund’s assets based on a calculationutilizing the average price of the Shares during themonth in which the creation or redemptiontransaction takes place, rather than the fair marketvalue of its assets at the time of such creation orredemption, or the revaluation convention. As aresult, it is possible that, for U.S. federal income taxpurposes, (i) a purchaser of newly issued Shares willbe allocated some or all of the unrealized gain in theFund’s assets at the time it acquires the Shares or(ii) an existing Shareholder will not be allocated itsentire share in the unrealized loss in the Fund’s assetsat the time of such acquisition. Furthermore, theapplicable Treasury Regulations generally requirethat the “book” capital accounts be adjusted based onthe fair market value of partnership property on thedate of adjustment and do not explicitly allow theadoption of a monthly revaluation convention.

The Code and applicable Treasury Regulationsgenerally require that items of partnership incomeand deductions be allocated between transferors andtransferees of partnership interests on a daily basis,and that adjustments to “book” capital accounts bemade based on the fair market value of partnershipproperty on the date of adjustment. The Code andTreasury Regulations do not contemplate monthlyallocation or revaluation conventions. If the IRS doesnot accept the Fund’s monthly allocation orrevaluation convention, the IRS may contend thattaxable income or losses of the Fund must bereallocated among the Shareholders of the Fund. Ifsuch a contention were sustained, the Shareholders’respective tax liabilities would be adjusted to thepossible detriment of certain Shareholders. TheManaging Owner is authorized to revise the Fund’sallocation and revaluation methods in order tocomply with applicable law or to allocate items ofpartnership income and deductions in a manner thatreflects more accurately the Shareholders’ interests inthe Fund.

Section 754 Election

The Fund has made the election permitted bySection 754 of the Code. Such an election, oncemade, is irrevocable without the consent of the IRS.The making of the Section 754 election by the Fundwill generally have the effect of requiring a purchaserof Shares to adjust its proportionate share of the basisin the Fund’s assets, or the inside basis, pursuant toSection 743(b) of the Code to fair market value (asreflected in the purchase price for the purchaser’sShares), as if it had acquired a direct interest in theFund’s assets. The Section 743(b) adjustment isattributed solely to a purchaser of Shares and is notadded to the bases of the Fund’s assets associatedwith all of the other Shareholders. Depending on therelationship between a Shareholder’s purchase pricefor Shares and its unadjusted share of the Fund’sinside basis at the time of the purchase, theSection 754 election may be either advantageous ordisadvantageous to the Shareholder as compared tothe amount of gain or loss a Shareholder would beallocated absent the Section 754 election.

The calculations under Section 754 of the Codeare complex, and there is little legal authorityconcerning the mechanics of the calculations,particularly in the context of publicly tradedpartnerships. To help reduce the complexity of thosecalculations and the resulting administrative costs,the Fund will apply certain conventions indetermining and allocating the Section 743 basisadjustments. It is possible that the IRS willsuccessfully assert that some or all of suchconventions utilized by the Fund do not satisfy thetechnical requirements of the Code or the TreasuryRegulations and, thus, will require different basisadjustments to be made. If the IRS were to sustainsuch a position, a Shareholder may have adverse taxconsequences.

In order to make the basis adjustments permittedby Section 754, the Fund will be required to obtaininformation regarding each Shareholder’s secondarymarket transactions in Shares as well as creations andredemptions of Shares. The Fund will seek therequested information from the record Shareholders,and, by purchasing Shares, each beneficial owner ofShares will be deemed to have consented to theprovision of the information by the record owner ofthe beneficial owner’s Shares. Notwithstanding theforegoing, however, there can be no guarantee thatthe Fund will be able to obtain such information fromrecord owners or other sources, or that the basisadjustments that the Fund makes based on the

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information it is able to obtain will be effective ineliminating disparity between a Shareholder’s outsidebasis in its Shares and its interest in the inside basisin the Fund’s assets.

Constructive Termination

The Fund will experience a constructivetermination for tax purposes if there is a sale orexchange of 50 percent or more of the total Shares inthe Fund within a 12-month period. A constructivetermination results in the closing of the Fund’staxable year for all Shareholders in the Fund. In thecase of a Shareholder reporting on a taxable yearother than the taxable year used by the Fund (whichis a fiscal year ending December 31), the earlyclosing of the Fund’s taxable year may result in morethan 12 months of its taxable income or loss beingincludable in the Shareholder’s taxable income forthe year of termination. The Fund would be requiredto make new tax elections after a termination,including a new election under Section 754. Atermination could also result in penalties if the Fundwere unable to determine that the termination hadoccurred.

Treatment of Distributions

Distributions of cash by a partnership aregenerally not taxable to the distributee to the extentthe amount of cash does not exceed the distributee’stax basis in its partnership interest. Thus, any cashdistributions made by the Fund will be taxable to aShareholder only to the extent the distributionsexceed the Shareholder’s tax basis in the Shares it istreated as owning (see “— Tax Basis in Fund Shares”below). Any cash distributions in excess of aShareholder’s tax basis generally will be consideredto be gain from the sale or exchange of the Shares(see “— Disposition of Shares” below).

Creation and Redemption of Share Baskets

Shareholders, other than Authorized Participants(or holders for which an Authorized Participant isacting), generally will not recognize gain or loss as aresult of an Authorized Participant’s creation orredemption of a Basket. If the Fund disposes of assetsin connection with the redemption of a Basket,however, the disposition may give rise to gain or lossthat will be allocated in part to Shareholders. AnAuthorized Participant’s creation or redemption of aBasket also may affect a Shareholder’s share of theFund’s tax basis in its assets, which could affect the

amount of gain or loss allocated to the Shareholderon the sale or disposition of portfolio assets by theFund.

Disposition of Shares

If a U.S. Shareholder transfers Shares and suchtransfer is a sale or other taxable disposition, theU.S. Shareholder will generally be required torecognize gain or loss measured by the differencebetween the amount realized on the sale and theU.S. Shareholder’s adjusted tax basis in the Sharessold. The amount realized will include an amountequal to the U.S. Shareholder’s share of the Fund’sliabilities, as well as any proceeds from the sale. Thegain or loss recognized will generally be taxable ascapital gain or loss. Capital gain of non-corporateU.S. Shareholders is eligible to be taxed at reducedrates where the Shares sold are considered held formore than one year. Capital gain of corporateU.S. Shareholders is taxed at the same rate asordinary income. Any capital loss recognized by aU.S. Shareholder on a sale of Shares will generallybe deductible only against capital gains, except that anon-corporate U.S. Shareholder may also offset up to$3,000 per year of ordinary income with capitallosses.

Tax Basis in Fund Shares

A U.S. Shareholder’s initial tax basis in itsShares will equal the sum of (a) the amount of cashpaid by the U.S. Shareholder for its Shares and(b) the U.S. Shareholder’s share of the Fund’sliabilities. A U.S. Shareholder’s tax basis in itsShares will be increased by (a) theU.S. Shareholder’s share of the Fund’s taxableincome, including capital gain, (b) theU.S. Shareholder’s share of the Fund’s income, ifany, that is exempt from tax and (c) any increase inthe U.S. Shareholder’s share of the Fund’s liabilities.A U.S. Shareholder’s tax basis in Shares will bedecreased (but not below zero) by (a) the amount ofany cash distributed (or deemed distributed) to theU.S. Shareholder, (b) the U.S. Shareholder’s share ofthe Fund’s losses and deductions, (c) theU.S. Shareholder’s share of the Fund’s expendituresthat are neither deductible nor properly chargeable toits capital account and (d) any decrease in theU.S. Shareholder’s share of the Fund’s liabilities.

Limitations on Interest Deductions

The deductibility of a non-corporateU.S. Shareholder’s “investment interest expense” isgenerally limited to the amount of the Shareholder’s

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“net investment income.” Investment interest expensewill generally include interest expense incurred bythe Fund, if any, and investment interest expenseincurred by the U.S. Shareholder on any marginaccount borrowing or other loan incurred to purchaseor carry Shares. Net investment income includesgross income from property held for investment andamounts treated as portfolio income, such asdividends and interest, less deductible expenses,other than interest, directly connected with theproduction of investment income. For this purpose,any long-term capital gain or qualifying dividendincome that is taxable at long-term capital gains ratesis excluded from net investment income unless theU.S. Shareholder elects to pay tax on such capitalgain or dividend income at ordinary income rates.

Organization, Syndication and Other Expenses

In general, expenses incurred that are considered“miscellaneous itemized deductions” may bededucted by a U.S. Shareholder that is an individual,estate or trust only to the extent that they exceed 2%of the adjusted gross income of the U.S. Shareholder.The Code imposes additional limitations on theamount of certain itemized deductions allowable toindividuals, by reducing the otherwise allowableportion of such deductions by an amount equal to thelesser of:

• 3% of the individual’s adjusted grossincome in excess of certain thresholdamounts; or

• 80% of the amount of certain itemizeddeductions otherwise allowable for thetaxable year.

In addition, these expenses are also notdeductible in determining the alternative minimumtax liability of a U.S. Shareholder. The Fund willreport its expenses on a pro rata basis to theShareholders, and each U.S. Shareholder willdetermine separately to what extent they aredeductible on the U.S. Shareholder’s tax return. AU.S. Shareholder’s inability to deduct all or a portionof the expenses could result in an amount of taxableincome to the U.S. Shareholder with respect to theFund that exceeds the amount of cash actuallydistributed to such U.S. Shareholder for the year. It isanticipated that management fees the Fund will paywill constitute miscellaneous itemized deductions.

Under Section 709(b) of the Code, amounts paidor incurred to organize a partnership may, at the

election of the partnership, be treated as deferredexpenses, which are allowed as a deduction ratablyover a period of 180 months. The Fund has made aSection 709(b) election. A non-corporateU.S. Shareholder’s allocable share of theorganizational expenses will constitute miscellaneousitemized deductions. Expenditures in connection withthe issuance and marketing of Shares (so called“syndication fees”) are not eligible for the 180-monthamortization provision and are not deductible.

Passive Activity Income and Loss

Individuals are subject to certain “passiveactivity loss” rules under Section 469 of the Code.Under these rules, losses from a passive activitygenerally may not be used to offset income derivedfrom any source other than passive activities. Lossesthat cannot be currently used under this rule maygenerally be carried forward. Upon an individual’sdisposition of an interest in the passive activity, theindividual’s unused passive losses may generally beused to offset other (i.e., non-passive) income. Undercurrent Treasury Regulations, income or loss fromthe Fund’s investments generally will not constituteincome or losses from a passive activity. Therefore,income or loss realized by Shareholders will not beavailable to offset a U.S. Shareholder’s passive lossesor passive income from other sources.

Reporting by the Fund to its Shareholders

The Fund will file a partnership tax return.Accordingly, tax information will be provided toShareholders on Schedule K-1 for each calendar yearas soon as practicable after the end of such taxableyear but in no event later than March 15. EachSchedule K-1 provided to a Shareholder will set forththe Shareholder’s share of the Fund’s tax items (i.e.,interest income from T-Bills, short-term and long-term capital gain or loss with respect to the futurescontracts, and investment expenses for the year) in amanner sufficient for a U.S. Shareholder to completeits tax return with respect to its investment in theShares.

Each Shareholder, by its acquisition of Shares,will be deemed to agree to allow brokers andnominees to provide to the Fund its name and addressand the other information and forms as may bereasonably requested by the Fund for purposes ofcomplying with their tax reporting and withholdingobligations (and to waive any confidentiality rightswith respect to the information and forms for thispurpose) and to provide information or forms uponrequest.

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Given the lack of authority addressing structuressimilar to that of the Fund, it is not certain that theIRS will agree with the manner in which taxreporting by the Fund will be undertaken. Therefore,Shareholders should be aware that future IRSinterpretations or revisions to Treasury Regulationscould alter the manner in which tax reporting by theFund and any nominee will be undertaken.

Audits and Adjustments to Tax Liability

Any challenge by the IRS to the tax treatmentby a partnership of any item must be conducted at thepartnership, rather than at the partner, level. Apartnership ordinarily designates a “tax matterspartner” (as defined under Section 6231 of the Code)as the person to receive notices and to act on itsbehalf in the conduct of such a challenge or audit bythe IRS.

Pursuant to the governing documents, theManaging Owner has been appointed the “tax matterspartner” of the Fund for all purposes of the Code.The tax matters partner, which is required by theTrust Declaration to notify all U.S. Shareholders ofany U.S. federal income tax audit of the Fund, hasthe authority under the Trust Declaration to conductany IRS audits of the Fund’s tax returns or other taxrelated administrative or judicial proceedings and tosettle or further contest any issues in suchproceedings. The decision in any proceeding initiatedby the tax matters partner will be binding on allU.S. Shareholders. As the tax matters partner, theManaging Owner has the right on behalf of allShareholders to extend the statute of limitationsrelating to the Shareholders’ U.S. federal income taxliabilities with respect to Fund items.

A U.S. federal income tax audit of the Fund’spartnership tax return may result in an audit of thereturns of the U.S. Shareholders, which, in turn,could result in adjustments of items of a Shareholderthat are unrelated to the Fund as well as to the Fund’srelated items. In particular, there can be no assurancethat the IRS, upon an audit of a partnership tax returnof the Fund or of an income tax return of aU.S. Shareholder, might not take a position thatdiffers from the treatment thereof by the Fund. AU.S. Shareholder would be liable for interest on anydeficiencies that resulted from any adjustments.Prospective U.S. Shareholders should also recognizethat they might be forced to incur substantial legaland accounting costs in resisting any challenge by theIRS to items in their individual returns, even if thechallenge by the IRS should prove unsuccessful.

Non-U.S. Shareholders

The Fund will conduct its activities in such amanner that a non-U.S. Shareholder who is nototherwise carrying on a trade or business in theUnited States will not be considered to be engaged ina trade or business in the United States as a result ofan investment in the Shares. A non-U.S.Shareholder’s share of the interest income realized bythe Fund on its holdings of T-Bills will be exemptfrom U.S. withholding tax provided thenon-U.S. Shareholder certifies on IRSForm W-8BEN (or other applicable form) that theShareholder is not a U.S. person, provides name andaddress information and otherwise satisfiesapplicable documentation requirements.

Non-U.S. Shareholders will not be subject toU.S. federal income tax on gains realized on the saleof Shares or on the non-U.S. Shareholder’s share ofthe Fund’s gains. However, in the case of anindividual non-U.S. Shareholder, thenon-U.S. Shareholder will be subject to U.S. federalincome tax on gains on the sale of Shares or thenon-U.S. Shareholder’s distributive share of gains ifthe non-U.S. Shareholder is present in the UnitedStates for 183 days or more during a taxable year andcertain other conditions are met.

Non-U.S. Shareholders that are individuals willbe subject to U.S. federal estate tax on the value ofU.S. situs property owned at the time of their death(unless a statutory exemption or tax treaty exemptionapplies). It is unclear whether partnership interests(such as the Shares) will be considered U.S. situsproperty. Accordingly, non-U.S. Shareholders maybe subject to U.S. federal estate tax on all or part ofthe value of the Shares owned at the time of theirdeath.

Non-U.S. Shareholders are advised to consulttheir own tax advisers with respect to the particulartax consequences to them of an investment in theShares.

Regulated Investment Companies

RICs may invest up to 25% of their assets in“qualified PTPs” and net income derived from suchinvestments is qualifying income under the incomesource test applicable to entities seeking to qualifyfor the special tax treatment available to RICs underthe Code. In addition, interests in a qualified PTP aretreated as issued by such PTP and a RIC is notrequired to look through to the underlying

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partnership assets when testing compliance with theasset diversification tests applicable to RICs underthe Code. The Fund anticipates that it will qualify asa qualified PTP for any taxable year in which theFund realizes sufficient gross income from itscommodities futures transactions. However,qualification of the Fund as a qualified PTP dependson performance of the Fund for the particular taxyear and there is no assurance that it will qualify in agiven year or that future results of the Fund willconform to prior experience. Additionally, there is, todate, no regulatory guidance on the application ofthese rules, and it is possible that future guidancemay adversely affect qualification of the Fund as aqualified PTP. In a 2005 revenue ruling, the IRSclarified that derivative contracts owned by a RICthat provide for a total-return exposure on acommodity index will not produce qualifying incomefor purposes of the RIC qualification rules. The IRSinterpretation set forth in such ruling, however, doesnot adversely affect the Fund’s ability to be treated asa qualified PTP for purposes of applying the RICqualification rules. RIC investors are urged tomonitor their investment in the Fund and consult witha tax advisor concerning the impact of such aninvestment on their compliance with the incomesource and asset diversification requirementsapplicable to RICs. The Fund will make available onthe Managing Owner’s website periodic taxinformation designed to enable RIC investors in itsShares to make a determination as to the Fund’sstatus under the qualified PTP rules.

Tax-Exempt Organizations

An organization that is otherwise exempt fromU.S. federal income tax is nonetheless subject totaxation with respect to its “unrelated businesstaxable income,” or UBTI. Except as noted belowwith respect to certain categories of exempt income,UBTI generally includes income or gain derived(either directly or through a partnership) from a tradeor business, the conduct of which is substantiallyunrelated to the exercise or performance of theorganization’s exempt purpose or function.

UBTI generally does not include passiveinvestment income, such as dividends, interest andcapital gains, whether realized by the organizationdirectly or indirectly through a partnership (such asthe Fund) in which it is a partner. This type ofincome is exempt, subject to the discussion of“unrelated debt-financed income” below, even if it isrealized from securities trading activity thatconstitutes a trade or business.

UBTI includes not only trade or businessincome or gain as described above, but also“unrelated debt-financed income.” This latter type ofincome generally consists of (1) income derived byan exempt organization (directly or through apartnership) from income producing property withrespect to which there is “acquisition indebtedness”at any time during the taxable year and (2) gainsderived by an exempt organization (directly orthrough a partnership) from the disposition ofproperty with respect to which there is acquisitionindebtedness at any time during the twelve-monthperiod ending with the date of the disposition.

All of the income realized by the Fund isexpected to be short-term or long-term capital gainincome, interest income or other passive investmentincome of the type specifically exempt from UBTI asdiscussed above. The Fund will not borrow funds forthe purpose of acquiring or holding any investmentsor otherwise incur “acquisition indebtedness” withrespect to such investments. Therefore, a tax-exemptentity purchasing Shares will not incur any UBTI byreason of its investment in the Shares or upon sale ofsuch Shares provided that such tax-exempt entitydoes not borrow funds for the purpose of investing inthe Shares.

Certain State and Local Taxation Matters

Prospective Shareholders should consider, inaddition to the U.S. federal income tax consequencesdescribed, potential state and local tax considerationsin investing in the Shares.

State and local laws often differ fromU.S. federal income tax laws with respect to thetreatment of specific items of income, gain, loss,deduction and credit. A Shareholder’s distributiveshare of the taxable income or loss of the Fundgenerally will be required to be included indetermining its reportable income for state and localtax purposes in the jurisdiction in which theShareholder is a resident. The Fund may conductbusiness in one or more jurisdictions that will subjecta Shareholder to tax (and require a Shareholder to filean income tax return with the jurisdiction in respectto the Shareholder’s share of the income derivedfrom that business). A prospective Shareholdershould consult its tax adviser with respect to theavailability of a credit for such tax in the jurisdictionin which the Shareholder is resident.

The Fund should not be subject to the New YorkCity unincorporated business tax because such tax is

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not imposed on an entity that is primarily engaged inthe purchase and sale of financial instruments andsecurities for its “own account.” By reason of asimilar “own account” exemption, it is also expectedthat a nonresident individual U.S. Shareholder shouldnot be subject to New York State personal incometax with respect to his or her share of income or gainrecognized by the Fund. A nonresident individualU.S. Shareholder will not be subject to New YorkCity earnings tax on nonresidents with respect to hisor her investment in the Fund. New York State andNew York City residents will be subject to New YorkState and New York City personal income tax ontheir income recognized in respect of Shares.Because the Fund may conduct its business, in part,in New York City, corporate U.S. Shareholdersgenerally will be subject to the New York franchisetax and the New York City general corporation taxby reason of their investment in the Fund, unlesscertain exemptions apply. However, pursuant toapplicable regulations, non-New York corporateU.S. Shareholders not otherwise subject to New YorkState franchise tax or New York City generalcorporation tax should not be subject to these taxessolely by reason of investing in shares based onqualification of the Fund as a “portfolio investmentpartnership” under applicable rules. No ruling fromthe New York State Department of Taxation andFinance or the New York City Department ofFinance has been, or will be, requested regardingsuch matters.

Backup Withholding

The Fund is required in certain circumstances tobackup withhold on certain payments paid tonon-corporate Shareholders that do not furnish theFund with their correct taxpayer identificationnumber (in the case of individuals, their socialsecurity number) and certain certifications, or whoare otherwise subject to backup withholding. Backupwithholding is not an additional tax. Any amountswithheld from payments made to a Shareholder maybe refunded or credited against the Shareholder’sU.S. federal income tax liability, if any, provided thatthe required information is furnished to the IRS in atimely manner.

Shareholders should be aware that certainaspects of the U.S. federal, state and local income taxtreatment regarding the purchase, ownership anddisposition of Shares are not clear under existing law.Thus, Shareholders are urged to consult their own taxadvisers to determine the tax consequences ofownership of the Shares in their particular

circumstances, including the application ofU.S. federal, state, local and foreign tax laws.

HIRE Act

The Hiring Incentives to Restore EmploymentAct (the “HIRE Act”) will (i) require certain foreignentities that are foreign financial institutions (asdefined in Section 1471(d)(4) of the Code) to enterinto an agreement with the IRS to disclose to the IRSthe name, address and tax identification number ofcertain U.S. persons who own an interest in theforeign entity and require certain other foreignentities to provide certain other information; and(ii) impose a 30% withholding tax on certainpayments of U.S. source income and proceeds fromthe sale of property that produces U.S. source interestor dividends if the foreign entity fails to enter into theagreement or satisfy its obligations under thelegislation. Non-U.S. Shareholders are encouraged toconsult with their own tax advisors regarding thepossible implications of the HIRE Act on aninvestment in the Fund.

Medicare Tax

Other recently enacted legislation will impose a3.8% tax on the net investment income (as defined inthe Code) of certain individuals, trusts and estates,for taxable years beginning after December 31, 2012.U.S. Shareholders are encouraged to consult withtheir own advisors regarding the possibleimplications of this legislation on an investment inthe Fund.

Tax Agent

The beneficial owners who are of a type, asidentified by the nominee through whom their Sharesare held, that do not ordinarily have U.S. federal taxreturn filing requirements (collectively, “Certain K-1Unitholders”) have designated the Managing Owneras their tax agent (the “Tax Agent”) in dealing withthe Trust. In light of such designation and pursuant toTreasury Regulation section 1.6031(b)-1T(c), asamended from time to time, the Trust will provide tothe Tax Agent Certain K-1 Unitholders’ statements(as such term is defined under Treasury Regulationsection 1.6031(b)-1T(a)(3)), as amended from time totime).

PROSPECTIVE INVESTORS ARE URGED TOCONSULT THEIR TAX ADVISERS BEFOREDECIDING WHETHER TO INVEST IN THESHARES.

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PURCHASES BY EMPLOYEE BENEFITPLANS

Although there can be no assurance that aninvestment in the Fund, or any other managed futuresproduct, will achieve the investment objectives of anemployee benefit plan in making such investment,futures investments have certain features which maybe of interest to such a plan. For example, the futuresmarkets are one of the few investment fields in whichemployee benefit plans can participate in leveragedstrategies without being required to pay tax on“unrelated business taxable income.” See “MaterialU.S. Federal Income Tax Considerations- ‘Tax-Exempt Organizations’” at page 89. In addition,because they are not taxpaying entities, employeebenefit plans are not subject to paying annual tax onprofits (if any) of the Fund.

General

The following section sets forth certainconsequences under the Employee RetirementIncome Security Act of 1974, as amended, or ERISA,and the Code, which a fiduciary of an “employeebenefit plan” as defined in, and subject to thefiduciary responsibility provisions of, ERISA or of a“plan” as defined in and subject to Section 4975 ofthe Code who has investment discretion shouldconsider before deciding to invest the plan’s assets inthe Fund (such “employee benefit plans” and “plans”being referred to herein as “Plans,” and suchfiduciaries with investment discretion being referredto herein as “Plan Fiduciaries”). The followingsummary is not intended to be complete, but only toaddress certain questions under ERISA and the Codewhich are likely to be raised by the Plan Fiduciary’sown counsel.

In general, the terms “employee benefit plan” asdefined in ERISA and “plan” as defined inSection 4975 of the Code together refer to any planor account of various types which provide retirementbenefits or welfare benefits to an individual or to anemployer’s employees and their beneficiaries. Suchplans and accounts include, but are not limited to,corporate pension and profit-sharing plans,“simplified employee pension plans,” Keogh plansfor self-employed individuals (including partners),individual retirement accounts described inSection 408 of the Code and medical benefit plans.

Each Plan Fiduciary must give appropriateconsideration to the facts and circumstances that are

relevant to an investment in the Fund, including therole an investment in such Fund plays in the Plan’sinvestment portfolio. Each Plan Fiduciary, beforedeciding to invest in the Fund, must be satisfied thatsuch investment in such Fund is a prudent investmentfor the Plan, that the investments of the Plan,including the investment in the Fund, are diversifiedso as to minimize the risk of large losses and that aninvestment in the Fund complies with the documentsof the Plan and related trust.

EACH PLAN FIDUCIARY CONSIDERINGACQUIRING SHARES MUST CONSULT WITHITS OWN LEGAL AND TAX ADVISERS BEFOREDOING SO. AN INVESTMENT IN THE FUND ISSPECULATIVE AND INVOLVES A HIGHDEGREE OF RISK. THE FUND IS NOTINTENDED AS A COMPLETE INVESTMENTPROGRAM.

“Plan Assets”

ERISA and a regulation issued thereunder, orthe Plan Asset Rules, contain rules for determiningwhen an investment by a Plan in an entity will resultin the underlying assets of such entity being assets ofthe Plan for purposes of ERISA and Section 4975 ofthe Code (i.e., “plan assets”). Those rules providethat assets of an entity will not be plan assets of aPlan which purchases an interest therein if certainexceptions apply, including (i) an exceptionapplicable if the equity interest purchased is a“publicly-offered security,” or the Publicly-OfferedSecurity Exception, and (ii) an exception applicableif the investment by all “benefit plan investors” is not“significant” or certain other exceptions apply, or theInsignificant Participation Exception.

The Publicly-Offered Security Exception appliesif the equity interest is a security that is (1) “freelytransferable,” (2) part of a class of securities that is“widely held” and (3) either (a) part of a class ofsecurities registered under Section 12(b) or 12(g) ofthe Securities Exchange Act of 1934, or (b) sold tothe Plan as part of a public offering pursuant to aneffective registration statement under the SecuritiesAct of 1933 and the class of which such security is apart is registered under the Securities Exchange Actof 1934 within 120 days (or such later time as may beallowed by the SEC) after the end of the fiscal yearof the issuer in which the offering of such securityoccurred. The Plan Asset Rules state that thedetermination of whether a security is “freelytransferable” is to be made based on all relevant factsand circumstances. Under the Plan Asset Rules, a

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class of securities is “widely held” only if it is of aclass of securities owned by 100 or more investorsindependent of the issuer and of each other.

The Shares of the Fund should be considered tobe publicly-offered securities. First, the Shares arebeing sold only as part of a public offering pursuantto an effective registration statement under theSecurities Act of 1933, and the Shares were timelyregistered under the Securities Exchange Act of1934. Second, it appears that the Shares are freelytransferable because the Shares of the Fund may befreely bought and sold on NYSE Arca like any otherexchange-listed security. Third, the Shares of theFund have been owned by at least 100 investorsindependent of such Fund and of each other from thedate the Shares were first sold. Therefore, theunderlying assets of the Fund should not beconsidered to constitute assets of any Plan whichpurchases Shares.

Ineligible Purchasers

In general, Shares may not be purchased withthe assets of a Plan if the Managing Owner, theCommodity Broker, the Administrator, ALPSDistributors, Inc., Invesco Distributors, Inc., theTrustee, the Index Sponsor, or any of their respectiveaffiliates or any of their respective employees either:(a) has investment discretion with respect to theinvestment of such plan assets; (b) has authority orresponsibility to give or regularly gives investmentadvice with respect to such plan assets, for a fee, andpursuant to an agreement or understanding that suchadvice will serve as a primary basis for investmentdecisions with respect to such plan assets and thatsuch advice will be based on the particularinvestment needs of the Plan; or (c) is an employermaintaining or contributing to such Plan. A party thatis described in clause (a) or (b) of the precedingsentence is a fiduciary under ERISA and the Codewith respect to the Plan, and any such purchase mightresult in a “prohibited transaction” under ERISA andthe Code.

Except as otherwise set forth, the foregoingstatements regarding the consequences under ERISAand the Code of an investment in the Fund are basedon the provisions of the Code and ERISA ascurrently in effect, and the existing administrativeand judicial interpretations thereunder. No assurancecan be given that administrative, judicial orlegislative changes will not occur that will not makethe foregoing statements incorrect or incomplete.

THE PERSON WITH INVESTMENTDISCRETION SHOULD CONSULT WITH HIS ORHER ATTORNEY AND FINANCIAL ADVISERSAS TO THE PROPRIETY OF AN INVESTMENTIN THE FUND IN LIGHT OF THECIRCUMSTANCES OF THE PARTICULAR PLANAND CURRENT TAX LAW.

PLAN OF DISTRIBUTION

Authorized Participants

Unless otherwise agreed to by the ManagingOwner and the Authorized Participant as provided inthe next sentence, the Fund issues Shares in Basketsto Authorized Participants continuously on thecreation order settlement date as of 2:45 p.m.,Eastern time, on the business day immediatelyfollowing the date on which a valid order to create aBasket is accepted by the Fund, at the net asset valueof 200,000 Shares of the Fund as of the closing timeof the NYSE Arca or the last to close of theexchanges on which the Fund’s futures contracts aretraded, whichever is later, on the date that a validorder to create a Basket is accepted by the Fund.Upon submission of a creation order, the AuthorizedParticipant may request the Managing Owner toagree to a creation order settlement date up to 3business days after the creation order date.

Authorized Participants may offer to the public,from time-to-time, Shares from any Baskets theycreate. Shares offered to the public by AuthorizedParticipants will be offered at a per Share offeringprice that will vary depending on, among otherfactors, the trading price of the Fund on the NYSEArca, the net asset value per Share and the supply ofand demand for the Shares at the time of the offer.Shares initially comprising the same Basket butoffered by Authorized Participants to the public atdifferent times may have different offering prices.The excess, if any, of the price at which anAuthorized Participant sells a Share over the pricepaid by such Authorized Participant in connectionwith the creation of such Share in a Basket will bedeemed to be underwriting compensation by theFINRA Corporate Financing Department. AuthorizedParticipants will not receive from the Fund, theManaging Owner or any of their affiliates, any fee orother compensation in connection with their sale ofShares to the public, although investors are expectedto be charged a customary commission by theirbrokers in connection with purchases of Shares thatwill vary from investor to investor. Investors are

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encouraged to review the terms of their brokerageaccounts for applicable charges.

As of the date of this Prospectus, Deutsche BankSecurities Inc., Merrill Lynch Professional ClearingCorp., Prudential Bache Securities, Newedge USALLC, Citigroup Global Markets Inc., J.P. MorganSecurities Inc., Credit Suisse Securities USA LLC,Knight Clearing Services LLC, Timber Hill LLC,Morgan Stanley & Co. Incorporated, Jefferies & Co.,Nomura Securities International Inc., RBC CapitalMarkets, LLC, UBS Securities LLC, Virtu FinancialBD LLC and Virtu Financial Capital Markets, LLC(f/k/a EWT, LLC) have each executed a ParticipantAgreement and are the only Authorized Participants.

Likelihood of Becoming a StatutoryUnderwriter

The Fund issues Shares in Baskets toAuthorized Participants from time-to-time inexchange for cash. Because new Shares can becreated and issued on an ongoing basis at any pointduring the life of the Fund, a “distribution,” as suchterm is used in the Securities Act, will be occurring.An Authorized Participant, other broker-dealer firmor its client will be deemed a statutory underwriter,and thus will be subject to the prospectus-deliveryand liability provisions of the Securities Act, if itpurchases a Basket from the Fund, breaks the Basketdown into the constituent Shares and sells the Sharesto its customers; or if it chooses to couple thecreation of a supply of new Shares with an activeselling effort involving solicitation of secondarymarket demand for the Shares. A determination ofwhether one is an underwriter must take into accountall the facts and circumstances pertaining to theactivities of the broker-dealer or its client in theparticular case, and the examples mentioned aboveshould not be considered a complete description ofall the activities that would lead to categorization asan underwriter. Authorized Participants, otherbroker-dealers and other persons are cautioned thatsome of their activities will result in their beingdeemed participants in a distribution in a mannerwhich would render them statutory underwriters andsubject them to the prospectus-delivery and liabilityprovisions of the Securities Act.

Dealers who are neither Authorized Participantsnor “underwriters” but are participating in adistribution (as contrasted to ordinary secondarytrading transactions), and thus dealing with Sharesthat are part of an “unsold allotment” within themeaning of section 4(3)(C) of the Securities Act,

would be unable to take advantage of the prospectusdelivery exemption provided by section 4(3) of theSecurities Act.

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Summary of Items of Value Paid Pursuant to FINRA Rule 2310

Nature ofPayment Recipient Payor Amount of Payment Services Provided

SellingCommission

AuthorizedParticipants

Shareholders No greater than 0.99%of the gross offeringproceeds.

Brokering purchases and salesof the Shares and creating andredeeming Baskets for theFund.

DistributionServices Fee

ALPSDistributors

Managing Owner Approximately $25,000per annum, plus any feesor disbursementsincurred; not to exceed0.25% of the grossoffering proceeds.

Assisting the Managing Ownerand the Administrator withcertain functions and dutiesrelating to distribution andmarketing, includingreviewing and approvingmarketing materials,consulting with FINRA andensuring compliance withFINRA marketing rules andmaintaining certain books andrecords pertaining to the Trustand the Fund.

MarketingFee

InvescoDistributors

Managing Owner A range from 0.10% -0.20% per annum of theaverage amount of thedaily net assets of all“DB Funds” (as definedherein) during eachcalendar year calculatedin U.S. dollars, or TotalNet Assets; not toexceed 8.75% of thegross offering proceeds.

Assisting the Managing Ownerand the Administrator withcertain functions and dutiessuch as providing variouseducational and marketingactivities regarding the Fund,primarily in the secondarytrading market, whichactivities include, but are notlimited to, communicating theFund’s name, characteristics,uses, benefits, and risks,consistent with thisProspectus. InvescoDistributors engages in publicseminars, road shows,conferences and mediainterviews and distributes salesliterature and othercommunications (includingelectronic media) regardingthe Fund.

For additional details see below.

General

Retail investors may purchase and sell Sharesthrough traditional brokerage accounts. Investors whopurchase Shares through a commission/fee-basedbrokerage account may pay commissions/fees chargedby the brokerage account. Investors are encouraged toreview the terms of their brokerage accounts forapplicable charges.

Investors intending to create or redeem Basketsthrough Authorized Participants in transactions notinvolving a broker-dealer registered in such investor’sstate of domicile or residence should consult their legaladvisor regarding applicable broker-dealer or securitiesregulatory requirements under the state securities lawsprior to such creation or redemption.

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The Managing Owner has agreed to indemnifycertain parties against certain liabilities, includingliabilities under the Securities Act, and to contributeto payments that such parties may be required tomake in respect of those liabilities. The Trustee hasagreed to reimburse such parties, solely from and tothe extent of the Fund’s assets, for indemnificationand contribution amounts due from the ManagingOwner in respect of such liabilities to the extent theManaging Owner has not paid such amounts whendue.

The offering of Baskets is being made incompliance with FINRA Rule 2310. Accordingly, theAuthorized Participants will not make any sales toany account over which they have discretionaryauthority without the prior written approval of apurchaser of Shares. The maximum amount of itemsof value to be paid to FINRA Members in connectionwith the offering of the Shares by the Fund will notexceed 10% of the gross offering proceeds of suchShares.

The Authorized Participants will not charge acommission of greater than 0.99% of the grossoffering proceeds of such Shares (which represents amaximum of $46,534,275.38 of the$4,700,431,856.25 registered on this RegistrationStatement on Form S-3, SEC Registration Number333-185865) of the Trust.

Pursuant to the Distribution ServicesAgreement, ALPS Distributors will be paid out of theManagement Fee of the Fund in an amount ofapproximately $25,000 per annum with respect to theFund, plus any fees or disbursements incurred byALPS Distributors in connection with theperformance by ALPS Distributors of its duties onbehalf of the Fund.

Pursuant to the Marketing Agreement, InvescoDistributors will be paid the following fees out of theManagement Fee of each fund in an amount of(i) 0.10% per annum of the average amount of thedaily net assets of all “DB Funds” up to the first$3 billion (as defined in the following paragraph)during each calendar year calculated in U.S. dollars,or Total Net Assets; (ii) 0.12% per annum on the next$2 billion of Total Net Assets (i.e., the amount ofTotal Net Assets from $3 billion up to $5 billion);(iii) 0.15% per annum on the next $2 billion of TotalNet Assets (i.e., the amount of Total Net Assets from$5 billion up to $7 billion); (iv) 0.16% per annum onthe next $1 billion of Total Net Assets (i.e., theamount of Total Net Assets from $7 billion up to$8 billion); (v) 0.17% per annum on the next

$1 billion of Total Net Assets (i.e., the amount ofTotal Net Assets from $8 billion up to $9 billion);(vi) 0.18% per annum on the next $1 billion of TotalNet Assets (i.e., the amount of Total Net Assets from$9 billion up to $10 billion); (vii) 0.19% per annumon the next $1 billion of Total Net Assets (i.e., theamount of Total Net Assets from $10 billion up to$11 billion); and (viii) 0.20% per annum of Total NetAssets of $11 billion or more.

“DB Funds” means PowerShares DBCommodity Index Tracking Fund, PowerShares DBG10 Currency Harvest Fund, PowerShares DBEnergy Fund, PowerShares DB Oil Fund,PowerShares DB Precious Metals Fund, PowerSharesDB Gold Fund, PowerShares DB Silver Fund,PowerShares DB Base Metals Fund, PowerSharesDB Agriculture Fund, PowerShares DB US DollarIndex Bullish Fund, PowerShares DB US DollarIndex Bearish Fund, PowerShares DB Gold DoubleShort ETN, PowerShares DB Gold Double LongETN, PowerShares DB Gold Short ETN,PowerShares DB Agriculture Double Short ETN,PowerShares DB Agriculture Double Long ETN,PowerShares DB Agriculture Short ETN,PowerShares DB Agriculture Long ETN,PowerShares DB Commodity Index Double ShortETN, PowerShares DB Commodity Double LongETN, PowerShares DB Commodity Index ShortETN, PowerShares DB Commodity Long ETN,PowerShares DB Base Metals Double Short ETN,PowerShares DB Base Metals Double Long ETN,PowerShares DB Base Metals Short ETN,PowerShares DB Base Metals Long ETN,PowerShares DB Crude Oil Index Double ShortETN, PowerShares DB Crude Oil Index Short ETN,PowerShares DB Crude Oil Long ETN, PowerSharesDB 3x Long 25+ Year Treasury Bond ETN,PowerShares DB 3x Short 25+ Year Treasury BondETN, PowerShares DB Inflation ETN, PowerSharesDB Deflation ETN, PowerShares DB 3x Long USDollar Index Futures ETN, PowerShares DB 3x ShortUS Dollar Index Futures ETN, PowerShares DB 3xGerman Bond Futures ETN, PowerShares DBGerman Bond Futures ETN, PowerShares DB 3xItalian Treasury Bond Futures ETN, PowerShares DBItalian Treasury Bond Futures ETN, PowerShares DB3x Japanese Govt Bond Futures ETN, PowerSharesDB Japanese Govt Bond Futures ETN, PowerSharesDB 3x Inverse Japanese Govt Bond Futures ETN andPowerShares DB Inverse Japanese Govt BondFutures ETN.

The payments to ALPS Distributors and InvescoDistributors will not, in the aggregate (of the Trust,

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and not on a Fund by Fund basis), exceed 0.25% and8.75%, respectively, of the gross offering proceeds ofthe offering (or in an aggregate amount equal to$11,751,079.64 and $411,287,787.42, respectively,of the aggregate $4,700,431,856.25 registered on thisRegistration Statement on Form S-3, SECRegistration Number 333-185865) of the Trust.ALPS Distributors and Invesco Distributors willmonitor compensation received in connection withthe Trust to determine if the payments describedhereunder must be limited, when combined withselling commissions charged and any price spreadsrealized by other FINRA members, in order tocomply with the 10% limitation on totalunderwriters’ compensation pursuant to FINRARule 2310.

The Shares of the Fund are listed on the NYSEArca under the symbol “DBA.”

LEGAL MATTERS

Sidley Austin LLP has advised the ManagingOwner in connection with the Shares being offeredhereby. Sidley Austin LLP also advises the ManagingOwner with respect to its responsibilities asmanaging owner of, and with respect to mattersrelating to the Trust and the Fund. Sidley Austin LLP

has prepared the sections “Material U.S. FederalIncome Tax Considerations” and “Purchases ByEmployee Benefit Plans” with respect to ERISA.Sidley Austin LLP has not represented, nor will itrepresent the Trust or the Fund or the Shareholders inmatters relating to the Trust or the Fund and no othercounsel has been engaged to act on their behalf.Certain opinions of counsel have been filed with theSEC as exhibits to the Registration Statement ofwhich this Prospectus is a part.

Richards, Layton & Finger, P.A., specialDelaware counsel to the Trust, has advised the Trustin connection with the legality of the Shares beingoffered hereby.

EXPERTS

The statements of financial condition, includingthe schedules of investments, of PowerShares DBAgriculture Fund as of December 31, 2011 and 2010,and the related statements of income and expenses,changes in shareholders’ equity, and cash flows foreach of the years in the three year period endedDecember 31, 2011, have been incorporated byreference herein in reliance upon the report of KPMGLLP, an independent registered public accounting

firm, and upon the authority of said firm as experts inaccounting and auditing. To the extent that KPMGLLP audits and reports on financial statements ofPowerShares DB Agriculture Fund, issued at futuredates, and consents to the use of its report thereon,such financial statements also will be incorporated byreference herein in reliance upon its report and saidauthority.

The statements of financial condition of DBCommodity Services LLC as of December 31, 2011and 2010, and the related statements of income andexpenses, changes in member’s capital (deficit), andcash flows for each of the years in the two yearperiod ended December 31, 2011 have beenincorporated by reference herein in reliance upon thereport of KPMG LLP, an independent registeredaccounting firm, and upon the authority of said firmas experts in accounting and auditing. To the extentthat KPMG LLP audits and reports on financialstatements of DB Commodity Services LLC issued atfuture dates, and consents to the use of its reportthereon, such financial statements also will beincorporated by reference herein in reliance upon itsreport and said authority.

ADDITIONAL INFORMATION

This Prospectus constitutes part of theRegistration Statement filed by the Trust on behalf ofthe Fund with the SEC in Washington, D.C.Additionally, as further discussed under“Incorporation by Reference of Certain Documents,”we have incorporated by reference certaininformation. This Prospectus does not contain all ofthe information set forth in such RegistrationStatement, certain portions of which have beenomitted pursuant to the rules and regulations of theSEC, including, without limitation, certain exhibitsthereto (for example, the forms of the ParticipantAgreement and the Customer Agreement). Thedescriptions contained herein of agreements includedas exhibits to the Registration Statement arenecessarily summaries; the exhibits themselves maybe inspected without charge at the public referencefacilities maintained by the SEC in Washington,D.C., and copies of all or part thereof may beobtained from the Commission upon payment of theprescribed fees. The SEC maintains a website thatcontains reports, proxy and information statementsand other information regarding registrants that fileelectronically with the SEC. The address of such siteis http://www.sec.gov.

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RECENT FINANCIAL INFORMATION ANDANNUAL REPORTS

The Managing Owner will furnish you with anannual report of the Fund within 90 calendar daysafter the end of its fiscal year as required by the rulesand regulations of the CFTC, including, but notlimited to, an annual audited financial statementcertified by independent registered publicaccountants and any other reports required by anyother governmental authority that has jurisdictionover the activities of the Fund. You also will beprovided with appropriate information to permit youto file your U.S. federal and state income tax returns(on a timely basis) with respect to your Shares.Monthly account statements conforming to CFTCand NFA requirements will be posted on theManaging Owner’s website athttp://www.dbfunds.db.com. Additional reports maybe posted on the Managing Owner’s website in thediscretion of the Managing Owner or as required byregulatory authorities.

PRIVACY POLICY OF THE MANAGINGOWNER

The Managing Owner collects non-publicinformation about you from the following sources:(i) information received from you on applications orother forms; and (ii) information about yourtransactions with the Managing Owner and others.The Managing Owner does not disclose anynon-public personal information about you toanyone, other than as set forth below, as permitted byapplicable law and regulation. The Managing Ownermay disclose non-public personal information aboutyou to the funds in which you invest. The ManagingOwner may disclose non-public personal informationabout you to non-affiliated companies that work withthe Managing Owner to service your account(s), or toprovide services or process transactions that you haverequested. The Managing Owner may disclosenon-public personal information about you to partiesrepresenting you, such as your investmentrepresentative, your accountant, your tax adviser, orto other third parties at your direction/consent. If youdecide to close your account(s) or become an inactivecustomer, the Managing Owner will adhere to theprivacy policies and practices as described in thisnotice. The Managing Owner restricts access to yourpersonal and account information to those employeeswho need to know that information to provideproducts and services to you. The Managing Ownermaintains appropriate physical, electronic andprocedural safeguards to guard your non-publicpersonal information.

INCORPORATION BY REFERENCE OFCERTAIN DOCUMENTS

The SEC allows us to “incorporate byreference” into this Prospectus the information thatwe file with it, meaning we can disclose importantinformation to you by referring you to thosedocuments already on file with the SEC.

The information we incorporate by reference isan important part of this Prospectus, and laterinformation that we file with the SEC willautomatically update and supersede some of thisinformation. We incorporate by reference thedocuments listed below, and any future filings wemake with the SEC pursuant to Section 13(a), 13(c),14 or 15(d) of the Exchange Act.

This filing incorporates by reference thefollowing documents, which we have previously filedand may subsequently file with the SEC, in responseto certain disclosures:

• The Annual Report on Form 10-K for theyear ended December 31, 2011 filed onFebruary 28, 2012.

• The Current Reports on Form 8-K filedMarch 28, 2012, May 24, 2012, August 17,2012, September 17, 2012, November 16,2012 and December 7, 2012;

• The Quarterly Reports on Form 10-Q for thequarterly periods ended on March 31, 2012filed May 9, 2012, June 30, 2012 filed onAugust 3, 2012 and September 30, 2012filed on November 2, 2012, respectively;

• All other reports filed pursuant toSection 13(a) or 15(d) of the Exchange Actsince December 31, 2011, except forinformation furnished under Form 8-K,which is not deemed filed and notincorporated herein by reference;

• Any documents filed pursuant to theExchange Act subsequent to the date of thisRegistration Statement and prior to itseffectiveness shall be deemed incorporatedby reference into the Prospectus; and

• Any documents filed under Sections 13(a),13(c), 14 or 15(d) of the Exchange Actsubsequent to the date of this Prospectus andprior to the termination of the offering madeunder this Prospectus.

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Any statement contained in a document that isincorporated by reference will be modified orsuperseded for all purposes to the extent that astatement contained in this Prospectus (or in anyother document that is subsequently filed with theSEC and incorporated by reference) modifies or iscontrary to that previous statement. Any statement somodified or superseded will not be deemed a part ofthis Prospectus except as so modified or superseded.

We will provide to you a copy of the filings thathave been incorporated by reference in thisProspectus upon your request, at no cost. Any requestmay be made by writing or calling us at the followingaddress or telephone number:

Invesco PowerShares Capital Management LLC301 West Roosevelt Road

Wheaton, IL 60187Telephone: (800) 983-0903

These documents may also be accessed throughour website at http://www.dbfunds.db.com or asdescribed herein under “Additional Information.”The information and other content contained on orlinked from our website is not incorporated byreference in this Prospectus and should not beconsidered a part of this Prospectus.

We file annual, quarterly, current reports andother information with the SEC. You may read andcopy these materials at the SEC’s Public ReferenceRoom at 100 F Street, NW, Washington, DC 20549.The public may obtain information on the operationof the Public Reference Room by calling the SEC at1-800-SEC-0330. The SEC maintains an internet siteat http://www.sec.gov that contains reports, proxyand information statements and other informationregarding the Funds.

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PART TWO

STATEMENT OF ADDITIONAL INFORMATION

POWERSHARES DB MULTI-SECTOR COMMODITY TRUSTPowerShares DB Agriculture Fund

Shares of Beneficial Interest

The Shares are speculative securities which involve the risk of loss.Past performance is not necessarily indicative of future results.

See “The Risks You Face” beginning at page 18 in Part One.

THIS PROSPECTUS IS IN TWO PARTS:A DISCLOSURE DOCUMENT AND A STATEMENT OF ADDITIONAL INFORMATION.

THESE PARTS ARE BOUND TOGETHER, AND BOTH CONTAINIMPORTANT INFORMATION. YOU MUST READ THE

STATEMENT OF ADDITIONAL INFORMATIONIN CONJUNCTION WITH THE

DISCLOSURE DOCUMENT, DATED JANUARY 3, 2013.

January 3, 2013

DB Commodity Services LLCManaging Owner

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PART TWO

STATEMENT OF ADDITIONAL INFORMATION

TABLE OF CONTENTS

GENERAL INFORMATION RELATING TODEUTSCHE BANK AG . . . . . . . . . . . . . . . . . . . 101

THE FUTURES MARKETS . . . . . . . . . . . . . . . 101

Futures Contracts . . . . . . . . . . . . . . . . . . . . . . . 101Hedgers and Speculators . . . . . . . . . . . . . . . . . . 102Futures Exchanges . . . . . . . . . . . . . . . . . . . . . . . 102Daily Limits . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102Regulations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102Margin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103

Exhibit A—Privacy Notice . . . . . . . . . . . . . . . . . P-1

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GENERAL INFORMATION RELATING TODEUTSCHE BANK AG

Deutsche Bank AG is a banking company withlimited liability incorporated under the laws of theFederal Republic of Germany under registrationnumber HRB 30 000. Deutsche Bank AG has itsregistered office at Theodor-Heuss-Allee 70, 60486Frankfurt am Main, Germany. Deutsche Bank AGoriginated from the reunification of NorddeutscheBank Aktiengesellschaft, Hamburg, Deutsche BankAktiengesellschaft West, Düsseldorf, andSüddeutsche Bank Aktiengesellschaft, Munich;pursuant to the Law on the Regional Scope of CreditInstitutions, these had been disincorporated in 1952from Deutsche Bank, founded in 1870. The mergerand the name were entered in the CommercialRegister of the District Court in Frankfurt am Mainon May 2, 1957.

Deutsche Bank AG is the parent company of theDeutsche Bank Group, consisting of banks, capitalmarket companies, fund management companies anda property finance company, installment financingcompanies, research and consultancy companies andother domestic and foreign companies. The DeutscheBank Group has over 100,000 employees in 74countries engaged in banking business and otherfinancial businesses worldwide.

The objectives of Deutsche Bank AG, as setforth in its Articles of Association, include thetransaction of all kinds of banking businesses, theprovision of financial and other services and thepromotion of international economic relations.Deutsche Bank AG may realize these objectives itselfor through subsidiaries and affiliated companies. Tothe extent permitted by law, Deutsche Bank AG isentitled to transact all business and to take all stepswhich appear likely to promote the objectives ofDeutsche Bank AG, in particular, to acquire anddispose of real estate, to establish branches at homeand abroad, to acquire, administer and dispose ofparticipations in other enterprises, and to concludeenterprise agreements.

The activities of the Deutsche Bank Groupinclude traditional deposit-taking and lendingbusiness for private clients, corporate and publicsector entities, including mortgage lending, paymenttransactions, securities brokerage for customers, assetmanagement, investment banking, project finance,structured finance, foreign trade finance, money andforeign exchange dealing, building savings business(Bauspargeschäft), as well as cash management,

payment and securities settlement, and payment cardsand point-of-sale services.

As of December 31, 2011, the issued sharecapital of Deutsche Bank AG amounted to euro2.38 billion, consisting of 929.50 million ordinaryregistered shares without par value. These shares arefully paid up and in registered form. The shares arelisted for trading and official quotation on all theGerman stock exchanges and on a number of otherglobal stock exchanges.

Please refer to Deutsche Bank AG’s AnnualReport on Form 20-F for additional financialinformation and financial statements.

Deutsche Bank AG London is the Londonbranch of Deutsche Bank AG. Deutsche Bank AG,New York branch, is the New York branch ofDeutsche Bank AG and operates pursuant to a licenseissued by the Superintendent of Banks of the State ofNew York on July 14, 1978.

THE FUTURES MARKETS

Futures Contracts

Futures contracts are standardized contractsmade on United States or foreign exchanges that callfor the future delivery of specified quantities ofvarious agricultural and tropical commodities,industrial commodities, currencies, financialinstruments or metals at a specified time and place.The contractual obligations, depending upon whetherone is a buyer or a seller, may be satisfied either bytaking or making, as the case may be, physicaldelivery of an approved grade of commodity or bymaking an offsetting sale or purchase of anequivalent but opposite futures contract on the same,or mutually off-setting, exchange prior to thedesignated date of delivery. As an example of anoffsetting transaction where the physical commodityis not delivered, the contractual obligation arisingfrom the sale of one contract of December 2012wheat on a commodity exchange may be fulfilled atany time before delivery of the commodity isrequired by the purchase of one contract of December2012 wheat on the same exchange. The differencebetween the price at which the futures contract is soldor purchased and the price paid for the offsettingpurchase or sale, after allowance for brokeragecommissions, constitutes the profit or loss to thetrader. Certain futures contracts, such as those forstock or other financial or economic indices approvedby the CFTC or Eurodollar contracts, settle in cash

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(irrespective of whether any attempt is made to offsetsuch contracts) rather than delivery of any physicalcommodity.

Hedgers and Speculators

The two broad classes of persons who tradefutures interest contracts are “hedgers” and“speculators.” Commercial interests, includingfarmers, that market or process commodities, andfinancial institutions that market or deal incommodities, including interest rate sensitiveinstruments, foreign currencies and stocks, and whichare exposed to currency, interest rate and stockmarket risks, may use the futures markets forhedging. Hedging is a protective procedure designedto minimize losses that may occur because of pricefluctuations occurring, for example, between the timea processor makes a contract to buy or sell a raw orprocessed commodity at a certain price and the timehe must perform the contract. The futures marketsenable the hedger to shift the risk of pricefluctuations to the speculator. The speculator risks hiscapital with the hope of making profits from pricefluctuations in futures interests contracts. Speculatorsrarely take delivery of commodities, but rather closeout their positions by entering into offsettingpurchases or sales of futures interests contracts. Sincethe speculator may take either a long or short positionin the futures markets, it is possible for him to makeprofits or incur losses regardless of whether prices goup or down. Trading by the Fund will be forspeculative rather than for hedging purposes.

Futures Exchanges

Futures exchanges provide centralized marketfacilities for trading futures contracts and options (butnot forward contracts). Members of, and tradesexecuted on, a particular exchange are subject to therules of that exchange. Among the principal exchangesin the United States are the Chicago Board of Trade,the Chicago Mercantile Exchange, the New YorkMercantile Exchange, and ICE Futures U.S.

Each futures exchange in the United States hasan associated “clearing house.” Once trades betweenmembers of an exchange have been confirmed, theclearing house becomes substituted for each buyerand each seller of contracts traded on the exchangeand, in effect, becomes the other party to eachtrader’s open position in the market. Thereafter, eachparty to a trade looks only to the clearing house forperformance. The clearing house generallyestablishes some sort of security or guarantee fund to

which all clearing members of the exchange mustcontribute; this fund acts as an emergency buffer thatenables the clearing house, at least to a large degree,to meet its obligations with regard to the “other side”of an insolvent clearing member’s contracts.Furthermore, clearing houses require margin depositsand continuously mark positions to market to providesome assurance that their members will be able tofulfill their contractual obligations. Thus, a centralfunction of the clearing houses is to ensure theintegrity of trades, and members effecting futurestransactions on an organized exchange need notworry about the solvency of the party on the oppositeside of the trade; their only remaining concerns arethe respective solvencies of their commodity brokerand the clearing house. The clearing house“guarantee” of performance on open positions doesnot run to customers. If a member firm goesbankrupt, customers could lose money.

Foreign futures exchanges differ in certainrespects from their U.S. counterparts. In contrast toU.S. exchanges, certain foreign exchanges are“principals’ markets,” where trades remain theliability of the traders involved, and the exchangeclearing house does not become substituted for anyparty.

Daily Limits

Most U.S. futures exchanges (but generally notforeign exchanges or banks or dealers in the case offorward contracts) limit the amount of fluctuation infutures interests contract prices during a singletrading day by regulation. These regulations specifywhat are referred to as “daily price fluctuation limits”or more commonly “daily limits.” The daily limitsestablish the maximum amount that the price of afutures interests contract may vary either up or downfrom the previous day’s settlement price. Once thedaily limit has been reached in a particular futuresinterest, no trades may be made at a price beyond thelimit. See “The Risks You Face—(35) The Net AssetValue Calculation of the Fund May Be Overstated orUnderstated Due to the Valuation Method EmployedWhen a Settlement Price is not Available on the Dateof Net Asset Value Calculation.”

Regulations

Futures exchanges in the United States aresubject to regulation under the Commodity ExchangeAct, or CEAct, by the CFTC, the governmentalagency having responsibility for regulation of futures

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exchanges and trading on those exchanges. (Investorsshould be aware that no governmental U.S. agencyregulates the OTC foreign exchange markets.)

The CEAct and the CFTC also regulate theactivities of “commodity trading advisors” and“commodity pool operators” and the CFTC hasadopted regulations with respect to certain of suchpersons’ activities. Pursuant to its authority, theCFTC requires a commodity pool operator (such asthe Managing Owner) to keep accurate, current andorderly records with respect to each pool it operates.The CFTC may suspend the registration of acommodity pool operator if the CFTC finds that theoperator has violated the CEAct or regulationsthereunder and in certain other circumstances.Suspension, restriction or termination of theManaging Owner’s registration as a commodity pooloperator would prevent it, until such time (if any) assuch registration were to be reinstated, frommanaging, and might result in the termination of, theTrust. The CEAct gives the CFTC similar authoritywith respect to the activities of commodity tradingadvisors, such as the Managing Owner. If theregistration of a Managing Owner as a commoditytrading advisor were to be terminated, restricted orsuspended, the Managing Owner would be unable,until such time (if any) as such registration were to bereinstated, to render trading advice to the Fund. TheFund itself is not registered with the CFTC in anycapacity.

The CEAct requires all “futures commissionmerchants,” such as the Commodity Broker, to meetand maintain specified fitness and financialrequirements, segregate customer funds fromproprietary funds and account separately for allcustomers’ funds and positions, and to maintainspecified book and records open to inspection by thestaff of the CFTC.

The CEAct also gives the states certain powersto enforce its provisions and the regulations of theCFTC.

Shareholders are afforded certain rights forreparations under the CEAct. Shareholders may alsobe able to maintain a private right of action forcertain violations of the CEAct. The CFTC hasadopted rules implementing the reparation provisionsof the CEAct which provide that any person may filea complaint for a reparations award with the CFTCfor violation of the CEAct against a floor broker,futures commission merchant, introducing broker,commodity trading advisor, commodity pooloperator, and their respective associated persons.

Pursuant to authority in the CEAct, the NFA hasbeen formed and registered with the CFTC as a“registered futures association.” At the present time,the NFA is the only non-exchange self-regulatoryorganization for commodities professionals. NFAmembers are subject to NFA standards relating to fairtrade practices, financial condition, and consumerprotection. As the self-regulatory body of thecommodities industry, the NFA promulgates rulesgoverning the conduct of commodity professionalsand disciplines those professionals who do notcomply with such standards. The CFTC hasdelegated to the NFA responsibility for theregistration of commodity trading advisors,commodity pool operators, futures commissionmerchants, introducing brokers and their respectiveassociated persons and floor brokers. TheCommodity Broker and the Managing Owner aremembers of the NFA (the Fund itself is not requiredto become a member of the NFA).

The CFTC has no authority to regulate tradingon foreign commodity exchanges and markets.

Margin

“Initial” or “original” margin is the minimumamount of funds that must be deposited by a futurestrader with his commodity broker in order to initiatefutures trading or to maintain an open position infutures contracts. “Maintenance” margin is theamount (generally less than initial margin) to which atrader’s account may decline before he must deliveradditional margin. A margin deposit is like a cashperformance bond. It helps assure the futures trader’sperformance of the futures interests which contractshe purchases or sells. Futures interests arecustomarily bought and sold on margins thatrepresent a very small percentage (ranging upwardfrom less than 2%) of the purchase price of theunderlying commodity being traded. Because of suchlow margins, price fluctuations occurring in thefutures markets may create profits and losses that aregreater, in relation to the amount invested, than arecustomary in other forms of investment orspeculation. The minimum amount of marginrequired in connection with a particular futuresinterests contract is set from time-to-time by theexchange on which such contract is traded, and maybe modified from time-to-time by the exchangeduring the term of the contract.

Brokerage firms carrying accounts for traders infutures interests contracts may not accept lower, andgenerally require higher, amounts of margin as a

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matter of policy in order to afford further protectionfor themselves.

Margin requirements are computed each day bya commodity broker. When the market value of aparticular open futures interests contract positionchanges to a point where the margin on deposit doesnot satisfy maintenance margin requirements, amargin call is made by the commodity broker. If themargin call is not met within a reasonable time, thebroker may close out the Fund’s position. Withrespect to the Managing Owner’s trading, only theManaging Owner, and not the Fund or itsShareholders personally, will be subject to margincalls.

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EXHIBIT A

PRIVACY NOTICE

The importance of protecting the investors’ privacy is recognized by PowerShares DB Multi-Sector CommodityTrust, or the Trust, and DB Commodity Services LLC, or the Managing Owner. The Trust and the Managing Ownerprotect personal information they collect about you by maintaining physical, electronic and procedural safeguards tomaintain the confidentiality and security of such information.

Categories Of Information Collected. In the normal course of business, the Trust and the Managing Owner maycollect the following types of information concerning investors in the Fund who are natural persons:

Information provided in the Participant Agreements and other forms (including name, address, social securitynumber, income and other financial-related information); and

Data about investor transactions (such as the types of investments the investors have made and their accountstatus).

How the Collected Information is Used. Any and all nonpublic personal information received by the Fund or theManaging Owner with respect to the investors who are natural persons, including the information provided to theFunds by such an investor in a Participant Agreement, will not be shared with nonaffiliated third parties which are notservice providers to the Trust or the Managing Owner without prior notice to such investors. Such service providersinclude but are not limited to the Authorized Participants, the Commodity Broker, administrators, auditors and the legaladvisers of the Trust. Additionally, the Trust and/or the Managing Owner may disclose such nonpublic personalinformation as required by applicable laws, statutes, rules and regulations of any government, governmental agency orself-regulatory organization or a court order. The same privacy policy will also apply to the Shareholders who havefully redeemed.

For questions about the privacy policy, please contact the Trust.

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