Pricing Information Available on the NYSE Arca and Other Sources

The following table lists additional NYSE Arca symbols and their meanings with respect to the Fund and the Index:

The current trading price per Share of each Fund (quotedintra-day data in U.S. dollars)the above table is published continuously under its ticker symbol as trades occuronce every fifteen seconds throughout each trading day onday.

The Index Sponsor calculates and publishes the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto.

The most recent end-of-day closing level of each Index is published under its own symbol as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto. The most recent end-of-day net asset value of each Fund is published under its own symbol as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.com, or any successor thereto. In addition, the most recent end-of-day net asset value of each Fund is published the following morning on the consolidated tape.

End-of-Day Index Closing Level Symbols; End-of-Day Net Asset Value Symbols

PowerShares DB Energy Fund.    The end-of-day closing level of the DBIQ-OY Energy ER is published under the symbol DBCMYEEN. The end-of-day net asset value of PowerShares DB Energy Fund is published under the symbol DBE.NV.

PowerShares DB Oil Fund.    The end-of-day closing level of the DBIQ-OY CL ER is published under the symbol DBCMOCLE. The end-of-day net asset value of PowerShares DB Oil Fund is published under the symbol DBO.NV.

PowerShares DB Precious Metals Fund.    The end-of-day closing level of the DBIQ-OY Precious Metals ER is published under the symbol DBCMYEPM. The end-of-day net asset value of PowerShares DB Precious Metals Fund is published under the symbol DBP.NV.

PowerShares DB Gold Fund.    The end-of-day closing level of the DBIQ-OY GC ER is published under the symbol DBCMOGCE. The end-of-day net asset value of PowerShares DB Gold Fund is published under the symbol DGL.NV.

PowerShares DB Silver Fund.    The end-of-day closing level of the DBIQ-OY SI ER is published under the symbol DBCMYESI. The end-of-day net asset value of PowerShares DB Silver Fund is published under the symbol DBS.NV.

PowerShares DB Base Metals Fund.    The end-of-day closing level of the DBIQ-OY Industrial Metals ER is published under the symbol DBCMYEIM. The end-of-day net asset value of PowerShares DB Base Metals Fund is published under the symbol DBB.NV.

Index daily. The Managing Owner publishes the net asset valueNAV of eachthe Fund and the net asset valueNAV per Share of each Fund daily. Additionally, the Index Sponsor calculates and publishes the intra-day Index level, of eachand the Index Sponsor calculates, and the Managing Owner will publishpublishes, the indicative valueIIV per Share of each Fund (quoted in U.S. dollars) once every fifteen seconds throughout each trading day.

All of the foregoing information is published as follows:

The intra-day level of the Index (symbol: DBSLIX) and the IIV per Share (symbol: DBS.IV) (each quoted in U.S. dollars) are published once every fifteen seconds throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.dbfunds.db.comwww.invescopowershares.com, or any successor thereto.

The current trading price per Share (symbol: DBS) (quoted in U.S. dollars) is published continuously as trades occur throughout each trading day on the consolidated tape, Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto.

The most recent end-of-day Index closing level (symbol: DBCMYESI) is published as of the close of business for the NYSE Arca each trading day on the consolidated tape, Reuters and/or Bloomberg

and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto.

The most recent end-of-day NAV of the Fund (symbol: DBS.NV) is published as of the close of business on Reuters and/or Bloomberg and on the Managing Owner’s website athttp://www.invescopowershares.com, or any successor thereto. In addition, the most recent end-of-day NAV of the Fund (symbol: DBS.NV) is published the following morning on the consolidated tape.

All of the foregoing information is published underwith respect to the following symbols:

Intra-Day Index, Level Symbols and Intra-Day Indicative Values Per Share Symbols

PowerShares DB Energy Fund.    The intra-day index level ofincluding the DBIQ-OY Energy ER is published under the symbol DBENIX. The intra-day indicative value per Share of PowerShares DB Energy Fund is published under the symbol DBE.IV.

PowerShares DB Oil Fund.    The intra-day index level of the DBIQ-OY CL ER is published under the symbol DBOLIX. The intra-day indicative value per Share of PowerShares DB Oil Fund is published under the symbol DBO.IV.

PowerShares DB Precious Metals Fund.    The intra-day index level of the DBIQ-OY Precious Metals ER is published under the symbol DBPMIX. The intra-day indicative value per Share of PowerShares DB Precious Metals Fund is published under the symbol DBP.IV.

PowerShares DB Gold Fund.    The intra-day index level of the DBIQ-OY GC ER is published under the symbol DGLDIX. The intra-day indicative value per Share of PowerShares DB Gold Fund is published under the symbol DGL.IV.

PowerShares DB Silver Fund.    The intra-day index level of the DBIQ-OY SI ER is published under the symbol DBSLIX. The intra-day indicative value per Share of PowerShares DB Silver Fund is published under the symbol DBS.IV.

PowerShares DB Base Metals Fund.    The intra-day index level of the DBIQ-OY Industrial Metals ER is published under the symbol DBBMIX. The intra-day indicative value per Share of PowerShares DB Base Metals Fund is published under the symbol DBB.IV.

Each Index’s history, is also availablepublished athttps://index.db.com.

The Index Sponsor obtains information for inclusion in, or for use in the calculation of, the IndexesIndex from sources the Index Sponsor considers reliable. None of the Index Sponsor, the Managing Owner, the FundsFund or any of their respective affiliates accepts responsibility for or guarantees the accuracy and/or completeness of any of the IndexesIndex or any data included in any of the Indexes.Index.

CUSIP NumbersNumber

The CUSIP number of PowerShares DB Energy Fund is 73936B101.

The CUSIP number of PowerShares DB Oil Fund is 73936B507.

The CUSIP number of PowerShares DB Precious Metals Fund is 73936B200.

The CUSIP number of PowerShares DB Gold Fund is 73936B606.

The CUSIP number of PowerShares DB Silverthe Fund is 73936B309.

The CUSIP number of PowerShares DB Base Metals Fund is 73936B705.

Risk Factors

An investment in the Shares of any Fund is speculative and involves a high degree of risk. The summary risk factors set forth below are intended merely to highlight certain risks that are common to allof the Funds. EachFund. The Fund has particularadditional risks that are set forth elsewhere in this Prospectus.

¹ The dollar amount as specified in the above table reflects that amount of required income to break even per annum per Share assuming that the net asset value of each Share is $25.00.

Each Fund is subject to the approximate fees and expenses in the aggregate amountsamount of approximately 0.79% per annum set forth in the above tableas described herein and elsewhere in this Prospectus. Each Fund will be successful only if its annual returns from futures trading (held for investment purposes), plus its annual interest income from its holdings of United States Treasury securities and other high credit quality short-term fixed income securities, exceed these fees and expenses. Each Fund is expected to earn interest income equal to 0.11% per annum, based upon the yield of 3-month U.S. Treasury bills as of October 31, 2012, or a dollar amount as specified in the above table per annum per Share at $25.00 as the net asset value per Share. Therefore, based upon the difference between the current yield of 3-month U.S. Treasury bills and the annual fees and expenses, each Fund will be required to earn a net income equal to or greater than the approximate amount per annum set forth in the above table, in order for anIncome

Additionally, certain potential conflicts of interest exist because the Fund invests in affiliated money market mutual funds and certain conflicts of interest may exist in the future if the Fund invests in affiliated T-Bill ETFs. See “Conflicts of Interest” for a more complete disclosure of various conflicts. Although the Managing Owner has established procedures designed to resolve certain of these conflicts equitably, the Managing Owner has not established formal procedures to resolve all potential conflicts of interest. Consequently, investors may be dependent on the good faith of the respective parties subject to such conflicts to resolve them equitably. Although the Managing Owner attempts to monitor these conflicts, it is extremely difficult, if not impossible, for the Managing Owner to ensure that these conflicts will not, in fact, result in adverse consequences to the Funds.

contracts not based on the particular Index Commodity if, in the commercially reasonable judgment of the Managing Owner, such futures contracts tend to exhibit trading prices that correlate with athe futures contract that comprises the applicable Index.

The Index Sponsor calculates eachthe Index on both an excess return basis and a total return basis. The excess return basis calculation reflects the change in market value over time, whether positive or negative, of the applicable underlying commodity futures only. The total return basis calculation reflects the sum of the change in market value over time, whether positive or negative, of the applicable underlying commodity futures plus the return on 3-month U.S. Treasury bills. EachThe Fund seeks to track changes, whether positive or negative, in the level of its correspondingthe Index over time, plus the excess, if any, of the sum of the Fund’s Treasury Income and Money Market Income over the expenses of the Fund. For the avoidance of doubt, the Fund invests in futures contracts in an attempt to track its interest income from its holdings of United StatesIndex. The Fund holds Treasury Securities, money market mutual funds and other high credit quality short-term fixed income securities over its expenses.may, in the future, hold T-Bill ETFs for margin and/or cash management purposes only.

EachThe Fund will make distributions at the discretion of the Managing Owner. To the extent that athe Fund’s actual and projected interest income from its holdings of United States Treasury securitiesIncome, the Fund’s actual and other high credit quality short-term fixed income securitiesprojected Money Market Income, and the Fund’s actual and projected T-Bill ETF Income, if any, exceeds the actual and projected fees and expenses of suchthe Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The FundsFund currently dodoes not expect to make distributions with respect to capital gains. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of suchthe Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

Each Fund’s portfolioThe Fund also will includeholds United States Treasury securities and other high credit quality short-term fixed income securitiesSecurities for deposit with the applicable Fund’s Commodity Broker as margin.margin and United States Treasury Securities, cash and money market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes). Additionally, the Fund may also gain an exposure to United States Treasury Securities with a maximum duration of up to 12 months through its holdings of T-Bill ETFs (affiliated or otherwise). Any such holdings of T-Bill ETFs will also be on deposit with the Custodian (for cash management purposes) and

may be held by the Fund’s Commodity Broker as margin, to the extent permissible under CFTC rules.

General

Each of the DBIQ Optimum Yield Index Excess Return™, or DBIQ-OYER™, and the DBIQ Index Excess Return™, or DBIQ ER™ (“DBIQ-OYER™” and “DBIQ ER™,” collectively, “DBIQ™” or “DBIQ ER™”), is intended to reflect the changes in market value, positive or negative, in certain sectors of commodities, or an Index. Eachindex. The Index is calculated on an excess return, or unfunded basis. All Indexes corresponding to the Funds, areThe Index is rolled in a manner which is aimed at potentially maximizing the roll benefits in backwardated markets and minimizing the losses from rolling in contangoed markets, or Optimum Yield^TM, with respect to each Index. Each. The Index is comprised of one or more underlying commodities,commodity (silver), or Index Commodities. The composition of Index Commodities with respect to each Index varies according to each specific sector that such Index intends to reflect. Each Index Commodity is assigned a weight, or Index Base Weight, which is intended to reflect the proportion of such Index Commodity relative to each Index.Commodity.

DBIQ-OY CL ER™, DBIQ-OY GC ER™ and DBIQ-OY SI ER™ are Indexes with a single Index Commodity, or Single Commodity Sector Indexes.

EachThe Index has been calculated back to a base date, or Base Date. On the Base Date of December 2, 1988, the closing level of eachthe Index, or Closing Level, was 100.

The sponsor of eachthe Index is Deutsche Bank AG London,Securities Inc., or Index Sponsor.

Composition of the Index

Each Index, except each Single Commodity SectorThe Index is composed of the notional amounts of eachamount of the underlying Index Commodities. Each Single Commodity Sector Index is composed of one underlying Index Commodity. The notional amount of each Index Commodity included in each multi-sector Index is intended to reflect the changes in market value of each such Index Commodity within the specific Index. The Closing Level of eachthe Index is calculated on each business dayIndex Business Day (as defined below) by the Index Sponsor based on the closing price of the futures contracts for each of the underlying

Index Commodities andCommodity, the notional amounts of such Index Commodities.

Each Index, excluding each Single Commodity Sector Index, is rebalanced annually in November to ensure that each of the Index Commodities is weighted in the same proportion that such Index Commodities were weighted on the Base Date.

Commodity.

The composition of eachthe Index may be adjusted in the event that the Index Sponsor is not able to calculate the closing prices of the Index Commodities.Commodity.

EachThe Index includes provisions for the replacement of futures contracts as they approach maturity. This replacement takes place over a period of time in order to lessen the impact on the market for the futures contracts being replaced. With respect to eachthe Index Commodity, eachthe Fund employs a rule-based approach when it ‘rolls’ from one futures contract to another. Rather than select a new futures contract based on a predetermined schedule (e.g., monthly), eachthe Index Commodity rolls to the futures contract which generates the best possible “implied‘implied roll yield,” or the OY Single Commodity Indexes.yield.’ The futures contract with a delivery month within the

next thirteen months which generates the best possible implied roll yield will be included in each OY Single Commoditythe Index. As a result, each OY Singlethe Index Commodity Index is able to potentially maximize the roll benefits in backwardated markets and minimize the losses from rolling in contangoed markets.

In general, as a futures contract approaches its expiration date, its price will move towards the spot price in a contangoed market. Assuming the spot price does not change, this would result in the futures contract price decreasing and a negative implied roll yield. The opposite is true in a backwardated market. Rolling in a contangoed market will tend to cause a drag on anthe Index Commodity’s contribution to the Fund’s return while rolling in a backwardated market will tend to cause a push on anthe Index Commodity’s contribution to the Fund’s return.

The futures contract price for eachthe Index Commodity will be the exchange closing price for suchthe Index Commodity on each weekday when banks in New York, New York arewhich the NYMEX is open for business, or Index Business Days. If a weekday is not an Exchange Business Day (as defined in the following sentence) but is an Index Business Day, the exchange closing price from the previous Index Business Day will be used for eachthe Index Commodity. “Exchange Business Day” means, in respect of anthe Index Commodity, a day that is a trading day for suchthe Index Commodity on the relevant exchange (unless either an Index disruption event or force majeure event has occurred).

Contract Selection (OY Single Commodity Indexes only)

On the first New York business day,Index Business Day, or Verification Date, of each month, each Index Commodity futures contract will be tested in order to determine whether to continue including it in the applicable OY Single Commodity Index. If the Index Commodity futures contract requires delivery of the underlying commodity in the next month, known as the Delivery Month, a new Index Commodity futures contract will be selected for inclusion in such OY Single Commoditythe Index. For example, if the first New York business dayIndex Business Day is May 1 2013,of the current year, and the Delivery Month of the Index Commodity futures contract currently in such OY Single Commoditythe Index is June 2013,of the current year, a new Index Commodity futures contract with a later Delivery Month will be selected.

For each underlying Index Commodity of an OY Single Commodity Index, theThe new Index Commodity futures contract selected will be the Index Commodity futures contract with the best possible “implied roll yield” based on the closing price for each eligible Index Commodity futures contract. Eligible Index

Commodity futures contracts are any Index Commodity futures contracts having a Delivery Month (i) no sooner than the month after the Delivery Month of the Index Commodity futures contract currently in such OY Single Commoditythe Index, and (ii) no later than the 13^th month after the Verification Date. For example, if the first New York business dayIndex Business Day is May 1 2013of the current year and the Delivery Month of an Index Commodity futures contract currently in an OY Single Commoditythe Index is therefore June 2013,of the current year, the Delivery Month of an eligible new Index Commodity futures contract must be between July 2013of the current year and June 2014.of the following year. The implied roll yield is then calculated and the futures contract on the Index Commodity with the best possible implied roll yield is then selected. If two futures contracts have the same implied roll yield, the futures contract with the minimum number of months prior to the Delivery Month is selected.

After selection of the replacement futures contract, each OY Single Commodity Index will roll such replacement futures contract as provided in the

sub-section “Monthly Index Roll Period with respect to OY Single Commodity Indexes.”

Monthly Index Roll Period with respect to OY Single Commodity Indexes

After the futures contract selection, with respect to the OY Single Commodity Indexes, the monthly roll for eachthe futures contract underlying the Index Commodity that is subject to a roll in that particular month unwinds the old futures contract and enters a position in the new futures contract. This takes place between the 2^nd and 6^th Index Business Day of the month.

On each day during the roll period, new notional holdings are calculated. The calculations for the old futures contracts underlying the Index CommoditiesCommodity that are leaving anthe Index and the new futures contracts underlying the Index CommoditiesCommodity are then calculated.

On all days that are not monthly index roll days, the notional holdings of eachthe Index Commodity future remainsfutures remain constant.

Each Index is re-weighted on an annual basis on the 6^th Index Business Day of each November.

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

Trade Mark applications in the United States are pending with respect to both the Trust and aspects of each Index. Any use of these marks must be with the consent of or under license from the Index Sponsor. The Funds and the Managing Owner have been licensed to use DBIQ™. The Index Sponsor does not approve, endorse or recommend any Fund or the Managing Owner.

There can be no assurance that anythe Fund will achieve its investment objective or avoid substantial losses.

Shares of Each Fund Should Track Closely the Value of its Index

The Shares of each Fund are intended to provide investment results that generally correspond to changes, positive or negative, in the levels of the Fund’s corresponding Index, over time.

The value of the Shares of each Fund is expected to fluctuate in relation to changes in the value of its portfolio. The market price of the Shares of a Fund may not be identical to the net asset valueNAV per Share, but these two valuations are expected to be very close.

The Fund holds a portfolio of long futures contracts on the Index CommoditiesCommodity which comprise its corresponding Index, each of which are traded on various commodity futures markets in the United States and abroad. EachIndex. The Fund also holds cashUnited States Treasury Securities for deposit with the Fund’s Commodity Broker as margin and United States Treasury securitiesSecurities, cash and other high credit quality short-term fixed income securities formoney market mutual funds (affiliated or otherwise) on deposit with the Custodian (for cash management purposes). Additionally, the Fund may also gain an exposure to United States Treasury Securities with a maximum duration of up to 12 months through its holdings of T-Bill ETFs (affiliated or otherwise). Any such holdings of T-Bill ETFs will also be on deposit with the Custodian (for cash management purposes) and may be held by the Fund’s Commodity Broker as margin. Each Fund’s portfolio is traded with a viewmargin, to tracking the changes in its corresponding Index over time, whether the Index is rising, falling or flat over any particular period. None of the Funds is “managed” by traditional methods, which typically involve effecting changes in the composition of a portfolio on the basis of judgments relating to economic, financial and market considerations with a view to obtaining positive resultsextent permissible under all market conditions.CFTC rules.

The Managing Owner

DB Commodity ServicesInvesco PowerShares Capital Management LLC, a Delaware limited liability company, serves as Managing Owner of the Trust and eachthe Fund. The Managing Owner was formed on May 23, 2005.February 7, 2003. The Managing Owner is an affiliate of Deutsche Bank AG.Invesco Ltd. The Managing Owner was formed to be the managing owner of investment vehicles such as the Trust and the Fundsexchange-traded funds and has been managing such investment vehiclesnon-commodity futures based exchange-traded funds since January 2006.2003 and a commodity futures based exchange-traded fund since 2014. The Managing Owner serves as the commodity pool operator and commodity trading advisor of the Trust and eachthe Fund. The Managing Owner is registered as a commodity pool operator, and commodity trading advisor and swap firm with the Commodity Futures Trading Commission, or the CFTC, and is a member of the National Futures Association, or the NFA. As a registered commodity pool operator and commodity trading advisor, with respect to both the Trust and eachthe Fund, the Managing Owner must comply with various regulatory requirements under the Commodity Exchange Act and the rules and regulations of the CFTC and the NFA, including investor protection requirements, antifraud prohibitions, disclosure requirements, and reporting and recordkeeping requirements. The Managing Owner also is also subject to periodic inspections and audits by the CFTC and NFA.

The Shares are not deposits or other obligations of the Managing Owner, the Trustee or any of their respective subsidiaries or affiliates or any other bank, are not guaranteed by the Managing Owner, the

Trustee or any of their respective subsidiaries or affiliates or any other bank and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. An investment in the Shares of any Fund is speculative and involves a high degree of risk.

The principal office of the Managing Owner is located at 60 Wall Street, New York, New York 10005.3500 Lacey Road, Suite 700, Downers Grove, IL 60515. The telephone number of the Managing Owner is (212) 250-5883.(800) 983-0903.

PowerShares^® is a registered service mark of Invesco PowerShares Capital Management, LLC.

EachThe Fund pays the Managing Owner a Management Fee, monthly in arrears, in an amount equal to 0.75% per annum of the daily net asset valueNAV of eachthe Fund.

The Management Fee is paid in consideration of the Managing Owner’s commodity futures trading advisory services.

The Fund may, for cash management purposes, invest in money market mutual funds that are managed by affiliates of the Managing Owner. The indirect portion of the management fee that the Fund may incur through such investment is in addition to the Management Fee paid to the Managing Owner. The Managing Owner has contractually agreed to waive the fees that it receives in an amount equal to the indirect management fees that the Fund incurs through its investments in affiliated money market mutual funds through June 20, 2017. The Fund may invest in affiliated T-Bill ETFs. The Managing Owner expects to enter into a similar agreement with respect to any indirect management fees incurred by the Fund through such investment in affiliated T-Bill ETFs.

The Commodity Broker

A variety of executing brokers execute futures transactions on behalf of the Funds.Fund. Such executing brokers give-up all such transactions to Deutsche Bank Securities Inc.,Morgan Stanley & Co. LLC, a Delaware corporation,limited liability company, which serves as clearing broker, or Commodity Broker of each of the Funds. The Commodity Broker is an affiliate of the Managing Owner.Fund. In its capacity as clearing broker, the Commodity Broker executesmay execute or receive transactions executed by others and clears eachall of the Fund’s futures transactions and performs certain administrative and custodial services for eachthe Fund. Deutsche Bank Securities Inc.Morgan Stanley & Co. LLC is registered with the CFTC as a futures commission merchant and is a member of the NFA in such capacity.

EachThe Fund pays to the Commodity Broker all brokerage commissions, including applicable exchange fees, NFA fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for eachthe Fund. On average, total charges paid to the Commodity Broker are expected to be less than $10.00$6.00 per round-turn trade, although the Commodity Broker’s brokerage commissions and trading fees are determined on a contract-by-contract basis. The Managing Owner does not expectestimates the brokerage commissions and fees to exceed:

in any year, although the actual amount of brokerage commissions and fees in any year or any part of any year may be greater.

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

The Administrator, Custodian and Transfer Agent

The Trust, on behalf of each Fund, has appointed The Bank of New York Mellon asis the administrator, or the Administrator, of eachthe Fund and has entered into an Administration Agreement in connection therewith. The Bank of New York Mellon serves as custodian, or Custodian, of eachthe Fund and has entered into a Global Custody Agreement, or Custody Agreement, in connection therewith. The Bank of New York Mellon serves as the transfer agent, or Transfer Agent, of eachthe Fund and has entered into a Transfer Agency and Service Agreement in connection therewith.

The Bank of New York Mellon, a banking corporation organized under the laws of the State of New York with trust powers, has an office at 2 Hanson Place, Brooklyn, N.Y. 11217. The Bank of New York Mellon is subject to supervision by the New York State Banking Department and the Board of Governors of the Federal Reserve System. Information regarding the net asset valueNAV of eachthe Fund, creation and redemption transaction fees and the names of the parties that have executed a Participant Agreement may be obtained from The Bank of New York Mellon by calling the following number: (718) 315-7500. A copy of the Administration Agreement is available for inspection at The Bank of New York Mellon’s office identified above.

Pursuant to the Administration Agreement, the Administrator performs or supervises the performance of services necessary for the operation and administration of eachthe Fund (other than making investment decisions), including receiving and processing orders from Authorized Participants to create and redeem Baskets, net asset valueNAV calculations, accounting and other fund administrative services. The

Administrator retains, separately for eachthe Fund, certain financial books and records, including: Basket creation and redemption books and records, Fund accounting records, ledgers with respect to assets, liabilities, capital, income and expenses, the registrar, transfer journals and related details and trading and related documents received from futures commission merchants, c/o The Bank of New York Mellon, 2 Hanson Place, Brooklyn, New York 11217, telephone number (718) 315-7500.

The Administration Agreement will continueis continuously in effect from the commencement of trading operations unless terminated on at least 90 days’ prior written notice by either party to the other party. Notwithstanding the foregoing, the Administrator may terminate the Administration Agreement upon 30 days’ prior written notice if anythe Fund has materially failed to perform its obligations under the Administration Agreement.

The Administration Agreement provides for the exculpation and indemnification of the Administrator from and against any costs, expenses, damages, liabilities or claims (other than those resulting from the Administrator’s own bad faith, negligence or willful misconduct) which may be imposed on, incurred by or asserted against the Administrator in performing its obligations or duties under the Administration Agreement. Key terms of the Administration Agreement are summarized under the heading “Material Contracts.”

The Administrator’s monthly fees are paid on behalf of eachthe Fund by the Managing Owner out of the applicable Management Fee.

The Administrator and any of its affiliates may from time-to-time purchase or sell Shares for their own account, as agent for their customers and for accounts over which they exercise investment discretion.

The Transfer Agent receives a transaction processing fee in connection with orders from Authorized Participants to create or redeem Baskets in the amount of $500 per order. These transaction processing fees are paid directly by the Authorized Participants and not by any Fund.the Fund

EachThe Fund is expected to retain the services of one or more additional service providers to assist with certain tax reporting requirements of eachthe Fund and the Shareholders of eachthe Fund.

ALPSInvesco Distributors, Inc.

The Trust, on behalf of each Fund, has appointed ALPSInvesco Distributors, Inc., or ALPSInvesco Distributors, to assistassists the Managing Owner and the Administrator with certain functions and duties relating to distribution and marketing, including reviewing and approving marketing materials. ALPSInvesco Distributors retains all marketing materials separately for each Fund, at c/o ALPSInvesco Distributors, Inc., 1290 Broadway,11 Greenway Plaza, Suite 1100, Denver, Colorado 80203; telephone number (303) 623-2577.1000, Houston, Texas

77046-1173. Investors may contact ALPSInvesco Distributors toll-free in the U.S. at (877) 369-4617.(800) 983-0903. The Managing Owner, on behalf of each Fund has entered into a Distribution Services Agreement with ALPSInvesco Distributors. ALPSInvesco Distributors is affiliated with ALPS Fund Services, Inc., a Denver-based outsourcing solution for administration, compliance, fund accounting, legal, marketing, tax administration, transfer agency and shareholder services for open-end, closed-end, hedge and exchange-traded funds. ALPS Fund Services, Inc. and its affiliates provide fund administration services to funds with assets in excess of $35 billion. ALPS Distributors provides distribution services to funds with assets of more than $333 billion.

the Managing Owner.

The Managing Owner, out of the relevant Management Fee, pays ALPSInvesco Distributors for performing its duties on behalf of eachthe Fund and may pay ALPSInvesco Distributors additional compensation in consideration of the performance by ALPSInvesco Distributors of additional marketing, distribution and ongoing support services to such Fund.services. Such additional services may include, among other services, the development and implementation of a marketing plan and the utilization of ALPSInvesco Distributors’ resources, which include an extensive broker database and a network of internal and external wholesalers.

Index Sponsor

ALPS Distributors, Inc. provides distribution services to PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Gold Fund, PowerShares DB Silver Fund and PowerShares DB Base Metals Fund. Certain marketing services may be provided for each Fund by Invesco Distributors, Inc. or Invesco PowerShares Capital Management, LLC. This assistance includes the licensingThe Managing Owner, on behalf of the PowerShares^® registered service markFund, has appointed Deutsche Bank Securities Inc. to serve as the index sponsor, or the Index Sponsor. The Index Sponsor calculates and publishes the daily index levels and the indicative intraday index levels. Additionally, the Index Sponsor also calculates the IIV per Share throughout each Business Day.

The Managing Owner pays the Index Sponsor a licensing fee and an index services fee out of the Management Fee for performing its duties.

Marketing Agent

The Managing Owner, on behalf of the Fund, has appointed Deutsche Bank Securities Inc., or the Marketing Agent, to assist the Managing Owner by providing support to educate institutional investors about the Deutsche Bank indices and to complete governmental or institutional due diligence questionnaires or requests for use with each Fund. PowerShares^® isproposals related to the Deutsche Bank indices.

The Managing Owner pays the Marketing Agent a registered service mark of Invesco PowerShares Capital Management LLC. Invesco PowerShares Capital Management LLC is not a sponsor or promoter of anymarketing services fee out of the Funds andManagement Fee.

The Marketing Agent will not open or maintain customer accounts or handle orders for the Fund. The Marketing Agent has no

responsibility for the performance of any of the FundsFund or the decisions made or actions taken by the Managing Owner.

“800” Number for Investors

Investors may contact Invesco PowerShares Capital Management LLCthe Managing Owner toll free in the U.S. at (800) 983-0903.

Invesco Distributors, Inc.

Through a marketing agreement between the Managing Owner and Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.), or Invesco Distributors, an affiliate of Invesco PowerShares Capital Management LLC (formerly known as PowerShares Capital Management LLC), or Invesco PowerShares, the Managing Owner, on behalf of each Fund, has appointed Invesco Distributors as a marketing agent. Invesco Distributors assists the Managing Owner and the Administrator with certain functions and duties such as providing various educational and marketing activities regarding each Fund, primarily in the secondary trading market, which activities include, but are not limited to, communicating each Fund’s name, characteristics, uses, benefits, and risks, consistent with this Prospectus. Invesco Distributors will not open or maintain customer accounts or handle orders for each Fund. Invesco Distributors is an indirect and wholly-owned subsidiary of Invesco Ltd. Invesco Ltd. is a leading independent global investment manager operating under the AIM, Atlantic Trust, Invesco, Perpetual, PowerShares, Invesco Canada and WL Ross brands.

The Managing Owner, out of the relevant Management Fee, pays Invesco Distributors for performing its duties on behalf of each Fund.

Limitation of Liabilities

Although the Managing Owner has unlimited liability for any obligations of each Fund that exceed that Fund’s net assets, yourYour investment in athe Fund is part of the assets of thatthe Fund, and it will therefore be subject to the risks of thatthe Fund’s trading only. You cannot lose more than your investment in anythe Fund, and you will not be subject to the losses or liabilities of any Fundother series of the Trust in which you have not invested. We have received an opinion of counsel that eachthe Fund is entitled to the benefits of the limitation on inter-series liability provided under the Delaware Statutory Trust Act. Each Share, when purchased in accordance with the ThirdFifth Amended and Restated Declaration of Trust and Trust Agreement of the Trust, as amended from time-to-time, or the Trust Declaration, shall, except as otherwise provided by law, be fully-paid and non-assessable.

The debts, liabilities, obligations, claims and expenses of a particularthe Fund will be enforceable against the assets of thatthe Fund only, and not against the assets of the Trust generally or the assets of any other Fund,series of the Trust, and, unless otherwise provided in the Trust Declaration, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other series thereof will be enforceable against the assets of suchthe Fund, as the case may be.

Creation and Redemption of Shares

The Funds createFund creates and redeemredeems Shares from time-to-time, but only in one or more Baskets. A Basket is a block of 200,000 Shares. Baskets may be created or redeemed only by Authorized Participants. Except when aggregated in Baskets, the Shares are not redeemable securities. Authorized Participants pay a transaction fee of $500 in connection with each order to create or redeem a Basket. Authorized Participants may sell the Shares included in the Baskets they purchase from the FundsFund to other investors.

See “Creation and Redemption of Shares” for more details.

The Offering

Unless otherwise agreed to by the Managing Owner and the Authorized Participant as provided in the next sentence, eachthe Fund issues Shares in Baskets to Authorized Participants continuously on the creation order settlement date as of 2:45 p.m., Eastern time, on the business day immediately following the date on which a valid order to create a Basket is accepted by the Fund, at the net asset valueNAV of 200,000 Shares of the Fund as of the closing time of the NYSE Arca or the last to close of the exchangesexchange(s) on which the corresponding Fund’s futures contracts are traded, whichever is later, on the date that a valid order to create a Basket is accepted by the Fund. Upon submission of a creation order, the Authorized Participant may request the Managing Owner to agree to a creation order settlement date up to 3 business days after the creation order date.

Authorized Participants

Baskets may be created or redeemed only by Authorized Participants. Each Authorized Participant must (1) be a registered broker-dealer or other securities market participant such as a bank or other financial institution which is not required to register as a broker-dealer to engage in securities transactions, (2) be a participant in DTC, and (3) have entered into an agreement with eachthe Fund and the Managing Owner, (aor a Participant Agreement).Agreement. The Participant Agreement sets forth the procedures for the creation and redemption of Baskets and for the delivery of cash required for such creations or redemptions. A list of the current Authorized Participants can be obtained from the Administrator. See “Creation and Redemption of Shares” for more details.

Net Asset ValueNAV

Net asset value, in respect of any Fund,NAV means the total assets of the Fund including, but not limited to, all cash and cash equivalents or other debt securities less total liabilities of suchthe Fund, each determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting.

Net asset valueNAV per Share in respect of any Fund, is the net asset valueNAV of the Fund divided by the number of its outstanding Shares.

See “Description of the Shares; The Funds;Fund; Certain Material Terms of the Trust Declaration-Net Asset Value”Declaration-NAV” for more details.

Clearance and Settlement

The Shares of each Fund are evidenced by global certificates that the Fund issues to DTC. The Shares of each Fund are available only in book-entry form. Shareholders may hold Shares of any Fund through DTC, if they are participants in DTC, or indirectly through entities that are participants in DTC.

Segregated Accounts/InterestTreasury Income and Money Market Income

The proceeds of the continuous offering of each Fundthe Shares are deposited in cash in a segregated account in itsthe name of the Fund at the Commodity BrokerCustodian (or another eligible financial institution, as applicable) in accordance with CFTC investor protection and segregation requirements. EachThe Fund is credited with 100% of the interest earned on its average net assets on deposit with the Commodity BrokerCustodian or such other financial institution each week. In an attempt to increase interest income earned, theThe Managing Owner expects to invest non-margin assets of each Fund in United States government securities (which include any security issued or guaranteed as to principal or interest by the United States), or any certificate of deposit for any of the foregoing, including United States Treasury bonds, United States Treasury billssecurities and issues of agencies of the United States government, and certain cash and cash equivalent items such as money market mutual funds (affiliated or otherwise), T-Bill ETFs (affiliated or otherwise), certificates of deposit (under nine months) and time deposits or other instruments permitted by applicable rules and regulations. Currently, the rate of interestregulations for cash management purposes. The Fund is expected to be earned by each Fund is estimatedearn Treasury Income equal to be 0.11%0.24% per annum, based upon the yield onof 3-month U.S.United States Treasury billsSecurities as of October 31, 2012.September 30, 2016, or a maximum of $0.06 per annum per Share at $25.00 as the NAV per Share. The Fund is also expected to earn Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in each of the Treasury Securities and money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06. This interest income is used by eachthe Fund to pay its own expenses. See “Fees and Expenses” for more details. Additionally, if the Fund invests in T-Bill ETFs (affiliated or otherwise) the Fund may receive dividends or a distribution of capital gains from such dividend.

Breakeven Amounts

The following table estimates theestimated amount of (i) all fees and expenses which are anticipated to be incurred by a new investor in Shares of each Fund during the first twelve months of investment is the following percentage0.79% per annum of the net asset valueNAV of eachthe Fund, (ii) the current yield earned by each Fund on the 3-month U.S. Treasury bills as of October 31, 2012 and (iii) the required net income that must be earned, in order for an investor to break-even on an investment during the first twelve months of an investment plus the amount of any commissions charged by the investor’s broker in connection with an investor’s purchase of Shares:broker.

¹The dollar amount as specified in the above table reflects that amount of required income to break even per annum per Share assuming that the net asset value of each Share is $25.00.

Each Fund is subject to the approximate fees and expenses in the aggregate amounts per annum set forth in the above table and elsewhere in this Prospectus. Each Fund will be successful only if its annual returns from futures trading, plus its annual interest income from its holdings of United States Treasury securitiesIncome and other high credit quality short-term fixed income securities,Money Market Income, exceed thesesuch fees and expenses of approximately 0.79% per annum. EachThe Fund is expected to earn interest incomeTreasury Income equal to 0.11%0.24% per annum, based upon the yield of 3-month U.S.United States Treasury billsSecurities as of October 31, 2012,September 30, 2016, or a dollar amount as specified in the above tablemaximum of $0.06 per annum per Share at $25.00 as the net asset valueNAV per Share. The Fund is also expected to earn Money Market Income equal to 0.36% per annum as of September 30, 2016, or a maximum of $0.09 per annum per Share at $25.00 as the NAV per Share. Because the Fund invests a portion of its assets in each of Treasury Securities and money market mutual funds, its expected income from each of its holdings will be approximately $0.05 and $0.01, respectively, for an aggregate amount of approximately $0.06. Therefore, based upon the difference between the sum of the current yield of 3-month U.S. Treasury billsIncome plus the Money Market Income and the annual fees and expenses, eachthe Fund will be required to earn a net income equal to or greater than the approximate amountapproximately 0.54% per annum, set forth inor $0.14 per annum per Share at $25.00 as the above table,NAV per Share, in order for an investor to break-even on an investment during the first twelve months of an investment. Actual interest incomeTreasury Income and Money Market Income could be higher or lower than the current yieldlevels. For the avoidance of 3-month U.S.doubt, the Fund invests in futures contracts in an attempt to track its Index. The Fund holds Treasury bills.Securities and money market mutual funds for margin and/or cash management purposes only.

Distributions

EachThe Fund will make distributions at the discretion of the Managing Owner. To the extent that athe Fund’s actual and

projected Treasury Income, the Fund’s actual and projected interest income from its holdings of United States Treasury securitiesMoney Market Income and other high credit quality short-term fixed income securitiesthe Fund’s actual and projected T-Bill ETF Income, if any, exceeds the actual and projected fees and expenses of suchthe Fund, the Managing Owner expects periodically to make distributions of the amount of such excess. The FundsManaging Owner currently dodoes not expect to make distributions with respect to the Fund’s capital gains. Depending on the applicable Fund’s performance for the taxable year and your own tax situation for such year, your income tax liability for the taxable year for your allocable share of suchthe Fund’s net ordinary income or loss and capital gain or loss may exceed any distributions you receive with respect to such year.

Fiscal Year

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

U.S. Federal Income Tax Considerations

Subject to the discussion below in “Material U.S. Federal Income Tax Considerations,” each of the FundsFund will be classified as a partnership for U.S. federal income tax purposes. Accordingly, athe Fund will generally not incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares will be required to take into account its allocable share of suchthe Fund’s income, gain, loss, deduction and other items for the Fund’s taxable year ending with or within the owner’s taxable year.

Additionally, please refer to the “Material U.S. Federal Income Tax Considerations” section below for information on the potential U.S. federal income tax consequences of the purchase, ownership and disposition of Shares of a Fund.Shares.

“Breakeven Table”Table

The “Breakeven Table”Breakeven Table on page 1614 indicates the approximate percentage and dollar returns required for the value of an initial $25.00 investment in a Share of each Fund to equal the amount originally invested twelve months after issuance.

The “BreakevenBreakeven Table” as presented, is an approximation only. The capitalization of eachthe Fund

does not directly affect the level of its charges as a percentage of its net asset value,NAV, other than brokerage commissions.