# Objectives and investment policy
The investment objective of the Fund is to replicate as far as practical the performance of the Deutsche Bank Optimized Equity Income EUR Index, (the “Underlying”), a proprietary index sponsored by Deutsche Bank AG and governed by the Benchmark Regulation.
The Underlying reflects the performance of (i) an investment in an equally weighted allocation to three EUR-hedged (where not already denominated in EUR) broad-based equity indices (S&P 500 Total Return Index, EURO STOXX 50 Gross Return Index and Hang Seng China Enterprises Index Net Total Return Index) combined with (ii) a systematic call writing strategy on the same three indices. The call writing strategy involves foregoing equity performance above a certain pre-determined level in exchange for a premium. All components are rebalanced back to the original weights on a quarterly basis.
Additionally, the Underlying includes a risk monitor signal which aims to detect periods of high market risk through proprietary multi-asset indicators. In periods of high market risk, the Underlying will remove exposure to its then current components over two Fund business days. The Underlying will reinstate its original components over a period of two Fund business days once the risk monitor signal detects a period of lower market risk.
The Fund will invest in the Underlying by entering into an unfunded total return swap transaction (a type of derivative), under which it will receive payments when the performance of the swap is positive and make payments to the swap counterparty in the event of negative performance of the swap. The Fund will not be required to make any upfront payment to enter into the swap transaction. Depending on the credit requirements of the swap counterparty, the Fund willrequire only a small portion or potentially even none of its assets to be posted as initial margin. The Fund is expected to allocate all or a significant portion of its cash by investing in cash equivalents or by applying other cash management techniques, which may also involve Deutsche Bank AG as a counterparty.
The Fund tracks the daily performance of the Underlying less fees and expenses and consequently is passively managed. Portfolio transaction costs will have an impact on the Fund’s performance. You may redeem your investment on demand on a daily basis. The Fund aims to pay dividends. Any dividends will be paid on a quarterly basis. Investors should note that there are scenarios where a dividend may be wholly or partially paid out of capital.
For further details please refer to the prospectus and supplement.

Translation (ENDE, 2021-11-24):
# Ziele und Anlagepolitik
Ziel des Fonds ist es, die Wertentwicklung des Deutsche Bank Optimized Equity Income EUR Index (der „Basiswert“), einem firmeneigenen Index, der von der Deutsche Bank AG gesponsert und von der Referenzwerte- Verordnung geregelt wird, soweit wie möglich nachzubilden.
Der Basiswert spiegelt die Wertentwicklung (i) einer Anlage in eine gleichgewichtete Allokation in drei auf EUR abgesicherte (sofern diese nicht bereits auf EUR lauten) breit angelegte Aktienindizes wider (S&P 500 Total Return Index, EURO STOXX 50 Gross Return Index und Hang Seng China Enterprises Index Net Total Return Index), kombiniert mit (ii) einer systematischen Call-Writing-Strategie auf die gleichen drei Indizes.
Die Call-Writing-Strategie beinhaltet den Verzicht auf die Aktienperformance über einem bestimmten vorab festgelegten Niveau im Gegenzug für eine Prämie. Alle Komponenten werden vierteljährlich wieder auf die ursprünglichen Gewichtungen umgeschichtet.
Darüber hinaus enthält der Basiswert ein Signal zur Überwachung des Risikos, das darauf abzielt, Zeiträume mit hohem Marktrisiko durch firmeneigene Multi-Asset-Indikatoren zu erkennen. In Zeiten mit hohem Marktrisiko wird der Basiswert das Engagement in seinen aktuellen Komponenten über zwei Geschäftstage des Fonds abbauen. Der Basiswert wird seine ursprünglichen Komponenten über einen Zeitraum von zwei Geschäftstagen des Fonds wiederherstellen, sobald das Signal für die Risikoüberwachung eine Phase niedrigerer Marktrisiken feststellt.