Company: ADZCF
Filing Date: 2025-06-17
Form Type: 424B2
Source: 0000950103-25-007465
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-06-17
Form: 424B2
Chunk 1
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 | June 22, 2026 |               |
| Call Settlement Date:                                                                                                                                                                                | June 25, 2026 |               |
| Final Valuation Date:                                                                                                                                                                                | June 13, 2030 |               |
| Maturity Date:                                                                                                                                                                                       | June 18, 2030 |               |
| 1	The Observation Date, the Call Settlement Date, the Final Valuation Date and the Maturity Date are subject to postponement. See “Terms of the Securities” on page PS-6 of this pricing supplement. |               |               |

Notice to investors: The Securities are significantly riskier than conventional debt instruments. The Issuer is not necessarily obligated to repay the full Face Amount of the Securities at maturity, and the Securities may have the full downside market risk of the Underlying. This market risk is in addition to the credit risk inherent in purchasing a debt obligation of the Issuer. You should not purchase the Securities if you do not understand or are not comfortable with the significant risks involved in investing in the Securities.

You should carefully consider the risks described under “Selected Risk Considerations” beginning on page PS–8 of this pricing supplement and “Risk Factors” beginning on page 10 of the accompanying product supplement, page PS–5 of the accompanying prospectus supplement and page 20 of the accompanying prospectus before purchasing any Securities. Events relating to any of those risks, or other risks and uncertainties, could adversely affect the market value of, and the return on, your Securities. You may lose a significant portion or all of your initial investment. The Securities will not be listed on any securities exchange.

| Security Offering |

We are offering Trigger Autocallable GEARS linked
to the Russell 2000 Index. The Initial Underlying Value is the Closing Value (as defined below) of the Underlying on the
Trade Date. The Securities are offered at a minimum investment of $1,000 (100 Securities).

| Underlying                | Call Return | Upside Gearing | Initial Underlying Value | Autocall Barrier                                         | Downside Threshold                                                                        | CUSIP/ ISIN              |
| Russell 2000® Index (RTY) | 13.00%      |           1.31 |                2,100.505 | 2,100.505, which is 100% of the Initial Underlying Value | 1,575.379, which is 75% of the Initial Underlying Value (rounded to three decimal places) | 251