Company: ADZCF
Filing Date: 2025-09-22
Form Type: 424B2
Source: 0000950103-25-011938
Chunk: 1

Company: DEUTSCHE BANK AKTIENGESELLSCHAFT
Filing Date: 2025-09-22
Form: 424B2
Chunk 1
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, 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 GEARS linked to the S&P
500 Index. The Upside Gearing, Initial Underlying Value and Downside Threshold will be set on the Trade Date. The Initial
Underlying Value will be 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           | Upside Gearing | Initial Underlying Value | Downside Threshold                                                  | CUSIP/ ISIN              |
| S&P 500® Index (SPX) | 1.01 to 1.05   |                          | 65% of the Initial Underlying Value (rounded to two decimal places) | 25160U577 / US25160U5772 |

The Issuer’s estimated value of the Securities on the Trade Date is approximately $9.049 to $9.197 per $10.00 Face Amount of Securities, which is less than the Issue Price. Please see “Issuer’s Estimated Value of the Securities” on page PS–2 of this pricing supplement for additional information.

By acquiring the Securities, you will be bound by and will be deemed irrevocably to consent to the imposition of any Resolution Measure(as defined below)
by the competent resolution authority, which may include the write down of all, or a portion, of any payment on the Securities or the conversion of the Securities into ordinary shares or other instruments of ownership. If any Resolution Measure becomes applicable to us, you may lose some or all of your investment in the Securities. Please see“Resolution Measures