ELEMENTS ETN Products

ELEMENTS are exchange-traded notes designed to track the return of a specific underlying market measure. After their initial offering, ELEMENTS can be bought and sold through a broker or financial advisor on a U.S. securities exchange.

Prospectus

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Profile

Issuer: Deutsche Bank AG

Primary Exchange: Not Listed on an exchange as of April 12, 2019

Bloomberg Index Ticker: MUTR

CUSIP: 25153Q658

Inception Date: November 07, 2007

Maturity Date: November 14, 2022

Initial Index Level: 121.33

Denomination: $10.00

Short Sales* : Yes on an up or down tick

Yearly Fee : 0.75%

*With short sales, an investor risks paying more for a security than the amount one received from its sale.

Payment at Maturity/Secondary Market
If your ELEMENTS have not previously been repurchased by Deutsche Bank AG at your election, at maturity, subject to the credit of Deutsche Bank AG, you will receive a cash payment equal to the principal amount of your Securities times the index factor on the final valuation date times the fee factor on the final valuation date. Investors can trade in the secondary market, to the extent a trading market develops. DBSI has indicated it expects to bid for ELEMENTS offered for sale to it by investors, but it is not required to do so and may cease making bids at any time.

Daily Repurchase Value
Daily Repurchase Value will equal the principal amount of ELEMENTS times the Index Factor on the relevant valuation date times the Fee Factor on the relevant valuation date.

Fee Factor
The fee factor is equal to one minus the product of (i) the annual investor fee and (ii) the number of days elapsed from the inception date to and including the applicable valuation date divided by 365. The annual investor fee is equal to 0.75%.

Index Factor
The index factor on any given day, other than the final valuation date, will be equal to the closing level of the index on the day divided by the initial index level. The index factor on the final valuation date will equal the average of the closing levels of the index for the five trading days prior to and including the final valuation date divided by the initial index level. The initial index level is the closing level of the index on the inception date.

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What Are Some of the Risks of the Securities?

An investment in the Securities involves risks and may not be suitable for all investors. Some of these risks are summarized here, but we urge you to read the more detailed explanation of risks in "Risk Factors" in the pricing supplement. Terms used but not defined below have the meaning set forth in the pricing supplement.

Uncertain Principal Repayment - Your principal is not protected. If the level of the Index decreases, or does not increase by an amount greater than the aggregate investor fee applicable to your Securities, you will receive less than your original investment in the Securities upon repurchase or at maturity.
Underlying Index and Market Risk - The return on the Securities is linked to the performance of the Index which, in turn, is linked to the prices of the common stocks that make up the Index. Prices may change unpredictably, affecting the level of the stocks that make up the Index and, consequently, the value of your Securities in unforeseeable ways. The Index Sponsor may suspend or discontinue the calculation or publication of the Index, making it difficult to determine the market value of the Index and of your Securities which, may in turn, adversely affect the market price of your Securities.
No Interest Payments - You will not receive any periodic interest payments on the Securities.
Credit Risk of the Issuer - The Securities are senior unsecured obligations of Deutsche Bank AG, acting through its London branch. Any payments you are entitled to receive on your Securities are subject to the ability of Deutsche Bank to pay its obligations as they come due. This risk is in addition to the risks posed by the Index.
An Active Trading Market for the Securities may not develop - We are not required to maintain any listing of the Securities on any exchange. These Securities are no longer listed on any exchange.
Restrictions on repurchases by Deutsche Bank AG - You must offer at least $100,000 stated principal amount of Securities (10,000 Securities) to Deutsche Bank AG for your offer for repurchase to be considered.
Your Offer for Repurchase Is Irrevocable - You will not be able to rescind your offer for repurchase after it is received by DBSI, so you will be exposed to market risk in the event market conditions change after DBSI receives your offer.
Conflicts of Interest - Deutsche Bank AG owns, directly or indirectly, all of the outstanding equity securities of DBSI. Any offering in which DBSI participates will be conducted in compliance with the requirements of NASD Rule 2720 of FINRA regarding a FINRA member firm’s distribution of the securities of an affiliate and related conflicts of interest. See "Supplemental Plan of Distribution (Conflicts of Interest)."

Uncertain Tax Treatment - Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax advisor as to the specific consequences to you of owning and disposing of Securities.

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BofA Securities, Inc. is a registered broker-dealer and a wholly-owned subsidiary of Bank of America Corporation.
Securities Products: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value

In considering ELEMENTS as an investment, an investor should review the ELEMENTS prospectus for the particular offering and discuss the security with legal, tax and financial advisors before taking any action. In the event of any inconsistency between this website and the prospectus for a particular offering of ELEMENTS, you should rely on the prospectus in evaluating that offering. Please review Legal Information and Privacy Statement for additional important legal information and the terms and conditions governing use of this website.