德意志银行美股招股说明书(2026-06-09版)

pricing supplement and the accompanying underlying supplement, product supplement, prospectus supplementand prospectus do not constitute an offer to sell nor do they seek an offer to buy the Securities in any jurisdictionwhere the offer or sale is not permitted.Subject to Completion, dated June 9, 2026 RegistrationStatementNo.333-278331Rule 424(b)(2) Pricing Supplement No. A38 dated June, 2026(To Underlying Supplement No.1 dated April 26, 2024,Product Supplement B dated April 26, 2024,Prospectus Supplement dated April 26, 2024and Prospectus dated April 26, 2024)Deutsche Bank AG Trigger Autocallable Contingent Yield Notes Linked to the Least Performing of the Nikkei 225 Index and the S&P 500® Index due on or about June 17, 2031 Investment Description The Trigger Autocallable Contingent Yield Notes (the “Notes”) are unsecured and unsubordinated obligations of DeutscheBank AG (the “Issuer”) linked to the least performing of the Nikkei 225 Index and the S&P 500®Index (each an“Underlying” and together the “Underlyings”). On a quarterly basis, unless the Notes have been previously called, theIssuer will pay you a coupon (the “Contingent Coupon”) if the Closing Value of each Underlying on the applicableCoupon Observation Date is greater than or equal to its Coupon Barrier. However, if the Closing Value of any Underlyingon a Coupon Observation Date is less than its Coupon Barrier, you will not receive any Contingent Coupon for therelevant quarter. If the Closing Value of each Underlying on any Call Observation Date is greater than or equal to itsClosing Value on the Trade Date (the “Initial Underlying Value”), the Notes will be automatically called, and the Issuerwill pay you the Face Amount of the Notesplusa final Contingent Coupon, and no further payments will be made on theNotes. If the Notes are not automatically called and the Closing Value of each Underlying on the Final Valuation Date (the“Final Underlying Value”) is greater than or equal to its Downside Threshold, the Issuer will repay the Face Amount atmaturityplusany final Contingent Coupon otherwise due. However, if the Final Underlying Value of any Underlying is lessthan its Downside Threshold, the Issuer will pay you a cash payment at maturity that is less than the Face Amount, ifanything, resulting in a percentage loss on the Face Amount of the Notes equal to the negative Underlying Return of theUnderlying with the lowest Underlying Return (the “Least Performing Underlying”). In this case, you will have fulldownside exposure to the Least Performing Underlying from its Initial Underlying Value to its Final Underlying Value, andwill lose a significant portion, and possibly all, of your initial investment.Investing in the Notes involves significantrisks. You may lose a significant portion or all of your initial investment. You may receive few or no ContingentCoupons during the term of the Notes. You will be exposed to the market risk of each Underlying and any declinein the value of one Underlying may negatively affect your return and will not be offset or mitigated by a lesserdecline or any potential increase in the value of any other Underlying. You will not participate in any appreciationof any Underlying and will not receive any dividends on the securities included in any Underlying. The FinalUnderlying Value of each Underlying is observed relative to its Downside Threshold only on the Final ValuationDate, and the contingent repayment of principal feature applies only if you hold the Notes to maturity. Generally,the higher the Contingent Coupon Rate on a Note, the greater the risk of loss on that Note. Any payment on theNotes, including any payment of the Face Amount at maturity, is subject to the credit of Deutsche Bank AG. IfDeutsche Bank AG were to default on its payment obligations or become subject to a resolution measure, youmight not receive any amounts owed to you under the Notes and you could lose your entire investment. Key Dates1 Features Trade Date:June 12, 2026Settlement Date: June 17, 2026CouponObservationDates2:Quarterly (see pagePS-8)Call ObservationDates2:Quarterly, beginningafter six months (seepage PS-8)Final ValuationDate2:June 12, 2031Maturity Date2:June 17, 20311In the event that we make anychanges to the expected Trade Dateor Settlement Date, the other relevantdates may be changed so that thestated term of the Notes remains thesame.2Subject to postponement. See “Termsof the Notes” on page PS-6 of thispricing supplement. Contingent Coupon:On each Contingent Coupon Payment Date, theIssuer will pay you a Contingent Coupon if the Closing Value of eachUnderlying on the related Coupon Observation Date is greater than or equalto its Coupon Barrier. However, if the Closing Value of any Underlying onany Coupon Observation Date is less than its Coupon Barrier, you will notreceive any Contingent Coupon on the related Contingent Coupon PaymentDate.Automatic Call:If the Closing Value of each Underlying on any Call Observation D