The Benjamin Graham Small Cap Value ELEMENTS(Ticker: BSC) seeks investment results that correspond generally to the performance, before fees and expenses, of the Benjamin Graham Small Cap Value - Total Return (TR) Index. Using the Benjamin Graham Methodology, the Index tracks the value of a portfolio of U.S. small cap stocks with liquid balance sheets that trade at a discount to their implied intrinsic value. Stocks are selected based upon 7 quantitative factors including earnings quality, valuation, forward P/E ratio, dividend yield, profitability, peer group measurements, along with debt and liquidity. Index components are assigned a modified equal weighting and annually reconstituted in December. These notes are unsecured debt securities issued by Deutsche Bank AG, London Branch. The maturity date for this ETN is on 08/14/2023.