Sept. 23 (Bloomberg) -- Deutsche Bank AG set up a public fund of as much as 250 million euros ($368 million) to invest in greenhouse-gas credits.

The size of the fund may be smaller and depends on demand, Claus Gruber, a Frankfurt-based spokesman for DWS Investment GmbH, the mutual arm of Deutsche Asset Management, said today by phone.

The DWS CO2 Opportunities Fund will invest in European Union carbon dioxide allowances, United Nations credits and spreads between futures contracts and permit types, Markus Huewener, chief executive officer of First Climate Group, said today by phone.

First Climate, based in Bad Vilbel, Germany, is helping manage the fund with Aquila Capital LP, according to an e-mailed statement.