A year after a money-market fund spooked investors by "breaking the buck," Deutsche Bank AG's DWS Investments plans to launch a money fund with a floating share price.

Unlike conventional money-market funds, the proposed DWS Variable NAV Money Fund will allow its net asset value, or NAV, to fluctuate rather than trying to maintain a stable $1 share price. The fund will require a $1 million minimum investment, a regulatory filing said.

The...