Hund coupling in the degenerate five-band Hubbard model near n = 6 occupancy is shown to give rise to a significant depletion of spectral weight above the Fermi level. Calculations within dynamical mean-field theory combined with exact diagonalization reveal that this pseudogap is associated with a collective mode in the self-energy caused by spin fluctuations. The pseudogap is remarkably stable over a wide range of Coulomb and exchange energies, but disappears for weak Hund coupling. The implications of this phenomenon for optical spectra of iron pnictides are discussed. Introduction. The discovery of superconductivity in iron pnictides 1 has stimulated intense discussions concerning the role of correlation effects in these compounds. In contrast to high-T c cuprates, which have antiferromagnetic Mott insulators as parent compounds, pnictides are correlated magnetic metals that tend to show significant deviations from Fermi-liquid behavior. Moreover, as a result of the multiband nature of pnictides, the interplay of Coulomb and exchange interactions gives rise to phenomena not found in cuprates. The importance of Hund coupling in pnictides and chalcogenides was recently pointed out in several theoretical 2-6 and experimental studies. [7][8][9] Optical data on paramagnetic LaFePO (Ref. 10) and BaFe 2 As 2 (Refs. 7-9) reveal a high-energy pseudogap not compatible with normal metal behavior. This pseudogap differs fundamentally from the low-energy gap in the antiferromagnetic spin-density wave phase. Also, angleresolved photoemission spectra for doped BaFe 2 As 2 exhibit a depletion of spectral weight near the Fermi level that differs from the superconducting gap. 11 To investigate the influence of Coulomb correlations on the electronic properties of iron pnictides, various groups 2,6,12-21 have used dynamical mean-field theory 22 (DMFT) combined with single-particle Hamiltonians derived from densityfunctional theory. These calculations typically revealed moderate to strong effective mass enhancement, in agreement with experimental data. Correlations were also shown to give rise to nonzero low-energy scattering rates, 13,16,18 indicating bad metallicity. On the other hand, as a result of the complex band structure of pnictides, all five d bands are important, so that the many-body features exhibit a marked orbital dependence. Moreover, the Fe 3d density of states generally shows two main features separated by a deep minimum slightly above the Fermi energy. In view of these multiband characteristics, it is difficult to distinguish genuine many-body features from single-particle properties. For instance, it is presently not clear to what extent pseudogaps in the interacting density of states are induced by Coulomb correlations or band-structure effects.The aim of the present Rapid Communication is to unravel these competing influences. For this purpose we have performed DMFT calculations for a simplified Hamiltonian consisting of five degenerate semielliptical bands. Since the density of states is featureless, corre...