Initialized
It is triggered before loading data in view / edit mode or before creating a record in creation mode.
It can be used, for example, to initialize a filter depending of the context in which the view is opened.
See this article for more information on event rules execution order.
Item versus DatasourceCurrent
This rule is not tied to a particular item so it does not offer an Item property.
Note
The DatasourceCurrent property is always null at the time the Initialized event rule is triggered.
To know more on the difference between the Item and DatasourceCurrent properties in an UI view event rule, you can check this article.