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DWS ESG DYNAMIC OPPORTUNITIESOctober 2021
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal
Collective Investment Schemes Act (CISA)). For institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale Investors only.
CONTENT
Introduction – A Flexible Approach to Multi Asset Investing
Investment Process – A Focus on Risk-Adjusted Returns
Investment Team
Performance & Positioning
Appendix
01
02
03
04
05
INTRODUCTION – A FLEXIBLE APPROACH TO
MULTI ASSET INVESTING
01
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 4
* Fund was launched in June 2006 as an equity fund. In January 2013, Portfolio Manager and investment philosophy changed, the strategy being converted into a multi-asset one. No assurance can be given
that investment objectives will be achieved. © 2021 Morningstar, Inc. All rights reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are
responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
© 2021 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Neither Lipper, other
members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content or for any actions taken in reliance thereon. Lipper performance rankings are calculated using
data available at the time of calculation and may not represent all the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment
recommendation for a specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and the Lipper logo are
registered trademarks of Thomson Reuters.
Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest)
First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense
As of: 30 September 2021; source: DWS International GmbH / Bloomberg Finance L.P.
Executive Summary
Portfolio
Manager
Lead: Christoph Schmidt
Deputies: Henning Potstada,
Thomas Graby
Investment
objective
Maximizing long-term risk-adjusted returns
within a 50-100% range of MSCI World volatility
Investment
philosophy
Highly flexible total return framework with
dynamic risk control and inclusion of ESG
criteria within aggressive Multi Asset allocation
segment
Investment
universe
Global equities, bonds, money market,
alternatives and currencies
compliant with DWS ESG standards
Instruments
Mainly direct securities, Derivatives
Funds/ETFs up to 10%
All instruments currently used are listed
Market cap / Holdings No restriction / 50 - 100
Single positionsTypically 0.5-2.5% of total
portfolio (historically)
Currency exposureActive & opportunistic FX
exposure management
Derivative exposureStrategic & tactical cost-effective
implementation
Turnover ratioTypically < 100% p.a.
(physical exposure only)
Total strategy AuM EUR 3,172mn
Strategy inception* January 2013
2018 – DWS ESG Dynamic Opportunities, Euro Fund Award 2018, Multi Asset predominantly equities, 5 years, 1. place
2017 – DWS ESG Dynamic Opportunities, Euro Fund Award 2018, Multi Asset predominantly equities, 5 years, 1. place
2017 – DWS ESG Dynamic Opportunities, Euro Fund Award 2018, Multi Asset predominantly equities, 3 years, 1. place
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS MULTI ASSET TOTAL RETURN
/ 5
No assurance can be given that investment objectives will be achieved.
Source: DWS International GmbH
Product range
MAXIMIZING LONG-TERM RISK-ADJUSTED RETURNS
Defensive investment profile
with active drawdown-limitBalanced investment profile Dynamic investment profile
Volatility: max. 10% p.a.
Max Drawdown: max. 10%
per calendar year
Volatility (ex-ante)
typically around 6-12% p.a.
50-100% risk of
MSCI World (ex-ante)
DWS Concept
Kaldemorgen
DWS Multi
Opportunities
DWS ESG Dynamic
Opportunities
„Risk controlled access to
capital markets“
One Team | One Philosophy | One Investment- and Risk Management Process
DWS Invest
Conservative
Opportunities
„Saving. Differently“
Conservative
investment profile
Volatility: max. 5%
SRRI 3 SRRI 4 SRRI 4 SRRI 5
„Full flexibility across
the cycle“
„Equity-like returns with less
risk“
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 6
Competitive Edge
* Prior 100% equity fund was converted into multi asset.
Source: DWS International GmbH, as of: End of May 2019
DWS ESG
Dynamic
Opportunities
FLEXIBILITY
Benchmark-free, flexible
and globally investing
multi asset strategy
TRACK RECORD
Robust risk-adjusted
returns since 2013*
across market cycles
EXPERIENCE
A seasoned team of
investment professionals
under strong leadership
FOCUS ON DOWNSIDE
RISK MANAGEMENT
State-of-the art
proprietary shortfall model
an integral part of the
investment process
INVESTMENT PROCESS – A FOCUS ON
RISK-ADJUSTED RETURNS
02
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 8
Investment philosophy
Source: DWS International GmbH
DYNAMIC INVESTMENT STRATEGY WITH DRAWDOWN DISCIPLINE
RETURN SOURCES RISK-MITIGATING FACTORS
Diversification across
asset classes / geographies
Ex-ante Volatility Management
Downside Risk Management
Global universe across different asset
classes (Equities, Fixed Income,
Currencies, Gold)
Flexible steering of investment degree
and asset classes
Asset Selection
Return RiskRisk-Adjusted Returns
at the Core of our DNA
MAXIMIZE
SHARPE
RATIO
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 9
No assurance can be given that investment objectives will be achieved. For illustrative purposes only. For illustrative purposes only.
Source: DWS International GmbH
How do we generate attractive risk-adjusted returns?
Macro analysis
Micro analysis (incl. ESG assessment)
Bottom-Up
Top-Down
0
10
20
40
DRAWDOWN MANAGEMENTACTIVE EX-ANTE
VOLATILITY MANAGEMENT
Strategic CIO View
Technical aspects / sentiment
Alternatives
FX
Equity
Fixed
Income
Reference: MSCI World Volatility (in EUR)
Target range: Volatility (ex ante)
between 50-100% of
MSCI World volatility
Currencies
Gold
Equity
Fixed
Income
5%
7%
9%
11%
13%
15%
Technical aspects / sentiment
Drawdown Monitoring
In extreme cases, the ex ante risk is
capped at 75% of the MSCI World level
Global research platform
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For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
5 KEY INVESTMENT STAGES
/ 10
No assurance can be given that investment objectives will be achieved. For illustrative purposes only
Source: DWS International GmbH
Portfolio Managers & Risk Managers are in constant and timely interaction
Portfolio drawdown
monitoringon a daily basis via
proprietary VaR-based
“shortfall” model
Tactical positions & hedges (currency, duration, equity beta,
unintended risks)
Mainly via derivatives
PO
RT
FO
LIO
MA
NA
GE
ME
NT
RIS
K M
AN
AG
EM
EN
T
Building asset
class exposuresMainly direct securities
and/or funds
Risk contribution analysis Strategic allocation
vs. Target risk profile
via Barra One (ongoing basis)
Strategic allocation based on top-down views
target volatilityvolatility between 50-100% of
MSCI World (ex-ante)
1 2
3
4 5
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Investors only.
_
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
DWS ESG DYNAMIC OPPORTUNITIES
/ 11
For illustrative purposes only.
Source: DWS International GmbH
Determining target volatility and strategic asset allocation
TOP-DOWN ASSESSMENT
INSTRUMENTS FOR PORTFOLIO CONSTRUCTIONDETERMINATION OF EX-ANTE TARGET VOLATILITY
100% MSCI
WORLD
50% MSCI
WORLD
Macro analysis Strategic CIO-View Cross-Asset analysis
EquityFixed
Income
Cash
Gold
1
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institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 12
As of: end of June 2021; Source: DWS International GmbH
Flexible utilization of chances through active management of target volatility
EX ANTE VOLATILITY VS MSCI WORLD (IN EUR) SINCE STRATEGY INCEPTION
1
Management of tactical opportunities primarily via derivatives
Investment philosophy tends to result in anti-cyclical behavior
Drawdown discipline
0%
5%
10%
15%
20%
25%
01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21
DWS Dynamic Opportunities MSCI World 50% MSCI World
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_
Cash & others
FX Forwards
FX
Bonds (local)
EQ (local)
Bond indexfutures (local)
Equity indexfutures (local)
RISK CONTRIBUTION ANALYSIS
For illustrative purposes.
Source: DWS International GmbH. As of end of July 2018
Effectively managing the composition of portfolio risk
RISK CONTRIBUTION ANALYSIS
Ensuring the alignment of allocation with risk objectives
/ 13
Awareness about risk composition to avoid unintended style tilts or biases
2
Standard Deviation (in %)
-5
0
5
10
15
20
01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18
Total Risk
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 14
For illustrative purposes only.
Source: DWS International GmbH
Portfolio construction
MEETING DWS ESG STANDARDS
_ Avoiding issuers with negative sustainability characteristics
_ Exclusion criteria of individual sectors and norms-based
_ Best-in-class approach based on large number of ESG criteria in DWS ESG Engine
EQUITIES FIXED INCOME
_ Between 60 and 100% (gross)
_ Global equity universe
_ Small- and Mid-Caps as addition
_ Spread over 50-100 single stocks
_ Derivatives for (tactical) management of equity
beta (primarily via index futures)
_ Up to 40%
_ Corporate bonds (HY and IG)
_ Sovereigns (DM and EM)
_ Money-market related investments primarily to
manage volatility
_ Use of derivatives for duration management
_ Are considered separately and actively managed from a euro investor perspective (via FX Forwards)
_ Gold is considered as an alternative currency (max. 10%)
_ Addition of up to 10%
CURRENCIES
FUNDS AND ETFS
3
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_
DWS ESG DYNAMIC OPPORTUNITIES
/ 15
For illustrative purposes only.
Source: DWS International GmbH
Ensuring sufficient
diversification
_ Investment style
_ Regions
_ Volatility contribution
_ ….
TOP-DOWN FACTORS
Sector
characteristics
Themes
& Trends
Regulatory
environment
BOTTOM-UP ANALYSIS
Research platform
(incl. ESG assessment)Management meetings Broker research
SECTOR-ALLOCATION(BENCHMARK-FREE)
3
Strategic
allocation
Tactical
allocation
Top-down
macro view Cross-Checks
Portfolio construction – equity portfolio
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_
DWS ESG DYNAMIC OPPORTUNITIES
/ 16
For illustrative purposes only. Allocations are subject to change without notice.
Source: DWS International GmbH, as of: 30 September 2021
FIXED INCOME
Portfolio construction – Fixed income and currencies
_ Fundamental assessment
_ Return vs. creditworthiness
_ Interest rate premium vs. risk
_ Assessment of interest rate development
_ Special events (e.g. rating changes)
_ Risk-adjusted return: bond vs. stock
_ Diversification within portfolio context
For bonds and currencies, the PM team also relies on input from the DWS research platform, brokers and
own research
3
0%
2%
4%
6%
8%
10%
12%
14%
16%
03/17 03/18 03/19 03/20 03/21
Sovereigns HY Corporates Emerging Markets IG Corporates
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For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 17
For illustrative purposes only. Allocations are subject to change without notice.
Source: DWS International GmbH, as of: 30 September 2021
CURRENCIES AND GOLD
Portfolio construction – Fixed income and currencies
_ Fundamental assessment:
_ Interest rate and growth differentials
_ Monetary policy
_ Technical aspects and sentiment
_ Diversification within portfolio context
_ Perspective of a euro-based investor
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
03/17 03/18 03/19 03/20 03/21
USD Gold
For bonds and currencies, the PM team also relies on input from the DWS research platform, brokers and
own research
3
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institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
As of: September 2021; source: DWS International GmbH
Portfolio construction – DWS ESG Engine
Proprietary ESG Engine
_ Automated analysis of
multiple ESG facets
(~2,000) fully integrated
into Portfolio
Management via Aladdin
ESG integration
_ Research & portfolio scoring
_ 10,000 issuers with at least one ESG rating
_ 5,000 issuers with full ESG rating coverage
PORTFOLIO MANAGEMENT
_ Focus on companies rated A, B or C
_ Companies rated E or F are not
allowed in the portfolio
/ 18
3
ESG ratings
CO2 and
climateGreen bonds
Sovereign
ESG
Automated analysis of multiple ESG facets
Products UN SDG
ESG data
5 leading
vendors
Example ratings
AESG true
leaders
ESG true
laggards
B
C
D
E
F
Norms
Portfolios
S&P TruCost
MSCI
ISS-ESG
Morningstar
Sustainalytics
Arabesque
S-Ray
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
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institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
CONTROVERSIAL
SECTORS
Tobacco
Adult entertainment
Gambling
Nuclear power
Coal
INTERNATIONAL
NORMS
Confirmed violations of
UN Global Compact
(e.g. child labour, human
rights)
CONTROVERSIAL
WEAPONS
Nuclear weapons
Cluster munitions
Anti personnel mines
Depleted uranium
CO2
Climate Transition Risk
ESG BEST-IN-
CLASS RATING
Aggregation of hundreds
of ESG data points –
360°-Analysis
Exclusion of the 25%-
lowest rated companies
and sovereigns
Exclusion of
companies facing risks
in a transition into a
world with low carbon
emissions
Exclusion of
Companies severely
violating UN Global
Compact
Exclusion of
companies exceeding
max. revenue threshold
of 5% in controversial
sectors (coal: max.
revenue threshold≤15%)
Exclusion of
companies owning
controversial weapons
or producing parts of
controversial weapons
DWS ESG DYNAMIC OPPORTUNITIES
As of: September 2021; source: DWS International GmbH
Portfolio construction – Focus on DWS ESG Standards
/ 19
3
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Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 20
Allocations are subject to change without notice.
As of: 30 September 2021; source: DWS International GmbH
Flexibility through different market phases
BREAKDOWN OF ASSET CLASSES SINCE STRATEGY INCEPTION
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
01/13 07/13 01/14 07/14 01/15 07/15 01/16 07/16 01/17 07/17 01/18 07/18 01/19 07/19 01/20 07/20 01/21 07/21
Equities Bonds Cash Gold Net Equity
4
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Investors only.
_ / 21
Allocations are subject to change without prior notice. Time: March 2017– September 2021.
As of: 30 September 2021; Source: DWS International GmbH, Refinitiv Datastream
NORTH AMERICA-EXPOSURE IN PERCENT OF THE
EQUITY PORTFOLIO
EXTRACT EQUITY PORTFOLIO–
SECTOR ALLOCATION
Utilization of tactical opportunities
0%
10%
20%
30%
40%
50%
01/13 01/15 01/17 01/19 01/21
Industrials Health Care IT
4
20%
25%
30%
35%
40%
45%
03/17 03/18 03/19 03/20 03/21
North America
DWS ESG DYNAMIC OPPORTUNITIES
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Investors only.
_
PORTFOLIO DRAWDOWN MONITORING“Shortfall Model” – A proprietary risk management tool to ensure discipline
For illustration purposes only.
* Probability distribution for future share price, confidence level of 99%, assumption of normal distribution.
** Based on the highest NAV of the calendar year, in this example, the High Watermark is equal to the NAV at the beginning of the year, this High Watermark increases during the year.
Source: DWS International GmbH. As of: End of May 2019
AN ORIGINAL VAR-BASED APPROACH WITH THREE DISTINCT TRIGGER THRESHOLDS
Warning Levels Alerts / Actions
t<= 40 days Soft warning, portfolio risk trend is monitored
t<= 20 days Escalation, portfolio total risk reduction is considered vs. 40-day expected shortfall
t<= 10 days
High Alert, close monitoring of total portfolio risk potentially triggering corrective action (no
stop-loss / hard constraint); below this point, the portfolio manager strives not to exceed
75% of risk utilization vs. MSCI World. At the same time, the lower border of the volatility
corridor (50% risk utilization) remains an important anchor even in case of a larger drawdown.
5
/ 22
t=0 T
NA
V
NAV standard deviation +/-1 threshold
Probability = 1%
for NAV > Risk budget
within next T days*
The lower the portfolio volatility
and the higher the risk budget, the lower the
probability to fall below the threshold within just a
few days
Risk budget**
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_
DWS ESG DYNAMIC OPPORTUNITIES FC
/ 23
Upside / Downside Capture vs. MSCI World
Past performance is not a reliable indicator of future returns.
Time period: 30 December 2012 – 30 September 2021
Source: DWS International GmbH, calculation based on monthly data
DWS ESG DYNAMIC OPPORTUNITIES VS. MSCI WORLD
74%
100%
-63%
-100%
MSCI World in EURDWS ESG Dynamic Opportunities FC
Up
Down
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_
DWS ESG Dynamic Opportunities FC
German equities
US equities
Global equities
Asian equities
6%
8%
10%
12%
14%
16%
18%
8% 10% 12% 14% 16% 18% 20%
DWS ESG DYNAMIC OPPORTUNITIES
/ 24
German Equities (DAX), US Equities (S&P 500 in USD), Asian Equities (MSCI AC Asia in local currency), Global Equities (MSCI World in EUR). Past performance is not indicative of
future performance.
Time period: since strategy inception begin of January 2013 – 30 September 2021
Source: DWS International GmbH, Refinitiv Datastream, Volatility calculation based on a daily basis
Focus on long-term risk-adjusted returns
RISK/RETURN PROFILE OF VARIOUS ASSET CLASSES AND DWS ESG DYNAMIC OPPORTUNITIES [%]
Retu
rn p
.a.
Volatility p.a.
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_
DWS ESG DYNAMIC OPPORTUNITIES
/ 25
Strategy inception: begin of January 2013
DWS ESG Dynamic Opportunities FC share class; Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees,
commissions and other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable
indicator of future returns.
* On a calendar year basis
Source: DWS International GmbH, daily figures
Risk/Return profile since strategy inception over time
ANNUAL PERFORMANCE, VOLATILITY AND DRAWDOWNS* SINCE STRATEGY INCEPTION
30.62%
17.37%
13.18%
6.35%8.46%
-5.23%
19.99%
5.36%
-30%
-20%
-10%
0%
10%
20%
30%
40%
2013 2014 2015 2016 2017 2018 2019 2020
Performance Max Drawdown Volatility
INVESTMENT TEAM
03
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Investors only.
_
DEDICATED INVESTMENT TEAM
/ 27
As of: February 2021; Source: DWS International GmbH
Boutique-style approach combined with resources of a global player
Equities
Sector/ Geo Coverage
125
Core Fixed Income
Sovereign
59
Credit
IG, HY, EM, Hybrids
70
Alternatives
Hedge funds, infrastructure,
convertibles, commodities
220
Fund Selection
14
MULTI ASSET TOTAL RETURN TEAM
Portfolio Management
Flagship Portfolio Managers
Industry experience (years) with DWS (years)
DWS GLOBAL RESEARCH NETWORK
Christoph Schmidt, CFA
Head Multi Asset Total Return
Lead PM DWS ESG Dynamic Opportunities
13 13
Henning Potstada
Co-Head Multi Asset Highly Active
Co-Manager DWS ESG Dynamic Opportunities
Lead PM DWS Multi Opportunities
15 15
Risk Management & Data Analytics
8 8
Thomas Graby
Risk Management,
Performance Contribution,
Portfolio Analytics
Heike Fornefett
Risk Management,
Performance Contribution,
Portfolio Analytics
32 19
Equities Gatekeepers Fixed Income Gatekeepers
10 10
Tanja Siegrist,
CFA
Fixed Income & Institutional
Mandates
Klaus Kaldemorgen
Co-Head Multi Asset Highly Active
Lead PM DWS Concept Kaldemorgen
38 38
Thomas Graby
Co-Manager DWS ESG Dynamic Opportunities
Lead PM DWS Invest Conservative Opportunities
8 8
27 16
Stefan Flasdick
Equities & Institutional
Mandates
Christoph Schmidt,
CFA
13 13
Equities
Sascha Halicki,
CEFA, CIIA
23 23
Equities & Institutional
Mandates
15 15
Henning Potstada
Fixed Income
15 15
Multi Asset Investment Platform
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
EXPERIENCE: FUND MANAGEMENT
/ 28
As of: February 2021; Source: DWS International GmbH
The Engineers of DWS ESG Dynamic Opportunities
Lead Portfoliomanager
Co-Managers
Christoph Schmidt
joined the company in 2008. Since January 2013 he is the Lead Portfolio Manager of
DWS ESG Dynamic Opportunities. Christoph is also Co-Manager of DWS Concept
Kaldemorgen, DWS (Invest) Multi Opportunities, DWS Invest Conservative
Opportunities. He holds a Master´s degree in Business Administration from the
University of Bayreuth and is a CFA Charterholder.
Henning Potstada
joined the company in 2005. He is co-Head of the investment team. Henning is the
Lead Portfolio Manager of DWS (Invest) Multi Opportunities since Jan. 2009. He also
serves as Co-Manager of DWS ESG Dynamic Opportunities and DWS Concept
Kaldemorgen since 2013. Henning holds a Master´s degree in Business
Administration from the University of Bayreuth, Germany.
Thomas Graby
joined the company in 2013 and is the Lead Portfolio Manager of DWS Invest
Conservative Opportunities. Thomas is also Co-Manager of DWS Concept
Kaldemorgen and DWS (Invest) Multi Opportunities. Thomas holds a Bachelor’s
degree in financial mathematics and a Master’s degree in Finance from the University
of Chemnitz, Germany.
Risk Management
Heike Fornefett
joined the Company in 2002 with 13 years of industry experience. Prior to her current
role, Heike served as a Portfolio Manager for European Equities. Before joining, she
was a Portfolio Manager at Zuerich Investmentgesellschaft mbH. Previously, Heike
worked in Research and Sales at Merrill Lynch, BZW and at Julius Baer. She holds a
Master's Degree in Economics from University of Goettingen.
Equity Gatekeeper
Stefan Flasdick
joined the company in 2004 with 11 years of industry experience. Prior to his current
role, Stefan was a Portfolio Manager in the Private Wealth Management division.
Stefan started his career as a Trainee in Treasury and F&O Sales at BfG Bank /
Credit Lyonnais.
Sascha Halicki
joined the Company in 2000. Prior to his current role, Sascha served as an Analyst on
the European Pharmaceuticals and Biotech Team for Deutsche Bank Equity
Research. He holds a Master’s degree in Banking and Finance from Frankfurt School
of Finance & Management and CEFA and CIIA Charterholder.
Fixed Income Gatekeeper
Klaus Kaldemorgen
Co-Head of the investment team and Lead Portfolio Manager of DWS Concept
Kaldemorgen. He joined the company in 1982 and held positions as Head of Global
Equities, Global CIO and CEO of DWS, the Global mutual fund arm of DWS. He
currently serves on the Board of DWS Holding & Service GmbH.
Tanja Siegrist
Prior to her current role, Tanja was a portfolio manager for liability driven investments
in the multi asset group and before that, she served as a money market trader in the
Global Markets division at Deutsche Bank. Master's Degree ("Diplom-
Wirtschaftsmathematiker") in Business Mathematics from Karlsruhe Institute of
Technology; CFA Charterholder
PERFORMANCE & POSITIONING
04
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_ / 30
(28/12/2012 = 100 points)
50
100
150
200
250
300
350
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20
DWS ESG Dynamic Opportunities FC MSCI World (RI) in €
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and other charges have not been included in
this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns.
As of: 30 September 2021; source: DWS International GmbH, currency: EUR, daily
DWS ESG DYNAMIC OPPORTUNITIES VS. MSCI WORLD
Performance since 2013
DWS ESG DYNAMIC OPPORTUNITIES FC
+219.2%
+14.2% p.a.
Vol.: 15.5%
+168.9%
+12.0% p.a.
Vol.: 10.2%
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES FC
/ 31
Past performance is not a reliable indicator of future returns.
As of: 30 September 2021; source: DWS International GmbH, Calculations on a daily basis
Maximum Drawdown per calendar year since 2013
MAXIMUM DRAWDOWN VS. MSCI WORLD
-4.9%-6.7%
-9.2%-10.4%
-3.7%
-9.8%
-4.2%
-25.3%
-2.9%
-9.2%-7.8%
-17.8%
-15.1%
-7.1%
-16.6%
-6.1%
-33.2%
-3.8%
-40%
-30%
-20%
-10%
0%
2013 2014 2015 2016 2017 2018 2019 2020 2021
DWS Dynamic Opportunities FC MSCI World (RI) in €
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
66.9%
19.7%
8.4%
3.4%
1.7%
0.0%
0.0%
68.8%
17.8%
8.5%
3.3%
1.6%
0.0%
0.0%
Equity
Cash
Commodity
FI - Govs
FI - Corps
Derivatives FI
Derivatives EQ
September August
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 32
Data shown in % of fund volume. * Based on look-through
Allocations are subject to change without notice. This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or
solicitation.
As of: 30 Sepember 2021; source: DWS International GmbH
Current portfolio positioning
ASSET ALLOCATION
5 LARGEST EQUITY POSITIONS* 5 LARGEST CORPORATE BONDS BY ISSUER*
Net Equity 66.91%
Portfolio Duration (years) 0.15
Average Bond Rating AA
Portfolio Yield (gross) 1.50%
ALPHABET INC 3.43%
MICROSOFT CORP 3.31%
DEUTSCHE TELEKOM AG 2.53%
VISA INC 2.35%
THERMO FISHER 2.12%
GRIFOLS SA 0.42%
AXA SA 0.29%
AEGON NV 0.29%
ABBVIE INC 0.19%
FRESENIUS SE & CO. KGAA 0.16%
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 33
Data shown in % of fund volume. Allocations are subject to change without notice.
* Data based on the equity part of the fund.
As of: 30 September 2021; source: DWS International GmbH
BREAKDOWN BY COMPANY SIZE
Current portfolio positioning – Equity
BREAKDOWN BY REGION BREAKDOWN BY SECTOR
KEY RATIOS*
Dividend Yield (12M Forward) 2.17% Net Debt to Equity 120.46%
EV/EBITDA (12M Forward) 13.68 EPS Growth (12M Forward) 21.98%
15.7%
8.9%
8.9%
6.7%
6.4%
5.4%
5.0%
4.1%
3.6%
2.2%
0.0%
InfoTech
Health Care
Comm. Services
Industrials
Financials
Utilities
Materials
Consumer Staples
Consumer Disc.
Real Estate
Energy
29.9%
28.3%
3.2%
2.4%
2.0%
0.8%
0.3%
0.6%
Eurozone
North America
Asia ex. Japan
Switzerland
Japan
United Kingdom
Europe exEurozone
EM/Others
64.7%
2.3%
0.0%
Large Caps
Mid Caps
Small Caps
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 34
Data shown in % of fund volume. Allocations are subject to change without notice.
* Data based on the equity part of the fund.
As of: 30 September 2021; source: DWS International GmbH
BREAKDOWN BY MATURITY
Current portfolio positioning – Fixed Income
BREAKDOWN BY MARKET SEGMENTS BREAKDOWN BY RATING
KEY RATIOS*
Average Bond Rating AA Duration excl. Derivatives (years) 2.95
Ø Coupon excl. Derivatives 1.07% Duration incl. Derivatives (years) 2.95
Ø Yield-to-maturity excl. Derivatives 0.85%
3.4%
0.9%
0.7%
0.0%
0.0%
Sovereigns
IG Corporates
HY Corporates
Emerging Markets
Convertibles
0.7%
3.4%
0.2%
0.0%
0.7%
<1.5Y
1.5Y-4Y
4Y-7Y
7Y-15Y
15Y+
3.4%
0.0%
0.0%
0.9%
0.3%
0.4%
0.0%
0.0%
0.0%
0.0%
AAA
AA
A
BBB
BB
B
CCC
CC
C
Other
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 35
Allocations are subject to change without notice.
* refers to foreign currency accounts and securities held in the respective currency .
As of: 30 September 2021; source: DWS International GmbH, BarraOne
Current portfolio positioning – Currency
BREAKDOWN BY CURRENCY*
46.4%
30.4%
1.5%
2.4%
3.7%
0.3%
2.5%
8.4%
4.4%
44.6%
34.2%
1.5%
2.4%
2.5%
0.3%
1.7%
8.4%
4.4%
EUR
USD
GBP
CHF
JPY
SEK
NOK
Gold
Others
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%
Net Gross
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
48.4%
31.5%
18.8%
1.3% 0.0% 0.0%0%
10%
20%
30%
40%
50%
60%
A B C D E F
DWS ESG DYNAMIC OPPORTUNITIES
36
Portfolio ESG Quality
Max. revenue threshold within specific sector: * ≤0%; ** <5%; *** ≤15%
Copyright © 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use
of this information. Past performance is no guarantee of future results. Allocations are subject to change without notice. As of: September 2021, Source: DWS International GmbH
The fund has 0% exposure to
companies with significant
revenues related to:
_ Controversial weapons*
_ Military defense*
_ Nuclear energy**
_ Coal***
_ Tabaco**
_ Adult entertainment**
_ Gambling**
ESG RATING (PORTFOLIO EX CASH)SECTORS
Exclusion
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 37
* This document contains details of the share classes LC, FC and SC. Please refer to the latest full or simplified sales prospectus for information on possible other share classes
** Minimum investment for initial subscriptions is 2,000,000 Euros.
*** Minimum investment for initial subscriptions is 25,000,000 Euros.
As of: 30 September 2021; source: DWS International GmbH
Facts and figures
Share classes* LC FC** SC***
Share class currency EUR EUR EUR
ISIN DE000DWS17J0 DE0009848077 DE000DWS2ND0
German Sec. Code DWS17J 984807 DWS2ND
Front-end load up to 5.0% 0.0% 0.0%
Management fee p.a. 1.500% p.a. 0.850% p.a. 0.400% p.a.
Running costs (As of: 31/12/2020) 1.490% 0.840% 0.390%
plus performance-related fee for
earnings from securities lending 0.002% 0.002% 0.002%
Allocation of Income Accumulation Accumulation Accumulation
Date of inception December 1, 2016 June 30, 2000 April 28, 2017
Funds AuM EUR 3,172.5mn
Fiscal Year 01/01 – 31/12
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 38
DWS Invest ESG Dynamic Opportunities is a feeder fund for master fund DWS ESG Dynamic Opportunities. Therefore, the feeder fund permanently invests at least 85% of its assets
in units of the master fund.
* This document contains details of the share classes LC and FC. Please refer to the latest full or simplified sales prospectus for information on possible other share classes
** Minimum investment for initial subscriptions is 2,000,000 Euros.
As of: 30 September 2021; source: DWS International GmbH
Facts and figures
Share classes* LC FC**
Share class currency EUR EUR
ISIN LU1868537090 LU1868536878
German Sec. Code DWS2XT DWS2XS
Front-end load 4.0% up to 0.0%
Management fee p.a. 1.300% 0.750% p.a.
Running costs (As of: 31/12/2020) 1.550% 0.890%
plus performance-related fee for
earnings from securities lending n/a n/a
Allocation of Income Accumulation Accumulation
Date of inception October 15, 2018 October 15, 2018
Funds AuM EUR 121.1mn
Fiscal Year 01/01 – 31/12
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS INVEST ESG DYNAMIC OPPORTUNITIES
/ 39
DWS Invest ESG Dynamic Opportunities is a feeder fund for master fund DWS ESG Dynamic Opportunities. Therefore, the feeder fund permanently invests at least 85% of its assets
in units of the master fund.
* This document contains details of the share classes IC, NC and USD FCH. Please refer to the latest full or simplified sales prospectus for information on possible other share classes
** Minimum investment for initial subscriptions is 2,000,000 Euros.
*** Minimum investment for initial subscriptions is 10,000,000 Euros.
As of: 30 September 2021; source: DWS International GmbH
Facts and figures
Share classes* IC*** NC USD FCH**
Share class currency EUR EUR USD
ISIN LU1899149113 LU1868537256 LU1868537504
German Sec. Code DWS2ZD DWS2XU DWS2XW
Front-end load 0.0% up to 2.0% 0.0%
Management fee p.a. 0.400% 1.800% p.a. 0.750% p.a.
Running costs (As of: 31/12/2020) 0.050% 2.050% 0.900%
plus performance-related fee for
earnings from securities lending n/a n/a n/a
Allocation of Income Accumulation Accumulation Distribution
Date of inception October 15, 2018 October 15, 2018 October 15, 2018
Funds AuM EUR 121.1mn
Fiscal Year 01/01 – 31/12
APPENDIX
05
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES FC
/ 41
Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs for funds such as management / performance fee, commissions and
other charges have been included in this presentation. Past performance is not a reliable indicator of future returns.
As of: 30 September 2021; source: DWS International GmbH
Performance past 12-month periods
12,1%
5,0% 5,0%3,8%
18,8%
12,1%
5,0% 5,0%3,8%
18,8%
0%
5%
10%
15%
20%
25%
09/16 - 09/17 09/17 - 09/18 09/18 - 09/19 09/19 - 09/20 09/20 - 09/21
DWS ESG Dynamic Opportunities FC (net) DWS ESG Dynamic Opportunities FC (gross)
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DWS ESG DYNAMIC OPPORTUNITIES
/ 42
Performance of the indices within the past 12-month-periods
Past performance is not a reliable indicator of future returns.
As of: end of September 2021; source: DWS Investment GmbH, Refinitiv Datastream
Index 09/16 - 09/17 09/17 - 09/18 09/18 - 09/19 09/19 - 09/20 09/20 - 09/21
iBoxx € Sov. 1-3 -0.2% -0.8% 1.2% -0.4% -0.4%
iBoxx € Sov. 7-10 -2.5% 0.3% 11.8% 0.5% -1.0%
iBoxx € Corp. 0.5% 0.0% 6.2% 0.2% 1.6%
iBoxx € Liq. HY 6.3% 0.4% 4.1% -1.6% 8.5%
JPM EMBI Global Div. Comp. (USD) 4.6% -3.4% 13.8% 2.7% 4.6%
JPM US Gov. Bond (USD) -1.8% -0.7% 10.9% 7.2% -2.4%
Euro Stoxx 50 22.8% -2.9% 7.9% -8.6% 29.1%
DAX 22.1% -4.5% 1.5% 2.7% 19.6%
S&P 500 (USD) 18.6% 17.9% 4.3% 15.1% 30.0%
MSCI EM (LW) 22.2% 3.0% 0.2% 12.8% 17.2%
Topix (Yen) 29.3% 10.8% -10.4% 4.9% 27.5%
Nikkei (Yen) 26.0% 20.8% -7.8% 8.7% 29.1%
MSCI World (EUR) 13.0% 13.8% 9.1% 3.2% 30.9%
MSCI AC World (EUR) 13.4% 12.3% 8.6% 3.2% 29.5%
EUR/USD -4.9% 1.8% 6.5% -7.0% 1.2%
Bloomberg Commodity (USD) -0.3% 2.6% -6.6% -8.2% 42.3%
Gold (USD) -2.9% -7.2% 23.7% 28.9% -7.3%
TR CV Gl. Focus Hdg (EUR) 5.7% -0.3% -0.3% 14.9% 10.8%
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
+ -OPPORTUNITIES
_ Market. industry and company-specific price increases
on the equity markets.
_ Drops in yields or increases in prices in the bond markets and/or
reductions in yield spreads for high-yield securities.
_ Opportunities for additional income through the use of derivative
investment instruments.
RISKS
_ At any time, the price of the shares can fall below the price
at which the investor acquired them (up to the risk of total loss).
_ Market, industry and company-specific price fluctuations on the equity
markets.
_ Interest rate, price and currency fluctuations in the bond markets. A
creditworthiness risk exists with regard to the issuers of bonds. In
general terms, this is the risk of over-indebtedness or insolvency, i.e.
the potential temporary or permanent inability to fulfill interest and/or
repayment obligations on schedule. This can have a negative impact
on the fund's performance.
_ Asset-backed securities may be less liquid than corporate debt; in
addition, there is the risk of early repayment, which can lead to
fluctuations in the unit price.
_ The use of derivatives involves counterparty risks, i.e. the
creditworthiness risk of the counterparties (see the above risk notice
on creditworthiness risk). Derivatives are subject neither to statutory
nor voluntary deposit insurance.
_ The fund has the option of achieving leverage through the use of
derivatives. The use of leverage can result in the increase in potential
losses.
_ The fund can invest in assets with different currencies. This gives rise
to exchange rate risks, which may be hedged.
Source: DWS International GmbH
DWS ESG DYNAMIC OPPORTUNITIES
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER GERMANY
/ 44
This marketing communication is intended for professional clients only.
DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products
or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to
such products or services.
The information contained in this document does not constitute investment advice.
Complete information on the Funds/Sub-Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key
investor information documents constitute the only binding sales documents for the Sub-Fund. Investors can obtain these documents along with copies of the
articles of association and the latest published annual and semi-annual reports in German from DWS Investment GmbH, Mainzer Landstrasse 11-17, 60329
Frankfurt am Main and, in case of Luxembourg domiciled Sub-Funds, from DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed
form free of charge, or download them from www.dws.de.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
All statements of opinion reflect the current assessment of DWS Investment GmbH and are subject to change without notice.
Additional information on target market and costs resulting from the implementation of MiFID II Regulation, which capital management company make available to
the sales partners, can be downloaded under www.dws.de.
Past performance, actual or simulated, is not a reliable indication of future performance.
The calculation of performance uses the BVI (Bundesverband Investment and Asset Management) method and therefore does not take the Upfront Sales Charge
into account. Individual costs such as fees and other charges, which would have a negative impact on the performance, have not been taken into account.
Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis,
therefore actual results may vary, perhaps materially, from the results contained here.
For relevant tax information consult the respective prospectus.
The information contained in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is
neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.
According to the information in the sales prospectus distribution of the products mentioned in this document is subject to restrictions of the relevant jurisdictions.
This document and the information contained herein may only be distributed and published in jurisdictions in which such distr ibution and publication is permissible in
accordance with applicable law in those jurisdictions. Direct or indirect distribution of this document is prohibited in the USA as well as to or for the account of US
persons and persons residing in the USA.
DWS Investment GmbH. As of: 30/09/2021
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER LUXEMBOURG
/ 45
This marketing communication is intended for professional clients only.
Important Information
DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or
more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.
The information contained in this document does not constitute investment advice.
Complete information on the Funds/Sub-Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor information
documents constitute the only binding sales documents for the Sub-Fund. Investors can obtain these documents along with copies of the articles of association and the latest
published annual and semi-annual reports from DWS Investment GmbH, Mainzer Landstraße 11-17, 60329 Frankfurt am Main and, in case of Luxembourg domiciled Sub-Funds, from
DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from www.dws.lu.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
All statements of opinion reflect the current assessment of DWS Investment S.A.and are subject to change without notice. Additional information on target market and costs resulting
from the implementation of MiFID II Regulation, which capital management company make available to the sales partners, can be downloaded under www.dws.lu. Forecasts are not a
reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis, therefore actual results may vary, perhaps
materially, from the results contained here. Past performance, actual or simulated, is not a reliable indication of future performance. The calculation of performance uses the BVI
(Bundesverband Investment and Asset Management) method and therefore does not take the Upfront Sales Charge into account. Individual costs such as fees and other charges,
which would have a negative impact on the performance, have not been taken into account. For relevant tax information consult the respective prospectus. The information contained
in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the
impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.
DWS Investment S.A. As of: 30/09/2021
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER AUSTRIA
/ 46
For professional investors only. Not for distribution to retail clients or the general public.
No part of this material may, without DWS Investment GmbH's ("DWS") prior written con-sent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to retail clients or the general
public.
This document is strictly for information purposes and should not be considered as in-vestment advice or an offer or solicitation to deal in any of the investments mentioned herein, or as a prospectus within the
meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act (Börsegesetz 2018 – BörseG) or the Austrian Investment Fund Act (Investmentfondsgesetz 2011 –
InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions. This document does not constitute investment advice or investment research
as defined under EU Directive 2014/65/EU, the Commission Dele-gated Regulation (EU) 2017/565 or of laws or regulations implementing any of them in the Member States. The information in this document is
marketing information which has been provided exclusively for information and advertising purposes.
Any research or analysis used in the preparation of this document has been procured by DWS for its own use and DWS may have used it for its own purposes. Some of the in-formation in this document may
contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only a prognosis and actual events or
results may differ materially. Any information relating to past performance is not a reliable indicator of the future results of an investment. Any views expressed in this document reflect the current assessment of
DWS, which may change without notice. Any addressee of this document must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and such
independent investigations as they consider necessary or appropriate for the purpose of such assessment. Investment decisions should be made, as applicable, on the basis of the key investor information
document, the investor information document pursuant to Art 23 of Directive 2011/61/EU and/or the published prospectus, as supplemented by the latest audited (semi-)annual report and/or any supplementary
offer documents of any investments mentioned herein. Only these documents are binding. Any opinions or assessments contained in this document are of a general nature and are not to be relied on by any
person as investment advice.
DWS International GmbH, Vienna Branch, with its registered office in Vienna, Republic of Austria, registered with the companies register of the Vienna Commercial Court under FN 490436 f as an Austrian
branch of DWS International GmbH with its registered office in Frankfurt am Main, Federal Republic of Germany, registered with the commercial register of the Frankfurt am Main District Court under HRB
23891. UID: ATU73270417. Deutsche Bank Group.
The information contained in this document is exclusively for fund and asset managers, financial advisors and other professional clients (according to the Austrian Securities Supervision Act
(Wertpapieraufsichtsgesetz 2018)) and may not be passed on electronically, by fax, by mail, by delivery of copies or by any other way to third parties.
The information in this presentation does not constitute investment advice or an investment recommendation and is only a brief summary of key aspects of the funds.
The information contained in this document and other documents connected with this document is not an offer to sell or a solicitation of an offer to purchase or an exchange of fund units, or a prospectus within
the meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act 2018 (Börsegesetz 2018 – BörseG 2018) or the Austrian Investment Fund Act
(Investmentfondsgesetz 2011 – InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions.
Investment decisions should be made exclusively on the basis of the key investor information document and the published prospectus, as supplemented by the latest audited annual report and the latest semi-
annual report, if this report is more recent than the last annual report, as well as any supplementary offer documents. Only these documents are binding.
The documents stated above are available in German free of charge in electronic or printed format from your financial advisor, from Deutsche Asset Management International GmbH Vienna Branch,
Fleischmarkt 1, A 1010 Vienna, on the www.dws.at website, from DWS Investment GmbH, Mainzer Landstraße 11-17, D-60327 Frankfurt am Main, and for Luxembourg funds, from DWS Investment S.A., 2
Boulevard Konrad Adenauer, L-1115 Luxembourg.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
The prospectus contains detailed risk information.
Any views expressed in this document reflect the current assessment of DWS Investments, which may change without notice.
Calculation of the performance follows the BVI method (gross performance based).
The gross performance (BVI method) includes all costs incurred at the fund level, the net performance also includes the sales charge; additional costs may be incurred at the investor level (e.g. custody costs,
fees, commissions or other expenses). Since the sales charge is only levied in the first year, the net/gross amount shown is different only in this year. Past performance is not a reliable indicator of the future
performance of a fund.
For further information on taxation, please refer to the full prospectus. It is recommended that persons who purchase, hold, or intend to dispose of investment fund units seek the advice of an accounting
professional regarding the individual tax consequences of the purchase, holding, or disposal of the investment fund units described in this document. It should be noted that the tax advice depends on the
personal situation of the individual investor and that the tax advice regarding financial products may change in future (also retrospectively) as a result of decisions by the tax authorities and court rulings.
The information in this document is marketing information which has been provided exclusively for informational and advertising purposes. The information provided is not a financial analysis and is therefore
subject neither to the statutory requirements to promote the independence of financial analyses nor to the prohibition on trading following the dissemination of financial analyses.
The units issued under the funds described in this document may only be offered for sale or sold in jurisdictions in which such an offer or purchase is permitted. The units of these funds may not be offered for
sale or sold in the US nor for the account of US persons (within the meaning of the definition for the purposes of US federal laws on securities, goods and taxes, including Regulation S of the United States
Securities Act of 1933).
This document and the information contained therein may not be distributed in the US.
The distribution and publication of this document and the offer or sale of the investment fund units described in this document may also be subject to restrictions in other jurisdictions.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER UK
/ 47
FOR PROFESSIONAL CLIENTS ONLY
Issued in the UK by DWS Investments UK Limited. DWS Investments UK Limited is authorised and regulated by the Financial Conduct Authority.
Any reference to “DWS” shall, unless otherwise required by the context, be understood as a reference to DWS Investments UK Limited including any of its parent
companies, any of its or its parent companies, affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those
entities.
This document is a “non-retail communication” within the meaning of the FCA's Rules and is directed only at persons satisfying the FCA’s client categorisation
criteria for an eligible counterparty or a professional client. This document is not intended for and should not be relied upon by a retail client.
The information contained in this document is provided for information purposes only. Any investment decision in relation to a fund should be based solely on the
latest version of the prospectus, the audited annual and, if more recent, un-audited semi-annual reports and the Key Investor Information Document (KIID), all of
which are available in English upon request or on www.dws.com. In the case of any inconsistency with the prospectus, the latest version of the prospectus shall
prevail.
This document is intended for discussion purposes only and does not create any legally binding obligations on the part of DWS Group GmbH & Co. KGaA and/or its
affiliates (DWS). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When
making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DWS is not
acting as your financial adviser or in any other fiduciary capacity in relation to this transaction. The transaction(s) or products(s) mentioned herein may not be
appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an
independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of
entering into such transaction. For general information regarding the nature and risks of the proposed transaction and types of financial instruments please go to
https://www.db.com/company/en/risk-disclosures.htm. You should also consider seeking advice from your own advisers in making this assessment. If you decide to
enter into a transaction with DWS, you do so in reliance on your own judgment.
Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it
should not be relied upon as such. All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this document and are subject to
change without notice and involve a number of assumptions which may not prove valid.
Any opinions expressed herein may differ from the opinions expressed by Deutsche Bank AG and/or any other of its affiliates (DB). DB may engage in transactions
in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary
positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER UK (CONT’D)
/ 48
DWS SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS
OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY,
ACCURACY, COMPLETENESS OR TIMELINESS THEREOF.
This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an
investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or
provided by DWS, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for
information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving
investment advice.
DWS does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested
by DWS. Investments with DWS are not guaranteed, unless specified.
Investments are subject to various risks, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and
principal invested. The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore,
substantial fluctuations of the value of the investment are possible even over short periods of time.
This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions,
models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward
looking statements involve significant elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors
could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or
warranty is made by DWS as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein. The
terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents.
This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by
law or regulation in certain countries, including the United States. This document is not directed to, or intended for distribution to or use by, any person or entity who
is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or
use would be contrary to law or regulation or which would subject DWS to any registration or licensing requirement within such jurisdiction not currently met within
such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
© DWS Investments UK Limited 2021.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
/ 49
For investors in Switzerland
The collective investment scheme (“CIS”) mentioned above has been registered as a foreign collective investment schemes for d istribution to non-qualified
investors in Switzerland by the Swiss Financial Market Supervisory Authority (FINMA) pursuant to the Swiss Federal Act on Collective Investment Schemes of June
23, 2006 ("CISA") The Swiss Representative for this CIS is DWS CH AG, Hardstrasse 201. CH-8005 Zurich. The Swiss Paying Agent is Deutsche Bank (Suisse)
SA, Place des Bergues 3, 1201 Geneva, Switzerland and its branches in Zurich and Lugano. The current sales prospectus, the articles of association, KIID (Key
Investor Information Document) as well as the annual and semi-annual reports may upon request be obtained free of charge from the Swiss Representative as well
as from www.dws.ch. In respect of the units distributed in and from Switzerland, the place of performance and jurisdiction is at the registered office of the Swiss
Representative.
For investors in Belgium
The information contained herein is only intended for and must only be distributed to institutional and/or professional investors (as defined in the Royal Decree
dated 19 December 2017 implementing MiFID directive). In reviewing this presentation you confirm that you are such an institutional or professional investor. When
making an investment decision, potential investors should rely solely on the final documentation (including the prospectus) relating to the investment or service and
not the information contained herein. The investments or services mentioned herein may not be adequate or appropriate for all investors and before entering into
any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the suitability or
appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction.
You should also consider seeking advice from your own advisers (including tax advisers) in making this assessment. If you decide to enter into a transaction with us
you do so in reliance on your own judgment.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
/ 50
For investors in Spain
Complete information on the Funds including risks can be found in the relevant key investor information documents and prospectuses in their prevailing version.
These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along
with copies of the articles of association and the latest published annual and semi-annual reports from DWS International GmbH, Sucursal en España, in printed
form free of charge, or download them from www.dws.com
All statements of opinion reflect the current assessment of DWS International GmbH, Sucursal en España, are subject to change without notice.
This marketing communication is intended for professional clients only.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
For investors in France
Complete information on the Funds including risks can be found in the relevant prospectuses in their prevailing version. These and the relevant key investor
information documents constitute the only binding sales documents for the Funds. Investors can obtain these documents along with copies of the articles of
association and the latest published annual and semi-annual reports from the DWS Investment GmbH, Mainzer Landstraße 11-17, D 60329 Frankfurt am Main in
Germany or DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge, or download them from www.dws.de.
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER SWEDEN, DENMARK, NORWAY
AND FINLAND
/ 51
DWS is the brand name under which DWS Group GmbH & Co KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or
more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products and services.
The units in the fund are solely offered to professional investors / qualified investors in the Nordics.
This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision,
investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by DWS, are appropriate, in light of
their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer,
recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.
DWS does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by DWS.
Investments with DWS are not guaranteed, unless specified. Unless notified to the contrary in a particular case, investment instruments are not insured by the Deposit Guarantee
Scheme or any other governmental entity, and are not guaranteed by or obligations of DWS Group GmbH & Co or its subsidiaries.
Although information in this document has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness, and it should not be relied
upon as such. All opinions and estimates herein, including forecast returns, reflect our judgment on the date of this report and are subject to change without notice and involve a
number of assumptions which may not prove valid.
Investments are subject to various risks, including market fluctuations, regulatory change, counterparty risk, possible delays in repayment and loss of income and principal invested.
The value of investments can fall as well as rise and you may not recover the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the
investment are possible even over short periods of time.
This publication contains forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical
performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking statements involve significant
elements of subjective judgments and analyses and changes thereto and/or consideration of different or additional factors could have a material impact on the results indicated.
Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by DWS as to the reasonableness or completeness of
such forward looking statements or to any other financial information contained herein. The terms of any investment will be exclusively subject to the detailed provisions, including risk
considerations, contained in the Offering Documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary
contained herein.
This document may not be reproduced or circulated without our written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in
certain countries, including the United States. This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in
any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would
subject DWS to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are
required to inform themselves of, and to observe, such restrictions.
Past performance is no guarantee of future results; nothing contained herein shall constitute any representation or warranty as to future performance.
Further information is available upon investor’s request. Complete information on the Funds including risks can be found in the relevant key investor information documents and
prospectuses in their prevailing version. These and the relevant key investor information documents constitute the only binding sales documents for the Funds. Investors can obtain
these documents along with copies of the articles of association and the latest published annual and semi-annual reports from DWS Invest Multi Opportunities, in printed form free of
charge, or download them from www.dws.nl
The Investment Company may decide to terminate the arrangements made for the marketing of this fund.
All statements of opinion reflect the current assessment of DWS Investment GmbH are subject to change without notice.
This Document may not be distributed in Canada, Japan, the United States of America, or to any U.S. person.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
/ 52
For investors in Chile
This private offer commences today and it avails itself of the General Regulation No. 336 of the Superintendence of Securities and Insurances, currently the Financial Markets Commission. This
offer relates to securities not registered with the Securities Registry or the Registry of Foreign Securities of the Commission for the Financial Markets Commission, and therefore such shares are not
subject to oversight by the latter. Being unregistered securities, there is no obligation on the issuer to provide public information in Chile regarding such securities; and These securities may not be
subject to a public offer until they are registered in the corresponding Securities Registry.
Para inversores en Chile
La presente oferta privada toma vigencia en el 2020 y está sujeta al Reglamento General No. 336 de la Superintendencia de Valores y Seguros (SVS), conocida como la Comisión de Mercados
Financieros (CMF). Esta oferta cubre aquellos instrumentos que no están registrados en el Registro de Valores o Registro de Valores Extranjeros de la Comisión de Mercados Financieros (CMF),
por lo tanto, dichas acciones no están sujetas bajo la supervisión de la CMF. Debido a que no están registrados, el emisor no tiene la obligación de proporcionar información sobre dichos
instrumentos en Chile, los mismos no pueden ser ofrecidos bajo una oferta pública hasta que estén registrados en el Registro de Valores que corresponde.
For investors in Peru
The Products have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information
provided to the investor. This [Prospectus] is only for the exclusive use of institutional investors in Peru and is not for public distribution.
For investors in Argentina
Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute the offer of securities or funds. The
offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.
For Investors in Mexico
The funds have not been and will not be registered with the National Registry of Securities, maintained by the Mexican National Banking Commission and, as a result, may not be offered or sold
publicly in Mexico. The fund and any underwriter or purchaser may offer and sell the funds in Mexico, to Institutional and Accredited Investors, on a private placement basis, pursuant to Article 8 of
the Mexican Securities Market Law. Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction neither does it constitute
the offer of securities or funds. The offer of any services and/or securities or funds will be subject to appropriate local legislation and regulation.
For investors in Brazil
The shares in the Fund may not be offered or sold to the public in Brazil. Accordingly, the shares in the Fund have not been nor will be registered with the Brazilian Securities Commission – CVM
nor have they been submitted to the foregoing agency for approval. Documents relating to the shares in the Fund], as well as the information contained therein, may not be supplied to the public in
Brazil, as the offering of shares in the Fund is not a public offering of securities in Brazil, nor used in connection with any offer or subscription or sale of securities to the public in Brazil.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
/ 53
FOR INVESTORS IN SINGAPORE
In Singapore, this document is issued by DWS Investments Singapore Limited. This document/advertisement has not been reviewed by the Monetary Authority of Singapore.
The offer or invitation of the shares of the fund(s), which is the subject of this document, does not relate to a collective investment scheme which is authorised under section 286 of the
Securities and Futures Act, Chapter 289 of Singapore (the “SFA”) or recognised under section 287 of the SFA. The fund(s) is not authorised or recognised by the Monetary Authority of
Singapore (the “MAS”) and its shares are not allowed to be offered to the retail public. This document and any other document or material issued in connection with the offer or sale is
not a prospectus as defined in the SFA. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether
the investment is suitable for you.
This document has not been registered as a prospectus with the MAS. Accordingly, this document and any other document or material in connection with the offer or sale, or invitation
for subscription or purchase, of shares of the fund(s) may not be circulated or distributed, nor may shares of the fund(s) be offered or sold, or be made the subject of an invitation for
subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to a relevant person pursuant
to Section 305(1), or any person pursuant to Section 305(2), and in accordance with the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in
accordance with the conditions of, any other applicable provision of the SFA.
Where shares are subscribed or purchased under Section 305 by a relevant person which is:
(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is
owned by one or more individuals, each of whom is an accredited investor; or
(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six
months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 305 except:
(1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 305A(3) (i)
(B) of the SFA;
(2) where no consideration is or will be given for the transfer;
(3) where the transfer is by operation of law;
(4) as specified in Section 305A(5) of the SFA; or
(5) as specified in Regulation 36 of the Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005 of Singapore.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
/ 54
FOR INVESTORS IN CHINA
This Document has been prepared by DWS Investment Hong Kong and is intended for the exclusive use by the intended recipients in the People’s Republic of China (“PRC”), which,
for the purpose of this Document shall exclude Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan to whom DWS Investment Hong Kong has
directly distributed this Document. Information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published in any form by any
recipient for any purpose without the prior written consent of DWS Investment Hong Kong.
Although information contained herein is believed to be materially correct, DWS Investment Hong Kong does not make any representation or warranty, express or implied, to the
accuracy, completeness, correctness, usefulness or adequacy of any of the information provided. Neither DWS Investment Hong Kong, its affiliates, nor any of their directors, officers,
employees, representatives, agents, service providers or professional advisers, successors and assigns shall assume any liability or responsibility for any direct or indirect loss or
damage or any other consequence of any person/entity acting or not acting in reliance on the information contained herein.
This Document is for informational purposes only and does not constitute a recommendation, professional advice, solicitation for offer or offer by DWS Investment Hong Kong to
subscribe, purchase or sell any security or interest of any pooled products in PRC, nor shall it be construed as any undertaking of DWS Investment Hong Kong to complete any
transaction in relation to any pooled products and services.
This Document has not been and will not be approved by any PRC governmental or regulatory authority. Generally, this Document shall be distributed to specific entities on a private
basis and may solely be used by such specific entities who satisfy themselves as to the full compliance of the applicable PRC laws and regulations with all necessary government
approvals and licenses (including any investor qualification requirements) in connection with their overseas investment.
FOR INVESTORS IN BRUNEI
This prospectus relates to a private collective investment scheme under the Securities Markets Order, 2013 and the regulations thereunder (“Order”). This prospectus is intended for
distribution only to specific classes of investors as specified in the Order and must not, therefore, be delivered to, or relied on by, a retail client. The Autoriti Monetari Brunei
Darussalam (“Authority”) is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not
approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus and has no responsibility for it. The units to which
this prospectus relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the units offered should conduct their own due diligence on the units.
DWS does not have a capital market service licence under the Securities Market Order 2013 to provide investment advice to clients in, or to undertake investment business in, Brunei.
By requesting or accepting financial services or financial product information from DWS, you agree, represent and warrant that you are engaging our services or in receipt of
information wholly outside Brunei and, as applicable, subject to the foreign laws of the contract governing the terms of our engagement. This document does not constitute an offer or
an advertisement within the meaning of the Securities Market Order 2013 and shall not be distributed or circulated to any person in Brunei other than the intended recipient.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
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DISCLAIMER
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FOR INVESTORS IN HONG KONG
The fund is not authorized by the Securities and Futures Commission of Hong Kong, and is not available for subscriptions by investors in Hong Kong, other than to professional
investors as stipulated in the Securities and Futures Ordinance. This document has not been reviewed by the Securities and Futures Commission of Hong Kong.
Investment involves risk, including possible loss of principal amount invested. Past performance information presented is not indication of future results. The investment returns are
denominated in share class dealing currency, which may be a foreign currency. The US/HK dollar-based investors are therefore exposed to fluctuations in the US/HK dollar / foreign
currency exchange rates. Investors should read the offering documents for further details, including the risk factors before investing.
This document is for information purposes only and is not the basis for any contract to deal in any security or instrument, or for DWS Group GmbH & Co. KGaA or its affiliates ("DWS")
to enter into or arrange any type of transaction as a consequence of any information contained here. This document does not constitute an offer, recommendation or solicitation to
conclude a transaction and should not be treated as giving investment advice. You are advised to consult your financial adviser before making any investment decision.
Although the information provided by third party was compiled from sources believed to be reliable, no liability for any error or omissions is acceptable by DWS, its approved
distributors, or its affiliates or any of its directors or employee. The information and opinions contained herein is for general reference only and may change without notice, and should
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and proprietary to the provider.
This document may include forward looking statements. The forward looking statements expressed constitute the author’s judgment as of the date of this material. Forward looking
statements involves significant elements of subjective judgments and analyses and changes thereto and / or consideration of different or additional factors could have a material
impact on the results indicated. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statement or to any other financial
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This document is issued by DWS Investments Hong Kong Limited (“DWS HK”) and is the property and copyright of DWS HK. This document may not be reproduced or circulated
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All rights reserved.
© 2021 DWS Investments Hong Kong Limited
FOR INVESTORS IN THAILAND
This material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for information purposes
only. It does not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche
Bank AG or its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives
any warranty as to the accuracy, reliability or completeness of information which is contained in this document.
For Professional Clients (MiFID Directive 2014/65/EU Annex II) only. No distribution to private/retail customers.
For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For
institutional investors only. Further distribution of this material is strictly prohibited. Australia: For Wholesale
Investors only.
_
DISCLAIMER
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FOR INVESTORS IN AUSTRALIA
The private placement memorandum for the Fund will not be lodged with the Australian Securities and Investments Commission. Each recipient of the private placement memorandum
and any related marketing materials (“Fund materials”) understands, acknowledges and agrees that (a ) they are either a wholesale client in accordance with section 761 G of the
Corporations Act 2001 (Cth) or a person to whom disclosure is not required under section 708 of the Corporations Act 2001 (Cth), (b) the issuer does not hold an Australian financial
services licence which authorises it to provide advice in relation to the interests in the Fund (c) no cooling-off regime applies to an acquisition of interests in the Fund (d) the information
provided is not to be construed as investment, legal or tax advice, and any recipient should take their own investment, legal and tax advice before investing (e) to the extent to which
the information provided constitutes financial product advice under Australian law (i) not withstanding anything to the contrary (express or implied) ,the issuer and no other entity
identified, or referred to, in the Fund materials is the provider of that advice; and (ii) the issuer is not authorised to provide any advice on behalf of any other entity identified, or referred
to, in the Fund materials. (f) as Fund distributor, DWS Investments Australia Limited (ABN 52 074 599 401), holder of an Australian Financial Services License (499 640), only roles
are to arrange for the distribution of the Fund materials on account of the issuer and to facilitate the acquisition of interests in the Fund however, it has not authorised or caused the
issue of the Fund materials. DWS Investments Australia Limited is not an Authorised Deposit-taking Institution under the Banking Act 1959 nor regulated by APRA.
FOR INVESTORS IN INDONESIA
This document does not constitute an offer to sell nor a solicitation to buy securities in Indonesia.
FOR INVESTORS IN THE PHILIPPINES
THE SECURITIES BEING OFFERED OR SOLD HEREIN HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES
REGULATION CODE OF THE PHILIPPINES. ANY FUTURE OFFER OR SALE THEREOF IS SUBJECT TO REGISTRATION REQUIREMENTS UNDER THE CODE UNLESS
SUCH OFFER OR SALE QUALIFIES AS AN EXEMPT TRANSACTION.
Copyright © 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use
of this information.
©2021 DWS Investment GmbH. All rights reserved. CRC 080844 (01/2021)