This website belongs to DWS CH AG, an affiliate of it's parent company, Deutsche Bank AG. DWS CH AG is regulated and supervised by the Swiss Financial Market Supervisory Authority (FINMA) and holds a license to act as a Management of  collective assets as well as a Representative license for foreign collective investment schemes and headquartered in Zurich, Hardstrasse 201, 8005 Zurich.
This website is addressed solely to persons and entities domiciled in Switzerland.

Selling restrictions

The dissemination of the information contained on this website and the offering of the investment funds mentioned on this website is not permitted in many countries unless the management company of the investment fund has filed a notification with the local supervisory authorities or obtained permission from the local supervisory authorities. If such notification/permission has not been obtained, the following is therefore not an offer to purchase investment units. In case of doubt, we recommend that you contact a local sales office.

Selling restrictions for US Persons

The investment funds being stated on this website have not been approved by the United States Securities and Exchange Commission (the “SEC”) or any other United States governmental authority and neither the SEC nor any such other authority has passed upon the accuracy or adequacy of the relevant prospectus. Shares in investment funds will be generally offered and sold outside of the United States in accordance with Regulation S promulgated under the United States Securities Act of 1933, as amended (the “Securities Act”). Any person that is a United States Person (as defined in Regulation S of the Securities Act) is not eligible to invest in shares of such investment funds which are stated on this website. The management company of the relevant investment fund on this website has not and will not be registered as an investment company under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”), and therefore, the relevant management company will not be subject to the provisions of the Investment Company Act designed to protect investors in registered investment companies.

The shares of an investment funds being stated on this website may not be sold, assigned, transferred, exchanged, pledged, charged, hypothecated, encumbered, granted a participation in, or made subject to, any derivatives contract, swap, structured note or any other arrangement, directly, indirectly or synthetically (each, a “Transfer”) to a United Sates Person and any such Transfer to a United States Person will be void.

Important notes on marketing materials

DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries do business. Clients will be provided DWS products or services by one or more legal entities that will be identified to them in relevant documentation.

Complete information on the Funds/Sub-Funds can be found in the relevant current prospectus. Together with the relevant “key investor information documents”, these constitute the only binding sales documents for the Funds/Sub-Funds. Investors can obtain these documents, together with regulatory information, as well as the latest constitutional documents for the Funds/Sub-Funds in the respective local language 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 available in respective languages from Germany: www.dws.de www.etf.dws.com Austria: https://funds.dws.com/at Belgium: https://funds.dws.com/be/NL France: https://funds.dws.com/fr-fr/ Luxembourg: www.dws.lu. Spain: www.dws.es, Netherlands: www.dws.nl Italy: https://funds.dws.com/it-it Ireland: https://funds.dws.com/ie and Sweden: https://funds.dws.com/se. From the representative in Switzerland, DWS CH AG, Hardstrasse 201, CH-8005 Zurich, free of charge as well as from www.dws.ch. The Investment Company may decide to terminate the arrangements made for the marketing of this fund. A summary of investor rights can be found below in the section "Summary of investor rights".
Any opinions stated reflect the current assessment of DWS International GmbH and DWS Investment S.A. and are subject to change without notice. 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.
The promotional content on this website is intended to be a marketing communication, not a financial analysis. Accordingly, it may not comply with legal obligations requiring the impartiality of financial analysis or prohibiting trading prior to the publication of a financial analysis.

Important notes on the investor information

The sole binding basis for the purchase and sale of investment units is the key investor information, the respective valid sales prospectus with the contractual conditions or the management regulations/articles of incorporation in conjunction with the respective latest statement of accounts and/or semi-annual report of the fund. These documents can be obtained from DWS International GmbH and DWS Investment GmbH in Frankfurt, DWS Investment S.A. in Luxembourg and, if applicable, other paying agents of the respective investment fund.
The statements are based on an assessment of the current legal and tax situation. No guarantee can be given that the tax assessment will not change as a result of legislation, case law or decrees issued by the tax authorities. Such changes may also be introduced retroactively and adversely affect the tax consequences described. The tax information does not purport to address all tax issues that may be relevant to an individual investor's circumstances. Interested investors are therefore advised to seek advice from a tax advisor on the tax consequences of acquiring, holding or disposing of investment units. The companies of DWS Group, in particular those companies listed in the imprint, assume no liability for the accuracy of the information provided on this website.

Performance

The information on past performance is based on the BVI method, i.e. it assumes reinvestment of distributed income at the unit value without taking tax aspects into account. The information on past performance does not take into account the front-end load. Fees, transaction costs, commissions and taxes are not included in the presentation and would have a negative impact on performance if they were included. Information on past performance does not permit forecasts for the future. All figures are subject to review by auditors at the respective reporting dates. Prices, news or other market or stock exchange information displayed on this website are delayed by at least 15 minutes unless otherwise stated.

Exceptions to share price calculation

The value for the fund's units is generally determined on each exchange trading day. The relevant exchange trading days can be different for each fund. Detailed information on the relevant exchange trading days and public holidays can be found in the respective sales prospectus for each fund.

Best execution

Principles of Best Execution 

Conflicts of interest

Conflicts of interest – DWS-Gruppe

Remuneration Policy

Compensation Policy – DWS International GmbH
Compensation Policy – DWS Investment S.A.

Federal Act on Data Protection – Data Protection Information

Federal Act on Data Protection – Data Protection Information

List of sub-custodians

Link to list of sub-custodians

Link to list of outsourcing companies

BVI rules of conduct

The rules of conduct of the Bundesverband Investment und Asset Management e.V. (BVI) set voluntary standards that go beyond the statutory obligations of fund managers. They take into account their role as fiduciaries, which places particularly high demands on conduct toward investors. We, DWS Investment GmbH and DWS International GmbH, comply with the rules of conduct in the most recent version.
To the BVI rules of conduct: https://www.bvi.de/en/about-the-industry/rules-of-conduct/

Important Information regarding the second Shareholder Rights Directive (SRD II)

Based on the second shareholder rights directive (SRD II) asset managers have to disclose certain information. Below is the summary of where to find SRD II relevant information:

-Engagement policy incl. information on investment decisions, voting, use of proxy advisors, securities lending policy and conflicts of interest see Quick Access section at the bottom of www.dws.com.
-Once available, information on the portfolio turnover of the funds can be found on the “funds.dws.com/lu” homepage in the “fund facts” section for each fund.
-Information on the portfolio composition and the turnover costs will be published in the annual report of the respective fund.
-Information on the key material medium to long-term risks associated with the investments are as follow: Equities listed on a regulated market situated or operating within the European Economic Area (EEA) are subject to various mid- and long term risks. The key risks include:
- Political tensions and adverse developments within and between countries as well as regions (e.g. trade conflicts and controversial policy actions by governments and regulators)
- Macroeconomic risks such as debt crisis, recession and unexpectedly high inflation or deflation
- Significant price volatility in equity, currency, bond and commodity markets
- Specific risks of single stocks and industry sectors (e.g. fraud, obsolete business models, corporate governance)
- Declining liquidity of market segments or single stocks (may lead to significant price discounts)
- Other risks which have the potential to negatively impact the equity markets such as natural disasters, epidemics, terrorist attacks and wars

The assessment of medium and long-term risks as well as potential return opportunities is an integral part of the DWS investment process. Our teams of experienced analysts and portfolio managers continually analyse the relevant markets as well as the political and economic environment. Furthermore, our strategic CIO View provides both clients and portfolio managers an outlook and orientation for risk-adjusted investment decisions.

Information on sustainability according to the EU Disclosure Regulation

The 'Regulation of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector', the so-called Disclosure Regulation, shall apply to DWS Investment S.A. a financial market participant and financial adviser within the meaning of this regulation, as well as to DWS International GmbH, a financial market participant and financial adviser within the meaning of this regulation.

For the purposes of compliance with Article 10 Disclosure Regulation, DWS Investment S.A. and DWS International GmbH will include the information required under Article 10 Disclosure Regulation on the transparency of the promotion of environmental or social characteristics and of sustainable investments on the relevant websites of the financial products that it manages. Should you have any queries, please contact your client relationship manager.

According to the Disclosure Regulation, DWS Investment S.A. and DWS International GmbH are also obliged to publish on their website certain information on the integration of sustainability risks and the consideration of adverse sustainability impacts in their processes. This information can be found below:

Summary of investor rights / information on complaint management

For the investors of DWS Investment GmbH and DWS International GmbH

Your satisfaction with our services is our highest requirement. If we do not meet your expectations, please let us know.

How to contact us

By phone
+49 069 - 910 - 12380 (Monday to Friday from 8 a.m. to 6 p.m.)

Email / Internet
info@dws.com or www.dws.de/kontakt

Written
DWS Investment GmbH, 60612 Frankfurt am Main
or
DWS International GmbH, 60612 Frankfurt am Main

You can expect that
It is our goal to clarify your concern immediately and to look for a common solution. If we cannot resolve your request directly, we will confirm receipt. We will inform you of a contact person and the expected processing time.

We do that for you
We process each complaint individually and deal with the facts you have described. We do the necessary research for this. If we need a little more time to answer, we will provide you with interim information.

Sometimes a third party is needed
If we have not found a satisfactory solution for you, please contact us again. Alternatively, you can also address your concerns to other offices:

Office of the ombudsman of the BVI
Federal Association of Investment and Asset Management e.V.
Unter den Linden 42
10117 Berlin

Phone: +49 030 6449046-0
Fax: +49 030 6449046-29
Email: info@ombudsstelle-investmentfonds.de

Federal Financial Services Authority (BaFin)
Graurheindorfer Strasse 108,
53117 Bonn
or
Marie-Curie-Strasse 24-28,
60439 Frankfurt am Main

Phone: + 49 0228 4108-0
Fax: +49 0228 4108-1550
Email: poststelle@bafin.de

Collective Law Enforcement
Under certain conditions, consumers also have the opportunity to participate in collective legal protection proceedings such as the model declaratory action in accordance with Section 606 of the Code of Civil Procedure (ZPO) or in a model investor procedure in accordance with the Capital Investor Model Procedure Act (KapMuG). Investors should seek appropriate legal advice prior to participating in any such process and the requirements for participation.

For the investors of DWS Investment S.A. Luxemburg

Your satisfaction with our services is our highest requirement. If we do not meet your expectations, please let us know.

How to contact us

By phone +352 42101 - 1 (Monday to Friday from 9 a.m. to 5 p.m.)
Fax: +352 42101 - 900

Email / Internet: dws.lu@db.com or www.dws.lu

Written
DWS Investment S.A., B.P. 766, L-2017 Luxemburg

You can expect that
It is our goal to clarify your concern immediately and to look for a common solution. If we cannot resolve your request directly, we will confirm receipt. We will inform you of a contact person and the expected processing time.

We do that for you
We process each complaint individually and deal with the facts you have described. We do the necessary research for this. If we need a little more time to answer, we will provide you with interim information.

Sometimes a third party is needed
If the solution we have found is not to your satisfaction, please feel free to contact us again. Alternatively, you can refer the matter to a third party. In Luxembourg, the CSSF (supervisory authority) is responsible for handling client complaints against companies subject to its supervision. The CSSF will act as mediator with the aim of arriving at an out-of-court dispute settlement between the complainant and our company. In its function as the out-of-court mediator, the CSSF acts in accordance with the European provisions on the out-of-court resolution of consumer disputes as transposed into national Luxembourg law and introduced into the Consumer Code in 2016.

In order for an out-of-court complaint resolution procedure (CSSF Regulation 16-07) to be initiated, the Board of Directors of DWS Investment S.A. must have handled and responded to your complaint. You can expect a response from us within 30 days. If you do not hear from us or are unsatisfied with our response, you can refer the matter to the CSSF under the above procedure. If you have received a final statement from us, please provide it as a reference.
Further information and the relevant form can be found here: CSSF form in accordance with Regulation 16-07

Contact details of the supervisory authority Luxembourg
Commission de Surveillance du Secteur Financier
Département Juridique CC
283, route d’Arlon
L-2991 Luxembourg
Fax: (+352) 26 25 1 - 601
E-Mail: reclamation@cssf.lu

This service is free of charge for investors. The above procedure under Regulation 16-07 must be initiated with the CSSF within one year of filing the complaint with our company.

Morningstar rating™

© Morningstar. All Rights Reserved. The information, data, analyses and opinions (“Information”) contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorised; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from data published on various dates. Morningstar is not responsible for any trading decisions, damages or other losses related to the Information or its use. Please verify all of the Information before using it and don’t make any investment decision except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up.

Lipper Leaders

Lipper Leaders fund ratings do not constitute and are not intended to constitute investment advice or an offer to sell or the solicitation of an offer to buy any security of any entity in any jurisdiction. As a result, you should not make an investment decision on the basis of this information. Rather, you should use the Lipper Ratings for informational purposes only. Certain information provided by Refinitiv Lipper may relate to securities that may not be offered, sold or delivered within the United States (or any State thereof) or to, or for the account or benefit of, United States citizens. Refinitiv Lipper is not responsible for the accuracy, reliability or completeness of the information that you obtain from Refinitiv Lipper. In addition, Lipper will not be liable for any loss or damage resulting from information obtained from Refinitiv Lipper or any of its affiliates.

European online dispute resolution platform (ODR platform)

The European Commission has established a European online dispute resolution (ODR) platform at https://ec.europa.eu/consumers/odr. A consumer can use the online dispute resolution platform for the out-of-court settlement of a dispute arising from online contracts with a company established in the EU.

Additional legal information about hedge funds

You can only apply for shares in DWS hedge funds if you received the relevant sales prospectus in advance. You can obtain the sales prospectus from DWS Investment or our distribution partners In any case, it is advisable to seek professional advice before making a purchase. Purchase orders can only be accepted in written form. With regard to this category of mutual funds, investors must be willing and able to sustain losses on the invested capital up to a total loss. The performance of the fund will depend on the following factors in particular, which involve opportunities and risks: target fund selection, depending on changes in the allocation of country/sector, interest rates, exchange rates and credit ratings; development of the respective hedge fund strategies, depending on market conditions; the amount of the leverage factor for the target fund (depending on the particular investment strategy); focused portfolio and a limited liquidity strategy; focused orientation of the target funds and their instruments. This can also result in limited liquidity of the funds. Underlying target funds are not at all times transparent for the umbrella fund management. Limited return options: Shares can only be redeemed once a month, at the redemption price calculated at that time. To return the shares at this time, the investor must have declared their irrevocable return well in advance of the redemption date. The value of the shares may change considerably between the time that redemption is declared and the time redemption is executed, without the investor having the opportunity to respond to this, since his declaration of redemption cannot be revoked. The sales brochure contains information on redemption. Due to their composition, the special assets of hedge funds may be more volatile, i.e. the share prices may be subject to significant upward and downward fluctuation within short periods of time.

Issue/redemption of shares

Due to complex hedge fund strategies and the elaborate management of the target fund, the pricing for a fund of hedge funds requires more time than traditional funds. Consequently, funds of hedge funds are less liquid than traditional funds. Price fixing for the DWS Investment Hedge Fund is carried out on a monthly, as opposed to a daily, basis. Appropriate notice periods apply to the redemption of shares. Monthly price calculation: Last business day of each month (Frankfurt). Issuing shares: The company has set a monthly order deadline for issuing shares. This order deadline is 13:00 on the fifth business day before the last business day of each month in Frankfurt am Main at the company or custodian bank. If the company or the custodian bank places an irrevocable purchase order prior to the deadline, the shares will be issued on the last banking day of the calendar month after this deadline, at the issuing price determined for that day. If the irrevocable purchase order is held by the company or the custodian bank after the aforementioned deadline, both the issuing of shares and the relevant price will be moved forward by one month. Redemption of shares: The company has set a monthly order deadline for redeeming shares. This order deadline is 13:00 on the fifth business day before the last business day of each month in Frankfurt am Main at the company or custodian bank. If the company or the custodian bank places an irrevocable redemption order prior to the deadline, the shares will be redeemed on the last banking day of the calendar month after this deadline, at the redemption price determined for that day. If the irrevocable redemption order is held by the company or the custodian bank after the aforementioned deadline, both the redemption of shares and the relevant price will be moved forward by one month.