Mar 23, 2020

Client communication from the DWS Executive Board

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Dear Client

 

DWS Group GmbH & Co. KGaA (DWS) recognizes that significant business disruptions are a possibility. We have in place comprehensive business continuity procedures designed to minimize the impact of significant business disruption. This letter summarizes the measures DWS has taken through its global Business Continuity Management Program (BCM Program) to respond to significant business disruptions as well as our preparedness for any potential impact of COVID-19 (Coronavirus Disease 2019).

COVID-19 Readiness

As COVID-19 expands its footprint, we want to reassure you of the preparedness and protocols that DWS has in place to ensure seamless continuity of operations and services. DWS is actively managing the possible impact for the company and is closely monitoring the development of the situation in all regions to protect our staff and clients. We are communicating frequently with our employees with updates on the rapidly developing novel coronavirus situation, including with precautionary health and hygiene reminders.

DWS encourages staff to take preventive actions to help limit the spread of respiratory viruses. This includes in particular heightened hygiene measures following the recommendation of the World Health Organization WHO.

DWS has restricted travel to absolutely critical business travel only. These business trips must be exceptionally pre-approved by DWS's senior management prior to booking. Travel restrictions are under constant review and will be updated as necessary. Audio and video conference meetings are encouraged where possible. Employees who have returned from affected areas in the last 14 days, or who have household members that returned from there in the last 14 days, are asked self-quarantine immediately after their return for a period of 14 days.

DWS is committed to protecting our employees while ensuring the continuity of our fiduciary responsibilities to our clients. The proactive precautions we are taking have no impact on our operations and all client service continues unaffected. All areas of our business remain fully operational and, as described above, we are fully prepared and equipped to address any adverse impact that COVID 19 may have on the delivery of services. DWS has implemented split-teams globally, with teams rotating between separated business locations (both normal and dedicated standby offices) or home. We are also capable of ensuring remote work environments for all our employees at the same time, if necessary – including portfolio management.

Please do not hesitate to contact us if you have questions or concerns.

Continuity Management Program

We are committed to protecting our staff and ensuring the continuity of critical group businesses and functions in order to protect our franchise, mitigate risks, safeguard client services and sustain both stable financial markets and customer confidence. We have developed, implemented and continue to test and maintain our global BCM Program to ensure it attains these objectives. The BCM Program outlines core procedures for the relocation or the recovery of operations in response to varying levels of disruption. A number of scenarios are considered including: staff unavailability, complete loss of a single production site, loss of vendor services and loss of application software. These procedures provide information for responsible personnel to evaluate the business disruption and initiate appropriate action, including:

  1. Safeguard employees' and our property,
  2. Communicate with our employees, regulators, and clients,
  3. Provide you, our client with access to your funds and securities, and
  4. Protect our books and records and recover/resume normal operations.

 

Each of our core businesses functions and infrastructure groups construct and maintain their business continuity plans (BCPs) to ensure a continuous, reliable service. BCPs are based on predefined strategies, roles and responsibilities. BCPs are designed to ensure provision of critical business processes and IT systems within predefined recovery time frames. BCPs are reviewed, updated and tested annually or when significant changes occur.

In support of our BCM Program, DWS / DB maintain technical disaster recovery plans to protect and recover applications, information assets and technical infrastructure in the event of a facility failure or technology outage. In addition and because of specific identified vulnerabilities, further contingency measures are undertaken to mitigate against the risk of a city wide outage.

Roles & Responsibilities

The BCM Program has defined roles and responsibilities, which are documented in corporate standards (including the Technical Disaster Recovery Standard). This fosters a constant and effective approach to the provision of resiliency throughout DWS and results in an efficient fit-for-purpose business continuity capability. The BCM Program is staffed and managed within each region by specialists who co-ordinate preparedness efforts with BCM-trained staff embedded in each business and infrastructure area. The regional business continuity teams provide expertise and guidance to all business functions within DWS in developing, implementing, testing and maintaining effective BCPs and recovery processes. Similarly, the technical disaster recovery standards are implemented regionally by our technology department. The DWS Executive Board has delegated responsibility for business process disruption risk to the global Chief Operating Officer (COO).

The DWS Executive Board retains overall responsibility for policy setting, supervision and effective implementation of the business continuity policy. Compliance with DB’s corporate standards is monitored regionally by a regional business continuity council, reporting on a quarterly basis to the global business continuity council.

Crisis Management & Implementation

The COO ensures that DWS has a clearly defined, documented and tested crisis management process for assessing, escalating and managing any business disruption that may affect DWS’s ability to continue its critical business operations. This includes a crisis contact and escalation process, which is tested on a regular basis. In addition, BCPs are designed to be implemented in response to varying levels of business disruptions. The nature of the business disruption will affect whether all or only parts of our plans are executed.

Business Continuity Recovery Solutions

DWS has a broad recovery program in place to deal with the impact of incident or crisis. DWS has a number of customized recovery solutions designed to facilitate the quickest possible resumption of work for the critical businesses and support functions. Examples of these are:

  • Alternate Sites

DWS uses self-managed, dedicated standby facilities. These recovery sites provide dedicated recovery seats and infrastructure to provide for the needs of the business. Additionally, DWS retains recovery sites contractually through service providers who concentrate on business resiliency. All recovery sites are physically separated from normal business locations to prevent both sites being affected by the same incident.

Technology Disaster Recovery

Information Technology Disaster Recovery (DR) planning takes into consideration possible disruption scenarios such as a loss of data center or the failure of specific IT assets and/or applications supporting critical business operations. In order to address these scenarios, confidential DR plans are in place to manage the recovery and continuation of operations from DR environments located at geographically separate sites. All DR plans are validated periodically and include the assessment of recovery time and recovery point objectives (RTO & RPO) as well as technical and business validation to ensure that the DR environments operate at the required level.

  • Reciprocal Agreements

Some businesses have partnership agreements with other business units regarding the allocation of a required number of recovery seats or the ability to transfer work. The receiving business unit provides the necessary infrastructure, hardware facilities or staff. Both normal business locations are geographically separated from each other to prevent both sites being affected by the same incident.

  • Displacement Strategy

Certain business processes can be switched from one location to another and in the longer term, key staff can move to another location unaffected by the incident.

  • Remote Access

Staff may work remotely, where permitted, in the event of a disruption accessing DWS systems via VPN and can divert their telephones to a home or mobile number.

  • Service Providers

Service providers are contractually obliged to have business continuity capabilities in place to ensure continuity of services provided to DWS if the ordinary operation of the service provider is disrupted and to modify their work stream in order to adapt with the business continuity organization of DWS. A vendor risk management process is in place to ensure compliance.

  • Pandemic Planning

DWS maintains a risk-based approach to pandemic planning, using as a guide the World Health Organization (WHO) definitions of pandemic phases.

  • Customer Access to Funds and Securities

If your usual access to funds and securities is impacted by a significant business disruption, we will advise you of the appropriate DWS contacts through expedient means at www.dws.com.

 

Audit

DWS’s BCM Program is subject to regular reviews by internal and external audit, and regulatory authorities.

Regulatory Obligations

In the case of conflict between the Business Continuity Policies and Standards or the Technical Disaster Recovery Standards and local regulatory obligations, the stricter obligation is adhered to.

  • Sincerely yours,

DWS Executive Board

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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 an Asset Management license for collective investment schemes 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.

Conditions of use and legal information

This website is intended exclusively for information purposes and for use by the recipients. The information and views found on this website may change at any time and without any prior notice.

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The entire content of the website is protected by copyright (all rights reserved). Downloading or printing out individual pages and/or sub-sections of the website is permitted provided that neither the copyright nor any other proprietary markings are removed. Insofar as you download or otherwise duplicate software or other data from the website, DWS CH AG shall retain all property rights. Reproducing, transferring (electronically or by other means), modifying or linking to this website or using it for public or commercial purposes (in full or in part) is prohibited without the prior written approval of DWS CH AG. The names/trademarks of DWS CH AG, DWS Investment GmbH, DWS Investment Management S.A. are service marks. The brand used do not necessarily reflect the relevant actual range of products and services offered.

No offer

The information on this website does not constitute a solicitation or an offer or, unless expressly stated otherwise, a recommendation or an investment advice to buy or sell investment products, or for DWS CH AG and affiliates of Deutsche Bank group to enter into or to carry out any other type of transactions as a consequence of any information contained herein. For persons with citizenship or domicile of for entities with domicile in countries that, on the basis of local legislation, do prohibit the access to investment products in the nature and form of distribution chosen here, access to the information on this website is not permitted. This also applies to the distribution of prospectuses. Investors subject to a jurisdiction that does not permit the aforementioned acceptance and management of assets shall be rejected. The sole binding basis for the acquisition of units of investment schemes is the relevant collective investment scheme agreement, the prospectus and, if available, the corresponding statement of accounts, annual report or semi-annual report. For the collective investment schemes under Swiss law, prospective investors may obtain the current sales prospectus including collective investment scheme regulations, the key investor information document (KIID) as well as the latest annual and semi-annual reports free of charge from the management company of the collective investment scheme, Vontobel Fonds Services AG, from the custodian bank, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch as well as from the main distribution agent in Switzerland DWS CH AG, Hardstrasse 201, 8005 Zurich. For collective investment schemes subject to foreign law, prospective investors can obtain the sales prospectus including the management regulations, the key investor information document (KIID) as well as the latest annual and semi-annual reports free of charge from the representative in Switzerland DWS CH AG, Hardstrasse 201, 8005 Zurich. The circulation of the information contained herein and the offer of the relevant units of collective investment schemes is prohibited in many countries unless relevant notification was submitted to and/or permission was obtained from the local supervisory authorities. Insofar as no such notification was given or permission obtained, there is no presumption of any offer relating to the acquisition of any units of collective investment schemes. In case of doubt, we recommend you contacting a local sales office.

Selling restrictions

The units of collective investment schemes which have been issued may be offered for sale or sold to the public only in countries where such an offer or such a sale is permissible. The information contained herein and the units of the collective investment schemes presented are not intended for distribution in the United States of America or to U.S. persons (individuals who are U.S. citizens or whose permanent place of residence is in the United States of America and partnerships or corporations established in accordance with the laws of the United States of America or of any state, territory or possession of the United States). Accordingly, units will not be offered or sold in the United States or to or for the account of U.S. persons. Subsequent transfers of units in or into the United States or to U.S. persons are prohibited. Offering of units in the collective investment schemes presented may also be restricted in other jurisdictions. Prospective investors should consult the prospectus for a given collective investment scheme for a complete disclosure of jurisdiction specific investment restrictions.

No assurances or guarantees

Although DWS CH AG has taken due care to ensure that the information on this website is correct at the time of posting, DWS CH AG cannot either explicitly or implicitly provide any assurance or guarantee (including third-party liability) with regard to its correctness, reliability or completeness. DWS CH AG also offers no assurance that information will remain unaffected by any technical faults (transmission errors, technical deficiencies, interruptions, tampering by unauthorised third parties, etc.). DWS CH AG does not assume liability under any circumstances for any losses, including direct, indirect, accidental, special or consequential losses, on the basis of this information or in connection with this information or as a consequence of the risks inherent in the financial markets. Investors should be aware that investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. For this reason, a positive performance in the past is no guarantee of a positive performance in the future. Investments in foreign currencies are also subject to multiple risks including exchange rate fluctuations and settlement risks. The investments discussed in this website may not be suitable for all investors and investors must make their own investment decisions based upon their specific financial situation and investment objectives. Nothing in this website constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any individual circumstances, or otherwise constitutes any personal recommendation.

Potential conflicts of interest

It may be the case that companies of the Deutsche Bank Group and/or administrative boards or employees of companies of the Deutsche Bank Group have/had units or positions in and/or traded or trade as a market maker with stocks listed on this website. Furthermore, it is also possible that the companies of the Deutsche Bank Group and/or administrative boards or employees of companies of the Deutsche Bank Group have/had a connection to the relevant enterprises, provide/provided these enterprises with corporate finance or other services or serve/served on their management boards.

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As a result of activating certain links on this website, you may exit the DWS CH AG website. DWS CH AG has not verified the websites linked to its website and does not assume any responsibility for their content, products, services or other offers. The same applies to websites that provide links to the DWS CH AG website. The express prior approval of DWS CH AG must always be obtained for a link from another website to the DWS CH AG website. The access and use of such websites is at the user's own risk.

Privacy Statement

DWS CH AG entrusts other affiliates of Deutsche Bank group or their service providers (together, the "Providers") with certain tasks. In this context and only to the extent necessary, information is selectively transmitted to the Providers, which also can be located in countries not having data protection laws or a bank secrecy similar to the ones in Switzerland (e.g. USA, India, Singapore and Hong Kong). Data is transmitted to the Providers strictly within the boundaries of the Swiss Data Protection Law and bank secrecy and if possible, always in a form, which does not allow the service provider to evaluate the identity of any data subjects. Data transmitted to the Providers may include company name, mailing address, contact details of contact persons, written correspondence, participation to DB events meeting minutes, call reports, information related to DB’s anti money laundering and know-your-intermediary-procedures, contract details, custody information, collective investment scheme and/or portfolio holdings, transactions, investment strategies and limits.

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Further information on the JP Morgan indices is available on request. JP Morgan does not assume any responsibility for the accuracy or completeness of this information. The assumptions and views expressed are based on our assessments and are subject to change with notice. Returns achieved in the past are no guarantee of future performance. The products and strategies presented here are not suitable for all investors; if in doubt, please contact your investment advisor. The price and value of the instruments dealt with here are subject to fluctuation. Past performance is no indication of future developments. Exchange rate fluctuations may adversely affect the value of assets. This material is neither an offer nor a solicitation to buy or sell any financial instrument. JPMorgan, and/or its subsidiaries and employees may hold positions in the financial instruments of any of the issuers discussed here, or they may act as a market maker for these issuers or be engaged by them as underwriters, placement agents, advisers or lenders. JPMorgan is the marketing name for J.P. Morgan Chase & Co. and its subsidiaries worldwide. © 2018 J.P. Morgan Chase & Co.

Legal information on the investment calculator

Non-binding model calculation The data provided to you, in particular the performance data, may be different in practice, which inevitably means that the end result may be quite different from your calculations. It is not possible to carry forward a collective investment scheme's past performance into the future. The actual performance depends on the future market development and, therefore, may end up being lower or higher. To that extent, this data only amounts to a non-binding model calculation. Fiscal aspects are not included in the sample invoice. The performance was calculated using the BVI method, i.e. it does not include initial charges. In the event of a DWS/Deutsche Asset Management withdrawal plan, DWS/Deutsche Asset Management will not make any adjustment to the withdrawal amount in respect of performance. However, the current income must be adjusted to the current value, in order to achieve the goal of consuming the target's s in the specified period of time. This data only amounts to a non-binding model calculation, errors in calculation excepted. The following applies, when using the estimated annual performance, based on the past performance of the collective investment scheme: the past performance of the collective investment scheme is only an indication but not a guarantee of future performance during the period you selected. This means that the value of the period you selected is calculated retrospectively from today for the period of time specified by you and then presented as an indication of future performance, although it is not indicative of future results. The actual performance depends entirely on future market development.

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 an Asset Management license for collective investment schemes 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.

Conditions of use and legal information

This website is intended exclusively for information purposes and for use by the recipients. The information and views found on this website may change at any time and without any prior notice.

Website rights

The entire content of the website is protected by copyright (all rights reserved). Downloading or printing out individual pages and/or sub-sections of the website is permitted provided that neither the copyright nor any other proprietary markings are removed. Insofar as you download or otherwise duplicate software or other data from the website, DWS CH AG shall retain all property rights. Reproducing, transferring (electronically or by other means), modifying or linking to this website or using it for public or commercial purposes (in full or in part) is prohibited without the prior written approval of DWS CH AG. The names/trademarks of DWS CH AG, DWS Investment GmbH, DWS Investment Management S.A. are service marks. The brand used do not necessarily reflect the relevant actual range of products and services offered.

No offer

The information on this website does not constitute a solicitation or an offer or, unless expressly stated otherwise, a recommendation or an investment advice to buy or sell investment products, or for DWS CH AG and affiliates of Deutsche Bank group to enter into or to carry out any other type of transactions as a consequence of any information contained herein. For persons with citizenship or domicile of for entities with domicile in countries that, on the basis of local legislation, do prohibit the access to investment products in the nature and form of distribution chosen here, access to the information on this website is not permitted. This also applies to the distribution of prospectuses. Investors subject to a jurisdiction that does not permit the aforementioned acceptance and management of assets shall be rejected. The sole binding basis for the acquisition of units of investment schemes is the relevant collective investment scheme agreement, the prospectus and, if available, the corresponding statement of accounts, annual report or semi-annual report. For the collective investment schemes under Swiss law, prospective investors may obtain the current sales prospectus including collective investment scheme regulations, the key investor information document (KIID) as well as the latest annual and semi-annual reports free of charge from the management company of the collective investment scheme, Vontobel Fonds Services AG, from the custodian bank, RBC Investor Services Bank S.A., Esch-sur-Alzette, Zurich branch as well as from the main distribution agent in Switzerland DWS CH AG, Hardstrasse 201, 8005 Zurich. For collective investment schemes subject to foreign law, prospective investors can obtain the sales prospectus including the management regulations, the key investor information document (KIID) as well as the latest annual and semi-annual reports free of charge from the representative in Switzerland DWS CH AG, Hardstrasse 201, 8005 Zurich. The circulation of the information contained herein and the offer of the relevant units of collective investment schemes is prohibited in many countries unless relevant notification was submitted to and/or permission was obtained from the local supervisory authorities. Insofar as no such notification was given or permission obtained, there is no presumption of any offer relating to the acquisition of any units of collective investment schemes. In case of doubt, we recommend you contacting a local sales office.

Selling restrictions

The units of collective investment schemes which have been issued may be offered for sale or sold to the public only in countries where such an offer or such a sale is permissible. The information contained herein and the units of the collective investment schemes presented are not intended for distribution in the United States of America or to U.S. persons (individuals who are U.S. citizens or whose permanent place of residence is in the United States of America and partnerships or corporations established in accordance with the laws of the United States of America or of any state, territory or possession of the United States). Accordingly, units will not be offered or sold in the United States or to or for the account of U.S. persons. Subsequent transfers of units in or into the United States or to U.S. persons are prohibited. Offering of units in the collective investment schemes presented may also be restricted in other jurisdictions. Prospective investors should consult the prospectus for a given collective investment scheme for a complete disclosure of jurisdiction specific investment restrictions.

No assurances or guarantees

Although DWS CH AG has taken due care to ensure that the information on this website is correct at the time of posting, DWS CH AG cannot either explicitly or implicitly provide any assurance or guarantee (including third-party liability) with regard to its correctness, reliability or completeness. DWS CH AG also offers no assurance that information will remain unaffected by any technical faults (transmission errors, technical deficiencies, interruptions, tampering by unauthorised third parties, etc.). DWS CH AG does not assume liability under any circumstances for any losses, including direct, indirect, accidental, special or consequential losses, on the basis of this information or in connection with this information or as a consequence of the risks inherent in the financial markets. Investors should be aware that investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. For this reason, a positive performance in the past is no guarantee of a positive performance in the future. Investments in foreign currencies are also subject to multiple risks including exchange rate fluctuations and settlement risks. The investments discussed in this website may not be suitable for all investors and investors must make their own investment decisions based upon their specific financial situation and investment objectives. Nothing in this website constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any individual circumstances, or otherwise constitutes any personal recommendation.

Potential conflicts of interest

It may be the case that companies of the Deutsche Bank Group and/or administrative boards or employees of companies of the Deutsche Bank Group have/had units or positions in and/or traded or trade as a market maker with stocks listed on this website. Furthermore, it is also possible that the companies of the Deutsche Bank Group and/or administrative boards or employees of companies of the Deutsche Bank Group have/had a connection to the relevant enterprises, provide/provided these enterprises with corporate finance or other services or serve/served on their management boards.

Links to other websites

As a result of activating certain links on this website, you may exit the DWS CH AG website. DWS CH AG has not verified the websites linked to its website and does not assume any responsibility for their content, products, services or other offers. The same applies to websites that provide links to the DWS CH AG website. The express prior approval of DWS CH AG must always be obtained for a link from another website to the DWS CH AG website. The access and use of such websites is at the user's own risk.

Privacy Statement

DWS CH AG entrusts other affiliates of Deutsche Bank group or their service providers (together, the "Providers") with certain tasks. In this context and only to the extent necessary, information is selectively transmitted to the Providers, which also can be located in countries not having data protection laws or a bank secrecy similar to the ones in Switzerland (e.g. USA, India, Singapore and Hong Kong). Data is transmitted to the Providers strictly within the boundaries of the Swiss Data Protection Law and bank secrecy and if possible, always in a form, which does not allow the service provider to evaluate the identity of any data subjects. Data transmitted to the Providers may include company name, mailing address, contact details of contact persons, written correspondence, participation to DB events meeting minutes, call reports, information related to DB’s anti money laundering and know-your-intermediary-procedures, contract details, custody information, collective investment scheme and/or portfolio holdings, transactions, investment strategies and limits.

Cookies

In view of the importance of data privacy, and our obligations of transparency, we provide information below about cookies, how we use them on our website and what options you have if, despite the benefits they bring, you prefer to disable them. We shall assume you are happy to accept the cookies that we use on our website if you do not disable or opt out of them as described below.


What are cookies?
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When trying to understand cookies, and how to control them, it can help to know some terminology:


· Cookies installed on your device by the organization running the website you are visiting are known as “first party” cookies.
· Cookies installed on your device via the website you are visiting by another organization are termed “third party” cookies. An example is a cookie set by a specialist website analytics company that provides the website owner with data on the numbers of people visiting its website.
· So-called “persistent cookies” remain on your device even after you close your internet browser. They are activated each time you visit the website that created that particular cookie. For example, where a "persistent cookie" is used on a website to remember your log-in details, you will not need to enter those details each time you visit that website.
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Morningstar Rating Overall™

© 2018 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) its accuracy, completeness and currency cannot be guaranteed. Neither Morningstar nor its content providers are responsible for any damages or losses arising from the use of this information.
Past performance is no guarantee for future results.

Legal information on indices

Data sources for indices: Copyright © SIX Telekurs
All rights reserved. Redistribution and use by third parties is strictly prohibited. SIX Telekurs assumes no liability for the information displayed and disclaims all liability in connection with dates and prices. SIX Telekurs reserves the right to adjust and/or change the financial information provided on this SIX Telekurs site at any time, without notice.

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Tips for using the JP Morgan Indices

Further information on the JP Morgan indices is available on request. JP Morgan does not assume any responsibility for the accuracy or completeness of this information. The assumptions and views expressed are based on our assessments and are subject to change with notice. Returns achieved in the past are no guarantee of future performance. The products and strategies presented here are not suitable for all investors; if in doubt, please contact your investment advisor. The price and value of the instruments dealt with here are subject to fluctuation. Past performance is no indication of future developments. Exchange rate fluctuations may adversely affect the value of assets. This material is neither an offer nor a solicitation to buy or sell any financial instrument. JPMorgan, and/or its subsidiaries and employees may hold positions in the financial instruments of any of the issuers discussed here, or they may act as a market maker for these issuers or be engaged by them as underwriters, placement agents, advisers or lenders. JPMorgan is the marketing name for J.P. Morgan Chase & Co. and its subsidiaries worldwide. © 2018 J.P. Morgan Chase & Co.

Legal information on the investment calculator

Non-binding model calculation The data provided to you, in particular the performance data, may be different in practice, which inevitably means that the end result may be quite different from your calculations. It is not possible to carry forward a collective investment scheme's past performance into the future. The actual performance depends on the future market development and, therefore, may end up being lower or higher. To that extent, this data only amounts to a non-binding model calculation. Fiscal aspects are not included in the sample invoice. The performance was calculated using the BVI method, i.e. it does not include initial charges. In the event of a DWS/Deutsche Asset Management withdrawal plan, DWS/Deutsche Asset Management will not make any adjustment to the withdrawal amount in respect of performance. However, the current income must be adjusted to the current value, in order to achieve the goal of consuming the target's s in the specified period of time. This data only amounts to a non-binding model calculation, errors in calculation excepted. The following applies, when using the estimated annual performance, based on the past performance of the collective investment scheme: the past performance of the collective investment scheme is only an indication but not a guarantee of future performance during the period you selected. This means that the value of the period you selected is calculated retrospectively from today for the period of time specified by you and then presented as an indication of future performance, although it is not indicative of future results. The actual performance depends entirely on future market development.