Risk factors

Past performance is not a suitable indicator of future results. The money invested in mutual funds can rise or fall in value and there is not a suitable indicator that the investor will get back all capital invested. Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors should note that most mutual funds are not capital protected or capital guaranteed. Investors in mutual funds should be aware of the possibility, and financially able, to lose part or all of the invested capital. An investment in mutual funds is associated with risks, for a presentation of the risks related to investments in these funds, please click the link Risks. We also refer to product-specific "Disclaimers".

The Finnish Act on the Protection of Privacy in Electronic Communications (516/2004) and the Swedish Electronic Communications Act (2003:389) require that visitors to a website must be informed about cookies as well as may have to actively consent to the website storing cookies on their computer. This website uses cookies. By clicking the “Accept” button you accept to store cookies on your computer. Please refer to section 2.4 on Cookies and it’s usage on this website

Important information

Copyright © 2014

BEFORE ENTERING THIS WEBSITE, PLEASE READ CAREFULLY THE FOLLOWING IMPORTANT TERMS AND CONDITIONS (THE "TERMS") THAT GOVERN YOUR ACCESS TO, AND USE OF, THIS WEBSITE, AND ACKNOWLEDGE YOUR AGREEMENT AND UNDERSTANDING OF THEM. IF YOU AGREE TO THE TERMS, CLICK "ACCEPT" AT THE END OF THIS DOCUMENT TO ENTER THIS WEBSITE. IF YOU CLICK "Decline" YOU WILL NOT BE ABLE TO ACCESS THIS WEBSITE. THESE TERMS ARE A BINDING AGREEMENT BETWEEN YOU AND DWS/DEUTSCHE BANK, AND GOVERNS YOUR ACCESS AND USE OF THE WEBSITE.

Access to products and services displayed on this and linked sites hereafter may be restricted to certain persons or in some countries. Securities shown on these sites shall not be offered or sold to any persons prohibited by the law in their country of origin or in any other relevant country. In particular US persons (natural persons and legal entities) are forbidden from viewing further pages. These materials and any products described herein are not being offered or targeted to US persons. Access of the information available on further webpages by US persons is forbidden. Please also refer to the “Selling restrictions” section.

YOU (THE "USER") AGREE NOT TO UNDERTAKE ANY ACT OR OMISSION THAT WOULD CONSTITUTE A BREACH OF THESE TERMS. WHERE YOU USE THIS WEBSITE ON BEHALF OF YOUR EMPLOYER OR AN ORGANISATION YOU REPRESENT AND WARRANT THAT YOU ARE AUTHORISED BY SUCH EMPLOYER OR ORGANISATION TO ACCESS AND USE THE WEBSITE AND TO AGREE TO THE FOLLOWING TERMS ON THEIR BEHALF. IN SUCH CIRCUMSTANCES, EXCEPT WHERE EXPRESSLY PROVIDED TO THE CONTRARY, "USER" SHALL REFER TO A USER AND ITS EMPLOYER OR THE ORGANISATION ON WHOSE BEHALF THE USER USES THIS WEBSITE JOINTLY AND SEVERALLY.


This Website is collectively provided by Deutsche Asset & Wealth Management Investment GmbH (“DeAWM”) and Deutsche Asset & Wealth Management Investment S.A. (“DWS”) – in the following “We”, “Our” or “Us” - on its own behalf and on behalf of any members of the Deutsche Bank Group of companies from time to time (together "Deutsche Bank") which may be responsible for the Website's content and any of the goods and services (including financial instruments) described or provided through it (together "The Website"). The registered offices of DeAWM and DWS are Frankfurt respectively Luxembourg. Please also refer to Imprint for statutory and address details. If you have any comments about the Website please contact us at unj.cl@us.tfd.

Portfolio Management Company: Deutsche Asset & Wealth Management Investment GmbH Portfolio Management Location: Germany Management Company: Deutsche Asset & Wealth Management Investment S.A. (under which separate SICAV companies with respective sub-funds are set-up)

DeAWM is a limited liability company with headquarters in Frankfurt am Main, Germany. It is registered in the Commercial Register of the District Court of Frankfurt am Main under HRB 9135 and approved by the Federal Financial Supervisory Authority to carry on investment business. Deputy Chairman of the Supervisory Board is Arne Wittig. The Board members are: Wolfgang Matis, Holger Naumann and Dr. Asoka Wöhrmann. DeAWM holds a UCITS IV fund management company, portfolio management and investment advice (together “discretionary management”) cross-border EU passports amongst other in Finland and Sweden under license from the German supervisory authority (BaFin) as notified to the Finnish FIN-FSA respectively the Swedish Finansinspektionen. Please refer to the Supervisory Company register in respective countries.

DWS holds a fund management company, investment advice and discretionary portfolio management cross-border EU passport in Sweden under license from the BaFin and upon notification to the Swedish Financial Regulatory Authority Finansinspektionen, “FI” (see the business register on http://www.fi.se).

Deutsche Bank AG Stockholm Branch is agent to DWS International GmbH and DWS International SA.DeAWM is a limited liability company with headquarters in Frankfurt am Main, Germany. It is registered in the Commercial Register of the District Court of Frankfurt am Main under HRB 9135 and approved by the Federal Financial Supervisory Authority to carry on investment business. Deputy Chairman of the Supervisory Board is Arne Wittig. The Board members are: Wolfgang Matis, Holger Naumann and Dr. Asoka Wöhrmann. DeAWM holds a UCITS IV fund management company, portfolio management and investment advice (together “discretionary management”) cross-border EU passports amongst other in Finland and Sweden under license from the German supervisory authority (BaFin) as notified to the Finnish FIN-FSA respectively the Swedish Finansinspektionen. Please refer to the Supervisory Company register in respective countries.

Fund shares are issued by one or more SICAV investment companies (“the Companies”) with variable capital incorporated under the laws of Luxembourg on the basis of the Law on Undertakings for Collective Investment and the Law on Trading Companies of August 10, 1915, as a société d’investissement à capital variable (“SICAV”), hereinafter referred to as “the Companies”. The Companies were established on the initiative of DWS, a management company under Luxembourg law, which, among other functions, acts as the main distributor for the Company. Additionally multiple UCITS funds of The Companies hold cross-border EU passports amongst other in Finland and Sweden.

DWS holds a UCITS IV fund management company, portfolio management and investment advice (together “discretionary management”) cross-border EU passports amongst other in Finland and Sweden under license from the Luxembourg supervisory authority Commission de Surveillance du Secteur Financier (CSSF) as notified to the Finnish FIN-FSA respectively the Swedish Finansinspektionen. Please refer to the Supervisory Company register in respective countries.

 

Deutsche Bank AG is authorized under German Banking Law (ID:100003, competent authority: BaFin - Federal Financial Supervising Authority).

Deutsche Bank AG Stockholm branch ("DBS", Bolagsverket nr. 516401-9985) is authorised by BaFIN and regulated by Finansinspektionen for the conduct of licensed activities in Sweden. Deutsche Bank Branches operates within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area (“EEA”). Reference is made to European Union Regulatory Background and Corporate and Regulatory Disclosures at https://www.db.com/en/content/eu_disclosures_uk.htm. Details about the extent of our authorisation and regulation by BaFIN and respective Financial Supervisory Authority are available from us on request.

DBS does not purport to act as “distributor” and is solely acting in an origination capacity in an agency/agency similar capacity (“the agent”) for and behalf of Deutsche Bank AG and/or affiliates, including DeAWM and DWS, and potential investors should be aware that if they decide to enter into a transaction with Deutsche Bank AG or affiliates (“the principal”) will any and all contractual and commercial agreements be as entered into with that distributor in a principal capacity under the contractual laws, unless re-negotiated, and financial laws and regulations of the country where the principal is located/licensed.

The funds presented on this Website have been EU Passported into Finland respective Sweden in accordance with the EU UCITS IV Directive as enacted into Finnish respectively Swedish laws and regulations.

  • Disclaimer
  • 1. No representations or warranties for contents, Change of terms, Copyright
  • 2. Data security & data privacy
  • 2.1. Information Management
  • 2.2. Collection, processing and disclosure of personal information
  • 2.3. Data privacy notes on social plugins
  • 2.4. Cookies
  • 2.5. Restricted use
  • 2.6. Deleting Data
  • 2.7. How to contact us
  • 3. Legal information
  • 4. Performance
  • 4.1. Exceptions to share price calculation
  • 5. Selling restrictions
  • 5.1. In particular, the following restrictions apply:
  • 5.2. Additional legal information about hedge funds
  • 5.3. Issue/redemption of shares
  • 6. Governing Law & Jurisdiction
  • 6.1. Governing Law
  • 6.2. Jurisdiction
  • 7. Legal information on the investment calculator
  • 7.1. Non-binding model calculation
  • 8. Partner Disclaimers
  • 8.1. Morningstar Rating Overall™
  • 8.2. Lipper Leaders
  • 9. Legal information on indices
  • 9.1. Dow Jones Copyright
  • 9.2. Tips for using the JP Morgan Indices

 

1. No representations or warranties for contents, Change of terms, Copyright

We continually review and update the information on the website. Although the utmost care is taken, data can sometimes change in between updates. That is why no liability will be assumed or guarantee provided as to whether the information provided is current, correct or complete. The same applies to all other websites to which hyperlinks refer. We are not responsible for the content of websites visited on the basis of such links.
Furthermore, we reserve the right to amend or qualify the information provided. The content and structure of the websites are protected by copyright. The reproduction of information or data, in particular the use of texts, text excerpts or graphical material, requires the prior consent of either DeAWM or DWS.

2. Data security & data privacy

Respect for our customers' and partners' right to privacy is one of our key principles. The trust that you place in us obligates us to handle your data confidentially and to do everything possible to protect this data against improper use. Naturally, the same applies to handling data from your internet visit.
All personal data collected on the websites will only be stored and processed for your individual support. We guarantee that your details will be handled confidentially, in accordance with the applicable legal provisions on data privacy. German banking secrecy laws apply. German and Finnish and Swedish Data Privacy laws may additionally apply, as applicable. Your data will not be disclosed to third parties. You can withdraw any consent you have given at any time, this will apply from the moment you have withdrawn your consent.
The data obtained in the context of using these websites (such as duration of use, number of visits, sites visited) is only evaluated in an aggregated and anonymous form. Whenever you visit our website, our servers automatically save the name of your ISP, the website from which you came, which of our websites you visit and the date and duration of your visit. We can use this information to identify our users' preferences, as well as to optimise and

All personal data collected on the DWS websites will only be stored and processed for your individual support. DWS guarantees that your details will be handled confidentially, in accordance with the applicable legal provisions on data privacy. German banking secrecy laws apply. German and Swedish Data Privacy laws applies.

Your data will not be disclosed to third parties. You can withdraw any consent you have given at any time, this will apply from the moment you have withdrawn your consent.

Deutsche Asset & Wealth Management is constantly aiming at enhancing its website. For this reason, we collect information through the website in an anonymised form, i.e. domain name, tracking the pages you visit and how long. The respective information is used for statistical and marketing purposes only and is not disclosed to third parties. Berlin-based Webtrekk GmbH supports us in this regard. They collect and process anonymised information through your browser when visiting this website.

The data obtained in the context of using these websites (such as duration of use, number of visits, sites visited) is only evaluated in an aggregated and anonymous form. Whenever you visit our website, our servers automatically save the name of your ISP, the website from which you came, which of our websites you visit and the date and duration of your visit. We can use this information to identify our users' preferences, as well as to optimise and continue developing our websites accordingly.

2.1. Information Management

You can generally visit the Site without revealing any personal information and data is collected only to the extent it is technically necessary. In some cases we can distinguish non-personal data such as the Internet service provider and which browser you use, which pages you visit and what you may choose to click on. This information is processed automatically and used exclusively for statistical purposes and to improve our Site, and covers only information that any website can see if you and your computer equipment when you visit them. As an individual user you remain anonymous.
Technically generated and available communications data will only be stored, processed and used for necessary purposes such as prevention of fraud and related safety, and always in accordance with applicable laws concerning data security.

2.2. Collection, processing and disclosure of personal information

Personal information (such as name, email address, phone number, etc.), is only collected if you are actively and voluntarily providing such information, such as when you register on dwsinvestments.se and/or sign up for e-mail or SMS service on our Web site. DeAWM is the data controller of the personal information you voluntarily provide and we are fully responsible for the security of your personal information and that they are treated in accordance with the applicable laws and regulations governing the protection of personal data. As part of our provision of services, your data will not be used for marketing or market research purposes without your explicit consent. No personal information will be disclosed to third parties outside the Deutsche Bank group unless it is necessary to accommodate the requested access or service, whether it is based on your consent or if otherwise permitted by applicable data protection laws.
As a data controller DeAWM deals with data in accordance with German data protection legislation, which is essentially equivalent to the Finnish Personal Data Act (523/1999) respectively the Swedish Personal Data Act (1998:204). Personal data may additionally be under Finnish and/or Swedish Personal Data Act (1998:204). On our site we have links to (and links including information from) partners companies (see below) and social media sites, inter alia, Twitter, Facebook, delicious, dig, Google bookmarks, Stumble Upon, Yahoo Bookmarks, and others. The possible collection of personal data on partner sites and social networks is beyond our control.

2.3. Data privacy notes on social plugins

Facebook

Our website uses social plugins (“plugins”) from the social networking site facebook.com, operated by Facebook Inc., 1601 South California Ave, Palo Alto, CA 94304, USA (“Facebook”). The plugins can be identified by one of Facebook’s logos (a white "f" on a blue tile or a “thumbs-up” icon), or the phrase “Facebook Social Plugin”. The list of Facebook social plugins and their appearances can be found here.

In case you access a website of our internet presence using such a plugin, your browser will contact the Facebook server and load the visual presentation of the plugin as well as present it to you. During this exercise, the Facebook server receives information concerning your visit of the website of our internet presence as well as further data like your IP address.
In order to procure a satisfying level of data privacy in connection with our internet presence, we have deactivated the respective buttons and placed a Facebook note prior to such access. Only if you intend to use the plugin by clicking on the Facebook note thereby declaring acceptance of a communication with Facebook, the buttons will be active again and establish a connection to Facebook.

Only in such a case your browser connects directly to Facebook's servers. Facebook transmits the content of the then visible plugin directly to your browser and integrates it into the page on our website. We therefore have no influence on the amount of data that Facebook is able to collect using these plugins. Information concerning the subject matter is made available by Facebook here.

These activated plugins allow Facebook to know that you have visited this particular page on our website. If you are logged in to Facebook at the time, it can associate your visit to the page to your Facebook account. If you interact with the plugins, for example by clicking the 'Like’ button or by posting a comment, the information you give is then sent directly to Facebook and saved there. If you do not have a Facebook account, it is still possible for Facebook to identify and store your IP address after you have clicked the Facebook note.

To find out more about the reasons why and the extent to which Facebook collects data, how the data is further processed and used, your rights in the matter, and settings options you can choose that protect your privacy, please see Facebook's Data Protection Policy.

If you have a Facebook account and do not want Facebook to collect data about you from our website and connect it to your member data saved on Facebook, you must log out of Facebook before visiting our website and clicking the Facebook note.

It is also possible to block Facebook social plugins by using add-ons for your browser.”

2.4. Cookies

This website uses cookies and is as such under the Finnish Act on the Protection of Privacy in Electronic Communications (516/2004) respectively the Swedish Electronic Communications Act (2003:389). While you accept to store cookies on your computer by accepting the Entry Disclaimer (clicked the “Accept” button), you may however opt out by browser settings, as further described below.

Cookies are small text files placed on your hard disk by our Web server. They cannot be used to obtain information from your hard drive or e-mail. They are created and saved in a special way of your browser and does not provide access to any other server.

If you have accepted the storage of cookies on your computer (see below if you have not), and provided that you (also) allow the use of cookies in your browser settings, we can save a small amount of information on your computer for statistical and technical purposes. Cookies make it easier for us to provide better services on the Site to our visitors, and also the opportunity for registered users to log in automatically. They are also used to improve site design and customization. This is done by using the information you have already submitted to the site. For example if you are an investor resident in Finland or Sweden and have chosen English as the language, then cookies allow the website to understand that you will have access to information about products that are customized for sale in Finland or Sweden and that you want to see the contents written in English. If you do not want to allow the use of cookies you can disable this option in your browser settings to block or manually check the cookies (see below).

Note that if you choose not to accept a cookie that does not mean that you will not be able to visit the site. However, this means that you will have to go through the login process for each future visit.

Remember that cookies can be used to access the personal information that you have not already left.

The information in the cookies placed by us can only be read by us or by you or anyone who has physical access to your computer.

You have the ability to accept a cookie from this site. If you select "Accept" and "save my information" on the first visit, it means that you accept a cookie. This choice will be logged as your acceptance.

Should you not want to accept cookies, your browser can be set to automatically refuse cookies or to be informed every time a website asks to store a cookie. The browser can also delete previously stored cookies. If you set your browser so that cookies are rejected or if you use software on your computer that blocks cookies, you will then effectively not accept cookies from this Site.

On our site we have links to (and links including information from) partners companies (see below) and social media sites, inter alia, Twitter, Facebook, delicious, digg, Google bookmarks, Stumble Upon, Yahoo Bookmarks, and others. The possible presence of cookies on partner sites and social media sites is beyond our control.

2.5. Restricted use

All personal information we obtain through the Site will be used to allow the access or the service you requested, to perform the services requested and provide the required access and for another purpose that is related to the services requested. It also looks at personal information for regulatory and legal purposes when it is prescribed by law, including to prevent fraud or other illegal activities such as attacks on IT systems.¨

Additionally, your personal data used by us to manage the customer relationship with you as we save and process personal information to identify your business needs, improve services and create new offerings that use is part of the requested service or if you have accepted such purposes. In the event that you have provided such consent, you can at any time in writing, notify us that you no longer want your personal data to be processed for marketing purposes with new offers.

2.6. Deleting Data

If the requested access or request for service has been discontinued or is no longer needed, your personal data will be erased in accordance with applicable data protection laws. You can also ask at any time that your personal information be deleted or corrected.

2.7. How to contact us

If you have comments on the security measures that DWS is taking, wish to receive further information about what personal information we collect, process or use, you may send a written request to unj.cl@us.tfd (in English or German) or to glc-jnvuve@us.tfd (including in the Swedish language for both Finnish and Swedish investors). The same address is used to request correction of inaccurate or incomplete personal data.

We look forward to hearing from you and we will do our best to answer your questions as quickly as possible.

3. Legal information

The information contained in this web does not constitute investment advice (“investeringsrådgivning”) and is solely provided to market (“marknadsföra”) EU-passported DWS funds. Further details, especially concerning the fund‘s composition and risk profile, can be found in the sales prospectus. Full details of the fund can be found in the key investor information document and the sales prospectus, supplemented in each case by the most recent audited annual report and the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. They are available in English free of charge in either electronic or printed form from your Deutsche Bank and other paying agents, or advisors or from Deutsche Asset & Wealth Management Investment GmbH, Mainzer Landstrasse 178-190, 60327 Frankfurt am Main, Germany, or – where Luxembourg-based funds are involved – from Deutsche Asset & Wealth Management Investment S.A., 2, Boulevard Konrad Adenauer, 1115 Luxembourg. All opinions given reflect our current assessment, which may change without notice. In cases where information contained in this document derives from third parties, we accepts no liability for the accuracy, completeness or appropriateness of such information, although we only use data that it deems to be reliable we do not guarantee the accuracy of the information contained herein.

These statements are based on our assessment of current legal and tax positions. In this respect, no assurances can be given that the tax assessment will not change due to legislation, jurisprudence or decrees issued by the financial authorities. Any such changes can also be introduced retroactively, thereby adversely affecting the outlined tax consequences. The views expressed in these statements reflect our current assessment. The opinions expressed in this assessment may be subject to change at any time without prior notice. The tax information is not intended to address all of the tax considerations that may be significant on account of the personal circumstances of the individual investor. Therefore, potential investors are advised to seek advice from a member of the tax consulting professions about the tax consequences of acquiring, holding or selling investment shares. Reference is also made in Sweden to Fondbolagens Förening memorandum “Skatteregler för fondsparare” which can be found at http://www.fondbolagen.se/sv/Juridik/Skatteregler-for-fondsparare/.

Past performance is not a suitable indicator of future results. The money invested in mutual funds can rise or fall in value and there is not a suitable indicator that the investor will get back all capital invested. Fluctuations in currency rates may cause the value of investments to either rise or fall. Investors should note that most mutual funds are not capital protected or capital guaranteed. Investors in mutual funds should be aware of the possibility, and financially able, to lose part or all of the invested capital. An investment in mutual funds is associated with risks, for a presentation of the risks related to investments in these funds, please click the link Risks. We also refer to product-specific "Disclaimers".

4. Performance

The data on past performance is based on the BVI method, i.e. it assumes the reinvestment of undistributed earnings to net asset value without taking into account tax considerations. The data on past performance does not take into account the initial sales charge. Fees, transaction costs, commissions and taxes are not included in the presentation and would have an adverse effect on returns. Data on the performance to date is not an indication of future performance. All figures are subject to inspection by auditors on the reporting dates. Market prices, news and any other market or stock exchange information displayed on this web site is delayed by at least 15 minutes, unless otherwise indicated.

Past performance is not a suitable indicator for future results.

4.1. Exceptions to share price calculation

No share prices are calculated for any DWS funds on the following, legally defined public holidays in the Federal Republic of Germany: Ascension Day, Whit Monday, Corpus Christi, German Unification Day (3 October).

5. Selling restrictions

In many countries it is prohibited to distribute the information contained herein or to offer fund shares, if the fund management company has not submitted a notice to the local regulatory authorities and/or obtained a permit from the local regulatory authorities. Insofar as no such notification/authorisation has been obtained, there is no offer to purchase investment shares. If in doubt, we recommend contacting a local representative (a local bank or a member of the Deutsche Bank Group).

5.1. In particular, the following restrictions apply:

The information and fund shares referred to in this disclaimer are not intended for distribution in the United States of America or to U.S. persons (i.e. individuals who are nationals of the United States of America or who have their domicile there, and partnerships or corporations in the United States that were founded under the laws of the United States of America and/or any state, territory or occupied territory of the United States). Accordingly, shares are neither offered nor sold in the United States of America nor to or for the account of U.S. citizens. The subsequent transfer of shares into the United States of America or to U.S. citizens is prohibited. You can find more information at https://www.dws-investments.com.

5.2. 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 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.

5.3. 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.

6. Governing Law & Jurisdiction

6.1. Governing Law

These Terms and any non-contractual obligations arising out of or in connection with them are exclusively governed by and shall be construed in accordance with German law.

6.2. Jurisdiction

Each private user who is not a resident of one of the countries for which the Council Regulation (EC) NO 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matters is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgements in civil and commercial matters signed at Lugano on 16 September 1988, and all commercial users are subject to the exclusive jurisdiction of the courts of Frankfurt am Main in Germany in respect of any disputes arising under these Terms, including a dispute relating to non-contractual obligations arising out of or in connection with these Terms.

7. Legal information on the investment calculator

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 fund'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 Investments withdrawal plan, DWS Investments 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 assets in the specified period of time.

7.1. 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 fund'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 Investments withdrawal plan, DWS Investments 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 assets 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 fund: the past performance of the fund is only an indication 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.

8. Partner Disclaimers

8.1 Morningstar

© 2011 Morningstar Inc. All rights reserved.

The information contained herein

(1) is protected by copyright for 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.

8.2. Lipper Leaders

© 2011 Lipper - a Reuters Company. All rights reserved.
It is prohibited to copy, publish, distribute or otherwise process Lipper content without the prior written consent of Lipper. Neither Lipper nor any other member of the Reuters Group or its data suppliers are liable for any errors or delays in the content or for any resulting consequences. Lipper performance rankings are calculated on the basis of data available at the time of calculation and may not represent all of the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund, nor does it constitute an investment recommendation for a specific market segment. Lipper analyses the past performance of funds. Results achieved in the past are no guarantee of the future performance of an investment fund. Lipper and the Lipper logo are registered trademarks of Reuters S.A.

9. 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.

9.1. Dow Jones Copyright

All content of The Dow Jones IndexesSM (c) 2003 Dow Jones & Company, Inc.

The Dow Jones IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use.

9.2. Tips for using the JP Morgan Indices

© 2004 J.P. Morgan Chase & Co.

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