Invest Sustainably. Shrink your carbon footprint.

THINK ESG. THINK X.

Investing For a Sustainable Future

Responsible investing used to be considered a niche activity, of interest mainly to campaign groups and specialists. Now, every investor faces increasing pressure to invest sustainably. 

This pressure is coming both from the top down and from the bottom up—from policymakers and regulators on the one hand, and from the owners of assets on the other.

Pressure from policymakers means significant new investments into projects and companies promising a sustainable future – in March 2018, the European Commission predicted that we need to invest an extra €170 billion a year until 2030 to meet the region’s renewable energy and climate change targets.

Over $22 trillion of assets worldwide are allocated to strategies devoted to sustainable investing, according to the Global Sustainable Investment Alliance[1], a 25% increase since 2014.

Pressure from the bottom up means that investment approaches are changing to bring environmental, social and governance (ESG) factors to the forefront of decision-making.

Helping invest for a sustainable future

Adapted from EU High-Level Expert Group Report on Sustainable Finance, March 2018

" It is time to really push responsible investing forward. No global asset manager can afford to neglect this trend.

Petra Pflaum
CIO for Responsible Investments, DWS

The ESG Investment Framework

ESG investing covers a broad range of topics: environmental issues such as climate change, water, fracking and methane; social issues such as human rights and labour standards; and governance issues such as tax avoidance, executive pay and corruption.

A transparent and logical ESG framework is therefore important to help frame the investment strategy and implementation approach.

Should the ESG strategy be based on sector screens, norm screens or sovereign screens? Should the implementation approach focus on selecting the best stocks in the underlying universe, using theme or impact performance indicators, or on excluding stocks seen as non-compliant?

Screening approaches

Sector screens ➔ WHAT?

 

Products, e.g. firearms, fossil fuels, tobacco, alcohol

Norm screens ➔ HOW?

 

e.g. governance, ethics, human rights, corruption

Sovereign screens ➔ WHERE?

 

e.g. freedom of society, military conflict, death penalty

Implementation approaches

Best In Class ESG

 

e.g. leader identification, peers, rankings, bespoke scoring

Themes & Impact KPI

 

e.g. clean energy revenue, emissions, carbon rating, HIV/AIDS program, water

Exclusions ESG

 

e.g. based on primary business activity, % of revenue, ranking, or scoring

ESG Investing at DWS

DWS is a leader in ESG investing

We operate a proprietary ESG consensus ratings system, while also partnering with external index providers to identify suitable investment solutions. 

We integrate ESG factors into a range of passive equity, fixed income and multi-asset portfolios. 

Our corporate governance team has over 20 years of governance experience and follows a qualitative proxy voting process, including an active voting stance on climate change-related shareholder proposals. 

We also conduct thematic ESG research, partnering with external experts and helping integrate ESG across all internal DWS divisions.

DWS – A Leader in ESG Investing

Why ESG in ETFs

ETFs offer several competitive advantages for investors seeking to integrate an ESG strategy into their portfolio:

  • ETFs combine the advantages of stocks (tradability and liquidity) and index funds (diversification, low costs and regulated infrastructure)
  • ETFs offer exposure to a diversified portfolio of securities in a single and easy transaction
  • The index underlying the ETF can be customised to achieve the desired ESG exposure
  • The secondary market liquidity of ETFs enables easy access to, and exit from, investment positions and efficient ongoing liquidity management
  • ETFs offer competitive fees by comparison with many traditional investment products.

The MSCI ESG Leaders Low Carbon Ex Tobacco Involvement Indices

The MSCI ESG Leaders Low Carbon Leaders Ex Tobacco Involvement Indices provide exposure to companies with the highest ESG ratings relative to their sector and regional peers, while restricting current and future carbon exposure.

The indices are constructed using two screening processes, and a tobacco exclusion, starting with the respective parent MSCI index (e.g. MSCI World TRN INDEX)of stocks as the universe of eligible securities.

For example, for the MSCI World ESG Leaders Low Carbon Ex Tobacco Involvement 5% Index, the stocks in MSCI World are used as the starting universe.

In order to create the index, firstly, companies with any significant exposure to alcohol, gambling, conventional weapons or civilian firearms are excluded, as are companies with any involvement in nuclear power or controversial weapons. Companies below a minimum ESG rating of BB, and those involved in a serious ESG controversy, as measured by MSCI, are also screened out (MSCI rates companies on an ‘AAA‘ to ‘CCC’ scale according to their exposure to industry-specific ESG risks and their ability to manage those risks relative to peers).

Secondly, companies with a high current or future intensity of carbon emissions are excluded from the starting universe.

Any stocks common to the lists resulting from both screens (not excluded by either), with under 5% revenue exposure to tobacco are then chosen and weighted by market capitalisation to form the respective MSCI ESG Leaders Low Carbon Leaders Ex Tobacco Involvement Index.

Screening stocks for the MSCI World ESG Leaders Low Carbon Leaders Ex Tobacco Involvement 5% Index

Xtrackers ESG UCITS ETF range

ETFs from the Xtrackers ESG UCITS ETF range offer integrated exposure to a major benchmark family from MSCI, combining ESG and carbon screens. The ETFs cover a range of global, regional and single country exposures, helping investors build ESG into their desired asset allocation. And the ETFs in the range are available at competitive annual fees by comparison with alternative products offered by competitors.

Fund Name Total Expense Ratio (per annum) ISIN Ticker
Xtrackers ESG MSCI World UCITS ETF 0.20% IE00BZ02LR44 XZW0
Xtrackers ESG MSCI Japan UCITS ETF 0.20% IE00BG36TC12 XZMJ
Xtrackers ESG MSCI Europe UCITS ETF 0.20% IE00BFMNHK08 XZEU
Xtrackers ESG MSCI USA UCITS ETF 0.15% IE00BFMNPS42 XZMU
Xtrackers II ESG EUR Corporate Bond UCITS ETF 0.16% LU0484968812 XB4F

Risks

The value of an investment in an Xtrackers UCITS ETFs may go down as well as up and past performance is not a reliable indicator of future performance.

Investment in Xtrackers UCITS ETFs involve numerous risks including among others, general market risks relating to the relevant underlying index, credit risks on the provider of index swaps utilised in the Xtrackers UCITS ETFs, exchange rate risks, interest rate risks, inflationary risks, liquidity risks and legal and regulatory risks.

Investors should only reach an investment decision after careful consideration with their legal, tax, accounting, financial and other advisers since not all Xtrackers UCITS ETFs are suitable for all investors.

1. Website: http://www.gsi-alliance.org/

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Terms & Conditions

Terms & Conditions

Introduction

IN CASE OF DIFFERENCES BETWEEN THE SWISS ENGLISH AND THE SWISS GERMAN WEBSITES, THE ORIGINAL SWISS GERMAN WEBSITE AND THE DOCUMENTS CONTAINED THEREON IN GERMAN SHALL BE SOLELY DECISIVE. THE DOCUMENTS CONTAINED ON THE SWISS ENGLISH WEBSITE ARE PROVIDED FOR INFORMATION PURPOSES ONLY AND NO RELIANCE CAN BE PLACED UPON THEM.

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 TO THEM. IF YOU AGREE TO THE TERMS, CLICK "ACCEPT" AT THE END OF THESE TERMS TO ENTER THIS WEBSITE. IF YOU CLICK "LEAVE PAGE" YOU WILL NOT BE ABLE TO ACCESS THIS WEBSITE. THESE TERMS ARE A BINDING AGREEMENT BETWEEN YOU AND DWS, AND GOVERN YOUR ACCESS AND USE OF THE WEBSITE.


YOU (THE "USER") AGREE NOT TO UNDERTAKE ANY ACT OR OMISSION THAT WOULD CONSTITUTE A BREACH OF THESE TERMS AND REPRESENT AND WARRANT THAT YOU ARE LEGALLY PERMITTED TO ACCESS AND USE THE WEBSITE. 

THIS WEBSITE IS PROVIDED BY DEUTSCHE ASSET MANAGEMENT (UK) LIMITED (I) ON ITS OWN BEHALF IN ITS CAPACITY AS DISTRIBUTOR OF THE FUNDS REFERRED TO ON THIS WEBSITE, (II) ON BEHALF OF DEUTSCHE ASSET MANAGEMENT S.A., ACTING IN ITS CAPACITY AS MANAGEMENT COMPANY OF CERTAIN FUNDS REFERRED TO ON THIS WEBSITE, AND (III) ON BEHALF OF CONCEPT FUND SOLUTIONS PLC AND DEUTSCHE INTERNATIONAL CORPORATE SERVICES (IRELAND) LIMITED. EACH OF THESE ENTITIES MAY BE RESPONSIBLE FOR THE WEBSITE'S CONTENT AND ANY OF THE FUNDS AND SERVICES (INCLUDING FINANCIAL INSTRUMENTS) DESCRIBED (TOGETHER "THE WEBSITE"). 

ACCESS TO FUNDS AND SERVICES DISPLAYED ON THIS WEBSITE AND LINKED SITES HEREAFTER MAY BE RESTRICTED TO CERTAIN PERSONS OR IN CERTAIN COUNTRIES. FUNDS 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. COUNTRY SPECIFIC SITES LISTED ON THE PREVIOUS WEBPAGE MAY ONLY BE ACCESSED BY READERS OF THESE TERMS WHO ARE PERMANENTLY RESIDENT IN THE RELEVANT COUNTRY AND LEGALLY PERMITTED TO LOG ON TO THE RELEVANT PAGES. IN PARTICULAR U.S. PERSONS AND PERSONS RESIDENT IN OTHER COUNTRIES NOT DISPLAYED IN THE LIST ON THE PREVIOUS WEBPAGE ARE FORBIDDEN FROM VIEWING FURTHER PAGES. BY SELECTING A COUNTRY FROM THE LIST ON THE PREVIOUS WEBPAGE YOU HEREBY AFFIRM THAT YOU ARE A RESIDENT OF THAT COUNTRY. DWS SPECIFICALLY ASSUMES NO RESPONSIBILITY WHATSOEVER FOR THE DISTRIBUTION OF CONTENT OF THE WEBSITE TO INDIVIDUALS OR ENTITIES WHICH PROVIDE FALSE INFORMATION REGARDING THEIR COUNTRY OF LEGAL RESIDENCE.

THESE MATERIALS AND ANY FUNDS DESCRIBED ON THIS WEBSITE ARE NOT BEING OFFERED OR TARGETED TO U.S. PERSONS.

No offer

Nothing contained on this Website should be considered as an offer to purchase any of the funds. Consequently, the information on this Website does not constitute, and may not be used for the purposes of, an offer to acquire or sell any fund shares or units to any person in any jurisdiction. Pricing levels and valuations published on this Website are indicative and they and other information displayed on this Website are for information purposes only.

No investment advice

Information made available on this Website should not be considered as legal, tax, investment or securities advice or any form of recommendation to purchase funds or services described on this website or any opinion regarding the appropriateness of any investment. You should seek professional advice on all of the foregoing before making any investment decision.

Decisiveness of Prospectus, Supplement, Key Investor Information document or other applicable offering document (“Offering Documents”)

Offering Documents referring to a specific fund (including sub-funds) are available on this Website. Users should carefully read the information contained in such documents (including the latest version of the Key Investor Information document) before making any investment decision.

Historical performance

Past performance information (either actual or simulated) contained on this Website is not a reliable indicator of future results.

No warranties for contents

Although best efforts have been used to ensure that the information set out on this Website is reliable, no warranty is made as to its accuracy, completeness and adequacy. Any opinions expressed reflect the current view of DWS, in its capacity as distributor, which may change without notice.

Use of the Website
Changes of the Website

DWS reserves the right to partly or completely change the Website at any time and to restrict, interrupt or terminate its service.

Changes of Terms 

DWS reserves the right to modify or amend these Terms at any time. DWS invites you to consult these terms and conditions from time to time to familiarise yourself with the changes.

Copyright

Content and design of the Website are the property of DWS and are protected by copyright. Any copying, publication, reproduction, distribution, re-transmission, assigning or use of any portion of the Website or of its content requires the prior written consent of DWS.

Privacy and Cookies 

DWS respects your privacy. Personal data collected when visiting this website are processed in accordance with applicable data protection law.
You agree that where you provide your name and contact details and request information on our products, we may send you such information, including by e-mail. You can ask us at any time to stop sending such information.

By entering this website, you acknowledge and agree that DWS may place cookies on the device via which you access the site. These cookies are either strictly necessary to provide you with the services you have requested or to give us anonymised data about your use of our websites. This includes details such as the website from which you accessed our website, the duration of your visit and the pages you viewed. Such information, which will not include your name, helps us improve the performance and content of our websites. It also records (for up to a maximum of one year) which country you are interested in, and whether as a retail or professional investor. You can block or delete cookies from your computer - simply refer to the help function of your browser.

Please also read the section “Privacy Policy” and “Cookie Information” under the heading "Additional Information" on the Website for more information.

Safety of Communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although DWS will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

Hyperlinks

Certain hypertext links on the Website may lead the User to websites that are not under the control or charge of DWS. DWS is not responsible with respect to any material contained in or conducted through any such external websites.

Governing Law; Jurisdiction

These Terms are exclusively governed by and shall be construed in accordance with German law.

Each retail User who is not a resident of one of the countries for which the Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast) is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgments in civil and commercial matters signed at Lugano on 30 October 2007, and all professional Users are subject to the exclusive jurisdiction of the competent court of Frankfurt am Main, Germany, in respect of any disputes arising under these Terms.

Other agreements


If at any time any provision (or part of any provision) of these Terms is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these Terms.

Selling restrictions

The products described on this Website are not eligible for sale in all countries. The Offering Documents contain information as to the selling restrictions applicable to any particular product and the User should read them carefully.

In particular, the following restrictions apply: 

Residents of the United States of America:

The information set out on this Website is not directed to the United States. U.S. persons (as defined in Regulation S under the U.S. Securities Act 1933) and persons resident in the U.S. may not enter the Website. Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. Any securities described on this Website have not been and will not be registered under the U.S. Securities Act of 1933 as amended and trading in the securities has not been approved for purposes of the U.S. Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to U.S. persons or U.S. residents. 

The products described on this Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.

Additional Information

Any reference in these Terms or on the Website to “Deutsche Asset Management”, “Deutsche AM” or "DWS" shall, unless otherwise required by the context, be understood as a reference to Deutsche Asset Management (UK) Limited including any of its parent companies, any of its or its parents affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those entities.

Introduction

IN CASE OF DIFFERENCES BETWEEN THE SWISS ENGLISH AND THE SWISS GERMAN WEBSITES, THE ORIGINAL SWISS GERMAN WEBSITE AND THE DOCUMENTS CONTAINED THEREON IN GERMAN SHALL BE SOLELY DECISIVE. THE DOCUMENTS CONTAINED ON THE SWISS ENGLISH WEBSITE ARE PROVIDED FOR INFORMATION PURPOSES ONLY AND NO RELIANCE CAN BE PLACED UPON THEM.

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 TO THEM. IF YOU AGREE TO THE TERMS, CLICK "ACCEPT" AT THE END OF THESE TERMS TO ENTER THIS WEBSITE. IF YOU CLICK "LEAVE PAGE" YOU WILL NOT BE ABLE TO ACCESS THIS WEBSITE. THESE TERMS ARE A BINDING AGREEMENT BETWEEN YOU AND DWS, AND GOVERN YOUR ACCESS AND USE OF THE WEBSITE.

FOR PROFESSIONAL INVESTORS ONLY

THE CONTENT HEREIN IS RESTRICTED TO PROFESSIONAL INVESTORS, SUCH AS BANKS, INVESTMENT ADVISERS, PENSION FUNDS, INVESTMENT FUNDS, INSURANCE COMPANIES AND SIMILAR INSTITUTIONS AND IS NOT INTENDED FOR RETAIL INVESTORS. BY AGREEING TO THESE TERMS THE USER CONFIRMS AND ACKNOWLEDGES THAT HE/SHE IS ACTING IN HIS/HER CAPACITY AS A PROFESSIONAL INVESTOR OR REPRESENTING A PROFESSIONAL INVESTOR AND IS NOT ACTING IN A RETAIL CAPACITY.

ANY ENTITY ENTERING THIS SITE WHO INTENDS TO ACT AS AN INTERMEDIARY AND MAKE FUNDS AVAILABLE TO THIRD PARTY CLIENTS; INTRODUCE FUNDS TO THIRD PARTY CLIENTS OR SUBMIT BUSINESS TO A FUND ON BEHALF OF A THIRD PARTY CLIENT’S BEHALF, IN RETURN FOR RECEIPT OF A PAYMENT OR OTHERWISE, SHALL BY ACCEPTING THESE TERMS AND CONDITIONS AND/OR BY ENGAGING IN ANY OF THE AFOREMENTIONED ACTIVITIES IN RELATION TO ANY FUND SHALL BE DEEMED TO HAVE ACCEPTED THE TERMS OF BUSINESS “TERMS OF BUSINESS FOR INTERMEDIARIES” WHICH SHALL BE MADE AVAILABLE UNDER THE HEADING “INTERMEDIARIES” ON THE WEBSITE

YOU (THE "USER") AGREE NOT TO UNDERTAKE ANY ACT OR OMISSION THAT WOULD CONSTITUTE A BREACH OF THESE TERMS AND REPRESENT AND WARRANT THAT YOU ARE LEGALLY PERMITTED TO ACCESS AND USE THE WEBSITE. 

THIS WEBSITE IS PROVIDED BY DEUTSCHE ASSET MANAGEMENT (UK) LIMITED (I) ON ITS OWN BEHALF IN ITS CAPACITY AS DISTRIBUTOR OF THE FUNDS REFERRED TO ON THIS WEBSITE, (II) ON BEHALF OF DEUTSCHE ASSET MANAGEMENT S.A., ACTING IN ITS CAPACITY AS MANAGEMENT COMPANY OF CERTAIN FUNDS REFERRED TO ON THIS WEBSITE, AND (III) ON BEHALF OF Xtrackers (IE) Plc AND DEUTSCHE INTERNATIONAL CORPORATE SERVICES (IRELAND) LIMITED. EACH OF THESE ENTITIES MAY BE RESPONSIBLE FOR THE WEBSITE'S CONTENT AND ANY OF THE FUNDS AND SERVICES (INCLUDING FINANCIAL INSTRUMENTS) DESCRIBED (TOGETHER "THE WEBSITE"). 

ACCESS TO FUNDS AND SERVICES DISPLAYED ON THIS WEBSITE AND LINKED SITES HEREAFTER MAY BE RESTRICTED TO CERTAIN PERSONS OR IN CERTAIN COUNTRIES. FUNDS 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. COUNTRY SPECIFIC SITES LISTED ON THE PREVIOUS WEBPAGE MAY ONLY BE ACCESSED BY READERS OF THESE TERMS WHO ARE PERMANENTLY RESIDENT IN THE RELEVANT COUNTRY AND LEGALLY PERMITTED TO LOG ON TO THE RELEVANT PAGES. IN PARTICULAR U.S. PERSONS AND PERSONS RESIDENT IN OTHER COUNTRIES NOT DISPLAYED IN THE LIST ON THE PREVIOUS WEBPAGE ARE FORBIDDEN FROM VIEWING FURTHER PAGES. BY SELECTING A COUNTRY FROM THE LIST ON THE PREVIOUS WEBPAGE YOU HEREBY AFFIRM THAT YOU ARE A RESIDENT OF THAT COUNTRY. DWS SPECIFICALLY ASSUMES NO RESPONSIBILITY WHATSOEVER FOR THE DISTRIBUTION OF CONTENT OF THE WEBSITE TO INDIVIDUALS OR ENTITIES WHICH PROVIDE FALSE INFORMATION REGARDING THEIR COUNTRY OF LEGAL RESIDENCE.

THESE MATERIALS AND ANY FUNDS DESCRIBED ON THIS WEBSITE ARE NOT BEING OFFERED OR TARGETED TO U.S. PERSONS.

No offer

Nothing contained on this Website should be considered as an offer to purchase any of the funds. Consequently, the information on this Website does not constitute, and may not be used for the purposes of, an offer to acquire or sell any fund shares or units to any person in any jurisdiction. Pricing levels and valuations published on this Website are indicative and they and other information displayed on this Website are for information purposes only.

No investment advice

Information made available on this Website should not be considered as legal, tax, investment or securities advice or any form of recommendation to purchase funds or services described on this website or any opinion regarding the appropriateness of any investment. You should seek professional advice on all of the foregoing before making any investment decision.

Decisiveness of Prospectus, Supplement, Key Investor Information document or other applicable offering document (“Offering Documents”)


Offering Documents referring to a specific fund (including sub-funds) are available on this Website. Users should carefully read the information contained in such documents (including the latest version of the Key Investor Information document) before making any investment decision.

Historical performance


Past performance information (either actual or simulated) contained on this Website is not a reliable indicator of future results.

No warranties for contents

Although best efforts have been used to ensure that the information set out on this Website is reliable, no warranty is made as to its accuracy, completeness and adequacy. Any opinions expressed reflect the current view of DWS, in its capacity as distributor, which may change without notice.

Use of the Website
Changes of the Website

DWS reserves the right to partly or completely change the Website at any time and to restrict, interrupt or terminate its service.

Changes of Terms 

DWS reserves the right to modify or amend these Terms at any time. DWS invites you to consult these terms and conditions from time to time to familiarise yourself with the changes.

Copyright

Content and design of the Website are the property of DWS and are protected by copyright. Any copying, publication, reproduction, distribution, re-transmission, assigning or use of any portion of the Website or of its content requires the prior written consent of DWS.

Privacy and Cookies 

DWS respects your privacy. Personal data collected when visiting this website are processed in accordance with applicable data protection law.
You agree that where you provide your name and contact details and request information on our products, we may send you such information, including by e-mail. You can ask us at any time to stop sending such information.

By entering this website, you acknowledge and agree that DWS may place cookies on the device via which you access the site. These cookies are either strictly necessary to provide you with the services you have requested or to give us anonymised data about your use of our websites. This includes details such as the website from which you accessed our website, the duration of your visit and the pages you viewed. Such information, which will not include your name, helps us improve the performance and content of our websites. It also records (for up to a maximum of one year) which country you are interested in, and whether as a retail or professional investor. You can block or delete cookies from your computer - simply refer to the help function of your browser.

Please also read the section “Privacy Policy” and “Cookie Information” under the heading "Additional Information" on the Website for more information.

Safety of Communication

Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although DWS will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

Hyperlinks

Certain hypertext links on the Website may lead the User to websites that are not under the control or charge of DWS. DWS is not responsible with respect to any material contained in or conducted through any such external websites.

Governing Law; Jurisdiction

These Terms are exclusively governed by and shall be construed in accordance with German law.

Each retail User who is not a resident of one of the countries for which the Regulation (EU) No 1215/2012 of the European Parliament and of the Council of 12 December 2012 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (recast) is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgments in civil and commercial matters signed at Lugano on 30 October 2007, and all professional Users are subject to the exclusive jurisdiction of the competent court of Frankfurt am Main, Germany, in respect of any disputes arising under these Terms.

Other agreements

If at any time any provision (or part of any provision) of these Terms is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these Terms.

Selling restrictions

The products described on this Website are not eligible for sale in all countries. The Offering Documents contain information as to the selling restrictions applicable to any particular product and the User should read them carefully.

In particular, the following restrictions apply: 

Residents of the United States of America:

The information set out on this Website is not directed to the United States. U.S. persons (as defined in Regulation S under the U.S. Securities Act 1933) and persons resident in the U.S. may not enter the Website. Information from this Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. Any securities described on this Website have not been and will not be registered under the U.S. Securities Act of 1933 as amended and trading in the securities has not been approved for purposes of the U.S. Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to U.S. persons or U.S. residents. 

The products described on this Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.

Additional Information

Any reference in these Terms or on the Website to “Deutsche Asset Management”, “Deutsche AM” or "DWS" shall, unless otherwise required by the context, be understood as a reference to Deutsche Asset Management (UK) Limited including any of its parent companies, any of its or its parents affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those entities.

 

Terms & Conditions