Introduction

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Governing Law; Jurisdiction

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 the laws of Germany.

Other agreements

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Residents of the United States of America:

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

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

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

Engagement policy and report incl. voting, and use of proxy advisors, securities lending policy and conflicts of interest see section Solutions / ESG on www.dws.com. Integration policy incl. information on investment decision can be found here as well.
Once available, information on portfolio turnover can be found in the 'Reports and Accounts' section of the website.
Information on the portfolio composition and the turnover costs will be published in the annual report of the respective fund.

Information on the key material medium to long-term risks associated with the investments are as follow:

The investment environment in the industrialised countries is partly characterised by negative interest rates, which could potentially have unintended side effects
Central bank policy: Uncertainty about the future course of the European Central Bank (ECB) as well as the development of the US policy rate
Possible strong rises in bond yields, exacerbated by low liquidity in markets
Problems with loan defaults in some European countries and their effects on the banking sector
Uncertainty about China's economic growth and its impact on the global economy
Growth outlook in some emerging markets
Uncertainty about the consequences of Britain's withdrawal from the European Union ("Brexit")
Tensions in the euro area, particularly in relation to countries with high debt and low potential growth
Uncertainty about political developments in the European Union, as well as in some major countries
Trade dispute between the USA and Europe, China, Mexico and other countries
Geopolitical risks, for example with regard to the Middle East
High global debt levels

The DWS investment decision process enables us to identify risks and return opportunities. Our extensive research resources and teams of experienced professionals continually analyse the relevant markets as well as the political and economic environment. Furthermore, our Strategic CIO View provides a long-term outlook and orientation. In addition, the independent risk function ensures that investment decisions are taken in a disciplined and controlled way.

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Introduction

FOR PROFESSIONAL INVESTORS ONLY

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THIS WEBSITE IS PROVIDED BY DWS INTERNATIONAL GMBH EITHER (I) ON ITS OWN BEHALF IN ITS CAPACITY AS DISTRIBUTOR OF THE PRODUCTS REFERRED TO ON THIS WEBSITE, (II) ON BEHALF OF DWS INVESTMENT S.A., ACTING IN ITS CAPACITY AS MANAGEMENT COMPANY OF CERTAIN FUNDS REFERRED TO ON THIS WEBSITE, OR (III) ON BEHALF OF DB ETC PLC, XTRACKERS ETC PLC, XTRACKERS (JERSEY) ETC PLC AND XTRACKERS DIGITAL MARKETS ETC AG AS ISSUERS OF ETC SECURITIES. EACH OF THESE ENTITIES MAY BE RESPONSIBLE FOR THE WEBSITE'S CONTENT AND ANY OF THE FUNDS, ETC SECURITIES AND SERVICES (INCLUDING FINANCIAL INSTRUMENTS) DESCRIBED (TOGETHER "THE WEBSITE").

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

No offer

No investment advice

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

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

Use 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

Privacy and Cookies

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

Safety of Communication

Telephone recording

Telephone calls to DWS may be recorded for training and monitoring purposes and to comply with applicable law and regulations. Such telephone recordings are the property of DWS.

Hyperlinks

Governing Law; Jurisdiction

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 the laws of Germany.

Other agreements

Selling restrictions

In particular, the following restrictions apply:

Residents of the United States of America:

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

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

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

Engagement policy and report incl. voting, and use of proxy advisors, securities lending policy and conflicts of interest see section Solutions / ESG on www.dws.com. Integration policy incl. information on investment decision can be found here as well.
Once available, information on portfolio turnover can be found in the 'Reports and Accounts' section of the website.
Information on the portfolio composition and the turnover costs will be published in the annual report of the respective fund.

Information on the key material medium to long-term risks associated with the investments are as follow:

Equities listed in the European Economic Area (EEA) are subject to various material mid- and long term risks. The key risks include:

Political tensions and developments within and between countries as well as regions (e.g. trade conflicts, controversial policy actions by governments and regulators)
Macroeconomic risks such as debt crisis, recession and excessive inflation or deflation
Significant mid/ long term price volatility in equity, currency, bond and commodity markets
Idiosyncratic risks of single equities or segments (e.g. fraud, obsolete business models, corporate governance matters)
Declining liquidity in market segments or single stocks (e.g. significant price discounts)
Other risks which have the potential to disrupt the equity markets including but not limited to natural disasters, epidemics, terrorist attacks and wars

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Commodities

Gold: Investment with scarcity value

CIO View