On this website you will find certain data that the asset management companies pertaining to DWS have delivered or will deliver to investment firms which engage in investment services under the Directive 2014/65/EU (Market in Financial Instruments directive – „MiFID II“) and the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing MiFID II (together referred to as the “MiFID II Regulations”). The MiFID II Regulations come into effect as of January 3, 2018. In the following you will find some explanations which you may find useful.
On this website (URL: https://dws.com/mifid_emt) you will find certain data in relation to investment funds managed by the asset management companies pertaining to DWS Group (“DWS”) that are distributed by investment firms regulated pursuant to the MiFID II Regulations. This data is provided in EMT format, this format as described in more detail here below. DWS makes this data available via the EMT on a voluntary basis only, i.e. without being under a regulatory obligation to do so, and without making any representation and/or warranty that the information contained therein is fit for any purpose.
The EMT (European MiFID Template) was jointly developed by manufacturers and distributors and their national associations across Europe providing a minimum set of data to fulfill the new requirements under the MiFID II Regulations. The data offered by DWS on this site uses the EMT standard version 4.2.
The data provided has been derived as follows:
DWS identifies for each investment fund it manages a target market which specifies the type of client for whose needs, characteristics and objectives the investment fund is compatible. DWS uses the following list of target market criteria (“TM criteria”) and categories when describing the target market for an investment fund.
| TM criteria | Categories | Description |
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| Type of Client |
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| Knowledge & Experience (K&E) |
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| Ability to bear losses |
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| Risk Indicator |
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| Client’s objectives & needs |
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| Investment Horizon |
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| Topic | Categories | Description |
|---|---|---|
| Distribution Strategy |
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MiFID II Cost Disclosure requirements aim at increasing cost transparency for investors on a quantitative as well as on a qualitative level. According to the relevant MiFID II requirement (Article 24 (4) (c) MiFID II ) investment firms have to disclose all relevant costs to the client; those relevant to the service and those relevant to the product. They have to be aggregated and provided ex-ante (i.e. before the client purchases a product) as well as ex-post, as the case may be, during the lifetime of the investment on at least a yearly basis.
DWS is going to provide following cost components as required by MiFID II.
| Provided costs | Ex ante data
Ex post data
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|---|---|---|
Under MiFID II, investment firms are required to identify or review and refine, as the case may be, the target market for each financial instrument they distribute. This means that they have to specify the type(s) of client for whose needs, characteristics and objectives the financial instrument is compatible. Further, MiFID II introduces new cost disclosure requirements which aim at increasing cost transparency for investors on a quantitative as well as on a qualitative level. Accordingly, investment firms have to disclose all relevant costs to the client; i.e. those relevant to the investment service and those relevant to the product.
DWS supports this process by delivering relevant data related to the target market and the costs of the relevant products in scope managed by it via the EMT to the investment firms to enable them to make their own assessment and analysis from the perspective of the distributing investment firm and eventually fulfil their new legal obligations.
The ZIP archive containing the data of all the different funds is available at the top of the page.
Files for specific funds can be found on the search site: Search
Files for individual funds can also be found in the ZIP archive containing the data of all the different funds mentioned above. With a click on the right mouse key you can start the download (“Save target as …”). Please specify a directory of your choice. Windows Explorer generally supports the ZIP format. After the download you can unzip the archive files. After that you have access to the single data files.
You can identify each fund and share class with the help of the ISIN that is part of each file name. Please note that the file names can be quite long (appr. 60 symbols). Accordingly problems can arise under Windows due to complex directory structures. A maximum of 255 symbols for file and directory names are allowed. The easiest way to search is to activate the search function via pressing “CTRL F”. A search data entry field will appear in the upper part of your screen where you can then enter the fund ISIN.
Please note the following important notes when using this website. If you do not agree to the following important notes, please refrain from visiting this site.
DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities.
This website contains certain data in the format of the European MiFID Template (“EMT”) in relation to investment funds of DWS registered for public distribution (hereinafter referred to as “MiFID II Data”). The MiFID II Data are created by DWS against the background of certain new disclosure requirements applicable to investment firms from January 3, 2018, on, in particular pursuant to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFID II Directive”) and the Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing the MiFID II Directive (together referred to as the “MiFID II Regulations”).
The purpose of providing the MiFID II Data via the EMT is to assist those Distributors wishing to comply, or to become compliant (the “DWS Distributors”), with requirements pursuant to the MiFID II Regulations. The MiFID II Data is also made available upon request to investors or potential investors of the relevant funds subject to applicable law and regulations (the “DWS Investors”) in order to comply with the principle of fair treatment of investors. DWS Distributors and DWS Investors are hereinafter referred to as a “Receiving Party” or jointly as “Receiving Parties”.
Important Note: The provision of MiFID II Data via the EMT upon request of the Receiving Party does neither constitute distribution nor investment advice with regard to an investment fund of DWS. Further, any investment restrictions or sales restrictions applicable to the relevant investment fund remain unaffected. DWS does not permit the use of the MiFID II Data for any other purpose than stated in this document.
Subject to the terms of any separate agreement the Receiving Party may have entered into with DWS, if any, the MiFID II Data is made available to the Receiving Party under the following conditions:
