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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 of the Asset Management division of Deutsche Bank AG and consists of DWS Investment GmbH (LEI: 549300K0BHJ9BX9J8J87), DWS Investment S.A. (LEI: 549300L70BS183Y6ML67), Deutsche Global Liquidity Series p.l.c. (LEI 549300SEJJHXMGC50L76) and other asset management companies belonging to Deutsche Bank Group.

This website contains data insurances in EPT and in some cases in CEPT format in relation to investment funds of DWS which are offered as investment option in relation to life (hereinafter referred to as “PRIIPs Data”). The PRIIPs Data is made available by DWS to (potential) investors in certain fund(s) and account(s) managed or advised by DWS (“DWS Investor(s)”) only. The PRIIPs Data is made available to you in order to comply with the principle of fair treatment of investors. The PRIIPs Data are, however, without further adaptation not suitable to serve as any basis for any investment decision or to provide any appropriate information in relation to an investment in the investment funds managed by DWS. If you do not agree to the following important notes, if you are not the intended recipient and/or have received the PRIIPs Data by mistake (i.e. if you have not requested this report, if you are not a DWS Investor etc.), please notify the sender immediately by email, phone or letter and destroy the PRIIPs Data in its entirety without disclosing it to anyone.

Subject to the terms of any separate agreement you may have entered into with DWS, if any, the PRIIPs Data is made available to you under the following conditions:

The exclusive purpose of the PRIIPs Data is to assist DWS Investors being, or becoming, subject to certain requirements in relation to the provision of the key investor document pursuant to Regulation EU No 1286/2014 of the European Parliament and the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (hereinafter referred to as the “PRIIPs Regulation”). DWS does not give you the permission to make use of the PRIIPs Data for any other purpose than stated in this Disclaimer. In particular, the PRIIPs Data may not serve as any basis for any investment decision and, in particular, you may not disclose, release, make available or permit the disclosure of any information in the PRIIPs Data to any person involved in investment advisory and/or similar services.

DWS does not accept any responsibility or liability whatsoever in relation to the PRIIPs Data except in case of gross negligence or wilful misconduct.

DWS makes the PRIIPs Data available to DWS Investors on a voluntary basis only without making any representation and/or warranty that the information contained in the PRIIPs Data is fit for any purpose, In particular, DWS may not be held liable with respect to the discharge of any requirements related to PRIIPs Regulations (as defined below) applicable in relation to the DWS Investors themselves except for gross negligence and/or wilful misconduct. It is your sole responsibility to make any necessary adjustments to the information in the PRIIPs Data or to contact DWS to ensure that it is fit with respect to your requirements in relation to PRIIPs Regulations (as defined below). DWS reserves the right to discontinue disclosing information as well as the assistance in relation to DWS Investors’ PRIIPs requirements at any time for all DWS Investors in the respective fund(s) and account(s) equally.

You are herewith informed that that the PRIIPs Data has been created in due consideration with the Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing the PRIIPs Regulation (hereinafter referred to as the “PRIIPs Delegated Regulation”), the Communication From the Commission of 7 July 2017 in relation to the guidelines of application of the PRIIPs Regulation (hereinafter referred to as the “PRIIPs Guidelines”) and the Questions and Answers (Q&A) on the PRIIPs KID published by the European Supervisory Authorities in relation to the PRIIPs Delegated Regulation, as amended (hereinafter referred to as “PRIIPs Q&A”). PRIIPs Regulation, PRIIPs Delegated Regulation, PRIIPs Guidelines and PRIIPs Q&A, each as amended, are together referred to as the “PRIIPs Regulations”.

DWS does not represent or warrant that the PRIIPs Data have been created, calculated or made available in compliance with PRIIPs Regulations. You are herewith explicitly informed that PRIIPs Delegated Regulation, PRIIPs Guidelines and PRIIPs Q&A contain new regulatory requirements which have only recently been officially published. It is expected that the PRIIPs Q&A is going to be updated and that further relevant guidance will be issued by both European and national regulators. Therefore, DWS cannot ensure that the PRIIPs Data comply with the PRIIPs Regulations, as amended from time to time.

DWS created the PRIIPs Data after having made certain assumptions and is going to reassess and adapt their assumptions as it deems appropriate from time to time. You are herewith informed that such amendments to DWS’s assumptions are likely with respect to the following two points:

General use of opening prices in relation to calculating transaction costs in accordance with arrival price method (PRIIPs Delegated Regulation, Annex VI, points 12et seqq. and PRIIPs Q&A, numbers 49 et seqq.)

DWS predominantly uses opening prices for the calculation of transaction costs in accordance with the arrival price method pursuant to PRIIPs Delegated Regulation, Annex VI, points 12 et seqq. The Joint Committee of the European Supervisory Authorities, however, set out in points 49 and 55 of the PRIIPs Q&A that, wherever possible, intra-day prices or opening prices, where available, shall be used (mentioning that opening prices will normally be available for equities). DWS intends to comply with the aforementioned requirements by using intra-day prices and/or opening prices in the near future.
General use of same day closing prices in relation to calculating transaction costs for exchange traded funds (“ETFs”) in accordance with arrival price method (PRIIPs Delegated Regulation, Annex VI, points 12et seqq. and PRIIPs Q&A, numbers 49 and 55)

With respect to calculating transaction costs for ETFs, DWS generally uses the closing prices of the same day when the order was transmitted to the respective broker. This is based on the interpretation that number 53 of the PRIIPs Q&A does not apply in relation to those orders which may only be executed at daily closing prices.

DWS Investors should assess themselves independently whether or whether not the PRIIPs Data fits their own purposes.

Moreover, the PRIIPs Data may contain or be based on unaudited data, data derived from third party sources or other data which is not independently reviewed or verified by DWS before the PRIIPs Data is made available to you and may, therefore, not be confirmed or verified by DWS. It is your sole responsibility to ensure that you may make use of the information in the PRIIPs Data, including the right to make any adjustments, with respect to the data derived from third party sources (e.g. rating agencies), As the case may be, you may need to make further arrangements with the third party sources.

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