developed market equities sector assesment …

Published by DWS Investments UK Ltd Marketing Material. For Professional Clients(MiFID Directive 2014/65/EU ANNEX II) only. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For institutional investors only. Australia and New Zealand: For Wholesale Investors only.Fur ther distribution of this material is strictly prohibited.

DEVELOPED MARKET EQUITIESSECTOR ASSESMENT FRAMEWORK -MONTHLY UPDATEDecember 2021

Over the past one year, Energy Sector ETFs saw the highest inflows with EUR +4500m followed by Financials (EUR+2840m). Over this period, Industrials sector saw an outflow of EUR 1038m.

Monthly Performance (through December 2021)

Source: Bloomberg LP, MSCI, DWS calculations. As of 31st December 2021. Performances (in USD for World and USA, in EUR for Europe) and flowsare over the previous 1 calendar month. Flows refer to UCITS ETFs only and are in € millions and as per internal DWS classifications. Correlationsare calculated using 3yr historical beta-adjusted excess returns. Past performance, actual or simulated, is not a reliable indicator of futureresults. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.DWS Research House (House of Data) - Sector Assessment Framework - Monthly Update

Flows (in €m)

In US and World markets, Real Estate and Consumer Staples were the best performing sectors whileCommunication and Consumer Discretionary lagged all other sectors. In European markets, Basic Resources andIndustrial Goods performed the best.

Sectors for interest rate changes

The Rising (Falling) Rate Basket comprises those threesectors which have shown the highest (lowest)correlation with interest rates over the past 3 years.

World Europe USRising Rate Baskets

Financials Financials Financials

Industrials Telecommunications Materials

Energy Basic Materials EnergyFalling Rate Baskets

Consumer Staples Industrials Information Tech.Health Care Health Care Health Care

Information Tech. Utilities Consumer Disc.

SECTOR SPOTLIGHT

Europe US WorldBasic Resources 7.8% Real Estate 10.2% Real Estate 9.0%Industrial Goods 7.1% Consumer Staples 10.1% Consumer Staples 8.5%

Health Care 5.9% Utilities 9.5% Utilities 8.3%Financials 5.5% Health Care 8.2% Health Care 7.4%Stoxx 600 5.4% Materials 7.5% Materials 7.2%

Utilities 5.2% Industrial 5.1% Industrial 5.4%Oil & Gas 4.3% United States 3.9% Financials 4.3%

Telecommunications 4.1% Energy Sector 2.8% MSCI World 4.3%Technology 2.9% Financials 2.7% Energy Sector 3.9%

Information Technology 2.6% Information Technology 2.6%Communication 2.3% Communication 1.9%

Consumer Discretionary -0.8% Consumer Discretionary 0.5%

-2000

0

2000

4000

6000

Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21

Communications Consumer GoodsEnergy FinancialsHealthcare IndustrialsNatural Resources TechnologyUtilities

1Y Flows (mEUR)Energy 4500

Financials 2840Technology 1925Healthcare 1780

Consumer Goods 160Natural

Resources 84Utilities -140

Communications -297Industrials -1038

Sector Assesment Framework - MSCI World _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Current Indicator Summary 5Y Risk1

l 19.0% 17.2%

l 9.5% 12.6%

l -1.1% 28.8%

l 9.7% 20.5%

l 15.5% 15.1%

l 12.2% 17.1%

l 30.0% 22.7%

l 13.0% 17.8%

l 11.2% 19.3%

l 11.3% 17.0%

l 10.3% 16.6%

Unfavourable l 15.0% 16.0%

Favourable l

Macro Economy

Cycl. Def. Def.

-31.2% 33.8% 1.6%

0.1% 6.8% 82.7

0.1% 2.4% 151.8

Valuations (Relative to Historical Averages)

12M Forward P/E (Consensus)

Fundamental (Relative to Historical Averages)

12M Forward Growth in Sales (Consensus) 12M Forward Cash Flow per Share Growth (Consensus)

11 Month Momentum3

Source Bloomberg LP, Thomson Reuters Datastream, DWS Calculations. As of 31 Dec 2021

1. Risk measures (Volatility, Drawdown, Beta) are calculated over the last five years period using daily frequency observations.

2. Except GDP , "Change" refers to the data change of the observed metric since last month observation. For GDP ,change refers to the change since last quarter observation.

3. 11M Momentum is defined as the 11M performance of the index calculated as of 1 month ago (often referred in the literature as "1M removed").

4. This earning revision indicator, often referred as "Sentiment" is calculated as: positive minus negative revisons / Total Number of 12M Fwd EPS estimates.

Past performance, actual or simulated, is not a reliable indicator of future results. Forecasts are based on assumptions, estimates, opinions and hypothetical models or analysis which may prove to be incorrect.

DWS Research House (House of Data) - Sector Assessment Framework - Monthly Update - December 2021

6M 1Y 5Y Volatility Max. DD Beta

This "Sector Assessment Framework" aims to provide detailed information on a wide range of factors which are deemed to impact sectors' performance. The information is split into multiple

categories: macro-economic indicators, valuations, fundamentals, momentum, and sentiment indicators.

Return

Macroeco

Short TermValuation Fundamentals Momentum Sentiment 1M

Macroeco

Long

Term7.0% 17.9% -33.8% 99%

l l l l 8.5%

l l l l 0.5%

7.5% 13.1% -24.0% 63%

Consumer Discretionary l

Consumer Staples l

133%

l l l l 4.3% 5.9% 27.9% -44.0% 113%

l l l l 3.9% 5.8% 40.1% -64.7%Energy Sector l

Financials l

82%

l l l l 5.4% 3.9% 16.6% -39.3% 99%

l l l l 7.4% 9.0% 19.8% -27.0%Health Care l

Industrial l

127%

l l l l 7.2% 4.5% 16.3% -39.1% 96%

l l l l 2.6% 14.8% 29.8% -31.3%Information Technology l

Materials l

92%

l l l l 1.9% -2.0% 14.4% -28.5% 89%

l l l l 9.0% 14.7% 36.0% -40.6%Real Estate l

Communication l

4.3% 7.8% 21.8% -34.0% -

Defensive Sectors Consumer Stap Energy Healthcare Telecom Utilities

Macro-economic factors typically provide a long term persepctive on the current business cycle. Some factors like Volatility, Term Spread or CDS provide insights for the short-term, whereas

factors like GDP Growth, Industrial production are longer term.

Sectors can be classified as cyclical and defensive. Cyclical sectors tend to outperform the market during economic growth period and underperform during economic slow down.

Cyclical Sectors Consumer Disc. Financials Industrials Info. Tech Materials

MSCI World

Utilities l

US GDP Growth (QoQ) 0.0% l

Factors Latest Change2 Current value

(vs 5Y Highs and Lows)

Current

2.3% Term Spread 10Y-2Y 0.8% -0.1% l

Current Change2 Current value

(vs 5Y Highs and Lows)

Prevailing

Cycl.Factors

-0.1%

17.2 -10.0 lUS Inflation 0.6% l Volatility Index9.1

6.8%

49.6 -8.1 l0.1%Key Interest Rate 0.0% l Credit Default Spread43.8

Positive and negative revisions in 12M EPS estimates4

Indicated Annual Dividend Yield

l l l l 8.3% 10.1% 9.8% -34.2% 74%

0

5

10

15

20

25

30

35

40

45

Co

ns.

Dis

c.

Co

ns.

Sta

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Ene

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.

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Co

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un

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s

Uti

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!2M

Fw

d P

/E

5Y Range Median Current 12M Forward P/E

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

Co

ns.

Dis

c.

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Sta

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Ene

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Fin

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Hea

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Uti

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5Y Range Median Current Indicated Annual Dividend Yield

-15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35%

Cons. Disc.

Cons. Staples

Energy

Fin.

Health Care

Industrial

IT

Materials

Real Estate

Communications

Utilities

Current 12M Fwd CPS Gwth Previous Quarter 12M Fwd CPS Gwth

0% 5% 10% 15%

Cons. Disc.

Cons. Staples

Energy

Fin.

Health Care

Industrial

IT

Materials

Real Estate

Communicati…

Utilities

Current 12M Fwd Gwth in Sales Previous Quarter 12M Fwd Gwth in Sales

0%

5%

10%

15%

20%

25%

30%

35%

Ene

rgy IT

Re

al E

stat

e

Fin

.

Co

ns.

Dis

c.

MSC

I Wo

rld

Co

mm

un

icat

ion

s

Hea

lth

Car

e

Ind

ust

rial

Mat

eria

ls

Co

ns.

Sta

ple

s

Uti

litie

s -3%

-2%

-1%

0%

1%

2%

3%

-3%

-2%

-1%

0%

1%

2%

3%

Co

ns.

Dis

c.

Co

ns.

Sta

ple

s

Ene

rgy

Fin

.

Hea

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Car

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Ind

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Mat

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Re

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Co

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un

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s

Uti

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s

Change in earnings' revisions since last month (RHS) Current earning indicator (LHS)

MSCI World Consumer Discretionary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4

Current Indicator Summary

DWM1CDConsumer Discretionary

Historical Performance Risk and Return Sector Snapshot

Last 1M 4.3% 43.3%

Last 6M 7.8% 24.1%

Last 1Y 21.8% 18.1%

Last 5Y 15.0% 14.5%

Vol. 16.0% 19.9%

Max DD -34.0% 11.6%

Beta - 5.7%

Tracking Error - 3.0%

2.8%

Valuations (Relative to Historical Averages) Valuations (Relative to MSCI World)

Factor Current2

Change2 Factor

A12PE

32.5

AB12PB

4.6

AC12PC

16.6

AT12PT

13.3

ADVYLD

3.3%

Fundamental (Relative to Historical Averages) Fundamental (Relative to MSCI World)

Factor Current2

Change2 Factor

70.4%

14.0%

29.6%

12.0%

11 Month Momentum3


Last Month

Cons. Disc. 179

MSCI World 2771

113



2. "Change" refers to the change of the observed metric since last quarter observation.



5. Based on end of month observations over the last 5 years. * This information is intended for informational purposes only and does not constitute investment advice, a recommendation, an offer or solicitation.



The MSCI World Consumer Discretionary Index is designed to capture the large and mid cap segments across Developed Markets around the world.Consumer Discretionary encompasses

those businesses that tend to be the most sensitive to economic cycles. Its manufacturing segment includes automotive, household durable goods, leisure equipment and textiles & apparel.

The services segment includes hotels, restaurants and other leisure facilities, media production and services, and consumer retailing and services.

0.5% Retailing

l l l l

Macro Long Term Macro Short Term Valuation Fundamentals

ReturnCons.

Disc.

MSCI

WorldTop Four Industry Groups

Momentum Sentiment

l l

5Y Risk1 Top Five Constituents*

17.2% AMZN UW

-33.8% TSLA UW

7.0% Automobiles & Compts.

17.9% Cons. Durables & Apparel

19.0% Consumer Services

Cons.

Disc.

MSCI

World

99% HD UN

6.4% MC FP

NKE UN

Current value

(vs 5Y Highs and Lows)5 Cons. Disc.

MSCI

WorldDifference

Historical

Median

1.4

12M Forward P/B (Consensus) 4.4 12M Forward P/B (Consensus) 4.4 3.0 1.4 0.6

12M Forward P/E (Consensus) 24.6 12M Forward P/E (Consensus) 24.6 19.2 5.41.0

0.3

13.9

2.3

0.1

12M Forward P/EBITDA (Consensus) 12.5 12M Forward P/EBITDA (Consensus) 12.5 10.9 1.6 0.1

12M Forward P/CF (Consensus) 15.8 12M Forward P/CF (Consensus) 15.8 13.4 2.41.0

0.5

8.9

7.2

-0.4%

Current value

(vs 5Y Highs and Lows)5 Cons. Disc.

MSCI

WorldDifference

Historical

Median

Indicated Dividend Yield 1.5% Indicated Dividend Yield 1.5% 2.1% -0.5%0.0%1.3%

12M Fwd Growth Sales (Consensus) 12M Fwd Growth Sales (Consensus) 11.2% 6.4% 4.8% 0.4%

12M Fwd Growth EPS (Consensus) 12M Fwd Growth EPS (Consensus) 23.4% 7.6% 15.8% 0.5%-8.8%

11.2% -1.7%

-13.0%

-1.9%

23.4%

12M Fwd Growth BPS (Consensus) 12M Fwd Growth BPS (Consensus) 11.2% 7.6% 3.6% 1.8%

12M Fwd Growth CPS (Consensus) 12M Fwd Growth CPS (Consensus) 20.0% 9.4% 10.5% 1.8%20.0%-6.5%

4.1%

3.3%

11.2% -0.7%

2860

Downward Revisions 71

11 Month Performance (1M Removed) Current Month

17.3% Upward Revisions 105

16.8% Neutral

Number of 12m Fwd EPS estimatesrevised up since last month as apercentage of the number ofestimates

Number of 12m Fwd EPS estimatesneutral since last month as apercentage of the number ofestimates

Number of 12m Fwd EPS estimatesrevised down since last month as apercentage of the number ofestimates

0

50

100

150

200

250

300

350

400

450

Dec-06 Dec-08 Dec-10 Dec-12 Dec-14 Dec-16 Dec-18 Dec-20

Consumer Discretionary MSCI World

90

100

110

120

130

Dec-20 Feb-21 Apr-21 Jun-21 Aug-21 Oct-21

Ab

solu

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Consumer Discretionary MSCI World

MSCI World Consumer Staples _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDConsumer Staples


Last 1M 4.3% 53.5%

Last 6M 7.8% 25.4%

Last 1Y 21.8% 21.1%

Last 5Y 15.0%

Vol. 16.0% 9.2%

Max DD -34.0% 9.1%

Beta - 5.8%


5.6%


Factor Current2

Change2 Factor

A12PE

21.0

AB12PB

4.5

AC12PC

15.3

AT12PT

11.5

ADVYLD

3.3%


Factor Current2

Change2 Factor

9.9%

4.7%

9.2%

7.4%

11 Month Momentum3


Last Month

Cons. Staples 81

MSCI World 1681

60









The MSCI World Consumer Staples Index is designed to capture the large and mid cap segments across Developed Markets around the world.Consumer Staples comprises companies

whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and

personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers

Macro Long Term Macro Short Term Valuation Fundamentals Momentum Sentiment

ReturnCons.

Staples

MSCI

WorldTop Three Industry Groups

8.5% Food, Bvg. & Tobacco

l l l l l l

5Y Risk1 Cons.

Staples

MSCI

WorldTop Five Constituents*

12.6% PG UN

7.5% Household & Prsnl. Prodts.

13.1% Food & Staples Retailing

9.5%

PEP UW

Current value

(vs 5Y Highs and Lows)5 Cons. Staples

MSCI

WorldDifference

Historical

Median

-24.0% NESN SE

63% COST UW

9.6% KO UN

1.8 2.616.4

12M Forward P/B (Consensus) 4.5 0.3 12M Forward P/B (Consensus) 4.5 3.0

12M Forward P/E (Consensus) 21.0 0.9 12M Forward P/E (Consensus) 21.0 19.2

1.4 1.43.2

12M Forward P/CF (Consensus) 15.3 0.8 12M Forward P/CF (Consensus) 15.3 13.4 1.9 2.911.8

12M Forward P/EBITDA (Consensus) 11.5 0.6 12M Forward P/EBITDA (Consensus) 11.5 10.9 0.6 1.48.5

DifferenceHistorical

Median

-0.1% -2.5%2.3%

Indicated Dividend Yield 2.4% -0.2% Indicated Dividend Yield 2.4% 2.1% 0.3% 0.1%2.4%

12M Fwd Growth EPS (Consensus) 7.6% -1.0% 12M Fwd Growth EPS (Consensus) 7.6% 7.6%

Current value

(vs 5Y Highs and Lows)5 Cons. Staples

MSCI

World

-2.2% -1.1%1.3%

12M Fwd Growth CPS (Consensus) 6.1% -0.4% 12M Fwd Growth CPS (Consensus) 6.1% 9.4%

12M Fwd Growth Sales (Consensus) 4.2% -0.2% 12M Fwd Growth Sales (Consensus) 4.2% 6.4%

-1.8% -0.8%-1.5%


-3.4% -0.7%2.9%

12M Fwd Growth BPS (Consensus) 5.8% 0.1% 12M Fwd Growth BPS (Consensus) 5.8% 7.6%



16.8% Neutral 1682




50

100

150

200

250

300

350


Consumer Staples MSCI World

90

100

110

120

130


Ab

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Consumer Staples MSCI World

MSCI World Energy _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDEnergy Sector


Last 1M 4.3% 100.0%

Last 6M 7.8%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 13.3%

Max DD -34.0% 11.6%

Beta - 6.5%


4.6%


Factor Current2

Change2 Factor

A12PE

44.3

AB12PB

1.7

AC12PC

8.0

AT12PT

6.1

ADVYLD

8.9%


Factor Current2

Change2 Factor

662.6%

24.5%

44.1%

6.4%

11 Month Momentum3


Last Month

Energy 55

MSCI World 785

24









The MSCI World Energy Index is designed to capture the large and mid cap segments across Developed Markets around the world.Energy Sector comprises companies engaged in

exploration & production, refining & marketing and storage & transportation of oil & gas and coal & consumable fuels. It also includes companies that offer oil & gas equipment and services.


Return EnergyMSCI

WorldTop Industry Group

3.9% Energy

l l l l l l

5Y Risk1 Energy

MSCI


28.8% XOM UN

5.8%

40.1%

-1.1%

RDSA LN

Current value

(vs 5Y Highs and Lows)5 Energy

MSCI

WorldDifference

Historical

Median

-64.7% CVX UN

133% TTE FP

20.0% COP UN

-9.6 -0.49.6


12M Forward P/E (Consensus) 9.6 -2.2 12M Forward P/E (Consensus) 9.6 19.2

-1.6 -0.80.8

12M Forward P/CF (Consensus) 4.9 -0.3 12M Forward P/CF (Consensus) 4.9 13.4 -8.5 -4.43.9

12M Forward P/EBITDA (Consensus) 3.8 -0.4 12M Forward P/EBITDA (Consensus) 3.8 10.9 -7.1 -3.73.2


Median

16.7% 18.8%-61.4%



Current value

(vs 5Y Highs and Lows)5 Energy

MSCI

World

2.6% 3.7%-14.7%



-1.4% -3.2%-8.4%


1.2% 6.6%-17.2%




16.8% Neutral 856




50

100

150

200

250

300


Energy Sector MSCI World

90

100

110

120

130

140

150


Ab

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Energy Sector MSCI World

MSCI World Financials _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDFinancials


Last 1M 4.3% 43.8%

Last 6M 7.8% 34.4%

Last 1Y 21.8% 21.8%

Last 5Y 15.0%

Vol. 16.0% 5.8%

Max DD -34.0% 4.8%

Beta - 4.1%


1.8%


Factor Current2

Change2 Factor

A12PE

13.4

AB12PB

1.3

AC12PC

10.2

AT12PT

11.1

ADVYLD

5.1%


Factor Current2

Change2 Factor

23.9%

4.2%

21.6%

5.9%

11 Month Momentum3


Last Month

Fin. 157

MSCI World 2791

76









The MSCI World Financials Index is designed to capture the large and mid cap segments across Developed Markets around the world.Financials contains companies involved in banking,

thrifts & mortgage finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance.


Return Fin.MSCI


4.3% Banks

l l l l l l

5Y Risk1 Fin.

MSCI


20.5% JPM UN

5.9% Diversified Financials

27.9% Insurance

9.7%

RY CT

Current value

(vs 5Y Highs and Lows)5 Fin.

MSCI

WorldDifference

Historical

Median

-44.0% BRK/B UN

113% BAC UN

9.8% WFC UN

-6.7 -4.88.5



-1.8 -1.10.8

12M Forward P/CF (Consensus) 8.9 0.2 12M Forward P/CF (Consensus) 8.9 13.4 -4.6 -2.16.3

12M Forward P/EBITDA (Consensus) 11.0 0.3 12M Forward P/EBITDA (Consensus) 11.0 10.9 0.1 -0.17.4


Median

-10.6% -2.0%-12.2%

Indicated Dividend Yield 2.8% 0.1% Indicated Dividend Yield 2.8% 2.1% 0.7% 0.6%2.4%

12M Fwd Growth EPS (Consensus) -3.0% -10.3% 12M Fwd Growth EPS (Consensus) -3.0% 7.6%

Current value

(vs 5Y Highs and Lows)5 Fin.

MSCI

World

-3.5% -2.1%-1.9%

12M Fwd Growth CPS (Consensus) -4.0% 9.9% 12M Fwd Growth CPS (Consensus) -4.0% 9.4%

12M Fwd Growth Sales (Consensus) 2.9% 0.8% 12M Fwd Growth Sales (Consensus) 2.9% 6.4%

-2.3% -1.5%1.5%


-13.4% -7.6%-48.5%




16.8% Neutral 2945




0

50

100

150

200

250

300


Financials MSCI World

90

100

110

120

130

140


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Financials MSCI World

MSCI World Health Care _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDHealth Care


Last 1M 4.3% 62.4%

Last 6M 7.8% 37.6%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 6.0%

Max DD -34.0% 5.7%

Beta - 4.2%


3.3%


Factor Current2

Change2 Factor

A12PE

19.2

AB12PB

4.4

AC12PC

16.4

AT12PT

12.7

ADVYLD

2.7%


Factor Current2

Change2 Factor

13.0%

10.6%

16.3%

12.6%

11 Month Momentum3


Last Month

Health Care 93

MSCI World 2163

105









The MSCI World Health Care Index is designed to capture the large and mid cap segments across Developed Markets around the world.Health Careincludes health care providers & services,

companies that manufacture and distribute health care equipments & supplies and health care technology companies. It also includes companies involved in the research, development,

production and marketing of pharmaceuticals and biotechnology products.


ReturnHealth

Care

MSCI

WorldTop Two Industry Groups

7.4% Pharmaceuticals, Biotech.

l l l l l l

5Y Risk1 Health

Care

MSCI


15.1% UNH UN

9.0% Health Care Equip. & Servic

19.8%

15.5%

TMO UN

Current value

(vs 5Y Highs and Lows)5 Health Care

MSCI

WorldDifference

Historical

Median

-27.0% JNJ UN

82% PFE UN

8.1% ROG SE

-1.0 0.114.0



1.2 1.23.0




Median

1.2% -2.8%5.5%

Indicated Dividend Yield 2.0% -0.1% Indicated Dividend Yield 2.0% 2.1% -0.1% -0.3%2.0%


Current value

(vs 5Y Highs and Lows)5 Health Care

MSCI

World

0.2% 0.3%4.7%



2.7% 2.7%5.9%


0.6% 3.8%4.1%

12M Fwd Growth BPS (Consensus) 10.3% -0.4% 12M Fwd Growth BPS (Consensus) 10.3% 7.6%



16.8% Neutral 2256




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MSCI World Industrial _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDIndustrial


Last 1M 4.3% 66.2%

Last 6M 7.8% 20.1%

Last 1Y 21.8% 13.6%

Last 5Y 15.0%

Vol. 16.0% 2.6%

Max DD -34.0% 2.4%

Beta - 2.3%


2.0%


Factor Current2

Change2 Factor

A12PE

23.8

AB12PB

3.6

AC12PC

15.0

AT12PT

11.6

ADVYLD

2.8%


Factor Current2

Change2 Factor

50.5%

8.4%

28.5%

9.3%

11 Month Momentum3


Last Month

Industrial 146

MSCI World 3509

103









The MSCI World Industrial Index is designed to capture the large and mid cap segments across Developed Markets around the world.Industrial includes manufacturers and distributors of

capital goods such as aerospace & defense, building products, electrical equipment and machinery and companies that offer construction & engineering services. It also includes providers of

commercial & professional services and companies that provide transportation services.


Return IndustrialMSCI


5.4% Capital Goods

l l l l l l

5Y Risk1 Industrial

MSCI


17.1% UNP UN

3.9% Transportation

16.6% Commercial & Prof. Serv

12.2%

RTX UN

Current value

(vs 5Y Highs and Lows)5 Industrial

MSCI

WorldDifference

Historical

Median

-39.3% UPS UN

99% HON UW

6.5% SIE GY

0.1 0.513.0



0.3 0.52.0

12M Forward P/CF (Consensus) 13.4 -0.3 12M Forward P/CF (Consensus) 13.4 13.4 0.0 0.78.7

12M Forward P/EBITDA (Consensus) 10.6 -0.1 12M Forward P/EBITDA (Consensus) 10.6 10.9 -0.3 0.26.7


Median

12.6% 1.3%-6.3%

Indicated Dividend Yield 1.7% 0.0% Indicated Dividend Yield 1.7% 2.1% -0.4% -0.5%1.6%


Current value

(vs 5Y Highs and Lows)5 Industrial

MSCI

World

1.3% -0.4%-2.6%



1.1% 2.4%4.9%


11.0% 3.7%-5.7%




16.8% Neutral 3590




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MSCI World Information Technology _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDInformation Technology


Last 1M 4.3% 63.2%

Last 6M 7.8% 36.8%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 19.9%

Max DD -34.0% 16.2%

Beta - 5.0%


2.3%


Factor Current2

Change2 Factor

A12PE

29.4

AB12PB

8.7

AC12PC

23.5

AT12PT

19.8

ADVYLD

2.1%


Factor Current2

Change2 Factor

16.0%

10.1%

16.2%

14.8%

11 Month Momentum3


Last Month

IT 229

MSCI World 3106

146









The MSCI World Information Technology Index is designed to capture the large and mid cap segments across Developed Markets around the world.Information Technology comprises

companies that offer software and information technology services, manufacturers and distributors of technology hardware& equipments such as communications equipment, cellular phones,

computers & peripherals, electronic equipment and related instruments and semiconductors.


Return ITMSCI


2.6% Software & Services

l l l l l l

5Y Risk1 IT

MSCI


22.7% AAPL UW

14.8% Tech. Hardware & Equipt.

29.8%

30.0%

ASML NA

Current value

(vs 5Y Highs and Lows)5 IT

MSCI

WorldDifference

Historical

Median

-31.3% MSFT UW

127% NVDA UW

10.9% V UN

10.1 3.714.8



5.6 3.13.6




Median

2.6% 1.0%6.1%

Indicated Dividend Yield 0.9% -0.1% Indicated Dividend Yield 0.9% 2.1% -1.2% -1.1%0.9%


Current value

(vs 5Y Highs and Lows)5 IT

MSCI

World

2.1% 1.8%3.0%

12M Fwd Growth CPS (Consensus) 11.9% 0.6% 12M Fwd Growth CPS (Consensus) 11.9% 9.4%


6.3% 5.1%5.5%


2.5% 4.0%8.3%




16.8% Neutral 3340




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Information Technology MSCI World

MSCI World Materials _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDMaterials


Last 1M 4.3% 100.0%

Last 6M 7.8%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 6.9%

Max DD -34.0% 3.4%

Beta - 3.4%


2.9%


Factor Current2

Change2 Factor

A12PE

20.2

AB12PB

2.3

AC12PC

9.9

AT12PT

6.6

ADVYLD

3.9%


Factor Current2

Change2 Factor

34.1%

10.5%

15.8%

8.4%

11 Month Momentum3


Last Month

Materials 87

MSCI World 1681

86









The MSCI World Materials Index is designed to capture the large and mid cap segments across Developed Markets around the world.Materials includes companies that manufacture

chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.


Return MaterialsMSCI


7.2% Materials

l l l l l l

5Y Risk1 Materials

MSCI


17.8% LIN UN

4.5%

16.3%

13.0%

RIO LN

Current value

(vs 5Y Highs and Lows)5 Materials

MSCI

WorldDifference

Historical

Median

-39.1% BHP AT

96% SHW UN

8.9% AI FP

-6.1 -1.511.7



-0.9 -0.51.3


12M Forward P/EBITDA (Consensus) 5.6 0.5 12M Forward P/EBITDA (Consensus) 5.6 10.9 -5.3 -2.94.5


Median

-12.8% -0.7%-5.1%


12M Fwd Growth EPS (Consensus) -5.1% -13.3% 12M Fwd Growth EPS (Consensus) -5.1% 7.6%

Current value

(vs 5Y Highs and Lows)5 Materials

MSCI

World

-5.3% -1.3%-3.7%



0.4% 0.2%2.0%


-5.3% 0.7%-0.8%




16.8% Neutral 1738




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Materials MSCI World

MSCI World Real Estate _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDReal Estate


Last 1M 4.3% 100.0%

Last 6M 7.8%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 7.7%

Max DD -34.0% 7.2%

Beta - 5.2%


3.4%


Factor Current2

Change2 Factor

A12PE

30.7

AB12PB

2.0

AC12PC

18.5

AT12PT

14.8

ADVYLD

4.6%


Factor Current2

Change2 Factor

10.0%

7.1%

156.3%

8.4%

11 Month Momentum3


Last Month

Real Estate 48

MSCI World 853

36









The MSCI World Real Estate Index is designed to capture the large and mid cap segments across Developed Markets around the world.Real Estate includes companies thatare invovled in

real estate.


ReturnReal

Estate

MSCI


9.0% Real Estate

l l l l l l

5Y Risk1 Real

Estate

MSCI


19.3% AMT UN

14.7%

36.0%

11.2%

PSA UN

Current value

(vs 5Y Highs and Lows)5 Real Estate

MSCI

WorldDifference

Historical

Median

-40.6% PLD UN

92% CCI UN

12.4% EQIX UW

11.1 8.119.2



-1.1 -0.71.2

12M Forward P/CF (Consensus) 17.6 -0.1 12M Forward P/CF (Consensus) 17.6 13.4 4.1 4.98.1



Median

-2.9% -10.4%-9.4%



Current value

(vs 5Y Highs and Lows)5 Real Estate

MSCI

World

0.7% -0.7%0.5%

12M Fwd Growth CPS (Consensus) 33.8% 20.4% 12M Fwd Growth CPS (Consensus) 33.8% 9.4%

12M Fwd Growth Sales (Consensus) 7.1% 0.6% 12M Fwd Growth Sales (Consensus) 7.1% 6.4%

-5.6% -3.0%0.5%


24.3% 1.5%2.4%




16.8% Neutral 925




0

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Real Estate MSCI World

MSCI World Communication _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDCommunication


Last 1M 4.3% 80.5%

Last 6M 7.8% 19.5%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 16.8%

Max DD -34.0% 16.1%

Beta - 15.5%


5.1%


Factor Current2

Change2 Factor

A12PE

22.5

AB12PB

3.4

AC12PC

12.9

AT12PT

8.9

ADVYLD

5.1%


Factor Current2

Change2 Factor

16.8%

8.8%

9.8%

10.5%

11 Month Momentum3


Last Month

Communications 38

MSCI World 1484

41









The MSCI World Communication Index is designed to capture the large and mid cap segments across Developed Markets around the world.Communication contains companies that provide

communications services primarily through a fixed-line, cellular or wireless, high bandwidth and/or fiber optic cable network.


ReturnCommuni

cations

MSCI


1.9% Media & Entertainment

l l l l l l

5Y Risk1 Communi

cations

MSCI


17.0% GOOGL UW

-2.0% Telecom. Services

14.4%

11.3%

NFLX UW

Current value

(vs 5Y Highs and Lows)5

Communicati

ons

MSCI

WorldDifference

Historical

Median

-28.5% GOOG UW

89% FB UW

9.3% DIS UN

0.7 0.811.2

12M Forward P/B (Consensus) 3.2 -0.1 12M Forward P/B (Consensus) 3.2 3.0


0.1 0.21.6

12M Forward P/CF (Consensus) 11.5 -1.0 12M Forward P/CF (Consensus) 11.5 13.4 -2.0 -2.24.7

12M Forward P/EBITDA (Consensus) 8.4 -0.1 12M Forward P/EBITDA (Consensus) 8.4 10.9 -2.5 -2.53.8


Median

-7.3% -5.3%-2.5%

Indicated Dividend Yield 3.9% 0.3% Indicated Dividend Yield 3.9% 2.1% 1.8% 1.3%2.8%


Current value

(vs 5Y Highs and Lows)5

Communicati

ons

MSCI

World

0.0% 0.3%0.8%



2.1% 2.1%-2.6%


-5.6% -3.0%-5.4%




16.8% Neutral 1561




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Communication MSCI World

MSCI World Utilities _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

3 4 6 3 4


DWM1CDUtilities


Last 1M 4.3% 100.0%

Last 6M 7.8%

Last 1Y 21.8%

Last 5Y 15.0%

Vol. 16.0% 10.7%

Max DD -34.0% 4.7%

Beta - 4.3%


3.8%


Factor Current2

Change2 Factor

A12PE

18.8

AB12PB

1.9

AC12PC

8.4

AT12PT

6.3

ADVYLD

4.3%


Factor Current2

Change2 Factor

9.0%

6.9%

24.8%

7.4%

11 Month Momentum3


Last Month

Utilities 34

MSCI World 994

45









The MSCI World Utilities Index is designed to capture the large and mid cap segments across Developed Markets around the world.Utilities comprises utility companies such as electric, gas

and water utilities. It also includes independent power producers & energy traders and companies that engage in generation and distribution of electricity using renewable sources


Return UtilitiesMSCI


8.3% Utilities

l l l l l l

5Y Risk1 Utilities

MSCI


16.6% NEE UN

10.1%

9.8%

10.3%

ENEL IM

Current value

(vs 5Y Highs and Lows)5 Utilities

MSCI

WorldDifference

Historical

Median

-34.2% DUK UN

74% SO UN

12.4% IBE SQ

-0.9 -0.614.4



-1.1 -0.61.4


12M Forward P/EBITDA (Consensus) 6.3 0.4 12M Forward P/EBITDA (Consensus) 6.3 10.9 -4.6 -3.24.5


Median

-1.0% -6.7%0.8%


12M Fwd Growth EPS (Consensus) 6.6% 0.5% 12M Fwd Growth EPS (Consensus) 6.6% 7.6%

Current value

(vs 5Y Highs and Lows)5 Utilities

MSCI

World

-4.6% -1.9%1.5%



-3.5% -1.5%3.0%


4.8% -2.8%-4.5%




16.8% Neutral 1018




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Utilities MSCI World

Sector Assesment Framework - Glossary

How to read the "Current Indicator Summary"

Macroeconomic Long Term

This composite indicator is based on 3 metrics (GDP Growth, Inflation and Short Term interest

rate). It shows a positive signal for cyclical sectors when the average of the 5 Years Historical Z-

Score of 1 month change (3M for GDP) calculated for each metrics is significantly below zero. Such

a signal indicates that risk indicator are calming down which may be positive for cyclical sectors.

Macroeconomic Short Term

This composite indicator is based on 3 metrics (the VIX Index, the Term Structure and the CDS

Spreads). It is calculated as the average of the 5 Years Historical Z-Score of 1 month change

calculated for each metrics. A positive Z Score for GDP and Short Term Interest Rate is considered

positive for cyclical sectors, a positive Z Score in inflation is considered negative for cyclical sectors.

Valuation

This composite indicator is based on 5 valuation metrics (12m Forward P/E , 12m Forward P/B , 12m

Forward P/CF , 12m Forward P/EBITDA and Indicated Dividend Yield ). It shows a positive signal

when the average of the Cross sectional Z-Score calculated for each metrics is significantly below

zero. Such a signal indicates that a sector is cheap compared to other sectors.

Fundamentals

This composite indicator is based on 4 fundamental metrics (12m Forward Growth in EPS , 12m

Forward Growth in Sales 12m ForwardGrowth in BPS , 12m Forward Growth in CPS ). It shows a

positive signal when the average of the Cross sectional Z-Score calculated for each metrics is above

zero. Such a signal indicates that a sector is experiencing high growth compared to other sectors. Note

that as highlighted in the Passive Insight #12, this indicator did not show any significant statistical

relevance as indicator for rotation.

MomentumThis indicator shows a positive signal when the 11m momentum of the sector is positive. Such a

signal indicates that the sector currently exhibits positive momentum.

SentimentThis indicator shows a positive signal when the Sentiment exhibited by analysts is stronger than usual

(as defined by a 5 Year Historical Z-Score ).

Definitions

VolatilityHistorical volatility is an indicator of risk. It measures the degree of variation of a trading price series

over time, as measured by the standard deviation of returns. In this case, it is calculated over the last 5

years using daily returns.

Maximum DrawdownMaximum drawdown is an indicator of risk. It measures the largest drop from peak to trough in the

price of an asset.

BetaBeta is a measure of the risk compared to a given benchmark (here the large cap index). Beta is

calculated using regression analysis. A beta of less than 1 means that the small cap index will be less

volatile than the large cap index.

Tracking Error

Tracking error is a measure of relative risk versus a given benchmark. It is defined as the annualized

divergence between the price behavior of an index and the price behavior of a benchmark calculated

as the standard deviation of the difference between their returns. Here, it is calculated over the last 5

years using daily returns.

12m Forward P/E (Consensus) Weighted Average Price/Earnings per Share ratio based nn 12-month-forward Earnings

12m Forward P/B (Consensus)Weighted Average Price/Book Value per Share ratio based on 12 month forward Book Value per

Share

12m Forward P/CF (Consensus) Weighted Average Price/Cash Flow per Share ratio based on 12 month forward Cash Flow per Share

12m Forward P/EBITDA (Consensus) Weighted Average Price/EBITDA ratio based on 12 month forward EBITDA

Indicated Dividend Yield (Consensus) Weighted Average Dividend Yield based on the Indicated Annual Dividend

12M Fwd Growth EPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Earnings per Share

12M Fwd Growth Sales (Consensus) Weighted 12-month-forward Year-over-Year Growth In Sales

12M Fwd Growth CPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Cash Flow per Share

12M Fwd Growth BPS (Consensus) Weighted 12-month-forward Year-over-Year Growth In Book Value per Share

11 Month MomentumMomentum refers to the rate of change of price movements for a particular index – that is, the speed at

which the price is changing. In this case, the traditional measure of momentum is used i.e. the 11

Month performance of the index calculated a month ago.

SentimentStandardized score calculated as the number of upward revisions of 12m Fwd EPS estimates minus

the number of downward revisions divided by the number of unchanged estimates. This scores

provides an insight into how analysts' view of a given group of stocks are shifting.

12M Forward EPS Estimates 12-month-forward Earnings per Share estimates by analysts

Revisions to 12M Forward EPS EstimatesNumber of revisions to 12-month-forward Earnings per Share estimates by analysts over the last

month.

Historical MedianValue lying at the midpoint of a frequency distribution of observed values, such that there is an equal

probability of falling above or below it.

5 Years Historical Z-Score

A z-score (aka, a standard score) indicates how many standard deviations an element is from the

mean. It is a dimensionless quantity obtained by subtracting the population mean from an individual

raw score and then dividing the difference by the population's standard deviation. Here, the last 5 year

data observed on a monthly basis is used.


Rolling 12 Months Performance as of 31-Dec-202131-Dec-20- 31-Dec-19- 31-Dec-18- 31-Dec-17- 31-Dec-16-

31-Dec-21 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17

MSCI World Consumer Discretionary USD 17.9% 36.6% 26.6% -5.5% 23.6%

MSCI World Consumer Staples USD 13.1% 7.8% 22.8% -10.1% 17.5%

MSCI World Energy USD 40.1% -31.5% 11.4% -15.8% 4.2%

MSCI World Financials USD 27.9% -2.8% 25.5% -17.0% 21.7%

MSCI World Health Care USD 19.8% 13.5% 23.2% 2.5% 18.8%

MSCI World Industrial USD 16.6% 11.7% 27.8% -14.5% 25.1%

MSCI World Information Technology USD 29.8% 43.8% 47.6% -2.6% 37.4%

MSCI World Materials USD 16.3% 19.9% 23.3% -16.9% 28.8%

MSCI World USD 21.8% 15.9% 27.7% -8.7% 21.9%

MSCI World Real Estate USD 36.0% -5.3% 26.1% -5.0% 10.2%

MSCI World Communication USD 14.4% 23.0% 27.4% -10.0% 5.1%

MSCI World Utilities USD 9.8% 4.8% 22.5% 2.0% 14.3%

Source: Bloomberg LP, DWS Calculations. As of 31-Dec-2021


DWS Research House (House of Data) - Factor Assessment Framework - Monthly Update - December 2021

Name Currency

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This document has been prepared without consideration of the investment needs, objectives or financial circumstances of any investor. Before making an investment decision, investors need to consider, with or without the assistance of an investment adviser, whether the investments and strategies described or provided by DWS Group, are appropriate, in light of their particular investment needs, objectives and financial circumstances. Furthermore, this document is for information/discussion purposes only and does not constitute an offer, recommendation or solicitation to conclude a transaction and should not be treated as giving investment advice.

The document was not produced, reviewed or edited by any research department within DWS and is not investment research. There fore, laws and regulations relating to investment research do not apply to it. Any opinions expressed herein may differ from the opinions expressed by other legal entities of DWS or their departments including research departments.

The information contained in this document does not constitute a financial analysis but qualifies as marketing communication. This marketing communication is neither subject to all legal provisions ensuring the impartiality of financial analysis nor to any prohibition on trading prior to the publication of financial analyses.

This document contains forward looking statements. Forward looking statements include, but are not limited to assumptions, es timates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author‘s judgment as of the date o f this document. Forward looking statements involve significant elements of subjective judgments and analyses and changes thereto and/ or consideration of different or additional factors could have a material impact on the results indicated. Therefore, actual results may vary, perhaps materially, from the results contained herein. No representation or warranty is made by DWS as to the reasonableness or completeness of such forward looking statements or to any other financial information contained in this document. Past performance is not guarantee of future results.

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Issued in the UK by DWS Investments UK Limited which is authorised and regulated by the Financial Conduct Authority (Reference number 429806).© 2021 DWS Investments UK Limited

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