For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.
FUTURE OF PASSIVEFiona BassettManaging Director
Global Co-Head Product and Global Co-Head Passive, DWS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.
PASSIVE SET TO SURPASS ACTIVE IN NEXT 4 YEARS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 3
Source: Morningstar as of 2/28/19. Passive assets exclude leveraged. Projected asset levels use 5yr CAGR as of Feb 2019.
Passive 5yr annualized growth at 16.2% vs. active at 2.9%
U.S. MUTUAL FUND AND ETF ASSETS, USD TN2010 to 2018, projected 2019 to 2023 based on 5yr CAGR
$-
$2
$4
$6
$8
$10
$12
$14
$16
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E 2023E
Active AUM (USD tn) Passive AUM (USD tn)
UNEQUAL PENETRATION ACROSS ASSET CLASSES
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 4
Source: Morningstar as of 2/28/19. Passive assets exclude leveraged. Projected asset levels use 5yr CAGR as of Feb. 2019.
Passive breaching equity majority; slower adoption in fixed income
U.S. MUTUAL FUND AND ETF AUM BY ASSET CLASS, USD TN, PASSIVE MARKET SHARE %Feb 2019
PassiveActive
$4.0
$1.2 $1.3 $0.1 $0.5
$4.3
$2.7 $1.8
$1.2 $0.4 $0.7
$0.1 $0.0 $-
$1
$2
$3
$4
$5
$6
$7
$8
$9
US Equity Taxable Bond International Equity Allocation Sector Equity Municipal Bond Alternative Commodities
49%
32%
6%
41%
68%
55% 5%8%
FIXED INCOME ETF EDUCATION SLOW BUT STEADY
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 5
Source: DWS, SSGA, Blackrock, AQR as of 2018. Morningstar, for calendar year 2008. “Multi-sector” index represented by the Bloomberg Barclays U.S. Universal Index. “Term” index represented by the Bloomberg Barclays U.S. Aggregate Index. “Ultra-short” index represented by the ICE U.S. Treasury Short Bond Index. “Short-term” index represented by the Bloomberg Barclays 1-3 Yr Credit Index. Index performance does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. Past performance does not guarantee future results.
Misconceptions have led to slower adoption rates
MAJOR MYTHS AND REALITIES ABOUT FIXED INCOME ETF INVESTING
Myth 1 Fixed income ETFs do not have enough cash to meet redemptions
Reality: Fixed income ETFs don’t actually need cash to meet redemptions, because they transact in kind, delivering bonds rather than cash. Unlike an open ended mutual fund, an ETF manager does not have to sell bonds to raise cash.
Myth 2 Fixed income ETFs are constrained by the fund’s liquidity
Reality: Fixed income ETFs are at least as liquid as the underlying market. If an ETF develops a secondary market, that liquidity is additive to the underlying cash market.
Myth 3 Index investing doesn’t work for bonds because there are too many bonds to index efficiently
Reality: An index investment manager’s objective is to seek to track an index’s return with minimal tracking error. The objective is to not hold every bond in the index.
Myth 4 Fixed income ETFs underperform active managers when markets are volatile.
Reality: In 2008, the median multi-sector active manager unperformed the index by 18.6%, the median intermediate-term bond active manager underperformed by 6.2%, ultra-short by 5.1%,short-term by 3.3%.
Myth 5 Active fixed income managers consistently outperform by exploiting inefficiencies in the bond market
Reality: Many active funds have relied on investments in higher risk sectors to outperform the Bloomberg Barclays U.S. Aggregate Bond Index, resulting in higher correlations with equities and less diversification benefits.
PASSIVE OWNERSHIP OF THE STOCK MARKET
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 6
Source: Wall Street Jourmal, Strategic Insight Simfund. 2018 figure as of September.
How high is too high?
U.S. EQUITIES HELD BY INDEX FUNDS, AS A % OF THE WILSHIRE 5000
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
17.2%
LITTLE EVIDENCE OF CAPITAL MARKET IMPACT
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 7
Source: Vanguard, FactSet, Morningstar as of 2018. Dispersion is defined as the percentage of stocks in the Russell 3000 Index that have either outperformed or underperformed the index by at least ten percent. Index fund percentage is the percentage of assets in U.S.-domiciled equity funds invested in index funds. Past performance is not a guarantee of future results. Equity index returns include reinvestment of all distributions. Index returns do not reflect fees or expenses, and it is not possible to invest directly in an index.
No connection between indexing and price dispersion
RETURN DISPERSION LACKS CORRELATION TO RAPIDLY GROWING PASSIVE MARKET SHARE
0%
10%
20%
30%
40%
50%
0%
20%
40%
60%
80%
100%
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Russell 3000 annual return dispersion (LHS) Passive market share (RHS)
PASSIVE FUND INDUSTRY HIGHLY CONCENTRATED
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 8
Source: Broadridge as of 2018, Exploring Fund Industry Concentration: The Good, The Bad, and The Uknown. HHI represents quantitative measure of industry concentration.
Passive HHIs among highest in U.S. economy; active more diversified
RELATIVE CONCENTRATION OF MAJOR U.S. INDUSTRIES, HERFINDAHL-HISRCHMAN INDEX (HHI), 2018
Gas utilities Variableannuities
Overall fundindustry
Mutual funds Closed endfunds
US auto Domesticairlines
US railroads ETFs Carbonated softdrinks
Index mutualfunds
Unconcentrated
Moderately concentrated
Highly concentrated
CHANGING REGULATORY LANDSCAPE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 9
The opinions and forecasts expressed are as of 3/31/19, and may not actually come to pass. ALPS Distributors, Inc. is not affiliated with Vanguard or Eaton Vance.
ETF Rule ProposalFinal expected 2019
_ Lower barrier to entry for new issuers and new products_ Standardization of regulations governing ETF exemptive relief, putting issuers on ‘level footing’_ Additional disclaimers required around ETF trading (i.e., bid-ask spreads)_ All issuers will be able to deliver custom in-kind redemptions_ Allows for greater innovation in fixed income ETFs
Department of LaborVacated 2018
_ Proposed expansion of fiduciary requirement for all advisors dealing with retirement accounts_ Inertia caused by proposed rule led to standing changes at some firms_ Response included move to wrap accounts vs. transaction based fee structures_ Broader mindset shift: fees in focus, open architecture models
Non-transparent ETFsExpected 2019
_ Will give active strategies access to tax efficiency of ETFs_ SEC reviewing relief filings for various non- or semi-transparent active ETF structures_ Diminishes advantage of Vanguard’s patented share class model_ First model is live: Eaton Vance ETMFs have not seen much traction_ Will delineate to what degree rise of passive is due to efficiency of vehicle vs. fundamental strategy shift
MARKET INCREASINGLY CROWDED: 144 PLAYERS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 10
Source: Morningstar as of Feb. 2019. Top 2 providers: iShares & Vanguard.
GROWTH IN U.S. ETP ASSETS, USD TN$Trillion
U.S. ETP FIRMS – NET NEW ENTRANTS YOY45 platforms have closed or merged since 2008
Source: Morningstar as of Feb. 2019.
Assets remain concentrated: top 3 providers own 81% market share
$-
$1
$2
$3
$4
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Total ETF market Top 3 providers
123
30
8 25
78
13
199
22
21
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
20.2%
% Compound annualized growth rate (CAGR)
RATE OF FEE COMPRESSION UNSUSTAINABLE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 11
Source: Morningstar as of December 2018. Projections based on 2018 asset-weighted fee levels using 5yr CAGR. The opinions and forecasts expressed are as of 3/31/19, and may not actually come to pass.
Margin squeeze could force consolidation of managers
ASSET WEIGHTED FEES OVER TIME, PROJECTED THROUGH 2025
0.62%
0.13%
0.45%
0.00%
0.20%
0.40%
0.60%
0.80%
1.00%
1.20%
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Active Passive All Funds
$0.1 $0.2 $0.3
$0.6 $0.5
$1.0
$1.3
$2.1
$2.5
$3.4 $3.4
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
ETFS: A TIMELINE OF INNOVATION
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 12
Source: Vanguard, Morningstar as of 2019.
Evolution beyond market-cap products as market grows
U.S. ETF ASSET GROWTH, USD TN
First non-market cap ETF
First non-1940 Act ETF
First active ETF
Record 269 US ETFs launched
U.S. ETF assets hit $1 tn
Record 81 U.S. ETFs close
Record $100bn flows into fixed income ETFs
128 ETFs close as assets hit $2.5tn
Record 258 ETFs launch
First U.S. ETF launches First bond ETF
1332 35 32 36 41 34 31 21
456
11169
112
177
112 95
150
210 209 204
50
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
10.5% 31.7% 23.8% 15.3% 24.3% 30.1% 18.5% 12.9% 9.1% 18.1% 10.7%
PRODUCT LAUNCHES REQUIRE MEANS OF SCALE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 13
Source: Morningstar, Bloomberg as of March 2019. Includes only funds with lifespan of 1 year or greater.
ETF LAUNCHES TO REACH $100M AFTER ONE YEAR
Funds require size for major platform onboarding: need for early assets
Over $100m Less than $100m
SELF-SCALE
OR
STRATEGIC PARTNERSHIPS
INSTITUTIONALIZATION OF RETAIL
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 14
Source: Citi Research, March 2019. Fuse Research, July 2018. Growth rate 2yr CAGR.
ASSETS INFLUENCED BY HOME OFFICE MODEL, 2018 PRODUCT SHELF RATIONALIZATION, JUL 17 TO DEC 18Number of product cuts announced, % of total product shelf
Source: Cerulli Associates, McKinsey Asset Management Practice as of 2018.
Critical role of home office models and consolidated product approvals
4.7%
0%
10%
20%
30%
40%
50%
Overall Wirehouse IBD RIA
5.6% 6.1% 2.2%
1,500
1,300
900
840
Wealth manager 1
Wealth manager 2
Wealth manager 3
Wealth manager 4
~42%
~37%
~31%
~20%
Annualized growth rate%
DISRUPTION OF ROBO STARTUPS SHORT-LIVED
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 15
Source: FUSE research as of April 2019. ALPS Distributors, Inc. is not affiliated with any of the companies listed on this slide.
Robo-Advisor market wallet projected to surpass $1tn by 2023
U.S. ROBO-ADVISOR MARKET SHARE, PROJECTED THROUGH 2021
Startups (Betterment, Wealthfront, Acorns, etc) Incumbents (Vanguard, Edelman, etc)
Incumbent Brokers (Fidelity, Merrill Edge, Schwab, TD Ameritrade, E-trade, etc)
11%20%
37%51%
60% 65% 67%
35%19%
67%58%
49%38%
31% 27% 26%
65%81%
22% 22%14% 11% 9% 8% 7%
2013 2014 2015 2016 2017 2018E 2019E 2020E 2021E
401(K) FLOWS TURN NEGATIVE AS BOOMERS RETIRE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 16
Source: Investment Company Institute, U.S. Federal Reserve Board, U.S. Department of Labor, Morningstar as of Feb 2019. *Vanguard AUM not a subset of 401(k) assets.
Gross inflows increasingly captured by passive: Vanguard target date funds
TOTAL AND NET CONTRIBUTIONS FOR 401(K) PLANS, USD BN, 1994-2016
Total contributions Net contributions Vanguard Target Date AUM*
$(50)
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
First Baby Boomers retire
U.S. INSTITUTIONS: ETFS AVERAGE 25% FIRM ASSETS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 17
Source: Greenwich Associates 2019. Respondents: 144 institutions including 44 investment managers, 37 institutional funds, 33 insurance companies/ insurance company asset managers, 56 RIAs, 11 investment consultants, representation from family offices. Greenwich Associates 2018 U.S. Insurance ETF Study based on 52 respondents.
ETF ALLOCATION NON-USERS: REASONS FOR NOT USING ETFS, 2018
U.S. INSURERS AMONG SLOWEST ADOPTERS, 2018 INVESTED IN OR CONSIDERING INVESTMENT TO SMART BETA ETFS
Overall index allocation sits at 39%: possibly increasing adoption of ETF vehicle
18.5%
24.8%
2017 2018
37%44%
75%
2016 2017 2018
(% Total assets, 2018)38%
21%
13%
13%
8%
Not approved vehicle within organization
Portfolio investment guidelines do notpermit ETFs
Prohibited from buying ETFs
Not aware of the benefits of ETFs
Don't understand hoe ETFs work in aportfolioDon’t understand how ETFs work
in a portfolio
62%
12%
8%
19%
Currently Use ETFs
Do not currently use ETFs but have inthe past
Evaluated using ETFs but decidedagainst
Never seriously considered using ETFs
Currently use ETFs
ETFS AS A STRATEGY AGNOSTIC VEHICLE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 18
Source: Greenwich Associates 2019. Morningstar as of 2018.
HOW U.S. INSTITUTIONS USE ETFS, 2018 GROWTH OF SMART BETA, U.S. ETF ASSETS
Still primarily seen as implementation tool for asset allocation
72%
68%
60%
57%
56%
54%
44%
42%
37%
37%
Tactical adjustments
Core allocation
Rebalancing
Portfolio completion
International diversification
Liquidity management
Transition management
Risk/Overlay management
Interim beta
Cash equitization
0%
1%
2%
3%
4%
5%
6%
7%
$-
$100
$200
$300
$400
$500
$600
$700
$800
$900
2001 2003 2005 2007 2009 2011 2013 2015 2017
Multi-Factor Single-Factor Multi-Factor (% Strategic Beta)
ACTIVE ETFS GROW AS CASH EQUITIZATION TOOLS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 19
Source: Morningstar as of December 2018.
Dominated by ultrashort & other difficult to benchmark categories
ACTIVE ETF NNA BY YEAR, USD BN
Ultrashort Bond Total Active ETFs
$- $0 $0 $1 $1 $1 $3 $2 $5 $5
$10
$22
$0 $0 $1 $1 $2 $6 $4 $7
$9 $12
$20
$21
$-
$5
$10
$15
$20
$25
$30
$35
$40
$45
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
DEMOGRAPHIC SHIFT TOWARD ESG INVESTING
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 20
Source: MSCI, Accenture, Ernst & Young, Financial Advisor Magazine as of 2018.
$30 trillionWill pass from baby boomers to
millennials over the next 2–3 decades
51%Of personal wealth in the U.S. is now controlled by
women
ESG90%
90% of millennials want to allocate to responsible investments in the next five years
2x
Women are twice as likely to consider sustainability alongside return when investing
GROWTH OF THE U.S. ESG MARKET
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 21
¹ McKinsey as of 2017.Source: Morningstar as of 12/31/18. Data represents U.S. domiciled ETFs and Mutual Funds. Other includes Alternatives, Commodities and Allocation funds.
Sustainable investing as the new normal
_ Do well and do good: the market has evolved past the idea of ESG requiring a sacrifice in returns
_ ESG data can potentially help mitigate against both idiosyncratic and systematic risks
_ ESG integration, which is the systematic and explicit inclusion of ESG factors in financial analysis, has been growing at 17% per year.¹
U.S. ESG ASSETS IN USD BN NUMBER OF U.S. ESG FUNDS
-
100
200
300
400
500
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
Equity Fixed Income Other
0
100
200
300
400
500
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
(12/31/99-12/31/18) (12/31/99-12/31/18)
THE RISE OF DIRECT INDEXING
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 22
Source: DWS as of March 2019.
IMPROVING TECHNOLOGY
TAX LOSS HARVESTING
RISK CUSTOMIZATION
ESG CUSTOMIZATIONMANAGEMENT COMPLEXITY
TRADING COSTS
HIGH ASSET MINIMUMS
CONSPROS
DWS PASSIVE FRANCHISE
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 23
Source: DWS. All data as of 12/31/18 unless marked otherwise.¹ ETFGI Global ETF and ETP industry insights as of 9/30/18, based on AUM.
PASSIVE HIGHLIGHTS ASSET CLASS BREAKDOWN
ASSETS UNDER MANAGEMENTFigures in $bn
31.4
78.8
10.9 5.8
0306090
120150
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Segregated Mandates ETFs (Europe-domiciled) ETFs (U.S.-domiciled) ETCs
$127.0bnTotal
years of experience inphysical index replication 20
tracked benchmarks300+ETF/ETP provider based in Europe1No.2
passive investment professionals100+ Others 0.3%
Equity 68.9%
Fixed Income 25.0%
Commodities 4.9%
Multi-Asset 4.9%
INDEX INVESTING VALUE PROPOSITION
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 24
Our value proposition: Thought Leader providing better cost- & risk-adjusted returns for investors
DWS XTRACKERS
_ Implement value-add, systematic investment strategies for markets that are already covered
INNOVATION
Quality Risk Adjusted Exposures
Current examples:_ ESG Equity_ Currency Hedged Equity_ Multifactor Equity
Pipeline:_ ESG Fixed Income_ ESG REITs
_ Open new markets or slice already covered exposures in a new way
ACCESS
New Exposure Coverage
Pipeline:_ Credit Risk Transfers_ Thematic Equity
Current examples:_ China A-shares_ Revenue Muni Bonds_ International Bonds (currency-hedged)
_ Launch more cost effective solutions in selective, targeted areas
VALUE
Quality Value Proposition
Pipeline:_ Bank Loans
Current examples:_ High Yield Fixed Income_ International REITs
XTRACKERS ETFS AVAILABLE AT UBS
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 25
Available in AM Discretionary models. +Restrictions: Annual Income $50,000, Net Worth $150,000 and No risk profile requirements or a primary risk profile of aggressive or moderate.++Restrictions: Annual Income of $150,000, Net Worth of $500,000 and Primary or Secondary Aggressive risk profile.
ETF Brokerage Strategic Advisor PMP SWP
Currency-hedged equityXtrackers MSCI All World ex US Hedged Equity ETF + DBAW DBAW DBAWXtrackers MSCI EAFE Hedged Equity ETF + DBEF DBEF DBEF DBEFXtrackers MSCI Emerging Markets Hedged Equity ETF + DBEM DBEM DBEMXtrackers MSCI Europe Hedged Equity ETF + DBEU DBEU DBEU DBEUXtrackers MSCI Eurozone Hedged Equity ETF + DBEZ DBEZ DBEZXtrackers MSCI Japan Hedged Equity ETF + DBJP DBJP DBJP DBJPXtrackers MSCI South Korea Hedged Equity ETF + DBKO DBKO DBKO
EquityXtrackers Harvest CSI 300 China A-Shares ETF ++ ASHR ASHR ASHR
FactorXtrackers FTSE Developed Ex US Comprehensive Factor ETF DEEF DEEF DEEFXtrackers Russell 1000 Comprehensive Factor ETF DEUS DEUS DEUS
IncomeXtrackers MSCI EAFE High Dividend Yield Equity ETF HDEF HDEF HDEFXtrackers USD High Yield Corporate Bond ETF + HYLB HYLB HYLB
IMPORTANT INFORMATION
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value. / 26
The material was prepared without regard to the specific objectives, financial situation or needs of any particular person who may receive it. It is intended for informational purposes only and it is not intended that it be relied on to make any investment decision. It is for professional investors only. It does not constitute investment advice or a recommendation or an offer or solicitation and is not the basis for any contract to purchase or sell any security or other instrument, or for DWS Group and its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Investment decisions should always be based on the Sales Prospectus, supplemented in each case by the most recent audited annual report and, in addition, by the most recent half-year report, if this report is more recent than the most recently available annual report. These documents constitute the sole binding basis for the purchase of fund units. The Sales Prospectus contains detailed information on the risks involved.
The views expressed constitute DWS’s or its affiliates’ judgment at the time of issue and are subject to change. Any forecasts provided herein are based upon our opinion of the market as at this date and are subject to change, dependent on future changes in the market. Any prediction, projection or forecast on the economy, stock market, bond market or the economic trends of the markets is not necessarily indicative of the future or likely performance. Investments are subject to risks, including possible loss of principal amount invested. The value of shares/units and their derived income may fall as well as rise. Past performance or any prediction or forecast is not indicative of future results.
Past performance is not indicative of future results. No representation or warranty is made as to the efficacy of any particular strategy or the actual returns that may be achieved. An investment is not a deposit and is not ensured by the Federal Deposit Insurance Corporation or any other government agency or by DWS or any of its affiliates.
Xtrackers ETFs (“ETFs”) are managed by DBX Advisors LLC or DBX Strategic Advisors LLC (the “Advisors”), and distributed by ALPS Distributors, Inc. (“ALPS”). The Advisors are wholly owned subsidiaries of DWS Group, and are not affiliated with ALPS.
CAREFULLY CONSIDER THE FUNDS’ INVESTMENT OBJECTIVES, RISK FACTORS AND CHARGES AND EXPENSES BEFORE INVESTING. THIS AND OTHER IMPORTANT INFORMATION CAN BE FOUND IN THE FUNDS’ PROSPECTUSES, WHICH MAY BE OBTAINED BY DOWNLOADING A PROSPECTUS AT WWW.XTRACKERS.COM. READ THE PROSPECTUS CAREFULLY BEFORE INVESTING.
SHARES ARE NOT INDIVIDUALLY REDEEMABLE, AND OWNERS OF SHARES MAY ACQUIRE THOSE SHARES FROM THE FUND, OR TENDER SUCH SHARES FOR REDEMPTION TO THE FUND, IN CREATION UNITS ONLY.
THE BRAND DWS REPRESENTS DWS GROUP GMBH & CO. KGAA AND ANY OF ITS SUBSIDIARIES, SUCH AS DWS DISTRIBUTORS, INC., WHICH OFFERS INVESTMENT PRODUCTS, OR DWS INVESTMENT MANAGEMENT, AMERICAS INC. AND RREEF AMERICA L.L.C., WHICH OFFER ADVISORY SERVICES.
© 2019 DWS Group GmbH & Co. KGaA. All rights reserved. R-67435-1 (5/19) DBX 3916 (5/20)
For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.