us equities sector assesment framework ......source bloomberg lp, thomson reuters datastream, dws...

Confidential. Marketing Material. For Professional Clients(MiFID Directive 2014/65/EU ANNEX II) only. Confidential. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For institutional investors only .Further distribution of this material is strictly prohibited

US EQUITIESSECTOR ASSESMENT FRAMEWORK -MONTHLY UPDATE

January 2020

Over the past one year, Technology ETFs saw the highest inflows with EUR +1133m followed byConsumer Goods (EUR +661m). However, over this period, Financials and Utilities sector continued tosee massive outflows of EUR -1274m and EUR -250m respectively.

Monthly Performance (through January 2020)

Source Bloomberg LP, MSCI, DWS calculations. As of 31st Jan 2020. Performances (in USD for World and USA, in EUR for Europe) andflows are over the previous 1 calendar month. Flows refer to UCITS ETFs only and are in € millions and as per internal DWSclassifications. Correlations are calculated using 3yr historical beta-adjusted excess returns. Past performance, actual or simulated, isnot a reliable indicator of future results. The results in this section are shown for illustrative purposes only.

Flows (in €m)

In January, while the US and World markets moved sideways, European market declined by 1.2%. Across all regions, Utilities sector gained the most. Notably, this sector has been trading at very rich valuations over its 5-year history. Slump in oil prices possibly had a bearing on Energy/Oil & Gas sector and it declined sharply across all regions.

Sectors for interest rate changes

The Rising (Falling) Rate Basket comprisesthose three sectors which have shown thehighest (lowest) correlation with interest ratesover the past 3 years.

World Europe USRising Rate Baskets

Financial Financials FinancialIndustrials Oil & Gas Industrials

Energy Basic Materials EnergyFalling Rate Baskets

Consumer Staples Consumer Goods Consumer StaplesHealth Care Health Care Health Care

Utilities Utilities Utilities

SECTOR SPOTLIGHT

Europe US WorldUtilities 8.5% Utilities 6.4% Utilities 5.7%

Health Care 1.6% Information Technology 4.0% Information Technology 3.4%Telecommunications -0.1% Real Estate 1.8% Real Estate 1.4%

Industrial Goods -0.3% Consumer Discretionary 1.7% Communication 0.2%Consumer Goods -0.9% Communication 0.8% Consumer Staples -0.1%

Technology -0.9% Consumer Staples 0.3% MSCI World -0.6%Stoxx 600 -1.2% United States 0.2% Consumer Discretionary -0.6%Financials -2.4% Industrial -0.1% Industrial -0.7%

Consumer Services -2.8% Financials -2.4% Health Care -1.4%Oil & Gas -7.1% Health Care -2.6% Financials -2.6%

Basic Resources -7.5% Materials -6.2% Materials -5.5%Energy Sector -11.0% Energy Sector -9.1%

1Y Flows (mEUR)Technology 1133

Consumer Goods 661Industrials 196

Communications 79Healthcare -16

Energy -55Natural Resources -114

Utilities -250Financials -1274

-3000

-2000

-1000

0

1000

2000

Feb 19 Apr 19 Jun 19 Aug 19 Oct 19 Dec 19

Communications Consumer GoodsEnergy FinancialsHealthcare IndustrialsNatural Resources TechnologyUtilities

Sector Assesment Framework - United States_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

Summary_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Current Indicator Summary 5Y Risk1

l 13.8% 15.1%

l 7.5% 11.8%

l -4.3% 21.1%

l 11.6% 16.7%

l 8.8% 15.1%

l 9.9% 15.0%

l 21.1% 18.0%

l 5.5% 16.6%

l 6.8% 14.5%

l 8.7% 15.8%

l 9.5% 14.1%

11.6% 13.4%

Macro Economy

Cycl. Def. Def.

0.1% 3.5% 1.8%

-0.2% 2.9% 40.7

0.1% 2.4% 124.6

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 Jan 2020

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.

Passive Assement Management Sector Assessment Framework - Monthly Update - January 2020

Positive and negative revisions in 12M EPS estimates4

Indicated Annual Dividend Yield

50.2 4.9 l43.8

Key Interest Rate 1.6% 0.0% l Credit Default Spread

18.8 5.1 l9.1

US Inflation 2.3% 0.2% l Volatility Index

Term Spread 10Y-2Y 0.2% -0.2% l-0.1%

Current Change2 Current value

(vs 5Y Highs and Lows)

Prevailing

Cycl.Factors

US GDP Growth (QoQ) 2.1% 0.0% l

Factors Latest Change2 Current value

(vs 5Y Highs and Lows)

Current

Defensive Sectors Consumer Stap Energy Healthcare Telecom Utilities

-19.6% -

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

0.8% 8.2% 20.9% -18.1% 76%

United States 0.2% 9.0% 21.2%

Communication l l l l l

Utilities l l l l l 6.4% 16.7%

l 1.8% 7.1% 18.2% -15.2% 62%

-6.2% -0.3% 9.4% -26.0% 103%l

Real Estate l l l l

Materials l l l l

4.0% 18.0% 44.1% -24.2% 123%

-0.1% 5.1% 15.7% -24.5% 101%

l

Information Technology l l l l

Industrial l l l l

l

l

-16.6% 62%l

Health Care l l l l

Financials l l l l

l -2.6% 10.1% 11.6% -18.5% 94%

-2.4% 6.7% 18.0% -25.4% 106%

1Y 5Y Volatility Max. DD Beta

Energy Sector l l l l

Consumer Staples l l l l

l -11.0% -11.1% -11.6% -35.7% 110%

0.3% 7.1% 20.6%

27.7% -15.8% 35%

Consumer Discretionary l l l l

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.

ReturnMacroeco

Long

Term

Macroeco

Short TermValuation Fundamentals Momentum Sentiment 1M 6M

l 1.7% 6.5% 18.0% -21.5% 103%

0

10

20

30

40

50

60

Cons. Disc.Cons. StaplesEnergy Fin. Health CareIndustrial IT MaterialsReal EstateCommunicationsUtilities

!2M

Fw

d P

/E

5Y Range Median Current 12M Forward P/E

1%

2%

3%

4%

5%

6%


5Y Range Median Current Indicated Annual Dividend Yield

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

Cons. Disc.

Cons.…

Energy

Fin.

Health Care

Industrial

IT

Materials

Real Estate

Communic…

Utilities

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

0% 5% 10%

Cons. Disc.

Cons. Staples

Energy

Fin.

Health Care

Industrial

IT

Materials

Real Estate

Communica…

Utilities

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

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

IT MSCI USA Fin. Cons. StaplesCommunicationsUtilities MaterialsReal EstateCons. Disc.IndustrialHealth CareEnergy

-15%

-10%

-5%

0%

5%

10%

15%

-18%

-12%

-6%

0%

6%

12%

18%


Change in earnings' revisions since last month (RHS)

MSCI USA Consumer Discretionary _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4

Current Indicator Summary

DWM1CDConsumer Discretionary

Historical Performance Risk and Return Sector Snapshot

Last 1M 0.2% 45.2%

Last 6M 9.0% 20.9%

Last 1Y 21.2% 17.4%

Last 5Y 11.6% 16.5%

Vol. 13.4% 29.6%

Max DD -19.6% 8.7%

Beta - 5.7%

Tracking Error - 4.2%

3.6%

Valuations (Relative to Historical Averages) Valuations (Relative to USA)

Factor Current2

Change2 Factor

A12PE

23.2

AB12PB

7.4

AC12PC

14.7

AT12PT

11.7

ADVYLD

2.6%

Fundamental (Relative to Historical Averages) Fundamental (Relative to USA)

Factor Current2

Change2 Factor

18.3%

7.5%

23.1%

14.5%

11 Month Momentum3


Last Month

Cons. Disc. 42

USA 1537

38



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.



The MSCI USA Consumer Discretionary Index is designed to capture the large and mid cap segments across the United States.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.

Macro Long Term Macro Short Term Valuation Fundamentals Momentum Sentiment

ReturnCons.

Disc.USA Top Four Industry Groups

1.7% Retailing

l l l l l l

5Y Risk1 Cons.

Disc.USA Top Five Contituents

15.1% AMZN UW

6.5% Consumer Durables & Apparel

18.0% Automobiles & Components

13.8% Consumer Services

SBUX UW

Current value

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

Historical

Median

-21.5% HD UN

103% MCD UN

6.1% NKE UN

4.3 2.517.1

12M Forward P/B (Consensus) 7.4 0.4 12M Forward P/B (Consensus) 7.4 3.4

12M Forward P/E (Consensus) 23.2 0.9 12M Forward P/E (Consensus) 23.2 18.9

4.0 1.84.1

12M Forward P/CF (Consensus) 14.7 0.3 12M Forward P/CF (Consensus) 14.7 13.3 1.4 1.210.6

12M Forward P/EBITDA

(Consensus)11.7 0.5


(Consensus)11.7 10.9 0.9 0.1

7.7

DifferenceHistorical

Median

2.8% 2.1%7.3%

Indicated Dividend Yield 2.2% -0.1% Indicated Dividend Yield 2.2% 2.3% -0.1% -0.3%1.9%

12M Fwd Growth EPS (Consensus) 12.2% 0.9% 12M Fwd Growth EPS (Consensus) 12.2% 9.4%

Current value

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

1.6% 0.7%4.5%

12M Fwd Growth CPS (Consensus) 16.8% 1.7% 12M Fwd Growth CPS (Consensus) 16.8% 11.2%

12M Fwd Growth Sales (Consensus) 6.5% 0.5% 12M Fwd Growth Sales (Consensus) 6.5% 4.9%

4.0% 1.5%2.6%

11 Month Performance (1M Removed) Current Month

5.6% -0.9%2.0%

12M Fwd Growth BPS (Consensus) 10.0% -0.8% 12M Fwd Growth BPS (Consensus) 10.0% 6.0%

Downward Revisions 224

16.0% Upward Revisions 179

21.0% Neutral 1207

Number of 12m Fwd EPSestimates revised up since lastmonth as a percentage of thenumber of estimates

Number of 12m Fwd EPSestimates neutral since lastmonth as a percentage of thenumber of estimates

Number of 12m Fwd EPSestimates revised down sincelast month as a percentage ofthe number of estimates

50

100

150

200

250

300

350

400

450

Jan-05 Jan-07 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-19

Consumer Discretionary USA

90

100

110

120

130

Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19

Ab

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Perf

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Consumer Discretionary USA

MSCI USA Consumer Staples_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDConsumer Staples


Last 1M 0.2% 56.5%

Last 6M 9.0% 25.5%

Last 1Y 21.2% 18.0%

Last 5Y 11.6%

Vol. 13.4% 15.9%

Max DD -19.6% 12.1%

Beta - 10.1%


6.8%


Factor Current2

Change2 Factor

A12PE

21.0

AB12PB

5.5

AC12PC

15.8

AT12PT

11.7

ADVYLD

3.4%


Factor Current2

Change2 Factor

10.8%

4.6%

12.4%

8.6%

11 Month Momentum3


Last Month

Cons. Staples 15

USA 573

7









The MSCI USA Consumer Staples Index is designed to capture the large and mid cap segments across the United States.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


ReturnCons.

StaplesUSA Top Three Industry Groups

0.3% Food, Beverage & Tobacco

l l l l l l

5Y Risk1 Cons.

StaplesUSA Top Five Contituents

11.8% PG UN

7.1% Household & Personal Products

20.6% Food & Staples Retailing

7.5%

COST UW

Current value

(vs 5Y Highs and Lows)5

Cons.

StaplesUSA Difference

Historical

Median

-16.6% KO UN

62% PEP UW

9.9% WMT UN

1.2 2.116.3



2.2 2.14.2



(Consensus)11.7 0.2


(Consensus)11.7 10.9 0.8 1.5

9.4


Median

-2.9% -3.3%3.2%

Indicated Dividend Yield 2.8% -0.1% Indicated Dividend Yield 2.8% 2.3% 0.5% 0.4%2.6%


Current value


Cons.

StaplesUSA

-1.4% -2.0%2.5%



2.6% -1.8%1.6%


-3.2% -3.9%0.1%

12M Fwd Growth BPS (Consensus) 8.6% 2.7% 12M Fwd Growth BPS (Consensus) 8.6% 6.0%



21.0% Neutral 461




50

100

150

200

250

300

350

400


Consumer Staples USA

90

100

110

120

130


Ab

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Perf

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Consumer Staples USA

MSCI USA Energy_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDEnergy Sector


Last 1M 0.2% 100.0%

Last 6M 9.0%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 24.9%

Max DD -19.6% 19.3%

Beta - 6.3%


4.0%


Factor Current2

Change2 Factor

A12PE

57.0

AB12PB

2.1

AC12PC

10.7

AT12PT

8.3

ADVYLD

4.4%


Factor Current2

Change2 Factor

438.5%

27.7%

52.3%

5.8%

11 Month Momentum3


Last Month

Energy 12

USA 706

18









The MSCI USA Energy Index is designed to capture the large and mid cap segments across the United States.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 Energy USA Top Industry Group

-11.0% Energy

l l l l l l

5Y Risk1 Energy USA Top Five Contituents

21.1% XOM UN

-11.1%

-11.6%

-4.3%

KMI UN

Current value

(vs 5Y Highs and Lows)5 Energy USA Difference

Historical

Median

-35.7% CVX UN

110% COP UN

15.1% SLB UN

-2.7 8.013.3



-1.9 -1.11.4

12M Forward P/CF (Consensus) 6.4 -0.1 12M Forward P/CF (Consensus) 6.4 13.3 -6.9 -3.45.8


(Consensus)5.1 -0.1


(Consensus)5.1 10.9 -5.8 -2.6

4.6


Median

13.1% 14.1%-46.0%

Indicated Dividend Yield 4.4% 0.2% Indicated Dividend Yield 4.4% 2.3% 2.1% 0.7%2.2%


Current value

(vs 5Y Highs and Lows)5 Energy USA

-0.1% 0.9%-20.2%



-4.6% -5.6%-1.6%


0.6% 1.8%-16.5%



-0.7% Upward Revisions 134

21.0% Neutral 386




50

100

150

200

250

300

350


Energy Sector USA

80

90

100

110

120

130


Ab

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Perf

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an

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Energy Sector USA

MSCI USA Financials_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDFinancials


Last 1M 0.2% 47.3%

Last 6M 9.0% 28.4%

Last 1Y 21.2% 24.3%

Last 5Y 11.6%

Vol. 13.4% 11.8%

Max DD -19.6% 8.3%

Beta - 8.1%


4.7%


Factor Current2

Change2 Factor

A12PE

14.7

AB12PB

1.6

AC12PC

11.8

AT12PT

13.7

ADVYLD

2.9%


Factor Current2

Change2 Factor

26.9%

5.4%

41.8%

7.1%

11 Month Momentum3


Last Month

Fin. 27

USA 1388

32









The MSCI USA Financials Index is designed to capture the large and mid cap segments across the United States.Financials contains companies involved in banking, thrifts & mortgage

finance, specialized finance, consumer finance, asset management and custody banks, investment banking and brokerage and insurance. This Sector also includes real estate companies

and REITs.


Return Fin. USA Top Three Industry Groups

-2.4% Banks

l l l l l l

5Y Risk1 Fin. USA Top Five Contituents

16.7% JPM UN

6.7% Diversified Financials

18.0% Insurance

11.6%

C UN

Current value

(vs 5Y Highs and Lows)5 Fin. USA Difference

Historical

Median

-25.4% BRK/B UN

106% BAC UN

8.8% WFC UN

-6.1 -4.29.9



-1.9 -1.61.1

12M Forward P/CF (Consensus) 10.2 0.9 12M Forward P/CF (Consensus) 10.2 13.3 -3.1 -1.87.9


(Consensus)11.8 1.0


(Consensus)11.8 10.9 1.0 0.3

7.9


Median

-3.9% 1.2%4.5%

Indicated Dividend Yield 2.5% -0.1% Indicated Dividend Yield 2.5% 2.3% 0.2% -0.2%1.8%

12M Fwd Growth EPS (Consensus) 5.4% -0.1% 12M Fwd Growth EPS (Consensus) 5.4% 9.4%

Current value

(vs 5Y Highs and Lows)5 Fin. USA

-4.1% -1.7%0.6%


12M Fwd Growth Sales (Consensus) 0.8% -1.6% 12M Fwd Growth Sales (Consensus) 0.8% 4.9%

-2.2% -1.3%2.5%


-5.3% -1.2%-12.6%




21.0% Neutral 811




0

50

100

150

200

250

300

350


Financials USA

90

100

110

120

130


Ab

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Financials USA

MSCI USA Health Care_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDHealth Care


Last 1M 0.2% 62.8%

Last 6M 9.0% 37.2%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 10.2%

Max DD -19.6% 6.7%

Beta - 5.7%


4.0%


Factor Current2

Change2 Factor

A12PE

18.4

AB12PB

3.9

AC12PC

15.6

AT12PT

11.5

ADVYLD

2.4%


Factor Current2

Change2 Factor

11.8%

11.8%

18.1%

14.7%

11 Month Momentum3


Last Month

Health Care 15

USA 1286

10









The MSCI USA Health Care Index is designed to capture the large and mid cap segments across the United States.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

CareUSA Top Two Industry Groups

-2.6% Pharmaceuticals, Biotechnology

l l l l l l

5Y Risk1 Health

CareUSA Top Five Contituents

15.1% JNJ UN

10.1% Health Care Equipment & Servic

11.6%

8.8%

MDT UN

Current value

(vs 5Y Highs and Lows)5 Health Care USA Difference

Historical

Median

-18.5% UNH UN

94% MRK UN

8.3% PFE UN

-2.3 -1.414.6



0.5 0.73.1



(Consensus)11.3 1.0


(Consensus)11.3 10.9 0.5 1.2

9.2


Median

-0.5% -0.3%6.2%



Current value

(vs 5Y Highs and Lows)5 Health Care USA

1.8% 1.8%4.6%

12M Fwd Growth CPS (Consensus) 12.5% -5.0% 12M Fwd Growth CPS (Consensus) 12.5% 11.2%


2.4% 3.5%6.5%


1.3% 4.6%10.9%




21.0% Neutral 949




50

100

150

200

250

300

350

400

450


Health Care USA

90

100

110

120

130


Ab

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Health Care USA

MSCI USA Industrial _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDIndustrial


Last 1M 0.2% 68.4%

Last 6M 9.0% 19.1%

Last 1Y 21.2% 12.5%

Last 5Y 11.6%

Vol. 13.4% 6.7%

Max DD -19.6% 5.0%

Beta - 4.9%


4.3%


Factor Current2

Change2 Factor

A12PE

20.1

AB12PB

4.6

AC12PC

14.8

AT12PT

10.7

ADVYLD

2.7%


Factor Current2

Change2 Factor

17.2%

6.2%

20.4%

26.2%

11 Month Momentum3


Last Month

Industrial 14

USA 1454

50









The MSCI USA Industrial Index is designed to capture the large and mid cap segments across the United States.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 Industrial USA Top Three Industry Groups

-0.1% Capital Goods

l l l l l l

5Y Risk1 Industrial USA Top Five Contituents

15.0% BA UN

5.1% Transportation

15.7% Commercial & Professional Serv

9.9%

LMT UN

Current value

(vs 5Y Highs and Lows)5 Industrial USA Difference

Historical

Median

-24.5% UNP UN

101% HON UN

6.5% UTX UN

-0.1 -0.113.7



1.3 1.22.7



(Consensus)10.5 0.7


(Consensus)10.5 10.9 -0.4 0.1

7.6


Median

1.9% -0.3%4.7%



Current value

(vs 5Y Highs and Lows)5 Industrial USA

-1.8% -1.1%0.1%



3.4% 1.8%2.1%


2.4% 2.1%-1.4%




21.0% Neutral 947




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Industrial USA

90

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130


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Industrial USA

MSCI USA Information Technology _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDInformation Technology


Last 1M 0.2% 65.2%

Last 6M 9.0% 34.8%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 20.4%

Max DD -19.6% 18.0%

Beta - 5.0%


4.1%


Factor Current2

Change2 Factor

A12PE

22.5

AB12PB

7.3

AC12PC

17.3

AT12PT

14.9

ADVYLD

2.5%


Factor Current2

Change2 Factor

15.0%

9.7%

16.8%

16.3%

11 Month Momentum3


Last Month

IT 18

USA 2075

15









The MSCI USA Information Technology Index is designed to capture the large and mid cap segments across the United States.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 IT USA Top Two Industry Groups

4.0% Software & Services

l l l l l l

5Y Risk1 IT USA Top Five Contituents

18.0% AAPL UW

18.0% Technology Hardware & Equipmen

44.1%

21.1%

INTC UW

Current value

(vs 5Y Highs and Lows)5 IT USA Difference

Historical

Median

-24.2% MSFT UW

123% V UN

7.7% MA UN

3.6 0.314.9



4.0 1.63.4



(Consensus)14.9 1.7


(Consensus)14.9 10.9 4.0 1.8

9.1


Median

1.8% 0.1%4.6%



Current value

(vs 5Y Highs and Lows)5 IT USA

2.0% 1.0%3.2%



0.4% 3.7%-1.7%


0.9% 1.2%7.1%




21.0% Neutral 1481




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400

450

500

550

600

650


Information Technology USA

90

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120

130

140


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Information Technology USA

MSCI USA Materials_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDMaterials


Last 1M 0.2% 100.0%

Last 6M 9.0%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 15.6%

Max DD -19.6% 7.5%

Beta - 7.2%


5.4%


Factor Current2

Change2 Factor

A12PE

18.2

AB12PB

3.8

AC12PC

11.7

AT12PT

8.8

ADVYLD

3.1%


Factor Current2

Change2 Factor

23.5%

12.3%

20.6%

13.3%

11 Month Momentum3


Last Month

Materials 3

USA 576

26









The MSCI USA Materials Index is designed to capture the large and mid cap segments across the United States.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 Materials USA Top Industry Group

-6.2% Materials

l l l l l l

5Y Risk1 Materials USA Top Five Contituents

16.6% LIN UN

-0.3%

9.4%

5.5%

DD UN

Current value

(vs 5Y Highs and Lows)5 Materials USA Difference

Historical

Median

-26.0% APD UN

103% ECL UN

9.2% SHW UN

-1.1 -0.712.6



-1.1 0.21.9



(Consensus)8.4 0.2


(Consensus)8.4 10.9 -2.5 -1.5

6.0


Median

0.7% 1.3%0.3%

Indicated Dividend Yield 2.2% 0.0% Indicated Dividend Yield 2.2% 2.3% -0.1% -0.3%1.7%


Current value

(vs 5Y Highs and Lows)5 Materials USA

-2.2% -1.6%-0.8%



-0.8% 1.3%-1.6%


-2.8% 2.1%3.5%




21.0% Neutral 419




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200

250

300

350


Materials USA

90

100

110

120

130


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Materials USA

MSCI USA Real Estate_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDReal Estate


Last 1M 0.2% 100.0%

Last 6M 9.0%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 11.0%

Max DD -19.6% 6.7%

Beta - 6.3%


4.4%


Factor Current2

Change2 Factor

A12PE

43.9

AB12PB

3.6

AC12PC

20.1

AT12PT

15.2

ADVYLD

4.0%


Factor Current2

Change2 Factor

-1.5%

8.1%

32.3%

15.9%

11 Month Momentum3


Last Month

Real Estate 3

USA 327

1









The MSCI USA Real Estate Index is designed to capture the large and mid cap segments across the United States.Real Estate 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.


ReturnReal

EstateUSA Top Industry Group

1.8% Real Estate

l l l l l l

5Y Risk1 Real

EstateUSA Top Five Contituents

14.5% AMT UN

7.1%

18.2%

6.8%

SPG UN

Current value

(vs 5Y Highs and Lows)5 Real Estate USA Difference

Historical

Median

-15.2% CCI UN

62% PLD UN

13.0% EQIX UW

23.2 20.935.0


12M Forward P/E (Consensus) 42.1 -1.5 12M Forward P/E (Consensus) 42.1 18.9

0.2 0.02.3

12M Forward P/CF (Consensus) 19.3 -0.6 12M Forward P/CF (Consensus) 19.3 13.3 5.9 5.615.5


(Consensus)14.9 -0.3


(Consensus)14.9 10.9 4.0 3.6

11.6


Median

-17.6% -19.1%-26.6%


12M Fwd Growth EPS (Consensus) -8.3% -1.6% 12M Fwd Growth EPS (Consensus) -8.3% 9.4%

Current value

(vs 5Y Highs and Lows)5 Real Estate USA

1.1% -0.4%2.7%



-10.0% -7.5%-4.0%


21.1% -4.7%-0.1%

12M Fwd Growth BPS (Consensus) -4.0% -3.2% 12M Fwd Growth BPS (Consensus) -4.0% 6.0%



21.0% Neutral 298




0

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200

250

300

350


Real Estate USA

90

100

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120

130


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Real Estate USA

MSCI USA Communication_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDCommunication


Last 1M 0.2% 69.3%

Last 6M 9.0% 30.7%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 16.5%

Max DD -19.6% 15.2%

Beta - 14.5%


8.4%


Factor Current2

Change2 Factor

A12PE

19.8

AB12PB

3.3

AC12PC

11.6

AT12PT

8.6

ADVYLD

5.9%


Factor Current2

Change2 Factor

12.1%

10.1%

16.1%

12.2%

11 Month Momentum3


Last Month

Communications 3

USA 760

9









The MSCI USA Communication Index is designed to capture the large and mid cap segments across the United States.Communication contains companies that provide communications

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


ReturnCommuni

cationsUSA Top Two Industry Groups

0.8% Media & Entertainment

l l l l l l

5Y Risk1 Communi

cationsUSA Top Five Contituents

15.8% FB UW

8.2% Telecommunication Services

20.9%

8.7%

DIS UN

Current value


Communicati

onsUSA Difference

Historical

Median

-18.1% GOOG UW

76% GOOGL UW

12.6% T UN

0.9 -3.210.1



-0.2 -0.11.7



(Consensus)8.6 0.7


(Consensus)8.6 10.9 -2.2 -4.5

3.8


Median

2.0% -3.6%0.2%



Current value


Communicati

onsUSA

2.8% -0.2%-0.4%



6.2% 0.3%2.8%


-2.4% -3.8%-3.4%




21.0% Neutral 548




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350


Communication USA

90

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120

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Communication USA

MSCI USA Utilities _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

Introduction

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

3 4 6 3 4


DWM1CDUtilities


Last 1M 0.2% 100.0%

Last 6M 9.0%

Last 1Y 21.2%

Last 5Y 11.6%

Vol. 13.4% 13.1%

Max DD -19.6% 7.5%

Beta - 7.3%


5.3%


Factor Current2

Change2 Factor

A12PE

20.9

AB12PB

2.3

AC12PC

9.9

AT12PT

7.5

ADVYLD

4.2%


Factor Current2

Change2 Factor

6.3%

5.5%

7.1%

8.0%

11 Month Momentum3


Last Month

Utilities 6

USA 412

10









The MSCI USA Utilities Index is designed to capture the large and mid cap segments across the United States.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 Utilities USA Top Industry Group

6.4% Utilities

l l l l l l

5Y Risk1 Utilities USA Top Five Contituents

14.1% NEE UN

16.7%

27.7%

9.5%

AEP UN

Current value

(vs 5Y Highs and Lows)5 Utilities USA Difference

Historical

Median

-15.8% SO UN

35% DUK UN

15.9% D UN

2.0 0.015.0



-1.1 -1.01.5



(Consensus)7.5 0.5


(Consensus)7.5 10.9 -3.3 -3.4

4.7


Median

-4.7% -4.7%1.2%

Indicated Dividend Yield 3.0% -0.1% Indicated Dividend Yield 3.0% 2.3% 0.7% 1.1%3.0%


Current value

(vs 5Y Highs and Lows)5 Utilities USA

-1.8% -1.7%0.1%



-0.9% -1.7%2.6%


-5.2% -7.0%-3.9%




21.0% Neutral 339




50

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200

250

300

350


Utilities USA

90

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120

130


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Utilities USA

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.


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For investors in Korea:This material deals with a specific product/investment strategy which is not registered in Korea. Therefore the material cannot be used for Korean investors. Only passive communication to respond to a request from a Korean investor is allowed. This material cannot be sent to a Korean investor unless the investor requests the material on an unsolicited basis or the investor is an existing client of the product. Also, it may be prudent to have some paper trail which can evidence the fact that the request was made by the investor on an unsolicited basis.

For Investors in ChinaThis Document has been prepared by DWS Investments UK Limited and is intended for the exclusive use by the intended recipients in the People’s Republic of China (“PRC”), which, for the purpose of this Document shall exclude Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan to whom DWS Investments UK Limited has directly distributed this Document. Information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published in any form by any recipient for any purpose without the prior written consent of DWS Investments UK Limited.

Although information contained herein is believed to be materially correct, DWS Investments UK Limited does not make any representation or warranty, express or implied, to the accuracy, completeness, correctness, usefulness or adequacy of any of the information provided. Neither DWS Investments UK Limited, its affiliates, nor any of their directors, officers, employees, representatives, agents, service providers or professional advisers, successors and assigns shall assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person/entity acting or not acting in reliance on the information contained herein.

This Document is for informational purposes only and does not constitute a recommendation, professional advice, solicitation for offer or offer by DWS Investments UK Limited to subscribe, purchase or sell any security or interest of any pooled products in PRC, nor shall it be construed as any undertaking of DWS Investments UK Limited to complete any transaction in relation to any

pooled products and services.

This Document has not been and will not be approved by any PRC governmental or regulatory authority. Generally, this Document shall be distributed to specific entities on a private basis and may solely be used by such specific entities who satisfy themselves as to the full compliance of the applicable PRC laws and regulations with all necessary government approvals and licenses (including any investor qualification requirements) in connection with their overseas investment.

Disclaimer (continued)

For Investors in AustriaFor professional investors only. Not for distribution to retail clients or the general public.No part of this material may, without DWS Investment GmbH's ("DWS") prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to retail clients or the general public.This document is strictly for information purposes and should not be considered as investment advice or an offer or solicitation to deal in any of the investments mentioned herein, or as a prospectus within the meaning of the Austrian Capital Markets Act (Kapitalmarktgesetz – KMG), the Austrian Stock Exchange Act (Börsegesetz 2018 – BörseG) or the Austrian Investment Fund Act (Investmentfondsgesetz 2011 – InvFG 2011), and this information was therefore not prepared, reviewed, approved, or published in accordance with these provisions. This document does not constitute investment advice or investment research as defined under EU Directive 2014/65/EU, the Commission Delegated Regulation (EU) 2017/565 or of laws or regulations implementing any of

them in the Member States. The information in this document is marketing information which has been provided exclusively for information and advertising purposes. Any research or analysis used in the preparation of this document has been procured by DWS for its own use and DWS may have used it for its own purposes. Some of the information in this document may contain projections or other forward looking statements regarding future events or future financial performance of countries, markets or companies. These statements are only a prognosis and actual events or results may differ materially. Any information relating to past performance is not a reliable indicator of the future results of an investment. Any views expressed in this document reflect the current assessment of DWS, which may change without notice. Any addressee of this document must make their own assessment of the relevance, accuracy and adequacy of the information contained in this document and such independent investigations as they consider necessary or appropriate for the purpose of such assessment. Investment decisions should be made, as applicable, on the basis of the key investor information document, the investor information document pursuant to Art 23 of Directive 2011/61/EU and/or the published prospectus, as supplemented by the latest audited (semi-)annual report and/or any supplementary offer documents of any investments mentioned herein. Only these documents are binding. Any opinions or assessments contained in this document are of a general nature and are not to be relied on by any person as investment advice.

Where distributed by Deutsche Bank AG, Stockholm branch: Deutsche Bank AG is authorised under German Banking Law (competent authority: European Central Bank and the BaFin, Germany’s Federal Financial Supervisory Authority). Deutsche Bank AG Stockholm branch ("DBS", Bolagsverket nr. 516401-9985) is authorised by BaFIN and regulated by Finansinspektionen for the conduct of licensed activities in Sweden, Denmark, Norway and Finland. Deutsche Bank branches operate within the EEA on the back of the legal entity (Deutsche Bank AG) EU Passports within the European Economic Area (“EEA”). Reference is made to European Union Regulatory Background and Corporate and Regulatory Disclosures at https://www.db.com/en/content/eu_disclosures_uk.htm. Details about the extent of our authorisation and regulation by BaFIN and respective Nordic Region Financial Supervisory Authority are available from us on request.Without limitation, this document and any attachment does not constitute an offer or a recommendation to enter into any transaction with DBS. This material and attachments is for information purposes only and is not intended to be an offer or an advice or recommendation or solicitation, or the basis for any contract to purchase or sell any security, or other instrument, or for DBS to enter into or arrange any type of transaction as a consequence of any information contained herein. The implicit or explicit views andrecommendations expressed in marketing or other financial presentation material as well as any financial proposals are solely those of the issuer of such material, and forwarded to you on behalf of the contracting party.The views set out in this presentation are those of the author and may not necessarily the views of any other division withinDeutsche Bank, including the Sales and Trading functions of the Corporate and Investment Bank or the Global Client Group of Deutsche Asset and Wealth Management: all services provided by thesethe Sales and Trading functions of the Corporate and Investment Bank are purely on a non-advised, execution-only basis. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (orrelated derivatives) discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. You may not distribute this document, in whole or in part, without our express written permission.DBS is solely acting in an agency/agency similar capacity (“the agent”) for and on behalf of Deutsche Bank AG and/or any of its affiliates. Potential investors should be aware that if they decide to enter into a transaction with Deutsche Bank AG or any of its affiliates acting in their capacity as principal to the transaction(“contracting party”), any and all agreements will be entered into with that contracting party (unless re-negotiated) and pursuant to the financial laws and regulations of the country where the contractingparty is licensed.Unless DBS is entering into a separate and explicit contractual relationship with you for the provision of investment services, it is neither obliged to categorise you in accordance with MiFID nor

perform MiFID suitability and/or appropriateness assessment (as enacted into Swedish laws and regulations). The investments or services mentioned in this material or an attachment thereto may not be appropriate for all investors and before entering into a transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with a contractingparty you do so in reliance on your own judgment. For general information regarding the nature and risks and types of financial instruments please go to www.globalmarkets.db.com/riskdisclosures.Past performance is not a suitable indicator of future results.

For investors in Israel:DWS UK Investments Limited is not a holder of a license granted in Israel pursuant to the Regulation of Investment Advising,Investment Marketing and Portfolio Management Law, 1995 (“the Investment Law”) and does not hold the insurance coverage required of a licensee pursuant to the Investment Law.This document and any information provided by DB in relation to the contents thereof will not under any circumstances be deemed investment “advice” (as such term is defined in the Investment Law). DB is acting as a “marketing agent” (as such term is defined in the Investment Law) and any use of the word “advice” orany derivative thereof in this document should not be taken to mean that DB is offering “advice” as such term is defined in the Investment Law.The transaction or investment described in this document (“the investment”) may have been produced or issued by DB or by a thirdparty. In either case, in the event that a client of DB enters into the investment, DB may receive a financial benefit that is separate from, and in addition to, any fee, commission or other payment (if any) made to it by the client.DB has chosen to market the investment because DB receives certain benefits when one of its clients invests in the investment. Other similar transactions or investment opportunities to which DB has no connection, may also be available however DB has chosen not to market these.This document may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whomcopies have been sent.This document has been prepared exclusively for Qualified Clients as such term is defined in the First Schedule to the Investment Law and/or the First Schedule of the Israel Securities Law, 5728-1968 (“Securities Law”). As a prerequisite to the receipt of a copy of this document a recipient may be required to provide confirmation and evidence that it is a Qualified Client.This document has not been approved by the Israeli Securities Authority and will not constitute "an offer to the public" under sections 15 and 15a of the Securities Law or section 25 of the Joint Investment Trusts Law, 5754-1994"

For Investors in ThailandThis 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 information purposes only. It does not constitute investment advice, a recommendation, an offer, solicitation, the basis for any contract to purchase or sell any security or other instrument, or for Deutsche Bank AG or its affiliates to enter into or arrange any type of transaction as a consequence of any information contained herein. Neither Deutsche Bank AG nor any of its affiliates gives any warranty as to the accuracy, reliability or completeness of information which is contained in this document.

Notice to prospective Investors in Japan

This document is prepared by DWS UK Investments Limitedand is distributed in Japan by DeAMJ. Please contact the responsible employee of DeAMJ in case you have any question on this document because DSI serves as contacts for the product or service described in this document. This document is for distributionto Professional Investors only under the Financial Instruments and Exchange Law.The term “resident of Japan” means any natural person having his place of domicile or residence in Japan, any corporation or other entity organised under the laws of Japan or having its main office in Japan, or an office in Japan of any corporation or other entity having its main office outside Japan.

For Investors in BruneiThis document relates to a private collective investment scheme under the Securities Markets Order, 2013 and the regulations thereunder (“Order”).This document is intended for distribution only to specific classes of investors as specified in the Order and must not, therefore, be delivered to, or relied on by, a retail client.The Autoriti Monetari Brunei Darussalam (“Authority”) is not responsible for reviewing or verifying any prospectus or other documents in connection with this collective investment scheme. The Authority has not approved this document or any other associated documents nor taken any steps to verify the information set outin this document and has no responsibility for it.The units to which this document relates may be illiquid or subject to restrictions on their resale. Prospective purchasers of the units offered should conduct their own due diligence on the units.

Notice to prospective investors in Taiwan:The interests described in this document may be made available for investment outside Taiwan by investors residing in Taiwan, but may not be offered or sold in Taiwan. The interests described in this document are not registered or approved by FSC of Taiwan ROC and could not be offered, distributed or resold to the public in Taiwan. The investment risk borne by unregistered and unapproved interests could cause investors loss part of or all investment amount. The securities may be made available for purchase outside Taiwan by investors residing in Taiwan, but may not be offered or sold in Taiwan.

重要披露

本文件在未經發行人事先書面同意下不得分發予其他人士。

本文件僅作為資訊參考之用，不應被依賴為投資決策。本文件不構成投資建議、推薦或邀約，亦非購入或出售任何證券或其他工具之合約、或德意志銀行或其附屬公司根據本文件所含任何資料訂立或

安排任何類型的交易之基礎。德意志銀行及其附屬公司不就本文件所含資料的準確性、可靠性或完整性作任何保證。除了法律上不得免除的責任之外，德意志銀行集團、其銷售機構(distributor) 的任

何成員公司或任何管理人員、員工或彼等的任何聯繫人士就因本文件的任何錯誤或遺漏或接收本文件之人士或任何其他個人直接、間接、引致或以其他方式承受的任何損失或損害概不承擔任何責任

（不論以合約、侵權、疏忽或其他方式產生）。

本文件所述之觀點為德意志銀行或其附屬公司於發行時之判斷，可能作出修改。本文件僅供專業投資人士使用。本文件並不因應任何特定或可能收到此文件的人士之具體目標、金融環境或需要而編

訂。本文件在未經發行人事先書面同意下不得分發予其他人士。股份/單位之價值及其所得收益可升亦可跌。過往表現或任何預測或預期並不代表未來的業績。

本文件所含之預測乃基於我們截至本文件編製當日的市場觀點，可能根據市場日後的變化作出修改。有關經濟、股市、債券市場或市場經濟趨勢的任何預測、預告或預期未必代表日後或可能之表現。

本文係以英文撰寫，德意志銀行，其附屬公司及第三人無法保證翻譯之品質或正確性。

Disclaimer (continued)

For investors in PortugalIn relation to Portugal, each purchaser of the Interests acknowledges that with effect from and including the date on which the Prospectus Directive is implemented in Portugal (the “Relevant Implementation Date”) no offer of the Interests may be made to the public in Portugal, except that, with effect from and including the Relevant Implementation Date, an offer of Interests may be made to the public in Portugal at any time:to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; or to any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance sheet of more than €43,000,000 and (iii) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts.For the purposes of the provision above, the expression an “offer of Interests to the public” in relation to any Interests in Portugal means the communication in any form and by any means of

sufficient information on the terms of the offer and the Interests to be offered so as to enable an investor to decide to purchase or subscribe the Interests, as the same may be varied in Portugal by any measure implementing the Prospectus Directive in Portugal and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in Portugal.

For Investors in LuxembourgNeither the Prospectus nor any other document or material in relation to the Funds has been lodged, filed or registered with or otherwise approved by the Commission de surveillance du secteur financier (CSSF) or the Luxembourg Stock Exchange. The Funds may not be offered or sold in the Grand-Duchy of Luxembourg, except for Shares which are offered in circumstances that do not require the approval of a prospectus by the Luxembourg financial regulatory authority in accordance with the Law of December 17, 2010 as amended on undertakings for collective investment. The Funds are offered to a restricted circle of sophisticated persons previously known to DB AG or its subsidiaries, in all cases under circumstances designed to preclude a distribution that would be other than a private placement. This Presentation may not be reproduced or used for any purpose, or provided to any person other than those to whom copies have been sent.

For investors in MalaysiaAs the approval of the Malaysian Securities Commission pursuant to section 212 of the Malaysian Capital Markets and Services Act 2007 has not been / will not be obtained, to Products hereunder are not being and will not be deemed to be issued, made available, offered for subscription or purchase in Malaysia, and neither this presentation nor any document or other material in connection therewith should be distributed, caused to be distributed or circulated in Malaysia, to individuals or other legal entities who fall under paragraphs 8, 9, 11, 12 or 13 of Schedule 6 to the Capital Markets and Services Act 2007.

Important Information -EMEAThis marketing communication is intended for professional clients only.DWS is the brand name under which DWS Group GmbH & Co. KGaA and its subsidiaries operate their business activities. Clients will be provided DWS products or services by one or more legal entities that will be identified to clients pursuant to the contracts, agreements, offering materials or other documentation relevant to such products or services.The information contained in this document does not constitute investment advice.All statements of opinion reflect the current assessment of [Legal Entity] and are subject to change without notice.Forecasts are not a reliable indicator of future performance. Forecasts are based on assumptions, estimates, opinions and hypothetical performance analysis, therefore actual results may vary, perhaps materially, from the results contained here.Past performance, [actual or simulated], is not a reliable indication of future performance.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 and the information contained herein may only be distributed and published in jurisdictions in which such distribution and publication is permissible in accordance with applicable law in those jurisdictions. Direct or indirect distribution of this document is prohibited in the USA as well as to or for the account of US persons and persons residing in the USA.

© 2019 DWS Investments UK Limited

Important Information – APACImportant Information –APACDWS is the brand name of DWS Group GmbH & Co. KGaA. The respective legal entities offering products or services under the DWS brand are specified in the respective contracts, sales materials and other product information documents. DWS Group GmbH & Co. KGaA, its affiliated companies and its officers and employees (collectively “DWS Group”) are communicating this document in good faith and on the following basis. 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.DWS Group does not give tax or legal advice. Investors should seek advice from their own tax experts and lawyers, in considering investments and strategies suggested by DWS Group. Investments with DWS Group are not guaranteed, unless specified.Investments are subject to various risks, including market fluctuations, regulatory change, possible delays in repayment and loss of income and principal invested. The value of investments can fall as well as rise and you might not get back the amount originally invested at any point in time. Furthermore, substantial fluctuations of the value of the investment are possible even over short periods of time. The terms of any investment will be exclusively subject to the detailed provisions, including risk considerations, contained in the offering documents. When making an investment decision, you should rely on the final documentation relating to the transaction and not the summary contained herein. Past performance is no guarantee of current or future performance. Nothing contained herein shall constitute any representation or warranty as to future performance.Although the information herein has been obtained from sources believed to be reliable, DWS Group does not guarantee its accuracy, completeness or fairness. No liability for any error or omission is accepted by DWS Group. Opinions and estimates may be changed without notice and involve a number of assumptions which may not prove valid. All third party data (such as MSCI, S&P, Dow Jones, FTSE, Bank of America Merrill Lynch, Factset & Bloomberg) are copyrighted by and proprietary to the provider. DWS Group or persons associated with it may (i) maintain a long or short position in securities referred to herein, or in related futures or options, and (ii) purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation.The document was not produced, reviewed or edited by any research department within DWS Group and is not investment research. Therefore, laws and regulations relating to investment research do not apply to it. Any opinions expressed herein may differ from the opinions expressed by other DWS Group departments including research departments. This document may contain forward looking statements. Forward looking statements include, but are not limited to assumptions, estimates, projections, opinions, models and hypothetical performance analysis. The forward looking statements expressed constitute the author’s judgment as of the date of this material. 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 Group as to the reasonableness or completeness of such forward looking statements or to any other financial information contained herein.This document may not be reproduced or circulated without DWS Group’s written authority. The manner of circulation and distribution of this document may be restricted by law or regulation in

certain countries, including the United States.This document is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, including the United States, where such distribution, publication, availability or use would be contrary to law or regulation or which would subject DWS Group to any registration or licensing requirement within such jurisdiction not currently met within such jurisdiction. Persons into whose possession this document may come are required to inform themselves of, and to observe, such restrictions.Unless notified to the contrary in a particular case, investment instruments are not insured by the Federal Deposit Insurance Corporation (”FDIC“) or any other governmental entity, and are not guaranteed by or obligations of DWS Group.© 2019 DWS Investments UK Limited

us equities sector assesment framework ......source bloomberg lp, thomson reuters datastream, dws...

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