Xetra (ticker: XYP1 GY), Borsa Italiana (ticker: XYP1 IM), BX Berne Exchange (ticker: XYP1 BW) ETF All-in fee 0.15% p.a. 0.15% p.a.
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- Victoria Moore
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1 Xtrackers Q&A Government Bond Yield Plus Swap UCITS ETF Conversion of the ETF to physical replication Closure of the 2C Duration Hedged share class (here-after 2C ) and subsequent movement of its assets to Government Bond Yield Plus What is happening? From the 12 th June 2018 there will be changes impacting share classes 1C, 1D and 2C of UCITS ETF. Please see below for a summary of changes to each share class. a) UCITS ETF, Share Class: 2C, ISIN: LU This share class will be closed and its assets will be merged with the assets of the 1C share class of Xtrackers II iboxx Eurozone Government Bond Yield Plus 1-3 UCITS ETF (ISIN: LU ). As a result of the merger, the following changes will take place as of the effective date, 19 th June 2018: ETF Name Pre-merger (=before 19 th June 2018) Post-merger (=after 19 th June 2018) UCITS ETF Government Bond Yield Plus 1-3 UCITS ETF ETF Share Class 2C (closing share class) 1C (receiving share class) ETF ISIN LU LU ETF Listings / Ticker XETRA (ticker: XHYP GY), Borsa Italiana (ticker: XHYP IM) Xetra (ticker: XYP1 GY), Borsa Italiana (ticker: XYP1 IM), BX Berne Exchange (ticker: XYP1 BW) ETF All-in fee 0.15% p.a. 0.15% p.a. Reference Index Markit iboxx EUR Sovereigns Eurozone Yield Plus Interest Rate Hedged Index iboxx Sovereigns Eurozone Yield Plus 1-3 Index Reference Index Ticker IBXXH7EU IBXXEYOT Replication Methodology Indirect (swap-based) Direct (physical) Portfolio Structure Substitute Basket + Swap Optimized Sampling The timeline for the changes to the share class 2C is provided below: Last trading day on the secondary market, including on exchange (Xetra: XHYP GY / Borsa Italiana: XHYP IM) 8th June 2018 Last trading on the primary market 11 th June 2018 No trading on the primary and secondary market from the market open on 12 th June 2018 until market close on 19 th June 2018 Termination day 19 th June 2018 On the termination day, the remaining assets of the closing share class will be transferred to the share class 1C of Government Bond Yield Plus 1-3 UCITS ETF as per the official notice published on Shareholders of the closing share class will receive shares of the receiving share class in accordance with the merger ratio that will be published on shortly after the Effective Date.
2 b) UCITS ETF Share Class: 1C, ISIN: LU Share Class: 1D, ISIN: LU This ETF will undergo a conversion to physical replication between 12 th June 2018 and 12 th December As a result of the conversion, the following changes will take place, impacting both share classes remaining live (1C and 1D): Pre-conversion Post-conversion ETF Name Government Bond Yield Plus Swap UCITS ETF Government Bond Yield Plus UCITS ETF Replication Methodology Indirect (swap-based) Direct (physical) Portfolio Structure Substitute Basket + Swap Optimized Sampling There will be no changes to ETF codes / identifiers, Reference Index or All-in fees. DWS will publish a notice on once the changes in relation to the share class have been implemented. 2 What is the rationale behind the changes described above? Closure of UCITS ETF 2C and the merger of its assets with the assets of Government Bond Yield Plus 1-3 : The decision to undertake the closure of this share class and to move its assets to the share class 1C of Government Bond Yield Plus 1-3 UCITS ETF was taken following the opinion issued by the European Securities and Markets Authority ( ESMA ) in relation to share classes of UCITS on 30 th January 2017, namely ESMA In these guidelines ESMA expressed its opinion that share classes must have a common investment objective and that certain hedging arrangements at share class level are no longer compatible with that objective. As a result UCITS ETF 2C would have either needed to be split off into a separate ETF or to be merged into a similar strategy. Given Government Bond Yield Plus 1-3 offers a similar low duration exposure, is an established, direct replication ETF with over EUR 400 million in assets under management, and includes government bonds from the same countries, it was chosen as the receiving fund. ETF Duration Hedged share class to the ETF (to be closed) UCITS ETF 2C Receiving ETF of the share class to be closed Government Bond Yield Plus 1-3 Exposure government bonds (Investment Grade rated) across the yield curve government bonds + short positions in Schatz, Bobl & Bund futures to mitigate duration risk government bonds (Investment Grade rated) with maturities between 1 and 3 years Duration 6.98 Target Yield calculation (per annum) + Option-adjusted spread (OAS) + Risk-free rate + OAS + Risk-free rate - Risk-free rate + Implied repo rate + Cash rate + Option-adjusted spread (OAS) + Risk-free rate Illustrative yield expectations: Example based on current data (30 Apr 18) OAS = 0.78% Risk-free rate = 0.16% Yield exposure = +0.94% OAS = 0.78% Risk-free rate = 0.16% Average implied repo rate = -0.62%1 EONIA rate = -0.36% Yield exposure = 0.78% % % + (-0.62%) + (-0.36%) = -0.20% OAS = 0.33% Risk-free rate = -0.58% Yield exposure = -0.25% 3yr ETF performance (Apr 15 Apr 18) 3yr ETF volatility 2 (Apr 15 Apr 18) +4.63% -1.24% +0.43% 4.6% 2.85% 0.6% Source: DWS, Bloomberg. Data as at 30 April ) Average implied repo rate based on the 1 month average implied repo rates of the cheapest-to-deliver bond for Schatz, Bobl & Bund Jun18 futures contracts. The nominal size of the short position in each future is based on duration bucketing of the underlying bonds in the unhedged index. 2) Annualised volatility based on 3 year standard deviation using monthly performance figures Past performance is not a reliable indicator for future performance.
3 Government Bond Yield Plus UCITS ETFs 3 year performance: broad vs. 1-3yr vs. duration hedged Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 UCITS ETF 2C Government Bond Yield Plus 1-3 Government Bond Yield Plus Source: Bloomberg as of 30/04/2018. Past performance is not a reliable indicator for future performance. Conversion to direct (physical) replication: In response to investor demand for fixed income ETFs using direct (physical) replication, a number of Xtrackers fixed income ETFs have been converted to physical replication, forming a suite of physical ETFs that can be used as building blocks for most major bond segments. As the Yield Plus bond range is one important building block the decision was taken to convert UCITS ETF to physical replication so as to meet investor demand for a physical replication building block in this segment. 3 Who will undertake portfolio management for the three ETFs? The Investment Manager for all impacted share classes post the effective date will be Deutsche Asset Management GmbH ( DeAM GmbH ) who will sub-delegate certain portfolio management functions to Deutsche Asset Management (UK) Limited ( DeAM (UK) ). DeAM (UK) is mandated to perform portfolio management services for most of Xtrackers fixed income ETFs. The team has significant experience in managing index tracking physical securities portfolios, and is currently responsible for managing all Xtrackers ETFs with the exception of a small number of ETFs focused on the Chinese onshore market. 4 Are there any cost implications as a result of these changes? There will be no increase in the total expense ratios as a result of these changes. DeAM (UK) will compensate the ETFs for any costs incurred as a direct consequence of this share class merger and switch to physical replication. 5 Do investors need to take any action? Investors in 2C share class of UCITS ETF: The closure and the merger with the Government Bond Yield Plus 1-3 is expected to take place seamlessly from the investor perspective, with the All-in Fee of the closing share class in line with the All-in Fee of the receiving share class. Following 19 th June 2018, investors in the closing share class will hold shares of the receiving share class that tracks a different Reference Index iboxx Sovereigns Eurozone Yield Plus 1-3 Index. Investors who do not wish to have exposure to the new Reference Index should sell their shares by close of business on 8 th June Investors in 1C and 1D share classes of UCITS ETF: The conversion to physical replication is expected to take place seamlessly from the investor perspective. Investors may simply continue to hold shares in their Xtrackers ETF, and from the point of the conversion each ETF will simply directly invest in securities related to the underlying index. Investors who do not wish to have exposure to the Reference Index by means of physical replication should sell their shares before 11 th June What is the expected impact on my investment from a tax perspective? All investors are strongly advised to consult their tax advisor to assess (1) the impact of the above changes and any potential tax consequences thereof and (2) any potential changes between the current and / or future taxation of their investment under the laws of the countries of their nationality, residence, domicile or incorporation. 7 Will ISINs, WKNs tickers and other codes change? 1) Share class 2C (ISIN: LU ): The ETF will have a new ISIN (LU ) and a new WKN (DBX0K7). All new codes and identifiers will be published on etf.dws.com following the effective date. 2) Share classes 1C (ISIN: LU ) and 1D (ISIN: LU ): There will be no change to the ISIN and WKN codes.
4 8 Will there be any changes to distribution policies? There will be no changes to the distribution policies. Contact us For more information, please contact: DWS Xtrackers Hotline: +44 (20) Calendar year historical performance Since inception of share class until 30/04/2018 Share class inception date UCITS ETF 2C Government Bond Yield Plus % 2.60% 2.90% 15.00% 7.00% 44.63% 22/09/ % -2.30% 1.80% % 12/02/ % 0.30% 1.00% 2.50% % 14/08/2013 Glossary Option adjusted spread Yield curve Risk-free rate Schatz, Bobl & Bund Measures the spread between the yield of a bond and the risk-free rate of return, adjusted for callable bonds (i.e. bonds that include an embedded option giving the issuer the right but not obligation to redeem the bond at a predetermined call date which will be prior to the bonds scheduled maturity). A line that plots the interest rates at a set point in time, of bonds with equal credit quality but varying maturity dates. Rate of return for an investment that is considered risk free. Typically short dated German/US government bond rates are used for EUR/USD-denominated securities to denote the risk-free rate Refers to standardised futures contracts on German government bonds. Schatz being a future on short term German government bonds, Bobl on medium term and Bund on 10 year maturity bonds. Key risk factors An investment in an Xtrackers ETF may not be suitable for all investors. Past performance is not a reliable indicator of future results. Investments in funds involve numerous risks including, among others, general market risks, credit risks, foreign exchange risks, interest rate risks and liquidity risks. As such, the value of an investment in an Xtrackers ETF may go down as well as up and can result in losses, up and including a total loss of the amount initially invested. Investors should be aware that Deutsche Asset Management (UK) Limited, any of its parents or any of its or its parents subsidiaries or affiliates (together referred to as DWS) may from time to time own interests in the Fund which may represent a significant amount or proportion of the overall investor holdings in the Fund. Investors should consider what possible impact such holdings, or any disposal thereof, may have on them. Disclaimer Xtrackers, Xtrackers II and Xtrackers (IE) plc are undertakings for collective investment in transferable securities (UCITS) in accordance with the applicable laws and regulations and set up as open-ended investment companies with variable capital and segregated liability between their respective compartments. Xtrackers and Xtrackers II are incorporated in the Grand Duchy of Luxembourg, are registered with the Luxembourg Trade and Companies Register under number B (Xtrackers) and B (Xtrackers II) respectively and have their registered office at 49, avenue J.F. Kennedy, L-1855 Luxembourg. Deutsche Asset Management S.A. acts as the management company of Xtrackers and Xtrackers II.
5 The information contained in this document is provided for information purposes only. Any investment decision in relation to an Xtrackers ETF should be based solely on the latest version of the prospectus, the audited annual and, if more recent, un-audited semi-annual reports and the Key Investor Information Document (KIID), all of which are available in English upon request or on In the case of any inconsistency with the prospectus, the latest version of the prospectus shall prevail. This document does not create any legally binding obligations on the part of Deutsche Asset Management. Without limitation, this document does not constitute investment advice and does not constitute an offer or recommendation to enter into any transaction. This document is not intended for distribution or use by any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication or use would be prohibited. While every effort has been made to ensure that the information contained in this document is correct, complete and accurate, no representation or warranty, expressed or implied, is made as to the correctness, completeness or accuracy thereof and Deutsche Asset Management assumes no responsibility or liability for any errors or omissions therein. For more information on the Fund please refer to the prospectus and relevant KIID. Any reference to DWS, Deutsche Asset Management or Deutsche AM shall, unless otherwise required by the context, be understood as a reference to Deutsche Asset Management (UK) Limited including any of its parent companies, any of its or its parents affiliates or subsidiaries and, as the case may be, any investment companies promoted or managed by any of those entities. Issued in the UK by Deutsche Asset Management (UK) Limited of Winchester House, 1 Great Winchester Street, London EC2N 2DB. Deutsche Asset Management (UK) Limited is authorised and regulated by the Financial Conduct Authority. Deutsche Asset Management (UK) Limited All information as of 30 April 2018.
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