PRODUCT HIGHLIGHTS SHEET

Transcription

1 Prepared on: 15 August 2018 This Product Highlights Sheet is an important document. It highlights the key terms and risks of this investment product and complements the Prospectus 1. It is important to read the Prospectus before deciding whether to purchase shares in the If you do not have a copy, please contact us to ask for one. You should not invest in the product if you do not understand it or are not comfortable with the accompanying risks. If you wish to purchase the product, you will need to make an application in the manner set out in the Prospectus. DWS INVEST CHINA BONDS (the "Sub-Fund", a sub-fund of DWS Invest) Product Type Investment company Inception Date Class RMB LC: 18 February 2013 Class USD LC: 16 August 2011 Classes FC, LC and SGD LC: Not incepted Management Company Fund Manager Representative Capital Guaranteed Deutsche Asset Management S.A. DWS Investment GmbH 2 Deutsche Asset Management (Asia) Limited No Depositary and Administrator Sub-Manager Dealing Frequency Expense Ratio for period ended 31 December 2017 State Street Bank Luxembourg S.C.A. Deutsche Asset Management (Hong Kong) Limited Every Dealing Day PRODUCT SUITABILITY WHO IS THE PRODUCT SUITABLE FOR? The Sub-Fund is only suitable for who: o are seeking above average returns; o are seeking exposure to interest-bearing debt securities denominated in RMB (or hedged in RMB) issued by Chinese issuers and global issuers; o are experienced and familiar with the opportunities and risks of volatile investments and are able to temporarily bear substantial losses; and o are risk-tolerant (as defined in the glossary). KEY PRODUCT FEATURES WHAT ARE YOU INVESTING IN? You are investing in a sub-fund of DWS Invest, an open-ended investment company with variable capital (SICAV) incorporated in Luxembourg and in compliance with Luxembourg Law (as described in the glossary). The share classes offered in are FC, LC, RMB LC, SGD LC and USD LC. Share classes FC, LC, RMB LC, SGD LC and USD LC are capitalisation (i.e. reinvestment of income) shares and dividends will not be distributed. Class RMB LC: 1.29% Class USD LC: 1.29% Classes FC, LC and SGD LC: Not available Further Information "Investor Profile and Volatility" section of the on product suitability. "Structure of the Investment Company" and "Dividend Policy" sections of the on features of the 1 The Prospectus is available from the Representative (whose business address is at One Raffles Quay, #16-00 South Tower, ) or its authorised distributors during normal business hours. 2 With regard to the current Fund Manager, Deutsche Asset Management Investment GmbH, and subject to the approval of its general meeting, as of 1 September 2018 "Deutsche Asset Management Investment GmbH" will be re-named to "DWS Investment GmbH". For simplification purposes, the rebranding of the Fund Manager has been taken into account in this PHS. Page 1

2 Investment Strategy The Sub-Fund may invest in interest-bearing debt securities issued by the Chinese government, Chinese government agencies, Chinese municipals, companies with their registered office in China or that conduct their principal business activity in China. The Sub-Fund may also invest in interest-bearing debt securities denominated in or hedged against the RMB from issuers that do not meet the above mentioned criteria and RMB-denominated cash deposits. RMBdenominated assets may be invested via the Chinese offshore as well as the Chinese onshore market. The Sub-Fund may invest in RMB-denominated securities in any RMB offshore market that meets its investment policy. The above securities may be listed on securities exchanges or traded on other regulated markets. Assets not denominated in RMB will generally be hedged against the RMB. In extreme market situations, the Fund Manager may diverge from the above strategy to avoid a liquidity squeeze. Up to 100% of the Sub-Fund's assets may be temporarily invested in interest-bearing securities of USA, Japanese and European (European Union member states) government bonds, where the currency risk is hedged at the Fund Manager's discretion. The Sub-Fund may invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by the Chinese government. The Sub-Fund may invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by a European Union member state, its local authorities, an OECD member country, or by a public international body of which one or more European Union member states are members. Financial derivatives may be used as part of the investment strategy and not merely for efficient portfolio management and hedging. Parties Involved WHO ARE YOU INVESTING WITH? The Management Company is Deutsche Asset Management S.A.. The Fund Manager is DWS Investment GmbH. The Sub-Manager is Deutsche Asset Management (Hong Kong) Limited. The Depositary is State Street Bank Luxembourg S.C.A.. The Representative is Deutsche Asset Management (Asia) Limited. KEY RISKS WHAT ARE THE KEY RISKS OF THIS INVESTMENT? The value of the Sub-Fund and its distributions (if any) may rise or fall. You may lose some or all of your investment. You should consider the risks of investing in the Sub-Fund, some of which are detailed in the Prospectus. Market and Credit Risks You are exposed to China market risk. o Investment in China is subject to legal, regulatory, monetary and economic risks, including risk of currency fluctuation or blockage, changes in economic policy, confiscatory taxation, and expropriation of assets. o Chinese stock exchanges, currency markets, trading systems, and brokers may be less regulated than in developed countries. Chinese companies may not be subject to the same disclosure, accounting, auditing and reporting standards as in developed countries. o The Sub-Fund may be affected by political, social or economic disruptions in the region. o Additional risks may arise from the concentration of investments that are nearly all in RMB. "Investment Objective, Focus and Approach" section of the on the investment strategy of the "Management Structure and other Parties" section of the on their roles and responsibilities. "Risk Factors" section of the on risks of the Page 2

3 Liquidity Risks The Sub-Fund is not listed on the Exchange and you can redeem only on Dealing Days through the Representative or its authorised distributors. In respect of, there is no secondary market for the Sub-Fund. You are exposed to liquidity risk and high trading costs. o The Sub-Fund may invest in securities via the RMB offshore markets, which is of limited quantity. The cost of trading in these securities may be higher than other fixed income securities. Product-Specific Risks You are exposed to exchange rate risk. o Shares may not be denominated in SGD and the Sub-Fund currency will not be hedged against the SGD. The Sub-Fund's underlying assets may not be denominated in the Sub-Fund currency and exchange rate fluctuations may affect its value. o The Sub-Fund's investment in RMB-denominated assets may be affected by RMB depreciation against the respective share class currency. The RMB is not freely convertible and is subject to exchange control policies and repatriation restrictions. You are exposed to derivatives risk. o The Sub-Fund may use derivatives including options, forwards, financial futures contracts and/or swaps. Each of these investments carries its own specific risks. Such products entail greater risks (such as, market, liquidity, credit, political and foreign exchange risks) than direct investments. There is no guarantee that such products will be employed or that they will work, and their use could cause lower returns or even losses to the Sub-Fund. You are exposed to interest rate risk. o A rise in overall interest rates can lead to a decline in bond prices, and conversely, a decline in interest rates can lead to an increase in bond prices. o Interest rate risks may occur in the event of interest rate fluctuations in the denomination currency of the securities or the Sub-Fund. You are exposed to volatility risk. o The Sub-Fund is subject to markedly increased volatility due to its composition and the fund management techniques used. You are exposed to credit and counterparty risk. o An issuer of bonds or debt instruments or a counterparty to OTC transactions may default. The value of instruments issued by an issuer in financial or economic difficulties may fall. o The Sub-Fund may invest in unrated securities, which generally have higher credit risks. o The Sub-Fund may have difficulties enforcing its rights against an issuer incorporated in a foreign jurisdiction. You are exposed to custody and settlement risk. o Investments in custody may be removed from DWS Invest due to insolvency, violation of due diligence or improper conduct on the part of the Depositary or any sub-depositary. o Payments to the Sub-Fund may not occur due to the inability or unwillingness of certain countries to execute transfers or currency exchange restrictions rendering currencies inconvertible. o Settlement via a transfer system may not be executed as expected. You are exposed to inflation risks. o All assets are subject to a risk of devaluation through inflation. You are exposed to single entity risk. o The Sub-Fund may invest up to 100% of its assets in interest-bearing debt securities issued or guaranteed by the Chinese government. Single entity exposure could lead to a higher volatility and lower liquidity of the Sub-Fund. Page 3

4 FEES AND CHARGES WHAT ARE THE FEES AND CHARGES OF THIS INVESTMENT? Payable directly by you: Front-end load (based on gross investment) Back-end load / redemption fee Exchange commission Class FC: 0% All other Classes: Up to 3.0% All Classes: Nil Exchange from class with no front-end load to new class with a front-end load: Full frontend load applicable to new class. Exchanges within EUR classes: Front-end load applicable to new class less 0.5% plus any applicable issue taxes and levies. Exchanges within USD/SGD classes: Up to 1% of the value of the target share. Payable by the Sub-Fund from invested proceeds: (a) Annual Management Company fee (b) Fees and charges to the Depositary, transfer agent, administrator and other service providers Class FC: Up to 0.6% All other Classes: Up to 1.1% All Classes: Up to 15% of (a) (c) Service fee All Classes: 0% The above figures are current rates. For the maximum rates, please refer to the Prospectus. o Authorised distributors may charge other fees depending on the services they provide to the investor. o Other costs and remuneration may be charged to the Sub-Fund. VALUATIONS AND EXITING FROM THIS INVESTMENT HOW OFTEN ARE VALUATIONS AVAILABLE? Shares may be redeemed on any Dealing Day on a forward pricing basis at the NAV per share. The indicative share prices (save for share class FC) are available on the website at normally within two (2) Business Days after the relevant Dealing Day. HOW CAN YOU EXIT FROM THIS INVESTMENT AND WHAT ARE THE RISKS AND COSTS IN DOING SO? You can exit the Sub-Fund by redeeming your shares on any Dealing Day by submitting a redemption request to the Representative or its authorised distributors. You will usually receive the redemption proceeds within seven (7) Dealing Days from the date of receipt. Your redemption price is determined as follows: o Redemption requests received and accepted by the Representative before 4pm ( time) on a Dealing Day will be processed at the redemption price applicable to that Dealing Day. o Requests received and accepted after 4pm ( time) on a Dealing Day will be processed on the next Dealing Day. o Authorised distributors may have earlier dealing deadlines. You should confirm the applicable dealing deadline with the relevant distributor. The net redemption proceeds that you will receive will be the redemption price multiplied by the number of shares redeemed, less any charges. An example is as follows: 1, x EUR = EUR 107, shares Your redemption request Notional redemption price Net redemption proceeds CONTACT INFORMATION HOW DO YOU CONTACT US? If you have any queries or feedback, you may contact the Representative at telephone no.: (65) "Fees and Charges" section of the on fees and charges. "Redemption of Shares Subscribed Pursuant to this Prospectus" and "Obtaining Price Information" sections of the on valuation and exiting from the Page 4

5 APPENDIX: GLOSSARY OF TERMS All Classes Refers to all share classes offered in as set out in the "Key Product Features" section. Dealing Day Means any day that is a Valuation Date and a Business Day. EUR Euro forward pricing Means that redemption orders are placed on the basis of basis an unknown NAV per share. The redemption price will be equal to the NAV per share determined on the next Valuation Date on which the redemption request is received and accepted. growth-oriented Investors seeking capital appreciation primarily from equity gains and exchange rate movements. Return expectations are offset by high risks in the equity, interest rate and currency areas, as well as by credit risks and the possibility of incurring significant losses up to and including the total loss of capital invested. The investor is willing and able to bear such a financial loss and is not concerned with capital protection. growth-oriented, income-oriented, risk-averse, and risk tolerant The definitions of these investor profiles were created based on the premise of normally functioning markets. Further risks may arise in each case in the event of unforeseeable market situations and market disturbances due to non-functioning markets. income-oriented Investors seeking higher returns through dividend distributions and interest income from bonds and money market instruments. Return expectations are offset by risks in the equity, interest rate and currency areas, as well as by credit risks and the possibility of incurring losses up to and including the total loss of capital invested. The investor is also willing and able to bear a financial loss and is not concerned with capital protection. Luxembourg Means Part I of the Luxembourg law on Undertakings for Law (for the Collective Investment of 17 December 2010, the purpose of this document) provisions of Directive 2014/91/EU (amending Directive 2009/65/EC) (UCITS Directive), Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to the obligations of depositaries and the provisions of the Grand-Ducal Regulation of 8 February 2008, relating to certain definitions of the Law of 20 December 2002, on Undertakings for Collective Investment, as amended, and implementing Directive 2007/16/EC. NAV Net asset value of the Sub-Fund, determined in accordance with Article 6 "Calculation of the net asset value per share" of the General Section of the Luxembourg Prospectus. OECD Organisation for Economic Co-operation and Development OTC Over-the-counter permissible assets Assets that the Sub-Fund may invest in, as set out in Article 2 "Risk spreading" of the General Section of the Luxembourg Prospectus. risk-averse Safety-oriented with little risk appetite, seeking steady performance but at a low level of return. Short-term and long-term fluctuations of the unit value are possible as well as significant losses up to the total loss of capital invested. The investor is willing and able to bear such a financial loss and is not concerned with capital protection. Page 5

6 risk-tolerant RMB SGD Business Day USD Valuation Date Investors who, in seeking investments with strong returns, can tolerate the substantial fluctuations in the values of investments, and the very high risks this entails. Strong price fluctuations and high credit risks result in temporary or permanent reductions of the net asset value per unit. Expectations of high returns and tolerance of risk by the investor are offset by the possibility of incurring significant losses up to and including the total loss of capital invested. The investor is willing and able to bear such a financial loss and is not concerned with capital protection. Chinese Renminbi Dollar Any day (other than a Saturday or Sunday) on which commercial banks are open for business in. U.S. Dollar Every bank business day in Luxembourg, that is also an exchange trading day on the Hong Kong Stock Exchange, but does not include public holidays in Luxembourg (even if they are bank business days in Luxembourg or exchange trading days on the Hong Kong Stock Exchange) as well as December 24 and December 31 of each year. Page 6