DWS Investment S.A
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DWS Investment S.A. DWS Invest Sales Prospectus An investment company with variable capital (SICAV) incorporated under Luxembourg law July 15, 2021 Contents A. Sales Prospectus – General Section 4 General information 4 Investor profiles 23 Investment Company 24 Management Company 37 Depositary 37 B. Sales Prospectus – Special Section 43 DWS Invest Africa 43 DWS Invest Artificial Intelligence 48 DWS Invest Asian Bonds 50 DWS Invest Asian Small/Mid Cap 53 DWS Invest Brazilian Equities 55 DWS Invest China Bonds 58 DWS Invest Chinese Equities 61 DWS Invest Conservative Opportunities 64 DWS Invest Convertibles 66 DWS Invest Corporate Hybrid Bonds 68 DWS Invest Credit Opportunities 70 DWS Invest CROCI Euro 72 DWS Invest CROCI Europe SDG 75 DWS Invest CROCI Global Dividends 78 DWS Invest CROCI Intellectual Capital 81 DWS Invest CROCI Japan 85 DWS Invest CROCI Sectors 88 DWS Invest CROCI Sectors Plus 91 DWS Invest CROCI US 94 DWS Invest CROCI US Dividends 97 DWS Invest CROCI World 100 DWS Invest CROCI World SDG 103 DWS Invest Emerging Markets Corporates 106 DWS Invest Emerging Markets IG Sovereign Debt 109 DWS Invest Emerging Markets Opportunities 111 DWS Invest Emerging Markets Sovereign Debt 113 DWS Invest Enhanced Commodity Strategy 115 DWS Invest ESG Arabesque AI Eurozone Equity 118 DWS Invest ESG Asian Bonds1 120 DWS Invest ESG Clean Energy 123 DWS Invest ESG Climate Tech 125 DWS Invest ESG Digital Education 128 DWS Invest ESG Dynamic Opportunities2 130 DWS Invest ESG Emerging Markets Top Dividend3 134 DWS Invest ESG Equity Income 137 DWS Invest ESG Euro Bonds (Short) 140 DWS Invest ESG Euro Corporate Bonds 142 DWS Invest ESG Euro Covered Bonds 145 DWS Invest ESG Euro High Yield 147 1 The sub-fund DWS Invest Asian IG Bonds was renamed DWS Invest ESG Asian Bonds effective July 15, 2021. 2 The sub-fund DWS Invest Dynamic Opportunities was renamed DWS Invest ESG Dynamic Opportunities effective July 15, 2021. 3 The sub-fund DWS Invest Emerging Markets Top Dividend was renamed DWS Invest ESG Emerging Markets Top Dividend effective July 15, 2021. 1 DWS Invest ESG Euro-Gov Bonds 150 DWS Invest ESG European Small/Mid Cap 152 DWS Invest ESG Floating Rate Notes 155 DWS Invest ESG Global Corporate Bonds 157 DWS Invest ESG Global Emerging Markets Equities 160 DWS Invest ESG Global High Yield Corporates 163 DWS Invest ESG Healthy Living 165 DWS Invest ESG Local Emerging Markets Debt 167 DWS Invest ESG Mobility 169 DWS Invest ESG Multi Asset Balance 172 DWS Invest ESG Multi Asset Defensive 175 DWS Invest ESG Multi Asset Dynamic 177 DWS Invest ESG Multi Asset Income4 179 DWS Invest ESG NextGen Consumer 182 DWS Invest ESG Next Generation Infrastructure 184 DWS Invest ESG Qi US Equity5 187 DWS Invest ESG Real Assets Balanced 190 DWS Invest ESG USD Corporate Bonds 193 DWS Invest Euro Corporate Bonds 195 DWS Invest Euro High Yield Corporates 198 DWS Invest Euro-Gov Bonds 201 DWS Invest European Equity High Conviction 203 DWS Invest European Small Cap 205 DWS Invest Financial Hybrid Bonds 207 DWS Invest German Equities 210 DWS Invest Global Agribusiness 212 DWS Invest Global Bonds 214 DWS Invest Global Emerging Markets Equities 216 DWS Invest Global High Yield Corporates 219 DWS Invest Global Impact Bonds 221 DWS Invest Global Infrastructure 223 DWS Invest Global Real Estate Securities 226 DWS Invest Gold and Precious Metals Equities 228 DWS Invest Green Bonds 230 DWS Invest Latin American Equities 232 DWS Invest Low Carbon Bonds 234 DWS Invest Multi Credit 237 DWS Invest Multi Opportunities 239 DWS Invest Multi Strategy 242 DWS Invest Nomura Japan Growth 244 DWS Invest Qi Global Climate Action 246 DWS Invest Qi Global Dynamic Fixed Income 249 DWS Invest Qi LowVol Emerging Markets 251 DWS Invest Qi LowVol World 253 DWS Invest SDG Bonds 255 DWS Invest SDG European Equities 257 DWS Invest SDG Global Equities 260 DWS Invest Short Duration Credit 263 4 The sub-fund DWS Invest Multi Asset Income was renamed DWS Invest ESG Multi Asset Income effective July 15, 2021. 5 The sub-fund DWS Invest Qi US Equity was renamed DWS Invest ESG Qi US Equity effective July 15, 2021 2 DWS Invest Short Duration Income 265 DWS Invest Smart Industrial Technologies 267 DWS Invest StepIn Global Equities 269 DWS Invest Top Asia 271 DWS Invest Top Dividend 273 DWS Invest Top Euroland 276 DWS Invest USD High Yield Corporates 279 Legal structure: Umbrella SICAV according to Part I of the Law of December 17, 2010, on Undertakings for Collective Investment. General information The investment company described in this tion of February 8, 2008, the guidelines of the time. Share classes may be consolidated into Sales Prospectus (“Investment Company”) is an Committee of European Securities Regulators categories of shares. open-ended investment company with variable (CESR) set out in the document “CESR’s guide- The following provisions apply to all of the sub- capital (“Société d’Investissement à Capital Vari- lines concerning eligible assets for investment by funds set up under DWS Invest. The respective able” or “SICAV”) established in Luxembourg in UCITS,” as amended, provide a set of additional special regulations for each of the individual sub- accordance with Part I of the Luxembourg law explanations that are to be observed in relation funds are contained in the special section of the on Undertakings for Collective Investment of De- to the financial instruments that are applicable Sales Prospectus. cember 17, 2010 (“Law of 2010”), and in compli- for UCITS falling under the UCITS Directive, as ance with the provisions of Directive 2014/91/EU amended.3 (amending Directive, 2009/65/EC (“UCITS Direc- The Investment Company may offer the investor tive“)), Commission Delegated Regulation (EU) one or more sub-funds (umbrella structure) at its 2016/438 of December 17, 2015, supplementing own discretion. The aggregate of the sub-funds Directive 2009/65/EC of the European Parlia- produces the umbrella fund. In relation to third 1 Replaced by the Law of 2010. ment and of the Council with regard to obliga- parties, the assets of a sub-fund are only liable 2 Commission Directive 2007/16/EC of March 19, 2007, tions of depositories, as well as the provisions for the liabilities and payment obligations involv- implementing Council Directive 85/611/EEC on the co- of the Grand-Ducal Reg ulation of February 8, ing such sub-fund. Additional sub-funds may be ordination of laws, regulations and administrative provi- 2008, relating to certain definitions of the Law established and/or one or more existing sub- sions relating to undertakings for collective investment in of December 20, 2002, on Under takings for funds may be dissolved or merged at any time. transferable securities (UCITS) as regards the clarification of certain definitions. Collective Investment, as amend ed1 (“Grand- One or more share classes can be offered to the 3 See CSSF Circular 08/339 in the currently applicable Ducal Regulation of February 8, 2008”), and investor within each sub-fund (multi-share-class version: CESR’s guidelines concerning eligible assets for 2 implementing Directive 2007/16/EC (“Directive construction). The aggregate of the share classes investment by UCITS – March 2007, ref.: CESR/07-044; 2007/16/EC”) in Luxembourg law. produces the sub-fund. Additional share classes CESR’s guidelines concerning eligible assets for invest- With regard to the provisions contained in Direc- may be established and/or one or more existing ment by UCITS – The classification of hedge fund indices tive 2007/16/EC and in the Grand-Ducal Regula- share classes may be dissolved or merged at any as financial indices – July 2007, ref.: CESR/07-434. 3 A. Sales Prospectus – General Section General information Market risk Custody risk The price or market performance of financial The custody risk describes the risk resulting from The following provisions apply to all of the sub- products depends, in particular, on the per- the basic possibility that, in the event of insol- funds set up under DWS Invest, SICAV (the formance of the capital markets, which in turn vency, violation of due diligence or improper “Investment Company”). The respective special are affected by the overall economic situation conduct on the part of the Depositary or any regulations for each of the individual sub-funds and the general economic and political frame- sub-depositary, the investments in custody may are contained in the special section of the Sales work in individual countries. Irrational factors be removed in whole or in part from the Invest- Prospectus. such as sentiment, opinions and rumors have an ment Company’s access to its loss. effect on general price performance, particularly on an exchange. Concentration risk Notes Additional risks may arise from a concentration Market risk in connection of investments in particular assets or markets. The legal basis for the sale of sub-fund shares with sustainability risks The Investment Company’s assets then become is the current Sales Prospectus, to be read in The market price may also be affected by risks particularly heavily dependent on the perfor- conjunction with the Investment Company’s from environmental, social or corporate gover- mance of these assets or markets. articles of incorporation. nance aspects. For example, market prices can change if companies do not act sustainably and do Risk of changes in interest rates It is prohibited to provide any information or not invest in sustainable transformations. Similarly, Investors should be aware that investing in deliver any statements other than those of this strategic orientations of companies that do not shares may involve interest rate risks. These Sales Prospectus. The Investment Company shall take sustainability into account can have a nega- risks may occur in the event of interest rate not be liable if such divergent information or tive impact on share prices.