DWS Guarantee Fund Top Reporting

Edition August 2021 Legal Disclaimer

Please note that the information from Morningstar and Lipper Leaders relates to the previous month.

Morningstar Overall Rating™

© 2021 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Lipper Leaders

© 2021 Lipper - Thomson Reuters Lipper. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Neither Lipper, other members of the Thomson Reuters group, nor its data providers shall be liable for any errors or delays in the content or for any actions taken in reliance thereon. Lipper performance rankings are calculated using data available at the time of calculation and may not represent all the funds tracked by Lipper. The presentation of performance data does not constitute a recommendation to buy or sell a fund or an investment recommendation for a specific market segment. Lipper analyzes the past performance of funds. Past results are no guarantee for the future performance of an investment fund. Lipper and the Lipper logo are registered trademarks of Thomson Reuters.

Lipper Leaders Rating System - Ratings from 1 (lowest) to 5 (highest)

First digit = Total Return; second digit = Consistent Return; third digit = Preservation; fourth digit = Expense

Important Notice

When the custodian sets the price on the last trading day of the month there can be a difference of up to ten hours between the times at which the fund price and the benchmark are calculated. In the event of strong market movements during this period, this may result in the over- or understatement of the Fund's performance relative to the benchmark at the end of the month (this is referred to as the “pricing effect”).

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.

Complete information on the Fund including risks can be found in the relevant prospectuses in its prevailing version. This and the relevant key investor information document constitute the only binding sales documents for the Fund. Investors can obtain these documents along with the latest published annual and semi-annual reports in English from DWS Investment GmbH, Mainzer Landstraße 11-17, 60329 Frankfurt am Main and, in case of Luxembourg domiciled Sub-Funds, from DWS Investment S.A., 2, Boulevard Konrad Adenauer, L-1115 Luxembourg in printed form free of charge or download them from www.dws.com. The Investment Company may decide to terminate the arrangements made for the marketing of this fund.

All statements of opinion reflect the current assessment of DWS Investment GmbH 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, is not a reliable indication of future performance.

The calculation of performance uses the BVI (Bundesverband Investment and Asset Management) method and therefore does not take the Upfront Sales Charge into account. Individual costs such as fees and other charges, which would have a negative impact on the performance, have not been taken into account. Past performance, is not a reliable indication of future performance. The gross-performance calculated (BVI method) takes all costs on the Fund level into consideration (e.g. Management Fee), the net-performance takes in addition the Upfront Sales Charge into consideration; further costs such as e.g. Custodian Fee may arise which are not taken into consideration in the calculation.

For relevant tax information consult the respective prospectus.

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.

According to the information in the sales prospectus distribution of the products mentioned in this document is subject to restrictions of the relevant jurisdictions. 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.

DWS Investment GmbH, 2021

Page 2 Table of Contents

Guarantee Funds DWS Funds Global Protect 80 5 DWS Funds Global Protect 90 8 DWS Garant 80 ETF-Portfolio 11

Page 3 Guarantee Funds Marketing Material Factsheet: DWS Funds Global Protect 80

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Performance Investment Policy Performance (in EUR) (in %) The Sub-Fund may be from 0% to 100% in fixed-income and floating-rate securities, equities, units in undertakings for collective investment in securities or exchange traded funds (ETFs). Please refer to the prospectus for the exact scope of the guarantee.

Fund Guarantee Calculation of performance is based on the time-weighted return and excludes front-end fees. Individual costs such as fees, commissions and Fund Management's Comment other charges have not been included in this presentation and would have an adverse impact on returns if they were included. Past performance is not a reliable indicator of future returns.

As at 30/07/2021: The international equity markets initially got off to a subdued start to the month, with significant losses in some cases, particularly towards the middle of the Cumulative performance (in %) month. This was due, among other things, to 1 m 1 y 3 y 5 y s. Inception YTD 3 y avg 5 y avg 2017 2018 2019 2020 a renewed rise in new Covid-19 infection figures, as well as weakening economic data in the US and emerging growth concerns. At EUR 1.8 10.6 5.0 10.7 62.6 9.5 1.6 2.1 3.0 -5.6 8.9 -6.3 the end of the month, however, there were reassuring indications from good corporate results and a change by the ECB in the future to interpret the inflation target of 2% more flexibly and also to allow phases of overshooting, so that the losses could be recovered and some markets closed in positive territory for the month. Nevertheless, investors again increasingly sought the safe haven of German and US government bonds, which is why the yields on these securities fell significantly. Below is an overview of selected indices: MSCI World Index (USD): 1.7%, MSCI World Index (EUR): 1.6%, Portfolio Analysis EURO STOXX 50 Index: 0.7%, S&P 500 Index (USD): 2.3%, Portfolio Breakdown (in % of fund volume) Asset Allocation (in % of fund volume) Nikkei 225 Index (JPY): -5.2%, Equity funds 54.2 Bloomberg Commodity TR Index (EUR): Investment funds 99.3 DWS Vermögensbildungsfonds I ID 5.1 1.8%. Money market funds 0.6 The current yield on 10-year German DWS Akkumula ID 5.0 Cash and other assets 0.1 government bonds fell from -0.2% to -0.5%. DWS Global Value ID 3.4 Total exposure 84.3 The portion of risky investments was around Threadneedle (Lux) - Global Focus AU EU 3.4 80% at the end of the month. DWS Invest ESG Emerging Markets Top D 2.7 Others Equity funds 34.7 Bond funds 14.9 DWS Institutional Pension Flex Yield 5.0 DWS Institutional Pension Vario Yield 5.0 DWS Institutional Pension Floating Yield I 5.0 Money market funds 0.6 DWS Institutional ESG Euro Money Marke 0.2 DWS Vorsorge Geldmarkt LC 0.2 DWS ESG Euro Money Market Fund 0.2 Index funds 30.2 Xtrackers MSCI USA Swap UCITS ETF 1 11.4 Xtrackers S&P 500 Swap UCITS ETF 1C 10.5 Xtrackers MSCI World Minimum Vol. UCIT 3.5 Xtrackers MSCI Pacific ex Japan UCITS E 1.7 Xtrackers MSCI Japan UCITS ETF 1C 1.7 Xtrackers MSCI Canada UCITS ETF 1C 1.4 Cash and other Assets 0.1 Morningstar Category™ Guaranteed Funds

Ratings (As at: 30/07/2021)

Lipper Leaders:

Note: The key terms are explained in the glossary. Page 1 / 3 5 Marketing Material Factsheet: DWS Funds Global Protect 80

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Portfolio Manager Ralf Mueller Front-end Load 5.00% Portfolio Manager since 01/07/2021 All-in-Fee 1.100% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 1.260% Portfolio Management Location Germany Fee from securities lending 0.001% Management Company DWS Investment S.A. Earnings Accumulation Legal Structure SICAV Accumulated returns 14.46 EUR Custodian State Street Bank GmbH, Lux. Redemption Price 162.64 EUR Assets 362.7 Mio. EUR Issue Price 170.78 EUR Fund Currency EUR Guarantee 134.11 EUR Launch Date 02/08/2004 Guarantee Date 01/09/2021 Fiscal Year End 31/12/2021 Investor profile Income-oriented ISIN Code LU0188157704 German Sec. Code A0B 9ER (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2020. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018.

Address Note

DWS Investment GmbH Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change Mainzer Landstraße 11-17 at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information. 60329 Frankfurt am Main Tel.: +49 (0) 69 / 910 - 12371 Fax: +49 (0) 69 / 910 - 19090 Internet: www.dws.com E-Mail: [email protected]

Page 2 / 3 6 Factsheet: DWS Funds Global Protect 80

Guarantee Funds

Opportunities In accordance with the investment policy.

Risks • If the guarantor becomes insolvent, this may void the guarantee. • The share value may fall below the purchase price at which the customer acquired the share at any time.

Important note on the investor profile:

Investor profile: Income-oriented The sub-fund is designed for income-oriented investors who wish to achieve capital growth through dividend distributions and interest income from bonds and money market instruments. Expected earnings are offset by equity, interest rate and currency risks as well as creditworthiness risks and the possibility of loss of the invested capital, up to the total amount invested. The investor is willing and able to bear a financial loss, and does not prioritize capital preservation.

The Company provides additional information relating to the profile of the typical investor or target customer group for this financial product to distribution agents and distribution partners. If the investor is advised on the acquisition of units by the Company's distribution agents or distribution partners, or if they act as brokers in the purchase of units, they may also provide the investor additional information that also relates to the profile of the typical investor.

Supplementary information on the target market and product costs resulting from the implementation of the MiFID2 Directive and made available to distribution agents by the capital management company can be obtained in electronic form from the Company's website at www.dws.com.

Page 3 / 3 7 Marketing Material Factsheet: DWS Funds Global Protect 90

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Performance Investment Policy Performance (in EUR) (in %) The Sub-Fund may be from 0% to 100% in fixed-income securities, equities, units in undertakings for collective investment in securities or exchange traded funds (ETFs). Please refer to the prospectus for the exact scope of the guarantee.

In many Western countries, the momentum of COVID-19 vaccination campaigns weakened, with infection incidence increasingly dominated by the more infectious delta Cumulative performance (in %) variant. Purchasing managers’ data pointed to 1 m 1 y 3 y 5 y s. Inception YTD 3 y avg 5 y avg 2017 2018 2019 2020 solid but slowing growth, while the economy continued to be affected by supply bottlenecks. In addition, high inflation rates EUR -0.1 -1.1 -4.9 -3.6 4.7 -0.7 -1.7 -0.7 0.7 -2.3 2.3 -4.3 and rising labor force participation rates again fueled discussions about a more restrictive stance by central banks. Against this background, the equity markets remained volatile, but were able to achieve new highs in some cases. The development of gold and oil prices was also characterized by fluctuations. The yield on US government bonds was stable, while the yield on German government bonds rose slightly. Below is an overview of selected indices: MSCI World Index (USD): 2.3%, MSCI World Index (EUR): 2.8%, EURO STOXX 50 Index: 2.6%, S&P 500 Index (USD): 2.9%, Portfolio Analysis Nikkei 225 Index (JPY): 3%, Bloomberg Commodity TR Index (EUR): Portfolio Breakdown (in % of fund volume) Asset Allocation (in % of fund volume) 0.1%, Bond funds 54.6 The current yield on 10-year German Investment funds 54.6 DWS Institutional Pension Vario Yield 18.2 government bonds rose from -0.5% to -0.4%. Money market funds 44.6 The portion of risky investments was 0% at DWS Institutional Pension Floating Yield I 18.2 Cash and other assets 0.8 the end of the month. DWS Institutional Pension Flex Yield 18.2 Money market funds 44.6 DWS Vorsorge Geldmarkt LC 15.1 DWS Institutional ESG Euro Money Marke 14.7 DWS ESG Euro Money Market Fund 14.7 Cash and other Assets 0.8

Morningstar Category™ Guaranteed Funds

Ratings (As at: 30/07/2021)

Lipper Leaders:

Note: The key terms are explained in the glossary. Page 1 / 3 8 Marketing Material Factsheet: DWS Funds Global Protect 90

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Portfolio Manager Jens Lueckhof Front-end Load 3.00% Portfolio Manager since 01/08/2018 All-in-Fee 0.700% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.700% Portfolio Management Location Germany Fee from securities lending 0.000% Management Company DWS Investment S.A. Earnings Accumulation Legal Structure SICAV Accumulated returns 0.69 EUR Custodian State Street Bank GmbH, Lux. Redemption Price 104.71 EUR Assets 159.2 Mio. EUR Issue Price 107.86 EUR Fund Currency EUR Guarantee 104.57 EUR Launch Date 07/06/2013 Guarantee Date 01/09/2021 Fiscal Year End 31/12/2021 Investor profile Income-oriented ISIN Code LU0828003284 German Sec. Code DWS 1TH (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2020. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018.

Address Note

Page 2 / 3 9 Factsheet: DWS Funds Global Protect 90

Guarantee Funds

Opportunities In accordance with the investment policy.

Risks • If the guarantor becomes insolvent, this may void the guarantee. • The share value may fall below the purchase price at which the customer acquired the share at any time.

Important note on the investor profile:

Page 3 / 3 10 Marketing Material Factsheet: DWS Garant 80 ETF-Portfolio

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Performance Investment Policy Performance (in EUR) (in %) A dynamic hedging strategy (DWS Flexible Portfolio Insurance® or DWS FPI) which is regularly shifted between a growth component (e.g., equity funds) and a capital preservation component (e.g., selected bond and money-market funds), depending on market conditions. In periods in which the market declines for an extended period or in very volatile periods, the Fund may invest up to 100% of its assets in bond/money-market funds or via direct investment in bonds or money-market instruments. Please refer to the prospectus for the exact scope of the guarantee.

In many Western countries, the momentum of COVID-19 vaccination campaigns weakened, with infection incidence increasingly dominated by the more infectious delta Cumulative performance (in %) variant. Purchasing managers’ data pointed to 1 m 1 y 3 y 5 y s. Inception YTD 3 y avg 5 y avg 2017 2018 2019 2020 solid but slowing growth, while the economy continued to be affected by supply bottlenecks. In addition, high inflation rates EUR 2.8 20.6 20.3 38.3 37.9 16.6 6.4 6.7 6.8 -5.7 17.3 -5.3 and rising labor force participation rates again fueled discussions about a more restrictive stance by central banks. Against this background, the equity markets remained volatile, but were able to achieve new highs in some cases. The development of gold and oil prices was also characterized by fluctuations. The yield on US government bonds was stable, while the yield on German government bonds rose slightly. Below is an overview of selected indices: MSCI World Index (USD): 2.3%, MSCI World Index (EUR): 2.8%, EURO STOXX 50 Index: 2.6%, S&P 500 Index (USD): 2.9%, Portfolio Analysis Nikkei 225 Index (JPY): 3%, Bloomberg Commodity TR Index (EUR): Portfolio Breakdown (in % of fund volume) Asset Allocation (in % of fund volume) 0.1%, Index funds 99.1 The current yield on 10-year German Investment funds 99.1 Xtrackers MSCI USA Swap UCITS ETF 1 19.1 government bonds rose from -0.5% to -0.4%. Cash and other assets 0.9 The portion of risky investments was around Xtrackers MSCI USA UCITS ETF 1C 19.1 97% at the end of the month. Xtrackers S&P 500 Swap UCITS ETF 1C 17.8 Xtrackers MSCI Emerging Markets UCITS 13.0 Xtrackers MSCI Europe UCITS ETF 1C 11.6 Others Index funds 18.5 Cash and other Assets 0.9 Morningstar Style-Box™ Market Capitalization Large

Mid

Small

Value Growth Blend Investment Style

Morningstar Category™ Guaranteed Funds

Ratings (As at: 30/07/2021)

Lipper Leaders:

Note: The key terms are explained in the glossary. Page 1 / 3 11 Marketing Material Factsheet: DWS Garant 80 ETF-Portfolio

Guarantee Funds

August 2021 As at 31/08/2021

Fund Data Portfolio Manager Jens Lueckhof Front-end Load 0.00% Portfolio Manager since 15/10/2015 All-in-Fee 0.650% Portfolio Management Company DWS Investment GmbH Running costs / TER (1) 0.770% Portfolio Management Location Germany Fee from securities lending -- Management Company DWS Investment S.A. Earnings Accumulation Legal Structure SICAV Accumulated returns 3.42 EUR Custodian State Street Bank GmbH, Lux. Redemption Price 137.92 EUR Assets 112.2 Mio. EUR Issue Price 137.92 EUR Fund Currency EUR Guarantee 107.35 EUR Launch Date 15/10/2015 Guarantee Date 31/08/2021 Fiscal Year End 31/12/2021 Investor profile Growth-oriented ISIN Code LU1217268405 German Sec. Code DWS 19W (1) The Total Expense Ratio (TER) generally includes all expense items charged to the Fund apart from transaction costs and performance fees. If the Fund invests a substantial part of its assets in target funds, the costs of the respective funds and payments received by them will also be taken into account. The Fund incurred the total expenses listed here in its last financial year which ended on 31/12/2020. They are subject to change from year to year. Important notice: Distribution agents such as banks or other investment service providers may report costs or expense ratios to interested investors that may differ from and exceed the costs described here. This may be due to new regulatory requirements for the calculation and reporting of costs by these distribution agents, in particular as a result of the implementation of Directive 2014/65/EU (Markets in Financial Instruments Directive - "MiFID2 Directive") from January 3, 2018.

Address Note

DWS Investment GmbH Because of its composition or the techniques used by its managers, the fund is subject to heightened volatility. Consequently, unit prices may fluctuate sharply in either direction within short periods of time. Mainzer Landstraße 11-17 Figures subject to audit. The current sales prospectus which is legally binding for the purchase of fund units is available from your financial 60329 Frankfurt am Main consultant or DWS Investment GmbH. The sales prospectus contains detailed information about risk. Evaluations made in this report may change Tel.: +49 (0) 69 / 910 - 12371 at any time whithout prior announcement. These statements are based on our assessment of the current legal and tax information.

Fax: +49 (0) 69 / 910 - 19090

Internet: www.dws.com E-Mail: [email protected]

Page 2 / 3 12 Factsheet: DWS Garant 80 ETF-Portfolio

Guarantee Funds

Opportunities In accordance with the investment policy.

Risks • If the guarantor becomes insolvent, this may void the guarantee. • Due to its composition/the techniques used by the Fund management, the investment fund has elevated volatility, i.e. the share price may be subject to significant fluctuations up or down within short periods of time. The share value may fall below the purchase price at which the customer acquired the share at any time.

Important note on the investor profile:

Investor profile: Growth-oriented The sub-fund is designed for growth-oriented investors who wish to achieve capital appreciation primarily through equity gains and exchange rate movements. Expected earnings are offset by high equity, interest rate and currency risks as well as creditworthiness risks and the possibility of heavy losses of the invested capital, up to the total amount invested. The investor is willing and able to bear such a financial loss, and does not prioritize capital preservation.

Page 3 / 3 13 DWS Investment GmbH Price Information

Mainzer Landstraße 11-17 Every business day in FAZ, Börsen-Zeitung 60329 Frankfurt am Main Internet: www.dws.com Tel.: +49 (0) 69 / 910 - 12371 Videotext: ARD-page 768f. Fax: +49 (0) 69 / 910 - 19090 Reuters: page DWS 01f. Internet: www.dws.com E-Mail: [email protected]