CAPÍTULO 1. DESCRIPCIÓN Y CONTEXTO DEL PROBLEMA
1.3. MARCO TEÓRICO
1.3.3. Revisión normativa
1.3.3.1. Reglamento de intervenciones arqueológicas
For the sub-fund with the name DWS Invest Top Dividend, the following provisions shall apply in addition to the terms contained in the general section of the Sales Prospectus.
Investment policy
The objective of the investment policy of DWS Invest Top Dividend is to achieve an above aver- age return.
At least 70% of the sub-fund’s assets are invested in equities of domestic as well as foreign issuers that are expected to deliver an above-average dividend yield.
When selecting equities, the following criteria shall be of decisive importance: dividend yield above the market average; sustainability of dividend yield and growth; historical and future earnings growth; price/earnings ratio. In addition to these criteria, the proven stock-picking pro- cess of the Fund Manager will be applied. This means that a company’s fundamental data, such as asset quality, management skills, profitability, competitive position and valuation, are analyzed. These criteria may be weighted differently and do not always have to be present at the same time. In compliance with Article 2 B. of the general section of the Sales Prospectus, the sub-fund may use derivative techniques to implement the investment objective, including in particular – but not limited to – forwards, futures, single-stock- futures, options or equity swaps.
Against this background, positions could be built up that anticipate declining stock prices and index levels.
According to the prohibition stipulated in Arti- cle 2 F. of the general section of the Sales Pro- spectus, no short sales of securities will be undertaken. Short positions are achieved by using securitized and non-securitized derivative instruments.
Investments in the securities mentioned above may also be made through Global Depository Receipts (GDRs) listed on recognized exchanges and markets, or through American Depository Receipts (ADRs) issued by top-rated international financial institutions.
Up to 30% of the sub-fund’s assets may be invested in instruments that do not meet the above mentioned criteria.
Up to 30% of the sub-fund’s assets may be invested in money market instruments and bank balances.
In addition, the sub-fund’s assets may be invested in all other permissible assets as speci- fied in Article 2, including the assets mentioned in Article 2 A. j) of the general section of the Sales Prospectus.
Risk Management
The relative Value-at-Risk (VaR) approach is used to limit market risk in the sub-fund.
In addition to the provisions of the general sec- tion of the Sales Prospectus, the potential market risk of the sub-fund is measured using a refer- ence portfolio that does not contain derivatives.
Share class Security codes ISIN
LC DWS0ZD LU0507265923 LD DWS0ZE LU0507266061 NC DWS0ZF LU0507266145 ND DWS015 LU0544572786 FC DWS0ZG LU0507266228 A2 DWS0ZH LU0507266491 A2H (P) DWS014 LU0544572604 E2 DWS0ZJ LU0507266574 DS1 DWS00H LU0511520347 ID DWS07J LU0616863808 CH2H (P) DWS07K LU0616864012 CH4H (P) DWS07L LU0616864285 S1Q DWS07M LU0616864442 Z2 DWS07N LU0616864798 A1H (P) DWS1CH LU0740838031 CH2 DWS1CJ LU0740838114 FD DWS1CK LU0740838205 S2 DWS1CL LU0740838460 S2H (P) DWS1CM LU0740838544 LDQ DWS1JR LU0813337697 FDQ DWS1JS LU0813337853 HKD1Q DWS1JT LU0813337937 HKD2 DWS1JU LU0813338075 S1 DWS1JV LU0813338232 S1H (P) DWS1JW LU0813338315 E2H (P) DWS1JX LU0813338588 NCH (P) DWS1JY LU0813338661 FCH (P) DWS1JZ LU0813338828 A1 DWS1WW LU0911038346 CH4 DWS1W2 LU0911039237
A1Q DWS1WY LU0911038775
A1M DWS1WX LU0911038429
RDR1 DWS1W0 LU0911038932
S1QH (P) DWS1WZ LU0911038858
CZK2H (P) DWS1W1 LU0911039153
IDH (P) DWS1W3 LU0911039310
Investor Profile Growth-oriented
Currency of sub-fund EUR
“Hedged” share classes A2H (P),A1H (P), S2H (P),
aim to hedge against CH2H (P), CH4H (P), S1H (P),
E2H (P), NCH (P), FCH (P), S1QH (P), CZK2H (P)
and IDH (P): Currency exposure due to the
sub-fund’s assets being denomi- nated in different currencies than the hedged share classes
Nature of shares Registered shares or bearer shares represented
by a global certificate.
The ID and IDH (P) share classes are only offered in form of registered shares.
Date of launch and LC, NC, LD, DS1 and FC: July 1, 2010
initial subscription ND: November 16, 2010
A2: September 13, 2010 S1Q: August 16, 2011 CH2H (P) and CH4H (P): October 21, 2011 S2 and S2H (P): April 24, 2012 A2H (P): May 30, 2012 A1H (P): January 28, 2013 FD: March 1, 2013 E2, ID, Z2, CH2, LDQ, FDQ, HKD1Q, HKD2, S1, S1H (P), E2H (P), NCH (P), FCH (P), A1, CH4, A1Q, A1M, RDR1, S1QH (P),
CZK2H (P) and IDH (P): The date of launch and initial subscription will be determined by the Management Board of the Management Company. The Sales Prospectus will be updated accordingly.
Initial NAV per share LC, LD, NC, ND, FC, FD, ID, LDQ,
FDQ, NCH (P), FCH (P) and IDH (P): EUR 100.00
A2, A2H (P), A1H (P),
E2, E2H (P) A1, A1Q and A1M: USD 100.00
DS1 and RDR1: GBP 100.00 CH2H (P), CH2, CH4H (P) and CH4: CHF 100.00 S1, S1Q, S1H (P), S2, S2H (P) and S1QH (P): SGD 10.00 Z2: PLN 100.00 HKD1Q and HKD2: HKD 100.00 CZK2H (P): CZK 1000.00
Due to its composition and the techniques applied by its fund management, the sub-fund is subject to increased volatility, which means that the price per share may be subject to considerable downward or upward fluctuation, even within short periods of time.
Front-end load LC, LD, DS1, A2, A2H (P),
(payable by the investor) A1H (P), S2, S2H (P), CH2,
CH2H (P), S1Q, Z2, LDQ, HKD1Q, HKD2, S1, S1H (P), A1, A1Q, A1M, S1QH (P)
and CZK2H (P): up to 5% based on the
gross investment*
NC, NCH (P) and ND: up to 3% based on the
gross investment** FC, E2, CH4H (P), FD, FDQ,
FCH (P), E2H (P), ID, CH4,
RDR1 and IDH (P): 0%
Allocation of income NC, FC, LC, A2, A2H (P), E2,
S2, S2H (P), CH2H (P), CH4H (P), CH2, Z2, HKD2, E2H (P), NCH (P),
FCH (P), CH4 and CZK2H (P): Reinvestment
LD, ND, DS1, ID, FD, A1H (P), S1,
S1H (P), A1, RDR1 and IDH (P): Distribution (annually)
S1Q, LDQ, FDQ, HKD1Q,
A1Q and S1QH (P): Distribution (quarterly)
A1M: Distribution (monthly)
Management Company fee NC, NCH (P) and ND: up to 2.00% p.a.
(payable by the sub-fund)*** LC, LD, DS1, A2, A2H (P),
CH2H (P), S1Q, S2, S2H (P), Z2, A1H (P), CH2, LDQ, HKD1Q, HKD2, S1, S1H (P), A1,
A1Q, A1M, S1QH (P) and CZK2H (P): up to 1.50% p.a. FC, E2, CH4H (P), FD, FDQ,
FCH (P), E2H (P), CH4 and RDR1: up to 0.75% p.a.
ID and IDH (P): up to 0.50% p.a.
Expense cap Not to exceed 15% of the Management Company fee
(see Art. 12 b)
Service fee of the main distributor NC, NCH (P) and ND: 0.2% p.a.
(payable by the sub-fund)**** LC, LD, FC, E2, DS1, A2, A2H (P),
CH2H (P), CH4H (P), ID, S1Q, S2, S2H (P), Z2, FD, A1H (P), CH2, LDQ, FDQ, HKD1Q, HKD2, S1, S1H (P), E2H (P), FCH (P), A1, CH4, A1Q, A1M, RDR1, S1QH (P), CZK2H (P) and IDH (P): 0% p.a.
Taxe d’abonnement LC, LD, NC, ND, FC, A2, A2H (P),
E2, DS1, CH2H (P), CH4H (P), S1Q, Z2, FD, A1H (P), S2, S2H (P), CH2, LDQ, FDQ, HKD1Q, HKD2, S1, S1H (P), E2H (P), NCH (P), FCH (P), A1, CH4, A1Q, A1M,
RDR1, S1QH (P) and CZK2H (P): 0.05% p.a.
ID and IDH (P): 0.01% p.a.
Order acceptance All subscription, redemption and exchange orders are
placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are processed on the basis of the net asset value per share on that valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the next valuation date. CH2H (P), CH4H (P), S2H (P),A1H (P), A2H (P), S1H (P), E2H (P), NCH (P), FCH (P), S1QH (P), CZK2H (P) and IDH (P): All subscription, redemption and exchange orders are placed on the basis of an unknown net asset value per share. Orders received by the Transfer Agent at or before 4:00 PM Luxembourg time on a valuation date are pro- cessed on the basis of the net asset value per share on the subsequent valuation date. Orders received after 4:00 PM Luxembourg time are processed on the basis of the net asset value per share on the valuation date im- mediately following that next valuation date.
Value date In a purchase, the equivalent value is debited three bank
business days after issue of the shares. The equivalent val- ue is credited three bank business days after redemption of the shares. The value date for purchase and redemption orders of certain currencies may deviate by one day from the value date as specified in the General Part of the share class description.
The reference portfolio is a portfolio that does not include any leverage effect from the use of derivatives. The corresponding reference portfolio for the sub-fund DWS Invest Top Dividend is the MSCI WORLD HIGH DIVIDEND YIELD. Leverage is not expected to exceed twice the value of the investment subfund’s assets. How- ever, the disclosed expected level of leverage is not intended to be an additional exposure limit for the sub-fund.
UK Taxation
The following information is a general guide to the anticipated UK tax treatment of UK-resident investors. Investors should be aware that UK tax law and practice can change. Prospective inves- tors therefore need to consider their specific position at the time they invest, and should seek their own advice where appropriate.
The separate share classes are “offshore funds” for the purposes of the UK offshore funds legisla- tion. Under this legislation, any gain arising on the sale, redemption or other disposal of shares in an offshore fund held by persons who are resident in the UK for tax purposes will be taxed at the time of such sale, disposal or redemption as income and not as a capital gain. This does not apply, however, where a share class is certified by HM Revenue & Customs (“HMRC”) as a “reporting fund” (and previously, where relevant, a “distrib- uting fund”) throughout the period during which the shares have been held by that investor. The UK offshore funds regime is now contained in the Offshore Funds (Tax) Regulations 2009 (Statutory Instrument 2009/3001).
For a UK taxpayer to benefit from capital gains tax treatment on the disposal of his investment in the DS1, RDR1, A2, CH4, CH4H (P), E2, E2H (P), FC, FCH (P), FD and LC share classes, the relevant class would need to be certified as a “reporting fund” (and previously, where relevant, a “distributing fund”) in respect of all accounting periods during which the UK taxpayer owned the shares.
The DS1 share class has been certified as a reporting fund from 1 July 2010. It is intended that the other share classes be certified as a reporting fund. In order to comply with the requirements of the reporting regime, it will be necessary to report to both investors and HMRC the income attributable to the reporting fund share classes for each relevant accounting period. Where the reported income exceeds what has been distrib- uted to investors, then that excess will be treated as additional distributions to the investors and investors will be liable to tax accordingly. Dividends paid (and any retained income reported) to a UK resident individual will consti- tute a dividend (with a notional dividend tax credit attached) for UK income tax purposes and will generally be taxable.
Dividends paid (and any returned income reported) to a UK resident company will also constitute dividend income in its hands and will generally be exempt from tax.
The UK tax rules contain a number of anti-avoid- ance codes that can apply to UK investors in off-
* 5% based on the gross investment correspond approx. to 5.26% based on the net investment. ** 3% based on the gross investment correspond approx. to 3.09% based on the net investment. *** For additional costs, see Article 12 in the general section of the Sales Prospectus.