TAX-FREE FIXED INCOME - DWS

TAX-FREE FIXED INCOME

Ashton Goodfield

Co-Head Municipal Bond Team

Brandon Matsui

Portfolio Manager, Xtrackers Municipal Infrastructure Revenue Bond ETF

For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

RVNU

Consistent outperformance

PERFORMANCE VS MAJOR COMPETITIVE FUNDS

Cumulative NAV Return

35

30

25

20

15

10

5

0

-5

-10

-15 June-13

June-14

June-15

June-16

RVNU

MUB

TFI

June-17

June-18

Over 2% in added annualized return since June 5, 2013

Source: Bloomberg (NAV returns, net of fees) as of 4/26/19. Past performance does not guarantee future results.

For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

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RVNU

Value in the long end

MUNI RATIOS BY TENOR (4/14/17-4/3/19)

MUNI TAX-EQUIVALENT YIELD CURVE

110

3.75

Tax-Equivalent

100

Yield (25% Tax

3.25

Rate), 30Y, 3.56

90

US Treasury

2.75

Actives, 30Y,

2.922

80

2.25

Muni AAA

70

Benchmark Yield,

30Y, 2.668

60

1.75

50 2017

2017

2017

2018

2018

2018

2018

2019

1.25 3M 6M 1Y 2Y 3Y 5Y 7Y 10Y 30Y

2yr

5yr

10yr

30yr

Source: Bloomberg (4/14/19)

Muni AAA Benchmark Yield Tax-Equivalent Yield (25% Tax Rate) Source: BlooUmSbTerregasury Actives Source: Bloomberg (4/26/19)

For institutional use and registered representative use only. Not for public viewing or distribution. Investment products: No bank guarantee I Not FDIC insured I May lose value.

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IMPORTANT INFORMATION

Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU)

Objective: The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks investment results that correspond generally to the performance, before fees and expenses, of the Solactive Municipal Infrastructure Revenue Bond Index. The index is designed to track the returns of the segment of the U.S. long term tax-exempt bond market, consisting of infrastructure revenue bonds. Strategy: The Xtrackers Municipal Infrastructure Revenue Bond ETF (RVNU) seeks to track the Solactive Municipal Infrastructure Revenue Bond Index. The index is intended to track federal tax exempt municipal bonds that have been issued with the intention of funding federal, state and local infrastructure projects such as water and sewer systems, public power systems, toll roads, bridges, tunnels and many other public use projects. The index will attempt to only hold those bonds issued by state and local municipalities where the interest and principal repayments are generated from dedicated revenue sources. The ETF seeks to focus its investments on infrastructure revenue bond holdings that generally have less fluctuation of income, sales and property tax revenue as well as generally less exposure to underfunded pensions and other post-employment benefit obligations. Risks: Investing involves risk, including the possible loss of principal. Bond investments are subject to interest-rate, credit, liquidity and market risks to varying degrees. When interest rates rise, bond prices generally fall. Credit risk refers to the ability of an issuer to make timely payments of principal and interest. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. The market for municipal bonds may be less liquid than for taxable bonds and there may be less information available on the financial condition of issuers of municipal securities than for public corporations. Income from municipal bonds may be subject to state and local taxes and at times the alternative minimum tax. This fund is non-diversified and can take larger positions in fewer issues, increasing its potential risk. Performance of the Fund may diverge from that of the Underlying Index due to operating expenses, transaction costs, cash flows, use of sampling strategies or operational inefficiencies. An investment in this fund should be considered only as a supplement to a complete investment program for those investors willing to accept the risks associated with the fund.

iShares National Muni Bond ETF (MUB)

Objective: The iShares National Muni Bond ETF seeks to track the investment results of an index composed of investment-grade U.S. municipal bonds. Strategy: The Fund seeks to track the investment results of the S&P National AMT-Free Municipal Bond IndexTM (the "Underlying Index"), which measures the performance of the investment grade segment of the U.S. municipal bond market. As of March 29, 2019, there were 11,911 issues in the Underlying Index. As of March 29, 2019, a significant portion of the Underlying Index is represented by municipal bond issuers in the transportation and utilities sectors. The components of the Underlying Index, and the degree to which these components represent certain industries, are likely to change over time.

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IMPORTANT INFORMATION

Risks: Risks: Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. There may be less information on the financial condition of municipal issuers than for public corporations. The market for municipal bonds may be less liquid than for taxable bonds. Some investors may be subject to federal or state income taxes or the Alternative Minimum Tax (AMT). Capital gains distributions, if any, are taxable. Performance shown reflects fee waivers and/or expense reimbursements by the investment advisor to the fund for some or all of the periods shown. Performance would have been lower without such waivers.

SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI)

Objective: The SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (the "Fund") seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. municipal bond market and provides income that is exempt from federal income taxes. Strategy: In seeking to track the performance of the Bloomberg Barclays Municipal Managed Money Index (the "Index"), the Fund employs a sampling strategy, which means that the Fund is not required to purchase all of the securities represented in the Index. Instead, the Fund may purchase a subset of the securities in the Index in an effort to hold a portfolio of securities with generally the same risk and return characteristics of the Index. The quantity of holdings in the Fund will be based on a number of factors, including asset size of the Fund. Based on its analysis of these factors, Nuveen Asset Management, LLC ("Nuveen Asset Management" or the "Sub-Adviser"), the investment sub-adviser to the Fund, may invest the Fund's assets in a subset of securities in the Index or may invest the Fund's assets in substantially all of the securities represented in the Index in approximately the same proportions as the Index. Risks: The municipal market is volatile and can be significantly affected by adverse tax, legislative or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a debt security to decrease. A portion of the dividends you receive may be subject to federal, state, or local income tax or may be subject to the federal alternative minimum tax. Income exempt from federal income tax may be subject to state or local tax and the Federal Alternative Minimum Tax (AMT).Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole. Passively managed funds hold a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index. ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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