DWS Small Cap Index VIP

C000017157 Fund Overview

DWS Small Cap Index VIP is a US mutual fund managed by Deutsche Dws Investments Vit Funds, categorised as United States Small Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Deutsche Dws Investments Vit Funds
• Category: United States Small Cap Blend / Core Equity
• Assets under management: $501.98M
• 1-year return: 40.2%
• SEC CIK: 0001006373
• SEC series ID: S000006223
• Share class ID: C000017157

C000017157 Investment Objective and Strategy

DWS Small Cap Index VIP describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Deutsche Dws Investments Vit Funds.

Investment objective

The fund seeks to replicate, as closely as possible, before the deduction of expenses, the performance of the Russell 2000 Index, which emphasizes stocks of small US companies.

Principal investment strategy

Main investments. Under normal circumstances, the fund invests at least 80% of its assets, determined at the time of purchase, in stocks of companies included in the Russell 2000 Index and in derivative instruments, such as stock index futures contracts and options that provide exposure to the stocks of companies in the index (see Derivatives subsection). The funds securities are weighted to attempt to make the funds total investment characteristics similar to those of the index as a whole. The fund may also hold short-term debt securities and money market instruments for liquidity purposes. Due to regulatory changes, effective June 11, 2026, the fund will replace the 80% investment policy and related disclosures set forth in this prospectus. Specifically, effective June 11, 2026, under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in stocks of companies included in the Russell 2000 Index and in derivative instruments, such as futures contracts and options, that provide exposure to the stocks of companies in the index (see Derivatives subsection).

Derivatives instruments that provide exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the funds 80% investment policy, consistent with the funds investment policies and limitations with respect to investments in derivatives. The Russell 2000 Index is a well-known stock market index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. Stocks in the Russell 2000 Index are weighted according to their total market value. While the market capitalization of the Russell 2000 Index changes throughout the year, as of February 28, 2026, the market capitalization range of the Russell 2000 Index was between $8.28 million and $43.67 billion. Under normal circumstances, the Russell 2000 Index is reconstituted annually every June.

The fund rebalances its portfolio in accordance with the Russell 2000 Index, and, therefore, any changes to the Russell 2000 Indexs rebalance schedule will result in corresponding changes to the funds rebalance schedule. Management process. Portfolio management uses quantitative analysis techniques to structure the fund to obtain a high correlation to the index while seeking to keep the fund as fully invested as possible in all market environments. Portfolio management seeks a long-term correlation between fund performance, before expenses, and the index of 98% or better (perfect correlation being 100%). Portfolio management uses an optimization strategy, buying the largest stocks in the index in approximately the same proportion they represent in the index, then investing in a statistically selected sample of the smaller securities found in the index.

Portfolio managements optimization process is intended to produce a portfolio whose industry weightings, market capitalizations and fundamental characteristics (price-to-book ratios, price-to-earnings ratios, debt-to-asset ratios and dividend yields) closely replicate those of the index. This approach attempts to maximize the fund's liquidity and returns while minimizing its costs. The fund may become non-diversified, as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the index that the fund is designed to track. Shareholder approval will not be sought when the fund crosses from diversified to non-diversified status under such circumstances. Derivatives. The fund may invest in derivatives, which are financial instruments whose performance is derived, at least in part, from the performance of an underlying asset, security or index.

In particular, portfolio management may use futures contracts to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market. The fund may also use other types of derivatives (i) for hedging purposes; (ii) for risk management; or (iii) as a substitute for direct investment in a particular asset class or to keep cash on hand to meet shareholder redemptions. Securities lending. The fund may lend securities (up to one-third of total assets) to approved institutions, such as registered broker-dealers, pooled investment vehicles, banks and other financial institutions. In connection with such loans, the fund receives liquid collateral in an amount that is based on the type and value of the securities being lent, with riskier securities generally requiring higher levels of collateral.

C000017157 Holdings

Top 10 holdings of DWS Small Cap Index VIP by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000017157 holdings

C000017157 Portfolio Allocation

Asset-class allocation of DWS Small Cap Index VIP by percentage of net assets, from the latest SEC N-PORT filing.

C000017157 Performance

Total returns for C000017157 (as of 2026-10-01), from SEC filings.

C000017157 Risk Information

Risk metrics for C000017157, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 14.7%

C000017157 Costs and Fees

C000017157 costs about $66 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.66%
• Gross expense ratio: 0.70%
• Portfolio turnover: 15%
• Brokerage commissions: 0.38 bps of average net assets (SEC N-CEN)

C000017157 Cashflows

Over the 12 months to 2026-06, DWS Small Cap Index VIP had net outflows of $18.09M, from monthly SEC N-PORT filings.

C000017157 Debt Constituents

No individual debt constituents are reported in DWS Small Cap Index VIP's latest SEC N-PORT filing.

C000017157 Prospectus and SEC Filings

Official DWS Small Cap Index VIP filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-24
• Prospectus (485BPOS) — filed 2025-04-24
• Prospectus (485BPOS) — filed 2024-04-24
• Portfolio holdings (N-PORT) — filed 2026-08-27
• Portfolio holdings (N-PORT) — filed 2026-05-28
• Portfolio holdings (N-PORT) — filed 2026-02-26
• Annual census (N-CEN) — filed 2026-03-11
• Annual census (N-CEN) — filed 2025-03-03

Related Funds

Other United States Small Cap Blend / Core Equity funds tracked on ABC INVEST:

• iShares Core S&P Small-Cap ETF (IJR)
• iShares Russell 2000 ETF (IWM)
• Fidelity Small Cap Index Fund (FSSNX)
• Schwab U.S. Small-Cap ETF (SCHA)
• U.s. Small Cap Portfolio (DFSTX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.