SPBAX Fees and Costs — DWS Multi-Asset Conservative Allocation Fund, Class S
Data updated: 2026-07-24
The net expense ratio is 0.72% (0.86% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 92%.
SPBAX Fees and Expenses
Annual operating expenses and sales charges of SPBAX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.51% |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.72% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SPBAX Costs Over Time
On $10,000 invested in SPBAX, assuming 5% a year before costs, total costs come to $456 over 5 years, cutting the return by 0.76% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.72%) | $76 | $237 | $411 |
| Trading costs (broker commissions) | $0 | $1 | $3 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $76 | $250 | $456 |
| Value after costs | $10,424 | $11,326 | $12,307 |
| Impact on return, per year | 0.76% | 0.76% | 0.76% |
SPBAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0044%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $128.5M
- Portfolio turnover (prospectus): 92%
- Securities lending: none during the year
SPBAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $3K | 95.27% |
| J.P. Morgan Securities LLC | $128 | 4.73% |
SPBAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $58.9M | 45.84% |
| Virtu Americas LLC | $31.2M | 24.25% |
| BofA Securities, Inc. | $17.1M | 13.29% |
| Morgan Stanley & Co. LLC | $11.7M | 9.13% |
| UBS Securities LLC | $5.6M | 4.37% |
| Goldman Sachs & Co. LLC | $3.7M | 2.90% |
| J.P. Morgan Securities LLC | $280K | 0.22% |
DWS Multi-Asset Conservative Allocation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SPBAX | Class S | 0.72% | none |
| SPDAX | Class A | 0.97% | 5.75% |
| SPDCX | Class C | 1.72% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.