SQMAX Fees and Costs — DWS Massachusetts Tax-Free Fund, Class A
Data updated: 2026-08-27
The net expense ratio is 0.89%: a 0.40% management fee, a 0.25% 12b-1 fee plus 0.33% other expenses, less a 0.09% fee waiver. This share class carries a maximum front-end sales load of 2.75%. Portfolio turnover was 38%.
SQMAX Fees and Expenses
Annual operating expenses and sales charges of SQMAX. Prospectus, as of July 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.33% |
| Gross expense ratio | 0.98% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.89% |
| Sales charges | |
|---|---|
| Max front load | 2.75% |
| 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 |
SQMAX Costs Over Time
On $10,000 invested in SQMAX, assuming 5% a year before costs, total costs come to $894 over 5 years, cutting the return by 1.51% 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 |
| Sales charges | $275 | $275 | $275 |
| Fund expenses (net expense ratio 0.89%) | $91 | $284 | $493 |
| Lost growth on money paid in costs | $14 | $57 | $126 |
| Total costs | $380 | $616 | $894 |
| Value after costs | $10,120 | $10,960 | $11,869 |
| Impact on return, per year | 3.80% | 1.90% | 1.51% |
SQMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $127.2M
- Portfolio turnover (prospectus): 38%
- Securities lending: none during the year
SQMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $34.1M | 28.53% |
| Morgan Stanley & Co. LLC | $17.7M | 14.81% |
| BNY Capital Markets, LLC | $15.3M | 12.83% |
| Barclays Capital Inc. | $12.1M | 10.12% |
| National Financial Services LLC | $10.6M | 8.90% |
| Janney Montgomery Scott LLC | $9.9M | 8.28% |
| Wells Fargo Securities, LLC | $6.3M | 5.24% |
| RBC Capital Markets, LLC | $5.6M | 4.67% |
| Fidelity Brokerage Services LLC | $4.3M | 3.63% |
| BofA Securities, Inc. | $3.6M | 2.99% |
DWS Massachusetts Tax-Free Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DMAIX | Institutional Class | 0.64% | none |
| SCMAX | Class S | 0.64% | none |
| SQMAX | Class A | 0.89% | 2.75% |
| SQMCX | Class C | 1.64% | 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.