Fund Evaluator:
DWS Enhanced Commodity Strategy S (SKSRX)
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Best Performing in Commodities Broad Basket Over the Last Year
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| 39.4% | PGIM Quant Solutions Commodity Strats Z (PQCZX) |
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| 35.2% | Cantor Fitzgerald Commodity RetStratPort (CCRSX) |
Fund Details
DWS Enhanced Commodity Strategy S Overview
DWS Enhanced Commodity Strategy S (SKSRX) is an actively managed Commodities Commodities Broad Basket fund. DWS launched the fund in 2005.
The investment seeks total return. Under normal circumstances, the fund invests in commodity-linked derivative instruments backed by a portfolio of fixed income instruments. It invests in commodity-linked derivative instruments (a contract whose value is based on a particular commodity), such as commodity-linked total return swap contracts, options and futures contracts, to gain exposure to the investment return of assets that trade in the commodity markets, without investing directly in physical commodities.
About DWS Enhanced Commodity Strategy S (SKSRX)
There are 3 members of the management team with an average tenure of 7.05 years: Darwei Kung (2010), Jeff Morton (2022), Jose Cerda (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. DWS Enhanced Commodity Strategy S has 284 securities in its portfolio. The top 10 holdings constitute 46.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS Enhanced Commodity Strategy S is part of the Real Assets global asset class and is within the Commodities fund group. DWS Enhanced Commodity Strategy S has 12.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 79.8% (67.8% domestic bond, 12.1% foreign bond and 0.0% convertible bond). DWS Enhanced Commodity Strategy S has 23.9% of the portfolio in cash.
Assets Under Management
The fund has $36 million in total assets, which is below the $481 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SKSRX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DWS Enhanced Commodity Strategy S expense ratio is high compared to funds in the Commodities Broad Basket category. DWS Enhanced Commodity Strategy S has an expense ratio of 0.95%, which is 14% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DWS Enhanced Commodity Strategy S has a portfolio turnover rate of 85%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.
Recently, in the month of July 2026, DWS Enhanced Commodity Strategy S returned 3.3%, which earned it a grade of F, as the Commodities Broad Basket category had an average return of 6.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DWS Enhanced Commodity Strategy S has a trailing yield of 6.24%, which is below the 9.29% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DWS Enhanced Commodity Strategy S Grades
Year to date, the fund has returned 13.7%, 8.7 percentage points worse than the category, which translates into a grade of F. The fund has returned 21.8% over the past year (grade of F), 7.8% over the past three years (grade of F) and 6.8% per year over the past five years (grade of F) and 5.2% per year over the past 10 years (grade of F).
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SKSRX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SKSRX Return (NAV) | 3.3% | -8.0% | 21.8% | 7.8% | 6.8% | 5.2% |
| SKSRX Grade | F | F | F | F | F | F |
| +/- Category | -3.6% | -3.6% | -12.3% | -4.3% | -3.9% | -2.6% |
| Commodities Broad Basket Avg | 6.9% | -4.4% | 34.2% | 12.1% | 10.7% | 7.8% |
| SKSRX Tax Cost Ratio | na | na | 2.6% | 1.6% | 6.4% | 4.1% |
SKSRX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SKSRX Return (NAV) | 13.7% | 11.7% | 2.5% | -5.3% | 9.5% | 29.7% | -1.9% | 2.5% | -11.7% | 1.4% | 10.8% |
| SKSRX Grade | F | D | F | B | D | C | D | F | B | F | F |
| +/- Category | -8.7% | -4.3% | -2.5% | 0.8% | -4.9% | -0.8% | 0.8% | -7.5% | 1.5% | -3.1% | -2.7% |
| Commodities Broad Basket Avg | 22.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 11.4% |
| Total Risk Index: | 0.93 - Average |
| Category Risk Index: | 0.89 - Below Average |
| Category Risk Grade: | B (21% Rank) |
| Beta: | 0.81 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 6.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $811 Mil |
| Fund Total Assets: | $ 36 Mil |
| Share Class Type: | S |
| Portfolio Turnover: | 85% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 16.3 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Kung Darwei (2010), Morton Jeff (2022), Cerda Jose (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 284 |
| % in Top 10 Holdings: | 46.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 67.8% |
| Foreign Bond: | 12.1% |
| Convertible Bond: | 0.0% |
| Other: | -3.8% |
| Cash: | 23.9% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | February 14, 2005 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | DWS Enhanced Commodity Strategy Inst |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
