Fund Evaluator:
DWS Massachusetts Tax Free A (SQMAX)
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Best Performing in Muni Massachusetts Over the Last Year
| 6.5% | Vanguard MA Tax-Exempt Inv (VMATX) |
| 4.9% | Fidelity Massachusetts Municipal Income (FDMMX) |
| 3.7% | Columbia Massachusetts Itmt MuncplBdInst (SEMAX) |
| 3.5% | BNY Mellon MA Interm Muni Bd M (MMBMX) |
Fund Details
DWS Massachusetts Tax Free A Overview
DWS Massachusetts Tax Free A (SQMAX) is an actively managed Municipal Bond Muni Massachusetts fund. DWS launched the fund in 2001.
The investment seeks income that is exempt from Massachusetts personal and federal income taxes. Under normal circumstances, the fund invests at least 80% of net assets, plus the amount of any borrowings for investment purposes, in Massachusetts municipal securities. For purposes of this 80% requirement, Massachusetts municipal securities are securities whose income is exempt from regular federal and Massachusetts state income taxes. The fund is non-diversified.
About DWS Massachusetts Tax Free A (SQMAX)
There are 2 members of the management team with an average tenure of 2.43 years: Chad Farrington (2026), Matthew Caggiano (2021). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Municipal MA Exempt TR USD index with a weighting of 100%. DWS Massachusetts Tax Free A has 112 securities in its portfolio. The top 10 holdings constitute 24.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DWS Massachusetts Tax Free A is part of the Fixed Income global asset class and is within the Municipal Bond fund group. DWS Massachusetts Tax Free A has 5.0% 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 96.5% (91.5% domestic bond, 5.0% foreign bond and 0.0% convertible bond). DWS Massachusetts Tax Free A has 3.5% of the portfolio in cash.
Assets Under Management
The fund has $20 million in total assets, which is below the $217 million average for the Muni Massachusetts 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.
SQMAX 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 Massachusetts Tax Free A expense ratio is high compared to funds in the Muni Massachusetts category. DWS Massachusetts Tax Free A has an expense ratio of 0.87%, which is 6% higher than its category average, making the fund expense ratio grade a D. 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 Massachusetts Tax Free A has a portfolio turnover rate of 38%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 25% for the Muni Massachusetts category.
Recently, in the month of July 2026, DWS Massachusetts Tax Free A returned -1.8%, which earned it a grade of C, as the Muni Massachusetts category had an average return of -1.8%. 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 Massachusetts Tax Free A has a trailing yield of 3.01%, which is above the 2.95% category average. The fund normally distributes its income monthly and its capital gains semi-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 Massachusetts Tax Free A Grades
Year to date, the fund has returned 0.7%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 5.4% over the past year (grade of C), 2.7% over the past three years (grade of C) and -0.2% per year over the past five years (grade of D) and 1.2% per year over the past 10 years (grade of C).
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SQMAX 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 |
|
| SQMAX Return (NAV) | -1.8% | -0.3% | 5.4% | 2.7% | -0.2% | 1.2% |
| SQMAX Grade | C | B | C | C | D | C |
| +/- Category | 0.0% | 0.2% | 0.2% | 0.1% | -0.1% | -0.0% |
| Muni Massachusetts Avg | -1.8% | -0.5% | 5.2% | 2.6% | -0.2% | 1.2% |
| SQMAX Tax Cost Ratio | na | na | -0.0% | 0.0% | 0.0% | 0.0% |
SQMAX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SQMAX Return (NAV) | 0.7% | 3.1% | 1.3% | 5.7% | -10.7% | 1.0% | 4.3% | 7.1% | 0.1% | 4.6% | -0.3% |
| SQMAX Grade | B | C | C | C | D | D | C | B | C | C | C |
| +/- Category | 0.3% | -0.1% | 0.0% | 0.3% | -0.8% | -0.2% | 0.2% | 0.3% | -0.1% | 0.1% | -0.1% |
| Muni Massachusetts Avg | 0.4% | 3.2% | 1.2% | 5.5% | -9.9% | 1.2% | 4.2% | 6.8% | 0.2% | 4.5% | -0.2% |
| Risk Measures | |
| Standard Deviation: | 5.3% |
| Total Risk Index: | 0.43 - Low |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 0.92 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.0% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Semi-Annually |
| Total Assets: | $174 Mil |
| Fund Total Assets: | $ 21 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 38% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.8 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Caggiano Matthew (2021), Farrington Chad (2026) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 112 |
| % in Top 10 Holdings: | 24.5% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 5.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 91.5% |
| Foreign Bond: | 5.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 3.5% |
Purchase Information
| Fund Family: | DWS |
| Phone Number: | 800-728-3337 |
| Website: | www.dws-investments.com |
| Status: | Open |
| Inception Date: | June 18, 2001 |
| Min. Initial Purchase: | $1,000 |
| Min. Initial IRA Purchase: | $ 500 |
| True No-Load: | No |
| Front Load Maximum: | 2.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.87% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.82% |
| Share Class: | DWS Massachusetts Tax Free S |
| Min. Subsequent Purchase: | $ 50 |
| Min. Subsequent IRA Purchase: | $ 50 |
