What is the difference between small-value and small-blend investing?

Small-value investing focuses on companies trading below intrinsic value, often with low earnings yields. Small-blend balances growth and value characteristics for broader exposure. AVSC follows a small-value strategy, targeting undervalued firms. DFAS adopts a small-blend approach, mixing factors for diversified small-cap access. Investors choose based on desired risk-return profile.

How do the expense ratios of AVSC and DFAS compare?

AVSC charges 0.25% annually, while DFAS costs 0.26%. This 0.01 percentage-point difference means lower net returns for DFAS over time. For example, a 10-year holding period might see a minor gap from compounding fees. Both remain low-cost ETFs, but the small difference matters in long-term investing. Always check total cost ownership.

Why do AVSC and DFAS have no shared top holdings?

AVSC's top holdings include INSW (0.41%), DK (0.35%), and MTRN (0.34%), while DFAS lists APA (0.29%), CRL (0.27%), and JAZZ (0.27%). With no overlaps in the top ten, each fund selects distinct stocks based on their strategies. This reflects different factor exposures and market interpretations rather than common benchmarks.

How do AVSC's net assets ($3.0bn) impact operational stability?

With $3.0 billion in assets, AVSC has sufficient scale for liquidity and operational costs, though smaller than DFAS's $15.1 billion. Larger funds typically benefit from economies of scale, reducing bid-ask spreads and enhancing trading efficiency. AVSC's size supports consistent investor access, but investors should weigh this against its newer inception date.

How do the inception dates affect fund evaluation?

AVSC launched in January 2022, so it has a short track record. DFAS began in December 1998, providing extensive historical data for analysis. A longer history helps assess how funds handle various markets. AVSC's performance is still emerging, while DFAS offers over two decades of data. Use this to consider reliability.

What do the dividend yields of 0.99% and 1.00% indicate?

AVSC yields 0.99% and DFAS yields 1.00%. These modest returns suit investors prioritising growth over regular cash payments. Higher yields may reflect company reinvestment in operations. Income-focused investors might seek alternatives with larger distributions. Both funds' small-cap focus leads to generally lower dividend yields compared to large-cap stocks.

Are top holdings under 0.41% a sign of diversification?

AVSC's largest holding (INSW) is 0.41%, while DFAS's largest (APA) is 0.29%. Both maintain low individual stock weights, indicating diversification. This structure minimises concentration risk. AVSC focuses on small-cap value stocks, while DFAS blends growth and value. Investors should note this diversification reduces reliance on single company performance.

How should beginners interpret 'not available' index tracking?

Both funds lack official index tracking data, unlike benchmarked ETFs. Without clear benchmarks, comparing returns to a standard index becomes difficult. Beginners may need to review peer group performance or factor-based returns instead. Seek funds with transparent indexing methods or consult independent reports.

Which type of investing goal aligns with each fund?

AVSC suits investors seeking active small-cap value exposure with lower fees. DFAS fits those wanting long-established small-blend portfolios. The choice depends on factors like investment horizon, risk tolerance, and income needs. Neither fund is universally better. Investors should consider these characteristics.

AVSC vs DFAS

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare AVSC (Avantis US Small Cap Equity ETF) and DFAS (Dimensional US Small Cap ETF). This page examines fees, holdings, dividends, and how each fund tracks the market, providing a clear overview of key differences between the two small-cap ETFs. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

AVSC

Metric

DFAS

0.25%

Expense Ratio

0.26%

0.99%

Dividend Yield

1.00%

$3.05B

Net Assets

$15.14B

1,542

Holdings

2,068

Jan 11, 2022

Inception Date

Dec 15, 1998

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Index Tracked

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Small Value

Fund Category

Small Blend

AVSC costs about $1.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

Investment Analysis

AVSC

Pros

AVSC maintains a small value focus with an expense ratio of 0.25%, supporting low-cost targeted exposure to that equity segment.
The fund’s top holdings remain highly granular, each below 0.41%, which may reduce single-stock concentration risk within its small-cap portfolio.
Avantis has built a sizeable ETF franchise, and the fund’s $3.0 billion in net assets supports ongoing investor access and operational stability.

Considerations

The fund does not track an available index, so performance should be compared with peer and benchmark expectations rather than a standard index return.
With a 0.99% dividend yield, its income profile is modest and may be less attractive for investors prioritising regular distributions.
Since inception on 11 January 2022, the strategy has a shorter track record than long-established funds, requiring careful evaluation over time.

DFAS

Pros

DFAS provides small blend exposure at a 0.26% expense ratio, offering a relatively affordable route to a diversified small-cap allocation.
With $15.1 billion in net assets, the fund’s size may support liquidity and scale benefits for investors seeking a established ETF offering.
Long-term continuity is a key advantage, as the fund’s 15 December 1998 inception provides an unusually extensive operational history for comparison.

Considerations

No index tracking information is available, which can make it harder for investors to assess benchmark-relative performance or index-construction influences.
The 1.00% dividend yield remains low, which may limit its suitability for income-focused investors who require more substantial cash distributions.
Although the top holdings are under 0.29%, the small-cap blend structure means outcomes depend heavily on factor positioning and implementation.

About AVSC and DFAS

AVSC (AVSC)

The Avantis US Small Cap Equity ETF (AVSC) is an exchange-traded fund designed to provide investors with exposure to small-cap companies listed in the United States. Managed by American Century Investments, this fund focuses on value-oriented small-cap stocks, aiming to capture the potential growth and value premia associated with this segment of the market. With a net asset value of approximately USD 3.05 billion and holding over 1,500 individual stocks, it offers broad diversification within the small-cap space. The fund was launched in January 2022 and has a low expense ratio of 0.25%, making it a cost-effective option for those seeking targeted small-cap equity exposure. Investors should note that small-cap investments can be more volatile than large-cap stocks, and returns are not guaranteed.

DFAS (DFAS)

The Dimensional US Small Cap ETF (DFAS) offers investors a diversified exposure to smaller US companies. As a 'Small Blend' fund, it targets a mix of value and growth characteristics within the small-cap universe, rather than leaning heavily into one style. With over 2,000 holdings, it provides broad access to this sector, which historically has shown higher volatility but also potential for distinct return drivers compared to larger companies. The fund employs an active approach focused on factors like size and value, aiming for efficiency and cost-effectiveness with an expense ratio of 0.26%. Investors should remember that small-cap stocks can be sensitive to economic shifts and liquidity conditions. While DFAS has a long track record since 1998 and significant assets under management, its performance, like all investments, is subject to market risks and is not guaranteed.

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AVSC vs DFAS

Fund Snapshot

Investment Analysis

AVSC

Pros

Considerations

DFAS

Pros

Considerations

About AVSC and DFAS

Buy AVSC or DFAS in Nemo

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Trusted & Regulated

6% Interest on Cash

Frequently asked questions

What is the difference between small-value and small-blend investing?

How do the expense ratios of AVSC and DFAS compare?

Why do AVSC and DFAS have no shared top holdings?

How do AVSC's net assets ($3.0bn) impact operational stability?

How do the inception dates affect fund evaluation?

What do the dividend yields of 0.99% and 1.00% indicate?

Are top holdings under 0.41% a sign of diversification?

How should beginners interpret 'not available' index tracking?

Which type of investing goal aligns with each fund?

Fund Snapshot

About AVSC and DFAS