What is the primary structural difference between AVUS and DFAC?

AVUS (Avantis US Equity ETF) and DFAC (Dimensional US Core Equity 2 ETF) are both active management funds in the Large Blend category, but they originate from different issuers with distinct methodologies. AVUS launched in September 2019, while DFAC has a longer history dating back to October 2007. The primary difference lies in their track records and asset base sizes, with DFAC holding significantly more net assets at $48.8 billion compared to AVUS at $14.5 billion. Understanding these structural elements helps investors contextualise the funds' maturity and market presence.

Why is the 'Index tracked' field marked as not available for both funds?

The 'Index tracked' field is marked as not available for both AVUS and DFAC because they are actively managed ETFs rather than passive index-tracking funds. Unlike ETFs designed to replicate a specific benchmark like the S&P 500, active funds rely on portfolio managers to select securities based on their strategies. Consequently, there is no single index for them to track in a traditional sense. This lack of a standardised benchmark means investors must look to fund objectives and holdings rather than index comparisons to understand the exposure.

How do the expense ratios of AVUS and DFAC compare?

AVUS has an expense ratio of 0.15%, whereas DFAC has an expense ratio of 0.17%. This creates a difference of 0.02 percentage points. For every $10,000 invested, AVUS costs $15 annually, while DFAC costs $17. While AVUS is slightly cheaper, both ratios are competitive for actively managed funds, which typically charge more than passive ETFs. Over time, lower fees can compound to retain more value, but investors should also weigh the potential benefits of each fund's specific active strategy against these modest cost differences when evaluating total expense impact.

What are the differences in top holdings between AVUS and DFAC?

AVUS and DFAC share eight top holdings, indicating significant overlap in their core positions. These shared stocks include AAPL, NVDA, MSFT, AMZN, META, MU, GOOGL, and JPM. However, AVUS includes XOM in its top ten, while DFAC features AVGO and LLY. The weightings also differ slightly; for instance, AVUS holds AAPL at 5.75% versus DFAC at 5.54%. These variations reflect the distinct selection criteria and portfolio construction methods of Avantis and Dimensional, even though both target similar large-cap US equities.

How do net assets impact the liquidity of these ETFs?

DFAC holds $48.8 billion in net assets, significantly larger than AVUS at $14.5 billion. Higher net assets generally correlate with deeper market liquidity and tighter bid-ask spreads, making DFAC potentially more efficient for large trades. While AVUS's $14.5 billion is substantial and provides sufficient liquidity for most retail investors, DFAC's larger size offers greater trading efficiency. Investors should consider this when evaluating how easily they can enter or exit positions, especially during volatile market conditions, as liquidity affects the execution price of ETF shares.

How do the dividend yields of AVUS and DFAC compare?

AVUS reports a dividend yield of 0.92%, while DFAC reports 0.89%. Both yields are relatively low, which is typical for growth-oriented US equity funds that prioritise capital appreciation over income generation. The difference of 0.03 percentage points is marginal. Investors seeking income might look elsewhere, as these funds are designed for total return through stock price growth. Understanding that ETF dividends are passed through from underlying holdings helps contextualise why these yields fluctuate based on corporate dividend policies of companies like AAPL and NVDA.

What does the sector weight data tell us about these funds?

Sector weights are not available for either AVUS or DFAC in the provided data. This limitation means investors cannot directly compare their specific industry exposures, such as Technology or Financials, using this metric alone. However, by analysing the top holdings, one can infer a concentration in technology (AAPL, NVDA, MSFT) and financials (JPM). The absence of explicit sector data requires investors to look at fund fact sheets for granular risk exposure details, ensuring they understand potential concentration risks within specific industries despite both being classified as Large Blend.

What investing goals might suit AVUS versus DFAC?

AVUS, with its lower expense ratio and newer inception, might appeal to investors prioritising cost efficiency and a specific active approach from Avantis. DFAC, with its long track record since 2007 and larger asset base, may suit those valuing established performance history and deep liquidity. Both target US large-cap equity growth, but neither is recommended over the other. Investors should align these funds with their risk tolerance and time horizon, considering that active management aims to outperform the market, which involves different risks than passive indexing.

Why are historical track records important when comparing AVUS and DFAC?

DFAC has an inception date of October 2007, providing nearly two decades of performance data across various market cycles. AVUS, launched in September 2019, has a shorter historical record. A longer track record allows investors to assess how the fund manager performed during recessions, bull markets, and periods of high volatility. While past performance does not guarantee future results, DFAC's extensive history offers more data points for evaluating consistency and strategy resilience compared to the limited history available for AVUS.

What is the significance of the 'Large Blend' category for these ETFs?

Both AVUS and DFAC are categorised as Large Blend ETFs. This classification indicates they invest in large-capitalisation companies with a mix of growth and value characteristics. 'Large' refers to the market cap size of holdings, typically stable, established companies. 'Blend' means they do not strictly focus on just growth or just value stocks. This categorisation helps investors understand that these funds provide broad exposure to major US companies, balancing risk and return profiles through diversified large-cap holdings rather than niche sector bets.

How should beginners interpret the lack of benchmark index for these funds?

The lack of a benchmark index for AVUS and DFAC signals that they are actively managed, not passive. Beginners should not expect these funds to mirror a standard index like the S&P 500. Instead, portfolio managers make specific stock selections based on research and strategy. This means performance may vary significantly from traditional benchmarks. Investors must evaluate the fund's specific objectives and holdings rather than comparing it directly to index-tracking ETFs, as active management carries different risks and potential rewards.

What are the implications of the shared top holdings for diversification?

AVUS and DFAC share eight of their top ten holdings, including major tech and financial stocks. This high degree of overlap suggests that while the funds are managed by different issuers, they hold similar core positions. This may reduce the diversification benefit of holding both funds simultaneously. However, the inclusion of different tail-end stocks, such as XOM in AVUS and LLY in DFAC, adds unique exposure. Investors should be aware that significant overlap in top holdings means performance will often correlate, especially in large-cap sectors.

AVUS vs DFAC

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

Compare AVUS (Avantis US Equity ETF) and DFAC (Dimensional US Core Equity 2 ETF). This page details expense ratios, net assets, dividend yields, top holdings and how each fund tracks its market. Both are large blend ETFs from different issuers. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

AVUS

Metric

DFAC

0.15%

Expense Ratio

0.17%

0.92%

Dividend Yield

0.89%

$14.48B

Net Assets

$48.75B

1,921

Holdings

2,535

Sep 24, 2019

Inception Date

Oct 4, 2007

–

Index Tracked

–

Large Blend

Fund Category

Large Blend

AVUS costs about $2.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	AVUS	DFAC
AAPLApple Inc.	5.75%	5.54%
NVDANVIDIA Corporation	5.61%	5.60%
MSFTMicrosoft Corporation	4.33%	4.68%
AMZNAmazon.com, Inc.	3.38%	2.91%
METAMeta Platforms, Inc.	2.37%	2.10%
MUMicron Technology, Inc.	2.33%	1.29%
GOOGLAlphabet Inc.	2.07%	1.62%
JPMJPMorgan Chase & Co.	1.40%	1.07%

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Investment Analysis

AVUS

Pros

Expense ratio of 0.15% remains competitive for active management.
Net assets of $14.5 billion provide sufficient liquidity for trading.
Top holdings are diversified across technology and financial sectors.

Considerations

Index tracked is not available, limiting transparency on methodology.
Sector weights are not available, obscuring precise portfolio composition.
Younger inception date of September 2019 means limited historical track record.

DFAC

Pros

Net assets of $48.8 billion support deep market liquidity and trading efficiency.
Inception in October 2007 provides a long track record for active management.
Expense ratio of 0.17% aligns closely with the fund's active management costs.

Considerations

Index tracked is not available, restricting insights into benchmark comparisons.
Sector weights are not available, making precise risk exposure assessment difficult.
Expense ratio of 0.17% is slightly higher than many passive alternatives.

About AVUS and DFAC

AVUS (AVUS)

The Avantis US Equity ETF (AVUS) is a large blend fund designed for investors seeking broad exposure to the US stock market. Launched in September 2019, this fund offers a cost-effective way to participate in the performance of American equities, holding over 1,900 companies across various sectors. With a low expense ratio of 0.15%, it aims to provide efficient market access while potentially capturing returns from both value and growth segments within the large-cap spectrum. Investors should note that while it offers diversification through its numerous holdings, equity markets can be volatile, and values may rise or fall. The fund has accumulated substantial net assets, indicating strong investor interest since its inception. Dividend yield is present, providing a modest income component alongside potential capital appreciation. As with any investment, it's essential to consider your risk tolerance and investment goals before adding this ETF to your portfolio.

DFAC (DFAC)

The Dimensional US Core Equity 2 ETF (DFAC) is an exchange-traded fund designed to provide broad exposure to the US large-cap stock market. Launched in October 2007, it has grown significantly to hold net assets of approximately USD 48.75 billion. The fund follows a core equity strategy, focusing on large blend companies across the spectrum of value and growth. With 2,535 holdings, it offers diversification within the US equity landscape. Its expense ratio stands at 0.17%, which is generally considered low-cost for an actively managed ETF of its size, although passive trackers can sometimes offer lower fees. The fund provides an estimated dividend yield of 0.89%. As with any equity investment, the value of shares can go down as well as up, and investors may not get back the amount they originally invested. It aims to balance risk and return through its diversified portfolio structure.

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AVUS vs DFAC

Fund Snapshot