How do active ETFs like DFAT and DFSV differ from traditional index trackers?

Traditional index ETFs mechanically replicate a benchmark, while active ETFs like DFAT and DFSV allow portfolio managers to deviate from indices based on quantitative models or fundamental analysis. Both Dimensional funds employ systematic active management targeting value characteristics. This may result in holdings and performance that differ significantly from passive benchmarks, though specific index tracking details are not available for either fund.

Why is the index tracked data not available for these Dimensional funds?

For DFAT and DFSV, the specific index tracked is not available. This is common with active ETFs, which do not necessarily replicate a predefined benchmark index but instead follow proprietary investment methodologies. Consequently, their portfolios are managed based on target factors rather than index constituents. Investors should recognise that without an explicit benchmark, assessing tracking error or index alignment directly is not possible.

How do the expense ratios of DFAT and DFSV compare?

DFAT carries an annual expense ratio of 0.28%, while DFSV’s is 0.30%, making DFAT marginally cheaper by 0.02 percentage points. Over time, this small difference compounds: on a $10,000 investment, DFAT’s fees would be $2 per year lower than DFSV’s, assuming equal gross returns. Lower fees generally improve net returns, but differences this narrow are rarely decisive on their own.

What do the dividend yields of 1.40% and 1.38% indicate?

DFAT’s dividend yield is 1.40%, and DFSV’s is 1.38%, reflecting modest income generation typical of value-oriented equity funds. These yields indicate current payout levels relative to price but are not guaranteed; they fluctuate with company dividends and market prices. ETF distributions combine dividends, interest, and occasionally capital gains, so the yield alone does not represent total return potential.

How similar are the top holdings of DFAT and DFSV?

DFAT and DFSV share three holdings in their top ten: OVV, BWA, and ARW. However, their overall portfolios differ significantly. For example, DFAT lists CNH and APA as top holdings, whereas DFSV features SWKS and KNX. This suggests distinct stock selection despite overlapping value characteristics, likely reflecting DFAT’s broader target value approach versus DFSV’s focus on small-cap firms.

Do DFAT and DFSV track the same market segment?

Both DFAT and DFSV target US value stocks, but their approaches differ. DFAT follows a target value strategy that may include firms across market capitalisations fitting specific valuation criteria. DFSV explicitly focuses on small-cap value stocks. Thus, while both are value-oriented, DFSV is narrower in scope, concentrated on smaller companies, whereas DFAT’s methodology is not explicitly limited by size.

How has net asset growth compared between the two funds?

DFAT has been operational since December 1998 and now holds $14.2 billion in net assets, indicating long-term institutional adoption. In contrast, DFSV launched in February 2022 and has rapidly accumulated $8.2 billion, showing strong early demand. The larger asset base of DFAT may offer liquidity advantages, though DFSV’s growth reflects rising investor interest in dedicated small-cap value strategies.

What risks are associated with investing in value small-cap ETFs?

Small-cap value strategies face higher volatility than large-cap growth stocks due to limited liquidity, less stable earnings, and sensitivity to economic cycles. Additionally, value investing can underperform during periods when growth stocks dominate. Sector weights are not available for DFAT or DFSV, making it difficult to assess concentration risks. Investors should consider these factors alongside their own tolerance.

Why is sector diversification unclear for these ETFs?

Sector weight data is not available for either DFAT or DFSV. This limits transparency regarding industry exposure, making it challenging to evaluate diversification or concentration risks across sectors like technology, energy, or financials. Unlike some passive ETFs that disclose sector breakdowns, these active funds do not provide this detail, so investors must rely on other information sources for risk assessment.

What factors should beginners prioritise when comparing similar ETFs?

Beginners should first examine expense ratios, as they directly reduce returns. Next, consider track record: DFAT has over two decades of history, while DFSV launched in 2022. Holdings and yield provide insight into portfolio characteristics, though limited data on sector weights restricts deeper analysis. Ultimately, alignment with personal objectives matters more than any single metric.

Does a longer history make DFAT safer than DFSV?

DFAT’s operational history since 1998 offers extensive performance visibility, which can aid risk assessment. DFSV, launched in 2022, lacks this long-term record, so its behaviour across market cycles is unproven. However, a longer track record does not guarantee future results or lower risk. Both funds employ active strategies, and DFSV’s focus on small-cap value introduces its own distinct risk profile.

DFAT vs DFSV

Q: What does the Small Value category mean in ETF investing?

The Small Value category refers to exchange-traded funds that invest in companies with smaller market capitalisations which trade at lower valuations relative to their earnings or assets. Dimensional US Target Value ETF (DFAT) and Dimensional US Small Cap Value ETF (DFSV) both fall into this category. Value strategies aim to capture long-term risk premiums by targeting undervalued firms, though outcomes depend on market conditions and specific fund methodologies.

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

This page compares Dimensional US Target Value ETF (DFAT) and Dimensional US Small Cap Value ETF (DFSV). It examines their expense ratios, net assets, dividend yields, holdings and how each fund tracks its market. Both are Dimensional funds in the Small Value category. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

DFAT

Metric

DFSV

0.28%

Expense Ratio

0.30%

1.40%

Dividend Yield

1.38%

$14.15B

Net Assets

$8.24B

1,212

Holdings

999

Dec 11, 1998

Inception Date

Feb 24, 2022

–

Index Tracked

–

Small Value

Fund Category

Small Value

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

Shared Top Holdings

Holding	DFAT	DFSV
OVVOvintiv Inc.	0.79%	0.69%
BWABorgWarner Inc.	0.63%	0.74%
ARWArrow Electronics, Inc.	0.55%	0.69%

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Investment Analysis

DFAT

Pros

DFAT features a significantly lower expense ratio of 0.28% compared to newer small-cap value alternatives.
The fund boasts substantial net assets of $14.2 billion, indicating strong institutional adoption and liquidity.
It has a long operational history dating back to December 1998, providing extensive track record visibility.

Considerations

DFAT maintains a modest dividend yield of 1.40%, which may disappoint income-focused investors.
The specific index methodology is not available, creating uncertainty regarding exact benchmark alignment.
Sector weight data is not available, making it difficult to assess precise industry diversification levels.

DFSV

Pros

DFSV has a low expense ratio of 0.30%, offering cost-efficient exposure to the small-cap value factor.
The fund has rapidly accumulated $8.2 billion in net assets since its 2022 inception, showing strong demand.
It maintains a dividend yield of 1.38%, providing slight income generation within a value-oriented portfolio.

Considerations

DFSV has a relatively short operational history, having launched only in February 2022.
The underlying index tracked is not available, obscuring the specific benchmarking methodology used by the issuer.
Sector weights are not available, limiting transparency into the fund's industry-level risk exposure.

About DFAT and DFSV

DFAT (DFAT)

The Dimensional US Target Value ETF is an exchange-traded fund focused on small-cap value stocks within the United States. With a low expense ratio of 0.28% and a long track record dating back to December 1998, this fund offers investors exposure to companies that may be trading at a discount relative to their intrinsic value. Holding over 1,200 positions, it provides a diversified approach to the small-cap segment, reducing reliance on any single stock. The fund currently reports a dividend yield of 1.40%, offering some income potential alongside growth opportunities. As with any investment in the value sector, performance can fluctuate, and capital is at risk.

DFSV (DFSV)

The Dimensional US Small Cap Value ETF (DFSV) is designed to provide investors with exposure to smaller US companies that exhibit value characteristics. As an exchange-traded fund, it aims to track the performance of a diversified portfolio containing 999 holdings, focusing on firms that may be undervalued relative to their fundamentals. With an expense ratio of 0.30% and net assets of USD 8.24 billion, the fund offers a structured approach to accessing the small-cap value segment of the US market. Investors might consider this ETF for potential diversification benefits and exposure to a specific market niche, though it is important to remember that returns are not guaranteed and values can rise and fall. The fund also offers a current dividend yield of 1.38%, contributing to total return potential alongside capital growth, subject to market conditions and investor suitability.

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DFAT vs DFSV

Fund Snapshot

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Investment Analysis

DFAT

Pros

Considerations

DFSV

Pros

Considerations

About DFAT and DFSV

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6% Interest on Cash

Frequently asked questions

What does the Small Value category mean in ETF investing?

How do active ETFs like DFAT and DFSV differ from traditional index trackers?

Why is the index tracked data not available for these Dimensional funds?

How do the expense ratios of DFAT and DFSV compare?

What do the dividend yields of 1.40% and 1.38% indicate?

How similar are the top holdings of DFAT and DFSV?

Do DFAT and DFSV track the same market segment?

How has net asset growth compared between the two funds?

What risks are associated with investing in value small-cap ETFs?

Why is sector diversification unclear for these ETFs?

What factors should beginners prioritise when comparing similar ETFs?

Does a longer history make DFAT safer than DFSV?

Fund Snapshot

About DFAT and DFSV

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