How do the expense ratios of DFUS and VOO differ, and what impact might this have over time?

DFUS has an expense ratio of 0.09%, while VOO charges 0.03%, a difference of 0.06 percentage points. Over long periods, even small fee differences compound, potentially affecting net returns. Lower fees generally benefit passive investors, but factor-based strategies like DFUS aim for risk-adjusted returns that may justify the higher cost for some investors. Always consider total costs versus investment objectives.

What does 'factor investing' mean in the context of DFUS, and how does it differ from VOO's approach?

Factor investing targets attributes like size, value, or momentum that may influence returns. DFUS uses a systematic multi-factor strategy, selecting holdings based on these characteristics rather than just market capitalisation. VOO, as an S&P 500 index fund, mirrors the index using market-cap weighting. Factor strategies can diverge from broad index performance due to different selection methodologies.

How similar are the top holdings of DFUS and VOO, and what does the overlap indicate?

Both funds share identical top-ten holdings: NVDA, AAPL, MSFT, AMZN, GOOGL, GOOG, AVGO, META, MU, and TSLA. This strong overlap suggests both funds provide significant exposure to large US equities. The minor variations in percentage weights reflect their differing methodologies—market cap versus factor-based selection—rather than sector-specific bets.

How do DFUS and VOO compare in terms of fund size and liquidity, and why might this matter?

VOO holds net assets of $1.08 trillion, compared to DFUS's $21.3 billion. Larger funds often offer greater liquidity and narrower bid-ask spreads, benefiting active traders. While both are accessible to retail investors, VOO's scale provides enhanced trading efficiency, whereas DFUS operates with a smaller asset base.

Which fund has a higher dividend yield and how might this affect income-focused investors?

VOO offers a dividend yield of 1.03%, compared to DFUS at 0.83%. The 0.20 percentage-point difference could be more attractive for income-focused investors, as higher yields provide larger cash distributions. However, yield is only one factor; total returns including price appreciation also matter for long-term growth.

What is the significance of the inception dates of DFUS and VOO?

DFUS launched in September 2001, giving it a longer track record than VOO, which began trading in September 2010. A longer history provides more performance data across market cycles. However, past performance does not guarantee future results, and newer funds may still employ effective strategies.

What should investors know about how ETF distributions and dividends work?

ETFs like DFUS and VOO typically distribute dividends and capital gains periodically. The dividend yield represents income relative to share price but can fluctuate with distributions and market conditions. Investors should review distribution schedules and tax implications, recognising that yield is a snapshot of current income.

What key factors should beginners consider when comparing two US equity ETFs?

Beginners should compare expense ratios, tracking methodologies, top holdings, net assets, liquidity, and dividend yields. Understanding whether a fund follows a market-cap or factor-based strategy helps align with investment goals. Educational resources and neutral comparisons aid learning. This information is for educational purposes only and not financial advice.

Which fund would be better for long-term growth versus current income?

The provided data does not indicate a clear choice for long-term growth versus current income between DFUS and VOO, as this depends on various market factors and individual investor goals. Neither fund's data specifically favours one for growth or income. Both offer diversified exposure to US large-cap stocks.

Which fund is better suited for an investor seeking low-cost exposure?

VOO is better suited for investors seeking low-cost exposure. Its expense ratio of 0.03% is significantly lower than DFUS's 0.09%. VOO's ultra-low fees, combined with its large net assets of $1.08 trillion, make it highly cost-effective and liquid. DFUS may offer factor-based advantages, but for pure low-cost exposure, VOO is preferable.

DFUS vs VOO

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

Compare DFUS (Dimensional US Equity Market ETF) and VOO (S&P 500 Vanguard ETF). This page analyses fees, holdings, dividends and how each fund tracks its market. DFUS has a 0.09% expense ratio while VOO charges 0.03%. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

DFUS

Metric

VOO

0.09%

Expense Ratio

0.03%

0.83%

Dividend Yield

1.03%

$21.30B

Net Assets

$1.08T

2,245

Holdings

516

Sep 25, 2001

Inception Date

Sep 7, 2010

–

Index Tracked

–

Large Blend

Fund Category

Large Blend

VOO costs about $6.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	DFUS	VOO
NVDANVIDIA Corporation	7.17%	8.08%
AAPLApple Inc.	6.89%	7.03%
MSFTMicrosoft Corporation	5.25%	5.70%
AMZNAmazon.com, Inc.	3.49%	3.84%
GOOGLAlphabet Inc.	2.86%	3.01%
GOOGAlphabet Inc.	2.35%	2.40%
AVGOBroadcom Inc.	2.29%	2.65%
METAMeta Platforms, Inc.	2.15%	1.90%
MUMicron Technology, Inc.	1.58%	1.63%
TSLATesla, Inc.	1.53%	1.57%

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Investment Analysis

DFUS

Pros

Dimensional ETF uses factor investing to potentially enhance risk-adjusted returns versus pure market capitalisation weighting.
The fund holds diversified holdings outside the top ten positions, which may reduce concentration risk compared to similar US equity products.
Inception in September 2001 provides a longer operating history than many newer passive US equity exchange-traded funds.

Considerations

The expense ratio of 0.09 percent is higher than comparable ultra-low-cost US large-cap market cap weighted funds.
Net assets of 21.3 billion pounds are smaller than trillion-dollar index giants, which may influence trading volume.
Dividend yield of 0.83 percent is lower than the alternative fund, reducing current income potential for investors.

VOO

Pros

Expense ratio of 0.03 percent is exceptionally low, making total cost of ownership highly competitive for passive equity exposure.
Net assets of 1.08 trillion pounds provide massive scale, supporting high liquidity and tight bid-ask spreads for trading.
Dividend yield of 1.03 percent is slightly higher than the alternative fund, offering modestly better current income potential.

Considerations

Index tracked information is not available, limiting transparency regarding the precise methodology and underlying reference benchmark.
Top holdings are heavily concentrated in technology and communication services, mirroring the market cap weighting of large US stocks.
Inception date of September 2010 is more recent than the alternative fund, resulting in a shorter historical track record.

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About DFUS and VOO

DFUS (DFUS)

The Dimensional US Equity Market ETF (DFUS) is designed to provide broad exposure to the U.S. equity market. With an inception date of 25 September 2001 and a current net asset value of approximately USD 21.30 billion, this Large Blend fund holds over 2,200 companies, offering significant diversification. It features a low expense ratio of 0.09%, making it a cost-effective option for investors seeking general market access. While the fund has a reported dividend yield of 0.83%, it is important to note that its primary goal is long-term capital growth through equity exposure. Investors should remember that stock market values can rise and fall, and returns are not guaranteed. This ETF serves as a tool for those looking to understand how broad market indices function within a portfolio. As with any investment, it is essential to consider your own financial situation and risk tolerance before proceeding.

VOO (VOO)

VOO is Vanguard’s exchange-traded fund designed to track the S&P 500 Index, offering broad exposure to about 500 of the largest publicly traded US companies. It aims to replicate the index’s performance minus fees by holding the same stocks in similar proportions, making it a straightforward, passive way to access large‑cap US equities. Investors commonly use VOO as a core holding for long‑term growth or as a simple building block in a diversified portfolio. It typically offers high liquidity and regular dividend distributions from underlying companies. As with any equity investment, VOO’s value can rise or fall with the market, and past performance is not a guide to future returns. Fees, trading costs and potential tracking error reduce returns slightly. This information is general and educational only and not personalised financial advice — consider your own circumstances or speak to a qualified adviser before investing.

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DFUS vs VOO

Fund Snapshot