DFAE
Dimensional Emerging Core Equity Market ETF
DFAE actively selects emerging markets securities of all sizes with a tilt toward small-cap companies, seeking to provide long-term capital appreciation.
Fund Basics
| Fund sponsor | Dimensional Holdings |
| Category | Emerging Market Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 02, 2020 |
| Assets (mns) | $2,921 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TAIWAN SEMICONDUCTOR MANUFAC | 5.2 % |
| TENCENT HOLDINGS LTD | 3.1 % |
| SAMSUNG ELECTRONICS CO LTD | 3.0 % |
| ALIBABA GROUP HOLDING LTD. | 1.9 % |
| MEITUAN DIANPING | 0.8 % |
| HDFC BANK LIMITED | 0.8 % |
| CHINA CONSTRUCTION BANK-H | 0.7 % |
| PETROBRAS - PETROLEO BRAS-PR | 0.7 % |
| HYNIX SEMICONDUCTOR INC | 0.7 % |
| ICICI BANK LTD-SPON ADR | 0.6 % |
Constituent Breakdown
| Number of holdings | 5071 |
| Herfindahl-Hirschman Index | 62 |
| Wgt avg mkt cap (mns) | $45,692 |
| Large cap (>$10bn) | 39.5% |
| Mid cap ($2-10bn) | 27.8% |
| Small cap (<$2bn) | 11.4% |
| Developed mkts. | 6.2% |
| Emerging mkts. | 93.8% |
Country Exposure
 |
CHINA | 21.6 % |
 |
TAIWAN | 16.5 % |
 |
INDIA | 16.2 % |
 |
SOUTH KOREA | 11.9 % |
 |
BRAZIL | 5.3 % |
 |
SAUDI ARABIA | 3.8 % |
 |
HONG KONG | 2.8 % |
 |
SOUTH AFRICA | 2.5 % |
 |
MEXICO | 2.1 % |
 |
THAILAND | 2.0 % |
Historical Performance
Standardized Annual Returns (as of 08/31/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 7.7% | 5.6% | -7.1% | -- | -- | -- | -3.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.65 | 44% |
| MSCI EAFE | 0.86 | 69% |
| MSCI Emg Mkts | 0.97 | 97% |
Liquidity Measures
| Avg. volume (000) | 780 |
| Turnover | 0.6% |
| Avg. Bid/Ask (% of price) | 0.05% |
| ADV of underlying (mns) | $54,061 |
Technical Indicators
| Recent close | $22.97 |
| 30d moving avg. | $23.45 |
| Annualized volatility | 17.3% |
| Relative strength (RSI) | 43 |
| Short interest (ETF) | 0.7% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. DFAE |
Expenses vs. DFAE |
ALTAR Score™ vs. DFAE |
|---|---|---|---|---|
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 72.1% | +3 bp | +0.5% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 71.5% | -26 bp | -0.4% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 68.5% | +31 bp | -0.8% |
| EEM | iShares MSCI Emerging Markets ETF | 67.8% | +33 bp | -0.7% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 64.8% | +1 bp | -0.5% |
| VWO | Vanguard FTSE Emerging Markets ETF | 63.6% | -27 bp | -0.3% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 61.4% | -24 bp | -4.4% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 61.1% | +14 bp | +0.4% |
| DFSE | Dimensional Emerging Markets Sustainability Core 1 ETF | 61.0% | +6 bp | +0.1% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 58.0% | -16 bp | -0.5% |
Risk and Returns: DFAE vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023E | 2024E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2022 | 2023E | Fwd Est | 2024E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 9/20/2023
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Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
DFAE
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
DFAE
8.2%
Cat. Avg
7.7%
Fund Category: Emerging Market Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.2% |
Recommendation
NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.
Category Overview
There are 188 funds in the Emerging Market Equities category, with an average ALTAR Score™
of 7.7% and a standard deviation of
4.1%. DFAE's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places DFAE in the 56th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFAE
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Market Activity
| Latest price | |
| Change | |
| Volume | |
| Bid/Ask Spread | |
| Update |
Today's Trading
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Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFAE | 35.0 | 4.9 | 39.9 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .