DFAI
Dimensional International Core Equity Market ETF
DFAI is an actively-managed fund that seeks a broad exposure to relatively low-priced and profitable stocks in developed countries outside the US.
International
EQUITY
Active
MANAGEMENT STYLE
18 bp
EXPENSES
$6.4 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Dimensional Holdings |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 17, 2020 |
| Assets (mns) | $6,413 |
| Expense ratio | 18 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | |
| Taxation | 1099 |
| Stock selection | Proprietary |
| Weighting | Proprietary |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| NOVO NORDISK A/S-B | 1.7 % |
| SHELL PLC | 1.3 % |
| ASML HOLDING NV-NY REG SHS | 1.2 % |
| NESTLE SA-REG | 1.2 % |
| ROCHE HOLDING LTD | 1.1 % |
| TOYOTA MOTOR CORP | 1.1 % |
| LVMH MOET HENNESSY LOUIS VUI | 1.0 % |
| TOTAL SA | 0.9 % |
| ASTRAZENECA PLC | 0.9 % |
| NOVARTIS AG-ADR | 0.8 % |
Constituent Breakdown
| Number of holdings | 3761 |
| Herfindahl-Hirschman Index | 29 |
| Wgt avg mkt cap (mns) | $80,911 |
| Large cap (>$10bn) | 75.8% |
| Mid cap ($2-10bn) | 17.6% |
| Small cap (<$2bn) | 5.5% |
| Developed mkts. | 99.9% |
| Emerging mkts. | 0.1% |
Country Exposure
 |
JAPAN | 22.6 % |
 |
BRITAIN | 12.5 % |
 |
CANADA | 10.5 % |
 |
SWITZERLAND | 8.8 % |
 |
FRANCE | 8.2 % |
 |
GERMANY | 7.1 % |
 |
AUSTRALIA | 6.4 % |
 |
NETHERLANDS | 4.1 % |
 |
DENMARK | 3.1 % |
 |
SWEDEN | 2.6 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 5.1% | 12.1% | 14.2% | 3.4% | -- | -- | 7.5% | Volatility | 11.2% | 12.3% | 16.2% | 16.2% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.83 | 76% |
| MSCI EAFE | 0.98 | 97% |
| MSCI Emg Mkts | 0.78 | 64% |
Liquidity Measures
| Avg. volume (000) | 916 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.04% |
| ADV of underlying (mns) | $69,723 |
Technical Indicators
| Recent close | $29.87 |
| 30d moving avg. | $30.19 |
| Annualized volatility | 17.3% |
| Relative strength (RSI) | 55 |
| Short interest (ETF) | 0.1% |
| 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. DFAI |
Expenses vs. DFAI |
ALTAR Score™ vs. DFAI |
|---|---|---|---|---|
| IDEV | iShares Core MSCI International Developed Markets ETF | 75.6% | -14 bp | -0.2% |
| IEFA | iShares Core MSCI EAFE ETF | 75.0% | -11 bp | -0.3% |
| VEA | Vanguard FTSE Developed Markets ETF | 71.9% | -13 bp | -0.1% |
| SPDW | SPDR Portfolio Developed World ex-US ETF | 71.0% | -15 bp | -0.1% |
| DFIC | Dimensional International Core Equity 2 ETF | 69.0% | +5 bp | +0.5% |
| EFA | iShares MSCI EAFE ETF | 68.0% | +17 bp | -0.5% |
| SCHF | Schwab International Equity ETF | 67.6% | -12 bp | +0.2% |
| BKIE | BNY Mellon International Equity ETF | 66.6% | -14 bp | -0.1% |
| HFXI | IQ FTSE International Equity Currency Neutral ETF | 64.2% | +2 bp | -0.2% |
| GSID | Goldman Sachs MarketBeta International Equity ETF | 63.9% | +2 bp | -0.3% |
Risk and Returns: DFAI 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
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2023 | 2024E | Fwd Est | 2025E | |
| 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 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
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
DFAI
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™
DFAI
7.0%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.0% |
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 258 funds in the International category, with an average ALTAR Score™
of 7.2% and a standard deviation of
2.4%. DFAI's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places DFAI in the 47th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFAI
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active International Equity ETFs |
| # of ETFs | 38 |
| Avg. Expense Ratio | 56.2 bp |
| Std. Deviation | 24 bp |
| DFAI (18 bp) Percentile rank | 6 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFAI | 18.0 | 3.8 | 21.8 |
| Peer Avg. | 43.6 | 23.0 | 66.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .