DFAX
Dimensional World ex U.S. Core Equity 2 ETF
DFAX actively invests in non-US companies around the globe, with a focus on small- cap stocks.
Global
EQUITY
Active
MANAGEMENT STYLE
30 bp
EXPENSES
$7.0 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Dimensional Fund Advisors LP |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 13, 2021 |
| Assets (mns) | $6,954 |
| Expense ratio | 30 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| 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 +
| GOLDMAN SACHS GROUP INC | 1.5 % |
| TOTAL SA | 0.7 % |
| NOVO NORDISK A/S-B | 0.7 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 0.7 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 0.6 % |
| SAMSUNG ELECTRONICS CO LTD | 0.5 % |
| NESTLE SA-REG | 0.5 % |
| NOVARTIS AG-ADR | 0.5 % |
| TOYOTA MOTOR CORP | 0.5 % |
| TENCENT HOLDINGS LTD | 0.5 % |
Constituent Breakdown
| Number of holdings | 10130 |
| Herfindahl-Hirschman Index | 11 |
| Wgt avg mkt cap (mns) | $58,372 |
| Large cap (>$10bn) | 54.9% |
| Mid cap ($2-10bn) | 30.5% |
| Small cap (<$2bn) | 13.6% |
| Developed mkts. | 70.4% |
| Emerging mkts. | 29.6% |
Country Exposure
 |
JAPAN | 14.5 % |
 |
CANADA | 7.1 % |
 |
BRITAIN | 6.7 % |
 |
INDIA | 5.9 % |
 |
TAIWAN | 5.9 % |
 |
SWITZERLAND | 5.4 % |
 |
CHINA | 5.3 % |
 |
FRANCE | 4.8 % |
 |
GERMANY | 4.7 % |
 |
AUSTRALIA | 4.1 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 5.4% | 13.4% | 13.0% | -- | -- | -- | 2.4% | Volatility | 11.1% | 12.2% | 15.6% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.81 | 72% |
| MSCI EAFE | 0.93 | 95% |
| MSCI Emg Mkts | 0.87 | 80% |
Liquidity Measures
| Avg. volume (000) | 620 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.05% |
| ADV of underlying (mns) | $145,232 |
Technical Indicators
| Recent close | $25.36 |
| 30d moving avg. | $25.82 |
| Annualized volatility | 17.5% |
| 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. DFAX |
Expenses vs. DFAX |
ALTAR Score™ vs. DFAX |
|---|---|---|---|---|
| DFIC | Dimensional International Core Equity 2 ETF | 59.0% | -7 bp | -0.4% |
| IXUS | iShares Core MSCI Total International Stock ETF | 54.2% | -23 bp | -0.9% |
| DFAI | Dimensional International Core Equity Market ETF | 52.7% | -12 bp | -0.9% |
| VXUS | Vanguard Total International Stock ETF | 49.4% | -23 bp | -0.9% |
| VEU | Vanguard FTSE All-World ex-US Index Fund | 47.1% | -22 bp | -0.9% |
| ACWX | iShares MSCI ACWI ex U.S. ETF | 46.6% | +4 bp | -1.1% |
| DBAW | Xtrackers MSCI All World ex US Hedged Equity ETF | 45.2% | +11 bp | -1.2% |
| DFSI | Dimensional International Sustainability Core 1 ETF | 44.9% | -6 bp | -1.7% |
| VEA | Vanguard FTSE Developed Markets ETF | 43.9% | -25 bp | -1.0% |
| IDEV | iShares Core MSCI International Developed Markets ETF | 43.2% | -26 bp | -1.1% |
Risk and Returns: DFAX 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
DFAX
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™
DFAX
7.9%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.9% |
Recommendation
OVERWEIGHT
Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. DFAX's ALTAR Score™ is approximately
0.8 standard deviations
above
the category average. This places DFAX in the 79th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFAX
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Global Equity ETFs |
| # of ETFs | 118 |
| Avg. Expense Ratio | 73.5 bp |
| Std. Deviation | 29.8 bp |
| DFAX (30 bp) Percentile rank | 7 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFAX | 30.0 | 4.5 | 34.5 |
| Peer Avg. | 64.9 | 34.2 | 99.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .