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.
Fund Basics
| Fund sponsor | Dimensional Fund Advisors LP |
| Category | Global Equities |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 13, 2021 |
| Assets (mns) | $5,362 |
| Expense ratio | 31 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 +
| NESTLE SA-REG | 0.7 % |
| GOLDMAN SACHS GROUP INC | 0.7 % |
| SAMSUNG ELECTRONICS CO LTD | 0.7 % |
| TOTAL SA | 0.6 % |
| TENCENT HOLDINGS LTD | 0.5 % |
| TAIWAN SEMICONDUCTOR-SP ADR | 0.5 % |
| LVMH MOET HENNESSY LOUIS VUI | 0.5 % |
| NOVO NORDISK A/S-B | 0.5 % |
| NOVARTIS AG-ADR | 0.4 % |
| ASML HOLDING NV-NY REG SHS | 0.4 % |
Constituent Breakdown
| Number of holdings | 9919 |
| Herfindahl-Hirschman Index | 9 |
| Wgt avg mkt cap (mns) | $39,728 |
| Large cap (>$10bn) | 44.2% |
| Mid cap ($2-10bn) | 27.9% |
| Small cap (<$2bn) | 12.4% |
| Developed mkts. | 60.7% |
| Emerging mkts. | 38.5% |
Country Exposure
 |
JAPAN | 14.6 % |
 |
CANADA | 7.1 % |
 |
CHINA | 7.1 % |
 |
BRITAIN | 6.9 % |
 |
SWITZERLAND | 5.4 % |
 |
TAIWAN | 5.2 % |
 |
GERMANY | 5.0 % |
 |
FRANCE | 5.0 % |
 |
INDIA | 4.5 % |
 |
AUSTRALIA | 4.3 % |
Historical Performance
Standardized Annual Returns (as of 02/28/2023)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. |
|---|---|---|---|---|---|---|
| 4.6% | -6.8% | -- | -- | -- | -- | -6.3% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.83 | 72% |
| MSCI EAFE | 0.97 | 96% |
| MSCI Emg Mkts | 0.89 | 80% |
Liquidity Measures
| Avg. volume (000) | 749 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.05% |
| ADV of underlying (mns) | $180,814 |
Technical Indicators
| Recent close | $22.37 |
| 30d moving avg. | $22.77 |
| Annualized volatility | 21.2% |
| Relative strength (RSI) | 44 |
| 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 | 55.8% | -8 bp | -0.5% |
| IXUS | ishares Core MSCI Total International Stock ETF | 53.5% | -24 bp | -0.8% |
| VXUS | Vanguard Total International Stock ETF | 53.5% | -24 bp | -0.7% |
| DFAI | Dimensional International Core Equity Market ETF | 51.6% | -13 bp | -1.0% |
| VEU | Vanguard FTSE All-World ex-US Index Fund | 50.1% | -24 bp | -0.6% |
| ACWX | iShares MSCI ACWI ex U.S. ETF | 46.0% | +1 bp | -0.8% |
| DBAW | Xtrackers MSCI All World ex US Hedged Equity ETF | 46.0% | +10 bp | -0.7% |
| AVDE | Avantis International Equity ETF | 45.4% | -8 bp | +0.4% |
| VEA | Vanguard FTSE Developed Markets ETF | 44.8% | -26 bp | -0.9% |
| VSGX | Vanguard ESG International Stock ETF | 44.2% | -19 bp | -1.0% |
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
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022E | 2023E | ||
|---|---|---|---|---|---|---|---|---|
| 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
| 2021 | 2022E | Fwd Est | 2023E | |
| 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 3/23/2023
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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
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
8.5%
Cat. Avg
4.3%
Fund Category: Global Equities
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 8.5% |
Recommendation
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
Category Overview
There are 337 funds in the Global Equities category, with an average ALTAR Score™
of 4.3% and a standard deviation of
5.0%. DFAX's ALTAR Score™ is approximately
0.9 standard deviations
above
the category average. This places DFAX in the 80th 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
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) |
|
|---|---|---|---|
| DFAX | 31.0 | 4.6 | 35.6 |
| Peer Avg. | -- | -- | -- |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .