DFIS
Dimensional International Small Cap ETF
DFIS actively invests in a broad and diverse portfolio of small-cap companies in developed markets outside the US, selected and weighted by market capitalization, in aim of long-term capital appreciation.
International
EQUITY
Active
MANAGEMENT STYLE
39 bp
EXPENSES
$1.8 B
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Dimensional Holdings |
| Category | International |
| Asset class | Equity |
| Website | link... |
| Inception date | Mar 23, 2022 |
| Assets (mns) | $1,814 |
| Expense ratio | 39 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 +
| FILTRONA PLC | 2.1 % |
| GEA GROUP AG | 0.4 % |
| BANCA POPOL EMILIA ROMAGNA | 0.4 % |
| LEG IMMOBILIEN AG | 0.3 % |
| BAWAG GROUP AG | 0.3 % |
| BOVIS HOMES GROUP PLC | 0.3 % |
| BELLWAY PLC | 0.3 % |
| GAZTRANSPORT & TECHNIGAZ SA | 0.3 % |
| UNIPOL GRUPPO FINANZIARIO SP | 0.3 % |
| PSP SWISS PROPERTY AG-REG | 0.3 % |
Constituent Breakdown
| Number of holdings | 3418 |
| Herfindahl-Hirschman Index | 14 |
| Wgt avg mkt cap (mns) | $3,733 |
| Large cap (>$10bn) | 2.8% |
| Mid cap ($2-10bn) | 55.0% |
| Small cap (<$2bn) | 42.1% |
| Developed mkts. | 99.5% |
| Emerging mkts. | 0.5% |
Country Exposure
 |
JAPAN | 18.4 % |
 |
BRITAIN | 13.7 % |
 |
CANADA | 9.2 % |
 |
SWITZERLAND | 6.3 % |
 |
AUSTRALIA | 6.1 % |
 |
GERMANY | 5.3 % |
 |
FRANCE | 4.5 % |
 |
ITALY | 3.9 % |
 |
DENMARK | 2.3 % |
 |
SPAIN | 2.2 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 3.1% | 11.2% | 11.5% | -- | -- | -- | 2.2% | Volatility | 12.5% | 13.5% | 17.7% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.93 | 75% |
| MSCI EAFE | 1.07 | 97% |
| MSCI Emg Mkts | 0.87 | 67% |
Liquidity Measures
| Avg. volume (000) | 232 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.06% |
| ADV of underlying (mns) | $10,182 |
Technical Indicators
| Recent close | $25.21 |
| 30d moving avg. | $25.21 |
| Annualized volatility | 20.5% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.2% |
| 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. DFIS |
Expenses vs. DFIS |
ALTAR Score™ vs. DFIS |
|---|---|---|---|---|
| SCZ | iShares MSCI EAFE Small-Cap ETF | 48.4% | +1 bp | -0.2% |
| SCHC | Schwab International Small-Cap Equity ETF | 44.1% | -28 bp | -0.2% |
| PDN | Invesco FTSE RAFI Developed Markets ex-US Small-Mid ETF | 39.3% | +10 bp | +0.0% |
| IEUS | iShares MSCI Europe Small-Cap ETF | 38.6% | +3 bp | -0.5% |
| DISV | Dimensional International Small Cap Value ETF | 38.4% | +3 bp | +2.4% |
| FNDC | Schwab Fundamental International Small Co. Index ETF | 36.8% | 0 bp | +0.6% |
| VSS | Vanguard FTSE All-World ex-US Small-Cap ETF | 35.2% | -32 bp | 0.0% |
| GWX | SPDR S&P International Small Cap ETF | 29.7% | +1 bp | -0.2% |
| ISCF | iShares International SmallCap Equity Factor ETF | 29.6% | -16 bp | +2.4% |
| DFIC | Dimensional International Core Equity 2 ETF | 25.6% | -16 bp | +1.1% |
Risk and Returns: DFIS 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
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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
DFIS
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™
DFIS
6.4%
Cat. Avg
7.2%
Fund Category: International
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 6.4% |
Recommendation
UNDERWEIGHT
Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.
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%. DFIS's ALTAR Score™ is approximately
0.3 standard deviations
below
the category average. This places DFIS in the 37th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFIS
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 |
| DFIS (39 bp) Percentile rank | 24 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFIS | 39.0 | 6.1 | 45.1 |
| Peer Avg. | 43.6 | 23.0 | 66.6 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .