DFSE
Dimensional Emerging Markets Sustainability Core 1 ETF
DFSE is an actively managed ETF that aims to invest in a portfolio of emerging market equities across all market-caps with perceived high profitability and positive sustainability characteristics.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
488.1 M
ASSETS UNDER MGMT
41 bp
EXPENSES
Fund Basics
| Fund sponsor | Dimensional |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 01, 2022 |
| Assets (mns) | $488 |
| Expense ratio | 41 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 | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| AMERICA MOVIL SAB DE CV | 9.6 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 5.8 % |
| TENCENT HOLDINGS LTD | 3.9 % |
| ALIBABA GROUP HOLDING LTD. | 1.7 % |
| NATURAL RESOURCE PARTNERS LP | 1.3 % |
| SAMSUNG ELECTR-GDR REGS | 1.3 % |
| SAMSUNG ELECTRONICS CO LTD | 1.1 % |
| MEITUAN DIANPING | 0.8 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.7 % |
| CHINA CONSTRUCTION BANK-H | 0.7 % |
Constituent Breakdown
| Number of holdings | 4226 |
| Herfindahl-Hirschman Index | 160 |
| Wgt avg mkt cap (mns) | $140,893 |
| Large cap (>$10bn) | 49.9% |
| Mid cap ($2-10bn) | 25.5% |
| Small cap (<$2bn) | 12.3% |
| Developed mkts. | 5.0% |
| Emerging mkts. | 85.1% |
Country Exposure
 |
CHINA | 24.8 % |
 |
TAIWAN | 19.0 % |
 |
INDIA | 12.6 % |
 |
SOUTH KOREA | 11.8 % |
 |
BRAZIL | 3.6 % |
 |
HONG KONG | 2.8 % |
 |
SAUDI ARABIA | 2.2 % |
 |
SOUTH AFRICA | 2.1 % |
 |
UAE | 1.7 % |
 |
MEXICO | 1.6 % |
Historical Performance
Standardized Performance (as of 10/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 26.6% | 22.4% | 21.8% | -- | -- | -- | -- | 18.3% |
| Dividend Yield | 0.9% | 0.9% | 1.7% | -- | -- | -- | -- | 1.9% |
| Total Returns | 27.5% | 23.3% | 23.5% | -- | -- | -- | -- | 20.2% | Ann. Volatility | 17.9% | 17.4% | 17.0% | -- | -- | -- | -- | 16.7% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.65 | 46% |
| MSCI EAFE | 0.48 | 30% |
| MSCI Emg Mkts | 0.56 | 35% |
Liquidity Measures
| Avg. volume (000) | 36 |
| ADV traded (mns) | $2 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.45% |
Technical Indicators
| Recent close | $42.06 |
| 30d moving avg. | $41.38 |
| Annualized volatility | 11.9% |
| Relative strength (RSI) | 58 |
| Short interest | 0.6% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 63.1% | -3 bp | +8.3% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 62.4% | -6 bp | +8.3% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 51.8% | -30 bp | +8.9% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 51.2% | -5 bp | +8.7% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 50.7% | -32 bp | +9.4% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 50.4% | +25 bp | +8.6% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 49.7% | -26 bp | +9.2% |
| VWO | Vanguard FTSE Emerging Markets ETF | 49.3% | -34 bp | +9.9% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 48.2% | -11 bp | +9.2% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 47.7% | +8 bp | +9.1% |
Risk and Returns: DFSE 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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 11/4/2025
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
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 Rating
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.
ALTAR Score™
DFSE
7.9%
Cat. Avg
7.7%
ALTAR Score™ Calculation
Category Overview
There are 128 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.7% and a standard deviation of
2.6%. DFSE's ALTAR Score™ is approximately
0.1 standard deviations
above
the category average. This places DFSE in the 53rd percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DFSESELL
U/W
HOLD
O/W
BUY
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 27 |
| Avg. Expense Ratio | 57.3 bp |
| Std. Deviation | 21.1 bp |
| DFSE (41 bp) Percentile rank | 22 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFSE | 41.0 | 45.5 | 86.5 |
| Peer Avg. | 57.3 | 43.0 | 100.3 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .