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
416.6 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) | $417 |
| 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 +
| CASH AND CASH EQUIVALENTS | 9.2 % |
| TAIWAN SEMICONDUCTOR MANUFAC | 5.1 % |
| TENCENT HOLDINGS LTD | 3.5 % |
| NATURAL RESOURCE PARTNERS LP | 1.5 % |
| ALIBABA GROUP HOLDING LTD. | 1.2 % |
| XIAOMI CORP. CLASS B | 0.9 % |
| CHINA CONSTRUCTION BANK-H | 0.8 % |
| SAMSUNG ELECTR-GDR REGS | 0.8 % |
| SAMSUNG ELECTRONICS CO LTD | 0.8 % |
| ICICI BANK LTD-SPON ADR | 0.7 % |
Constituent Breakdown
| Number of holdings | 4227 |
| Herfindahl-Hirschman Index | 140 |
| Wgt avg mkt cap (mns) | $90,124 |
| Large cap (>$10bn) | 45.9% |
| Mid cap ($2-10bn) | 27.4% |
| Small cap (<$2bn) | 14.3% |
| Developed mkts. | 4.9% |
| Emerging mkts. | 84.5% |
Country Exposure
 |
CHINA | 23.6 % |
 |
TAIWAN | 18.3 % |
 |
INDIA | 14.1 % |
 |
SOUTH KOREA | 11.4 % |
 |
BRAZIL | 3.4 % |
 |
HONG KONG | 2.8 % |
 |
SAUDI ARABIA | 2.6 % |
 |
SOUTH AFRICA | 2.2 % |
 |
MEXICO | 1.7 % |
 |
UAE | 1.6 % |
Historical Performance
Standardized Performance (as of 06/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 14.9% | 13.7% | 11.8% | -- | -- | -- | -- | 16.5% |
| Dividend Yield | 0.0% | 1.0% | 1.7% | -- | -- | -- | -- | 1.8% |
| Total Returns | 14.9% | 14.7% | 13.5% | -- | -- | -- | -- | 18.3% | Ann. Volatility | 20.8% | 20.2% | 17.3% | -- | -- | -- | -- | 17.2% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.60 | 44% |
| MSCI EAFE | 0.54 | 40% |
| MSCI Emg Mkts | 0.82 | 73% |
Liquidity Measures
| Avg. volume (000) | 18 |
| ADV traded (mns) | $1 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.29% |
Technical Indicators
| Recent close | $38.00 |
| 30d moving avg. | $37.31 |
| Annualized volatility | 12.0% |
| Relative strength (RSI) | 61 |
| Short interest | 0.3% |
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 | 63.0% | -3 bp | +9.6% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 62.8% | -6 bp | +9.7% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 52.4% | -32 bp | +10.9% |
| VWO | Vanguard FTSE Emerging Markets ETF | 49.7% | -34 bp | +10.5% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 48.9% | -11 bp | +10.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 48.9% | -30 bp | +10.5% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 48.2% | -5 bp | +10.2% |
| EEM | iShares MSCI Emerging Markets ETF | 47.9% | +28 bp | +10.8% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 47.9% | +25 bp | +10.1% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 47.4% | -26 bp | +10.6% |
Risk and Returns: 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 7/14/2025
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
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.
ALTAR Score™
DFSE
9.0%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 115 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.7%. DFSE's ALTAR Score™ is approximately
0.3 standard deviations
above
the category average. This places DFSE in the 62nd 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 | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| (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 | 0.0 | 41 |
| Peer Avg. | 44.5 | 27.3 | 71.8 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .