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
41 bp
EXPENSES
$278.6 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Dimensional |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Nov 01, 2022 |
| Assets (mns) | $279 |
| 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 +
| TAIWAN SEMICONDUCTOR MANUFAC | 4.7 % |
| TENCENT HOLDINGS LTD | 2.9 % |
| SAMSUNG ELECTRONICS CO LTD | 1.8 % |
| NATURAL RESOURCE PARTNERS LP | 1.2 % |
| ALIBABA GROUP HOLDING LTD. | 1.0 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.8 % |
| INFOSYS TECHNOLOGIES LTD | 0.8 % |
| CHINA CONSTRUCTION BANK-H | 0.6 % |
| TATA CONSULTANCY SVS LTD | 0.6 % |
| HON HAI PRECISION INDUSTRY | 0.6 % |
Constituent Breakdown
| Number of holdings | 4168 |
| Herfindahl-Hirschman Index | 50 |
| Wgt avg mkt cap (mns) | $80,076 |
| Large cap (>$10bn) | 48.3% |
| Mid cap ($2-10bn) | 33.9% |
| Small cap (<$2bn) | 17.2% |
| Developed mkts. | 7.7% |
| Emerging mkts. | 92.3% |
Country Exposure
 |
TAIWAN | 19.3 % |
 |
CHINA | 19.0 % |
 |
INDIA | 17.2 % |
 |
SOUTH KOREA | 12.0 % |
 |
BRAZIL | 3.6 % |
 |
SAUDI ARABIA | 3.1 % |
 |
HONG KONG | 2.7 % |
 |
SOUTH AFRICA | 1.9 % |
 |
MEXICO | 1.9 % |
 |
UAE | 1.4 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 6.5% | 13.8% | -- | -- | -- | -- | 14.8% | Volatility | 13.0% | 14.1% | -- | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.79 | 61% |
| MSCI EAFE | 0.74 | 65% |
| MSCI Emg Mkts | 0.99 | 98% |
Liquidity Measures
| Avg. volume (000) | 19 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.29% |
| ADV of underlying (mns) | $64,326 |
Technical Indicators
| Recent close | $33.09 |
| 30d moving avg. | $33.99 |
| Annualized volatility | 14.3% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 1.4% |
| 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. DFSE |
Expenses vs. DFSE |
ALTAR Score™ vs. DFSE |
|---|---|---|---|---|
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 62.4% | -3 bp | +0.6% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 62.1% | -6 bp | -0.2% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 54.1% | -32 bp | 0.0% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 50.4% | -30 bp | 0.0% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 49.4% | -5 bp | -0.4% |
| EEM | iShares MSCI Emerging Markets ETF | 48.8% | +28 bp | -0.6% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 48.8% | +25 bp | -0.7% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 47.7% | +8 bp | +0.6% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 45.6% | +4 bp | +0.4% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 45.4% | -26 bp | -0.2% |
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
| 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
DFSE
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™
DFSE
7.5%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.5% |
Recommendation
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.
Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™
of 7.5% and a standard deviation of
3.9%. DFSE's ALTAR Score™ is approximately
0.0 standard deviations
below
the category average. This places DFSE in the 50th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
DFSE
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Active Emerging Market Equity ETFs |
| # of ETFs | 22 |
| Avg. Expense Ratio | 60.3 bp |
| Std. Deviation | 21.7 bp |
| DFSE (41 bp) Percentile rank | 19 |
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 | 28.7 | 69.7 |
| Peer Avg. | 39.6 | 23.9 | 63.5 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .