Dimensional U.S. Small Cap ETF

Dimensional U.S. Small Cap ETF (DFAS) is an actively managed fund that held 2,057 small U.S. company stocks as of July 31, 2026. It does not track an index. Dimensional leans toward cheaper and more profitable companies and runs the fund to keep taxable capital gains low. The trade-off is cost: its 0.26% expense ratio is double the 0.13% average of similar funds, and Schwab U.S. Small-Cap ETF (SCHA) charges 0.04%.

• Over the year to Nov 2, 2026, DFAS returned +19.4%, 2nd of 9 among similar funds.
• Its 5-year annualized return was +7.0%.
• Its worst full calendar year was 2022 (-13.8%); its best was 2023 (+17.8%).
• The deepest fall in its price history was 26.1% (Nov 25, 2024 to Apr 8, 2025), recovered by Dec 4, 2025.

As of Jul 31, 2026, the fund held 2,057 securities; the ten largest made up 2.54% of assets. It also reported 7.66% in a money-market fund, most likely cash collateral from lending out shares rather than uninvested money.

• Over the three months to Jul 31, 2026, investors added a net $574.5M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +1.58%, +5.20%, -1.60%.

DFAS does not track an index. Its manager, Dimensional Fund Advisors, picks stocks from a broad list of small U.S. companies. A company counts as small if it sits in the bottom 10% of the U.S. market by total value or ranks below the 1,000th largest U.S. company, whichever line is higher. Based on data as of December 31, 2025, that meant a market value below about $16.8 billion. Under normal conditions, at least 80% of net assets go into these companies.

Holdings are weighted by market capitalization (share price times shares outstanding), so larger companies get larger slots. Dimensional then tilts toward the smallest firms, value stocks (priced low compared with their book value) and highly profitable companies. It may also trim or skip stocks based on short-term signals such as price momentum. As of July 31, 2026, the 10 largest holdings, led by HF Sinclair, Jazz Pharmaceuticals and IES Holdings, made up just 2.54% of assets.

The fund is tax-managed. It tries to delay gains, sells losing stocks to offset winners, and favors long-term gains, which are taxed at lower rates. Portfolio turnover was 6%. The fund may use stock futures to handle cash coming in or going out. It also lends out its securities for extra income, and its 7.66% cash position as of July 31, 2026 is likely collateral from that lending.

• DFAS charges 0.26% a year, versus an average of 0.13% for the similar funds below (8th of 9, cheapest first).
• Of that, 0.25% is the management fee; the rest covers other fund expenses.
• Using the prospectus's standard example, $10,000 invested would cost about $27 in the first year and $331 over 10 years (assuming a 5% annual return).

It adds small-company and value exposure alongside a core holding, but it swings more than a broad large-cap fund.

DFAS could add exposure to thousands of small U.S. companies that large-cap funds barely own. Its price history starts with the ETF's June 2021 launch, so it does not cover 2008. The prospectus shows a 32.32% loss in the first quarter of 2020. In the 2022 bear market the fund fell 23.2% and took about 18 months to recover, and 2022 was its worst calendar year at −13.8%. Its deepest drop, 26.1% from November 2024 to April 2025, took about eight months to recover. Anyone forced to sell during drops like these would lock in losses. As of October 29, 2026, the yield was 1.01%, paid quarterly, so this is not an income fund. In the SEC's standard example, costs on $10,000 come to $27 after one year and $331 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.