ETF Research Center

DFAU actively selects US equities of all sizes with a tilt toward small-cap companies, seeking to provide long-term capital appreciation.

FUND BASICS
Category	US Equities
Fund Sponsor	Dimensional Holdings
Website	us.dimensional.com
Inception date	Nov 17, 2020
Assets (mns)	$25
Currency	USD
Expense ratio	12 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	2293
Wgt avg mkt cap (mns)	$2,548,600
Large cap (>$10bn)	85.9%
Mid cap ($2-10bn)	11.6%
Small cap (<$2bn)	2.4%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	21.3 %
APPLE INC	5.7 %
MICROSOFT CORP	4.0 %
AMAZON.COM INC	3.3 %
FACEBOOK	1.4 %
ALPHABET INC. CLASS C	1.4 %
ALPHABET INC. CLASS A	1.2 %
TESLA MOTORS INC	1.2 %
JOHNSON & JOHNSON	1.1 %
JPMORGAN CHASE & CO	1.0 %
UNITEDHEALTH GROUP INC	0.9 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.7 %
	IRELAND	1.5 %
	BRITAIN	0.9 %
	BERMUDA	0.4 %
	SWITZERLAND	0.4 %
	LUXEMBOURG	0.1 %
	PUERTO RICO	0.1 %
	SINGAPORE	0.0 %
	CAYMAN ISLANDS	0.0 %
	NETHERLANDS	0.0 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
4.6%	--	--	--	4.6%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$27.23
30d moving avg.	$26.31
Annualized volatility	0.0%
Short interest (ETF)	1.5%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	337
Turnover	37.4%
Bid/Ask (% of price)	0.10%
ADV underlying (mns)	$328,854

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 98 potential alternatives to the Dimensional US Core Equity Market ETF ETF based on the alternatives' overlap in portfolio holdings with DFAU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DFAU

Expense:

12 bp

ALTAR Score™:

4.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DFAU
Ticker	Fund Name	Overlap¹ vs DFAU (%)	Expense ratio (bp)	Savings vs DFAU (bp)	ALTAR Score™ (%)	ALTAR vs DFAU (%)
VTHR	Vanguard Russell 3000 Index Fund	85.1	10	2	4.4	-0.3
SCHK	Schwab 1000 Index ETF	84.2	5	7	4.6	-0.1
IYY	iShares Dow Jones U.S. ETF	84.2	20	-8	4.4	-0.3
SCHB	Schwab U.S. Broad Market ETF	84.0	3	9	4.4	-0.2
IWV	iShares Russell 3000 ETF	84.0	20	-8	4.3	-0.4
IWB	iShares Russell 1000 ETF	83.8	15	-3	4.4	-0.2
ITOT	iShares Core S&P Total U.S. Stock Market ETF	83.8	3	9	4.4	-0.3
SCHX	Schwab U.S. Large-Cap ETF	82.9	3	9	4.5	-0.1
VTI	Vanguard Total Stock Market Index Fund	82.5	3	9	4.4	-0.3
SPTM	SPDR Portfolio Total Stock Market ETF	82.0	3	9	4.8	+0.1
PBUS	Invesco PureBeta MSCI USA ETF	81.5	4	8	4.6	-0.1
VONE	Vanguard Russell 1000 ETF	80.7	8	4	4.5	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity ETF	80.2	2	10	4.6	-0.0
VV	Vanguard Large-Cap Index Fund	79.2	4	8	4.6	-0.1
GSUS	Goldman Sachs MarketBeta U.S. Equity ETF	79.0	7	5	4.5	-0.1
PBP	Invesco S&P 500 BuyWrite ETF	78.8	49	-37	4.3	-0.4
XYLG	Global X S&P 500 Covered Call & Growth ETF	78.8	60	-48	4.4	-0.3
ESGV	Vanguard ESG U.S. Stock ETF	78.6	12	0	4.5	-0.2
SPLG	SPDR Portfolio Large Cap ETF	78.5	3	9	4.7	+0.1
SPY	SPDR S&P 500 ETF Trust	78.4	9	3	4.7	+0.0
IVV	iShares Core S&P 500 ETF	78.3	3	9	4.7	+0.1
VOO	VANGUARD S&P 500 ETF	77.1	3	9	4.8	+0.2
JHML	John Hancock Multifactor Large Cap ETF	76.9	29	-17	4.8	+0.2
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free ETF	76.2	20	-8	4.8	+0.1
SPXE	ProShares S&P 500 Ex-Energy ETF	75.8	27	-15	4.6	-0.1
TILT	Flexshares Morningstar US Market Factors Tilt Index Fund	73.3	25	-13	4.9	+0.2
AVUS	Avantis U.S. Equity ETF	72.7	15	-3	4.8	+0.2
SFY	SoFi Select 500 ETF	71.5	0	12	4.5	-0.1
XVV	iShares ESG Screened S&P 500 ETF	70.9	8	4	4.9	+0.2
SPXN	ProShares S&P 500 Ex-Financials ETF	70.7	27	-15	4.3	-0.3
JUST	Goldman Sachs JUST U.S. Large Cap Equity ETF	70.0	20	-8	4.6	-0.1
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF	68.7	9	3	4.8	+0.1
ESGU	iShares MSCI USA ESG Optimized ETF	68.4	15	-3	4.4	-0.3
SPXV	ProShares S&P 500 Ex-Health Care ETF	68.2	27	-15	4.3	-0.4
CATH	Global X S&P 500 Catholic Values Custom ETF	67.4	29	-17	4.5	-0.1
TOK	iShares MSCI Kokusai ETF	67.1	25	-13	4.9	+0.2
KOKU	Xtrackers MSCI Kokusai Equity ETF	67.1	9	3	5.0	+0.3
MGC	Vanguard Mega Cap Index Fund	66.3	7	5	4.6	-0.1
EPS	WisdomTree U.S. Earnings 500 Fund	65.1	8	4	5.9	+1.2
PRF	Invesco FTSE RAFI US 1000 ETF	64.8	39	-27	5.8	+1.1
FNDB	Schwab Fundamental U.S. Broad Market Index ETF	63.8	25	-13	5.7	+1.0
BKLC	BNY Mellon US Large Cap Core Equity ETF	63.7	0	12	4.5	-0.2
MMTM	SPDR S&P 1500 Momentum Tilt ETF	63.6	12	0	4.0	-0.7
IWL	iShares Russell Top 200 ETF	63.5	15	-3	4.4	-0.3
FNDX	Schwab Fundamental U.S. Large Co. Index ETF	62.6	25	-13	5.7	+1.1
URTH	iShares MSCI World ETF	62.4	24	-12	4.9	+0.3
QUS	SPDR MSCI USA StrategicFactors ETF	60.9	15	-3	5.2	+0.6
JCTR	JPMorgan Carbon Transition U.S. Equity ETF	60.8	15	-3	4.6	-0.0
DYNF	BlackRock U.S. Equity Factor Rotation ETF	60.3	30	-18	5.2	+0.6
IUS	Invesco Strategic US ETF	59.9	19	-7	5.4	+0.8
IQSU	IQ Candriam ESG US Equity ETF	59.2	9	3	4.5	-0.2
VLU	SPDR S&P 1500 Value Tilt ETF	58.3	12	0	6.1	+1.5
EFIV	SPDR S&P 500 ESG ETF	58.3	10	2	4.6	-0.1
SNPE	Xtrackers S&P 500 ESG ETF	58.3	10	2	4.6	-0.1
SPXT	ProShares S&P 500 Ex-Technology ETF	57.6	27	-15	4.8	+0.2
DIVB	iShares U.S. Dividend & Buyback ETF	57.5	25	-13	5.9	+1.2
VOOG	Vanguard S&P 500 Growth ETF	56.4	10	2	3.9	-0.8
MFUS	PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF	56.0	30	-18	5.0	+0.4
RWL	Invesco S&P 500 Revenue ETF	55.7	39	-27	6.2	+1.6
IUSG	iShares Core S&P US Growth ETF	55.5	4	8	3.7	-1.0
ESG	FlexShares STOXX US ESG Impact Index Fund	55.4	32	-20	4.4	-0.2
IUSV	iShares Core S&P U.S. Value ETF	54.9	4	8	6.4	+1.8
XOUT	GraniteShares XOUT U.S. Large Cap ETF	54.6	60	-48	3.6	-1.1
ACVF	American Conservative Values ETF	54.5	75	-63	4.1	-0.6
ACWI	iShares MSCI ACWI ETF	54.2	32	-20	5.0	+0.4
VONV	Vanguard Russell 1000 Value Index Fund	53.1	8	4	6.1	+1.5
CRBN	iShares MSCI ACWI Low Carbon Target ETF	53.0	20	-8	5.3	+0.6
LOWC	SPDR MSCI ACWI Low Carbon Target ETF	52.8	20	-8	5.3	+0.6
IWD	iShares Russell 1000 Value ETF	52.7	19	-7	6.0	+1.4
IVW	iShares S&P 500 Growth ETF	52.3	18	-6	3.5	-1.1
SPYG	SPDR Portfolio S&P 500 Growth ETF	52.3	4	8	3.7	-1.0
SPYV	SPDR Portfolio S&P 500 Value ETF	52.0	4	8	6.4	+1.7
IVE	iShares S&P 500 Value ETF	52.0	18	-6	6.2	+1.6
VT	Vanguard Total World Stock ETF	51.6	8	4	5.3	+0.7
OEF	iShares S&P 100 ETF	51.6	20	-8	4.2	-0.5
RESP	WisdomTree US ESG Fund of Benef Interest	50.9	28	-16	5.0	+0.4
DTD	WisdomTree U.S.Total Dividend Fund	50.9	28	-16	6.2	+1.6
IWF	iShares Russell 1000 Growth ETF	50.6	19	-7	3.4	-1.2
VONG	Vanguard Russell 1000 Growth Index Fund	50.4	8	4	3.5	-1.1
PLC	Principal U.S. Large-Cap Multi-Factor Core Index ETF	50.3	15	-3	5.8	+1.1
SCHV	Schwab U.S. Large-Cap Value ETF	49.6	4	8	6.0	+1.4
GSEW	Goldman Sachs Equal Weight U.S. Large Cap Equity ETF	48.0	9	3	5.0	+0.3
EUSA	iShares MSCI USA Equal Weighted ETF	47.9	15	-3	5.1	+0.4
DLN	WisdomTree U.S. LargeCap Dividend Fund	47.8	28	-16	6.1	+1.5
QWLD	SPDR MSCI World StrategicFactors ETF	47.8	30	-18	5.3	+0.7
AFLG	First Trust Active Factor Large Cap ETF	47.4	55	-43	4.7	0.0
SIZE	iShares MSCI USA Size Factor ETF	46.8	15	-3	5.1	+0.4
VOOV	Vanguard S&P 500 Value ETF	46.6	10	2	6.6	+1.9
RSP	Invesco S&P 500 Equal Weight ETF	46.6	20	-8	5.6	+0.9
CFO	VictoryShares US 500 Enhanced Volatility Weighted Index ETF	46.1	35	-23	5.0	+0.4
KRMA	Global X Conscious Companies ETF	46.1	43	-31	4.8	+0.2
HIPR	Direxion High Growth ETF	46.0	40	-28	3.8	-0.9
CFA	VictoryShares US 500 Volatility Weighted Index ETF	46.0	35	-23	5.0	+0.4
SPGM	SPDR Portfolio MSCI Global Stock Market ETF	45.6	9	3	5.1	+0.4
ESGG	FlexShares STOXX Global ESG Impact Index Fund	45.6	42	-30	4.6	-0.1
DSI	iShares MSCI KLD 400 Social ETF	45.2	25	-13	4.5	-0.1
QARP	Xtrackers Russell 1000 US Quality at a Reasonable Price ETF	45.0	19	-7	5.3	+0.6
RECS	Columbia Research Enhanced Core ETF	44.4	15	-3	5.1	+0.4

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2015	2016	2017	2018	2019	2020E	2021E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2019	2020E	2021E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Dimensional US Core Equity Market ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

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™

Calculation of ALTAR Score™
Avg. Return on Equity	15.8	%
Divided by: Fwd. P/BV	3.3	x
Less: Expense ratio	12	bp
Equals: ALTAR Score	4.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.49

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.