ETF Research Center

DFAW is an actively managed fund of funds that invests in a broad portfolio of stocks across all market capitalizations globally.

FUND BASICS
Category	Global Equities
Fund Sponsor	Dimensional
Website	www.dimensional.com/us-en/funds/dfaw/world-equity-etf
Inception date	Sep 26, 2023
Assets (mns)	$639
Currency	USD
Expense ratio	25 bp
Distributions

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	6
Wgt avg mkt cap (mns)	$481,143
Large cap (>$10bn)	75.3%
Mid cap ($2-10bn)	17.8%
Small cap (<$2bn)	6.4%
Developed mkts	92.4%
Emerging mkts	7.4%

TOP TEN HOLDINGS
Total	100.0 %
DFA US CORE EQUITY 2 ETF	52.4 %
DFA INTL CORE EQTY 2 ETF	19.9 %
DFA US CORE EQUITY 1 ETF	17.6 %
DFA EM CORE EQUITY 2 ETF	8.0 %
DFA GBL REAL ESTATE ETF	2.1 %
CASH AND CASH EQUIVALENTS	0.1 %

TOP COUNTRY EXPOSURE
	UNITED STATES	68.1 %
	JAPAN	4.4 %
	BRITAIN	2.8 %
	CANADA	2.1 %
	CHINA	1.8 %
	GERMANY	1.7 %
	SWITZERLAND	1.7 %
	FRANCE	1.5 %
	INDIA	1.4 %
	TAIWAN	1.2 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru March 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-1.9%	4.5%	--	--	11.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.89	86%
MSCI EAFE	0.66	46%
MSCI Emg. Mkts.	0.58	18%

Technical Indicators
Recent close	$60.43
30d moving avg.	$60.28
Annualized volatility	11.9%
Short interest (ETF)	0.1%
Relative strength (RSI)	43

Liquidity measures
Avg. volume (thou.)	87
Turnover	0.8%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$225,837

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 1 potential alternatives to the Dimensional World Equity ETF ETF based on the alternatives' overlap in portfolio holdings with DFAW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

DFAW

Expense:

25 bp

ALTAR Score™:

6.7%

ALTERNATIVE ETFs BASED ON OVERLAP WITH DFAW
Ticker	Fund Name	Overlap¹ vs DFAW (%)	Expense ratio (bp)	Savings vs DFAW (bp)	ALTAR Score™ (%)	ALTAR vs DFAW (%)
EBI	Longview Advantage ETF	6.4	35	-10	6.1	-0.6

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

	2020	2021	2022	2023	2024	2025E	2026E
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

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

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

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™

Calculation of ALTAR Score™
Avg. Return on Equity	14.7	%
Divided by: Fwd. P/BV	2.1	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.7	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	CATEGORY AVERAGE	1.55

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.