DFAE
Dimensional Emerging Core Equity Market ETF
DFAE actively selects emerging markets securities of all sizes with a tilt toward small-cap companies, seeking to provide long-term capital appreciation.
Emerging Market
EQUITY
Active
MANAGEMENT STYLE
4.8 B
ASSETS UNDER MGMT
35 bp
EXPENSES
Fund Basics
| Fund sponsor | Dimensional Holdings |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Dec 02, 2020 |
| Assets (mns) | $4,817 |
| Expense ratio | 35 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
Complete list +
| TAIWAN SEMICONDUCTOR MANUFAC | 8.5 % |
| CASH AND CASH EQUIVALENTS | 5.6 % |
| TENCENT HOLDINGS LTD | 3.6 % |
| SAMSUNG ELECTRONICS CO LTD | 1.7 % |
| ALIBABA GROUP HOLDING LTD. | 1.6 % |
| RELIANCE INDUSTRIES LTD | 1.3 % |
| MEITUAN DIANPING | 0.9 % |
| CHINA CONSTRUCTION BANK-H | 0.9 % |
| HON HAI PRECISION INDUSTRY | 0.8 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.7 % |
Constituent Breakdown
| Number of holdings | 5963 |
| Herfindahl-Hirschman Index | 136 |
| Wgt avg mkt cap (mns) | $134,841 |
| Large cap (>$10bn) | 65.0% |
| Mid cap ($2-10bn) | 25.7% |
| Small cap (<$2bn) | 8.5% |
| Developed mkts. | 6.5% |
| Emerging mkts. | 93.5% |
Country Exposure
 |
CHINA | 21.9 % |
 |
INDIA | 19.8 % |
 |
TAIWAN | 18.9 % |
 |
SOUTH KOREA | 8.9 % |
 |
BRAZIL | 3.8 % |
 |
SAUDI ARABIA | 3.7 % |
 |
SOUTH AFRICA | 2.6 % |
 |
HONG KONG | 2.1 % |
 |
INDONESIA | 1.6 % |
 |
MALAYSIA | 1.6 % |
Historical Performance
Standardized Performance (as of 10/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 11.5% | 24.2% | 19.3% | 1.6% | -- | -- | 1.7% | Volatility | 14.9% | 14.8% | 15.4% | 17.4% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.70 | 51% |
| MSCI EAFE | 0.79 | 67% |
| MSCI Emg Mkts | 0.96 | 97% |
Liquidity Measures
| Avg. volume (000) | 649 |
| Turnover | 0.3% |
| Avg. Bid/Ask (% of price) | 0.05% |
| ADV of underlying (mns) | $129,619 |
Technical Indicators
| Recent close | $25.59 |
| 30d moving avg. | $27.18 |
| Annualized volatility | 17.0% |
| Relative strength (RSI) | 49 |
| Short interest (ETF) | 1.0% |
| 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. DFAE |
Expenses vs. DFAE |
ALTAR Score™ vs. DFAE |
|---|---|---|---|---|
| IEMG | iShares Core MSCI Emerging Markets ETF | 75.0% | -26 bp | +0.1% |
| DFEM | Dimensional Emerging Markets Core Equity 2 ETF | 73.7% | +3 bp | +0.5% |
| EEM | iShares MSCI Emerging Markets ETF | 70.4% | +34 bp | -0.4% |
| VWO | Vanguard FTSE Emerging Markets ETF | 69.4% | -27 bp | -0.4% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 67.1% | +31 bp | +2.7% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 66.4% | -24 bp | +1.1% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 65.7% | -20 bp | -0.1% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 65.5% | +1 bp | +0.5% |
| SCHE | Schwab Emerging Markets Equity ETF | 63.2% | -24 bp | -0.2% |
| DFSE | Dimensional Emerging Markets Sustainability Core 1 ETF | 63.2% | +6 bp | +0.1% |
Risk and Returns: DFAE 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 11/15/2024
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
DFAE
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
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™
DFAE
7.4%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 165 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
4.1%. DFAE's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places DFAE in the 46th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
DFAESELL
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 |
| DFAE (35 bp) Percentile rank | 12 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| DFAE | 35.0 | 4.8 | 39.8 |
| Peer Avg. | 62.5 | 25.9 | 88.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .