DFAT ETF Explained: Returns, Expense Ratio, Holdings, and Alternative ETFs
The Dimensional US Targeted Value ETF (DFAT) is a factor ETF that diversifies across US small- and mid-cap value stocks. Its strengths are active management, a low expense ratio, and quarterly dividends, while differences in exposure and fees versus DFSV and IWM are the key selection criteria.
SubscribeWhat Is the Dimensional US Targeted Value ETF?
This is an active ETF that invests broadly across US small- and mid-cap value stocks. It holds companies with relatively low prices and high profitability on a market-cap-weighted basis, seeking exposure to the value and small-cap factors.
It suits long-term diversified investors who want to complement a portfolio centered on large-cap growth stocks with value and small-cap factors.
It is an ETF run by Dimensional using an active (actively managed) approach.
How Does the Dimensional US Targeted Value ETF Invest?
| Item | Details |
|---|---|
| Tracked Index | Does not track a benchmark (active management) |
| Management Style | Active (factor-based stock selection) |
| Rebalancing Frequency | As needed (at the managers' discretion) |
| Dividend Frequency | Quarterly dividends |
| Expense Ratio | 0.29% |
| Asset Manager | Dimensional |
Rather than replicating a specific index, the fund broadly selects US small- and mid-cap stocks based on value (undervaluation) and profitability factors. It also applies tax-efficient management, which defers realized capital gains when trading and increases the share of long-term holdings, with after-tax performance in mind.
- Active selection focused on value and small-cap factors
- Trading managed with tax efficiency in mind
Dimensional US Targeted Value ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $14.1B, and the expense ratio is 0.29% per year.
Compared with the similar Dimensional small-cap value ETF DFSV, the difference is that it extends its range to mid-cap stocks.
Dimensional US Targeted Value ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeSmall-cap and value styles tend to move out of sync with the performance cycle of large-cap growth stocks, and have shown volatility, swinging between relative strength and weakness depending on the market phase. They tend to react fairly sensitively to interest rates and the economic cycle.
Flows vary with the market environment: money sometimes enters value and small-cap factor ETFs on demand for diversification away from large-cap concentration, and sometimes leaves during phases of growth-stock strength.
Dimensional US Targeted Value ETF Pros and Cons
Its strengths are a low expense ratio and value and small-cap factor exposure, while its weaknesses are higher volatility than large caps and style-cycle risk.
💪 Key Strengths
⚠️ Points to Watch
Dimensional US Targeted Value ETF Alternatives and Related Products
Comparable ETFs in the same value and small-cap category shown in the table include DFSV, WTV, and FVD, which differ in expense ratio, asset manager, and strategy. As a direct substitute managed by Dimensional, you can consider DFSV, which focuses more on small-cap value. To diversify across US small caps in general, consider IWM, and to extend the value style to large caps, consider an ETF such as VTV.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 CGDV | Capital Group Dividend Value ETF | $48.51 | +2.3% | $37.8B | 0.33% | 1.24% | +13.9% |
 DFSV | US Small Cap Value Portfolio ETF Class Shares | $39.31 | +2.4% | $8.3B | 0.31% | 1.38% | +25.3% |
 FVD | First Trust Value Line Dividend Index Fund | $51.60 | +1.2% | $8.1B | 0.62% | 2.18% | +13.2% |
 WTV | WisdomTree U.S. Value Fund | $107.64 | +1.5% | $3.3B | 0.12% | 1.99% | +19.0% |
 DSTL | Distillate U.S. Fundamental Stability & Value ETF | $70.85 | +1.8% | $2.1B | 0.39% | 1.02% | +24.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 OABI | OmniAb Inc | - | $5.30 | +5.4% | $773.1M | - | - |
 PR | Permian Resources Holdings Inc | 0.02% | $21.52 | -1.1% | $18.0B | 11.2 | 2.97% |
 WCC | Wesco International Inc | 0.01% | $316.47 | +8.1% | $15.4B | 19.6 | 0.63% |
 CF | CF Industries Holdings Inc | 0.01% | $119.28 | -0.1% | $17.4B | 8.4 | 1.82% |
 OVV | Ovintiv Inc | 0.01% | $60.50 | -0.0% | $16.3B | 12.1 | 2% |
 AMKR | AMKOR Technology Inc | 0.01% | $35.00 | +6.6% | $8.7B | 14.1 | 0.99% |
Dimensional US Targeted Value ETF Investor Checkpoints
Here are the points to check before investing in DFAT. Because it is an ETF with exposure to value and small-cap factors, it is wise to thoroughly review the style performance cycle, small-cap volatility, management costs, and currency effects in advance.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative cost impact over a long holding period | Low |
| 📊 Style Exposure | Suitability of the value and small-cap factor weighting | Needs review |
| 📉 Volatility | Price swings of small- and mid-cap stocks | Large |
| 💱 Exchange Rate | Impact on returns converted into won | No currency hedge |
The performance cycle of the value and small-cap style and small-cap volatility are the main variables for short-term returns. It may lag relatively during phases of large-cap growth strength, so it is appropriate to approach it as a long-term diversifying complement.
It is a suitable choice for long-term investors who want to add value and small-cap factors to a large-cap-centered portfolio. To focus more on small-cap value, you can also compare DFSV, and if you want diversification across small caps in general, IWM.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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