What Is DFAS? Dimensional U.S. Small Cap ETF

DFAS is Dimensional U.S. Small Cap ETF, an ETF that tracks Actively managed, no tracked index at a 0.26% expense ratio. DFAS is actively managed rather than tracking an index, and invests in US small-cap equities. At 0.26% it costs more than the typical small blend fund, nearer 0.16%. The distribution yield is about 0.96%. It has traded since 1998, so its record spans more than one full cycle. Holdings are spread widely, with the ten largest coming to about 3% of assets.

DFAS is issued by Dimensional Fund Advisors and tracks Actively managed, no tracked index, so a single ticker gives you the whole portfolio of underlying holdings weighted by the index's methodology rather than by any active stock-picking.

DFAS is weighted toward its largest constituents. As of August 2026, the top holdings are:

The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.

There are three common ways to get DFAS exposure. Buy shares (or fractional shares) of DFAS directly at any major broker that lists it. Hold it as a core position and layer more concentrated ideas on top. Or build it into a thematic portfolio in Walnut, so DFAS sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. DFAS trades like a stock during market hours, so you buy it the same way you would any listed share.

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Whether DFAS is a good buy depends less on any single call and more on your time horizon and what you already hold: it tracks Actively managed, no tracked index, so the real question is whether you want that exposure in your mix and at what weight. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DFAS a buy?

DFAS gives you Actively managed, no tracked index exposure in one ticker at a 0.26% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.

Whether DFAS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is DFAS a buy?

DFAS yields 0.96% as of August 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DFAS dividend: yield and schedule.

New to funds like DFAS? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.