What Is DUHP? Dimensional US High Profitability ETF
Last updated October 2026
Short answer
DUHP is Dimensional US High Profitability ETF, an ETF that tracks Actively managed, no tracked index at a 0.20% expense ratio. DUHP holds large US companies selected and weighted by profitability rather than by market capitalisation alone. Dimensional measures profitability using operating income relative to book equity, then tilts the portfolio toward the companies scoring highest while keeping broad diversification. The result differs visibly from a standard large blend fund: technology is 38% of assets, semiconductor names occupy several of the largest positions, and two of the most valuable companies in the US market are absent from the top ten. The fund charges 0.20%, holds $12.7B, yields 0.91%, and launched in 2022. As of October 16, 2026, its share price was up 12.1% year to date and 13.7% over one year.
DUHP is issued by Dimensional Fund Advisors and tracks Actively managed, no tracked index. It charges a 0.20% expense ratio, holds approximately $12.7B in assets under management, yields about 0.91%, and launched in 2022.
What a profitability screen actually selects
Dimensional's research argues that among companies of similar price and size, those earning more relative to their book equity have historically delivered different results from those earning less. DUHP puts that into practice by tilting weights toward high-profitability companies rather than simply holding the market. It is a systematic strategy, not an index tracker, so no third-party benchmark dictates its holdings.
The clearest evidence of the screen at work is what is missing. Amazon and Alphabet are among the largest companies in the US market and both are absent from DUHP's ten largest positions. Meanwhile Visa sits at 4.3% and Micron at 3.5%, both above Meta at 3.3%, and Mastercard at 2.4% ranks ahead of Caterpillar. A market cap weighted fund would never produce that ordering. This one does because it is measuring something else.
A large blend fund with a semiconductor cluster inside it
Nvidia is the largest holding at 7.8%, Apple second at 7.0% and Microsoft third at 5.4%. Below them the pattern gets more distinctive: Micron at 3.5% ranks sixth, ahead of Meta, and Lam Research sits at 2.2%. Adding those two to Nvidia puts roughly 13% of the fund in semiconductor design, memory and manufacturing equipment, counting only the top ten. Technology overall is 38% of assets.
That is not a deliberate sector bet. It is what happens when you rank US large caps by operating profitability at a moment when the semiconductor industry is generating exceptional margins. Chip equipment makers and memory producers are famously cyclical, and their profitability measures swing with the cycle. A profitability-weighted portfolio will naturally hold more of them near the top of the cycle and less near the bottom, which is a feature of the method that holders should understand rather than a hidden risk.
Elsewhere the mix is more conventional. Visa at 4.3%, Meta at 3.3% and Mastercard at 2.4% are consistently high-margin businesses. Industrials are 14% of the fund, healthcare 13%, financials 10% and consumer discretionary 9%. Nothing about the sector spread is extreme except the technology weight, and that comes almost entirely from the semiconductor cluster.
The cycle has been visible in the holdings since the summer. Between August and October 2026 Micron's weight rose from 2.6% to 3.5%, and GuruFocus reported on October 16 that Micron led the fund's purchases on October 14. KLA moved the other way, out of the top ten, while Mastercard moved in. As of October 16, 2026 the share price was up 12.1% year to date and 13.7% over one year, and Yahoo Finance puts the fund's three-year average annual return at 17.7% with a three-year beta of 0.88.
Cost, age and where it fits
At 0.20%, DUHP costs several times more than the cheapest S&P 500 trackers and considerably less than most active large cap funds. Dimensional's pitch has always been that its systematic approach delivers something an index cannot while charging closer to index prices, and 0.20% is consistent with that. Whether the profitability tilt earns its keep is a question the fund's short history cannot yet answer.
It launched in 2022, which is worth stating plainly. The fund has not operated through a full market cycle, has not been tested by a prolonged period when high-profitability companies fall out of favour, and has never held its current portfolio through a semiconductor downturn. Dimensional has run profitability-tilted strategies in other vehicles for longer, but this specific fund is young.
The 0.91% yield is low, which follows from the holdings. Highly profitable companies frequently reinvest rather than distribute, and several of the largest positions pay small dividends or none at all. DUHP is not an income vehicle. It fits as a core or near-core US equity holding for someone who wants a systematic tilt away from pure market cap weighting, and it is a poor fit for anyone who needs the portfolio to look like the index it is measured against.
DUHP holdings: top 10
Approximate weights as of October 2026. Each ticker links to its individual stock guide in Walnut.
How do I invest in DUHP?
There are three common ways to get DUHP exposure. Buy shares (or fractional shares) of DUHP 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 DUHP sits alongside other holdings that express the same thesis, with target weights you can rebalance toward. DUHP trades like a stock during market hours, so you buy it the same way you would any listed share.
New to buying funds? See how to buy an ETF, step by step.
Is DUHP a good buy?
Whether DUHP 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 DUHP a buy?
The bottom line on DUHP
DUHP gives you Actively managed, no tracked index exposure in one ticker at a 0.20% expense ratio. Most investors use it as a core holding and layer more concentrated thematic portfolios on top.
More on DUHP
Whether DUHP 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 DUHP a buy?
DUHP yields 0.91% as of October 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see DUHP dividend: yield and schedule.
For what analysts expect from the companies DUHP holds, its yield as a guide to income, and why no one publishes a price target for the fund itself, see the DUHP forecast.
New to funds like DUHP? Start with what an ETF is, then how to buy an ETF, or browse the full guide to ETF investing.
Wondering how DUHP fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in DUHP with AI
Connect the broker you already use and ask Walnut's AI how DUHP fits what you actually hold: what it overlaps with, what it leaves you exposed to, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does high profitability mean in this fund's name?
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Dimensional defines it primarily through operating income relative to book equity, a measure of how much profit a company generates from the capital recorded on its balance sheet. Companies scoring higher on that measure receive larger weights than their market capitalisation alone would justify. It is a different question from whether a company is growing, cheap, or large, and it produces a noticeably different portfolio from a standard large blend index fund.
Is DUHP an index fund?
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No. Dimensional runs it as a systematic active strategy. The rules are consistent and research-driven rather than discretionary, but there is no external benchmark whose holdings the fund must replicate. This gives it flexibility over when to trade, which reduces the cost of buying and selling on published index reconstitution dates. It also means there is no published index against which the portfolio can be checked line by line.
Why are Amazon and Alphabet missing from the top ten?
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Because weights follow profitability rather than size. Both companies are among the largest in the US market, but a profitability-weighted portfolio ranks companies on operating income relative to book equity, and other names score higher on that measure. Visa at 4.3% and Micron at 3.5% both rank above Meta at 3.3% for the same reason, despite Meta being far larger than either. The absence from the top ten does not necessarily mean absence from the fund, only that the weight is not among the largest.
Why is there so much semiconductor exposure?
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Nvidia at 7.8%, Micron at 3.5% and Lam Research at 2.2% add to roughly 13% of the fund as of October 2026, and that counts only the ten largest positions (KLA, at 2.3% in August, has since slipped out of the top ten). This is a consequence of the screen rather than a sector view: semiconductor companies have been generating unusually high operating margins, so a profitability tilt weights them heavily. That exposure will shrink if industry margins normalise, since the same measure that pulled them in will push them back out.
How does DUHP differ from a quality factor ETF?
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Quality factor funds such as QUAL usually blend several measures, typically return on equity, debt levels and earnings stability, into a composite score. DUHP concentrates on one variable, profitability defined as operating income to book equity, and applies it within a broadly diversified large cap portfolio. The overlap is substantial but the emphasis differs, and DUHP's method leaves it more exposed to whichever industries happen to be earning high margins at the time.
What does the 0.91% yield tell you?
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That this is not an income strategy. Companies with high profitability often retain earnings to reinvest rather than distributing them, and several of the largest holdings pay little or nothing in dividends. The trailing yield of 0.91% reflects that composition. Anyone buying DUHP for cash flow is using the wrong instrument; the case for it rests on the profitability tilt, not on distributions.
How long has DUHP existed?
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It launched in 2022, so it has a short operating history. It has not been through a full market cycle, and in particular has never held its current semiconductor-heavy portfolio through a downturn in chip industry margins. Dimensional has applied profitability research across other funds for longer, which informs the method, but the specific record of this fund is measured in a small number of years.
What would make DUHP a poor fit?
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Needing the portfolio to track the S&P 500 closely, since the weights deliberately differ and results will diverge in both directions. Needing meaningful income, given the 0.91% yield. Or being uncomfortable holding roughly 13% in semiconductor-related companies within the top ten alone, an exposure that arrives through the profitability screen rather than by choice and that could persist for as long as those margins do.
What is DUHP's expense ratio?
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DUHP has an expense ratio of 0.20% per year as of October 2026, charged by Dimensional Fund Advisors and deducted from the fund's value rather than billed to you separately. On a $10,000 position that is roughly $20 a year. Fees compound over time, so on a long-term holding the expense ratio is one of the few return drivers you control. It is worth comparing against other funds that track Actively managed, no tracked index before you choose.
How do I compare DUHP to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. DUHP's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to October 2026; verify current figures against Dimensional Fund Advisors's fund page or your broker before investing.