U.S. Targeted Value Portfolio ETF Class Shares

DFAT

시가총액 US$140억

Three Dimensional Fund Advisors ETFs that NYSE Arca announced as Monday launches are not new funds at all. Instead, they are existing ETFs that now trade as share classes of older Dimensional mutual funds, according to the firm.

Dimensional U.S. Targeted Value ETF (DFAT) is upgraded to a 'buy' due to improved growth prospects, compelling P/E valuations, and adequate quality controls. DFAT now offers 12.91% expected EPS growth and trades at a cheap 11.86x forward P/E, supporting double-digit return potential over the next year and 5-10% more in 2026. DFAT outperformed IWN over the past decade, offers a lower portfolio beta, and emphasizes profitability, with 89% of holdings reporting positive net income last year.

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Market-cap weighting has a structural flaw that most investors overlook: it automatically overweights whatever has already gotten expensive.

Most small-cap value ETFs track an index and call it a day. DFAT takes a different approach: a rules-based, academically driven methodology to pursue the value and profitability premiums that Eugene Fama and Kenneth French identified decades ago.

Dimensional US Targeted Value ETF targets small-cap value and profitability, holding 1,313 stocks with a 1.40% yield and 0.28% expense ratio. DFAT is highly diversified, with low company-specific risk, but is notably concentrated in financials (29.1% of assets). DFAT has outperformed its benchmark and most peers since June 2021, though it lagged IWN over the last 12 months.

Investors who are looking for quality and value in this current market have plenty of work to do to find investments that meet their underlying criteria.

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Dimensional U.S. Targeted Value ETF offers actively managed small-cap exposure. DFAT trades at a ~20x P/E, lower than the S&P 500 (30x), but historically expensive for value. 85% of sampled holdings are profitable, the average EPS growth over 10 years is just 2.4%, well below S&P 500's 7.5% CAGR.

Dimensional U.S. Targeted Value ETF combines value and quality in small caps, offering attractive valuations and strong fundamentals, with outperformance and lower volatility than the Russell 2000. The fund is deeply value-oriented, overweight in financials, consumer staples, and energy, and underweight in pricier sectors like tech and healthcare. DFAT trades at a significant discount to the Russell 2000, boasts higher profitability, and delivers better risk-adjusted returns than most small-cap value peers.