DFAR Fees and Costs — Dimensional US Real Estate ETF
Data updated: 2026-09-24
The net expense ratio is 0.19%: a 0.17% management fee plus 0.02% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $33K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 7%.
DFAR Fees and Expenses
Annual operating expenses and sales charges of DFAR. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.17% |
| 12b-1 fee | — |
| Other expenses | 0.02% |
| Gross expense ratio | 0.19% |
| Fee waiver | — |
| Net expense ratio | 0.19% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DFAR Costs Over Time
On $10,000 invested in DFAR, assuming 5% a year before costs, total costs come to $122 over 5 years, cutting the return by 0.20% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.19%) | $20 | $63 | $110 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $20 | $67 | $122 |
| Value after costs | $10,480 | $11,510 | $12,640 |
| Impact on return, per year | 0.20% | 0.20% | 0.20% |
DFAR Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): $353.3M
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $69.0M
- Net income from securities lending: $93K (0.007% of average net assets)
DFAR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $9K | 29.00% |
| Instinet, LLC | $7K | 21.01% |
| Goldman Sachs & Co. LLC | $7K | 20.20% |
| Virtu Americas LLC | $6K | 18.27% |
| Citigroup Global Markets Inc. | $2K | 6.29% |
| Loop Capital Markets LLC | $664 | 2.03% |
| UBS Securities LLC | $463 | 1.42% |
| Rosenblatt Securities Inc. | $313 | 0.96% |
| BofA Securities, Inc. | $263 | 0.80% |
| JonesTrading Institutional Services LLC | $9 | 0.03% |
DFAR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $163.1M | 46.17% |
| Jane Street Capital, LLC | $68.3M | 19.34% |
| Citigroup Global Markets Inc. | $68.1M | 19.29% |
| RBC Capital Markets, LLC | $45.6M | 12.91% |
| Goldman Sachs & Co. LLC | $3.5M | 0.99% |
| Virtu Americas LLC | $3.4M | 0.96% |
| ABN Amro Securities (USA) LLC | $1.2M | 0.34% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.