DFAS Fees and Costs — Dimensional U.S. Small Cap ETF
Data updated: 2026-09-24
The net expense ratio is 0.26%: a 0.25% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $471K in broker commissions, 0.0047% of average net assets, and portfolio turnover was 6%.
DFAS Fees and Expenses
Annual operating expenses and sales charges of DFAS. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | — |
| Other expenses | 0.01% |
| Gross expense ratio | 0.26% |
| Fee waiver | — |
| Net expense ratio | 0.26% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DFAS Costs Over Time
On $10,000 invested in DFAS, assuming 5% a year before costs, total costs come to $168 over 5 years, cutting the return by 0.28% 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 0.26%) | $27 | $86 | $150 |
| Trading costs (broker commissions) | $0 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $28 | $92 | $168 |
| Value after costs | $10,472 | $11,485 | $12,595 |
| Impact on return, per year | 0.28% | 0.28% | 0.28% |
DFAS 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): 0.0047%
- Total broker commissions: $471K
- Bought from dealers (principal trades, not a cost): $3.0B
- Portfolio turnover (prospectus): 6%
- Securities on loan, average value: $1.1B
- Net income from securities lending: $2.2M (0.022% of average net assets)
DFAS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $121K | 25.78% |
| Goldman Sachs & Co. LLC | $101K | 21.53% |
| Jefferies LLC | $94K | 19.94% |
| Instinet, LLC | $86K | 18.23% |
| Citigroup Global Markets Inc. | $37K | 7.87% |
| UBS Securities LLC | $14K | 2.88% |
| Loop Capital Markets LLC | $8K | 1.65% |
| Rosenblatt Securities Inc. | $6K | 1.32% |
| JonesTrading Institutional Services LLC | $3K | 0.69% |
| BofA Securities, Inc. | $544 | 0.12% |
DFAS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $1.3B | 44.93% |
| Goldman Sachs & Co. LLC | $581.9M | 19.51% |
| Jane Street Capital, LLC | $314.2M | 10.53% |
| Citigroup Global Markets Inc. | $250.8M | 8.41% |
| RBC Capital Markets, LLC | $157.1M | 5.27% |
| Nomura Securities International, Inc. | $134.0M | 4.49% |
| Virtu Americas LLC | $106.2M | 3.56% |
| UBS Securities LLC | $39.3M | 1.32% |
| Jefferies LLC | $37.7M | 1.26% |
| J.P. Morgan Securities LLC | $21.3M | 0.71% |
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.