DFAT Fees and Costs — Dimensional U.S. Targeted Value ETF
Data updated: 2026-09-24
The net expense ratio is 0.28%: a 0.27% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $777K in broker commissions, 0.0072% of average net assets, and portfolio turnover was 9%.
DFAT Fees and Expenses
Annual operating expenses and sales charges of DFAT. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.27% |
| 12b-1 fee | — |
| Other expenses | 0.01% |
| Gross expense ratio | 0.28% |
| Fee waiver | — |
| Net expense ratio | 0.28% |
| 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 |
DFAT Costs Over Time
On $10,000 invested in DFAT, assuming 5% a year before costs, total costs come to $182 over 5 years, cutting the return by 0.30% 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 0.28%) | $29 | $92 | $161 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $5 | $17 |
| Total costs | $30 | $99 | $182 |
| Value after costs | $10,470 | $11,477 | $12,581 |
| Impact on return, per year | 0.30% | 0.30% | 0.30% |
DFAT 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): 0.0072%
- Total broker commissions: $777K
- Bought from dealers (principal trades, not a cost): $2.6B
- Portfolio turnover (prospectus): 9%
- Securities on loan, average value: $719.3M
- Net income from securities lending: $1.2M (0.011% of average net assets)
DFAT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $195K | 25.16% |
| Goldman Sachs & Co. LLC | $178K | 22.90% |
| Jefferies LLC | $172K | 22.18% |
| Instinet, LLC | $137K | 17.70% |
| Citigroup Global Markets Inc. | $56K | 7.16% |
| Rosenblatt Securities Inc. | $13K | 1.65% |
| UBS Securities LLC | $11K | 1.37% |
| Loop Capital Markets LLC | $9K | 1.21% |
| Roth Capital Partners, LLC | $3K | 0.44% |
| JonesTrading Institutional Services LLC | $2K | 0.22% |
DFAT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $1.3B | 48.24% |
| BofA Securities, Inc. | $451.7M | 17.06% |
| Jefferies LLC | $417.4M | 15.76% |
| Nomura Securities International, Inc. | $156.8M | 5.92% |
| Citigroup Global Markets Inc. | $145.3M | 5.49% |
| RBC Capital Markets, LLC | $82.7M | 3.12% |
| Jane Street Capital, LLC | $60.0M | 2.27% |
| Virtu Americas LLC | $54.0M | 2.04% |
| J.P. Morgan Securities LLC | $2.8M | 0.11% |
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.