ETF Evaluator:
DFA US Micro Cap ETF (DFMC)
Follow This ETF
(as of Aug 21)
Best Performing in Small Blend Over the Last Year
| 55.4% | Invesco NASDAQ Future Gen 200 ETF (QQQS) |
| 45.8% | iShares Micro-Cap ETF (IWC) |
| 45.6% | First Trust Small Cap Core AlphaDEX® ETF (FYX) |
| 43.8% | Fidelity Enhanced Small Cap Core ETF (FESM) |
| 38.9% | Inspire Small/Mid Cap ETF (ISMD) |
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Risk
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ETF Details
DFA US Micro Cap ETF Overview
DFA US Micro Cap ETF (DFMC) is an actively managed U.S. Equity Small Blend exchange-traded fund (ETF). Dimensional Fund Advisors launched the ETF in 2026.
The investment seeks long-term capital appreciation.
The fund, using a market capitalization weighted approach, purchases a broad and diverse group of the securities of U.S. micro cap companies. It may purchase or sell futures contracts and options on futures contracts for U.S. equity securities and indices, to increase or decrease equity market exposure based on actual or expected cash inflows to or outflows from the fund.
About DFA US Micro Cap ETF (DFMC)
There are 3 members of the management team with an average tenure of 10.63 years: Jed Fogdall (2012), Joel Schneider (2015) and Marc Leblond (2020). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 TR USD index with a weighting of 100%. DFA US Micro Cap ETF has 1785 securities in its portfolio. The top 10 holdings constitute 13.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
DFA US Micro Cap ETF is part of the Equity global asset class and is within the U.S. Equity ETF group. DFA US Micro Cap ETF has 2.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 88.2% There is 2.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). DFA US Micro Cap ETF has 9.9% of the portfolio in cash.
Assets Under Management
The fund has $170 million in total assets, which is below the $4 billion average for the Small Blend category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DFMC Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA US Micro Cap ETF expense ratio is average compared to funds in the Small Blend category. DFA US Micro Cap ETF has an expense ratio of 0.41%, which is 3% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA US Micro Cap ETF has a portfolio turnover rate of 9%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 50% for the Small Blend category.
Recently, in the month of July 2026, DFA US Micro Cap ETF returned -1.8%, which earned it a grade of B, as the Small Blend category had an average return of -2.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
DFA US Micro Cap ETF has a trailing yield of 0.00%, which is below the 1.17% category average.
The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA US Micro Cap ETF Grades
Year to date, the ETF has returned 23.0%, 5.0 percentage points better than the category, which translates into a grade of A. The fund has returned 36.4% over the past year (grade of A), 16.2% over the past three years (grade of A) and 10.8% per year over the past five years (grade of A) and 11.8% per year over the past 10 years (grade of B).
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DFMC Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DFMC Return (NAV) | -1.8% | 7.6% | 36.4% | 16.2% | 10.8% | 11.8% |
| DFMC Return (Price) | -1.8% | 7.4% | na | na | na | na |
| NAV +/- Price Return | 0.014% | 0.132% | na | na | na | na |
| Small Blend Avg | -2.1% | 5.7% | 28.5% | 14.0% | 8.0% | 10.8% |
| DFMC Grade (NAV) | B | A | A | A | A | B |
| +/- Category (NAV) | 0.3% | 1.9% | 7.9% | 2.3% | 2.8% | 0.9% |
| DFMC Tax-Cost Ratio | na | na | na | na | na | na |
DFMC Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFMC Return (NAV) | 23.0% | 9.7% | 11.4% | 17.9% | -12.5% | 33.5% | 6.6% | 20.7% | -11.6% | 11.2% | 25.6% |
| DFMC Return (Price) | na | na | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | na | na | na | na | na | na | na | na | na | na | na |
| Small Blend Avg | 18.0% | 8.7% | 11.7% | 16.3% | -15.9% | 24.0% | 12.7% | 24.8% | -9.2% | 14.4% | 19.6% |
| DFMC Grade (NAV) | A | C | C | C | A | A | F | F | D | F | A |
| +/- Category | 5.0% | 0.9% | -0.3% | 1.6% | 3.4% | 9.5% | -6.1% | -4.2% | -2.4% | -3.2% | 6.0% |
| Risk Measures | |
| Beta: | 1.04 |
| R-Squared: | 51% |
| Standard Deviation: | 19.0% |
| Category Risk Index: | 1.04 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.55 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | -- |
| Total Assets: | $ 7,859 Mil |
| Share Class Assets: | $ 171 Mil |
| Turnover: | 9.0% |
| Expense Ratio: | 0.41% |
| Index Fund: | No |
| Index Tracked: | Russell 3000 TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 14.4 years | |||
| Average Tenure: 10.6 years | |||
| Managers (Year): Fogdall Jed (2012), Schneider Joel (2015), Leblond Marc (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1785 |
| % in Top 10 Holdings: | 13.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 2.0% |
Portfolio Allocation |
|
| Domestic Stock: | 88.2% |
| Foreign Stock: | 2.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 9.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Inception Date: | March 19, 2026 |
Expenses and Fees
| Expense Ratio (%): | 0.41% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.42% |
