AFSM vs DFSV: Grades, Fees and Holdings Compared

First Trust Active Factor Small Cap ETF

AFSMCNYSE Arca

U.S. Small Cap Value Portfolio ETF Class Shares

DFSVANYSE Arca

Overlap

15.8%by weight

Expense ratio

DFSV −0.45pt a year

AFSM0.75%DFSV0.30%

Avg volume · 30D

DFSV 53.3×the volume

AFSM17.5KDFSV932K

3Y return · a year

AFSM +0.9pt

AFSM+20.0%DFSV+19.1%

AFSM vs DFSV Performance

Nov 7, 2025 – Nov 9, 2026

+22.5%AFSM+27.2%DFSV

Expense ratio: AFSM 0.75%; DFSV 0.30%, better
Fund size: AFSM $129M; DFSV $27.1B
1Y total return: AFSM +22.5%; DFSV +27.2%, better
Yield (12M): AFSM 0.52%; DFSV 1.38%, better
Holdings: AFSM 320; DFSV 1053
Avg volume (30D): AFSM 17.5K sh; DFSV 932K sh, better
NAV per share: AFSM $37.88; DFSV $38.40
52W range

ETF.net Grade

Pillar letters and Scores for AFSM, DFSV, with each pillar’s weight
Pillar	AFSM	DFSV
Cost30% weight	F23	A91Higher
Mission25% weight	Not scored	B62
Risk15% weight	B55	B61Higher
Tradability15% weight	B61	A85Higher
Holdings10% weight	A72	A80Higher
Durability5% weight	A75	A97Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. AFSM and DFSV are both graded against the same 39 US Active Small-Cap funds, so their Grades compare head to head.

US Active Small-Cap⁠

Category · 39 funds

See all 39 ›

DFSV ranks 3rd and AFSM 21st of 39 funds in the US Active Small-Cap Category.

Rank 1AAVSCAvantis U.S. Small Cap Equity ETFScore 88
Rank 2AFESMFidelity Enhanced Small Cap ETFScore 86
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 76
Rank 20COSCVOpus Small Cap Value Plus ETFScore 47
Rank 21CAFSMFirst Trust Active Factor Small Cap ETFScore 46
Rank 21CFESCFirst Eagle Small Cap Equity ETFScore 46

Our read on each fund

ETF.net Research

AFSMCFirst Trust Active Factor Small Cap ETF

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

In short

AFSM Active management in index-fund clothing. AFSM runs a multi-factor quant model across roughly 300 U.S. small caps, so you get a manager's screens with broad diversification instead of a concentrated stock-picker's book.

DFSV Small-cap value, spread wide: roughly a thousand of the market's cheaper small companies, measured against the Russell 2000 Value Index. A deeper bench than most rivals carry, at a higher price than the plain index funds beside it.

Stated mandate

AFSM The Fund seeks capital appreciation by investing primarily in U.S.-listed equity securities of small-capitalization companies through an actively managed, multi-factor quantitative approach.

DFSV The fund seeks long-term capital appreciation.

Why people hold it

AFSM Genuinely active, not a rules-based index in disguise: First Trust's team applies a multi-factor quantitative process to U.S.-listed small caps in pursuit of capital appreciation.ftportfolios.com
Roughly 300 names means no single small cap can wreck the portfolio, a real difference from the 40-stock active small-cap funds it competes with.
Live since 2019, so the model has a public track record through the 2020 crash and the 2022 drawdown rather than a backtest.
Pays shareholders quarterly, and the underlying holdings score well on portfolio quality measures relative to the active small-cap group.

DFSV Roughly 1,000 holdings spread the small-value bet across the whole opportunity set instead of a handful of names.
A multi-billion-dollar fund that trades actively, so getting a position on or off is rarely the hard part.
Portfolio construction is the strong suit here: broad, diversified small-cap value exposure, with distributions paid quarterly.
The mandate is plainly stated: long-term capital appreciation from US stocks, no side quests.

Worth knowing

AFSM The 0.75% expense ratio is the headline trade-off: well above the typical active U.S. small-cap fund, and about triple systematic rivals like AVUV and AVSC at 0.25%.
Thinly traded compared with the category's giants, so bid-ask spreads and order type matter more here than with a household-name small-cap ETF.
No benchmark index to grade it against. With an active quant mandate, results ride entirely on the model's factor calls rather than on tracking something.

DFSV At 0.30% a year it costs more than the typical US value ETF (median 0.18%), and VTWV runs against the same Russell 2000 Value benchmark for 0.06%.
Small-cap value is a bumpier corner than the large-cap value funds anchoring this group (VTV, SCHV), and the ride shows it.
Launched in 2022, so its live record is short next to the value funds it sits beside.

Full AFSM profile⁠

Full DFSV profile⁠

AFSM vs DFSV Holdings

How AFSM and DFSV differ

Overlap by weight

15.8%

Shared holdings make up 50.4% of AFSM and 17.3% of DFSV.

Level by level

Holdings157 in both15.8%
Sector11 Sectors71.9%
Countryby domicile99.0%
Asset classStocks100%

Sector

Sector weights in AFSM and DFSV, widest gap first
Sector	Gap	AFSM	DFSV
Health Care	AFSM +12.6 points	19.9%	7.3%
Technology	AFSM +10.2 points	18.2%	8.0%
Financials	DFSV +9.7 points	18.3%	28.0%
Energy	DFSV +5.0 points	7.2%	12.2%
Industrials	DFSV +4.4 points	11.1%	15.5%
Consumer Discretionary	DFSV +3.6 points	10.8%	14.4%
Real Estate	AFSM +3.2 points	4.0%	0.8%
Consumer Staples	DFSV +3.2 points	2.5%	5.7%
Materials	DFSV +2.3 points	2.6%	4.9%
Communication	AFSM +1.9 points	4.6%	2.7%
Utilities	AFSM +0.2 points	0.8%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in AFSM and DFSV, widest gap first
Country	Gap	AFSM	DFSV
United States	DFSV +0.4 points	98.4%	98.8%
Brazil	DFSV +0.1 points	0.4%	0.5%
United Kingdom	AFSM +0.3 points	0.5%	0.2%
Switzerland	AFSM +0.4 points	0.4%	0.0%
Canada	AFSM +0.3 points	0.3%	0.0%
Belgium	DFSV +0.2 points	0.0%	0.2%
India	DFSV +0.1 points	0.0%	0.1%
Singapore	AFSM +0.1 points	0.1%	0.0%
Other countries (6)	DFSV +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

AFSM8.6%
DFSV6.9%

Securities held

AFSM319
DFSV1,052

Asset class

AFSM: Stocks
DFSV: Stocks

Holdings

Only in AFSM162
In both157
Only in DFSV895

Only in AFSM

162 securities, 49.4% of AFSM by weight

Kiniksa Pharmaceuticals International, Plc (Class A)0.93%
Abercrombie & Fitch Co. (Class A)0.91%
Eton Pharmaceuticals, Inc.0.80%
Apple Hospitality REIT, Inc.0.80%
Heritage Insurance Holdings, Inc.0.74%
Protagonist Therapeutics, Inc.0.70%
Acadian Asset Management Inc.0.69%
Halozyme Therapeutics, Inc.0.67%
BrightSpring Health Services, Inc.0.65%
Kforce Inc.0.64%
Universal Insurance Holdings, Inc.0.62%
Chatham Lodging Trust0.61%
TG Therapeutics, Inc.0.60%
Penguin Solutions Inc.0.60%
H&R Block, Inc.0.60%
Herbalife Ltd.0.59%
Krystal Biotech, Inc.0.57%
CBL & Associates Properties, Inc.0.57%
Myers Industries, Inc.0.56%
Guardant Health, Inc.0.53%
Mercury General Corporation0.53%
Rigel Pharmaceuticals, Inc.0.53%
GigaCloud Technology Inc (Class A)0.53%
Blue Bird Corporation0.51%
FIGS, Inc. (Class A)0.51%
Bel Fuse Inc. (Class B)0.50%
Innovative Industrial Properties, Inc.0.49%
Madison Square Garden Entertainment Corp. (Class A)0.48%
Kulicke and Soffa Industries, Inc.0.47%
Viavi Solutions Inc.0.46%
Anterix Inc.0.45%
Oruka Therapeutics, Inc.0.45%
Liquidia Technologies, Inc.0.45%
Axcelis Technologies, Inc.0.44%
Victoria's Secret & Co.0.44%
Phreesia Inc.0.44%
InMode Ltd.0.43%
Brinker International, Inc.0.42%
SPS Commerce, Inc.0.41%
Axogen, Inc.0.40%
A10 Networks, Inc.0.40%
American States Water Company0.39%
EMCOR Group, Inc.0.38%
The Gorman-Rupp Company0.38%
Septerna, Inc.0.38%
Harmonic Inc.0.38%
The Bank of N.T. Butterfield & Son Limited0.37%
LifeStance Health Group, Inc.0.37%
PagSeguro Digital Ltd. (Class A)0.37%
Garrett Motion Inc.0.37%

Only in DFSV

895 securities, 82.5% of DFSV by weight

Elanco Animal Health Inc Common Stock0.86%
Skyworks Solutions Inc Common Stock USD.250.74%
Stanley Black & Decker Inc Common Stock USD2.50.68%
Invesco Ltd Common Stock USD.20.68%
Southstate Bank Corp Common Stock USD2.50.67%
Jackson Financial Inc A Common Stock USD.010.65%
Old National Bancorp Common Stock0.65%
Arrow Electronics Inc Common Stock USD1.00.65%
Borgwarner Inc Common Stock USD.010.64%
Knight Swift Transportation Common Stock USD.010.64%
Mohawk Industries Inc Common Stock USD.010.63%
Avnet Inc Common Stock USD1.00.62%
Avantor Inc Common Stock USD.010.61%
Sirius Xm Holdings Inc Common Stock0.60%
Columbia Banking System Inc Common Stock0.59%
Zions Bancorp Na Common Stock USD.0010.58%
Bio Rad Laboratories A Common Stock USD.00010.58%
Icon PLC Common Stock EUR.060.57%
Hf Sinclair Corp Common Stock0.56%
Antero Resources Corp Common Stock USD.010.56%
Universal Health Services B Common Stock USD.010.54%
Prosperity Bancshares Inc Common Stock USD1.00.54%
Valley National Bancorp Common Stock0.54%
Ovintiv Inc Common Stock0.53%
Apa Corp Common Stock USD.6250.53%
Darling Ingredients Inc Common Stock USD.010.53%
Oshkosh Corp Common Stock USD.010.51%
Lithia Motors Inc Common Stock0.51%
Adt Inc Common Stock USD.010.50%
Commercial Metals Co Common Stock USD.010.50%
Eastman Chemical Co Common Stock USD.010.49%
Molson Coors Beverage Co B Common Stock USD.010.49%
Graham Holdings Co Class B Common Stock USD1.00.49%
Conagra Brands Inc Common Stock USD5.00.48%
Fnb Corp Common Stock USD.010.47%
Mosaic Co/The Common Stock USD.010.46%
United Bankshares Inc Common Stock USD2.50.46%
Agco Corp Common Stock USD.010.45%
Range Resources Corp Common Stock USD.010.44%
Carmax Inc Common Stock USD.50.44%
Nov Inc Common Stock USD.010.44%
Kirby Corp Common Stock USD.10.43%
Gates Industrial Corp Ltd Common Stock USD.010.43%
Matador Resources Co Common Stock USD.010.42%
Lincoln National Corp Common Stock0.41%
Bank Ozk Common Stock0.41%
Western Alliance Bancorp Common Stock USD.00010.40%
Viasat Inc Common Stock USD.00010.40%
Lear Corp Common Stock USD.010.39%
Associated Banc Corp Common Stock USD.010.39%

Weight gaps

The 100 widest of 157 Holdings in both funds.

Holding weights in AFSM and DFSV, widest gap first
Holding	Gap	AFSM	DFSV
Par Pacific Holdings, Inc.PARR	AFSM +0.87 points	0.92%	0.05%
Encore Capital Group, Inc.ECPG	AFSM +0.78 points	0.80%	0.02%
Ames National CorporationATLO	AFSM +0.78 points	0.78%	<0.01%
TrustCo Bank Corp NYTRST	AFSM +0.76 points	0.82%	0.06%
National HealthCare CorporationNHC	AFSM +0.74 points	0.93%	0.19%
OneSpan Inc.OSPN	AFSM +0.71 points	0.76%	0.05%
Everforth IncorporatedEFOR	AFSM +0.59 points	0.63%	0.04%
1st Source CorporationSRCE	AFSM +0.57 points	0.65%	0.08%
Interface, Inc.TILE	AFSM +0.57 points	0.60%	0.03%
Northeast Community Bancorp, Inc.NECB	AFSM +0.56 points	0.58%	0.02%
Mitek Systems, Inc.MITK	AFSM +0.56 points	0.56%	<0.01%
Teekay Tankers Ltd. (Class A)TNK	AFSM +0.54 points	0.74%	0.20%
TaskUs, Inc. (Class A)TASK	AFSM +0.54 points	0.54%	<0.01%
Cars.com Inc.CARS	AFSM +0.53 points	0.58%	0.05%
Financial Institutions, Inc.FISI	AFSM +0.51 points	0.56%	0.05%
Sphere Entertainment Co.SPHR	AFSM +0.51 points	0.60%	0.09%
Amalgamated Financial Corp.AMAL	AFSM +0.49 points	0.53%	0.04%
First Financial CorporationTHFF	AFSM +0.49 points	0.55%	0.06%
Seneca Foods CorporationSENEA	AFSM +0.48 points	0.56%	0.08%
Hamilton Insurance Group, Ltd. (Class B)HG	AFSM +0.47 points	0.54%	0.07%
Kohl's CorporationKSS	AFSM +0.47 points	0.66%	0.19%
Movado Group, Inc.MOV	AFSM +0.47 points	0.51%	0.04%
EPAM Systems, Inc.EPAM	AFSM +0.46 points	0.80%	0.34%
EnerSysENS	AFSM +0.44 points	0.47%	0.03%
Cathay General BancorpCATY	AFSM +0.43 points	0.70%	0.27%
Matson, Inc.MATX	AFSM +0.43 points	0.87%	0.44%
Harmony Biosciences Holdings, Inc.HRMY	AFSM +0.41 points	0.48%	0.07%
Insight Enterprises, Inc.NSIT	AFSM +0.40 points	0.44%	0.04%
Forum Energy Technologies, Inc.FET	AFSM +0.39 points	0.43%	0.04%
ScanSource, Inc.SCSC	AFSM +0.38 points	0.46%	0.08%
Scorpio Tankers Inc.STNG	AFSM +0.37 points	0.66%	0.29%
Signet Jewelers LimitedSIG	AFSM +0.36 points	0.68%	0.32%
Pediatrix Medical Group IncMD	AFSM +0.34 points	0.44%	0.10%
Ziff Davis, Inc.ZD	AFSM +0.34 points	0.47%	0.13%
OFG BancorpOFG	AFSM +0.33 points	0.38%	0.05%
PubMatic, Inc. (Class A)PUBM	AFSM +0.33 points	0.34%	0.01%
Kyndryl Holdings, Inc.KD	AFSM +0.33 points	0.35%	0.02%
CONMED CorporationCNMD	AFSM +0.31 points	0.42%	0.11%
Innoviva, Inc.INVA	AFSM +0.32 points	0.42%	0.10%
American Public Education, Inc.APEI	AFSM +0.32 points	0.32%	<0.01%
Lionsgate Studios Corp.LION	AFSM +0.31 points	0.31%	<0.01%
Sally Beauty Holdings, Inc.SBH	AFSM +0.30 points	0.43%	0.13%
SiriusPoint Ltd.SPNT	AFSM +0.30 points	0.51%	0.21%
Addus HomeCare CorporationADUS	AFSM +0.29 points	0.40%	0.11%
Five9, Inc.FIVN	AFSM +0.28 points	0.33%	0.05%
Tactile Systems Technology, Inc.TCMD	AFSM +0.28 points	0.30%	0.02%
Scholastic CorporationSCHL	AFSM +0.27 points	0.37%	0.10%
NWPX Infrastructure, Inc.NWPX	AFSM +0.27 points	0.30%	0.03%
Constellium SE (Class A)CSTM	AFSM +0.27 points	0.27%	<0.01%
Apogee Enterprises, Inc.APOG	AFSM +0.28 points	0.33%	0.05%
Carter Bankshares, Inc.CARE	AFSM +0.28 points	0.32%	0.04%
PC Connection, Inc.CNXN	AFSM +0.27 points	0.36%	0.09%
DHT Holdings, Inc.DHT	AFSM +0.27 points	0.35%	0.08%
NetScout Systems, Inc.NTCT	AFSM +0.27 points	0.43%	0.16%
Dorian LPG Ltd.LPG	AFSM +0.26 points	0.40%	0.14%
Deluxe CorporationDLX	AFSM +0.26 points	0.34%	0.09%
Nu Skin Enterprises, Inc. (Class A)NUS	AFSM +0.25 points	0.26%	<0.01%
Smith & Wesson Brands Inc.SWBI	AFSM +0.24 points	0.29%	0.05%
Envista Holdings CorporationNVST	DFSV +0.24 points	0.05%	0.29%
The Marcus CorporationMCS	AFSM +0.23 points	0.28%	0.05%
United Fire Group, Inc.UFCS	AFSM +0.24 points	0.31%	0.07%
Westamerica BancorporationWABC	AFSM +0.23 points	0.25%	0.02%
S&T Bancorp, Inc.STBA	AFSM +0.23 points	0.36%	0.13%
MAXIMUS, Inc.MMS	AFSM +0.22 points	0.33%	0.11%
Pelagos Insurance Capital LimitedPLGO	AFSM +0.22 points	0.35%	0.13%
Korn FerryKFY	DFSV +0.22 points	0.04%	0.26%
Yelp Inc.YELP	AFSM +0.21 points	0.28%	0.07%
Metropolitan Bank Holding Corp.MCB	AFSM +0.22 points	0.26%	0.04%
Kennametal Inc.KMT	AFSM +0.22 points	0.35%	0.13%
AMC Global Media Inc. (Class A)AMCX	AFSM +0.21 points	0.23%	0.02%
Photronics, Inc.PLAB	AFSM +0.20 points	0.32%	0.12%
National Energy Services Reunited Corp.NESR	AFSM +0.20 points	0.23%	0.03%
Talos Energy Inc.TALO	AFSM +0.20 points	0.38%	0.18%
Teekay Corporation Ltd.TK	AFSM +0.19 points	0.28%	0.09%
Fortune Brands Innovations Inc.FBIN	AFSM +0.19 points	0.32%	0.13%
Nabors Industries Ltd.NBR	AFSM +0.19 points	0.22%	0.03%
Cohu, Inc.COHU	AFSM +0.19 points	0.19%	0.00%
Chord Energy CorporationCHRD	AFSM +0.18 points	0.53%	0.35%
Stride, Inc.LRN	AFSM +0.18 points	0.26%	0.08%
USANA Health Sciences, Inc.USNA	AFSM +0.17 points	0.18%	0.01%
Kelly Services, Inc.KELYA	AFSM +0.17 points	0.19%	0.02%
Ennis, Inc.EBF	AFSM +0.17 points	0.22%	0.05%
HNI CorporationHNI	AFSM +0.17 points	0.24%	0.07%
Heritage Financial CorporationHFWA	AFSM +0.16 points	0.24%	0.08%
Caledonia Mining Corporation PlcCMCL	AFSM +0.16 points	0.18%	0.02%
MGIC Investment CorporationMTG	DFSV +0.15 points	0.34%	0.49%
Heartland Express, Inc.HTLD	AFSM +0.15 points	0.21%	0.06%
Peoples Bancorp of North Carolina, Inc.PEBK	AFSM +0.15 points	0.15%	<0.01%
Forestar Group Inc.FOR	AFSM +0.14 points	0.23%	0.09%
NMI Holdings, Inc. (Class A)NMIH	AFSM +0.15 points	0.33%	0.18%
Itron, Inc.ITRI	AFSM +0.14 points	0.23%	0.09%
Kaiser Aluminum CorporationKALU	AFSM +0.15 points	0.19%	0.04%
Ardmore Shipping CorporationASC	AFSM +0.14 points	0.19%	0.05%
Callaway Golf CompanyCALY	DFSV +0.14 points	0.07%	0.21%
PBF Energy Inc.PBF	DFSV +0.13 points	0.36%	0.49%
American Eagle Outfitters, Inc.AEO	DFSV +0.13 points	0.08%	0.21%
LivaNova PlcLIVN	AFSM +0.13 points	0.15%	0.02%
Rush Enterprises, Inc. (Class A)RUSHA	AFSM +0.13 points	0.18%	0.05%
Virtus Investment Partners, Inc.VRTS	AFSM +0.13 points	0.17%	0.04%
Caleres, Inc.CAL	AFSM +0.13 points	0.15%	0.02%

All 321 AFSM holdings⁠All 1,015 DFSV holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AFSM vs DFSV Cost

Overpaying AFSM vs DFSV

$8,333

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

AFSM 0.75%
$14,482
DFSV 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

AFSM 0.75%
DFSV 0.30%
Overpaying

Year by year

Year	AFSM	DFSV	Overpaying
10	$1,336	$545	$791
20	$5,078	$2,113	$2,965
30	$14,482	$6,149	$8,333

Expense ratio

0.75%AFSM
0.30%DFSV, cheaper

DFSV0.30%AFSM0.75%

0.25%2.20%

Middle half of US Active Small-Cap funds
Median 0.55%

DFSV 4th cheapest of 39 funds

AFSM 29th cheapest of 39 funds

AFSM vs DFSV Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AFSM 0.52%; DFSV 1.38%, better
Payout (12M): AFSM $0.20; DFSV $0.54
Last payment: AFSM $0.02; DFSV $0.15
Ex-dividend: AFSM Sep 24, 2026; DFSV Sep 22, 2026
Paid on: AFSM Sep 30, 2026; DFSV Sep 24, 2026
Frequency: AFSM Quarterly; DFSV Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

AFSMQuarterly · 24 paymentsAll AFSM payments⁠

DFSVQuarterly · 19 paymentsAll DFSV payments⁠

AFSM vs DFSV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: AFSM 17.7%, betterDFSV 18.4%
Return per unit of riskSharpe ratio, 3 years: AFSM 0.93, betterDFSV 0.84
Worst fallMax drawdown, 5 years: AFSM −28.3%DFSV −28.0%since Feb 2022
Market sensitivityBeta, 5 years: AFSM 1.05DFSV 1.03; Market = 1

AFSM and DFSV in the news

All news⁠

New ETFs
Bridgeway's BRSV is a converted 2003 fund, not a new small-cap value strategy
Sep 10, 2026DFSV

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AFSM vs DFSV

In short

Stated mandate

Why people hold it

Worth knowing

How AFSM and DFSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AFSM

Only in DFSV

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Bridgeway's BRSV is a converted 2003 fund, not a new small-cap value strategy

How AFSM and DFSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in AFSM

Only in DFSV

Weight gaps