AFSM vs DUSG: Grades, Fees and Holdings Compared

First Trust Active Factor Small Cap ETF

AFSMCNYSE Arca

U.S. Small Cap Growth Portfolio: ETF Class Shares

DUSGANasdaq

Overlap

13.9%by weight

Expense ratio

DUSG −0.42pt a year

AFSM0.75%DUSG0.33%

Avg volume · 30D

AFSM 3.0×the volume

AFSM17.5KDUSG5.89K

AFSM vs DUSG Performance

Aug 7, 2026 – Nov 9, 2026

−4.7%AFSM−3.7%DUSG

Expense ratio: AFSM 0.75%; DUSG 0.33%, better
Fund size: AFSM $129M; DUSG $1.91B
1Y total return: AFSM +22.5%; DUSG No data
Yield (12M): AFSM 0.52%; DUSG No data
Holdings: AFSM 320; DUSG 594
Avg volume (30D): AFSM 17.5K sh, better; DUSG 5.89K sh
NAV per share: AFSM $37.88; DUSG $50.07
52W range

ETF.net Grade

Pillar letters and Scores for AFSM, DUSG, with each pillar’s weight
Pillar	AFSM	DUSG
Cost30% weight	F23	A85Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	B55	B63Higher
Tradability15% weight	B61	B65Higher
Holdings10% weight	A72	A79Higher
Durability5% weight	A75	A93Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. AFSM and DUSG 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 ›

DUSG ranks 4th 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 5AJSMLJanus Henderson Small Cap Growth Alpha ETFScore 72
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

DUSGAU.S. Small Cap Growth 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.

DUSG A Dimensional small-cap growth strategy that finally got a ticker. DUSG is an exchange-traded share class of a portfolio running since 2012, screening small US companies for high profitability and cheaper relative price.

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.

DUSG The Portfolio 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.

DUSG Not a startup fund with a launch-day portfolio. The underlying strategy has run since 2012, and the ETF class is a new door into the same book of stocks.businesswire.com
The screen does two jobs at once: small-cap growth companies, filtered for high profitability and lower relative price, instead of whatever the index says is popular.dimensional.com
0.33% a year for a systematically managed factor strategy, sitting right around the middle of the multifactor pack rather than at the premium end.
Broad and diversified by design, holding a wide sweep of US small caps in a billion-dollar-plus portfolio, not a handful of high-conviction names.dimensional.com

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.

DUSG It trades thinly. Light volume can mean wider gaps between the bid and the ask than you get with the household-name index ETFs.
Distributions land once or twice a year, not monthly. The stated job here is long-term capital appreciation, not a paycheck.
Fair pricing, not bargain pricing: broad US growth exposure in the same peer group costs far less (IUSG, 0.04%), minus the small-cap and profitability screens.

Full AFSM profile⁠

Full DUSG profile⁠

AFSM vs DUSG Holdings

How AFSM and DUSG differ

Overlap by weight

13.9%

Shared holdings make up 34.6% of AFSM and 17.2% of DUSG.

Level by level

Holdings110 in both13.9%
Sector11 Sectors75.2%
Countryby domicile98.5%
Asset classStocks100%

Sector

Sector weights in AFSM and DUSG, widest gap first
Sector	Gap	AFSM	DUSG
Industrials	DUSG +11.5 points	11.1%	22.6%
Financials	AFSM +8.4 points	18.3%	9.9%
Health Care	AFSM +6.5 points	19.9%	13.4%
Consumer Discretionary	DUSG +5.8 points	10.8%	16.6%
Real Estate	AFSM +3.7 points	4.0%	0.3%
Energy	AFSM +3.6 points	7.2%	3.6%
Consumer Staples	DUSG +3.1 points	2.5%	5.6%
Materials	DUSG +2.6 points	2.6%	5.2%
Technology	DUSG +1.8 points	18.2%	20.0%
Communication	AFSM +1.8 points	4.6%	2.8%
Utilities	AFSM +0.8 points	0.8%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in AFSM and DUSG, widest gap first
Country	More in AFSMMore in DUSG	Gap	AFSM	DUSG
United States		DUSG +1.1 points	98.4%	99.5%
Other countries (6)		AFSM +1.1 points	1.6%	0.5%

Concentration

Weight in the 10 largest Holdings

AFSM8.6%
DUSG7.0%

Securities held

AFSM319
DUSG593

Asset class

AFSM: Stocks
DUSG: Stocks

Holdings

Only in AFSM209
In both110
Only in DUSG483

Only in AFSM

209 securities, 65.2% of AFSM by weight

National HealthCare Corporation0.93%
Par Pacific Holdings, Inc.0.92%
Matson, Inc.0.87%
TrustCo Bank Corp NY0.82%
Encore Capital Group, Inc.0.80%
EPAM Systems, Inc.0.80%
Apple Hospitality REIT, Inc.0.80%
Ames National Corporation0.78%
Teekay Tankers Ltd. (Class A)0.74%
Heritage Insurance Holdings, Inc.0.74%
Cathay General Bancorp0.70%
Signet Jewelers Limited0.68%
Kohl's Corporation0.66%
Scorpio Tankers Inc.0.66%
1st Source Corporation0.65%
Everforth Incorporated0.63%
Universal Insurance Holdings, Inc.0.62%
Chatham Lodging Trust0.61%
TG Therapeutics, Inc.0.60%
Sphere Entertainment Co.0.60%
Herbalife Ltd.0.59%
Cars.com Inc.0.58%
Northeast Community Bancorp, Inc.0.58%
CBL & Associates Properties, Inc.0.57%
Financial Institutions, Inc.0.56%
Seneca Foods Corporation0.56%
First Financial Corporation0.55%
Hamilton Insurance Group, Ltd. (Class B)0.54%
Guardant Health, Inc.0.53%
Mercury General Corporation0.53%
Rigel Pharmaceuticals, Inc.0.53%
Chord Energy Corporation0.53%
Amalgamated Financial Corp.0.53%
Blue Bird Corporation0.51%
Movado Group, Inc.0.51%
SiriusPoint Ltd.0.51%
Innovative Industrial Properties, Inc.0.49%
Harmony Biosciences Holdings, Inc.0.48%
Ziff Davis, Inc.0.47%
ScanSource, Inc.0.46%
Oruka Therapeutics, Inc.0.45%
Liquidia Technologies, Inc.0.45%
Bread Financial Holdings, Inc.0.45%
Phreesia Inc.0.44%
InMode Ltd.0.43%
Sally Beauty Holdings, Inc.0.43%
NetScout Systems, Inc.0.43%
CONMED Corporation0.42%
Innoviva, Inc.0.42%
Macy's, Inc.0.42%

Only in DUSG

483 securities, 82.2% of DUSG by weight

Crown Holdings Inc Common Stock USD5.00.79%
Allegion PLC Common Stock USD.010.77%
Manhattan Associates Inc Common Stock USD.010.74%
Bj’s Wholesale Club Holdings Common Stock USD.010.73%
Encompass Health Corp Common Stock USD.010.68%
Five Below Common Stock USD.010.68%
Bentley Systems Inc Class B Common Stock USD.010.67%
Maplebear Inc Common Stock USD.00010.65%
Avery Dennison Corp Common Stock USD1.00.63%
Jack Henry & Associates Inc Common Stock USD.010.63%
Texas Roadhouse Inc Common Stock USD.0010.61%
Paylocity Holding Corp Common Stock USD.0010.60%
Booz Allen Hamilton Holdings Common Stock USD.010.59%
Clorox Company Common Stock USD1.00.58%
Paycom Software Inc Common Stock USD.010.58%
Murphy Usa Inc Common Stock USD.010.58%
Sei Investments Company Common Stock USD.010.55%
Allison Transmission Holding Common Stock USD.010.55%
Kinsale Capital Group Inc Common Stock USD.010.55%
Factset Research Systems Inc Common Stock USD.010.53%
Lennox International Inc Common Stock USD.010.53%
Morningstar Inc Common Stock0.53%
Evercore Inc A Common Stock USD.010.53%
Toro Co Common Stock USD1.00.52%
Donaldson Co Inc Common Stock USD5.00.52%
Service Corp International Common Stock USD1.00.52%
Tetra Tech Inc Common Stock USD.010.51%
Chemed Corp Common Stock USD1.00.50%
Godaddy Inc Class A Common Stock USD.0010.49%
New York Times Co A Common Stock USD.10.49%
Docusign Inc Common Stock USD.00010.49%
Autoliv Inc Common Stock USD1.00.49%
Advanced Drainage Systems In Common Stock USD.010.49%
Antero Midstream Corp Common Stock0.48%
Lamb Weston Holdings Inc Common Stock USD1.00.47%
Primerica Inc Common Stock0.46%
Vf Corp Common Stock0.46%
Gen Digital Inc Common Stock USD.010.46%
Pool Corp Common Stock USD.0010.45%
Coca Cola Consolidated Inc Common Stock USD1.00.45%
Zebra Technologies Corp Class A Common Stock USD.010.44%
Core & Main Inc Class A Common Stock USD.010.44%
Ryder System Inc Common Stock USD.50.44%
Exelixis Inc Common Stock USD.0010.43%
Aramark Common Stock USD.010.43%
Simpson Manufacturing Co Inc Common Stock USD.010.42%
Frontdoor Inc Common Stock USD.010.42%
Firstcash Holdings Inc Common Stock USD.010.42%
Hasbro Inc Common Stock USD.50.42%
Aecom Common Stock USD.010.42%

Weight gaps

The 100 widest of 110 Holdings in both funds.

Holding weights in AFSM and DUSG, widest gap first
Holding	Gap	AFSM	DUSG
Kiniksa Pharmaceuticals International, Plc (Class A)KNSA	AFSM +0.81 points	0.93%	0.12%
Eton Pharmaceuticals, Inc.ETON	AFSM +0.74 points	0.80%	0.06%
OneSpan Inc.OSPN	AFSM +0.72 points	0.76%	0.04%
Protagonist Therapeutics, Inc.PTGX	AFSM +0.59 points	0.70%	0.11%
Kforce Inc.KFRC	AFSM +0.58 points	0.64%	0.06%
Mitek Systems, Inc.MITK	AFSM +0.55 points	0.56%	0.01%
TaskUs, Inc. (Class A)TASK	AFSM +0.54 points	0.54%	<0.01%
Abercrombie & Fitch Co. (Class A)ANF	AFSM +0.52 points	0.91%	0.39%
Myers Industries, Inc.MYE	AFSM +0.50 points	0.56%	0.06%
Interface, Inc.TILE	AFSM +0.49 points	0.60%	0.11%
Acadian Asset Management Inc.AAMI	AFSM +0.47 points	0.69%	0.22%
Penguin Solutions Inc.PENG	AFSM +0.46 points	0.60%	0.14%
Medpace Holdings, Inc.MEDP	DUSG +0.43 points	0.04%	0.47%
Pediatrix Medical Group IncMD	AFSM +0.42 points	0.44%	0.02%
Forum Energy Technologies, Inc.FET	AFSM +0.41 points	0.43%	0.02%
GigaCloud Technology Inc (Class A)GCT	AFSM +0.41 points	0.53%	0.12%
Anterix Inc.ATEX	AFSM +0.39 points	0.45%	0.06%
FIGS, Inc. (Class A)FIGS	AFSM +0.39 points	0.51%	0.12%
Insight Enterprises, Inc.NSIT	AFSM +0.39 points	0.44%	0.05%
Bel Fuse Inc. (Class B)BELFB	AFSM +0.36 points	0.50%	0.14%
LifeStance Health Group, Inc.LFST	AFSM +0.36 points	0.37%	<0.01%
Krystal Biotech, Inc.KRYS	AFSM +0.35 points	0.57%	0.22%
SPS Commerce, Inc.SPSC	AFSM +0.35 points	0.41%	0.06%
A10 Networks, Inc.ATEN	AFSM +0.34 points	0.40%	0.06%
Teradata CorporationTDC	AFSM +0.34 points	0.35%	0.01%
Halozyme Therapeutics, Inc.HALO	AFSM +0.31 points	0.67%	0.36%
Science Applications International CorporationSAIC	DUSG +0.31 points	0.07%	0.38%
Harmonic Inc.HLIT	AFSM +0.31 points	0.38%	0.07%
H&R Block, Inc.HRB	AFSM +0.31 points	0.60%	0.29%
PubMatic, Inc. (Class A)PUBM	AFSM +0.31 points	0.34%	0.03%
Axcelis Technologies, Inc.ACLS	AFSM +0.30 points	0.44%	0.14%
American Public Education, Inc.APEI	AFSM +0.29 points	0.32%	0.03%
Five9, Inc.FIVN	AFSM +0.28 points	0.33%	0.05%
Kulicke and Soffa Industries, Inc.KLIC	AFSM +0.27 points	0.47%	0.20%
Madison Square Garden Entertainment Corp. (Class A)MSGE	AFSM +0.28 points	0.48%	0.20%
Viavi Solutions Inc.VIAV	AFSM +0.27 points	0.46%	0.19%
The Gorman-Rupp CompanyGRC	AFSM +0.26 points	0.38%	0.12%
Yext, Inc.YEXT	AFSM +0.25 points	0.28%	0.03%
EnerSysENS	AFSM +0.24 points	0.47%	0.23%
Qualys, Inc.QLYS	DUSG +0.24 points	0.21%	0.45%
Supernus, Inc.SUPN	AFSM +0.24 points	0.24%	<0.01%
EverQuote, Inc. (Class A)EVER	AFSM +0.23 points	0.28%	0.05%
Aurinia Pharmaceuticals Inc.AUPH	AFSM +0.23 points	0.25%	0.02%
National Energy Services Reunited Corp.NESR	AFSM +0.23 points	0.23%	<0.01%
Applied Industrial Technologies, Inc.AIT	DUSG +0.22 points	0.30%	0.52%
Liquidity Services, Inc.LQDT	AFSM +0.22 points	0.27%	0.05%
PACS Group, Inc.PACS	DUSG +0.22 points	0.21%	0.43%
Victory Capital Holdings, Inc. (Class A)VCTR	AFSM +0.19 points	0.19%	<0.01%
Progress Software CorporationPRGS	AFSM +0.19 points	0.29%	0.10%
Kodiak Gas Services, Inc.KGS	AFSM +0.18 points	0.20%	0.02%
Powell Industries, Inc.POWL	AFSM +0.18 points	0.32%	0.14%
10X Genomics, Inc. (Class A)TXG	AFSM +0.19 points	0.35%	0.16%
Griffon CorporationGFF	DUSG +0.18 points	0.12%	0.30%
BrightSpring Health Services, Inc.BTSG	AFSM +0.17 points	0.65%	0.48%
Astronics CorporationATRO	AFSM +0.17 points	0.29%	0.12%
Park Aerospace Corp.PKE	AFSM +0.17 points	0.19%	0.02%
ANI Pharmaceuticals, Inc.ANIP	AFSM +0.16 points	0.22%	0.06%
LivaNova PlcLIVN	DUSG +0.16 points	0.15%	0.31%
Huron Consulting Group Inc.HURN	AFSM +0.16 points	0.34%	0.18%
Daktronics, Inc.DAKT	AFSM +0.15 points	0.21%	0.06%
Brinker International, Inc.EAT	DUSG +0.15 points	0.42%	0.57%
Watts Water Technologies, Inc.WTS	DUSG +0.14 points	0.11%	0.25%
DHT Holdings, Inc.DHT	AFSM +0.14 points	0.35%	0.21%
Cohu, Inc.COHU	AFSM +0.14 points	0.19%	0.05%
Arcutis Biotherapeutics, Inc.ARQT	AFSM +0.13 points	0.19%	0.06%
Nutex Health Inc.NUTX	AFSM +0.13 points	0.15%	0.02%
Materion CorporationMTRN	DUSG +0.13 points	0.08%	0.21%
Ligand Pharmaceuticals Inc. (Class B)LGND	AFSM +0.13 points	0.19%	0.06%
MYR Group Inc.MYRG	DUSG +0.13 points	0.13%	0.26%
Bandwidth Inc. (Class A)BAND	AFSM +0.13 points	0.17%	0.04%
Victoria's Secret & Co.VSXY	DUSG +0.11 points	0.44%	0.55%
TriNet Group, Inc.TNET	AFSM +0.11 points	0.27%	0.16%
Ultra Clean Holdings, Inc.UCTT	AFSM +0.12 points	0.13%	0.01%
Zevra Therapeutics, Inc.ZVRA	AFSM +0.11 points	0.11%	<0.01%
Vishay Precision Group, Inc.VPG	AFSM +0.11 points	0.11%	<0.01%
Delcath Systems, Inc.DCTH	AFSM +0.11 points	0.11%	<0.01%
Travere Therapeutics, Inc.TVTX	AFSM +0.11 points	0.29%	0.18%
Crocs, Inc.CROX	DUSG +0.11 points	0.35%	0.46%
Delek US Holdings, Inc.DK	AFSM +0.10 points	0.31%	0.21%
Sterling Infrastructure, Inc.STRL	DUSG +0.10 points	0.12%	0.22%
Veracyte, Inc.VCYT	AFSM +0.10 points	0.10%	<0.01%
Digi International Inc.DGII	AFSM +0.10 points	0.22%	0.12%
Steven Madden, Ltd.SHOO	DUSG +0.09 points	0.11%	0.20%
The Bancorp, Inc.TBBK	AFSM +0.09 points	0.23%	0.14%
Red Violet, Inc.RDVT	AFSM +0.08 points	0.12%	0.04%
Federated Hermes, Inc. (Class B)FHI	DUSG +0.08 points	0.22%	0.30%
IES Holdings, Inc.IESC	DUSG +0.08 points	0.26%	0.34%
Guardian Pharmacy Services, Inc. (Class A)GRDN	AFSM +0.08 points	0.19%	0.11%
Omada Health, Inc.OMDA	AFSM +0.08 points	0.08%	<0.01%
Vontier CorporationVNT	AFSM +0.07 points	0.37%	0.30%
Adeia Inc.ADEA	DUSG +0.06 points	0.05%	0.11%
Mueller Industries, Inc.MLI	DUSG +0.05 points	0.24%	0.29%
Ichor Holdings, Ltd.ICHR	AFSM +0.05 points	0.09%	0.04%
LeMaitre Vascular, Inc.LMAT	AFSM +0.06 points	0.14%	0.08%
Sonos, Inc.SONO	AFSM +0.05 points	0.17%	0.12%
Dave Inc. (Class A)DAVE	AFSM +0.05 points	0.27%	0.22%
Corcept Therapeutics Inc.CORT	DUSG +0.04 points	0.15%	0.19%
Clear Secure, Inc. (Class A)YOU	DUSG +0.04 points	0.31%	0.35%
ACADIA Pharmaceuticals Inc.ACAD	DUSG +0.04 points	0.03%	0.07%
Astronics Corporation (Class B)ATROB	AFSM +0.04 points	0.06%	0.02%

All 321 AFSM holdings⁠All DUSG 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 DUSG Cost

Overpaying AFSM vs DUSG

$7,745

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

AFSM 0.75%
$14,482
DUSG 0.33%
$6,737

Amount$10,000

Years30 years

Cost over time

AFSM 0.75%
DUSG 0.33%
Overpaying

Year by year

Year	AFSM	DUSG	Overpaying
10	$1,336	$598	$738
20	$5,078	$2,318	$2,760
30	$14,482	$6,737	$7,745

Expense ratio

0.75%AFSM
0.33%DUSG, cheaper

DUSG0.33%AFSM0.75%

0.25%2.20%

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

DUSG 7th cheapest of 39 funds

AFSM 29th cheapest of 39 funds

AFSM vs DUSG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): AFSM 0.52%; DUSG No data
Payout (12M): AFSM $0.20; DUSG No data
Last payment: AFSM $0.02; DUSG $0.07
Ex-dividend: AFSM Sep 24, 2026; DUSG Sep 29, 2026
Paid on: AFSM Sep 30, 2026; DUSG Oct 1, 2026
Frequency: AFSM Quarterly; DUSG Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

AFSMQuarterly · 24 paymentsAll AFSM payments⁠

DUSGQuarterly · 2 paymentsAll DUSG payments⁠

AFSM vs DUSG 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%DUSG No data
Return per unit of riskSharpe ratio, 3 years: AFSM 0.93DUSG No data
Worst fallMax drawdown, 5 years: AFSM −28.3%DUSG No data
Market sensitivityBeta, 5 years: AFSM 1.05DUSG 1.05; Market = 1

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