BUSM vs DFSV: Grades, Fees and Holdings Compared

EA Bridgeway Ultra-Small Company Market ETF

BUSMDCboe

U.S. Small Cap Value Portfolio ETF Class Shares

DFSVANYSE Arca

Overlap

2.0%by weight

Expense ratio

DFSV −0.43pt a year

BUSM0.73%DFSV0.30%

Avg volume · 30D

DFSV 123.2×the volume

BUSM7.66KDFSV944K

BUSM vs DFSV Performance

Jul 31, 2026 – Oct 30, 2026

−4.8%BUSM−0.2%DFSV

Expense ratio: BUSM 0.73%; DFSV 0.30%, better
Fund size: BUSM $112M; DFSV $27.8B
1Y total return: BUSM No data; DFSV +27.6%
Yield (12M): BUSM No data; DFSV 1.38%
Holdings: BUSM 570; DFSV 1053
Avg volume (30D): BUSM 7.66K sh; DFSV 944K sh, better
NAV per share: BUSM $15.48; DFSV $39.41
52W range

ETF.net Grade

Pillar letters and Scores for BUSM, DFSV, with each pillar’s weight
Pillar	BUSM	DFSV
Cost30% weight	D29	A91Higher
Mission25% weight	Not scored	B62
Risk15% weight	F15	B59Higher
Tradability15% weight	F19	A88Higher
Holdings10% weight	A87Higher	A80
Durability5% weight	B63	A97Higher

Rank among US Active Small-Cap funds

How we build Categories ›

Same Category. BUSM 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 BUSM 29th 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 85
Rank 3ADFSVU.S. Small Cap Value Portfolio ETF Class SharesScore 82
Rank 4ADUSGU.S. Small Cap Growth Portfolio: ETF Class SharesScore 75
Rank 28DAIMSAcuitas Small Cap Active ETFScore 35
Rank 29DBUSMEA Bridgeway Ultra-Small Company Market ETFScore 33
Rank 30DALILArgent Focused Small Cap ETFScore 29

Our read on each fund

ETF.net Research

BUSMDEA Bridgeway Ultra-Small Company Market ETF

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

In short

BUSM No data

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

BUSM No data

DFSV The fund seeks long-term capital appreciation.

Why people hold it

BUSM No data

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

BUSM No data

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 BUSM profile⁠

Full DFSV profile⁠

BUSM vs DFSV Holdings

How BUSM and DFSV differ

Overlap by weight

2.0%

Shared holdings make up 49.1% of BUSM and 2.0% of DFSV.

Level by level

Holdings211 in both2.0%
Sector11 Sectors74.4%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in BUSM and DFSV, widest gap first
Sector	More in BUSMMore in DFSV	BUSM	DFSV
Health Care	BUSM +18.9 points	26.0%	7.1%
Financials	DFSV +10.7 points	16.9%	27.6%
Energy	DFSV +8.4 points	4.2%	12.6%
Technology	BUSM +4.9 points	12.4%	7.5%
Industrials	DFSV +1.9 points	14.0%	15.9%
Consumer Staples	DFSV +1.7 points	4.1%	5.8%
Materials	DFSV +1.7 points	3.0%	4.7%
Consumer Discretionary	DFSV +1.2 points	13.4%	14.6%
Communication	BUSM +0.9 points	3.7%	2.8%
Real Estate	BUSM +0.8 points	1.6%	0.8%
Utilities	BUSM +0.1 points	0.7%	0.6%

Country, concentration and asset class

Country by domicile

Country weights in BUSM and DFSV, widest gap first
Country	More in BUSMMore in DFSV	BUSM	DFSV
Brazil	DFSV +0.5 points	0.0%	0.5%
Colombia	BUSM +0.5 points	0.5%	0.0%
Other countries (13)	Same weight	99.5%	99.5%

Concentration

Weight in the 10 largest Holdings

BUSM5.4%
DFSV7.1%

Securities held

BUSM570
DFSV1,051

Asset class

BUSM: Equity
DFSV: Equity

Holdings

Only in BUSM359
In both211
Only in DFSV840

Only in BUSM

359 securities, 50.9% of BUSM by weight

Gran Tierra Energy Inc0.54%
Sight Sciences Inc0.54%
Senseonics Holdings Inc0.51%
Honest Co Inc/The0.51%
RCM Technologies Inc0.51%
Medallion Financial Corp0.47%
Innovative Solutions and Support Inc0.45%
Entravision Communications Corp0.45%
ZipRecruiter Inc0.44%
Telos Corp0.43%
Cadiz Inc0.41%
LendingTree Inc0.41%
Ring Energy Inc0.40%
908 Devices Inc0.39%
BK Technologies Corp0.39%
Shoe Station Group Inc0.38%
Electromed Inc0.37%
Orchestra BioMed Holdings Inc0.37%
Avidbank Holdings Inc0.37%
OmniAb Inc0.37%
CS Disco Inc0.37%
RGC Resources Inc0.35%
Lifeway Foods Inc0.34%
GrafTech International Ltd0.33%
Transcontinental Realty Investors Inc0.33%
Kingsway Corp0.33%
Fate Therapeutics Inc0.33%
NN Inc0.33%
Carlsmed Inc0.32%
Turtle Beach Corp0.32%
Ampco-Pittsburgh Corp0.31%
InfuSystem Holdings Inc0.31%
Neurogene Inc0.30%
Fossil Group Inc0.29%
Fulcrum Therapeutics Inc0.29%
Editas Medicine Inc0.29%
Envela Corp0.29%
CPI Card Group Inc0.28%
Treace Medical Concepts Inc0.28%
Alpha Teknova Inc0.28%
Omega Flex Inc0.28%
Atea Pharmaceuticals Inc0.28%
Rocket Pharmaceuticals Inc0.28%
Hackett Group Inc/The0.28%
Monte Rosa Therapeutics Inc0.28%
Suja Life Inc0.28%
Commerce.com Inc0.28%
Octave Specialty Group Inc0.28%
Matrix Service Co0.28%
Quad/Graphics Inc0.28%

Only in DFSV

840 securities, 97.9% of DFSV by weight

Skyworks Solutions Inc Common Stock USD.250.78%
Arrow Electronics Inc Common Stock USD1.00.76%
Elanco Animal Health Inc Common Stock0.75%
Hf Sinclair Corp Common Stock0.72%
Avnet Inc Common Stock USD1.00.70%
Invesco Ltd Common Stock USD.20.70%
Ovintiv Inc Common Stock0.69%
Borgwarner Inc Common Stock USD.010.68%
Southstate Bank Corp Common Stock USD2.50.66%
Jackson Financial Inc A Common Stock USD.010.65%
Knight Swift Transportation Common Stock USD.010.65%
Avantor Inc Common Stock USD.010.62%
Old National Bancorp Common Stock0.62%
Antero Resources Corp Common Stock USD.010.61%
Stanley Black & Decker Inc Common Stock USD2.50.59%
Apa Corp Common Stock USD.6250.59%
Icon PLC Common Stock EUR.060.58%
Columbia Banking System Inc Common Stock0.58%
Zions Bancorp Na Common Stock USD.0010.58%
Bio Rad Laboratories A Common Stock USD.00010.57%
Darling Ingredients Inc Common Stock USD.010.56%
Pbf Energy Inc Class A Common Stock USD.0010.53%
Prosperity Bancshares Inc Common Stock USD1.00.53%
Mohawk Industries Inc Common Stock USD.010.52%
Valley National Bancorp Common Stock0.52%
Commercial Metals Co Common Stock USD.010.51%
Sirius Xm Holdings Inc Common Stock0.51%
Kirby Corp Common Stock USD.10.50%
Eastman Chemical Co Common Stock USD.010.50%
Oshkosh Corp Common Stock USD.010.50%
Adt Inc Common Stock USD.010.49%
Matador Resources Co Common Stock USD.010.49%
Mgic Investment Corp Common Stock USD1.00.48%
Lithia Motors Inc Common Stock0.48%
Wesco International Inc Common Stock USD.010.47%
Range Resources Corp Common Stock USD.010.47%
Fnb Corp Common Stock USD.010.47%
Viasat Inc Common Stock USD.00010.47%
Universal Health Services B Common Stock USD.010.47%
Transocean Ltd Common Stock CHF.10.47%
Nov Inc Common Stock USD.010.46%
Molson Coors Beverage Co B Common Stock USD.010.46%
Matson Inc Common Stock0.46%
Macy’s Inc Common Stock USD.010.45%
Graham Holdings Co Class B Common Stock USD1.00.45%
Gates Industrial Corp Ltd Common Stock USD.010.45%
Carmax Inc Common Stock USD.50.45%
United Bankshares Inc Common Stock USD2.50.45%
Murphy Oil Corp Common Stock USD1.00.43%
Agco Corp Common Stock USD.010.42%

Weight gaps

The 100 widest of 211 Holdings in both funds.

Holding weights in BUSM and DFSV, widest gap first
Holding	More in BUSMMore in DFSV	BUSM	DFSV
ACCO Brands CorpACCO	BUSM +0.56 points	0.59%	0.03%
Smart Sand IncSND	BUSM +0.56 points	0.56%	<0.01%
Flexsteel Industries IncFLXS	BUSM +0.55 points	0.57%	0.02%
Friedman Industries IncFRD	BUSM +0.54 points	0.57%	0.03%
Rocky Brands IncRCKY	BUSM +0.51 points	0.54%	0.03%
C&F Financial CorpCFFI	BUSM +0.50 points	0.52%	0.02%
Consumer Portfolio Services IncCPSS	BUSM +0.48 points	0.49%	0.01%
Waterstone Financial IncWSBF	BUSM +0.45 points	0.48%	0.03%
J Jill IncJILL	BUSM +0.45 points	0.45%	<0.01%
Westwood Holdings Group IncWHG	BUSM +0.45 points	0.45%	<0.01%
Genesco IncGCO	BUSM +0.44 points	0.47%	0.03%
Hawthorn Bancshares IncHWBK	BUSM +0.44 points	0.45%	<0.01%
Perma-Pipe International Holdings IncPPIH	BUSM +0.44 points	0.45%	<0.01%
Security National Financial CorpSNFCA	BUSM +0.44 points	0.45%	0.01%
Oportun Financial CorpOPRT	BUSM +0.43 points	0.45%	0.02%
El Pollo Loco Holdings IncLOCO	BUSM +0.43 points	0.46%	0.03%
JAKKS Pacific IncJAKK	BUSM +0.41 points	0.44%	0.03%
CompX International IncCIX	BUSM +0.41 points	0.42%	<0.01%
Norwood Financial CorpNWFL	BUSM +0.41 points	0.41%	<0.01%
Weyco Group IncWEYS	BUSM +0.41 points	0.44%	0.03%
Orthofix Medical IncOFIX	BUSM +0.39 points	0.39%	<0.01%
8x8 IncEGHT	BUSM +0.39 points	0.39%	<0.01%
Sempreon IncMGPI	BUSM +0.38 points	0.39%	<0.01%
American Integrity Insurance Group IncAII	BUSM +0.38 points	0.38%	<0.01%
Hamilton Beach Brands Holding CoHBB	BUSM +0.38 points	0.38%	<0.01%
Western New England Bancorp IncWNEB	BUSM +0.38 points	0.40%	0.02%
Portillo's IncPTLO	BUSM +0.37 points	0.38%	<0.01%
PCB BancorpPCB	BUSM +0.37 points	0.40%	0.03%
Cerence IncCRNC	BUSM +0.37 points	0.38%	0.01%
Aspen Aerogels IncASPN	BUSM +0.36 points	0.37%	<0.01%
Strattec Security CorpSTRT	BUSM +0.36 points	0.38%	0.02%
Princeton Bancorp IncBPRN	BUSM +0.36 points	0.37%	0.01%
BayCom CorpBCML	BUSM +0.36 points	0.38%	0.02%
Ultralife CorpULBI	BUSM +0.36 points	0.37%	0.01%
CoastalSouth Bancshares IncCOSO	BUSM +0.36 points	0.36%	<0.01%
Acme United CorpACU	BUSM +0.36 points	0.37%	<0.01%
Natural Gas Services Group IncNGS	BUSM +0.35 points	0.38%	0.03%
Evolent Health IncEVH	BUSM +0.35 points	0.36%	<0.01%
Timberland Bancorp Inc/WATSBK	BUSM +0.34 points	0.37%	0.03%
Superior Group of Cos IncSGC	BUSM +0.35 points	0.36%	0.01%
Ranger Energy Services IncRNGR	BUSM +0.35 points	0.37%	0.02%
Regional Management CorpRM	BUSM +0.34 points	0.37%	0.03%
Twin Disc IncTWIN	BUSM +0.34 points	0.35%	0.01%
First Western Financial IncMYFW	BUSM +0.33 points	0.34%	<0.01%
Camping World Holdings IncCWH	BUSM +0.33 points	0.33%	<0.01%
Seaport Entertainment Group IncSEG	BUSM +0.32 points	0.33%	<0.01%
AMC Global Media IncAMCX	BUSM +0.32 points	0.34%	0.02%
Alico IncALCO	BUSM +0.32 points	0.32%	<0.01%
TrueBlue IncTBI	BUSM +0.32 points	0.32%	<0.01%
PubMatic IncPUBM	BUSM +0.32 points	0.33%	0.01%
Designer Brands IncDBI	BUSM +0.32 points	0.34%	0.02%
Holley IncHLLY	BUSM +0.32 points	0.33%	0.01%
Tredegar CorpTG	BUSM +0.31 points	0.32%	<0.01%
First Bancorp Inc/TheFNLC	BUSM +0.31 points	0.31%	<0.01%
Funko IncFNKO	BUSM +0.31 points	0.33%	0.02%
Anika Therapeutics IncANIK	BUSM +0.31 points	0.32%	0.01%
Richardson Electronics Ltd/United StatesRELL	BUSM +0.31 points	0.33%	0.02%
OraSure Technologies IncOSUR	BUSM +0.30 points	0.31%	<0.01%
I3 Verticals IncIIIV	BUSM +0.29 points	0.31%	0.02%
TechTarget IncTTGT	BUSM +0.29 points	0.29%	<0.01%
First United CorpFUNC	BUSM +0.28 points	0.30%	0.02%
Emergent BioSolutions IncEBS	BUSM +0.28 points	0.30%	0.02%
Escalade IncESCA	BUSM +0.28 points	0.28%	<0.01%
First Internet BancorpINBK	BUSM +0.27 points	0.28%	<0.01%
Amtech Systems IncASYS	BUSM +0.28 points	0.28%	<0.01%
Ohio Valley Banc CorpOVBC	BUSM +0.28 points	0.28%	<0.01%
Information Services Group IncIII	BUSM +0.28 points	0.28%	<0.01%
Bankwell Financial Group IncBWFG	BUSM +0.27 points	0.28%	0.01%
Puma Biotechnology IncPBYI	BUSM +0.28 points	0.28%	<0.01%
Zumiez IncZUMZ	BUSM +0.26 points	0.28%	0.02%
Forrester Research IncFORR	BUSM +0.27 points	0.27%	<0.01%
Core Molding Technologies IncCMT	BUSM +0.27 points	0.28%	0.01%
SEACOR Marine Holdings IncSMHI	BUSM +0.27 points	0.28%	0.01%
Aviat Networks IncAVNW	BUSM +0.26 points	0.27%	0.01%
CSP IncCSPI	BUSM +0.26 points	0.26%	<0.01%
FutureFuel CorpFF	BUSM +0.26 points	0.27%	0.01%
Spok Holdings IncSPOK	BUSM +0.26 points	0.26%	<0.01%
Angi IncANGI	BUSM +0.26 points	0.26%	<0.01%
Hanover Bancorp IncHNVR	BUSM +0.26 points	0.26%	<0.01%
OP BancorpOPBK	BUSM +0.26 points	0.27%	0.01%
Eagle Bancorp Montana IncEBMT	BUSM +0.25 points	0.26%	<0.01%
Energy Recovery IncERII	BUSM +0.25 points	0.25%	<0.01%
Peoples Bancorp of North Carolina IncPEBK	BUSM +0.25 points	0.25%	<0.01%
Xperi IncXPER	BUSM +0.25 points	0.26%	0.01%
American Outdoor Brands IncAOUT	BUSM +0.24 points	0.26%	0.02%
Immersion CorpIMMR	BUSM +0.24 points	0.25%	<0.01%
CB Financial Services IncCBFV	BUSM +0.24 points	0.24%	<0.01%
Tactile Systems Technology IncTCMD	BUSM +0.24 points	0.26%	0.02%
Meridian CorpMRBK	BUSM +0.24 points	0.25%	0.01%
USANA Health Sciences IncUSNA	BUSM +0.24 points	0.25%	0.01%
L B Foster CoFSTR	BUSM +0.24 points	0.26%	0.02%
Keros Therapeutics IncKROS	BUSM +0.23 points	0.24%	<0.01%
Nu Skin Enterprises IncNUS	BUSM +0.23 points	0.24%	<0.01%
Movado Group IncMOV	BUSM +0.23 points	0.27%	0.04%
ATN International IncATNI	BUSM +0.23 points	0.25%	0.02%
Oxford Industries IncOXM	BUSM +0.23 points	0.25%	0.02%
Gencor Industries IncGENC	BUSM +0.23 points	0.24%	0.01%
Onity Group IncONIT	BUSM +0.22 points	0.24%	0.02%
Protalix BioTherapeutics IncPLX	BUSM +0.22 points	0.22%	<0.01%
Finwise BancorpFINW	BUSM +0.22 points	0.22%	<0.01%

All BUSM 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.

BUSM vs DFSV Cost

Overpaying BUSM vs DFSV

$7,984

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

BUSM 0.73%
$14,133
DFSV 0.30%
$6,149

Amount$10,000

Years30 years

Cost over time

BUSM 0.73%
DFSV 0.30%
Overpaying

Year by year

Year	BUSM	DFSV	Overpaying
10	$1,302	$545	$757
20	$4,952	$2,113	$2,839
30	$14,133	$6,149	$7,984

Expense ratio

0.73%BUSM
0.30%DFSV, cheaper

DFSV0.30%BUSM0.73%

0.25%2.20%

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

DFSV 4th cheapest of 39 funds

BUSM 27th cheapest of 39 funds

BUSM vs DFSV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BUSM No data; DFSV 1.38%
Payout (12M): BUSM None; DFSV $0.54
Last payment: BUSM No data; DFSV $0.15
Ex-dividend: BUSM No data; DFSV Sep 22, 2026
Paid on: BUSM No data; DFSV Sep 24, 2026
Frequency: BUSM No data; DFSV Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

BUSMAll BUSM payments⁠

No distribution history available.

DFSVQuarterly · 19 paymentsAll DFSV payments⁠

BUSM vs DFSV Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUSM No dataDFSV 18.4%
Return per unit of riskSharpe ratio, 3 years: BUSM No dataDFSV 0.84
Worst fallMax drawdown, 5 years: BUSM No dataDFSV −28.0%since Feb 2022
Market sensitivityBeta, 5 years: BUSM 1.44DFSV 1.04; Market = 1

BUSM 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, 2026BUSMDFSV

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BUSM vs DFSV

In short

Stated mandate

Why people hold it

Worth knowing

How BUSM and DFSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUSM

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 BUSM and DFSV differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in BUSM

Only in DFSV

Weight gaps