DFAC vs HTUS

DFACADimensional US Core Equity 2 ETF

HTUSDHull Tactical US ETF

In short

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

HTUS Most active US equity funds argue about which stocks to own. HTUS argues about whether to own them at all: a quant strategy that shifts between long and short S&P 500 exposure, running live since 2015.

Stated mandate

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

HTUS The Fund seeks long-term capital appreciation through an actively managed strategy using long and short positions in ETFs and related instruments tied primarily to the S&P 500 Index.

Why people hold it

• DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
• About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
• Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
• A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.

• HTUS Not a stock picker. It takes long and short positions in S&P 500 linked ETFs and related instruments, so market exposure moves with the model instead of sitting permanently fully invested.
• Trading real money since 2015, so the model has a live record behind it rather than a backtest.
• The tactical trading happens inside a registered 1940 Act fund, so the shorting sits under regular fund rules rather than in a private vehicle.
• Tight mandate, and it stays inside it: US equities, S&P 500 as the reference point, no drift into other markets or asset classes.

Worth knowing

• DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
• Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
• All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.

• HTUS At 0.96% a year it runs above the typical active US equity fund, and several times the index-plus crowd such as DFAU (0.12%) and FELC (0.18%).
• Small asset base and thin trading, so spreads can widen and sizable orders can move the price.
• You are buying a model, not a basket. Outcomes track the manager's signals and its short side, not simply the index it references.

Full DFAC profile⁠

Full HTUS profile⁠