DFAC vs LDRX

DFACADimensional US Core Equity 2 ETF

LDRXCSGI Enhanced Market Leaders 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.

LDRX A 1976 swap fund reborn: the Chestnut Street Exchange Fund was reorganized into this active ETF in 2025. Large-cap "market leaders" plus an overlay that sells deep out-of-the-money puts and calls expiring in 1-7 days, for 0.59% a year.

Stated mandate

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

LDRX Seeks capital appreciation and current income. It actively manages a portfolio concentrated in large-capitalization companies and uses short-dated, deep-out-of-the-money put and call writing to generate additional income.

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.

• LDRX 0.59% a year, gross and net, no waiver doing the work. That sits below the median fee for active US equity funds.
• The overlay writes deep out-of-the-money puts and calls expiring in 1-7 days, collecting premium on contracts meant to expire worthless. Pays quarterly.sec.gov
• Real pedigree: the 1976 Chestnut Street Exchange Fund, a California limited partnership, became this ETF in a 2025 reorganization structured as tax-free.sec.govsec.gov 2
• The stock sleeve keeps at least 80% in Russell 1000 or S&P 500 names, screened on earnings quality, debt and valuation.sec.gov

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.

• LDRX One of the more thinly traded funds in its peer group, which can show up as wider bid-ask spreads.
• Short calls trim upside in a fast rally; short puts add exposure in a sharp drop. Deep strikes make that less likely, not impossible.sec.gov
• The current strategy only began in May 2025, so the live record is short and earlier returns came from the predecessor's different approach.sec.gov

Full DFAC profile⁠

Full LDRX profile⁠