DFAC vs LST

DFACADimensional US Core Equity 2 ETF

LSTBLeuthold Select Industries 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.

LST Leuthold's Select Industries Strategy in ETF form: an active, go-anywhere US portfolio that ranks companies on growth, momentum, quality, profitability and value instead of betting the whole book on one style.

Stated mandate

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

LST The Fund seeks capital appreciation by investing primarily in U.S.-traded equity securities across companies of all sizes and industries.

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.

• LST Five factors, one fund. Growth, momentum, profitability, quality and value all feed selection, so no single style's cold streak sets the tone alone.
• Go-anywhere mandate: US-traded companies of any size and any industry, which keeps small and mid caps on the menu rather than megacaps only.
• At 0.65% it charges what a typical active US equity ETF charges. No boutique surcharge for a discretionary manager.
• Sits in the stronger tier of the active US equity funds we cover, helped by how the portfolio is assembled and how cleanly the shares change hands.

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.

• LST Launched in December 2024, so there is no full market cycle behind the ETF yet, only a short live record.
• Cheap core rivals undercut it hard: DFAU runs 0.12% and FELC 0.18%. The 0.65% here buys active stock picking, not index tracking.
• Small fund, moderate trading. Spreads can run wider than on giant index ETFs, so limit orders matter more here.

Full DFAC profile⁠

Full LST profile⁠