DFAC vs TSPA

DFACADimensional US Core Equity 2 ETF

TSPAAT. Rowe Price U.S. Equity Research 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.

TSPA Active stock picking at near-index prices. T. Rowe Price runs roughly 300 U.S. stocks against the S&P 500 for 0.34%, about half the typical fee in its active U.S. equity peer group, and it has traded as an ETF since 2021.

Stated mandate

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

TSPA The fund seeks long-term capital growth through an actively managed portfolio that is generally fully invested and primarily holds U.S. equity securities.

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.

• TSPA 0.34% a year, versus a 0.65% median across active U.S. equity ETFs. Active management without the active price tag.
• A multi-billion-dollar fund that trades actively, and one of the easiest funds in its category to move in and out of.
• About 300 holdings, generally fully invested in U.S. stocks and measured against the S&P 500. Broad shape, active picks inside it.
• Ranks among the strongest overall implementations in a peer group of more than 200 active U.S. equity ETFs.

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.

• TSPA Systematic peers undercut it on fee: DFAU at 0.12%, AVLC at 0.15%, FELC at 0.18%. You are paying up for human stock selection.
• Fully invested U.S. equity means full market risk. There is no cash buffer or hedge, and results ride on picks against the S&P 500.
• Distributions come annually or semiannually, so it is built around long-term capital growth rather than a regular income stream.

Full DFAC profile⁠

Full TSPA profile⁠