DFAU vs LST: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

Leuthold Select Industries ETF

LSTBNYSE Arca

Overlap

19.3%by weight

Expense ratio

DFAU −0.53pt a year

DFAU0.12%LST0.65%

Avg volume · 30D

DFAU 5.9×the volume

DFAU555KLST94.8K

DFAU vs LST Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%DFAU+22.9%LST

Expense ratio: DFAU 0.12%, better; LST 0.65%
Fund size: DFAU $12.9B; LST $217M
1Y total return: DFAU +13.2%; LST +22.9%, better
Yield (12M): DFAU 0.90%; LST No data
Holdings: DFAU 2165; LST 119
Avg volume (30D): DFAU 555K sh, better; LST 94.8K sh
NAV per share: DFAU $52.28; LST $47.84
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, LST, with each pillar’s weight
Pillar	DFAU	LST
Cost30% weight	A97Higher	C52
Mission25% weight	A83	Not scored
Risk15% weight	B65	B65
Tradability15% weight	A87Higher	A79
Holdings10% weight	A84	A91Higher
Durability5% weight	A91Higher	A70

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and LST are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds

See all 121 ›

DFAU ranks 2nd and LST 33rd of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 33BCGGRCapital Group Growth ETFScore 66
Rank 33BLSTLeuthold Select Industries ETFScore 66
Rank 35BBRCEMFS Blended Research Core Equity ETFScore 65

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

LSTBLeuthold Select Industries ETF

In short

DFAU Active management priced like an index fund. Dimensional spreads across roughly 2,400 US stocks, then tilts the weights toward value, profitability and momentum instead of simply mirroring the Russell 3000.

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

DFAU Seeks long-term capital appreciation. It uses an integrated research, portfolio-design, management, and trading process to build a broadly diversified portfolio of U.S. companies while balancing long-term return drivers, risk, shorter-term considerations, and trading costs.

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

DFAU Charges 0.12% a year, well under the 0.65% median for active US equity funds and the cheapest of the top-graded names in its group (AVLC, DFAC, FELC).
Holds roughly 2,400 US companies, so no single name steers the fund. Whole-market coverage, not a concentrated bet.
Active without the stock-picking drama: it leans weights toward value, profitability and momentum, using the Russell 3000 as its reference point rather than a rigid rulebook.
A multi-billion-dollar fund that trades actively, and one of the strongest overall implementations in its active US equity 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

DFAU Those tilts cut both ways: results can drift from a plain Russell 3000 fund for long stretches, in either direction.
No published index behind it. The trade-off for flexibility is that you're buying Dimensional's process, not a public set of rules you can check line by line.
Distributions land quarterly, not monthly, and the mandate is long-term capital appreciation rather than income.

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 DFAU profile⁠

Full LST profile⁠

DFAU vs LST Holdings

How DFAU and LST differ

Overlap by weight

19.3%

Shared holdings make up 91.5% of LST and 30.5% of DFAU.

Level by level

Holdings106 in both19.3%
Countryby domicile93.3%
Asset classEquity100%

Sector

No Sector split for LST.

Country, concentration and asset class

Country by domicile

Country weights in DFAU and LST, widest gap first
Country	More in DFAUMore in LST	DFAU	LST
United States	DFAU +6.3 points	99.3%	93.0%
United Kingdom	LST +1.9 points	0.1%	2.0%
Canada	LST +1.2 points	0.0%	1.2%
Mexico	LST +1.1 points	0.1%	1.1%
China	LST +1.0 points	0.1%	1.1%
Israel	LST +0.9 points	0.0%	0.8%
Belgium	LST +0.7 points	0.0%	0.7%
Other countries (6)	DFAU +0.4 points	0.4%	0.0%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
LST17.5%

Securities held

DFAU2,164
LST119

Asset class

DFAU: Equity
LST: Equity

Holdings

Only in DFAU2,058
In both106
Only in LST13

Only in DFAU

2,058 securities, 69.3% of DFAU by weight

Apple Inc.7.10%
Amazon.com Inc.3.14%
Alphabet Inc1.76%
Micron Technology Inc.1.62%
Eli Lilly and Company1.45%
Tesla Inc1.35%
JPMorgan Chase & Co1.21%
Berkshire Hathaway Cl-B1.15%
Visa Inc0.96%
Mastercard Inc - A0.69%
AbbVie Inc.0.61%
Procter & Gamble Co/The0.52%
Intel Corp0.48%
Coca Cola Co.0.46%
Home Depot Inc0.46%
Palantir Technologies Inc0.40%
Bank of America Corp0.39%
Applied Materials Inc.0.39%
Oracle Corp.0.38%
General Electric Company0.38%
Philip Morris Intl0.37%
International Business Ma0.36%
Texas Instruments Inc.0.36%
Caterpillar Inc.0.35%
Goldman Sachs Group Inc.0.35%
Wells Fargo & Co.0.34%
Rtx Corp0.31%
New Linde PLC0.30%
Verizon Communications0.30%
Qualcomm Inc.0.29%
Morgan Stanley0.29%
Kla Corp0.29%
Conocophillips0.28%
Thermo Fisher Scientific.0.27%
Sandisk Corp/De0.27%
American Express Co.0.26%
Union Pac Corp.0.25%
Pepsico Inc.0.25%
Amphenol Corp Class A0.25%
Netflix.com Inc.0.24%
Citigroup Inc.0.24%
Salesforce Inc0.24%
Analog Devices Inc.0.24%
Walt Disney Co/The0.22%
Seagate Technology Hold0.21%
Mcdonald's Corp.0.21%
Arista Networks Inc0.21%
Tjx Companies Inc.0.20%
Deere & Co.0.20%
Palo Alto Networks Inc0.20%

Only in LST

13 securities, 8.5% of LST by weight

Elevance Health Inc0.96%
Check Point Software Technologies Ltd0.84%
Shell PLC0.75%
Anheuser-Busch InBev SA/NV0.73%
Us Bank Mmda - Usbgfs 9 09/01/20370.70%
Fidelity National Information Services Inc0.64%
Gsk PLC0.63%
CGI Inc0.62%
Tenaris SA0.60%
Cenovus Energy Inc0.59%
Pearson PLC0.59%
Ingram Micro Holding Corp0.52%
Gap Inc/The0.35%

Weight gaps

The 100 widest of 106 Holdings in both funds.

Holding weights in DFAU and LST, widest gap first
Holding	More in DFAUMore in LST	DFAU	LST
NVIDIA CorpNVDA	DFAU +5.81 points	6.79%	0.98%
Microsoft CorpMSFT	DFAU +3.56 points	5.62%	2.06%
Cardinal Health Inc.CAH	LST +1.91 points	0.09%	2.00%
Mckesson Corp.MCK	LST +1.88 points	0.13%	2.01%
Dell Technologies IncDELL	LST +1.79 points	0.17%	1.96%
Paycom Software IncPAYC	LST +1.29 points	<0.01%	1.30%
Everest Group LtdEG	LST +1.29 points	0.03%	1.32%
Fedex CorpFDX	LST +1.28 points	0.14%	1.42%
Renaissancere Holdings LtRNR	LST +1.26 points	0.03%	1.29%
Ups Inc. Class BUPS	LST +1.26 points	0.13%	1.39%
Cencora IncCOR	LST +1.18 points	0.12%	1.30%
Broadcom IncAVGO	DFAU +1.18 points	2.04%	0.86%
Qualys IncQLYS	LST +1.15 points	<0.01%	1.16%
Regeneron PharmaceuticalsREGN	LST +1.14 points	0.13%	1.27%
Hf Sinclair CorpDINO	LST +1.06 points	0.05%	1.11%
Cisco Systems Inc.CSCO	LST +1.06 points	0.54%	1.60%
UnitedHealth Group Inc.UNH	LST +1.06 points	0.40%	1.46%
Marathon Petroleum Corp.MPC	LST +1.05 points	0.18%	1.23%
Reinsurance Group of AmerRGA	LST +1.03 points	0.03%	1.06%
Jabil IncJBL	LST +1.02 points	0.06%	1.08%
Flex LtdFLEX	LST +0.99 points	0.07%	1.06%
Biogen IncBIIB	LST +0.98 points	0.06%	1.04%
Tenet Healthcare Corp.THC	LST +0.98 points	0.05%	1.03%
Vertex PharmaceuticalsVRTX	LST +0.98 points	0.15%	1.13%
Te Connectivity PLCTEL	LST +0.96 points	0.13%	1.09%
Eog Resources Inc.EOG	LST +0.93 points	0.19%	1.12%
Centene CorpCNC	LST +0.92 points	0.05%	0.97%
Gilead Sciences IncGILD	LST +0.91 points	0.30%	1.21%
Amgen IncAMGN	LST +0.90 points	0.36%	1.26%
Servicenow IncNOW	LST +0.90 points	0.09%	0.99%
Hca Healthcare IncHCA	LST +0.87 points	0.09%	0.96%
Dollar Tree IncDLTR	LST +0.86 points	0.05%	0.91%
Target Corp.TGT	LST +0.85 points	0.15%	1.00%
Laureate Education IncLAUR	LST +0.84 points	<0.01%	0.85%
Pbf Energy IncPBF	LST +0.82 points	0.02%	0.84%
Expeditors Intl Wash IncEXPD	LST +0.78 points	0.05%	0.83%
Sanmina CorpSANM	LST +0.78 points	0.01%	0.79%
Gen Digital IncGEN	LST +0.76 points	0.04%	0.80%
Advanced Micro DevicesAMD	LST +0.76 points	1.02%	1.78%
Bj's Wholesale Club HoldiBJ	LST +0.76 points	0.03%	0.79%
United Therapeutics CorpUTHR	LST +0.76 points	0.04%	0.80%
Slb LtdSLB	LST +0.75 points	0.15%	0.90%
Covista IncCVSA	LST +0.72 points	<0.01%	0.73%
Adt IncADT	LST +0.71 points	0.02%	0.73%
Arrow Electronics IncARW	LST +0.71 points	0.02%	0.73%
Automatic Data ProcessingADP	LST +0.71 points	0.14%	0.85%
Oceaneering InternationalOII	LST +0.69 points	<0.01%	0.70%
Dollar General Corp.DG	LST +0.69 points	0.05%	0.74%
Plexus CorpPLXS	LST +0.69 points	<0.01%	0.70%
Td Synnex CorpSNX	LST +0.68 points	0.04%	0.72%
Paylocity Holding CorpPCTY	LST +0.65 points	<0.01%	0.66%
Paychex Inc.PAYX	LST +0.65 points	0.07%	0.72%
Travelers Companies Inc.TRV	LST +0.64 points	0.19%	0.83%
Hp IncHPQ	LST +0.64 points	0.06%	0.70%
Pfizer Inc.PFE	LST +0.64 points	0.19%	0.83%
Gartner Group IncIT	LST +0.63 points	<0.01%	0.63%
Baker Hughes CoBKR	LST +0.62 points	0.10%	0.72%
Assurant Inc.AIZ	LST +0.61 points	0.03%	0.64%
Chevron Corp.CVX	LST +0.61 points	0.56%	1.17%
Bristol-Myers Squibb Co.BMY	LST +0.60 points	0.21%	0.81%
Perdoceo Education CorpPRDO	LST +0.58 points	<0.01%	0.58%
Progress Software CorpPRGS	LST +0.56 points	<0.01%	0.56%
Healthequity IncHQY	LST +0.55 points	0.01%	0.56%
Uipath IncPATH	LST +0.54 points	0.01%	0.55%
Carnival Corp LtdCCL	LST +0.54 points	0.09%	0.63%
Costco Wholesale Corp.COST	LST +0.54 points	0.48%	1.02%
Benchmark Electronics IncBHE	LST +0.52 points	<0.01%	0.53%
Cognizant Tech SolutionsCTSH	LST +0.52 points	0.05%	0.57%
Trinet Group IncTNET	LST +0.52 points	<0.01%	0.52%
Western DigitalWDC	LST +0.52 points	0.24%	0.76%
Encompass Health CorpEHC	LST +0.51 points	0.03%	0.54%
Robert Half IncRHI	LST +0.51 points	<0.01%	0.51%
Allstate Corp.ALL	LST +0.51 points	0.15%	0.66%
PayPal Holdings IncPYPL	LST +0.51 points	0.09%	0.60%
Siriuspoint LtdSPNT	LST +0.50 points	<0.01%	0.51%
Archrock IncAROC	LST +0.49 points	0.01%	0.50%
Wex IncWEX	LST +0.49 points	0.01%	0.50%
Onespan IncOSPN	LST +0.49 points	<0.01%	0.49%
Hartford Insurance GroupHIG	LST +0.49 points	0.08%	0.57%
Scansource IncSCSC	LST +0.48 points	<0.01%	0.48%
Avnet IncAVT	LST +0.48 points	0.01%	0.49%
Pricesmart IncPSMT	LST +0.47 points	<0.01%	0.48%
Ch Robinson Worldwide IncCHRW	LST +0.46 points	0.03%	0.49%
Mercury General CorpMCY	LST +0.46 points	0.01%	0.47%
Urban Outfitters IncURBN	LST +0.45 points	0.01%	0.46%
Alphabet Inc - Class AGOOGL	DFAU +0.45 points	2.14%	1.69%
Nov IncNOV	LST +0.45 points	0.01%	0.46%
Weatherford InternationalWFRD	LST +0.45 points	0.01%	0.46%
Markel Group IncMKL	LST +0.43 points	0.04%	0.47%
Cts CorpCTS	LST +0.43 points	<0.01%	0.43%
Hanover Insurance Group ITHG	LST +0.41 points	0.02%	0.43%
Merck & Company IncMRK	LST +0.41 points	0.53%	0.94%
Graham Holdings CoGHC	LST +0.40 points	<0.01%	0.41%
Diebold Nixdorf IncDBD	LST +0.41 points	<0.01%	0.41%
Universal Health ServicesUHS	LST +0.39 points	0.02%	0.41%
White Mountains InsuranceWTM	LST +0.39 points	0.01%	0.40%
Gxo Logistics IncGXO	LST +0.39 points	0.01%	0.40%
Korn FerryKFY	LST +0.37 points	<0.01%	0.38%
Walmart Inc.WMT	LST +0.37 points	0.68%	1.05%
Cvs Health CorpCVS	LST +0.36 points	0.14%	0.50%

All 2,381 DFAU holdings⁠All 120 LST 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.

DFAU vs LST Cost

Overpaying LST vs DFAU

$10,197

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

DFAU 0.12%
$2,520
LST 0.65%
$12,717

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
LST 0.65%
Overpaying

Year by year

Year	DFAU	LST	Overpaying
10	$220	$1,163	$943
20	$859	$4,440	$3,581
30	$2,520	$12,717	$10,197

Expense ratio

0.12%DFAU, cheaper
0.65%LST

DFAU0.12%LST0.65%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

LST 58th cheapest of 121 funds

DFAU vs LST Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%; LST No data
Payout (12M): DFAU $0.47; LST No data
Last payment: DFAU $0.12; LST $0.15
Ex-dividend: DFAU Sep 22, 2026; LST Dec 11, 2025
Paid on: DFAU Sep 24, 2026; LST Dec 12, 2025
Frequency: DFAU Quarterly; LST Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DFAUQuarterly · 15 paymentsAll DFAU payments⁠

LSTMonthly · 2 paymentsAll LST payments⁠

DFAU vs LST Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%LST 33.1%since Jan 2025
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38LST 1.12since Jan 2025
Worst fallMax drawdown, 5 years: DFAU −23.6%LST −27.7%since Dec 2024
Market sensitivityBeta, 5 years: DFAU 1.01LST 0.97; Market = 1

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