DFAU vs TSPA: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

T. Rowe Price U.S. Equity Research ETF

TSPAANYSE Arca

Overlap

72.1%by weight

Expense ratio

DFAU −0.22pt a year

DFAU0.12%TSPA0.34%

Avg volume · 30D

DFAU 1.5×the volume

DFAU555KTSPA381K

5Y return · a year

TSPA +0.8pt

DFAU+11.6%TSPA+12.4%

DFAU vs TSPA Performance

Oct 29, 2021 – Oct 30, 2026

+72.9%DFAU+79.2%TSPA

Expense ratio: DFAU 0.12%, better; TSPA 0.34%
Fund size: DFAU $12.9B; TSPA $4.64B
1Y total return: DFAU +13.2%, better; TSPA +11.3%
Yield (12M): DFAU 0.90%, better; TSPA 0.56%
Holdings: DFAU 2165; TSPA 329
Avg volume (30D): DFAU 555K sh, better; TSPA 381K sh
NAV per share: DFAU $52.28; TSPA $47.56
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, TSPA, with each pillar’s weight
Pillar	DFAU	TSPA
Cost30% weight	A97Higher	A80
Mission25% weight	A83Higher	A80
Risk15% weight	B65Higher	B57
Tradability15% weight	A87Higher	A84
Holdings10% weight	A84Higher	A71
Durability5% weight	A91Higher	A85

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and TSPA 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 TSPA 12th 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 12ANOEQNorthern Trust US Equity ETFScore 75
Rank 12ATSPAT. Rowe Price U.S. Equity Research ETFScore 75
Rank 14AAVIEAvantis Inflation Focused Equity ETFScore 74

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

TSPAAT. Rowe Price U.S. Equity Research 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.

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

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.

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

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.

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

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.

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 DFAU profile⁠

Full TSPA profile⁠

DFAU vs TSPA Holdings

How DFAU and TSPA differ

Overlap by weight

72.1%

Shared holdings make up 96.9% of TSPA and 77.4% of DFAU.

Level by level

Holdings294 in both72.1%
Sector11 Sectors92.2%
Countryby domicile99.2%
Asset classEquity100%

Sector

Sector weights in DFAU and TSPA, widest gap first
Sector	More in DFAUMore in TSPA	DFAU	TSPA
Technology	TSPA +4.4 points	36.6%	41.0%
Communication	TSPA +2.0 points	8.0%	10.0%
Industrials	DFAU +1.9 points	8.9%	7.0%
Energy	DFAU +1.4 points	4.9%	3.5%
Financials	DFAU +1.4 points	12.9%	11.5%
Real Estate	TSPA +1.4 points	0.1%	1.5%
Consumer Discretionary	DFAU +0.9 points	9.4%	8.5%
Materials	DFAU +0.9 points	2.7%	1.8%
Consumer Staples	DFAU +0.6 points	4.7%	4.1%
Utilities	DFAU +0.3 points	2.1%	1.8%
Health Care	DFAU +0.3 points	9.7%	9.4%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and TSPA, widest gap first
Country	More in DFAUMore in TSPA	DFAU	TSPA
United States	DFAU +0.6 points	99.3%	98.7%
Canada	TSPA +0.6 points	0.0%	0.6%
Other countries (11)	Same weight	0.7%	0.7%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
TSPA40.0%

Securities held

DFAU2,164
TSPA328

Asset class

DFAU: Equity
TSPA: Equity

Holdings

Only in DFAU1,870
In both294
Only in TSPA34

Only in DFAU

1,870 securities, 22.5% of DFAU by weight

Verizon Communications0.30%
Union Pac Corp.0.25%
Lockheed Martin Corp.0.20%
AT&T Inc.0.19%
Travelers Companies Inc.0.19%
Newmont Corp0.18%
Synopsys Inc0.15%
Cigna Group/The0.15%
Ecolab Inc0.15%
Illinois Tool Works Inc.0.14%
Occidental Petroleum Corp0.14%
Automatic Data Processing0.14%
Marriott Intl Class A0.14%
United Rentals Inc.0.14%
Fedex Corp0.14%
Nxp Semiconductors NV0.13%
Ups Inc. Class B0.13%
Cheniere Energy Inc0.13%
Norfolk Southern Corp.0.13%
Cummins Inc0.13%
Fortinet Inc0.12%
Air Products & Chemicals0.12%
Nucor Corp.0.12%
American Elec Power Inc.0.12%
Adobe Inc0.11%
Delta Air Lines Inc.0.11%
Oneok Inc0.11%
Duke Energy Corp.0.11%
Crh PLC0.11%
Cme Group Inc.0.11%
Pnc Financial Services Gr0.11%
Elevance Health Inc0.10%
Aflac Inc0.10%
Devon Energy Corp.0.10%
Fastenal Co.0.10%
Truist Financial Corp0.10%
Snowflake Inc0.10%
Nasdaq Inc0.10%
Ebay Inc.0.10%
Arthur J Gallagher & Co0.10%
Ford Motor Co0.10%
Ameriprise Financial Inc0.09%
General Dynamics Corp.0.09%
Hca Healthcare Inc0.09%
Carnival Corp Ltd0.09%
Kroger Co.0.09%
Cadence Design Systems0.09%
Becton Dickinson & Co0.09%
Hartford Insurance Group0.08%
Entergy Corp0.08%

Only in TSPA

34 securities, 3.0% of TSPA by weight

Welltower0.45%
Block0.27%
Equinix0.25%
Unilever0.16%
Prologis0.16%
Elevance Health0.16%
Canadian National Railway0.12%
Agnico Eagle Mines0.12%
Franco-Nevada0.11%
Public Storage0.11%
Descartes Systems0.10%
Simon Property Group0.08%
Crh0.08%
West Fraser Timber0.07%
Shopify0.07%
Ball0.07%
Essex Property Trust0.06%
Innio0.06%
Viking Holdings0.06%
Vivmark Residential0.05%
Royalty Pharma0.05%
VICI Properties0.05%
Becton, Dickinson & Company0.04%
Bxp0.04%
Waste Connections0.04%
Federal Realty Investment Trust0.03%
Realty Income0.03%
Sun Communities0.03%
Madison Air Solutions0.03%
Equity LifeStyle Properties0.02%
Rexford Industrial Realty0.02%
CubeSmart0.01%
Alexandria Real Estate<0.01%
Zoetis<0.01%

Weight gaps

The 100 widest of 294 Holdings in both funds.

Holding weights in DFAU and TSPA, widest gap first
Holding	More in DFAUMore in TSPA	DFAU	TSPA
NVIDIA CorpNVDA	TSPA +1.84 points	6.79%	8.63%
Alphabet IncGOOG	TSPA +1.45 points	1.76%	3.21%
Meta Platforms IncMETA	TSPA +0.89 points	1.78%	2.67%
Advanced Micro DevicesAMD	TSPA +0.86 points	1.02%	1.88%
Amazon.com Inc.AMZN	TSPA +0.64 points	3.14%	3.78%
Broadcom IncAVGO	TSPA +0.47 points	2.04%	2.51%
T-Mobile Us IncTMUS	TSPA +0.46 points	0.11%	0.57%
Alphabet Inc - Class AGOOGL	TSPA +0.41 points	2.14%	2.55%
Palo Alto Networks IncPANW	TSPA +0.41 points	0.20%	0.61%
Crowdstrike Holdings IncCRWD	TSPA +0.39 points	0.14%	0.53%
Mastercard Inc - AMA	TSPA +0.38 points	0.69%	1.07%
Netflix.com Inc.NFLX	TSPA +0.38 points	0.24%	0.62%
Arista Networks IncANET	TSPA +0.37 points	0.21%	0.58%
Intel CorpINTC	TSPA +0.35 points	0.48%	0.83%
Dell Technologies IncDELL	TSPA +0.34 points	0.17%	0.51%
International Business MaIBM	DFAU +0.34 points	0.36%	0.02%
Amphenol Corp Class AAPH	TSPA +0.29 points	0.25%	0.54%
Visa IncV	DFAU +0.30 points	0.96%	0.66%
Sandisk Corp/DeSNDK	TSPA +0.29 points	0.27%	0.56%
Applied Materials Inc.AMAT	TSPA +0.28 points	0.39%	0.67%
Cisco Systems Inc.CSCO	TSPA +0.29 points	0.54%	0.83%
Qualcomm Inc.QCOM	DFAU +0.27 points	0.29%	0.02%
Marvell Technology IncMRVL	TSPA +0.26 points	0.12%	0.38%
Micron Technology Inc.MU	TSPA +0.24 points	1.62%	1.86%
Microsoft CorpMSFT	TSPA +0.23 points	5.62%	5.85%
Moderna IncMRNA	TSPA +0.23 points	0.10%	0.33%
Citigroup Inc.C	TSPA +0.23 points	0.24%	0.47%
Berkshire Hathaway Cl-BBRK.B	DFAU +0.20 points	1.15%	0.95%
Servicenow IncNOW	TSPA +0.20 points	0.09%	0.29%
Howmet Aerospace IncHWM	TSPA +0.20 points	0.09%	0.29%
UnitedHealth Group Inc.UNH	TSPA +0.20 points	0.40%	0.60%
General Electric CompanyGE	TSPA +0.19 points	0.38%	0.57%
Boeing Co/TheBA	TSPA +0.20 points	0.13%	0.33%
Palantir Technologies IncPLTR	TSPA +0.19 points	0.40%	0.59%
Corning IncGLW	TSPA +0.18 points	0.10%	0.28%
Parker-Hannifin CorpPH	TSPA +0.18 points	0.14%	0.32%
Pfizer Inc.PFE	DFAU +0.17 points	0.19%	0.02%
Saia IncSAIA	TSPA +0.17 points	0.02%	0.19%
Eaton Corp PLCETN	TSPA +0.17 points	0.17%	0.34%
Exxonmobil Holdings CorpXOM	DFAU +0.17 points	1.07%	0.90%
Deere & Co.DE	TSPA +0.17 points	0.20%	0.37%
Marsh & Mclennan Cos IncMRSH	TSPA +0.17 points	0.13%	0.30%
Chubb LimitedCB	TSPA +0.17 points	0.15%	0.32%
Seagate Technology HoldSTX	TSPA +0.17 points	0.21%	0.38%
Vertiv Holdings CoVRT	TSPA +0.17 points	0.10%	0.27%
Walt Disney Co/TheDIS	DFAU +0.16 points	0.22%	0.06%
Costco Wholesale Corp.COST	TSPA +0.17 points	0.48%	0.65%
Wells Fargo & Co.WFC	TSPA +0.16 points	0.34%	0.50%
Lam Research CorpLRCX	TSPA +0.16 points	0.36%	0.52%
Tradeweb Markets IncTW	TSPA +0.16 points	0.02%	0.18%
Caterpillar Inc.CAT	TSPA +0.16 points	0.35%	0.51%
Kla CorpKLAC	TSPA +0.15 points	0.29%	0.44%
Quanta Services Inc.PWR	TSPA +0.15 points	0.09%	0.24%
Teledyne Technologies IncTDY	TSPA +0.15 points	0.05%	0.20%
American Express Co.AXP	DFAU +0.15 points	0.26%	0.11%
Fortive CorporationFTV	TSPA +0.14 points	0.04%	0.18%
The Charles Schwab Corp.SCHW	TSPA +0.14 points	0.17%	0.31%
Pepsico Inc.PEP	DFAU +0.15 points	0.25%	0.10%
Accenture PLCACN	DFAU +0.14 points	0.17%	0.03%
Johnson & JohnsonJNJ	TSPA +0.14 points	0.78%	0.92%
Capital One FinancialCOF	TSPA +0.14 points	0.15%	0.29%
Tko Group Holdings IncTKO	TSPA +0.14 points	0.01%	0.15%
Target Corp.TGT	DFAU +0.13 points	0.15%	0.02%
New Linde PLCLIN	TSPA +0.13 points	0.30%	0.43%
Morgan StanleyMS	TSPA +0.13 points	0.29%	0.42%
Philip Morris IntlPM	TSPA +0.13 points	0.37%	0.50%
Abbott LaboratoriesABT	TSPA +0.13 points	0.18%	0.31%
Chevron Corp.CVX	TSPA +0.12 points	0.56%	0.68%
Merck & Company IncMRK	TSPA +0.12 points	0.53%	0.65%
The Southern CompanySO	TSPA +0.12 points	0.12%	0.24%
Corpay IncCPAY	TSPA +0.12 points	0.05%	0.17%
Bloom Energy CorpBE	TSPA +0.12 points	0.05%	0.17%
Guardant Health IncGH	TSPA +0.12 points	0.03%	0.15%
Equitable Holdings IncEQH	TSPA +0.12 points	0.02%	0.14%
Tesla IncTSLA	TSPA +0.12 points	1.35%	1.47%
Willis Towers Watson PLCWTW	TSPA +0.11 points	0.06%	0.17%
Cvs Health CorpCVS	TSPA +0.11 points	0.14%	0.25%
Regeneron PharmaceuticalsREGN	DFAU +0.11 points	0.13%	0.02%
U.s. BancorpUSB	TSPA +0.11 points	0.12%	0.23%
Kinder Morgan Inc.KMI	DFAU +0.11 points	0.12%	0.01%
ConocophillipsCOP	TSPA +0.11 points	0.28%	0.39%
3M Co.MMM	DFAU +0.11 points	0.16%	0.05%
Rtx CorpRTX	DFAU +0.10 points	0.31%	0.20%
Alliant Energy CorpLNT	TSPA +0.11 points	0.03%	0.14%
Bank of New York MellonBNY	TSPA +0.11 points	0.13%	0.24%
Nextera Energy IncNEE	TSPA +0.10 points	0.20%	0.30%
Hilton Worldwide HoldHLT	TSPA +0.10 points	0.13%	0.23%
Csx CorpCSX	TSPA +0.10 points	0.17%	0.27%
Vertex PharmaceuticalsVRTX	TSPA +0.10 points	0.15%	0.25%
JPMorgan Chase & CoJPM	TSPA +0.10 points	1.21%	1.31%
Eog Resources Inc.EOG	DFAU +0.10 points	0.19%	0.09%
Old Dominion FreightODFL	TSPA +0.10 points	0.06%	0.16%
Texas Instruments Inc.TXN	DFAU +0.10 points	0.36%	0.26%
Mckesson Corp.MCK	DFAU +0.10 points	0.13%	0.03%
Analog Devices Inc.ADI	TSPA +0.10 points	0.24%	0.34%
Coca Cola Co.KO	TSPA +0.10 points	0.46%	0.56%
Sempra EnergySRE	TSPA +0.10 points	0.09%	0.19%
Booking Holdings IncBKNG	TSPA +0.10 points	0.13%	0.23%
Aon PLCAON	TSPA +0.09 points	0.14%	0.23%
Salesforce IncCRM	TSPA +0.10 points	0.24%	0.34%

All 2,381 DFAU holdings⁠All 336 TSPA 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 TSPA Cost

Overpaying TSPA vs DFAU

$4,412

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

DFAU 0.12%
$2,520
TSPA 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
TSPA 0.34%
Overpaying

Year by year

Year	DFAU	TSPA	Overpaying
10	$220	$616	$396
20	$859	$2,386	$1,527
30	$2,520	$6,932	$4,412

Expense ratio

0.12%DFAU, cheaper
0.34%TSPA

DFAU0.12%TSPA0.34%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

TSPA 25th cheapest of 121 funds

DFAU vs TSPA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%, better; TSPA 0.56%
Payout (12M): DFAU $0.47; TSPA $0.27
Last payment: DFAU $0.12; TSPA $0.27
Ex-dividend: DFAU Sep 22, 2026; TSPA Dec 23, 2025
Paid on: DFAU Sep 24, 2026; TSPA Dec 26, 2025
Frequency: DFAU Quarterly; TSPA Annual

Distribution history

Per share, 2020 to 2026, same scale for both

DFAUQuarterly · 24 paymentsAll DFAU payments⁠

TSPAAnnual · 5 paymentsAll TSPA payments⁠

DFAU vs TSPA Risk

Fall from peak · 5 years

DFAU
TSPA

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%, betterTSPA 12.6%
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38TSPA 1.38
Worst fallMax drawdown, 5 years: DFAU −23.6%, betterTSPA −24.7%
Market sensitivityBeta, 5 years: DFAU 1.01TSPA 1.00; Market = 1

DFAU and TSPA in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026TSPA

Popular comparisons

DFAUAvsAVLCA
Dimensional US Core Equity Market ETF · Avantis U.S. Large Cap Equity ETF
Expense ratio
0.12% · 0.15%
Category
TSPAAvsAVLCA
T. Rowe Price U.S. Equity Research ETF · Avantis U.S. Large Cap Equity ETF
Expense ratio
0.34% · 0.15%
Category
DFAUAvsDFACA
Dimensional US Core Equity Market ETF · Dimensional US Core Equity 2 ETF
Expense ratio
0.12% · 0.17%
Category
TSPAAvsDFACA
T. Rowe Price U.S. Equity Research ETF · Dimensional US Core Equity 2 ETF
Expense ratio
0.34% · 0.17%
Category
DFAUAvsDYNFA
Dimensional US Core Equity Market ETF · iShares U.S. Equity Factor Rotation Active ETF
Expense ratio
0.12% · 0.26%
Category
TSPAAvsDYNFA
T. Rowe Price U.S. Equity Research ETF · iShares U.S. Equity Factor Rotation Active ETF
Expense ratio
0.34% · 0.26%
Category

DFAU vs TSPA

In short

Stated mandate

Why people hold it

Worth knowing

How DFAU and TSPA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in TSPA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

How DFAU and TSPA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAU

Only in TSPA

Weight gaps