DFAW vs TOLL: Grades, Fees and Holdings Compared

Dimensional World Equity ETF

DFAWANYSE Arca

Tema Durable Quality ETF

TOLLBCboe

Overlap

0.0%by weight

Expense ratio

DFAW −0.32pt a year

DFAW0.23%TOLL0.55%

Avg volume · 30D

DFAW 7.2×the volume

DFAW98.6KTOLL13.7K

3Y return · a year

DFAW +2.2pt

DFAW+20.7%TOLL+18.5%

DFAW vs TOLL Performance

Oct 31, 2025 – Nov 2, 2026

+15.6%DFAW+16.8%TOLL

Expense ratio: DFAW 0.23%, better; TOLL 0.55%
Fund size: DFAW $1.71B; TOLL $61M
1Y total return: DFAW +15.6%; TOLL +16.8%, better
Yield (12M): DFAW 1.30%, better; TOLL 0.28%
Holdings: DFAW 6; TOLL 38
Avg volume (30D): DFAW 98.6K sh, better; TOLL 13.7K sh
NAV per share: DFAW $82.88; TOLL $40.48
52W range

ETF.net Grade

Pillar letters and Scores for DFAW, TOLL, with each pillar’s weight
Pillar	DFAW	TOLL
Cost30% weight	A95Higher	B64
Mission25% weight	A100	Not scored
Risk15% weight	A75Higher	C44
Tradability15% weight	A83Higher	B57
Holdings10% weight	D32	C50Higher
Durability5% weight	A79Higher	B62

Rank among Global Active Equity funds

How we build Categories ›

Same Category. DFAW and TOLL are both graded against the same 44 Global Active Equity funds, so their Grades compare head to head.

Global Active Equity⁠

Category · 44 funds

See all 44 ›

DFAW ranks 1st and TOLL 18th of 44 funds in the Global Active Equity Category.

Rank 1AAVGEAvantis All Equity Markets ETFScore 79
Rank 1AAVTMAvantis Total Equity Markets ETF 1Score 79
Rank 1ABDVLiShares Disciplined Volatility Equity Active ETFScore 79
Rank 1ADFAWDimensional World Equity ETFScore 79
Rank 5ABFLXiShares Flexible Equity Active ETFScore 74
Rank 18BTGLBT. Rowe Price Global Equity ETFScore 56
Rank 18BTOLLTema Durable Quality ETFScore 56
Rank 20CGLOWVictoryShares WestEnd Global Equity ETFScore 54

Our read on each fund

ETF.net Research

DFAWADimensional World Equity ETF

TOLLBTema Durable Quality ETF

In short

DFAW No data

TOLL TOLL buys the toll booths. Tema's managers fish only in industries concentrated enough to clear a Herfindahl-Hirschman score above 2,500, then run about 40 of those names as an active global portfolio.

Stated mandate

DFAW No data

TOLL The Fund seeks long-term capital growth through an actively managed portfolio of domestic and foreign publicly listed companies selected partly for operating-market concentration.

Why people hold it

DFAW No data

TOLL The screen is stated up front: candidate industries must clear a Herfindahl-Hirschman concentration score above 2,500. You know what the manager is hunting before you own it.
0.55% a year undercuts the typical actively managed global equity fund in its peer group, which runs closer to 0.69%.
About 40 names, anchored in US and Canadian listings with room for up to 25% in emerging markets. Concentrated enough that individual picks actually move the needle.

Worth knowing

DFAW No data

TOLL A small, thinly traded fund. Spreads can be wider than on a giant index product, and sizeable orders deserve care at the open and close.
Forty-odd holdings cuts both ways: a single stumble lands much harder here than in a broad index fund.
Launched in 2023, so the live record is short and hasn't been tested across a full market cycle. Payouts come once or twice a year, not monthly.

Full DFAW profile⁠

Full TOLL profile⁠

DFAW vs TOLL Holdings

How DFAW and TOLL differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DFAW and 0.0% of TOLL.

Level by level

Holdings0 in both0.0%
Sector11 Sectors74.6%
Countryby domicile79.7%
Asset classEquity100%

Sector

Sector weights in DFAW and TOLL, widest gap first
Sector	More in DFAWMore in TOLL	DFAW	TOLL
Consumer Discretionary	DFAW +9.4 points	9.4%	0.0%
Technology	TOLL +8.3 points	27.2%	35.5%
Financials	TOLL +7.7 points	15.8%	23.5%
Communication	DFAW +6.4 points	6.4%	0.0%
Health Care	TOLL +5.9 points	9.0%	14.9%
Energy	DFAW +5.7 points	5.7%	0.0%
Consumer Staples	TOLL +2.3 points	4.8%	7.1%
Real Estate	DFAW +2.2 points	2.2%	0.0%
Materials	DFAW +1.7 points	4.8%	3.1%
Industrials	TOLL +1.1 points	12.7%	13.8%
Utilities	TOLL +0.1 points	2.0%	2.1%

Country, concentration and asset class

Country by domicile

Country weights in DFAW and TOLL, widest gap first
Country	More in DFAWMore in TOLL	DFAW	TOLL
United States	TOLL +13.5 points	73.0%	86.5%
Japan	DFAW +4.5 points	4.5%	0.0%
Netherlands	TOLL +3.0 points	0.7%	3.7%
United Kingdom	DFAW +2.3 points	2.3%	0.0%
Singapore	TOLL +2.1 points	0.3%	2.4%
China	DFAW +1.7 points	1.7%	0.0%
Switzerland	DFAW +1.7 points	1.7%	0.0%
Spain	TOLL +1.7 points	0.5%	2.2%
Other countries (31)	DFAW +10.1 points	15.4%	5.3%

Outside the US: DFAW 69% developed, 31% emerging.

Concentration

Weight in the 10 largest Holdings

DFAW100.0%
TOLL48.3%

Securities held

DFAW5
TOLL37

Asset class

DFAW: Equity
TOLL: Equity

Holdings

Only in DFAW5
In both0
Only in TOLL37

Only in DFAW

5 securities, 99.9% of DFAW by weight

Dfa Invt Dimensions53.95%
Dfa Intl Core Eqty 2 Etf18.26%
Dfa Us Core Equity 1 Etf17.92%
Dfa Em Core Equity 2 Etf8.19%
Dfa Gbl Real Estate Etf1.63%

Only in TOLL

37 securities, 98.4% of TOLL by weight

Kalshi Spv Exposure12.98%
Visa Inc5.62%
Ge Aerospace4.42%
Performance Food Group Co4.19%
Lam Research Corp4.05%
Cboe Global Markets Inc4.05%
Kla Corp3.61%
Thermo Fisher Scientific Inc3.48%
Keysight Technologies Inc2.97%
Broadcom Inc2.96%
Msci Inc2.68%
Moody's Corp2.62%
Synopsys Inc2.47%
Waters Corp2.47%
Applied Materials Inc2.44%
Gilead Sciences Inc2.42%
Ferrovial NV2.27%
Stmicroelectronics NV2.17%
Aena Sme SA2.10%
Mastercard Inc2.06%
Us Foods Holding Corp2.02%
Fortinet Inc1.97%
Universal Microwave Technology Inc1.93%
Martin Marietta Materials Inc1.90%
Bloom Energy Corp1.82%
Vertex Pharmaceuticals Inc1.82%
Entergy Corp1.79%
Elevance Health Inc1.79%
Rocket Cos Inc1.76%
Lumentum Holdings Inc1.58%
S&P Global Inc1.35%
Airbus Group SE1.31%
Wheaton Precious Metals Corp1.15%
Advanced Micro Devices Inc1.11%
Icon PLC1.10%
Aixtron SE1.06%
Sk Hynix Inc0.91%

Weight gaps

DFAW and TOLL share no securities.

All 6 DFAW holdings⁠All 39 TOLL 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.

DFAW vs TOLL Cost

Overpaying TOLL vs DFAW

$6,145

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

DFAW 0.23%
$4,759
TOLL 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

DFAW 0.23%
TOLL 0.55%
Overpaying

Year by year

Year	DFAW	TOLL	Overpaying
10	$419	$988	$569
20	$1,630	$3,790	$2,160
30	$4,759	$10,904	$6,145

Expense ratio

0.23%DFAW, cheaper
0.55%TOLL

DFAW0.23%TOLL0.55%

0.22%1.19%

Middle half of Global Active Equity funds
Median 0.69%

DFAW 2nd cheapest of 44 funds

TOLL 16th cheapest of 44 funds

DFAW vs TOLL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFAW 1.30%, better; TOLL 0.28%
Payout (12M): DFAW $1.08; TOLL $0.11
Last payment: DFAW $0.26; TOLL $0.11
Ex-dividend: DFAW Sep 22, 2026; TOLL Dec 10, 2025
Paid on: DFAW Sep 24, 2026; TOLL Dec 11, 2025
Frequency: DFAW Quarterly; TOLL Annual

Distribution history

Per share, 2023 to 2026, same scale for both

DFAWQuarterly · 12 paymentsAll DFAW payments⁠

TOLLAnnual · 3 paymentsAll TOLL payments⁠

DFAW vs TOLL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAW 11.8%, betterTOLL 15.3%
Return per unit of riskSharpe ratio, 3 years: DFAW 1.37, betterTOLL 0.95
Worst fallMax drawdown, 5 years: DFAW −16.9%since Sep 2023TOLL −15.5%since May 2023
Market sensitivityBeta, 5 years: DFAW 0.91TOLL 1.02; Market = 1

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