DFSV vs SCAP

DFSVAU.S. Small Cap Value Portfolio ETF Class Shares

SCAPFInfrastructure Capital Small Cap Income ETF

In short

DFSV Small-cap value, spread wide: roughly a thousand of the market's cheaper small companies, measured against the Russell 2000 Value Index. A deeper bench than most rivals carry, at a higher price than the plain index funds beside it.

SCAP Most small-cap funds ask you to wait for the payoff. SCAP goes looking for cash now: active small-cap value picks, preferreds and convertibles, covered calls and modest borrowed leverage, all funneled into a monthly payout.

Stated mandate

DFSV The fund seeks long-term capital appreciation.

SCAP The Fund seeks capital appreciation and income by investing primarily in small-capitalization companies. The adviser favors companies it views as relatively undervalued and having income qualities.

Why people hold it

• DFSV Roughly 1,000 holdings spread the small-value bet across the whole opportunity set instead of a handful of names.
• A multi-billion-dollar fund that trades actively, so getting a position on or off is rarely the hard part.
• Portfolio construction is the strong suit here: broad, diversified small-cap value exposure, with distributions paid quarterly.
• The mandate is plainly stated: long-term capital appreciation from US stocks, no side quests.

• SCAP Unusual plumbing for a small-cap fund: dividend payers plus preferred and convertible securities, a selective option-writing overlay and modest leverage, all pointed at income. Pays monthly.infracapfund.com
• Stock-picked, not index-cloned. The manager buys small-cap names it views as undervalued with income qualities, leaning on profitability and value, measured against a small-cap value benchmark.
• The active wrapper lets it own income sources a plain small-cap index fund cannot, and to size positions by conviction rather than market cap.infracapfund.com

Worth knowing

• DFSV At 0.30% a year it costs more than the typical US value ETF (median 0.18%), and VTWV runs against the same Russell 2000 Value benchmark for 0.06%.
• Small-cap value is a bumpier corner than the large-cap value funds anchoring this group (VTV, SCHV), and the ride shows it.
• Launched in 2022, so its live record is short next to the value funds it sits beside.

• SCAP Cost is the headline trade-off: a 2.20% expense ratio, versus 0.25% at AVUV and 0.29% at JPSE. Active management, an options desk and borrowing are not cheap to run.
• The income engine cuts both ways: borrowed money amplifies moves in either direction, and calls written on holdings trade away upside on those names for premium.infracapfund.com
• Small and thinly traded since its late-2023 launch, so spreads are a real cost and the record covers a short stretch of market weather.

Full DFSV profile⁠

Full SCAP profile⁠