DFAT is an actively managed fund that seeks long-term capital appreciation while maximizing after-tax returns. It holds US mid- and small-cap companies the funds advisor considers to have lower relative price with higher profitability potential. Firms that meet size and liquidity requirements are further evaluated based on the following factors: relative price, profitability, and investment characteristics. Factors such as price to cash flow or price to earnings ratios are considered in assessing the relative price, while earnings or profits from operations relative to book value or assets are analyzed for profitability measures. In addition, ratios such as recent changes in assets divided by total assets are used to review a firms investment characteristics. Holdings are typically market-cap-weighted but with an active approach, weightings may fluctuate. DFAT was originally launched as a mutual fund and was converted to an ETF on June 14, 2021.