What this ETF is trying to do

The Diamond Hill Large Cap Concentrated ETF (ticker: DHLX) is an exchange-traded fund designed to invest in a concentrated group of large companies. Based on its top holdings, the fund focuses on major names across different industries, such as technology, energy, and finance.

What the numbers show

The current price of DHLX is $13.59. When looking at how the fund has performed, it is important to look at two different types of returns: price return and total return.

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately 2.57%. Over the last year, the price return was approximately 4.70%.

• Total Return: This includes both the share price changes and the money paid out through distributions. The YTD total return is approximately 3.40%, and the one-year total return was approximately 5.71%.

Because the total return is higher than the price return, it shows that distributions added value to the overall performance. An estimated price from roughly one year ago was $12.98.

Income and distribution explanation

DHLX provides cash distributions to investors. The distribution yield is approximately 0.92%. This number describes the cash payments relative to the current ETF price. The fund usually pays these distributions on a quarterly basis, with 4 payments recorded over the last 12 months.

NAV erosion explanation

"NAV erosion" refers to a decline in the Net Asset Value (the actual value of the assets held by the fund). The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, we can look at the "erosion-risk score," which is a measurement of price stability. DHLX has an erosion score of 94, which is labeled as "Stable / sideways." This indicates a "good" level of stability regarding its price trends. There is no severe erosion-risk flag for this ETF.

Top Holdings

The fund holds 20 different companies. Here are the top holdings as of October 12, 2026:

• MICROSOFT CORP (8.51%)

• CONOCOPHILLIPS (7.05%)

• BERKSHIRE HATHAWAY INC CLASS B (6.83%)

• AMAZON.COM INC (6.50%)

• META PLATFORMS INC CLASS A (5.84%)

• THERMO FISHER SCIENTIFIC INC (5.71%)

• TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD ADR (4.97%)

• LABCORP HOLDINGS INC (4.74%)

• UNION PACIFIC CORP (4.57%)

• ALPHABET INC CLASS A (4.53%)

Please note that holdings can change over time.

Pros

• The fund shows a stable price trend according to its erosion-risk score.

• Total returns have been higher than price returns, meaning distributions have added to the overall value.

Cons

• The distribution yield is relatively low (under 1%).

• Because it is a "concentrated" fund, it holds fewer companies than a broad market index, which means the performance of a few large stocks can have a big impact.

Beginner takeaway

DHLX is a fund that focuses on large, well-known companies. It has shown stable price movement and provides small quarterly cash distributions. When researching, remember that total return is the most complete way to see how much value the fund has created, as it combines both price changes and cash payments.