What is the primary difference in investment strategy between DFAX and DFIV?

DFAX is classified as a Foreign Large Blend fund, targeting a balance of growth and value characteristics across developed international markets excluding the US. In contrast, DFIV is a Foreign Large Value fund, specifically focusing on companies with lower valuations relative to earnings or assets. This means DFAX offers broader market exposure, while DFIV tilts towards undervalued sectors, potentially altering performance profiles in different market conditions.

Why are sector weights not available for these ETFs?

For both DFAX and DFIV, sector weights are listed as 'not available' in the provided data. This often occurs with actively managed or factor-based funds like those from Dimensional, which may not track a specific index with fixed sector constraints. Consequently, investors cannot easily assess geographic or industry concentration through this metric, requiring reliance on top holdings or fund documentation for deeper analysis.

What does 'Foreign Large Blend' mean compared to 'Foreign Large Value'?

'Foreign Large Blend' (DFAX) indicates the fund invests in large-cap companies outside the US, mixing growth and value stocks to approximate the overall market. 'Foreign Large Value' (DFIV) focuses exclusively on large-cap international stocks considered undervalued. The blend approach seeks market-like returns, while the value approach aims to outperform by capturing the historical premium associated with value stocks, though with potentially higher cyclicality.

How do the expense ratios of DFAX and DFIV compare?

DFAX has an expense ratio of 0.28%, while DFIV is slightly lower at 0.27%. The difference is 0.01 percentage points. Over time, even small differences compound, but for an $10,000 investment, the annual fee difference is only $1. Both ratios are competitive for active international equity funds, suggesting that cost alone may not be the deciding factor when choosing between these two Dimensional funds.

Which ETF has a higher dividend yield and why might this matter?

DFIV offers a dividend yield of 2.57%, which is higher than DFAX's 2.24%. Value-focused funds like DFIV often hold companies in mature industries such as energy or financials, which tend to pay higher dividends. For income-oriented investors, this difference suggests DFIV might provide more immediate cash flow, whereas DFAX offers yield closer to the broader international market average with its blend strategy.

What are the top holdings for each fund and do they overlap?

DFAX's top holdings include TSM (0.99%), ASML (0.60%), SHEL (0.48%), and BP (0.24%). DFIV's listed top holdings are SHEL (3.34%) and BP (0.98%). There is a clear overlap with Shell and BP. However, DFIV has significantly higher weightings in these energy stocks, reflecting its value orientation, while DFAX holds tech leaders like TSM and ASML, reflecting its blend approach across sectors.

How does the asset base differ between the two funds?

DFIV has net assets of $22.2 billion, significantly larger than DFAX's $12.6 billion. A larger asset base typically implies greater liquidity and potentially tighter bid-ask spreads for traders. While both funds are substantial, DFIV's size reflects its longer inception date (1999) and established demand for international value strategies, compared to DFAX, which launched in 2008 as a core blend option.

How might economic cycles affect DFIV's performance?

DFIV's focus on international value stocks can make it more cyclical. In economic recoveries, value stocks often outperform growth as investors rotate into cheaper, established companies. However, during growth-led bull markets or economic downturns where value stocks are perceived as risky, DFIV may underperform. Its concentration in energy, as seen in its Shell and BP holdings, also ties it to commodity price volatility.

What does the lack of a tracked index imply for these funds?

Neither DFAX nor DFIV lists a specific index tracked, indicating they are likely actively managed or use a systematic, rules-based approach rather than pure indexing. This allows fund managers to deviate from benchmark weights to capture factor premiums (like value in DFIV). Investors should expect potential tracking differences from traditional market-cap-weighted indices, with active management fees justifying the attempt to outperform.

How does the geographic exposure differ despite both being international?

Both funds target developed international markets excluding the US. DFAX, being a core blend, likely mirrors the broader global market cap distribution more closely, including major tech and industrial players. DFIV, by tilting towards value, may overweight sectors like financials and energy and underweight high-growth tech, as seen in its higher energy weights. The specific country allocations are not available, but the sector biases drive geographic differences.

Which fund might suit a growth-oriented investor better?

DFAX is typically associated with investors seeking broad, diversified international exposure that approximates the global market, including growth-oriented sectors like technology (evident in its TSM and ASML holdings). While it is a blend, its inclusion of growth leaders makes it more suitable for those comfortable with standard market dynamics. DFIV's value bias makes it less aligned with pure growth strategies.

How do inception dates influence the historical data available?

DFIV was established in April 1999, giving it over 27 years of historical performance data. DFAX started in March 2008, just before the global financial crisis, with around 18 years of history. The longer track record of DFIV provides more evidence of how its value strategy has performed across various economic cycles, whereas DFAX's history is shorter and includes the post-crisis recovery and pandemic volatility.

DFAX vs DFIV

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

Compare DFAX and DFIV to explore fees, holdings, dividends, and how each tracks global markets. DFAX is a foreign large blend fund, while DFIV focuses on international value. This page provides neutral, factual insights into their expense ratios, yields, and key holdings to help you understand their differences. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

DFAX

Metric

DFIV

0.28%

Expense Ratio

0.27%

2.24%

Dividend Yield

2.57%

$12.55B

Net Assets

$22.16B

10,481

Holdings

609

Mar 6, 2008

Inception Date

Apr 16, 1999

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Index Tracked

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Foreign Large Blend

Fund Category

Foreign Large Value

DFIV costs about $1.00 less per year for every $10,000 invested.

Shared Top Holdings

Holding	DFAX	DFIV
SHELShell plc	0.48%	3.34%
BPBP p.l.c.	0.24%	0.98%

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Investment Analysis

DFAX

Pros

Cost is moderate at 0.28 per cent, broadly competitive for foreign large blend exposure.
Assets of $12.6bn support liquidity and institutional adoption of this Dimensional core fund.
Dividend yield of 2.24 per cent provides income alongside diversified global holdings.

Considerations

No published sector weights limit transparency on geographic and industry concentration risks.
Index methodology is not available, making precise tracking error and benchmark alignment assessment difficult.
Smaller AUM than its value sibling may imply less depth in secondary market trading activity.

DFIV

Pros

Expense ratio of 0.27 per cent is slightly lower, supporting efficient international value capture.
Large $22.2bn asset base indicates deep liquidity and established investor demand for the strategy.
Dividend yield of 2.57 per cent is higher, offering stronger income from value sector holdings.

Considerations

Concentration in energy is pronounced, with Shell at 3.34 per cent and BP at 0.98 per cent.
Value bias can underperform during growth-led markets, increasing cyclical vulnerability and drawdown risk.
No sector weights are disclosed, reducing visibility on geographic and industry diversification within the portfolio.

About DFAX and DFIV

DFAX (DFAX)

The Dimensional World ex US Core Equity 2 ETF (DFAX) offers investors broad exposure to large and mid-sized companies in developed markets outside the United States. With net assets of USD 12.55 billion and a diverse portfolio of over 10,000 holdings, it aims to capture the performance of foreign large blend equities. The fund maintains a reasonable expense ratio of 0.28% and currently provides a dividend yield of 2.24%. Launched in March 2008, this ETF is designed for those seeking to diversify their portfolio geographically, though investors should remember that international markets can be volatile and values may rise or fall. Returns are not guaranteed, and currency fluctuations can impact performance.

DFIV (DFIV)

The Dimensional International Value ETF (DFIV) offers investors exposure to developed and emerging markets outside the United States and Canada. This fund focuses on companies in international markets that appear to be trading at lower valuations relative to their peers, often referred to as 'value' stocks. By investing in a diversified basket of hundreds of holdings, DFIV aims to capture the potential long-term returns associated with the value investment style while spreading risk across various sectors and regions. It provides a way to diversify a portfolio beyond domestic assets. However, international investing carries unique risks, including currency fluctuations and geopolitical events. The fund’s expense ratio is moderate, and it may distribute income. As with any investment, values can rise and fall, and past performance is not a guarantee of future results.

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DFAX vs DFIV

Fund Snapshot