APIE vs DFIC: Grades, Fees and Holdings Compared

ActivePassive International Equity ETF

APIEBNYSE Arca

Dimensional International Core Equity 2 ETF

DFICACboe

Overlap

6.7%by weight

Expense ratio

DFIC −0.23pt a year

APIE0.45%DFIC0.22%

Avg volume · 30D

DFIC 25.5×the volume

APIE72.6KDFIC1.85M

3Y return · a year

DFIC +2.1pt

APIE+19.6%DFIC+21.7%

APIE vs DFIC Performance

Oct 31, 2025 – Oct 30, 2026

+8.8%APIE+16.8%DFIC

Expense ratio: APIE 0.45%; DFIC 0.22%, better
Fund size: APIE $1.12B; DFIC $15.3B
1Y total return: APIE +8.8%; DFIC +16.8%, better
Yield (12M): APIE 3.49%, better; DFIC 2.55%
Holdings: APIE 551; DFIC 4152
Avg volume (30D): APIE 72.6K sh; DFIC 1.85M sh, better
NAV per share: APIE $37.71; DFIC $37.56
52W range

ETF.net Grade

Pillar letters and Scores for APIE, DFIC, with each pillar’s weight
Pillar	APIE	DFIC
Cost30% weight	A74	A98Higher
Mission25% weight	Not scored	A100
Risk15% weight	C42	B69Higher
Tradability15% weight	A76	A81Higher
Holdings10% weight	B62	A91Higher
Durability5% weight	A75	A91Higher

Rank among International Active Equity funds

How we build Categories ›

Same Category. APIE and DFIC are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

DFIC ranks 1st and APIE 13th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 10BSEIESEI Select International Equity ETFScore 67
Rank 13BAPIEActivePassive International Equity ETFScore 66
Rank 13BILOWAB International Low Volatility Equity ETFScore 66

Our read on each fund

ETF.net Research

APIEBActivePassive International Equity ETF

DFICADimensional International Core Equity 2 ETF

In short

APIE The name is the whole pitch. APIE anchors developed-markets-ex-US exposure to an American depositary receipt index, then blends active judgment over that passive core, at a price under the typical active international fund.

DFIC No data

Stated mandate

APIE The fund seeks long-term capital appreciation.

DFIC No data

Why people hold it

APIE Charges 0.45%, below the roughly 0.60% median for active international equity funds. Not the cheapest shelf in the aisle, but the fee works in the shareholder's favor versus the typical rival.
Its reference index is the ADR version of developed markets outside the US, so the building blocks are US-listed depositary receipts rather than shares bought on local exchanges.
Explicitly a hybrid: an index-referenced core with active decision-making layered on, per the fund's own filings. One ticker instead of pairing a cheap tracker with a stock-picker.
Several hundred million dollars in assets, moderate steady volume, and a spot in the upper half of a peer group of more than 50 international active-equity funds.

DFIC No data

Worth knowing

APIE Cheaper systematic competitors are right there: AVDE, DFIC and JIRE all list fees near 0.22% to 0.24%, roughly half of APIE's 0.45%.
An ADR-built index reaches only foreign companies that carry US-listed depositary receipts, a narrower field than a full developed-markets benchmark.
Launched in 2023, so its record is short next to the international funds that have been grinding through cycles for decades.

DFIC No data

Full APIE profile⁠

Full DFIC profile⁠

APIE vs DFIC Holdings

How APIE and DFIC differ

Overlap by weight

6.7%

Shared holdings make up 18.9% of APIE and 7.3% of DFIC.

Level by level

Holdings50 in both6.7%
Countryby domicile63.7%
Sector11 Sectors79.8%
Asset classEquity100%

Sector

Sector weights in APIE and DFIC, widest gap first
Sector	More in APIEMore in DFIC	APIE	DFIC
Technology	APIE +15.1 points	23.5%	8.4%
Materials	DFIC +6.1 points	4.9%	11.0%
Industrials	DFIC +5.5 points	13.8%	19.3%
Energy	DFIC +4.6 points	3.2%	7.8%
Communication	APIE +3.1 points	7.2%	4.1%
Health Care	APIE +1.8 points	9.0%	7.2%
Financials	DFIC +1.3 points	20.5%	21.8%
Real Estate	DFIC +1.1 points	0.5%	1.6%
Utilities	DFIC +0.9 points	2.3%	3.2%
Consumer Discretionary	DFIC +0.8 points	8.6%	9.4%
Consumer Staples	APIE +0.3 points	6.6%	6.3%

Country, concentration and asset class

Country by domicile

Country weights in APIE and DFIC, widest gap first
Country	More in APIEMore in DFIC	APIE	DFIC
Taiwan	APIE +13.3 points	13.3%	0.0%
Canada	DFIC +11.4 points	0.2%	11.6%
Japan	DFIC +10.5 points	13.9%	24.4%
China	APIE +8.7 points	8.9%	0.2%
Australia	DFIC +3.6 points	2.3%	5.9%
United Kingdom	APIE +2.6 points	14.0%	11.4%
Brazil	APIE +2.4 points	2.4%	0.0%
Switzerland	DFIC +2.2 points	5.8%	8.0%
Other countries (30)	APIE +0.7 points	39.2%	38.5%

Outside the US: APIE 68% developed, 32% emerging. DFIC 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

APIE23.3%
DFIC7.1%

Securities held

APIE550
DFIC4,131

Asset class

APIE: Equity
DFIC: Equity

Holdings

Only in APIE500
In both50
Only in DFIC4,081

Only in APIE

500 securities, 80.9% of APIE by weight

Taiwan Semiconductor Manufacturing Co Ltd11.71%
Tencent Holdings Ltd2.22%
Alibaba Group Holding Ltd1.41%
Sap SE1.23%
Roche Holding AG1.17%
Siemens AG0.88%
First American Government Obligations Fund 12/01/20310.74%
Nestle SA0.73%
Recruit Holdings Co Ltd0.73%
Rolls-Royce Holdings PLC0.72%
Mitsubishi UFJ Financial Group Inc0.70%
Allianz SE0.69%
China Construction Bank Corp0.68%
Deutsche Telekom AG0.61%
LVMH Moet Hennessy Louis Vuitton SE0.57%
AIA Group Ltd0.57%
Reckitt Benckiser Group PLC0.54%
L'Oreal SA0.53%
Hdfc Bank Ltd - Adr0.53%
Iberdrola SA0.52%
BNP Paribas SA0.51%
ING Groep NV0.49%
ASE Technology Holding Co Ltd0.48%
Air Liquide SA0.47%
Commonwealth Bank of Australia0.45%
ABB Ltd0.45%
Assa Abloy AB0.45%
UniCredit SpA0.45%
Hexagon AB0.44%
Enel SpA0.44%
DBS Group Holdings Ltd0.43%
Kering SA0.43%
Advantest Corp0.42%
London Stock Exchange Group PLC0.41%
Argenx SE0.40%
Societe Generale SA0.39%
Cie de Saint-Gobain SA0.39%
Hitachi Ltd0.38%
Airbus SE0.38%
Renesas Electronics Corp0.38%
Tokyo Electron Ltd0.38%
Zurich Insurance Group AG0.38%
Schneider Electric SE0.38%
Shinhan Financial Group Co Ltd0.37%
Tesco PLC0.36%
Petroleo Brasileiro SA - Petrobras0.36%
KDDI Corp0.35%
PDD Holdings Inc0.35%
Infineon Technologies AG0.35%
Intesa Sanpaolo SpA0.34%

Only in DFIC

4,081 securities, 92.2% of DFIC by weight

Totalenergies SE0.76%
Roche Holding AG0.70%
Nestle SA0.64%
Royal Bank of Canada0.64%
Allianz SE0.49%
Toyota Motor Corp0.46%
Suncor Energy Inc.0.41%
Bhp Group Ltd0.39%
Rolls-Royce Holdings PLC0.39%
Deutsche Telekom AG0.38%
Canadian Natural Resource0.37%
Toronto-Dominion Bank0.37%
Bayer AG0.36%
Mitsubishi Ufj Financial0.36%
Unicredit Spa0.34%
Sony Group Corp0.33%
Basf SE0.33%
Advantest Corp0.33%
Hitachi Ltd0.31%
Infineon Technologies AG0.31%
Dhl AG0.30%
Recruit Holdings Co Ltd0.30%
Eni Spa0.30%
E.on SE0.29%
Rio Tinto PLC0.29%
Engie SA0.28%
Cenovus Energy Inc0.27%
Repsol SA0.27%
Siemens AG0.26%
Orange SA0.26%
National Bank of Canada0.25%
Muenchener Rueckversicher0.25%
Tokyo Electron Ltd0.24%
Siemens Energy AG0.24%
Intact Financial Corp0.24%
Dbs Group Holdings Ltd0.23%
Standard Chartered PLC0.23%
Zurich Insurance Group AG0.23%
Barrick Mining Corp0.23%
Vinci SA0.22%
Barclays PLC0.22%
Tokio Marine Holdings Inc0.22%
Cie De Saint-Gobain0.22%
Abb Ltd0.22%
Sandoz Group AG0.22%
Aib Group PLC0.22%
Bank of Nova Scotia/The0.22%
Swiss Re AG0.21%
Agnico Eagle Mines Ltd0.21%
Anheuser-Busch Inbev Sa/N0.21%

Weight gaps

All 50 Holdings in both funds, largest gap first.

Holding weights in APIE and DFIC, widest gap first
Holding	More in APIEMore in DFIC	APIE	DFIC
AstraZeneca PLCAZN	APIE +0.88 points	1.21%	0.33%
Novo Nordisk A/SNVO	APIE +0.77 points	0.78%	0.01%
Toyota Motor CorpTM	APIE +0.65 points	0.66%	0.01%
ASML Holding NVASML	APIE +0.59 points	1.68%	1.09%
Unilever PLCUL	APIE +0.58 points	0.76%	0.18%
Relx PLCRELX	APIE +0.53 points	0.62%	0.09%
Barclays PLCBCS	APIE +0.51 points	0.55%	0.04%
British American Tobacco PLCBTI	APIE +0.50 points	0.59%	0.09%
Diageo PLCDEO	APIE +0.47 points	0.61%	0.14%
HSBC Holdings PLCHSBC	APIE +0.46 points	0.85%	0.39%
National Grid PLCNGG	APIE +0.45 points	0.52%	0.07%
Sumitomo Mitsui Financial Group IncSMFG	APIE +0.43 points	0.51%	0.08%
Sony Group CorpSONY	APIE +0.41 points	0.42%	<0.01%
Banco Santander SASAN	APIE +0.39 points	0.47%	0.08%
Anheuser-Busch InBev SA/NVBUD	APIE +0.35 points	0.35%	<0.01%
BHP Group LtdBHP	APIE +0.33 points	0.58%	0.25%
InterContinental Hotels Group PLCIHG	APIE +0.31 points	0.36%	0.05%
Rio Tinto PLCRIO	APIE +0.29 points	0.31%	0.02%
Takeda Pharmaceutical Co LtdTAK	APIE +0.28 points	0.28%	<0.01%
NatWest Group PLCNWG	APIE +0.27 points	0.40%	0.13%
Sea LtdSE	APIE +0.25 points	0.26%	0.01%
Deutsche Bank AGDB	APIE +0.24 points	0.39%	0.15%
Tenaris SATS	DFIC +0.23 points	0.08%	0.31%
Prudential PLCPUK	APIE +0.21 points	0.29%	0.08%
Koninklijke Philips N.v.PHG	APIE +0.21 points	0.28%	0.07%
Shell PLCSHEL	DFIC +0.19 points	0.96%	1.15%
Equinor ASAEQNR	APIE +0.17 points	0.18%	<0.01%
Rentokil Initial PLCRTO	APIE +0.18 points	0.17%	<0.01%
Vodafone Group PLCVOD	APIE +0.15 points	0.15%	<0.01%
Telefonaktiebolaget LM EricssonERIC	APIE +0.15 points	0.15%	<0.01%
Smith & Nephew PLCSNN	APIE +0.15 points	0.21%	0.06%
Genmab A/SGMAB	APIE +0.14 points	0.14%	<0.01%
Pearson PLCPSO	APIE +0.13 points	0.16%	0.03%
Nokia OyjNOK	APIE +0.13 points	0.15%	0.02%
Honda Motor Co LtdHMC	APIE +0.13 points	0.16%	0.03%
Sandoz Group AGSDZNY	APIE +0.12 points	0.15%	0.03%
Novartis AGNVS	APIE +0.08 points	0.84%	0.76%
Canon IncCAJPY	APIE +0.08 points	0.09%	0.01%
Canadian Pacific Kansas City LtdCP	APIE +0.08 points	0.14%	0.06%
UBS Group AGUBS	APIE +0.07 points	0.29%	0.22%
STMicroelectronics NVSTM	DFIC +0.07 points	0.07%	0.14%
Nice LtdNICE	APIE +0.04 points	0.04%	<0.01%
Bp PLCBP	DFIC +0.04 points	0.40%	0.44%
Cadeler A/SCDLR	APIE +0.03 points	0.03%	<0.01%
Banco Bilbao Vizcaya Argentaria SABBVA	DFIC +0.03 points	0.38%	0.41%
Logitech International SALOGI	DFIC +0.02 points	0.06%	0.08%
Aegon LtdAEG	DFIC +0.01 points	0.08%	0.09%
Wpp PLCWPP	APIE +0.02 points	0.02%	<0.01%
Magnum Ice Cream Co NV/TheMICC	DFIC +0.01 points	0.01%	0.02%
ArcelorMittal SAMT	DFIC +0.01 points	0.08%	0.09%

All APIE holdings⁠All 4,139 DFIC 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.

APIE vs DFIC Cost

Overpaying APIE vs DFIC

$4,483

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

APIE 0.45%
$9,041
DFIC 0.22%
$4,558

Amount$10,000

Years30 years

Cost over time

APIE 0.45%
DFIC 0.22%
Overpaying

Year by year

Year	APIE	DFIC	Overpaying
10	$812	$401	$411
20	$3,128	$1,561	$1,567
30	$9,041	$4,558	$4,483

Expense ratio

0.45%APIE
0.22%DFIC, cheaper

DFIC0.22%APIE0.45%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

DFIC 2nd cheapest of 55 funds

APIE 15th cheapest of 55 funds

APIE vs DFIC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): APIE 3.49%, better; DFIC 2.55%
Payout (12M): APIE $1.32; DFIC $0.96
Last payment: APIE $1.32; DFIC $0.19
Ex-dividend: APIE Dec 23, 2025; DFIC Sep 22, 2026
Paid on: APIE Dec 24, 2025; DFIC Sep 24, 2026
Frequency: APIE Annual; DFIC Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

APIEAnnual · 3 paymentsAll APIE payments⁠

DFICQuarterly · 18 paymentsAll DFIC payments⁠

APIE vs DFIC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: APIE 11.5%, betterDFIC 11.9%
Return per unit of riskSharpe ratio, 3 years: APIE 1.23DFIC 1.35, better
Worst fallMax drawdown, 5 years: APIE −15.9%since May 2023DFIC −24.4%since Mar 2022
Market sensitivityBeta, 5 years: APIE 0.82DFIC 0.92; Market = 1

APIE and DFIC in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFIC

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APIE vs DFIC

In short

Stated mandate

Why people hold it

Worth knowing

How APIE and DFIC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in APIE

Only in DFIC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

How APIE and DFIC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in APIE

Only in DFIC

Weight gaps