BAFE vs DYNF: Grades, Fees and Holdings Compared

Brown Advisory Flexible Equity ETF

BAFEBNasdaq

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

Overlap

26.8%by weight

Expense ratio

DYNF −0.28pt a year

BAFE0.54%DYNF0.26%

Avg volume · 30D

DYNF 46.0×the volume

BAFE49.6KDYNF2.28M

BAFE vs DYNF Performance

Nov 7, 2025 – Nov 9, 2026

+14.4%BAFE+12.4%DYNF

Expense ratio: BAFE 0.54%; DYNF 0.26%, better
Fund size: BAFE $1.72B; DYNF $40.6B
1Y total return: BAFE +14.4%, better; DYNF +12.4%
Yield (12M): BAFE 0.27%; DYNF 0.84%, better
Holdings: BAFE 44; DYNF 275
Avg volume (30D): BAFE 49.6K sh; DYNF 2.28M sh, better
NAV per share: BAFE $29.54; DYNF $64.97
52W range

ETF.net Grade

Pillar letters and Scores for BAFE, DYNF, with each pillar’s weight
Pillar	BAFE	DYNF
Cost30% weight	B63	A86Higher
Mission25% weight	A75	Not scored
Risk15% weight	B55	B68Higher
Tradability15% weight	A79	A98Higher
Holdings10% weight	B56	A70Higher
Durability5% weight	A72	A97Higher

Rank among US Active Equity funds

How we build Categories ›

Same Category. BAFE and DYNF are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds

See all 121 ›

DYNF ranks 4th and BAFE 37th of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
Rank 4ALCTUiShares U.S. Carbon Transition Readiness Aware Active ETFScore 83
Rank 37BALRGAllspring LT Large Core ETFScore 64
Rank 37BBAFEBrown Advisory Flexible Equity ETFScore 64
Rank 37BRUNNRunning Oak Efficient Growth ETFScore 64

Our read on each fund

ETF.net Research

BAFEBBrown Advisory Flexible Equity ETF

DYNFAiShares U.S. Equity Factor Rotation Active ETF

In short

BAFE Brown Advisory's first ETF packages a decades-old bargain-hunting philosophy: buy good businesses when the market misprices them, whether screens call them value or growth. Roughly 40 names, 0.54% net of a waiver through January 31, 2027.

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

Stated mandate

BAFE The Fund seeks long-term growth of capital.

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

Why people hold it

BAFE The flexible part is literal: it hunts bargains across large, mid and small caps and ignores the value/growth label, so a cheap good business qualifies either way.brownadvisory.com brownadvisory.com 2
0.54% net of a waiver through January 31, 2027 (0.57% gross) lands below the US active equity median, which is lean for a hands-on stock picker.
Roughly 40 holdings, so each name actually moves the fund. That is the point of hiring a stock picker instead of buying the whole market.
It did not start from scratch: Brown Advisory seeded its November 2024 debut by converting taxable managed accounts, and it is a multi-billion-dollar fund.seic.com

DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

Worth knowing

BAFE Systematic rivals cost a fraction: DFAU runs 0.12%, AVLC 0.15%. Here the money buys human judgment, not a cheaper wrapper.
Shares change hands lightly for a fund this size, so bid-ask spreads can run wider than on headline ETFs.
The philosophy predates the fund by decades, but the ETF itself opened in November 2024, so its own live record is short and payouts land once or twice a year.sec.gov

DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

Full BAFE profile⁠

Full DYNF profile⁠

BAFE vs DYNF Holdings

How BAFE and DYNF differ

Overlap by weight

26.8%

Shared holdings make up 61.5% of BAFE and 37.9% of DYNF.

Level by level

Holdings25 in both26.8%
Countryby domicile84.3%
Sector11 Sectors86.0%
Asset classStocks100%

Sector

Sector weights in BAFE and DYNF, widest gap first
Sector	Gap	BAFE	DYNF
Technology	DYNF +6.8 points	30.4%	37.2%
Financials	BAFE +5.7 points	21.4%	15.7%
Communication	BAFE +4.4 points	13.6%	9.2%
Health Care	BAFE +2.3 points	11.5%	9.2%
Real Estate	DYNF +2.2 points	0.0%	2.2%
Utilities	DYNF +1.6 points	0.0%	1.6%
Consumer Discretionary	BAFE +1.6 points	9.4%	7.8%
Energy	DYNF +1.5 points	2.9%	4.4%
Consumer Staples	DYNF +1.1 points	3.1%	4.2%
Materials	DYNF +0.9 points	0.0%	0.9%
Industrials	BAFE +0.1 points	7.7%	7.6%

Country, concentration and asset class

Country by domicile

Country weights in BAFE and DYNF, widest gap first
Country	Gap	BAFE	DYNF
United States	DYNF +15.7 points	84.3%	100.0%
Taiwan	BAFE +6.5 points	6.5%	0.0%
Canada	BAFE +2.9 points	2.9%	0.0%
Germany	BAFE +2.3 points	2.3%	0.0%
Finland	BAFE +1.8 points	1.8%	0.0%
Sweden	BAFE +1.8 points	1.8%	0.0%
United Kingdom	BAFE +0.5 points	0.5%	0.0%
Brazil	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

BAFE43.2%
DYNF38.8%

Securities held

BAFE42
DYNF273

Asset class

BAFE: Stocks
DYNF: Stocks

Holdings

Only in BAFE17
In both25
Only in DYNF248

Only in BAFE

17 securities, 36.4% of BAFE by weight

Taiwan Semiconductor-Sp Adr6.34%
Kkr & Co Inc3.05%
Suncor Energy Inc2.82%
United Rentals Inc2.80%
Watsco Inc2.35%
Sap Se-Sponsored Adr2.22%
Elevance Health Inc2.16%
Edwards Lifesciences Corp2.07%
Amer Sports Inc1.79%
Spotify Technology SA1.73%
Kla Corp1.57%
Mondelez International Inc-A1.56%
Align Technology Inc1.55%
Us Foods Holding Corp1.45%
Tyler Technologies Inc1.42%
Ferguson Enterprises Inc1.02%
Nomad Foods Ltd0.51%

Only in DYNF

248 securities, 62.0% of DYNF by weight

JPMorgan Chase & Co3.09%
Exxonmobil Holdings Corp2.31%
Broadcom Inc2.21%
Johnson & Johnson1.89%
Tesla Inc1.60%
Eli Lilly1.55%
Travelers Companies1.52%
Chevron1.42%
Advanced Micro Devices1.42%
Salesforce1.42%
Micron Technology1.37%
Citigroup1.30%
Cisco Systems Inc1.17%
Parker-Hannifin1.17%
Allstate Corp1.15%
Walmart1.11%
Rtx1.06%
Caterpillar Inc1.05%
Lam Research1.03%
Duke Energy Corp1.00%
Goldman Sachs Group0.99%
Costco Wholesale Corp0.92%
Welltower0.91%
Applied Material Inc0.90%
Procter & Gamble0.83%
Realty Income Reit0.79%
Netflix0.75%
Verizon Communications Inc0.74%
Medtronic PLC0.72%
Newmont0.69%
Palantir Technologies Class A0.69%
Thermo Fisher Scientific0.68%
Cme Group Class A0.67%
American International Group0.61%
Amphenol Corp Class A0.59%
Hartford Insurance Group0.58%
Gilead Sciences0.55%
AbbVie0.54%
Trane Technologies PLC0.52%
AT&T0.48%
Ge Vernova0.47%
Deere0.47%
Intel Corporation0.43%
Valero Energy Corp0.42%
Servicenow0.41%
Eaton PLC0.41%
Palo Alto Networks0.40%
Nextera Energy0.37%
Pepsico0.35%
Adobe Inc0.35%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in BAFE and DYNF, widest gap first
Holding	Gap	BAFE	DYNF
Apple IncAAPL	DYNF +6.17 points	1.97%	8.14%
Visa Inc-Class A SharesV	BAFE +4.28 points	4.94%	0.66%
Mastercard Inc - AMA	BAFE +4.27 points	4.42%	0.15%
NVIDIA CorpNVDA	DYNF +3.97 points	3.10%	7.07%
Danaher CorpDHR	BAFE +2.45 points	2.55%	0.10%
UnitedHealth Group IncUNH	BAFE +2.03 points	2.58%	0.55%
Progressive CorpPGR	BAFE +1.81 points	2.02%	0.21%
Analog Devices IncADI	BAFE +1.75 points	1.79%	0.04%
Microsoft CorpMSFT	BAFE +1.68 points	6.72%	5.04%
Booking Holdings IncBKNG	BAFE +1.61 points	2.04%	0.43%
S&P Global IncSPGI	BAFE +1.60 points	1.62%	0.02%
Boston Scientific CorpBSX	BAFE +1.55 points	1.68%	0.13%
Meta Platforms IncMETA	BAFE +1.49 points	3.88%	2.39%
Capital One Financial CorpCOF	BAFE +1.41 points	1.55%	0.14%
Berkshire Hathaway Inc-Cl BBRK.B	BAFE +1.39 points	2.86%	1.47%
Alphabet Inc-Cl CGOOG	BAFE +1.19 points	3.00%	1.81%
Tjx Companies IncTJX	BAFE +1.15 points	1.19%	0.04%
Autodesk IncADSK	BAFE +1.14 points	1.17%	0.03%
Ge AerospaceGE	BAFE +0.99 points	1.52%	0.53%
Bank of America CorpBAC	DYNF +0.98 points	0.93%	1.91%
Alphabet Inc-Cl AGOOGL	BAFE +0.95 points	3.13%	2.18%
Marvell Technology IncMRVL	BAFE +0.73 points	0.97%	0.24%
Schwab (Charles) CorpSCHW	BAFE +0.55 points	0.74%	0.19%
Old Dominion Freight LineODFL	BAFE +0.54 points	0.55%	<0.01%
Amazon.com IncAMZN	BAFE +0.19 points	4.60%	4.41%

All 45 BAFE holdings⁠All 273 DYNF 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.

BAFE vs DYNF Cost

Overpaying BAFE vs DYNF

$5,362

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

BAFE 0.54%
$10,720
DYNF 0.26%
$5,358

Amount$10,000

Years30 years

Cost over time

BAFE 0.54%
DYNF 0.26%
Overpaying

Year by year

Year	BAFE	DYNF	Overpaying
10	$971	$473	$498
20	$3,724	$1,838	$1,886
30	$10,720	$5,358	$5,362

Expense ratio

0.54%BAFE
0.26%DYNF, cheaper

DYNF0.26%BAFE0.54%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

BAFE 46th cheapest of 121 funds

BAFE vs DYNF Dividends

Last 12 months to Nov 9, 2026

Yield (12M): BAFE 0.27%; DYNF 0.84%, better
Payout (12M): BAFE $0.08; DYNF $0.56
Last payment: BAFE $0.08; DYNF $0.14
Ex-dividend: BAFE Dec 30, 2025; DYNF Sep 15, 2026
Paid on: BAFE Jan 7, 2026; DYNF Sep 18, 2026
Frequency: BAFE Irregular; DYNF Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

BAFEIrregular · 2 paymentsAll BAFE payments⁠

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

BAFE vs DYNF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BAFE 13.2%since Dec 2024DYNF 13.1%
Return per unit of riskSharpe ratio, 3 years: BAFE 0.33since Dec 2024DYNF 1.55
Worst fallMax drawdown, 5 years: BAFE −18.4%since Nov 2024DYNF −26.9%
Market sensitivityBeta, 5 years: BAFE 0.95DYNF 1.02; Market = 1

BAFE and DYNF in the news

All news⁠

ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

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