CVAR vs DFAC: Grades, Fees and Holdings Compared

Cultivar ETF

CVARCCboe

Dimensional US Core Equity 2 ETF

DFACANYSE Arca

Overlap

4.3%by weight

Expense ratio

DFAC −0.70pt a year

CVAR0.87%DFAC0.17%

Avg volume · 30D

DFAC 1110.9×the volume

CVAR1.8KDFAC2M

3Y return · a year

DFAC +5.6pt

CVAR+16.7%DFAC+22.3%

CVAR vs DFAC Performance

Oct 31, 2025 – Oct 30, 2026

+17.3%CVAR+16.1%DFAC

Expense ratio: CVAR 0.87%; DFAC 0.17%, better
Fund size: CVAR $47M; DFAC $87.7B
1Y total return: CVAR +17.3%, better; DFAC +16.1%
Yield (12M): CVAR 1.34%, better; DFAC 0.88%
Holdings: CVAR 88; DFAC 2553
Avg volume (30D): CVAR 1.8K sh; DFAC 2M sh, better
NAV per share: CVAR $32.08; DFAC $44.87
52W range

ETF.net Grade

Pillar letters and Scores for CVAR, DFAC, with each pillar’s weight
Pillar	CVAR	DFAC
Cost30% weight	D25	A94Higher
Mission25% weight	Not scored	A100
Risk15% weight	A72Higher	B66
Tradability15% weight	F21	A87Higher
Holdings10% weight	A74	A87Higher
Durability5% weight	D37	A97Higher

Rank among US Active Equity funds

How we build Categories ›

Same Category. CVAR and DFAC 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 ›

DFAC ranks 3rd and CVAR 81st 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 81DBRESBurney U.S. Equity Select ETFScore 40
Rank 81CCVARCultivar ETFScore 40
Rank 81CUSFEFirst Eagle US Equity ETFScore 40

Our read on each fund

ETF.net Research

CVARCCultivar ETF

DFACADimensional US Core Equity 2 ETF

In short

CVAR No data

DFAC Dimensional's whole-market workhorse: roughly 2,600 US stocks in one ticker, run by managers who weigh federal tax consequences before they trade, at a fee closer to index funds than to active ones.

Stated mandate

CVAR No data

DFAC The fund seeks long-term capital appreciation while considering federal income-tax implications in its investment decisions.

Why people hold it

CVAR No data

DFAC 0.17% a year for an actively run fund, well under the median fee among active US equity ETFs.
About 2,600 US stocks under one ticker, so it holds the market broadly rather than a narrow slice of it.
Federal income-tax implications sit inside the stated objective, not in a footnote, so they factor into what managers buy and sell.
A multi-billion-dollar fund with a track record running back to 2007 and one of the strongest implementations in its peer group.

Worth knowing

CVAR No data

DFAC Actively managed, so there's no published index to check it against. Holdings and tilts shift at the managers' discretion.
Dimensional's own DFAU runs a US core equity mandate for 0.12%, a slightly lighter fee for a similar shelf.
All stocks, all US: the mandate is capital appreciation from equities, so it takes the market's full swings, and cash arrives quarterly.

Full CVAR profile⁠

Full DFAC profile⁠

CVAR vs DFAC Holdings

How CVAR and DFAC differ

Overlap by weight

4.3%

Shared holdings make up 77.8% of CVAR and 4.3% of DFAC.

Level by level

Holdings65 in both4.3%
Sector11 Sectors60.4%
Countryby domicile90.0%
Asset classEquity100%

Sector

Sector weights in CVAR and DFAC, widest gap first
Sector	More in CVARMore in DFAC	CVAR	DFAC
Health Care	CVAR +18.6 points	27.7%	9.1%
Financials	DFAC +12.1 points	3.9%	16.0%
Technology	DFAC +10.2 points	20.2%	30.4%
Consumer Staples	CVAR +8.6 points	13.6%	5.0%
Real Estate	CVAR +6.7 points	7.0%	0.3%
Consumer Discretionary	DFAC +6.2 points	2.8%	9.0%
Communication	DFAC +5.5 points	1.5%	7.0%
Industrials	DFAC +4.5 points	8.1%	12.6%
Utilities	CVAR +3.0 points	4.8%	1.8%
Materials	CVAR +2.6 points	5.5%	2.9%
Energy	DFAC +1.1 points	4.9%	6.0%

Country, concentration and asset class

Country by domicile

Country weights in CVAR and DFAC, widest gap first
Country	More in CVARMore in DFAC	CVAR	DFAC
United States	DFAC +9.2 points	89.7%	98.9%
Canada	CVAR +3.2 points	3.2%	0.0%
France	CVAR +1.8 points	1.8%	0.0%
Israel	CVAR +1.8 points	1.8%	0.0%
Norway	CVAR +1.0 points	1.0%	0.0%
United Kingdom	CVAR +0.9 points	1.1%	0.2%
Germany	CVAR +0.8 points	0.8%	0.0%
India	CVAR +0.6 points	0.6%	0.0%
Other countries (10)	DFAC +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

CVAR30.3%
DFAC26.4%

Securities held

CVAR87
DFAC2,550

Asset class

CVAR: Equity
DFAC: Equity

Holdings

Only in CVAR22
In both65
Only in DFAC2,485

Only in CVAR

22 securities, 22.2% of CVAR by weight

Wi Treasury Bond3.11%
Us Treasury N/B 05/54 4.6252.81%
Dassault Systemes S-Spon Adr1.65%
Alexandria Real Estate Equitie1.59%
Check Point Software Technologies Ltd.1.08%
Weyerhaeuser Co0.99%
Barrick Mining Corp.0.99%
Bp Plc-Spons Adr0.92%
Equinor Asa-Spon Adr0.88%
Crown Castle Intl Corp0.88%
Nutrien Ltd Common Stock0.87%
Canadian Natl Railway Co0.84%
Wiley (John) & Sons-Class A0.81%
Rayonier Inc0.75%
Marzetti Company0.67%
Fresenius Medical Care-Adr0.66%
Douglas Emmett Inc0.55%
Piedmont Office Realty Tru-A0.53%
Cubesmart0.51%
Ltc Properties Inc0.49%
Nice Ltd - Spon Adr0.37%
Empire State Realty Trust-A0.22%

Only in DFAC

2,485 securities, 95.7% of DFAC by weight

Apple Inc Common Stock USD.000015.78%
NVIDIA Corp Common Stock USD.0015.42%
Microsoft Corp Common Stock USD.000006254.79%
Amazon.com Inc Common Stock USD.012.44%
Meta Platforms Inc Class A Common Stock USD.0000061.89%
Alphabet Inc Class A Common Stock USD.0011.35%
Eli Lilly & Co Common Stock1.25%
Broadcom Inc Common Stock1.19%
Micron Technology Inc Common Stock USD.11.14%
JPMorgan Chase & Co Common Stock USD1.01.13%
Exxonmobil Holdings Corp Common Stock0.93%
Alphabet Inc Class C Common Stock USD.0010.91%
Johnson & Johnson Common Stock USD1.00.89%
Visa Inc Class A Shares Common Stock USD.00010.79%
Berkshire Hathaway Inc Class B Common Stock USD.00330.79%
Chevron Corp Common Stock USD.750.70%
Mastercard Inc A Common Stock USD.00010.67%
Cisco Systems Inc Common Stock USD.0010.55%
Procter & Gamble Co/The Common Stock0.53%
Walmart Inc Common Stock USD.10.52%
AbbVie Inc Common Stock USD.010.46%
Coca Cola Co/The Common Stock USD.250.45%
Merck & Co. Inc. Common Stock USD.50.43%
Caterpillar Inc Common Stock USD1.00.42%
Western Digital Corp Common Stock USD.010.42%
Home Depot Inc Common Stock USD.050.39%
Conocophillips Common Stock USD.010.37%
Amgen Inc Common Stock USD.00010.37%
Goldman Sachs Group Inc Common Stock USD.010.35%
Texas Instruments Inc Common Stock USD1.00.35%
Bank of America Corp Common Stock USD.010.34%
Intl Business Machines Corp Common Stock USD.20.34%
Wells Fargo & Co Common Stock USD1.6660.33%
Qualcomm Inc Common Stock USD.00010.33%
Costco Wholesale Corp Common Stock USD.0050.33%
General Electric Common Stock USD.010.31%
Gilead Sciences Inc Common Stock USD.0010.30%
Rtx Corp Common Stock USD1.00.29%
Union Pacific Corp Common Stock USD2.50.27%
Oracle Corp Common Stock USD.010.26%
Pepsico Inc Common Stock USD.0170.26%
American Express Co Common Stock USD.20.26%
Morgan Stanley Common Stock USD.010.26%
Tesla Inc Common Stock USD.0010.25%
Intel Corp Common Stock USD.0010.25%
Deere & Co Common Stock USD1.00.25%
Travelers Cos Inc/The Common Stock0.25%
Linde PLC Common Stock0.25%
Kla Corp Common Stock USD.0010.25%
Marathon Petroleum Corp Common Stock USD.010.24%

Weight gaps

All 65 Holdings in both funds, largest gap first.

Holding weights in CVAR and DFAC, widest gap first
Holding	More in CVARMore in DFAC	CVAR	DFAC
Healthcare Services GroupHCSG	CVAR +2.59 points	2.60%	<0.01%
Paycom Software IncPAYC	CVAR +2.37 points	2.40%	0.03%
Kimberly-Clark CorpKMB	CVAR +2.35 points	2.41%	0.06%
Veeva Systems Inc-Class AVEEV	CVAR +2.17 points	2.23%	0.06%
Core Laboratories N.v.CLB	CVAR +1.87 points	1.87%	<0.01%
Skyworks Solutions IncSWKS	CVAR +1.86 points	1.94%	0.08%
Humana IncHUM	CVAR +1.75 points	1.84%	0.09%
Accenture Plc-Cl AACN	CVAR +1.68 points	1.75%	0.07%
Dollar Gen Corp NewDG	CVAR +1.66 points	1.75%	0.09%
Intuit IncINTU	CVAR +1.59 points	1.63%	0.04%
Lamb WestonLW	CVAR +1.59 points	1.61%	0.02%
Biogen IncBIIB	CVAR +1.51 points	1.56%	0.05%
Northwest Natural Holding CoNWN	CVAR +1.45 points	1.46%	<0.01%
Zoetis IncZTS	CVAR +1.43 points	1.45%	0.02%
Eversource EnergyES	CVAR +1.38 points	1.42%	0.04%
Global Payments IncGPN	CVAR +1.26 points	1.31%	0.05%
Tyler Technologies IncTYL	CVAR +1.25 points	1.26%	0.01%
Proto Labs IncPRLB	CVAR +1.19 points	1.20%	<0.01%
Hershey Co/TheHSY	CVAR +1.18 points	1.24%	0.06%
Salesforce.com IncCRM	CVAR +1.16 points	1.29%	0.13%
Factset Research Systems IncFDS	CVAR +1.13 points	1.15%	0.02%
Adobe Systems IncADBE	CVAR +1.11 points	1.14%	0.03%
Ingredion Inc Common Stock USD 0.01INGR	CVAR +1.06 points	1.09%	0.03%
J M Smucker Co COM STK NPVSJM	CVAR +1.04 points	1.09%	0.05%
Copart IncCPRT	CVAR +1.03 points	1.05%	0.02%
Jack HenryJKHY	CVAR +1.01 points	1.05%	0.04%
Agilent Technologies IncA	CVAR +1.01 points	1.08%	0.07%
Medtronic PLCMDT	CVAR +1.00 points	1.10%	0.10%
York Water CoYORW	CVAR +1.00 points	1.00%	<0.01%
Nike Inc -Cl BNKE	CVAR +0.99 points	1.02%	0.03%
UnitedHealth Group IncUNH	CVAR +0.92 points	1.22%	0.30%
Regeneron PharmaceuticalsREGN	CVAR +0.89 points	0.98%	0.09%
Tyson Foods Inc-Cl ATSN	CVAR +0.88 points	0.92%	0.04%
Zimmer Biomet Holdings IncZBH	CVAR +0.86 points	0.91%	0.05%
Edwards Lifesciences CorpEW	CVAR +0.87 points	0.93%	0.06%
Cvs Health CorpCVS	CVAR +0.86 points	0.98%	0.12%
PayPal Holdings IncPYPL	CVAR +0.85 points	0.94%	0.09%
Southwest Airlines CoLUV	CVAR +0.85 points	0.93%	0.08%
Newmont Goldcorp Corporation ComNEM	CVAR +0.84 points	1.05%	0.21%
Albemarle CorpALB	CVAR +0.83 points	0.86%	0.03%
Portland General Electric Co.POR	CVAR +0.82 points	0.83%	0.01%
Independent Bank Corp/MaINDB	CVAR +0.80 points	0.82%	0.02%
AO Smith CorpAOS	CVAR +0.76 points	0.79%	0.03%
Amdocs LtdDOX	CVAR +0.72 points	0.74%	0.02%
Perrigo PLCPRGO	CVAR +0.63 points	0.64%	<0.01%
Cognizant Tech Solutions-ACTSH	CVAR +0.63 points	0.69%	0.06%
Manhattan Associates IncMANH	CVAR +0.62 points	0.66%	0.04%
Lululemon Athletica IncLULU	CVAR +0.59 points	0.60%	<0.01%
Pfizer IncPFE	CVAR +0.59 points	0.76%	0.17%
Halliburton CoHAL	CVAR +0.57 points	0.65%	0.08%
Advance Auto Parts IncAAP	CVAR +0.53 points	0.54%	0.01%
Genpact LimitedG	CVAR +0.47 points	0.50%	0.03%
Target CorpTGT	CVAR +0.47 points	0.65%	0.18%
Cognex CorpCGNX	CVAR +0.45 points	0.48%	0.03%
United Parcel Service-Cl BUPS	CVAR +0.45 points	0.55%	0.10%
Inogen IncINGN	CVAR +0.43 points	0.43%	<0.01%
Costar Group IncCSGP	CVAR +0.43 points	0.44%	0.01%
Lockheed Martin CorpLMT	CVAR +0.41 points	0.63%	0.22%
Bristol-Myers Squibb CoBMY	CVAR +0.40 points	0.57%	0.17%
Thermo Fisher Scientific IncTMO	CVAR +0.36 points	0.53%	0.17%
Comcast Corp-Class ACMCSA	CVAR +0.32 points	0.46%	0.14%
Monro Inc.MNRO	CVAR +0.31 points	0.31%	<0.01%
Archer-Daniels-Midland CoADM	CVAR +0.29 points	0.34%	0.05%
Gartner IncIT	CVAR +0.25 points	0.27%	0.02%
Fmc CorpFMC	CVAR +0.14 points	0.14%	<0.01%

All 88 CVAR holdings⁠All 2,598 DFAC 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.

CVAR vs DFAC Cost

Overpaying CVAR vs DFAC

$12,990

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

CVAR 0.87%
$16,536
DFAC 0.17%
$3,546

Amount$10,000

Years30 years

Cost over time

CVAR 0.87%
DFAC 0.17%
Overpaying

Year by year

Year	CVAR	DFAC	Overpaying
10	$1,542	$310	$1,232
20	$5,830	$1,211	$4,619
30	$16,536	$3,546	$12,990

Expense ratio

0.87%CVAR
0.17%DFAC, cheaper

DFAC0.17%CVAR0.87%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAC 8th cheapest of 121 funds

CVAR 90th cheapest of 121 funds

CVAR vs DFAC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): CVAR 1.34%, better; DFAC 0.88%
Payout (12M): CVAR $0.43; DFAC $0.39
Last payment: CVAR $0.43; DFAC $0.10
Ex-dividend: CVAR Dec 24, 2025; DFAC Sep 22, 2026
Paid on: CVAR No data; DFAC Sep 24, 2026
Frequency: CVAR Annual; DFAC Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

CVARAnnual · 4 paymentsAll CVAR payments⁠

DFACQuarterly · 22 paymentsAll DFAC payments⁠

CVAR vs DFAC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: CVAR 13.6%DFAC 12.6%, better
Return per unit of riskSharpe ratio, 3 years: CVAR 0.88DFAC 1.32, better
Worst fallMax drawdown, 5 years: CVAR −19.4%since Dec 2021DFAC −23.1%
Market sensitivityBeta, 5 years: CVAR 0.62DFAC 0.99; Market = 1

CVAR and DFAC in the news

All news⁠

Head-to-Head
ITOT is the better U.S. stock fund than DFAC
Oct 26, 2026DFAC

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CVAR vs DFAC

In short

Stated mandate

Why people hold it

Worth knowing

How CVAR and DFAC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CVAR

Only in DFAC

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

ITOT is the better U.S. stock fund than DFAC

How CVAR and DFAC differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in CVAR

Only in DFAC

Weight gaps