DFAI vs FENI: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

Fidelity Enhanced International ETF

FENIBNYSE Arca

Overlap

41.8%by weight

Expense ratio

DFAI −0.10pt a year

DFAI0.18%FENI0.28%

Avg volume · 30D

DFAI 1.4×the volume

DFAI1.81MFENI1.31M

DFAI vs FENI Performance

Oct 31, 2025 – Oct 30, 2026

+15.9%DFAI+14.8%FENI

Expense ratio: DFAI 0.18%, better; FENI 0.28%
Fund size: DFAI $18.2B; FENI $11.5B
1Y total return: DFAI +15.9%, better; FENI +14.8%
Yield (12M): DFAI 2.44%; FENI 3.07%, better
Holdings: DFAI 3767; FENI 447
Avg volume (30D): DFAI 1.81M sh, better; FENI 1.31M sh
NAV per share: DFAI $41.47; FENI $39.65
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, FENI, with each pillar’s weight
Pillar	DFAI	FENI
Cost30% weight	A91Higher	B67
Mission25% weight	B63	Not scored
Risk15% weight	C49Higher	C44
Tradability15% weight	A81	A88Higher
Holdings10% weight	A80Higher	C54
Durability5% weight	A71	A81Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and FENI are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

DFAI ranks 2nd and FENI 9th of 30 funds in the International Multifactor Category.

Rank 1AINTFiShares International Equity Factor ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 77
Rank 3AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 76
Rank 7BGSIEGoldman Sachs ActiveBeta International Equity ETFScore 67
Rank 9BFENIFidelity Enhanced International ETFScore 65
Rank 10BDEEFXtrackers FTSE Developed ex US Multifactor ETFScore 64

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

FENIBFidelity Enhanced International ETF

In short

DFAI Dimensional's take on developed markets outside the US: several thousand stocks, plus deliberate leans toward cheaper and more profitable companies. Index-fund breadth with a research desk setting the weights, priced above the plain vanilla crowd.

FENI Fidelity ran this quant strategy as a mutual fund from 2007, then moved it into an ETF wrapper in 2023. Same job either way: start from the shape of MSCI EAFE developed markets, then let statistical models tilt the roughly 300 names.

Stated mandate

DFAI The fund seeks long-term capital appreciation through an integrated approach combining research, portfolio design, portfolio management, and trading.

FENI The fund seeks to outperform its benchmark through a quantitative process balancing risk and return. It uses multifactor statistical models to select companies with desirable fundamental characteristics.

Why people hold it

DFAI Holds several thousand developed-market stocks outside the US, so no single name, sector or country steers the fund.
The tilts are in the mandate, not the marketing: it leans toward cheaper stocks and more profitable companies while still owning the broad market.
Portfolio construction is one of the stronger builds in its peer group, and the fund is a multi-billion-dollar, actively traded name that pays quarterly.

FENI Charges 0.28% a year against a 0.38% median for international multifactor funds. Cheaper running costs were part of Fidelity's stated case for the ETF conversion.fidelity.com
Sixteen years of live history before it ever traded on an exchange. The 2007 mutual fund carried identical objectives and fundamental policies into the November 2023 ETF.sec.gov
Active, but not adventurous. Multifactor models hunt for companies with desirable fundamentals while the MSCI EAFE benchmark anchors the portfolio. Roughly 300 holdings, quarterly distributions.
A multi-billion-dollar fund that trades actively, sitting in the upper half of a crowded international multifactor field.

Worth knowing

DFAI At 0.18% it costs many times what plain cap-weighted rivals like VEA, SPDW and SCHF charge. The tilts are what the extra buys.
MSCI World ex USA IMI is the yardstick, not a leash. Dimensional builds the portfolio its own way, so it can look and behave differently from that index.
Launched in late 2020, so its live record is shorter than the index giants', and on the whole package it lands in the lower half of its developed-core cohort.

FENI Cheaper multifactor options share the shelf, including Fidelity's own FDEV at 0.18% and iShares' INTF at 0.16%.
"Enhanced" means a quant team's models set the tilts, not a published index rulebook, so the portfolio can drift from MSCI EAFE in either direction.
Developed markets outside the US are the whole mandate. Emerging markets are not part of the job description.

Full DFAI profile⁠

Full FENI profile⁠

DFAI vs FENI Holdings

How DFAI and FENI differ

Overlap by weight

41.8%

Shared holdings make up 92.0% of FENI and 54.8% of DFAI.

Level by level

Holdings383 in both41.8%
Countryby domicile85.2%
Sector11 Sectors90.2%
Asset classEquity100%

Sector

Sector weights in DFAI and FENI, widest gap first
Sector	More in DFAIMore in FENI	DFAI	FENI
Materials	DFAI +4.6 points	8.9%	4.3%
Industrials	FENI +3.3 points	17.7%	21.0%
Energy	DFAI +2.6 points	7.1%	4.5%
Financials	FENI +2.5 points	24.6%	27.1%
Technology	FENI +2.4 points	10.5%	12.9%
Consumer Staples	DFAI +1.7 points	6.2%	4.5%
Health Care	FENI +1.3 points	8.7%	10.0%
Utilities	FENI +0.5 points	3.7%	4.2%
Real Estate	DFAI +0.4 points	1.2%	0.8%
Consumer Discretionary	DFAI +0.3 points	7.7%	7.4%
Communication	DFAI +0.1 points	3.6%	3.5%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and FENI, widest gap first
Country	More in DFAIMore in FENI	DFAI	FENI
Canada	DFAI +11.4 points	11.4%	0.0%
France	FENI +2.1 points	6.4%	8.5%
Netherlands	FENI +1.8 points	4.8%	6.6%
Switzerland	FENI +1.6 points	8.6%	10.2%
Spain	FENI +1.5 points	3.0%	4.5%
Germany	FENI +1.5 points	7.2%	8.7%
United Kingdom	FENI +1.4 points	11.7%	13.1%
Singapore	FENI +1.2 points	1.4%	2.6%
Other countries (19)	FENI +0.3 points	45.6%	45.9%

Outside the US: DFAI 99% developed, 1% emerging. FENI 98% developed, 2% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.8%
FENI15.5%

Securities held

DFAI3,749
FENI437

Asset class

DFAI: Equity
FENI: Equity

Holdings

Only in DFAI3,366
In both383
Only in FENI54

Only in DFAI

3,366 securities, 44.9% of DFAI by weight

Royal Bank of Canada0.64%
Toronto-Dominion Bank0.53%
Canadian Natural Resource0.40%
Suncor Energy Inc.0.37%
Tokio Marine Holdings Inc0.36%
Bank of Nova Scotia/The0.35%
Barclays PLC0.33%
Royal Bank of Canada0.31%
Fujikura Ltd0.30%
L'oreal SA0.29%
Enbridge Inc0.28%
Agnico Eagle Mines Ltd0.26%
Bank of Montreal0.26%
Compass Group PLC0.24%
Tesco PLC0.23%
Basf SE0.23%
Shopify Inc0.23%
Shopify Inc- Class A0.23%
Standard Chartered PLC0.22%
Ubs Group AG0.22%
E.on SE0.22%
Glencore PLC0.21%
Canadian Imperial Bank of0.21%
Repsol SA0.21%
Barrick Mining Corp0.21%
Hoya Corp0.20%
Kddi Corp0.20%
National Bank of Canada0.20%
Shin-Etsu Chemical Co Ltd0.19%
Holcim Ltd0.19%
Anglo American Ord Npv0.19%
Atlas0.19%
Mitsubishi Heavy Industri0.18%
Bhp Group Ltd0.18%
Canadian National Railway0.18%
Brookfield Corp0.18%
Dollarama Inc0.18%
Sse PLC0.18%
Ucb SA0.17%
Reckitt Benckiser Group P0.17%
Fairfax Financial Holding0.17%
Daiichi Life Group Inc0.17%
MS&AD Insurance Group Hol0.17%
Sunbelt Rentals Holdings0.17%
Japan Tobacco Inc0.16%
Intact Financial Corp0.16%
Rheinmetall AG0.16%
Alimentation Couche0.16%
Canadian Pacific Kansas C0.15%
Toronto-Dominion Bank/The0.15%

Only in FENI

54 securities, 7.5% of FENI by weight

Investor Ab Ser B0.67%
Kyocera Corp0.59%
Orix Corp0.53%
Gsk PLC Spons Adr0.48%
Unilever PLC Spons Adr0.45%
Compass Group PLC0.40%
Sumitomo Metal Mining Co Ltd0.40%
Hsbc Holdings PLC Spon Adr0.34%
Sanofi Spon Adr0.33%
Argenx SE0.33%
Arcelormittal SA (Neth)0.29%
Securities Lending Cf0.27%
Barclays Bank Adr0.24%
Roche Holding Ltd Spon Adr0.23%
Capitaland Integrated Commerci0.18%
Tesco PLC0.17%
British American Tob PLC Adr0.14%
Rio Tinto PLC Spon Adr0.14%
Monday.com Ltd0.13%
Natwest Group PLC Spon Adr0.12%
Softbank Group Corp0.09%
Nice Ltd Spon Adr0.09%
Futu Holdings Ltd Adr0.09%
Coca Cola Hbc AG0.08%
Covivio0.07%
Industrivarden Ab Ser A0.07%
Jardine Matheson Hld (Sg)0.07%
Ust Bills 0% 11/12/260.06%
Relx PLC Spons Adr0.06%
Nippon Yusen Kabushiki Kaisha0.05%
M&G PLC0.05%
Millicom Intl Cell Sa(Us)0.05%
Heineken Holding NV0.04%
Bp PLC Spon Adr0.04%
Klepierre SA0.02%
Glencore PLC0.02%
Ferrari NV (It)0.02%
Commerzbank AG0.02%
Gecina0.02%
Gbl (Groupe Bruxelles Lamb) SA0.02%
European Monetary Unit (Euro)0.02%
Ust Bills 0% 11/05/260.01%
Industrivarden Ab Ser C0.01%
Danish Kronen<0.01%
Mitsubishi Ufj Finl Spon Adr<0.01%
National Grid PLC Spon Adr<0.01%
Vodafone Group PLC Spon Adr0.00%
Abivax SA0.00%
Takeda Pharmaceutical Spon Adr0.00%
Telecom Italia Spa0.00%

Weight gaps

The 100 widest of 383 Holdings in both funds.

Holding weights in DFAI and FENI, widest gap first
Holding	More in DFAIMore in FENI	DFAI	FENI
Asml Holding NV	FENI +2.88 points	0.41%	3.29%
Asml Holding NVASML	DFAI +1.75 points	1.90%	0.15%
Novartis AG	FENI +1.17 points	0.28%	1.45%
Ubs Group AG	FENI +0.94 points	0.23%	1.17%
Nestle SA	FENI +0.86 points	0.87%	1.73%
Iberdrola SA	FENI +0.83 points	0.38%	1.21%
Banco Bilbao Vizcaya Arge	FENI +0.73 points	0.23%	0.96%
Siemens Energy AG	FENI +0.69 points	0.36%	1.05%
Recruit Holdings Co Ltd	FENI +0.69 points	0.59%	1.28%
Roche Holding AG	FENI +0.66 points	1.19%	1.85%
Aercap Holdings NVAER	FENI +0.66 points	<0.01%	0.66%
Siemens AG	FENI +0.65 points	0.56%	1.21%
Aia Group Ltd	FENI +0.64 points	0.30%	0.94%
Bae Systems PLCBA.L	FENI +0.64 points	0.22%	0.86%
Tokyo Electron Ltd	FENI +0.63 points	0.51%	1.14%
Sony Group Corp	FENI +0.62 points	0.57%	1.19%
Hitachi Ltd	FENI +0.63 points	0.45%	1.08%
Rolls-Royce Holdings PLCRR.L	FENI +0.59 points	0.48%	1.07%
Keyence Corp	FENI +0.56 points	0.17%	0.73%
Astellas Pharma Inc	FENI +0.56 points	0.13%	0.69%
Dbs Group Holdings Ltd	FENI +0.54 points	0.38%	0.92%
Deutsche Telekom AG	FENI +0.53 points	0.41%	0.94%
Sumitomo Corp	FENI +0.52 points	0.12%	0.64%
Rwe AG	FENI +0.53 points	0.17%	0.70%
Abb Ltd	FENI +0.52 points	0.34%	0.86%
Societe Generale SA	FENI +0.51 points	0.19%	0.70%
Bandai Namco Holdings Inc	FENI +0.50 points	0.09%	0.59%
Lloyds Banking Group PLCLLOY.L	FENI +0.50 points	0.26%	0.76%
Danske Bank A/S	FENI +0.48 points	0.13%	0.61%
Leonardo Spa	FENI +0.47 points	0.08%	0.55%
Ing Groep NV	FENI +0.47 points	0.28%	0.75%
Danone SA	FENI +0.44 points	0.17%	0.61%
Genmab A/S	FENI +0.44 points	0.11%	0.55%
Vodafone Group PLCVOD.L	FENI +0.42 points	0.14%	0.56%
Bnp Paribas SA	FENI +0.42 points	0.30%	0.71%
Qbe Insurance Group Ltd	FENI +0.42 points	0.13%	0.55%
Singapore Technologies En	FENI +0.41 points	0.05%	0.46%
Bp PLCBP.L	FENI +0.41 points	0.57%	0.98%
Capgemini SE	FENI +0.40 points	0.07%	0.47%
Boc Hong Kong Holdings Lt	FENI +0.40 points	0.08%	0.48%
Credit Agricole SA	FENI +0.39 points	0.06%	0.45%
Dhl AG	FENI +0.38 points	0.24%	0.62%
Mitsubishi Ufj Financial	FENI +0.39 points	0.76%	1.15%
Shell PLCSHEL	FENI +0.38 points	0.03%	0.41%
Kone Oyj	FENI +0.38 points	0.08%	0.46%
Ap Moller - Maersk A/S	FENI +0.38 points	0.06%	0.44%
Legrand SA	FENI +0.38 points	0.15%	0.53%
Mitsubishi Electric Corp	FENI +0.37 points	0.13%	0.50%
Nn Group NV	FENI +0.37 points	0.13%	0.50%
Advantest Corp	FENI +0.37 points	0.62%	0.99%
Aena Sme SA	FENI +0.37 points	0.09%	0.46%
Sanofi	FENI +0.37 points	0.27%	0.64%
Veolia Environnement SA	FENI +0.36 points	0.10%	0.46%
Daiwa Securities Group In	FENI +0.34 points	0.07%	0.41%
Schindler Holding AG	FENI +0.33 points	0.05%	0.38%
Otsuka Holdings Co Ltd	FENI +0.33 points	0.12%	0.45%
Evonik Industries AG	FENI +0.33 points	0.03%	0.36%
Makita Corp	FENI +0.33 points	0.03%	0.36%
Natwest Group PLCNWG.L	FENI +0.32 points	0.24%	0.56%
Sumitomo Electric Industr	FENI +0.33 points	0.12%	0.45%
Anheuser-Busch Inbev Sa/N	FENI +0.32 points	0.24%	0.56%
Banco Santander SA	FENI +0.31 points	0.39%	0.70%
Panasonic Holdings Corp	FENI +0.30 points	0.17%	0.47%
Mizuho Financial Group In	DFAI +0.31 points	0.36%	0.05%
Yangzijiang Shipbuilding	FENI +0.31 points	0.04%	0.35%
Nec Corp	FENI +0.30 points	0.13%	0.43%
Shell PLCSHEL.L	DFAI +0.29 points	1.29%	1.00%
Air Liquide SA	DFAI +0.29 points	0.35%	0.06%
Renesas Electronics Corp	FENI +0.29 points	0.09%	0.38%
Telefonaktiebolaget Lm Er	FENI +0.29 points	0.12%	0.41%
Totalenergies SE	FENI +0.28 points	0.69%	0.97%
Mitsubishi Chem Grp Corp	FENI +0.29 points	0.05%	0.34%
Toyota Motor Corp	DFAI +0.29 points	0.63%	0.34%
Bank Hapoalim Bm	FENI +0.28 points	0.13%	0.41%
Rio Tinto PLCRIO.L	DFAI +0.27 points	0.27%	0.00%
Aristocrat Leisure Ltd	FENI +0.27 points	0.09%	0.36%
Oversea-Chinese Banking C	FENI +0.27 points	0.23%	0.50%
Swiss Re AG	DFAI +0.27 points	0.27%	0.00%
Airbus SE	DFAI +0.25 points	0.34%	0.09%
Banco Bilbao Vizcaya ArgeBBVA	DFAI +0.26 points	0.26%	0.00%
Intesa Sanpaolo Spa	FENI +0.25 points	0.30%	0.55%
Sumitomo Mitsui Trust	FENI +0.25 points	0.11%	0.36%
Acs Actividades De Constr	FENI +0.25 points	0.08%	0.33%
Infineon Technologies AG	FENI +0.24 points	0.26%	0.50%
Westpac Banking Corp	DFAI +0.25 points	0.28%	0.03%
Qiagen NV	FENI +0.24 points	0.04%	0.28%
Endesa SA	FENI +0.24 points	0.06%	0.30%
Argenx SEARGX	FENI +0.23 points	0.09%	0.32%
Fresnillo PLCFRES.L	FENI +0.24 points	0.03%	0.27%
Enel Spa	DFAI +0.23 points	0.30%	0.07%
Konami Group Corp	FENI +0.23 points	0.06%	0.29%
Deutsche Boerse AG	DFAI +0.23 points	0.26%	0.03%
Imperial Brands PLCIMB.L	FENI +0.23 points	0.13%	0.36%
Sap SE	FENI +0.22 points	0.57%	0.79%
Telstra Corp Ltd	FENI +0.22 points	0.05%	0.27%
Prosus NV	FENI +0.22 points	0.11%	0.33%
Bunzl PLCBNZL.L	FENI +0.20 points	0.05%	0.25%
Novartis AG AdrNVS	DFAI +0.21 points	0.70%	0.49%
Honda Motor Co Ltd	FENI +0.20 points	0.09%	0.29%
Tdk Corp	FENI +0.20 points	0.12%	0.32%

All 3,869 DFAI holdings⁠All 313 FENI 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.

DFAI vs FENI Cost

Overpaying FENI vs DFAI

$2,006

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

DFAI 0.18%
$3,749
FENI 0.28%
$5,755

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
FENI 0.28%
Overpaying

Year by year

Year	DFAI	FENI	Overpaying
10	$328	$509	$181
20	$1,281	$1,976	$695
30	$3,749	$5,755	$2,006

Expense ratio

0.18%DFAI, cheaper
0.28%FENI

DFAI0.18%FENI0.28%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

FENI 10th cheapest of 30 funds

DFAI vs FENI Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAI 2.44%; FENI 3.07%, better
Payout (12M): DFAI $1.01; FENI $1.22
Last payment: DFAI $0.18; FENI $0.21
Ex-dividend: DFAI Sep 22, 2026; FENI Sep 18, 2026
Paid on: DFAI Sep 24, 2026; FENI Sep 22, 2026
Frequency: DFAI Quarterly; FENI Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

FENIQuarterly · 13 paymentsAll FENI payments⁠

DFAI vs FENI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%FENI 11.6%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33FENI 1.28since Dec 2023
Worst fallMax drawdown, 5 years: DFAI −27.4%FENI −14.2%since Nov 2023
Market sensitivityBeta, 5 years: DFAI 0.91FENI 0.92; Market = 1

DFAI and FENI in the news

All news⁠

New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026DFAI

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DFAI vs FENI

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and FENI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in FENI

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs

How DFAI and FENI differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in FENI

Weight gaps