DFAI vs FEP: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

First Trust Europe AlphaDEX Fund

FEPDNasdaq

Overlap

11.4%by weight

Expense ratio

DFAI −0.62pt a year

DFAI0.18%FEP0.80%

Avg volume · 30D

DFAI 74.0×the volume

DFAI1.81MFEP24.5K

5Y return · a year

DFAI +0.4pt

DFAI+9.6%FEP+9.2%

DFAI vs FEP Performance

Oct 29, 2021 – Oct 30, 2026

+58.2%DFAI+55.4%FEP

Expense ratio: DFAI 0.18%, better; FEP 0.80%
Fund size: DFAI $18.2B; FEP $484M
1Y total return: DFAI +15.9%, better; FEP +14.1%
Yield (12M): DFAI 2.44%; FEP 3.09%, better
Holdings: DFAI 3767; FEP 209
Avg volume (30D): DFAI 1.81M sh, better; FEP 24.5K sh
NAV per share: DFAI $41.47; FEP $56.56
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, FEP, with each pillar’s weight
Pillar	DFAI	FEP
Cost30% weight	A91Higher	F5
Mission25% weight	B63	Not scored
Risk15% weight	C49Higher	D34
Tradability15% weight	A81Higher	C50
Holdings10% weight	A80Higher	B58
Durability5% weight	A71Higher	B69

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and FEP 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 FEP 25th 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 23DIFLOVictoryShares International Free Cash Flow ETFScore 37
Rank 25DFEPFirst Trust Europe AlphaDEX FundScore 31
Rank 25DIDYNiShares International Equity Factor Rotation Active ETFScore 31

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

FEPDFirst Trust Europe AlphaDEX Fund

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.

FEP Most multifactor international funds sweep in the whole developed world. FEP sticks to Europe, ranking developed-European stocks on growth and value marks through First Trust's AlphaDEX screen rather than by market size.

Stated mandate

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

FEP The Fund seeks to track, before fees and expenses, the Nasdaq AlphaDEX® EuropeTM Index, an equity index selecting and weighting developed-European securities through the AlphaDEX® methodology.

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.

FEP Europe-only by design: a rules-based screen selects and weights developed-European stocks on growth and value marks instead of on who carries the biggest market cap.ftportfolios.com
Live since 2011, making it one of the longer-tenured factor-screened Europe equity ETFs, and it has stayed a multi-hundred-million-dollar fund.
Rules do the picking, not a manager's hunch: it tracks the Nasdaq AlphaDEX Europe Index, holds roughly 200 stocks and pays quarterly.

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.

FEP Cost is the sticking point: 0.80% a year, well above the norm for international multifactor funds. Peers like INTF and GSIE charge a fraction of that.
One of the thinner-traded names in its category, so bid-ask spreads can run wider than at the group's heavyweights.
Developed Europe only. No Japan, Canada or Asia-Pacific, so it is a slice of international equity rather than the whole allocation.ftportfolios.com

Full DFAI profile⁠

Full FEP profile⁠

DFAI vs FEP Holdings

How DFAI and FEP differ

Overlap by weight

11.4%

Shared holdings make up 75.9% of FEP and 12.4% of DFAI.

Level by level

Holdings157 in both11.4%
Countryby domicile48.8%
Sector11 Sectors84.8%
Asset classEquity100%

Sector

Sector weights in DFAI and FEP, widest gap first
Sector	More in DFAIMore in FEP	DFAI	FEP
Technology	DFAI +5.8 points	10.5%	4.7%
Health Care	DFAI +4.9 points	8.7%	3.8%
Real Estate	FEP +4.5 points	1.2%	5.7%
Materials	FEP +4.3 points	8.9%	13.2%
Energy	FEP +3.5 points	7.1%	10.6%
Financials	DFAI +2.9 points	24.6%	21.7%
Consumer Staples	DFAI +1.5 points	6.2%	4.7%
Communication	FEP +1.5 points	3.6%	5.1%
Consumer Discretionary	FEP +1.3 points	7.7%	9.0%
Industrials	FEP +0.1 points	17.7%	17.8%
Utilities	FEP +0.1 points	3.7%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and FEP, widest gap first
Country	More in DFAIMore in FEP	DFAI	FEP
Japan	DFAI +24.3 points	24.3%	0.0%
Canada	DFAI +11.4 points	11.4%	0.0%
United Kingdom	FEP +9.0 points	11.7%	20.7%
Australia	DFAI +6.0 points	6.0%	0.0%
Norway	FEP +5.0 points	0.9%	5.9%
Switzerland	DFAI +5.0 points	8.6%	3.6%
France	FEP +4.7 points	6.4%	11.1%
Belgium	FEP +4.5 points	0.9%	5.4%
Other countries (20)	FEP +23.5 points	29.9%	53.4%

Outside the US: DFAI 99% developed, 1% emerging. FEP 97% developed, 3% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.8%
FEP9.3%

Securities held

DFAI3,749
FEP202

Asset class

DFAI: Equity
FEP: Equity

Holdings

Only in DFAI3,592
In both157
Only in FEP45

Only in DFAI

3,592 securities, 87.4% of DFAI by weight

Asml Holding NV1.90%
Roche Holding AG1.19%
Hsbc Holdings PLC0.96%
Nestle SA0.87%
Astrazeneca PLC0.79%
Mitsubishi Ufj Financial0.76%
Novartis AG Adr0.70%
Royal Bank of Canada0.64%
Toyota Motor Corp0.63%
Advantest Corp0.62%
Recruit Holdings Co Ltd0.59%
Bhp Group Ltd0.58%
Sap SE0.57%
Bp PLC0.57%
Sony Group Corp0.57%
Siemens AG0.56%
Toronto-Dominion Bank0.53%
Commonwealth Bank of Aust0.51%
Tokyo Electron Ltd0.51%
Rolls-Royce Holdings PLC0.48%
Hitachi Ltd0.45%
Deutsche Telekom AG0.41%
Asml Holding NV0.41%
Schneider Electric SE0.40%
Unicredit Spa0.40%
Canadian Natural Resource0.40%
Unilever PLC0.39%
Sumitomo Mitsui Financial0.38%
Iberdrola SA0.38%
Dbs Group Holdings Ltd0.38%
Suncor Energy Inc.0.37%
Safran SA0.36%
Tokio Marine Holdings Inc0.36%
Zurich Insurance Group AG0.36%
Siemens Energy AG0.36%
Mizuho Financial Group In0.36%
Gsk PLC0.35%
Air Liquide SA0.35%
Bank of Nova Scotia/The0.35%
Airbus SE0.34%
Abb Ltd0.34%
Barclays PLC0.33%
Royal Bank of Canada0.31%
Fujikura Ltd0.30%
Intesa Sanpaolo Spa0.30%
Aia Group Ltd0.30%
Bnp Paribas SA0.30%
Enel Spa0.30%
L'oreal SA0.29%
Cie Financiere Richemont0.29%

Only in FEP

45 securities, 24.0% of FEP by weight

JD Sports Fashion Plc0.95%
Sofina S.A.0.93%
Investor AB (Class B)0.90%
L E Lundbergforetagen AB (Class B)0.85%
Industrivarden AB (Class C)0.84%
Aedifica SA0.82%
Klepierre0.82%
Metlen Energy & Metals Plc0.81%
A.P. Moeller - Maersk A/S (Class B)0.80%
Motor Oil (Hellas) Corinth Refineries S.A.0.80%
3i Group Plc0.79%
Balfour Beatty Plc0.78%
Piraeus Bank S.A.0.74%
Aker ASA (Class A)0.74%
The British Land Company Plc0.72%
Merlin Properties SOCIMI, S.A.0.63%
SSAB AB (Class B)0.62%
Renishaw Plc0.62%
KBC Ancora SCA0.61%
Harbour Energy Plc0.60%
BP Plc0.58%
Aviva Plc0.54%
Fastighets AB Balder (Class B)0.52%
Ryanair Holdings Plc (ADR)0.51%
Volvo Car AB (Class B)0.51%
M&G Plc0.51%
Unibail-Rodamco-Westfield0.50%
Covivio0.48%
International Consolidated Airlines Group S.A.0.47%
BT Group Plc0.40%
Essity Aktiebolag (Class B)0.37%
Tenaris S.A.0.36%
AB Sagax (Class B)0.36%
Warehouses de Pauw SCA0.33%
Hellenic Telecommunications Organization S.A.0.32%
Aberdeen Group PLC0.30%
Gek Terna S.a.0.29%
Compass Group Plc0.19%
Getinge AB (Class B)0.19%
Novo Nordisk A/S (Class B)0.17%
Autoliv, Inc. (SDR)0.17%
Tele2 AB (Class B)0.17%
Alpha Bank S.A.0.15%
Eurobank S.A.0.15%
TK Accelis Group AG & Co. KGaA0.07%

Weight gaps

The 100 widest of 157 Holdings in both funds.

Holding weights in DFAI and FEP, widest gap first
Holding	More in DFAIMore in FEP	DFAI	FEP
Var Energi Asa	FEP +1.00 points	0.02%	1.02%
Frasers Group PLCFRAS.L	FEP +0.93 points	<0.01%	0.94%
Teleperformance	FEP +0.92 points	0.02%	0.94%
Indra Sistemas SA	FEP +0.88 points	0.03%	0.91%
Standard Life PLCSDLF.L	FEP +0.86 points	0.02%	0.88%
Buzzi Unicem Spa	FEP +0.86 points	0.02%	0.88%
Man Group Plc/JerseyEMG.L	FEP +0.83 points	0.02%	0.85%
Vontobel Holding AG	FEP +0.81 points	0.02%	0.83%
Iss A/S	FEP +0.80 points	0.03%	0.83%
Yara International Asa	FEP +0.78 points	0.03%	0.81%
Legal & General Group PLCLGEN.L	FEP +0.78 points	0.10%	0.88%
Demant A/S	FEP +0.76 points	0.02%	0.78%
Computacenter PLCCCC.L	FEP +0.75 points	0.02%	0.77%
Boliden Ab	FEP +0.74 points	0.08%	0.82%
Vonovia SE	FEP +0.74 points	0.04%	0.78%
Koninklijke Vopak NV	FEP +0.74 points	0.01%	0.75%
Arcelormittal SA	FEP +0.70 points	0.04%	0.74%
Kingspan Group PLC	FEP +0.70 points	0.07%	0.77%
Genmab A/S	FEP +0.70 points	0.11%	0.81%
Prosus NV	FEP +0.69 points	0.11%	0.80%
Vodafone Group PLCVOD.L	FEP +0.68 points	0.14%	0.82%
Kesko Oyj	FEP +0.68 points	0.05%	0.73%
Elis SA	FEP +0.68 points	0.03%	0.71%
Lion Finance Group PLCBGEO.L	FEP +0.68 points	0.03%	0.71%
Umicore SA	FEP +0.68 points	0.01%	0.69%
Associated British FoodsABF.L	FEP +0.67 points	0.03%	0.70%
Aurubis AG	FEP +0.67 points	0.02%	0.69%
A2A Spa	FEP +0.67 points	0.03%	0.70%
Rs Group PLC	FEP +0.66 points	0.02%	0.68%
Storebrand Asa	FEP +0.66 points	0.04%	0.70%
Equinor Asa	FEP +0.65 points	0.13%	0.78%
Sonae Sgps SA	FEP +0.65 points	<0.01%	0.66%
Basf SE	FEP +0.65 points	0.23%	0.88%
Thyssenkrupp AG	FEP +0.65 points	0.03%	0.68%
Omv AG	FEP +0.64 points	0.06%	0.70%
Repsol SA	FEP +0.64 points	0.21%	0.85%
Uniqa Insurance Group AG	FEP +0.64 points	<0.01%	0.65%
Dredging Environmental &	FEP +0.64 points	<0.01%	0.64%
Wallenius Wilhelmsen Asa	FEP +0.64 points	0.01%	0.65%
Fresenius Medical Care AG	FEP +0.63 points	0.04%	0.67%
Sbm Offshore NV	FEP +0.63 points	0.03%	0.66%
Persimmon PLCPSN.L	FEP +0.61 points	0.03%	0.64%
Bayerische Motoren Werke	FEP +0.61 points	0.08%	0.69%
Aegon Ltd	FEP +0.61 points	0.02%	0.63%
Smiths Group PLCSMIN.L	FEP +0.60 points	0.04%	0.64%
Heidelberg Materials AG	FEP +0.60 points	0.10%	0.70%
Acerinox SA	FEP +0.59 points	0.02%	0.61%
Raiffeisen Bank Internati	FEP +0.60 points	<0.01%	0.60%
Glencore PLCGLEN.L	FEP +0.58 points	0.21%	0.79%
Colruyt Group N.v.	FEP +0.57 points	<0.01%	0.58%
Unipol Gruppo Spa	FEP +0.57 points	0.05%	0.62%
Edenred	FEP +0.57 points	0.01%	0.58%
Capgemini SE	FEP +0.53 points	0.07%	0.60%
Kion Group AG	FEP +0.54 points	0.01%	0.55%
Nn Group NV	FEP +0.53 points	0.13%	0.66%
Mercedes-Benz Group AG	FEP +0.53 points	0.13%	0.66%
Orange SA	FEP +0.53 points	0.17%	0.70%
De' Longhi Spa	FEP +0.52 points	0.01%	0.53%
Telenor Asa	FEP +0.52 points	0.02%	0.54%
Michelin	FEP +0.51 points	0.11%	0.62%
Renault SA	FEP +0.51 points	0.02%	0.53%
Kingfisher PLCKGF.L	FEP +0.49 points	0.04%	0.53%
Hera Spa	FEP +0.49 points	0.02%	0.51%
Vallourec SA	FEP +0.48 points	0.02%	0.50%
Evonik Industries AG	FEP +0.48 points	0.03%	0.51%
Adecco Group AG	FEP +0.48 points	0.01%	0.49%
Cie De Saint-Gobain	FEP +0.48 points	0.17%	0.65%
United Internet AG	FEP +0.48 points	0.01%	0.49%
Pirelli & C Spa	FEP +0.46 points	0.02%	0.48%
Aalberts NV	FEP +0.46 points	0.02%	0.48%
Deutsche Lufthansa AG	FEP +0.46 points	<0.01%	0.46%
Jyske Bank A/S	FEP +0.46 points	0.03%	0.49%
Eiffage SA	FEP +0.45 points	0.05%	0.50%
Andritz AG	FEP +0.45 points	0.03%	0.48%
Credito Emiliano Spa	FEP +0.44 points	<0.01%	0.45%
Ageas Sa/Nv	FEP +0.45 points	0.06%	0.51%
Dhl AG	FEP +0.44 points	0.24%	0.68%
Stora Enso Oyj	FEP +0.43 points	0.03%	0.46%
Asr Nederland NV	FEP +0.43 points	0.09%	0.52%
Voestalpine AG	FEP +0.42 points	0.03%	0.45%
Volkswagen AG	FEP +0.42 points	0.07%	0.49%
Galp Energia Sgps SA	FEP +0.42 points	0.04%	0.46%
Koninklijke Ahold Delhaiz	FEP +0.38 points	0.13%	0.51%
Randstad NV	FEP +0.37 points	0.01%	0.38%
Vestas Wind Systems A/S	FEP +0.37 points	0.11%	0.48%
Reply Spa	FEP +0.37 points	0.01%	0.38%
Grifols SA	FEP +0.37 points	0.01%	0.38%
Whitbread PLCWTB.L	FEP +0.36 points	0.03%	0.39%
Dksh Holding AG	FEP +0.36 points	0.02%	0.38%
Wpp PLCWPP.L	FEP +0.36 points	0.01%	0.37%
Vienna Insurance Group AG	FEP +0.34 points	<0.01%	0.35%
Abn Amro Bank NV	FEP +0.33 points	0.12%	0.45%
Enagas SA	FEP +0.33 points	0.02%	0.35%
Shell PLCSHEL.L	DFAI +0.33 points	1.29%	0.96%
Danske Bank A/S	FEP +0.33 points	0.13%	0.46%
Fraport AG Frankfurt Airp	FEP +0.33 points	0.01%	0.34%
J Sainsbury PLCSBRY.L	FEP +0.31 points	0.04%	0.35%
Marks & Spencer Group PLCMKS.L	FEP +0.31 points	0.05%	0.36%
Centrica PLCCNA.L	FEP +0.31 points	0.04%	0.35%
Hiscox LtdHSX.L	FEP +0.30 points	0.04%	0.34%

All 3,869 DFAI holdings⁠All 203 FEP 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 FEP Cost

Overpaying FEP vs DFAI

$11,597

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

DFAI 0.18%
$3,749
FEP 0.80%
$15,346

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
FEP 0.80%
Overpaying

Year by year

Year	DFAI	FEP	Overpaying
10	$328	$1,422	$1,094
20	$1,281	$5,393	$4,112
30	$3,749	$15,346	$11,597

Expense ratio

0.18%DFAI, cheaper
0.80%FEP

DFAI0.18%FEP0.80%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

FEP 27th cheapest of 30 funds

DFAI vs FEP Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAI 2.44%; FEP 3.09%, better
Payout (12M): DFAI $1.01; FEP $1.74
Last payment: DFAI $0.18; FEP $0.33
Ex-dividend: DFAI Sep 22, 2026; FEP Sep 24, 2026
Paid on: DFAI Sep 24, 2026; FEP Sep 30, 2026
Frequency: DFAI Quarterly; FEP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

FEPQuarterly · 38 paymentsAll FEP payments⁠

DFAI vs FEP Risk

Fall from peak · 5 years

DFAI
FEP

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%, betterFEP 14.4%
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33FEP 1.39, better
Worst fallMax drawdown, 5 years: DFAI −27.4%, betterFEP −38.3%
Market sensitivityBeta, 5 years: DFAI 0.91FEP 0.90; Market = 1

DFAI and FEP 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 FEP

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and FEP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in FEP

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 FEP differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in FEP

Weight gaps