DFAI vs IFLO: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

VictoryShares International Free Cash Flow ETF

IFLODNasdaq

Overlap

7.8%by weight

Expense ratio

DFAI −0.38pt a year

DFAI0.18%IFLO0.56%

Avg volume · 30D

DFAI 37.6×the volume

DFAI1.81MIFLO48.3K

DFAI vs IFLO Performance

Oct 31, 2025 – Oct 30, 2026

+15.9%DFAI+34.4%IFLO

Expense ratio: DFAI 0.18%, better; IFLO 0.56%
Fund size: DFAI $18.2B; IFLO $300M
1Y total return: DFAI +15.9%; IFLO +34.4%, better
Yield (12M): DFAI 2.44%, better; IFLO 1.70%
Holdings: DFAI 3767; IFLO 102
Avg volume (30D): DFAI 1.81M sh, better; IFLO 48.3K sh
NAV per share: DFAI $41.47; IFLO $36.14
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, IFLO, with each pillar’s weight
Pillar	DFAI	IFLO
Cost30% weight	A91Higher	F14
Mission25% weight	B63	A89Higher
Risk15% weight	C49	A84Higher
Tradability15% weight	A81Higher	C46
Holdings10% weight	A80Higher	D31
Durability5% weight	A71Higher	D29

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and IFLO 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 IFLO 23rd 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 23DDWMFWisdomTree International Multifactor FundScore 37
Rank 23DIFLOVictoryShares International Free Cash Flow ETFScore 37
Rank 25DFEPFirst Trust Europe AlphaDEX FundScore 31

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

IFLODVictoryShares International Free Cash Flow 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.

IFLO Free cash flow is the number that's hardest to dress up, and IFLO takes that lens overseas. It tracks a rules-based Victory index of roughly 110 developed-market companies screened on cash generation rather than reported earnings.

Stated mandate

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

IFLO The Fund seeks to track, before fees and expenses, the Victory International Free Cash Flow Index.

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.

IFLO Clean, stated mandate: track the Victory International Free Cash Flow Index. Rules-based construction, no manager stock-picking on top, so what you buy is what the methodology selects.
A cash-flow screen is a different lens than the low-volatility and momentum tilts that fill most of the international factor shelf (EFAV, IDMO, QLVD).
Roughly 110 developed-market holdings: focused enough that the screen actually shows up in the portfolio, broad enough that no single name runs the show.

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.

IFLO At 1.05% a year, this is a premium-priced ticket in a cohort where broad international factor funds run a fraction of that (EFAV 0.20%, QLVD 0.15%).
Launched in 2025, so there is no long record here and no full market cycle to judge how the cash-flow screen behaves overseas.
Small asset base and thin trading volume, which typically means wider bid-ask spreads than the household-name international ETFs. Distributions arrive on an irregular schedule.

Full DFAI profile⁠

Full IFLO profile⁠

DFAI vs IFLO Holdings

How DFAI and IFLO differ

Overlap by weight

7.8%

Shared holdings make up 92.0% of IFLO and 7.8% of DFAI.

Level by level

Holdings92 in both7.8%
Sector11 Sectors70.5%
Countryby domicile73.8%
Asset classEquity100%

Sector

Sector weights in DFAI and IFLO, widest gap first
Sector	More in DFAIMore in IFLO	DFAI	IFLO
Financials	DFAI +23.8 points	24.6%	0.8%
Energy	IFLO +8.0 points	7.1%	15.1%
Technology	IFLO +7.5 points	10.5%	18.0%
Industrials	IFLO +5.0 points	17.7%	22.7%
Consumer Discretionary	IFLO +4.3 points	7.7%	12.0%
Communication	IFLO +4.1 points	3.6%	7.7%
Utilities	DFAI +2.9 points	3.7%	0.8%
Consumer Staples	DFAI +1.5 points	6.2%	4.7%
Real Estate	DFAI +1.2 points	1.2%	0.0%
Health Care	IFLO +0.7 points	8.7%	9.4%
Materials	DFAI +0.1 points	8.9%	8.8%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and IFLO, widest gap first
Country	More in DFAIMore in IFLO	DFAI	IFLO
Canada	IFLO +9.1 points	11.4%	20.5%
Switzerland	DFAI +8.6 points	8.6%	0.0%
France	IFLO +7.1 points	6.4%	13.5%
United Kingdom	DFAI +4.4 points	11.7%	7.3%
Australia	DFAI +4.0 points	6.0%	2.0%
Norway	IFLO +3.3 points	0.9%	4.2%
Japan	DFAI +3.1 points	24.3%	21.2%
Germany	IFLO +2.2 points	7.2%	9.4%
Other countries (19)	DFAI +1.6 points	23.5%	21.9%

Outside the US: DFAI 99% developed, 1% emerging. IFLO 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.8%
IFLO21.4%

Securities held

DFAI3,749
IFLO100

Asset class

DFAI: Equity
IFLO: Equity

Holdings

Only in DFAI3,657
In both92
Only in IFLO8

Only in DFAI

3,657 securities, 92.1% of DFAI by weight

Asml Holding NV1.90%
Shell PLC1.29%
Roche Holding AG1.19%
Hsbc Holdings PLC0.96%
Nestle SA0.87%
Astrazeneca PLC0.79%
Mitsubishi Ufj Financial0.76%
Novartis AG Adr0.70%
Totalenergies SE0.69%
Royal Bank of Canada0.64%
Toyota Motor Corp0.63%
Advantest Corp0.62%
Allianz SE0.61%
Recruit Holdings Co Ltd0.59%
Bhp Group Ltd0.58%
Bp PLC0.57%
Siemens AG0.56%
Toronto-Dominion Bank0.53%
Commonwealth Bank of Aust0.51%
Tokyo Electron Ltd0.51%
Rolls-Royce Holdings PLC0.48%
Hitachi Ltd0.45%
Asml Holding NV0.41%
Schneider Electric SE0.40%
Unicredit Spa0.40%
Canadian Natural Resource0.40%
Unilever PLC0.39%
Banco Santander SA0.39%
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%
Mizuho Financial Group In0.36%
Air Liquide SA0.35%
Bank of Nova Scotia/The0.35%
Airbus SE0.34%
Abb Ltd0.34%
British American Tobacco0.34%
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 IFLO

8 securities, 8.0% of IFLO by weight

International Consolidate1.60%
Nxp Semiconductor NV1.40%
Dassault Systemes SE1.23%
Check Point Software Tec1.21%
Tesco PLC1.06%
Autoliv Inc0.54%
Kawasaki Kisen Kaisha Ltd0.53%
Recordati Spa0.39%

Weight gaps

All 92 Holdings in both funds, largest gap first.

Holding weights in DFAI and IFLO, widest gap first
Holding	More in DFAIMore in IFLO	DFAI	IFLO
Suncor Energy Inc	IFLO +2.76 points	0.06%	2.82%
Kioxia Holdings Corp	IFLO +2.51 points	0.25%	2.76%
Astellas Pharma Inc	IFLO +2.22 points	0.13%	2.35%
Canadian Natural Resource	IFLO +2.10 points	0.05%	2.15%
Deutsche Telekom AG	IFLO +1.98 points	0.41%	2.39%
Sanofi	IFLO +1.90 points	0.27%	2.17%
Capgemini SE	IFLO +1.68 points	0.07%	1.75%
Denso Corp	IFLO +1.61 points	0.06%	1.67%
Imperial Oil Ltd	IFLO +1.54 points	0.05%	1.59%
Cgi Inc	IFLO +1.48 points	<0.01%	1.49%
Frontline PLC	IFLO +1.45 points	0.03%	1.48%
Endeavour Mining PLCEDV.L	IFLO +1.44 points	0.01%	1.45%
Constellation Software In	IFLO +1.40 points	0.12%	1.52%
Publicis Groupe SA	IFLO +1.39 points	0.13%	1.52%
Kinross Gold Corp	IFLO +1.39 points	0.03%	1.42%
Wolters Kluwer NV	IFLO +1.37 points	0.03%	1.40%
Vinci SA	IFLO +1.28 points	0.22%	1.50%
Var Energi Asa	IFLO +1.23 points	0.02%	1.25%
Magna International Inc	IFLO +1.22 points	0.04%	1.26%
Whitecap Resources Inc	IFLO +1.19 points	0.07%	1.26%
Subaru Corp	IFLO +1.19 points	0.04%	1.23%
Barrick Mining Corp	IFLO +1.18 points	0.04%	1.22%
Eiffage SA	IFLO +1.16 points	0.05%	1.21%
Sap SE	IFLO +1.16 points	0.57%	1.73%
Gsk PLCGSK.L	IFLO +1.12 points	0.35%	1.47%
Universal Music Group NV	IFLO +1.08 points	0.07%	1.15%
Saipem Spa	IFLO +1.08 points	0.03%	1.11%
Heidelberg Materials AG	IFLO +1.05 points	0.10%	1.15%
Ucb SA	IFLO +1.05 points	0.17%	1.22%
Siemens Energy AG	IFLO +1.04 points	0.36%	1.40%
Koninklijke Ahold Delhaiz	IFLO +1.03 points	0.13%	1.16%
Galp Energia Sgps SA	IFLO +1.01 points	0.04%	1.05%
Obayashi Corp	IFLO +0.98 points	0.05%	1.03%
Heineken NV	IFLO +0.99 points	0.09%	1.08%
Sony Group Corp	IFLO +0.98 points	0.57%	1.55%
Bridgestone Corp	IFLO +0.96 points	0.12%	1.08%
Thales SA	IFLO +0.93 points	0.11%	1.04%
Aker Bp Asa	IFLO +0.90 points	0.06%	0.96%
Alimentation Couche	IFLO +0.89 points	0.16%	1.05%
Acs Actividades De Constr	IFLO +0.88 points	0.08%	0.95%
Neste Oyj	IFLO +0.88 points	0.05%	0.93%
Subsea 7 SA	IFLO +0.86 points	0.04%	0.90%
Rogers Communications Inc	IFLO +0.86 points	0.04%	0.90%
Adidas AG	IFLO +0.86 points	0.13%	0.99%
Aisin Corp	IFLO +0.85 points	0.03%	0.88%
Pan American Silver Corp	IFLO +0.83 points	0.04%	0.87%
Evolution Ab	IFLO +0.81 points	0.03%	0.84%
Kajima Corp	IFLO +0.82 points	0.05%	0.87%
Origin Energy Ltd	IFLO +0.82 points	0.06%	0.88%
Koninklijke Philips NV	IFLO +0.80 points	0.06%	0.86%
Ipsen SA	IFLO +0.80 points	0.03%	0.83%
Amadeus It Group SA	IFLO +0.78 points	0.09%	0.87%
Canon Inc	IFLO +0.77 points	0.07%	0.84%
Bouygues SA	IFLO +0.74 points	0.07%	0.81%
Renesas Electronics Corp	IFLO +0.73 points	0.09%	0.82%
Kone Oyj	IFLO +0.71 points	0.08%	0.79%
Informa PLCINF.L	IFLO +0.67 points	0.06%	0.73%
Secom Co Ltd	IFLO +0.64 points	0.07%	0.71%
Kirin Holdings Co Ltd	IFLO +0.65 points	0.06%	0.71%
Computershare Ltd	IFLO +0.64 points	0.06%	0.70%
Suzuki Motor Corp	IFLO +0.63 points	0.12%	0.75%
Deutsche Lufthansa AG	IFLO +0.63 points	<0.01%	0.63%
Skanska Ab	IFLO +0.62 points	0.04%	0.66%
Smith & Nephew PLCSN.L	IFLO +0.62 points	0.04%	0.66%
Japan Airlines Co Ltd	IFLO +0.58 points	0.02%	0.60%
Vestas Wind Systems A/S	IFLO +0.57 points	0.11%	0.68%
Norsk Hydro Asa	IFLO +0.57 points	0.03%	0.60%
Galaxy Entertainment Grou	IFLO +0.53 points	0.04%	0.57%
Dpm Metals Inc	IFLO +0.52 points	0.03%	0.55%
Bureau Veritas SA	IFLO +0.51 points	0.06%	0.57%
Andritz AG	IFLO +0.51 points	0.03%	0.54%
Quebecor Inc	IFLO +0.49 points	0.03%	0.52%
Taisei Corp	IFLO +0.48 points	0.05%	0.53%
Wartsila Oyj Abp	IFLO +0.47 points	0.06%	0.53%
Nexon Co Ltd	IFLO +0.47 points	0.02%	0.49%
Gea Group AG	IFLO +0.47 points	0.05%	0.52%
Moncler Spa	IFLO +0.47 points	0.04%	0.51%
Gildan Activewear Inc	IFLO +0.45 points	<0.01%	0.46%
Securitas Ab	IFLO +0.44 points	0.04%	0.48%
Lundin Gold Inc	IFLO +0.41 points	0.03%	0.44%
Orkla Asa	IFLO +0.41 points	0.02%	0.43%
Ccl Industries Inc	IFLO +0.40 points	0.05%	0.45%
Makita Corp	IFLO +0.39 points	0.03%	0.42%
Spie SA	IFLO +0.40 points	0.03%	0.43%
Konecranes Oyj	IFLO +0.37 points	0.02%	0.39%
Mineral Resources Ltd	IFLO +0.36 points	0.01%	0.37%
Stantec Inc	IFLO +0.36 points	0.01%	0.37%
Nemetschek SE	IFLO +0.35 points	0.01%	0.36%
Nippon Express Holdings C	IFLO +0.34 points	0.04%	0.38%
Saputo Inc	IFLO +0.34 points	0.03%	0.37%
Gaztransport Et Technigaz	IFLO +0.33 points	0.03%	0.36%
Otsuka Corp	IFLO +0.31 points	0.03%	0.34%

All 3,869 DFAI holdings⁠All 107 IFLO 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 IFLO Cost

Overpaying IFLO vs DFAI

$7,339

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

DFAI 0.18%
$3,749
IFLO 0.56%
$11,088

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
IFLO 0.56%
Overpaying

Year by year

Year	DFAI	IFLO	Overpaying
10	$328	$1,006	$678
20	$1,281	$3,855	$2,574
30	$3,749	$11,088	$7,339

Expense ratio

0.18%DFAI, cheaper
0.56%IFLO

DFAI0.18%IFLO0.56%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

IFLO 26th cheapest of 30 funds

DFAI vs IFLO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAI 2.44%, better; IFLO 1.70%
Payout (12M): DFAI $1.01; IFLO $0.61
Last payment: DFAI $0.18; IFLO $0.12
Ex-dividend: DFAI Sep 22, 2026; IFLO Oct 8, 2026
Paid on: DFAI Sep 24, 2026; IFLO Oct 9, 2026
Frequency: DFAI Quarterly; IFLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DFAIQuarterly · 15 paymentsAll DFAI payments⁠

IFLOMonthly · 11 paymentsAll IFLO payments⁠

DFAI vs IFLO 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%IFLO 12.1%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33IFLO 2.00since Jul 2025
Worst fallMax drawdown, 5 years: DFAI −27.4%IFLO −7.0%since Jun 2025
Market sensitivityBeta, 5 years: DFAI 0.91IFLO 0.28; Market = 1

DFAI and IFLO 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 IFLO

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and IFLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in IFLO

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 IFLO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in IFLO

Weight gaps