DFAI vs IMFL: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

Invesco International Developed Dynamic Multifactor ETF

IMFLCCboe

Overlap

53.5%by weight

Expense ratio

DFAI −0.16pt a year

DFAI0.18%IMFL0.34%

Avg volume · 30D

DFAI 26.5×the volume

DFAI1.81MIMFL68.4K

5Y return · a year

DFAI +1.0pt

DFAI+9.6%IMFL+8.6%

DFAI vs IMFL Performance

Oct 29, 2021 – Oct 30, 2026

+58.2%DFAI+51.1%IMFL

Expense ratio: DFAI 0.18%, better; IMFL 0.34%
Fund size: DFAI $18.2B; IMFL $1.1B
1Y total return: DFAI +15.9%; IMFL +21.0%, better
Yield (12M): DFAI 2.44%; IMFL 3.44%, better
Holdings: DFAI 3767; IMFL 1159
Avg volume (30D): DFAI 1.81M sh, better; IMFL 68.4K sh
NAV per share: DFAI $41.47; IMFL $33.41
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, IMFL, with each pillar’s weight
Pillar	DFAI	IMFL
Cost30% weight	A91Higher	C50
Mission25% weight	B63	Not scored
Risk15% weight	C49Higher	D38
Tradability15% weight	A81Higher	C47
Holdings10% weight	A80Higher	C45
Durability5% weight	A71Higher	B60

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and IMFL 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 IMFL 19th 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 16CUIVMVictoryShares International Value Momentum ETFScore 47
Rank 19CIMFLInvesco International Developed Dynamic Multifactor ETFScore 46
Rank 20CJHMDJohn Hancock Multifactor Developed International ETFScore 45

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

IMFLCInvesco International Developed Dynamic Multifactor 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.

IMFL Most international factor funds pick a factor mix and leave it alone. IMFL re-weights monthly, letting Invesco's regime model read where the economy sits in its cycle and shift the tilt across value, momentum, quality, low volatility and size.

Stated mandate

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

IMFL The Fund is based on the FTSE Developed ex US Invesco Dynamic Multifactor Index and invests at least 80% of its total assets in securities included in that 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.

IMFL The rotation is rules-based, not a hunch: the index rebalances monthly on Invesco's Regime Model, built from readings like manufacturing and consumer sentiment, monetary conditions, housing and labor data.invesco.com etfstrategy.com
A 0.34% expense ratio sits under the typical fee in its international multifactor group, which is unusual for a strategy with an active-style overlay running on top of the index.
Wide, not concentrated: roughly 900 developed-market stocks outside the US, drawn from the FTSE Developed ex US universe, with at least 80% of assets in index names.
A multi-billion-dollar fund that trades with reasonable regularity, and it pays distributions 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.

IMFL The regime call is a judgment layer. When the model reads the cycle differently than markets do, IMFL can drift well away from a plain developed ex-US index in either direction.invesco.com
Static factor blends in the same group cost less, notably INTF at 0.16% and FDEV at 0.18%. The rotation machinery is what you are paying the difference for.
Monthly reweighting means more portfolio turnover than a once-a-year rebalance, and the index is measured on a net-return basis, after foreign withholding taxes.invesco.com

Full DFAI profile⁠

Full IMFL profile⁠

DFAI vs IMFL Holdings

How DFAI and IMFL differ

Overlap by weight

53.5%

Shared holdings make up 79.0% of IMFL and 73.2% of DFAI.

Level by level

Holdings882 in both53.5%
Countryby domicile82.0%
Sector11 Sectors87.7%
Asset classEquity100%

Sector

Sector weights in DFAI and IMFL, widest gap first
Sector	More in DFAIMore in IMFL	DFAI	IMFL
Financials	DFAI +9.4 points	24.6%	15.2%
Technology	IMFL +5.6 points	10.5%	16.1%
Health Care	IMFL +2.4 points	8.7%	11.1%
Consumer Staples	IMFL +2.0 points	6.2%	8.2%
Industrials	IMFL +1.5 points	17.7%	19.2%
Materials	DFAI +1.4 points	8.9%	7.5%
Energy	DFAI +1.1 points	7.1%	6.0%
Real Estate	IMFL +0.5 points	1.2%	1.7%
Consumer Discretionary	DFAI +0.4 points	7.7%	7.3%
Communication	IMFL +0.3 points	3.6%	3.9%
Utilities	IMFL +0.1 points	3.7%	3.8%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and IMFL, widest gap first
Country	More in DFAIMore in IMFL	DFAI	IMFL
South Korea	IMFL +10.0 points	0.0%	10.0%
Japan	DFAI +6.3 points	24.3%	18.0%
Canada	DFAI +5.3 points	11.4%	6.1%
Switzerland	IMFL +2.9 points	8.6%	11.5%
Germany	DFAI +1.8 points	7.2%	5.4%
France	IMFL +1.8 points	6.4%	8.2%
Sweden	IMFL +1.4 points	2.9%	4.3%
Australia	IMFL +1.3 points	6.0%	7.3%
Other countries (24)	DFAI +3.9 points	33.1%	29.2%

Outside the US: DFAI 99% developed, 1% emerging. IMFL 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.8%
IMFL20.8%

Securities held

DFAI3,749
IMFL1,154

Asset class

DFAI: Equity
IMFL: Equity

Holdings

Only in DFAI2,867
In both882
Only in IMFL272

Only in DFAI

2,867 securities, 26.5% of DFAI by weight

Asml Holding NV1.90%
Astrazeneca PLC0.79%
Novartis AG Adr0.70%
Totalenergies SE0.69%
Royal Bank of Canada0.64%
Intesa Sanpaolo Spa0.30%
Bayer AG0.28%
Bank of Montreal0.26%
Banco Bilbao Vizcaya Arge0.26%
Compass Group PLC0.24%
Tesco PLC0.23%
Basf SE0.23%
Shopify Inc0.23%
Ubs Group AG0.22%
Canadian Imperial Bank of0.21%
National Bank of Canada0.20%
Bhp Group Ltd0.18%
Dollarama Inc0.18%
Fairfax Financial Holding0.17%
Givaudan SA0.17%
Sunbelt Rentals Holdings0.17%
Intact Financial Corp0.16%
Alimentation Couche0.16%
Toronto-Dominion Bank/The0.15%
Sun Life Financial Inc0.13%
Mercedes-Benz Group AG0.13%
Adidas AG0.13%
Celestica Inc0.13%
Banco Santander SA0.13%
Sumitomo Mitsui Financial0.12%
Ibiden Co Ltd0.12%
Constellation Software In0.12%
Sumitomo Mitsui Trust0.11%
Manulife Financial Corp0.11%
Commerzbank Ag-Tend0.11%
Mitsui E&S Co Ltd0.11%
Bca Mps0.10%
Teck Resources Ltd0.10%
Helvetia Baloise Holding0.10%
Loblaw Cos Ltd0.10%
Intercontinental Hotels G0.09%
Tourmaline Oil Corp0.09%
Lasertec Corp0.09%
Argenx SE0.09%
Nebius Group NV0.08%
Bombardier Inc0.08%
Ferrovial NV0.08%
Cenovus Energy Inc0.08%
Henkel AG & Co Kgaa0.07%
Arcelormittal SA0.07%

Only in IMFL

272 securities, 20.7% of IMFL by weight

Samsung Electronics Co Ltd4.41%
SK hynix Inc2.14%
Investor AB1.36%
AstraZeneca PLC1.10%
Samsung Electronics Co Ltd0.61%
3i Group PLC0.39%
Investor AB0.36%
Tesco PLC0.30%
Intact Financial Corp0.26%
Goodman Group0.24%
Kia Corp0.23%
Fairfax Financial Holdings Ltd0.21%
Compass Group PLC0.21%
Dollarama Inc0.19%
Industrivarden AB0.17%
Givaudan SA0.17%
Basf SE0.16%
Hyundai Mobis Co Ltd0.16%
ORIX Corp0.16%
InterContinental Hotels Group PLC0.15%
Intesa Sanpaolo SpA0.14%
Brookfield Asset Management Ltd0.14%
Orlen SA0.13%
Loblaw Cos Ltd0.13%
KT&G Corp0.13%
KB Financial Group Inc0.12%
Kyocera Corp0.11%
Henkel AG & Co KGaA0.11%
Industrivarden AB0.11%
Samsung Fire & Marine Insurance Co Ltd0.11%
Samsung Biologics Co Ltd0.11%
Alimentation Couche-Tard Inc0.10%
NAVER Corp0.10%
Celltrion Inc0.10%
Hiscox Ltd0.10%
CK Hutchison Holdings Ltd0.09%
Toromont Industries Ltd0.09%
Scentre Group0.09%
Hyundai Motor Co0.08%
Shinhan Financial Group Co Ltd0.08%
Smiths Group PLC0.08%
Ferrovial NV0.08%
Samsung Electro-Mechanics Co Ltd0.08%
Imi PLC0.07%
Tenaris SA0.07%
Vicinity Ltd0.07%
STMicroelectronics NV0.07%
Klepierre SA0.07%
Powszechna Kasa Oszczednosci Bank Polski SA0.07%
Hana Financial Group Inc0.07%

Weight gaps

The 100 widest of 882 Holdings in both funds.

Holding weights in DFAI and IMFL, widest gap first
Holding	More in DFAIMore in IMFL	DFAI	IMFL
Novartis AG	IMFL +2.13 points	0.28%	2.41%
Asml Holding NV	IMFL +2.09 points	0.41%	2.50%
Totalenergies SETTE	IMFL +1.09 points	<0.01%	1.09%
Roche Holding AG	IMFL +1.04 points	1.19%	2.23%
Bhp Group Ltd	IMFL +0.82 points	0.58%	1.40%
Nestle SA	IMFL +0.72 points	0.87%	1.59%
Hsbc Holdings PLCHSBA.L	DFAI +0.71 points	0.96%	0.25%
Mitsubishi Ufj Financial	DFAI +0.65 points	0.76%	0.11%
Advantest Corp	DFAI +0.57 points	0.62%	0.05%
Abb Ltd	IMFL +0.53 points	0.34%	0.87%
Sap SE	IMFL +0.43 points	0.57%	1.00%
Schneider Electric SE	IMFL +0.42 points	0.40%	0.82%
Shell PLCSHEL.L	IMFL +0.40 points	1.29%	1.69%
Sanofi	IMFL +0.40 points	0.27%	0.67%
Toronto-Dominion BankTD	DFAI +0.38 points	0.53%	0.15%
Air Liquide SA	IMFL +0.36 points	0.35%	0.71%
Hitachi Ltd	IMFL +0.34 points	0.45%	0.79%
Keyence Corp	IMFL +0.33 points	0.17%	0.50%
Safran SA	IMFL +0.33 points	0.36%	0.69%
Tokyo Electron Ltd	DFAI +0.32 points	0.51%	0.19%
L'oreal SA	IMFL +0.32 points	0.29%	0.61%
Mizuho Financial Group In	DFAI +0.30 points	0.36%	0.06%
Bank of Nova Scotia/TheBNS	DFAI +0.30 points	0.35%	0.05%
Fujikura Ltd	DFAI +0.29 points	0.30%	<0.01%
Sumitomo Mitsui Financial	DFAI +0.28 points	0.38%	0.10%
Sampo PLC	IMFL +0.28 points	0.11%	0.39%
Barclays PLCBARC.L	DFAI +0.26 points	0.33%	0.07%
Unicredit Spa	DFAI +0.26 points	0.40%	0.14%
Industria De Diseno Texti	IMFL +0.26 points	0.22%	0.48%
Shin-Etsu Chemical Co Ltd	IMFL +0.26 points	0.19%	0.45%
Allianz SE	DFAI +0.25 points	0.61%	0.36%
Kioxia Holdings Corp	DFAI +0.24 points	0.25%	<0.01%
Toyota Motor Corp	DFAI +0.24 points	0.63%	0.39%
Siemens Energy AG	DFAI +0.24 points	0.36%	0.12%
Novo Nordisk A/S	IMFL +0.23 points	0.27%	0.50%
Commonwealth Bank of Aust	DFAI +0.23 points	0.51%	0.28%
Mitsubishi Electric Corp	IMFL +0.23 points	0.13%	0.36%
Rio Tinto PLCRIO.L	IMFL +0.23 points	0.27%	0.50%
Unilever PLCULVR.L	IMFL +0.22 points	0.39%	0.61%
Iberdrola SA	IMFL +0.22 points	0.38%	0.60%
Bnp Paribas SA	DFAI +0.22 points	0.30%	0.08%
Shopify Inc- Class ASHOP	DFAI +0.22 points	0.23%	0.01%
Qbe Insurance Group Ltd	IMFL +0.21 points	0.13%	0.34%
Computershare Ltd	IMFL +0.20 points	0.06%	0.26%
Infineon Technologies AG	DFAI +0.20 points	0.26%	0.06%
Takeda Pharmaceutical Co	DFAI +0.19 points	0.22%	0.03%
Banco Santander SA	DFAI +0.19 points	0.39%	0.20%
Standard Chartered PLCSTAN.L	DFAI +0.19 points	0.22%	0.03%
Canadian National RailwayCNI	IMFL +0.18 points	0.18%	0.36%
Rolls-Royce Holdings PLCRR.L	DFAI +0.18 points	0.48%	0.30%
Woolworths Group Ltd	IMFL +0.17 points	0.12%	0.29%
Bp PLCBP.L	DFAI +0.17 points	0.57%	0.40%
Lloyds Banking Group PLCLLOY.L	DFAI +0.17 points	0.26%	0.09%
Wesfarmers Ltd	IMFL +0.17 points	0.20%	0.37%
British American TobaccoBATS.L	IMFL +0.17 points	0.34%	0.51%
Deutsche Boerse AG	DFAI +0.17 points	0.26%	0.09%
Lvmh Moet Hennessy Louis	IMFL +0.17 points	0.19%	0.36%
Hoya Corp	IMFL +0.17 points	0.20%	0.37%
Brookfield CorpBN	DFAI +0.16 points	0.18%	0.02%
Societe Generale SA	DFAI +0.17 points	0.19%	0.02%
Ing Groep NV	DFAI +0.16 points	0.28%	0.12%
Natwest Group PLCNWG.L	DFAI +0.16 points	0.24%	0.08%
Royal Bank of CanadaRY	DFAI +0.15 points	0.31%	0.16%
Medibank Pvt Ltd	IMFL +0.15 points	0.04%	0.19%
Canadian Pacific Kansas CCP	IMFL +0.16 points	0.15%	0.31%
Anglo American Ord NpvAAL.L	DFAI +0.16 points	0.19%	0.03%
Dbs Group Holdings Ltd	DFAI +0.15 points	0.38%	0.23%
Siemens AG	DFAI +0.15 points	0.56%	0.41%
Mitsui & Co Ltd	DFAI +0.14 points	0.20%	0.06%
Admiral Group PLCADM.L	IMFL +0.14 points	0.06%	0.20%
Gsk PLCGSK.L	IMFL +0.15 points	0.35%	0.50%
National Australia Bank L	DFAI +0.15 points	0.29%	0.14%
Westpac Banking Corp	DFAI +0.14 points	0.28%	0.14%
Rheinmetall AG	DFAI +0.14 points	0.16%	0.02%
Daiichi Life Group Inc	DFAI +0.14 points	0.17%	0.03%
Koninklijke Ahold Delhaiz	IMFL +0.14 points	0.13%	0.27%
Nintendo Co Ltd	IMFL +0.13 points	0.12%	0.25%
Anz Group Holdings	DFAI +0.13 points	0.26%	0.13%
Fanuc Corp	IMFL +0.13 points	0.07%	0.20%
Ubs Group AG	DFAI +0.13 points	0.23%	0.10%
Argenx SE	IMFL +0.13 points	0.05%	0.18%
Bridgestone Corp	IMFL +0.12 points	0.12%	0.24%
Fast Retailing Co Ltd	IMFL +0.12 points	0.27%	0.39%
Singapore Exchange Ltd	IMFL +0.12 points	0.06%	0.18%
Elbit Systems LtdESLT	IMFL +0.12 points	0.03%	0.15%
Kddi Corp	IMFL +0.12 points	0.20%	0.32%
Bae Systems PLCBA.L	IMFL +0.12 points	0.22%	0.34%
Csl Ltd	IMFL +0.11 points	0.12%	0.23%
Panasonic Holdings Corp	DFAI +0.12 points	0.17%	0.05%
Next PLCNXT.L	IMFL +0.11 points	0.11%	0.22%
Deutsche Bank AGDB	DFAI +0.11 points	0.15%	0.04%
Lonza Group AG	DFAI +0.11 points	0.23%	0.12%
Teva Pharmaceutical Indus	IMFL +0.11 points	0.07%	0.18%
Enel Spa	IMFL +0.10 points	0.30%	0.40%
Otsuka Holdings Co Ltd	IMFL +0.10 points	0.12%	0.22%
Nordea Bank Abp	DFAI +0.11 points	0.19%	0.08%
Swiss Life Holding AG	DFAI +0.11 points	0.15%	0.04%
Asm International NV	DFAI +0.10 points	0.18%	0.08%
Nn Group NV	DFAI +0.10 points	0.13%	0.03%
Atlas Copco Ab	IMFL +0.10 points	0.04%	0.14%

All 3,869 DFAI holdings⁠All 1,154 IMFL 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 IMFL Cost

Overpaying IMFL vs DFAI

$3,183

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

DFAI 0.18%
$3,749
IMFL 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
IMFL 0.34%
Overpaying

Year by year

Year	DFAI	IMFL	Overpaying
10	$328	$616	$288
20	$1,281	$2,386	$1,105
30	$3,749	$6,932	$3,183

Expense ratio

0.18%DFAI, cheaper
0.34%IMFL

DFAI0.18%IMFL0.34%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

IMFL 15th cheapest of 30 funds

DFAI vs IMFL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAI 2.44%; IMFL 3.44%, better
Payout (12M): DFAI $1.01; IMFL $1.15
Last payment: DFAI $0.18; IMFL $0.39
Ex-dividend: DFAI Sep 22, 2026; IMFL Sep 21, 2026
Paid on: DFAI Sep 24, 2026; IMFL Sep 25, 2026
Frequency: DFAI Quarterly; IMFL Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

IMFLQuarterly · 22 paymentsAll IMFL payments⁠

DFAI vs IMFL Risk

Fall from peak · 5 years

DFAI
IMFL

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%, betterIMFL 13.1%
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33, betterIMFL 1.04
Worst fallMax drawdown, 5 years: DFAI −27.4%, betterIMFL −31.5%
Market sensitivityBeta, 5 years: DFAI 0.91IMFL 0.86; Market = 1

DFAI and IMFL 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 IMFL

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and IMFL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in IMFL

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 IMFL differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in IMFL

Weight gaps