DFAU vs FELC: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

Fidelity Enhanced Large Cap Core ETF

FELCANYSE Arca

Overlap

62.3%by weight

Expense ratio

DFAU −0.06pt a year

DFAU0.12%FELC0.18%

Avg volume · 30D

FELC 1.5×the volume

DFAU555KFELC832K

DFAU vs FELC Performance

Oct 31, 2025 – Oct 30, 2026

+13.2%DFAU+13.4%FELC

Expense ratio: DFAU 0.12%, better; FELC 0.18%
Fund size: DFAU $12.9B; FELC $8.61B
1Y total return: DFAU +13.2%; FELC +13.4%, better
Yield (12M): DFAU 0.90%, better; FELC 0.85%
Holdings: DFAU 2165; FELC 315
Avg volume (30D): DFAU 555K sh; FELC 832K sh, better
NAV per share: DFAU $52.28; FELC $42.67
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, FELC, with each pillar’s weight
Pillar	DFAU	FELC
Cost30% weight	A97Higher	A94
Mission25% weight	A83	A84Higher
Risk15% weight	B65Higher	B64
Tradability15% weight	A87Higher	A84
Holdings10% weight	A84Higher	A72
Durability5% weight	A91	A94Higher

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and FELC 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 ›

DFAU ranks 2nd and FELC 4th 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 4AFELCFidelity Enhanced Large Cap Core ETFScore 83
Rank 6AEBILongview Advantage ETFScore 82

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

FELCAFidelity Enhanced Large Cap Core ETF

In short

DFAU Active management priced like an index fund. Dimensional spreads across roughly 2,400 US stocks, then tilts the weights toward value, profitability and momentum instead of simply mirroring the Russell 3000.

FELC Active management priced like an index fund. Fidelity's quant screens tilt a roughly 220-stock large-cap portfolio toward value, growth and quality signals, with the S&P 500 as the yardstick, for 0.18% a year.

Stated mandate

DFAU Seeks long-term capital appreciation. It uses an integrated research, portfolio-design, management, and trading process to build a broadly diversified portfolio of U.S. companies while balancing long-term return drivers, risk, shorter-term considerations, and trading costs.

FELC The fund seeks long-term capital appreciation.

Why people hold it

DFAU Charges 0.12% a year, well under the 0.65% median for active US equity funds and the cheapest of the top-graded names in its group (AVLC, DFAC, FELC).
Holds roughly 2,400 US companies, so no single name steers the fund. Whole-market coverage, not a concentrated bet.
Active without the stock-picking drama: it leans weights toward value, profitability and momentum, using the Russell 3000 as its reference point rather than a rigid rulebook.
A multi-billion-dollar fund that trades actively, and one of the strongest overall implementations in its active US equity peer group.

FELC 0.18% a year, well under the median fee for active US equity funds. Index-fund pricing with a stock-picking overlay on top.
The screen is three-pronged: valuation, growth and quality signals, applied across about 220 large caps and measured against the S&P 500.
A multi-billion-dollar, actively traded fund whose strategy has been on the books since 2007. Size and volume make it easy to get in and out of.
One of the stronger implementations in its active US equity peer group: cheap, liquid, and running the mandate its prospectus describes.

Worth knowing

DFAU Those tilts cut both ways: results can drift from a plain Russell 3000 fund for long stretches, in either direction.
No published index behind it. The trade-off for flexibility is that you're buying Dimensional's process, not a public set of rules you can check line by line.
Distributions land quarterly, not monthly, and the mandate is long-term capital appreciation rather than income.

FELC Benchmarked to the S&P 500 and holding about 220 of its large caps, so it lives in the same neighborhood as a plain index fund. The tilts are the entire difference.
Models pick the stocks, not an index. That means results can land on either side of the S&P 500 in any given stretch.
The stated goal is long-term capital appreciation, not income. Distributions arrive quarterly as a byproduct of a fully invested stock portfolio, with no hedge or buffer.

Full DFAU profile⁠

Full FELC profile⁠

DFAU vs FELC Holdings

How DFAU and FELC differ

Overlap by weight

62.3%

Shared holdings make up 94.1% of FELC and 71.3% of DFAU.

Level by level

Holdings275 in both62.3%
Sector11 Sectors90.8%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in DFAU and FELC, widest gap first
Sector	More in DFAUMore in FELC	DFAU	FELC
Technology	FELC +4.9 points	36.6%	41.5%
Consumer Discretionary	DFAU +2.0 points	9.4%	7.4%
Energy	DFAU +2.0 points	4.9%	2.9%
Consumer Staples	DFAU +1.9 points	4.7%	2.8%
Communication	FELC +1.7 points	8.0%	9.7%
Real Estate	FELC +1.4 points	0.1%	1.5%
Materials	DFAU +1.3 points	2.7%	1.4%
Utilities	DFAU +1.2 points	2.1%	0.9%
Health Care	DFAU +0.7 points	9.7%	9.0%
Industrials	FELC +0.6 points	8.9%	9.5%
Financials	FELC +0.4 points	12.9%	13.3%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and FELC, widest gap first
Country	More in DFAUMore in FELC	DFAU	FELC
United States	FELC +0.7 points	99.3%	100.0%
Other countries (10)	DFAU +0.7 points	0.7%	0.0%

Concentration

Weight in the 10 largest Holdings

DFAU33.4%
FELC38.0%

Securities held

DFAU2,164
FELC312

Asset class

DFAU: Equity
FELC: Equity

Holdings

Only in DFAU1,889
In both275
Only in FELC37

Only in DFAU

1,889 securities, 28.6% of DFAU by weight

Amgen Inc0.36%
New Linde PLC0.30%
American Express Co.0.26%
Walt Disney Co/The0.22%
Mcdonald's Corp.0.21%
Deere & Co.0.20%
Palo Alto Networks Inc0.20%
Nextera Energy Inc0.20%
Phillips 660.19%
BlackRock Funding Inc/De0.18%
Newmont Corp0.18%
Accenture PLC0.17%
Eaton Corp PLC0.17%
Valero Energy Corp0.17%
Johnson Controls Intl0.17%
Royal Caribbean Cruises0.16%
Chubb Limited0.15%
Synopsys Inc0.15%
Emerson Elec Co0.15%
Medtronic PLC0.15%
Slb Ltd0.15%
Mondelez Intl0.15%
Vertex Pharmaceuticals0.15%
Sherwin-Williams Co0.14%
Cintas Corp.0.14%
Automatic Data Processing0.14%
Intuitive Surgical Inc.0.14%
Cvs Health Corp0.14%
Aon PLC0.14%
Marriott Intl Class A0.14%
United Rentals Inc.0.14%
Boeing Co/The0.13%
Marsh & Mclennan Cos Inc0.13%
Moody's Corporation0.13%
Republic Services Inc0.13%
Metlife Inc.0.13%
Lowe's Cos Inc0.13%
Nxp Semiconductors NV0.13%
Ups Inc. Class B0.13%
Cheniere Energy Inc0.13%
Booking Holdings Inc0.13%
Waste Management Inc.0.13%
Te Connectivity PLC0.13%
Hilton Worldwide Hold0.13%
Kinder Morgan Inc.0.12%
Marvell Technology Inc0.12%
Stryker Corp0.12%
Targa Resources Corp0.12%
Apollo Global Management0.12%
Air Products & Chemicals0.12%

Only in FELC

37 securities, 4.6% of FELC by weight

Block Inc Class A0.54%
Welltower Inc0.49%
Elevance Health Inc0.48%
Johnson Controls Internatl PLC0.44%
American Tower Corp0.42%
Nxp Semiconductors NV0.40%
Eaton Corp PLC0.37%
Fiserv Inc0.33%
Crh Plc(Us)0.28%
Securities Lending Cf0.13%
Outfront Media Inc0.13%
Prologis Inc Reit0.10%
Ust Bills 0% 12/10/260.10%
Lamar Advertising Co Class A0.08%
Gaming and Leisure Proprti Inc0.08%
Allegion PLC0.08%
Ust Bills 0% 11/19/260.07%
Navan Inc A0.05%
Flutter Entertainment PLC<0.01%
Healthpeak Properties Inc<0.01%
Silicon Laboratories Inc<0.01%
Equinix Inc<0.01%
Tempus Ai Inc<0.01%
Regency Centers Corp Reit0.00%
Linde PLC0.00%
Vici Pptys Inc0.00%
Ventas Inc Reit0.00%
Willis Towers Watson PLC0.00%
Public Storage0.00%
Glaukos Corp0.00%
Oklo Inc0.00%
Draftkings Holdings Inc0.00%
Applied Digital Corp0.00%
Zoetis Inc Class A0.00%
Phillips Edison & Co0.00%
Arrowhead Pharmaceuticals Inc0.00%
Millrose Properties Inc0.00%

Weight gaps

The 100 widest of 275 Holdings in both funds.

Holding weights in DFAU and FELC, widest gap first
Holding	More in DFAUMore in FELC	DFAU	FELC
NVIDIA CorpNVDA	FELC +1.23 points	6.79%	8.02%
Berkshire Hathaway Cl-BBRK.B	FELC +0.89 points	1.15%	2.04%
Apple Inc.AAPL	FELC +0.84 points	7.10%	7.94%
Eli Lilly and CompanyLLY	FELC +0.63 points	1.45%	2.08%
Amazon.com Inc.AMZN	FELC +0.59 points	3.14%	3.73%
Gilead Sciences IncGILD	FELC +0.58 points	0.30%	0.88%
JPMorgan Chase & CoJPM	FELC +0.56 points	1.21%	1.77%
Uber Technologies IncUBER	FELC +0.54 points	0.13%	0.67%
The Charles Schwab Corp.SCHW	FELC +0.54 points	0.17%	0.71%
Regeneron PharmaceuticalsREGN	FELC +0.54 points	0.13%	0.67%
Airbnb IncABNB	FELC +0.53 points	0.07%	0.60%
Alphabet Inc - Class AGOOGL	FELC +0.53 points	2.14%	2.67%
Ge Vernova LlcGEV	FELC +0.52 points	0.20%	0.72%
Trane Technologies PLCTT	FELC +0.52 points	0.11%	0.63%
Broadcom IncAVGO	FELC +0.52 points	2.04%	2.56%
UnitedHealth Group Inc.UNH	FELC +0.52 points	0.40%	0.92%
Bristol-Myers Squibb Co.BMY	FELC +0.50 points	0.21%	0.71%
Microsoft CorpMSFT	DFAU +0.50 points	5.62%	5.12%
Bank of New York MellonBNY	FELC +0.47 points	0.13%	0.60%
Cisco Systems Inc.CSCO	FELC +0.45 points	0.54%	0.99%
Ford Motor CoF	FELC +0.45 points	0.10%	0.55%
Adobe IncADBE	FELC +0.45 points	0.11%	0.56%
Western DigitalWDC	FELC +0.45 points	0.24%	0.69%
Progressive CorpPGR	FELC +0.44 points	0.18%	0.62%
General Dynamics Corp.GD	FELC +0.44 points	0.09%	0.53%
Mastercard Inc - AMA	FELC +0.42 points	0.69%	1.11%
Unity Software IncU	FELC +0.42 points	0.04%	0.46%
Fortinet IncFTNT	FELC +0.41 points	0.12%	0.53%
Texas Instruments Inc.TXN	FELC +0.40 points	0.36%	0.76%
Parker-Hannifin CorpPH	FELC +0.39 points	0.14%	0.53%
Wells Fargo & Co.WFC	FELC +0.38 points	0.34%	0.72%
Crowdstrike Holdings IncCRWD	FELC +0.38 points	0.14%	0.52%
Boston Scientific Corp.BSX	FELC +0.36 points	0.03%	0.39%
Rtx CorpRTX	FELC +0.35 points	0.31%	0.66%
Bank of America CorpBAC	FELC +0.34 points	0.39%	0.73%
Allstate Corp.ALL	FELC +0.33 points	0.15%	0.48%
General Electric CompanyGE	FELC +0.33 points	0.38%	0.71%
Merck & Company IncMRK	FELC +0.33 points	0.53%	0.86%
Comcast Corp New Class ACMCSA	FELC +0.33 points	0.05%	0.38%
Johnson & JohnsonJNJ	DFAU +0.33 points	0.78%	0.45%
Commercial Metals CoCMC	FELC +0.32 points	0.01%	0.33%
Veralto CorpVLTO	FELC +0.31 points	0.05%	0.36%
Ametek IncAME	FELC +0.31 points	0.09%	0.40%
Verizon CommunicationsVZ	DFAU +0.30 points	0.30%	0.00%
Sempra EnergySRE	FELC +0.29 points	0.09%	0.38%
Lyft IncLYFT	FELC +0.29 points	0.01%	0.30%
Chevron Corp.CVX	FELC +0.28 points	0.56%	0.84%
Veeva Systems IncVEEV	FELC +0.28 points	0.06%	0.34%
Maplebear IncCART	FELC +0.28 points	0.02%	0.30%
Meta Platforms IncMETA	FELC +0.27 points	1.78%	2.05%
Occidental Petroleum CorpOXY	FELC +0.26 points	0.14%	0.40%
Intel CorpINTC	FELC +0.26 points	0.48%	0.74%
Applied Materials Inc.AMAT	FELC +0.25 points	0.39%	0.64%
Ecolab IncECL	FELC +0.25 points	0.15%	0.40%
Analog Devices Inc.ADI	DFAU +0.24 points	0.24%	<0.01%
Oracle Corp.ORCL	DFAU +0.24 points	0.38%	0.14%
Home Depot IncHD	DFAU +0.24 points	0.46%	0.22%
General MotorsGM	FELC +0.23 points	0.17%	0.40%
Netapp Inc.NTAP	FELC +0.24 points	0.08%	0.32%
Tesla IncTSLA	DFAU +0.23 points	1.35%	1.12%
Altria Group Inc.MO	FELC +0.23 points	0.15%	0.38%
Docusign IncDOCU	FELC +0.23 points	0.02%	0.25%
Hubspot IncHUBS	FELC +0.22 points	<0.01%	0.22%
Kla CorpKLAC	DFAU +0.23 points	0.29%	0.06%
AT&T Inc.T	FELC +0.23 points	0.19%	0.42%
Pfizer Inc.PFE	FELC +0.22 points	0.19%	0.41%
Amphenol Corp Class AAPH	FELC +0.20 points	0.25%	0.45%
Tjx Companies Inc.TJX	DFAU +0.20 points	0.20%	0.00%
Goldman Sachs Group Inc.GS	FELC +0.20 points	0.35%	0.55%
Keysight Technologies IncKEYS	FELC +0.19 points	0.10%	0.29%
Qualcomm Inc.QCOM	FELC +0.19 points	0.29%	0.48%
Cme Group Inc.CME	FELC +0.18 points	0.11%	0.29%
Avery Dennison CorpAVY	FELC +0.18 points	0.03%	0.21%
Advanced Micro DevicesAMD	DFAU +0.18 points	1.02%	0.84%
S&P Global IncSPGI	FELC +0.18 points	0.16%	0.34%
Caterpillar Inc.CAT	FELC +0.18 points	0.35%	0.53%
Comfort Systems Usa IncFIX	FELC +0.17 points	0.08%	0.25%
Lam Research CorpLRCX	DFAU +0.18 points	0.36%	0.18%
Howmet Aerospace IncHWM	FELC +0.18 points	0.09%	0.27%
Micron Technology Inc.MU	FELC +0.17 points	1.62%	1.79%
Sandisk Corp/DeSNDK	FELC +0.17 points	0.27%	0.44%
Ross Stores Inc.ROST	FELC +0.16 points	0.14%	0.30%
Nucor Corp.NUE	FELC +0.16 points	0.12%	0.28%
Hewlett-Packard EnterprisHPE	DFAU +0.16 points	0.16%	<0.01%
Incyte CorpINCY	FELC +0.16 points	0.05%	0.21%
Netflix.com Inc.NFLX	FELC +0.16 points	0.24%	0.40%
Intercontinental ExchangeICE	DFAU +0.16 points	0.16%	<0.01%
Lockheed Martin Corp.LMT	DFAU +0.16 points	0.20%	0.04%
Hartford Insurance GroupHIG	FELC +0.16 points	0.08%	0.24%
Ppl CorporationPPL	FELC +0.16 points	0.04%	0.20%
Philip Morris IntlPM	DFAU +0.15 points	0.37%	0.22%
Chime Financial IncCHYM	FELC +0.16 points	0.01%	0.17%
Morgan StanleyMS	FELC +0.15 points	0.29%	0.44%
Motorola Solutions Inc.MSI	DFAU +0.15 points	0.15%	<0.01%
Gartner Group IncIT	FELC +0.16 points	<0.01%	0.16%
Cirrus Logic IncCRUS	FELC +0.15 points	0.01%	0.16%
Union Pac Corp.UNP	DFAU +0.14 points	0.25%	0.11%
Travelers Companies Inc.TRV	FELC +0.15 points	0.19%	0.34%
Seagate Technology HoldSTX	FELC +0.14 points	0.21%	0.35%
Fedex CorpFDX	FELC +0.13 points	0.14%	0.27%

All 2,381 DFAU holdings⁠All 219 FELC 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.

DFAU vs FELC Cost

Overpaying FELC vs DFAU

$1,229

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

DFAU 0.12%
$2,520
FELC 0.18%
$3,749

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
FELC 0.18%
Overpaying

Year by year

Year	DFAU	FELC	Overpaying
10	$220	$328	$108
20	$859	$1,281	$422
30	$2,520	$3,749	$1,229

Expense ratio

0.12%DFAU, cheaper
0.18%FELC

DFAU0.12%FELC0.18%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

FELC 9th cheapest of 121 funds

DFAU vs FELC Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAU 0.90%, better; FELC 0.85%
Payout (12M): DFAU $0.47; FELC $0.36
Last payment: DFAU $0.12; FELC $0.09
Ex-dividend: DFAU Sep 22, 2026; FELC Sep 18, 2026
Paid on: DFAU Sep 24, 2026; FELC Sep 22, 2026
Frequency: DFAU Quarterly; FELC Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

DFAUQuarterly · 24 paymentsAll DFAU payments⁠

FELCQuarterly · 14 paymentsAll FELC payments⁠

DFAU vs FELC Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAU 12.4%FELC 11.8%since Dec 2023
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38FELC 1.30since Dec 2023
Worst fallMax drawdown, 5 years: DFAU −23.6%FELC −18.6%since Nov 2023
Market sensitivityBeta, 5 years: DFAU 1.01FELC 1.01; Market = 1

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