DFAU vs MODL: Grades, Fees and Holdings Compared

Dimensional US Core Equity Market ETF

DFAUANYSE Arca

VictoryShares WestEnd U.S. Sector ETF

MODLANasdaq

Overlap

63.9%by weight

Expense ratio

DFAU −0.34pt a year

DFAU0.12%MODL0.46%

Avg volume · 30D

DFAU 11.3×the volume

DFAU555KMODL49.2K

3Y return · a year

DFAU +0.5pt

DFAU+21.6%MODL+21.1%

DFAU vs MODL Performance

Oct 31, 2025 – Nov 2, 2026

+12.9%DFAU+10.2%MODL

Expense ratio: DFAU 0.12%, better; MODL 0.46%
Fund size: DFAU $12.8B; MODL $1.07B
1Y total return: DFAU +12.9%, better; MODL +10.2%
Yield (12M): DFAU 0.91%, better; MODL 0.69%
Holdings: DFAU 2163; MODL 361
Avg volume (30D): DFAU 555K sh, better; MODL 49.2K sh
NAV per share: DFAU $52.07; MODL $51.94
52W range

ETF.net Grade

Pillar letters and Scores for DFAU, MODL, with each pillar’s weight
Pillar	DFAU	MODL
Cost30% weight	A97Higher	A71
Mission25% weight	A83	Not scored
Risk15% weight	B65	B66Higher
Tradability15% weight	A87Higher	A78
Holdings10% weight	A84Higher	A78
Durability5% weight	A91Higher	A77

Rank among US Active Equity funds

How we build Categories ›

Same Category. DFAU and MODL 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 MODL 16th 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 16AFEACFidelity Enhanced U.S. All-Cap Equity ETFScore 72
Rank 16AMODLVictoryShares WestEnd U.S. Sector ETFScore 72
Rank 20AMSLCMorgan Stanley Pathway Large Cap Equity ETFScore 71

Our read on each fund

ETF.net Research

DFAUADimensional US Core Equity Market ETF

MODLAVictoryShares WestEnd U.S. Sector 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.

MODL Most active US equity funds argue about stocks. MODL argues about sectors: WestEnd's macro team owns four to six economic sectors at a time, names the ones it won't touch, and caps any single sector at 35% at purchase.

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.

MODL 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.

MODL The rules are spelled out: four to six economic sectors at any given time, none above 35% of net assets at the time of purchase. You know the concentration ceiling before you own it.vcm.com
The distinctive move is the avoidance list. WestEnd names the sectors it sees facing the biggest headwinds and simply doesn't hold them, rather than owning a little of everything.vcm.com
0.49% a year for an actively rotated sector strategy, below the 0.65% typical of active US equity funds. Cheap is not the usual adjective for macro-driven allocation.
A billion-dollar-plus fund that distributes monthly, and it sits in the upper tier of a crowded active US equity field on our review.

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.

MODL Sector calls are the entire engine. Concentrating in a handful of sectors can mean sharper swings than a broadly diversified US portfolio, in either direction.vcm.com
Cheap for active, not cheap outright: strong peers like DFAU (0.12%) and AVLC (0.15%) deliver broad US equity for a fraction of the fee.
Launched in 2022, so the ETF's own live record is short next to the multi-decade histories of the index funds it competes with.

Full DFAU profile⁠

Full MODL profile⁠

DFAU vs MODL Holdings

How DFAU and MODL differ

Overlap by weight

63.9%

Shared holdings make up 96.1% of MODL and 72.3% of DFAU.

Level by level

Holdings336 in both63.9%
Sector11 Sectors75.1%
Asset classEquity100%
Countryby domicile99.7%

Sector

Sector weights in DFAU and MODL, widest gap first
Sector	More in DFAUMore in MODL	DFAU	MODL
Health Care	MODL +8.6 points	9.7%	18.3%
Utilities	MODL +8.6 points	2.1%	10.7%
Communication	MODL +5.7 points	8.0%	13.7%
Energy	DFAU +4.9 points	4.9%	0.0%
Technology	DFAU +4.7 points	36.6%	31.9%
Consumer Staples	DFAU +4.7 points	4.7%	0.0%
Consumer Discretionary	DFAU +3.8 points	9.4%	5.6%
Industrials	DFAU +3.8 points	8.9%	5.1%
Financials	DFAU +2.7 points	12.9%	10.2%
Materials	MODL +1.9 points	2.7%	4.6%
Real Estate	DFAU +0.1 points	0.1%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DFAU and MODL, widest gap first
Country	More in DFAUMore in MODL	DFAU	MODL
United States	MODL +0.2 points	99.3%	99.5%
Switzerland	DFAU +0.1 points	0.3%	0.2%
China	Same weight	0.1%	0.1%
United Kingdom	Same weight	0.1%	0.1%
Ireland	MODL +0.1 points	0.0%	0.1%
Mexico	DFAU +0.1 points	0.1%	0.0%
Brazil	Same weight	0.0%	0.0%
Sweden	Same weight	0.0%	0.0%
Other countries (3)	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

DFAU33.2%
MODL35.7%

Securities held

DFAU2,162
MODL360

Asset class

DFAU: Equity
MODL: Equity

Holdings

Only in DFAU1,826
In both336
Only in MODL24

Only in DFAU

1,826 securities, 27.7% of DFAU by weight

Exxonmobil Holdings Corp1.11%
Walmart Inc.0.71%
Chevron Corp.0.58%
Procter & Gamble Co/The0.53%
Costco Wholesale Corp.0.50%
Coca Cola Co.0.47%
Philip Morris Intl0.38%
General Electric Company0.37%
Caterpillar Inc.0.34%
Rtx Corp0.32%
New Linde PLC0.31%
Conocophillips0.30%
Pepsico Inc.0.26%
Deere & Co.0.21%
Eog Resources Inc.0.20%
Ge Vernova Llc0.20%
Phillips 660.20%
Lockheed Martin Corp.0.20%
Marathon Petroleum Corp.0.19%
Accenture PLC0.18%
Valero Energy Corp0.18%
Eaton Corp PLC0.16%
3M Co.0.16%
Johnson Controls Intl0.16%
Royal Caribbean Cruises0.16%
Chubb Limited0.16%
Mondelez Intl0.16%
Slb Ltd0.15%
Medtronic PLC0.15%
Target Corp.0.15%
Altria Group Inc.0.15%
Emerson Elec Co0.15%
Automatic Data Processing0.15%
Occidental Petroleum Corp0.15%
Cintas Corp.0.15%
Illinois Tool Works Inc.0.15%
Northrop Grumman Corp.0.14%
Republic Services Inc0.14%
Cheniere Energy Inc0.14%
Boeing Co/The0.14%
Parker-Hannifin Corp0.13%
United Rentals Inc.0.13%
Waste Management Inc.0.13%
Nxp Semiconductors NV0.13%
Williams Cos. Inc.0.13%
Cummins Inc0.12%
Kinder Morgan Inc.0.12%
Monster Beverage Corp0.12%
Targa Resources Corp0.12%
Colgate-Palmolive Co0.12%

Only in MODL

24 securities, 3.9% of MODL by weight

New Linde PLC1.10%
Space Exploration Technol0.68%
Berkshire Hathaway Inc0.31%
Medtronic PLC0.24%
Spotify Technology SA0.20%
Accenture PLC0.19%
Chubb Limited0.18%
Elevance Health Inc0.18%
Becton Dickinson and Co.0.11%
Smurfit Westrock PLC0.10%
Lyondellbasell Industries0.08%
Royal Carribbean Cruises0.07%
Zoetis Inc0.07%
Strategy Inc0.06%
Royalty Pharma PLC0.06%
Block Inc0.05%
Willis Towers Watson PLC0.04%
Fiserv Inc.0.03%
Carnival Corp Ltd0.03%
Medline Inc0.03%
Fidelity National Info0.03%
Charter Communications In0.02%
Viking Holdings Ltd0.02%
Hologic Inc - Cvr0.00%

Weight gaps

The 100 widest of 336 Holdings in both funds.

Holding weights in DFAU and MODL, widest gap first
Holding	More in DFAUMore in MODL	DFAU	MODL
AbbVie Inc.ABBV	MODL +2.12 points	0.62%	2.74%
Alphabet Inc - Class AGOOGL	MODL +1.53 points	2.14%	3.67%
Alphabet IncGOOG	MODL +1.44 points	1.76%	3.20%
Meta Platforms IncMETA	MODL +1.25 points	1.78%	3.03%
Nextera Energy IncNEE	MODL +1.21 points	0.20%	1.41%
Amazon.com Inc.AMZN	DFAU +1.03 points	3.15%	2.12%
Apple Inc.AAPL	DFAU +0.96 points	7.13%	6.17%
Amgen IncAMGN	MODL +0.95 points	0.37%	1.32%
Microsoft CorpMSFT	DFAU +0.93 points	5.62%	4.69%
Union Pac Corp.UNP	MODL +0.91 points	0.26%	1.17%
Eli Lilly and CompanyLLY	MODL +0.87 points	1.52%	2.39%
Gilead Sciences IncGILD	MODL +0.80 points	0.31%	1.11%
NVIDIA CorpNVDA	DFAU +0.78 points	6.61%	5.83%
The Southern CompanySO	MODL +0.75 points	0.12%	0.87%
Uber Technologies IncUBER	MODL +0.70 points	0.13%	0.83%
Duke Energy Corp.DUK	MODL +0.70 points	0.11%	0.81%
Constellation Energy CorpCEG	MODL +0.63 points	0.09%	0.72%
Vertex PharmaceuticalsVRTX	MODL +0.59 points	0.15%	0.74%
Johnson & JohnsonJNJ	MODL +0.53 points	0.78%	1.31%
Csx CorpCSX	MODL +0.46 points	0.17%	0.63%
American Elec Power Inc.AEP	MODL +0.45 points	0.12%	0.57%
Thermo Fisher Scientific.TMO	MODL +0.44 points	0.27%	0.71%
Dominion Energy Inc.D	MODL +0.38 points	0.10%	0.47%
Norfolk Southern Corp.NSC	MODL +0.37 points	0.13%	0.50%
Sempra EnergySRE	MODL +0.37 points	0.09%	0.46%
Newmont CorpNEM	MODL +0.36 points	0.17%	0.53%
Tesla IncTSLA	DFAU +0.35 points	1.37%	1.02%
Entergy CorpETR	MODL +0.35 points	0.08%	0.43%
Micron Technology Inc.MU	DFAU +0.34 points	1.56%	1.22%
Regeneron PharmaceuticalsREGN	MODL +0.33 points	0.15%	0.48%
Netflix.com Inc.NFLX	MODL +0.32 points	0.25%	0.57%
Xcel Energy IncXEL	MODL +0.32 points	0.08%	0.40%
Moderna IncMRNA	MODL +0.33 points	0.10%	0.43%
UnitedHealth Group Inc.UNH	MODL +0.31 points	0.41%	0.72%
Exelon Corp.EXC	MODL +0.31 points	0.08%	0.39%
Vistra Energy CorpVST	MODL +0.29 points	0.08%	0.37%
Freeport-Mcmoran Inc.FCX	MODL +0.29 points	0.13%	0.42%
Consolidated Edison Inc.ED	MODL +0.28 points	0.07%	0.35%
Delta Air Lines Inc.DAL	MODL +0.28 points	0.11%	0.39%
Wec Energy GroupWEC	MODL +0.25 points	0.06%	0.31%
Danaher Corp.DHR	MODL +0.25 points	0.16%	0.41%
Public Service EntPEG	MODL +0.24 points	0.06%	0.30%
Ups Inc. Class BUPS	MODL +0.24 points	0.13%	0.37%
Natera IncNTRA	MODL +0.23 points	0.06%	0.29%
Air Products & ChemicalsAPD	MODL +0.21 points	0.12%	0.33%
Ecolab IncECL	MODL +0.21 points	0.15%	0.36%
Sherwin-Williams CoSHW	MODL +0.20 points	0.15%	0.35%
Walt Disney Co/TheDIS	MODL +0.21 points	0.22%	0.43%
Ameren Corp.AEE	MODL +0.20 points	0.05%	0.25%
Atmos Energy CorpATO	MODL +0.20 points	0.04%	0.24%
Pg & E CorpPCG	MODL +0.18 points	0.05%	0.23%
American Water Works Co IAWK	MODL +0.18 points	0.05%	0.23%
Dte Energy CoDTE	MODL +0.19 points	0.04%	0.23%
Centerpoint Energy IncCNP	MODL +0.18 points	0.05%	0.23%
Merck & Company IncMRK	MODL +0.18 points	0.55%	0.73%
Berkshire Hathaway Cl-BBRK.B	DFAU +0.18 points	1.17%	0.99%
Fedex CorpFDX	MODL +0.18 points	0.14%	0.32%
United Airlines HoldingsUAL	MODL +0.18 points	0.07%	0.25%
Firstenergy Corp.FE	MODL +0.18 points	0.04%	0.22%
Abbott LaboratoriesABT	MODL +0.17 points	0.19%	0.36%
Ppl CorporationPPL	MODL +0.18 points	0.04%	0.22%
Nucor Corp.NUE	MODL +0.17 points	0.12%	0.29%
Home Depot IncHD	DFAU +0.16 points	0.46%	0.30%
Crowdstrike Holdings IncCRWD	MODL +0.17 points	0.14%	0.31%
Eversource EnergyES	MODL +0.17 points	0.04%	0.21%
Palo Alto Networks IncPANW	MODL +0.16 points	0.20%	0.36%
Intuitive Surgical Inc.ISRG	MODL +0.16 points	0.14%	0.30%
Revolution Medicines IncRVMD	MODL +0.15 points	0.04%	0.19%
Edison Intl.EIX	MODL +0.14 points	0.04%	0.18%
Old Dominion FreightODFL	MODL +0.15 points	0.06%	0.21%
Pfizer Inc.PFE	MODL +0.15 points	0.20%	0.34%
Cms Energy Corp.CMS	MODL +0.15 points	0.03%	0.18%
Nisource Inc.NI	MODL +0.14 points	0.03%	0.17%
Biogen IncBIIB	MODL +0.14 points	0.06%	0.20%
Comcast Corp New Class ACMCSA	MODL +0.13 points	0.05%	0.18%
Evergy IncEVRG	MODL +0.13 points	0.03%	0.16%
AT&T Inc.T	MODL +0.13 points	0.20%	0.33%
Alliant Energy CorpLNT	MODL +0.12 points	0.03%	0.15%
Palantir Technologies IncPLTR	MODL +0.12 points	0.38%	0.50%
Nrg Energy IncNRG	MODL +0.12 points	0.04%	0.16%
Insmed IncINSM	MODL +0.11 points	0.02%	0.13%
Southwest AirlinesLUV	MODL +0.11 points	0.04%	0.15%
Vulcan Materials Co.VMC	MODL +0.11 points	0.06%	0.17%
General MotorsGM	DFAU +0.10 points	0.17%	0.07%
Verizon CommunicationsVZ	MODL +0.11 points	0.31%	0.42%
Talen Energy CorpTLN	MODL +0.10 points	0.02%	0.12%
Marvell Technology IncMRVL	MODL +0.10 points	0.11%	0.21%
Xpo IncXPO	MODL +0.10 points	0.04%	0.14%
Mckesson Corp.MCK	MODL +0.10 points	0.13%	0.23%
Stryker CorpSYK	MODL +0.10 points	0.11%	0.21%
Alnylam Pharmaceuticals IALNY	MODL +0.09 points	0.03%	0.12%
Dow IncDOW	MODL +0.09 points	0.03%	0.12%
Broadcom IncAVGO	DFAU +0.09 points	1.96%	1.87%
Cvs Health CorpCVS	MODL +0.09 points	0.14%	0.23%
Travelers Companies Inc.TRV	DFAU +0.09 points	0.20%	0.11%
Steel Dynamics IncSTLD	MODL +0.09 points	0.07%	0.16%
Oracle Corp.ORCL	DFAU +0.09 points	0.36%	0.27%
Boston Scientific Corp.BSX	MODL +0.09 points	0.03%	0.12%
United Therapeutics CorpUTHR	MODL +0.09 points	0.04%	0.13%
Advanced Micro DevicesAMD	MODL +0.09 points	0.92%	1.01%

All 2,381 DFAU holdings⁠All 323 MODL 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 MODL Cost

Overpaying MODL vs DFAU

$6,710

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

DFAU 0.12%
$2,520
MODL 0.46%
$9,230

Amount$10,000

Years30 years

Cost over time

DFAU 0.12%
MODL 0.46%
Overpaying

Year by year

Year	DFAU	MODL	Overpaying
10	$220	$830	$610
20	$859	$3,195	$2,336
30	$2,520	$9,230	$6,710

Expense ratio

0.12%DFAU, cheaper
0.46%MODL

DFAU0.12%MODL0.46%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DFAU 4th cheapest of 121 funds

MODL 37th cheapest of 121 funds

DFAU vs MODL Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DFAU 0.91%, better; MODL 0.69%
Payout (12M): DFAU $0.47; MODL $0.36
Last payment: DFAU $0.12; MODL $0.02
Ex-dividend: DFAU Sep 22, 2026; MODL Oct 8, 2026
Paid on: DFAU Sep 24, 2026; MODL Oct 9, 2026
Frequency: DFAU Quarterly; MODL Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DFAUQuarterly · 15 paymentsAll DFAU payments⁠

MODLMonthly · 47 paymentsAll MODL payments⁠

DFAU vs MODL 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%MODL 11.9%, better
Return per unit of riskSharpe ratio, 3 years: DFAU 1.38MODL 1.40, better
Worst fallMax drawdown, 5 years: DFAU −23.6%MODL −17.6%since Oct 2022
Market sensitivityBeta, 5 years: DFAU 1.01MODL 0.94; Market = 1

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