DFIC vs NISM: Grades, Fees and Holdings Compared

Dimensional International Core Equity 2 ETF

DFICACboe

NYLI International Small-Mid Cap Equity ETF

NISMDNYSE Arca

Overlap

3.6%by weight

Expense ratio

DFIC −0.48pt a year

DFIC0.22%NISM0.70%

Avg volume · 30D

DFIC 1675.0×the volume

DFIC1.85MNISM1.11K

DFIC vs NISM Performance

Jul 31, 2026 – Oct 30, 2026

−1.2%DFIC−1.6%NISM

Expense ratio: DFIC 0.22%, better; NISM 0.70%
Fund size: DFIC $15.3B; NISM $26M
1Y total return: DFIC +16.8%; NISM No data
Yield (12M): DFIC 2.55%; NISM No data
Holdings: DFIC 4152; NISM 91
Avg volume (30D): DFIC 1.85M sh, better; NISM 1.11K sh
NAV per share: DFIC $37.56; NISM $24.47
52W range

ETF.net Grade

Pillar letters and Scores for DFIC, NISM, with each pillar’s weight
Pillar	DFIC	NISM
Cost30% weight	A98Higher	D30
Mission25% weight	A100	Not scored
Risk15% weight	B69Higher	B63
Tradability15% weight	A81Higher	D27
Holdings10% weight	A91Higher	B60
Durability5% weight	A91Higher	F23

Rank among International Active Equity funds

How we build Categories ›

Same Category. DFIC and NISM are both graded against the same 55 International Active Equity funds, so their Grades compare head to head.

International Active Equity⁠

Category · 55 funds

See all 55 ›

DFIC ranks 1st and NISM 37th of 55 funds in the International Active Equity Category.

Rank 1AAVDEAvantis International Equity ETFScore 87
Rank 1ADFICDimensional International Core Equity 2 ETFScore 87
Rank 3AJIREJPMorgan International Research Enhanced Equity ETFScore 79
Rank 37DHDMVFirst Trust Horizon Managed Volatility Developed International ETFScore 39
Rank 37DNISMNYLI International Small-Mid Cap Equity ETFScore 39
Rank 39DFRGNHorizon International Equity ETFScore 38

Our read on each fund

ETF.net Research

DFICADimensional International Core Equity 2 ETF

NISMDNYLI International Small-Mid Cap Equity ETF

In short

DFIC No data

NISM Active stock-picking in a corner Wall Street barely covers: New York Life hands the keys to Ausbil's Global SmallCap team in Sydney, which builds a 50 to 100 name portfolio of non-US companies sized from roughly $500 million to $35 billion.

Stated mandate

DFIC No data

NISM The Fund seeks long-term capital growth.

Why people hold it

DFIC No data

NISM Sub-advised by Ausbil, an Australian active-equity specialist in New York Life's boutique network, running a global small-cap strategy that predates this ETF wrapper.nylim.com businesswire.com
Concentrated by design: the mandate targets 50 to 100 non-US names, so each pick carries real weight instead of being diluted across a thousand-stock index.businesswire.com
Spans small and mid caps (roughly $500 million to $35 billion), covering the size band pure small-cap funds stop short of and large-cap international funds skip.businesswire.com
Fully active, with no index to hug: a macro read, then regional and sector tilts, then company-level research, then risk-aware portfolio construction.businesswire.com

Worth knowing

DFIC No data

NISM At 0.70% a year, it costs more than the typical fund in its active international peer group (median 0.59%) and well more than systematic peers like AVDE at 0.23% or AVDS at 0.30%.
Launched in 2026 with a small asset base and light trading, so spreads can run wider than the category's giants and there is little live record to study.
Distributions come once or twice a year at most. The stated goal is long-term capital growth, not an income stream.

Full DFIC profile⁠

Full NISM profile⁠

DFIC vs NISM Holdings

How DFIC and NISM differ

Overlap by weight

3.6%

Shared holdings make up 91.8% of NISM and 3.6% of DFIC.

Level by level

Holdings79 in both3.6%
Countryby domicile76.6%
Asset classEquity100%

Sector

No Sector split for NISM.

Country, concentration and asset class

Country by domicile

Country weights in DFIC and NISM, widest gap first
Country	More in DFICMore in NISM	DFIC	NISM
Japan	NISM +7.8 points	24.4%	32.2%
Switzerland	DFIC +6.4 points	8.0%	1.6%
United Kingdom	DFIC +4.9 points	11.4%	6.5%
Italy	NISM +4.1 points	3.3%	7.4%
Sweden	NISM +3.6 points	2.8%	6.4%
Spain	DFIC +2.8 points	2.8%	0.0%
France	DFIC +2.3 points	6.1%	3.8%
Hong Kong	NISM +1.7 points	1.2%	2.9%
Other countries (20)	DFIC +0.8 points	39.9%	39.1%

Outside the US: DFIC 98% developed, 2% emerging. NISM 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

DFIC7.1%
NISM23.6%

Securities held

DFIC4,131
NISM90

Asset class

DFIC: Equity
NISM: Equity

Holdings

Only in DFIC4,052
In both79
Only in NISM11

Only in DFIC

4,052 securities, 95.9% of DFIC by weight

Shell PLC1.15%
Asml Holding NV1.09%
Totalenergies SE0.76%
Novartis AG Adr0.76%
Roche Holding AG0.70%
Nestle SA0.64%
Royal Bank of Canada0.64%
Allianz SE0.49%
Toyota Motor Corp0.46%
Bp PLC0.44%
Banco Bilbao Vizcaya Arge0.41%
Suncor Energy Inc.0.41%
Bhp Group Ltd0.39%
Rolls-Royce Holdings PLC0.39%
Hsbc Holdings PLC0.39%
Deutsche Telekom AG0.38%
Canadian Natural Resource0.37%
Toronto-Dominion Bank0.37%
Bayer AG0.36%
Mitsubishi Ufj Financial0.36%
Unicredit Spa0.34%
Sony Group Corp0.33%
Basf SE0.33%
Astrazeneca PLC0.33%
Advantest Corp0.33%
Hitachi Ltd0.31%
Tesco PLC0.31%
Infineon Technologies AG0.31%
Dhl AG0.30%
Recruit Holdings Co Ltd0.30%
Eni Spa0.30%
E.on SE0.29%
Rio Tinto PLC0.29%
Engie SA0.28%
Cenovus Energy Inc0.27%
Repsol SA0.27%
Siemens AG0.26%
Orange SA0.26%
National Bank of Canada0.25%
Muenchener Rueckversicher0.25%
Bhp Group Ltd0.25%
Tokyo Electron Ltd0.24%
Siemens Energy AG0.24%
Intact Financial Corp0.24%
Dbs Group Holdings Ltd0.23%
Standard Chartered PLC0.23%
Zurich Insurance Group AG0.23%
Barrick Mining Corp0.23%
Vinci SA0.22%
Barclays PLC0.22%

Only in NISM

11 securities, 8.2% of NISM by weight

Drey Inst Pref Gov Mm Ins1.43%
Keppel DC REIT1.17%
Mirvac Group1.11%
R&S Group Holding AG Pref Class A0.78%
Warehouses De Pauw SA0.74%
Montea NV0.73%
Aedifica SA0.69%
Kohoku Kogyo Co. Ltd.0.51%
Daihen Corporation0.49%
Chudenko Corporation0.32%
Cash0.26%

Weight gaps

All 79 Holdings in both funds, largest gap first.

Holding weights in DFIC and NISM, widest gap first
Holding	More in DFICMore in NISM	DFIC	NISM
Thyssenkrupp AG	NISM +2.94 points	0.07%	3.01%
Bandai Namco Holdings Inc	NISM +2.54 points	0.06%	2.60%
Nissan Chemical Corp	NISM +2.51 points	0.05%	2.56%
Washington H Soul Pattins	NISM +2.33 points	0.01%	2.34%
Tmx Group Ltd	NISM +2.30 points	0.04%	2.34%
Empire Co Ltd	NISM +2.25 points	0.05%	2.30%
Nitto Denko Corp	NISM +2.14 points	0.09%	2.23%
Canadian Tire Corp Ltd	NISM +2.08 points	0.08%	2.16%
Terna Rete Elettrica Nazi	NISM +2.07 points	0.06%	2.13%
Japan Exchange Group Inc	NISM +1.91 points	0.05%	1.96%
Asics Corp	NISM +1.88 points	0.08%	1.96%
Horiba Ltd	NISM +1.86 points	0.04%	1.90%
Koninklijke Kpn NV	NISM +1.74 points	0.18%	1.92%
Eneos Holdings Inc	NISM +1.71 points	0.17%	1.88%
Tdk Corp	NISM +1.67 points	0.11%	1.78%
Gaztransport Et Technigaz	NISM +1.65 points	0.08%	1.73%
Diploma PLCDPLM.L	NISM +1.61 points	0.06%	1.67%
Mtu Aero Engines AG	NISM +1.49 points	0.13%	1.62%
Codan Ltd/Australia	NISM +1.48 points	0.03%	1.51%
Amano Corp	NISM +1.47 points	0.01%	1.48%
Sumitomo Mitsui Trust	NISM +1.43 points	0.10%	1.53%
Singapore Exchange Ltd	NISM +1.42 points	0.05%	1.47%
Leonardo Spa	NISM +1.37 points	0.09%	1.46%
Ssab Ab	NISM +1.30 points	0.03%	1.33%
Daifuku Co Ltd	NISM +1.30 points	0.03%	1.33%
Imcd NV	NISM +1.29 points	0.03%	1.32%
Serco Group PLCSRP.L	NISM +1.29 points	0.05%	1.34%
Swire Pacific Ltd	NISM +1.29 points	0.03%	1.32%
Andritz AG	NISM +1.26 points	0.06%	1.32%
Sho-Bond Holdings Co Ltd	NISM +1.21 points	<0.01%	1.22%
Buzzi Unicem Spa	NISM +1.18 points	0.04%	1.22%
Linamar Corp	NISM +1.18 points	0.02%	1.20%
Bureau Veritas SA	NISM +1.18 points	0.08%	1.26%
Axfood Ab	NISM +1.17 points	0.02%	1.19%
Nkt A/S	NISM +1.16 points	0.07%	1.23%
Euronext NV	NISM +1.15 points	0.08%	1.23%
Outokumpu Oyj	NISM +1.13 points	0.02%	1.15%
Capcom Co Ltd	NISM +1.12 points	0.03%	1.15%
Sitc International Holdin	NISM +1.10 points	0.06%	1.16%
Medibank Pvt Ltd	NISM +1.07 points	0.03%	1.10%
Extendicare Inc	NISM +1.00 points	0.02%	1.02%
Nibe Industrier Ab	NISM +0.99 points	0.02%	1.01%
Addtech Ab	NISM +0.97 points	0.03%	1.00%
Games Workshop Group PLCGAW.L	NISM +0.96 points	0.08%	1.04%
Hill & Smith PLCHILS.L	NISM +0.90 points	0.02%	0.92%
Hammond Power Solutions I	NISM +0.85 points	0.01%	0.86%
Softcat PLCSCT.L	NISM +0.84 points	0.03%	0.87%
Konoike Transport Co Ltd	NISM +0.83 points	<0.01%	0.84%
Shionogi & Co Ltd	NISM +0.76 points	0.05%	0.81%
Tkms AG& Co Kgaa	NISM +0.75 points	0.00%	0.75%
Asr Nederland NV	NISM +0.73 points	0.15%	0.88%
Stantec Inc	NISM +0.72 points	0.01%	0.73%
Exosens Sas	NISM +0.70 points	<0.01%	0.71%
Flsmidth & Co A/S	NISM +0.69 points	0.05%	0.74%
Nippon Gas Co Ltd	NISM +0.67 points	0.02%	0.69%
Geberit AG	NISM +0.67 points	0.13%	0.80%
Takasago Thermal Engineer	NISM +0.65 points	0.02%	0.67%
Attendo Ab	NISM +0.62 points	0.02%	0.64%
Banca Generali Spa	NISM +0.61 points	0.04%	0.65%
Dai-Dan Co Ltd	NISM +0.59 points	0.02%	0.61%
Tryg A/S	NISM +0.57 points	0.05%	0.62%
Aq Group Ab	NISM +0.56 points	<0.01%	0.57%
Lagercrantz Group Ab	NISM +0.54 points	0.03%	0.57%
Rational AG	NISM +0.54 points	0.03%	0.57%
Unipol Gruppo Spa	NISM +0.53 points	0.10%	0.63%
Ringkjoebing Landbobank A	NISM +0.50 points	0.06%	0.56%
Wise Group PLCWISE.L	NISM +0.49 points	0.01%	0.50%
C Uyemura & Co Ltd	NISM +0.46 points	<0.01%	0.47%
Nippon Signal Company Ltd	NISM +0.47 points	<0.01%	0.47%
Bekaert SA	NISM +0.45 points	0.01%	0.46%
Inaba Denki Sangyo Co Ltd	NISM +0.44 points	<0.01%	0.44%
Hochiki Corp	NISM +0.42 points	<0.01%	0.43%
Sunevision Holdings Ltd	NISM +0.42 points	<0.01%	0.43%
Fujikura Ltd	NISM +0.43 points	0.14%	0.57%
Imdex Ltd	NISM +0.39 points	0.01%	0.40%
Systena Corp	NISM +0.32 points	<0.01%	0.33%
Tk Accelis Group AG & Co	NISM +0.31 points	<0.01%	0.32%
Toenec Corp	NISM +0.29 points	<0.01%	0.30%
Tuas Ltd	NISM +0.27 points	<0.01%	0.27%

All 4,139 DFIC holdings⁠All 88 NISM 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.

DFIC vs NISM Cost

Overpaying NISM vs DFIC

$9,048

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

DFIC 0.22%
$4,558
NISM 0.70%
$13,606

Amount$10,000

Years30 years

Cost over time

DFIC 0.22%
NISM 0.70%
Overpaying

Year by year

Year	DFIC	NISM	Overpaying
10	$401	$1,250	$849
20	$1,561	$4,760	$3,199
30	$4,558	$13,606	$9,048

Expense ratio

0.22%DFIC, cheaper
0.70%NISM

DFIC0.22%NISM0.70%

0.00%1.49%

Middle half of International Active Equity funds
Median 0.55%

DFIC 2nd cheapest of 55 funds

NISM 38th cheapest of 55 funds

DFIC vs NISM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFIC 2.55%; NISM No data
Payout (12M): DFIC $0.96; NISM No data
Last payment: DFIC $0.19; NISM $0.06
Ex-dividend: DFIC Sep 22, 2026; NISM Jun 18, 2026
Paid on: DFIC Sep 24, 2026; NISM Jun 22, 2026
Frequency: DFIC Quarterly; NISM Irregular

Distribution history

Per share, 2022 to 2026, same scale for both

DFICQuarterly · 18 paymentsAll DFIC payments⁠

NISMIrregular · 1 paymentAll NISM payments⁠

DFIC vs NISM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFIC 11.9%NISM No data
Return per unit of riskSharpe ratio, 3 years: DFIC 1.35NISM No data
Worst fallMax drawdown, 5 years: DFIC −24.4%since Mar 2022NISM No data
Market sensitivityBeta, 5 years: DFIC 0.92NISM 0.99; Market = 1

DFIC and NISM in the news

All news⁠

ETF Filings
Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank
Sep 18, 2026DFIC

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DFIC vs NISM

In short

Stated mandate

Why people hold it

Worth knowing

How DFIC and NISM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in NISM

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Causeway files its first ETFs into a 0.22% to 0.39% category, its own fee blank

How DFIC and NISM differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIC

Only in NISM

Weight gaps