DFIV vs FIVA

DFIVADimensional International Value ETF

FIVABFidelity International Value Factor ETF

In short

DFIV A 1999-vintage Dimensional tax-managed strategy that swapped its mutual fund wrapper for an ETF in 2021. It buys cheap large-cap stocks across developed markets outside the US, with tax minimization written into the objective itself.

FIVA Value investing, passported. FIVA runs Fidelity's own rules-based value screen across international stocks and charges 0.18% a year to do it, well under what most of its peer group asks.

Stated mandate

DFIV The ETF seeks long-term capital appreciation while minimizing federal income taxes on returns.

FIVA The fund seeks investment returns that generally track the Fidelity International Value Factor Index before fees and expenses.

Why people hold it

• DFIV Tax awareness sits in the mandate, not the marketing: the stated objective is long-term capital appreciation while minimizing federal income taxes on returns.sec.gov
• At 0.27% a year it undercuts the typical international value fund, so an active, judgment-driven portfolio comes at index-adjacent pricing.
• Broad by design: roughly 600 large developed ex-US names screened on low price relative to book, with room to tilt toward smaller and more profitable companies.sec.gov
• Priced below EFV, the other heavyweight in developed-markets value, and one of the strongest implementations in this peer group.

• FIVA 0.18% a year undercuts most of the international value shelf, including heavyweights like EFV and DFIV.
• Exposure comes from a published rulebook, the Fidelity International Value Factor Index, not a manager's judgment call. Roughly 120 stocks, so the value tilt is a real one.fidelity.com
• Rates among the stronger implementations in its international value peer group.
• Live since 2018 and pays quarterly, with a full market cycle of record behind it.

Worth knowing

• DFIV Value only, developed only: no US stocks, no emerging markets. Stretches where it looks nothing like a broad international index can run for years.sec.gov
• Actively managed with no published index to check it against. Dimensional decides what counts as a cheap stock and when to trade it.sec.gov
• The 1999 start date belongs to the Tax-Managed DFA International Value mutual fund, which became this ETF in a 2021 reorganization.sec.gov

• FIVA A value screen buys what looks cheap and passes on the pricey growth names, so results can wander well away from a plain international index in either direction.
• Mid-sized and moderately traded rather than a giant. Spreads can widen, so limit orders earn their keep on bigger tickets.
• The yardstick is Fidelity's in-house index, not a widely quoted MSCI or FTSE value benchmark, which makes apples-to-apples peer comparison a little more work.

Full DFIV profile⁠

Full FIVA profile⁠