DFIV vs IVLU: Grades, Fees and Holdings Compared

Dimensional International Value ETF

DFIVANYSE Arca

iShares MSCI Intl Value Factor ETF

IVLUBNYSE Arca

Overlap

44.9%by weight

Expense ratio

DFIV −0.04pt a year

DFIV0.27%IVLU0.31%

Avg volume · 30D

DFIV 1.3×the volume

DFIV1.28MIVLU965K

5Y return · a year

DFIV +0.3pt

DFIV+15.0%IVLU+14.7%

DFIV vs IVLU Performance

Oct 29, 2021 – Oct 30, 2026

+101.2%DFIV+98.8%IVLU

Expense ratio: DFIV 0.27%, better; IVLU 0.31%
Fund size: DFIV $22.1B; IVLU $4.51B
1Y total return: DFIV +25.2%, better; IVLU +21.6%
Yield (12M): DFIV 2.77%; IVLU 3.33%, better
Holdings: DFIV 643; IVLU 358
Avg volume (30D): DFIV 1.28M sh, better; IVLU 965K sh
NAV per share: DFIV $56.38; IVLU $42.10
52W range

ETF.net Grade

Pillar letters and Scores for DFIV, IVLU, with each pillar’s weight
Pillar	DFIV	IVLU
Cost30% weight	A71Higher	C54
Mission25% weight	A88	Not scored
Risk15% weight	B65Higher	B56
Tradability15% weight	A81Higher	B58
Holdings10% weight	B68Higher	B64
Durability5% weight	A79	A79

Rank among International Value Index funds

How we build Categories ›

Same Category. DFIV and IVLU are both graded against the same 12 International Value Index funds, so their Grades compare head to head.

International Value Index⁠

Category · 12 funds

See all 12 ›

DFIV ranks 1st and IVLU 8th of 12 funds in the International Value Index Category.

Rank 1ADFIVDimensional International Value ETFScore 75
Rank 2AEFViShares MSCI EAFE Value ETFScore 73
Rank 7BDISVDimensional International Small Cap Value ETFScore 60
Rank 8BIVLUiShares MSCI Intl Value Factor ETFScore 58
Rank 9CICOWPacer Developed Markets International Cash Cows 100 ETFScore 46

Our read on each fund

ETF.net Research

DFIVADimensional International Value ETF

IVLUBiShares MSCI Intl 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.

IVLU iShares' value screen for the developed world outside the US: roughly 300 stocks picked by MSCI's Enhanced Value index, at a fee below the typical international value fund. A deep tilt, not a light one.

Stated mandate

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

IVLU The fund seeks to track an index of international developed-market stocks selected for value characteristics, providing targeted exposure to undervalued companies outside the U.S. for potential long-term growth.

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.

IVLU 0.31% a year, under the typical fee in its international-value group and level with iShares' own EAFE value fund, EFV.
About 300 names means the screen actually bites: a filtered slice of developed markets, not a broad index with a faint value lean.
Rules-based by design. It follows the published MSCI World ex USA Enhanced Value Index, so the selection logic is on paper, not in a manager's head.ishares.com
A multi-billion-dollar fund that has traded actively since its 2015 launch, so it is a well-worn ticker rather than a thin newcomer.

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

IVLU Cheaper doors into the same idea exist: Fidelity's FIVA runs 0.18%.
A concentrated value screen moves out of step with broad developed-market indexes for long stretches. That is the deal you are signing.
Distributions arrive once or twice a year, not quarterly or monthly, so income timing is lumpy.

Full DFIV profile⁠

Full IVLU profile⁠

DFIV vs IVLU Holdings

How DFIV and IVLU differ

Overlap by weight

44.9%

Shared holdings make up 72.8% of IVLU and 60.8% of DFIV.

Level by level

Holdings231 in both44.9%
Sector11 Sectors77.0%
Countryby domicile77.9%
Asset classEquity100%

Sector

Sector weights in DFIV and IVLU, widest gap first
Sector	More in DFIVMore in IVLU	DFIV	IVLU
Energy	DFIV +10.4 points	16.8%	6.4%
Industrials	IVLU +9.2 points	8.6%	17.8%
Technology	IVLU +7.0 points	2.3%	9.3%
Financials	DFIV +5.7 points	33.4%	27.7%
Health Care	IVLU +4.2 points	5.7%	9.9%
Materials	DFIV +4.2 points	11.1%	6.9%
Consumer Discretionary	DFIV +2.2 points	9.5%	7.3%
Utilities	IVLU +1.5 points	2.1%	3.6%
Consumer Staples	IVLU +1.1 points	5.1%	6.2%
Real Estate	DFIV +0.3 points	1.7%	1.4%
Communication	DFIV +0.3 points	3.7%	3.4%

Country, concentration and asset class

Country by domicile

Country weights in DFIV and IVLU, widest gap first
Country	More in DFIVMore in IVLU	DFIV	IVLU
Japan	IVLU +9.6 points	22.5%	32.1%
Canada	DFIV +6.4 points	10.3%	3.9%
Switzerland	DFIV +5.1 points	8.8%	3.7%
France	IVLU +3.2 points	8.2%	11.4%
Australia	DFIV +3.1 points	5.6%	2.5%
Germany	IVLU +2.9 points	8.3%	11.2%
United Kingdom	IVLU +2.5 points	13.5%	16.0%
Denmark	DFIV +1.9 points	1.9%	0.0%
Other countries (17)	DFIV +1.7 points	21.0%	19.3%

Outside the US: DFIV 99% developed, 1% emerging. IVLU 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

DFIV16.0%
IVLU16.5%

Securities held

DFIV628
IVLU342

Asset class

DFIV: Equity
IVLU: Equity

Holdings

Only in DFIV397
In both231
Only in IVLU111

Only in DFIV

397 securities, 39.0% of DFIV by weight

Shell PLC3.78%
Bp PLC1.09%
Toronto-Dominion Bank1.08%
Zurich Insurance Group AG1.03%
Hsbc Holdings PLC1.00%
Suncor Energy Inc.0.97%
Holcim Ltd0.77%
Westpac Banking Corp0.69%
Cie Financiere Richemont0.67%
Novartis AG Adr0.65%
Cenovus Energy Inc0.62%
Swiss Life Holding AG0.59%
Bank of Nova Scotia/The0.58%
Lonza Group AG0.57%
National Australia Bank L0.56%
Nutrien Ltd0.54%
Tourmaline Oil Corp0.53%
Bank of Montreal0.51%
Bank of Montreal0.50%
Ubs Group AG0.48%
Barrick Mining Corp0.44%
Swisscom AG0.43%
Anz Group Holdings0.42%
Toronto-Dominion Bank/The0.38%
Teck Resources Ltd0.38%
Daiichi Life Group Inc0.37%
Manulife Financial Corp0.36%
Dsv As0.35%
Banco Santander SA0.34%
Qbe Insurance Group Ltd0.31%
Julius Baer Group Ltd0.29%
Commerzbank Ag-Tend0.28%
Amrize Ltd0.28%
Skandinaviska Enskilda Ba0.27%
Sumitomo Electric Industr0.26%
Suncor Energy Inc0.26%
Ubs Group AG0.26%
Pembina Pipeline Corp0.25%
Sumitomo Realty & Develop0.25%
Magna International Inc0.24%
Barclays PLC0.22%
Novonesis (Novozymes) B0.22%
Canadian Pacific Kansas C0.20%
Poste Italiane Spa0.20%
Bluescope Steel Ltd0.20%
Deutsche Bank AG0.20%
Suncorp Group Ltd0.19%
Nippon Express Holdings C0.18%
Lundin Mining Corp0.18%
Canadian Imperial Bank of0.18%

Only in IVLU

111 securities, 26.4% of IVLU by weight

Roche Ps Par AG1.67%
Novartis AG1.46%
Siemens N AG1.42%
Itochu0.97%
Bhp Group Ltd0.94%
Glaxosmithkline0.92%
Kioxia Holdings0.71%
Rio Tinto0.67%
Murata Manufacturing0.66%
Renesas Electronics Corp0.62%
Central Japan Railway0.56%
Kyocera0.52%
National Grid PLC0.51%
Teva Pharmaceutical Industries0.50%
3I Group Fund PLC0.49%
Enel0.48%
Volvo Class B0.47%
Nippon Yusen0.47%
Kddi0.46%
Barrick Mining0.45%
Stmicroelectronics0.45%
Imperial Brands PLC0.42%
Fujitsu0.42%
Nec0.40%
Ntt0.38%
Tdk0.37%
Csl0.34%
Tesco PLC0.33%
Japan Tobacco0.33%
Orix0.30%
East Japan Railway0.28%
Kansai Electric Power0.28%
Jardine Matheson Holdings0.27%
Japan Post Bank Ltd0.26%
Sse PLC0.26%
Astellas Pharma0.24%
Otsuka Holdings0.22%
Chubu Electric Power Inc0.21%
Stellantis0.20%
Power Corporation of Canada0.17%
Dassault Systemes0.17%
Kawasaki Kisen Ltd0.16%
Kinross Gold0.16%
Check Point Software Technologies0.16%
Yangzijiang Shipbuilding (Holdings0.16%
Secom0.14%
Sumitomo Metal Mining0.14%
Screen Holdings Ltd0.14%
International Airlines Group0.14%
West Japan Railway0.13%

Weight gaps

The 100 widest of 231 Holdings in both funds.

Holding weights in DFIV and IVLU, widest gap first
Holding	More in DFIVMore in IVLU	DFIV	IVLU
Hsbc Holdings PLCHSBA.L	IVLU +1.28 points	0.61%	1.89%
Mitsubishi Ufj Financial	IVLU +1.05 points	0.19%	1.24%
British American TobaccoBATS.L	IVLU +1.05 points	0.66%	1.71%
Totalenergies SE	DFIV +1.02 points	2.30%	1.28%
Sanofi	IVLU +0.99 points	0.33%	1.32%
Banco Bilbao Vizcaya Arge	IVLU +0.99 points	0.02%	1.01%
Shell PLCSHEL.L	IVLU +0.97 points	1.12%	2.09%
Mitsubishi Corp	IVLU +0.92 points	0.09%	1.01%
Basf SE	DFIV +0.89 points	1.25%	0.36%
Barclays PLCBARC.L	IVLU +0.86 points	0.18%	1.04%
Bnp Paribas SA	IVLU +0.87 points	0.64%	1.51%
Mitsui & Co Ltd	IVLU +0.78 points	0.20%	0.98%
Swiss Re AG	DFIV +0.76 points	0.97%	0.21%
Vinci SA	IVLU +0.67 points	<0.01%	0.67%
Sumitomo Corp	IVLU +0.66 points	0.22%	0.88%
Infineon Technologies AG	IVLU +0.64 points	0.09%	0.73%
Unicredit Spa	IVLU +0.58 points	0.36%	0.94%
Marubeni Corp	IVLU +0.57 points	0.02%	0.59%
Canon Inc	IVLU +0.57 points	0.12%	0.69%
Aercap Holdings NVAER	IVLU +0.54 points	0.02%	0.56%
Ck Hutchison Holdings Ltd	IVLU +0.54 points	0.23%	0.77%
Axa SA	IVLU +0.53 points	0.02%	0.55%
Eni Spa	DFIV +0.53 points	0.92%	0.39%
Intesa Sanpaolo Spa	IVLU +0.48 points	0.13%	0.61%
Koninklijke Ahold Delhaiz	DFIV +0.44 points	0.73%	0.29%
Orange SA	DFIV +0.43 points	0.69%	0.26%
Mitsui Osk Lines Ltd	IVLU +0.43 points	0.02%	0.45%
Heidelberg Materials AG	DFIV +0.42 points	0.58%	0.16%
Telefonaktiebolaget Lm Er	IVLU +0.40 points	0.04%	0.44%
Deutsche Bank AG	IVLU +0.40 points	0.48%	0.88%
Fairfax Financial Holding	DFIV +0.39 points	0.65%	0.26%
Bp PLCBP.L	IVLU +0.36 points	0.27%	0.63%
Capgemini SE	IVLU +0.36 points	0.17%	0.53%
Honda Motor Co Ltd	IVLU +0.35 points	0.40%	0.75%
Komatsu Ltd	IVLU +0.34 points	0.15%	0.49%
Fujifilm Holdings Corp	IVLU +0.34 points	0.25%	0.59%
Repsol SA	DFIV +0.34 points	0.89%	0.55%
Deutsche Telekom AG	IVLU +0.33 points	0.50%	0.83%
Whitecap Resources Inc	DFIV +0.33 points	0.41%	0.08%
Heineken NV	DFIV +0.32 points	0.44%	0.12%
Eneos Holdings Inc	DFIV +0.32 points	0.53%	0.21%
Banco Bpm Spa	DFIV +0.30 points	0.44%	0.14%
Arcelormittal SA	IVLU +0.31 points	0.22%	0.53%
Santos Ltd	DFIV +0.29 points	0.45%	0.16%
E.on SE	DFIV +0.29 points	0.54%	0.25%
Mercedes-Benz Group AG	IVLU +0.28 points	0.32%	0.60%
Lloyds Banking Group PLCLLOY.L	DFIV +0.28 points	0.88%	0.60%
Engie SA	DFIV +0.28 points	0.66%	0.38%
Cgi Inc	IVLU +0.28 points	<0.01%	0.28%
Bper Banca	DFIV +0.27 points	0.40%	0.13%
Woodside Energy Group Ltd	DFIV +0.26 points	0.50%	0.24%
Abn Amro Bank NV	DFIV +0.26 points	0.52%	0.26%
Bt Group PLC	DFIV +0.25 points	0.46%	0.21%
Asr Nederland NV	DFIV +0.24 points	0.32%	0.08%
Toyota Tsusho Corp	IVLU +0.24 points	0.16%	0.40%
Michelin	DFIV +0.24 points	0.48%	0.24%
Anheuser-Busch Inbev Sa/N	IVLU +0.23 points	0.37%	0.60%
Inpex Corp	DFIV +0.23 points	0.45%	0.22%
Cie De Saint-Gobain	DFIV +0.22 points	0.71%	0.49%
Vodafone Group PLCVOD.L	IVLU +0.23 points	0.38%	0.61%
Caixabank SA	IVLU +0.22 points	<0.01%	0.23%
Manulife Financial Corp	IVLU +0.22 points	0.25%	0.47%
Japan Post Holdings Co Lt	IVLU +0.21 points	0.12%	0.33%
Credit Agricole SA	IVLU +0.22 points	0.05%	0.27%
Muenchener Rueckversicher	IVLU +0.21 points	0.13%	0.34%
Skf Ab	DFIV +0.21 points	0.33%	0.12%
Nippon Steel Corp	IVLU +0.21 points	0.22%	0.43%
Toyota Motor Corp	IVLU +0.19 points	1.81%	2.00%
Ia Financial Corp Inc	DFIV +0.18 points	0.24%	0.06%
Mizuho Financial Group In	IVLU +0.19 points	0.52%	0.71%
Nn Group NV	DFIV +0.18 points	0.52%	0.34%
Erste Group Bank AG	IVLU +0.18 points	0.10%	0.28%
Commerzbank AG	IVLU +0.18 points	0.06%	0.24%
Oversea-Chinese Banking C	IVLU +0.17 points	0.18%	0.35%
Genmab A/S	DFIV +0.17 points	0.33%	0.16%
Bayerische Motoren Werke	IVLU +0.17 points	0.26%	0.43%
Glencore PLCGLEN.L	DFIV +0.16 points	0.59%	0.43%
Takeda Pharmaceutical Co	DFIV +0.17 points	0.67%	0.50%
Yamaha Motor Co Ltd	DFIV +0.17 points	0.28%	0.11%
Volkswagen AG	IVLU +0.16 points	0.29%	0.45%
Boliden Ab	DFIV +0.16 points	0.29%	0.13%
Swedbank Ab	DFIV +0.16 points	0.34%	0.18%
Nordea Bank Abp	IVLU +0.16 points	0.13%	0.29%
Koninklijke Philips NV	DFIV +0.16 points	0.32%	0.16%
Bouygues SA	DFIV +0.16 points	0.31%	0.15%
Deutsche Lufthansa AG	IVLU +0.15 points	<0.01%	0.16%
Banco Santander SA	DFIV +0.15 points	1.58%	1.43%
Nutrien Ltd	IVLU +0.15 points	0.15%	0.30%
Resona Holdings Inc	DFIV +0.15 points	0.29%	0.14%
Northern Star Resources L	DFIV +0.14 points	0.25%	0.11%
Fresenius SE & Co Kgaa	IVLU +0.14 points	0.15%	0.29%
Societe Generale SA	DFIV +0.14 points	0.79%	0.65%
AvivaAV.L	IVLU +0.14 points	<0.01%	0.14%
Alstom SA	IVLU +0.14 points	<0.01%	0.14%
Teck Resources Ltd	IVLU +0.13 points	<0.01%	0.14%
Nokia Oyj	IVLU +0.14 points	0.55%	0.69%
Bank of Ireland Group PLC	DFIV +0.13 points	0.30%	0.17%
Sbi Holdings Inc/Japan	DFIV +0.13 points	0.20%	0.07%
Ap Moller - Maersk A/S	IVLU +0.12 points	0.07%	0.19%
Haleon PLCHLN.L	IVLU +0.13 points	0.11%	0.24%

All 557 DFIV holdings⁠All 341 IVLU 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.

DFIV vs IVLU Cost

Overpaying IVLU vs DFIV

$789

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

DFIV 0.27%
$5,557
IVLU 0.31%
$6,346

Amount$10,000

Years30 years

Cost over time

DFIV 0.27%
IVLU 0.31%
Overpaying

Year by year

Year	DFIV	IVLU	Overpaying
10	$491	$563	$72
20	$1,907	$2,182	$275
30	$5,557	$6,346	$789

Expense ratio

0.27%DFIV, cheaper
0.31%IVLU

DFIV0.27%IVLU0.31%

0.08%0.65%

Middle half of International Value Index funds
Median 0.31%

DFIV 4th cheapest of 12 funds

IVLU 5th cheapest of 12 funds

DFIV vs IVLU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFIV 2.77%; IVLU 3.33%, better
Payout (12M): DFIV $1.56; IVLU $1.41
Last payment: DFIV $0.28; IVLU $0.71
Ex-dividend: DFIV Sep 22, 2026; IVLU Jun 15, 2026
Paid on: DFIV Sep 24, 2026; IVLU Jun 18, 2026
Frequency: DFIV Quarterly; IVLU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFIVQuarterly · 21 paymentsAll DFIV payments⁠

IVLUTwice a year · 20 paymentsAll IVLU payments⁠

DFIV vs IVLU Risk

Fall from peak · 5 years

DFIV
IVLU

Risk facts

VolatilityStd dev, 3 years: DFIV 11.4%, betterIVLU 11.7%
Return per unit of riskSharpe ratio, 3 years: DFIV 1.72, betterIVLU 1.62
Worst fallMax drawdown, 5 years: DFIV −25.4%, betterIVLU −26.0%
Market sensitivityBeta, 5 years: DFIV 0.80IVLU 0.80; Market = 1

DFIV and IVLU in the news

All news⁠

ETF Filings
American Century files a mutual-fund wrapper for Avantis international large-cap value
Sep 7, 2026DFIV

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DFIV vs IVLU

In short

Stated mandate

Why people hold it

Worth knowing

How DFIV and IVLU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIV

Only in IVLU

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

American Century files a mutual-fund wrapper for Avantis international large-cap value

How DFIV and IVLU differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFIV

Only in IVLU

Weight gaps