DFLV vs FLV

DFLVADimensional US Large Cap Value ETF

FLVBAmerican Century Focused Large Cap Value ETF

In short

DFLV Dimensional's value playbook in an ETF wrapper: large-cap value that also screens for profitability, spread across roughly 300 names, run by research rather than an index. Active by design, index-fund cheap in practice.

FLV An active, roughly 50-stock take on large-cap value: American Century's managers hunt high-dividend U.S. companies with room to raise the payout, and charge less than the typical active value fund to do it.

Stated mandate

DFLV The ETF seeks long-term capital appreciation. Its investment approach combines research, portfolio design, portfolio management, and trading, emphasizing long-term expected-return drivers and broad diversification.

FLV The fund seeks current income and long-term capital appreciation by investing primarily in high-dividend U.S. companies with potential for dividend growth.

Why people hold it

• DFLV Costs 0.21% a year, well under half the 0.55% median for US value funds in its peer group. Active management without the active price tag.
• Cheap alone doesn't get you in. The portfolio screens on value and profitability together, a filter aimed at cut-rate stocks that actually earn money.
• No index to shadow. Dimensional can trade on its own schedule and spreads the money across about 300 large-cap names instead of a handful of bets.
• Sits in the top tier of the US value funds we grade, and it is a multi-billion-dollar fund that trades actively, so getting in and out is rarely the hard part.

• FLV At 0.42%, it costs less than the typical active U.S. value fund, where the peer median sits at 0.55%. More of the dividend stream stays in the fund.
• Two jobs, one mandate: current income and long-term capital appreciation from high-dividend U.S. companies with dividend growth potential. Distributions run quarterly.
• About 50 holdings, filtered through valuation and quality screens, so cheap on its own doesn't earn a stock a spot.americancentury.com
• Sits in the upper tier of a crowded active U.S. value field, one of the stronger implementations among dozens of rivals.

Worth knowing

• DFLV Not the cheapest seat in the room: AVLV and SEIV run 0.15%, WTV 0.12%. You're paying a bit more for Dimensional's process.
• Being benchmark-free cuts both ways. With no index to measure against, there is no tracking-error scoreboard, and outcomes ride on the manager's judgment.
• Launched in December 2022, so the ETF's own record is short, and a value tilt behaves differently from the broad market. It pays quarterly.

• FLV Thinly traded next to the category's giants. Spreads can be wider, and bigger orders take more care at the point of execution.
• Systematic rivals cost less: AVLV and SEIV at 0.15%, DFLV at 0.21%. The gap is what you pay for a manager's judgment instead of a rules engine.
• It's active, measured against the Russell 1000 Value Index. A 50-stock portfolio can look quite different from that benchmark in either direction.americancentury.com

Full DFLV profile⁠

Full FLV profile⁠