DFLV vs GSPY: Grades, Fees and Holdings Compared

Dimensional US Large Cap Value ETF

DFLVANYSE Arca

Gotham Enhanced 500 ETF

GSPYCNYSE Arca

Overlap

38.0%by weight

Expense ratio

DFLV −0.29pt a year

DFLV0.21%GSPY0.50%

Avg volume · 30D

DFLV 131.6×the volume

DFLV658KGSPY5K

3Y return · a year

GSPY +0.8pt

DFLV+22.7%GSPY+23.5%

DFLV vs GSPY Performance

Oct 31, 2025 – Oct 30, 2026

+29.3%DFLV+14.9%GSPY

Expense ratio: DFLV 0.21%, better; GSPY 0.50%
Fund size: DFLV $7.39B; GSPY $704M
1Y total return: DFLV +29.3%, better; GSPY +14.9%
Yield (12M): DFLV 1.35%; GSPY 2.30%, better
Holdings: DFLV 336; GSPY 501
Avg volume (30D): DFLV 658K sh, better; GSPY 5K sh
NAV per share: DFLV $41.80; GSPY $41.90
52W range

ETF.net Grade

Pillar letters and Scores for DFLV, GSPY, with each pillar’s weight
Pillar	DFLV	GSPY
Cost30% weight	A92Higher	B57
Mission25% weight	Not scored	A78
Risk15% weight	A76Higher	C43
Tradability15% weight	A83Higher	C48
Holdings10% weight	A78Higher	C46
Durability5% weight	A83Higher	B67

Rank among US Active Value funds

How we build Categories ›

Same Category. DFLV and GSPY are both graded against the same 64 US Active Value funds, so their Grades compare head to head.

US Active Value⁠

Category · 64 funds

See all 64 ›

DFLV ranks 4th and GSPY 32nd of 64 funds in the US Active Value Category.

Rank 1AAVLVAvantis U.S. Large Cap Value ETFScore 86
Rank 1AWTVWisdomTree U.S. Value FundScore 86
Rank 3ASEIVSEI QiM U.S. Large Cap Value Active ETFScore 85
Rank 4ADFLVDimensional US Large Cap Value ETFScore 84
Rank 5AAVMVAvantis U.S. Mid Cap Value ETFScore 79
Rank 31CFBCVFidelity Blue Chip Value ETFScore 52
Rank 32CGSPYGotham Enhanced 500 ETFScore 51
Rank 33CGVLEGoldman Sachs Value Opportunities ETFScore 50

Our read on each fund

ETF.net Research

DFLVADimensional US Large Cap Value ETF

GSPYCGotham Enhanced 500 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.

GSPY Same 500 companies as the index, reshuffled. This active fund lets the sub-adviser's valuation work set position sizes instead of market cap, so the biggest company doesn't automatically get the biggest slot.

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.

GSPY The actively managed fund generally invests in companies included in the S&P 500 Index and weights them using the sub-adviser’s valuation assessment rather than passively tracking the index.

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.

GSPY Familiar universe, different math: it holds S&P 500 companies but weights them on the sub-adviser's valuation assessment rather than passively tracking the index.
The 0.50% annual fee sits under the 0.55% midpoint for active large-cap value funds, which is unusual for a discretionary, stock-by-stock strategy.
Trading since December 2020, so the value framework has a live record in real markets rather than a backtest.
The value tilt is stated in the prospectus, not implied: a proprietary analytical framework drives the weighting decisions.

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.

GSPY You pay for the human layer. Rules-based value peers such as WTV (0.12%) and AVLV (0.15%) charge a fraction of this fund's fee.
It trades thinly next to the index heavyweights, so spreads can widen on larger orders.
Distributions arrive once or twice a year, not monthly.

Full DFLV profile⁠

Full GSPY profile⁠

DFLV vs GSPY Holdings

How DFLV and GSPY differ

Overlap by weight

38.0%

Shared holdings make up 95.0% of DFLV and 50.6% of GSPY.

Level by level

Holdings249 in both38.0%
Sector11 Sectors64.1%
Countryby domicile98.5%
Asset classEquity100%

Sector

Sector weights in DFLV and GSPY, widest gap first
Sector	More in DFLVMore in GSPY	DFLV	GSPY
Technology	GSPY +29.2 points	9.1%	38.3%
Financials	DFLV +10.6 points	21.7%	11.1%
Energy	DFLV +10.0 points	14.9%	4.9%
Industrials	DFLV +6.0 points	12.9%	6.9%
Materials	DFLV +4.9 points	6.8%	1.9%
Health Care	DFLV +4.2 points	14.0%	9.8%
Communication	GSPY +3.2 points	7.0%	10.2%
Consumer Discretionary	GSPY +1.8 points	8.4%	10.2%
Real Estate	GSPY +1.0 points	0.4%	1.4%
Utilities	GSPY +0.6 points	0.0%	0.6%
Consumer Staples	DFLV +0.2 points	4.8%	4.6%

Country, concentration and asset class

Country by domicile

Country weights in DFLV and GSPY, widest gap first
Country	More in DFLVMore in GSPY	DFLV	GSPY
United States	GSPY +1.5 points	98.0%	99.5%
Switzerland	DFLV +0.7 points	0.8%	0.1%
China	DFLV +0.6 points	0.8%	0.2%
Other countries (3)	DFLV +0.2 points	0.4%	0.2%

Concentration

Weight in the 10 largest Holdings

DFLV25.0%
GSPY39.0%

Securities held

DFLV335
GSPY500

Asset class

DFLV: Equity
GSPY: Equity

Holdings

Only in DFLV86
In both249
Only in GSPY251

Only in DFLV

86 securities, 4.9% of DFLV by weight

Alphabet Inc0.57%
Crh PLC0.56%
Kenvue Inc0.36%
Elevance Health Inc0.33%
Becton Dickinson & Co0.31%
Us Foods Holding Corp0.20%
United Therapeutics Corp0.19%
Tenet Healthcare Corp.0.17%
Block Inc0.16%
First Citizens Bancshares0.13%
SS&C Technologies0.13%
Reliance Inc0.12%
Markel Group Inc0.12%
Permian0.11%
Fox Corp - Class B0.10%
Cheniere Energy Inc0.10%
Td Synnex Corp0.09%
Liberty Media Corp-C0.08%
Zoom Communications Inc0.08%
Entegris Inc0.07%
Okta Inc0.07%
Nvent Electric PLC0.07%
Performance Food Group Co0.06%
Royal Gold Inc0.06%
Ball Corporation0.05%
Api Group Corp0.04%
Sunbelt Rentals Holdings0.04%
Ovintiv Inc0.04%
East West Bancorp Inc0.04%
Roivant Sciences Ltd0.03%
Corteva Inc0.03%
Unum Group0.03%
Rivian Automotive Inc0.03%
Sofi Technologies Inc0.03%
Hf Sinclair Corp0.02%
Toll Brothers Inc0.02%
Rocket Cos Inc0.02%
Corebridge Financial Inc0.02%
Amkor Technology Inc0.02%
Carlyle Group Inc/The0.02%
Globalfoundries Inc0.02%
Clean Harbors Inc0.02%
Mastec Inc.0.02%
Renaissancere Holdings Lt0.01%
Borg-Warner Inc.0.01%
Cnh Industrial NV0.01%
Rbc Bearings Inc<0.01%
Ally Financial Inc<0.01%
Jones Lang Lasalle Inc.<0.01%
Wesco International Inc<0.01%

Only in GSPY

251 securities, 49.3% of GSPY by weight

Apple Inc7.28%
Microsoft Corp6.69%
NVIDIA Corp6.15%
Tesla Inc1.24%
Broadcom Inc1.24%
Visa Inc1.15%
Dell Technologies Inc0.98%
Advanced Micro Devices Inc0.95%
Coca-Cola Co/The0.93%
Lam Research Corp0.91%
Texas Instruments Inc0.85%
Mastercard Inc0.80%
Caterpillar Inc0.72%
Eli Lilly & Co0.69%
PepsiCo Inc0.68%
McDonald's Corp0.66%
Netflix Inc0.66%
Union Pacific Corp0.66%
Lockheed Martin Corp0.53%
Altria Group Inc0.47%
Home Depot Inc/The0.46%
Automatic Data Processing Inc0.43%
Walmart Inc0.43%
Lowe's Cos Inc0.43%
Elevance Health Inc0.33%
American Express Co0.31%
AppLovin Corp0.28%
Kla Corp0.28%
Colgate-Palmolive Co0.28%
Ross Stores Inc0.27%
Booking Holdings Inc0.26%
Simon Property Group Inc0.26%
AbbVie Inc0.23%
Palantir Technologies Inc0.22%
Applied Materials Inc0.22%
Bloom Energy Corp0.22%
Gilead Sciences Inc0.21%
TJX Cos Inc/The0.20%
Realty Income Corp0.20%
Becton Dickinson & Co0.20%
Costco Wholesale Corp0.19%
Cencora Inc0.17%
Block Inc0.17%
Philip Morris International Inc0.16%
Cardinal Health Inc0.15%
Sysco Corp0.14%
NetApp Inc0.14%
Adobe Inc0.14%
Western Digital Corp0.14%
Ge Aerospace0.14%

Weight gaps

The 100 widest of 249 Holdings in both funds.

Holding weights in DFLV and GSPY, widest gap first
Holding	More in DFLVMore in GSPY	DFLV	GSPY
Alphabet Inc - Class AGOOGL	GSPY +4.08 points	0.68%	4.76%
JPMorgan Chase & CoJPM	DFLV +3.21 points	4.50%	1.29%
Exxonmobil Holdings CorpXOM	DFLV +2.85 points	4.09%	1.24%
Micron Technology Inc.MU	GSPY +2.45 points	0.03%	2.48%
Chevron Corp.CVX	DFLV +1.45 points	2.12%	0.67%
New Linde PLCLIN	DFLV +1.19 points	1.29%	0.10%
Procter & Gamble Co/ThePG	DFLV +1.12 points	1.31%	0.19%
Rtx CorpRTX	DFLV +0.97 points	1.09%	0.12%
Goldman Sachs Group Inc.GS	DFLV +0.96 points	1.34%	0.38%
Thermo Fisher Scientific.TMO	DFLV +0.96 points	1.07%	0.11%
Cisco Systems Inc.CSCO	GSPY +0.93 points	0.21%	1.14%
Eog Resources Inc.EOG	DFLV +0.86 points	0.90%	0.04%
Travelers Companies Inc.TRV	DFLV +0.78 points	0.92%	0.14%
Norfolk Southern Corp.NSC	DFLV +0.75 points	0.87%	0.12%
Wells Fargo & Co.WFC	DFLV +0.74 points	1.04%	0.30%
Deere & Co.DE	DFLV +0.72 points	0.81%	0.09%
Johnson & JohnsonJNJ	DFLV +0.70 points	1.07%	0.37%
Hewlett-Packard EnterprisHPE	DFLV +0.69 points	0.96%	0.27%
Allstate Corp.ALL	DFLV +0.68 points	0.71%	0.03%
Analog Devices Inc.ADI	DFLV +0.67 points	0.77%	0.10%
Meta Platforms IncMETA	GSPY +0.66 points	2.07%	2.73%
Salesforce IncCRM	DFLV +0.66 points	0.75%	0.09%
AT&T Inc.T	DFLV +0.65 points	0.72%	0.07%
Sandisk Corp/DeSNDK	GSPY +0.61 points	0.00%	0.61%
Republic Services IncRSG	DFLV +0.61 points	0.64%	0.03%
Delta Air Lines Inc.DAL	DFLV +0.59 points	0.62%	0.03%
Emerson Elec CoEMR	DFLV +0.59 points	0.63%	0.04%
General MotorsGM	DFLV +0.59 points	0.87%	0.28%
Te Connectivity PLCTEL	DFLV +0.59 points	0.78%	0.19%
United Rentals Inc.URI	DFLV +0.58 points	0.61%	0.03%
Merck & Company IncMRK	GSPY +0.57 points	0.77%	1.34%
Morgan StanleyMS	DFLV +0.53 points	0.95%	0.42%
Baker Hughes CoBKR	DFLV +0.53 points	0.56%	0.03%
Oneok IncOKE	DFLV +0.52 points	0.55%	0.03%
Intel CorpINTC	DFLV +0.50 points	0.88%	0.38%
Mondelez IntlMDLZ	DFLV +0.50 points	0.54%	0.04%
Slb LtdSLB	DFLV +0.49 points	0.78%	0.29%
Fedex CorpFDX	DFLV +0.48 points	0.75%	0.27%
Newmont CorpNEM	DFLV +0.46 points	0.87%	0.41%
Target Corp.TGT	DFLV +0.46 points	0.71%	0.25%
Air Products & ChemicalsAPD	DFLV +0.46 points	0.49%	0.03%
Marathon Petroleum Corp.MPC	GSPY +0.45 points	<0.01%	0.45%
Abbott LaboratoriesABT	DFLV +0.45 points	0.72%	0.27%
Devon Energy Corp.DVN	DFLV +0.44 points	0.47%	0.03%
Ametek IncAME	DFLV +0.44 points	0.47%	0.03%
Diamondback Energy IncFANG	DFLV +0.44 points	0.47%	0.03%
Csx CorpCSX	DFLV +0.44 points	0.79%	0.35%
Nxp Semiconductors NVNXPI	DFLV +0.43 points	0.67%	0.24%
Kroger Co.KR	DFLV +0.43 points	0.45%	0.02%
Chubb LimitedCB	DFLV +0.43 points	0.49%	0.06%
ConocophillipsCOP	DFLV +0.42 points	1.09%	0.67%
Metlife Inc.MET	DFLV +0.42 points	0.65%	0.23%
Occidental Petroleum CorpOXY	DFLV +0.42 points	0.65%	0.23%
Verizon CommunicationsVZ	DFLV +0.41 points	1.06%	0.65%
Hartford Insurance GroupHIG	DFLV +0.40 points	0.42%	0.02%
Cigna Group/TheCI	DFLV +0.40 points	0.69%	0.29%
Vulcan Materials Co.VMC	DFLV +0.38 points	0.40%	0.02%
Agilent Technologies IncA	DFLV +0.38 points	0.40%	0.02%
Freeport-Mcmoran Inc.FCX	DFLV +0.37 points	0.69%	0.32%
International Business MaIBM	DFLV +0.36 points	0.47%	0.11%
Kinder Morgan Inc.KMI	DFLV +0.37 points	0.40%	0.03%
Cbre Group IncCBRE	DFLV +0.36 points	0.38%	0.02%
Wabtec CorpWAB	DFLV +0.36 points	0.38%	0.02%
Bank of New York MellonBNY	DFLV +0.36 points	0.50%	0.14%
United Airlines HoldingsUAL	DFLV +0.36 points	0.37%	0.01%
American Int'l GroupAIG	DFLV +0.35 points	0.37%	0.02%
Aflac IncAFL	DFLV +0.34 points	0.37%	0.03%
Ford Motor CoF	DFLV +0.34 points	0.52%	0.18%
Iqvia Holdings IncIQV	DFLV +0.34 points	0.36%	0.02%
Nucor Corp.NUE	DFLV +0.33 points	0.56%	0.23%
Garmin LtdGRMN	DFLV +0.32 points	0.35%	0.03%
Berkshire Hathaway Cl-BBRK.B	DFLV +0.31 points	2.00%	1.69%
Arch Capital Group LtdACGL	DFLV +0.31 points	0.33%	0.02%
Cummins IncCMI	DFLV +0.31 points	0.56%	0.25%
Northrop Grumman Corp.NOC	DFLV +0.29 points	0.58%	0.29%
Nike Inc. Class BNKE	DFLV +0.30 points	0.33%	0.03%
Raymond James FinancialRJF	DFLV +0.29 points	0.33%	0.04%
Williams Cos. Inc.WMB	DFLV +0.29 points	0.33%	0.04%
Comcast Corp New Class ACMCSA	DFLV +0.29 points	0.59%	0.30%
Phillips 66PSX	DFLV +0.29 points	0.70%	0.41%
State Street Corp.STT	DFLV +0.28 points	0.35%	0.07%
Bristol-Myers Squibb Co.BMY	DFLV +0.29 points	0.75%	0.46%
D.r. Horton Inc.DHI	DFLV +0.28 points	0.30%	0.02%
U.s. BancorpUSB	DFLV +0.28 points	0.41%	0.13%
Pfizer Inc.PFE	DFLV +0.28 points	0.91%	0.63%
Intuit Inc.INTU	GSPY +0.27 points	0.07%	0.34%
T-Mobile Us IncTMUS	GSPY +0.26 points	0.35%	0.61%
UnitedHealth Group Inc.UNH	DFLV +0.26 points	1.60%	1.34%
Johnson Controls IntlJCI	DFLV +0.25 points	0.29%	0.04%
Carrier Global CorpCARR	DFLV +0.25 points	0.27%	0.02%
Vertex PharmaceuticalsVRTX	DFLV +0.25 points	0.31%	0.06%
Steel Dynamics IncSTLD	DFLV +0.25 points	0.38%	0.13%
Dover CorpDOV	DFLV +0.25 points	0.26%	0.01%
Accenture PLCACN	GSPY +0.25 points	0.34%	0.59%
Northern Trust CorpNTRS	DFLV +0.24 points	0.29%	0.05%
Synchrony FinancialSYF	DFLV +0.25 points	0.28%	0.03%
Walt Disney Co/TheDIS	DFLV +0.24 points	0.39%	0.15%
Uber Technologies IncUBER	DFLV +0.24 points	0.31%	0.07%
Ge Healthcare TechnologieGEHC	DFLV +0.23 points	0.36%	0.13%
Edwards Lifescience Corp.EW	DFLV +0.23 points	0.25%	0.02%

All 343 DFLV holdings⁠All GSPY 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.

DFLV vs GSPY Cost

Overpaying GSPY vs DFLV

$5,622

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

DFLV 0.21%
$4,357
GSPY 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

DFLV 0.21%
GSPY 0.50%
Overpaying

Year by year

Year	DFLV	GSPY	Overpaying
10	$383	$900	$517
20	$1,491	$3,460	$1,969
30	$4,357	$9,979	$5,622

Expense ratio

0.21%DFLV, cheaper
0.50%GSPY

DFLV0.21%GSPY0.50%

0.12%1.25%

Middle half of US Active Value funds
Median 0.54%

DFLV 6th cheapest of 64 funds

GSPY 26th cheapest of 64 funds

DFLV vs GSPY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFLV 1.35%; GSPY 2.30%, better
Payout (12M): DFLV $0.57; GSPY $0.96
Last payment: DFLV $0.16; GSPY $0.96
Ex-dividend: DFLV Sep 22, 2026; GSPY Dec 10, 2025
Paid on: DFLV Sep 24, 2026; GSPY Dec 11, 2025
Frequency: DFLV Quarterly; GSPY Annual

Distribution history

Per share, 2021 to 2026, same scale for both

DFLVQuarterly · 16 paymentsAll DFLV payments⁠

GSPYAnnual · 5 paymentsAll GSPY payments⁠

DFLV vs GSPY Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFLV 12.3%GSPY 12.0%, better
Return per unit of riskSharpe ratio, 3 years: DFLV 1.38GSPY 1.47, better
Worst fallMax drawdown, 5 years: DFLV −16.8%since Dec 2022GSPY −23.3%
Market sensitivityBeta, 5 years: DFLV 0.80GSPY 0.96; Market = 1

Popular comparisons

DFLVAvsAVLVA
Dimensional US Large Cap Value ETF · Avantis U.S. Large Cap Value ETF
Expense ratio
0.21% · 0.15%
Category
GSPYCvsAVLVA
Gotham Enhanced 500 ETF · Avantis U.S. Large Cap Value ETF
Expense ratio
0.50% · 0.15%
Category
DFLVAvsWTVA
Dimensional US Large Cap Value ETF · WisdomTree U.S. Value Fund
Expense ratio
0.21% · 0.12%
Category
GSPYCvsWTVA
Gotham Enhanced 500 ETF · WisdomTree U.S. Value Fund
Expense ratio
0.50% · 0.12%
Category
DFLVAvsSEIVA
Dimensional US Large Cap Value ETF · SEI QiM U.S. Large Cap Value Active ETF
Expense ratio
0.21% · 0.15%
Category
GSPYCvsSEIVA
Gotham Enhanced 500 ETF · SEI QiM U.S. Large Cap Value Active ETF
Expense ratio
0.50% · 0.15%
Category