DFLV vs PVAL: Grades, Fees and Holdings Compared

Dimensional US Large Cap Value ETF

DFLVANYSE Arca

Putnam Focused Large Cap Value ETF

PVALBNYSE Arca

Overlap

21.4%by weight

Expense ratio

DFLV −0.34pt a year

DFLV0.21%PVAL0.55%

Avg volume · 30D

PVAL 2.7×the volume

DFLV658KPVAL1.76M

3Y return · a year

PVAL +3.6pt

DFLV+22.7%PVAL+26.3%

DFLV vs PVAL Performance

Oct 31, 2025 – Oct 30, 2026

+29.3%DFLV+28.0%PVAL

Expense ratio: DFLV 0.21%, better; PVAL 0.55%
Fund size: DFLV $7.39B; PVAL $15.5B
1Y total return: DFLV +29.3%, better; PVAL +28.0%
Yield (12M): DFLV 1.35%, better; PVAL 0.87%
Holdings: DFLV 336; PVAL 49
Avg volume (30D): DFLV 658K sh; PVAL 1.76M sh, better
NAV per share: DFLV $41.80; PVAL $54.68
52W range

ETF.net Grade

Pillar letters and Scores for DFLV, PVAL, with each pillar’s weight
Pillar	DFLV	PVAL
Cost30% weight	A92Higher	C41
Mission25% weight	Not scored	A76
Risk15% weight	A76Higher	A73
Tradability15% weight	A83Higher	A71
Holdings10% weight	A78Higher	D39
Durability5% weight	A83	A87Higher

Rank among US Active Value funds

How we build Categories ›

Same Category. DFLV and PVAL 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 PVAL 27th 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 27BLVDSJPMorgan Fundamental Data Science Large Value ETFScore 56
Rank 27BPVALPutnam Focused Large Cap Value ETFScore 56
Rank 29CGVLUGotham 1000 Value ETFScore 54

Our read on each fund

ETF.net Research

DFLVADimensional US Large Cap Value ETF

PVALBPutnam 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.

PVAL One of the rare active ETFs that keeps most of its book private: about 40 large-cap value stocks, a daily tracking basket instead of daily holdings, and 0.55% net of a waiver through December 31, 2026.

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.

PVAL The fund seeks capital growth and current income.

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.

PVAL Concentrated by design: about 40 names, with at least 80% of net assets in large caps the size of Russell 1000 Value members.sec.gov
Semi-transparent wrapper: a tracking basket posts daily, the actual portfolio within eight business days after quarter-end, so the manager isn't telegraphing trades.franklintempleton.com sec.gov
Active stock picking at 0.55% (0.56% gross), net of a waiver through December 31, 2026, which lands near the category median fee.
The mandate pairs capital growth with current income, and this multi-billion-dollar fund pays quarterly.

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.

PVAL You swap daily transparency for discretion: the tracking basket is not the real portfolio, and the prospectus flags wider spreads and larger premiums or discounts.sec.gov
Rules-based rivals run much cheaper: WTV at 0.12%, AVLV at 0.15%, DFLV at 0.21%, none leaning on a fee waiver.
About 40 holdings means one stock's move counts for more here than in a sprawling value index fund.

Full DFLV profile⁠

Full PVAL profile⁠

DFLV vs PVAL Holdings

How DFLV and PVAL differ

Overlap by weight

21.4%

Shared holdings make up 56.1% of PVAL and 22.5% of DFLV.

Level by level

Holdings28 in both21.4%
Sector11 Sectors71.8%
Countryby domicile98.2%
Asset classEquity100%

Sector

Sector weights in DFLV and PVAL, widest gap first
Sector	More in DFLVMore in PVAL	DFLV	PVAL
Technology	PVAL +15.5 points	9.1%	24.6%
Financials	DFLV +6.3 points	21.7%	15.4%
Communication	DFLV +6.1 points	7.0%	0.9%
Industrials	DFLV +5.9 points	12.9%	7.0%
Energy	DFLV +5.7 points	14.9%	9.2%
Utilities	PVAL +4.6 points	0.0%	4.6%
Materials	DFLV +4.2 points	6.8%	2.6%
Consumer Staples	PVAL +3.2 points	4.8%	8.0%
Consumer Discretionary	PVAL +1.8 points	8.4%	10.2%
Health Care	PVAL +1.7 points	14.0%	15.7%
Real Estate	PVAL +1.5 points	0.4%	1.9%

Country, concentration and asset class

Country by domicile

Country weights in DFLV and PVAL, widest gap first
Country	More in DFLVMore in PVAL	DFLV	PVAL
United Kingdom	PVAL +1.4 points	0.2%	1.6%
Switzerland	DFLV +0.8 points	0.8%	0.0%
China	DFLV +0.8 points	0.8%	0.0%
Other countries (3)	PVAL +0.2 points	98.2%	98.4%

Concentration

Weight in the 10 largest Holdings

DFLV25.0%
PVAL44.6%

Securities held

DFLV335
PVAL48

Asset class

DFLV: Equity
PVAL: Equity

Holdings

Only in DFLV307
In both28
Only in PVAL20

Only in DFLV

307 securities, 77.4% of DFLV by weight

JPMorgan Chase & Co4.50%
Chevron Corp.2.12%
Meta Platforms Inc2.07%
Berkshire Hathaway Cl-B2.00%
Procter & Gamble Co/The1.31%
New Linde PLC1.29%
Rtx Corp1.09%
Johnson & Johnson1.07%
Verizon Communications1.06%
Wells Fargo & Co.1.04%
Hewlett-Packard Enterpris0.96%
Morgan Stanley0.95%
Travelers Companies Inc.0.92%
Pfizer Inc.0.91%
Eog Resources Inc.0.90%
Intel Corp0.88%
Norfolk Southern Corp.0.87%
Newmont Corp0.87%
Deere & Co.0.81%
Csx Corp0.79%
Te Connectivity PLC0.78%
Slb Ltd0.78%
Analog Devices Inc.0.77%
Merck & Company Inc0.77%
Salesforce Inc0.75%
Bristol-Myers Squibb Co.0.75%
AT&T Inc.0.72%
Abbott Laboratories0.72%
Target Corp.0.71%
Phillips 660.70%
Cigna Group/The0.69%
Alphabet Inc - Class A0.68%
Nxp Semiconductors NV0.67%
Metlife Inc.0.65%
Occidental Petroleum Corp0.65%
Republic Services Inc0.64%
Emerson Elec Co0.63%
Delta Air Lines Inc.0.62%
Comcast Corp New Class A0.59%
Alphabet Inc0.57%
Nucor Corp.0.56%
Crh PLC0.56%
Cummins Inc0.56%
Baker Hughes Co0.56%
Oneok Inc0.55%
Mondelez Intl0.54%
Ford Motor Co0.52%
Bank of New York Mellon0.50%
General Dynamics Corp.0.49%
Chubb Limited0.49%

Only in PVAL

20 securities, 42.7% of PVAL by weight

Microsoft Corp9.54%
Apple Inc7.16%
Coca-Cola Co/The2.91%
Philip Morris International Inc2.74%
Putnam Government Money Marke 00.0000 12/31/2049 12/31/2049 Stif Class P Tis A/C # 392452.08%
AbbVie Inc2.02%
Seagate Technology Holdings PLC1.82%
Advanced Micro Devices Inc1.75%
Prologis Inc1.73%
McKesson Corp1.69%
NextEra Energy Inc1.63%
Astrazeneca PLC1.51%
American Electric Power Co Inc1.26%
Walmart Inc1.17%
BJ's Wholesale Club Holdings Inc1.04%
Royal Caribbean Cruises Ltd1.03%
Becton Dickinson & Co0.86%
Aon PLC0.80%
TJX Cos Inc/The<0.01%
Crh PLC<0.01%

Weight gaps

All 28 Holdings in both funds, largest gap first.

Holding weights in DFLV and PVAL, widest gap first
Holding	More in DFLVMore in PVAL	DFLV	PVAL
The Charles Schwab Corp.SCHW	PVAL +2.84 points	0.10%	2.94%
Citigroup Inc.C	PVAL +2.83 points	0.42%	3.25%
Cisco Systems Inc.CSCO	PVAL +2.65 points	0.21%	2.86%
Freeport-Mcmoran Inc.FCX	PVAL +2.25 points	0.69%	2.94%
Valero Energy CorpVLO	PVAL +2.20 points	0.59%	2.79%
Southwest AirlinesLUV	PVAL +2.18 points	0.19%	2.37%
Allstate Corp.ALL	PVAL +1.79 points	0.71%	2.50%
Vertex PharmaceuticalsVRTX	PVAL +1.71 points	0.31%	2.02%
Thermo Fisher Scientific.TMO	PVAL +1.70 points	1.07%	2.77%
Bank of America CorpBAC	PVAL +1.69 points	0.72%	2.41%
Capital One FinancialCOF	PVAL +1.58 points	0.40%	1.98%
Nrg Energy IncNRG	PVAL +1.38 points	0.03%	1.41%
Pulte Group Inc.PHM	PVAL +1.32 points	0.23%	1.55%
Regeneron PharmaceuticalsREGN	PVAL +1.29 points	0.26%	1.55%
General MotorsGM	PVAL +1.26 points	0.87%	2.13%
Apollo Global ManagementAPO	PVAL +1.18 points	<0.01%	1.19%
Ingersoll Rand IncIR	PVAL +0.99 points	0.17%	1.16%
Northrop Grumman Corp.NOC	PVAL +0.91 points	0.58%	1.49%
ConocophillipsCOP	PVAL +0.84 points	1.09%	1.93%
UnitedHealth Group Inc.UNH	PVAL +0.54 points	1.60%	2.14%
T-Mobile Us IncTMUS	PVAL +0.49 points	0.35%	0.84%
Goldman Sachs Group Inc.GS	DFLV +0.44 points	1.34%	0.90%
United Rentals Inc.URI	PVAL +0.42 points	0.61%	1.03%
American Int'l GroupAIG	DFLV +0.37 points	0.37%	<0.01%
Fedex CorpFDX	PVAL +0.37 points	0.75%	1.12%
Fedex Freight Holding CoFDXF	PVAL +0.25 points	0.09%	0.34%
Exxonmobil Holdings CorpXOM	DFLV +0.21 points	4.09%	3.88%
Amazon.com Inc.AMZN	DFLV +0.06 points	4.66%	4.60%

All 343 DFLV holdings⁠All 45 PVAL 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 PVAL Cost

Overpaying PVAL vs DFLV

$6,547

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

DFLV 0.21%
$4,357
PVAL 0.55%
$10,904

Amount$10,000

Years30 years

Cost over time

DFLV 0.21%
PVAL 0.55%
Overpaying

Year by year

Year	DFLV	PVAL	Overpaying
10	$383	$988	$605
20	$1,491	$3,790	$2,299
30	$4,357	$10,904	$6,547

Expense ratio

0.21%DFLV, cheaper
0.55%PVAL

DFLV0.21%PVAL0.55%

0.12%1.25%

Middle half of US Active Value funds
Median 0.54%

DFLV 6th cheapest of 64 funds

PVAL 34th cheapest of 64 funds

DFLV vs PVAL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFLV 1.35%, better; PVAL 0.87%
Payout (12M): DFLV $0.57; PVAL $0.47
Last payment: DFLV $0.16; PVAL $0.10
Ex-dividend: DFLV Sep 22, 2026; PVAL Oct 6, 2026
Paid on: DFLV Sep 24, 2026; PVAL Oct 14, 2026
Frequency: DFLV Quarterly; PVAL Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

DFLVQuarterly · 16 paymentsAll DFLV payments⁠

PVALQuarterly · 17 paymentsAll PVAL payments⁠

DFLV vs PVAL 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%PVAL 11.3%, better
Return per unit of riskSharpe ratio, 3 years: DFLV 1.38PVAL 1.74, better
Worst fallMax drawdown, 5 years: DFLV −16.8%since Dec 2022PVAL −16.7%
Market sensitivityBeta, 5 years: DFLV 0.80PVAL 0.74; Market = 1

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