DFSE vs EMXF: Grades, Fees and Holdings Compared

Dimensional Emerging Markets Sustainability Core 1 ETF

DFSEBNYSE Arca

iShares ESG Advanced MSCI EM ETF

EMXFANasdaq

Overlap

40.4%by weight

Expense ratio

EMXF −0.25pt a year

DFSE0.41%EMXF0.16%

Avg volume · 30D

DFSE 3.4×the volume

DFSE28.6KEMXF8.51K

3Y return · a year

EMXF +1.9pt

DFSE+18.4%EMXF+20.3%

DFSE vs EMXF Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%DFSE+15.8%EMXF

Expense ratio: DFSE 0.41%; EMXF 0.16%, better
Fund size: DFSE $590M; EMXF $157M
1Y total return: DFSE +7.3%; EMXF +15.8%, better
Yield (12M): DFSE 2.17%; EMXF 2.91%, better
Holdings: DFSE 3655; EMXF 586
Avg volume (30D): DFSE 28.6K sh, better; EMXF 8.51K sh
NAV per share: DFSE $44.18; EMXF $52.30
52W range

ETF.net Grade

Pillar letters and Scores for DFSE, EMXF, with each pillar’s weight
Pillar	DFSE	EMXF
Cost30% weight	D37	A84Higher
Mission25% weight	A100	A100
Risk15% weight	C51	A70Higher
Tradability15% weight	B61Higher	B57
Holdings10% weight	A86Higher	A78
Durability5% weight	B62Higher	C49

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. DFSE and EMXF are both graded against the same 12 Emerging Markets ESG & Values Index funds, so their Grades compare head to head.

Emerging Markets ESG & Values Index⁠

Category · 12 funds

See all 12 ›

EMXF ranks 1st and DFSE 6th of 12 funds in the Emerging Markets ESG & Values Index Category.

Rank 1AEMXFiShares ESG Advanced MSCI EM ETFScore 79
Rank 2AESGEiShares ESG Aware MSCI EM ETFScore 76
Rank 5AEMCRXtrackers Emerging Markets Carbon Reduction and Climate Improvers ETFScore 71
Rank 6BDFSEDimensional Emerging Markets Sustainability Core 1 ETFScore 64
Rank 6BEEMXState Street SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETFScore 64

Our read on each fund

ETF.net Research

DFSEBDimensional Emerging Markets Sustainability Core 1 ETF

EMXFAiShares ESG Advanced MSCI EM ETF

In short

DFSE Most emerging-markets ESG funds trim the index to a short list of leaders. Dimensional goes wide instead: roughly 4,300 stocks tilted toward small, value and profitable names, with weights adjusted for sustainability screens.

EMXF The strict end of ESG in emerging markets. EMXF follows an index that demands stronger ESG ratings, screens out a long list of controversial businesses, and caps any single issuer at 5% so no one giant runs the show.

Stated mandate

DFSE The fund seeks long-term capital appreciation through a broad, diversified portfolio of emerging-markets companies, with sustainability considerations affecting portfolio composition.

EMXF The fund is designed to follow an emerging-market equity index that emphasizes stronger ESG ratings and applies extensive screens to controversial business activities.

Why people hold it

DFSE Not an index tracker. Dimensional buys broadly across emerging markets, leaning into small-cap, value and high-profitability names, then adjusts weights for sustainability impact.sec.gov
The screen is specific: emissions intensity, fossil fuel reserves, coal, land and water use, tobacco, firearms and severe ESG controversies all feed weights and exclusions.sec.gov
Roughly 4,300 stocks, so no single name carries the fund. Pays quarterly. Trading since 2022, one of the broadest portfolios in its peer group.
The portfolio matches the mandate on paper: broad emerging-markets equity, sustainability tilts applied inside it, no derivatives detour.

EMXF The "Advanced" label means deep screening: an index built on stronger ESG ratings plus extensive exclusions for controversial business activities, not one or two token cuts.ishares.com
The index caps each issuer at 5%, which matters in emerging markets, where plain cap-weighted portfolios lean hard on a few chip and tech behemoths.ishares.com
0.16% a year is modest for a heavily screened fund, and it sits below the typical expense ratio in its emerging-markets peer group.
Roughly 600 large and mid caps across emerging markets: the screens trim the field without collapsing it into a concentrated handful of names.

Worth knowing

DFSE Pricier than the category's index trackers: 0.41% net of a waiver through February 28, 2027 (0.44% gross), versus 0.16% for EMXF and 0.15% for EMCS.
Thinly traded, so spreads and limit orders matter more here than with the category's largest funds.
The small and value emphasis plus sustainability adjustments can push results away from a plain emerging-markets index, in either direction.sec.gov

EMXF Unscreened emerging-markets trackers such as VWO and SCHE run at a fraction of this expense ratio. The screening is what you are paying for.
A smaller, thinly traded fund. Spreads can widen, so the price on screen and the price you get are not always the same thing.
Cutting whole slices of the emerging-markets universe means this portfolio can look and behave quite differently from a standard EM index, in either direction.

Full DFSE profile⁠

Full EMXF profile⁠

DFSE vs EMXF Holdings

How DFSE and EMXF differ

Overlap by weight

40.4%

Shared holdings make up 77.9% of EMXF and 45.2% of DFSE.

Level by level

Holdings350 in both40.4%
Sector11 Sectors76.5%
Countryby domicile85.5%
Asset classEquity100%

Sector

Sector weights in DFSE and EMXF, widest gap first
Sector	More in DFSEMore in EMXF	DFSE	EMXF
Financials	EMXF +20.2 points	18.2%	38.4%
Technology	DFSE +9.7 points	38.8%	29.1%
Industrials	DFSE +4.9 points	10.7%	5.8%
Communication	EMXF +3.3 points	5.7%	9.0%
Consumer Discretionary	DFSE +2.8 points	8.8%	6.0%
Materials	DFSE +2.8 points	5.2%	2.4%
Energy	DFSE +1.3 points	1.3%	0.0%
Utilities	DFSE +1.0 points	1.6%	0.6%
Real Estate	DFSE +0.6 points	2.2%	1.6%
Health Care	DFSE +0.5 points	4.6%	4.1%
Consumer Staples	Same weight	3.0%	3.0%

Country, concentration and asset class

Country by domicile

Country weights in DFSE and EMXF, widest gap first
Country	More in DFSEMore in EMXF	DFSE	EMXF
South Africa	EMXF +6.5 points	3.4%	9.9%
China	EMXF +6.1 points	20.4%	26.5%
South Korea	DFSE +5.7 points	20.2%	14.5%
Taiwan	DFSE +4.3 points	31.6%	27.3%
United States	DFSE +1.1 points	1.1%	0.0%
India	DFSE +1.0 points	12.1%	11.1%
Malaysia	EMXF +0.8 points	0.8%	1.6%
Greece	DFSE +0.7 points	0.7%	0.0%
Other countries (13)	DFSE +0.6 points	9.7%	9.1%

Outside the US: DFSE 0% developed, 100% emerging. EMXF 0% developed, 100% emerging.

Concentration

Weight in the 10 largest Holdings

DFSE23.9%
EMXF27.1%

Securities held

DFSE3,631
EMXF563

Asset class

DFSE: Equity
EMXF: Equity

Holdings

Only in DFSE3,281
In both350
Only in EMXF213

Only in DFSE

3,281 securities, 54.6% of DFSE by weight

Samsung Electronics Co Lt2.86%
Samsung Electronics Co2.11%
Lenovo Group Ltd0.81%
Alibaba Group Holding Ltd0.78%
Hon Hai Precision Industr0.66%
Elite Material Co Ltd0.56%
Icici Bank Ltd0.45%
Nan Ya Plastics Corp0.36%
Global Unichip Corp0.31%
Anglogold0.30%
Bharti Airtel Ltd0.29%
Quanta Computer Inc0.29%
Lg Electronics Inc0.28%
Phison Electronics Corp0.28%
Pdd Holdings Inc0.27%
Netease Inc - Adr0.27%
Zhongji Innolight Co Ltd0.26%
Hyundai Motor Co0.25%
Gold Fields Ltd0.24%
Mtn Group Ltd0.24%
Samsung E&A Co Ltd0.23%
Grupo Mexico Sab De Cv0.23%
Infosys Ltd0.21%
Largan Precision Co Ltd0.21%
Persistent Systems Ltd0.20%
Jentech Precision Industr0.20%
Titan Co Ltd0.19%
Geely Automobile Holdings0.19%
United Integrated Service0.19%
Taiwan Union Technology C0.18%
Tata Consultancy Services0.18%
Vibra Energia SA0.18%
Anta Sports Products Ltd0.18%
China Molybdenum Co Ltd0.16%
International Games Syste0.16%
Ase Technology Holding Co0.15%
Meritz Financial Group In0.15%
Alchip Technologies Ltd0.15%
Tvs Motor Co Ltd0.15%
Bharat Electronics Ltd0.15%
Woongjin Coway Co Ltd0.15%
Coforge Ltd0.14%
First Abu Dhabi Bank Pjsc0.14%
Pegatron Corp0.14%
Abu Dhabi Islamic Bank Pj0.14%
Embraer SA0.14%
Kweichow Moutai Co Ltd0.14%
Wpg Holdings Ltd0.13%
Bizlink Holding Inc0.13%
Motor Oil Hellas Corinth0.13%

Only in EMXF

213 securities, 21.8% of EMXF by weight

Hdfc Bank1.57%
Sk Square1.17%
Samsung Electro Mechanics Ltd0.95%
United Micro Electronics Corp0.73%
Axis Bank0.56%
Kotak Mahindra Bank Ltd0.50%
Bajaj Finance Ltd0.46%
China Life Insurance Ltd H0.43%
First Abu Dhabi Bank0.42%
Baidu0.38%
Emirates Telecommunications Group0.37%
Nanya Technology Corp0.33%
Saudi Arabian Mining0.33%
Eternal0.32%
Cemex Cpo0.30%
Hindustan Unilever Ltd0.26%
Bank Central Asia0.26%
Hcl Technologies Ltd0.25%
Itausa Investimentos Itau Pref SA0.25%
Shriram Finance Ltd0.23%
Power Grid Corporation of India0.22%
Piraeus Bank0.22%
Tvs Motor Company0.20%
Eicher Motors Ltd0.20%
Interglobe Aviation Ltd0.18%
Innolux Corp0.18%
Asian Paints0.18%
Bank Rakyat Indonesia (Persero)0.18%
Evergreen Marine Corp (Taiwan) Ltd0.17%
Laurus Labs Ltd0.17%
China Merchants Bank A0.16%
Sbi Life Insurance Company Ltd0.15%
Abu Dhabi Islamic Bank0.15%
Bank Mandiri (Persero)0.14%
Sociedad Quimica Y Minera De Chile0.14%
Cipla Ltd0.14%
Contemporary Amperex Technology Class0.14%
Aldar Properties0.14%
China Mengniu Dairy Ltd0.14%
Latam Airlines Group0.14%
Cholamandalam Investment and Finan0.14%
Dr Reddys Laboratories0.13%
Nestle India Ltd0.13%
Indian Hotels Ltd0.13%
Bajaj Finserv Ltd0.13%
China Steel Corp0.13%
Hero Motocorp Ltd0.12%
Federal Bank Ltd0.12%
Press Metal Aluminium Holdings0.12%
Persistent Systems Ltd0.12%

Weight gaps

The 100 widest of 350 Holdings in both funds.

Holding weights in DFSE and EMXF, widest gap first
Holding	More in DFSEMore in EMXF	DFSE	EMXF
Taiwan Semiconductor Manu	DFSE +3.26 points	8.50%	5.24%
Tencent Holdings Ltd	EMXF +2.42 points	2.11%	4.53%
Mediatek Inc	EMXF +2.37 points	0.89%	3.26%
China Construction Bank C	EMXF +1.28 points	0.80%	2.08%
Delta Electronics Inc	EMXF +1.11 points	0.39%	1.50%
Industrial & Commercial B	EMXF +1.03 points	0.21%	1.24%
Ase Technology Holding Co	EMXF +0.89 points	0.39%	1.28%
Sk Hynix Inc	EMXF +0.88 points	4.35%	5.23%
Xiaomi Corp	EMXF +0.70 points	0.38%	1.08%
Bank of China Ltd	EMXF +0.68 points	0.31%	0.99%
Meituan	EMXF +0.66 points	0.21%	0.87%
Itau Unibanco Holding SA	EMXF +0.63 points	0.10%	0.73%
Al Rajhi Bank	EMXF +0.62 points	0.26%	0.88%
Jd.com Inc	EMXF +0.53 points	0.02%	0.55%
Netease Inc	EMXF +0.52 points	0.23%	0.75%
Nu Holdings Ltd/Cayman IsNU	EMXF +0.52 points	0.27%	0.79%
Kb Financial Group Inc	EMXF +0.51 points	0.23%	0.74%
Samsung Sdi Co Ltd	EMXF +0.47 points	<0.01%	0.47%
Naspers Npv	EMXF +0.44 points	0.13%	0.57%
Ctbc Financial Holding Co	EMXF +0.43 points	0.30%	0.73%
Beone Medicines Ltd	EMXF +0.40 points	0.03%	0.43%
Fubon Financial Holding C	EMXF +0.38 points	0.40%	0.78%
Cathay Financial Holding	EMXF +0.38 points	0.26%	0.64%
Otp Bank Nyrt	EMXF +0.37 points	0.15%	0.52%
Capitec Limited	EMXF +0.36 points	0.09%	0.45%
Chunghwa Telecom Co Ltd	EMXF +0.35 points	<0.01%	0.35%
Delta Electronics Thailan	EMXF +0.34 points	0.01%	0.35%
Saudi Telecom Co	EMXF +0.34 points	0.08%	0.42%
State Bank of India	EMXF +0.33 points	0.02%	0.35%
Agricultural Bank of Chin	EMXF +0.33 points	0.12%	0.45%
Grupo Financiero Banorte	EMXF +0.33 points	0.17%	0.50%
Natl Bk of Kuwait	EMXF +0.33 points	0.12%	0.45%
Credicorp LtdBAP	EMXF +0.32 points	0.12%	0.44%
Ping An Insurance Group C	EMXF +0.32 points	0.42%	0.74%
The Saudi National Bank	EMXF +0.32 points	0.21%	0.53%
Shinhan Financial Group	EMXF +0.32 points	0.21%	0.53%
Kuwait Finance House Kscp	EMXF +0.31 points	0.21%	0.52%
America Movil Sab De Cv	EMXF +0.30 points	0.05%	0.35%
Public Bank Bhd	EMXF +0.30 points	0.02%	0.32%
China Merchants Bank Co L	EMXF +0.29 points	0.21%	0.50%
Celltrion Inc	EMXF +0.28 points	0.13%	0.41%
Valterra Platinum Limited	EMXF +0.27 points	0.05%	0.32%
Mahindra & Mahindra Ltd	EMXF +0.25 points	0.24%	0.49%
Yageo Corp	EMXF +0.25 points	0.20%	0.45%
Banco Bradesco SA	EMXF +0.23 points	0.04%	0.27%
Ts Financial Holding Co	EMXF +0.21 points	0.34%	0.55%
National Bank of Greece’s	EMXF +0.20 points	0.07%	0.27%
Doosan Enerbility	EMXF +0.21 points	0.14%	0.35%
Lg Energy Solution Ltd	EMXF +0.21 points	0.03%	0.23%
Cimb Group Holdings Bhd	EMXF +0.20 points	0.05%	0.25%
Qatar National Bank Qpsc	EMXF +0.19 points	0.18%	0.37%
Grupo Cibest SA	EMXF +0.20 points	<0.01%	0.20%
Accton Technology Corp	EMXF +0.18 points	0.29%	0.47%
Advanced Info Service Pcl	EMXF +0.18 points	<0.01%	0.18%
Innovent Biologics Inc	EMXF +0.18 points	0.10%	0.28%
Samsung Life Insurance Co	EMXF +0.17 points	0.13%	0.30%
Malayan Banking Bhd	EMXF +0.17 points	0.05%	0.22%
Wal-Mart De Mexico Sab De	EMXF +0.17 points	0.06%	0.23%
Allegro.eu SA	EMXF +0.17 points	0.10%	0.27%
Trip.com Group Ltd	EMXF +0.17 points	0.27%	0.44%
Emaar Properties Pjsc	EMXF +0.16 points	0.20%	0.36%
Eurobank SA	EMXF +0.16 points	0.07%	0.23%
Grupo Aeroportuario Del P	EMXF +0.15 points	<0.01%	0.16%
B3 SA - Brasil Bolsa Balc	EMXF +0.16 points	0.08%	0.24%
Mpi Corp	DFSE +0.15 points	0.42%	0.27%
Banco De Chile	EMXF +0.15 points	<0.01%	0.16%
Qatar Islamic Bank Saq	EMXF +0.14 points	0.03%	0.17%
Bank Polska Kasa Opieki’s	EMXF +0.13 points	0.09%	0.22%
Abu Dhabi Commercial Bank	EMXF +0.14 points	0.12%	0.26%
Nongfu Spring Co Ltd	EMXF +0.13 points	0.05%	0.18%
Powszechny Zaklad Ubezpie	EMXF +0.13 points	0.06%	0.19%
Aspeed Technology Inc	DFSE +0.13 points	0.47%	0.34%
Airports of Thailand Pcl	EMXF +0.13 points	<0.01%	0.13%
Saudi Awwal Bank	EMXF +0.12 points	0.04%	0.16%
Wistron Corp	DFSE +0.12 points	0.47%	0.35%
King Slide Works Co Ltd	EMXF +0.12 points	0.25%	0.37%
Asia Vital Components Co	EMXF +0.12 points	0.48%	0.60%
E.sun Financial Holding C	EMXF +0.12 points	0.31%	0.43%
Trent Ltd	EMXF +0.11 points	0.05%	0.16%
Erste Bank Polska SA	EMXF +0.11 points	0.04%	0.15%
Yuanta Financial Holding	EMXF +0.11 points	0.35%	0.46%
Kanzhun LtdBZ	EMXF +0.12 points	<0.01%	0.12%
Sinopac Financial Holding	EMXF +0.12 points	0.21%	0.33%
Ke Holdings Inc	EMXF +0.11 points	0.11%	0.22%
Gerdau SA	EMXF +0.11 points	<0.01%	0.11%
Riyad Bank	EMXF +0.11 points	0.08%	0.19%
Emirates Nbd Bank Pjsc	EMXF +0.11 points	0.17%	0.28%
Sk Telecom Co Ltd	EMXF +0.11 points	<0.01%	0.11%
Shoprite Holdings Ltd	EMXF +0.10 points	0.08%	0.18%
Hua Nan Financial Holding	EMXF +0.10 points	0.17%	0.27%
Bangkok Dusit Medical Ser	EMXF +0.10 points	0.02%	0.12%
Kghm Polska Miedz SA	EMXF +0.10 points	0.09%	0.19%
Alinma Bank	EMXF +0.10 points	0.06%	0.16%
Cp All Pcl	EMXF +0.10 points	0.03%	0.13%
Wuxi Biologics	EMXF +0.10 points	0.28%	0.38%
Hana Financial Group Inc	EMXF +0.10 points	0.36%	0.46%
Mega Financial Holding Co	EMXF +0.09 points	0.27%	0.36%
Asustek Computer Inc	DFSE +0.09 points	0.42%	0.33%
True Corp Pcl	EMXF +0.08 points	<0.01%	0.08%
Uni-President Enterprises	DFSE +0.09 points	0.31%	0.22%

All 4,263 DFSE holdings⁠All 561 EMXF 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.

DFSE vs EMXF Cost

Overpaying DFSE vs EMXF

$4,939

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

DFSE 0.41%
$8,281
EMXF 0.16%
$3,342

Amount$10,000

Years30 years

Cost over time

DFSE 0.41%
EMXF 0.16%
Overpaying

Year by year

Year	DFSE	EMXF	Overpaying
10	$741	$292	$449
20	$2,860	$1,141	$1,719
30	$8,281	$3,342	$4,939

Expense ratio

0.41%DFSE
0.16%EMXF, cheaper

EMXF0.16%DFSE0.41%

0.15%1.25%

Middle half of Emerging Markets ESG & Values Index funds
Median 0.33%

EMXF 3rd cheapest of 12 funds

DFSE 8th cheapest of 12 funds

DFSE vs EMXF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFSE 2.17%; EMXF 2.91%, better
Payout (12M): DFSE $0.95; EMXF $1.53
Last payment: DFSE $0.35; EMXF $0.47
Ex-dividend: DFSE Sep 22, 2026; EMXF Jun 15, 2026
Paid on: DFSE Sep 24, 2026; EMXF Jun 18, 2026
Frequency: DFSE Quarterly; EMXF Twice a year

Distribution history

Per share, 2020 to 2026, same scale for both

DFSEQuarterly · 16 paymentsAll DFSE payments⁠

EMXFTwice a year · 13 paymentsAll EMXF payments⁠

DFSE vs EMXF Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFSE 15.4%EMXF 14.6%, better
Return per unit of riskSharpe ratio, 3 years: DFSE 0.89EMXF 1.04, better
Worst fallMax drawdown, 5 years: DFSE −19.8%since Nov 2022EMXF −30.6%
Market sensitivityBeta, 5 years: DFSE 1.09EMXF 0.94; Market = 1

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