DFSE vs ESGE: Grades, Fees and Holdings Compared

Dimensional Emerging Markets Sustainability Core 1 ETF

DFSEBNYSE Arca

iShares ESG Aware MSCI EM ETF

ESGEANasdaq

Overlap

38.8%by weight

Expense ratio

ESGE −0.16pt a year

DFSE0.41%ESGE0.25%

Avg volume · 30D

ESGE 23.1×the volume

DFSE28.6KESGE663K

3Y return · a year

ESGE +3.7pt

DFSE+18.4%ESGE+22.1%

DFSE vs ESGE Performance

Oct 31, 2025 – Oct 30, 2026

+7.3%DFSE+13.3%ESGE

Expense ratio: DFSE 0.41%; ESGE 0.25%, better
Fund size: DFSE $590M; ESGE $6.25B
1Y total return: DFSE +7.3%; ESGE +13.3%, better
Yield (12M): DFSE 2.17%; ESGE 2.29%, better
Holdings: DFSE 3655; ESGE 318
Avg volume (30D): DFSE 28.6K sh; ESGE 663K sh, better
NAV per share: DFSE $44.18; ESGE $49.38
52W range

ETF.net Grade

Pillar letters and Scores for DFSE, ESGE, with each pillar’s weight
Pillar	DFSE	ESGE
Cost30% weight	D37	B63Higher
Mission25% weight	A100	A100
Risk15% weight	C51	C53Higher
Tradability15% weight	B61	A92Higher
Holdings10% weight	A86Higher	B61
Durability5% weight	B62	A95Higher

Rank among Emerging Markets ESG & Values Index funds

How we build Categories ›

Same Category. DFSE and ESGE 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 ›

ESGE ranks 2nd 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 3AEMCSXtrackers MSCI Emerging Markets Climate Selection ETFScore 74
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

ESGEAiShares ESG Aware 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.

ESGE The ESG emerging-markets fund built to not feel different: it screens MSCI's EM universe for environmental, social and governance traits while keeping risk and return close to the parent index, for 0.25% a year.

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.

ESGE The fund seeks to track large- and mid-capitalization emerging-market equities with positive environmental, social, and governance characteristics, while maintaining risk and return characteristics similar to its parent index.

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.

ESGE 0.25% a year, below the typical fee among ESG emerging-market ETFs.
"Aware" is the whole design: the index tilts toward better ESG-rated companies while targeting risk and return characteristics similar to the standard MSCI EM parent.ishares.com
Trading since 2016 and now a multi-billion-dollar, actively traded fund, which is a rare combination in a corner full of small, thinly used products.
Does exactly what its name says: full-time exposure to large- and mid-cap emerging-market stocks via the MSCI Emerging Markets Extended ESG Focus Index, one of the cleanest mandate fits in its peer group.ishares.com

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

ESGE It is a tilt, not a purge. Because the index chases parent-like risk and return, the lineup stays close to mainstream EM rather than a deep-green portfolio.ishares.com
Screening narrows the field to roughly 300 stocks, so holdings and country weights drift from a plain emerging-markets index fund.
Not the cheapest badge in the aisle: sibling LDEM runs 0.16%, though it takes a stricter ESG-leaders approach.

Full DFSE profile⁠

Full ESGE profile⁠

DFSE vs ESGE Holdings

How DFSE and ESGE differ

Overlap by weight

38.8%

Shared holdings make up 76.0% of ESGE and 44.1% of DFSE.

Level by level

Holdings186 in both38.8%
Sector11 Sectors87.4%
Countryby domicile93.8%
Asset classEquity100%

Sector

Sector weights in DFSE and ESGE, widest gap first
Sector	More in DFSEMore in ESGE	DFSE	ESGE
Financials	ESGE +6.7 points	18.2%	24.9%
Industrials	DFSE +6.1 points	10.7%	4.6%
Technology	ESGE +3.9 points	38.8%	42.7%
Health Care	DFSE +2.4 points	4.6%	2.2%
Consumer Discretionary	DFSE +1.7 points	8.8%	7.1%
Communication	ESGE +1.2 points	5.7%	6.9%
Real Estate	DFSE +1.1 points	2.2%	1.1%
Energy	ESGE +0.8 points	1.3%	2.1%
Consumer Staples	DFSE +0.6 points	3.0%	2.4%
Materials	DFSE +0.4 points	5.2%	4.8%
Utilities	DFSE +0.3 points	1.6%	1.3%

Country, concentration and asset class

Country by domicile

Country weights in DFSE and ESGE, widest gap first
Country	More in DFSEMore in ESGE	DFSE	ESGE
South Africa	ESGE +4.0 points	3.4%	7.4%
India	DFSE +1.5 points	12.1%	10.6%
Malaysia	ESGE +1.2 points	0.8%	2.0%
United States	DFSE +1.1 points	1.1%	0.0%
South Korea	ESGE +1.0 points	20.2%	21.2%
Greece	DFSE +0.7 points	0.7%	0.0%
Chile	DFSE +0.6 points	0.6%	0.0%
Other countries (14)	DFSE +2.3 points	61.1%	58.8%

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

Concentration

Weight in the 10 largest Holdings

DFSE23.9%
ESGE38.4%

Securities held

DFSE3,631
ESGE297

Asset class

DFSE: Equity
ESGE: Equity

Holdings

Only in DFSE3,445
In both186
Only in ESGE111

Only in DFSE

3,445 securities, 55.8% of DFSE by weight

Samsung Electronics Co Lt2.86%
Icici Bank Ltd0.45%
Global Unichip Corp0.31%
Uni-President Enterprises0.31%
Anglogold0.30%
Bharti Airtel Ltd0.29%
Quanta Computer Inc0.29%
Phison Electronics Corp0.28%
Pdd Holdings Inc0.27%
Novatek Microelectronics0.27%
Mega Financial Holding Co0.27%
Netease Inc - Adr0.27%
Zhongji Innolight Co Ltd0.26%
Gold Fields Ltd0.24%
Samsung E&A Co Ltd0.23%
The Saudi National Bank0.21%
Infosys Ltd0.21%
Largan Precision Co Ltd0.21%
Kuwait Finance House Kscp0.21%
Persistent Systems Ltd0.20%
Jentech Precision Industr0.20%
Titan Co Ltd0.19%
United Integrated Service0.19%
Taiwan Union Technology C0.18%
Tata Consultancy Services0.18%
Bid Corp Ltd0.18%
Anta Sports Products Ltd0.18%
Db Insurance Co Ltd0.17%
Hua Nan Financial Holding0.17%
International Games Syste0.16%
Ase Technology Holding Co0.15%
Meritz Financial Group In0.15%
Otp Bank Nyrt0.15%
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%
Wuxi Apptec Co Ltd0.14%
Kweichow Moutai Co Ltd0.14%
China Resources Land Ltd0.14%
Tech Mahindra Ltd0.14%
Wpg Holdings Ltd0.13%
Celltrion Inc0.13%
Bizlink Holding Inc0.13%
Motor Oil Hellas Corinth0.13%

Only in ESGE

111 securities, 23.7% of ESGE by weight

Samsung Electronics Non Voting Pre1.03%
Hdfc Bank0.86%
Axis Bank0.82%
Sk Square0.63%
Petroleo Brasileiro SA Petrobras0.63%
Icici Bank0.61%
Samsung Electro Mechanics Ltd0.58%
Nepi Rockcastle0.56%
United Micro Electronics Corp0.55%
Bajaj Finance Ltd0.50%
Kotak Mahindra Bank Ltd0.50%
Gold Fields0.46%
Hdfc Life Insurance Company Ltd0.44%
Reliance Industries Ltd0.43%
Cemex Cpo0.42%
China Merchants Bank A0.37%
Press Metal Aluminium Holdings0.37%
Asian Paints0.33%
Infosys0.33%
Hcl Technologies Ltd0.32%
Marico0.31%
Sk Inc0.31%
Unimicron Technology0.30%
Shriram Finance Ltd0.30%
Etihad Etisalat0.30%
Tvs Motor Company0.30%
Ptt Non-Voting Dr0.29%
Wuxi Apptec A0.29%
Sk Innovation Ltd0.27%
Hindustan Unilever Ltd0.27%
Piraeus Bank0.26%
Samsung C&T Corp0.25%
Upl0.24%
First Abu Dhabi Bank0.23%
Eva Airways0.22%
Sd Guthrie0.21%
Baidu0.21%
Icici Life Insurance Ltd0.21%
Voltas Ltd0.21%
China Minsheng Banking A0.20%
Mol Hungarian Oil and Gas0.20%
Nanya Technology Corp0.20%
Huatai Securities A0.20%
Ping An Insurance (Group) of China0.19%
Yum China Holdings Inc0.19%
Au Small Finance Bank0.18%
Orlen0.18%
Abu Dhabi Islamic Bank0.18%
Persistent Systems Ltd0.17%
Bco Btg Pactual Unt SA0.17%

Weight gaps

The 100 widest of 186 Holdings in both funds.

Holding weights in DFSE and ESGE, widest gap first
Holding	More in DFSEMore in ESGE	DFSE	ESGE
Taiwan Semiconductor Manu	ESGE +7.44 points	8.50%	15.94%
Samsung Electronics Co	ESGE +4.95 points	2.11%	7.06%
Chunghwa Telecom Co Ltd	ESGE +1.23 points	<0.01%	1.23%
Sk Hynix Inc	ESGE +1.00 points	4.35%	5.35%
Alibaba Group Holding Ltd	ESGE +0.85 points	0.78%	1.63%
Mediatek Inc	ESGE +0.67 points	0.89%	1.56%
China Construction Bank C	ESGE +0.59 points	0.80%	1.39%
Al Rajhi Bank	ESGE +0.53 points	0.26%	0.79%
Industrial & Commercial B	ESGE +0.52 points	0.21%	0.73%
Lenovo Group Ltd	DFSE +0.50 points	0.81%	0.31%
Vodacom Group Ltd	ESGE +0.48 points	0.03%	0.51%
Delta Electronics Inc	ESGE +0.43 points	0.39%	0.82%
Allegro.eu SA	ESGE +0.41 points	0.10%	0.51%
Saudi Telecom Co	ESGE +0.40 points	0.08%	0.48%
Samsung Sdi Co Ltd	ESGE +0.38 points	<0.01%	0.38%
Elite Material Co Ltd	DFSE +0.37 points	0.56%	0.19%
Yuanta Financial Holding	ESGE +0.37 points	0.35%	0.72%
Cimb Group Holdings Bhd	ESGE +0.37 points	0.05%	0.42%
Motiva Infraestrutura De	ESGE +0.36 points	0.05%	0.41%
Malayan Banking Bhd	ESGE +0.36 points	0.05%	0.41%
Far Eastone Telecommunica	ESGE +0.35 points	0.06%	0.41%
First Financial Holding C	ESGE +0.34 points	0.20%	0.54%
Aspeed Technology Inc	DFSE +0.33 points	0.47%	0.14%
Enel Chile SA	ESGE +0.33 points	0.01%	0.34%
Sunway Bhd	ESGE +0.33 points	0.01%	0.34%
Moneta Money Bank As	ESGE +0.32 points	0.03%	0.35%
Anglogold Ashanti PLC	ESGE +0.32 points	0.02%	0.34%
Kb Financial Group Inc	ESGE +0.32 points	0.23%	0.55%
Industrial Bank Co Ltd	ESGE +0.32 points	0.02%	0.34%
B3 SA - Brasil Bolsa Balc	ESGE +0.32 points	0.08%	0.40%
Valterra Platinum Limited	ESGE +0.31 points	0.05%	0.36%
Cathay Financial Holding	ESGE +0.31 points	0.26%	0.57%
Asustek Computer Inc	DFSE +0.29 points	0.42%	0.13%
Nedbank Group Ltd	ESGE +0.29 points	0.07%	0.36%
Wistron Corp	DFSE +0.29 points	0.47%	0.18%
Byd Co Ltd	ESGE +0.28 points	0.13%	0.41%
Ase Technology Holding Co	ESGE +0.28 points	0.39%	0.67%
Grupo Financiero Banorte	ESGE +0.28 points	0.17%	0.45%
Fubon Financial Holding C	DFSE +0.27 points	0.40%	0.13%
Gek Terna SA	ESGE +0.27 points	0.02%	0.29%
Wiwynn Corp	DFSE +0.26 points	0.37%	0.11%
Tencent Holdings Ltd	ESGE +0.26 points	2.11%	2.37%
Qatar National Bank Qpsc	ESGE +0.25 points	0.18%	0.43%
Netease Inc	ESGE +0.25 points	0.23%	0.48%
Engie Brasil Energia SA	ESGE +0.25 points	0.03%	0.28%
Kgi Financial Holding Co	DFSE +0.25 points	0.38%	0.13%
Mpi Corp	DFSE +0.25 points	0.42%	0.17%
Abu Dhabi Commercial Bank	ESGE +0.25 points	0.12%	0.37%
Shinhan Financial Group	ESGE +0.24 points	0.21%	0.45%
Cia Paranaense De Energia	ESGE +0.23 points	0.07%	0.30%
Meituan	ESGE +0.22 points	0.21%	0.43%
Ambev SA	ESGE +0.22 points	0.01%	0.23%
Kasikornbank Pcl	ESGE +0.21 points	<0.01%	0.21%
Credicorp LtdBAP	ESGE +0.21 points	0.12%	0.33%
Jd.com Inc	ESGE +0.21 points	0.02%	0.23%
Enn Energy Holdings Ltd	ESGE +0.20 points	0.06%	0.26%
Sanlam Ltd	ESGE +0.20 points	0.13%	0.33%
Li Auto Inc	ESGE +0.19 points	0.05%	0.24%
Ammb Holdings Bhd	ESGE +0.19 points	0.03%	0.22%
Dabur India Ltd	ESGE +0.19 points	0.02%	0.21%
China Citic Bank Corp Ltd	ESGE +0.19 points	0.09%	0.28%
Trip.com Group Ltd	DFSE +0.18 points	0.27%	0.09%
Samsung Fire & Marine Ins	DFSE +0.17 points	0.31%	0.14%
Chroma Ate Inc	DFSE +0.17 points	0.37%	0.20%
Standard Bank Group Ltd	ESGE +0.16 points	<0.01%	0.17%
Innovent Biologics Inc	ESGE +0.16 points	0.10%	0.26%
Bosideng International Ho	ESGE +0.15 points	0.07%	0.22%
Clicks Group Ltd	ESGE +0.15 points	0.04%	0.19%
Ping An Insurance Group C	ESGE +0.15 points	0.42%	0.57%
Lg Electronics Inc	DFSE +0.14 points	0.28%	0.14%
Dr Sulaiman Al Habib Medi	ESGE +0.14 points	0.05%	0.19%
Delta Electronics Thailan	ESGE +0.14 points	0.01%	0.15%
Hyundai Motor Co	DFSE +0.15 points	0.25%	0.10%
Zabka Group SA	ESGE +0.14 points	<0.01%	0.15%
Grupo Cibest SA	ESGE +0.14 points	<0.01%	0.14%
Mtn Group Ltd	DFSE +0.14 points	0.24%	0.10%
Kakaobank Corp	ESGE +0.14 points	0.03%	0.17%
Kuaishou Technology	DFSE +0.14 points	0.21%	0.07%
Banco Bradesco SA	ESGE +0.13 points	0.04%	0.17%
Erste Bank Polska SA	ESGE +0.13 points	0.04%	0.17%
China Merchants Bank Co L	ESGE +0.12 points	0.21%	0.33%
Shenzhen Mindray Bio-Medi	ESGE +0.12 points	<0.01%	0.13%
Accton Technology Corp	DFSE +0.13 points	0.29%	0.16%
Banco Bradesco SA	ESGE +0.12 points	0.03%	0.15%
State Bank of India	ESGE +0.12 points	0.02%	0.14%
Woori Financial Group Inc	ESGE +0.12 points	0.22%	0.34%
Beone Medicines Ltd	ESGE +0.12 points	0.03%	0.15%
Kanzhun LtdBZ	ESGE +0.12 points	<0.01%	0.12%
Mahindra & Mahindra Ltd	ESGE +0.12 points	0.24%	0.36%
Punjab National Bank	ESGE +0.12 points	<0.01%	0.12%
Naver Corp	ESGE +0.11 points	0.12%	0.23%
Ls Industrial Systems Co	DFSE +0.12 points	0.20%	0.08%
Shenzhen Inovance Technol	ESGE +0.11 points	<0.01%	0.12%
Eurobank SA	ESGE +0.11 points	0.07%	0.18%
Asia Vital Components Co	DFSE +0.11 points	0.48%	0.37%
Xpeng Inc	ESGE +0.11 points	0.05%	0.16%
Advanced Info Service Pcl	ESGE +0.11 points	<0.01%	0.11%
Ctbc Financial Holding Co	ESGE +0.11 points	0.30%	0.41%
Realtek Semiconductor Cor	DFSE +0.11 points	0.22%	0.11%
Lite-On Technology Corp	DFSE +0.10 points	0.22%	0.12%

All 4,263 DFSE holdings⁠All 295 ESGE 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 ESGE Cost

Overpaying DFSE vs ESGE

$3,122

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

DFSE 0.41%
$8,281
ESGE 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

DFSE 0.41%
ESGE 0.25%
Overpaying

Year by year

Year	DFSE	ESGE	Overpaying
10	$741	$455	$286
20	$2,860	$1,769	$1,091
30	$8,281	$5,159	$3,122

Expense ratio

0.41%DFSE
0.25%ESGE, cheaper

ESGE0.25%DFSE0.41%

0.15%1.25%

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

ESGE 5th cheapest of 12 funds

DFSE 8th cheapest of 12 funds

DFSE vs ESGE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFSE 2.17%; ESGE 2.29%, better
Payout (12M): DFSE $0.95; ESGE $1.13
Last payment: DFSE $0.35; ESGE $0.40
Ex-dividend: DFSE Sep 22, 2026; ESGE Jun 15, 2026
Paid on: DFSE Sep 24, 2026; ESGE Jun 18, 2026
Frequency: DFSE Quarterly; ESGE Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

DFSEQuarterly · 16 paymentsAll DFSE payments⁠

ESGETwice a year · 20 paymentsAll ESGE payments⁠

DFSE vs ESGE 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%, betterESGE 16.1%
Return per unit of riskSharpe ratio, 3 years: DFSE 0.89ESGE 1.05, better
Worst fallMax drawdown, 5 years: DFSE −19.8%since Nov 2022ESGE −35.1%
Market sensitivityBeta, 5 years: DFSE 1.09ESGE 0.99; Market = 1

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