DFSI vs FEDM: Grades, Fees and Holdings Compared

Dimensional International Sustainability Core 1 ETF

DFSIBNYSE Arca

Northern Trust ESG & Climate Developed Markets ex-US Core ETF

FEDMANYSE Arca

Overlap

27.1%by weight

Expense ratio

FEDM −0.11pt a year

DFSI0.23%FEDM0.12%

Avg volume · 30D

DFSI 28.6×the volume

DFSI56.5KFEDM1.98K

3Y return · a year

DFSI +2.0pt

DFSI+20.0%FEDM+18.0%

DFSI vs FEDM Performance

Nov 7, 2025 – Nov 9, 2026

+15.1%DFSI+17.1%FEDM

Expense ratio: DFSI 0.23%; FEDM 0.12%, better
Fund size: DFSI $1.17B; FEDM $85M
1Y total return: DFSI +15.1%; FEDM +17.1%, better
Yield (12M): DFSI 2.25%; FEDM 2.84%, better
Holdings: DFSI 2828; FEDM 231
Avg volume (30D): DFSI 56.5K sh, better; FEDM 1.98K sh
NAV per share: DFSI $44.66; FEDM $64.16
52W range

ETF.net Grade

Pillar letters and Scores for DFSI, FEDM, with each pillar’s weight
Pillar	DFSI	FEDM
Cost30% weight	C50	A88Higher
Mission25% weight	Not scored	A100
Risk15% weight	B62Higher	B55
Tradability15% weight	B61Higher	D38
Holdings10% weight	A86Higher	B62
Durability5% weight	B60Higher	C40

Rank among International ESG & Values Index funds

How we build Categories ›

Same Category. DFSI and FEDM are both graded against the same 18 International ESG & Values Index funds, so their Grades compare head to head.

International ESG & Values Index⁠

Category · 18 funds

See all 18 ›

FEDM ranks 4th and DFSI 9th of 18 funds in the International ESG & Values Index Category.

Rank 1AVSGXVanguard ESG International Stock ETFScore 79
Rank 2AESGDiShares ESG Aware MSCI EAFE ETFScore 78
Rank 3ADMXFiShares ESG Advanced MSCI EAFE ETFScore 76
Rank 4AFEDMNorthern Trust ESG & Climate Developed Markets ex-US Core ETFScore 73
Rank 5AEFAXState Street SPDR MSCI EAFE Fossil Fuel Reserves Free ETFScore 71
Rank 7BNUDMNuveen ESG International Developed Markets EquityScore 61
Rank 9BDFSIDimensional International Sustainability Core 1 ETFScore 60
Rank 10BAVSDAvantis Responsible International Equity ETFScore 58

Our read on each fund

ETF.net Research

DFSIBDimensional International Sustainability Core 1 ETF

FEDMANorthern Trust ESG & Climate Developed Markets ex-US Core ETF

In short

DFSI Not an index tracker: Dimensional runs an all-cap slice of developed markets outside the US, thousands of names tilted toward cheaper, more profitable firms, carbon-heavy ones screened out. 0.23% net of a waiver through February 28, 2027.

FEDM Northern Trust writes the index and runs the fund: a developed-ex-US core holding screened on its own ESG and climate scoring, at 0.12% net of a waiver through March 1, 2027.

Stated mandate

DFSI The ETF seeks long-term capital appreciation. It uses an integrated investment approach to build a broadly diversified portfolio of non-U.S. developed-market companies while incorporating sustainability considerations.

FEDM The Fund seeks to track, before fees and expenses, the performance of the Northern Trust ESG & Climate Developed Markets ex-US Core Index.

Why people hold it

DFSI Owns a few thousand stocks across developed markets outside the US, reaching down into the small caps that large-cap ESG index funds leave out.sec.gov
The screen is wide: companies with high carbon emissions or reserves are excluded, alongside flags for tobacco, cluster munitions, private prisons and child labor.sec.gov
Standard Dimensional machinery underneath: value and profitability tilts set by the manager, not frozen until an index provider's next rebalance date.sec.gov

FEDM At 0.12% net of a waiver through March 1, 2027, it sits at the low end of its peer group, matching DMXF (0.12%) and undercutting ESGD (0.20%).
Optimized, not just screened: the index limits how far any stock, sector or region can drift from its developed-ex-US parent, so it still behaves like core foreign equity.flexshares.com
Northern Trust scores companies on its own ESG Vector Score instead of licensing a third party ratings index, and manages the fund in-house.flexshares.com
Roughly 300 large and mid-cap names across developed markets outside the US, paid out quarterly.flexshares.com

Worth knowing

DFSI 0.23% (0.24% gross) net of a waiver through February 28, 2027 lands near the category median, and index-tracking peers go lower: VSGX at 0.10%, DMXF at 0.12%.
Active, so there's no index holding it to a line. MSCI World ex USA IMI is the stated yardstick, and the small-cap and value tilts can push results away from it.sec.gov
Sustainability here is Dimensional's own definition rather than a published ESG index, so the holdings can differ from what another provider's label would give you.sec.gov

FEDM Thinly traded next to the category giants, so spreads can widen. Limit orders matter more here than with the household-name alternatives.
The 0.12% is net of a waiver through March 1, 2027; the gross fee is 0.16%, so the discount depends on that waiver being extended.
ESG and climate screens change what it owns versus a plain developed-ex-US index, so results can drift from the broad market in either direction.sec.gov

Full DFSI profile⁠

Full FEDM profile⁠

DFSI vs FEDM Holdings

How DFSI and FEDM differ

Overlap by weight

27.1%

Shared holdings make up 76.1% of FEDM and 30.8% of DFSI.

Level by level

Holdings162 in both27.1%
Countryby domicile88.3%
Sector11 Sectors90.4%
Asset classStocks100%

Sector

Sector weights in DFSI and FEDM, widest gap first
Sector	Gap	DFSI	FEDM
Consumer Discretionary	DFSI +4.2 points	9.7%	5.5%
Energy	FEDM +3.8 points	1.9%	5.7%
Industrials	DFSI +3.8 points	20.1%	16.3%
Financials	FEDM +3.0 points	24.8%	27.8%
Consumer Staples	FEDM +1.4 points	5.7%	7.1%
Health Care	FEDM +0.9 points	9.9%	10.8%
Materials	DFSI +0.8 points	7.1%	6.3%
Communication	DFSI +0.6 points	5.3%	4.7%
Real Estate	DFSI +0.2 points	1.8%	1.6%
Utilities	FEDM +0.2 points	3.0%	3.2%
Technology	FEDM +0.3 points	10.7%	11.0%

Country, concentration and asset class

Country by domicile

Country weights in DFSI and FEDM, widest gap first
Country	Gap	DFSI	FEDM
Spain	FEDM +2.7 points	3.1%	5.8%
Switzerland	DFSI +2.0 points	9.5%	7.5%
Sweden	DFSI +1.9 points	4.2%	2.3%
Canada	FEDM +1.8 points	10.0%	11.8%
United Kingdom	FEDM +1.6 points	11.8%	13.4%
Australia	FEDM +1.6 points	4.9%	6.5%
France	FEDM +1.2 points	6.8%	8.0%
Netherlands	DFSI +1.2 points	6.0%	4.8%
Other countries (18)	DFSI +4.0 points	43.8%	39.8%

Outside the US: DFSI 99% developed, 1% emerging. FEDM 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

DFSI10.0%
FEDM16.1%

Securities held

DFSI2,811
FEDM215

Asset class

DFSI: Stocks
FEDM: Stocks

Holdings

Only in DFSI2,649
In both162
Only in FEDM53

Only in DFSI

2,649 securities, 69.0% of DFSI by weight

Asml Holding NV2.30%
Novartis AG Adr1.10%
Astrazeneca PLC0.73%
Rolls-Royce Holdings PLC0.67%
Unilever PLC0.67%
Toronto-Dominion Bank0.54%
Tesco PLC0.44%
Abb Ltd0.43%
Safran SA0.42%
Hsbc Holdings PLC0.42%
E.on SE0.39%
Agnico Eagle Mines Ltd0.37%
Airbus SE0.37%
Compass Group PLC0.36%
Shopify Inc- Class A0.36%
Orange SA0.35%
Societe Generale SA0.35%
Relx PLC0.35%
Argenx SE0.35%
Nordea Bank Abp0.34%
Koninklijke Kpn NV0.34%
Intact Financial Corp0.33%
Bank of Nova Scotia/The0.31%
Experian PLC0.29%
Ubs Group AG0.29%
Royal Bank of Canada0.29%
Canadian Imperial Bank of0.28%
Sumitomo Mitsui Financial0.28%
Brookfield Corp0.27%
Nn Group NV0.27%
Wheaton Precious Metals C0.27%
Volvo Ab0.25%
Aib Group PLC0.24%
Swiss Life Holding AG0.24%
Legal & General Group PLC0.23%
Anz Group Holdings0.22%
Fairfax Financial Holding0.22%
Genmab A/S0.21%
Diageo PLC0.21%
Banco Bilbao Vizcaya Arge0.20%
Adidas AG0.20%
Bae Systems PLC0.20%
Vinci SA0.19%
Bank of Ireland Group PLC0.19%
Helvetia Baloise Holding0.19%
Infineon Technologies AG0.19%
Bawag Group AG0.19%
Keyence Corp0.19%
Banco De Sabadell SA0.19%
Pan American Silver Corp0.19%

Only in FEDM

53 securities, 21.7% of FEDM by weight

Shell PLC1.66%
Msci Eafe Equity Index 18/DEC/2026 MFSZ6 Index1.23%
Relx PLC Common Stock Gbp 0.1443971.20%
Itochu Corp Common Stock Jpy1.17%
Nestle SA Common Stock Chf 0.11.13%
Manulife Financial Corp Common Stock Cad 01.04%
Canadian National Railway Co Common Stock Cad 01.00%
Tesco PLC Common Stock Gbp 6.33330.93%
Wheaton Precious Metals Corp0.91%
Hong Kong Exchanges & Clearing Ltd Common Stock0.79%
Repsol SA Common Stock Eur 10.76%
Totalenergies SE Common Stock Eur 2.50.74%
Cie De Saint-Gobain SA Common Stock Eur 40.70%
Sompo Holdings Inc Common Stock Jpy0.65%
Pembina Pipeline Corp Common Stock Cad 00.58%
Bridgestone Corp Common Stock Jpy0.57%
3I Group PLC Common Stock Gbp 73.86360.55%
Vodafone Group PLC Common Stock Gbp 0.20952380.53%
Tdk Corp Common Stock Jpy0.52%
Anglo American PLC Common Stock Gbp 0.62390.51%
Eneos Holdings Inc Common Stock Jpy0.33%
Cgi Inc Common Stock Cad 00.31%
Segro PLC Reit Gbp 100.31%
Japan Post Holdings Co Ltd Common Stock Jpy0.28%
Brookfield Asset Management Ltd Common Stock Cad0.27%
Cie Financiere Richemont SA Common Stock Chf 10.27%
Unibail-Rodamco-Westfield Reit Eur 50.24%
Tenaris SA Common Stock Eur 10.20%
Capitaland Integrated Commercial Trust Reit Sgd 00.19%
Softbank Group Corp Common Stock Jpy0.18%
Bhp Group Ltd Common Stock Aud 00.17%
Weir PLC Common Stock Gbp 12.50.17%
Mitsubishi Hc Capital Inc Common Stock Jpy0.15%
East Japan Railway Co Common Stock Jpy0.15%
Galaxy Entertainment Group Ltd Common Stock Hkd 00.14%
Mtr Corp Ltd Common Stock Hkd 00.13%
Jeronimo Martins Sgps SA Common Stock Eur 10.13%
Scentre Group Reit Aud 00.10%
Igm Financial Inc Common Stock Cad 00.10%
Telus Corp0.09%
Capitaland Investment Ltd/Singapore Common Stock0.08%
Singapore Telecommunications Ltd Common Stock Sgd0.08%
Sunbelt Rentals Holdings Inc Common Stock USD 0.010.08%
Tc Energy Corp Common Stock Cad 00.06%
Mediobanca Banca Di Credito Finanziario Spa Common0.06%
Ferrovial SE Common Stock Eur 0.010.06%
Imperial Oil Ltd Common Stock Cad 00.05%
Ferguson Enterprises Inc Common Stock USD 0.00010.04%
Technipfmc PLC Common Stock USD 10.04%
Rio Tinto Ltd Common Stock Aud 00.04%

Weight gaps

The 100 widest of 162 Holdings in both funds.

Holding weights in DFSI and FEDM, widest gap first
Holding	Gap	DFSI	FEDM
Asml Holding NV	FEDM +2.50 points	0.05%	2.55%
Novartis AG	FEDM +1.66 points	<0.01%	1.66%
Astrazeneca PLCAZN.L	FEDM +1.33 points	0.10%	1.43%
Roche Holding AG	DFSI +1.16 points	1.45%	0.29%
Banco Bilbao Vizcaya Arge	FEDM +1.16 points	0.09%	1.25%
Enbridge Inc	FEDM +1.12 points	<0.01%	1.12%
Royal Bank of Canada	FEDM +1.08 points	0.77%	1.85%
Canadian Imperial Bank of	FEDM +1.06 points	0.07%	1.13%
Siemens AG	FEDM +0.97 points	0.48%	1.45%
Sap SE	FEDM +0.96 points	0.53%	1.49%
Sanofi	FEDM +0.94 points	0.27%	1.21%
Commonwealth Bank of Aust	FEDM +0.92 points	0.36%	1.28%
Mitsubishi Ufj Financial	FEDM +0.84 points	0.33%	1.17%
Zurich Insurance Group AG	FEDM +0.84 points	0.43%	1.27%
Intesa Sanpaolo Spa	FEDM +0.80 points	0.25%	1.05%
Givaudan SA	FEDM +0.70 points	0.21%	0.91%
Teva Pharmaceutical Indus	FEDM +0.68 points	0.02%	0.70%
Diageo PLCDGE.L	FEDM +0.67 points	0.03%	0.70%
Softbank Corp	FEDM +0.68 points	0.16%	0.84%
Fujitsu Ltd	FEDM +0.65 points	0.05%	0.70%
L'oreal SA	FEDM +0.62 points	0.40%	1.02%
Hitachi Ltd	FEDM +0.62 points	0.48%	1.10%
Takeda Pharmaceutical Co	FEDM +0.62 points	0.20%	0.82%
Advantest Corp	FEDM +0.61 points	0.49%	1.10%
Legrand SA	FEDM +0.59 points	0.17%	0.76%
Iberdrola SA	FEDM +0.57 points	0.26%	0.83%
Transurban Group	FEDM +0.55 points	0.04%	0.59%
Kinross Gold Corp	FEDM +0.53 points	<0.01%	0.53%
Nomura Holdings Inc	FEDM +0.50 points	0.06%	0.56%
Skandinaviska Enskilda Ba	FEDM +0.49 points	0.15%	0.64%
Woolworths Group Ltd	FEDM +0.47 points	0.14%	0.61%
Sika AG	FEDM +0.47 points	0.21%	0.68%
Koninklijke Philips NV	FEDM +0.46 points	0.03%	0.49%
Banco Santander SA	FEDM +0.45 points	0.40%	0.85%
Oriental Land Co Ltd/Japa	FEDM +0.45 points	0.04%	0.49%
Mitsubishi Estate Co Ltd	FEDM +0.46 points	0.05%	0.51%
Westpac Banking Corp	FEDM +0.45 points	0.25%	0.70%
Nokia Oyj	FEDM +0.45 points	0.05%	0.50%
AvivaAV.L	FEDM +0.45 points	0.16%	0.61%
Vestas Wind Systems A/S	FEDM +0.44 points	0.17%	0.61%
Ucb SA	FEDM +0.43 points	0.34%	0.77%
Macquarie Group Ltd	FEDM +0.43 points	0.11%	0.54%
Dhl AG	FEDM +0.44 points	0.18%	0.62%
Toyota Motor Corp	DFSI +0.42 points	0.60%	0.18%
Industria De Diseno Texti	FEDM +0.40 points	0.41%	0.81%
Amadeus It Group SA	FEDM +0.40 points	0.18%	0.58%
Kbc Group NV	FEDM +0.40 points	0.22%	0.62%
Allianz SE	FEDM +0.40 points	0.66%	1.06%
Deutsche Telekom AG	FEDM +0.39 points	0.19%	0.58%
Schneider Electric SE	FEDM +0.39 points	0.72%	1.11%
Svenska Handelsbanken Ab	FEDM +0.38 points	0.08%	0.46%
Northern Star Resources L	FEDM +0.37 points	0.12%	0.49%
Natwest Group PLCNWG.L	FEDM +0.37 points	0.12%	0.49%
National Grid PLCNG.L	FEDM +0.35 points	<0.01%	0.36%
Celestica Inc	FEDM +0.36 points	0.12%	0.48%
Novonesis (Novozymes) B	FEDM +0.35 points	0.13%	0.48%
Hsbc Holdings PLCHSBA.L	FEDM +0.34 points	0.19%	0.53%
Ing Groep NV	DFSI +0.33 points	0.38%	0.05%
Enel Spa	FEDM +0.33 points	0.28%	0.61%
Evolution Mining Ltd	FEDM +0.32 points	0.05%	0.37%
Danske Bank A/S	FEDM +0.32 points	0.19%	0.51%
Reckitt Benckiser Group PRKT.L	FEDM +0.32 points	0.28%	0.60%
Qbe Insurance Group Ltd	FEDM +0.31 points	0.26%	0.57%
Capgemini SE	FEDM +0.30 points	0.15%	0.45%
Dbs Group Holdings Ltd	DFSI +0.29 points	0.36%	0.07%
Dollarama Inc	FEDM +0.28 points	0.22%	0.50%
Secom Co Ltd	FEDM +0.28 points	0.05%	0.33%
Astellas Pharma Inc	FEDM +0.28 points	0.20%	0.48%
Lvmh Moet Hennessy Louis	DFSI +0.28 points	0.35%	0.07%
Abn Amro Bank NV	FEDM +0.27 points	0.19%	0.46%
Next PLCNXT.L	FEDM +0.27 points	0.21%	0.48%
Brambles Ltd	FEDM +0.28 points	0.12%	0.40%
Murata Manufacturing Co L	FEDM +0.27 points	0.04%	0.31%
Siemens Healthineers AG	FEDM +0.27 points	0.07%	0.34%
Central Japan Railway Co	FEDM +0.25 points	0.04%	0.29%
Sony Group Corp	FEDM +0.25 points	0.59%	0.84%
Siemens Energy AG	FEDM +0.25 points	0.43%	0.68%
Eqt Ab	FEDM +0.25 points	0.02%	0.27%
Asahi Group Holdings Ltd	FEDM +0.25 points	0.06%	0.31%
Recruit Holdings Co Ltd	FEDM +0.25 points	0.94%	1.19%
Kingspan Group PLC	FEDM +0.23 points	0.10%	0.33%
Csl Ltd	FEDM +0.23 points	0.06%	0.29%
Daiwa Securities Group In	FEDM +0.23 points	0.04%	0.27%
Novo Nordisk A/S	FEDM +0.22 points	0.41%	0.63%
Aia Group Ltd	FEDM +0.22 points	0.18%	0.40%
Sonova Holding AG	FEDM +0.21 points	0.15%	0.36%
Terna Rete Elettrica Nazi	FEDM +0.21 points	0.11%	0.32%
Rentokil Initial PLCRTO.L	FEDM +0.21 points	0.04%	0.25%
Publicis Groupe SA	FEDM +0.20 points	0.19%	0.39%
Bank of Montreal	FEDM +0.19 points	0.23%	0.42%
Kao Corp	FEDM +0.19 points	0.06%	0.25%
Barclays PLCBARC.L	FEDM +0.19 points	0.20%	0.39%
Nomura Research Institute	FEDM +0.18 points	0.09%	0.27%
Edp - Energias De Portuga	FEDM +0.18 points	0.16%	0.34%
Shimano Inc	FEDM +0.18 points	0.02%	0.20%
Lloyds Banking Group PLCLLOY.L	DFSI +0.17 points	0.28%	0.11%
Daiichi Sankyo Co Ltd	FEDM +0.17 points	0.04%	0.21%
Kering SA	FEDM +0.16 points	0.09%	0.25%
Nitto Denko Corp	FEDM +0.17 points	0.12%	0.29%
Aena Sme SA	FEDM +0.17 points	0.09%	0.26%

All 2,902 DFSI holdings⁠All 255 FEDM 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.

DFSI vs FEDM Cost

Overpaying DFSI vs FEDM

$2,239

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

DFSI 0.23%
$4,759
FEDM 0.12%
$2,520

Amount$10,000

Years30 years

Cost over time

DFSI 0.23%
FEDM 0.12%
Overpaying

Year by year

Year	DFSI	FEDM	Overpaying
10	$419	$220	$199
20	$1,630	$859	$771
30	$4,759	$2,520	$2,239

Expense ratio

0.23%DFSI
0.12%FEDM, cheaper

FEDM0.12%DFSI0.23%

0.10%0.95%

Middle half of International ESG & Values Index funds
Median 0.23%

FEDM 2nd cheapest of 18 funds

DFSI 9th cheapest of 18 funds

DFSI vs FEDM Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DFSI 2.25%; FEDM 2.84%, better
Payout (12M): DFSI $1.04; FEDM $1.86
Last payment: DFSI $0.18; FEDM $0.26
Ex-dividend: DFSI Sep 22, 2026; FEDM Sep 18, 2026
Paid on: DFSI Sep 24, 2026; FEDM Sep 24, 2026
Frequency: DFSI Quarterly; FEDM Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

DFSIQuarterly · 16 paymentsAll DFSI payments⁠

FEDMQuarterly · 20 paymentsAll FEDM payments⁠

DFSI vs FEDM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFSI 12.6%FEDM 11.8%, better
Return per unit of riskSharpe ratio, 3 years: DFSI 1.20, betterFEDM 1.14
Worst fallMax drawdown, 5 years: DFSI −12.8%since Nov 2022FEDM −29.1%
Market sensitivityBeta, 5 years: DFSI 0.97FEDM 0.91; Market = 1

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