DYNF vs TSPA: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

T. Rowe Price U.S. Equity Research ETF

TSPAANYSE Arca

Overlap

63.5%by weight

Expense ratio

DYNF −0.08pt a year

DYNF0.26%TSPA0.34%

Avg volume · 30D

DYNF 5.9×the volume

DYNF2.25MTSPA381K

5Y return · a year

DYNF +1.4pt

DYNF+13.8%TSPA+12.4%

DYNF vs TSPA Performance

Oct 29, 2021 – Oct 30, 2026

+90.9%DYNF+79.2%TSPA

Expense ratio: DYNF 0.26%, better; TSPA 0.34%
Fund size: DYNF $41.8B; TSPA $4.64B
1Y total return: DYNF +11.6%, better; TSPA +11.3%
Yield (12M): DYNF 0.84%, better; TSPA 0.56%
Holdings: DYNF 264; TSPA 329
Avg volume (30D): DYNF 2.25M sh, better; TSPA 381K sh
NAV per share: DYNF $67.32; TSPA $47.56
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, TSPA, with each pillar’s weight
Pillar	DYNF	TSPA
Cost30% weight	A86Higher	A80
Mission25% weight	Not scored	A80
Risk15% weight	A71Higher	B57
Tradability15% weight	A99Higher	A84
Holdings10% weight	B65	A71Higher
Durability5% weight	A97Higher	A85

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF and TSPA are both graded against the same 121 US Active Equity funds, so their Grades compare head to head.

US Active Equity⁠

Category · 121 funds

See all 121 ›

DYNF ranks 4th and TSPA 12th of 121 funds in the US Active Equity Category.

Rank 1AAVLCAvantis U.S. Large Cap Equity ETFScore 87
Rank 2ADFAUDimensional US Core Equity Market ETFScore 86
Rank 3ADFACDimensional US Core Equity 2 ETFScore 85
Rank 4ADYNFiShares U.S. Equity Factor Rotation Active ETFScore 83
Rank 4AFELCFidelity Enhanced Large Cap Core ETFScore 83
Rank 12ANOEQNorthern Trust US Equity ETFScore 75
Rank 12ATSPAT. Rowe Price U.S. Equity Research ETFScore 75
Rank 14AAVIEAvantis Inflation Focused Equity ETFScore 74

Our read on each fund

ETF.net Research

DYNFAiShares U.S. Equity Factor Rotation Active ETF

TSPAAT. Rowe Price U.S. Equity Research ETF

In short

DYNF Most factor funds make you pick a lane: value, momentum, quality. DYNF rotates across five styles instead, letting a factor model decide which one leads, and charges an index-fund-ish 0.26% to do it.

TSPA Active stock picking at near-index prices. T. Rowe Price runs roughly 300 U.S. stocks against the S&P 500 for 0.34%, about half the typical fee in its active U.S. equity peer group, and it has traded as an ETF since 2021.

Stated mandate

DYNF The Fund seeks to outperform the U.S. equity market through diversified, tactical exposure to style factors using a factor rotation model.

TSPA The fund seeks long-term capital growth through an actively managed portfolio that is generally fully invested and primarily holds U.S. equity securities.

Why people hold it

DYNF Five style factors in one ticket (value, quality, momentum, growth, low volatility), reweighted by a rotation model rather than locked to a single tilt.
0.26% is well under half the median fee in its active US equity peer group, which is unusual pricing for a strategy with a human-supervised model behind it.
A multi-billion-dollar fund and one of the more actively traded names in its category, so getting in and out rarely becomes the hard part. Pays quarterly.
Running since 2019 under one of the biggest ETF shops, and it stands among the strongest overall implementations in the active US equity group we track.

TSPA 0.34% a year, versus a 0.65% median across active U.S. equity ETFs. Active management without the active price tag.
A multi-billion-dollar fund that trades actively, and one of the easiest funds in its category to move in and out of.
About 300 holdings, generally fully invested in U.S. stocks and measured against the S&P 500. Broad shape, active picks inside it.
Ranks among the strongest overall implementations in a peer group of more than 200 active U.S. equity ETFs.

Worth knowing

DYNF The yardstick isn't the S&P 500: it's a custom blend of 80% MSCI USA and 20% MSCI USA Minimum Volatility, so a low-vol tilt is baked into the benchmark itself.
Active by design. The factor mix shifts, the book runs to a couple hundred stocks, and a rotation call can leave it out of step with a plain US market index fund.
Cheap for active, not the cheapest shelf: systematic peers DFAU (0.12%), AVLC (0.15%), DFAC (0.17%) and FELC (0.18%) all undercut it on fee.

TSPA Systematic peers undercut it on fee: DFAU at 0.12%, AVLC at 0.15%, FELC at 0.18%. You are paying up for human stock selection.
Fully invested U.S. equity means full market risk. There is no cash buffer or hedge, and results ride on picks against the S&P 500.
Distributions come annually or semiannually, so it is built around long-term capital growth rather than a regular income stream.

Full DYNF profile⁠

Full TSPA profile⁠

DYNF vs TSPA Holdings

How DYNF and TSPA differ

Overlap by weight

63.5%

Shared holdings make up 89.4% of DYNF and 83.1% of TSPA.

Level by level

Holdings160 in both63.5%
Sector11 Sectors92.6%
Countryby domicile98.7%
Asset classEquity100%

Sector

Sector weights in DYNF and TSPA, widest gap first
Sector	More in DYNFMore in TSPA	DYNF	TSPA
Financials	DYNF +3.9 points	15.4%	11.5%
Consumer Staples	TSPA +1.9 points	2.2%	4.1%
Energy	DYNF +1.8 points	5.3%	3.5%
Health Care	TSPA +1.7 points	7.7%	9.4%
Consumer Discretionary	TSPA +1.5 points	7.0%	8.5%
Technology	TSPA +1.1 points	39.9%	41.0%
Industrials	DYNF +1.0 points	8.0%	7.0%
Materials	TSPA +0.9 points	0.9%	1.8%
Real Estate	DYNF +0.5 points	2.0%	1.5%
Communication	TSPA +0.4 points	9.6%	10.0%
Utilities	Same weight	1.8%	1.8%

Country, concentration and asset class

Country by domicile

Country weights in DYNF and TSPA, widest gap first
Country	More in DYNFMore in TSPA	DYNF	TSPA
United States	DYNF +1.3 points	100.0%	98.7%
Canada	TSPA +0.6 points	0.0%	0.6%
Other countries (5)	TSPA +0.7 points	0.0%	0.7%

Concentration

Weight in the 10 largest Holdings

DYNF40.4%
TSPA40.0%

Securities held

DYNF262
TSPA328

Asset class

DYNF: Equity
TSPA: Equity

Holdings

Only in DYNF102
In both160
Only in TSPA168

Only in DYNF

102 securities, 10.3% of DYNF by weight

Travelers Companies1.60%
Duke Energy Corp1.07%
Verizon Communications Inc0.75%
Cme Group Class A0.71%
AT&T0.64%
Newmont0.62%
Space Exploration Technologies Cor0.58%
Hartford Insurance Group0.57%
Adobe Inc0.25%
Lockheed Martin0.23%
Exelon Corp0.21%
Host Hotels & Resorts Reit0.19%
Hca Healthcare0.16%
Union Pacific0.15%
Fedex Corp0.14%
Nucor0.14%
State Street0.12%
United Therapeutics0.11%
Snowflake0.11%
American Electric Power Inc0.11%
Woodward0.10%
Five Below0.09%
Citizens Financial Group Inc0.08%
Atlassian Corp Class A0.08%
Caseys General Stores Inc0.08%
Ati0.08%
Roblox Class A0.07%
Neurocrine Biosciences0.06%
Fortinet0.06%
Archer Daniels Midland0.06%
Astera Labs0.06%
Cummins Inc0.05%
Sofi Technologies0.05%
Omnicom Group Inc0.05%
Halozyme Therapeutics0.05%
Tapestry0.04%
Insmed0.04%
Anglogold Ashanti PLC0.04%
Revolution Medicines0.04%
Mastec Inc0.04%
Hubspot0.04%
Cloudflare Class A0.03%
Mongodb Class A0.03%
Caci International Inc Class A0.03%
Lennar A Class A0.03%
Expedia Group0.03%
Ftai Aviation0.03%
Strategy Inc Class A0.03%
Devon Energy0.02%
Rocket Lab Corp0.02%

Only in TSPA

168 securities, 16.8% of TSPA by weight

T-Mobile US0.57%
Kla0.44%
Linde0.43%
ConocoPhillips0.39%
Moderna0.33%
Boeing0.33%
Chubb0.32%
Marsh & McLennan0.30%
Block0.27%
Blackrock0.27%
Equinix0.25%
Southern Company0.24%
Aon0.23%
Hilton Worldwide Holdings0.23%
Williams Companies0.22%
Teledyne Technologies0.20%
Mondelez International0.20%
S&P Global0.19%
Saia0.19%
Tradeweb Markets0.18%
Freeport-McMoRan0.18%
Fortive0.18%
Targa Resources0.18%
Corpay0.17%
Willis Towers Watson0.17%
Stryker0.17%
Colgate-Palmolive0.16%
Schlumberger0.16%
Unilever0.16%
Consolidated Edison0.16%
Cencora0.16%
Elevance Health0.16%
Natera0.15%
Wabtec0.15%
Emerson Electric0.15%
TKO Group Holdings0.15%
Guardant Health0.15%
Moody's0.15%
Equitable Holdings0.14%
Chipotle Mexican Grill0.14%
Alliant Energy0.14%
Keurig Dr Pepper0.13%
Diamondback Energy0.13%
Sherwin-Williams0.13%
Cintas0.13%
Lowe's0.13%
Viatris0.13%
Canadian National Railway0.12%
Kkr0.12%
Agnico Eagle Mines0.12%

Weight gaps

The 100 widest of 160 Holdings in both funds.

Holding weights in DYNF and TSPA, widest gap first
Holding	More in DYNFMore in TSPA	DYNF	TSPA
Exxonmobil Holdings CorpXOM	DYNF +2.28 points	3.18%	0.90%
JPMorgan Chase & CoJPM	DYNF +2.08 points	3.39%	1.31%
Bank of AmericaBAC	DYNF +1.71 points	2.13%	0.42%
Alphabet Class CGOOG	TSPA +1.50 points	1.71%	3.21%
SalesforceCRM	DYNF +1.23 points	1.57%	0.34%
AppleAAPL	DYNF +1.17 points	8.27%	7.10%
Johnson & JohnsonJNJ	DYNF +1.12 points	2.04%	0.92%
MicrosoftMSFT	TSPA +1.07 points	4.78%	5.85%
ChevronCVX	DYNF +1.03 points	1.71%	0.68%
Mastercard Class AMA	TSPA +1.00 points	0.07%	1.07%
Allstate CorpALL	DYNF +0.97 points	1.14%	0.17%
Parker-HannifinPH	DYNF +0.96 points	1.28%	0.32%
RtxRTX	DYNF +0.91 points	1.12%	0.20%
CitigroupC	DYNF +0.88 points	1.35%	0.47%
Caterpillar IncCAT	DYNF +0.80 points	1.31%	0.51%
NVIDIANVDA	TSPA +0.80 points	7.83%	8.63%
Lam ResearchLRCX	DYNF +0.74 points	1.26%	0.52%
Goldman Sachs GroupGS	DYNF +0.73 points	1.05%	0.32%
Cisco Systems IncCSCO	DYNF +0.71 points	1.54%	0.83%
Realty Income ReitO	DYNF +0.70 points	0.73%	0.03%
Merck & Co IncMRK	TSPA +0.63 points	0.02%	0.65%
Arista NetworksANET	TSPA +0.52 points	0.06%	0.58%
SandiskSNDK	TSPA +0.51 points	0.05%	0.56%
Coca-ColaKO	TSPA +0.49 points	0.07%	0.56%
Alphabet Class AGOOGL	TSPA +0.48 points	2.07%	2.55%
WelltowerWELL	DYNF +0.47 points	0.92%	0.45%
American International GroupAIG	DYNF +0.46 points	0.62%	0.16%
WalmartWMT	DYNF +0.46 points	1.14%	0.68%
Home DepotHD	TSPA +0.45 points	0.02%	0.47%
Costco Wholesale CorpCOST	TSPA +0.43 points	0.22%	0.65%
Procter & GamblePG	TSPA +0.40 points	0.21%	0.61%
Trane Technologies PLCTT	DYNF +0.40 points	0.51%	0.11%
Wells FargoWFC	TSPA +0.38 points	0.12%	0.50%
Applied Material IncAMAT	DYNF +0.38 points	1.05%	0.67%
Intel CorporationINTC	TSPA +0.37 points	0.46%	0.83%
Amgen IncAMGN	TSPA +0.37 points	0.05%	0.42%
Palo Alto NetworksPANW	TSPA +0.36 points	0.25%	0.61%
Advanced Micro DevicesAMD	TSPA +0.34 points	1.54%	1.88%
Crowdstrike Holdings Class ACRWD	TSPA +0.34 points	0.19%	0.53%
Thermo Fisher ScientificTMO	DYNF +0.31 points	0.66%	0.35%
Dell Technologies Inc Class CDELL	TSPA +0.32 points	0.19%	0.51%
Valero Energy CorpVLO	DYNF +0.30 points	0.47%	0.17%
Meta Platforms Class AMETA	TSPA +0.30 points	2.37%	2.67%
Analog DevicesADI	TSPA +0.29 points	0.05%	0.34%
Abbott LaboratoriesABT	TSPA +0.29 points	0.02%	0.31%
Morgan StanleyMS	TSPA +0.29 points	0.13%	0.42%
PfizerPFE	DYNF +0.29 points	0.30%	0.02%
Ge VernovaGEV	DYNF +0.29 points	0.51%	0.22%
Tesla IncTSLA	DYNF +0.25 points	1.72%	1.47%
Visa Class AV	TSPA +0.24 points	0.42%	0.66%
TjxTJX	TSPA +0.22 points	0.03%	0.25%
Amazon.com IncAMZN	DYNF +0.22 points	4.00%	3.78%
ProgressivePGR	DYNF +0.22 points	0.32%	0.10%
Bristol Myers SquibbBMY	TSPA +0.21 points	0.05%	0.26%
Intercontinental Exchange IncICE	TSPA +0.22 points	0.02%	0.24%
Quanta Services IncPWR	TSPA +0.21 points	0.03%	0.24%
Nextera EnergyNEE	DYNF +0.21 points	0.51%	0.30%
MetlifeMET	TSPA +0.20 points	0.00%	0.20%
Regeneron PharmaceuticalsREGN	DYNF +0.20 points	0.22%	0.02%
Philip Morris InternationalPM	TSPA +0.20 points	0.30%	0.50%
International Business Machines CoIBM	DYNF +0.20 points	0.22%	0.02%
Vertex PharmaceuticalsVRTX	TSPA +0.19 points	0.06%	0.25%
SempraSRE	TSPA +0.19 points	<0.01%	0.19%
Vertiv Holdings Class AVRT	TSPA +0.19 points	0.08%	0.27%
IntuitINTU	DYNF +0.18 points	0.27%	0.09%
DeereDE	DYNF +0.18 points	0.55%	0.37%
General MotorsGM	DYNF +0.18 points	0.28%	0.10%
CsxCSX	TSPA +0.18 points	0.09%	0.27%
Gilead SciencesGILD	DYNF +0.17 points	0.54%	0.37%
AbbVieABBV	TSPA +0.17 points	0.49%	0.66%
Mckesson CorpMCK	DYNF +0.17 points	0.20%	0.03%
Oreilly Automotive IncORLY	TSPA +0.17 points	0.00%	0.17%
Marvell TechnologyMRVL	TSPA +0.17 points	0.21%	0.38%
Howmet AerospaceHWM	TSPA +0.17 points	0.12%	0.29%
Capital One Financial CorpCOF	TSPA +0.17 points	0.12%	0.29%
Micron TechnologyMU	TSPA +0.16 points	1.70%	1.86%
Xcel Energy IncXEL	TSPA +0.16 points	<0.01%	0.16%
Medtronic PLCMDT	DYNF +0.16 points	0.33%	0.17%
Seagate Technology Holdings PLCSTX	TSPA +0.17 points	0.21%	0.38%
Keysight TechnologiesKEYS	TSPA +0.15 points	0.03%	0.18%
Marathon PetroleumMPC	TSPA +0.16 points	0.00%	0.16%
Booking HoldingsBKNG	DYNF +0.15 points	0.38%	0.23%
Amphenol Corp Class AAPH	DYNF +0.16 points	0.70%	0.54%
Accenture PLC Class AACN	DYNF +0.16 points	0.19%	0.03%
Old Dominion Freight LineODFL	TSPA +0.15 points	<0.01%	0.16%
Western Digital CorpWDC	DYNF +0.15 points	0.40%	0.25%
Johnson Controls International PLCJCI	TSPA +0.14 points	0.03%	0.17%
Palantir Technologies Class APLTR	DYNF +0.14 points	0.73%	0.59%
Texas InstrumentTXN	TSPA +0.14 points	0.12%	0.26%
Charles SchwabSCHW	TSPA +0.13 points	0.18%	0.31%
Paccar IncPCAR	TSPA +0.13 points	0.00%	0.13%
Carvana Class ACVNA	TSPA +0.13 points	<0.01%	0.14%
UnitedHealth GroupUNH	TSPA +0.13 points	0.47%	0.60%
Ross Stores IncROST	TSPA +0.13 points	<0.01%	0.13%
DanaherDHR	TSPA +0.12 points	0.06%	0.18%
Bank of New York Mellon CorpBNY	TSPA +0.12 points	0.12%	0.24%
Yum BrandsYUM	TSPA +0.11 points	0.00%	0.11%
Berkshire Hathaway Inc Class BBRK.B	DYNF +0.11 points	1.06%	0.95%
American ExpressAXP	TSPA +0.11 points	0.00%	0.11%
Broadcom IncAVGO	TSPA +0.11 points	2.40%	2.51%

All 262 DYNF holdings⁠All 336 TSPA 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.

DYNF vs TSPA Cost

Overpaying TSPA vs DYNF

$1,574

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

DYNF 0.26%
$5,358
TSPA 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
TSPA 0.34%
Overpaying

Year by year

Year	DYNF	TSPA	Overpaying
10	$473	$616	$143
20	$1,838	$2,386	$548
30	$5,358	$6,932	$1,574

Expense ratio

0.26%DYNF, cheaper
0.34%TSPA

DYNF0.26%TSPA0.34%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

TSPA 25th cheapest of 121 funds

DYNF vs TSPA Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DYNF 0.84%, better; TSPA 0.56%
Payout (12M): DYNF $0.56; TSPA $0.27
Last payment: DYNF $0.14; TSPA $0.27
Ex-dividend: DYNF Sep 15, 2026; TSPA Dec 23, 2025
Paid on: DYNF Sep 18, 2026; TSPA Dec 26, 2025
Frequency: DYNF Quarterly; TSPA Annual

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

TSPAAnnual · 5 paymentsAll TSPA payments⁠

DYNF vs TSPA Risk

Fall from peak · 5 years

DYNF
TSPA

Risk facts

VolatilityStd dev, 3 years: DYNF 13.1%TSPA 12.6%, better
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55, betterTSPA 1.38
Worst fallMax drawdown, 5 years: DYNF −26.9%TSPA −24.7%, better
Market sensitivityBeta, 5 years: DYNF 1.02TSPA 1.00; Market = 1

DYNF and TSPA in the news

All news⁠

New ETFs
YieldMax lists an SK hynix options ETF that does not own the shares
Oct 28, 2026TSPA
ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

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DYNF vs TSPA

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and TSPA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in TSPA

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

YieldMax lists an SK hynix options ETF that does not own the shares

BlackRock files two Form 497Ks for iShares DYNF

How DYNF and TSPA differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in TSPA

Weight gaps