DYNF vs VPX: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

Variant Perception Cycle Aware US Equity ETF

VPXCNYSE Arca

Overlap

53.3%by weight

Expense ratio

DYNF −0.49pt a year

DYNF0.26%VPX0.75%

Avg volume · 30D

DYNF 149.4×the volume

DYNF2.28MVPX15.3K

DYNF vs VPX Performance

Aug 7, 2026 – Nov 9, 2026

−4.6%DYNF−5.6%VPX

Expense ratio: DYNF 0.26%, better; VPX 0.75%
Fund size: DYNF $40.6B; VPX $63M
1Y total return: DYNF +12.4%; VPX No data
Yield (12M): DYNF 0.84%; VPX No data
Holdings: DYNF 275; VPX 130
Avg volume (30D): DYNF 2.28M sh, better; VPX 15.3K sh
NAV per share: DYNF $64.97; VPX $29.13
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, VPX, with each pillar’s weight
Pillar	DYNF	VPX
Cost30% weight	A86Higher	D37
Mission25% weight	Not scored	Not scored
Risk15% weight	B68Higher	B59
Tradability15% weight	A98Higher	C40
Holdings10% weight	A70Higher	B68
Durability5% weight	A97Higher	D35

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF and VPX 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 VPX 71st 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 4ALCTUiShares U.S. Carbon Transition Readiness Aware Active ETFScore 83
Rank 71CTOSTwin Oak Strategic Solutions ETFScore 45
Rank 71CVPXVariant Perception Cycle Aware US Equity ETFScore 45
Rank 76CAIEQAmplify AI Powered Equity ETFScore 44

Our read on each fund

ETF.net Research

DYNFAiShares U.S. Equity Factor Rotation Active ETF

VPXCVariant Perception Cycle Aware US Equity 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.

VPX A macro research shop's take on US large caps: own quality names, then let a macro-risk model decide how much of the portfolio sits in cash instead. Most active large-cap funds stay fully invested. This one has a dial.

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.

VPX The Fund seeks long-term capital appreciation with reduced downside risk through a systematic strategy investing primarily in large-capitalization U.S. equity securities, with cash and cash equivalents also permitted.

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.

VPX The dial is the point. As its macro risk reading rises, more of the fund shifts into cash and short-term government paper; as risk falls, it moves back toward stocks.etfarchitect.com
The stock side is systematic, not hunches: US large caps above $5 billion in market value, ranked on a proprietary read of quality and behavioral factors.etfarchitect.com
One flat 0.75% management fee. The fee table shows no 12b-1 charge and no separate other-expenses line stacked on top.sec.gov

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.

VPX 0.75% sits above the typical active US equity fund's 0.65%, and it is many times what systematic rivals like DFAU (0.12%) and AVLC (0.15%) charge.
Cash cuts both ways. The prospectus notes that holding cash, even strategically, can leave the fund behind rivals that stay fully invested.etfarchitect.com
Launched in 2026, still small and lightly traded: a short record to judge, and wider bid-ask spreads than the giants of the category.

Full DYNF profile⁠

Full VPX profile⁠

DYNF vs VPX Holdings

How DYNF and VPX differ

Overlap by weight

53.3%

Shared holdings make up 85.0% of VPX and 65.9% of DYNF.

Level by level

Holdings86 in both53.3%
Sector11 Sectors77.2%
Countryby domicile98.2%
Asset classStocks100%

Sector

Sector weights in DYNF and VPX, widest gap first
Sector	Gap	DYNF	VPX
Energy	VPX +12.8 points	4.4%	17.2%
Health Care	DYNF +9.2 points	9.2%	0.0%
Financials	VPX +7.3 points	15.7%	23.0%
Consumer Staples	DYNF +4.2 points	4.2%	0.0%
Consumer Discretionary	DYNF +3.0 points	7.8%	4.8%
Real Estate	DYNF +2.2 points	2.2%	0.0%
Technology	VPX +2.1 points	37.2%	39.3%
Communication	DYNF +1.6 points	9.2%	7.6%
Utilities	DYNF +1.6 points	1.6%	0.0%
Materials	DYNF +0.9 points	0.9%	0.0%
Industrials	VPX +0.6 points	7.6%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in DYNF and VPX, widest gap first
Country	Gap	DYNF	VPX
United States	DYNF +1.8 points	100.0%	98.2%
Taiwan	VPX +1.0 points	0.0%	1.0%
Other countries (4)	VPX +0.8 points	0.0%	0.8%

Concentration

Weight in the 10 largest Holdings

DYNF38.8%
VPX39.3%

Securities held

DYNF273
VPX129

Asset class

DYNF: Stocks
VPX: Stocks

Holdings

Only in DYNF187
In both86
Only in VPX43

Only in DYNF

187 securities, 34.1% of DYNF by weight

Johnson & Johnson1.89%
Alphabet Class C1.81%
Tesla Inc1.60%
Eli Lilly1.55%
Travelers Companies1.52%
Parker-Hannifin1.17%
Allstate Corp1.15%
Walmart1.11%
Rtx1.06%
Duke Energy Corp1.00%
Costco Wholesale Corp0.92%
Welltower0.91%
Procter & Gamble0.83%
Realty Income Reit0.79%
Medtronic PLC0.72%
Newmont0.69%
Thermo Fisher Scientific0.68%
Cme Group Class A0.67%
American International Group0.61%
Hartford Insurance Group0.58%
UnitedHealth Group0.55%
Gilead Sciences0.55%
AbbVie0.54%
Servicenow0.41%
Palo Alto Networks0.40%
Nextera Energy0.37%
Pepsico0.35%
Adobe Inc0.35%
Crowdstrike Holdings Class A0.34%
Coca-Cola0.32%
Pfizer0.30%
Intuit0.30%
Prologis Reit0.27%
Space Exploration Technologies Cor0.27%
Accenture PLC Class A0.26%
Intuitive Surgical0.26%
Philip Morris International0.25%
International Business Machines Co0.25%
Regeneron Pharmaceuticals0.23%
Mckesson Corp0.22%
General Motors0.21%
Progressive0.21%
Exelon Corp0.19%
Hca Healthcare0.17%
Snowflake0.15%
Fedex Corp0.15%
Cvs Health0.15%
Boston Scientific0.13%
Amgen Inc0.12%
Dollar General Corp0.12%

Only in VPX

43 securities, 15.0% of VPX by weight

ConocoPhillips1.60%
Taiwan Semiconductor Manufacturing Co Ltd0.98%
Blackrock Inc0.80%
EOG Resources Inc0.75%
Kla Corp0.62%
Williams Cos Inc/The0.54%
Boeing Co/The0.46%
Chubb Ltd0.42%
T-Mobile US Inc0.41%
Blackstone Inc0.41%
Baker Hughes Co0.41%
First American Government Obligations Fund 12/01/20310.38%
Targa Resources Corp0.38%
Diamondback Energy Inc0.38%
SLB Ltd0.36%
Delta Air Lines Inc0.34%
Aon PLC0.31%
KKR & Co Inc0.29%
Moody's Corp0.29%
NXP Semiconductors NV0.28%
Block Inc0.28%
PayPal Holdings Inc0.26%
ONEOK Inc0.26%
TE Connectivity PLC0.26%
Kinder Morgan Inc0.24%
Ameriprise Financial Inc0.24%
Motorola Solutions Inc0.24%
Apollo Global Management Inc0.23%
Halliburton Co0.23%
Marsh & McLennan Cos Inc0.23%
MSCI Inc0.21%
Fiserv Inc0.21%
Willis Towers Watson PLC0.20%
Expand Energy Corp0.20%
EQT Corp0.20%
Comcast Corp0.18%
Nasdaq Inc0.16%
Raymond James Financial Inc0.16%
Northern Trust Corp0.15%
Everpure Inc0.15%
Jabil Inc0.11%
Flex Ltd0.11%
NetApp Inc0.10%

Weight gaps

All 86 Holdings in both funds, largest gap first.

Holding weights in DYNF and VPX, widest gap first
Holding	Gap	DYNF	VPX
AppleAAPL	DYNF +2.74 points	8.14%	5.40%
Visa Class AV	VPX +2.73 points	0.66%	3.39%
Mastercard Class AMA	VPX +2.49 points	0.15%	2.64%
Broadcom IncAVGO	VPX +2.42 points	2.21%	4.63%
NVIDIANVDA	DYNF +2.32 points	7.07%	4.75%
ChevronCVX	VPX +2.30 points	1.42%	3.72%
Exxonmobil Holdings CorpXOM	VPX +1.59 points	2.31%	3.90%
MicrosoftMSFT	DYNF +1.27 points	5.04%	3.77%
SalesforceCRM	DYNF +1.27 points	1.42%	0.15%
Marathon PetroleumMPC	VPX +1.04 points	0.00%	1.04%
Morgan StanleyMS	VPX +0.92 points	0.09%	1.01%
Dell Technologies Inc Class CDELL	VPX +0.90 points	0.18%	1.08%
American ExpressAXP	VPX +0.90 points	0.00%	0.90%
CitigroupC	DYNF +0.84 points	1.30%	0.46%
Arista NetworksANET	VPX +0.80 points	0.11%	0.91%
Phillips 66PSX	VPX +0.78 points	0.18%	0.96%
Berkshire Hathaway Inc Class BBRK.B	DYNF +0.77 points	1.47%	0.70%
Texas InstrumentTXN	VPX +0.75 points	0.11%	0.86%
Ge VernovaGEV	VPX +0.74 points	0.47%	1.21%
Micron TechnologyMU	VPX +0.70 points	1.37%	2.07%
Charles SchwabSCHW	VPX +0.69 points	0.19%	0.88%
Alphabet Class AGOOGL	VPX +0.66 points	2.18%	2.84%
Advanced Micro DevicesAMD	VPX +0.65 points	1.42%	2.07%
Bank of AmericaBAC	DYNF +0.61 points	1.91%	1.30%
Uber TechnologiesUBER	VPX +0.57 points	0.21%	0.78%
Analog DevicesADI	VPX +0.55 points	0.04%	0.59%
Valero Energy CorpVLO	VPX +0.51 points	0.42%	0.93%
S&P GlobalSPGI	VPX +0.50 points	0.02%	0.52%
QualcommQCOM	VPX +0.48 points	0.12%	0.60%
Amazon.com IncAMZN	DYNF +0.43 points	4.41%	3.98%
Verizon Communications IncVZ	DYNF +0.43 points	0.74%	0.31%
SandiskSNDK	VPX +0.43 points	0.21%	0.64%
Occidental Petroleum CorpOXY	VPX +0.42 points	0.00%	0.42%
Wells FargoWFC	VPX +0.42 points	0.09%	0.51%
Palantir Technologies Class APLTR	DYNF +0.38 points	0.69%	0.31%
Johnson Controls International PLCJCI	VPX +0.35 points	0.03%	0.38%
Caterpillar IncCAT	VPX +0.34 points	1.05%	1.39%
Intercontinental Exchange IncICE	VPX +0.32 points	0.02%	0.34%
Cummins IncCMI	VPX +0.31 points	0.05%	0.36%
Devon EnergyDVN	VPX +0.29 points	0.02%	0.31%
Quanta Services IncPWR	VPX +0.29 points	0.05%	0.34%
Seagate Technology Holdings PLCSTX	VPX +0.29 points	0.22%	0.51%
Bank of New York Mellon CorpBNY	VPX +0.29 points	0.04%	0.33%
Booking HoldingsBKNG	DYNF +0.28 points	0.43%	0.15%
Vertiv Holdings Class AVRT	VPX +0.28 points	0.08%	0.36%
Pnc Financial Services GroupPNC	VPX +0.28 points	0.00%	0.28%
Marvell TechnologyMRVL	VPX +0.25 points	0.24%	0.49%
Western Digital CorpWDC	VPX +0.25 points	0.29%	0.54%
Union PacificUNP	VPX +0.24 points	0.20%	0.44%
Bloom Energy Class ABE	VPX +0.23 points	0.06%	0.29%
Goldman Sachs GroupGS	DYNF +0.22 points	0.99%	0.77%
Capital One Financial CorpCOF	VPX +0.22 points	0.14%	0.36%
Lockheed MartinLMT	VPX +0.21 points	0.21%	0.42%
Hewlett Packard EnterpriseHPE	VPX +0.20 points	0.08%	0.28%
State StreetSTT	VPX +0.19 points	0.07%	0.26%
AT&TT	DYNF +0.19 points	0.48%	0.29%
Howmet AerospaceHWM	VPX +0.18 points	0.13%	0.31%
Robinhood Markets Class AHOOD	VPX +0.17 points	0.06%	0.23%
Keysight TechnologiesKEYS	VPX +0.16 points	0.02%	0.18%
ApaAPA	VPX +0.15 points	0.00%	0.15%
Monolithic Power Systems IncMPWR	VPX +0.14 points	0.02%	0.16%
Amphenol Corp Class AAPH	VPX +0.14 points	0.59%	0.73%
JPMorgan Chase & CoJPM	DYNF +0.14 points	3.09%	2.95%
NetflixNFLX	DYNF +0.13 points	0.75%	0.62%
Trane Technologies PLCTT	DYNF +0.13 points	0.52%	0.39%
Lam ResearchLRCX	DYNF +0.12 points	1.03%	0.91%
TeradyneTER	VPX +0.12 points	0.01%	0.13%
CienaCIEN	VPX +0.11 points	0.07%	0.18%
Eaton PLCETN	VPX +0.10 points	0.41%	0.51%
Walt DisneyDIS	DYNF +0.09 points	0.24%	0.15%
CorningGLW	VPX +0.09 points	0.30%	0.39%
Applovin Class AAPP	VPX +0.09 points	0.25%	0.34%
Mcdonalds CorpMCD	DYNF +0.09 points	0.25%	0.16%
CoherentCOHR	VPX +0.08 points	0.05%	0.13%
Ge AerospaceGE	DYNF +0.06 points	0.53%	0.47%
Applied Material IncAMAT	VPX +0.06 points	0.90%	0.96%
DeereDE	VPX +0.05 points	0.47%	0.52%
Cisco Systems IncCSCO	VPX +0.05 points	1.17%	1.22%
Airbnb Class AABNB	VPX +0.05 points	0.08%	0.13%
OracleORCL	VPX +0.04 points	0.25%	0.29%
Intel CorporationINTC	VPX +0.03 points	0.43%	0.46%
Cboe Global MarketsCBOE	VPX +0.03 points	0.13%	0.16%
Meta Platforms Class AMETA	VPX +0.02 points	2.39%	2.41%
Home DepotHD	VPX +0.01 points	0.27%	0.28%
Us BancorpUSB	VPX +0.01 points	0.17%	0.18%
Lumentum HoldingsLITE	Same weight	0.15%	0.15%

All 273 DYNF holdings⁠All VPX 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 VPX Cost

Overpaying VPX vs DYNF

$9,124

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

DYNF 0.26%
$5,358
VPX 0.75%
$14,482

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
VPX 0.75%
Overpaying

Year by year

Year	DYNF	VPX	Overpaying
10	$473	$1,336	$863
20	$1,838	$5,078	$3,240
30	$5,358	$14,482	$9,124

Expense ratio

0.26%DYNF, cheaper
0.75%VPX

DYNF0.26%VPX0.75%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

VPX 72nd cheapest of 121 funds

DYNF vs VPX Dividends

Last 12 months to Nov 9, 2026

Yield (12M): DYNF 0.84%; VPX No data
Payout (12M): DYNF $0.56; VPX None
Last payment: DYNF $0.14; VPX No data
Ex-dividend: DYNF Sep 15, 2026; VPX No data
Paid on: DYNF Sep 18, 2026; VPX No data
Frequency: DYNF Quarterly; VPX No data

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

VPXAll VPX payments⁠

No distribution history available.

DYNF vs VPX Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DYNF 13.1%VPX No data
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55VPX No data
Worst fallMax drawdown, 5 years: DYNF −26.9%VPX No data
Market sensitivityBeta, 5 years: DYNF 1.02VPX 0.89; Market = 1

DYNF and VPX in the news

All news⁠

ETF Filings
BlackRock files two Form 497Ks for iShares DYNF
Sep 7, 2026DYNF

Popular comparisons

DYNFAvsAVLCA
iShares U.S. Equity Factor Rotation Active ETF · Avantis U.S. Large Cap Equity ETF
Expense ratio
0.26% · 0.15%
Category
VPXCvsAVLCA
Variant Perception Cycle Aware US Equity ETF · Avantis U.S. Large Cap Equity ETF
Expense ratio
0.75% · 0.15%
Category
DYNFAvsDFAUA
iShares U.S. Equity Factor Rotation Active ETF · Dimensional US Core Equity Market ETF
Expense ratio
0.26% · 0.12%
Category
VPXCvsDFAUA
Variant Perception Cycle Aware US Equity ETF · Dimensional US Core Equity Market ETF
Expense ratio
0.75% · 0.12%
Category
DYNFAvsDFACA
iShares U.S. Equity Factor Rotation Active ETF · Dimensional US Core Equity 2 ETF
Expense ratio
0.26% · 0.17%
Category
VPXCvsDFACA
Variant Perception Cycle Aware US Equity ETF · Dimensional US Core Equity 2 ETF
Expense ratio
0.75% · 0.17%
Category

DYNF vs VPX

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and VPX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in VPX

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock files two Form 497Ks for iShares DYNF

How DYNF and VPX differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in VPX

Weight gaps

BlackRock files two Form 497Ks for iShares DYNF