DYNF vs XCHG: Grades, Fees and Holdings Compared

iShares U.S. Equity Factor Rotation Active ETF

DYNFANYSE Arca

Ab US Equity ETF

XCHGBNYSE Arca

Overlap

48.8%by weight

Expense ratio

DYNF −0.24pt a year

DYNF0.26%XCHG0.50%

Avg volume · 30D

DYNF 1264.5×the volume

DYNF2.25MXCHG1.78K

DYNF vs XCHG Performance

Dec 31, 2025 – Nov 2, 2026

+10.6%DYNF+8.5%XCHG

Expense ratio: DYNF 0.26%, better; XCHG 0.50%
Fund size: DYNF $41.8B; XCHG $705M
1Y total return: DYNF +10.7%; XCHG No data
Yield (12M): DYNF 0.84%; XCHG No data
Holdings: DYNF 264; XCHG 580
Avg volume (30D): DYNF 2.25M sh, better; XCHG 1.78K sh
NAV per share: DYNF $67.32; XCHG $27.14
52W range

ETF.net Grade

Pillar letters and Scores for DYNF, XCHG, with each pillar’s weight
Pillar	DYNF	XCHG
Cost30% weight	A86Higher	B66
Mission25% weight	Not scored	A76
Risk15% weight	A71Higher	B60
Tradability15% weight	A99Higher	C40
Holdings10% weight	B65	B66Higher
Durability5% weight	A97Higher	B67

Rank among US Active Equity funds

How we build Categories ›

Same Category. DYNF and XCHG 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 XCHG 44th 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 44BMIGOMIG Core ETFScore 59
Rank 44BXCHGAb US Equity ETFScore 59
Rank 48BBROLBaron Risk Optimized Large Cap ETFScore 58

Our read on each fund

ETF.net Research

DYNFAiShares U.S. Equity Factor Rotation Active ETF

XCHGBAb 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.

XCHG The ticker is the tell. XCHG was seeded through a Section 351 exchange, the mechanism for folding appreciated stock into a new fund, then run as an actively managed, S&P 500-benchmarked portfolio of US mid- and large-caps.

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.

XCHG The fund seeks long-term growth of capital and income by investing primarily in U.S. mid- and large-capitalization companies. Its approach combines fundamental and quantitative research and aims to outperform over market cycles.

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.

XCHG 0.50% a year versus a 0.65% median for active US equity funds. An active mandate at a below-average sticker price.
Roughly 600 holdings measured against the S&P 500. A broad core sleeve, not a concentrated bet on a dozen convictions.
Built with Bernstein Private Wealth Management and launched into an AB ETF lineup already more than 20 funds deep. Pays quarterly.prnewswire.com
The process blends fundamental and quantitative research across US mid- and large-caps, aiming at growth of capital and income over full market cycles.

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.

XCHG Thinly traded. Spreads can run wider than on mega-liquid index funds, and size orders may need more patience.
Launched in December 2025, so there is no multi-cycle record for this strategy in ETF form yet.
Other active funds benchmarked to the same index charge less, including FELC at 0.18% and PQUS at 0.22%.

Full DYNF profile⁠

Full XCHG profile⁠

DYNF vs XCHG Holdings

How DYNF and XCHG differ

Overlap by weight

48.8%

Shared holdings make up 85.7% of DYNF and 73.3% of XCHG.

Level by level

Holdings152 in both48.8%
Countryby domicile96.3%
Asset classEquity100%

Sector

No Sector split for XCHG.

Country, concentration and asset class

Country by domicile

Country weights in DYNF and XCHG, widest gap first
Country	More in DYNFMore in XCHG	DYNF	XCHG
United States	DYNF +3.7 points	100.0%	96.3%
Taiwan	XCHG +1.7 points	0.0%	1.7%
Netherlands	XCHG +0.9 points	0.0%	0.9%
United Kingdom	XCHG +0.6 points	0.0%	0.6%
Other countries (3)	XCHG +0.5 points	0.0%	0.5%

Concentration

Weight in the 10 largest Holdings

DYNF40.4%
XCHG39.8%

Securities held

DYNF262
XCHG579

Asset class

DYNF: Equity
XCHG: Equity

Holdings

Only in DYNF110
In both152
Only in XCHG427

Only in DYNF

110 securities, 14.0% of DYNF by weight

Tesla Inc1.72%
Advanced Micro Devices1.54%
Palantir Technologies Class A0.73%
Netflix0.71%
Cme Group Class A0.71%
Newmont0.62%
Space Exploration Technologies Cor0.58%
Trane Technologies PLC0.51%
Valero Energy Corp0.47%
Eaton PLC0.43%
Western Digital Corp0.40%
Corning0.33%
Medtronic PLC0.33%
General Motors0.28%
Intuit0.27%
International Business Machines Co0.22%
Seagate Technology Holdings PLC0.21%
Dell Technologies Inc Class C0.19%
Crowdstrike Holdings Class A0.19%
Accenture PLC Class A0.19%
Fedex Corp0.14%
Applovin Class A0.14%
Lumentum Holdings0.14%
United Therapeutics0.11%
Dollar General Corp0.11%
Snowflake0.11%
Woodward0.10%
Comfort Systems Usa0.09%
Five Below0.09%
Atlassian Corp Class A0.08%
Vertiv Holdings Class A0.08%
Caseys General Stores Inc0.08%
Crh Public Limited PLC0.08%
Datadog Inc Class A0.08%
Ati0.08%
Hewlett Packard Enterprise0.07%
Royal Caribbean Group0.07%
Bloom Energy Class A0.07%
Roblox Class A0.07%
Workday Class A0.07%
Neurocrine Biosciences0.06%
Robinhood Markets Class A0.06%
Fortinet0.06%
Ciena0.06%
Astera Labs0.06%
Cummins Inc0.05%
Sofi Technologies0.05%
Halozyme Therapeutics0.05%
Bristol Myers Squibb0.05%
Sandisk0.05%

Only in XCHG

427 securities, 26.7% of XCHG by weight

Taiwan Semiconductor Sp Adr Adr1.59%
Eog Resources Inc Common Stock USD.011.23%
Eaton Corp PLC Common Stock USD.011.21%
Vanguard Morningstar Total Sto Vg Morningstar Ts Mkt Etf Us0.91%
S+p Global Inc Common Stock USD1.00.90%
Nxp Semiconductors NV Common Stock EUR.20.75%
Motorola Solutions Inc Common Stock USD.010.71%
United Rentals Inc Common Stock USD.010.63%
Bae Systems PLC Spon Adr Adr0.62%
Autozone Inc Common Stock USD.010.61%
Veralto Corp Common Stock USD.010.59%
Vylor Inc Common Stock USD.010.57%
Seagate Technology Holdings Common Stock USD.000010.55%
Ishares U.s. Equity Factor Etf Ishares Us Equity Factor Etf0.47%
Digital Realty Trust Inc Reit USD.010.46%
Medtronic PLC Common Stock USD.10.46%
Asml Holding NV Ny Reg Shs Ny Reg Shrs EUR.090.45%
Vanguard Morningstar Mid Cap E Vngrd Mrngstr Md Cap Etf USD0.44%
Waters Corp Common Stock USD.010.43%
Vanguard S+p 500 Etf Vanguard S+p 500 Etf0.43%
Hyatt Hotels Corp Class A Common Stock USD.010.42%
Medline Inc Class A Common Stock USD.00010.41%
Airbus SE Unsp Adr Adr0.40%
Encompass Health Corp Common Stock USD.010.38%
Linde PLC Common Stock0.37%
Invesco Qqq Trust Series 1 Invesco Qqq Trust Series 10.37%
State Street Spdr S+p 500 Etf Ss Spdr S+p 500 Etf Trust Us0.34%
Everest Group Ltd Common Stock USD.010.34%
Marsh & Mclennan Cos Common Stock0.26%
Chubb Ltd Common Stock0.26%
Ishares Core S+p 500 Etf Ishares Core S+p 500 Etf0.23%
Alliancebernstein Govt Stif Ssc Fund 64BA Agis 5870.20%
Carrier Global Corp Common Stock USD.010.19%
Vanguard Dividend Appreciation Vanguard Dividend Apprec Etf0.18%
Ishares S+p 500 Growth Etf Ishares S+p 500 Growth Etf0.18%
Stryker Corp Common Stock USD.10.17%
Waste Connections Inc Common Stock0.17%
Mondelez International Inc A Common Stock0.16%
State Street Financial Select Ss Financial Select Sector0.16%
T Mobile Us Inc Common Stock USD.00010.16%
Illinois Tool Works Common Stock USD.010.14%
Conocophillips Common Stock USD.010.14%
Schwab Us Large Cap Etf Schwab Us Large Cap Etf0.13%
Vanguard Industrials Etf Vanguard Industrials Etf0.12%
Extra Space Storage Inc Reit USD.010.12%
Cintas Corp Common Stock0.12%
Ecolab Inc Common Stock USD1.00.12%
Berkshire Hathaway Inc Class A Common Stock USD5.00.12%
Air Products & Chemicals Inc Common Stock USD1.00.11%
State Street Industrial Select Ss Industrial Select Sector0.11%

Weight gaps

The 100 widest of 152 Holdings in both funds.

Holding weights in DYNF and XCHG, widest gap first
Holding	More in DYNFMore in XCHG	DYNF	XCHG
JPMorgan Chase & CoJPM	DYNF +3.01 points	3.39%	0.38%
Visa Class AV	XCHG +2.78 points	0.42%	3.20%
AppleAAPL	DYNF +2.45 points	8.27%	5.82%
MicrosoftMSFT	XCHG +1.94 points	4.78%	6.72%
Johnson & JohnsonJNJ	DYNF +1.90 points	2.04%	0.14%
Exxonmobil Holdings CorpXOM	DYNF +1.89 points	3.18%	1.29%
SalesforceCRM	DYNF +1.56 points	1.57%	0.01%
ChevronCVX	DYNF +1.47 points	1.71%	0.24%
Merck & Co IncMRK	XCHG +1.42 points	0.02%	1.44%
Travelers CompaniesTRV	DYNF +1.31 points	1.60%	0.29%
Caterpillar IncCAT	DYNF +1.30 points	1.31%	0.01%
Walt DisneyDIS	XCHG +1.27 points	0.13%	1.40%
Parker-HannifinPH	DYNF +1.26 points	1.28%	0.02%
Micron TechnologyMU	DYNF +1.24 points	1.70%	0.46%
Lam ResearchLRCX	DYNF +1.22 points	1.26%	0.04%
Alphabet Class CGOOG	XCHG +1.21 points	1.71%	2.92%
CitigroupC	DYNF +1.18 points	1.35%	0.17%
Wells FargoWFC	XCHG +1.16 points	0.12%	1.28%
CsxCSX	XCHG +1.15 points	0.09%	1.24%
Charles SchwabSCHW	XCHG +1.13 points	0.18%	1.31%
UnitedHealth GroupUNH	XCHG +1.12 points	0.47%	1.59%
Allstate CorpALL	DYNF +1.10 points	1.14%	0.04%
Bank of AmericaBAC	DYNF +1.09 points	2.13%	1.04%
Duke Energy CorpDUK	DYNF +1.02 points	1.07%	0.05%
Thermo Fisher ScientificTMO	XCHG +1.01 points	0.66%	1.67%
Iqvia Holdings IncIQV	XCHG +0.90 points	0.02%	0.92%
WelltowerWELL	DYNF +0.90 points	0.92%	0.02%
Texas InstrumentTXN	XCHG +0.88 points	0.12%	1.00%
Coca-ColaKO	XCHG +0.83 points	0.07%	0.90%
Berkshire Hathaway Inc Class BBRK.B	DYNF +0.78 points	1.06%	0.28%
Realty Income ReitO	DYNF +0.72 points	0.73%	0.01%
Home DepotHD	XCHG +0.64 points	0.02%	0.66%
AT&TT	DYNF +0.63 points	0.64%	<0.01%
American International GroupAIG	DYNF +0.62 points	0.62%	<0.01%
Verizon Communications IncVZ	DYNF +0.60 points	0.75%	0.15%
American Electric Power IncAEP	XCHG +0.57 points	0.11%	0.68%
TjxTJX	XCHG +0.56 points	0.03%	0.59%
Gilead SciencesGILD	DYNF +0.52 points	0.54%	0.02%
Monster BeverageMNST	XCHG +0.51 points	0.00%	0.51%
Paccar IncPCAR	XCHG +0.51 points	0.00%	0.51%
Capital One Financial CorpCOF	XCHG +0.50 points	0.12%	0.62%
Vertex PharmaceuticalsVRTX	XCHG +0.49 points	0.06%	0.55%
Hartford Insurance GroupHIG	DYNF +0.48 points	0.57%	0.09%
Ge VernovaGEV	XCHG +0.46 points	0.51%	0.97%
WalmartWMT	DYNF +0.47 points	1.14%	0.67%
Amazon.com IncAMZN	XCHG +0.45 points	4.00%	4.45%
Eli LillyLLY	DYNF +0.45 points	1.52%	1.07%
Ge AerospaceGE	DYNF +0.44 points	0.48%	0.04%
AbbVieABBV	DYNF +0.39 points	0.49%	0.10%
Nextera EnergyNEE	DYNF +0.38 points	0.51%	0.13%
Booking HoldingsBKNG	DYNF +0.37 points	0.38%	<0.01%
Meta Platforms Class AMETA	XCHG +0.35 points	2.37%	2.72%
Broadcom IncAVGO	XCHG +0.35 points	2.40%	2.75%
Cisco Systems IncCSCO	DYNF +0.34 points	1.54%	1.20%
ServicenowNOW	DYNF +0.32 points	0.35%	0.03%
PfizerPFE	DYNF +0.30 points	0.30%	<0.01%
Costco Wholesale CorpCOST	XCHG +0.29 points	0.22%	0.51%
Goldman Sachs GroupGS	DYNF +0.26 points	1.05%	0.79%
Alphabet Class AGOOGL	DYNF +0.24 points	2.07%	1.83%
Automatic Data Processing IncADP	XCHG +0.23 points	<0.01%	0.23%
Prologis ReitPLD	DYNF +0.23 points	0.26%	0.03%
Philip Morris InternationalPM	DYNF +0.22 points	0.30%	0.08%
Regeneron PharmaceuticalsREGN	DYNF +0.21 points	0.22%	<0.01%
Palo Alto NetworksPANW	DYNF +0.22 points	0.25%	0.03%
Adobe IncADBE	DYNF +0.22 points	0.25%	0.03%
DeereDE	XCHG +0.22 points	0.55%	0.77%
Phillips 66PSX	DYNF +0.21 points	0.23%	0.02%
Marvell TechnologyMRVL	DYNF +0.20 points	0.21%	<0.01%
Keysight TechnologiesKEYS	XCHG +0.19 points	0.03%	0.22%
Lockheed MartinLMT	DYNF +0.20 points	0.23%	0.03%
Host Hotels & Resorts ReitHST	DYNF +0.19 points	0.19%	<0.01%
Us BancorpUSB	DYNF +0.19 points	0.21%	0.02%
Exelon CorpEXC	DYNF +0.18 points	0.21%	0.03%
Intuitive SurgicalISRG	DYNF +0.17 points	0.22%	0.05%
Mcdonalds CorpMCD	DYNF +0.17 points	0.21%	0.04%
Mckesson CorpMCK	DYNF +0.16 points	0.20%	0.04%
NVIDIANVDA	DYNF +0.15 points	7.83%	7.68%
Ross Stores IncROST	XCHG +0.15 points	<0.01%	0.15%
NucorNUE	DYNF +0.14 points	0.14%	<0.01%
Elevance Health IncELV	XCHG +0.13 points	0.01%	0.14%
Amphenol Corp Class AAPH	DYNF +0.12 points	0.70%	0.58%
Altria Group IncMO	XCHG +0.12 points	0.00%	0.12%
State StreetSTT	DYNF +0.12 points	0.12%	<0.01%
Cvs HealthCVS	DYNF +0.12 points	0.15%	0.03%
Mastercard Class AMA	XCHG +0.12 points	0.07%	0.19%
Pnc Financial Services GroupPNC	XCHG +0.11 points	0.00%	0.11%
Howmet AerospaceHWM	DYNF +0.11 points	0.12%	0.01%
Uber TechnologiesUBER	DYNF +0.11 points	0.13%	0.02%
OracleORCL	DYNF +0.10 points	0.27%	0.17%
Waste Management IncWM	XCHG +0.10 points	0.00%	0.10%
Cboe Global MarketsCBOE	DYNF +0.09 points	0.12%	0.03%
Hca HealthcareHCA	DYNF +0.09 points	0.16%	0.07%
Oreilly Automotive IncORLY	XCHG +0.09 points	0.00%	0.09%
Boston ScientificBSX	DYNF +0.08 points	0.09%	<0.01%
Abbott LaboratoriesABT	XCHG +0.08 points	0.02%	0.10%
Intercontinental Exchange IncICE	XCHG +0.08 points	0.02%	0.10%
Citizens Financial Group IncCFG	DYNF +0.06 points	0.08%	0.02%
Northrop Grumman CorpNOC	DYNF +0.06 points	0.11%	0.05%
American ExpressAXP	XCHG +0.06 points	0.00%	0.06%
Airbnb Class AABNB	DYNF +0.06 points	0.06%	<0.01%

All 262 DYNF holdings⁠All 578 XCHG 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 XCHG Cost

Overpaying XCHG vs DYNF

$4,621

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

DYNF 0.26%
$5,358
XCHG 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

DYNF 0.26%
XCHG 0.50%
Overpaying

Year by year

Year	DYNF	XCHG	Overpaying
10	$473	$900	$427
20	$1,838	$3,460	$1,622
30	$5,358	$9,979	$4,621

Expense ratio

0.26%DYNF, cheaper
0.50%XCHG

DYNF0.26%XCHG0.50%

0.00%2.89%

Middle half of US Active Equity funds
Median 0.68%

DYNF 18th cheapest of 121 funds

XCHG 45th cheapest of 121 funds

DYNF vs XCHG Dividends

Last 12 months to Nov 2, 2026

Yield (12M): DYNF 0.84%; XCHG No data
Payout (12M): DYNF $0.56; XCHG No data
Last payment: DYNF $0.14; XCHG $0.04
Ex-dividend: DYNF Sep 15, 2026; XCHG Sep 18, 2026
Paid on: DYNF Sep 18, 2026; XCHG Sep 21, 2026
Frequency: DYNF Quarterly; XCHG Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

DYNFQuarterly · 30 paymentsAll DYNF payments⁠

XCHGQuarterly · 4 paymentsAll XCHG payments⁠

DYNF vs XCHG 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%XCHG No data
Return per unit of riskSharpe ratio, 3 years: DYNF 1.55XCHG No data
Worst fallMax drawdown, 5 years: DYNF −26.9%XCHG No data
Market sensitivityBeta, 5 years: DYNF 1.02XCHG 0.91; Market = 1

DYNF and XCHG in the news

All news⁠

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

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DYNF vs XCHG

In short

Stated mandate

Why people hold it

Worth knowing

How DYNF and XCHG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in XCHG

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 XCHG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DYNF

Only in XCHG

Weight gaps