FDEV vs IMFL: Grades, Fees and Holdings Compared

Fidelity International Multifactor ETF

FDEVACboe

Invesco International Developed Dynamic Multifactor ETF

IMFLCCboe

Overlap

20.7%by weight

Expense ratio

FDEV −0.16pt a year

FDEV0.18%IMFL0.34%

Avg volume · 30D

IMFL 2.3×the volume

FDEV29.3KIMFL68.4K

5Y return · a year

IMFL +0.8pt

FDEV+7.8%IMFL+8.6%

FDEV vs IMFL Performance

Oct 29, 2021 – Oct 30, 2026

+45.8%FDEV+51.1%IMFL

Expense ratio: FDEV 0.18%, better; IMFL 0.34%
Fund size: FDEV $276M; IMFL $1.1B
1Y total return: FDEV +16.6%; IMFL +21.0%, better
Yield (12M): FDEV 3.27%; IMFL 3.44%, better
Holdings: FDEV 210; IMFL 1159
Avg volume (30D): FDEV 29.3K sh; IMFL 68.4K sh, better
NAV per share: FDEV $37.31; IMFL $33.41
52W range

ETF.net Grade

Pillar letters and Scores for FDEV, IMFL, with each pillar’s weight
Pillar	FDEV	IMFL
Cost30% weight	A91Higher	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	A78Higher	D38
Tradability15% weight	B59Higher	C47
Holdings10% weight	C48Higher	C45
Durability5% weight	C42	B60Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. FDEV and IMFL are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

FDEV ranks 4th and IMFL 19th of 30 funds in the International Multifactor Category.

Rank 1AINTFiShares International Equity Factor ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 77
Rank 3AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 76
Rank 4AFDEVFidelity International Multifactor ETFScore 73
Rank 5ARODMHartford Multifactor Developed Markets (ex-US) ETFScore 71
Rank 16CUIVMVictoryShares International Value Momentum ETFScore 47
Rank 19CIMFLInvesco International Developed Dynamic Multifactor ETFScore 46
Rank 20CJHMDJohn Hancock Multifactor Developed International ETFScore 45

Our read on each fund

ETF.net Research

FDEVAFidelity International Multifactor ETF

IMFLCInvesco International Developed Dynamic Multifactor ETF

In short

FDEV Four factors (value, quality, momentum, low volatility) blended into one developed-markets index fund at 0.18% a year. Fidelity's answer to paying up for a single-factor tilt overseas.

IMFL Most international factor funds pick a factor mix and leave it alone. IMFL re-weights monthly, letting Invesco's regime model read where the economy sits in its cycle and shift the tilt across value, momentum, quality, low volatility and size.

Stated mandate

FDEV The fund seeks returns generally corresponding to the Fidelity International Multifactor Index before fees and expenses.

IMFL The Fund is based on the FTSE Developed ex US Invesco Dynamic Multifactor Index and invests at least 80% of its total assets in securities included in that Index.

Why people hold it

FDEV 0.18% a year, less than half the typical fee in its international multifactor group, and within a rounding error of the cheapest name there (INTF at 0.16%).
One index does the work of four screens: value, quality, momentum and low volatility applied together, instead of you stacking separate single-factor funds.
Roughly 220 developed-market stocks outside the US, picked by published index rules rather than a manager's hunches, with cash paid out quarterly.
Sits in the top quartile of a 29-fund international factor cohort, which is a crowded field full of far pricier attempts at the same job.

IMFL The rotation is rules-based, not a hunch: the index rebalances monthly on Invesco's Regime Model, built from readings like manufacturing and consumer sentiment, monetary conditions, housing and labor data.invesco.com etfstrategy.com
A 0.34% expense ratio sits under the typical fee in its international multifactor group, which is unusual for a strategy with an active-style overlay running on top of the index.
Wide, not concentrated: roughly 900 developed-market stocks outside the US, drawn from the FTSE Developed ex US universe, with at least 80% of assets in index names.
A multi-billion-dollar fund that trades with reasonable regularity, and it pays distributions quarterly.

Worth knowing

FDEV Thinly traded. Spreads can quietly cost more than the fee, so limit orders matter more here than with the category's household names.
A 2019 launch still in the mid-size asset range, so there is no decades-long record to lean on the way older international index funds offer.
Blending four factors means none of them drives the bus. When value or momentum alone runs hot, this owns only a slice of that move.

IMFL The regime call is a judgment layer. When the model reads the cycle differently than markets do, IMFL can drift well away from a plain developed ex-US index in either direction.invesco.com
Static factor blends in the same group cost less, notably INTF at 0.16% and FDEV at 0.18%. The rotation machinery is what you are paying the difference for.
Monthly reweighting means more portfolio turnover than a once-a-year rebalance, and the index is measured on a net-return basis, after foreign withholding taxes.invesco.com

Full FDEV profile⁠

Full IMFL profile⁠

FDEV vs IMFL Holdings

How FDEV and IMFL differ

Overlap by weight

20.7%

Shared holdings make up 73.4% of FDEV and 24.5% of IMFL.

Level by level

Holdings143 in both20.7%
Countryby domicile73.8%
Sector11 Sectors74.0%
Asset classEquity100%

Sector

Sector weights in FDEV and IMFL, widest gap first
Sector	More in FDEVMore in IMFL	FDEV	IMFL
Technology	IMFL +9.9 points	6.2%	16.1%
Financials	FDEV +8.8 points	24.0%	15.2%
Energy	FDEV +5.5 points	11.5%	6.0%
Industrials	IMFL +4.7 points	14.5%	19.2%
Real Estate	FDEV +4.7 points	6.4%	1.7%
Communication	FDEV +4.6 points	8.5%	3.9%
Utilities	IMFL +3.8 points	0.0%	3.8%
Materials	IMFL +3.8 points	3.7%	7.5%
Consumer Discretionary	IMFL +3.8 points	3.5%	7.3%
Health Care	FDEV +2.2 points	13.3%	11.1%
Consumer Staples	FDEV +0.1 points	8.3%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in FDEV and IMFL, widest gap first
Country	More in FDEVMore in IMFL	FDEV	IMFL
South Korea	IMFL +10.0 points	0.0%	10.0%
Canada	FDEV +8.8 points	14.9%	6.1%
Switzerland	IMFL +6.5 points	5.0%	11.5%
Japan	FDEV +4.4 points	22.4%	18.0%
United Kingdom	FDEV +4.4 points	15.5%	11.1%
Australia	IMFL +4.2 points	3.1%	7.3%
Norway	FDEV +1.9 points	2.7%	0.8%
Germany	IMFL +1.8 points	3.6%	5.4%
Other countries (22)	FDEV +3.1 points	32.9%	29.8%

Outside the US: FDEV 97% developed, 3% emerging. IMFL 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

FDEV15.6%
IMFL20.8%

Securities held

FDEV198
IMFL1,154

Asset class

FDEV: Equity
IMFL: Equity

Holdings

Only in FDEV55
In both143
Only in IMFL1,011

Only in FDEV

55 securities, 26.1% of FDEV by weight

Hongkong Land Hldgs Ltd1.63%
Astrazeneca PLC (Uk)1.44%
Totalenergies SE1.38%
Canadian Natl Resources Ltd1.32%
Suncor Energy Inc1.28%
Firstservice Corp1.27%
Loblaw Cos Ltd1.17%
Royal Bank of Canada1.05%
Rightmove PLC1.03%
Cenovus Energy Inc1.01%
Whitecap Resources Inc0.97%
Quebecor Inc Class B Sub Vtg0.91%
Toronto-Dominion Bank0.83%
Gaztransport Et Techniga0.59%
Thomson Reuters Corp0.56%
Canadian Imp Bk of Commerce0.50%
Finning International Inc0.49%
Sumitomo Mitsui Tr Group Inc0.45%
Cgi Inc Class A Sub Vtg0.40%
Manulife Financial Corp (Cana)0.40%
Seventy Seventh Bank0.38%
Daishi Hokuetsu Financial Grou0.38%
Hirogin Holdings Inc0.37%
Hokuhoku Financial Group Inc0.36%
National Bank of Canada Dtc El0.33%
Smiths Group PLC0.33%
Agnico Eagle Mines Ltd (Cana)0.31%
Balfour Beatty PLC0.30%
Imi PLC Ord0.30%
Unicaja Banco0.29%
Power Corp of Canada Sub Vtg0.28%
Fairfax Finl Hldgs Ltd Sub Vtg0.28%
Citizen Watch Co Ltd0.26%
Ck Hutchison Holdings Ltd0.25%
Securities Lending Cf0.25%
Dollarama Inc0.23%
Mercedes-Benz Group AG (Gerw)0.23%
Jardine Matheson Hld (Sg)0.22%
Lottomatica Group Spa0.22%
Great West Lifeco Inc0.22%
Restaurant Brands Intrntnl Inc0.20%
Kinross Gold Corp0.17%
Igm Financial Inc0.16%
Lundin Gold Inc0.16%
Oceanagold Cor0.15%
Ig Group Hldgs PLC0.15%
Tower Semicondctr Ltd(Israel)0.14%
Dpm Metals Inc0.14%
Logitech Intl SA Reg0.13%
Computacenter PLC0.13%

Only in IMFL

1,011 securities, 75.3% of IMFL by weight

Samsung Electronics Co Ltd4.41%
SK hynix Inc2.14%
Nestle SA1.59%
Investor AB1.36%
AstraZeneca PLC1.10%
TotalEnergies SE1.09%
Sap SE1.00%
ABB Ltd0.87%
Schneider Electric SE0.82%
Hitachi Ltd0.79%
Air Liquide SA0.71%
Safran SA0.69%
Samsung Electronics Co Ltd0.61%
L'Oreal SA0.61%
Sony Group Corp0.60%
Iberdrola SA0.60%
Recruit Holdings Co Ltd0.54%
British American Tobacco PLC0.51%
Keyence Corp0.50%
Deutsche Telekom AG0.49%
Canadian Natural Resources Ltd0.48%
Shin-Etsu Chemical Co Ltd0.45%
Suncor Energy Inc0.42%
Siemens AG0.41%
Enel SpA0.40%
Bp PLC0.40%
Sampo Oyj0.39%
3i Group PLC0.39%
Fast Retailing Co Ltd0.39%
Toyota Motor Corp0.39%
Wesfarmers Ltd0.37%
Hoya Corp0.37%
Allianz SE0.36%
Investor AB0.36%
Canadian National Railway Co0.36%
Airbus SE0.36%
LVMH Moet Hennessy Louis Vuitton SE0.36%
Mitsubishi Electric Corp0.36%
BAE Systems PLC0.34%
Swiss Re AG0.33%
Zurich Insurance Group AG0.33%
National Grid PLC0.31%
Canadian Pacific Kansas City Ltd0.31%
Mitsubishi Corp0.31%
Tesco PLC0.30%
Tokio Marine Holdings Inc0.30%
Rolls-Royce Holdings PLC0.30%
Woolworths Group Ltd0.29%
Dhl AG0.29%
Cie Financiere Richemont SA0.29%

Weight gaps

The 100 widest of 143 Holdings in both funds.

Holding weights in FDEV and IMFL, widest gap first
Holding	More in FDEVMore in IMFL	FDEV	IMFL
Daito Trust Construction	FDEV +1.63 points	1.69%	0.06%
Klepierre SA	FDEV +1.47 points	1.54%	0.07%
Nexon Co Ltd	FDEV +1.12 points	1.14%	0.02%
Ly Corporation	FDEV +1.06 points	1.07%	<0.01%
Asml Holding NV	IMFL +1.00 points	1.50%	2.50%
Bhp Group Limited	IMFL +0.97 points	0.43%	1.40%
Autotrader Group PLCAUTO.L	FDEV +0.95 points	0.98%	0.03%
Kpn (Kon) NV	FDEV +0.93 points	1.02%	0.09%
Vodafone Group PLCVOD.L	FDEV +0.92 points	1.02%	0.10%
Novartis AG (Reg)	IMFL +0.91 points	1.50%	2.41%
Shionogi & Co Ltd	FDEV +0.90 points	0.93%	0.03%
Inpex Corp	FDEV +0.90 points	1.03%	0.13%
Japan Tobacco Inc	FDEV +0.84 points	1.02%	0.18%
Carlsberg As Class B	FDEV +0.82 points	0.86%	0.04%
Hsbc Holdings PLC (Uk Reg)HSBA.L	FDEV +0.83 points	1.08%	0.25%
Toyo Suisan Kaisha Ltd	FDEV +0.80 points	0.84%	0.04%
Kddi Corp	FDEV +0.80 points	1.12%	0.32%
Orkla Asa	FDEV +0.79 points	0.85%	0.06%
Essity Ab B	FDEV +0.78 points	0.87%	0.09%
Anheuser-Busch Inbev Sa/Nv	FDEV +0.77 points	1.09%	0.32%
Ono Pharmaceutical Co Ltd	FDEV +0.77 points	0.81%	0.04%
Var Energi As	FDEV +0.76 points	0.79%	0.03%
Imperial Brands PLCIMB.L	FDEV +0.72 points	0.89%	0.17%
Repsol SA	FDEV +0.68 points	0.80%	0.12%
Unilever PLC OrdULVR.L	FDEV +0.65 points	1.26%	0.61%
Equinor Asa	FDEV +0.65 points	0.87%	0.22%
Koninklijke Ahold Delhaize NV	FDEV +0.65 points	0.92%	0.27%
Reckitt Benckiser Group PLCRKT.L	FDEV +0.64 points	0.91%	0.27%
Fisher & Paykel Health (Nz)	FDEV +0.59 points	0.69%	0.10%
Banco Santander SA (Spain)	FDEV +0.59 points	0.79%	0.20%
Mitsui & Co Ltd	FDEV +0.54 points	0.60%	0.06%
Roche Holding AG	IMFL +0.48 points	1.75%	2.23%
Oversea-Chinese Bkg Corp Ltd	FDEV +0.47 points	0.62%	0.15%
Orion Oyj (New) B	FDEV +0.46 points	0.53%	0.07%
Bnp Paribas (Fran)	FDEV +0.46 points	0.54%	0.08%
Swedish Orphan Biovitrum Ab	FDEV +0.44 points	0.48%	0.04%
MS&AD Insurance Grp Hldgs Inc	FDEV +0.42 points	0.52%	0.10%
Smith & Nephew PLCSN.L	FDEV +0.41 points	0.47%	0.06%
Ucb SA	FDEV +0.41 points	0.64%	0.23%
Bper Banca Spa	FDEV +0.41 points	0.43%	0.02%
Challenger Ltd	FDEV +0.40 points	0.41%	0.01%
Merck Kgaa	FDEV +0.40 points	0.50%	0.10%
Fresenius Medical Care AG	FDEV +0.40 points	0.44%	0.04%
Nordea Bank Abp	FDEV +0.39 points	0.47%	0.08%
Itochu Corp	FDEV +0.39 points	0.65%	0.26%
Daiwa Securities Group Inc	FDEV +0.38 points	0.39%	0.01%
Nordex SE	FDEV +0.37 points	0.38%	<0.01%
Wolters Kluwer NV	FDEV +0.37 points	0.48%	0.11%
Banco Bpm Spa	FDEV +0.37 points	0.39%	0.02%
Hachijuni Nagano Bank Ltd	FDEV +0.37 points	0.38%	<0.01%
Poste Italiane Spa	FDEV +0.37 points	0.39%	0.02%
Mebuki Financial Group Inc	FDEV +0.36 points	0.37%	<0.01%
Macquarie Group Ltd	FDEV +0.36 points	0.51%	0.15%
Ipsen Promesses	FDEV +0.36 points	0.41%	0.05%
Boc Hong Kong Holdings Ltd	FDEV +0.36 points	0.41%	0.05%
Haleon PLCHLN.L	FDEV +0.35 points	0.49%	0.14%
Abn Amro Bank Nv-Cva	FDEV +0.36 points	0.39%	0.03%
Caixabank SA	FDEV +0.34 points	0.41%	0.07%
Ackermans & Van Haaren SA	FDEV +0.35 points	0.36%	0.01%
Talanx Aktiengesellschaft	FDEV +0.34 points	0.36%	0.02%
Aib Group PLC	FDEV +0.34 points	0.39%	0.05%
Obic Co Ltd	FDEV +0.34 points	0.39%	0.05%
Gea Group AG	FDEV +0.33 points	0.43%	0.10%
Israel Discount Bank Ltd Class A	FDEV +0.33 points	0.36%	0.03%
Ricoh Co Ltd	FDEV +0.32 points	0.33%	<0.01%
Technology One Limited	FDEV +0.32 points	0.35%	0.03%
Knorr-Bremse AG	FDEV +0.32 points	0.35%	0.03%
Getlink SE	FDEV +0.31 points	0.33%	0.02%
Washington H Soul Pattinson &	FDEV +0.32 points	0.36%	0.04%
Sojitz Corporation	FDEV +0.31 points	0.33%	0.02%
Toyota Tsusho Corp	FDEV +0.32 points	0.40%	0.08%
Ageas Sa/Nv	FDEV +0.31 points	0.35%	0.04%
Mizrahi Tefahot Bank Ltd	FDEV +0.31 points	0.34%	0.03%
Novo-Nordisk As Class B	FDEV +0.31 points	0.81%	0.50%
Bank Hapoalim Ltd (Reg)	FDEV +0.30 points	0.39%	0.09%
First Intl Bk of Israel Ltd	FDEV +0.30 points	0.31%	<0.01%
Bank Leumi Le-Israel Bm	FDEV +0.31 points	0.41%	0.10%
Kone Oyj B	FDEV +0.30 points	0.43%	0.13%
Tisi Inc	FDEV +0.30 points	0.33%	0.03%
Standard Chartered PLC (Uk)STAN.L	FDEV +0.30 points	0.33%	0.03%
Sgs SA (Reg)	FDEV +0.30 points	0.42%	0.12%
Sekisui Chemical Co Ltd	FDEV +0.30 points	0.32%	0.02%
Hochtief AG	FDEV +0.30 points	0.34%	0.04%
Raiffeisen Bank Interntnl AG	FDEV +0.30 points	0.30%	<0.01%
Sanwa Holdings Corp	FDEV +0.29 points	0.32%	0.03%
Dai Nippon Printing Co Ltd	FDEV +0.29 points	0.33%	0.04%
Natwest Group PLCNWG.L	FDEV +0.29 points	0.37%	0.08%
Kajima Corp	FDEV +0.28 points	0.33%	0.04%
Credit Agricole SA	FDEV +0.28 points	0.30%	0.02%
Brother Industries	FDEV +0.28 points	0.32%	0.04%
Mapfre SA	FDEV +0.28 points	0.29%	0.01%
Rexel SA	FDEV +0.27 points	0.30%	0.03%
Dassault Aviation SA	FDEV +0.26 points	0.30%	0.04%
Hannover Rueckversicherungs SE	FDEV +0.26 points	0.41%	0.15%
Sumitomo Corp	FDEV +0.26 points	0.46%	0.20%
Kinden Corporation	FDEV +0.26 points	0.30%	0.04%
Gsk PLCGSK.L	FDEV +0.25 points	0.75%	0.50%
Geberit AG (Reg)	FDEV +0.25 points	0.41%	0.16%
Tokyo Seimitsu Co Ltd	FDEV +0.24 points	0.25%	<0.01%
Canon Inc	FDEV +0.25 points	0.34%	0.09%

All 218 FDEV holdings⁠All 1,154 IMFL 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.

FDEV vs IMFL Cost

Overpaying IMFL vs FDEV

$3,183

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

FDEV 0.18%
$3,749
IMFL 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

FDEV 0.18%
IMFL 0.34%
Overpaying

Year by year

Year	FDEV	IMFL	Overpaying
10	$328	$616	$288
20	$1,281	$2,386	$1,105
30	$3,749	$6,932	$3,183

Expense ratio

0.18%FDEV, cheaper
0.34%IMFL

FDEV0.18%IMFL0.34%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

FDEV 3rd cheapest of 30 funds

IMFL 15th cheapest of 30 funds

FDEV vs IMFL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDEV 3.27%; IMFL 3.44%, better
Payout (12M): FDEV $1.22; IMFL $1.15
Last payment: FDEV $0.33; IMFL $0.39
Ex-dividend: FDEV Sep 18, 2026; IMFL Sep 21, 2026
Paid on: FDEV Sep 22, 2026; IMFL Sep 25, 2026
Frequency: FDEV Quarterly; IMFL Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

FDEVQuarterly · 31 paymentsAll FDEV payments⁠

IMFLQuarterly · 22 paymentsAll IMFL payments⁠

FDEV vs IMFL Risk

Fall from peak · 5 years

FDEV
IMFL

Risk facts

VolatilityStd dev, 3 years: FDEV 10.5%, betterIMFL 13.1%
Return per unit of riskSharpe ratio, 3 years: FDEV 1.31, betterIMFL 1.04
Worst fallMax drawdown, 5 years: FDEV −27.9%, betterIMFL −31.5%
Market sensitivityBeta, 5 years: FDEV 0.65IMFL 0.86; Market = 1

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