At a glance
DFAI charges 0.18% a year, above the 0.12% average of the 8 funds most like it (the 7th cheapest of 9). It has $17.47B in assets, the 7th largest of that group; it paid 2.41% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.2% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +19.9% a year. At its worst it fell 27.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 9.3% of the fund, out of 3,783 in all.
The short version
Dimensional International Core Equity Market ETF (DFAI) is an actively managed fund that holds thousands of stocks from developed markets outside the US, led by Japan, Canada and the UK. Unlike plain index funds such as IEFA or VEA, it holds modestly more of smaller, cheaper and more profitable companies. That approach costs 0.18% a year, which is more than many similar index funds charge.
Price history
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DFAI +16.2% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DFAI official prospectus, to Dec 31, 2025 | — | +33.92% | — | +10.34% | — | +11.34% |
| MSCI World ex USA IMI Index (net dividends) index, same period | — | +32.18% | — | +9.03% | — | +10.08% |
| DFAI price data to Nov 2, 2026 | +11.0% | +16.2% | +19.9% | +9.5% | — | +10.1% |
- Over the year to Nov 2, 2026, DFAI returned +16.2%, 4th of 9 among similar funds.
- Its 5-year annualized return was +9.5%.
- Its worst full calendar year was 2022 (-12.9%); its best was 2025 (+34.0%).
- The deepest fall in its price history was 27.4% (Nov 8, 2021 to Sep 27, 2022), recovered by Dec 27, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +11.0% | — |
| 2025 | +34.0% | +33.92% |
| 2024 | +4.7% | +4.80% |
| 2023 | +17.6% | +17.56% |
| 2022 | -12.9% | -12.86% |
| 2021 | — | +13.75% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.1% over that stretch · deepest drop along the way 27.1%, back to its old high 14.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7500 | |
| 2025 | $0.9300 | +16.3% |
| 2024 | $0.8000 | +6.7% |
| 2023 | $0.7500 | +10.3% |
| 2022 | $0.6800 |
What's inside
As of Jul 31, 2026, the fund held 3,783 securities; the ten largest made up 9.25% of assets.
| Holding | Weight | |
|---|---|---|
| ASML Holding N.V. Other | 1.63% | |
| HSBC HOLDINGS PLC | 1.16% | |
| Roche Holding AG | 1.05% | |
| SHELL PLC | 1.01% | |
| Nestle S.A. | 0.84% | |
| ASTRAZENECA PLC | 0.81% | |
| Mitsubishi UFJ Financial Group, Inc. | 0.76% | |
| ROYAL BANK OF CANADA | 0.68% | |
| Novartis AG Other | 0.67% | |
| TOYOTA MOTOR CORPORATION | 0.63% | |
| TOTALENERGIES SE | 0.62% | |
| BHP GROUP LIMITED | 0.59% | |
| Allianz SE | 0.59% | |
| Siemens Aktiengesellschaft | 0.58% | |
| Tokyo Electron Limited | 0.57% |
By country
Japan 23.28%Canada 12.12%United Kingdom 11.51%Switzerland 7.95%Germany 7.31%By asset type
Stocks 95.54%Other 4.03%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.14B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.43%, -0.72%, +2.23%.
How it works
DFAI does not track an index. The manager, Dimensional Fund Advisors, starts with non-US companies in developed markets and weights them by market capitalization (a company's total stock market value), so larger companies count for more. The prospectus lists 22 approved countries, including Japan, Canada, the UK, Switzerland, Germany, France and Australia. Each country's weight is based on the size of its market, and the fund keeps at least 80% of its net assets in stocks.
The fund owns companies of all sizes. It gives modestly more weight to three kinds: smaller companies, value stocks and highly profitable companies. A value stock has a low price compared with its book value, which is roughly a company's net worth on its balance sheet. The fund mostly gets these tilts by holding less of large, expensive or less profitable firms. The manager can also hold more or less of a stock, or skip it, based on short-term signals such as price momentum. The prospectus sets no fixed rebalancing date. Instead, trading is flexible and aims to keep costs low. Turnover was 7%.
The fund may use futures to manage cash coming in and going out, and currency forwards to settle foreign trades. It also lends out some of its stocks for extra income, which carries a risk that a borrower fails to return them. As of July 31, 2026, it held 3,783 stocks, and the 10 largest made up 9.25% of assets.
What it really costs
- DFAI charges 0.18% a year, versus an average of 0.12% for the similar funds below (7th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $18 in the first year and $230 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DFAI | $18 | $58 | $101 | $230 |
In a retirement portfolio
It owns thousands of developed-market stocks outside the US with low turnover, so it can anchor the international part of a portfolio.
DFAI adds exposure to stocks outside the US. As of July 31, 2026, Japan made up 23.28% of assets, Canada 12.12% and the UK 11.51%. The fund launched in November 2020, so it has no record from the 2008 financial crisis or the 2020 COVID crash. Its deepest drop was 27.4%, from November 8, 2021, to September 27, 2022, and it took about 15 months to recover. Its worst calendar year was 2022, when it lost 12.86%. Someone who had to sell shares in late 2022 to cover spending would have locked in a steep loss.
The trailing 12-month yield was 2.39% as of October 29, 2026, and the fund pays quarterly. Annual costs are 0.18%, or $18 a year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want one fund covering developed markets outside the US, spread across 3,783 stocks with no single holding above about 1.6%.
- Those who want a modest tilt toward smaller, value and highly profitable companies, and accept a 0.18% annual cost for it.
- Long-term holders who are comfortable with quarterly income (a 2.39% trailing yield as of October 29, 2026) and drops like the fund's 27.4% decline in 2021–22.
Look elsewhere if
- Cost-focused investors: VEA charges 0.03% and IEFA 0.07%, compared with DFAI's 0.18%, and both hold many of the same companies.
- Investors who want emerging-market stocks. DFAI's 22 approved countries are all developed markets, while funds such as VEU or IXUS cover more of the world.
- Those who want a pure index fund that closely matches its benchmark. DFAI is actively managed, and its tilts can lag the market in some periods.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DFAI this fund | — | 0.18% | $17.47B | +16.2% | +19.9% |
| EFA iShares MSCI EAFE ETF | 64% | 0.32% | $77.98B | +13.5% | +18.2% |
| IEFA iShares Core MSCI EAFE ETF | 63% | 0.07% | $190.11B | +13.7% | +18.5% |
| SCHF Schwab International Equity ETF | 62% | 0.06% | $69.68B | +17.7% | +20.4% |
| VEA Vanguard FTSE Developed Markets ETF | 58% | 0.03% | $316.42B | +16.8% | +21.7% |
| DIVI Franklin International Core Dividend Tilt I… | 48% | 0.11% | $2.56B | +15.4% | +21.6% |
| VEU Vanguard FTSE All-World ex-US Index Fund | 48% | 0.04% | $95.84B | +13.4% | +20.6% |
| DFIC Dimensional International Core Equity 2 ETF | 48% | 0.23% | $14.82B | +17.4% | +20.7% |
Questions investors ask
Is DFAI an index fund?
No. DFAI is an actively managed ETF and does not try to copy an index. Dimensional starts with developed-market companies outside the US, weighted by size. It then holds modestly more of smaller, lower-priced and more profitable companies. The prospectus compares its results with the MSCI World ex USA IMI Index, but the fund is not built to track it, so its returns can differ from the index in either direction.
What's the difference between DFAI and IEFA?
The main differences are cost and approach. IEFA, the iShares Core MSCI EAFE ETF, tracks an index and charges 0.07%. DFAI is actively managed, charges 0.18% and tilts toward smaller, value and profitable companies. The two share about 63% of their holdings. As of October 29, 2026, DFAI's price return was 16.5% over one year and 22% a year over three years. IEFA's was 13.6% and 20.6%.
Does DFAI pay dividends?
Yes. DFAI pays distributions quarterly. Its trailing 12-month yield was 2.39% as of October 29, 2026, or about $1 per share over that period. The income comes from dividends paid by the foreign companies it holds, plus any income from lending its stocks. Payments can vary from quarter to quarter because dividends and currency rates both change.
What is DFAI's expense ratio?
DFAI's expense ratio is 0.18%, according to the prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost $18 after one year, $58 after three, $101 after five and $230 after ten. That ranks 7th of 9 among similar funds. The group averages 0.12%, and index funds such as VEA (0.03%) and SCHF (0.06%) cost less.
How has DFAI performed since it launched?
As of December 31, 2025, DFAI returned 33.92% over one year, 10.34% a year over five years and 11.34% a year since its November 2020 launch. Over the same periods, the MSCI World ex USA IMI Index returned 32.18%, 9.03% and 10.08%. Results have not been steady. The fund lost 12.86% in 2022 and gained 4.8% in 2024. Past results don't predict future returns.