At a glance
DFIV charges 0.27% a year, below the 0.39% average of the 3 funds most like it (the 2nd cheapest of 4). It has $21.39B in assets, the 2nd largest of that group; it paid 2.75% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +25.4% with distributions reinvested (S&P 500: +11.5%), the best of those 4 funds; over three years it returned +25.0% a year. At its worst it fell 25.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months after the low. Its ten largest positions make up 15.5% of the fund, out of 634 in all.
The short version
Dimensional International Value ETF (DFIV) owns about 630 large companies in developed markets outside the US whose prices look low relative to their book value (accounting net worth). Shell, TotalEnergies and Banco Santander were its largest holdings as of July 31, 2026. Unlike an index fund, it is actively managed, with a goal of keeping taxable gains low. Its 0.27% annual expense ratio is below the 0.39% average of three similar funds.
Price history
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DFIV +25.4% 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 | |
|---|---|---|---|---|---|---|
| DFIV official prospectus, to Dec 31, 2025 | — | +45.17% | — | +15.69% | +10.29% | — |
| MSCI World ex USA Value Index (net dividends) index, same period | — | +42.23% | — | +13.94% | +9.16% | — |
| MSCI World ex USA Index (net dividends) index, same period | — | +31.85% | — | +9.46% | +8.55% | — |
| DFIV price data to Nov 2, 2026 | +15.5% | +25.4% | +25.0% | +15.0% | — | +15.0% |
- Over the year to Nov 2, 2026, DFIV returned +25.4%, 1st of 4 among similar funds.
- Its 5-year annualized return was +15.0%.
- Its worst full calendar year was 2022 (-3.7%); its best was 2025 (+45.3%).
- The deepest fall in its price history was 25.4% (Feb 9, 2022 to Sep 27, 2022), recovered by Jul 12, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.5% | — |
| 2025 | +45.3% | +45.17% |
| 2024 | +7.3% | +7.26% |
| 2023 | +17.7% | +17.75% |
| 2022 | -3.7% | -3.62% |
| 2021 | — | +17.29% |
| 2020 | — | -1.58% |
| 2019 | — | +15.86% |
| 2018 | — | -17.32% |
| 2017 | — | +25.95% |
| 2016 | — | +8.20% |
| 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 19.6% over that stretch · deepest drop along the way 25.4%, back to its old high 9.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.1800 | |
| 2025 | $1.4500 | +4.3% |
| 2024 | $1.3900 | +3.0% |
| 2023 | $1.3500 | +16.4% |
| 2022 | $1.1600 |
What's inside
As of Jul 31, 2026, the fund held 634 securities; the ten largest made up 15.54% of assets.
| Holding | Weight | |
|---|---|---|
| SHELL PLC Other | 3.17% | |
| TOTALENERGIES SE | 2.05% | |
| Banco Santander, S.A. | 1.93% | |
| TOYOTA MOTOR CORPORATION | 1.78% | |
| HSBC HOLDINGS PLC Other | 1.27% | |
| BASF SE | 1.21% | |
| SOCIETE GENERALE SA | 1.05% | |
| THE TORONTO-DOMINION BANK | 1.05% | |
| LLOYDS BANKING GROUP PLC | 1.01% | |
| Sumitomo Mitsui Financial Group, Inc. | 1.01% | |
| BP P.L.C. Other | 1.01% | |
| Bayer Aktiengesellschaft | 0.97% | |
| Zurich Insurance Group AG | 0.95% | |
| ENI S.P.A. | 0.86% | |
| Swiss Re AG | 0.86% |
By country
Japan 21.87%United Kingdom 12.53%Canada 11.73%France 8.82%Germany 8.47%By asset type
Stocks 91.37%Other 8.33%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $1.26B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.52%, -1.92%, +5.99%.
How it works
DFIV is actively managed, so it doesn't copy an index. Dimensional Fund Advisors picks large companies in developed markets outside the US that trade at low prices relative to their book value (the net worth shown on the balance sheet). It sometimes also checks price-to-earnings or price-to-cash-flow ratios. Based on data as of December 31, 2025, a company needed a stock market value of at least $1,852 million to count as large.
Holdings are weighted mostly by company size. Dimensional may give extra weight to smaller, cheaper or more profitable companies, and it may trim or skip a stock based on short-term price momentum. There are no index rebalancing dates. Instead, holdings shift through ongoing trading that aims to keep costs down. The prospectus reports turnover (the share of the portfolio replaced in a year) of 6%. It compares the fund's results with the MSCI World ex USA Value Index.
Taxes shape the trading. The manager tries to put off taxable gains, uses losses on falling stocks to offset gains, and favors long-term gains, which are taxed at lower rates. The fund may also hold depositary receipts (certificates for shares that trade outside a company's home country). It may use futures to stay invested as cash moves in and out, use currency contracts to settle trades, and lend securities for extra income. Its July 31, 2026 holdings report showed no derivatives.
What it really costs
- DFIV charges 0.27% a year, versus an average of 0.39% for the similar funds below (2nd of 4, cheapest first).
- Of that, 0.25% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $28 in the first year and $343 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DFIV | $28 | $87 | $152 | $343 |
In a retirement portfolio
It adds about 630 large non-US companies tilted toward cheaper stocks, such as European banks, oil producers and Japanese firms, which a US-focused portfolio may hold little of.
DFIV adds large, lower-priced non-US companies, and its price can swing sharply. The prospectus shows its worst quarter was a 31.49% fall in early 2020. Its worst calendar year from 2016 to 2025 was 2018, down 17.32%. In the 2022 market slump it fell 25.4% from February to September, then took about 9.5 months from the low to regain its peak. Its record doesn't cover 2008. Cashing out during a slump like that locks in losses, so many plans keep near-term spending money in steadier assets.
It yielded 2.74% over the 12 months to October 29, 2026, paid quarterly. In the SEC's standard $10,000 example, its 0.27% expense ratio adds up to $343 over 10 years. Its tax management helps most in taxable accounts and adds little inside an IRA or 401(k). Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting broad non-US exposure with a value tilt, spread across 634 holdings led by Japan, the UK and Canada as of July 31, 2026.
- Investors using taxable accounts who value its effort to put off capital gains; the prospectus reports turnover of just 6%.
- Cost-conscious investors: its 0.27% expense ratio is below EFV's 0.33% and the 0.39% average of similar funds, though AVIV charges 0.25%.
Look elsewhere if
- Investors who can't stomach drops like its 31.49% quarterly fall in early 2020 or its 25.4% slide in 2022.
- Investors wanting little exposure to oil and banking: Shell, TotalEnergies, BP, Santander, HSBC and Lloyds rank among its largest holdings.
- Investors expecting a repeat of 2025's 45.17% gain; its prospectus warns that value stocks can at times trail funds using other strategies.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Nov 2, 2026.Questions investors ask
Is DFIV an index fund?
No. DFIV is an actively managed ETF, so Dimensional chooses the holdings rather than copying an index. It looks for large companies in developed markets outside the US with low prices relative to book value. It then adjusts weights for size, profitability and short-term price trends. Its prospectus compares it with the MSCI World ex USA Value Index. Over the 10 years to December 31, 2025, the fund returned an average of 10.29% a year, versus 9.16% for that index.
What's the difference between DFIV and EFV?
Both focus on value stocks in developed markets outside the US, and their holdings overlap by about 43%. DFIV is actively managed with a tax-management goal. EFV, the iShares MSCI EAFE Value ETF, is larger, with about $29.1 billion in net assets versus DFIV's $21.4 billion as of July 31, 2026. DFIV costs 0.27% a year against EFV's 0.33%. Over the year to October 29, 2026, DFIV returned 25.2% versus 21.5% for EFV. Past returns don't predict future results.
Does DFIV pay dividends?
Yes, DFIV pays distributions every quarter. Over the 12 months to October 29, 2026, it paid $1.55 per share, a trailing yield of 2.74%. The money comes from dividends on its foreign stocks, so payments can rise or fall with company profits and currency moves. The fund may also earn some income by lending securities. Income isn't its main goal. Its stated objective is long-term capital appreciation (growth in value) while minimizing federal income taxes.
Is DFIV a good fund for retirement?
It may suit retirees as the international stock part of a broader portfolio rather than as a stand-alone holding. It held 634 positions as of July 31, 2026, charges 0.27% a year and pays quarterly, with a 2.74% trailing yield as of October 29, 2026. But it can fall hard. It dropped 25.4% from peak to low in 2022 and took about 9.5 months from the low to recover. Its tax management helps mainly in taxable accounts, not IRAs.
What is DFIV's expense ratio?
DFIV's expense ratio (the annual fee taken from fund assets) is 0.27%, according to its prospectus filed February 27, 2026. Of that, 0.25% is the management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would pay about $28 in costs over one year, $152 over five years and $343 over 10. That is below the 0.39% average of three similar funds. Avantis International Large Cap Value ETF (AVIV) charges slightly less, at 0.25%.