At a glance
DFLV charges 0.21% a year, above the 0.16% average of the 8 funds most like it (the 6th cheapest of 9). It has $6.77B in assets, the 7th largest of that group; it paid 1.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +27.5% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +23.4% a year. Its ten largest positions make up 24.8% of the fund, out of 334 in all.
The short version
Dimensional US Large Cap Value ETF (DFLV) is an actively managed fund holding 334 large US companies that look cheap compared with their book value, led by JPMorgan Chase, Amazon and ExxonMobil as of July 31, 2026. It follows no index. Instead, it leans toward cheaper and more profitable stocks. Its 0.21% expense ratio is higher than the 0.04% charged by Vanguard Value ETF (VTV), and its record only goes back to December 2022.
Price history
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DFLV +27.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DFLV official prospectus, to Dec 31, 2025 | — | +15.94% | — | — | — | +13.15% |
| Russell 1000® Value Index index, same period | — | +15.91% | — | — | — | +13.24% |
| Russell 1000® Index index, same period | — | +17.37% | — | — | — | +21.20% |
| DFLV price data to Oct 27, 2026 | +23.3% | +27.5% | +23.4% | — | — | +16.3% |
- Over the year to Oct 27, 2026, DFLV returned +27.5%, 4th of 9 among similar funds.
- Its worst full calendar year was 2023 (+12.3%); its best was 2025 (+15.9%).
- The deepest fall in its price history was 16.8% (Nov 25, 2024 to Apr 8, 2025), recovered by Aug 22, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +23.3% | — |
| 2025 | +15.9% | +15.94% |
| 2024 | +12.9% | +12.95% |
| 2023 | +12.3% | +12.46% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4300 | |
| 2025 | $0.5500 | +12.2% |
| 2024 | $0.4900 | +6.5% |
| 2023 | $0.4600 |
What's inside
As of Jul 31, 2026, the fund held 334 securities; the ten largest made up 24.82% of assets.
| Holding | Weight | |
|---|---|---|
| JPMORGAN CHASE & CO. | 4.80% | |
| AMAZON.COM, INC. | 4.00% | |
| EXXONMOBIL HOLDINGS CORPORATION | 3.57% | |
| JOHNSON & JOHNSON | 2.38% | |
| MICRON TECHNOLOGY, INC. | 2.30% | |
| CHEVRON CORPORATION | 1.87% | |
| BERKSHIRE HATHAWAY INC. | 1.81% | |
| UNITEDHEALTH GROUP INCORPORATED | 1.54% | |
| MERCK & CO., INC. | 1.31% | |
| THE PROCTER & GAMBLE COMPANY | 1.26% | |
| CISCO SYSTEMS, INC. | 1.15% | |
| VERIZON COMMUNICATIONS INC. | 1.14% | |
| MORGAN STANLEY | 1.13% | |
| RTX CORPORATION | 1.13% | |
| LINDE PUBLIC LIMITED COMPANY | 1.09% |
By country
United States 92.51%Ireland 3.97%Switzerland 0.94%Curaçao 0.74%Bermuda 0.72%By asset type
Stocks 99.8%By sector
Sectors of the companies held, for the 79.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $445.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.01%, +1.50%, +2.84%.
How it works
Dimensional Fund Advisors manages DFLV actively, so the fund does not try to copy an index. Its goal is long-term growth. It buys a broad group of large US companies that look cheap, judged mainly by a low share price compared with book value (a company's net worth on its balance sheet). The manager may also look at price-to-cash-flow and price-to-earnings ratios. At least 80% of net assets must go into large US companies. Based on December 31, 2025 data, the prospectus put the cutoff at a market value of $16,768 million or more.
Holdings start out weighted by market value (share price times shares outstanding), so bigger companies get bigger positions. Dimensional then adds weight to smaller, cheaper and more profitable companies within large-cap value. It may also add to, trim or skip a stock for shorter-term reasons such as price momentum. As of July 31, 2026, the fund held 334 stocks. The 10 largest made up about 25% of assets, led by JPMorgan Chase (4.8%), Amazon (4.0%) and ExxonMobil (3.6%).
The prospectus does not describe a fixed rebalancing calendar. Trading is flexible and aims to keep costs down, and portfolio turnover was 5%. The fund may use stock index futures to stay invested as cash comes in or goes out. It may also lend its shares to other investors for extra income, which carries the risk that a borrower fails to return them.
What it really costs
- DFLV charges 0.21% a year, versus an average of 0.16% for the similar funds below (6th of 9, cheapest first).
- Of that, 0.19% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $22 in the first year and $268 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DFLV | $22 | $68 | $118 | $268 |
In a retirement portfolio
It adds a tilt toward cheaper large US companies in financials, industrials, health care and energy, which can balance a portfolio built around broad or growth-heavy stock funds.
DFLV could add exposure to value stocks such as JPMorgan Chase, ExxonMobil and Johnson & Johnson alongside a broad US stock fund. Its history is short. It launched in December 2022, so it has no record through the 2008, 2020 or 2022 sell-offs. Its deepest drop was 16.8%, from November 25, 2024 to April 8, 2025, and it recovered by August 22, 2025, about 4.5 months later. Its weakest calendar year, 2023, still returned 12.46%. Someone selling shares in a deeper or longer slump could face bigger losses than the fund has shown so far. The yield was 1.34% as of October 27, 2026, paid quarterly, so income is modest. Under the SEC's standard example, costs come to about $22 on $10,000 in the first year. 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 seeking large US value stocks such as JPMorgan Chase, ExxonMobil and Johnson & Johnson to balance holdings heavy in fast-growing companies.
- Those comfortable with Dimensional's active, rules-based tilt toward cheaper, more profitable companies, with low portfolio turnover of 5%.
- Long-term holders who want modest quarterly dividends as part of total return. The trailing yield was 1.34% as of October 27, 2026.
Look elsewhere if
- Cost-focused investors. Vanguard Value ETF (VTV) charges 0.04% and Vanguard Russell 1000 Value ETF (VONV) charges 0.07%, compared with DFLV's 0.21%.
- Those wanting a track record through bear markets. DFLV launched in December 2022 and missed the 2008, 2020 and 2022 declines.
- Investors who want the full large-company market. Since inception through December 31, 2025, DFLV returned 13.15% a year versus 21.2% for the Russell 1000.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| DFLV this fund | — | 0.21% | $6.77B | +27.5% | +23.4% |
| DFUV Dimensional US Marketwide Value ETF | 75% | 0.21% | $15.43B | +28.9% | +21.4% |
| VTV Vanguard Value ETF | 54% | 0.04% | $254.48B | +25.4% | +22.3% |
| GVUS Marketbeta Russell 1000 Value Equity ETF | 52% | 0.12% | $416.9M | +26.6% | — |
| VONV Vanguard Russell 1000 Value ETF | 52% | 0.07% | $23.88B | +29.0% | +23.6% |
| FNDX Schwab Fundamental U.S. Large Company ETF | 51% | 0.25% | $27.57B | +25.0% | +22.7% |
| IWD iShares Russell 1000 Value ETF | 50% | 0.19% | $79.74B | +28.8% | +22.2% |
| PRF Invesco RAFI US 1000 ETF | 49% | 0.33% | $9.80B | +23.3% | +24.9% |
Questions investors ask
Is DFLV an index fund?
No. DFLV is an actively managed ETF run by Dimensional Fund Advisors and does not try to copy an index. It buys large US companies that look cheap compared with their book value. It then leans toward smaller, cheaper and more profitable names. The prospectus compares it with the Russell 1000 Value Index. Through December 31, 2025, the fund returned 13.15% a year since inception, close to the index's 13.24%.
What's the difference between DFLV and DFUV?
Both are Dimensional value ETFs with a 0.21% expense ratio, and about 75% of their holdings overlap. DFLV sticks to large US companies. Dimensional US Marketwide Value ETF (DFUV) covers value stocks across the whole US market, so it reaches into smaller companies too. DFUV is also the bigger fund, with about $15.4 billion in net assets as of July 31, 2026. DFLV had about $6.8 billion at that date.
Does DFLV pay dividends?
Yes. DFLV pays dividends quarterly. Over the 12 months to October 27, 2026, it paid about $0.56 per share, a yield of 1.34%. That is modest income, because the fund aims for long-term growth rather than high payouts. Payments depend on the dividends its holdings pay, such as JPMorgan Chase, ExxonMobil and Johnson & Johnson, so the amount can vary from quarter to quarter.
What is DFLV's expense ratio compared with VTV?
DFLV's expense ratio is 0.21%, according to its prospectus filed February 27, 2026. Vanguard Value ETF (VTV) charges 0.04%, and the average among similar funds is 0.16%. In the SEC's standard example, $10,000 in DFLV earning 5% a year would cost about $22 after one year and $268 over 10 years. The two funds share about 54% of their holdings, but VTV is far larger and cheaper.
How has DFLV performed since it launched?
DFLV returned 12.46% in 2023, 12.95% in 2024 and 15.94% in 2025, according to its prospectus. Those results closely tracked the Russell 1000 Value Index, which returned 15.91% in 2025. Based on prices, the fund was up 23.3% in 2026 through October 27. Its worst quarter was a 3.24% loss in the second quarter of 2024. Its deepest drop was 16.8%, which ended on April 8, 2025.