At a glance
FDVL charges 0.79% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $16.7M in assets, the 8th largest of that group. Over the past year it returned +0.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 8 funds; over three years it returned +9.2% a year.
The short version
Foundations Dynamic Value ETF (FDVL) is an actively managed Anfield Group fund that invests mainly in Vanguard and other ETFs tracking US value stocks. Targeting volatility, or price swings, of about 10%, it can move up to 100% into cash-like holdings in choppy markets or raise stock exposure to 150% with futures in calm ones. It charges 0.79% a year and had just $16.7 million in assets as of April 30, 2025.
Price history
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FDVL 0.0% 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 | |
|---|---|---|---|---|---|---|
| FDVL price data to Oct 27, 2026 | 0.0% | 0.0% | +9.2% | — | — | +8.1% |
- Over the year to Oct 27, 2026, FDVL returned 0.0%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+1.1%); its best was 2024 (+13.5%).
- The deepest fall in its price history was 16.3% (Nov 29, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2025 | +1.1% |
| 2024 | +13.5% |
| 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 |
|---|---|---|
| 2024 | $2.2400 |
What's inside
As of Apr 30, 2025, the fund held 7 securities; the ten largest made up 92.09% of assets.
| Fund held | Weight | |
|---|---|---|
| VANGUARD VAL ETF | 26.75% | |
| VANGUARD DVD A E | 14.31% | |
| VANGUARD HI DV Y | 14.27% | |
| VANGUARD MEGA CA | 9.63% | |
| AV US LRG CAP VL | 9.29% | |
| VANGUARD M/C VAL | 9.18% | |
| VANGUARD S/C V E | 8.67% |
By country
United States 92.09%By asset type
Stocks 92.09%What changed recently
- Over the three months to Apr 30, 2025, investors withdrew a net $7.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.56%, -3.30%, -3.12%.
How it works
FDVL is actively managed, but it mainly owns passive index ETFs that track US value stocks. These are companies with solid fundamentals that are priced below their peers on measures such as the price/earnings ratio (share price divided by profit per share). Large-company funds dominate, with smaller stakes in mid- and small-company funds. As of April 30, 2025, seven ETFs made up about 92% of assets. The largest were Vanguard Value ETF (26.8%), Vanguard Dividend Appreciation ETF (14.3%) and Vanguard High Dividend Yield ETF (14.3%). The holdings and their weights are reviewed at least quarterly.
The second layer manages volatility, a measure of how widely returns swing. Each day, a third-party model called V-Mod measures intraday (within-day) market volatility against a target of roughly 10%. When volatility is above target, the manager may move up to 100% of the portfolio into cash alternatives such as Treasury bills. When it is below target, the manager may lift stock exposure to as much as 150% of net assets using S&P 500 Value Index futures. The manager decides how big and how frequent these moves are.
Futures require only part of the index's value up front, so they add leverage, which magnifies both gains and losses. The 10% target does not limit losses, and actual volatility can run well above or below it. The fund held no futures as of April 30, 2025.
What it really costs
- FDVL charges 0.79% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| FDVL | $81 | $252 | $439 | $978 |
Structure and tax notes
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
In a retirement portfolio
FDVL is a small, actively managed fund with a short record, and its stock exposure can be cut toward zero or raised to 150% with futures, so it fits better at the edges of a portfolio than at its center.
FDVL pairs value stocks with a target for price swings, or volatility. Its volatility was 11.8% over the three years to October 27, 2026, above the roughly 10% goal. It launched on October 2, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its worst calendar year, 2025, still ended up 1.1%. But its deepest drop, about 16% from November 29, 2024, to April 8, 2025, had not been recovered as of October 27, 2026. That matters for anyone who may need to draw money from it in a bad year.
It paid no distributions (cash payouts) in the year to October 27, 2026. Its 0.79% fee works out to $81 over one year and $978 over ten years on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a mix of US value-stock ETFs, mostly from Vanguard, in one fund rather than assembling and rebalancing that mix themselves.
- People who want stock exposure trimmed toward cash when markets turn volatile and raised, with futures, to as much as 150% in calm markets.
- Investors seeking a small side position who accept a 0.79% annual fee and a track record that only starts in October 2023.
Look elsewhere if
- Retirees who need regular income: FDVL paid no distributions in the year to October 27, 2026.
- Investors wary of tiny funds: assets were $16.7 million as of April 30, 2025, after about $7.2 million of net outflows in three months.
- Anyone wanting a set loss limit: the volatility target doesn't cap losses, and a 16% drop hadn't been recovered by October 27, 2026.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| FDVL this fund | 0.79% | $16.7M | 0.0% | +9.2% |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
What does FDVL invest in?
FDVL invests mainly in other ETFs that track US value stocks, which makes it a fund of funds. As of April 30, 2025, it held seven ETFs making up about 92% of assets. The largest was Vanguard Value ETF at 26.8%, followed by Vanguard Dividend Appreciation ETF and Vanguard High Dividend Yield ETF at about 14.3% each. The rest were a Vanguard mega-cap fund, Avantis U.S. Large Cap Value ETF, and Vanguard's mid-cap and small-cap value ETFs.
Does FDVL use leverage?
It can. Volatility measures how widely prices swing. When market volatility falls below the fund's roughly 10% target, the manager may raise stock exposure to as much as 150% of net assets using S&P 500 Value Index futures. Futures are contracts that require only part of the index's value up front, and that leverage magnifies both gains and losses. When volatility rises above target, the manager may move up to 100% of the portfolio into cash alternatives such as Treasury bills. The fund reported no futures holdings as of April 30, 2025.
Does FDVL pay dividends?
Not in the year to October 27, 2026. FDVL made no distributions over that year, so its yield was 0%. Its stated objective is capital appreciation, meaning growth in share value, rather than income. Some of its holdings, such as Vanguard High Dividend Yield ETF, are dividend-focused, but that did not produce payouts to FDVL holders over that year. Retirees who need regular cash flow from it would have to cash in shares.
What is FDVL's expense ratio?
FDVL's expense ratio, its yearly cost as a share of assets, is 0.79%, according to its prospectus filed November 27, 2024. All of it is the management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and a full exit at the end of each period. On that basis, costs come to $81 over one year, $252 over three, $439 over five and $978 over ten. The fee pays for active management on top of a portfolio made up mostly of index ETFs.
Is FDVL a buffer ETF like BUFR?
No. Buffer ETFs such as FT Vest Laddered Buffer ETF (BUFR) use options to cushion part of a market loss over set periods, in exchange for a cap on gains. FDVL has no buffer or cap. It shifts between value-stock ETFs, cash alternatives and futures based on volatility, and it offers no assurance about maximum loss. FDVL costs less, at 0.79% a year versus 0.95%. But its three-year return of 9.2% a year trailed BUFR's 16.8%, both as of October 27, 2026.