DFAI vs GSIE: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

Goldman Sachs ActiveBeta International Equity ETF

GSIEBNYSE Arca

Overlap

53.7%by weight

Expense ratio

DFAI −0.07pt a year

DFAI0.18%GSIE0.25%

Avg volume · 30D

DFAI 4.4×the volume

DFAI1.83MGSIE413K

5Y return · a year

DFAI +1.0pt

DFAI+9.1%GSIE+8.1%

DFAI vs GSIE Performance

Nov 5, 2021 – Nov 5, 2026

+54.7%DFAI+47.9%GSIE

Expense ratio: DFAI 0.18%, better; GSIE 0.25%
Fund size: DFAI $18.3B; GSIE $6.02B
1Y total return: DFAI +15.4%, better; GSIE +14.7%
Yield (12M): DFAI 2.46%; GSIE 2.63%, better
Holdings: DFAI 3762; GSIE 641
Avg volume (30D): DFAI 1.83M sh, better; GSIE 413K sh
NAV per share: DFAI $41.71; GSIE $46.77
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, GSIE, with each pillar’s weight
Pillar	DFAI	GSIE
Cost30% weight	A91Higher	A74
Mission25% weight	B62	Not scored
Risk15% weight	C51	C51
Tradability15% weight	A81Higher	B63
Holdings10% weight	A80Higher	A75
Durability5% weight	A71	A80Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and GSIE 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 ›

DFAI ranks 2nd and GSIE 7th of 30 funds in the International Multifactor Category.

Rank 1AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 78
Rank 2AINTFiShares International Equity Factor ETFScore 78
Rank 6BGLOFiShares Global Equity Factor ETFScore 68
Rank 7BGSIEGoldman Sachs ActiveBeta International Equity ETFScore 67
Rank 8BISCFiShares International Small-Cap Equity Factor ETFScore 66

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

GSIEBGoldman Sachs ActiveBeta International Equity ETF

In short

DFAI Dimensional's take on developed markets outside the US: several thousand stocks, plus deliberate leans toward cheaper and more profitable companies. Index-fund breadth with a research desk setting the weights, priced above the plain vanilla crowd.

GSIE Goldman's ActiveBeta engine pointed at developed markets outside the US: four factor sleeves (value, momentum, quality, low volatility) blended in equal weight across roughly 600 stocks. A tilt on the index, not a bet against it.

Stated mandate

DFAI The fund seeks long-term capital appreciation through an integrated approach combining research, portfolio design, portfolio management, and trading.

GSIE The Fund seeks to track the Goldman Sachs ActiveBeta International Equity Index, which provides exposure to equity securities of developed-market issuers outside the United States.

Why people hold it

DFAI Holds several thousand developed-market stocks outside the US, so no single name, sector or country steers the fund.
The tilts are in the mandate, not the marketing: it leans toward cheaper stocks and more profitable companies while still owning the broad market.
Portfolio construction is one of the stronger builds in its peer group, and the fund is a multi-billion-dollar, actively traded name that pays quarterly.

GSIE Value, momentum, quality and low volatility are each built as their own subindex, then combined in equal weights, so no single factor runs the portfolio.gs.com
Charges 0.25% a year, below the median for international multifactor funds.
Roughly 600 developed-market names, long only. It reweights a broad cap-weighted universe instead of cutting it to a short bet list.gs.com
A multi-billion-dollar fund and one of the more liquid ways into the international factor trade.

Worth knowing

DFAI At 0.18% it costs many times what plain cap-weighted rivals like VEA, SPDW and SCHF charge. The tilts are what the extra buys.
MSCI World ex USA IMI is the yardstick, not a leash. Dimensional builds the portfolio its own way, so it can look and behave differently from that index.
Launched in late 2020, so its live record is shorter than the index giants', and on the whole package it lands in the lower half of its developed-core cohort.

GSIE The benchmark is Goldman's own index, not a third-party one, so the tilts follow GSAM's rules and can diverge from plain developed-ex-US exposure.gs.com
Cheaper factor rivals exist: INTF at 0.16% and FDEV at 0.18%.
Developed markets only, no emerging. Holdings trade in foreign currencies, so the dollar's swings ride along.gsam.com

Full DFAI profile⁠

Full GSIE profile⁠

DFAI vs GSIE Holdings

How DFAI and GSIE differ

Overlap by weight

53.7%

Shared holdings make up 93.1% of GSIE and 67.1% of DFAI.

Level by level

Holdings570 in both53.7%
Sector11 Sectors93.2%
Countryby domicile94.2%
Asset classStocks100%

Sector

Sector weights in DFAI and GSIE, widest gap first
Sector	Gap	DFAI	GSIE
Materials	DFAI +3.7 points	8.9%	5.2%
Financials	GSIE +3.6 points	24.6%	28.2%
Energy	DFAI +1.9 points	7.1%	5.2%
Consumer Staples	GSIE +1.4 points	6.2%	7.6%
Health Care	GSIE +0.9 points	8.7%	9.6%
Consumer Discretionary	GSIE +0.9 points	7.7%	8.6%
Industrials	DFAI +0.5 points	17.7%	17.2%
Utilities	DFAI +0.3 points	3.7%	3.4%
Technology	DFAI +0.2 points	10.5%	10.3%
Real Estate	DFAI +0.1 points	1.2%	1.1%
Communication	Same weight	3.6%	3.6%

Country, concentration and asset class

Country by domicile

Country weights in DFAI and GSIE, widest gap first
Country	Gap	DFAI	GSIE
Japan	DFAI +2.6 points	24.0%	21.4%
Australia	DFAI +1.5 points	5.9%	4.4%
Netherlands	GSIE +0.9 points	4.6%	5.5%
Hong Kong	GSIE +0.8 points	1.4%	2.2%
Singapore	GSIE +0.6 points	1.4%	2.0%
Canada	GSIE +0.6 points	11.2%	11.8%
Spain	GSIE +0.5 points	3.0%	3.5%
Other countries (20)	GSIE +0.9 points	48.3%	49.2%

Outside the US: DFAI 99% developed, 1% emerging. GSIE 99% developed, 1% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.6%
GSIE10.6%

Securities held

DFAI3,743
GSIE631

Asset class

DFAI: Stocks
GSIE: Stocks

Holdings

Only in DFAI3,173
In both570
Only in GSIE61

Only in DFAI

3,173 securities, 32.5% of DFAI by weight

Asml Holding NV1.69%
Novartis AG Adr0.71%
Toronto-Dominion Bank0.53%
Canadian Natural Resource0.36%
Airbus SE0.35%
Bank of Nova Scotia/The0.35%
Suncor Energy Inc.0.34%
Royal Bank of Canada0.32%
Enbridge Inc0.28%
Agnico Eagle Mines Ltd0.27%
Banco Bilbao Vizcaya Arge0.26%
Tesco PLC0.24%
Compass Group PLC0.24%
Ubs Group AG0.23%
Barrick Mining Corp0.21%
Shopify Inc- Class A0.21%
Glencore PLC0.20%
Brookfield Corp0.19%
Canadian National Railway0.18%
Bhp Group Ltd0.18%
Ucb SA0.17%
Canadian Pacific Kansas C0.16%
Sunbelt Rentals Holdings0.16%
Deutsche Bank AG0.16%
Diageo PLC0.15%
Manulife Financial Corp0.15%
London Stock Exchange Gro0.14%
Canadian Imperial Bank of0.14%
Bank of Montreal0.14%
Wheaton Precious Metals C0.14%
Ferrari NV0.13%
Waste Connections Inc0.13%
Banco Santander SA0.13%
Dsv As0.13%
Nutrien Ltd0.12%
Prosus NV0.12%
Tc Energy Corp0.12%
Sumitomo Mitsui Financial0.12%
Nintendo Co Ltd0.12%
Alcon Inc0.12%
Bt Group PLC0.11%
Commerzbank Ag-Tend0.11%
Franco-Nevada Corp0.10%
Chugai Pharmaceutical Co0.10%
Northern Star Resources L0.10%
Thales SA0.10%
Mitsui E&S Co Ltd0.10%
Cenovus Energy Inc0.10%
Teck Resources Ltd0.10%
Helvetia Baloise Holding0.10%

Only in GSIE

61 securities, 6.8% of GSIE by weight

Ince/Icus Msci Eafe 12/20260.46%
Heineken Holding N.v.0.31%
Cvc Capital Partners PLC0.29%
Investor Aktiebolag0.25%
Power Corp Canada (Com)0.23%
M&G PLC0.23%
Jardine Matheson Holdings (Sg)0.22%
Brookfield Asset Management Ltd0.21%
Tesco PLC0.20%
Mitsubishi Hc Capital Inc.0.19%
Jeronimo Martins Estab0.19%
Industrivarden Ab-Ser 'c' Fria0.18%
Industrivarden Ab A Fria0.18%
International Consolidated Airlines Group SA0.17%
Spotify Technology S.a.0.15%
Softbank Group Corp.0.15%
Recordati S.p.a.0.14%
Glencore PLC0.14%
Airbus SE0.14%
Kyocera Corporation0.14%
Lundbergforetagen Ab Ser 'b'0.13%
Ferrovial NV0.13%
Helvetia Baloise Holding AG0.13%
Groupe Bruxelles Lambert NV0.13%
Igm Financial Inc.0.11%
Futu Holdings Limited-Adr0.11%
Kawasaki Kisen Kaisha, Ltd.0.10%
Orix Corporation0.09%
3I Group PLC0.09%
Exor N.v.0.09%
Nippon Yusen Kabushiki Kaisha0.09%
Coca-Cola Hbc AG0.09%
Intercontinental Hotels Group PLC0.09%
Upm-Kymmene0.08%
Japan Post Bank Co., Ltd.0.08%
Sofina (Ord Bearer Shs)0.07%
Land Securities Group PLC0.07%
Arcelormittal0.07%
Hikari Tsushin, Inc.0.07%
Bce Inc.0.06%
Tenaris S.a.0.06%
Unibail-Rodamco-Westfield SE0.06%
Gecina SA0.05%
Delivery Hero SE0.05%
Millicom Intl Cellular S.a.0.05%
Nippon Building Fund Inc.0.05%
Scentre Group Trust 10.05%
Sumitomo Metal Mng0.05%
Klepierre SA Shs0.04%
Covivio0.04%

Weight gaps

The 100 widest of 570 Holdings in both funds.

Holding weights in DFAI and GSIE, widest gap first
Holding	Gap	DFAI	GSIE
Asml Holding NV	GSIE +1.62 points	0.36%	1.98%
Novartis AG	GSIE +0.78 points	0.29%	1.07%
Toronto-Dominion Bank/The	GSIE +0.72 points	0.15%	0.87%
Royal Bank of Canada	GSIE +0.50 points	0.65%	1.15%
Shell PLCSHEL.L	DFAI +0.46 points	1.22%	0.76%
Kingfisher PLCKGF.L	GSIE +0.43 points	0.04%	0.47%
Bank of Nova Scotia/The	GSIE +0.42 points	0.06%	0.48%
Advantest Corp	GSIE +0.39 points	0.57%	0.96%
Toyota Motor Corp	DFAI +0.38 points	0.61%	0.23%
Magna International Inc	GSIE +0.36 points	0.04%	0.40%
Zalando SE	GSIE +0.34 points	0.02%	0.36%
Deutsche Bank AG	GSIE +0.33 points	0.07%	0.40%
Banco Bilbao Vizcaya Arge	GSIE +0.33 points	0.24%	0.57%
Banco Santander SA	GSIE +0.33 points	0.40%	0.73%
Koninklijke Ahold Delhaiz	GSIE +0.32 points	0.14%	0.46%
Nestle SA	DFAI +0.32 points	0.92%	0.60%
Idemitsu Kosan Co Ltd	GSIE +0.31 points	0.04%	0.35%
Bouygues SA	GSIE +0.31 points	0.07%	0.38%
Shiseido Co Ltd	GSIE +0.30 points	0.04%	0.34%
Sony Group Corp	DFAI +0.31 points	0.57%	0.26%
Empire Co Ltd	GSIE +0.31 points	0.02%	0.33%
Sgs SA	GSIE +0.30 points	0.10%	0.40%
Eiffage SA	GSIE +0.30 points	0.05%	0.35%
Mitsubishi Chem Grp Corp	GSIE +0.30 points	0.05%	0.35%
Canadian Imperial Bank of	GSIE +0.30 points	0.21%	0.51%
Lundin Gold Inc	GSIE +0.28 points	0.03%	0.31%
Rational AG	GSIE +0.29 points	0.01%	0.30%
Deutsche Telekom AG	DFAI +0.27 points	0.43%	0.16%
Kuehne & Nagel Internatio	GSIE +0.27 points	0.05%	0.32%
Enbridge Inc	GSIE +0.27 points	0.04%	0.31%
Avolta	GSIE +0.27 points	0.03%	0.30%
Safran SA	DFAI +0.26 points	0.38%	0.12%
Orion Oyj	GSIE +0.26 points	0.06%	0.32%
Fresenius Medical Care AG	GSIE +0.26 points	0.04%	0.30%
Suncor Energy Inc	GSIE +0.26 points	0.05%	0.31%
Lottery Corp Ltd/The	GSIE +0.25 points	0.04%	0.29%
Rolls-Royce Holdings PLCRR.L	DFAI +0.25 points	0.48%	0.23%
Pandora A/S	GSIE +0.24 points	0.04%	0.28%
Japan Post Insurance Co L	GSIE +0.24 points	0.02%	0.26%
Woolworths Group Ltd	GSIE +0.24 points	0.12%	0.36%
Ana Holdings Inc	GSIE +0.24 points	0.01%	0.25%
Dhl AG	GSIE +0.24 points	0.24%	0.48%
The Sage Group PLCSGE.L	GSIE +0.24 points	0.06%	0.30%
Recruit Holdings Co Ltd	GSIE +0.24 points	0.54%	0.78%
Zensho Holdings Co Ltd	GSIE +0.23 points	0.04%	0.27%
Vodafone Group PLCVOD.L	GSIE +0.24 points	0.14%	0.38%
Constellation Software In	GSIE +0.23 points	0.12%	0.35%
Geberit AG	GSIE +0.23 points	0.10%	0.33%
Admiral Group PLCADM.L	GSIE +0.23 points	0.06%	0.29%
Capgemini SE	GSIE +0.23 points	0.07%	0.30%
Unilever PLCULVR.L	DFAI +0.23 points	0.41%	0.18%
Ap Moller - Maersk A/S	GSIE +0.22 points	0.03%	0.25%
Finecobank Banca Fineco’s	GSIE +0.23 points	0.06%	0.29%
Cie Financiere Richemont	DFAI +0.23 points	0.31%	0.08%
Legal & General Group PLCLGEN.L	GSIE +0.22 points	0.10%	0.32%
Totalenergies SE	DFAI +0.22 points	0.67%	0.45%
Singapore Exchange Ltd	GSIE +0.21 points	0.06%	0.27%
Carrefour SA	GSIE +0.22 points	0.05%	0.27%
Deutsche Boerse AG	DFAI +0.22 points	0.26%	0.04%
Banca Mediolanum Spa	GSIE +0.21 points	0.03%	0.24%
Fisher & Paykel Healthcar	GSIE +0.21 points	0.05%	0.26%
Logitech International SA	GSIE +0.21 points	0.02%	0.23%
Loblaw Cos Ltd	GSIE +0.21 points	0.10%	0.31%
Sumitomo Corp	GSIE +0.20 points	0.11%	0.31%
Ap Moller - Maersk A/S	GSIE +0.20 points	0.06%	0.26%
Ipsen SA	GSIE +0.20 points	0.03%	0.23%
British American TobaccoBATS.L	DFAI +0.19 points	0.35%	0.16%
Wsp Global Inc	GSIE +0.19 points	0.07%	0.26%
Eneos Holdings Inc	GSIE +0.20 points	0.11%	0.31%
Barry Callebaut AG	GSIE +0.19 points	0.03%	0.22%
Otsuka Corp	GSIE +0.19 points	0.03%	0.22%
Ck Hutchison Holdings Ltd	GSIE +0.19 points	0.07%	0.26%
Coles Group Ltd	GSIE +0.20 points	0.08%	0.28%
Fairfax Financial Holding	GSIE +0.19 points	0.19%	0.38%
Ryohin Keikaku Co Ltd	GSIE +0.19 points	0.07%	0.26%
Tc Energy Corp	GSIE +0.18 points	0.05%	0.23%
Nn Group NV	GSIE +0.19 points	0.13%	0.32%
Mitsubishi Ufj Financial	DFAI +0.19 points	0.74%	0.55%
Rea Group Ltd	GSIE +0.19 points	0.02%	0.21%
Volvo Ab	DFAI +0.18 points	0.21%	0.03%
Basf SE	DFAI +0.19 points	0.24%	0.05%
Buzzi Unicem Spa	GSIE +0.18 points	0.02%	0.20%
Asics Corp	GSIE +0.17 points	0.10%	0.27%
Mapfre SA	GSIE +0.18 points	0.03%	0.21%
Acs Actividades De Constr	GSIE +0.18 points	0.07%	0.25%
Tokyo Gas Co Ltd	GSIE +0.17 points	0.05%	0.22%
Fresenius SE & Co Kgaa	GSIE +0.17 points	0.10%	0.27%
Ems-Chemie Holding AG	GSIE +0.18 points	0.02%	0.20%
Sbi Holdings Inc/Japan	GSIE +0.17 points	0.06%	0.23%
Hennes & Mauritz Ab	GSIE +0.17 points	0.03%	0.20%
Unipol Gruppo Spa	GSIE +0.17 points	0.05%	0.22%
Bureau Veritas SA	GSIE +0.17 points	0.06%	0.23%
Yokogawa Electric Corp	GSIE +0.17 points	0.03%	0.20%
Gjensidige Forsikring Asa	GSIE +0.17 points	0.02%	0.19%
Tokio Marine Holdings Inc	DFAI +0.17 points	0.37%	0.20%
Partners Group Holding AG	GSIE +0.17 points	0.06%	0.23%
Associated British FoodsABF.L	GSIE +0.17 points	0.03%	0.20%
Raiffeisen Bank Internati	GSIE +0.16 points	<0.01%	0.17%
Danone SA	DFAI +0.16 points	0.18%	0.02%
Dollarama Inc	DFAI +0.16 points	0.19%	0.03%

All 3,869 DFAI holdings⁠All 631 GSIE 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.

DFAI vs GSIE Cost

Overpaying GSIE vs DFAI

$1,410

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

DFAI 0.18%
$3,749
GSIE 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
GSIE 0.25%
Overpaying

Year by year

Year	DFAI	GSIE	Overpaying
10	$328	$455	$127
20	$1,281	$1,769	$488
30	$3,749	$5,159	$1,410

Expense ratio

0.18%DFAI, cheaper
0.25%GSIE

DFAI0.18%GSIE0.25%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

DFAI 3rd cheapest of 30 funds

GSIE 8th cheapest of 30 funds

DFAI vs GSIE Dividends

Last 12 months to Nov 5, 2026

Yield (12M): DFAI 2.46%; GSIE 2.63%, better
Payout (12M): DFAI $1.01; GSIE $1.21
Last payment: DFAI $0.18; GSIE $0.26
Ex-dividend: DFAI Sep 22, 2026; GSIE Sep 24, 2026
Paid on: DFAI Sep 24, 2026; GSIE Sep 30, 2026
Frequency: DFAI Quarterly; GSIE Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

GSIEQuarterly · 40 paymentsAll GSIE payments⁠

DFAI vs GSIE Risk

Fall from peak · 5 years

DFAI
GSIE

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%GSIE 11.2%, better
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33, betterGSIE 1.31
Worst fallMax drawdown, 5 years: DFAI −27.4%, betterGSIE −29.6%
Market sensitivityBeta, 5 years: DFAI 0.91GSIE 0.87; Market = 1

DFAI and GSIE in the news

All news⁠

New ETFs
Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs
Oct 16, 2026DFAI

Popular comparisons

DFAIAvsGSWOA
Dimensional International Core Equity Market ETF · Goldman Sachs ActiveBeta World Equity ETF
Expense ratio
0.18% · 0.15%
Category
GSIEBvsGSWOA
Goldman Sachs ActiveBeta International Equity ETF · Goldman Sachs ActiveBeta World Equity ETF
Expense ratio
0.25% · 0.15%
Category
DFAIAvsINTFA
Dimensional International Core Equity Market ETF · iShares International Equity Factor ETF
Expense ratio
0.18% · 0.16%
Category
GSIEBvsINTFA
Goldman Sachs ActiveBeta International Equity ETF · iShares International Equity Factor ETF
Expense ratio
0.25% · 0.16%
Category
DFAIAvsFDEVA
Dimensional International Core Equity Market ETF · Fidelity International Multifactor ETF
Expense ratio
0.18% · 0.18%
Category
GSIEBvsFDEVA
Goldman Sachs ActiveBeta International Equity ETF · Fidelity International Multifactor ETF
Expense ratio
0.25% · 0.18%
Category

DFAI vs GSIE

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and GSIE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in GSIE

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Avantis Investors' Avantis U.S. Core Equity ETF AVUC overlaps a fund it already runs

How DFAI and GSIE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in GSIE

Weight gaps