DFAI vs GSWO: Grades, Fees and Holdings Compared

Dimensional International Core Equity Market ETF

DFAIANYSE Arca

Goldman Sachs ActiveBeta World Equity ETF

GSWOACboe

Overlap

23.4%by weight

Expense ratio

GSWO −0.03pt a year

DFAI0.18%GSWO0.15%

Avg volume · 30D

DFAI 28.4×the volume

DFAI1.81MGSWO64K

DFAI vs GSWO Performance

Jul 31, 2026 – Oct 30, 2026

−1.3%DFAI+0.5%GSWO

Expense ratio: DFAI 0.18%; GSWO 0.15%, better
Fund size: DFAI $18.2B; GSWO $1.79B
1Y total return: DFAI +15.9%; GSWO No data
Yield (12M): DFAI 2.44%, better; GSWO 1.46%
Holdings: DFAI 3767; GSWO 751
Avg volume (30D): DFAI 1.81M sh, better; GSWO 64K sh
NAV per share: DFAI $41.47; GSWO $64.95
52W range

ETF.net Grade

Pillar letters and Scores for DFAI, GSWO, with each pillar’s weight
Pillar	DFAI	GSWO
Cost30% weight	A91	A98Higher
Mission25% weight	B63	Not scored
Risk15% weight	C49	B67Higher
Tradability15% weight	A81	A86Higher
Holdings10% weight	A80Higher	F22
Durability5% weight	A71Higher	B62

Rank among International Multifactor funds

How we build Categories ›

Same Category. DFAI and GSWO 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 GSWO 3rd of 30 funds in the International Multifactor Category.

Rank 1AINTFiShares International Equity Factor ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 77
Rank 3AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 76
Rank 4AFDEVFidelity International Multifactor ETFScore 73

Our read on each fund

ETF.net Research

DFAIADimensional International Core Equity Market ETF

GSWOAGoldman Sachs ActiveBeta World 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.

GSWO Four factor tilts (value, momentum, quality, low volatility) on developed markets outside the US, for 15 basis points. Goldman's ActiveBeta rules at a price closer to an index fund than an active one.

Stated mandate

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

GSWO The fund is an ActiveBeta World Equity ETF designed to track an ActiveBeta Index and provide exposure to value, momentum, quality, and low-volatility characteristics.

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.

GSWO 0.15% a year against a 0.69% median for its global active-equity peers, and cheaper than fellow top-graded names DFAW (0.24%) and AVGE (0.25%).
Value, momentum, quality and low volatility come from one published ActiveBeta index methodology, not a manager's discretionary call.gsam.com
Stands among the strongest implementations in its global equity peer group: a multi-billion-dollar fund in the standard 1940 Act ETF wrapper that pays quarterly.

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.

GSWO Despite the "World" name, the reference index is MSCI World ex USA, so US stocks sit outside the mandate.
Launched in 2022, so the live record is short, and factor blends can trail plain cap-weighted benchmarks for long stretches.
Four factors in one basket can pull against each other; the net tilt is milder than a single-factor fund.

Full DFAI profile⁠

Full GSWO profile⁠

DFAI vs GSWO Holdings

How DFAI and GSWO differ

Overlap by weight

23.4%

Shared holdings make up 53.9% of DFAI and 29.1% of GSWO.

Level by level

Holdings389 in both23.4%
Countryby domicile31.2%
Asset classEquity100%

Sector

No Sector split for GSWO.

Country, concentration and asset class

Country by domicile

Country weights in DFAI and GSWO, widest gap first
Country	More in DFAIMore in GSWO	DFAI	GSWO
United States	GSWO +68.3 points	1.0%	69.3%
Japan	DFAI +15.8 points	24.3%	8.5%
United Kingdom	DFAI +8.6 points	11.7%	3.1%
Canada	DFAI +8.1 points	11.4%	3.3%
Switzerland	DFAI +6.1 points	8.6%	2.5%
Germany	DFAI +5.4 points	7.2%	1.8%
France	DFAI +5.0 points	6.4%	1.4%
Australia	DFAI +4.2 points	6.0%	1.8%
Other countries (20)	DFAI +15.0 points	23.4%	8.4%

Outside the US: DFAI 99% developed, 1% emerging. GSWO 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

DFAI9.8%
GSWO27.5%

Securities held

DFAI3,749
GSWO740

Asset class

DFAI: Equity
GSWO: Equity

Holdings

Only in DFAI3,360
In both389
Only in GSWO351

Only in DFAI

3,360 securities, 45.8% of DFAI by weight

Asml Holding NV1.90%
Novartis AG Adr0.70%
Toronto-Dominion Bank0.53%
Canadian Natural Resource0.40%
Suncor Energy Inc.0.37%
Bank of Nova Scotia/The0.35%
Royal Bank of Canada0.31%
Enbridge Inc0.28%
Agnico Eagle Mines Ltd0.26%
Banco Bilbao Vizcaya Arge0.26%
Deutsche Boerse AG0.26%
Tesco PLC0.23%
Basf SE0.23%
Lonza Group AG0.23%
Shopify Inc- Class A0.23%
Ubs Group AG0.22%
Glencore PLC0.21%
Volvo Ab0.21%
Barrick Mining Corp0.21%
Holcim Ltd0.19%
Anglo American Ord Npv0.19%
Atlas0.19%
Bhp Group Ltd0.18%
Asm International NV0.18%
Canadian National Railway0.18%
Brookfield Corp0.18%
Dollarama Inc0.18%
Sse PLC0.18%
Ucb SA0.17%
Reckitt Benckiser Group P0.17%
Keyence Corp0.17%
Givaudan SA0.17%
Sunbelt Rentals Holdings0.17%
Macquarie Group Ltd0.16%
Japan Tobacco Inc0.16%
Intact Financial Corp0.16%
Softbank Corp0.16%
Legrand SA0.15%
Canadian Pacific Kansas C0.15%
Deutsche Bank AG0.15%
Swiss Life Holding AG0.15%
Manulife Financial Corp0.14%
Experian PLC0.14%
Canadian Imperial Bank of0.14%
Bank of Montreal0.14%
London Stock Exchange Gro0.14%
Diageo PLC0.14%
Haleon PLC0.13%
Swisscom AG0.13%
Komatsu Ltd0.13%

Only in GSWO

351 securities, 70.6% of GSWO by weight

NVIDIA Corporation5.65%
Apple Inc.5.62%
Microsoft Corporation4.24%
Amazon.com Inc2.60%
Alphabet Inc.1.85%
Broadcom Inc.1.76%
Alphabet Inc.1.60%
Meta Platforms Inc-Class A1.52%
Eli Lilly & Co1.35%
Tesla Inc.1.32%
Micron Technology, Inc.1.27%
JPMorgan Chase & Co1.02%
Advanced Micro Devices Inc.1.02%
Visa Inc.0.80%
Exxonmobil Holdings Corporation0.80%
Berkshire Hathaway Inc.0.77%
Johnson & Johnson0.74%
Walmart Inc0.66%
Mastercard Incorporated0.60%
AbbVie Inc.0.57%
Costco Wholesale Corporation0.50%
Cisco Systems, Inc.0.48%
Palantir Technologies Inc.0.46%
UnitedHealth Group Incorporated0.45%
Intel Corporation0.44%
Chevron Corporation0.44%
Lam Research Corporation0.41%
Coca-Cola Company (The)0.41%
Merck & Co., Inc.0.38%
Applied Materials Inc0.37%
The Home Depot, Inc.0.37%
The Procter & Gamble Company0.37%
Bank of America Corp0.36%
General Electric Company0.34%
Palo Alto Networks Inc.0.33%
Philip Morris Intl Inc0.32%
Caterpillar Inc (Delaware)0.32%
Kla Corp0.31%
Texas Instruments Inc.0.30%
Wells Fargo & Company0.29%
Seagate Technology Holdin PLC0.28%
Rtx Corp0.27%
Ge Vernova Llc0.27%
Morgan Stanley0.26%
Netflix, Inc.0.26%
Intl Business Machines Corp0.25%
Crowdstrike Holdings, Inc.0.24%
Gilead Sciences0.24%
Amphenol Corp Cl-A (New)0.24%
Tjx Companies Inc (New)0.24%

Weight gaps

The 100 widest of 389 Holdings in both funds.

Holding weights in DFAI and GSWO, widest gap first
Holding	More in DFAIMore in GSWO	DFAI	GSWO
Shell PLCSHEL.L	DFAI +1.01 points	1.29%	0.28%
Roche Holding AG	DFAI +0.80 points	1.19%	0.39%
Nestle SA	DFAI +0.67 points	0.87%	0.20%
Hsbc Holdings PLCHSBA.L	DFAI +0.65 points	0.96%	0.31%
Mitsubishi Ufj Financial	DFAI +0.54 points	0.76%	0.22%
Astrazeneca PLCAZN.L	DFAI +0.51 points	0.79%	0.28%
Toyota Motor Corp	DFAI +0.50 points	0.63%	0.13%
Totalenergies SE	DFAI +0.48 points	0.69%	0.21%
Sony Group Corp	DFAI +0.46 points	0.57%	0.11%
Allianz SE	DFAI +0.44 points	0.61%	0.17%
Bp PLCBP.L	DFAI +0.41 points	0.57%	0.16%
Sap SE	DFAI +0.39 points	0.57%	0.18%
Bhp Group Ltd	DFAI +0.39 points	0.58%	0.19%
Siemens AG	DFAI +0.38 points	0.56%	0.18%
Hitachi Ltd	DFAI +0.36 points	0.45%	0.09%
Rolls-Royce Holdings PLCRR.L	DFAI +0.37 points	0.48%	0.11%
Tokyo Electron Ltd	DFAI +0.36 points	0.51%	0.15%
Commonwealth Bank of Aust	DFAI +0.35 points	0.51%	0.16%
Royal Bank of Canada	DFAI +0.35 points	0.64%	0.29%
Asml Holding NV	GSWO +0.34 points	0.41%	0.75%
Unilever PLCULVR.L	DFAI +0.33 points	0.39%	0.06%
Deutsche Telekom AG	DFAI +0.32 points	0.41%	0.09%
Air Liquide SA	DFAI +0.31 points	0.35%	0.04%
Safran SA	DFAI +0.30 points	0.36%	0.06%
Schneider Electric SE	DFAI +0.30 points	0.40%	0.10%
Advantest Corp	DFAI +0.30 points	0.62%	0.32%
Unicredit Spa	DFAI +0.29 points	0.40%	0.11%
Airbus SE	DFAI +0.28 points	0.34%	0.06%
Zurich Insurance Group AG	DFAI +0.28 points	0.36%	0.08%
Tokio Marine Holdings Inc	DFAI +0.27 points	0.36%	0.09%
Iberdrola SA	DFAI +0.27 points	0.38%	0.11%
Mizuho Financial Group In	DFAI +0.27 points	0.36%	0.09%
Recruit Holdings Co Ltd	DFAI +0.26 points	0.59%	0.33%
British American TobaccoBATS.L	DFAI +0.25 points	0.34%	0.09%
National Australia Bank L	DFAI +0.25 points	0.29%	0.04%
Dbs Group Holdings Ltd	DFAI +0.25 points	0.38%	0.13%
Fujikura Ltd	DFAI +0.25 points	0.30%	0.05%
Siemens Energy AG	DFAI +0.25 points	0.36%	0.11%
Westpac Banking Corp	DFAI +0.24 points	0.28%	0.04%
Barclays PLCBARC.L	DFAI +0.23 points	0.33%	0.10%
Cie Financiere Richemont	DFAI +0.23 points	0.29%	0.06%
Gsk PLCGSK.L	DFAI +0.22 points	0.35%	0.13%
Sanofi	DFAI +0.23 points	0.27%	0.04%
Enel Spa	DFAI +0.23 points	0.30%	0.07%
Anz Group Holdings	DFAI +0.22 points	0.26%	0.04%
Aia Group Ltd	DFAI +0.22 points	0.30%	0.08%
Muenchener Rueckversicher	DFAI +0.21 points	0.28%	0.07%
Swiss Re AG	DFAI +0.22 points	0.27%	0.05%
Bnp Paribas SA	DFAI +0.21 points	0.30%	0.09%
Rio Tinto PLCRIO.L	DFAI +0.20 points	0.27%	0.07%
Sumitomo Mitsui Financial	DFAI +0.20 points	0.38%	0.18%
Abb Ltd	DFAI +0.20 points	0.34%	0.14%
Lloyds Banking Group PLCLLOY.L	DFAI +0.19 points	0.26%	0.07%
Anheuser-Busch Inbev Sa/N	DFAI +0.19 points	0.24%	0.05%
Intesa Sanpaolo Spa	DFAI +0.20 points	0.30%	0.10%
E.on SE	DFAI +0.20 points	0.22%	0.02%
National Grid PLCNG.L	DFAI +0.19 points	0.23%	0.04%
Bayer AG	DFAI +0.19 points	0.28%	0.09%
Infineon Technologies AG	DFAI +0.18 points	0.26%	0.08%
Itochu Corp	DFAI +0.17 points	0.22%	0.05%
Vinci SA	DFAI +0.18 points	0.22%	0.04%
Bae Systems PLCBA.L	DFAI +0.18 points	0.22%	0.04%
Banco Santander SA	DFAI +0.17 points	0.39%	0.22%
Oversea-Chinese Banking C	DFAI +0.17 points	0.23%	0.06%
Eni Spa	DFAI +0.17 points	0.23%	0.06%
Ing Groep NV	DFAI +0.17 points	0.28%	0.11%
Takeda Pharmaceutical Co	DFAI +0.16 points	0.22%	0.06%
Mitsui & Co Ltd	DFAI +0.15 points	0.20%	0.05%
L'oreal SA	DFAI +0.15 points	0.29%	0.14%
Engie SA	DFAI +0.15 points	0.19%	0.04%
Relx PLCREL.L	DFAI +0.15 points	0.21%	0.06%
Mitsubishi Heavy Industri	DFAI +0.16 points	0.18%	0.03%
Natwest Group PLCNWG.L	DFAI +0.15 points	0.24%	0.09%
Orange SA	DFAI +0.14 points	0.17%	0.03%
Mitsubishi Corp	DFAI +0.15 points	0.24%	0.09%
National Bank of Canada	DFAI +0.15 points	0.20%	0.05%
Danone SA	DFAI +0.14 points	0.17%	0.03%
Repsol SA	DFAI +0.15 points	0.21%	0.06%
Axa SA	DFAI +0.15 points	0.23%	0.08%
Novo Nordisk A/S	DFAI +0.14 points	0.27%	0.13%
Hong Kong Exchanges & Cle	DFAI +0.14 points	0.19%	0.05%
Shin-Etsu Chemical Co Ltd	DFAI +0.13 points	0.19%	0.06%
Galderma Group AG	DFAI +0.14 points	0.16%	0.02%
Fast Retailing Co Ltd	DFAI +0.14 points	0.27%	0.13%
Standard Chartered PLCSTAN.L	DFAI +0.13 points	0.22%	0.09%
Nordea Bank Abp	DFAI +0.14 points	0.19%	0.05%
Bank of Montreal	DFAI +0.13 points	0.26%	0.13%
Rheinmetall AG	DFAI +0.13 points	0.16%	0.03%
Woodside Energy Group Ltd	DFAI +0.13 points	0.17%	0.04%
Rwe AG	DFAI +0.12 points	0.17%	0.05%
Kddi Corp	DFAI +0.12 points	0.20%	0.08%
Kioxia Holdings Corp	DFAI +0.12 points	0.25%	0.13%
Alimentation Couche	DFAI +0.12 points	0.16%	0.04%
Cochlear Ltd	GSWO +0.12 points	<0.01%	0.12%
Rio Tinto Ltd	DFAI +0.11 points	0.14%	0.03%
Toronto-Dominion Bank/The	GSWO +0.12 points	0.15%	0.27%
Societe Generale SA	DFAI +0.12 points	0.19%	0.07%
Imperial Brands PLCIMB.L	DFAI +0.11 points	0.13%	0.02%
Fujitsu Ltd	DFAI +0.11 points	0.15%	0.04%
Als Ltd	GSWO +0.11 points	0.03%	0.14%

All 3,869 DFAI holdings⁠All 741 GSWO 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 GSWO Cost

Overpaying DFAI vs GSWO

$612

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

DFAI 0.18%
$3,749
GSWO 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

DFAI 0.18%
GSWO 0.15%
Overpaying

Year by year

Year	DFAI	GSWO	Overpaying
10	$328	$274	$54
20	$1,281	$1,071	$210
30	$3,749	$3,137	$612

Expense ratio

0.18%DFAI
0.15%GSWO, cheaper

GSWO0.15%DFAI0.18%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

GSWO cheapest of 30 funds

DFAI 3rd cheapest of 30 funds

DFAI vs GSWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DFAI 2.44%, better; GSWO 1.46%
Payout (12M): DFAI $1.01; GSWO $0.93
Last payment: DFAI $0.18; GSWO $0.20
Ex-dividend: DFAI Sep 22, 2026; GSWO Sep 24, 2026
Paid on: DFAI Sep 24, 2026; GSWO Sep 30, 2026
Frequency: DFAI Quarterly; GSWO Quarterly

Distribution history

Per share, 2020 to 2026, same scale for both

DFAIQuarterly · 24 paymentsAll DFAI payments⁠

GSWOQuarterly · 18 paymentsAll GSWO payments⁠

DFAI vs GSWO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DFAI 11.6%GSWO No data
Return per unit of riskSharpe ratio, 3 years: DFAI 1.33GSWO No data
Worst fallMax drawdown, 5 years: DFAI −27.4%GSWO No data
Market sensitivityBeta, 5 years: DFAI 0.91GSWO 0.75; Market = 1

DFAI and GSWO 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

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DFAI vs GSWO

In short

Stated mandate

Why people hold it

Worth knowing

How DFAI and GSWO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in GSWO

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 GSWO differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DFAI

Only in GSWO

Weight gaps