FDEV vs GSEU: Grades, Fees and Holdings Compared

Fidelity International Multifactor ETF

FDEVACboe

Goldman Sachs ActiveBeta Europe Equity ETF

GSEUCNYSE Arca

Overlap

29.7%by weight

Expense ratio

FDEV −0.07pt a year

FDEV0.18%GSEU0.25%

Avg volume · 30D

FDEV 1.5×the volume

FDEV29.3KGSEU19.2K

5Y return · a year

GSEU +0.4pt

FDEV+7.8%GSEU+8.2%

FDEV vs GSEU Performance

Oct 29, 2021 – Oct 30, 2026

+45.8%FDEV+48.3%GSEU

Expense ratio: FDEV 0.18%, better; GSEU 0.25%
Fund size: FDEV $276M; GSEU $171M
1Y total return: FDEV +16.6%, better; GSEU +13.3%
Yield (12M): FDEV 3.27%, better; GSEU 2.80%
Holdings: FDEV 210; GSEU 343
Avg volume (30D): FDEV 29.3K sh, better; GSEU 19.2K sh
NAV per share: FDEV $37.31; GSEU $48.17
52W range

ETF.net Grade

Pillar letters and Scores for FDEV, GSEU, with each pillar’s weight
Pillar	FDEV	GSEU
Cost30% weight	A91Higher	A74
Mission25% weight	Not scored	Not scored
Risk15% weight	A78Higher	C44
Tradability15% weight	B59Higher	D29
Holdings10% weight	C48Higher	C47
Durability5% weight	C42	B57Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. FDEV and GSEU 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 ›

FDEV ranks 4th and GSEU 14th 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
Rank 5ARODMHartford Multifactor Developed Markets (ex-US) ETFScore 71
Rank 12BQWLDState Street SPDR MSCI World StrategicFactors ETFScore 60
Rank 14CGSEUGoldman Sachs ActiveBeta Europe Equity ETFScore 54
Rank 14CQINTAmerican Century Quality Diversified International ETFScore 54

Our read on each fund

ETF.net Research

FDEVAFidelity International Multifactor ETF

GSEUCGoldman Sachs ActiveBeta Europe Equity ETF

In short

FDEV Four factors (value, quality, momentum, low volatility) blended into one developed-markets index fund at 0.18% a year. Fidelity's answer to paying up for a single-factor tilt overseas.

GSEU Goldman's four-factor ActiveBeta recipe (value, momentum, quality, low volatility) pointed at one continent instead of the whole world. Europe, about 400 names, 0.25% a year.

Stated mandate

FDEV The fund seeks returns generally corresponding to the Fidelity International Multifactor Index before fees and expenses.

GSEU The fund seeks to closely track, before fees and expenses, the Goldman Sachs ActiveBeta Europe Equity Index.

Why people hold it

FDEV 0.18% a year, less than half the typical fee in its international multifactor group, and within a rounding error of the cheapest name there (INTF at 0.16%).
One index does the work of four screens: value, quality, momentum and low volatility applied together, instead of you stacking separate single-factor funds.
Roughly 220 developed-market stocks outside the US, picked by published index rules rather than a manager's hunches, with cash paid out quarterly.
Sits in the top quartile of a 29-fund international factor cohort, which is a crowded field full of far pricier attempts at the same job.

GSEU Four tilts blended in one wrapper: good value, strong momentum, high quality, low volatility. No single-factor bet to time.
0.25% a year, below the typical fee among international multifactor funds.
Spreads exposure across roughly 400 European stocks, so no one name steers the portfolio.
Trading since 2016 and sitting in the upper half of its factor peer group, with a rules-based index doing the stock picking.

Worth knowing

FDEV Thinly traded. Spreads can quietly cost more than the fee, so limit orders matter more here than with the category's household names.
A 2019 launch still in the mid-size asset range, so there is no decades-long record to lean on the way older international index funds offer.
Blending four factors means none of them drives the bus. When value or momentum alone runs hot, this owns only a slice of that move.

GSEU Thinly traded compared with plain Europe index funds, so bid-ask spreads can add to the cost of getting in and out.
Europe only. The same ActiveBeta engine in GSIE casts a wider developed-market net, including Japan and Asia-Pacific.
Distributions arrive on an annual or semiannual schedule, not quarterly.

Full FDEV profile⁠

Full GSEU profile⁠

FDEV vs GSEU Holdings

How FDEV and GSEU differ

Overlap by weight

29.7%

Shared holdings make up 46.6% of FDEV and 37.8% of GSEU.

Level by level

Holdings80 in both29.7%
Countryby domicile51.0%
Sector11 Sectors82.0%
Asset classEquity100%

Sector

Sector weights in FDEV and GSEU, widest gap first
Sector	More in FDEVMore in GSEU	FDEV	GSEU
Energy	FDEV +6.2 points	11.5%	5.3%
Real Estate	FDEV +5.8 points	6.4%	0.6%
Communication	FDEV +5.8 points	8.5%	2.7%
Utilities	GSEU +4.3 points	0.0%	4.3%
Industrials	GSEU +3.6 points	14.5%	18.1%
Consumer Discretionary	GSEU +3.5 points	3.5%	7.0%
Technology	GSEU +3.2 points	6.2%	9.4%
Financials	GSEU +1.6 points	24.0%	25.6%
Materials	GSEU +1.1 points	3.7%	4.8%
Health Care	GSEU +0.6 points	13.3%	13.9%
Consumer Staples	FDEV +0.1 points	8.3%	8.2%

Country, concentration and asset class

Country by domicile

Country weights in FDEV and GSEU, widest gap first
Country	More in FDEVMore in GSEU	FDEV	GSEU
Japan	FDEV +22.4 points	22.4%	0.0%
Canada	FDEV +14.9 points	14.9%	0.0%
Switzerland	GSEU +10.4 points	5.0%	15.4%
Germany	GSEU +10.1 points	3.6%	13.7%
United Kingdom	GSEU +5.3 points	15.5%	20.8%
Netherlands	GSEU +5.2 points	4.5%	9.7%
France	GSEU +4.9 points	7.6%	12.5%
Italy	GSEU +3.5 points	1.6%	5.1%
Other countries (17)	FDEV +2.2 points	24.9%	22.7%

Outside the US: FDEV 97% developed, 3% emerging. GSEU 100% developed, 0% emerging.

Concentration

Weight in the 10 largest Holdings

FDEV15.6%
GSEU18.7%

Securities held

FDEV198
GSEU337

Asset class

FDEV: Equity
GSEU: Equity

Holdings

Only in FDEV118
In both80
Only in GSEU257

Only in FDEV

118 securities, 53.0% of FDEV by weight

Daito Trust Construction1.69%
Hongkong Land Hldgs Ltd1.63%
Canadian Natl Resources Ltd1.32%
Suncor Energy Inc1.28%
Firstservice Corp1.27%
Loblaw Cos Ltd1.17%
Nexon Co Ltd1.14%
Kddi Corp1.12%
Ly Corporation1.07%
Royal Bank of Canada1.05%
Rightmove PLC1.03%
Inpex Corp1.03%
Japan Tobacco Inc1.02%
Cenovus Energy Inc1.01%
Autotrader Group PLC0.98%
Whitecap Resources Inc0.97%
Shionogi & Co Ltd0.93%
Quebecor Inc Class B Sub Vtg0.91%
Toyo Suisan Kaisha Ltd0.84%
Toronto-Dominion Bank0.83%
Ono Pharmaceutical Co Ltd0.81%
Fisher & Paykel Health (Nz)0.69%
Itochu Corp0.65%
Oversea-Chinese Bkg Corp Ltd0.62%
Mitsui & Co Ltd0.60%
Gaztransport Et Techniga0.59%
Thomson Reuters Corp0.56%
MS&AD Insurance Grp Hldgs Inc0.52%
Macquarie Group Ltd0.51%
Canadian Imp Bk of Commerce0.50%
Finning International Inc0.49%
Sumitomo Corp0.46%
Sumitomo Mitsui Tr Group Inc0.45%
Qbe Insurance Group Ltd0.43%
Bhp Group Limited0.43%
Challenger Ltd0.41%
Boc Hong Kong Holdings Ltd0.41%
Hannover Rueckversicherungs SE0.41%
Bank Leumi Le-Israel Bm0.41%
Cgi Inc Class A Sub Vtg0.40%
Toyota Tsusho Corp0.40%
Manulife Financial Corp (Cana)0.40%
Daiwa Securities Group Inc0.39%
Bank Hapoalim Ltd (Reg)0.39%
Obic Co Ltd0.39%
Nordex SE0.38%
Seventy Seventh Bank0.38%
Daishi Hokuetsu Financial Grou0.38%
Hachijuni Nagano Bank Ltd0.38%
Mebuki Financial Group Inc0.37%

Only in GSEU

257 securities, 62.1% of GSEU by weight

Sap SE1.26%
Siemens AG Reg Shs1.22%
Nestle S.a.1.21%
Allianz SE1.13%
Iberdrola Sociedad Anonima0.92%
Banco Bilbao Vizcaya0.89%
Bp PLC0.83%
Kingfisher PLC0.73%
Schneider Electric0.73%
Dhl Group0.73%
L'oreal0.71%
Ubs Group AG0.68%
Bayer Aktiengesellschaft0.67%
Siemens Energy AG0.66%
Barclays PLC0.66%
Abb Ltd0.63%
Rolls-Royce Holdings PLC0.63%
Deutsche Bank Reg Shs0.61%
Unicredit, Societa' Per Azioni0.59%
Ing Groep N.v.0.59%
Zalando SE0.59%
Axa0.54%
Zurich Insurance Group AG0.52%
Nn Group N.v.0.52%
Legal & General Group Ord0.51%
Rational AG0.50%
Eurx/Msci Europeidx 12/20260.50%
Sage Group Plc. (The)0.50%
Air Liquide SA0.48%
Enel Spa Eur 10.48%
Intesa Sanpaolo0.48%
Kuehne & Nagel Intl AG0.47%
Next PLC0.47%
Pandora A/S0.46%
Admiral Group PLC0.46%
Societe Generale0.45%
A.p. Moeller - Maersk A/S Class B0.44%
M&G PLC0.44%
Heineken Holding N.v.0.43%
Carrefour S.a. (Ord)0.43%
Adidas AG0.43%
Cvc Capital Partners PLC0.43%
A P Moller - Maersk A/S0.42%
Investor Aktiebolag0.40%
Acs, Actividades De Construccion Y Servicios SA0.40%
Lloyds Banking Group PLC0.39%
Lvmh Moet-Hennessy Louis0.38%
British American Tobacco Ord0.36%
Muenchener Rueckvers.ges.ag0.36%
Hennes & Mauritz Ab0.35%

Weight gaps

All 80 Holdings in both funds, largest gap first.

Holding weights in FDEV and GSEU, widest gap first
Holding	More in FDEVMore in GSEU	FDEV	GSEU
Asml Holding NV	GSEU +2.83 points	1.50%	4.33%
Klepierre SA	FDEV +1.44 points	1.54%	0.10%
Anheuser-Busch Inbev Sa/Nv	FDEV +0.86 points	1.09%	0.23%
Carlsberg As Class B	FDEV +0.83 points	0.86%	0.03%
Kpn (Kon) NV	FDEV +0.84 points	1.02%	0.18%
Reckitt Benckiser Group PLCRKT.L	FDEV +0.76 points	0.91%	0.15%
Unilever PLC OrdULVR.L	FDEV +0.75 points	1.26%	0.51%
Essity Ab B	FDEV +0.75 points	0.87%	0.12%
Hsbc Holdings PLC (Uk Reg)HSBA.L	GSEU +0.74 points	1.08%	1.82%
Orkla Asa	FDEV +0.72 points	0.85%	0.13%
Imperial Brands PLCIMB.L	FDEV +0.71 points	0.89%	0.18%
Equinor Asa	FDEV +0.67 points	0.87%	0.20%
Var Energi As	FDEV +0.67 points	0.79%	0.12%
Ucb SA	FDEV +0.55 points	0.64%	0.09%
Repsol SA	FDEV +0.53 points	0.80%	0.27%
Roche Holding AG	GSEU +0.50 points	1.75%	2.25%
Novartis AG (Reg)	GSEU +0.49 points	1.50%	1.99%
Vodafone Group PLCVOD.L	FDEV +0.45 points	1.02%	0.57%
Banco Santander SA (Spain)	GSEU +0.43 points	0.79%	1.22%
Smith & Nephew PLCSN.L	FDEV +0.41 points	0.47%	0.06%
Sanofi	FDEV +0.39 points	0.75%	0.36%
Totalenergies SE	FDEV +0.38 points	1.38%	1.00%
Swedish Orphan Biovitrum Ab	FDEV +0.38 points	0.48%	0.10%
Kone Oyj B	FDEV +0.32 points	0.43%	0.11%
Merck Kgaa	FDEV +0.33 points	0.50%	0.17%
Wolters Kluwer NV	FDEV +0.31 points	0.48%	0.17%
Bouygues Ord	GSEU +0.30 points	0.27%	0.57%
Haleon PLCHLN.L	FDEV +0.30 points	0.49%	0.19%
Banco Bpm Spa	FDEV +0.27 points	0.39%	0.12%
Bper Banca Spa	FDEV +0.27 points	0.43%	0.16%
Capgemini SA (FF40)	GSEU +0.25 points	0.17%	0.42%
Mercedes-Benz Group AG (Gerw)	GSEU +0.25 points	0.23%	0.48%
Talanx Aktiengesellschaft	FDEV +0.24 points	0.36%	0.12%
Relx PLCREL.L	FDEV +0.24 points	0.52%	0.28%
Aib Group PLC	FDEV +0.24 points	0.39%	0.15%
Eiffage SA (Form Fougerolle)	GSEU +0.24 points	0.26%	0.50%
Atlas Copco Ab Ser A	FDEV +0.22 points	0.38%	0.16%
Sgs SA (Reg)	GSEU +0.22 points	0.42%	0.64%
Logitech Intl SA Reg	GSEU +0.22 points	0.13%	0.35%
Avolta AG	GSEU +0.20 points	0.20%	0.40%
Astrazeneca PLC (Uk)AZN.L	GSEU +0.19 points	1.44%	1.63%
Hochtief AG	FDEV +0.18 points	0.34%	0.16%
Caixabank SA	FDEV +0.16 points	0.41%	0.25%
Koninklijke Ahold Delhaize NV	FDEV +0.17 points	0.92%	0.75%
Rio Tinto PLC (Regd)RIO.L	GSEU +0.16 points	0.32%	0.48%
Standard Chartered PLC (Uk)STAN.L	GSEU +0.16 points	0.33%	0.49%
Nordea Bank Abp	FDEV +0.15 points	0.47%	0.32%
Assa Abloy Ab Ser B	FDEV +0.15 points	0.31%	0.16%
Gea Group AG	FDEV +0.14 points	0.43%	0.29%
Ericsson (Lm) Tele Co Class B	GSEU +0.14 points	0.19%	0.33%
Rexel SA	FDEV +0.14 points	0.30%	0.16%
Natwest Group PLCNWG.L	GSEU +0.14 points	0.37%	0.51%
Abn Amro Bank Nv-Cva	FDEV +0.13 points	0.39%	0.26%
Bnp Paribas (Fran)	GSEU +0.12 points	0.54%	0.66%
Prudential PLCPRU.L	FDEV +0.10 points	0.25%	0.15%
Knorr-Bremse AG	FDEV +0.11 points	0.35%	0.24%
Geberit AG (Reg)	GSEU +0.09 points	0.41%	0.50%
Sandvik Ab	FDEV +0.09 points	0.30%	0.21%
Inditex SA	GSEU +0.09 points	0.31%	0.40%
Fresnillo PLCFRES.L	GSEU +0.08 points	0.19%	0.27%
Poste Italiane Spa	FDEV +0.08 points	0.39%	0.31%
Shell PLCSHEL.L	FDEV +0.06 points	1.83%	1.77%
Yara International Asa	GSEU +0.06 points	0.21%	0.27%
Getlink SE	FDEV +0.06 points	0.33%	0.27%
Industrivarden Ab Ser A	FDEV +0.06 points	0.34%	0.28%
Orion Oyj (New) B	GSEU +0.05 points	0.53%	0.58%
Novo-Nordisk As Class B	FDEV +0.05 points	0.81%	0.76%
Ipsen Promesses	FDEV +0.04 points	0.41%	0.37%
Ems-Chemie Holding AG	GSEU +0.04 points	0.22%	0.26%
Endeavour Mining PLCEDV.L	FDEV +0.03 points	0.22%	0.19%
Vinci SA	FDEV +0.03 points	0.42%	0.39%
Buzzi Spa	GSEU +0.04 points	0.20%	0.24%
Raiffeisen Bank Interntnl AG	FDEV +0.03 points	0.30%	0.27%
Smiths Group PLCSMIN.L	FDEV +0.02 points	0.33%	0.31%
Credit Agricole SA	FDEV +0.02 points	0.30%	0.28%
Fresenius Medical Care AG	GSEU +0.01 points	0.44%	0.45%
Gsk PLCGSK.L	GSEU +0.01 points	0.75%	0.76%
Ageas Sa/Nv	GSEU +0.01 points	0.35%	0.36%
Asm International NV (Neth)	Same weight	0.19%	0.19%
Mapfre SA	Same weight	0.29%	0.29%

All 218 FDEV holdings⁠All 337 GSEU 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.

FDEV vs GSEU Cost

Overpaying GSEU vs FDEV

$1,410

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

FDEV 0.18%
$3,749
GSEU 0.25%
$5,159

Amount$10,000

Years30 years

Cost over time

FDEV 0.18%
GSEU 0.25%
Overpaying

Year by year

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

Expense ratio

0.18%FDEV, cheaper
0.25%GSEU

FDEV0.18%GSEU0.25%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

FDEV 3rd cheapest of 30 funds

GSEU 8th cheapest of 30 funds

FDEV vs GSEU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FDEV 3.27%, better; GSEU 2.80%
Payout (12M): FDEV $1.22; GSEU $1.35
Last payment: FDEV $0.33; GSEU $0.93
Ex-dividend: FDEV Sep 18, 2026; GSEU Jun 24, 2026
Paid on: FDEV Sep 22, 2026; GSEU Jun 30, 2026
Frequency: FDEV Quarterly; GSEU Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FDEVQuarterly · 31 paymentsAll FDEV payments⁠

GSEUTwice a year · 31 paymentsAll GSEU payments⁠

FDEV vs GSEU Risk

Fall from peak · 5 years

FDEV
GSEU

Risk facts

VolatilityStd dev, 3 years: FDEV 10.5%, betterGSEU 12.4%
Return per unit of riskSharpe ratio, 3 years: FDEV 1.31, betterGSEU 1.14
Worst fallMax drawdown, 5 years: FDEV −27.9%, betterGSEU −33.8%
Market sensitivityBeta, 5 years: FDEV 0.65GSEU 0.82; Market = 1

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