FDEV vs RWIN

FDEVAFidelity International Multifactor ETF

RWINDRayliant NxtGen Multifactor International 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.

RWIN Rayliant's quant house fills the gap in its NxtGen lineup: developed markets outside the US, sorted by factor models instead of market cap. It arrived in 2026 charging 0.42% into an aisle stacked with cheap, entrenched rivals.

Stated mandate

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

RWIN The Fund seeks long-term capital appreciation.

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.

• RWIN Completes Rayliant's NxtGen trio. Alongside the firm's US and emerging-markets multifactor funds, it lets you build a global factor sleeve on one shop's models.sec.gov
• One fee, no fine print. The prospectus fee table shows the 0.42% management fee as the entire tab, with no 12b-1 distribution charge stacked on top.sec.gov
• Factor-driven, not cap-weighted. Stocks are selected and sized on multifactor signals, so the portfolio doesn't default to whichever foreign mega-caps got biggest.

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.

• RWIN At 0.42% it prices above the peer median of 0.38% and well above established options like INTF at 0.16% and FDEV at 0.18%. The models have to earn that gap.
• Small and thinly traded. Spreads can run wide, so execution matters more here than in a mega-fund with constant two-way flow.
• It opened in 2026, so there's no long live record, and it sits at the back of a peer group led by older, cheaper factor funds with deep asset bases.

Full FDEV profile⁠

Full RWIN profile⁠