FEP vs GSWO: Grades, Fees and Holdings Compared

First Trust Europe AlphaDEX Fund

FEPDNasdaq

Goldman Sachs ActiveBeta World Equity ETF

GSWOACboe

Overlap

4.3%by weight

Expense ratio

GSWO −0.65pt a year

FEP0.80%GSWO0.15%

Avg volume · 30D

GSWO 2.6×the volume

FEP24.5KGSWO64K

FEP vs GSWO Performance

Jul 31, 2026 – Oct 30, 2026

−3.8%FEP+0.5%GSWO

Expense ratio: FEP 0.80%; GSWO 0.15%, better
Fund size: FEP $484M; GSWO $1.79B
1Y total return: FEP +14.1%; GSWO No data
Yield (12M): FEP 3.09%, better; GSWO 1.46%
Holdings: FEP 209; GSWO 751
Avg volume (30D): FEP 24.5K sh; GSWO 64K sh, better
NAV per share: FEP $56.56; GSWO $64.95
52W range

ETF.net Grade

Pillar letters and Scores for FEP, GSWO, with each pillar’s weight
Pillar	FEP	GSWO
Cost30% weight	F5	A98Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	D34	B67Higher
Tradability15% weight	C50	A86Higher
Holdings10% weight	B58Higher	F22
Durability5% weight	B69Higher	B62

Rank among International Multifactor funds

How we build Categories ›

Same Category. FEP 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 ›

GSWO ranks 3rd and FEP 25th 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 23DIFLOVictoryShares International Free Cash Flow ETFScore 37
Rank 25DFEPFirst Trust Europe AlphaDEX FundScore 31
Rank 25DIDYNiShares International Equity Factor Rotation Active ETFScore 31

Our read on each fund

ETF.net Research

FEPDFirst Trust Europe AlphaDEX Fund

GSWOAGoldman Sachs ActiveBeta World Equity ETF

In short

FEP Most multifactor international funds sweep in the whole developed world. FEP sticks to Europe, ranking developed-European stocks on growth and value marks through First Trust's AlphaDEX screen rather than by market size.

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

FEP The Fund seeks to track, before fees and expenses, the Nasdaq AlphaDEX® EuropeTM Index, an equity index selecting and weighting developed-European securities through the AlphaDEX® methodology.

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

FEP Europe-only by design: a rules-based screen selects and weights developed-European stocks on growth and value marks instead of on who carries the biggest market cap.ftportfolios.com
Live since 2011, making it one of the longer-tenured factor-screened Europe equity ETFs, and it has stayed a multi-hundred-million-dollar fund.
Rules do the picking, not a manager's hunch: it tracks the Nasdaq AlphaDEX Europe Index, holds roughly 200 stocks and 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

FEP Cost is the sticking point: 0.80% a year, well above the norm for international multifactor funds. Peers like INTF and GSIE charge a fraction of that.
One of the thinner-traded names in its category, so bid-ask spreads can run wider than at the group's heavyweights.
Developed Europe only. No Japan, Canada or Asia-Pacific, so it is a slice of international equity rather than the whole allocation.ftportfolios.com

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 FEP profile⁠

Full GSWO profile⁠

FEP vs GSWO Holdings

How FEP and GSWO differ

Overlap by weight

4.3%

Shared holdings make up 29.4% of FEP and 4.3% of GSWO.

Level by level

Holdings59 in both4.3%
Countryby domicile16.2%
Asset classEquity100%

Sector

No Sector split for GSWO.

Country, concentration and asset class

Country by domicile

Country weights in FEP and GSWO, widest gap first
Country	More in FEPMore in GSWO	FEP	GSWO
United States	GSWO +67.3 points	2.0%	69.3%
United Kingdom	FEP +17.6 points	20.7%	3.1%
France	FEP +9.7 points	11.1%	1.4%
Germany	FEP +9.4 points	11.2%	1.8%
Japan	GSWO +8.5 points	0.0%	8.5%
Sweden	FEP +6.0 points	6.7%	0.7%
Norway	FEP +5.5 points	5.9%	0.4%
Belgium	FEP +5.2 points	5.4%	0.1%
Other countries (20)	FEP +22.4 points	37.1%	14.7%

Outside the US: FEP 97% developed, 3% emerging. GSWO 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

FEP9.3%
GSWO27.5%

Securities held

FEP202
GSWO740

Asset class

FEP: Equity
GSWO: Equity

Holdings

Only in FEP143
In both59
Only in GSWO681

Only in FEP

143 securities, 70.4% of FEP by weight

Var Energi ASA1.02%
JD Sports Fashion Plc0.95%
Frasers Group Plc0.94%
Teleperformance SE0.94%
Sofina S.A.0.93%
Indra Sistemas, S.A.0.91%
Investor AB (Class B)0.90%
Buzzi Unicem SpA0.88%
Basf SE0.88%
L E Lundbergforetagen AB (Class B)0.85%
Man Group Plc0.85%
Industrivarden AB (Class C)0.84%
Vontobel Holding AG (Registered)0.83%
Iss A/S0.83%
Aedifica SA0.82%
Klepierre0.82%
Metlen Energy & Metals Plc0.81%
A.P. Moeller - Maersk A/S (Class B)0.80%
Motor Oil (Hellas) Corinth Refineries S.A.0.80%
Glencore Plc0.79%
Balfour Beatty Plc0.78%
Vonovia SE0.78%
Demant A/S0.78%
Computacenter Plc0.77%
Kingspan Group Plc0.77%
Koninklijke Vopak N.V.0.75%
ArcelorMittal0.74%
Piraeus Bank S.A.0.74%
Kesko Oyj (Class B)0.73%
The British Land Company Plc0.72%
Lion Finance Group PLC0.71%
Elis SA0.71%
Storebrand ASA0.70%
A2A S.p.A.0.70%
Bayerische Motoren Werke (BMW) AG0.69%
Umicore S.A.0.69%
Aurubis AG0.69%
Rs Group PLC0.68%
thyssenkrupp AG0.68%
Sonae - SGPS, S.A.0.66%
NN Group N.V.0.66%
SBM Offshore N.V.0.66%
UNIQUA Insurance Group AG0.65%
Wallenius Wilhelmsen ASA0.65%
Smiths Group Plc0.64%
DEME Group NV0.64%
Persimmon Plc0.64%
Merlin Properties SOCIMI, S.A.0.63%
Aegon Ltd.0.63%
SSAB AB (Class B)0.62%

Only in GSWO

681 securities, 95.4% 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%
Asml Holding N.v.0.75%
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%
Roche Holding AG0.39%
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%
Novartis AG Shs0.34%
General Electric Company0.34%
Recruit Holdings Co., Ltd.0.33%
Palo Alto Networks Inc.0.33%
Philip Morris Intl Inc0.32%
Advantest Corp0.32%
Caterpillar Inc (Delaware)0.32%
Hsbc Holdings PLC0.31%
Kla Corp0.31%
Texas Instruments Inc.0.30%
Royal Bank of Canada0.29%
Wells Fargo & Company0.29%
Astrazeneca PLC Ord0.28%
Citigroup Inc.0.28%
Seagate Technology Holdin PLC0.28%

Weight gaps

All 59 Holdings in both funds, largest gap first.

Holding weights in FEP and GSWO, widest gap first
Holding	More in FEPMore in GSWO	FEP	GSWO
Standard Life PLCSDLF.L	FEP +0.85 points	0.88%	0.03%
Legal & General Group PlcLGEN.L	FEP +0.81 points	0.88%	0.07%
Yara International ASA	FEP +0.79 points	0.81%	0.02%
Repsol, S.A.	FEP +0.79 points	0.85%	0.06%
Prosus N.V.	FEP +0.78 points	0.80%	0.02%
3i Group PlcIII.L	FEP +0.77 points	0.79%	0.02%
Boliden AB	FEP +0.76 points	0.82%	0.06%
Genmab A/S	FEP +0.75 points	0.81%	0.06%
Vodafone Group PlcVOD.L	FEP +0.73 points	0.82%	0.09%
Aker ASA (Class A)	FEP +0.71 points	0.74%	0.03%
Equinor ASA	FEP +0.68 points	0.78%	0.10%
Shell PlcSHEL.L	FEP +0.68 points	0.96%	0.28%
Omv AG	FEP +0.67 points	0.70%	0.03%
Heidelberg Materials AG	FEP +0.67 points	0.70%	0.03%
Orange	FEP +0.67 points	0.70%	0.03%
Associated British Foods PlcABF.L	FEP +0.67 points	0.70%	0.03%
Fresenius Medical Care AG	FEP +0.63 points	0.67%	0.04%
Mercedes-Benz Group AG	FEP +0.61 points	0.66%	0.05%
Compagnie de Saint-Gobain S.A.	FEP +0.58 points	0.65%	0.07%
Capgemini SE	FEP +0.57 points	0.60%	0.03%
Compagnie Generale des Etablissements Michelin	FEP +0.56 points	0.62%	0.06%
Unipol Assicurazioni S.p.A.	FEP +0.57 points	0.62%	0.05%
TotalEnergies SE	FEP +0.54 points	0.75%	0.21%
Dhl AG	FEP +0.50 points	0.68%	0.18%
M&G PlcMNG.L	FEP +0.49 points	0.51%	0.02%
Ageas S.A./N.V.	FEP +0.47 points	0.51%	0.04%
Andritz AG	FEP +0.42 points	0.48%	0.06%
Kingfisher PlcKGF.L	FEP +0.41 points	0.53%	0.12%
Danske Bank A/S	FEP +0.41 points	0.46%	0.05%
ABN AMRO Group N.V.	FEP +0.40 points	0.45%	0.05%
Koninklijke Ahold Delhaize N.V.	FEP +0.40 points	0.51%	0.11%
Voestalpine AG	FEP +0.38 points	0.45%	0.07%
Rio Tinto PlcRIO.L	FEP +0.37 points	0.44%	0.07%
Tenaris S.A.	FEP +0.34 points	0.36%	0.03%
ING Groep N.V.	FEP +0.33 points	0.44%	0.11%
J Sainsbury PlcSBRY.L	FEP +0.32 points	0.35%	0.03%
Sanofi	FEP +0.32 points	0.36%	0.04%
Vienna Insurance Group AG	FEP +0.31 points	0.35%	0.04%
Eni SpA	FEP +0.31 points	0.37%	0.06%
Rwe AG	FEP +0.27 points	0.32%	0.05%
Bank of Ireland Group Plc	FEP +0.28 points	0.30%	0.03%
Bouygues S.A.	FEP +0.26 points	0.32%	0.06%
Norsk Hydro ASA	FEP +0.25 points	0.28%	0.03%
Erste Group Bank AG	FEP +0.25 points	0.30%	0.05%
Marks & Spencer Group PlcMKS.L	FEP +0.23 points	0.36%	0.13%
Standard Chartered PlcSTAN.L	FEP +0.21 points	0.30%	0.09%
Banco Santander S.A.	FEP +0.19 points	0.41%	0.22%
Allianz SE	FEP +0.18 points	0.35%	0.17%
Ackermans & van Haaren NV	FEP +0.13 points	0.16%	0.03%
Daimler Truck Holding AG	FEP +0.13 points	0.16%	0.03%
Banco Comercial Portugues, S.A.	FEP +0.12 points	0.15%	0.03%
BAWAG Group AG	FEP +0.12 points	0.15%	0.03%
Fresenius SE & Co. KGaA	FEP +0.11 points	0.18%	0.07%
Banco Bilbao Vizcaya Argentaria, S.A.	FEP +0.10 points	0.28%	0.18%
British American Tobacco p.l.c.BATS.L	FEP +0.10 points	0.19%	0.09%
Societe Generale S.A.	FEP +0.07 points	0.14%	0.07%
Orion Oyj (Class B)	FEP +0.07 points	0.20%	0.13%
Natwest Group PlcNWG.L	FEP +0.05 points	0.14%	0.09%
Kuehne + Nagel International AG (Registered)	FEP +0.05 points	0.18%	0.13%

All 203 FEP 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.

FEP vs GSWO Cost

Overpaying FEP vs GSWO

$12,209

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

FEP 0.80%
$15,346
GSWO 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

FEP 0.80%
GSWO 0.15%
Overpaying

Year by year

Year	FEP	GSWO	Overpaying
10	$1,422	$274	$1,148
20	$5,393	$1,071	$4,322
30	$15,346	$3,137	$12,209

Expense ratio

0.80%FEP
0.15%GSWO, cheaper

GSWO0.15%FEP0.80%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

GSWO cheapest of 30 funds

FEP 27th cheapest of 30 funds

FEP vs GSWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): FEP 3.09%, better; GSWO 1.46%
Payout (12M): FEP $1.74; GSWO $0.93
Last payment: FEP $0.33; GSWO $0.20
Ex-dividend: FEP Sep 24, 2026; GSWO Sep 24, 2026
Paid on: FEP Sep 30, 2026; GSWO Sep 30, 2026
Frequency: FEP Quarterly; GSWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FEPQuarterly · 38 paymentsAll FEP payments⁠

GSWOQuarterly · 18 paymentsAll GSWO payments⁠

FEP vs GSWO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FEP 14.4%GSWO No data
Return per unit of riskSharpe ratio, 3 years: FEP 1.39GSWO No data
Worst fallMax drawdown, 5 years: FEP −38.3%GSWO No data
Market sensitivityBeta, 5 years: FEP 0.90GSWO 0.75; Market = 1

Popular comparisons

FEPDvsINTFA
First Trust Europe AlphaDEX Fund · iShares International Equity Factor ETF
Expense ratio
0.80% · 0.16%
Category
GSWOAvsINTFA
Goldman Sachs ActiveBeta World Equity ETF · iShares International Equity Factor ETF
Expense ratio
0.15% · 0.16%
Category
FEPDvsDFAIA
First Trust Europe AlphaDEX Fund · Dimensional International Core Equity Market ETF
Expense ratio
0.80% · 0.18%
Category
GSWOAvsDFAIA
Goldman Sachs ActiveBeta World Equity ETF · Dimensional International Core Equity Market ETF
Expense ratio
0.15% · 0.18%
Category
FEPDvsFDEVA
First Trust Europe AlphaDEX Fund · Fidelity International Multifactor ETF
Expense ratio
0.80% · 0.18%
Category
GSWOAvsFDEVA
Goldman Sachs ActiveBeta World Equity ETF · Fidelity International Multifactor ETF
Expense ratio
0.15% · 0.18%
Category