GSEU vs GSWO: Grades, Fees and Holdings Compared

Goldman Sachs ActiveBeta Europe Equity ETF

GSEUCNYSE Arca

Goldman Sachs ActiveBeta World Equity ETF

GSWOACboe

Overlap

13.5%by weight

Expense ratio

GSWO −0.10pt a year

GSEU0.25%GSWO0.15%

Avg volume · 30D

GSWO 3.3×the volume

GSEU19.2KGSWO64K

GSEU vs GSWO Performance

Jul 31, 2026 – Oct 30, 2026

−2.9%GSEU+0.5%GSWO

Expense ratio: GSEU 0.25%; GSWO 0.15%, better
Fund size: GSEU $171M; GSWO $1.79B
1Y total return: GSEU +13.3%; GSWO No data
Yield (12M): GSEU 2.80%, better; GSWO 1.46%
Holdings: GSEU 343; GSWO 751
Avg volume (30D): GSEU 19.2K sh; GSWO 64K sh, better
NAV per share: GSEU $48.17; GSWO $64.95
52W range

ETF.net Grade

Pillar letters and Scores for GSEU, GSWO, with each pillar’s weight
Pillar	GSEU	GSWO
Cost30% weight	A74	A98Higher
Mission25% weight	Not scored	Not scored
Risk15% weight	C44	B67Higher
Tradability15% weight	D29	A86Higher
Holdings10% weight	C47Higher	F22
Durability5% weight	B57	B62Higher

Rank among International Multifactor funds

How we build Categories ›

Same Category. GSEU 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 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 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

GSEUCGoldman Sachs ActiveBeta Europe Equity ETF

GSWOAGoldman Sachs ActiveBeta World Equity ETF

In short

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.

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

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

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

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.

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

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.

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 GSEU profile⁠

Full GSWO profile⁠

GSEU vs GSWO Holdings

How GSEU and GSWO differ

Overlap by weight

13.5%

Shared holdings make up 72.5% of GSEU and 13.5% of GSWO.

Level by level

Holdings163 in both13.5%
Countryby domicile15.8%
Asset classEquity100%

Sector

No Sector split for GSWO.

Country, concentration and asset class

Country by domicile

Country weights in GSEU and GSWO, widest gap first
Country	More in GSEUMore in GSWO	GSEU	GSWO
United States	GSWO +68.1 points	1.2%	69.3%
United Kingdom	GSEU +17.7 points	20.8%	3.1%
Switzerland	GSEU +12.9 points	15.4%	2.5%
Germany	GSEU +11.9 points	13.7%	1.8%
France	GSEU +11.1 points	12.5%	1.4%
Japan	GSWO +8.5 points	0.0%	8.5%
Netherlands	GSEU +8.4 points	9.7%	1.3%
Spain	GSEU +5.0 points	5.9%	0.9%
Other countries (19)	GSEU +9.6 points	20.8%	11.2%

Outside the US: GSEU 100% developed, 0% emerging. GSWO 95% developed, 5% emerging.

Concentration

Weight in the 10 largest Holdings

GSEU18.7%
GSWO27.5%

Securities held

GSEU337
GSWO740

Asset class

GSEU: Equity
GSWO: Equity

Holdings

Only in GSEU174
In both163
Only in GSWO577

Only in GSEU

174 securities, 27.4% of GSEU by weight

Zalando SE0.59%
Nn Group N.v.0.52%
Rational AG0.50%
Eurx/Msci Europeidx 12/20260.50%
Eiffage SA0.50%
Pandora A/S0.46%
Carrefour S.a. (Ord)0.43%
Avolta AG0.40%
Ipsen0.37%
Logitech International S.a.0.35%
Asr Nederland N.v.0.34%
Argenx SE0.32%
Sonova Holding AG0.31%
Smiths Group PLC0.31%
Industrivarden Ab-Ser 'c' Fria0.30%
Bureau Veritas0.30%
Barry Callebaut AG Reg0.30%
Mapfre, S.a.0.29%
Gea Group AG0.29%
Vat Group AG0.29%
Recordati S.p.a.0.29%
Bunzl Public Limited Company0.29%
Swiss Life Holding AG0.28%
Industrivarden Ab A Fria0.28%
Kesko B Share0.27%
Getlink S.e.0.27%
Raiffeisen Bank International AG0.27%
Nemetschek AG Ord Npv0.26%
Ems-Chemie Holding AG0.26%
Veolia Environnement0.25%
Groupe Bruxelles Lambert NV0.25%
Holcim AG0.25%
Halma Ord 10P0.25%
Snam S.p.a.0.24%
Buzzi Spa0.24%
International Consolidated Airlines Group SA0.22%
Swisscom AG0.22%
Italgas S.p.a.0.22%
Helvetia Baloise Holding AG0.21%
Lundbergforetagen Ab Ser 'b'0.21%
Anglo American PLC0.21%
Banque Cantonale Vaudoise0.21%
Henkel AG & Co. Kgaa0.21%
Alstom0.20%
Informa PLC0.20%
Haleon PLC0.19%
Asm International NV0.19%
Renault0.19%
Aviva PLC0.19%
Endeavour Mining PLC0.19%

Only in GSWO

577 securities, 86.1% 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%
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%
Kla Corp0.31%
Texas Instruments Inc.0.30%
Royal Bank of Canada0.29%
Wells Fargo & Company0.29%
Citigroup Inc.0.28%
Seagate Technology Holdin PLC0.28%
Rtx Corp0.27%
Toronto Dominion Bank0.27%
Ge Vernova Llc0.27%
Morgan Stanley0.26%
Netflix, Inc.0.26%

Weight gaps

The 100 widest of 163 Holdings in both funds.

Holding weights in GSEU and GSWO, widest gap first
Holding	More in GSEUMore in GSWO	GSEU	GSWO
Asml Holding N.v.	GSEU +3.58 points	4.33%	0.75%
Roche Holding AG	GSEU +1.86 points	2.25%	0.39%
Novartis AG Shs	GSEU +1.65 points	1.99%	0.34%
Hsbc Holdings PLCHSBA.L	GSEU +1.51 points	1.82%	0.31%
Shell PLCSHEL.L	GSEU +1.49 points	1.77%	0.28%
Astrazeneca PLC OrdAZN.L	GSEU +1.35 points	1.63%	0.28%
Sap SE	GSEU +1.08 points	1.26%	0.18%
Siemens AG Reg Shs	GSEU +1.04 points	1.22%	0.18%
Nestle S.a.	GSEU +1.01 points	1.21%	0.20%
Banco Santander, S.a.	GSEU +1.00 points	1.22%	0.22%
Allianz SE	GSEU +0.96 points	1.13%	0.17%
Iberdrola Sociedad Anonima	GSEU +0.81 points	0.92%	0.11%
Totalenergies SE	GSEU +0.79 points	1.00%	0.21%
Banco Bilbao Vizcaya	GSEU +0.71 points	0.89%	0.18%
Bp PLCBP.L	GSEU +0.67 points	0.83%	0.16%
Koninklijke Ahold Delhaize NV	GSEU +0.64 points	0.75%	0.11%
Gsk PLCGSK.L	GSEU +0.63 points	0.76%	0.13%
Novo Nordisk A/S	GSEU +0.63 points	0.76%	0.13%
Schneider Electric	GSEU +0.63 points	0.73%	0.10%
Kingfisher PLCKGF.L	GSEU +0.61 points	0.73%	0.12%
Bayer Aktiengesellschaft	GSEU +0.58 points	0.67%	0.09%
L'oreal	GSEU +0.57 points	0.71%	0.14%
Bnp Paribas	GSEU +0.57 points	0.66%	0.09%
Barclays PLCBARC.L	GSEU +0.56 points	0.66%	0.10%
Siemens Energy AG	GSEU +0.55 points	0.66%	0.11%
Dhl Group	GSEU +0.55 points	0.73%	0.18%
Deutsche Bank Reg Shs	GSEU +0.53 points	0.61%	0.08%
Ubs Group AG	GSEU +0.52 points	0.68%	0.16%
Sgs SA	GSEU +0.53 points	0.64%	0.11%
Rolls-Royce Holdings PLCRR.L	GSEU +0.52 points	0.63%	0.11%
Bouygues S.a. (Ord)	GSEU +0.51 points	0.57%	0.06%
Abb Ltd	GSEU +0.49 points	0.63%	0.14%
Vodafone Group PLCVOD.L	GSEU +0.48 points	0.57%	0.09%
Unicredit, Societa' Per Azioni	GSEU +0.48 points	0.59%	0.11%
Ing Groep N.v.	GSEU +0.48 points	0.59%	0.11%
Axa	GSEU +0.46 points	0.54%	0.08%
Orion Oyj	GSEU +0.45 points	0.58%	0.13%
Unilever PLCULVR.L	GSEU +0.45 points	0.51%	0.06%
Air Liquide SA	GSEU +0.44 points	0.48%	0.04%
Zurich Insurance Group AG	GSEU +0.44 points	0.52%	0.08%
Legal & General Group OrdLGEN.L	GSEU +0.44 points	0.51%	0.07%
Mercedes-Benz Group AG	GSEU +0.43 points	0.48%	0.05%
Geberit AG	GSEU +0.42 points	0.50%	0.08%
Natwest Group PLCNWG.L	GSEU +0.42 points	0.51%	0.09%
Fresenius Medical Care AG	GSEU +0.41 points	0.45%	0.04%
M&G PLCMNG.L	GSEU +0.42 points	0.44%	0.02%
Enel Spa Eur 1	GSEU +0.41 points	0.48%	0.07%
Rio Tinto PLCRIO.L	GSEU +0.41 points	0.48%	0.07%
Sage Group Plc. (The)SGE.L	GSEU +0.40 points	0.50%	0.10%
Standard Chartered PLCSTAN.L	GSEU +0.40 points	0.49%	0.09%
Cap Gemini	GSEU +0.39 points	0.42%	0.03%
Heineken Holding N.v.	GSEU +0.38 points	0.43%	0.05%
Societe Generale	GSEU +0.38 points	0.45%	0.07%
Intesa Sanpaolo	GSEU +0.38 points	0.48%	0.10%
Admiral Group PLCADM.L	GSEU +0.37 points	0.46%	0.09%
A.p. Moeller - Maersk A/S Class B	GSEU +0.36 points	0.44%	0.08%
Vinci SA	GSEU +0.35 points	0.39%	0.04%
Next PLCNXT.L	GSEU +0.35 points	0.47%	0.12%
A P Moller - Maersk A/S	GSEU +0.34 points	0.42%	0.08%
Acs, Actividades De Construccion Y Servicios SA	GSEU +0.34 points	0.40%	0.06%
Kuehne & Nagel Intl AG	GSEU +0.34 points	0.47%	0.13%
Lloyds Banking Group PLCLLOY.L	GSEU +0.32 points	0.39%	0.07%
Ageas Sa/Nv	GSEU +0.32 points	0.36%	0.04%
Cvc Capital Partners PLC	GSEU +0.32 points	0.43%	0.11%
Sanofi	GSEU +0.32 points	0.36%	0.04%
Investor Aktiebolag	GSEU +0.30 points	0.40%	0.10%
Adidas AG	GSEU +0.31 points	0.43%	0.12%
Lvmh Moet-Hennessy Louis	GSEU +0.30 points	0.38%	0.08%
J Sainsbury PLCSBRY.L	GSEU +0.29 points	0.32%	0.03%
Muenchener Rueckvers.ges.ag	GSEU +0.29 points	0.36%	0.07%
Poste Italiane - Societa' Per Azioni	GSEU +0.29 points	0.31%	0.02%
Eni Ordinary Shares	GSEU +0.28 points	0.34%	0.06%
Fresenius SE & Co. Kgaa	GSEU +0.28 points	0.34%	0.07%
British American Tobacco OrdBATS.L	GSEU +0.27 points	0.36%	0.09%
Hennes & Mauritz Ab	GSEU +0.27 points	0.35%	0.08%
Standard Life PLCSDLF.L	GSEU +0.26 points	0.29%	0.03%
Ericsson (Lm) Telefon-	GSEU +0.27 points	0.33%	0.06%
Swedbank Ab	GSEU +0.26 points	0.31%	0.05%
Nordea Bank Abp	GSEU +0.27 points	0.32%	0.05%
Airbus SE	GSEU +0.26 points	0.32%	0.06%
Glencore PLC	GSEU +0.26 points	0.33%	0.07%
Safran SA	GSEU +0.25 points	0.31%	0.06%
Banca Mediolanum S.p.a.	GSEU +0.25 points	0.30%	0.05%
Credit Agricole SA	GSEU +0.25 points	0.28%	0.03%
Tesco PLCTSCO.L	GSEU +0.25 points	0.32%	0.07%
National Grid PLCNG.L	GSEU +0.25 points	0.29%	0.04%
Finecobank Banca Fineco S.p.a.	GSEU +0.25 points	0.27%	0.02%
Yara International Asa	GSEU +0.25 points	0.27%	0.02%
Deutsche Telekom AG	GSEU +0.24 points	0.33%	0.09%
Industria De Diseno Textil, S.a.	GSEU +0.24 points	0.40%	0.16%
Associated British Foods PLCABF.L	GSEU +0.24 points	0.27%	0.03%
Omv AG	GSEU +0.23 points	0.26%	0.03%
Compagnie De St-Gobain	GSEU +0.23 points	0.30%	0.07%
Unipol Assicurazioni S.p.a.	GSEU +0.23 points	0.28%	0.05%
Endesa SA	GSEU +0.22 points	0.25%	0.03%
Gjensidige Forsikring Asa	GSEU +0.23 points	0.25%	0.02%
Infineon Technologies AG	GSEU +0.22 points	0.30%	0.08%
Swiss Re AG	GSEU +0.22 points	0.27%	0.05%
Fresnillo PLCFRES.L	GSEU +0.21 points	0.27%	0.06%
Relx PLCREL.L	GSEU +0.22 points	0.28%	0.06%

All 337 GSEU 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.

GSEU vs GSWO Cost

Overpaying GSEU vs GSWO

$2,022

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

GSEU 0.25%
$5,159
GSWO 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

GSEU 0.25%
GSWO 0.15%
Overpaying

Year by year

Year	GSEU	GSWO	Overpaying
10	$455	$274	$181
20	$1,769	$1,071	$698
30	$5,159	$3,137	$2,022

Expense ratio

0.25%GSEU
0.15%GSWO, cheaper

GSWO0.15%GSEU0.25%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

GSWO cheapest of 30 funds

GSEU 8th cheapest of 30 funds

GSEU vs GSWO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GSEU 2.80%, better; GSWO 1.46%
Payout (12M): GSEU $1.35; GSWO $0.93
Last payment: GSEU $0.93; GSWO $0.20
Ex-dividend: GSEU Jun 24, 2026; GSWO Sep 24, 2026
Paid on: GSEU Jun 30, 2026; GSWO Sep 30, 2026
Frequency: GSEU Twice a year; GSWO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

GSEUTwice a year · 31 paymentsAll GSEU payments⁠

GSWOQuarterly · 18 paymentsAll GSWO payments⁠

GSEU vs GSWO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GSEU 12.4%GSWO No data
Return per unit of riskSharpe ratio, 3 years: GSEU 1.14GSWO No data
Worst fallMax drawdown, 5 years: GSEU −33.8%GSWO No data
Market sensitivityBeta, 5 years: GSEU 0.82GSWO 0.75; Market = 1

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