GSWO vs IFLO: Grades, Fees and Holdings Compared

Goldman Sachs ActiveBeta World Equity ETF

GSWOACboe

VictoryShares International Free Cash Flow ETF

IFLODNasdaq

Overlap

3.0%by weight

Expense ratio

GSWO −0.41pt a year

GSWO0.15%IFLO0.56%

Avg volume · 30D

GSWO 1.3×the volume

GSWO64KIFLO48.3K

GSWO vs IFLO Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%GSWO+4.9%IFLO

Expense ratio: GSWO 0.15%, better; IFLO 0.56%
Fund size: GSWO $1.79B; IFLO $300M
1Y total return: GSWO No data; IFLO +34.4%
Yield (12M): GSWO 1.46%; IFLO 1.70%, better
Holdings: GSWO 751; IFLO 102
Avg volume (30D): GSWO 64K sh, better; IFLO 48.3K sh
NAV per share: GSWO $64.95; IFLO $36.14
52W range

ETF.net Grade

Pillar letters and Scores for GSWO, IFLO, with each pillar’s weight
Pillar	GSWO	IFLO
Cost30% weight	A98Higher	F14
Mission25% weight	Not scored	A89
Risk15% weight	B67	A84Higher
Tradability15% weight	A86Higher	C46
Holdings10% weight	F22	D31Higher
Durability5% weight	B62Higher	D29

Rank among International Multifactor funds

How we build Categories ›

Same Category. GSWO and IFLO 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 IFLO 23rd 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 23DDWMFWisdomTree International Multifactor FundScore 37
Rank 23DIFLOVictoryShares International Free Cash Flow ETFScore 37
Rank 25DFEPFirst Trust Europe AlphaDEX FundScore 31

Our read on each fund

ETF.net Research

GSWOAGoldman Sachs ActiveBeta World Equity ETF

IFLODVictoryShares International Free Cash Flow ETF

In short

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.

IFLO Free cash flow is the number that's hardest to dress up, and IFLO takes that lens overseas. It tracks a rules-based Victory index of roughly 110 developed-market companies screened on cash generation rather than reported earnings.

Stated mandate

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.

IFLO The Fund seeks to track, before fees and expenses, the Victory International Free Cash Flow Index.

Why people hold it

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.

IFLO Clean, stated mandate: track the Victory International Free Cash Flow Index. Rules-based construction, no manager stock-picking on top, so what you buy is what the methodology selects.
A cash-flow screen is a different lens than the low-volatility and momentum tilts that fill most of the international factor shelf (EFAV, IDMO, QLVD).
Roughly 110 developed-market holdings: focused enough that the screen actually shows up in the portfolio, broad enough that no single name runs the show.

Worth knowing

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.

IFLO At 1.05% a year, this is a premium-priced ticket in a cohort where broad international factor funds run a fraction of that (EFAV 0.20%, QLVD 0.15%).
Launched in 2025, so there is no long record here and no full market cycle to judge how the cash-flow screen behaves overseas.
Small asset base and thin trading volume, which typically means wider bid-ask spreads than the household-name international ETFs. Distributions arrive on an irregular schedule.

Full GSWO profile⁠

Full IFLO profile⁠

GSWO vs IFLO Holdings

How GSWO and IFLO differ

Overlap by weight

3.0%

Shared holdings make up 50.0% of IFLO and 3.0% of GSWO.

Level by level

Holdings41 in both3.0%
Countryby domicile28.0%
Asset classEquity100%

Sector

No Sector split for GSWO.

Country, concentration and asset class

Country by domicile

Country weights in GSWO and IFLO, widest gap first
Country	More in GSWOMore in IFLO	GSWO	IFLO
United States	GSWO +67.9 points	69.3%	1.4%
Canada	IFLO +17.2 points	3.3%	20.5%
Japan	IFLO +12.7 points	8.5%	21.2%
France	IFLO +12.1 points	1.4%	13.5%
Germany	IFLO +7.6 points	1.8%	9.4%
Netherlands	IFLO +4.4 points	1.3%	5.7%
United Kingdom	IFLO +4.2 points	3.1%	7.3%
Norway	IFLO +3.8 points	0.4%	4.2%
Other countries (19)	IFLO +5.9 points	10.9%	16.8%

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

Concentration

Weight in the 10 largest Holdings

GSWO27.5%
IFLO21.4%

Securities held

GSWO740
IFLO100

Asset class

GSWO: Equity
IFLO: Equity

Holdings

Only in GSWO699
In both41
Only in IFLO59

Only in GSWO

699 securities, 96.6% 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%
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%

Only in IFLO

59 securities, 49.7% of IFLO by weight

Denso Corporation1.67%
International Consolidate1.60%
Publicis Groupe1.52%
Cgi Inc1.49%
Frontline PLC1.48%
Endeavour Mining PLC1.45%
Wolters Kluwer1.40%
Whitecap Resources Inc1.26%
Var Energi Asa1.25%
Dassault Systemes SE1.23%
Subaru Corp1.23%
Ucb Cap1.22%
Eiffage SA1.21%
Check Point Software Tec1.21%
Universal Music Group NV1.15%
Saipem Spa1.11%
Heineken NV1.08%
Galp Energia Sgps SA1.05%
Thales SA1.04%
Obayashi Corp1.03%
Aker Bp Asa0.96%
Neste Oyj0.93%
Subsea 7 SA0.90%
Rogers Communications B0.90%
Origin Energy Ltd0.88%
Kajima Corp0.87%
Amadeus It Group SA0.87%
Evolution Ab0.84%
Canon Inc.0.84%
Ipsen SA0.83%
Renesas Electronics Corp0.82%
Kone Oyj0.79%
Informa PLC0.73%
Secom Co. Ltd.0.71%
Kirin Holdings Co Ltd0.71%
Computershare Ltd0.70%
Vestas Wind Systems A/S0.68%
Deutsche Lufthansa AG0.63%
Bureau Veritas SA0.57%
Galaxy Entertainment Grou0.57%
Dpm Metals Inc0.55%
Autoliv Inc0.54%
Wartsila Oyj Abp0.53%
Mg Technologies AG0.52%
Quebecor Inc0.52%
Nexon Co Ltd0.49%
Gildan Activewear Inc0.46%
Ccl Industries Inc0.45%
Orkla Asa0.43%
Spie SA0.43%

Weight gaps

All 41 Holdings in both funds, largest gap first.

Holding weights in GSWO and IFLO, widest gap first
Holding	More in GSWOMore in IFLO	GSWO	IFLO
Suncor Energy Inc.	IFLO +2.68 points	0.14%	2.82%
Kioxia Holdings Corporation	IFLO +2.63 points	0.13%	2.76%
Deutsche Telekom AG	IFLO +2.30 points	0.09%	2.39%
Astellas Pharma Inc.	IFLO +2.20 points	0.15%	2.35%
Sanofi	IFLO +2.13 points	0.04%	2.17%
Canadian Natural Resources	IFLO +2.05 points	0.10%	2.15%
Cap Gemini	IFLO +1.72 points	0.03%	1.75%
Imperial Oil Limited	IFLO +1.56 points	0.03%	1.59%
Sap SE	IFLO +1.55 points	0.18%	1.73%
Vinci SA	IFLO +1.46 points	0.04%	1.50%
Sony Group Corporation	IFLO +1.44 points	0.11%	1.55%
Constellation Software Inc	IFLO +1.38 points	0.14%	1.52%
Kinross Gold Corporation	IFLO +1.38 points	0.04%	1.42%
Nxp Semiconductors N.v.	IFLO +1.36 points	0.04%	1.40%
Gsk PLCGSK.L	IFLO +1.34 points	0.13%	1.47%
Siemens Energy AG	IFLO +1.29 points	0.11%	1.40%
Magna International Inc.	IFLO +1.19 points	0.07%	1.26%
Barrick Mining Corp	IFLO +1.15 points	0.07%	1.22%
Heidelberg Materials AG	IFLO +1.12 points	0.03%	1.15%
Koninklijke Ahold Delhaize NV	IFLO +1.05 points	0.11%	1.16%
Bridgestone Corp	IFLO +1.04 points	0.04%	1.08%
Alimentation Couche-Tard Inc.	IFLO +1.01 points	0.04%	1.05%
Tesco PLCTSCO.L	IFLO +0.99 points	0.07%	1.06%
Acs, Actividades De Construccion Y Servicios SA	IFLO +0.90 points	0.06%	0.95%
Adidas AG	IFLO +0.87 points	0.12%	0.99%
Pan American Silver Corp.	IFLO +0.84 points	0.03%	0.87%
Aisin Seiki Co Ltd	IFLO +0.84 points	0.04%	0.88%
Koninklijke Philips N.v.	IFLO +0.78 points	0.08%	0.86%
Bouygues S.a. (Ord)	IFLO +0.75 points	0.06%	0.81%
Suzuki Motor Corp	IFLO +0.71 points	0.04%	0.75%
Skanska Ab Ser 'b'	IFLO +0.64 points	0.02%	0.66%
Smith & Nephew PLCSN.L	IFLO +0.63 points	0.03%	0.66%
Norsk Hydro Asa	IFLO +0.57 points	0.03%	0.60%
Taisei Corporation	IFLO +0.51 points	0.02%	0.53%
Japan Airlines Ltd	IFLO +0.49 points	0.11%	0.60%
Moncler S.p.a.	IFLO +0.49 points	0.02%	0.51%
Kawasaki Kisen Kaisha, Ltd.	IFLO +0.48 points	0.05%	0.53%
Andritz AG	IFLO +0.48 points	0.06%	0.54%
Securitas Ab Ser B SEK4	IFLO +0.44 points	0.04%	0.48%
Lundin Gold Inc.	IFLO +0.31 points	0.13%	0.44%
Nippon Express Holdings, Inc.	IFLO +0.27 points	0.11%	0.38%

All 741 GSWO holdings⁠All 107 IFLO 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.

GSWO vs IFLO Cost

Overpaying IFLO vs GSWO

$7,951

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

GSWO 0.15%
$3,137
IFLO 0.56%
$11,088

Amount$10,000

Years30 years

Cost over time

GSWO 0.15%
IFLO 0.56%
Overpaying

Year by year

Year	GSWO	IFLO	Overpaying
10	$274	$1,006	$732
20	$1,071	$3,855	$2,784
30	$3,137	$11,088	$7,951

Expense ratio

0.15%GSWO, cheaper
0.56%IFLO

GSWO0.15%IFLO0.56%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

GSWO cheapest of 30 funds

IFLO 26th cheapest of 30 funds

GSWO vs IFLO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GSWO 1.46%; IFLO 1.70%, better
Payout (12M): GSWO $0.93; IFLO $0.61
Last payment: GSWO $0.20; IFLO $0.12
Ex-dividend: GSWO Sep 24, 2026; IFLO Oct 8, 2026
Paid on: GSWO Sep 30, 2026; IFLO Oct 9, 2026
Frequency: GSWO Quarterly; IFLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

GSWOQuarterly · 15 paymentsAll GSWO payments⁠

IFLOMonthly · 11 paymentsAll IFLO payments⁠

GSWO vs IFLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GSWO No dataIFLO 12.1%since Jul 2025
Return per unit of riskSharpe ratio, 3 years: GSWO No dataIFLO 2.00since Jul 2025
Worst fallMax drawdown, 5 years: GSWO No dataIFLO −7.0%since Jun 2025
Market sensitivityBeta, 5 years: GSWO 0.75IFLO 0.28; Market = 1

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