GSWO vs JHMD

GSWOAGoldman Sachs ActiveBeta World Equity ETF

JHMDCJohn Hancock Multifactor Developed International 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.

JHMD A Dimensional-designed index in a John Hancock wrapper: roughly 600 large developed-market stocks outside North America, weighted toward the smaller, cheaper, more profitable end of the pool. Factor investing from the firm that wrote the playbook, in plain index form.

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.

JHMD The fund seeks to track, before fees and expenses, the performance of the John Hancock Dimensional Developed International 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.

• JHMD The index sorts stocks by free-float market cap, price/book and operating income over book, then weights toward smaller, cheaper, more profitable companies.jhinvestments.com
• Roughly 600 large-cap names outside North America, reconstituted and rebalanced twice a year, so the tilts get refreshed on a schedule instead of drifting.jhinvestments.com
• Trading since December 2016, giving it close to a decade of live history running a Dimensional-built index in ETF form.sec.gov

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.

• JHMD Fee is 0.39%, net of a waiver through July 31, 2027 (0.43% gross). Near the category median, but above GSWO at 0.15%, INTF at 0.16% and DFAI at 0.18%.
• Ex-North America means Canada is out along with the US, so this is a slice of the developed world rather than a complete non-US sleeve.jhinvestments.com
• Mid-sized and moderately traded, and its home markets are shut during US hours, so spreads can widen around the US open and close.

Full GSWO profile⁠

Full JHMD profile⁠