GSWO vs JPIN

GSWOAGoldman Sachs ActiveBeta World Equity ETF

JPINCJPMorgan Diversified Return International Equity 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.

JPIN A deliberate break from the cap-weighted international index: roughly 500 foreign stocks screened on value, quality and momentum, assembled with better risk-adjusted returns as the stated goal. J.P. Morgan has run it since 2014.

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.

JPIN The fund seeks international equity exposure while aiming for better risk-adjusted returns than a market-cap-weighted 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.

• JPIN The rules are the whole product: the index screens international stocks on value, quality and momentum, then aims for better risk-adjusted returns than a market-cap-weighted benchmark.jpmorgan.com
• About 500 holdings, so no single mega-cap or single country carries the fund the way it can in a cap-weighted foreign index. Pays quarterly.
• Trading since 2014, with a record across several full market cycles, and it delivers the exposure its name advertises. Upper half of the international multifactor pack.
• At 0.37%, the fee sits about where the typical factor-based international fund sits. No premium for the J.P. Morgan badge.

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.

• JPIN Cheaper doors into international factors exist. INTF, FDEV and GSIE all undercut JPIN on expense ratio for a broadly similar job.
• Volume is light. Spreads can run wider than at the category's most-traded names, so order size and timing matter more here than with a headline foreign index fund.
• Factor tilts guarantee stretches where this looks nothing like a plain cap-weighted international index. That gap is the design, not a malfunction.

Full GSWO profile⁠

Full JPIN profile⁠