GSWO vs MFDX

GSWOAGoldman Sachs ActiveBeta World Equity ETF

MFDXCPIMCO RAFI Dynamic Multi-Factor 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.

MFDX PIMCO's answer to the plain international index fund: one Research Affiliates multi-factor benchmark covering roughly 1,200 developed-market stocks outside the US, in a single ticker instead of four style funds bolted together.

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.

MFDX The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. 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.

• MFDX Breadth is the standout. Roughly 1,200 developed-market names outside the US, one of the most broadly diversified portfolios in its multi-factor peer group.
• One wrapper, several factors. The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index is the only benchmark, so the factor mix arrives without stacking separate style ETFs.
• Live since 2017, giving it a real multi-year record through several market moods rather than a backtest and a launch party.
• Distributions land quarterly, the standard rhythm for developed-market equity funds.

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.

• MFDX At 0.40% a year it runs slightly above the typical fund in this cohort, and noticeably above cheaper rivals like INTF at 0.16% and GSIE at 0.25%.
• It trades thinly next to the category's household names, which is where limit orders and avoiding the opening bell earn their keep.
• Factor tilts mean the portfolio can look and behave differently from a plain developed-markets tracker, in either direction.

Full GSWO profile⁠

Full MFDX profile⁠