At a glance
GMOI charges 0.6% a year, above the 0.25% average of the 4 funds most like it (the most expensive of 5). It has $691.3M in assets, the 5th largest of that group; it paid 1.24% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +29.2% with distributions reinvested (S&P 500: +11.5%), the best of those 5 funds. Its ten largest positions make up 28.9% of the fund, out of 173 in all.
The short version
GMO International Value ETF (GMOI) is an actively managed fund from Grantham, Mayo, Van Otterloo & Co. It holds lower-priced stocks of companies outside the US, such as TotalEnergies, Bank of Nova Scotia and BBVA. Its 0.60% expense ratio is more than double the 0.25% average of similar value ETFs. Its record is short because it launched in October 2024, but it led those peers over the year to October 27, 2026.
Price history
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GMOI +29.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GMOI official prospectus, to Dec 31, 2025 | — | +45.54% | — | — | — | +32.14% |
| GMOI price data to Oct 27, 2026 | +20.4% | +29.2% | — | — | — | +29.5% |
- Over the year to Oct 27, 2026, GMOI returned +29.2%, 1st of 5 among similar funds.
- Its worst full calendar year was 2025 (+45.6%); its best was 2025 (+45.6%).
- The deepest fall in its price history was 14.7% (Mar 19, 2025 to Apr 8, 2025), recovered by May 12, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +20.4% | — |
| 2025 | +45.6% | +45.54% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.9200 |
What's inside
As of Aug 31, 2026, the fund held 173 securities; the ten largest made up 28.87% of assets.
| Holding | Weight | |
|---|---|---|
| TotalEnergies SE | 3.50% | |
| Bank of Nova Scotia | 3.32% | |
| Banco Bilbao Vizcaya Argentaria SA | 3.30% | |
| BNP Paribas SA | 3.24% | |
| Rio Tinto PLC | 3.15% | |
| Sanofi SA | 2.79% | |
| Deutsche Bank AG | 2.52% | |
| NTT Inc | 2.51% | |
| GSK PLC | 2.29% | |
| Toronto-Dominion Bank | 2.25% | |
| Honda Motor Co Ltd | 2.20% | |
| Equinor ASA | 2.11% | |
| Manulife Financial Corp | 2.01% | |
| Deutsche Telekom AG | 1.98% | |
| Sun Life Financial Inc | 1.96% |
By country
Japan 21.65%Canada 14.22%France 11.03%United Kingdom 10.63%Germany 9.34%By asset type
Stocks 98.43%Preferred stock 0.78%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $194.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.69%, +7.54%, +2.46%.
How it works
GMOI does not track an index. Instead, GMO picks stocks using its own quantitative models, which are computer-driven rules that rank companies using financial data. The models estimate what a company's physical and non-physical assets are worth and forecast stock returns. Some compare a share price with past and forecast figures such as earnings, cash flow, profitability and return on invested capital. Others look at price trends, volatility and economic factors. In normal conditions, at least 80% of assets go into "value" companies. These are companies in the MSCI ACWI IMI Value Index or another independent value index, or companies GMO's models rate as cheaper than at least half of the stocks the fund can choose from.
No formula sets the weights. When sizing positions, GMO weighs sector, country and currency exposure, company size, ease of trading and trading costs. It may lean heavily into one country, sector or currency when it believes prices are out of line. The prospectus describes no fixed rebalancing schedule. As of August 31, 2026, the fund held 173 stocks, and the 10 largest made up about 29% of assets. Japan (22%) and Canada (14%) were the largest country weights, and the fund held no derivatives.
GMO generally avoids makers of cluster munitions and companies mainly involved in thermal coal. The fund may lend out its securities and may hold cash in GMO U.S. Treasury Fund or money market funds. Most holdings are priced in foreign currencies, so exchange rates affect returns for US investors.
What it really costs
- GMOI charges 0.6% a year, versus an average of 0.25% for the similar funds below (5th of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $61 in the first year and $750 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GMOI | $61 | $192 | $335 | $750 |
In a retirement portfolio
It adds lower-priced stocks from Japan, Canada and Europe, a mix that differs from a US-focused stock portfolio.
GMOI could add foreign banks, energy, drug and telecom companies to a portfolio built mostly on US stocks. Its record is short. It launched in October 2024, so it was not around for the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, was a 45.5% gain. Its deepest drop was 14.7%, from March 19 to April 8, 2025, and it recovered by May 12, 2025, about a month later. Anyone who may need to draw cash in a bad year has no evidence yet of how it holds up in a long bear market. The trailing yield was 1.24% as of October 27, 2026, paid twice a year, so it is not built for income. At 0.60% a year, the SEC's standard example shows $750 in costs over 10 years on $10,000. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want non-US value stocks chosen by a manager's models rather than an index, with Japan, Canada and Europe as the largest weights.
- Portfolios heavy in US stocks that want to add foreign banks, energy and drug companies such as BBVA, TotalEnergies and Sanofi.
- Investors willing to pay 0.60% a year, more than double the 0.25% peer average, for GMO's active stock picking.
Look elsewhere if
- Cost-focused investors: AVIV (0.25%) and DFIV (0.27%) offer international value exposure for less than half GMOI's fee.
- Those wanting a long track record: GMOI launched in October 2024 and has not yet been tested by a deep, lasting bear market.
- Income seekers: the trailing yield was 1.24% as of October 27, 2026, and payments come only twice a year.
Close alternatives
Matched by closest holdings overlap from the latest N-PORT reports (no similar fund shares 20% or more of its holdings).
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GMOI this fund | — | 0.6% | $691.3M | +29.2% | — |
| AVIV Avantis International Large Cap Value ETF | 24% | 0.25% | $2.08B | +19.7% | +24.3% |
| DFIV Dimensional International Value ETF | 23% | 0.27% | $21.39B | +25.4% | +25.0% |
| EFV iShares MSCI EAFE Value ETF | 20% | 0.33% | $29.11B | +21.9% | +23.3% |
| EWJV iShares MSCI Japan Value ETF | 12% | 0.15% | $767.9M | +26.0% | +25.4% |
Questions investors ask
Is GMOI an index fund?
No. GMOI is an actively managed ETF. GMO chooses stocks with its own quantitative models, which compare share prices with measures such as earnings, cash flow and return on invested capital. At least 80% of assets normally go into value companies, meaning those in the MSCI ACWI IMI Value Index or another independent value index, or those GMO's models rate as cheaper than at least half of its universe. GMO can also lean heavily into particular countries, sectors or currencies.
What is the GMOI expense ratio?
GMOI's expense ratio is 0.60%, according to its prospectus filed June 30, 2026, and the whole amount is the management fee. In the SEC's standard example, $10,000 earning 5% a year would cost about $61 in the first year and $750 over 10 years. That makes it the most expensive of the five similar funds compared here, where the average is 0.25%. AVIV charges 0.25% and DFIV 0.27%.
GMOI vs AVIV: what's the difference?
Both own international value stocks. Avantis International Large Cap Value ETF (AVIV) shares about 24% of GMOI's holdings, the most of any similar fund. AVIV charges 0.25% versus GMOI's 0.60%. It is also larger, with about $2.1 billion in net assets versus GMOI's $691 million as of August 31, 2026. As its name says, AVIV focuses on large companies, while GMOI can own companies of any size. Over the year to October 27, 2026, GMOI returned 29.2% and AVIV 19.7%.
Does GMOI pay dividends?
Yes. GMOI pays dividends twice a year. Over the 12 months to October 27, 2026, it paid about $0.50 per share, a trailing yield of 1.24%. Those payouts come from the dividends of the foreign companies it owns, such as TotalEnergies, Bank of Nova Scotia and BNP Paribas. Exchange rates can change their dollar value. With a yield that modest and only two payments a year, the fund is built more for total return than for steady income.
How has GMOI performed since it launched?
GMOI has done well in its short life, but the record is brief. Its prospectus shows a 45.54% return in 2025 and a 32.14% average annual return from its October 2024 launch through December 31, 2025. Its weakest quarter fell 4.68%, in the quarter ending December 31, 2024. Based on market prices, it gained 20.4% in 2026 through October 27 and 29.2% over the year to that date. It has not yet been through a long bear market.