Comparison

The L&G Gerd Kommer Multifactor Equity UCITS ETF is unique: An all Cap and All Market ETF with innovative regional weighting and integrated factor investing. Translated that means: An ETF on the “World-AG”, which takes into account both market capitalization and economic performance (GDP) in the country weighting, overweights factor premiums and offers ultra-diversification with over 4,000 stocks.

The Gerd Kommer ETF is available as an accumulating (WKN: WELT0A) and distributing variant (WKN: WELT0B) from all major banks and brokers and is also available as a free savings plan from many of them. Find out more ➔

If you would like to find out more about the Gerd Kommer ETF and the underlying Gerd Kommer Multifactor Equity Index, we recommend our blog post “The Gerd Kommer Multifactor Equity ETF” and if you want to understand all the technical details, we recommend , the index methodology or the Quarterly Index Summary.

World ETFs

The L&G Gerd Kommer Multifactor Equity UCITS ETF is the 1-ETF solution for the risky equity component of Gerd Kommer’s world portfolio concept. This puts it in direct competition with other ETFs on the “World-AG”, i.e. a highly diversified equity investment in the listed part of the global economy, such as is possible by buying an ETF on an MSCI World, MSCI ACWI or FTSE All-World index.

In constructing the Gerd Kommer Index, we have taken up the weaknesses of the existing alternatives and addressed them. For example, the Gerd Kommer ETF, which replicates the Gerd Kommer Index, includes both emerging markets (missing from the MSCI World, for example) and small caps (missing from the FTSE All-World, for example). Furthermore, when weighting countries, the Gerd Kommer ETF takes into account not only the market capitalization of each country but also its economic performance (measured by GDP), which effectively reduces cluster risks at country level (e.g. around 70% USA in the MSCI World).

In the following table, we have compared the Gerd Kommer ETF with the best-known standard world stock market ETFs, i.e. ETFs on the MSCI World, the MSCI ACWI IMI and the FTSE All-World. We have selected what we consider to be the most important criteria for global equity ETFs:

Fund	Gerd Kommer ETF	MSCI-World-ETF^A	MSCI-ACWI-IMI-ETF^B	FTSE-All-World-ETF^C
Multifactor investing¹	✓	–	–	–
All Cap²	✓	–	✓	–
All Market³	✓	–	✓	✓
GDP country weighting⁴	✓	–	–	–
No single-stock concentration risk⁵	✓	–	–	–
No country concentration risk⁶	✓	–	–	–
Number of positions⁷	4,000	1,400	3,700	3,600
Costs (“TER”)⁸	0.50%	≈0.20%	≈0.17%	≈0.22%
ESG⁹	✓	–	–	–

Tabellarischer Vergleich von zwei Welt-ETFs mit dem Gerd-Kommer-ETF.

Note: For presentation reasons, the Gerd Kommer ETF is compared with two other products per table in the mobile version of this website. For further comparisons, please visit this page on a desktop or tablet device.

Explanations of the rows

¹ Multifactor Investing: Overweighting of factor premiums that are particularly well established in academia, such as size, value, quality, investment and momentum (the Gerd Kommer ETF takes all five of these factor premiums into account)

² All Cap: Consideration of the total market, i.e. small caps, mid caps and large caps, resulting in market coverage of over 99%

³ All Market: Coverage of all regions of the world, i.e. developed countries (“developed markets”) and emerging markets (“emerging markets”)

⁴ GDP country weighting: Consideration of a country’s economic performance in the weighting of the underlying index (the Gerd Kommer ETF weights countries 50% according to their market capitalization and 50% according to their economic performance)

⁵ No single-stock concentration risk: Limiting the weighting per single stock in each quarterly rebalancing to a maximum of 1.0% of the overall portfolio to prevent “top-heaviness” (as in the MSCI World, for example, in which individual stocks are weighted at over 3%)

⁶ No country cluster risk: If a single country has a share of more than 50% in an ETF, we consider the cluster risk to be unnecessarily high (e.g. USA)

⁷ Number of positions: Approximate number of individual securities included in the ETF (not in the underlying index)

⁸ Costs: Ongoing costs or total expense ratio (“TER”) per year

⁹ ESG: Consideration of ESG criteria in accordance with Article 8 of the Sustainability-related Disclosure Requirements in the Financial Services Sector (“SFDR”)

Last updated: April 2025

Explanations of the columns

^A MSCI World: Median values from the largest ETFs on the MSCI World Index available in Germany

^B MSCI ACWI IMI: Median values from the largest ETFs on the MSCI ACWI IMI index available in Germany

^C FTSE All-World: Median values from the largest ETFs available in Germany on the FTSE All-World index (Note: This product is not included in the table in the mobile version of this website for display reasons)

Last updated: April 2025

Multi-factor ETFs

The L&G Gerd Kommer Multifactor Equity UCITS ETF pursues an integrated multi-factor approach and takes into account the following factor premiums: Size, Value, Quality, Investment and Momentum. One of the motivations for the development of the Gerd Kommer ETF was that most other multi-factor ETFs on the market suffer from different “diseases” and shortcomings, such as a low degree of diversification, which can lead to concentration risks, or the incomplete mapping of factor premiums (e.g. no consideration of small caps).

When constructing our index, we took care to eliminate these shortcomings as far as possible and pursued the goal of an “integrated multi-factor approach 2.0” with the Gerd Kommer ETF. In addition to built-in ultra-diversification for cluster risk-free investing, the ETF also offers coverage of the total market (“All Cap” and “All Market”) and a rules-based, passive investment approach.

In the following table, we have compared the Gerd Kommer ETF with what we consider to be the most comparable multi-factor ETFs on the German market:

Fund	L&G Gerd Kommer Multifactor Equity ETFs	iShares STOXX World Equity Multifactor ETF^A	HSBC Multi Factor Worldwide Equity^B	Avantis Global Equity UCITS ETF^C	Invesco Quantitative Strategies ESG Global Equity Multi-Factor ETF^D
Passive approach¹	✓	✓	–	–	–
All Cap²	✓	–	–	✓	–
All Market³	✓	–	✓	–	–
GDP country weighting⁴	✓	–	–	–	–
Ultra-diversification⁵	✓	–	–	✓	–
No cluster risks⁶	✓	–	–	–	–
Number of factor premiums⁷	5	4	5	5	3
Number of positions⁸	4,000	500	500	3,200	200
Costs (“TER”)⁹	0.50%	0.30%	0.25%	0.22%	0.30%

Tabellarischer Vergleich von zwei Multifaktor-ETFs mit dem Gerd-Kommer-ETF.

Explanations of the rows

¹ Passive approach: Purely rule-based investment approach derived from science, which is free from speculation and forecasts about the development of individual stocks or economic variables

² All Cap: Consideration of the total market, i.e. small caps, mid caps and large caps, resulting in market coverage of over 99%

³ All Market: Coverage of all regions of the world, i.e. developed countries (“developed markets”) and emerging markets (“emerging markets”)

⁵ Ultra-diversification: At Gerd Kommer, we define ultra-diversification in equity funds as i) diversification across at least 2,500 single stocks and the avoidance of ii) equity cluster risks (the ten largest companies together must not account for more than 10%) and iii) country cluster risks (no country should account for more than 50%)

⁶ No cluster risks: If the ten largest positions in an ETF account for more than 10% or the weighting of a single country exceeds 50% (e.g. USA), we speak of an unnecessary cluster risk

⁷ Number of factor premiums: The number of factor premiums taken into account by the ETF (for the Gerd Kommer ETF these are Size, Value, Quality, Investment and Momentum)

⁸ Number of positions: Approximate number of individual securities included in the ETF (not in the underlying index)

⁹ Costs: Ongoing costs or total expense ratio (“TER”) per year

Last updated: April 2025

Explanations of the columns

^A iShares Edge MSCI World Multifactor UCITS ETF (ISIN: IE00BZ0PKT83)

^B HSBC Multi Factor Worldwide Equity (ISIN: IE00BKZGB098)

^C Avantis Global Equity UCITS ETF (ISIN: IE000RJECXS5; Note: This product is not included in the table in the mobile version of this website for display reasons)

^D Invesco Quantitative Strategies ESG Global Equity Multi-Factor UCITS ETF (ISIN: IE00BJQRDN15; Note: This product is not included in the table in the mobile version of this website for display reasons)

Last updated: April 2025

Active funds

The L&G Gerd Kommer Multifactor Equity UCITS ETF pursues a so-called passive investment approach, because a large number of scientific studies have proven for decades that active investing does not work reliably. Thus, stock selection in the Gerd Kommer ETF is based exclusively on mechanical rules derived from science, which were carefully defined as part of the index construction.

If you would like to find out more about the possible disadvantages of active investing, we recommend our blog post “Ten reasons why active investing works badly”.

As we do not shy away from comparison with our competitors on the active side of investing, we have compared some of the key figures of the Gerd Kommer ETF with those of the largest and, in our view, best-known active funds in Germany in the following table:

Fund	L&G Gerd Kommer Multifactor Equity ETFs	DWS Top Dividende^A	Templeton Growth Fund^B	UniGlobal^C	Flossbach Multiple Opportunities^D
Passive approach¹	✓	–	–	–	–
Multifactor Investing²	✓	–	–	–	–
All Cap³	✓	–	–	–	–
All Market⁴	✓	–	✓	–	✓
GDP country weighting⁵	✓	–	–	–	–
No single-stock concentration risk⁶	✓	–	–	–	–
Number of positions⁷	4,000	~70	~60	~100	~70
Fund domicile Ireland⁸	✓	–	–	–	–
Costs (“TER”)⁹	0.50%	1.45%	1.82%	2.40%	>1.61%

Tabellarischer Vergleich von zwei aktiven Fonds mit dem Gerd-Kommer-ETF.

Explanations of the rows

¹ Passive approach: Purely rule-based investment approach derived from science, which is free from speculation and forecasts about the development of individual stocks or economic variables

² Multifactor Investing: Overweighting of factor premiums that are particularly well established in academia, such as size, value, quality, investment and momentum (the Gerd Kommer ETF takes all five of these factor premiums into account)

³ All Cap: Consideration of the total market, i.e. small caps, mid caps and large caps, resulting in market coverage of over 99%

⁴ All Market: Coverage of all regions of the world, i.e. developed countries (“developed markets”) and emerging markets (“emerging markets”)

⁵ GDP country weighting: Consideration of a country’s economic performance in the weighting of the underlying index (the Gerd Kommer ETF weights countries 50% according to their market capitalization and 50% according to their economic performance)

⁶ No single-stock concentration risk: Limiting the weighting per single stock in each quarterly rebalancing to a maximum of 1.0% of the overall portfolio to prevent “top-heaviness” (as in the MSCI World, for example, in which individual stocks are weighted at over 3%)

⁷ Number of positions: Approximate number of individual securities included in the ETF (not in the underlying index)

⁸ Fund domicile Ireland: Ireland currently has a withholding tax advantage in the taxation of US dividends compared to most other domiciles such as Germany or Luxembourg

⁹ Costs: Ongoing costs or total expense ratio (“TER”) per year

Last updated: April 2025

Explanations of the columns

^A DWS Top Dividends (ISIN: DE0009848119)

^B Templeton Growth Fund (ISIN: LU0114760746)

^C UniGlobal (ISIN: DE0008491051; Note: This product is not included in the table in the mobile version of this website for display reasons)

^D Flossbach Multiple Opportunities (ISIN: LU0323578657; Note: This product is not included in the table in the mobile version of this website for display reasons)

Disclaimer: Active funds pursue individual active strategies that are only partially comparable with the investment approach of the Gerd Kommer ETF. Our comparison is only intended to highlight how different aspects of the funds differ from one another.

If you are interested in active funds: We took a closer look at the performance of the three largest actively managed equity funds in the German private investor market by fund volume and the three largest multi-asset funds some time ago in our blog post “The misery of flagship fund investors“.

Last updated: April 2025

Have we won you over? Invest in the Gerd Kommer ETF now!

Invest in Gerd Kommer’s ETF in just three simple steps and from just €10.

Have we won you over? Invest in the Gerd Kommer ETF now!

Invest in Gerd Kommer’s ETF in just three simple steps and from just €10.

1. Open a securities account

Open a securities account with a bank or broker of your choice.

2. Search ETF

Search for the WKN "WELT0A" (accumulating) or "WELT0B" (distributing).

3. Place an order

Enter the desired order or create a savings plan – and you are invested.

Invest now