ETF Research Center

Goldman Sachs Future Consumer Equity ETF

ALTAR
Score™

4.0%

Recommen-
dation

NEUTRAL

2025E 2026E
P/E ratio	23.5x	P/Sales ratio	4.1x
P/BV ratio	5.0x	Div. yield	0.8%

Description
Performance
Comps
Fundamentals
Valuation
Rating

GBUY is actively managed to invest in global stocks associated with priorities and spending habits of younger consumers.

FUND BASICS
Category	Global Equities
Fund Sponsor	Goldman Sachs
Website	www.gsam.com/content/gsam/us/en/advisors/fund-center/etf-fund-finder/goldman-sachs-future-consumer-equity-etf.ht
Inception date	Nov 09, 2021
Assets (mns)	$18
Currency	USD
Expense ratio	75 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Proprietary
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	48
Wgt avg mkt cap (mns)	$1,109,290
Large cap (>$10bn)	96.7%
Mid cap ($2-10bn)	2.7%
Small cap (<$2bn)	0.7%
Developed mkts	84.8%
Emerging mkts	15.2%

TOP TEN HOLDINGS
Total	48.7 %
APPLE INC	8.0 %
AMAZON.COM INC	6.7 %
NVIDIA CORP	6.5 %
ALPHABET INC. CLASS C	5.5 %
META PLATFORMS INC	5.4 %
TAIWAN SEMICONDUCTOR MANUFAC	4.1 %
MASTERCARD INCORPORATED CLASS A	4.1 %
NETFLIX INC	3.2 %
TJX COMPANIES INC	2.6 %
T-MOBILE US, INC.	2.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	59.7 %
	CHINA	7.3 %
	TAIWAN	4.1 %
	HONG KONG	3.1 %
	GERMANY	2.9 %
	FRANCE	2.3 %
	LUXEMBOURG	1.9 %
	SWITZERLAND	1.6 %
	IRELAND	1.5 %
	CANADA	1.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru February 28)
Year-to-date	1 year	5 years	10 years	Since Incep.
0.8%	16.7%	--	--	-2.7%

Market Correlations
versus...	Beta	R-squared
S&P500	1.15	84%
MSCI EAFE	1.05	72%
MSCI Emg. Mkts.	0.98	63%

Technical Indicators
Recent close	$37.58
30d moving avg.	$36.14
Annualized volatility	21.4%
Short interest (ETF)	0.0%
Relative strength (RSI)	48

Liquidity measures
Avg. volume (thou.)	6
Turnover	1.3%
Bid/Ask (% of price)	0.31%
ADV underlying (mns)	$60,112

Distributions

There were no matches found with other funds under coverage.

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RESULTS & ESTIMATES

	2020	2021	2022	2023	2024	2025E	2026E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2024	2025E	2026E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Goldman Sachs Future Consumer Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	21.5	%
Divided by: Fwd. P/BV	4.6	x
Less: Expense ratio	75	bp
Equals: ALTAR Score	4.0	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.46	CATEGORY AVERAGE	1.57

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.