Goldman Sachs ActiveBeta Emerging Markets Equity ETF
ALTAR
Score™
10.7% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
10.1x P/Sales
ratio
0.9x
P/BV
ratio
1.2x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GEM tracks an index of emerging market stocks comprising 4 subindexes: value, momentum, quality and low volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.

FUND BASICS
Category Emerging Market Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Sep 29, 2015
Assets (mns) $1,389
Currency USD
Expense ratio 45 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-End Investment Company
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 423
Wgt avg mkt cap (mns) $100,540
Large cap (>$10bn) 66.7%
Mid cap ($2-10bn) 29.6%
Small cap (<$2bn) 3.1%
Developed mkts 7.2%
Emerging mkts 90.7%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 5.8 %
TENCENT HOLDINGS LTD 5.1 %
TAIWAN SEMICONDUCTOR MANUFAC 4.3 %
SAMSUNG ELECTRONICS CO LTD 3.7 %
CHINA CONSTRUCTION BANK-H 1.4 %
PING AN INSURANCE GROUP CO-H 1.3 %
CHINA MOBILE LIMITED 0.9 %
IND & COMM BK OF CHINA - H 0.8 %
SAMSUNG ELECTRONICS-PFD 0.8 %
HYNIX SEMICONDUCTOR INC 0.8 %
Total 24.8 %

TOP COUNTRY EXPOSURE
CHINA 29.9 %
TAIWAN 14.9 %
SOUTH KOREA 12.8 %
INDIA 8.0 %
BRAZIL 5.8 %
HONG KONG 4.8 %
RUSSIA 4.2 %
SOUTH AFRICA 3.1 %
MEXICO 2.4 %
SAUDI ARABIA 2.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-23.8% -17.4% -- -- 3.9%

Market Correlations
versus... Beta R-squared
S&P500 0.92 64%
MSCI EAFE 1.04 79%
MSCI Emg. Mkts. 0.95 97%

Technical Indicators
Recent close $25.07
30d moving avg. $28.28
Annualized volatility 17.5%
Short interest (ETF) 0.0%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 446
Turnover 0.8%
Bid/Ask (% of price) 0.29%
ADV underlying (mns) $29,511

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Goldman Sachs ActiveBeta Emerging Markets Equity ETF ETF based on the alternatives' overlap in portfolio holdings with GEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GEM Expense: 45 bp ALTAR Score™: 10.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GEM
Ticker Fund
Name
Overlap1
vs GEM
(%)
Expense
ratio
(bp)
Savings
vs GEM
(bp)
ALTAR
Score™
(%)
ALTAR
vs GEM
(%)
EEM iShares MSCI Emerging Markets ETF 66.2 68 -23 10.4 -0.3
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 63.4 65 -20 10.3 -0.5
IEMG iShares Core MSCI Emerging Markets ETF 62.9 14 31 10.9 +0.2
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 61.0 30 15 10.6 -0.1
JHEM John Hancock Multifactor Emerging Markets ETF 60.4 55 -10 11.3 +0.6
EEMA iShares MSCI Emerging Markets Asia ETF 57.6 50 -5 10.3 -0.4
SCHE Schwab Emerging Markets Equity ETF 55.3 13 32 10.7 -0.0
AAXJ iShares MSCI All Country Asia ex Japan ETF 54.5 68 -23 9.8 -0.9
FLAX Franklin FTSE Asia Ex Japan ETF 53.3 19 26 10.3 -0.4
VWO Vanguard FTSE Emerging Markets ETF 51.6 10 35 10.8 +0.1
ESGE iShares ESG MSCI EM ETF 51.6 25 20 11.9 +1.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 51.2 14 31 11.7 +1.0
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 50.7 32 13 8.7 -2.0
DVEM WisdomTree Emerging Markets Dividend Fund 49.5 32 13 11.3 +0.6
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 48.4 30 15 11.3 +0.6
SPEM SPDR Portfolio Emerging Markets ETF 47.2 11 34 10.5 -0.2
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 45.4 59 -14 13.5 +2.8
BKF iShares MSCI BRIC ETF 44.7 69 -24 10.4 -0.4
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 43.1 20 25 9.4 -1.3
PXH Invesco FTSE RAFI Emerging Markets ETF 42.8 50 -5 16.4 +5.7
EMXC iShares MSCI Emerging Markets ex China ETF 42.0 49 -4 10.8 +0.1
EMCG WisdomTree Emerging Markets Consumer Growth Fund 40.9 32 13 9.5 -1.2
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 40.6 49 -4 10.6 -0.1
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 40.5 95 -50 12.7 +2.0
GMF SPDR S&P Emerging Asia Pacific ETF 40.3 49 -4 9.7 -1.0
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 38.8 32 13 11.8 +1.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 37.4 39 6 15.7 +5.0
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 35.0 40 5 9.3 -1.4
AVEM Avantis Emerging Markets Equity ETF 34.1 33 12 12.1 +1.4
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 34.1 45 0 10.9 +0.2
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 32.9 25 20 10.1 -0.6
FDEM Fidelity Targeted Emerging Markets Factor ETF 32.5 45 0 12.1 +1.4
NUEM Nuveen ESG Emerging Markets Equity ETF 32.1 45 0 9.6 -1.1
MCHI iShares MSCI China ETF 31.9 59 -14 10.5 -0.3
GXC SPDR S&P China ETF 31.5 59 -14 10.3 -0.4
ISEM Invesco Strategic Emerging Markets ETF 31.3 35 10 12.2 +1.5
CEZ Victory CEMP Emerging Market Volatility Wtd Index ETF 31.1 50 -5 13.0 +2.3
KALL KraneShares FTSE Emerging Markets Plus ETF 31.0 49 -4 10.3 -0.4
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 29.8 49 -4 11.9 +1.2
FLCH Franklin FTSE China ETF 29.7 19 26 10.6 -0.1
EMMF WisdomTree Emerging Markets Multifactor Fund 29.4 48 -3 12.3 +1.6
WCHN WisdomTree ICBCCS S&P China 500 Fund 28.9 55 -10 10.0 -0.7
AXJL WisdomTree Asia Pacific ex-Japan Fund 28.8 48 -3 11.4 +0.7
ROAM Hartford Multifactor Emerging Markets ETF 28.4 44 1 18.5 +7.8
CN Xtrackers MSCI All China Equity ETF 28.3 50 -5 10.6 -0.1
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 28.1 45 0 12.2 +1.5
MXDE Nationwide Maximum Diversification Emerging Mkts Core Eq 26.2 64 -19 8.1 -2.7
RNEM Emerging Markets Equity Select ETF 25.2 75 -30 11.9 +1.2
AIA iShares Asia 50 ETF 24.8 50 -5 10.4 -0.3
CHIL Global X MSCI China Large-Cap 50 ETF 24.0 29 16 10.8 +0.1
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 22.7 45 0 16.7 +6.0
CXSE WisdomTree China ex-State-Owned Enterprises Fund 22.0 32 13 8.3 -2.4
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 21.6 16 29 8.9 -1.8
EELV Invesco S&P Emerging Markets Low Volatility ETF 21.5 29 16 12.8 +2.1
ECON Columbia Emerging Markets Consumer ETF 21.1 59 -14 5.9 -4.8
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 20.3 40 5 9.2 -1.5
XCEM Columbia EM Core ex-China ETF 19.8 16 29 9.8 -0.9
VSGX Vanguard ESG International Stock ETF 18.9 17 28 9.3 -1.4
BICK First Trust BICK Index Fund 18.8 64 -19 6.6 -4.2
ACWX iShares MSCI ACWI ex U.S. ETF 18.8 32 13 9.6 -1.1
EEMO Invesco S&P Emerging Markets Momentum ETF 18.3 30 15 12.7 +2.0
IXUS ishares Core MSCI Total International Stock ETF 18.1 9 36 9.7 -1.0
VXUS Vanguard Total International Stock Index Fund 17.2 8 37 9.8 -0.9
VYMI Vanguard International High Dividend Yield ETF 16.6 32 13 12.6 +1.9
VEU Vanguard FTSE All-World ex-US Index Fund 16.3 8 37 9.8 -0.9
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 15.4 86 -41 3.5 -7.2
FXI iShares China Large-Cap ETF 15.1 74 -29 15.1 +4.4
CWI SPDR MSCI ACWI ex-US ETF 15.1 30 15 9.5 -1.2
VIGI Vanguard International Dividend Appreciation ETF 15.0 25 20 7.3 -3.4
FDNI First Trust Dow Jones International Internet ETF 15.0 65 -20 4.2 -6.5
DEM WisdomTree Emerging Markets High Dividend Fund 15.0 63 -18 17.3 +6.6
EWT iShares MSCI Taiwan ETF 14.9 59 -14 7.9 -2.8
FLTW Franklin FTSE Taiwan ETF 14.2 19 26 8.3 -2.4
KWEB KraneShares CSI China Internet ETF 14.1 76 -31 4.5 -6.2
PIE Invesco DWA Emerging Markets Momentum ETF 14.0 90 -45 7.1 -3.6
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 13.7 20 25 12.8 +2.1
LVHE Legg Mason Emerging Markets Low Volatility High Dividend ETF 13.6 51 -6 13.6 +2.9
TTTN UP Fintech China-U.S. Internet Titans ETF 13.3 59 -14 6.5 -4.2
JOYY Infusive Compounding Global Equities ETF 13.2 50 -5 5.2 -5.5
OGIG O'Shares Global Internet Giants ETF 12.6 48 -3 1.1 -9.6
FLKR Franklin FTSE South Korea ETF 12.5 9 36 13.1 +2.4
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 12.4 80 -35 2.3 -8.4
EWY iShares MSCI South Korea ETF 12.1 59 -14 12.6 +1.9
DOGS Arrow Dogs of the World ETF 11.7 134 -89 14.7 +4.0
FEM First Trust Emerging Markets AlphaDEX Fund 11.7 80 -35 15.1 +4.4
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 11.5 60 -15 10.4 -0.3
ACWF iShares FactorSelect MSCI Global ETF 11.2 35 10 10.3 -0.4
AIQ Global X Future Analytics Tech ETF 11.0 68 -23 6.0 -4.7
GBUY Goldman Sachs Motif New Age Consumer ETF 10.5 50 -5 3.7 -7.0
BUYZ Franklin Disruptive Commerce ETF 10.3 50 -5 0.3 -10.4
FRDM Freedom 100 Emerging Markets ETF 10.2 49 -4 9.7 -1.0
CHIQ Global X China Consumer ETF 9.9 65 -20 12.0 +1.3
FNI First Trust Chindia ETF 9.8 59 -14 4.7 -6.0
EDIV SPDR S&P Emerging Markets Dividend ETF 9.6 49 -4 13.8 +3.1
EMFM Global X MSCI Next Emerging & Frontier ETF 9.5 55 -10 10.6 -0.1
PGJ Invesco Golden Dragon China ETF 9.2 70 -25 4.5 -6.2
FLLA Franklin FTSE Latin America ETF 9.1 19 26 9.7 -1.0
CRBN iShares MSCI ACWI Low Carbon Target ETF 9.0 20 25 8.3 -2.4
DNL WisdomTree Global ex-US Dividend Growth Fund 8.6 58 -13 9.7 -1.0
LOWC SPDR MSCI ACWI Low Carbon Target ETF 8.5 20 25 8.3 -2.4

1Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

  2015 2016 2017 2018 2019 2020E 2021E
Sales per share ** ** ** ** ** ** **
Earnings per share ** ** ** ** ** ** **
Dividends per share info ** ** ** ** ** ** **
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
  2019 2020E 2021E
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 ActiveBeta Emerging Markets 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 12.8 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 10.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.42 CATEGORY
AVERAGE
1.45
 
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.
 

 

See RATING tab for calculation of ALTAR Score™
Risk & reward. Uses std. dev. as proxy for risk, ALTAR Score™ for return forecast.
Dividends paid by constituents to the fund. May differ from actual distributions to shareholders due to constituent changes, timing issues or other factors.
Monthly returns based on changes in price plus dividends. May differ from daily returns reported by funds. See below for standardized returns.