Goldman Sachs ActiveBeta Emerging Markets Equity ETF
ALTAR
Score™
7.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
15.6x P/Sales
ratio
1.1x
P/BV
ratio
1.7x Div.
yield
2.6%


  • 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 25, 2015
Assets (mns) $1,685
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 415
Wgt avg mkt cap (mns) $147,682
Large cap (>$10bn) 69.2%
Mid cap ($2-10bn) 26.6%
Small cap (<$2bn) 2.0%
Developed mkts 8.3%
Emerging mkts 89.0%

TOP TEN HOLDINGS
ALIBABA GROUP HOLDING LTD. SPONSOR 7.3 %
TAIWAN SEMICONDUCTOR MANUFAC 5.3 %
TENCENT HOLDINGS LTD 5.3 %
SAMSUNG ELECTRONICS CO LTD 3.6 %
MEITUAN DIANPING 1.2 %
RELIANCE INDUSTRIES LTD 1.0 %
INFOSYS TECHNOLOGIES LTD 0.9 %
CHINA CONSTRUCTION BANK-H 0.8 %
PING AN INSURANCE GROUP CO-H 0.8 %
SAMSUNG ELECTRONICS-PFD 0.8 %
Total 27.2 %

TOP COUNTRY EXPOSURE
CHINA 31.4 %
TAIWAN 15.0 %
SOUTH KOREA 14.2 %
INDIA 9.7 %
BRAZIL 6.1 %
HONG KONG 3.6 %
RUSSIA 3.5 %
SOUTH AFRICA 3.3 %
SAUDI ARABIA 2.7 %
MEXICO 1.9 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-3.3% 6.9% -- -- 8.7%

Market Correlations
versus... Beta R-squared
S&P500 0.84 64%
MSCI EAFE 1.02 78%
MSCI Emg. Mkts. 0.89 95%

Technical Indicators
Recent close $32.79
30d moving avg. $33.13
Annualized volatility 18.6%
Short interest (ETF) 0.5%
Relative strength (RSI) 46

Liquidity measures
Avg. volume (thou.) 70
Turnover 0.1%
Bid/Ask (% of price) 0.09%
ADV underlying (mns) $13,464

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 98 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™: 7.7%


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 66.8 68 -23 7.6 -0.1
DBEM Xtrackers MSCI Emerging Markets Hedged Equity ETF 65.2 65 -20 7.6 -0.1
IEMG iShares Core MSCI Emerging Markets ETF 63.3 13 32 8.1 +0.4
EEMX SPDR MSCI Emerging Markets Fossil Fuel Free ETF 62.2 30 15 7.9 +0.2
GSEE Goldman Sachs MarketBeta Emerging Markets Equity ETF 62.0 36 9 7.5 -0.2
EEMA iShares MSCI Emerging Markets Asia ETF 59.1 50 -5 8.0 +0.3
ESGE iShares ESG MSCI EM ETF 58.2 25 20 8.8 +1.2
JHEM John Hancock Multifactor Emerging Markets ETF 57.9 49 -4 9.0 +1.3
SCHE Schwab Emerging Markets Equity ETF 56.6 11 34 8.1 +0.4
AAXJ iShares MSCI All Country Asia ex Japan ETF 56.5 68 -23 7.2 -0.5
FLAX Franklin FTSE Asia Ex Japan ETF 55.4 19 26 7.8 +0.2
XSOE WisdomTree Emerging Markets ex-State-Owned Enterprises Fund 53.0 32 13 5.9 -1.8
VWO Vanguard FTSE Emerging Markets ETF 52.5 10 35 8.2 +0.5
DVEM WisdomTree Emerging Markets Dividend Fund 52.4 32 13 7.4 -0.2
PBEE Invesco PureBeta FTSE Emerging Markets ETF 51.5 15 30 8.7 +1.0
BKEM BNY Mellon Emerging Markets Equity ETF 51.3 11 34 8.4 +0.8
SPEM SPDR Portfolio Emerging Markets ETF 48.6 11 34 8.0 +0.3
QEMM SPDR MSCI Emerging Markets StrategicFactors ETF 47.5 30 15 9.0 +1.3
EMSG Xtrackers MSCI Emerging Markets ESG Leaders Equity ETF 46.3 20 25 6.9 -0.8
BKF iShares MSCI BRIC ETF 45.2 69 -24 7.7 -0.0
PXH Invesco FTSE RAFI Emerging Markets ETF 43.3 50 -5 13.7 +6.1
EEMO Invesco S&P Emerging Markets Momentum ETF 41.8 29 16 4.1 -3.6
EMXC iShares MSCI Emerging Markets ex China ETF 41.4 25 20 8.3 +0.6
TLTE FlexShares Morningstar Emerging Markets Factor Tilt Index 40.4 59 -14 11.3 +3.7
MFEM PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF 40.3 49 -4 8.1 +0.4
GMF SPDR S&P Emerging Asia Pacific ETF 40.1 49 -4 7.3 -0.4
QLVE FlexShares Emerging Markets Quality Low Volatility Index Fun 39.3 40 5 7.4 -0.3
KEMX KraneShares MSCI Emerging Markets EX China Index ETF 39.2 49 -4 7.9 +0.2
DGRE WisdomTree Emerging Markets Quality Dividend Growth Fund 38.0 32 13 9.3 +1.6
FDEM Fidelity Targeted Emerging Markets Factor ETF 37.3 45 0 8.7 +1.1
FNDE Schwab Fundamental Emerging Markets Large Co. Index ETF 36.6 39 6 13.8 +6.1
AVEM Avantis Emerging Markets Equity ETF 36.3 33 12 9.1 +1.4
RFEM First Trust Riverfront Dynamic Emerging Markets ETF 36.0 95 -50 8.2 +0.6
EMMF WisdomTree Emerging Markets Multifactor Fund 34.7 48 -3 9.7 +2.1
NUEM Nuveen ESG Emerging Markets Equity ETF 34.6 45 0 7.1 -0.6
EEMV iShares Edge MSCI Min Vol Emerging Markets ETF 34.3 25 20 8.1 +0.4
MCHI iShares MSCI China ETF 32.0 59 -14 7.9 +0.3
GXC SPDR S&P China ETF 31.8 59 -14 8.0 +0.3
EMGF iShares Edge MSCI Multifactor Emerging Markets ETF 31.5 45 0 9.3 +1.7
JPEM JPMorgan Diversified Return Emerging Markets Equity ETF 31.3 44 1 9.3 +1.6
FLCH Franklin FTSE China ETF 31.1 19 26 8.5 +0.8
KALL KraneShares FTSE Emerging Markets Plus ETF 30.8 49 -4 8.2 +0.5
CEZ VictoryShares Emerging Market Volatility Wtd Index ETF 30.2 50 -5 10.2 +2.5
ISEM Invesco Strategic Emerging Markets ETF 30.1 35 10 10.9 +3.2
CN Xtrackers MSCI All China Equity ETF 28.6 50 -5 8.3 +0.6
ROAM Hartford Multifactor Emerging Markets ETF 26.6 44 1 13.4 +5.7
AIA iShares Asia 50 ETF 25.3 50 -5 8.1 +0.4
CHIL Global X MSCI China Large-Cap 50 ETF 24.9 29 16 7.9 +0.2
CXSE WisdomTree China ex-State-Owned Enterprises Fund 24.6 32 13 5.8 -1.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 24.3 16 29 6.9 -0.8
RNEM Emerging Markets Equity Select ETF 23.4 75 -30 12.0 +4.3
VSGX Vanguard ESG International Stock ETF 22.5 17 28 7.1 -0.6
ECON Columbia Emerging Markets Consumer ETF 22.3 59 -14 5.0 -2.6
UEVM VictoryShares USAA MSCI Emerging Markets Value Momentum ETF 22.3 45 0 14.8 +7.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 21.6 40 5 7.1 -0.6
XCEM Columbia EM Core ex-China ETF 20.6 16 29 7.3 -0.3
ACWX iShares MSCI ACWI ex U.S. ETF 20.2 32 13 7.3 -0.4
EMQQ EMQQ The Emerging Markets Internet & Ecommerce ETF 19.5 86 -41 2.3 -5.4
IXUS ishares Core MSCI Total International Stock ETF 19.1 9 36 7.4 -0.3
VYMI Vanguard International High Dividend Yield ETF 18.9 27 18 10.2 +2.6
FDNI First Trust Dow Jones International Internet ETF 18.4 65 -20 2.1 -5.6
EELV Invesco S&P Emerging Markets Low Volatility ETF 18.1 29 16 10.1 +2.4
BICK First Trust BICK Index Fund 17.8 64 -19 4.9 -2.8
VXUS Vanguard Total International Stock Index Fund 17.6 8 37 7.6 -0.1
VEU Vanguard FTSE All-World ex-US Index Fund 17.4 8 37 7.6 -0.1
KWEB KraneShares CSI China Internet ETF 17.4 76 -31 2.1 -5.6
PIE Invesco DWA Emerging Markets Momentum ETF 17.3 90 -45 5.2 -2.5
TTTN UP Fintech China-U.S. Internet Titans ETF 16.2 59 -14 4.4 -3.2
CWI SPDR MSCI ACWI ex-US ETF 15.9 30 15 7.3 -0.4
EWT iShares MSCI Taiwan ETF 15.0 59 -14 6.2 -1.5
FLTW Franklin FTSE Taiwan ETF 14.8 19 26 6.3 -1.4
FXI iShares China Large-Cap ETF 13.7 74 -29 13.9 +6.2
FLKR Franklin FTSE South Korea ETF 13.5 9 36 8.9 +1.3
EWY iShares MSCI South Korea ETF 13.4 59 -14 8.6 +0.9
CHIQ Global X China Consumer ETF 13.3 65 -20 7.2 -0.5
OGIG O'Shares Global Internet Giants ETF 12.9 48 -3 0.6 -7.1
PEK VanEck Vectors ChinaAMC CSI 300 ETF 12.9 60 -15 4.0 -3.7
FNI First Trust Chindia ETF 12.2 60 -15 2.6 -5.1
VIGI Vanguard International Dividend Appreciation ETF 11.9 20 25 5.6 -2.1
WUGI Esoterica NextG Economy ETF 11.6 75 -30 1.6 -6.1
FEM First Trust Emerging Markets AlphaDEX Fund 11.5 80 -35 13.9 +6.2
HDAW Xtrackers MSCI All World ex US High Dividend Yield Hedged 11.5 20 25 11.6 +4.0
PGJ Invesco Golden Dragon China ETF 11.4 70 -25 3.5 -4.2
DEM WisdomTree Emerging Markets High Dividend Fund 11.1 63 -18 15.4 +7.8
ADRE Invesco BLDRS Emerging Markets 50 ADR Index Fund 11.0 18 27 5.2 -2.5
DINT Davis Select International ETF 11.0 68 -23 6.0 -1.6
AIQ Global X Future Analytics Tech ETF 11.0 68 -23 4.1 -3.6
FRDM Freedom 100 Emerging Markets ETF 11.0 49 -4 6.7 -1.0
GBUY Goldman Sachs Motif New Age Consumer ETF 10.7 50 -5 1.8 -5.9
PNQI Invesco NASDAQ Internet ETF 10.2 60 -15 1.0 -6.7
EMDV ProShares MSCI Emerging Markets Dividend Growers ETF 9.9 60 -15 9.1 +1.5
DWLD Davis Select Worldwide ETF 9.8 63 -18 6.7 -1.0
JOYY Infusive Compounding Global Equities ETF 9.8 50 -5 5.0 -2.6
FLIN Franklin FTSE India ETF 9.7 19 26 5.7 -2.0
INDA iShares MSCI India ETF 9.7 69 -24 5.4 -2.3
BUYZ Franklin Disruptive Commerce ETF 9.7 50 -5 -0.2 -7.8
KEMQ Kraneshares Emerging Markets Consumer Technology Index ETF 9.6 60 -15 4.6 -3.1
ACWF iShares FactorSelect MSCI Global ETF 9.5 35 10 8.1 +0.4

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 12.9 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 45 bp
Equals: ALTAR Score 7.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.38 CATEGORY
AVERAGE
1.43
 
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.