Goldman Sachs ActiveBeta Europe Equity ETF
ALTAR
Score™		 5.9% info Recommen-
dation		 UNDERWEIGHT
2020E    2021E
P/E
ratio		 22.2x P/Sales
ratio		 1.3x
P/BV
ratio		 2.0x Div.
yield		 2.5%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Goldman Sachs ActiveBeta Europe Equity ETF tracks an index of developed Europe large- and midcap equities, with equal weights to each of 4 factor buckets and stocks within each bucket weighted by a factor score.

FUND BASICS
Category International Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Mar 02, 2016
Assets (mns) $19
Currency USD
Expense ratio 25 bp
Distributions Quarterly

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

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 389
Wgt avg mkt cap (mns) $69,893
Large cap (>$10bn) 86.2%
Mid cap ($2-10bn) 11.8%
Small cap (<$2bn) 0.2%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 2.9 %
ROCHE HOLDING AG-GENUSSCHEIN 2.4 %
NOVARTIS AG-REG 1.7 %
ASML HOLDING NV 1.7 %
LVMH MOET HENNESSY LOUIS VUI 1.5 %
NOVO NORDISK A/S-B 1.2 %
UNILEVER PLC 1.2 %
ASTRAZENECA PLC 1.1 %
L'OREAL 1.0 %
SAP AG 1.0 %
Total 15.9 %

TOP COUNTRY EXPOSURE
BRITAIN 19.6 %
FRANCE 16.9 %
SWITZERLAND 15.8 %
GERMANY 15.5 %
NETHERLANDS 6.3 %
SWEDEN 5.6 %
DENMARK 4.5 %
ITALY 3.7 %
SPAIN 3.0 %
FINLAND 1.6 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru December 31)
Year-to-date 1 year 5 years 10 years Since Incep.
6.6% 6.6% -- -- 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.92 82%
MSCI EAFE 1.01 98%
MSCI Emg. Mkts. 0.78 75%

Technical Indicators
Recent close $33.68
30d moving avg. $33.25
Annualized volatility 19.0%
Short interest (ETF) 0.1%
Relative strength (RSI) 61

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.4%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $36,033

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 potential alternatives to the Goldman Sachs ActiveBeta Europe Equity ETF ETF based on the alternatives' overlap in portfolio holdings with GSEU. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GSEU Expense: 25 bp ALTAR Score™: 5.9%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSEU
Ticker Fund
Name		 Overlap1
vs GSEU
(%)		 Expense
ratio
(bp)		 Savings
vs GSEU
(bp)		 ALTAR
Score™
(%)		 ALTAR
vs GSEU
(%)
DFAI Dimensional International Core Equity Market ETF 80.6 18 7 6.4 +0.5
DBEU Xtrackers MSCI Europe Hedged Equity ETF 69.6 45 -20 6.0 +0.1
FLEE Franklin FTSE Europe ETF 68.6 9 16 6.5 +0.6
BBEU JPMorgan BetaBuilders Europe ETF 68.6 9 16 6.7 +0.8
FLEH Franklin FTSE Europe Hedged ETF 68.4 9 16 6.5 +0.6
IEV iShares Europe ETF 67.0 59 -34 6.3 +0.4
IEUR iShares Core MSCI Europe ETF 66.8 9 16 6.6 +0.7
VGK Vanguard FTSE Europe ETF 65.1 8 17 6.8 +0.9
SPEU SPDR Portfolio Europe ETF 64.7 9 16 6.8 +0.9
GSIE Goldman Sachs ActiveBeta International Equity ETF 57.2 25 0 6.0 +0.1
EFA iShares MSCI EAFE ETF 53.8 32 -7 6.2 +0.3
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 53.4 20 5 6.4 +0.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 52.7 35 -10 6.1 +0.2
ESGD iShares MSCI EAFE ESG Optimized ETF 50.4 20 5 6.2 +0.3
GSID Goldman Sachs MarketBeta International Equity ETF 49.8 20 5 6.3 +0.4
QEFA SPDR MSCI EAFE Quality Mix ETF 48.3 30 -5 6.0 +0.1
BKIE BNY Mellon International Equity ETF 48.1 4 21 6.6 +0.7
HFXI IQ 50 Percent Hedged FTSE International ETF 48.0 20 5 6.4 +0.5
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 47.5 7 18 6.5 +0.6
IQSI IQ Candriam ESG International Equity ETF 47.0 15 10 6.4 +0.5
IEFA iShares Core MSCI EAFE ETF 47.0 7 18 6.5 +0.6
JHMD John Hancock Multifactor Developed International ETF 45.2 39 -14 6.6 +0.7
SCHF Schwab International Equity ETF 44.1 6 19 6.5 +0.6
IDEV iShares Core MSCI International Developed Markets ETF 43.4 5 20 6.5 +0.6
EZU iShares MSCI Eurozone ETF 43.0 51 -26 6.0 +0.1
PDEV Principal International Multi-Factor Core Index ETF 42.3 25 0 7.1 +1.2
EFG iShares MSCI EAFE Growth ETF 42.2 40 -15 4.1 -1.9
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 41.6 45 -20 6.0 +0.1
EURZ Xtrackers Eurozone Equity ETF 41.0 9 16 6.6 +0.7
CIL VictoryShares International Volatility Weighted Index ETF 40.0 45 -20 6.4 +0.5
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 40.0 45 -20 6.4 +0.5
SPDW SPDR Portfolio Developed World ex-US ETF 39.9 4 21 6.2 +0.3
EUDG WisdomTree Europe Quality Dividend Growth Fund 39.7 58 -33 6.5 +0.6
DOL WisdomTree International LargeCap Dividend Fund 39.3 48 -23 7.2 +1.3
VEA Vanguard FTSE Developed Markets ETF 39.3 5 20 6.6 +0.7
RESD WisdomTree International ESG Fund 38.8 30 -5 6.5 +0.6
DWM WisdomTree International Equity Fund 38.4 48 -23 7.2 +1.3
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 37.9 40 -15 7.2 +1.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 37.3 30 -5 5.2 -0.7
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 37.3 35 -10 6.0 +0.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 37.3 45 -20 7.7 +1.8
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 36.9 14 11 6.1 +0.2
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 36.5 39 -14 5.6 -0.3
DMXF iShares ESG Advanced MSCI EAFE ETF 35.4 12 13 6.2 +0.3
ACWX iShares MSCI ACWI ex U.S. ETF 35.4 32 -7 6.3 +0.4
IQIN IQ 500 International ETF 35.3 25 0 7.7 +1.8
CWI SPDR MSCI ACWI ex-US ETF 34.9 30 -5 6.2 +0.3
ISZE iShares Edge MSCI Intl Size Factor ETF 34.6 30 -5 6.3 +0.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 34.6 40 -15 6.1 +0.2
PQIN PGIM QMA Strategic Alpha International Equity ETF 34.6 29 -4 7.1 +1.2
EFV iShares MSCI EAFE Value ETF 34.5 39 -14 8.4 +2.5
FNDF Schwab Fundamental International Large Co. Index ETF 33.5 25 0 7.7 +1.8
TPIF Timothy Plan International ETF 32.8 62 -37 6.1 +0.2
VEU Vanguard FTSE All-World ex-US Index Fund 32.5 8 17 6.7 +0.8
RFEU First Trust Riverfront Dynamic Europe ETF 32.0 83 -58 5.6 -0.3
VSGX Vanguard ESG International Stock ETF 31.6 17 8 6.3 +0.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 31.5 30 -5 4.1 -1.8
OEUR O'shares FTSE Europe Quality Dividend ETF 31.5 48 -23 5.1 -0.8
RNDM First Trust Developed International Equity Select ETF 31.3 65 -40 5.7 -0.2
RBIN Nationwide Risk-Based International Equity ETF 31.1 42 -17 6.0 +0.1
IXUS ishares Core MSCI Total International Stock ETF 30.7 9 16 6.4 +0.5
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 29.9 16 9 6.0 +0.1
ISDX Invesco RAFI Strategic Developed ex-US ETF 29.7 23 2 6.3 +0.4
EFAV iShares Edge MSCI Min Vol EAFE ETF 29.0 20 5 5.0 -1.0
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 28.7 39 -14 7.4 +1.5
FDEV Fidelity Targeted International Factor ETF 27.7 39 -14 6.2 +0.3
NUDM Nuveen ESG International Developed Markets Equity ETF 27.7 40 -15 5.9 0.0
AVDE Avantis International Equity ETF 26.8 23 2 6.9 +1.0
UIVM VictoryShares USAA MSCI International Value Momentum ETF 26.7 35 -10 7.7 +1.8
QINT American Century Quality Diversified International ETF 25.9 39 -14 5.7 -0.2
FEP First Trust Europe AlphaDEX Fund 25.9 80 -55 7.5 +1.6
RFDI First Trust Riverfront Dynamic Developed International ETF 25.8 83 -58 5.1 -0.8
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 25.6 24 1 6.5 +0.6
IVLU iShares Edge MSCI Intl Value Factor ETF 25.6 30 -5 10.0 +4.1
FIVA Fidelity International Value Factor ETF 25.4 39 -14 8.8 +2.9
VIGI Vanguard International Dividend Appreciation ETF 24.8 20 5 5.0 -0.9
VXUS Vanguard Total International Stock ETF 24.7 8 17 6.6 +0.7
RODM Hartford Multifactor Developed Markets (ex-US) ETF 24.2 29 -4 7.3 +1.4
VYMI Vanguard International High Dividend Yield ETF 24.2 27 -2 9.0 +3.1
VWID Virtus WMC International Dividend ETF 24.2 49 -24 7.4 +1.5
JPIN JPMorgan Diversified Return International Equity ETF 24.0 37 -12 7.0 +1.1
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 24.0 32 -7 5.7 -0.2
IDHQ Invesco S&P International Developed Quality ETF 23.4 29 -4 4.7 -1.2
INTF iShares Edge MSCI Multifactor Intl ETF 23.4 30 -5 7.2 +1.3
IDMO Invesco S&P International Developed Momentum ETF 22.8 26 -1 3.7 -2.3
FEUZ First Trust Eurozone AlphaDEX ETF 22.2 80 -55 7.1 +1.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 22.1 45 -20 6.1 +0.2
DWMF WisdomTree International Multifactor Fund 21.9 38 -13 6.2 +0.3
FEZ SPDR EURO STOXX 50 ETF 21.9 29 -4 6.2 +0.3
ESGG FlexShares STOXX Global ESG Impact Index Fund 21.5 42 -17 4.6 -1.3
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 20.5 58 -33 5.7 -0.2
IQDG WisdomTree International Quality Dividend Growth Fund 20.3 42 -17 5.9 +0.0
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 20.2 80 -55 6.0 +0.1
IGRO iShares International Dividend Growth ETF 20.2 15 10 7.0 +1.1
IQDE FlexShares International Quality Dividend Defensive Index ET 20.2 47 -22 7.8 +1.9
IOO iShares Global 100 ETF 19.7 40 -15 4.2 -1.7
TOK iShares MSCI Kokusai ETF 19.7 25 0 4.9 -1.0

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 Europe 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 11.4 %
Divided by: Fwd. P/BV 1.9 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 5.9 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 CATEGORY
AVERAGE		 1.54
 
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.