Goldman Sachs ActiveBeta Europe Equity ETF
ALTAR
Score™
6.6% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
22.6x P/Sales
ratio
1.1x
P/BV
ratio
1.7x Div.
yield
2.9%


  • 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) $15
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 399
Wgt avg mkt cap (mns) $65,142
Large cap (>$10bn) 79.1%
Mid cap ($2-10bn) 20.6%
Small cap (<$2bn) 0.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 3.4 %
ROCHE HOLDING AG-GENUSSCHEIN 2.8 %
NOVARTIS AG-REG 1.9 %
SAP AG 1.4 %
NOVO NORDISK A/S-B 1.4 %
ASTRAZENECA PLC 1.3 %
LVMH MOET HENNESSY LOUIS VUI 1.3 %
ASML HOLDING NV 1.2 %
SANOFI-AVENTIS 1.2 %
L'OREAL 1.1 %
Total 17.1 %

TOP COUNTRY EXPOSURE
BRITAIN 19.8 %
FRANCE 17.1 %
SWITZERLAND 16.2 %
GERMANY 13.4 %
NETHERLANDS 6.9 %
SWEDEN 4.6 %
DENMARK 4.3 %
ITALY 4.0 %
SPAIN 3.9 %
FINLAND 1.4 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru June 30)
Year-to-date 1 year 5 years 10 years Since Incep.
-11.4% -5.4% -- -- 4.5%

Market Correlations
versus... Beta R-squared
S&P500 0.86 80%
MSCI EAFE 1.02 97%
MSCI Emg. Mkts. 0.74 80%

Technical Indicators
Recent close $27.88
30d moving avg. $27.51
Annualized volatility 16.3%
Short interest (ETF) 0.0%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 4
Turnover 0.7%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $47,832

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 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™: 6.6%


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
(%)
DBEU Xtrackers MSCI Europe Hedged Equity ETF 71.7 45 -20 6.6 +0.1
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 71.1 30 -5 6.8 +0.3
FLEH Franklin FTSE Europe Hedged ETF 70.6 9 16 7.1 +0.6
FLEE Franklin FTSE Europe ETF 70.5 9 16 7.0 +0.5
IEUR iShares Core MSCI Europe ETF 68.9 9 16 7.3 +0.7
BBEU JPMorgan BetaBuilders Europe ETF 68.7 9 16 7.4 +0.8
IEV iShares Europe ETF 68.5 59 -34 6.8 +0.3
VGK Vanguard FTSE Europe ETF 67.1 8 17 7.5 +0.9
FEU SPDR Portfolio Europe ETF 66.8 9 16 7.4 +0.8
GSIE Goldman Sachs ActiveBeta International Equity ETF 56.8 25 0 6.7 +0.1
EFA iShares MSCI EAFE ETF 54.9 32 -7 7.1 +0.5
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 54.4 35 -10 6.9 +0.4
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 53.5 20 5 7.1 +0.6
JPEU JPMorgan Diversified Return Europe Equity ETF 51.1 37 -12 7.0 +0.5
HFXI IQ 50 Percent Hedged FTSE International ETF 50.9 20 5 7.5 +1.0
GSID Goldman Sachs MarketBeta International Equity ETF 50.3 20 5 7.4 +0.8
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 49.8 7 18 7.6 +1.1
ESGD iShares MSCI EAFE ESG Optimized ETF 49.3 20 5 7.0 +0.4
QEFA SPDR MSCI EAFE Quality Mix ETF 48.5 30 -5 6.9 +0.3
BKIE BNY Mellon International Equity ETF 48.4 4 21 7.5 +1.0
IEFA iShares Core MSCI EAFE ETF 48.3 7 18 7.4 +0.8
IQSI IQ Candriam ESG International Equity ETF 48.3 15 10 7.3 +0.8
SCHF Schwab International Equity ETF 46.5 6 19 7.4 +0.9
SCID Global X Scientific Beta Europe ETF 45.7 39 -14 6.5 -0.0
JHMD John Hancock Multifactor Developed International ETF 45.3 39 -14 7.5 +1.0
IDEV iShares Core MSCI International Developed Markets ETF 44.4 5 20 7.3 +0.8
EZU iShares MSCI Eurozone ETF 43.6 49 -24 6.6 +0.1
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 43.0 45 -20 6.8 +0.2
SPDW SPDR Portfolio Developed World ex-US ETF 42.2 4 21 7.2 +0.7
EUMV iShares Edge MSCI Min Vol Europe ETF 42.1 25 0 5.0 -1.5
EURZ Xtrackers Eurozone Equity ETF 42.1 9 16 7.1 +0.6
EFG iShares MSCI EAFE Growth ETF 42.0 40 -15 4.6 -1.9
DOL WisdomTree International LargeCap Dividend Fund 42.0 48 -23 8.6 +2.0
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 42.0 35 -10 8.5 +2.0
DWM WisdomTree International Equity Fund 41.6 48 -23 8.3 +1.8
VEA Vanguard FTSE Developed Markets ETF 41.4 5 20 7.5 +1.0
PDEV Principal International Multi-Factor Core Index ETF 41.4 25 0 8.0 +1.4
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 40.4 45 -20 9.0 +2.4
OEUR O'shares FTSE Europe Quality Dividend ETF 40.4 48 -23 6.6 +0.1
FNDF Schwab Fundamental International Large Co. Index ETF 38.3 25 0 8.9 +2.3
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 38.2 14 11 7.0 +0.4
ACWX iShares MSCI ACWI ex U.S. ETF 37.5 32 -7 7.4 +0.8
CWI SPDR MSCI ACWI ex-US ETF 37.4 30 -5 7.3 +0.7
CIL VictoryShares International Volatility Weighted Index ETF 37.2 45 -20 6.8 +0.2
IQIN IQ 500 International ETF 37.0 25 0 9.0 +2.5
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 36.9 30 -5 0.0 -6.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 36.9 39 -14 6.7 +0.1
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 36.9 35 -10 6.9 +0.4
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 36.9 40 -15 7.1 +0.5
IQLT iShares Edge MSCI Intl Quality Factor ETF 36.7 30 -5 6.1 -0.5
EFV iShares MSCI EAFE Value ETF 36.4 39 -14 9.6 +3.0
RFEU First Trust Riverfront Dynamic Europe ETF 35.6 83 -58 5.4 -1.1
VEU Vanguard FTSE All-World ex-US Index Fund 35.3 8 17 7.7 +1.1
ISZE iShares Edge MSCI Intl Size Factor ETF 34.3 30 -5 7.5 +0.9
RNDM Developed International Equity Select ETF 33.5 65 -40 6.5 -0.1
IDY Pacific Global International Equity Income ETF 33.5 39 -14 8.1 +1.5
IMTM iShares Edge MSCI Intl Momentum Factor ETF 33.2 30 -5 4.4 -2.2
RFDI First Trust Riverfront Dynamic Developed International ETF 33.2 83 -58 5.7 -0.8
IXUS ishares Core MSCI Total International Stock ETF 32.9 9 16 7.5 +1.0
ISDX Invesco Strategic Developed ex-US ETF 32.8 23 2 7.6 +1.0
VXUS Vanguard Total International Stock Index Fund 32.0 8 17 7.7 +1.1
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 31.8 16 9 7.0 +0.5
QINT American Century Quality Diversified International ETF 31.2 39 -14 5.9 -0.7
PQIN PGIM QMA Strategic Alpha International Equity ETF 31.1 29 -4 7.8 +1.2
FDEV Fidelity Targeted International Factor ETF 30.9 39 -14 6.5 -0.0
VYMI Vanguard International High Dividend Yield ETF 30.3 32 -7 10.3 +3.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 30.0 39 -14 8.5 +1.9
EFAV iShares Edge MSCI Min Vol EAFE ETF 29.5 20 5 5.5 -1.1
EUDG WisdomTree Europe Quality Dividend Growth Fund 29.3 58 -33 6.1 -0.4
TPIF Timothy Plan International ETF 28.6 62 -37 6.4 -0.2
RBIN Nationwide Risk-Based International Equity ETF 28.2 42 -17 6.5 -0.1
VSGX Vanguard ESG International Stock ETF 28.0 17 8 7.3 +0.8
IDMO Invesco S&P International Developed Momentum ETF 27.7 26 -1 4.6 -2.0
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 27.4 24 1 7.3 +0.7
FIVA Fidelity International Value Factor ETF 27.2 39 -14 10.1 +3.5
NUDM Nuveen ESG International Developed Markets Equity ETF 26.0 40 -15 7.0 +0.4
IDHQ Invesco S&P International Developed Quality ETF 25.9 29 -4 5.1 -1.4
DDEZ WisdomTree Europe Multifactor Fund 25.2 43 -18 7.1 +0.5
VIGI Vanguard International Dividend Appreciation ETF 25.0 25 0 5.6 -0.9
JPIN JPMorgan Diversified Return International Equity ETF 24.7 37 -12 8.1 +1.5
RODM Hartford Multifactor Developed Markets (ex-US) ETF 23.9 29 -4 8.8 +2.2
AVDE Avantis International Equity ETF 23.8 23 2 8.0 +1.4
UIVM VictoryShares USAA MSCI International Value Momentum ETF 23.7 35 -10 8.9 +2.3
IGRO iShares International Dividend Growth ETF 23.6 22 3 8.1 +1.5
DTH WisdomTree DEFA Equity Income Fund 23.4 58 -33 9.7 +3.2
ESGG FlexShares STOXX Global ESG Impact Index Fund 23.1 42 -17 5.5 -1.1
IVLU iShares Edge MSCI Intl Value Factor ETF 22.7 30 -5 11.4 +4.9
FEZ SPDR EURO STOXX 50 ETF 22.5 29 -4 7.1 +0.6
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 22.2 32 -7 6.4 -0.2
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 22.2 45 -20 6.9 +0.3
IOO iShares Global 100 ETF 21.4 40 -15 4.7 -1.8
INTF iShares Edge MSCI Multifactor Intl ETF 21.3 30 -5 8.0 +1.5
FEP First Trust Europe AlphaDEX Fund 21.1 80 -55 7.8 +1.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 21.0 45 -20 7.3 +0.7
HEDJ WisdomTree Europe Hedged Equity Fund 20.8 58 -33 6.9 +0.4
DWMF WisdomTree International Multifactor Fund 20.7 38 -13 6.8 +0.2
DOO WisdomTree International Dividend ex-Financials Fund 20.4 58 -33 8.8 +2.2
TOK iShares MSCI Kokusai ETF 20.4 25 0 5.6 -0.9
KOKU Xtrackers MSCI Kokusai Equity ETF 20.0 9 16 5.8 -0.8

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 11.0 %
Divided by: Fwd. P/BV 1.6 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.6 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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