Goldman Sachs ActiveBeta Europe Equity
ALTAR
Score™
6.3% info Recommen-
dation
UNDERWEIGHT
2019E    2020E
P/E
ratio
16.3x P/Sales
ratio
1.1x
P/BV
ratio
1.9x Div.
yield
3.3%


  • 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) $20
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 391
Wgt avg mkt cap (mns) $67,616
Large cap (>$10bn) 83.7%
Mid cap ($2-10bn) 15.6%
Small cap (<$2bn) 0.6%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
NESTLE SA-REG 3.0 %
ROCHE HOLDING AG-GENUSSCHEIN 2.3 %
NOVARTIS AG-REG 1.8 %
SAP AG 1.2 %
LVMH MOET HENNESSY LOUIS VUI 1.2 %
TOTAL SA 1.1 %
GLAXOSMITHKLINE PLC 1.1 %
HSBC HOLDINGS PLC 1.1 %
ROYAL DUTCH SHELL PLC-A SHS 1.1 %
NOVO NORDISK A/S-B 1.1 %
Total 14.8 %

TOP COUNTRY EXPOSURE
BRITAIN 24.1 %
FRANCE 17.5 %
SWITZERLAND 15.1 %
GERMANY 12.3 %
NETHERLANDS 6.9 %
SPAIN 4.3 %
ITALY 4.2 %
SWEDEN 4.0 %
DENMARK 3.9 %
BELGIUM 1.5 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru November 30)
Year-to-date 1 year 5 years 10 years Since Incep.
19.8% 13.5% -- -- 7.7%

Market Correlations
versus... Beta R-squared
S&P500 0.78 59%
MSCI EAFE 1.08 94%
MSCI Emg. Mkts. 0.73 69%

Technical Indicators
Recent close $30.72
30d moving avg. $30.36
Annualized volatility 12.2%
Short interest (ETF) 0.0%
Relative strength (RSI) 60

Liquidity measures
Avg. volume (thou.) 3
Turnover 0.5%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $25,427

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs ActiveBeta Europe Equity 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™: 6.3%


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 Europe Hedged 72.6 45 -20 6.4 +0.2
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE 71.5 30 -5 6.6 +0.4
FLEH Franklin FTSE Europe Hedged 71.1 9 16 6.9 +0.6
FLEE Franklin FTSE Europe 71.0 9 16 6.8 +0.5
BBEU JPMorgan BetaBuilders Europe 69.7 9 16 6.8 +0.5
IEV iShares S&P Europe 350 69.5 59 -34 6.3 +0.1
IEUR iShares Core MSCI Europe 69.3 9 16 6.7 +0.5
VGK Vanguard FTSE Europe 67.8 9 16 6.8 +0.6
FEU SPDR DJ Stoxx 50 66.8 9 16 6.7 +0.5
GSIE Goldman Sachs ActiveBeta Int'l Equity 56.0 25 0 6.5 +0.2
EFA iShares MSCI EAFE 55.6 31 -6 6.8 +0.6
DBEF Xtrackers MSCI EAFE Hedged 54.6 35 -10 6.8 +0.6
EFAX SPDR MSCI EAFE Fossil Fuel Free 53.2 20 5 6.9 +0.6
HFXI IQ 50 Percent Hedged FTSE Int'l 51.7 20 5 7.2 +1.0
JPEU JPMorgan Diversified Return Europe Equity 50.6 37 -12 6.5 +0.3
PBDM Invesco PureBeta FTSE Developed ex-North America 50.1 7 18 7.4 +1.1
ESGD iShares MSCI EAFE ESG Optimized 49.9 20 5 6.8 +0.5
QEFA SPDR MSCI EAFE Quality Mix 49.0 30 -5 6.5 +0.3
IEFA iShares Core MSCI EAFE 48.5 7 18 6.9 +0.7
SCID Global X Scientific Beta Europe 47.8 38 -13 6.3 +0.1

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

  2014 2015 2016 2017 2018 2019E 2020E
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

Content on this tab for subscribers only

VALUATION METRICS
  2018 2019E 2020E
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
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 11.5 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

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