Goldman Sachs ActiveBeta International Equity ETF
ALTAR
Score™
8.7% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
13.2x P/Sales
ratio
0.9x
P/BV
ratio
1.3x Div.
yield
4.0%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GSIE tracks an index of stocks in developed markets outside of the US 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 International Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Nov 06, 2015
Assets (mns) $1,316
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 Yes

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 793
Wgt avg mkt cap (mns) $44,890
Large cap (>$10bn) 67.8%
Mid cap ($2-10bn) 31.8%
Small cap (<$2bn) 0.5%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 2.1 %
ROCHE HOLDING AG-GENUSSCHEIN 1.7 %
NOVARTIS AG-REG 1.1 %
NOVO NORDISK A/S-B 0.8 %
LVMH MOET HENNESSY LOUIS VUI 0.7 %
L'OREAL 0.6 %
SANOFI-AVENTIS 0.6 %
ASTRAZENECA PLC 0.6 %
SAP AG 0.6 %
GLAXOSMITHKLINE PLC 0.6 %
Total 9.5 %

TOP COUNTRY EXPOSURE
JAPAN 22.8 %
BRITAIN 12.6 %
FRANCE 10.3 %
SWITZERLAND 9.6 %
CANADA 9.1 %
GERMANY 6.8 %
AUSTRALIA 4.9 %
NETHERLANDS 3.8 %
HONG KONG 2.7 %
DENMARK 2.6 %

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.
-23.5% -15.5% -- -- 0.6%

Market Correlations
versus... Beta R-squared
S&P500 0.90 85%
MSCI EAFE 0.98 98%
MSCI Emg. Mkts. 0.75 84%

Technical Indicators
Recent close $22.11
30d moving avg. $24.61
Annualized volatility 14.9%
Short interest (ETF) 0.2%
Relative strength (RSI) 34

Liquidity measures
Avg. volume (thou.) 1,067
Turnover 1.8%
Bid/Ask (% of price) 0.20%
ADV underlying (mns) $63,384

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Goldman Sachs ActiveBeta International Equity ETF ETF based on the alternatives' overlap in portfolio holdings with GSIE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GSIE Expense: 25 bp ALTAR Score™: 8.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSIE
Ticker Fund
Name
Overlap1
vs GSIE
(%)
Expense
ratio
(bp)
Savings
vs GSIE
(bp)
ALTAR
Score™
(%)
ALTAR
vs GSIE
(%)
EFA iShares MSCI EAFE ETF 63.9 32 -7 9.2 +0.5
SCHF Schwab International Equity ETF 63.4 6 19 9.5 +0.8
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 63.0 35 -10 8.9 +0.2
IDEV iShares Core MSCI International Developed Markets ETF 62.5 5 20 9.4 +0.7
SPDW SPDR Portfolio Developed World ex-US ETF 61.9 4 21 9.3 +0.6
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 60.8 7 18 9.6 +0.9
HFXI IQ 50 Percent Hedged FTSE International ETF 60.7 20 5 9.5 +0.8
IEFA iShares Core MSCI EAFE ETF 60.5 7 18 9.4 +0.7
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 60.3 20 5 9.2 +0.5
VEA Vanguard FTSE Developed Markets ETF 59.7 5 20 9.7 +0.9
PDEV Principal International Multi-Factor Core Index ETF 58.0 25 0 8.6 -0.1
QEFA SPDR MSCI EAFE Quality Mix ETF 57.0 30 -5 8.3 -0.4
ACWX iShares MSCI ACWI ex U.S. ETF 56.9 32 -7 9.6 +0.9
JHMD John Hancock Multifactor Developed International ETF 56.7 45 -20 9.6 +0.9
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 55.9 40 -15 9.2 +0.5
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 55.8 25 0 8.5 -0.3
ISZE iShares Edge MSCI Intl Size Factor ETF 54.7 30 -5 9.2 +0.5
VEU Vanguard FTSE All-World ex-US Index Fund 53.8 8 17 9.8 +1.1
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 53.7 45 -20 11.6 +2.9
FNDF Schwab Fundamental International Large Co. Index ETF 53.0 25 0 11.4 +2.6
CWI SPDR MSCI ACWI ex-US ETF 52.7 30 -5 9.5 +0.8
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 52.3 39 -14 8.4 -0.3
IXUS ishares Core MSCI Total International Stock ETF 51.9 9 16 9.7 +1.0
ESGD iShares MSCI EAFE ESG Optimized ETF 51.4 20 5 9.2 +0.5
VXUS Vanguard Total International Stock Index Fund 50.6 8 17 9.8 +1.1
DWM WisdomTree International Equity Fund 50.5 48 -23 10.8 +2.1
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 49.7 35 -10 11.0 +2.3
IQSI IQ Candriam ESG International Equity ETF 49.7 15 10 9.3 +0.6
CIZ Victory CEMP Developed Enhanced Volatility Weighted Index ET 49.4 45 -20 9.4 +0.7
CIL Victory CEMP International Volatility Weighted Index ETF 49.4 45 -20 9.3 +0.6
IQIN IQ 500 International ETF 48.9 25 0 11.3 +2.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 48.4 39 -14 11.9 +3.2
EFG iShares MSCI EAFE Growth ETF 46.7 40 -15 6.0 -2.7
DBEU Xtrackers MSCI Europe Hedged Equity ETF 46.7 45 -20 8.5 -0.3
VSGX Vanguard ESG International Stock ETF 46.4 17 8 9.3 +0.6
HFXE IQ 50 PERCENT HEDGED FTSE EUROPE ETF 46.3 30 -5 8.7 -0.1
FLEE Franklin FTSE Europe ETF 46.2 9 16 9.0 +0.3
FLEH Franklin FTSE Europe Hedged ETF 46.1 9 16 8.9 +0.2
IEUR iShares Core MSCI Europe ETF 45.8 9 16 9.3 +0.6
BBEU JPMorgan BetaBuilders Europe ETF 45.2 9 16 9.2 +0.5
FEU SPDR Portfolio Europe ETF 44.5 9 16 9.3 +0.6
VGK Vanguard FTSE Europe ETF 44.5 8 17 9.5 +0.8
IEV iShares Europe ETF 43.9 59 -34 8.8 +0.1
DOL WisdomTree International LargeCap Dividend Fund 43.8 48 -23 11.0 +2.3
PQIN PGIM QMA Strategic Alpha International Equity ETF 43.5 29 -4 9.5 +0.8
ISDX Invesco Strategic Developed ex-US ETF 42.9 23 2 10.1 +1.4
IMTM iShares Edge MSCI Intl Momentum Factor ETF 42.8 30 -5 5.9 -2.8
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 40.8 48 -23 0.0 -8.7
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 40.3 14 11 8.8 +0.0
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 39.9 16 9 8.9 +0.2
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 39.7 24 1 9.3 +0.5
AVDE Avantis International Equity ETF 38.3 23 2 10.4 +1.7
QINT American Century Quality Diversified International ETF 38.2 39 -14 7.7 -1.0
IDY Pacific Global International Equity Income ETF 38.2 39 -14 11.1 +2.4
RFDI First Trust Riverfront Dynamic Developed International ETF 37.6 83 -58 8.1 -0.6
IQLT iShares Edge MSCI Intl Quality Factor ETF 37.2 30 -5 7.7 -1.1
JPEU JPMorgan Diversified Return Europe Equity ETF 36.9 37 -12 8.8 +0.1
TPIF Timothy Plan International ETF 36.8 62 -37 9.0 +0.3
RNDM Developed International Equity Select ETF 36.4 65 -40 8.2 -0.5
EFAV iShares Edge MSCI Min Vol EAFE ETF 35.6 20 5 6.8 -1.9
RODM Hartford Multifactor Developed Markets (ex-US) ETF 35.0 29 -4 10.9 +2.1
EFV iShares MSCI EAFE Value ETF 34.8 39 -14 12.7 +4.0
SCID Global X Scientific Beta Europe ETF 34.6 38 -13 8.9 +0.2
UIVM VictoryShares USAA MSCI International Value Momentum ETF 34.4 35 -10 10.9 +2.2
IDLB Invesco FTSE International Low Beta Equal Weight ETF 33.6 45 -20 8.8 +0.1
RBIN Nationwide Risk-Based International Equity ETF 33.2 42 -17 8.6 -0.2
ESGG FlexShares STOXX Global ESG Impact Index Fund 32.9 42 -17 7.3 -1.5
FDEV Fidelity Targeted International Factor ETF 32.7 39 -14 7.9 -0.8
VYMI Vanguard International High Dividend Yield ETF 32.0 32 -7 12.6 +3.9
URTH iShares MSCI World ETF 31.9 24 1 7.7 -1.0
JPGE JPMorgan Diversified Return Global Equity ETF 31.8 29 -4 9.4 +0.7
QWLD SPDR MSCI World StrategicFactors ETF 31.4 30 -5 7.6 -1.1
JPIN JPMorgan Diversified Return International Equity ETF 31.1 38 -13 10.0 +1.3
EUMV iShares Edge MSCI Min Vol Europe ETF 29.4 25 0 6.5 -2.2
IDHQ Invesco S&P International Developed High Quality ETF 28.6 29 -4 6.7 -2.0
ACWI iShares MSCI ACWI ETF 28.1 32 -7 8.0 -0.7
IGRO iShares International Dividend Growth ETF 27.5 22 3 9.9 +1.2
IDMO Invesco S&P International Developed Momentum ETF 27.4 25 0 5.8 -2.9
TOK iShares MSCI Kokusai ETF 27.3 25 0 7.5 -1.2
IPAC iShares Core MSCI Pacific ETF 27.3 9 16 9.5 +0.8
RFEU First Trust Riverfront Dynamic Europe ETF 27.2 83 -58 6.4 -2.3
EZU iShares MSCI Eurozone ETF 27.1 49 -24 9.1 +0.4
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 26.8 32 -7 7.8 -0.9
LOWC SPDR MSCI ACWI Low Carbon Target ETF 26.7 20 5 8.3 -0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 26.7 45 -20 8.9 +0.2
VPL Vanguard FTSE Pacific ETF 26.4 8 17 10.0 +1.3
EURZ Xtrackers Eurozone Equity ETF 26.3 9 16 9.3 +0.6
CRBN iShares MSCI ACWI Low Carbon Target ETF 26.0 20 5 8.3 -0.4
IVLU iShares Edge MSCI Intl Value Factor ETF 26.0 30 -5 14.3 +5.6
DWMF WisdomTree International Multifactor Fund 25.6 38 -13 8.4 -0.4
IDLV Invesco S&P International Developed Low Volatility ETF 25.3 25 0 8.1 -0.6
VT Vanguard Total World Stock Index Fund 25.3 8 17 8.2 -0.5
OEUR O'shares FTSE Europe Quality Dividend ETF 25.0 48 -23 7.8 -0.9
DTH WisdomTree DEFA Equity Income Fund 25.0 58 -33 12.6 +3.9
SPGM SPDR Portfolio MSCI Global Stock Market ETF 24.5 9 16 8.0 -0.7
FIVA Fidelity International Value Factor ETF 24.0 39 -14 13.5 +4.8
VIGI Vanguard International Dividend Appreciation ETF 23.1 25 0 7.3 -1.5
NUDM Nuveen ESG International Developed Markets Equity ETF 22.9 40 -15 8.7 -0.0
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 22.8 25 0 9.7 +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 International 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 11.1 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 8.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 CATEGORY
AVERAGE
1.58
 
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.