Goldman Sachs ActiveBeta International Equity ETF
ALTAR
Score™
6.0% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
22.3x P/Sales
ratio
1.3x
P/BV
ratio
1.9x Div.
yield
2.3%


  • 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) $2,230
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 774
Wgt avg mkt cap (mns) $54,877
Large cap (>$10bn) 78.7%
Mid cap ($2-10bn) 19.8%
Small cap (<$2bn) 0.1%
Developed mkts 99.9%
Emerging mkts 0.1%

TOP TEN HOLDINGS
NESTLE SA-REG 1.7 %
ROCHE HOLDING AG-GENUSSCHEIN 1.3 %
NOVARTIS AG-REG 1.0 %
LVMH MOET HENNESSY LOUIS VUI 0.9 %
ASML HOLDING NV 0.7 %
NOVO NORDISK A/S-B 0.7 %
L'OREAL 0.6 %
UNILEVER PLC 0.6 %
ROYAL BANK OF CANADA 0.6 %
ASTRAZENECA PLC 0.6 %
Total 8.6 %

TOP COUNTRY EXPOSURE
JAPAN 22.0 %
BRITAIN 11.5 %
FRANCE 10.1 %
CANADA 9.2 %
SWITZERLAND 9.0 %
GERMANY 8.8 %
AUSTRALIA 5.5 %
SWEDEN 3.3 %
NETHERLANDS 3.3 %
DENMARK 2.8 %

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.
7.5% 7.5% 8.1% -- 7.5%

Market Correlations
versus... Beta R-squared
S&P500 0.88 86%
MSCI EAFE 0.94 98%
MSCI Emg. Mkts. 0.74 76%

Technical Indicators
Recent close $32.80
30d moving avg. $32.18
Annualized volatility 17.8%
Short interest (ETF) 0.1%
Relative strength (RSI) 64

Liquidity measures
Avg. volume (thou.) 353
Turnover 0.5%
Bid/Ask (% of price) 0.06%
ADV underlying (mns) $66,343

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 97 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™: 6.0%


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
(%)
DFAI Dimensional International Core Equity Market ETF 81.6 18 7 6.4 +0.4
EFA iShares MSCI EAFE ETF 63.0 32 -7 6.2 +0.3
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 62.5 35 -10 6.1 +0.1
IDEV iShares Core MSCI International Developed Markets ETF 62.1 5 20 6.5 +0.5
SCHF Schwab International Equity ETF 62.1 6 19 6.5 +0.5
BKIE BNY Mellon International Equity ETF 61.1 4 21 6.6 +0.6
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 60.2 20 5 6.4 +0.4
GSID Goldman Sachs MarketBeta International Equity ETF 59.7 20 5 6.3 +0.3
SPDW SPDR Portfolio Developed World ex-US ETF 59.6 4 21 6.2 +0.2
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 59.4 7 18 6.5 +0.6
IEFA iShares Core MSCI EAFE ETF 59.3 7 18 6.5 +0.5
HFXI IQ 50 Percent Hedged FTSE International ETF 59.2 20 5 6.4 +0.5
VEA Vanguard FTSE Developed Markets ETF 58.8 5 20 6.6 +0.6
GSEU Goldman Sachs ActiveBeta Europe Equity ETF 57.2 25 0 5.9 -0.1
JHMD John Hancock Multifactor Developed International ETF 56.4 39 -14 6.6 +0.6
QEFA SPDR MSCI EAFE Quality Mix ETF 56.3 30 -5 6.0 -0.0
ISZE iShares Edge MSCI Intl Size Factor ETF 56.1 30 -5 6.3 +0.3
PDEV Principal International Multi-Factor Core Index ETF 55.2 25 0 7.1 +1.1
ACWX iShares MSCI ACWI ex U.S. ETF 54.8 32 -7 6.3 +0.3
ESGD iShares MSCI EAFE ESG Optimized ETF 54.8 20 5 6.2 +0.2
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 53.6 40 -15 6.1 +0.1
CIL VictoryShares International Volatility Weighted Index ETF 52.2 45 -20 6.4 +0.4
CIZ VictoryShares Developed Enhanced Volatility Weighted Index E 52.1 45 -20 6.4 +0.4
VEU Vanguard FTSE All-World ex-US Index Fund 51.1 8 17 6.7 +0.7
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 50.9 39 -14 5.6 -0.4
CWI SPDR MSCI ACWI ex-US ETF 50.8 30 -5 6.2 +0.2
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 50.5 45 -20 7.7 +1.7
IQSI IQ Candriam ESG International Equity ETF 50.2 15 10 6.4 +0.4
IXUS ishares Core MSCI Total International Stock ETF 49.2 9 16 6.4 +0.4
VSGX Vanguard ESG International Stock ETF 49.2 17 8 6.3 +0.3
FNDF Schwab Fundamental International Large Co. Index ETF 47.4 25 0 7.7 +1.7
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 46.6 39 -14 7.4 +1.5
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 45.9 40 -15 7.2 +1.2
DBEU Xtrackers MSCI Europe Hedged Equity ETF 45.8 45 -20 6.0 +0.0
CEFA Global X S&P Catholic Values Developed ex-U.S. ETF 45.7 35 -10 6.0 -0.0
DWM WisdomTree International Equity Fund 45.2 48 -23 7.2 +1.2
FLEE Franklin FTSE Europe ETF 45.1 9 16 6.5 +0.5
FLEH Franklin FTSE Europe Hedged ETF 44.9 9 16 6.5 +0.5
BBEU JPMorgan BetaBuilders Europe ETF 44.7 9 16 6.7 +0.7
IEUR iShares Core MSCI Europe ETF 44.5 9 16 6.6 +0.6
IQIN IQ 500 International ETF 44.4 25 0 7.7 +1.7
PQIN PGIM QMA Strategic Alpha International Equity ETF 44.2 29 -4 7.1 +1.1
EFG iShares MSCI EAFE Growth ETF 44.1 40 -15 4.1 -1.9
AVDE Avantis International Equity ETF 44.0 23 2 6.9 +0.9
VGK Vanguard FTSE Europe ETF 43.7 8 17 6.8 +0.8
SPEU SPDR Portfolio Europe ETF 43.7 9 16 6.8 +0.8
IEV iShares Europe ETF 42.8 59 -34 6.3 +0.3
DMXF iShares ESG Advanced MSCI EAFE ETF 42.2 12 13 6.2 +0.2
VXUS Vanguard Total International Stock ETF 41.2 8 17 6.6 +0.6
DOL WisdomTree International LargeCap Dividend Fund 40.3 48 -23 7.2 +1.2
ISDX Invesco RAFI Strategic Developed ex-US ETF 40.1 23 2 6.3 +0.3
TPIF Timothy Plan International ETF 40.1 62 -37 6.1 +0.1
RESD WisdomTree International ESG Fund 39.2 30 -5 6.5 +0.5
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 39.2 24 1 6.5 +0.5
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 38.1 14 11 6.1 +0.1
IQLT iShares Edge MSCI Intl Quality Factor ETF 37.5 30 -5 5.2 -0.8
IMTM iShares Edge MSCI Intl Momentum Factor ETF 37.3 30 -5 4.1 -1.9
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 37.1 16 9 6.0 -0.0
EFV iShares MSCI EAFE Value ETF 35.9 39 -14 8.4 +2.5
RNDM First Trust Developed International Equity Select ETF 35.9 65 -40 5.7 -0.3
QINT American Century Quality Diversified International ETF 35.8 39 -14 5.7 -0.3
RODM Hartford Multifactor Developed Markets (ex-US) ETF 34.3 29 -4 7.3 +1.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 34.0 45 -20 6.1 +0.1
RBIN Nationwide Risk-Based International Equity ETF 33.9 42 -17 6.0 +0.1
UIVM VictoryShares USAA MSCI International Value Momentum ETF 33.3 35 -10 7.7 +1.7
EFAV iShares Edge MSCI Min Vol EAFE ETF 31.6 20 5 5.0 -1.0
QWLD SPDR MSCI World StrategicFactors ETF 30.9 30 -5 5.4 -0.6
URTH iShares MSCI World ETF 30.5 24 1 5.0 -1.0
JPIN JPMorgan Diversified Return International Equity ETF 30.4 37 -12 7.0 +1.0
ESGG FlexShares STOXX Global ESG Impact Index Fund 30.3 42 -17 4.6 -1.4
FDEV Fidelity Targeted International Factor ETF 29.9 39 -14 6.2 +0.2
IVLU iShares Edge MSCI Intl Value Factor ETF 29.5 30 -5 10.0 +4.0
VYMI Vanguard International High Dividend Yield ETF 28.7 27 -2 9.0 +3.0
IPAC iShares Core MSCI Pacific ETF 28.1 9 16 6.3 +0.3
EZU iShares MSCI Eurozone ETF 27.2 51 -26 6.0 +0.0
VWID Virtus WMC International Dividend ETF 27.1 49 -24 7.4 +1.4
VPL Vanguard FTSE Pacific ETF 27.0 8 17 6.4 +0.4
DBEZ Xtrackers MSCI Eurozone Hedged Equity ETF 26.5 45 -20 6.0 +0.1
ACWI iShares MSCI ACWI ETF 26.4 32 -7 5.0 -1.0
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 26.3 32 -7 5.7 -0.3
EURZ Xtrackers Eurozone Equity ETF 25.9 9 16 6.6 +0.6
TOK iShares MSCI Kokusai ETF 25.5 25 0 4.9 -1.1
DWMF WisdomTree International Multifactor Fund 25.5 38 -13 6.2 +0.2
CRBN iShares MSCI ACWI Low Carbon Target ETF 25.3 20 5 5.3 -0.7
LOWC SPDR MSCI ACWI Low Carbon Target ETF 25.1 20 5 5.3 -0.7
EUDG WisdomTree Europe Quality Dividend Growth Fund 24.9 58 -33 6.5 +0.5
KOKU Xtrackers MSCI Kokusai Equity ETF 24.9 9 16 5.0 -1.0
IDMO Invesco S&P International Developed Momentum ETF 24.3 26 -1 3.7 -2.3
IDLV Invesco S&P International Developed Low Volatility ETF 24.3 25 0 6.2 +0.2
IDHQ Invesco S&P International Developed Quality ETF 23.9 29 -4 4.7 -1.3
NUDM Nuveen ESG International Developed Markets Equity ETF 23.6 40 -15 5.9 -0.1
VT Vanguard Total World Stock ETF 23.3 8 17 5.3 -0.7
INTF iShares Edge MSCI Multifactor Intl ETF 23.2 30 -5 7.2 +1.2
FIVA Fidelity International Value Factor ETF 22.9 39 -14 8.8 +2.8
RODE Hartford Multifactor Diversified International ETF 22.6 29 -4 10.5 +4.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 22.0 9 16 5.1 -0.9
GSJY Goldman Sachs ActiveBeta Japan Equity ETF 21.9 25 0 6.2 +0.2

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 11.0 %
Divided by: Fwd. P/BV 1.8 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 6.0 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.58 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.