Goldman Sachs ActiveBeta Japan Equity
ALTAR
Score™
7.8% info Recommen-
dation
OVERWEIGHT
2019E    2020E
P/E
ratio
14.4x P/Sales
ratio
0.7x
P/BV
ratio
1.3x Div.
yield
2.4%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Goldman Sachs ActiveBeta Japan Equity ETF tracks an index of Japanese 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 314
Wgt avg mkt cap (mns) $31,770
Large cap (>$10bn) 66.9%
Mid cap ($2-10bn) 32.8%
Small cap (<$2bn) 0.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TOYOTA MOTOR CORP 3.8 %
SONY CORP 1.9 %
HONDA MOTOR CO LTD 1.5 %
SOFTBANK GROUP CORP. 1.4 %
MITSUBISHI UFJ FINANCIAL GRO 1.3 %
SUMITOMO MITSUI FINANCIAL GR 1.3 %
KEYENCE CORP 1.3 %
KDDI CORPORATION 1.3 %
NIPPON TELEGRAPH AND TELEPHONE COR 1.3 %
NTT DOCOMO, INC. 1.1 %
Total 16.3 %

TOP COUNTRY EXPOSURE
JAPAN 98.4 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru October 31)
Year-to-date 1 year 5 years 10 years Since Incep.
15.6% 8.4% -- -- 8.3%

Market Correlations
versus... Beta R-squared
S&P500 0.68 59%
MSCI EAFE 0.83 74%
MSCI Emg. Mkts. 0.61 66%

Technical Indicators
Recent close $33.53
30d moving avg. $33.13
Annualized volatility 10.7%
Short interest (ETF) 0.1%
Relative strength (RSI) 72

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.3%
Bid/Ask (% of price) 0.13%
ADV underlying (mns) $17,384

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs ActiveBeta Japan Equity ETF based on the alternatives' overlap in portfolio holdings with GSJY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GSJY Expense: 25 bp ALTAR Score™: 7.8%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSJY
Ticker Fund
Name
Overlap1
vs GSJY
(%)
Expense
ratio
(bp)
Savings
vs GSJY
(bp)
ALTAR
Score™
(%)
ALTAR
vs GSJY
(%)
EWJ iShares MSCI Japan 79.4 47 -22 7.7 -0.1
DBJP Xtrackers MSCI Japan Hedged 78.8 45 -20 7.7 -0.1
BBJP JPMorgan BetaBuilders Japan 77.7 19 6 7.9 +0.1
QJPN SPDR MSCI Japan Quality Mix 77.0 14 11 8.1 +0.3
HFXJ IQ 50 Percent Hedged FTSE Japan 75.2 30 -5 7.8 +0.0
FLJP Franklin FTSE Japan 74.9 9 16 8.1 +0.3
FLJH Franklin FTSE Japan Hedged 74.5 9 16 8.0 +0.2
JPN Xtrackers Japan JPX-Nikkei 400 Equity 71.6 9 16 8.1 +0.3
JPXN iShares JPX-Nikkei 400 71.5 48 -23 7.7 -0.1
EWJE iShares MSCI Japan Equal Weighted 62.0 15 10 7.3 -0.5
IPAC iShares Core MSCI Pacific 54.9 9 16 7.5 -0.3
JPMV iShares MSCI Japan Min Volatility 50.5 30 -5 6.7 -1.1
DXJ WisdomTree Japan Hedged Equity 49.2 48 -23 8.7 +0.9
SCIJ Global X Scientific Beta Japan 48.7 39 -14 7.0 -0.8
VPL Vanguard Pacific ETF 47.2 9 16 7.9 +0.1
EWJV iShares MSCI Japan Value 45.9 15 10 10.2 +2.4
RFAP First Trust Riverfront Dynamic Asia Pacific 42.9 83 -58 7.4 -0.5
IVLU iShares MSCI Int'l Developed Value Factor 33.0 30 -5 10.5 +2.7
REFA Invesco International Revenue ETF 31.4 42 -17 8.9 +1.1
PQIN PGIM QMA Strategic Alpha International Equity 30.0 29 -4 7.4 -0.4

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 Japan Equity
Relative
to:
S&P500 MSCI EAFE MSCI Emg. Mkts. Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.6 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 7.8 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.60 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.