Goldman Sachs ActiveBeta Japan Equity ETF
ALTAR
Score™		 7.6% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 16.7x P/Sales
ratio		 0.8x
P/BV
ratio		 1.2x Div.
yield		 2.5%


  • 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) $19
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 315
Wgt avg mkt cap (mns) $32,481
Large cap (>$10bn) 66.5%
Mid cap ($2-10bn) 33.3%
Small cap (<$2bn) 0.2%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
TOYOTA MOTOR CORP 3.5 %
SONY CORP 2.1 %
KEYENCE CORP 1.7 %
SOFTBANK GROUP CORP. 1.6 %
HONDA MOTOR CO LTD 1.5 %
DAIICHI SANKYO CO LTD 1.4 %
KDDI CORPORATION 1.4 %
NIPPON TELEGRAPH AND TELEPHONE COR 1.2 %
TAKEDA PHARMACEUTICAL CO LTD 1.2 %
NTT DOCOMO, INC. 1.2 %
Total 16.8 %

TOP COUNTRY EXPOSURE
JAPAN 98.4 %










HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru May 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-6.4% 7.2% -- -- 5.9%

Market Correlations
versus... Beta R-squared
S&P500 0.65 70%
MSCI EAFE 0.74 77%
MSCI Emg. Mkts. 0.51 57%

Technical Indicators
Recent close $31.47
30d moving avg. $29.67
Annualized volatility 13.2%
Short interest (ETF) 0.2%
Relative strength (RSI) 65

Liquidity measures
Avg. volume (thou.) 2
Turnover 0.3%
Bid/Ask (% of price) 0.16%
ADV underlying (mns) $19,856

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 99 potential alternatives to the Goldman Sachs ActiveBeta Japan Equity ETF 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™: 7.6%


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 ETF 80.2 49 -24 7.4 -0.2
DBJP Xtrackers MSCI Japan Hedged Equity ETF 79.0 45 -20 7.4 -0.2
BBJP JPMorgan BetaBuilders Japan ETF 78.5 19 6 7.7 +0.1
QJPN SPDR MSCI Japan StrategicFactors ETF 78.2 14 11 8.0 +0.4
HFXJ IQ 50 Percent Hedged FTSE Japan ETF 76.0 30 -5 7.6 -0.0
FLJP Franklin FTSE Japan ETF 75.8 9 16 7.8 +0.2
FLJH Franklin FTSE Japan Hedged ETF 74.9 9 16 7.7 +0.1
JPXN iShares JPX-Nikkei 400 ETF 73.2 48 -23 7.5 -0.1
JPN Xtrackers Japan JPX-Nikkei 400 Equity ETF 72.2 9 16 7.9 +0.3
EWJE iShares MSCI Japan Equal Weighted ETF 62.0 15 10 7.1 -0.5
IPAC iShares Core MSCI Pacific ETF 56.7 9 16 7.5 -0.1
SCIJ Global X Scientific Beta Japan ETF 51.0 39 -14 7.2 -0.4
VPL Vanguard FTSE Pacific ETF 50.4 8 17 7.8 +0.2
DXJ WisdomTree Japan Hedged Equity Fund 49.9 48 -23 8.3 +0.7
JPMV iShares Edge MSCI Min Vol Japan ETF 49.4 30 -5 6.9 -0.7
EWJV iShares MSCI Japan Value ETF 46.3 15 10 10.8 +3.2
RFAP First Trust Riverfront Dynamic Asia Pacific ETF 40.1 83 -58 7.1 -0.5
IVLU iShares Edge MSCI Intl Value Factor ETF 32.2 30 -5 11.3 +3.7
PQIN PGIM QMA Strategic Alpha International Equity ETF 31.3 29 -4 8.1 +0.5
IMTM iShares Edge MSCI Intl Momentum Factor ETF 29.8 30 -5 5.0 -2.6
ISZE iShares Edge MSCI Intl Size Factor ETF 29.6 30 -5 6.9 -0.7
EFAX SPDR MSCI EAFE Fossil Fuel Free ETF 26.6 20 5 7.3 -0.3
EFA iShares MSCI EAFE ETF 25.9 32 -7 7.2 -0.5
HFXI IQ 50 Percent Hedged FTSE International ETF 25.7 20 5 7.5 -0.1
DBEF Xtrackers MSCI EAFE Hedged Equity ETF 25.5 35 -10 7.0 -0.6
EFV iShares MSCI EAFE Value ETF 25.4 39 -14 10.0 +2.4
JHMD John Hancock Multifactor Developed International ETF 25.4 45 -20 7.4 -0.2
QEFA SPDR MSCI EAFE Quality Mix ETF 25.4 30 -5 6.8 -0.8
IDY Pacific Global International Equity Income ETF 25.2 39 -14 8.0 +0.4
EFG iShares MSCI EAFE Growth ETF 25.1 40 -15 4.7 -2.9
DHDG WisdomTree Dynamic Currency Hedged Intl Quality Div Growth 24.8 48 -23 0.0 -7.6
EASG Xtrackers MSCI EAFE ESG Leaders Equity ETF 24.5 14 11 7.0 -0.6
RBIN Nationwide Risk-Based International Equity ETF 24.4 42 -17 6.5 -1.2
ESGD iShares MSCI EAFE ESG Optimized ETF 24.2 20 5 7.2 -0.4
IQIN IQ 500 International ETF 24.2 25 0 9.0 +1.4
FNDF Schwab Fundamental International Large Co. Index ETF 24.1 25 0 8.7 +1.1
IQSI IQ Candriam ESG International Equity ETF 23.7 15 10 7.3 -0.3
PBDM Invesco PureBeta FTSE Developed ex-North America ETF 23.6 7 18 7.6 -0.0
FJP First Trust Japan AlphaDEX Fund 23.6 80 -55 9.2 +1.6
MFDX PIMCO RAFI Dynamic Multi-Factor International Equity ETF 23.2 39 -14 6.7 -0.9
IEFA iShares Core MSCI EAFE ETF 22.3 7 18 7.3 -0.3
GSIE Goldman Sachs ActiveBeta International Equity ETF 22.3 25 0 6.8 -0.8
DIM WisdomTree International MidCap Dividend Fund 22.2 58 -33 7.6 +0.0
SPDW SPDR Portfolio Developed World ex-US ETF 22.1 4 21 7.2 -0.4
IDLV Invesco S&P International Developed Low Volatility ETF 21.9 25 0 6.9 -0.7
SCHF Schwab International Equity ETF 21.7 6 19 7.4 -0.2
DDWM WisdomTree Dynamic Currency Hedged International Equity Fund 21.6 35 -10 8.6 +1.0
PDEV Principal International Multi-Factor Core Index ETF 21.6 25 0 7.9 +0.3
UIVM VictoryShares USAA MSCI International Value Momentum ETF 21.5 35 -10 8.6 +1.0
DWMF WisdomTree International Multifactor Fund 21.5 38 -13 6.8 -0.8
DWM WisdomTree International Equity Fund 20.8 48 -23 8.2 +0.6
PXF Invesco FTSE RAFI Developed Markets ex-U.S. ETF 20.4 45 -20 8.8 +1.2
CIL VictoryShares International Volatility Weighted Index ETF 20.3 45 -20 6.7 -0.9
DDJP WisdomTree Dynamic Currency Hedged Japan Equity Fund 20.0 43 -18 9.2 +1.6
TPIF Timothy Plan International ETF 20.0 62 -37 7.0 -0.6
DOL WisdomTree International LargeCap Dividend Fund 19.7 48 -23 8.5 +0.9
VEA Vanguard FTSE Developed Markets ETF 19.1 5 20 7.4 -0.2
IDEV iShares Core MSCI International Developed Markets ETF 18.9 5 20 7.3 -0.3
IDLB Invesco FTSE International Low Beta Equal Weight ETF 18.8 45 -20 7.2 -0.4
EFAV iShares Edge MSCI Min Vol EAFE ETF 18.7 20 5 5.9 -1.7
JPGE JPMorgan Diversified Return Global Equity ETF 18.6 29 -4 7.3 -0.3
RFDI First Trust Riverfront Dynamic Developed International ETF 18.5 83 -58 6.3 -1.3
QINT American Century Quality Diversified International ETF 18.2 39 -14 5.9 -1.7
NUDM Nuveen ESG International Developed Markets Equity ETF 17.9 40 -15 6.9 -0.7
VSGX Vanguard ESG International Stock ETF 17.9 17 8 7.4 -0.2
RODM Hartford Multifactor Developed Markets (ex-US) ETF 17.6 29 -4 8.6 +1.0
ACWX iShares MSCI ACWI ex U.S. ETF 17.3 32 -7 7.5 -0.1
DEEF Xtrackers FTSE Developed ex US Comprehensive Factor ETF 17.2 24 1 7.2 -0.4
FDEV Fidelity Targeted International Factor ETF 17.1 39 -14 6.5 -1.1
CWI SPDR MSCI ACWI ex-US ETF 17.0 30 -5 7.6 +0.0
ESGN Columbia Sustainable International Equity Income ETF 16.8 45 -20 11.1 +3.5
DBAW Xtrackers MSCI All World ex US Hedged Equity ETF 16.7 40 -15 7.4 -0.2
FIVA Fidelity International Value Factor ETF 16.4 39 -14 10.2 +2.6
ACSG Xtrackers MSCI ACWI ex USA ESG Leaders Equity ETF 16.4 16 9 7.1 -0.5
QLVD FlexShares Developed Markets ex-US Quality Low Volatility Id 16.3 32 -7 6.5 -1.1
ISDX Invesco Strategic Developed ex-US ETF 16.3 23 2 7.4 -0.2
VEU Vanguard FTSE All-World ex-US Index Fund 16.2 8 17 7.7 +0.1
HDMV First Trust Horizon Managed Volatility Developed Intl ETF 16.1 80 -55 6.0 -1.6
TLTD FlexShares Morningstar Developed Markets ex-US Factor Tilt 15.9 39 -14 9.1 +1.5
JPIN JPMorgan Diversified Return International Equity ETF 15.3 38 -13 8.0 +0.4
KLDW Gavekal Knowledge Leaders Developed World ETF 15.0 75 -50 4.8 -2.8
IXUS ishares Core MSCI Total International Stock ETF 14.6 9 16 7.6 -0.0
VXUS Vanguard Total International Stock Index Fund 14.6 8 17 7.7 +0.1
IDHQ Invesco S&P International Developed High Quality ETF 14.6 29 -4 5.4 -2.2
IQDG WisdomTree International Quality Dividend Growth Fund 14.2 38 -13 6.4 -1.2
IHDG WisdomTree International Hedged Quality Dividend Growth Fund 14.0 58 -33 6.4 -1.2
AVDE Avantis International Equity ETF 13.8 23 2 7.9 +0.3
IQLT iShares Edge MSCI Intl Quality Factor ETF 13.5 30 -5 6.2 -1.4
DOO WisdomTree International Dividend ex-Financials Fund 13.1 58 -33 8.7 +1.1
FDT First Trust Developed Markets ex-US Alphadex Fund 13.0 80 -55 7.8 +0.2
LVIN Hartford Multifactor Low Volatility International Equity ETF 12.8 29 -4 12.2 +4.6
RXI iShares Global Consumer Discretionary ETF 12.7 46 -21 5.5 -2.1
MVIN Natixis Seeyond International Minimum Volatility ETF 12.6 55 -30 5.8 -1.8
DTH WisdomTree DEFA Equity Income Fund 12.6 58 -33 9.6 +2.0
IDMO Invesco S&P International Developed Momentum ETF 12.1 25 0 4.7 -2.9
IGRO iShares International Dividend Growth ETF 11.9 22 3 8.0 +0.4
RNDM Developed International Equity Select ETF 11.7 65 -40 6.4 -1.2
FIDI Fidelity International High Dividend ETF 11.6 39 -14 10.8 +3.2
EXI iShares Global Industrials ETF 11.5 46 -21 6.1 -1.5

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

NEUTRAL
Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.1 %
Divided by: Fwd. P/BV 1.2 x
Less: Expense ratio 25 bp
Equals: ALTAR Score 7.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.59 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.