Goldman Sachs ActiveBeta U.S. Large Cap Equity
ALTAR
Score™
6.1% info Recommen-
dation
NEUTRAL
2019E    2020E
P/E
ratio
18.9x P/Sales
ratio
1.9x
P/BV
ratio
3.4x Div.
yield
1.8%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
GSLC tracks an index of US large-cap stocks 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 US Equities
Fund Sponsor Goldman Sachs
Website assetmanagement.gs.com
Inception date Sep 21, 2015
Assets (mns) $7,204
Currency USD
Expense ratio 9 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 450
Wgt avg mkt cap (mns) $231,609
Large cap (>$10bn) 98.2%
Mid cap ($2-10bn) 1.8%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 3.7 %
APPLE INC 3.6 %
AMAZON.COM INC 2.2 %
FACEBOOK 1.5 %
JPMORGAN CHASE & CO 1.3 %
JOHNSON & JOHNSON 1.2 %
ALPHABET INC. CLASS C 1.2 %
ALPHABET INC. CLASS A 1.2 %
WAL-MART STORES INC 1.0 %
INTEL CORP 1.0 %
Total 17.8 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.4 %
IRELAND 1.8 %
BRITAIN 0.9 %
SWITZERLAND 0.3 %
BERMUDA 0.2 %






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.
27.5% 16.1% -- -- 14.0%

Market Correlations
versus... Beta R-squared
S&P500 0.99 99%
MSCI EAFE 0.89 67%
MSCI Emg. Mkts. 0.63 53%

Technical Indicators
Recent close $62.81
30d moving avg. $62.12
Annualized volatility 12.0%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.0%
Relative strength (RSI) 70

Liquidity measures
Avg. volume (thou.) 270
Turnover 0.2%
Bid/Ask (% of price) 0.03%
ADV underlying (mns) $144,453

Distributions


FINDING ALTERNATIVE FUNDS

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

Benchmark ticker: GSLC Expense: 9 bp ALTAR Score™: 6.1%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSLC
Ticker Fund
Name
Overlap1
vs GSLC
(%)
Expense
ratio
(bp)
Savings
vs GSLC
(bp)
ALTAR
Score™
(%)
ALTAR
vs GSLC
(%)
JHML John Hancock Multifactor Large Cap 74.4 34 -25 6.0 -0.2
VV Vanguard Large-Cap ETF 74.1 4 5 5.8 -0.3
PBUS Invesco PureBeta MSCI USA 74.1 4 5 6.0 -0.1
PBP Invesco S&P 500 Buy/Write 73.7 49 -40 5.5 -0.6
BBUS JP Morgan Betabuilders U.S. Equity 73.6 2 7 5.9 -0.2
SCHX Schwab U.S. Large-Cap 73.4 3 6 5.8 -0.3
HSPX Global X S&P 500 Covered Call 73.3 65 -56 5.3 -0.8
SPY S&P 500 SPDR 73.3 9 -0 5.9 -0.2
IVV iShares Core S&P 500 73.1 4 5 6.0 -0.2
VOO Vanguard S&P 500 ETF 73.1 3 6 6.0 -0.1
SPXE ProShares S&P 500 Ex-Energy 72.5 27 -18 5.9 -0.3
SCHK Schwab 1000 Index 72.5 5 4 5.9 -0.3
SPYX SPDR S&P 500 Fossil Fuel Reserves Free 72.3 20 -11 5.9 -0.2
IWB iShares Russell 1000 72.3 15 -6 5.7 -0.4
VONE Vanguard Russell 1000 72.3 12 -3 5.8 -0.3
IYY iShares DJ US Total Market 71.9 20 -11 5.7 -0.4
SFY SoFi Select 500 70.9 0 9 5.6 -0.5
SPLG SPDR Portfolio Large Cap 70.7 3 6 5.8 -0.3
SCHB Schwab U.S. Broad Market 70.6 3 6 5.7 -0.4
ITOT iShares Core S&P Total US 70.5 3 6 5.6 -0.5

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%.

Content on this tab for subscribers only**

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 U.S. Large Cap Equity
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 18.6 %
Divided by: Fwd. P/BV 3.0 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 6.1 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.53 CATEGORY
AVERAGE
1.56
 
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.