Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
ALTAR
Score™
5.3% info Recommen-
dation
NEUTRAL
2020E    2021E
P/E
ratio
24.8x P/Sales
ratio
2.3x
P/BV
ratio
3.9x Div.
yield
1.4%


  • 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 17, 2015
Assets (mns) $10,409
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 435
Wgt avg mkt cap (mns) $394,910
Large cap (>$10bn) 96.5%
Mid cap ($2-10bn) 3.2%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
APPLE INC 5.6 %
MICROSOFT CORP 4.8 %
AMAZON.COM INC 4.1 %
FACEBOOK 2.1 %
ALPHABET INC. CLASS A 1.4 %
ALPHABET INC. CLASS C 1.4 %
JOHNSON & JOHNSON 1.1 %
HOME DEPOT INC 1.1 %
WAL-MART STORES INC 1.0 %
NVIDIA CORP 0.8 %
Total 23.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 97.3 %
IRELAND 1.6 %
BRITAIN 0.7 %
SWITZERLAND 0.3 %
NETHERLANDS 0.1 %
BERMUDA 0.1 %





HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru September 30)
Year-to-date 1 year 5 years 10 years Since Incep.
6.6% 15.6% -- -- 13.6%

Market Correlations
versus... Beta R-squared
S&P500 0.98 100%
MSCI EAFE 1.00 84%
MSCI Emg. Mkts. 0.72 69%

Technical Indicators
Recent close $70.19
30d moving avg. $68.77
Annualized volatility 17.4%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.0%
Relative strength (RSI) 58

Liquidity measures
Avg. volume (thou.) 854
Turnover 0.6%
Bid/Ask (% of price) 0.05%
ADV underlying (mns) $250,742

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF 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™: 5.3%


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
(%)
PBUS Invesco PureBeta MSCI USA ETF 75.1 4 5 5.0 -0.4
BBUS JP Morgan Betabuilders U.S. Equity ETF 74.4 2 7 5.0 -0.3
SCHX Schwab U.S. Large-Cap ETF 74.3 3 6 4.9 -0.4
GSUS Goldman Sachs MarketBeta U.S. Equity ETF 74.3 7 2 5.0 -0.4
HSPX Global X S&P 500 Covered Call ETF 74.3 60 -51 4.7 -0.6
VV Vanguard Large-Cap Index Fund 74.2 4 5 5.0 -0.4
PBP Invesco S&P 500 BuyWrite ETF 73.8 49 -40 4.7 -0.6
XYLG Global X S&P 500 Covered Call & Growth ETF 73.7 60 -51 4.8 -0.5
SCHK Schwab 1000 Index ETF 73.7 5 4 5.0 -0.4
IWB iShares Russell 1000 ETF 73.4 15 -6 4.8 -0.5
IVV iShares Core S&P 500 ETF 73.4 3 6 5.1 -0.2
SPY SPDR S&P 500 ETF Trust 73.4 9 -0 5.1 -0.2
SPLG SPDR Portfolio Large Cap ETF 73.4 3 6 5.1 -0.2
IYY iShares Dow Jones U.S. ETF 73.4 20 -11 4.8 -0.5
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 73.2 20 -11 5.1 -0.2
VOO VANGUARD S&P 500 ETF 73.0 3 6 5.2 -0.2
SPXE ProShares S&P 500 Ex-Energy ETF 72.8 27 -18 5.0 -0.3
VONE Vanguard Russell 1000 ETF 72.7 8 1 4.9 -0.4
JHML John Hancock Multifactor Large Cap ETF 71.7 29 -20 5.3 -0.1
VTHR Vanguard Russell 3000 Index Fund 71.7 10 -1 4.8 -0.5
SPTM SPDR Portfolio Total Stock Market ETF 71.6 3 6 5.3 -0.1
SCHB Schwab U.S. Broad Market ETF 71.2 3 6 4.9 -0.4
IWV iShares Russell 3000 ETF 71.1 20 -11 4.7 -0.6
ITOT iShares Core S&P Total U.S. Stock Market ETF 71.0 3 6 4.8 -0.5
ESGU iShares MSCI USA ESG Optimized ETF 70.4 15 -6 4.8 -0.5
SFY SoFi Select 500 ETF 70.1 0 9 4.9 -0.4
ESGV Vanguard ESG U.S. Stock ETF 70.0 12 -3 4.9 -0.5
VTI Vanguard Total Stock Market Index Fund 69.4 3 6 4.8 -0.5
SPXN ProShares S&P 500 Ex-Financials ETF 68.8 27 -18 4.7 -0.6
CATH Global X S&P 500 Catholic Values Custom ETF 66.9 29 -20 4.9 -0.4
MMTM SPDR S&P 1500 Momentum Tilt ETF 66.1 12 -3 4.5 -0.8
MGC Vanguard Mega Cap Index Fund 65.9 7 2 4.9 -0.4
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 65.8 20 -11 4.7 -0.6
EPS WisdomTree U.S. Earnings 500 Fund 64.3 8 1 6.2 +0.9
SPXV ProShares S&P 500 Ex-Health Care ETF 64.3 27 -18 4.8 -0.5
IWL iShares Russell Top 200 ETF 63.6 15 -6 4.7 -0.6
BKLC BNY Mellon US Large Cap Core Equity ETF 63.1 0 9 4.9 -0.4
KOKU Xtrackers MSCI Kokusai Equity ETF 61.6 9 0 5.5 +0.2
AVUS Avantis U.S. Equity ETF 61.6 15 -6 5.4 +0.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 61.5 30 -21 6.4 +1.1
TOK iShares MSCI Kokusai ETF 61.4 25 -16 5.4 +0.0
VOOG Vanguard S&P 500 Growth ETF 61.4 10 -1 4.1 -1.2
IQSU IQ Candriam ESG US Equity ETF 61.3 9 0 4.9 -0.5
SPYG SPDR Portfolio S&P 500 Growth ETF 60.8 4 5 4.2 -1.1
IVW iShares S&P 500 Growth ETF 60.8 18 -9 16.6 +11.3
IUSG iShares Core S&P US Growth ETF 60.2 4 5 4.2 -1.1
EFIV SPDR S&P 500 ESG ETF 59.9 10 -1 4.9 -0.5
SNPE Xtrackers S&P 500 ESG ETF 59.8 10 -1 4.8 -0.5
QUS SPDR MSCI USA StrategicFactors ETF 59.6 15 -6 5.6 +0.3
XOUT GraniteShares XOUT U.S. Large Cap ETF 59.0 60 -51 3.9 -1.4
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 58.3 25 -16 6.0 +0.7
URTH iShares MSCI World ETF 57.7 24 -15 5.4 +0.1
AFLG First Trust Active Factor Large Cap ETF 57.1 55 -46 5.2 -0.1
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 57.0 9 0 5.7 +0.4
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 56.3 29 -20 5.8 +0.4
FNDX Schwab Fundamental U.S. Large Co. Index ETF 56.2 25 -16 6.5 +1.2
IWF iShares Russell 1000 Growth ETF 55.9 19 -10 3.6 -1.7
EXT WisdomTree U.S. Total Earnings Fund 55.9 28 -19 5.3 0.0
ESG FlexShares STOXX US ESG Impact Index Fund 55.8 32 -23 4.9 -0.4
VONG Vanguard Russell 1000 Growth Index Fund 55.5 8 1 3.7 -1.6
IUS Invesco Strategic US ETF 55.3 19 -10 6.3 +1.0
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 55.3 75 -66 3.7 -1.6
SPXT ProShares S&P 500 Ex-Technology ETF 55.0 27 -18 5.3 +0.0
PRF Invesco FTSE RAFI US 1000 ETF 54.8 39 -30 6.6 +1.2
FNDB Schwab Fundamental U.S. Broad Market Index ETF 54.2 25 -16 6.5 +1.2
VUG Vanguard Growth Index Fund 53.0 4 5 3.8 -1.6
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 52.6 15 -6 6.0 +0.7
DIVB iShares U.S. Dividend & Buyback ETF 52.4 25 -16 6.6 +1.3
SCIU Global X Scientific Beta US ETF 51.8 19 -10 0.0 -5.3
ACWI iShares MSCI ACWI ETF 51.3 32 -23 5.6 +0.3
RWL Invesco S&P 500 Revenue ETF 51.0 39 -30 7.0 +1.7
ROUS Hartford Multifactor US Equity ETF 50.9 19 -10 6.3 +1.0
OEF iShares S&P 100 ETF 50.8 20 -11 4.6 -0.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 50.5 20 -11 5.8 +0.5
RSP Invesco S&P 500 Equal Weight ETF 50.2 20 -11 6.3 +1.0
LOWC SPDR MSCI ACWI Low Carbon Target ETF 50.2 20 -11 5.8 +0.5
EUSA iShares MSCI USA Equal Weighted ETF 50.1 15 -6 5.9 +0.6
DLN WisdomTree U.S. LargeCap Dividend Fund 49.7 28 -19 6.3 +1.0
VLU SPDR S&P 1500 Value Tilt ETF 49.5 12 -3 7.1 +1.8
CFA VictoryShares US 500 Volatility Weighted Index ETF 49.3 35 -26 5.5 +0.2
CFO VictoryShares US 500 Enhanced Volatility Weighted Index ETF 49.3 35 -26 5.5 +0.2
KRMA Global X Conscious Companies ETF 49.2 43 -34 5.0 -0.4
VEGN US Vegan Climate ETF 49.1 60 -51 4.9 -0.5
RECS Columbia Research Enhanced Core ETF 49.1 15 -6 5.4 +0.1
RNLC Large Cap US Equity Select ETF 49.0 60 -51 5.9 +0.6
DTD WisdomTree U.S.Total Dividend Fund 48.9 28 -19 6.5 +1.2
SIZE iShares MSCI USA Size Factor ETF 48.7 15 -6 5.8 +0.5
JQUA JPMorgan U.S. Quality Factor ETF 47.7 12 -3 5.2 -0.1
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 47.5 19 -10 5.8 +0.5
IWY iShares Russell Top 200 Growth ETF 47.4 20 -11 3.7 -1.6
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 47.4 49 -40 3.9 -1.5
DSI iShares MSCI KLD 400 Social ETF 47.1 25 -16 4.9 -0.4
QLC FlexShares US Quality Large Cap Index Fund 47.1 32 -23 5.0 -0.3
QWLD SPDR MSCI World StrategicFactors ETF 46.5 30 -21 6.0 +0.6
ESGG FlexShares STOXX Global ESG Impact Index Fund 46.3 42 -33 5.1 -0.2
NACP Impact Shares NAACP Minority Empowerment ETF 45.9 75 -66 4.6 -0.7
WOMN Impact Shares YWCA Women's Empowerment ETF 45.7 75 -66 4.1 -1.2
PQLC PGIM QMA Strategic Alpha Large-Cap Core ETF 45.4 17 -8 6.6 +1.3
FLQL Franklin LibertyQ U.S. Equity ETF 45.3 15 -6 6.0 +0.7
SPGM SPDR Portfolio MSCI Global Stock Market ETF 45.1 9 0 5.7 +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

  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 U.S. Large Cap 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 19.2 %
Divided by: Fwd. P/BV 3.6 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 5.3 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.46 CATEGORY
AVERAGE
1.51
 
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.