Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
ALTAR
Score™		 5.6% info Recommen-
dation		 NEUTRAL
2020E    2021E
P/E
ratio		 24.5x P/Sales
ratio		 2.1x
P/BV
ratio		 3.4x Div.
yield		 1.7%


  • 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) $8,293
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 436
Wgt avg mkt cap (mns) $290,806
Large cap (>$10bn) 96.7%
Mid cap ($2-10bn) 3.3%
Small cap (<$2bn) 0.0%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
MICROSOFT CORP 4.6 %
APPLE INC 4.4 %
AMAZON.COM INC 3.4 %
FACEBOOK 1.7 %
ALPHABET INC. CLASS A 1.3 %
ALPHABET INC. CLASS C 1.3 %
JOHNSON & JOHNSON 1.3 %
HOME DEPOT INC 1.1 %
INTEL CORP 1.0 %
WAL-MART STORES INC 1.0 %
Total 21.3 %

TOP COUNTRY EXPOSURE
UNITED STATES 96.7 %
IRELAND 1.6 %
BRITAIN 0.7 %
SWITZERLAND 0.3 %
BERMUDA 0.1 %
NETHERLANDS 0.1 %





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.
-3.8% 14.0% -- -- 12.1%

Market Correlations
versus... Beta R-squared
S&P500 0.99 100%
MSCI EAFE 0.98 84%
MSCI Emg. Mkts. 0.72 69%

Technical Indicators
Recent close $62.92
30d moving avg. $59.38
Annualized volatility 16.7%
Short interest (ETF) 0.1%
Short interest (Underlying) 3.0%
Relative strength (RSI) 67

Liquidity measures
Avg. volume (thou.) 538
Turnover 0.4%
Bid/Ask (% of price) 0.04%
ADV underlying (mns) $242,995

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™: 5.6%


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
(%)
PBP Invesco S&P 500 BuyWrite ETF 75.6 49 -40 5.1 -0.5
PBUS Invesco PureBeta MSCI USA ETF 75.0 4 5 5.3 -0.2
VV Vanguard Large-Cap Index Fund 74.6 4 5 5.3 -0.3
HSPX Global X S&P 500 Covered Call ETF 74.5 65 -56 4.9 -0.7
SCHX Schwab U.S. Large-Cap ETF 74.5 3 6 5.4 -0.2
BBUS JP Morgan Betabuilders U.S. Equity ETF 74.3 2 7 5.4 -0.2
JHML John Hancock Multifactor Large Cap ETF 73.8 34 -25 5.5 -0.1
IVV iShares Core S&P 500 ETF 73.7 4 5 5.5 -0.1
SPLG SPDR Portfolio Large Cap ETF 73.7 3 6 5.5 -0.1
SPY SPDR S&P 500 ETF Trust 73.7 9 -0 5.4 -0.2
SCHK Schwab 1000 Index ETF 73.6 5 4 5.3 -0.2
IWB iShares Russell 1000 ETF 73.5 15 -6 5.2 -0.3
SPXE ProShares S&P 500 Ex-Energy ETF 73.4 27 -18 5.4 -0.2
VOO VANGUARD S&P 500 ETF 73.4 3 6 5.5 -0.1
IYY iShares Dow Jones U.S. ETF 73.3 20 -11 5.2 -0.4
VONE Vanguard Russell 1000 ETF 73.2 8 1 5.3 -0.2
SPYX SPDR S&P 500 Fossil Fuel Reserves Free ETF 72.9 20 -11 5.5 -0.1
SPTM SPDR Portfolio Total Stock Market ETF 72.1 3 6 5.6 -0.0
SCHB Schwab U.S. Broad Market ETF 72.1 3 6 5.3 -0.3
VTI Vanguard Total Stock Market Index Fund 72.0 3 6 5.2 -0.4
ITOT iShares Core S&P Total U.S. Stock Market ETF 72.0 3 6 5.2 -0.4
IWV iShares Russell 3000 ETF 71.8 20 -11 5.1 -0.5
VTHR Vanguard Russell 3000 Index Fund 71.6 10 -1 5.2 -0.4
SFY SoFi Select 500 ETF 70.4 0 9 5.3 -0.3
SPXN ProShares S&P 500 Ex-Financials ETF 68.4 27 -18 5.1 -0.5
MMTM SPDR S&P 1500 Momentum Tilt ETF 66.7 12 -3 5.1 -0.5
MGC Vanguard Mega Cap Index Fund 66.4 7 2 5.3 -0.3
CATH Global X S&P 500 Catholic Values Custom ETF 66.2 29 -20 5.3 -0.3
ESGV Vanguard ESG U.S. Stock ETF 66.2 12 -3 5.3 -0.3
EPS WisdomTree U.S. Earnings 500 Fund 65.1 8 1 6.4 +0.8
JUST Goldman Sachs JUST U.S. Large Cap Equity ETF 65.0 20 -11 5.0 -0.6
ESGU iShares MSCI USA ESG Optimized ETF 64.7 15 -6 5.1 -0.4
SPXV ProShares S&P 500 Ex-Health Care ETF 64.4 27 -18 5.1 -0.5
AVUS Avantis U.S. Equity ETF 63.4 15 -6 5.7 +0.2
QUS SPDR MSCI USA StrategicFactors ETF 62.6 15 -6 5.8 +0.2
IWL iShares Russell Top 200 ETF 62.4 15 -6 5.1 -0.4
TOK iShares MSCI Kokusai ETF 61.3 25 -16 5.7 +0.2
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 60.9 25 -16 6.1 +0.5
SNPE Xtrackers S&P 500 ESG ETF 60.5 11 -2 5.2 -0.4
IQSU IQ Candriam ESG US Equity ETF 60.0 9 0 5.3 -0.3
IUS Invesco Strategic US ETF 59.7 19 -10 6.2 +0.6
SPYG SPDR Portfolio S&P 500 Growth ETF 59.5 4 5 4.5 -1.1
IVW iShares S&P 500 Growth ETF 59.5 18 -9 4.3 -1.2
IUSG iShares Core S&P US Growth ETF 59.3 4 5 4.5 -1.1
DYNF BlackRock U.S. Equity Factor Rotation ETF 59.2 30 -21 6.6 +1.1
VOOG Vanguard S&P 500 Growth ETF 59.1 10 -1 4.4 -1.2
FNDX Schwab Fundamental U.S. Large Co. Index ETF 58.9 25 -16 6.4 +0.8
GSEW Goldman Sachs Equal Weight U.S. Large Cap Equity ETF 58.0 9 0 5.8 +0.3
FNDB Schwab Fundamental U.S. Broad Market Index ETF 57.6 25 -16 6.4 +0.8
SPXT ProShares S&P 500 Ex-Technology ETF 57.6 27 -18 5.6 +0.0
EXT WisdomTree U.S. Total Earnings Fund 57.3 28 -19 5.7 +0.2
URTH iShares MSCI World ETF 57.3 24 -15 5.8 +0.2
IWF iShares Russell 1000 Growth ETF 56.7 19 -10 4.3 -1.2
VONG Vanguard Russell 1000 Growth Index Fund 56.7 8 1 4.4 -1.1
PRF Invesco FTSE RAFI US 1000 ETF 56.3 39 -30 6.6 +1.1
XOUT GraniteShares XOUT U.S. Large Cap ETF 56.2 60 -51 4.6 -1.0
RWL Invesco S&P 500 Revenue ETF 56.2 39 -30 6.7 +1.1
AFLG First Trust Active Factor Large Cap ETF 55.1 55 -46 5.6 -0.0
OMFL Oppenheimer Russell 1000 Dynamic Multifactor ETF 54.9 29 -20 4.3 -1.2
PLC Principal U.S. Large-Cap Multi-Factor Core Index ETF 53.1 15 -6 6.2 +0.7
EUSA iShares MSCI USA Equal Weighted ETF 53.0 15 -6 6.0 +0.4
DIVB iShares U.S. Dividend & Buyback ETF 52.6 25 -16 6.3 +0.8
ESG FlexShares STOXX US ESG Impact Index Fund 52.6 32 -23 5.2 -0.4
SIZE iShares Edge MSCI USA Size Factor ETF 52.3 15 -6 5.8 +0.3
RSP Invesco S&P 500 Equal Weight ETF 52.0 20 -11 6.6 +1.1
MFUS PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF 51.8 29 -20 6.1 +0.5
DLN WisdomTree U.S. LargeCap Dividend Fund 51.5 28 -19 6.3 +0.7
ACWI iShares MSCI ACWI ETF 51.5 32 -23 6.0 +0.5
RECS Columbia Research Enhanced Core ETF 51.2 15 -6 5.6 +0.1
RNLC Large Cap US Equity Select ETF 51.1 60 -51 6.0 +0.5
DTD WisdomTree U.S.Total Dividend Fund 51.0 28 -19 6.5 +0.9
SCHG Schwab U.S. Large-Cap Growth ETF 50.8 4 5 4.3 -1.3
VLU SPDR S&P 1500 Value Tilt ETF 50.8 12 -3 7.1 +1.6
VUG Vanguard Growth Index Fund 50.8 4 5 4.2 -1.4
OEF iShares S&P 100 ETF 50.3 20 -11 4.9 -0.7
CRBN iShares MSCI ACWI Low Carbon Target ETF 50.3 20 -11 6.3 +0.8
LOWC SPDR MSCI ACWI Low Carbon Target ETF 49.9 20 -11 6.4 +0.8
QWLD SPDR MSCI World StrategicFactors ETF 49.7 30 -21 6.0 +0.5
CFA VictoryShares US 500 Volatility Weighted Index ETF 48.4 35 -26 5.7 +0.2
JPUS JPMorgan Diversified Return U.S. Equity ETF 47.9 19 -10 6.1 +0.6
KRMA Global X Conscious Companies ETF 47.5 43 -34 5.2 -0.4
VEGN US Vegan Climate ETF 47.4 60 -51 5.3 -0.3
SPUS SP Funds S&P 500 Sharia Industry Exclusions ETF 47.3 49 -40 4.2 -1.4
FEX First Trust Large Cap Core AlphaDEX Fund 47.2 60 -51 5.9 +0.4
DSI iShares MSCI KLD 400 Social ETF 47.0 25 -16 5.2 -0.3
SCIU Global X Scientific Beta US ETF 47.0 19 -10 5.7 +0.1
JQUA JPMorgan U.S. Quality Factor ETF 46.8 12 -3 5.2 -0.4
QRFT Qraft Ai-Enhanced U.S. Large Cap ETF 46.8 75 -66 3.7 -1.9
NACP Impact Shares NAACP Minority Empowerment ETF 46.4 75 -66 4.5 -1.1
VT Vanguard Total World Stock Index Fund 46.3 8 1 6.3 +0.7
IWY iShares Russell Top 200 Growth ETF 46.3 20 -11 4.3 -1.2
ROUS Hartford Multifactor US Equity ETF 46.3 19 -10 7.1 +1.5
IVE iShares S&P 500 Value ETF 46.0 18 -9 7.0 +1.5
SPYV SPDR Portfolio S&P 500 Value ETF 46.0 4 5 7.2 +1.6
VOOV Vanguard S&P 500 Value ETF 45.9 15 -6 7.1 +1.5
SPGM SPDR Portfolio MSCI Global Stock Market ETF 45.5 9 0 6.2 +0.6
DGRO iShares Core Dividend Growth ETF 45.4 8 1 6.4 +0.8
SUSL iShares ESG MSCI USA Leaders ETF 45.3 10 -1 5.4 -0.2
IUSV iShares Core S&P U.S. Value ETF 45.3 4 5 7.2 +1.7
QARP Xtrackers Russell 1000 US Quality at a Reasonable Price ETF 45.2 19 -10 5.6 +0.0

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 18.4 %
Divided by: Fwd. P/BV 3.3 x
Less: Expense ratio 9 bp
Equals: ALTAR Score 5.6 %
info More information on ALTAR Score™
MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING		 1.48 CATEGORY
AVERAGE		 1.53
 
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.