Goldman Sachs Activebeta U.S. Small Cap Equity ETF
ALTAR
Score™
9.7% info Recommen-
dation
OVERWEIGHT
2020E    2021E
P/E
ratio
11.9x P/Sales
ratio
0.6x
P/BV
ratio
1.1x Div.
yield
3.1%


  • Description
  • Performance
  • Comps
  • premium Fundamentals
  • premium Valuation
  • premium Rating
The Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF tracks an index of US small-cap stocks. The index equally weights four factor-based subindexes: value, momentum, quality, and low volatility.

FUND BASICS
Category US Equities
Fund Sponsor Goldman Sachs
Website www.gsam.com
Inception date Jun 28, 2017
Assets (mns) $57
Currency USD
Expense ratio 20 bp
Distributions Quarterly

FUND STRUCTURE
Regulation Open-Ended Fund
Custodian
Weighting Tiered
Index replication
Uses derivatives No
Options available No

SECTOR BREAKDOWN

 


CONSTITUENT BREAKDOWN
No. of constituents 1321
Wgt avg mkt cap (mns) $1,593
Large cap (>$10bn) 0.4%
Mid cap ($2-10bn) 34.4%
Small cap (<$2bn) 65.1%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
AMEDISYS INC 0.5 %
CIRRUS LOGIC INC 0.4 %
TELADOC INC 0.4 %
TREX COMPANY INC 0.4 %
HAEMONETICS CORP/MASS 0.3 %
FIVE9 INC 0.3 %
DECKERS OUTDOOR CORP 0.3 %
GENERAC HOLDINGS INC 0.3 %
ARENA PHARMACEUTICALS, INC. 0.3 %
NOVOCURE LIMITED 0.3 %
Total 3.4 %

TOP COUNTRY EXPOSURE
UNITED STATES 85.9 %
BERMUDA 0.9 %
BRITAIN 0.5 %
PUERTO RICO 0.3 %
IRELAND 0.3 %
CAYMAN ISLANDS 0.2 %
CANADA 0.2 %
NETHERLANDS 0.1 %
MONACO 0.1 %
LUXEMBOURG 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru March 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-24.6% -17.5% -- -- -3.3%

Market Correlations
versus... Beta R-squared
S&P500 1.10 84%
MSCI EAFE 1.03 70%
MSCI Emg. Mkts. 0.70 48%

Technical Indicators
Recent close $30.69
30d moving avg. $36.85
Annualized volatility 19.0%
Short interest (ETF) 0.4%
Relative strength (RSI) 31

Liquidity measures
Avg. volume (thou.) 46
Turnover 2.5%
Bid/Ask (% of price) 1.06%
ADV underlying (mns) $23,636

Distributions


FINDING ALTERNATIVE FUNDS

Below is a list of 100 potential alternatives to the Goldman Sachs Activebeta U.S. Small Cap Equity ETF ETF based on the alternatives' overlap in portfolio holdings with GSSC. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker: GSSC Expense: 20 bp ALTAR Score™: 9.7%


ALTERNATIVE ETFs BASED ON OVERLAP WITH GSSC
Ticker Fund
Name
Overlap1
vs GSSC
(%)
Expense
ratio
(bp)
Savings
vs GSSC
(bp)
ALTAR
Score™
(%)
ALTAR
vs GSSC
(%)
VTWO Vanguard Russell 2000 Index Fund 68.4 10 10 5.8 -3.9
IWM iShares Russell 2000 ETF 68.4 19 1 5.7 -4.0
SCHA Schwab U.S. Small-Cap ETF 55.3 4 16 7.5 -2.2
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 51.4 29 -9 8.5 -1.2
OMFS Oppenheimer Russell 2000 Dynamic Multifactor ETF 49.5 39 -19 8.7 -1.0
PBSM Invesco PureBeta MSCI USA Small Cap ETF 47.7 6 14 8.0 -1.7
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 46.6 39 -19 6.4 -3.3
VTWG Vanguard Russell 2000 Growth Index Fund 45.8 15 5 1.8 -7.9
IWO iShares Russell 2000 Growth ETF 45.7 24 -4 1.6 -8.1
IWN iShares Russell 2000 Value ETF 44.3 24 -4 10.3 +0.6
VTWV Vanguard Russell 2000 Value Index Fund 44.1 15 5 10.5 +0.8
IUSS Invesco Strategic US Small Company ETF 40.0 23 -3 9.0 -0.7
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 38.0 29 -9 0.0 -9.7
FNDA Schwab Fundamental U.S. Small Co. Index ETF 37.7 25 -5 9.6 -0.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 37.3 17 3 7.3 -2.4
ISMD Inspire Small/Mid Cap Impact ETF 36.9 61 -41 7.6 -2.1
VB Vanguard Small-Cap ETF 36.8 5 15 8.1 -1.6
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 36.0 40 -20 8.7 -1.0
SPSM SPDR Portfolio Small Cap ETF 35.2 5 15 9.6 -0.1
IJR iShares Core S&P Small Cap ETF 35.2 7 13 9.6 -0.1
SLY SPDR S&P 600 Small Cap ETF 35.2 15 5 9.5 -0.2
VIOO Vanguard S&P Small-Cap 600 ETF 35.2 10 10 9.6 -0.1
FSMD Fidelity Small-Mid Factor ETF 34.7 29 -9 9.9 +0.2
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 33.3 35 -15 9.1 -0.6
VXF Vanguard Extended Market Index Fund 32.9 7 13 5.9 -3.8
VBR Vanguard Small Cap Value Index Fund 32.2 7 13 12.0 +2.3
FYX First Trust Small Cap Core AlphaDEX Fund 32.0 63 -43 9.1 -0.6
EES WisdomTree SmallCap Earnings Fund 31.9 38 -18 19.2 +9.6
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 31.6 29 -9 12.6 +2.9
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 30.9 24 -4 11.1 +1.4
DES WisdomTree U.S. SmallCap Dividend Fund 30.6 38 -18 12.7 +3.0
CSA Victory CEMP US Small Cap Volatility Weighted Index ETF 30.4 35 -15 11.6 +1.9
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 29.3 30 -10 10.7 +1.0
TPSC Timothy Plan US Small Cap Core ETF 29.1 52 -32 10.9 +1.2
RWJ Invesco S&P SmallCap 600 Revenue ETF 28.6 39 -19 9.7 -0.0
JHSC John Hancock Multifactor Small Cap ETF 27.5 50 -30 8.6 -1.1
AFSM First Trust Active Factor Small Cap ETF 27.4 75 -55 10.6 +0.9
PSC Principal U.S. Small Cap Index ETF 27.1 38 -18 11.1 +1.4
NUSC Nuveen ESG Small-Cap ETF 27.0 40 -20 7.6 -2.1
VFQY Vanguard U.S. Quality Factor ETF 25.9 13 7 8.5 -1.2
VBK Vanguard Small-Cap Growth Index Fund 25.1 7 13 3.9 -5.8
SLYG SPDR S&P 600 Small Cap Growth ETF 24.9 15 5 7.5 -2.2
IJT iShares S&P Small-Cap 600 Growth ETF 24.9 25 -5 7.4 -2.3
VIOG Vanguard S&P Small-Cap 600 Growth ETF 24.9 16 4 7.5 -2.2
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 23.7 12 8 10.6 +0.9
SLYV SPDR S&P 600 Small Cap Value ETF 23.0 15 5 12.2 +2.5
IJS iShares S&P Small-cap 600 Value ETF 23.0 25 -5 12.1 +2.4
VIOV Vanguard S&P Small-Cap 600 Value ETF 23.0 15 5 12.2 +2.6
FAD First Trust Multi Cap Growth AlphaDEX Fund 22.7 66 -46 4.2 -5.5
RNSC Small Cap US Equity Select ETF 22.2 60 -40 9.5 -0.2
EZM WisdomTree U.S. MidCap Earnings Fund 21.9 38 -18 13.8 +4.1
VFLQ Vanguard U.S. Liquidity Factor ETF 21.8 13 7 5.5 -4.2
ROGS Hartford Multifactor Global Small Cap ETF 21.4 34 -14 11.7 +2.0
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 21.0 20 0 10.3 +0.6
VFMO Vanguard U.S. Momentum Factor ETF 20.7 13 7 4.7 -5.0
AVUV Avantis U.S. Small Cap Value ETF 19.8 25 -5 13.8 +4.1
JKK iShares Morningstar Small-Cap Growth ETF 19.4 30 -10 2.3 -7.4
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 19.3 20 0 7.8 -1.9
VFMF Vanguard U.S. Multifactor ETF 19.3 18 2 10.9 +1.2
JKJ iShares Morningstar Small-Cap ETF 18.8 25 -5 9.0 -0.7
EWMC Invesco S&P MidCap 400 Equal Weight ETF 18.7 40 -20 9.7 +0.0
IWC iShares Micro-Cap ETF 18.5 60 -40 -5.5 -15.2
FNX First Trust Mid Cap Core AlphaDEX Fund 18.5 61 -41 10.1 +0.4
SPMD SPDR Portfolio Mid Cap ETF 18.4 5 15 9.1 -0.6
MDY SPDR S&P Midcap 400 ETF Trust 18.4 23 -3 8.9 -0.8
IJH iShares Core S&P Mid-Cap ETF 18.4 6 14 9.1 -0.6
IVOO Vanguard S&P Mid-Cap 400 ETF 18.4 10 10 9.0 -0.7
TUSA First Trust Total US Market AlphaDEX ETF 18.4 70 -50 9.4 -0.3
FYC First Trust Small Cap Growth AlphaDEX Fund 18.3 70 -50 3.7 -6.0
CSF Victory CEMP US Discovery Enhanced Volatility Weighted Idx E 16.9 35 -15 10.9 +1.2
SMDY Syntax Stratified MidCap ETF 16.6 30 -10 9.1 -0.6
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 16.2 38 -18 13.4 +3.7
FAB First Trust Multi Cap Value AlphaDEX Fund 16.0 71 -51 13.3 +3.6
VFVA Vanguard U.S. Value Factor ETF 15.4 13 7 16.5 +6.8
FYT First Trust Small Cap Value AlphaDEX Fund 15.4 72 -52 13.6 +3.9
SCAP AdvisorShares Cornerstone Small Cap ETF 14.8 90 -70 8.1 -1.6
DWAS Invesco DWA SmallCap Momentum ETF 14.3 60 -40 1.1 -8.6
RNMC Mid Cap US Equity Select ETF 14.2 60 -40 10.0 +0.3
SQLV Legg Mason Small-Cap Quality Value 14.0 62 -42 12.2 +2.5
FNY First Trust Mid Cap Growth AlphaDEX Fund 13.9 70 -50 4.5 -5.2
BFOR Barron's 400 ETF 13.0 66 -46 9.1 -0.6
OUSM O'Shares FTSE Russell Small Cap Quality Dividend ETF 12.9 48 -28 8.8 -0.9
RWK Invesco S&P MidCap 400 Revenue ETF 12.8 39 -19 11.7 +2.0
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 12.4 25 -5 8.6 -1.1
AFMC First Trust Active Factor Mid Cap ETF 12.4 65 -45 9.7 -0.0
MDYG SPDR S&P 400 Mid Cap Growth ETF 12.3 15 5 6.7 -3.0
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 12.3 15 5 6.7 -3.0
IJK iShares S&P Mid-Cap 400 Growth ETF 12.3 24 -4 6.7 -3.0
MDYV SPDR S&P 400 Mid Cap Value ETF 12.0 15 5 12.1 +2.4
IJJ iShares S&P Mid-Cap 400 Value ETF 12.0 25 -5 12.0 +2.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 12.0 15 5 12.2 +2.5
RZG Invesco S&P Smallcap 600 Pure Growth ETF 11.9 35 -15 9.8 +0.1
JKL iShares Morningstar Small Cap Value ETF 11.3 30 -10 14.8 +5.1
CSML IQ Chaikin U.S. Small Cap ETF 11.3 35 -15 13.4 +3.7
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 11.0 35 -15 7.9 -1.8
JSML Janus Henderson Small Cap Growth Alpha ETF 10.6 35 -15 9.5 -0.2
PXSG Invesco S&P SmallCap Momentum ETF 9.8 39 -19 7.4 -2.3
XSLV Invesco S&P SmallCap Low Volatility ETF 9.5 25 -5 11.6 +2.0
SFYX Sofi Next 500 ETF 9.5 0 20 8.2 -1.5
VUSE Vident Core US Equity Fund 9.5 48 -28 11.0 +1.3

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. Small Cap Equity ETF
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 10.8 %
Divided by: Fwd. P/BV 1.1 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 9.7 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.54 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.