Goldman Sachs Activebeta U.S. Small Cap Equity ETF
ALTAR
Score™
5.2% info Recommen-
dation
UNDERWEIGHT
2020E    2021E
P/E
ratio
31.0x P/Sales
ratio
1.0x
P/BV
ratio
1.7x Div.
yield
1.7%


  • 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) $148
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 1473
Wgt avg mkt cap (mns) $1,984
Large cap (>$10bn) 0.5%
Mid cap ($2-10bn) 41.3%
Small cap (<$2bn) 57.3%
Developed mkts 100.0%
Emerging mkts 0.0%

TOP TEN HOLDINGS
PENN NATIONAL GAMING INC 0.4 %
IRHYTHM TECHNOLOGIES, INC. 0.4 %
REDFIN CORPORATION 0.4 %
BUILDERS FIRSTSOURCE INC 0.4 %
DECKERS OUTDOOR CORP 0.4 %
RH 0.4 %
BMC STOCK HOLDINGS, INC. 0.3 %
LHC GROUP INC 0.3 %
SITEONE LANDSCAPE SUPPLY, INC. 0.3 %
EMERGENT BIOSOLUTIONS INC 0.3 %
Total 3.6 %

TOP COUNTRY EXPOSURE
UNITED STATES 94.9 %
BERMUDA 1.1 %
CANADA 0.4 %
BRITAIN 0.4 %
PUERTO RICO 0.3 %
IRELAND 0.3 %
CAYMAN ISLANDS 0.2 %
NETHERLANDS 0.1 %
LUXEMBOURG 0.1 %
ISRAEL 0.1 %

HISTORICAL PERFORMANCE info

  Custom date range Compare to  
  thru


Standardized Annual Returns (thru August 31)
Year-to-date 1 year 5 years 10 years Since Incep.
-7.1% 3.2% -- -- 3.8%

Market Correlations
versus... Beta R-squared
S&P500 0.96 79%
MSCI EAFE 1.00 72%
MSCI Emg. Mkts. 0.66 49%

Technical Indicators
Recent close $41.58
30d moving avg. $43.58
Annualized volatility 18.9%
Short interest (ETF) 0.4%
Relative strength (RSI) 49

Liquidity measures
Avg. volume (thou.) 26
Turnover 0.7%
Bid/Ask (% of price) 0.27%
ADV underlying (mns) $2,961

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™: 5.2%


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
(%)
IWM iShares Russell 2000 ETF 71.2 19 1 3.7 -1.5
VTWO Vanguard Russell 2000 Index Fund 69.9 10 10 3.8 -1.4
JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF 52.5 29 -9 5.5 +0.3
SCHA Schwab U.S. Small-Cap ETF 50.2 4 16 4.8 -0.4
IWN iShares Russell 2000 Value ETF 48.5 24 -4 7.4 +2.2
IWO iShares Russell 2000 Growth ETF 47.9 24 -4 0.0 -5.2
PRFZ Invesco FTSE RAFI US 1500 Small-Mid ETF 46.1 39 -19 4.9 -0.3
VTWG Vanguard Russell 2000 Growth Index Fund 46.0 15 5 0.1 -5.1
PBSM Invesco PureBeta MSCI USA Small Cap ETF 45.4 6 14 5.4 +0.2
VTWV Vanguard Russell 2000 Value Index Fund 44.0 15 5 7.4 +2.2
PQSG PGIM QMA Strategic Alpha Small-Cap Growth ETF 40.9 29 -9 0.2 -5.1
ESML iShares MSCI USA Small-Cap ESG Optimized ETF 40.4 17 3 5.1 -0.1
IUSS Invesco Strategic US Small Company ETF 39.2 23 -3 5.5 +0.3
EWSC Invesco S&P Smallcap 600 Equal Weight ETF 38.5 40 -20 7.3 +2.1
VIOO Vanguard S&P Small-Cap 600 ETF 37.9 10 10 7.4 +2.2
SPSM SPDR Portfolio Small Cap ETF 37.9 5 15 7.5 +2.2
SLY SPDR S&P 600 Small Cap ETF 37.8 15 5 7.4 +2.2
IJR iShares Core S&P Small Cap ETF 37.8 6 14 7.4 +2.2
BKSE BNY Mellon US Small Cap Core Equity ETF 37.5 4 16 6.2 +1.0
FNDA Schwab Fundamental U.S. Small Co. Index ETF 37.0 25 -5 7.2 +2.0
FYX First Trust Small Cap Core AlphaDEX Fund 36.7 63 -43 6.6 +1.4
PQSV PGIM QMA Strategic Alpha Small-Cap Value ETF 36.4 29 -9 6.2 +1.0
FLQS Franklin LibertyQ U.S. Small Cap Equity ETF 35.4 35 -15 6.2 +1.0
EES WisdomTree SmallCap Earnings Fund 34.8 38 -18 10.7 +5.5
SSLY Syntax Stratified SmallCap ETF 33.7 30 -10 6.8 +1.6
CSA VictoryShares US Small Cap Volatility Weighted Index ETF 33.4 35 -15 8.6 +3.3
CSF VictoryShares US Discovery Enhanced Volatility Weighted Idx 33.0 35 -15 8.5 +3.3
FSMD Fidelity Small-Mid Factor ETF 32.5 29 -9 6.6 +1.4
AFSM First Trust Active Factor Small Cap ETF 32.4 75 -55 5.6 +0.4
TPSC Timothy Plan US Small Cap Core ETF 32.3 52 -32 8.5 +3.3
VB Vanguard Small-Cap ETF 32.1 5 15 5.5 +0.3
CSML IQ Chaikin U.S. Small Cap ETF 31.8 35 -15 4.1 -1.1
USVM VictoryShares USAA MSCI USA Small Cap Value Momentum ETF 31.4 24 -4 6.8 +1.6
VBR Vanguard Small Cap Value Index Fund 30.3 7 13 8.5 +3.3
SMLF iShares Edge MSCI Multifactor USA Small-Cap ETF 30.2 30 -10 7.9 +2.7
VXF Vanguard Extended Market Index Fund 29.5 6 14 3.7 -1.5
RWJ Invesco S&P SmallCap 600 Revenue ETF 29.3 39 -19 7.4 +2.2
DES WisdomTree U.S. SmallCap Dividend Fund 28.7 38 -18 8.9 +3.7
PSC Principal U.S. Small Cap Index ETF 27.2 38 -18 7.1 +1.9
SLYG SPDR S&P 600 Small Cap Growth ETF 26.4 15 5 5.6 +0.4
IJT iShares S&P Small-Cap 600 Growth ETF 26.4 25 -5 5.6 +0.4
VIOG Vanguard S&P Small-Cap 600 Growth ETF 26.3 16 4 5.6 +0.4
JHSC John Hancock Multifactor Small Cap ETF 25.7 42 -22 6.1 +0.9
VFQY Vanguard U.S. Quality Factor ETF 25.4 13 7 6.6 +1.4
IJS iShares S&P Small-cap 600 Value ETF 25.2 25 -5 9.3 +4.1
SLYV SPDR S&P 600 Small Cap Value ETF 25.2 15 5 9.5 +4.3
VIOV Vanguard S&P Small-Cap 600 Value ETF 25.1 15 5 9.5 +4.2
NUSC Nuveen ESG Small-Cap ETF 24.7 40 -20 5.2 -0.1
ISMD Inspire Small/Mid Cap Impact ETF 24.2 60 -40 6.3 +1.1
VBK Vanguard Small-Cap Growth Index Fund 23.8 7 13 2.4 -2.8
AVUV Avantis U.S. Small Cap Value ETF 23.4 25 -5 8.7 +3.5
IWC iShares Micro-Cap ETF 23.3 60 -40 -3.6 -8.8
ROGS Hartford Multifactor Global Small Cap ETF 23.0 34 -14 8.4 +3.2
FAD First Trust Multi Cap Growth AlphaDEX Fund 22.3 66 -46 2.5 -2.7
FYC First Trust Small Cap Growth AlphaDEX Fund 22.2 70 -50 2.0 -3.2
VFMF Vanguard U.S. Multifactor ETF 22.2 19 1 7.8 +2.6
VFLQ Vanguard U.S. Liquidity Factor ETF 22.1 14 6 4.4 -0.9
RNSC Small Cap US Equity Select ETF 21.9 60 -40 7.4 +2.2
SMLV SPDR SSGA US Small Cap Low Volatility Index ETF 21.6 12 8 7.8 +2.6
VFVA Vanguard U.S. Value Factor ETF 20.2 14 6 11.4 +6.2
OMFS Invesco Russell 2000 Dynamic Multifactor ETF 20.1 39 -19 7.0 +1.8
VFMO Vanguard U.S. Momentum Factor ETF 20.0 13 7 0.9 -4.3
EZM WisdomTree U.S. MidCap Earnings Fund 20.0 38 -18 9.3 +4.0
SMMV iShares Edge MSCI Min Vol USA Small-Cap ETF 19.4 20 0 4.8 -0.4
PSM Principal U.S. Small-MidCap Multi-Factor Core Index ETF 19.1 20 0 9.3 +4.1
TUSA First Trust Total US Market AlphaDEX ETF 18.9 70 -50 6.0 +0.7
JKK iShares Morningstar Small-Cap Growth ETF 18.6 30 -10 1.3 -3.9
FAB First Trust Multi Cap Value AlphaDEX Fund 17.7 71 -51 10.1 +4.8
EWMC Invesco S&P MidCap 400 Equal Weight ETF 17.2 40 -20 7.2 +2.0
IJH iShares Core S&P Mid-Cap ETF 17.0 5 15 6.7 +1.5
MDY SPDR S&P Midcap 400 ETF Trust 17.0 23 -3 6.5 +1.3
SPMD SPDR Portfolio Mid Cap ETF 16.9 5 15 6.7 +1.5
IVOO Vanguard S&P Mid-Cap 400 ETF 16.9 10 10 6.6 +1.4
SQLV Legg Mason Small-Cap Quality Value 16.4 62 -42 6.5 +1.3
FYT First Trust Small Cap Value AlphaDEX Fund 16.2 72 -52 10.1 +4.9
FNX First Trust Mid Cap Core AlphaDEX Fund 16.1 61 -41 6.7 +1.5
JKJ iShares Morningstar Small-Cap ETF 16.0 25 -5 6.8 +1.6
DGRS WisdomTree US SmallCap Quality Dividend Growth Fund 15.5 38 -18 9.0 +3.8
SMDY Syntax Stratified MidCap ETF 15.2 30 -10 6.4 +1.2
DWAS Invesco DWA SmallCap Momentum ETF 13.7 60 -40 -2.2 -7.4
RZG Invesco S&P Smallcap 600 Pure Growth ETF 13.0 35 -15 6.2 +1.0
RNMC Mid Cap US Equity Select ETF 12.6 60 -40 7.9 +2.6
JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF 12.6 30 -10 5.9 +0.7
AFMC First Trust Active Factor Mid Cap ETF 12.4 65 -45 6.6 +1.4
TILT Flexshares Morningstar US Market Factors Tilt Index Fund 12.3 25 -5 6.9 +1.7
RWK Invesco S&P MidCap 400 Revenue ETF 12.1 39 -19 8.0 +2.8
IJJ iShares S&P Mid-Cap 400 Value ETF 12.0 25 -5 8.6 +3.4
MDYV SPDR S&P 400 Mid Cap Value ETF 12.0 15 5 8.8 +3.6
BFOR Barron's 400 ETF 12.0 65 -45 6.5 +1.3
IVOV Vanguard S&P Mid-Cap 400 Value ETF 11.9 15 5 8.8 +3.6
SFYX Sofi Next 500 ETF 11.6 0 20 6.1 +0.9
JSML Janus Henderson Small Cap Growth Alpha ETF 11.6 30 -10 8.2 +3.0
BBMC JPMorgan BetaBuilders U.S. Mid Cap Equity ETF 11.1 7 13 5.6 +0.4
XSLV Invesco S&P SmallCap Low Volatility ETF 10.8 25 -5 5.9 +0.7
PXSG Invesco S&P SmallCap Momentum ETF 10.8 39 -19 5.0 -0.2
IVOG Vanguard S&P Mid-Cap 400 Growth ETF 10.8 15 5 5.2 -0.1
MDYG SPDR S&P 400 Mid Cap Growth ETF 10.7 15 5 5.2 -0.1
IJK iShares S&P Mid-Cap 400 Growth ETF 10.7 24 -4 5.1 -0.2
FNY First Trust Mid Cap Growth AlphaDEX Fund 10.2 70 -50 2.2 -3.0
KOMP SPDR Kensho New Economies Composite ETF 9.9 20 0 2.6 -2.6

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:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™


Calculation of ALTAR Score™
Avg. Return on Equity 9.0 %
Divided by: Fwd. P/BV 1.7 x
Less: Expense ratio 20 bp
Equals: ALTAR Score 5.2 %
info More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS
COMPOSITE
RATING
1.50 CATEGORY
AVERAGE
1.52
 
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.