GCLN
Goldman Sachs Bloomberg Clean Energy Equity ETF
GCLN tracks an index of global companies expected to have significant impact on the clean energy industry. Holdings are market-cap weighted and tilted towards those with more relevance to clean energy and decarbonization.
Global
EQUITY
Rules-Based
MANAGEMENT STYLE
45 bp
EXPENSES
$12.0 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Goldman Sachs |
| Category | Global |
| Asset class | Equity |
| Website | link... |
| Inception date | Feb 08, 2022 |
| Assets (mns) | $12 |
| Expense ratio | 45 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Principles-based |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TESLA MOTORS INC | 5.1 % |
| IBERDROLA SA | 5.1 % |
| NEXTERA ENERGY GROUP | 5.0 % |
| ENEL SPA | 3.6 % |
| DUKE ENERGY CORP | 2.6 % |
| PUBLIC SERVICE ENTERPRISE GP | 2.5 % |
| CONTEMPORARY AMPEREX TECHNOLOGY CO., LTD | 2.2 % |
| NATIONAL GRID PLC | 2.1 % |
| SEMPRA ENERGY | 2.1 % |
| BYD CO LTD-H | 2.1 % |
Constituent Breakdown
| Number of holdings | 201 |
| Herfindahl-Hirschman Index | 185 |
| Wgt avg mkt cap (mns) | $75,724 |
| Large cap (>$10bn) | 84.0% |
| Mid cap ($2-10bn) | 14.1% |
| Small cap (<$2bn) | 1.9% |
| Developed mkts. | 81.8% |
| Emerging mkts. | 18.2% |
Country Exposure
 |
UNITED STATES | 46.2 % |
 |
CHINA | 10.9 % |
 |
SPAIN | 6.1 % |
 |
GERMANY | 5.3 % |
 |
ITALY | 4.3 % |
 |
BRITAIN | 4.0 % |
 |
JAPAN | 3.7 % |
 |
CANADA | 2.9 % |
 |
FRANCE | 2.5 % |
 |
DENMARK | 2.5 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -6.1% | -14.3% | -6.1% | -- | -- | -- | -9.5% | Volatility | 13.0% | 15.3% | 18.9% | -- | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.98 | 67% |
| MSCI EAFE | 1.05 | 75% |
| MSCI Emg Mkts | 0.94 | 63% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.79% |
| ADV of underlying (mns) | $41,502 |
Technical Indicators
| Recent close | $34.29 |
| 30d moving avg. | $34.00 |
| Annualized volatility | 22.5% |
| Relative strength (RSI) | 56 |
| Short interest (ETF) | 0.0% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Comparable ETFs Based on Overlap
| Ticker | Fund Name | Overlap vs. GCLN |
Expenses vs. GCLN |
ALTAR Score™ vs. GCLN |
|---|---|---|---|---|
| JXI | iShares Global Utilities ETF | 52.8% | -2 bp | +0.5% |
| IGF | iShares Global Infrastructure ETF | 31.5% | -4 bp | -1.1% |
| GII | SPDR S&P Global Infrastructure ETF | 31.4% | -5 bp | -1.0% |
| VPU | Vanguard Utilities ETF | 31.2% | -35 bp | +0.2% |
| FUTY | Fidelity MSCI Utilities Index ETF | 31.1% | -37 bp | +0.2% |
| SMOG | VanEck Low Carbon Energy ETF | 30.9% | +16 bp | -3.1% |
| CLNR | IQ Cleaner Transport ETF | 30.5% | 0 bp | +0.5% |
| IDU | iShares U.S. Utilities ETF | 30.5% | -5 bp | -0.5% |
| XLU | Utilities Select Sector SPDR Fund | 30.2% | -36 bp | +0.1% |
| RSPU | Invesco S&P 500 Equal Weight Utilities ETF | 28.4% | -5 bp | +0.2% |
Risk and Returns: GCLN vs. Comps (1 YR)
Notes: Top 10 overlapping ETFs. Funds with insufficient history not shown. Some funds may overlap. Hover over data point for ticker symbol.
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Results & Estimates
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024E | 2025E | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
EPS Revision Activity (6 mo. ago = 100%)
Compound Annual Growth Rates
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Valuation Metrics
| 2023 | 2024E | Fwd Est | 2025E | |
| Price-to-sales | --x | --x | --x | --x |
| Price-to-earnings | --x | --x | --x | --x |
| Price-to-cash flow | --x | --x | --x | --x |
| Price-to-growth | --x | --x | --x | --x |
| Price-to-book value | --x | --x | --x | --x |
| Yield | --% | --% | --x | --% |
Based on closing prices from 7/25/2024
Peer Group Comparison Sample data. Subscribe for access.
Price-to-Earnings
Price-to-Sales
Price-to-Book Value
Price-to-Cash Flow
Price-to-Growth
Dividend Yield
Historical Valuation Trends Sample data. Subscribe for access.
SHOWING:
Price-to-Earnings
Price-to-Earnings
GCLN
Notes: Based on adjusted historical results for current fund constituents. May differ from results achieved by past fund constituents. Max P/E of 100x.
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ETF Research Center Fund Rating
Our measure of an ETF's overall investment merit
ALTAR Score™
GCLN
5.8%
Cat. Avg
4.0%
Fund Category: Global
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 5.8% |
Recommendation
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.
Category Overview
There are 352 funds in the Global category, with an average ALTAR Score™
of 4.0% and a standard deviation of
4.8%. GCLN's ALTAR Score™ is approximately
0.4 standard deviations
above
the category average. This places GCLN in the 65th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GCLN
Peer Average
Recent Trends
SELL
U/W
HOLD
O/W
BUY
Recent Trends
Breakdown
Expense Analysis
| Peer Group | Rules-Based Global Equity ETFs |
| # of ETFs | 191 |
| Avg. Expense Ratio | 55.4 bp |
| Std. Deviation | 17.5 bp |
| GCLN (45 bp) Percentile rank | 28 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GCLN | 45.0 | 78.7 | 123.7 |
| Peer Avg. | 51.3 | 36.4 | 87.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .