GEM

Goldman Sachs ActiveBeta Emerging Markets Equity ETF

GEM tracks an index of emerging market stocks comprising 4 subindexes: value, momentum, quality and low volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.


Emerging Market

EQUITY

Rules-Based

MANAGEMENT STYLE

45 bp

EXPENSES

$972.2 M

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorGoldman Sachs
CategoryEmerging
Asset classEquity
Websitelink...
Inception dateSep 25, 2015
Assets (mns)$972
Expense ratio45 bp
CurrencyUSD
Sector Breakdown
Fund Structure
RegulationOpen-End Investment Company
DistributionsQuarterly
Taxation1099
Stock selectionMarket Cap
WeightingTiered
Holdings TransparencyFull
Derivatives-basedNo
Options availableYes
Currency hedgedNo
Fund of fundsNo
Top 10 Holdings
TAIWAN SEMICONDUCTOR MANUFAC 8.6 %
TENCENT HOLDINGS LTD 3.7 %
SAMSUNG ELECTRONICS CO LTD 3.4 %
ALIBABA GROUP HOLDING LTD. 1.6 %
RELIANCE INDS-SPONS GDR 144A 1.5 %
HYNIX SEMICONDUCTOR INC 0.9 %
PINDUODUO, INC. SPONSORED ADR CLASS A 0.9 %
MEDIATEK INC 0.8 %
CHINA CONSTRUCTION BANK-H 0.8 %
INFOSYS TECHNOLOGIES LTD 0.7 %
Constituent Breakdown
Number of holdings841
Herfindahl-Hirschman Index 121
Wgt avg mkt cap (mns)$135,009
Large cap (>$10bn)68.9%
Mid cap ($2-10bn)30.4%
Small cap (<$2bn)0.1%
Developed mkts.5.5%
Emerging mkts.94.5%
Country Exposure
CHINA 25.4 %
TAIWAN 18.3 %
INDIA 17.9 %
SOUTH KOREA 11.2 %
BRAZIL 4.0 %
SOUTH AFRICA 2.8 %
SAUDI ARABIA 2.6 %
HONG KONG 2.0 %
MEXICO 1.7 %
INDONESIA 1.2 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 4.3% 9.2% 6.2% -5.0% 2.2% -- 5.8%
Volatility 12.9% 13.3% 15.7% 16.6% 20.1% -- --
Market Correlations
versus...BetaR-squared
S&P 5000.6648%
MSCI EAFE0.8269%
MSCI Emg Mkts0.9698%
Liquidity Measures
Avg. volume (000)81
Turnover0.3%
Avg. Bid/Ask (% of price)0.12%
ADV of underlying (mns)$38,092
Technical Indicators
Recent close$32.68
30d moving avg.$32.00
Annualized volatility17.1%
Relative strength (RSI)54
Short interest (ETF)0.4%
Short interest (underlying)0.0%
Distributions
Assets Under Management (mns)

Money Flows (mns)

Short Interest (as % of shares outstanding)

Long Money Flows (mns)

Risk and Returns: GEM 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 --%
1.0 10.9 1.4 3.0% --
Based on closing prices from 7/19/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
GEM



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™

GEM

7.8%

Cat. Avg

7.4%

Fund Category: Emerging

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™7.8%
Recommendation

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.

Category Overview
There are 161 funds in the Emerging category, with an average ALTAR Score™ of 7.4% and a standard deviation of 3.8%. GEM's ALTAR Score™ is approximately 0.1 standard deviations above the category average. This places GEM in the 55th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

Composite
GEM
Peer Average
SELL
U/W
HOLD
O/W
BUY



Recent Trends


Breakdown
Expense Analysis

Peer Group Rules-Based
Emerging Market Equity ETFs
# of ETFs 103
Avg. Expense Ratio 64.6 bp
Std. Deviation 29 bp
GEM (45 bp) Percentile rank 25
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
GEM 45.0 11.6 56.6
Peer Avg. 49.0 36.9 85.8
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .