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
1.2 B
ASSETS UNDER MGMT
45 bp
EXPENSES
Fund Basics
| Fund sponsor | Goldman Sachs |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | Sep 25, 2015 |
| Assets (mns) | $1,172 |
| Expense ratio | 45 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Tiered |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 11.6 % |
| TENCENT HOLDINGS LTD | 6.0 % |
| ALIBABA GROUP HOLDING LTD. | 3.0 % |
| RELIANCE INDS-SPONS GDR 144A | 2.8 % |
| SAMSUNG ELECTRONICS CO LTD | 2.8 % |
| HYNIX SEMICONDUCTOR INC | 1.3 % |
| CHINA CONSTRUCTION BANK-H | 1.1 % |
| XIAOMI CORP. CLASS B | 1.0 % |
| ICICI BANK LTD | 1.0 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.9 % |
Constituent Breakdown
| Number of holdings | 754 |
| Herfindahl-Hirschman Index | 217 |
| Wgt avg mkt cap (mns) | $274,389 |
| Large cap (>$10bn) | 80.7% |
| Mid cap ($2-10bn) | 26.5% |
| Small cap (<$2bn) | 0.3% |
| Developed mkts. | 5.5% |
| Emerging mkts. | 103.7% |
Country Exposure
 |
CHINA | 33.1 % |
 |
TAIWAN | 20.4 % |
 |
INDIA | 16.9 % |
 |
SOUTH KOREA | 11.9 % |
 |
BRAZIL | 4.3 % |
 |
SOUTH AFRICA | 3.5 % |
 |
HONG KONG | 3.1 % |
 |
SAUDI ARABIA | 2.5 % |
 |
MEXICO | 1.6 % |
 |
GREECE | 1.5 % |
Historical Performance
Standardized Performance (as of 11/30/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 30.4% | 25.4% | 18.2% | 12.6% | 3.1% | 4.8% | -- | 5.4% |
| Dividend Yield | 0.0% | 0.0% | 0.3% | 1.3% | 2.0% | 2.1% | -- | 2.1% |
| Total Returns | 30.4% | 25.4% | 18.5% | 13.8% | 5.0% | 7.0% | -- | 7.5% | Ann. Volatility | 17.9% | 17.6% | 16.4% | 15.6% | 17.0% | 18.9% | -- | 18.9% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.66 | 54% |
| MSCI EAFE | 0.83 | 61% |
| MSCI Emg Mkts | 0.97 | 94% |
Liquidity Measures
| Avg. volume (000) | 60 |
| ADV traded (mns) | $2 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.15% |
Technical Indicators
| 30d moving avg. (EMA) | $41.50 |
| Relative strength (RSI) | 54 |
| MACD/Signal | -0.08/0.01 |
| Bollinger Bands (Upper/Lower) | $42.81/$40.64 |
| Short interest (% of AUM) | 0.1% |
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. GEM |
Expenses vs. GEM |
ALTAR Score™ vs. GEM |
|---|---|---|---|---|
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 80.2% | +21 bp | +8.8% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 76.9% | -9 bp | +8.9% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 76.8% | -34 bp | +9.2% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 76.3% | -30 bp | +9.6% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 68.8% | +4 bp | +9.3% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | 67.8% | -15 bp | +9.8% |
| EEM | iShares MSCI Emerging Markets ETF | 67.5% | +24 bp | +9.4% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 67.2% | -26 bp | +8.3% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 66.4% | -30 bp | +7.4% |
| EEMA | iShares MSCI Emerging Markets Asia ETF | 61.0% | +4 bp | +9.0% |
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
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | ||
|---|---|---|---|---|---|---|---|---|
| Sales per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Earnings per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Dividends per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- | |
| Book value per share | -- | -- | -- | -- | -- | -- | -- | |
| change (%) | -- | -- | -- | -- | -- | -- | -- |
Return on Equity
Net Margins
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Valuation Metrics
| Fwd Est | 2024 | 2025 | 2026 | |
| 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 12/1/2025
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
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 Rating
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™
GEM
9.6%
Cat. Avg
7.8%
ALTAR Score™ Calculation
Category Overview
There are 131 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.8% and a standard deviation of
2.6%. GEM's ALTAR Score™ is approximately
0.7 standard deviations
above
the category average. This places GEM in the 75th percentile among funds in the category.
Sell Side Consensus Rating
Sell-side recommendations on the ETF's individual constituents
GEMSELL
U/W
HOLD
O/W
BUY