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
980.6 M
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) | $981 |
| 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 | 8.6 % |
| TENCENT HOLDINGS LTD | 3.4 % |
| SAMSUNG ELECTRONICS CO LTD | 3.4 % |
| ALIBABA GROUP HOLDING LTD. | 1.6 % |
| RELIANCE INDS-SPONS GDR 144A | 1.5 % |
| INFOSYS TECHNOLOGIES LTD | 0.9 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.8 % |
| HYNIX SEMICONDUCTOR INC | 0.8 % |
| CHINA CONSTRUCTION BANK-H | 0.8 % |
| MEDIATEK INC | 0.7 % |
Constituent Breakdown
| Number of holdings | 842 |
| Herfindahl-Hirschman Index | 119 |
| Wgt avg mkt cap (mns) | $139,218 |
| Large cap (>$10bn) | 69.7% |
| Mid cap ($2-10bn) | 29.5% |
| Small cap (<$2bn) | 0.2% |
| Developed mkts. | 5.8% |
| Emerging mkts. | 94.2% |
Country Exposure
 |
CHINA | 23.6 % |
 |
INDIA | 18.8 % |
 |
TAIWAN | 17.9 % |
 |
SOUTH KOREA | 11.7 % |
 |
BRAZIL | 4.0 % |
 |
SOUTH AFRICA | 3.0 % |
 |
SAUDI ARABIA | 2.7 % |
 |
HONG KONG | 1.8 % |
 |
MEXICO | 1.7 % |
 |
INDONESIA | 1.2 % |
Historical Performance
Standardized Performance (as of 09/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 12.1% | 21.5% | 17.8% | -0.1% | 4.4% | -- | 6.4% | Volatility | 12.9% | 13.3% | 15.7% | 16.6% | 20.1% | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.67 | 50% |
| MSCI EAFE | 0.81 | 71% |
| MSCI Emg Mkts | 0.98 | 98% |
Liquidity Measures
| Avg. volume (000) | 56 |
| Turnover | 0.2% |
| Avg. Bid/Ask (% of price) | 0.12% |
| ADV of underlying (mns) | $119,138 |
Technical Indicators
| Recent close | $34.71 |
| 30d moving avg. | $33.29 |
| Annualized volatility | 17.0% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 0.2% |
| 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. GEM |
Expenses vs. GEM |
ALTAR Score™ vs. GEM |
|---|---|---|---|---|
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 70.0% | +21 bp | -1.1% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 67.1% | -9 bp | -3.1% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 67.1% | -34 bp | -2.4% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 66.1% | -30 bp | -3.6% |
| EEM | iShares MSCI Emerging Markets ETF | 66.0% | +24 bp | -4.1% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 63.1% | +4 bp | -2.7% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 61.5% | -36 bp | -3.5% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 60.3% | -15 bp | -3.4% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 58.0% | -30 bp | -0.7% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 58.0% | -10 bp | -3.5% |
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 | --% |
Based on closing prices from 10/21/2024
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
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 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
10.7%
Cat. Avg
7.6%
ALTAR Score™ Calculation
Category Overview
There are 164 funds in the Emerging Equity category, with an average ALTAR Score™
of 7.6% and a standard deviation of
4.1%. GEM's ALTAR Score™ is approximately
0.8 standard deviations
above
the category average. This places GEM in the 77th 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
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. | 50.1 | 29.6 | 79.7 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .