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
990.0 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) | $990 |
| 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 | 9.2 % |
| TENCENT HOLDINGS LTD | 5.3 % |
| ALIBABA GROUP HOLDING LTD. | 3.2 % |
| RELIANCE INDS-SPONS GDR 144A | 2.8 % |
| SAMSUNG ELECTRONICS CO LTD | 2.1 % |
| MEITUAN DIANPING | 1.2 % |
| XIAOMI CORP. CLASS B | 1.0 % |
| CHINA CONSTRUCTION BANK-H | 1.0 % |
| INFOSYS TECHNOLOGIES LTD | 0.9 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 0.9 % |
Constituent Breakdown
| Number of holdings | 757 |
| Herfindahl-Hirschman Index | 154 |
| Wgt avg mkt cap (mns) | $160,106 |
| Large cap (>$10bn) | 67.8% |
| Mid cap ($2-10bn) | 28.7% |
| Small cap (<$2bn) | 0.3% |
| Developed mkts. | 4.2% |
| Emerging mkts. | 94.5% |
Country Exposure
 |
CHINA | 30.5 % |
 |
TAIWAN | 17.5 % |
 |
INDIA | 17.1 % |
 |
SOUTH KOREA | 8.9 % |
 |
BRAZIL | 3.8 % |
 |
SOUTH AFRICA | 3.3 % |
 |
SAUDI ARABIA | 2.7 % |
 |
HONG KONG | 2.5 % |
 |
UAE | 1.4 % |
 |
MEXICO | 1.3 % |
Historical Performance
Standardized Performance (as of 05/31/2025)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | 20 YR | Incep. | |
|---|---|---|---|---|---|---|---|---|
| Price Returns | 9.0% | 9.1% | 9.5% | 2.8% | 3.7% | -- | -- | 3.7% |
| Dividend Yield | 0.0% | 0.0% | 1.1% | 1.8% | 2.2% | -- | -- | 2.2% |
| Total Returns | 9.0% | 9.1% | 10.6% | 4.6% | 5.9% | -- | -- | 5.9% | Ann. Volatility | 22.1% | 19.1% | 16.4% | 16.9% | 17.5% | -- | -- | 19.1% |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.66 | 44% |
| MSCI EAFE | 0.75 | 61% |
| MSCI Emg Mkts | 0.93 | 91% |
Liquidity Measures
| Avg. volume (000) | 98 |
| ADV traded (mns) | $4 |
| Turnover | 0.4% |
| Avg. Bid/Ask (% of price) | 0.12% |
Technical Indicators
| Recent close | $36.00 |
| 30d moving avg. | $35.19 |
| Annualized volatility | 16.7% |
| Relative strength (RSI) | 61 |
| Short interest | 0.3% |
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. |
Expenses vs. |
ALTAR Score™ vs. |
|---|---|---|---|---|
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 72.8% | +21 bp | +10.2% |
| GSEE | Goldman Sachs MarketBeta Emerging Markets Equity ETF | 70.0% | -9 bp | +10.1% |
| BKEM | BNY Mellon Emerging Markets Equity ETF | 69.9% | -34 bp | +10.3% |
| BBEM | JPMorgan BetaBuilders Emerging Markets Equity ETF | 69.7% | -30 bp | +10.6% |
| EEM | iShares MSCI Emerging Markets ETF | 66.5% | +24 bp | +10.5% |
| EEMX | SPDR MSCI Emerging Markets Fossil Fuel Free ETF | 65.7% | -15 bp | +10.6% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 63.3% | +4 bp | +10.4% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 60.9% | -26 bp | +9.6% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 60.7% | -36 bp | +10.7% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 59.5% | -30 bp | +8.3% |
Risk and Returns: 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 6/16/2025
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
SPECULATIVE
Deeply undervalued but risky. A rating of SPECULATIVE is assigned to ETFs with ALTAR Scores in the top quintile (the top 20%) of their category, indicating exceptional appreciation potential. However, often these are narrowly-focused funds or in industries with structural issues, which may also make them very risky. Nonetheless they may still be useful as part of a well-diversified portfolio.
ALTAR Score™
10.9%
Cat. Avg
8.2%
ALTAR Score™ Calculation
Category Overview
There are 112 funds in the Emerging Equity category, with an average ALTAR Score™
of 8.2% and a standard deviation of
2.6%. 's ALTAR Score™ is approximately
1.0 standard deviations
above
the category average. This places in the 85th 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 |
| (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) |
|
|---|---|---|---|
| 45.0 | 0.0 | 45 | |
| Peer Avg. | 48.3 | 42.7 | 91.0 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .