GSEE
Goldman Sachs MarketBeta Emerging Markets Equity ETF
GSEE tracks an index of emerging markets equities, selected and weighted by market capitalization.
Emerging Market
EQUITY
Rules-Based
MANAGEMENT STYLE
36 bp
EXPENSES
$113.3 M
ASSETS UNDER MGMT
Fund Basics
| Fund sponsor | Goldman Sachs |
| Category | Emerging |
| Asset class | Equity |
| Website | link... |
| Inception date | May 12, 2020 |
| Assets (mns) | $113 |
| Expense ratio | 36 bp |
| Currency | USD |
Sector Breakdown
Fund Structure
| Regulation | Open-Ended Fund |
| Distributions | Quarterly |
| Taxation | 1099 |
| Stock selection | Market Cap |
| Weighting | Market Cap |
| Holdings Transparency | Full |
| Derivatives-based | No |
| Options available | No |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| TAIWAN SEMICONDUCTOR MANUFAC | 8.5 % |
| TENCENT HOLDINGS LTD | 3.7 % |
| SAMSUNG ELECTRONICS CO LTD | 3.5 % |
| RELIANCE INDS-SPONS GDR 144A | 2.4 % |
| ALIBABA GROUP HOLDING LTD. | 1.8 % |
| HDFC BANK LIMITED | 1.3 % |
| PINDUODUO, INC. SPONSORED ADR CLASS A | 1.2 % |
| HYNIX SEMICONDUCTOR INC | 1.1 % |
| INTERNATIONAL HOLDINGS COMPANY PJSC | 1.0 % |
| HON HAI PRECISION INDUSTRY | 0.9 % |
Constituent Breakdown
| Number of holdings | 1858 |
| Herfindahl-Hirschman Index | 127 |
| Wgt avg mkt cap (mns) | $144,684 |
| Large cap (>$10bn) | 76.2% |
| Mid cap ($2-10bn) | 21.7% |
| Small cap (<$2bn) | 1.3% |
| Developed mkts. | 5.5% |
| Emerging mkts. | 94.4% |
Country Exposure
 |
CHINA | 22.6 % |
 |
INDIA | 19.7 % |
 |
TAIWAN | 18.7 % |
 |
SOUTH KOREA | 11.1 % |
 |
BRAZIL | 4.1 % |
 |
SAUDI ARABIA | 3.5 % |
 |
UAE | 2.0 % |
 |
SOUTH AFRICA | 2.0 % |
 |
MEXICO | 1.8 % |
 |
INDONESIA | 1.5 % |
Historical Performance
Standardized Performance (as of 06/30/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | 3.6% | 9.3% | 5.1% | -5.4% | -- | -- | 4.0% | Volatility | 12.9% | 13.9% | 16.4% | 17.6% | -- | -- | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.63 | 43% |
| MSCI EAFE | 0.77 | 61% |
| MSCI Emg Mkts | 0.98 | 99% |
Liquidity Measures
| Avg. volume (000) | 0 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.73% |
| ADV of underlying (mns) | $71,430 |
Technical Indicators
| Recent close | $44.44 |
| 30d moving avg. | $45.80 |
| Annualized volatility | 17.2% |
| Relative strength (RSI) | 55 |
| 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. GSEE |
Expenses vs. GSEE |
ALTAR Score™ vs. GSEE |
|---|---|---|---|---|
| BKEM | BNY Mellon Emerging Markets Equity ETF | 90.8% | -25 bp | +0.3% |
| DBEM | Xtrackers MSCI Emerging Markets Hedged Equity ETF | 83.6% | +30 bp | -0.4% |
| EEM | iShares MSCI Emerging Markets ETF | 79.7% | +33 bp | -0.3% |
| IEMG | iShares Core MSCI Emerging Markets ETF | 75.1% | -27 bp | +0.4% |
| EMCR | Xtrackers Emerging Markets Carbon Reduction and Climate Impr | 71.4% | -21 bp | +0.2% |
| JHEM | John Hancock Multifactor Emerging Markets ETF | 69.8% | +13 bp | +0.9% |
| FLAX | Franklin FTSE Asia Ex Japan ETF | 68.5% | -17 bp | -0.2% |
| DFAE | Dimensional Emerging Core Equity Market ETF | 67.6% | -1 bp | +0.2% |
| SCHE | Schwab Emerging Markets Equity ETF | 67.5% | -25 bp | +0.2% |
| GEM | Goldman Sachs ActiveBeta Emerging Markets Equity ETF | 67.3% | +9 bp | +0.8% |
Risk and Returns: GSEE 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
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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
GSEE
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™
GSEE
7.1%
Cat. Avg
7.5%
Fund Category: Emerging
| Avg. Return on Equity | --% |
| Divided by: Fwd. P/BV | --x |
| Less: Expenses | -- bp |
| Equals: ALTAR Score™ | 7.1% |
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 7.5% and a standard deviation of
3.9%. GSEE's ALTAR Score™ is approximately
0.1 standard deviations
below
the category average. This places GSEE in the 46th percentile among funds in the category.
Consensus Recommendation
Sell-side recommendations on the ETF's individual constituents
Composite
GSEE
Peer Average
Recent Trends
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 |
| GSEE (36 bp) Percentile rank | 16 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| GSEE | 36.0 | 72.7 | 108.7 |
| Peer Avg. | 51.1 | 47.0 | 98.1 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .