GSIE

Goldman Sachs ActiveBeta International Equity ETF

GSIE tracks an index of stocks in developed markets outside of the US comprising 4 subindexes: value, momentum, quality and low volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.


International

EQUITY

Passive

MANAGEMENT STYLE

25 bp

EXPENSES

$3.6 B

ASSETS UNDER MGMT

FACTOR SCORECARD

SIZE
VALUE
YIELD
MOMENTUM
VOLATILITY
QUALITY
Fund Basics
Fund sponsorGoldman Sachs
CategoryInternational
Asset classEquity
Websitelink...
Inception dateNov 06, 2015
Assets (mns)$3,642
Expense ratio25 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
NOVO NORDISK A/S-B 2.3 %
ASML HOLDING NV 1.6 %
NESTLE SA-REG 1.1 %
ROCHE HOLDING AG-BR 1.1 %
NOVARTIS AG 1.0 %
LVMH MOET HENNESSY LOUIS VUI 1.0 %
ASTRAZENECA PLC 1.0 %
SHELL PLC 0.9 %
SAP AG 0.8 %
ROYAL BANK OF CANADA 0.7 %
Constituent Breakdown
Number of holdings706
Herfindahl-Hirschman Index 34
Wgt avg mkt cap (mns)$76,276
Large cap (>$10bn)78.1%
Mid cap ($2-10bn)20.3%
Small cap (<$2bn)0.2%
Developed mkts.99.8%
Emerging mkts.0.2%
Country Exposure
JAPAN 20.6 %
BRITAIN 11.9 %
CANADA 10.1 %
FRANCE 9.7 %
SWITZERLAND 8.2 %
GERMANY 7.8 %
AUSTRALIA 5.4 %
NETHERLANDS 4.5 %
DENMARK 3.3 %
ITALY 2.9 %
Historical Performance


Standardized Performance (as of 06/30/2024)
 YTD1 YR2 YR3 YR5 YR10 YRIncep.
Total Returns 4.8% 10.7% 13.5% 1.9% 6.1% -- 6.3%
Volatility 10.9% 11.9% 16.0% 16.0% 19.0% -- --
Market Correlations
versus...BetaR-squared
S&P 5000.8579%
MSCI EAFE0.9897%
MSCI Emg Mkts0.7761%
Liquidity Measures
Avg. volume (000)315
Turnover0.3%
Avg. Bid/Ask (% of price)0.04%
ADV of underlying (mns)$52,339
Technical Indicators
Recent close$34.46
30d moving avg.$35.00
Annualized volatility17.3%
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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Risk and Returns: GSIE 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 12.8 1.5 3.4% --
Based on closing prices from 7/18/2024
Historical Valuation Trends Sample data. Subscribe for access.

SHOWING:
Price-to-Earnings
GSIE



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™

GSIE

6.9%

Cat. Avg

7.0%

Fund Category: International

Avg. Return on Equity--%
Divided by: Fwd. P/BV--x
Less: Expenses-- bp
Equals: ALTAR Score™6.9%
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 258 funds in the International category, with an average ALTAR Score™ of 7.0% and a standard deviation of 2.4%. GSIE's ALTAR Score™ is approximately 0.0 standard deviations below the category average. This places GSIE in the 48th percentile among funds in the category.
Consensus Recommendation

Sell-side recommendations on the ETF's individual constituents

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



Recent Trends


Breakdown
Expense Analysis

Peer Group Passive
International Equity ETFs
# of ETFs 77
Avg. Expense Ratio 38.8 bp
Std. Deviation 21.2 bp
GSIE (25 bp) Percentile rank 26
Peer Group Expense Ratio Distribution


Total Cost of Ownership (TCO) Comparison
Expense (bp)
(A)
Avg. Bid/Ask (bp)
(B)
TCO (bp)
(A)+(B)
GSIE 25.0 3.5 28.5
Peer Avg. 26.0 14.3 40.2
  For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .