Goldman Sachs MarketBeta Emerging Markets Equity ETF

Goldman Sachs MarketBeta Emerging Markets Equity ETF (GSEE) tracks the Solactive GBS Emerging Markets Large & Mid Cap Index. It spreads money across about 1,800 companies in places like Taiwan, South Korea, India and China, so one fund gives broad exposure to emerging-market stocks. Its 0.36% expense ratio is near the 0.34% average for similar funds but well above IEMG's 0.09%. It is also small, at $139 million as of August 31, 2026.

• Over the year to Oct 27, 2026, GSEE returned +12.9%, 6th of 9 among similar funds.
• Its 5-year annualized return was +6.7%.
• Its worst full calendar year was 2022 (-19.6%); its best was 2025 (+33.4%).
• The deepest fall in its price history was 35.2% (Feb 23, 2021 to Oct 24, 2022), recovered by Jul 17, 2025.

As of Aug 31, 2026, the fund held 1,799 securities; the ten largest made up 34.98% of assets.

• Over the three months to Aug 31, 2026, investors withdrew a net $3.3M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: -1.49%, -3.40%, +3.40%.

GSEE aims to match the Solactive GBS Emerging Markets Large & Mid Cap Index, before fees. Solactive AG owns and calculates the index. It covers the companies that make up roughly the largest 85% of emerging-market stock value, measured by free-float market capitalization. Free float counts only shares the public can buy, not those held by insiders or governments. Bigger companies get bigger weights. As of December 1, 2025, the index held 2,164 securities from countries that include Brazil, Saudi Arabia, India, China, South Korea and Taiwan.

The index is rebuilt four times a year, in February, May, August and November. The fund must keep at least 80% of its assets in index stocks or in depositary receipts, which are certificates that stand for foreign shares and trade on other exchanges. It may hold a sample instead of every stock, and the managers can hold more or less of a stock than the index does. It does not sell holdings to avoid a falling market. Portfolio turnover was 8%. Weighting by size concentrates the fund: as of August 31, 2026, Taiwan Semiconductor was 13.8% of assets and the top 10 holdings made up 35.0%.

One mechanical point: the fund expects to pay out some redemptions in cash rather than in shares. That can make it less tax-efficient than ETFs that redeem in kind.

• GSEE charges 0.36% a year, versus an average of 0.34% for the similar funds below (6th of 9, cheapest first).
• Of that, 0.45% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.09% waiver from the adviser, which may end.
• Using the prospectus's standard example, $10,000 invested would cost about $37 in the first year and $558 over 10 years (assuming a 5% annual return).

It adds about 1,800 companies outside the US, mostly in Asia, though its swings have been larger than the market's (one-year beta of 1.4 as of October 27, 2026).

GSEE could add companies a US-focused portfolio may lack, such as Taiwan Semiconductor, Samsung and HDFC Bank. The trade-off is bumpier returns. It launched in May 2020, so it has no record for the 2008 crisis or the 2020 crash. Its worst calendar year was 2022, when it lost 19.12%. In that year's bear market it fell 29.1% and took about 24 months to recover. Its deepest drop was 35.2%, from February 2021 to October 2022, and it took nearly 33 months to recover, by July 17, 2025. Anyone who had to sell during those stretches would have locked in losses. Income is modest: a 2.2% trailing yield as of October 27, 2026, paid once a year. Under the SEC's standard example, costs are $37 on $10,000 in the first year. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.

Matched by holdings overlap from the latest N-PORT reports.