At a glance
GSEU charges 0.25% a year, below the 0.32% average of the 8 funds most like it (the 5th cheapest of 9). It has $177.4M in assets, the 9th largest of that group; it paid 2.82% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +11.0% with distributions reinvested (S&P 500: +11.5%), 3rd of those 9 funds; over three years it returned +19.8% a year. At its worst it fell 35.1% in the 2020 crash (S&P 500: 33.7%) and 33.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 17 months after the lows. Its ten largest positions make up 18.0% of the fund, out of 338 in all.
The short version
Goldman Sachs ActiveBeta Europe Equity ETF (GSEU) tracks a Goldman Sachs index that starts with the MSCI Europe Index of developed-market European stocks. It then tilts toward companies that score well on four traits: value, momentum, quality and low volatility. Its 0.25% annual fee is higher than plain Europe index funds such as IEUR and BBEU (0.09%) or VGK (0.06%). With $177 million in assets as of August 31, 2026, it is the smallest fund in its peer group.
Price history
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GSEU +11.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GSEU official prospectus, to Dec 31, 2024 | — | +1.63% | — | +4.73% | — | +6.86% |
| GSEU price data to Oct 27, 2026 | +6.9% | +11.0% | +19.8% | +8.2% | +9.7% | +9.1% |
- Over the year to Oct 27, 2026, GSEU returned +11.0%, 3rd of 9 among similar funds.
- Its 5-year annualized return was +8.2% and its 10-year +9.7%.
- In the 2020 COVID crash it fell 35.1% and regained its old high 7.9 months after the low.
- Its worst full calendar year was 2022 (-18.0%); its best was 2025 (+35.7%).
- The deepest fall in its price history was 35.7% (Jan 17, 2020 to Mar 18, 2020), recovered by Nov 19, 2020.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +6.9% | — |
| 2025 | +35.7% | — |
| 2024 | +2.0% | +1.63% |
| 2023 | +20.7% | +20.86% |
| 2022 | -18.0% | -18.12% |
| 2021 | +17.3% | +16.78% |
| 2020 | +6.6% | +7.29% |
| 2019 | +24.6% | +24.47% |
| 2018 | -14.3% | -13.98% |
| 2017 | +26.9% | +26.55% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 34.3% over that stretch · deepest drop along the way 35.1%, back to its old high 7.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 32.8% over that stretch · deepest drop along the way 33.4%, back to its old high 16.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9300 | |
| 2025 | $1.2500 | +54.3% |
| 2024 | $0.8100 | -31.4% |
| 2023 | $1.1800 | +18.0% |
| 2022 | $1.0000 | -2.0% |
| 2021 | $1.0200 | +70.0% |
| 2020 | $0.6000 | -48.7% |
| 2019 | $1.1700 | +31.5% |
| 2018 | $0.8900 | +12.7% |
| 2017 | $0.7900 |
What's inside
As of Aug 31, 2026, the fund held 338 securities; the ten largest made up 18.01% of assets.
| Holding | Weight | |
|---|---|---|
| ASML HOLDING NV | 4.19% | |
| HSBC HOLDINGS PLC | 2.10% | |
| ROCHE HOLDING AG Preferred stock | 1.95% | |
| NOVARTIS AG | 1.82% | |
| BANCO SANTANDER SA | 1.47% | |
| ASTRAZENECA PLC | 1.46% | |
| SHELL PLC | 1.43% | |
| SIEMENS AG | 1.28% | |
| ALLIANZ SE | 1.16% | |
| SAP SE | 1.16% | |
| NESTLE' SA/AG | 1.14% | |
| BANCO BILBAO VIZCAYA ARGENTARIA SA | 1.02% | |
| TOTALENERGIES SE | 0.89% | |
| SCHNEIDER ELECTRIC SE | 0.87% | |
| NOVO NORDISK A/S | 0.86% |
By country
United Kingdom 20.65%Switzerland 14.09%Germany 13.71%France 13.02%Netherlands 9.68%By asset type
Stocks 97.06%Preferred stock 2.64%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $57.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.98%, +2.07%, +1.32%.
How it works
The fund aims to match the Goldman Sachs ActiveBeta Europe Equity Index, before fees. It puts at least 80% of its assets into the index's stocks or into depositary receipts, which are certificates that represent foreign shares. Goldman Sachs Asset Management builds the index using fixed rules. As of December 1, 2025, the index held 358 stocks from 15 developed European countries. Company sizes ranged from about $4.6 billion to $418 billion.
The index is built in two steps. First, every stock in the MSCI Europe Index, which weights companies by market value, gets a score on four "factors." These are traits linked to beating the market: value (a low price relative to book value, sales and free cash flow), momentum (a rising share price), quality (profitability) and low volatility (a steadier price). For each factor, stocks above a set cutoff score get more weight than they have in MSCI Europe. Stocks below the cutoff get less, down to zero. Second, the four factor versions are combined in equal parts.
The index normally rebalances every quarter, and portfolio turnover was 26%. Because the fund follows rules, it won't sell a struggling company or turn defensive in a falling market. As of August 31, 2026, it held 338 positions, led by ASML (4.2%), HSBC (2.1%) and Roche (1.9%).
What it really costs
- GSEU charges 0.25% a year, versus an average of 0.32% for the similar funds below (5th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $26 in the first year and $318 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GSEU | $26 | $80 | $141 | $318 |
In a retirement portfolio
It adds developed European companies to a portfolio that may lean heavily on US stocks, though it carries full stock-market risk.
GSEU could add European companies such as ASML, HSBC and Roche to a portfolio that leans toward US stocks. As of August 31, 2026, the UK, Switzerland, Germany and France made up about 61% of assets. Its factor tilts did not protect it in downturns. It fell 35.1% in the 2020 COVID crash and recovered about eight months after the low. In the 2022 bear market it dropped 33.4% and took about 17 months to recover. Its worst calendar year was 2022, down 18.1%. Anyone who might need to sell in a bad year could lock in losses like these. The fund yielded 2.82% as of October 27, 2026, paid twice a year. In the SEC's standard example, it costs $26 on $10,000 in the first year. It launched in 2016, so it has no 2008 record. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want developed European stocks with a rules-based tilt toward value, momentum, quality and low volatility instead of plain market-value weights.
- Those who want semiannual income from European companies; the trailing yield was 2.82% as of October 27, 2026.
- Holders willing to pay 0.25% a year, or $318 per $10,000 over 10 years in the SEC example, for Goldman's factor approach.
Look elsewhere if
- Cost-focused investors: VGK charges 0.06%, and IEUR and BBEU 0.09%. Each shares about two-thirds of GSEU's holdings with similar three-year returns.
- Anyone who needs steady value in a downturn; GSEU fell 35.1% in early 2020 and 33.4% in 2022.
- Investors wary of small funds; with $177 million in assets as of August 31, 2026, it ranked last in size among nine similar funds.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GSEU this fund | — | 0.25% | $177.4M | +11.0% | +19.8% |
| IEUR iShares Core MSCI Europe ETF | 68% | 0.09% | $8.95B | +9.6% | +19.9% |
| IEV iShares Europe ETF | 68% | 0.61% | $1.63B | +9.5% | +19.4% |
| BBEU JPMorgan BetaBuilders Europe ETF | 67% | 0.09% | $9.36B | +9.5% | +19.8% |
| SPEU SPDR Portfolio Europe ETF | 66% | 0.07% | $713.1M | +9.4% | +19.9% |
| VGK Vanguard FTSE Europe ETF | 65% | 0.06% | $38.51B | +11.9% | +19.7% |
| EZU iShares MSCI Eurozone ETF | 45% | 0.51% | $9.91B | +6.8% | +21.0% |
| FEZ SPDR EURO STOXX 50 ETF | 28% | 0.29% | $4.35B | +5.6% | +20.6% |
Questions investors ask
What does GSEU invest in?
GSEU holds large and midsize stocks from developed European countries. They come from the MSCI Europe Index and are reweighted toward value, momentum, quality and low volatility. As of August 31, 2026, it held 338 positions, and the 10 largest made up 18% of assets. ASML led at 4.2%, followed by HSBC, Roche, Novartis and Banco Santander. The UK was the largest country at about 21%, followed by Switzerland, Germany and France.
What's the difference between GSEU and IEUR?
The main differences are cost and method. The iShares Core MSCI Europe ETF (IEUR) weights stocks by market value and charges 0.09%. GSEU charges 0.25% and tilts toward four factors. About 68% of their holdings overlap. As of October 27, 2026, GSEU returned 11% over one year versus 9.6% for IEUR. Over three years they were nearly even, at 19.8% versus 19.9% a year. IEUR is also much larger, with about $9 billion in assets as of July 31, 2026.
How often does GSEU pay dividends?
GSEU pays dividends twice a year. In the 12 months through October 27, 2026, it paid $1.35 per share, a trailing yield of 2.82%. Payments can vary from one period to the next. They depend on the dividends paid by the European companies it owns. They also depend on exchange rates, because those companies pay in euros, pounds, Swiss francs and other currencies that are converted to dollars.
What is GSEU's expense ratio?
GSEU's expense ratio is 0.25%, according to its prospectus filed December 29, 2025. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, the fund would cost about $26 over one year, $141 over five years and $318 over 10 years. That is below the 0.32% average for similar Europe funds. It is well above VGK (0.06%), SPEU (0.07%), and IEUR and BBEU (0.09%).
How has GSEU performed over the long term?
Through December 31, 2024, GSEU returned an average of 4.73% a year over five years and 6.86% a year since its 2016 launch, according to its prospectus. Yearly results swung widely: up 26.55% in 2017, down 18.12% in 2022 and up 1.63% in 2024. Based on share prices, it gained 35.7% in 2025. It averaged 9.7% a year over the 10 years through October 27, 2026.