Goldman Sachs Technology Opportunities ETF (GTOP) Valuation
GTOP valuation today
Holdings combined · company data as of Oct 26, 2026- P/E (TTM)
- 33.8 trailing earnings
- Forward P/E
- 25.1 analyst estimates
- Price / sales
- 5.81
- Price / book
- 11.30
- EV / EBITDA
- 22.7
- Earnings yield
- 2.96% inverse of P/E
- Dividend yield
- 0.49% of the holdings
- Return on equity
- 33.5% combined
- Net margin
- 17.2% combined
- Beta
- 1.53 weighted, vs S&P 500
GTOP valuation vs other stock ETFs
| ETF | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE | Net margin | Loss-makers |
|---|---|---|---|---|---|---|---|---|
| GTOP | 33.8 | 25.1 | 5.81 | 11.30 | 0.49% | 33.5% | 17.2% | 3.9% |
| SPY | 25.9 | 19.9 | 3.67 | 5.47 | 1.08% | 21.1% | 14.2% | 1.9% |
| QQQ | 34.2 | 23.4 | 5.93 | 9.27 | 0.58% | 27.1% | 17.4% | 6.9% |
| DIA | 20.9 | 18.4 | 3.16 | 5.52 | 1.55% | 26.4% | 15.1% | 0.0% |
| VTI | 28.2 | 19.4 | 3.31 | 5.00 | 1.07% | 17.7% | 11.8% | 4.6% |
| IWM | n/m | 13.9 | 1.25 | 2.03 | 1.38% | −1.7% | −1.0% | 28.1% |
Same method for every fund. n/m = not meaningful (combined trailing earnings below zero or close to it). Loss-makers = weight of holdings with negative trailing earnings.
GTOP valuation by sector
| Sector | Weight | P/E | Fwd P/E | P/S | P/B | Div. yield | ROE |
|---|---|---|---|---|---|---|---|
| Technology | 66.0% | 40.8 | 25.3 | 5.31 | 14.02 | 0.51% | 34.4% |
| Communication Services | 13.9% | 19.0 | 21.9 | 8.80 | 6.77 | 0.27% | 35.6% |
| Consumer Cyclical | 9.2% | 28.4 | 25.7 | 4.39 | 6.82 | 0.24% | 24.0% |
| Financial Services | 5.5% | 34.1 | 24.2 | 15.89 | 41.44 | 0.60% | 121.7% |
| Real Estate | 2.5% | 63.4 | 52.1 | 9.82 | 7.27 | 2.09% | 11.5% |
GTOP earnings yield vs bond yields
Earnings yield = earnings ÷ price (1 ÷ P/E). The gap to bond yields is a rough gauge of the extra return stocks are priced to deliver.
How GTOP weight splits by P/E
Share of the covered weight in companies with a trailing P/E in each range.
GTOP largest holdings: valuation
| Symbol | Company | Weight | P/E | Fwd P/E | P/S | Div. yield | Share of earnings |
|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corporation | 12.67% | 27.1 | 24.9 | 17.1 | 0.47% | 16.28% |
| GOOG | Alphabet Inc. | 9.74% | 16.9 | 21.8 | 9.2 | 0.26% | 20.04% |
| AAPL | Apple Inc. | 4.76% | 39.4 | 35.2 | 10.7 | 0.31% | 4.21% |
| AMZN | Amazon.com, Inc. | 4.53% | 20.1 | 23.6 | 3.5 | — | 7.83% |
| MSFT | Microsoft Corporation | 4.31% | 29.5 | 25.1 | 11.8 | 0.74% | 5.08% |
| META | Meta Platforms, Inc. | 4.18% | 26.7 | 22.1 | 7.9 | 0.30% | 5.43% |
| MA | Mastercard Incorporated | 3.73% | 34.0 | 24.2 | 15.4 | 0.56% | 3.82% |
| MU | Micron Technology, Inc. | 3.60% | 11.8 | 7.0 | 7.5 | 0.07% | 10.58% |
| AMD | Advanced Micro Devices, Inc. | 3.48% | 134.9 | 39.5 | 20.9 | — | 0.90% |
| TXN | Texas Instruments Incorporated | 3.34% | 42.1 | 27.5 | 13.0 | 2.20% | 2.76% |
| TSM | Taiwan Semiconductor Manufacturing Company Limited | 3.15% | 26.7 | 21.4 | 0.4 | 0.91% | 4.10% |
| MRVL | Marvell Technology, Inc. | 3.06% | 72.3 | 62.1 | 21.7 | 0.11% | 1.47% |
| CSCO | Cisco Systems, Inc. | 2.69% | 32.2 | 19.8 | 6.7 | 1.56% | 2.91% |
| EQIX | Equinix, Inc. | 2.54% | 63.4 | 52.1 | 9.8 | 2.09% | 1.39% |
| SHOP | Shopify Inc. | 2.37% | 114.5 | 58.8 | 16.6 | — | 0.72% |
| PANW | Palo Alto Networks, Inc. | 2.35% | 855.0 | 94.3 | 24.4 | — | 0.10% |
| AVGO | Broadcom Inc. | 2.19% | 43.3 | 19.4 | 17.6 | 0.79% | 1.76% |
| EBAY | eBay Inc. | 2.12% | 25.3 | 16.6 | 4.5 | 1.03% | 2.91% |
| MSI | Motorola Solutions, Inc. | 1.98% | 36.5 | 23.9 | 6.3 | 1.05% | 1.88% |
| KLAC | KLA Corporation | 1.93% | 45.3 | 34.8 | 15.9 | 0.56% | 1.48% |
| V | Visa Inc. | 1.76% | 34.3 | 24.0 | 17.0 | 0.67% | 1.78% |
| ON | ON Semiconductor Corporation | 1.70% | 46.5 | 16.5 | 4.5 | — | 1.27% |
| SNOW | Snowflake Inc. | 1.48% | — | 169.5 | 19.9 | — | −0.53% |
| TSLA | Tesla, Inc. | 1.47% | 328.4 | 158.7 | 13.5 | — | 0.16% |
| IOT | Samsara Inc. | 1.40% | 282.6 | 52.4 | 12.5 | — | 0.17% |
Share of earnings = the holding's part of the fund's combined trailing profit. Green: earns more than its weight; orange: less. Symbol links go to each company's key metrics.
About GTOP valuation
Adding up its 35 holdings with company data, GTOP trades at 33.8 times trailing earnings and 25.1 times analysts' forward estimates, with a price-to-book ratio of 11.30 and a dividend yield of 0.49%. Its earnings yield of 2.96% is 2.37 percentage points below the 5.33% yield to maturity of the U.S. bond market (AGG).
The ten largest holdings are 54.3% of the fund and earn 76.9% of its combined profit. By sector, Real Estate is the most expensive at 63.4 times earnings and Communication Services the cheapest at 19.0. Companies that lost money over the past year are 3.9% of the covered weight.
How these figures are calculated. Each ratio treats the fund as one company: the earnings, sales and book value of every holding are added up in proportion to its weight and divided into the fund's price. In practice that is a weighted harmonic mean, so a single stock with a very high P/E cannot distort the result, and loss-making companies reduce the fund's earnings instead of being dropped. Covers 100.0% of the fund's weight (U.S.-listed stocks with company data); company figures as of October 26, 2026.
Related: GTOP chart, GTOP holdings.
GTOP valuation FAQ
What is the P/E ratio of GTOP?
Based on its holdings, GTOP has a trailing P/E of 33.8 and a forward P/E of 25.1 (earnings of all covered holdings combined in proportion to their weights, as of October 26, 2026).
What is the earnings yield of GTOP?
The trailing earnings yield is 2.96% (1 ÷ P/E) and the forward earnings yield 3.99%. For comparison the U.S. bond market (AGG) yields 5.33% to maturity and T-bills about 3.91%.
Is GTOP more expensive than the S&P 500?
GTOP trades at 33.8 times trailing earnings versus 25.9 for the S&P 500 (SPY); on forward estimates the figures are 25.1 and 19.9.
What is the price-to-book ratio of GTOP?
The holdings of GTOP trade at 11.30 times book value, with a combined return on equity of 33.5%.
Which sector in GTOP has the highest P/E?
Real Estate has the highest P/E at 63.4 and Communication Services the lowest at 19.0.