GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN (GSCE): fair value, margin of safety and Wheel Score

Is GSCE undervalued?

GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN (GSCE) closed at 25.00 on 16 Oct 2026. The GLS average fair value - the simple average of the 6 valuation models that produced a positive number - is 551.43, which puts the price 95% below it. 5 of the 6 models value the shares above the current price. A gap this wide is rare in our universe of ~7,400 US stocks and is exactly what the Value part of the Wheel Score rewards; it is also where the question "why is it this cheap?" matters most.

The 6 models disagree widely: DCF gives 7.71 while Graham Growth gives 1,918.27. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files GSCE under Value: positive earnings at a P/E of 18 or less.

Nine valuation models for GSCE

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Financial health is weak: GSCE passes 4 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 6.9 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.

Returns on capital are high - ROIC 913.6%, ROE 949.0%, ROA 949.0% - with debt at 0.04 times equity and negative free cash flow.

GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Global Markets 76%, Investment Management 23%, Platform Solutions 1% (quarter Q2 FY2026).

Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 39: No options

GSCE has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 0k shares a day on a market cap of $7.8B, with a beta of -0.45 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 12 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

No upcoming earnings date is recorded for GSCE in the nightly calendar.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

Similar stocks in Asset Management

The 12 companies below are the closest to GS Connect S&P GSCI Enhanced Commodity Total Return Strategy Index ETN by market cap within the Asset Management industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.

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