ETF Research Center

Seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif New Age Consumer Index.

FUND BASICS
Category	Global Equities
Fund Sponsor	Goldman Sachs
Website	www.gsam.com
Inception date	Mar 01, 2019
Assets (mns)	$5
Currency	USD
Expense ratio	50 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-Ended Fund
Custodian
Weighting	Market Cap
Index replication
Uses derivatives	No
Options available	No

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	120
Wgt avg mkt cap (mns)	$85,746
Large cap (>$10bn)	56.3%
Mid cap ($2-10bn)	33.5%
Small cap (<$2bn)	9.3%
Developed mkts	77.4%
Emerging mkts	22.7%

TOP TEN HOLDINGS
Total	23.2 %
FACEBOOK	3.4 %
ALIBABA GROUP HOLDING LTD. SPONSOR	3.1 %
AMAZON.COM INC	2.7 %
TENCENT HOLDINGS LTD	2.6 %
MEITUAN DIANPING	2.2 %
PINDUODUO, INC. SPONSORED ADR CLAS	2.2 %
NIKE INC -CL B	2.1 %
ADIDAS AG	1.8 %
JD.COM INC-ADR	1.7 %
NETFLIX INC	1.6 %

TOP COUNTRY EXPOSURE
	UNITED STATES	44.9 %
	CHINA	27.0 %
	JAPAN	10.3 %
	BRITAIN	5.4 %
	GERMANY	4.5 %
	LUXEMBOURG	1.0 %
	SINGAPORE	0.9 %
	ARGENTINA	0.9 %
	IRELAND	0.8 %
	HONG KONG	0.8 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru October 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
5.3%	--	--	--	5.3%

Market Correlations
versus...	Beta	R-squared
S&P500	--	--
MSCI EAFE	--	--
MSCI Emg. Mkts.	--	--

Technical Indicators
Recent close	$54.40
30d moving avg.	$54.09
Annualized volatility	0.0%
Short interest (ETF)	0.0%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	0
Turnover	0.0%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$24,920

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs Motif New Age Consumer ETF based on the alternatives' overlap in portfolio holdings with GBUY. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GBUY

Expense:

50 bp

ALTAR Score™:

3.6%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GBUY
Ticker	Fund Name	Overlap¹ vs GBUY (%)	Expense ratio (bp)	Savings vs GBUY (bp)	ALTAR Score™ (%)	ALTAR vs GBUY (%)
OGIG	O'Shares Global Internet Giants	31.6	48	2	1.5	-2.1
PNQI	Invesco Nasdaq Internet	28.8	62	-12	2.8	-0.7
PLAT	WisdomTree Modern Tech Platforms	28.5	45	5	2.9	-0.7
GENY	Principal Millennials Index	27.9	45	5	5.0	+1.4
IBUY	Amplify Online Retail	25.7	65	-15	2.4	-1.2
TTTN	TigerShares China-U.S. Internet Titans	25.0	59	-9	3.9	+0.4
MILN	Global X Millennials Thematic	24.8	50	0	3.0	-0.6
GIGE	SoFi Gig Economy	24.5	59	-9	0.5	-3.1
KWEB	KraneShares CSI China Internet	22.6	76	-26	5.2	+1.6
EBIZ	Global X E-commerce	22.2	68	-18	3.2	-0.4
FDNI	First Trust Dow Jones International Internet	22.1	65	-15	4.7	+1.1
SOCL	Global X Social Media	20.1	65	-15	4.7	+1.1
CXSE	WisdomTree China ex-State Owned Enterprises	19.5	32	18	7.3	+3.7
EMQQ	Emerging Markets Internet & E-Commerce	19.2	86	-36	4.5	+1.0
AIQ	Global X Future Analytics Tech	17.9	68	-18	4.6	+1.0
CHIQ	Global X MSCI China Consumer Discretionary	17.4	65	-15	5.5	+1.9
FNI	First Trust ISE Chindia	17.3	59	-9	4.5	+0.9
PGJ	Invesco Golden Dragon China	17.1	70	-20	4.7	+1.1
BFIT	Global X Health & Wellness Thematic	17.0	50	0	4.8	+1.3
XBUY	Amplify International Online Retail	17.0	69	-19	1.4	-2.1

¹Overlap is the percentage of holdings by weight that are identical. For example, if Fund A has a 2% position in Apple, Inc. (AAPL) and Fund B has a 5% position, their overlapping position in AAPL is 2%.

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RESULTS & ESTIMATES

	2014	2015	2016	2017	2018	2019E	2020E
Sales per share	**	**	**	**	**	**	**
Earnings per share	**	**	**	**	**	**	**
Dividends per share	**	**	**	**	**	**	**
Book value per share	**	**	**	**	**	**	**

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

Sales per share growth		**%	**%	**%	**%	**%	**%
EPS growth		**%	**%	**%	**%	**%	**%

OTHER FUNDAMENTAL METRICS

Long term EPS growth est.	**%		Debt-to-equity	**x
Asset turnover	**%		Assets-to-equity	**x

Return on equity

Revision activity*

*Six months ago = 100

Net margins

Compound annual growth rates

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VALUATION METRICS

	2018	2019E	2020E
Price-to-sales	**	**	**
Price-to-earnings	**	**	**
Price-to-cash flow	**	**	**
Price-to-growth	**	**	**
Price-to-book value	**	**	**
Yield	**	**	**

Historical valuation trends

Forward multiple:	Goldman Sachs Motif New Age Consumer
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

UNDERWEIGHT

Below average appreciation potential. A rating of UNDERWEIGHT is assigned to ETFs with ALTAR Scores in the 2nd quintile (ranking higher than only 20%-40%) of their category. Typically, funds in this category consist of stocks trading at relatively expensive valuations and/or having below-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	15.4	%
Divided by: Fwd. P/BV	3.8	x
Less: Expense ratio	50	bp
Equals: ALTAR Score	3.6	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.42	CATEGORY AVERAGE	1.54

The composite rating is a weighted average of analysts' consensus recommendations for individual ETF constituents, based on the following scale: BUY = 1; OVERWEIGHT = 1.5, HOLD = 2; UNDERWEIGHT = 2.5; and SELL = 3. Readers are cautioned that because analyst ratings tend to be inflated, the composite score may be more useful as a relative measure of sentiment between funds rather than as a stand-alone recommendation.