ETF Research Center

GEM tracks an index of emerging market stocks comprising 4 subindexes: value, momentum, quality and low volatility. The index uses multiple factors to pick stocks, and each subindex receives equal weight.

FUND BASICS
Category	Emerging Market Equities
Fund Sponsor	Goldman Sachs
Website	assetmanagement.gs.com
Inception date	Sep 29, 2015
Assets (mns)	$1,903
Currency	USD
Expense ratio	45 bp
Distributions	Quarterly

FUND STRUCTURE
Regulation	Open-End Investment Company
Custodian
Weighting	Tiered
Index replication
Uses derivatives	No
Options available	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	422
Wgt avg mkt cap (mns)	$97,007
Large cap (>$10bn)	67.1%
Mid cap ($2-10bn)	30.4%
Small cap (<$2bn)	1.6%
Developed mkts	6.2%
Emerging mkts	92.2%

TOP TEN HOLDINGS
Total	22.9 %
ALIBABA GROUP HOLDING LTD. SPONSOR	4.9 %
TENCENT HOLDINGS LTD	4.3 %
TAIWAN SEMICONDUCTOR MANUFAC	4.2 %
SAMSUNG ELECTRONICS CO LTD	3.9 %
PING AN INSURANCE GROUP CO-H	1.2 %
CHINA CONSTRUCTION BANK-H	1.1 %
LUKOIL OAO	1.0 %
INFOSYS TECHNOLOGIES LTD	0.8 %
SAMSUNG ELECTRONICS-PFD	0.8 %
HYNIX SEMICONDUCTOR INC	0.7 %

TOP COUNTRY EXPOSURE
	CHINA	23.6 %
	SOUTH KOREA	13.9 %
	TAIWAN	13.9 %
	INDIA	8.9 %
	BRAZIL	8.7 %
	RUSSIA	4.8 %
	HONG KONG	4.6 %
	SOUTH AFRICA	4.3 %
	MEXICO	3.0 %
	THAILAND	2.4 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru January 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
-5.1%	1.6%	--	--	9.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.85	50%
MSCI EAFE	1.14	74%
MSCI Emg. Mkts.	0.98	96%

Technical Indicators
Recent close	$33.39
30d moving avg.	$34.22
Annualized volatility	14.6%
Short interest (ETF)	0.1%
Relative strength (RSI)	49

Liquidity measures
Avg. volume (thou.)	216
Turnover	0.4%
Bid/Ask (% of price)	0.11%
ADV underlying (mns)	$20,655

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs ActiveBeta Emerging Markets Equity ETF ETF based on the alternatives' overlap in portfolio holdings with GEM. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GEM

Expense:

45 bp

ALTAR Score™:

8.5%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GEM
Ticker	Fund Name	Overlap¹ vs GEM (%)	Expense ratio (bp)	Savings vs GEM (bp)	ALTAR Score™ (%)	ALTAR vs GEM (%)
EEM	iShares MSCI Emerging Markets	66.5	68	-23	7.7	-0.8
DBEM	Xtrackers MSCI Emg. Mkts. Hedged	64.0	65	-20	7.7	-0.8
IEMG	iShares Core MSCI Emerging Markets	62.6	14	31	8.1	-0.4
JHEM	John Hancock Multifactor Emerging Markets	59.9	55	-10	8.4	-0.1
EEMX	SPDR MSCI Emerging Markets Fossil Fuel Free	59.4	30	15	7.8	-0.7
EEMA	iShares MSCI Emg Mkts Asia	54.9	50	-5	8.0	-0.6
SCHE	Schwab Emerging Markets Equity	54.0	13	32	7.9	-0.6
AAXJ	iShares MSCI Asia ex-Japan	52.0	68	-23	7.5	-1.0
ESGE	iShares MSCI EM ESG Optimized	51.8	25	20	8.3	-0.3
PBEE	Invesco PureBeta FTSE Emerging Markets	50.9	14	31	8.5	+0.0
FLAX	Franklin FTSE Asia Ex Japan	50.8	19	26	8.0	-0.6
VWO	Vanguard Emerging Markets	50.1	10	35	8.0	-0.5
XSOE	WisdomTree Emg Mkt ex-SOE	50.0	32	13	6.5	-2.0
QEMM	SPDR MSCI Emerging Markets Quality Mix	46.6	30	15	8.6	+0.1
TLTE	FlexShares Mngstr Emerging Markets Factor Tilt	45.6	59	-14	12.7	+4.2
EMXC	iShares MSCI Emerging Markets ex China	45.4	49	-4	8.1	-0.5
KEMX	KraneShares MSCI Emerging Markets EX China Index	44.4	49	-4	7.9	-0.6
SPEM	SPDR Portfolio Emerging Markets	44.3	11	34	8.0	-0.5
EMSG	Xtrackers MSCI Emerging Markets ESG Leaders Equity	43.7	20	25	7.3	-1.2
BKF	iShares MSCI BRIC	43.6	69	-24	7.9	-0.6

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

	2015	2016	2017	2018	2019	2020E	2021E
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

	2019	2020E	2021E
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 ActiveBeta Emerging Markets Equity ETF
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

NEUTRAL

Average appreciation potential. A rating of NEUTRAL is assigned to ETFs with ALTAR Scores in the middle quintile (ranking between 40%-60%) of their category. This indicates that valuations adequately reflect the fundamentals of stocks in these funds.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	12.9	%
Divided by: Fwd. P/BV	1.4	x
Less: Expense ratio	45	bp
Equals: ALTAR Score	8.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.45	CATEGORY AVERAGE	1.48

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.