ETF Research Center

The Goldman Sachs ActiveBeta Europe Equity ETF tracks an index of developed Europe large- and midcap equities, with equal weights to each of 4 factor buckets and stocks within each bucket weighted by a factor score.

FUND BASICS
Category	International Equities
Fund Sponsor	Goldman Sachs
Website	assetmanagement.gs.com
Inception date	Mar 02, 2016
Assets (mns)	$20
Currency	USD
Expense ratio	25 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	391
Wgt avg mkt cap (mns)	$67,616
Large cap (>$10bn)	83.7%
Mid cap ($2-10bn)	15.6%
Small cap (<$2bn)	0.6%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	14.8 %
NESTLE SA-REG	3.0 %
ROCHE HOLDING AG-GENUSSCHEIN	2.3 %
NOVARTIS AG-REG	1.8 %
SAP AG	1.2 %
LVMH MOET HENNESSY LOUIS VUI	1.2 %
TOTAL SA	1.1 %
GLAXOSMITHKLINE PLC	1.1 %
HSBC HOLDINGS PLC	1.1 %
ROYAL DUTCH SHELL PLC-A SHS	1.1 %
NOVO NORDISK A/S-B	1.1 %

TOP COUNTRY EXPOSURE
	BRITAIN	24.1 %
	FRANCE	17.5 %
	SWITZERLAND	15.1 %
	GERMANY	12.3 %
	NETHERLANDS	6.9 %
	SPAIN	4.3 %
	ITALY	4.2 %
	SWEDEN	4.0 %
	DENMARK	3.9 %
	BELGIUM	1.5 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru November 30)
Year-to-date	1 year	5 years	10 years	Since Incep.
19.8%	13.5%	--	--	7.7%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	59%
MSCI EAFE	1.08	94%
MSCI Emg. Mkts.	0.73	69%

Technical Indicators
Recent close	$30.72
30d moving avg.	$30.36
Annualized volatility	12.2%
Short interest (ETF)	0.0%
Relative strength (RSI)	60

Liquidity measures
Avg. volume (thou.)	3
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$25,427

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GSEU

Expense:

25 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSEU
Ticker	Fund Name	Overlap¹ vs GSEU (%)	Expense ratio (bp)	Savings vs GSEU (bp)	ALTAR Score™ (%)	ALTAR vs GSEU (%)
DBEU	Xtrackers Europe Hedged	72.6	45	-20	6.4	+0.2
HFXE	IQ 50 PERCENT HEDGED FTSE EUROPE	71.5	30	-5	6.6	+0.4
FLEH	Franklin FTSE Europe Hedged	71.1	9	16	6.9	+0.6
FLEE	Franklin FTSE Europe	71.0	9	16	6.8	+0.5
BBEU	JPMorgan BetaBuilders Europe	69.7	9	16	6.8	+0.5
IEV	iShares S&P Europe 350	69.5	59	-34	6.3	+0.1
IEUR	iShares Core MSCI Europe	69.3	9	16	6.7	+0.5
VGK	Vanguard FTSE Europe	67.8	9	16	6.8	+0.6
FEU	SPDR DJ Stoxx 50	66.8	9	16	6.7	+0.5
GSIE	Goldman Sachs ActiveBeta Int'l Equity	56.0	25	0	6.5	+0.2
EFA	iShares MSCI EAFE	55.6	31	-6	6.8	+0.6
DBEF	Xtrackers MSCI EAFE Hedged	54.6	35	-10	6.8	+0.6
EFAX	SPDR MSCI EAFE Fossil Fuel Free	53.2	20	5	6.9	+0.6
HFXI	IQ 50 Percent Hedged FTSE Int'l	51.7	20	5	7.2	+1.0
JPEU	JPMorgan Diversified Return Europe Equity	50.6	37	-12	6.5	+0.3
PBDM	Invesco PureBeta FTSE Developed ex-North America	50.1	7	18	7.4	+1.1
ESGD	iShares MSCI EAFE ESG Optimized	49.9	20	5	6.8	+0.5
QEFA	SPDR MSCI EAFE Quality Mix	49.0	30	-5	6.5	+0.3
IEFA	iShares Core MSCI EAFE	48.5	7	18	6.9	+0.7
SCID	Global X Scientific Beta Europe	47.8	38	-13	6.3	+0.1

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 ActiveBeta Europe Equity
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	11.5	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	6.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.69	CATEGORY AVERAGE	1.63

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.