ETF Research Center

The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF tracks an equal-weighted index of US large-cap stocks.

FUND BASICS
Category	US Equities
Fund Sponsor	Goldman Sachs
Website	www.gsam.com
Inception date	Sep 12, 2017
Assets (mns)	$235
Currency	USD
Expense ratio	9 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	493
Wgt avg mkt cap (mns)	$61,306
Large cap (>$10bn)	94.8%
Mid cap ($2-10bn)	5.2%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	2.4 %
TESLA MOTORS INC	0.3 %
TWILIO, INC. CLASS A	0.2 %
LENNAR CORP-CL A	0.2 %
APACHE CORP	0.2 %
TRANSDIGM GROUP INC	0.2 %
RINGCENTRAL, INC. CLASS A	0.2 %
ARISTA NETWORKS, INC.	0.2 %
SNAP, INC. CLASS A	0.2 %
CITRIX SYSTEMS INC	0.2 %
INTEL CORP	0.2 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.0 %
	IRELAND	1.6 %
	BRITAIN	1.0 %
	BERMUDA	0.6 %
	SWITZERLAND	0.6 %

HISTORICAL PERFORMANCE info

	Custom date range	Compare to
	thru

Standardized Annual Returns (thru December 31)
Year-to-date	1 year	5 years	10 years	Since Incep.
31.0%	31.0%	--	--	11.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.03	96%
MSCI EAFE	1.03	75%
MSCI Emg. Mkts.	0.69	57%

Technical Indicators
Recent close	$51.64
30d moving avg.	$50.93
Annualized volatility	14.5%
Short interest (ETF)	0.0%
Relative strength (RSI)	76

Liquidity measures
Avg. volume (thou.)	44
Turnover	1.0%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$146,166

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 20 potential alternatives to the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF based on the alternatives' overlap in portfolio holdings with GSEW. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GSEW

Expense:

9 bp

ALTAR Score™:

5.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSEW
Ticker	Fund Name	Overlap¹ vs GSEW (%)	Expense ratio (bp)	Savings vs GSEW (bp)	ALTAR Score™ (%)	ALTAR vs GSEW (%)
RSP	Invesco S&P 500 Equal Weight	85.7	20	-11	6.4	+0.7
EUSA	iShares MSCI USA Equal Weight	78.0	15	-6	5.9	+0.1
SIZE	iShares MSCI USA Size Factor	77.2	15	-6	5.9	+0.1
RNLC	Large Cap US Equity Select	66.3	60	-51	6.0	+0.3
CFA	Compass EMP US 500 Volatility Weighted	66.2	35	-26	5.8	+0.0
CFO	Victory CEMP US 500 Enhanced Volatility Wtd	66.0	35	-26	5.8	+0.1
JHML	John Hancock Multifactor Large Cap	64.4	34	-25	5.6	-0.1
SCIU	Global X Scientific Beta US	62.0	19	-10	5.5	-0.2
GSLC	Goldman Sachs ActiveBeta U.S. Large Cap Equity	60.9	9	0	5.8	+0.0
FEX	First Trust Large Cap Core Alphadex	60.6	61	-52	6.1	+0.3
USEQ	Invesco Russell 1000 Enhanced Equal Weight	56.0	29	-20	6.4	+0.6
RVRS	Reverse Cap Weighted US Large Cap	55.2	29	-20	7.3	+1.6
IWR	iShares Russell Midcap	53.0	19	-10	5.5	-0.2
PBUS	Invesco PureBeta MSCI USA	52.3	4	5	5.6	-0.1
BBUS	JP Morgan Betabuilders U.S. Equity	52.2	2	7	5.5	-0.2
VV	Vanguard Large-Cap ETF	52.0	4	5	5.5	-0.2
JPUS	JPMorgan Diversified Return U.S. Equity	51.9	19	-10	6.0	+0.2
PQLC	PGIM QMA Strategic Alpha Large-Cap Core	51.8	17	-8	6.7	+0.9
SCHX	Schwab U.S. Large-Cap	51.7	3	6	5.5	-0.3
DEUS	Xtrackers Russell 1000 Comprehensive Factor	51.5	17	-8	6.5	+0.7

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 Equal Weight U.S. Large Cap Equity
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	15.2	%
Divided by: Fwd. P/BV	2.6	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	5.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.56	CATEGORY AVERAGE	1.55

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.