ETF Research Center

GSIE tracks an index of stocks in developed markets outside of the US 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	International Equities
Fund Sponsor	Goldman Sachs
Website	assetmanagement.gs.com
Inception date	Nov 06, 2015
Assets (mns)	$1,843
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	Yes

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	807
Wgt avg mkt cap (mns)	$51,966
Large cap (>$10bn)	75.8%
Mid cap ($2-10bn)	23.7%
Small cap (<$2bn)	0.5%
Developed mkts	99.9%
Emerging mkts	0.1%

TOP TEN HOLDINGS
Total	8.3 %
NESTLE SA-REG	1.7 %
ROCHE HOLDING AG-GENUSSCHEIN	1.3 %
NOVARTIS AG-REG	1.0 %
LVMH MOET HENNESSY LOUIS VUI	0.7 %
ADIDAS AG	0.7 %
NOVO NORDISK A/S-B	0.6 %
HSBC HOLDINGS PLC	0.6 %
GLAXOSMITHKLINE PLC	0.6 %
SAP AG	0.6 %
ROYAL BANK OF CANADA	0.6 %

TOP COUNTRY EXPOSURE
	JAPAN	20.3 %
	BRITAIN	13.6 %
	FRANCE	10.5 %
	CANADA	9.9 %
	SWITZERLAND	8.9 %
	GERMANY	7.1 %
	AUSTRALIA	5.8 %
	NETHERLANDS	3.8 %
	HONG KONG	2.7 %
	SPAIN	2.5 %

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.
22.8%	22.8%	--	--	7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	0.78	73%
MSCI EAFE	0.99	96%
MSCI Emg. Mkts.	0.68	77%

Technical Indicators
Recent close	$30.67
30d moving avg.	$30.14
Annualized volatility	11.1%
Short interest (ETF)	0.1%
Relative strength (RSI)	67

Liquidity measures
Avg. volume (thou.)	285
Turnover	0.5%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$40,030

Distributions

FINDING ALTERNATIVE FUNDS

Below is a list of 19 potential alternatives to the Goldman Sachs ActiveBeta Int'l Equity ETF based on the alternatives' overlap in portfolio holdings with GSIE. Consider funds with lower expense ratios and/or higher ALTAR Score™ ratings as possible alternatives.

Benchmark ticker:

GSIE

Expense:

25 bp

ALTAR Score™:

6.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSIE
Ticker	Fund Name	Overlap¹ vs GSIE (%)	Expense ratio (bp)	Savings vs GSIE (bp)	ALTAR Score™ (%)	ALTAR vs GSIE (%)
EFA	iShares MSCI EAFE	63.6	31	-6	6.6	+0.3
SCHF	Schwab International Equity	63.4	6	19	7.0	+0.7
DBEF	Xtrackers MSCI EAFE Hedged	62.9	35	-10	6.5	+0.2
IDEV	iShares Core MSCI Int'l Developed Markets	62.5	5	20	6.8	+0.5
SPDW	SPDR Portfolio World ex-US	61.8	4	21	6.9	+0.6
PBDM	Invesco PureBeta FTSE Developed ex-North America	60.4	7	18	7.2	+0.9
VEA	Vanguard Europe Pacific	60.3	5	20	7.0	+0.7
IEFA	iShares Core MSCI EAFE	60.1	7	18	6.8	+0.5
HFXI	IQ 50 Percent Hedged FTSE Int'l	59.9	20	5	7.0	+0.7
EFAX	SPDR MSCI EAFE Fossil Fuel Free	59.3	20	5	6.7	+0.4
PDEV	Principal International Multi-Factor Core Index	57.5	25	0	6.5	+0.2
ACWX	iShares MSCI ACWI ex-US	57.1	31	-6	7.0	+0.7
QEFA	SPDR MSCI EAFE Quality Mix	57.1	30	-5	6.4	+0.1
GSEU	Goldman Sachs ActiveBeta Europe Equity	56.7	25	0	6.1	-0.2
DBAW	Xtrackers MSCI All World ex-US Hedged	56.7	40	-15	6.8	+0.5
JHMD	John Hancock Multifactor Developed International	56.5	45	-20	6.9	+0.6
VEU	Vanguard FTSE All-World ex-US	54.9	9	16	7.2	+0.9
ISZE	iShares MSCI Int'l Developed Size Factor	54.7	30	-5	6.6	+0.3
PXF	Invesco FTSE-RAFI Developed ex-US	54.1	45	-20	7.8	+1.5

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 Int'l 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	11.0	%
Divided by: Fwd. P/BV	1.7	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	1.67	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.