ETF Research Center

The Goldman Sachs ActiveBeta Japan Equity ETF tracks an index of Japanese 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	314
Wgt avg mkt cap (mns)	$31,770
Large cap (>$10bn)	66.9%
Mid cap ($2-10bn)	32.8%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.3 %
TOYOTA MOTOR CORP	3.8 %
SONY CORP	1.9 %
HONDA MOTOR CO LTD	1.5 %
SOFTBANK GROUP CORP.	1.4 %
MITSUBISHI UFJ FINANCIAL GRO	1.3 %
SUMITOMO MITSUI FINANCIAL GR	1.3 %
KEYENCE CORP	1.3 %
KDDI CORPORATION	1.3 %
NIPPON TELEGRAPH AND TELEPHONE COR	1.3 %
NTT DOCOMO, INC.	1.1 %

TOP COUNTRY EXPOSURE
	JAPAN	98.4 %

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.
15.6%	8.4%	--	--	8.3%

Market Correlations
versus...	Beta	R-squared
S&P500	0.68	59%
MSCI EAFE	0.83	74%
MSCI Emg. Mkts.	0.61	66%

Technical Indicators
Recent close	$33.53
30d moving avg.	$33.13
Annualized volatility	10.7%
Short interest (ETF)	0.1%
Relative strength (RSI)	72

Liquidity measures
Avg. volume (thou.)	2
Turnover	0.3%
Bid/Ask (% of price)	0.13%
ADV underlying (mns)	$17,384

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GSJY

Expense:

25 bp

ALTAR Score™:

7.8%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSJY
Ticker	Fund Name	Overlap¹ vs GSJY (%)	Expense ratio (bp)	Savings vs GSJY (bp)	ALTAR Score™ (%)	ALTAR vs GSJY (%)
EWJ	iShares MSCI Japan	79.4	47	-22	7.7	-0.1
DBJP	Xtrackers MSCI Japan Hedged	78.8	45	-20	7.7	-0.1
BBJP	JPMorgan BetaBuilders Japan	77.7	19	6	7.9	+0.1
QJPN	SPDR MSCI Japan Quality Mix	77.0	14	11	8.1	+0.3
HFXJ	IQ 50 Percent Hedged FTSE Japan	75.2	30	-5	7.8	+0.0
FLJP	Franklin FTSE Japan	74.9	9	16	8.1	+0.3
FLJH	Franklin FTSE Japan Hedged	74.5	9	16	8.0	+0.2
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	71.6	9	16	8.1	+0.3
JPXN	iShares JPX-Nikkei 400	71.5	48	-23	7.7	-0.1
EWJE	iShares MSCI Japan Equal Weighted	62.0	15	10	7.3	-0.5
IPAC	iShares Core MSCI Pacific	54.9	9	16	7.5	-0.3
JPMV	iShares MSCI Japan Min Volatility	50.5	30	-5	6.7	-1.1
DXJ	WisdomTree Japan Hedged Equity	49.2	48	-23	8.7	+0.9
SCIJ	Global X Scientific Beta Japan	48.7	39	-14	7.0	-0.8
VPL	Vanguard Pacific ETF	47.2	9	16	7.9	+0.1
EWJV	iShares MSCI Japan Value	45.9	15	10	10.2	+2.4
RFAP	First Trust Riverfront Dynamic Asia Pacific	42.9	83	-58	7.4	-0.5
IVLU	iShares MSCI Int'l Developed Value Factor	33.0	30	-5	10.5	+2.7
REFA	Invesco International Revenue ETF	31.4	42	-17	8.9	+1.1
PQIN	PGIM QMA Strategic Alpha International Equity	30.0	29	-4	7.4	-0.4

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 Japan Equity
Relative to:	S&P500	MSCI EAFE	MSCI Emg. Mkts.	Other ETF:

OVERWEIGHT

Above average appreciation potential. A rating of OVERWEIGHT is assigned to ETFs with ALTAR Scores in the 4th quintile (ranking higher than 60%-80%) of their category. Typically, funds in this category consist of stocks trading at attractive valuations and/or having above-average fundamentals.

ALTAR Score™

Calculation of ALTAR Score™
Avg. Return on Equity	9.6	%
Divided by: Fwd. P/BV	1.2	x
Less: Expense ratio	25	bp
Equals: ALTAR Score	7.8	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.60	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.