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	319
Wgt avg mkt cap (mns)	$33,069
Large cap (>$10bn)	68.3%
Mid cap ($2-10bn)	31.4%
Small cap (<$2bn)	0.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	16.6 %
TOYOTA MOTOR CORP	3.6 %
SONY CORP	2.2 %
HONDA MOTOR CO LTD	1.5 %
SOFTBANK GROUP CORP.	1.4 %
KEYENCE CORP	1.4 %
MITSUBISHI UFJ FINANCIAL GRO	1.3 %
NIPPON TELEGRAPH AND TELEPHONE COR	1.3 %
KDDI CORPORATION	1.3 %
SUMITOMO MITSUI FINANCIAL GR	1.3 %
TAKEDA PHARMACEUTICAL CO LTD	1.2 %

TOP COUNTRY EXPOSURE
	JAPAN	99.7 %

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.
18.3%	18.3%	--	--	8.6%

Market Correlations
versus...	Beta	R-squared
S&P500	0.71	66%
MSCI EAFE	0.83	76%
MSCI Emg. Mkts.	0.57	60%

Technical Indicators
Recent close	$33.47
30d moving avg.	$33.61
Annualized volatility	10.5%
Short interest (ETF)	0.1%
Relative strength (RSI)	44

Liquidity measures
Avg. volume (thou.)	1
Turnover	0.2%
Bid/Ask (% of price)	0.12%
ADV underlying (mns)	$12,523

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™:

7.5%

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	80.9	47	-22	7.4	-0.1
BBJP	JPMorgan BetaBuilders Japan	79.1	19	6	7.7	+0.2
DBJP	Xtrackers MSCI Japan Hedged	79.1	45	-20	7.3	-0.2
QJPN	SPDR MSCI Japan Quality Mix	78.3	14	11	7.8	+0.4
HFXJ	IQ 50 Percent Hedged FTSE Japan	76.4	30	-5	7.5	+0.0
FLJP	Franklin FTSE Japan	76.3	9	16	7.8	+0.3
FLJH	Franklin FTSE Japan Hedged	75.7	9	16	7.7	+0.2
JPXN	iShares JPX-Nikkei 400	73.0	48	-23	7.4	-0.0
JPN	Xtrackers Japan JPX-Nikkei 400 Equity	72.6	9	16	7.8	+0.3
EWJE	iShares MSCI Japan Equal Weighted	63.1	15	10	7.0	-0.5
IPAC	iShares Core MSCI Pacific	54.2	9	16	7.2	-0.3
SCIJ	Global X Scientific Beta Japan	51.2	39	-14	6.8	-0.7
JPMV	iShares MSCI Japan Min Volatility	49.8	30	-5	6.8	-0.7
DXJ	WisdomTree Japan Hedged Equity	49.7	48	-23	8.3	+0.8
EWJV	iShares MSCI Japan Value	48.7	15	10	10.4	+2.9
VPL	Vanguard Pacific ETF	47.7	9	16	7.5	-0.0
RFAP	First Trust Riverfront Dynamic Asia Pacific	43.0	83	-58	7.0	-0.5
IVLU	iShares MSCI Int'l Developed Value Factor	31.9	30	-5	10.4	+2.9
PQIN	PGIM QMA Strategic Alpha International Equity	31.0	29	-4	7.0	-0.4
REFA	Invesco International Revenue ETF	30.6	42	-17	8.6	+1.1

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 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	7.5	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.58	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.