ETF Research Center

GSLC tracks an index of US large-cap stocks 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	US Equities
Fund Sponsor	Goldman Sachs
Website	assetmanagement.gs.com
Inception date	Sep 21, 2015
Assets (mns)	$7,204
Currency	USD
Expense ratio	9 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	450
Wgt avg mkt cap (mns)	$231,609
Large cap (>$10bn)	98.2%
Mid cap ($2-10bn)	1.8%
Small cap (<$2bn)	0.0%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	17.8 %
MICROSOFT CORP	3.7 %
APPLE INC	3.6 %
AMAZON.COM INC	2.2 %
FACEBOOK	1.5 %
JPMORGAN CHASE & CO	1.3 %
JOHNSON & JOHNSON	1.2 %
ALPHABET INC. CLASS C	1.2 %
ALPHABET INC. CLASS A	1.2 %
WAL-MART STORES INC	1.0 %
INTEL CORP	1.0 %

TOP COUNTRY EXPOSURE
	UNITED STATES	96.4 %
	IRELAND	1.8 %
	BRITAIN	0.9 %
	SWITZERLAND	0.3 %
	BERMUDA	0.2 %

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.
27.5%	16.1%	--	--	14.0%

Market Correlations
versus...	Beta	R-squared
S&P500	0.99	99%
MSCI EAFE	0.89	67%
MSCI Emg. Mkts.	0.63	53%

Technical Indicators
Recent close	$62.81
30d moving avg.	$62.12
Annualized volatility	12.0%
Short interest (ETF)	0.1%
Short interest (Underlying)	3.0%
Relative strength (RSI)	70

Liquidity measures
Avg. volume (thou.)	270
Turnover	0.2%
Bid/Ask (% of price)	0.03%
ADV underlying (mns)	$144,453

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GSLC

Expense:

9 bp

ALTAR Score™:

6.1%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSLC
Ticker	Fund Name	Overlap¹ vs GSLC (%)	Expense ratio (bp)	Savings vs GSLC (bp)	ALTAR Score™ (%)	ALTAR vs GSLC (%)
JHML	John Hancock Multifactor Large Cap	74.4	34	-25	6.0	-0.2
VV	Vanguard Large-Cap ETF	74.1	4	5	5.8	-0.3
PBUS	Invesco PureBeta MSCI USA	74.1	4	5	6.0	-0.1
PBP	Invesco S&P 500 Buy/Write	73.7	49	-40	5.5	-0.6
BBUS	JP Morgan Betabuilders U.S. Equity	73.6	2	7	5.9	-0.2
SCHX	Schwab U.S. Large-Cap	73.4	3	6	5.8	-0.3
HSPX	Global X S&P 500 Covered Call	73.3	65	-56	5.3	-0.8
SPY	S&P 500 SPDR	73.3	9	-0	5.9	-0.2
IVV	iShares Core S&P 500	73.1	4	5	6.0	-0.2
VOO	Vanguard S&P 500 ETF	73.1	3	6	6.0	-0.1
SPXE	ProShares S&P 500 Ex-Energy	72.5	27	-18	5.9	-0.3
SCHK	Schwab 1000 Index	72.5	5	4	5.9	-0.3
SPYX	SPDR S&P 500 Fossil Fuel Reserves Free	72.3	20	-11	5.9	-0.2
IWB	iShares Russell 1000	72.3	15	-6	5.7	-0.4
VONE	Vanguard Russell 1000	72.3	12	-3	5.8	-0.3
IYY	iShares DJ US Total Market	71.9	20	-11	5.7	-0.4
SFY	SoFi Select 500	70.9	0	9	5.6	-0.5
SPLG	SPDR Portfolio Large Cap	70.7	3	6	5.8	-0.3
SCHB	Schwab U.S. Broad Market	70.6	3	6	5.7	-0.4
ITOT	iShares Core S&P Total US	70.5	3	6	5.6	-0.5

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 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	18.6	%
Divided by: Fwd. P/BV	3.0	x
Less: Expense ratio	9	bp
Equals: ALTAR Score	6.1	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.53	CATEGORY AVERAGE	1.56

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.