ETF Research Center

The Goldman Sachs ActiveBeta U.S. Small Cap Equity ETF tracks an index of US small-cap stocks. The index equally weights four factor-based subindexes: value, momentum, quality, and low volatility.

FUND BASICS
Category	US Equities
Fund Sponsor	Goldman Sachs
Website	www.gsam.com
Inception date	Jun 28, 2017
Assets (mns)	$99
Currency	USD
Expense ratio	20 bp
Distributions	Quarterly

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

SECTOR BREAKDOWN

CONSTITUENT BREAKDOWN
No. of constituents	1409
Wgt avg mkt cap (mns)	$2,023
Large cap (>$10bn)	0.0%
Mid cap ($2-10bn)	43.7%
Small cap (<$2bn)	56.3%
Developed mkts	100.0%
Emerging mkts	0.0%

TOP TEN HOLDINGS
Total	3.0 %
AMEDISYS INC	0.4 %
TREX COMPANY INC	0.3 %
ESSENT GROUP LTD	0.3 %
CIRRUS LOGIC INC	0.3 %
RADIAN GROUP INC	0.3 %
HAEMONETICS CORP/MASS	0.3 %
NOVOCURE LIMITED	0.3 %
DECKERS OUTDOOR CORP	0.3 %
AARON'S INC	0.3 %
MAXIMUS INC	0.3 %

TOP COUNTRY EXPOSURE
	UNITED STATES	95.3 %
	BERMUDA	1.0 %
	BRITAIN	0.6 %
	PUERTO RICO	0.4 %
	IRELAND	0.3 %
	CAYMAN ISLANDS	0.2 %
	CANADA	0.2 %
	LUXEMBOURG	0.1 %
	NETHERLANDS	0.1 %
	MONACO	0.1 %

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.
21.0%	7.7%	--	--	7.5%

Market Correlations
versus...	Beta	R-squared
S&P500	1.09	76%
MSCI EAFE	1.05	55%
MSCI Emg. Mkts.	0.62	31%

Technical Indicators
Recent close	$46.21
30d moving avg.	$45.82
Annualized volatility	16.6%
Short interest (ETF)	0.1%
Relative strength (RSI)	62

Liquidity measures
Avg. volume (thou.)	5
Turnover	0.2%
Bid/Ask (% of price)	0.24%
ADV underlying (mns)	$18,627

Distributions

FINDING ALTERNATIVE FUNDS

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

Benchmark ticker:

GSSC

Expense:

20 bp

ALTAR Score™:

5.3%

ALTERNATIVE ETFs BASED ON OVERLAP WITH GSSC
Ticker	Fund Name	Overlap¹ vs GSSC (%)	Expense ratio (bp)	Savings vs GSSC (bp)	ALTAR Score™ (%)	ALTAR vs GSSC (%)
IWM	iShares Russell 2000	72.8	19	1	3.6	-1.8
VTWO	Vanguard Russell 2000	71.9	15	5	3.6	-1.7
SPSM	SPDR Portfolio Small Cap	57.6	5	15	4.8	-0.6
SCHA	Schwab U.S. Small-Cap	56.8	4	16	5.0	-0.4
JPSE	JPMorgan Diversified Return U.S. Small Cap Equity	54.4	29	-9	4.1	-1.2
PRFZ	Invesco FTSE-RAFI Small-Mid 1500	50.9	39	-19	4.6	-0.8
IWN	iShares Russell 2000 Value	49.6	24	-4	6.2	+0.9
VTWV	Vanguard Russell 2000 Value	49.4	20	0	6.3	+0.9
IWO	iShares Russell 2000 Growth	48.4	24	-4	0.9	-4.5
VTWG	Vanguard Russell 2000 Growth	48.1	20	0	0.9	-4.5
PBSM	Invesco PureBeta MSCI USA Small Cap	47.0	6	14	5.3	-0.0
IUSS	Invesco Strategic US Small Company	42.1	23	-3	6.2	+0.9
SPMD	SPDR Portfolio Mid Cap	41.1	5	15	6.1	+0.8
FNDA	Schwab Fundamental Small Cap	40.0	25	-5	6.0	+0.7
PQSG	PGIM QMA Strategic Alpha Small-Cap Growth	39.6	29	-9	1.2	-4.2
EWSC	Invesco S&P Small Cap 600 Equal Weight	39.2	40	-20	3.0	-2.4
SLY	SPDR S&P 600 Small Cap	38.5	15	5	5.7	+0.4
IJR	iShares Core S&P Small-Cap	38.4	7	13	5.8	+0.4
ISMD	Inspire Small/Mid Cap Impact	38.3	61	-41	4.6	-0.7
VIOO	Vanguard S&P Small-Cap 600	38.2	15	5	5.8	+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%.

Content on this tab for subscribers only**

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

Content on this tab for subscribers only

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. Small 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	9.9	%
Divided by: Fwd. P/BV	1.8	x
Less: Expense ratio	20	bp
Equals: ALTAR Score	5.3	%

More information on ALTAR Score™

MODERN PORTFOLIO THEORY info

CONSENSUS RECOMMENDATIONS: FUND CONSTITUENTS

COMPOSITE RATING	1.57	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.