THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.

The Investment Company Act of 1940 (the “Act”) imposes certain limits on investment companies purchasing or acquiring any security issued by another registered investment company.  For these purposes the definition of “investment company” includes funds that are unregistered because they are excepted from the definition of investment company by sections 3(c)(1) and 3(c)(7) of the Act.  You should consult your legal counsel for more information.

Under the management agreement for Goldman Sachs ActiveBeta® Japan Equity ETF (the “Fund ), Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”) will be responsible for substantially all the expenses of the Fund, excluding tpayments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. 

*Represents net performance.

The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”), which delivers exposure to equity securities of Japanese issuers. The Fund’s equity investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors and/or general economic conditions. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic or political developments. Because of its exposure to Japan, the Fund subject to greater risk of loss as a result of adverse securities markets, exchange rates and social, political, regulatory or economic event which may occur in Japan. Because the Fund may concentrate its investments in an industry or group of industries to the extent that the Index is concentrated, the Fund may be subject to greater risk of loss as a result of adverse economic, business or other developments affecting that industry or group of industries. The securities of mid- and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund is not actively managed, and therefore the Fund will not generally dispose of a security unless the security is removed from the Index. The Index calculation methodology may rely on information based on assumptions and estimates and neither the Fund nor its investment adviser can guarantee the accuracy of the methodology’s assessment of included issuers. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.  

The returns represent past performance. The Fund’s investment return and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Past performance does not guarantee future results, which may vary.

Performance reflects cumulative total returns for periods of less than one year and average annual total returns for periods of greater than one year. Since inception returns for periods of less than one year are cumulative. All Fund performance data reflect the reinvestment of distributions.

Total returns are calculated assuming purchase of a share at the market price or net asset value (“NAV”) on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price does not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Total returns for periods less than one full year are not annualized.

Net Asset Value is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, less any liabilities, by the number of Fund shares outstanding.

The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market price is the price at which the Fund’s shares are trading on its applicable listing exchange. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the Fund’s inception of investment operations date; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns.

[1]The rates of return are hypothetical and do not represent the returns of any particular investment. After-tax returns reflect the highest federal income tax rate but exclude state and local taxes. Fund performance reflects fee waivers, absent which, performance data quoted would have been lower. After Tax Held and After Tax Sold are based on NAV. Returns less than one year are cumulative.

[2]As of April 8, 2016. Please note that the fund managers of the Goldman Sachs ActiveBeta® ETFs are Raj Garigipati and Jamie McGregor. Please refer to the Prospectus for further information.

Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units.  Shares otherwise can be bought and sold only through exchange trading at market price (not NAV).  Shares may trade at a premium or discount to their NAV in the secondary market.  Brokerage commissions will reduce returns.

Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding.

Diversification does not protect an investor from market risk and does not ensure a profit. Neither ActiveBeta® nor Traditional ETFs are riskless investments, so investors can lose money. For additional risk considerations, please see the disclosures below.

ActiveBeta® ETFs use a preset investing strategy like traditional ETFs to keep costs competitive. “Smart beta” refers to quantitative index-based strategies. Source: Morningstar, as of May 16, 2017. The fee for the Goldman Sachs ActiveBeta® US Large Cap Equity ETF is 9 bps. The fee for the largest ETF by AUM, the SPDR S&P 500 ETF Trust (SPY) is 9.5 bps. 35.3 bps is the average fund fee for the Morningstar US ETF Large Blend Strategic Beta and 32.2 bps is the average fund fee in the Morningstar US ETF Large Blend Index.

The Index is constructed using the patented ActiveBeta® Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time).Given the Fund’s investment objective of attempting to track its Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Index is a trademark of Goldman Sachs Asset Management, L.P. and has been licensed for use by Goldman Sachs ETF Trust. Goldman Sachs Asset Management, L.P., the Goldman Sachs Group, Inc., and Goldman, Sachs & Co. (collectively, “Goldman Sachs”) does not guarantee nor make any representation or warranty, express or implied, to the owners or shareholders of the fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly or the ability of the Index to track general market performance. Goldman Sachs, in its capacity as the index provider of the Index, licenses certain trademarks and trade names to the fund. Goldman Sachs has no obligation to take the needs of the Fund or the shareholders of the Fund into consideration in determining, composing or calculating the Index. Goldman Sachs or any of its affiliates may hold long or short positions in securities held by the Fund or in related derivatives Goldman Sachs does not guarantee the adequacy, timeliness, accuracy and/or the completeness of the Index or any data related thereto. Goldman Sachs hereby expressly disclaims any and all liability for any errors, omissions, or interruptions therein or in the calculation thereof. Goldman Sachs makes no warranty, express or implied, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the marks, the Index or any data included therein as to the results to be obtained by the Fund, the shareholders, or any other person or entity from use of the Index or any data included therein. Without limiting any of the foregoing, Goldman Sachs hereby expressly disclaims any and all liability for any special, punitive, indirect, or consequential damages (including lost profits), even if advised of the possibility of and such damages.

Please note that one cannot invest directly into an index.

The Fund is recently organized and has a limited operating history.

The Fund is subject to risks similar to those of its underlying holdings. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. The Fund may yield investment results that, before expenses, generally correspond to the price and yield of the Index. There is no assurance that the price and yield performance of the Index can be fully matched.

A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550. Please consider the Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

Book value is the value of a company’s total assets minus total liabilities as they appear on a balance sheet.

Free cash flow is a measure of financial performance that measures a company’s total cash after paying business expenses.

Goldman Sachs does not provide legal, tax or accounting advice to its clients. All investors are strongly urged to consult with their legal, tax, or accounting advisors regarding any potential transactions or investments. There is no assurance that the tax status or treatment of a proposed transaction or investment will continue in the future. Tax treatment or status may be changed by law or government action in the future or on a retroactive basis.

Morningstar classifies Strategic Beta—widely referred to as “smart beta”—as referring broadly to a growing group of indexes and the exchange-traded products and other funds and investment products that track them. Please refer to the full definitions and parameters at: http://corporate.morningstar.com/US/documents/Indexes/Strategic-Beta-Landscape.pdf.This website link is provided for your convenience only and is not an endorsement or recommendation by GSAM of this website or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of this website.

Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. © 2016 Morningstar, Inc. All Rights Reserved.

ActiveBeta® is a registered trademark of GSAM.

ALPS Distributors, Inc. is the distributor for SPDR S&P 500 ETF Trust (SPY). SPY is a unit investment trust.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. 

The ActiveBeta Portfolio Construction and Maintenance Methodology is the patent-protected property of GSAM (U.S. Patent Numbers 8,285,620 and 8,473,398).