Click on Fund Details above for individual ETF risks, standardized quarterly performance, mutual fund fees and Morningstar rankings.
"Smart beta” refers to quantitative index-based strategies. For more information, please see the disclosures at the end of this page.
Bespoke index is a custom index based on specific rules related to investment ideas, risk tolerance or time horizon.
“On-exchange” refers to the fact that ETFs are traded on exchanges. This is in contrast to bonds, which are typically sold on Over-the-Counter (OTC) markets. An OTC market is a decentralized market in which buyers and sellers interact with each other directly, outside of an exchange. As a result, OTC markets tends to be less transparent than exchanges.
Transparency is characterized by visibility or accessibility of full, accurate, and timely information.
Market Beta is a measure of a fund’s sensitivity to market movements.
*Traditional ETFs refer to market-cap weighted strategies designed to track a given market or index.
**GSAM defines advanced strategies to include those that pursue objectives other than tracking a traditional market cap-weighted index.
Please note, GSST is an actively managed Exchange-Traded Fund.
Goldman Sachs Asset Management was awarded ETF of the Year for its Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (GSLC) at the Fund Intelligence Mutual Fund Industry and ETF Awards 2020 on July 23, 2020. The ETF of the Year award is given to the most successful ETF as determined by a combination of several elements, such as flows, performance, innovation and fund objectives. Winners are determined by a judging panel and comprised of individuals and firms who have submitted entries or been nominated via the online submission process, as well as through recommendations from leading market participants.
The Morningstar Analyst RatingTM is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used,
The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months.
For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.
The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.
Trading Ease refers to the ability of ETFs to be bought and sold throughout the day, providing trading flexibility
Transparency refers to the extent to which investors have ready access to any required financial information about a company such as price levels, market depth and audited financial reports.
Tax Efficiency refers to low portfolio turnover which can help manage the impact of capital gains taxes.
Goldman Sachs does not provide legal, tax or accounting advice, unless explicitly agreed between you and Goldman Sachs (generally through certain services offered only to clients of Private Wealth Management). Any statement contained in this presentation concerning U.S. tax matters is not intended or written to be used and cannot be used for the purpose of avoiding penalties imposed on the relevant taxpayer. Notwithstanding anything in this document to the contrary, and except as required to enable compliance with applicable securities law, you may disclose to any person the US federal and state income tax treatment and tax structure of the transaction and all materials of any kind (including tax opinions and other tax analyses) that are provided to you relating to such tax treatment and tax structure, without Goldman Sachs imposing any limitation of any kind. Investors should be aware that a determination of the tax consequences to them should take into account their specific circumstances and that the tax law is subject to change in the future or retroactively and investors are strongly urged to consult with their own tax advisor regarding any potential strategy, investment or transaction.
ActiveBeta® is a registered trademark of GSAM.
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.
Value – A composite of three valuation measures: book value-to-price, sales-to price, and free cash flow-to-price. The earnings-to-price ratio is used instead of free cash flow-to-price for financial stocks.
Momentum – Beta- and volatility-adjusted daily total returns over an 11-month period ending one month before the Rebalance Date
Quality – Gross profit divided by total assets, or return on equity for financial stocks or when gross profit is not available
Low Volatility – The inverse of the standard deviation of daily total stock returns over the past 12 months, up to and including the Selection Date
ETF Fund shares are not individually redeemable and are issued and redeemed by a Fund at their net asset value (“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.
“Goldman Sachs” is a trademark owned by Goldman Sachs and is registered in the US and other countries. The Goldman Sachs trademark is being used by FTSE Fixed Income under license from Goldman Sachs. With respect to the Index, Goldman Sachs and its affiliates are in no way related or connected to or affiliated with FTSE Fixed Income other than as a licensee. Goldman Sachs does not own, maintain or participate in the calculation of the Index. Neither Goldman Sachs, nor its affiliated companies make any representation or warranty, express or implied to any member of the public regarding the ability of the Index to track general market performance. Data and information contained herein regarding the Index is proprietary to FTSE Fixed Income or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of FTSE Fixed Income.
Each Goldman Sachs exchange-traded fund (each, a “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of its respective index (each, an “Index”). A 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 and emerging markets 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 a Fund may concentrate its investments in an industry or group of industries to the extent that its respective 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. Each Fund is not actively managed, and therefore a Fund will not generally dispose of a security unless the security is removed from its respective Index. A Fund’s performance may vary substantially from the performance of its respective Index as a result of transaction costs, expenses and other factors.
ETF Risk Disclosures
Exchange-Traded Funds are subject to risks similar to those of stocks. 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. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched. Please see GSETFS.com for additional risk considerations. ETF shares are not individually redeemable and are issued and redeemed by a Fund at their net asset value (“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.
Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.
GINN, AAAU, GSID, GSEE, GSUS, GCOR and GSIG are newly or recently organized and have limited or no operating history and have not been officially categorized.
The GS Physical Gold ETF is not a standard ETF registered under the Investment Company Act of 1940 or subject to the same regulatory requirements as mutual funds or standard ETFs. Investments in this ETF are speculative and involve a high degree of risk. Visit www.gsamfunds.com/ETFs for a prospectus, which includes investment objectives, risks, fees, expenses and other information that you should read and consider carefully before investing.
Effective close of business on December 4, 2020, Goldman Sachs Asset Management, L.P. became the sponsor of the Trust, assuming the role from the Trust’s prior sponsors. At that time, the name of the Trust was changed from Perth Mint Physical Gold ETF to Goldman Sachs Physical Gold ETF. The Trust is not a standard ETF. The Trust is not an investment company registered under the Investment Company Act of 1940 and is not required to register under such act. The Trust is not a commodity pool for purposes of the Commodity Exchange Act of 1936, and Goldman Sachs Asset Management, L.P., as the sponsor of the Trust (the “Sponsor”), is not subject to regulation by the Commodity Futures Trading Commission as a commodity pool operator or a commodity trading advisor under the Commodity Exchange Act in connection with the Shares. As such, the Trust is not subject to the same regulatory requirements as mutual funds. An investment in Shares is not suitable for all investors. The Shares are neither interests in nor obligations of the Sponsor and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.
Given each Fund’s investment objective of attempting to track its Index, the Funds do not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach. Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. 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. LLC by calling (1-800-621-2550).
Diversification does not protect an investor from market risk and does not ensure a profit.
Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds.
ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management and FTSE Fixed Income LLC.
ALPS Control: GST1443
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. LLC by calling (Retail - 1-800-526-7384) (Institutional - 1-800-621-2550). Please consider a 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.
Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“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.
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. Market Price is the price at which the Fund’s shares are trading on the NYSE Arca. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value. The Fund cannot predict whether its shares will trade at, above or below net asset value.
Please note that one cannot invest directly into an index.