Goldman Sachs Active Beta ETFs

Next Generation of ETF Investing

Over the last two decades, investors have increasingly turned to Exchange-Traded Funds (ETFs) seeking to benefit from a defined strategy, diversified exposure to stocks, tax efficiency and low costs. Today, we combine the potential benefits of ETFs with the advanced strategies of Goldman Sachs Asset Managment (GSAM).

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Goldman Sachs ActiveBeta™ ETFs

Access to Top Insights

GSAM developed the Goldman Sachs Hedge Fund VIP Index, which tracks insights from some of the leading thinkers in the hedge fund universe. The Goldman Sachs Hedge Industry VIP ETF seeks to track this index and provides exposure to hedge fund managers’ most important long equity ideas.

Access to the Treasury Market

GSAM developed an ETF that provides access to Treasuries with a maturity of less than a year, which are backed by the full faith and credit of the US Government. Investors in the Goldman Sachs Access Treasury 0-1 Year ETF can gain easy access to Treasury markets while avoiding the operational and pricing complexities of US Treasury Auctions and over-the-counter market.

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.

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 accounting, tax, or legal advice. 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. Equity securities are more volatile than bonds and subject to greater risks. We note that ETFs are not riskless investments, so investors can lose money. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns. ActiveBeta is a registered trademark of GSAM. 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).

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.

Goldman Sachs ActiveBeta™ U.S. Large Cap Equity ETF

The Goldman Sachs ActiveBeta™ U.S. Large Cap Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta™ U.S. Large Cap Equity Index (the “Index”), which delivers exposure to equity securities of large-capitalization U.S. 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. 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 Fund is not actively managed, and therefore the Fund will not generally dispose of a security unless the security is removed from the Index. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.

Goldman Sachs ActiveBeta™ International Equity ETF
The Goldman Sachs ActiveBeta™ International Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta™ International Equity Index (the “Index”), which delivers exposure to equity securities of developed market issuers outside of the United States and Canada, specifically in Europe, Australasia and the Far East. 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 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. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.

Goldman Sachs ActiveBeta™ Emerging Markets Equity ETF
The Goldman Sachs ActiveBeta™ Emerging Markets Equity ETF seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta™ Emerging Markets Equity Index (the “Index”), which delivers exposure to equity securities of emerging market 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 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 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. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.

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.

Each Goldman Sachs ActiveBeta™ 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.

The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP Index (the “Index”), which delivers exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. 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. Because the Fund mayconcentrate 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 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. Because certain information used to construct the Index may be stale at the time of its use and due to other reasons, the Index may not be effective in delivering exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors. The Fund is not a hedge fund and does not invest in hedge funds.

The Goldman Sachs Access Treasury 0–1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0–1 Year Composite Select Index (the “Index”), which is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. The Fund’s investments are subject to the risks associated with debt securities generally, including credit, liquidity and interest rate risk. Any guarantee on U.S. Treasury Obligations applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. 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. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors. The Fund is not a money market fund and does not attempt to maintain a stable net asset value.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Product. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Product or the suitability of the Index for the purpose to which it is being put by GSAM.

The Goldman Sachs Access Treasury 0-1 Year ETF (the “Product”) has been developed solely by GSAM. The Product is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the FTSE US Treasury 0-1 Year Composite Select Index (Total Return, Unhedged, USD): “FTSE Russell Index” (the “Index”) vest in the relevant LSE Group company which owns the Index. “FTSE®” is a trade mark of the relevant LSE Group company and is/are used by any other LSE Group company under license.

“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.

U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds.

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.

General Disclosures

ActiveBeta Index Disclosure
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. Please note that one may not invest directly into an index.

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.

Ordinary brokerage commissions apply.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Trust.
ALPS Distributors, Inc. is the distributor for SPDR S&P 500 ETF Trust (SPY).
SPDR S&P 500 ETF Trust (SPY) is a Unit Investment Trust (UIT).
ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management and Citigroup, Inc.
ALPS Control: the code is 72340-OUT ED11/3/2017

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