Goldman Sachs Active Beta ETFs

Goldman Sachs ETFs

MULTI-FACTOR EQUITY 1 of 5

THEMATIC EQUITY 2 of 5

ESG EQUITY 3 of 5

OTHER EQUITY 4 of 5

FIXED INCOME 5 of 5

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).

What Are the Potential Benefits of ETFs?

ETFs have grown in popularity due to the many benefits they offer: intraday trading ease, relative transparency and a likelihood of tax efficiency—all typically at lower total cost than most actively managed mutual funds.

The Four Ts

Source: GSAM. For illustrative purposes only.

We note that ETFs are not riskless investments, so investors can lose money. Please see the ETF Risk Disclosures for additional risk considerations in the end disclosures. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.

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.

Goldman Sachs ActiveBeta® ETFs

GSAM has developed a series of ETFs built on smart beta¹ principles—a transparent, rules-based strategy that goes beyond stocks’ market capitalization, resulting in a more economically intuitive way to invest.

These ETFs are designed to track an ActiveBeta® Index, a proprietary performance-seeking methodology from Goldman Sachs, which tilts towards stocks based on four well-established drivers of performance, often referred to as factors.

The Four Factors

The Advantages of Goldman Sachs ActiveBeta® Investing

Opportunity to Outperform the Market

To construct the ActiveBeta® Index, GSAM employs a simple, transparent process that helps identify and emphasize stocks within the market-cap weighted universe, potentially providing greater returns.

A Diversified Approach

Individual factors can be cyclical in the short run, which may lead to timing and performance challenges. Combining four complementary smart beta factors equally can potentially result in a more consistent investment experience over time.

Lower Cost

Not only are ActiveBeta® ETFs a fraction of the price of most smart beta ETFs, they are also among the most competitively priced products on the market.²

Source: Morningstar and GSAM as of September 30, 2018. For illustrative purposes only.
There is no guarantee that these objectives will be met. ActiveBeta® is a trademark of Goldman Sachs. 9.0 bps (after expense limitation) for ActiveBeta® U.S. Large Cap Equity ETF refers to the Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF. 9.5 bps for largest ETF by Assets under Management (AUM) refers to the SPDR S&P 500 ETF Trust (SPY). 33.7 bps refers to the average fund fee for Strategic Beta ETFs in the Morningstar US ETF Large Blend Category and 30.0 bps refers to the average fund fee of index ETFs in the Morningstar US ETF Large Blend Category.

ActiveBeta™ ETFs Brochure

DOWNLOAD

Goldman Sachs Motif ETFs

Technological innovation continues to disrupt traditional industries and create new structural growth opportunities. The degree to which companies and investors embrace the next wave of technological innovation will be critical to their longevity and success. We believe the creators and adopters of innovation are poised to become market leaders.

The Next Wave of Innovation

The “Tech-Tonic” Shift

We believe a “tech-tonic” shift is occurring—technology is no longer a single industry, technology is permeating all industries. We have identified five key themes that we believe are the potential drivers of secular change and capture future earnings growth.

Human-Led, Data-Driven

The Goldman Sachs Motif ETFs seek to track indices created by Motif, an industry leader in applying data science and automation to construct bespoke indices.³ Motif analyzes traditional and alternative data to identify the creators and adopters of innovation—irrespective of traditional classifications—an approach we believe is necessary, given the rapidly evolving landscape.

Versatile Implementation

The Goldman Sachs Motif ETFs allow investors to capture innovation by investing directly in technology-driven secular change. The ETFs may be suitable as either a long-term core equity holding or a satellite allocation for exposure to individual themes.

Motif ETF Brochure

DOWNLOAD

JUST U.S. Large Cap Equity ETF

Goldman Sachs Just ETF seeks to provide broad exposure to U.S. large cap equities, with a focus on companies that demonstrate just business behavior as measured by JUST Capital. The Fund seeks to track the JUST U.S. Large Cap Diversified Index (the “Index”), which is constructed by JUST Capital.

A Just Approach to Large Cap Investing

A Data-Driven Approach

JUST Capital collects and analyzes data from a diverse range of sources, utilizing over 120,000 data points across 85 unique metrics to score the performance of Russell 1000 Index companies across a variety of issues, including worker treatment, customer concerns and environmental impacts.

Broad Market Exposure

The Index provides market cap-weighted exposure to companies with above-average JUST scores based on the most recent rankings within each industry group; sector neutrality may contribute to a low tracking error. The Index aims to help investors allocate more capital towards their values, without compromising on return potential.

JUST in Your Portfolio

Priced to investors at 20 basis points (bps), JUST may be a lower cost solution for your portfolio.⁴ JUST may exhibit high correlation to both the S&P 500 and the Russell 1000, making it a suitable core U.S. equity allocation.

Just ETF Brochure

DOWNLOAD

Goldman Sachs Equity ETFs

Goldman Sachs Hedge Industry VIP ETF (Ticker: GVIP)

The fund seeks to track the Goldman Sachs Hedge Fund VIP Index, which is constructed in accordance with a rules-based methodology derived from concepts previously developed by Goldman Sachs’ Global Investment Research division. The Index is designed to measure the performance of fundamentally-driven hedge fund managers’ “Very-Important-Positions”— those positions that appear most frequently among their top 10 long equity holdings. The Goldman Sachs Hedge Industry VIP ETF (Ticker: GVIP) seeks to deliver these high-conviction ideas through the ease, transparency and liquidity of an ETF.

Introducing the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Ticker: GSEW)

By tracking an index that targets the 500 largest U.S. equities and rebalances monthly, GSEW is a suitable core holding for investors seeking diversified large cap exposure. Investors in traditional cap-weighted ETFs, actively managed strategies, or smart beta solutions may consider GSEW a diversifier to their existing large cap holdings.

Hedge Industry VIP ETF

LEARN MORE

Equal Weight Equity ETF

LEARN MORE

Access Fixed Income ETFs

Goldman Sachs Access ETFs seek better risk-adjusted returns to meet the needs of today’s fixed income investor. Access ETFs are passively managed by our Global Fixed Income team.

The Advantages of Goldman Sachs Fixed Income Investing

Access ETFs by Goldman Sachs

Access ETFs use a transparent, rules-based methodology based on smart beta¹ principles to selects bonds on criteria such as liquidity, technicals or fundamentals.

Smarter Access to Bond Markets

Each index employs a simple, transparent process that helps identify an investible universe, then eliminates bottom issuers, offering exposure to an existing sector or market beta.

Lower Cost ETFs in Your Portfolio

Access ETFs are among the most competitively priced ETFs on the market⁵ and offer the benefit of on-exchange liquidity, which may decrease transaction costs.⁶ In addition, these products provide access, transparency and alleviate some of the challenges of buying bonds in the over-the-counter market.

Access ETFs Brochure

DOWNLOAD

Hedge Industry VIP ETF Brochure

DOWNLOAD

TreasuryAccess ETF Brochure

DOWNLOAD

Goldman Sachs Exchange-Traded Funds

At Goldman Sachs Asset Management, we have a history of investment innovation—grounded in our commitment to provide clients with solutions that keep up with changing times. Our skilled investment teams manage a variety of advanced strategies** that capitalize on our global reach and deep knowledge of the markets. By offering these advanced strategies as Goldman Sachs ETFs, we continue this legacy and lead the way for the next generation of ETF investing.

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.

ActiveBeta® Index Construction Methodology: The patented methodology begins by ranking and scoring all securities within a given parent universe from -1 to +1, based on a security’s exposure to a particular common factor, e.g., Value. Next, we specify a Cut-Off Score (for underweighting vs. overweighting securities) and Maximum Stock Underweight relative to the benchmark. We then determine the underweights, subject to a long-only constraint, for all securities with a score less than the Cut-Off Score, where a security’s underweight is proportional to its factor score times the Maximum Stock Underweight. Finally, we determine the overweights for all stocks with a factor score greater than the Cut-Off Score such that the aggregate overweights are equal to the aggregate underweights. 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.

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” includesfunds 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.

The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, The Goldman Sachs ActiveBeta® Europe Equity ETF, The Goldman Sachs ActiveBeta® International Equity ETF, The Goldman Sachs ActiveBeta® Japan Equity ETF, The Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF and The Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (each, a “Fund” and collectively, the “Funds”) seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index, Goldman Sachs ActiveBeta® Japan Equity Index, Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index and Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (each, an “Index” and collectively, the “Indexes”), respectively. The Goldman Sachs ActiveBeta® Emerging Markets Equity Index is designed to deliver exposure to equity securities of emerging market issuers. The Goldman Sachs ActiveBeta® Europe Equity Index is designed to deliver exposure to equity securities of developed market issuers within Europe. The Goldman Sachs ActiveBeta® International Equity Index is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Goldman Sachs ActiveBeta® Japan Equity Index is designed to deliver exposure to equity securities of large capitalization Japan issuers. The Goldman Sachs ActiveBeta® U.S. Large Cap Equity index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index is designed to deliver exposure to equity securities of small-capitalization U.S. issuers. The Indexes seek to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals”, such as book value or 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). The Indexes are reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. The Funds are not actively managed, and therefore the Funds will not generally dispose of a security unless the security is removed from its Index. The Index calculation methodology may rely on information based on assumptions and estimates and neither a Fund nor its investment adviser can guarantee the accuracy of the methodology’s assessment of included issuers. A Fund’s performance may vary substantially from the performance of its Index as a result of transaction costs, expenses and other factors. Because a Fund may concentrate its investments in an industry or group of industries to the extent that its 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. 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. 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. 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. A Fund that invests heavily in a particular country or region may be subject to greater losses than if it were less geographically concentrated.

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.

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

Under the management agreement for each Fund except the ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs Asset Management, L.P. (the “Investment Adviser” or “GSAM”) is responsible for substantially all the expenses of the Fund, excluding payments 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. The Investment Adviser has agreed to reduce or limit “Other Expenses” (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses) to 0.05% of the average daily net assets for the ActiveBeta® Emerging Markets Equity ETF. This arrangement will remain in effect permanently. The Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

The Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF and Goldman Sachs Motif New Age Consumer ETF (each, a “Fund” and collectively, the “Funds”) seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index (each, an “Index” and collectively, the “Indexes”), respectively. The Motif Data-Driven World Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing. The Motif Finance Reimagined Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural changes in the support and delivery of financial services. The Motif Human Evolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care. The Motif Manufacturing Revolution Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going technology-driven transformation of the manufacturing industry. The Motif New Age Consumer Index is designed to deliver exposure to companies with common equity securities listed on exchanges in certain developed markets that may benefit from the on-going structural shifts in the consumer market due to changes in demographics, technology and preferences. A Fund’s 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 or governments and/or general economic conditions. By engaging in thematic investing, a Fund relies on the index provider for the identification of certain themes and sub-themes, and Fund performance may suffer if such themes or sub-themes are not correctly identified, if a theme or sub-theme develops in an unexpected manner or if the stocks included in its respective Index do not benefit from the development of such themes or sub-themes. Because a Fund may concentrate its investments in an industry or group of industries (for example, the financial services industry group with respect to the Goldman Sachs Motif Finance Reimagined ETF) 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. Stock prices of technology and technology-related companies in particular may be especially volatile. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. A Fund may invest heavily in investments in Europe and Asia and may be subject to greater losses than if it were less concentrated in Europe and Asia. 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. An Index calculation methodology may rely on information based on assumptions and estimates and neither a Fund nor its investment adviser can guarantee the accuracy of the methodology’s assessment of included issuers. A Fund’s performance may vary substantially from the performance of its respective Index as a result of transaction costs, expenses and other factors.

“Motif” is a trademark of Motif Capital Management, Inc. or its affiliates and has been licensed for use in connection with the issuance and distribution of the Funds. The Funds are not sponsored by, endorsed, sold or promoted by Motif Capital Management, Inc., and Motif Capital Management, Inc. makes no representation regarding advisability of investing in them.

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”), which delivers exposure to equity securities of large-capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. The Fund’s 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 or governments 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 subject to risks of “just” investing, as the Index may weigh certain characteristics of “just business behavior” more heavily than an issuer’s performance or returns. 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.

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.

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.

Effective August 7, 2018, The Goldman Sachs TreasuryAccess 0–1 Year ETF was renamed The Goldman Sachs Access Treasury 0–1 Year ETF.

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.

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.

General Disclosures

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 unaffiliated with Goldman Sachs Asset Management and FTSE Fixed Income LLC.
ALPS Control: GST 895
ED 3/6/2020

Next Generation of ETF Investing

What Are the Potential Benefits of ETFs?

Goldman Sachs ActiveBeta® ETFs

The Advantages of Goldman Sachs ActiveBeta® Investing

Opportunity to Outperform the Market

A Diversified Approach

Lower Cost

ActiveBeta™ ETFs Brochure

Goldman Sachs Motif ETFs

The Next Wave of Innovation

The “Tech-Tonic” Shift

Human-Led, Data-Driven

Versatile Implementation

Motif ETF Brochure

JUST U.S. Large Cap Equity ETF

A Just Approach to Large Cap Investing

A Data-Driven Approach

Broad Market Exposure

JUST in Your Portfolio

Just ETF Brochure

Goldman Sachs Equity ETFs

Goldman Sachs Hedge Industry VIP ETF (Ticker: GVIP)

Introducing the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Ticker: GSEW)

Hedge Industry VIP ETF

Equal Weight Equity ETF

Access Fixed Income ETFs

The Advantages of Goldman Sachs Fixed Income Investing

Access ETFs by Goldman Sachs

Smarter Access to Bond Markets

Lower Cost ETFs in Your Portfolio

Access ETFs Brochure

Hedge Industry VIP ETF Brochure

TreasuryAccess ETF Brochure

Goldman Sachs Exchange-Traded Funds

Market Insights

Products

Resources

Literature

About GSAM