Summary Prospectus
December 29, 2024
Goldman Sachs Future Planet Equity ETF
Ticker:
GSFP Stock Exchange: NYSE Arca, Inc.
Before you invest, you may want to review the Goldman Sachs Future Planet Equity ETF (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at dfinview.com/GoldmanSachs. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated December 29, 2024, are incorporated by reference into this Summary Prospectus.
| Investment Objective |
The Goldman Sachs Future Planet Equity ETF (the “Fund”) seeks long-term capital
appreciation.
| Fees and Expenses of the Fund |
This table describes the fees and expenses that you may pay if you buy,
hold and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which
are not reflected in the table and Example below.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
| Management Fee |
0.75% |
| Distribution and Service (12b-1) Fee |
0.00% |
| Other Expenses |
0.00% |
| Total Annual Fund Operating Expenses |
0.75% |
| Expense Example |
This Example is intended to help you compare the cost of owning Shares
of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes
that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year |
3 Years |
5 Years |
10 Years |
| $77 |
$240 |
$417 |
$930 |
| Portfolio Turnover |
The Fund may pay transaction costs when it buys and sells securities or
instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased
transaction costs, including brokerage commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are
not reflected in total annual fund operating expenses or in the expense example above, but are reflected in the
Fund’s performance. The
Fund’s portfolio turnover rate for the fiscal year ended August 31, 2024 was
33% of the average value of its portfolio.
| Principal Investment Strategies |
The Fund invests, under normal circumstances, at least 80% of its net
assets plus any borrowings for investment purposes (measured at the time of purchase)
(“Net Assets”) in equity investments in U.S. and non-U.S. companies that Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”) believes are associated, at the time the
investment is first added to the Fund’s portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes
of this policy.
Equity investments may include common stock, preferred stock, warrants and other rights to acquire stock,
American depositary receipts (“ADRs”), European depositary receipts (“EDRs”), and global depositary receipts (“GDRs”), underlying funds (including exchange-traded funds
(“ETFs”)), and futures, forwards, options and other instruments with similar economic exposures. The Fund may invest in underlying ETFs, exchange-traded products (“ETPs”) and/or money market funds,
including those that currently exist or that may become available for investment in the future for which the Investment Adviser or an affiliate now or in the future acts as investment adviser or principal underwriter. The Fund
may also invest in unaffiliated ETFs, ETPs and/or money market funds.
The Fund generally intends to invest in companies that the Investment Adviser believes are aligned with key themes associated with seeking to address environmental problems,
which include, but are not limited to, clean energy, resource efficiency, sustainable consumption, the circular economy and water sustainability (the “Key Themes”).
The Key Themes currently are:
Clean Energy: represents companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas including but not
limited to solar energy, wind energy, bioenergy, energy storage, grid services and carbon
sequestration.
2 Summary Prospectus — Goldman Sachs Future Planet Equity ETF
Resource
Efficiency: represents companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas
including but not limited to electric and autonomous vehicles, sustainable manufacturing, logistics and smart cities.
Sustainable Consumption: represents companies that, in the Investment Adviser’s view, provide, invest in or help create
products, services or technologies in areas including but not limited to agriculture, food,
tourism and fashion.
Circular Economy: represents companies that, in the Investment Adviser’s view, provide, invest in or help create
products, services or technologies in areas including but not limited to recycling and reuse,
waste management and single-use substitution.
Water Sustainability: represents companies that, in the Investment Adviser’s view, provide, invest in or help create products, services or technologies in areas
including but not limited to water treatment, water distribution and
desalination.
The Key Themes and related areas of investment
may change over time at the sole discretion of the Investment Adviser without prior notice to
shareholders. In addition, the Fund is permitted to make investments that are not aligned
with the Key Themes. In selecting investments, the Investment Adviser will not seek to allocate a specified portion of the Fund’s portfolio to each particular Key Theme, and the allocation of the Fund’s investments
across the Key Themes will vary over time in the Investment Adviser’s sole discretion. The Fund may not allocate its investments to each Key Theme at all times and an investment may be aligned with multiple Key Themes at
the same time.
Alignment with the Key Themes is generally assessed at or around the time of initial purchase. The
Investment Adviser’s belief may be informed by, among other things, company disclosure, third-party research, engagement with the companies, or subjective criteria including the Investment Adviser’s
own research, expectations, or opinions. A company in which the Fund invests may not currently or in the future derive any revenue from its efforts to address environmental problems.
When creating the investment universe, the Investment Adviser generally focuses on “what” each issuer is creating or producing and may not emphasize
“how” the issuer is creating or producing services, products or technologies. Accordingly, the Investment Adviser may determine that an issuer is aligned with one or more of the Key Themes, even when the issuer’s
profile reflects negative, or a mixture of positive and negative, environmental, social and governance (“ESG”) characteristics.
The Investment Adviser employs a fundamental investment process that may integrate ESG factors alongside traditional fundamental factors. No one factor or consideration is
determinative in the stock selection process.
The Fund may have significant exposure to specific sectors including, but not limited to, the industrials,
materials and technology sectors. The Fund’s sector exposures may change over time and the Fund may have significant exposure to any region, country or sector at any time.
The Fund may invest in foreign securities, including securities of issuers in countries with emerging markets or economies. The Fund may invest without restriction as to company
capitalization and may invest significantly in small- and mid-capitalization
companies.
THE FUND IS
NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT
COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN FEWER ISSUERS THAN
DIVERSIFIED FUNDS.
The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities.
The Fund is not an index fund and does not seek to replicate the performance of a specified
index.
The Investment Adviser measures the Fund’s
performance against the MSCI ACWI Index.
| Principal Risks of the Fund |
Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the
Federal Deposit Insurance Corporation (“FDIC”) or any government agency. The Fund should not be relied upon as a complete investment program.
There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider
carefully before investing. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or
potential exposure.
Goldman Sachs (as defined herein) and its affiliates advise accounts and
funds which have investment objectives, investment strategies and/or policies similar to those of the Fund, and such accounts and funds will have portfolio holdings that overlap with the Fund. Due to
differences in tax management considerations and implementation techniques, trades of the Fund’s portfolio are generally executed after those of such accounts and funds. As a result,
the Fund’s investment results may be higher or lower, and potentially significantly lower, than those of such accounts and funds.
Depositary Receipts Risk. Foreign securities may trade in the form of depositary receipts, which include ADRs and GDRs
(collectively “Depositary Receipts”). To the extent the Fund acquires Depositary
Receipts through banks which do not have a contractual relationship with the foreign issuer
of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to
corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments.
Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying
securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new
Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund’s performance.
Foreign and Emerging Countries Risk. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting,
corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including
repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by
3 Summary Prospectus — Goldman Sachs Future Planet Equity ETF
the United States and other governments, or from problems
in share registration, settlement or custody, may also result in losses. The type and
severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and
other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country
and increase market volatility and disruption in the sanctioned country and throughout the
world. Sanctions and other similar measures could limit or prevent the Fund from buying and
selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also
involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure
to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in
securities of issuers located in, or otherwise economically tied to, emerging countries.
Foreign Custody Risk. The Fund may hold foreign securities and cash with foreign banks, agents, and securities depositories
appointed by the Fund’s custodian (each a “Foreign Custodian”). Some Foreign
Custodians may be recently organized or new to the foreign custody business. In some
countries, Foreign Custodians may be subject to little or no regulatory oversight over or independent evaluation of their operations. Further, the laws of certain countries may place limitations on the Fund’s ability to
recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market
countries are very often underdeveloped and may be considerably less well regulated than in
more developed countries, and thus may not afford the same level of investor protection as
would apply in developed countries.
Geographic Risk. If the Fund focuses its investments in issuers located in a particular country or geographic region, the
Fund may be subjected, to a greater extent than if investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or
region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
Investment Style Risk. Different investment styles (e.g., “growth”, “value” or “quantitative”) tend to shift in and out of favor depending upon market
and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.
Issuer Concentration Risk. The Fund's portfolio may be comprised of a relatively small number of companies in comparison to
other funds. This relatively small number of issuers may subject the Fund to greater risks,
because a decline in the value of any single investment held by the Fund may adversely affect the Fund’s overall value more than it would affect that of a fund holding a greater number of investments.
Large Shareholder Risk. Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s
Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its
investment solely to facilitate commencement of the Fund
or to facilitate the Fund’s achieving a specified size or scale. Any such investment
may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet
applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund’s liquidity. In addition, transactions by large
shareholders may account for a large percentage of the trading volume on NYSE Arca, Inc. (“NYSE Arca”) and may, therefore, have a material upward or downward effect on the market price of the Shares.
Market Risk. The value of the securities in which the Fund invests may go up or down in response to the prospects of
individual companies, particular sectors or governments and/or general economic conditions
throughout the world due to increasingly interconnected global economies and financial
markets. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or
other public health threats could also significantly impact the Fund and its
investments.
Market Trading
Risk. The net asset value (“NAV”) of the Fund and the value of your investment
may fluctuate. Market prices of Shares may fluctuate, in some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for Shares. The Fund faces numerous
market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. Any of these factors, among
others, may result in Shares trading at a significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the closing price of Shares as compared to NAV. If a shareholder purchases
Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the
underlying value of the Shares, respectively. Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.
The securities held by the Fund may be traded in markets that close at a different time than the stock
exchange on which the Fund’s Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Fund’s listing exchange is open but after the
applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV may widen.
Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established
companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than
diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
Sector Risk. To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as
the industrials, materials or technology sectors), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of
4 Summary Prospectus — Goldman Sachs Future Planet Equity ETF
volatile economic cycles and/or conditions and
developments that may be particular to that sector, such as: adverse economic, business,
political, environmental or other developments.
Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in
the past and may do so again in the future.
Thematic Investing Risk. The Fund’s thematic investment strategy limits the universe of investment opportunities available
to the Fund and will affect the Fund’s exposure to certain companies, sectors, regions,
and countries, which may result in the Fund forgoing opportunities to buy or sell certain
securities when it might otherwise be advantageous to do so. Adhering to the Fund’s thematic investment strategy may also affect the Fund’s performance relative to similar funds that do not seek to invest in companies
exposed to the Key Themes. There is no guarantee that the Investment Adviser’s views, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor or that companies in
which the Fund invests will be successful in their efforts to offer solutions that generate a positive environmental outcome. In addition, the Investment Adviser is not required to monitor on an ongoing basis
whether, subsequent to the initial purchase, a current holding continues to be aligned with one or more of the Key Themes or otherwise associated with seeking to address environmental problems. Because
such alignment or association is assessed at the time the investment is first added to the Fund's portfolio, the Fund is not required to sell, and may instead add to, positions in holdings that no longer
continue to be aligned with one or more of the Key Themes or associated with seeking to address
environmental problems.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Fund’s valuation of the
security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. exchanges may be open on days when the Fund does not
price its Shares, the value of foreign securities or assets in the Fund’s portfolio may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various
sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological
issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.
| Performance |
The bar chart and table below provide an indication of the risks of
investing in the Fund by showing: (a) changes in the performance of the Fund’s Shares
from year to year; and (b) how the average annual total returns of the Fund’s Shares compare to those of a broad-based securities market index. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the
Fund will perform in the future. Updated performance information is available at no cost at
am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.
CALENDAR YEAR
| |
Returns |
Quarter ended |
| Year-to-Date Return |
12.07% |
September 30, 2024 |
| During the periods shown in the chart above:
|
Returns |
Quarter ended |
| Best Quarter Return |
12.30% |
December 31, 2023 |
| Worst Quarter Return |
-17.99% |
June 30, 2022 |
| AVERAGE ANNUAL TOTAL RETURN For the period ended
December 31, 2023 |
|
|
|
| 1 Year |
Since
Inception |
Inception
Date | |
| Goldman Sachs Future Planet Equity ETF |
|
|
7/13/2021 |
| Returns Before Taxes |
5.36% |
-9.35% |
|
| Returns After Taxes on Distributions |
5.02% |
-9.88% |
|
| Returns After Taxes on Distributions and Sale of Fund Shares |
4.26% |
-7.03% |
|
| MSCI ACWI Index |
22.20% |
1.73% |
|
Benchmark returns do not reflect any deductions for fees or expenses.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In
addition, the after-tax returns shown are not relevant to investors who hold Fund Shares
through tax-deferred arrangements such as 401(k) plans or individual retirement
accounts.
| Portfolio Management |
Goldman Sachs Asset Management, L.P. is the investment adviser for the
Fund.
Portfolio Managers: Alexis Deladerrière, CFA, Managing Director, has managed the Fund since July 2021; Raj Garigipati, Managing Director, has managed the Fund since July 2021;
and Saurabh Jain, Vice President, has managed the Fund since May 2023.
| Buying and Selling Fund Shares |
Individual Shares of the Fund may only be purchased and sold in
secondary market transactions through a broker or dealer at market price. Because Shares
trade at market prices, rather than NAV, Shares of the Fund may trade at a price greater than NAV (i.e., a premium) or less than NAV (i.e., a discount).
You may incur costs attributable to the difference between the highest
price a buyer is willing to pay for Shares (bid) and the lowest price a seller is willing to
accept for Shares (ask) (the “bid-ask spread”) when buying or selling Shares in the
secondary market.
5 Summary Prospectus — Goldman Sachs Future Planet Equity ETF
Recent information, including information about the
Fund’s NAV, market price, premiums and discounts, and bid-ask spreads, is included on
the Fund’s website at am.gs.com.
| Tax Information |
The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k)
plan or an individual retirement account. Investments made through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.
| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase Shares of the Fund through a broker-dealer or other
financial intermediary (such as a bank), GSAM or other related companies may pay the
intermediary for the sale of Fund Shares or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over
another investment. Ask your salesperson or visit your financial intermediary’s website for more information.