Summary Prospectus
December 29, 2024
Goldman Sachs MarketBeta®
International Equity ETF
Ticker: GSID Stock Exchange: Cboe BZX Exchange, Inc.
Before you invest, you may want to review the Goldman Sachs MarketBeta® International 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
MarketBeta® International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses,
to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”).
| Fees and Expenses of the Fund |
The following 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 |
0.25% |
| Distribution and Service (12b-1) Fee |
0.00% |
| Other Expenses |
0.00% |
| Total Annual Fund Operating Expenses |
0.25% |
| Fee Waiver1
|
(0.05)% |
| Total Annual Fund Operating Expenses After Fee Waiver |
0.20% |
1
The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate for the Fund’s average daily net assets. This arrangement will remain in effect through at least December 29, 2025, and prior to such date, the Investment Adviser may not terminate
the arrangement without the approval of the Board of Trustees.
| 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 (except that the Example incorporates any applicable fee waiver and/or expense limitation
arrangements for only the first year). 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 |
| $20 |
$75 |
$136 |
$313 |
| 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 4% of the average value of its portfolio.
| Principal Investment Strategies |
The Fund seeks to achieve its investment objective by investing at least
80% of its assets (exclusive of collateral held from securities lending) in securities
included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to measure the performance of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market
capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
2 Summary Prospectus — Goldman Sachs MarketBeta®
International Equity ETF
As of December 1, 2024, the Index consisted of 899 securities with a market capitalization range of
between approximately $1.73 billion and $478.87 billion, and an average market capitalization of approximately $24.79 billion from issuers in the following developed market countries: Australia, Austria, Belgium,
Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Poland, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The components of
the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region will vary from time to time as the weightings of the securities within the Index
change, and the Fund may not be invested in each asset class, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer
to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index
methodology provides for consideration of certain additional factors. The Index is normally
reconstituted on a semi-annual basis in May and November. New securities from initial public
offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria.
Given the Fund’s investment objective of attempting to track the
Index, the Fund does not follow traditional methods of active
investment management, which may involve buying and selling
securities based upon analysis of economic and market
factors.
The Fund seeks to invest in the Index components in
approximately the same weighting that such components have within the Index at the applicable
time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the
Index. There may also be instances in which the Investment Adviser may choose to underweight
or overweight a security in the Fund’s Index, purchase securities not in the
Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
The Index is owned and calculated by Solactive.
The Fund is classified as “diversified” under the Investment Company Act of 1940, as amended
(the “Investment Company Act”). However, the Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A
non-diversified fund may invest a larger percentage of its assets in fewer issuers than
diversified funds.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular
industry or group of industries to the extent that the Index is concentrated. The degree to
which components of the Index represent certain sectors or industries may change over
time.
| 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.
Calculation Methodology Risk. The Index relies on various sources of information to assess the criteria of issuers included in the
Index, including fundamental information that may be based on assumptions and estimates.
Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index’s calculation methodology or sources of information will provide an accurate assessment of included issuers or a correct
valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.
Depositary Receipts Risk. Foreign securities may trade in the form of depositary receipts, which include American Depositary
Receipts (“ADRs”) and Global Depositary Receipts (“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.
Diversification
Risk. The Fund is classified as “diversified” under the
Investment Company Act. However, the Fund may become “non-diversified” solely as
a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund is permitted to invest a larger percentage of its assets in fewer issuers
than diversified funds. This increased investment in fewer issuers may make the Fund 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.
European Investment Risk. The Fund is more exposed to the regulatory, economic and political risks of Europe and of the European countries in which it invests than
funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to decline in value. The economies and markets of
European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of issuers
that are domiciled in, or have significant operations in, member countries of the European Union (“EU”) that are subject to economic and monetary controls that can adversely affect the
Fund’s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect
European countries. On January 31, 2020, the United Kingdom (“UK”) withdrew from the EU (commonly known as “Brexit”), which has resulted in ongoing market volatility and caused additional
market disruption on a global basis. The UK and the EU signed the EU-UK Trade and Cooperation Agreement (“TCA”),
3 Summary Prospectus — Goldman Sachs MarketBeta®
International Equity ETF
which is an agreement on the terms governing certain aspects of the EU’s and UK’s relationship
post Brexit. However, under the TCA, many aspects of the EU-UK relationship remain subject to further negotiation. The full effects of Brexit are unknown at this time and could negatively impact the value of the
Fund’s investments.
Foreign 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 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 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.
Geographic Risk. If the Fund focuses its investments in issuers located in a particular country or geographic region, it will subject the Fund 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.
Index Risk. The Fund will be negatively affected by general declines in the securities and asset classes represented
in the Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from the Index, the Fund generally would not sell a security because the security’s issuer
was in financial trouble, and the Fund does not take defensive positions in declining markets. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its
exposure to the required levels in order to track the Index. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of any
such third party data, and there is no guarantee with respect to the accuracy, availability or timeliness of the production of the
Index.
Industry Concentration Risk. In following its methodology, the Index from time to time may be concentrated to a significant degree in
securities of issuers located in a single industry or group of industries. To the extent that
the Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also may concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group
of industries, the Fund may face more risks than if it were diversified broadly over numerous industries
or groups of industries. If the Index is not concentrated
in a particular industry or group of industries, the Fund will not concentrate in a
particular industry or group of industries.
Japan Risk. The Japanese economy is heavily dependent upon international trade and may be subject to considerable degrees of economic, political and social
instability, which could negatively affect the Fund. The Japanese yen has fluctuated widely during recent periods and may be affected by currency volatility elsewhere in Asia, especially Southeast Asia. In addition, the
yen has had a history of unpredictable and volatile movements against the U.S. dollar. The performance of the global economy could have a major impact upon equity returns in Japan. Since the mid-2000s, Japan’s
economic growth has remained relatively low. A recent economic recession was likely compounded by an unstable financial sector, low domestic consumption, and certain corporate structural weaknesses, which
remain some of the major issues facing the Japanese economy. Japan has also experienced natural
disasters, such as earthquakes and tidal waves, of varying degrees of severity, which could
negatively affect the Fund.
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 Cboe BZX Exchange, Inc. 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. In addition, because liquidity in certain underlying securities may fluctuate, Shares may
trade at a larger premium or discount to NAV than shares of other kinds of ETFs. 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
4 Summary Prospectus — Goldman Sachs MarketBeta®
International Equity ETF
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 Risk. Investments in mid-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.
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.
Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of the Index. The performance
of the Fund may diverge from that of the Index for a number of reasons. Tracking error may
occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the Index are not
reduced by investment and other operating expenses, including the trading costs associated with
implementing changes to its portfolio of investments. Tracking error risk may be heightened
during times of market volatility or other unusual market conditions. The Fund may be required to deviate its investments from the securities and relative weightings of the Index to comply with the Investment
Company Act, to meet the issuer diversification requirements of the Internal Revenue Code of 1986, as amended(the “Code”), applicable to regulated investment companies, or as a result of
local market restrictions or other legal reasons, including regulatory limits or other restrictions on securities that may be purchased by the Investment Adviser and its affiliates.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security and may differ from the value used by the
Index, 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 the 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.
| 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 regulatorily required broad-based securities market index (MSCI World ex USA Index) (the “Regulatory Benchmark”) and
the Fund’s Index. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of
market performance, to comply with new regulatory requirements. For additional information
about the Regulatory Benchmark, please see “Additional Benchmark Information” on
page 31 of the Prospectus. 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. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods
shown.
CALENDAR YEAR
| |
Returns |
Quarter ended |
| Year-to-Date Return |
12.92% |
September 30, 2024 |
| During the periods shown in the chart above:
|
Returns |
Quarter ended |
| Best Quarter Return |
17.11% |
December 31, 2022 |
| Worst Quarter Return |
-14.53% |
June 30, 2022 |
| AVERAGE ANNUAL TOTAL RETURN For the period ended
December 31, 2023 |
|
|
|
| 1 Year |
Since
Inception |
Inception
Date | |
| Goldman Sachs MarketBeta International Equity ETF |
|
|
5/12/2020 |
| Returns Before Taxes |
17.81% |
11.25% |
|
| Returns After Taxes on Distributions |
17.08% |
9.17% |
|
| Returns After Taxes on Distributions and Sale of Fund Shares |
11.06% |
7.66% |
|
| Solactive GBS Developed Markets ex North America Large & Mid Cap Index |
17.91% |
11.29% |
|
| MSCI World ex USA Index |
17.94% |
11.74% |
|
Benchmark returns do not reflect any deductions for fees or expenses.
| Portfolio Management |
Goldman Sachs Asset Management, L.P. is the investment adviser for the
Fund (the “Investment Adviser” or “GSAM”).
Portfolio Managers: Raj Garigipati, Managing Director, has managed the Fund since May 2020 and Gauri Sekaria, Vice
President, has managed the Fund since April 2024.
5 Summary Prospectus — Goldman Sachs MarketBeta®
International Equity ETF
| 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.
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.
6 Summary Prospectus — Goldman Sachs MarketBeta®
International Equity ETF
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