Summary Prospectus
March 21, 2025
Goldman Sachs India Equity ETF
Ticker:
GIND Stock Exchange: The NASDAQ Stock Market LLC
Before you invest, you may want to review the Goldman Sachs India 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 March 21, 2025, are incorporated by reference into this Summary Prospectus.
| Investment Objective |
The Goldman Sachs India Equity ETF (the “Fund”) seeks long-term capital appreciation.
| 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 |
0.75% |
| Distribution and Service (12b-1) Fee |
0.00% |
| Other Expenses1
|
0.00% |
| Total Annual Fund Operating Expenses |
0.75% |
1
The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
| 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 |
| $77 |
$240 |
| 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. Because the Fund has not commenced operations as of the date of the Prospectus,
there is no portfolio turnover information quoted for the Fund.
| 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 a portfolio of equity investments in issuers economically tied to India. Equity investments include common stocks, preferred stocks, American depositary receipts (“ADRs”) and global depositary receipts
(“GDRs”) of all market capitalizations. The Fund may also invest in exchange-traded funds (“ETFs”) and other instruments with similar economic exposures.
Equity investments include securities that trade on local Indian exchanges and securities denominated in Rupee (“INR”), the official currency of India. The
Fund may use derivatives, including options, futures, and forward contracts, both to seek to increase the return of the Fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange
rates, interest rates and movements in the securities markets.
The Fund may invest in the aggregate up to 20% of its Net Assets in equity and fixed income securities that are not economically tied to India. The Fund may also invest up to
15% of its Net Assets in initial public offerings (“IPOs”). The Fund may invest in real estate investment trusts (“REITs”).
Allocation of the Fund’s investments is determined by the Investment Adviser’s assessment of a
company’s upside potential and downside risk, how attractive it appears relative to other holdings, and how the addition will impact sector and industry weightings. The largest
2 Summary Prospectus — Goldman Sachs India Equity ETF
weightings in the Fund’s portfolio relative to the
benchmark of the Fund are given to companies the Investment Adviser believes have the most
upside return potential relative to their contribution to overall portfolio
risk.
The Investment Adviser employs a fundamental investment process
that may integrate environmental, social and governance (“ESG”) factors alongside
traditional fundamental factors. No one factor or consideration is determinative in the stock
selection process.
The Investment Adviser measures the Fund’s performance against the Morgan Stanley Capital
International (MSCI) India IMI Index (Net, USD, Unhedged).
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.
| 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.
Cash Transactions Risk. Unlike certain ETFs, the Fund expects to effect its creations and redemptions primarily for
cash, rather than primarily for in-kind securities. As such, investments in ETF
Shares may be less tax-efficient than an investment in a conventional ETF that generally
is able to make in-kind redemptions and avoid realizing gains in connection with transactions designed to raise cash to meet redemption requests.
Currency Risk. Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar,
which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest
rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent the Fund seeks exposure to foreign currencies through foreign currency
contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and significant, and investment decisions tied to currency markets. In
addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in the value of currencies may be magnified.
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.
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 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.
Initial Public Offering Risk. The market value of IPO shares will fluctuate considerably due to factors such as the absence of a prior
public market, unseasoned trading, the small number of shares available for trading and
limited information about the issuer. The purchase of IPO shares may involve high transaction costs. IPO shares are subject to market risk and liquidity risk.
Investing in India. Investments in securities of Indian issuers involve risks not typically associated with investments in the U.S. securities markets. Such risks include, among
others, greater government control over the economy, including the risk that the Indian government may decide to pursue inconsistent economic policies and/or programs, political and legal uncertainty,
bureaucratic obstacles, competition from low-cost issuers of other emerging economies in Asia, currency fluctuations or blockage of foreign currency exchanges and the risk of nationalization or expropriation of
assets. Issuers in India are subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping than are issuers in more developed markets, and therefore all material
information pertaining to Indian issuers may not be available or reliable. In addition, the Indian economy could be adversely impacted by natural disasters and acts of terrorism. Social and religious factors, and
the status of India’s relations with other countries, may have an adverse effect on the Fund’s investments. For example, India has experienced civil unrest and hostilities with neighboring countries, including
Pakistan, and the Indian government
3 Summary Prospectus — Goldman Sachs India Equity ETF
has confronted separatist movements in several Indian
states. The Indian government has exercised and continues to exercise significant influence
over many aspects of the economy, and the number of public sector enterprises in India is substantial. Accordingly, Indian government actions in the future could have a significant effect on the Indian economy, which could affect
private sector companies and the Fund, market conditions, and prices and yields of securities in the Fund’s portfolio. Large portions of many Indian companies remain in the hands of individuals and
corporate governance standards of Indian issuers may be weaker and less transparent than in other securities markets, which may increase the risk of loss and unequal treatment of investors. If the Fund’s
registration with the Indian government as a Foreign Portfolio Investor (FPI) is suspended or withdrawn, the Fund would no longer be able to invest directly in Indian securities.
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.
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 the NASDAQ Stock Market LLC (the “Exchange”) 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, governments or
countries and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts
of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of
infectious illness or other public health threats, or the threat or potential of one or more such events and developments, 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.
Real Estate Investment Trusts
(“REITs”) Risk. REITs whose underlying properties are concentrated in a particular industry or geographic region are subject to risks
affecting such industries and regions. The securities of REITs involve greater risks than those
associated with larger, more established companies and may be subject to more abrupt or
erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or
without a substantial drop in price.
Sector Risk. To the extent the Fund focuses its investments in securities of issuers in one or more sectors (such as
the financial services sector), the Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of 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.
Seed Investor Risk. GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the
Fund. Such payments may continue for a specified period of time and/or until a specified
dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). Seed investors may contribute all or a majority of the assets in the Fund. There is a risk that such seed
investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant
negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s shares.
Tax
Risk. The Fund invests in securities of Indian issuers. The Fund is
subject to tax in India on the purchase and sale of Indian securities, which will reduce the
Fund’s returns. For more information regarding the tax implications of investing in Indian securities, please see the section titled “Indian Tax Disclosure.”
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
4 Summary Prospectus — Goldman Sachs India Equity ETF
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 |
Because the Fund had not yet commenced investment operations as of the
date of the Prospectus, there is no performance information quoted for the Fund. Once
available, the Fund’s performance information will be available at no cost at
am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.
| 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, Basak Yavuz, Managing Director and Hiren Dasani, Managing Director
have managed the Fund since 2025.
| 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 (when available), 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.
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