Ticker: GSUS Stock Exchange: Cboe BZX Exchange, Inc.
Before you invest, you may want to review the Goldman Sachs MarketBeta U.S. Equity ETF’s (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 www.gsamfunds.com/ETFfunds. 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 May 11, 2020, as supplemented to date, are incorporated by reference into this Summary Prospectus.
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will not be sent by
mail, unless you specifically request paper copies of the reports from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website
link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not
take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by contacting your financial intermediary.
You may elect to receive all future shareholder reports in paper free of charge. You can inform your financial intermediary that you wish to receive paper
copies of reports by contacting your financial intermediary. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account.
The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance
of the Solactive GBS United States Large & Mid Cap Index (the “Index”).
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FEES AND EXPENSES OF THE FUND
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The following table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund. The
table does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund.
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
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Management Fee
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0.09
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%
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Distribution and Service (12b-1) Fee
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0.00
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%
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Other Expenses1
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0.00
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%
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Total Annual Fund Operating Expenses
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0.09
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%
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Fee Waiver2
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(0.02
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)%
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Total Annual Fund Operating Expenses After Fee
Waiver
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0.07
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%
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1
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The “Other Expenses” for Shares have been estimated to reflect expenses expected to be incurred
during the current fiscal year.
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2
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The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net
management fee rate of 0.07% as an annual percentage rate for the Fund’s average daily net assets. This arrangement will remain in effect through at least May 11, 2021, and prior to such date, the Investment Adviser may not terminate the
arrangement without the approval of the Board of Trustees
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2 SUMMARY PROSPECTUS — GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF
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 $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the
Fund’s operating expenses remain the same (except that the Example incorporates the fee waiver arrangement for only the first year). The Example does not take into account brokerage commissions that you may pay on your purchases and sales of
Shares of the Fund. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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Shares
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$ 7
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$ 27
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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 yet commenced operations as of the date
of the Prospectus, there is no portfolio turnover information quoted for the Fund.
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PRINCIPAL INVESTMENT STRATEGIES
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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 consists of equity securities of large and mid-capitalization equity issuers covering
approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
As of March 31, 2020, the Index consisted of 541 securities with a market capitalization range of between approximately $1.6 billion and
$1,199.5 billion, and an average market capitalization of approximately $45.6 billion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class 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 at all times. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is
organized under the laws of the U.S. and it is primarily listed in the U.S.; 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 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.
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PRINCIPAL RISKS OF THE FUND
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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 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.
3 SUMMARY PROSPECTUS — GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF
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.
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 such third party data, and there is also 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.
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. (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 or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets.
Events such as war, acts of terrorism, social unrest, natural disasters, 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 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
sustain losses.
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.
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.
Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. 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 its 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
4 SUMMARY PROSPECTUS — GOLDMAN SACHS MARKETBETA U.S. EQUITY ETF
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. 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.
As the Fund had not operated for a full calendar year as of the date of the Prospectus, there is no performance
information quoted for the Fund. Updated performance information is available at no additional cost at www.gsamfunds.com/performance or by calling the appropriate phone number on the back cover of the Prospectus.
Goldman Sachs Asset Management, L.P. is the investment adviser for the Fund (the “Investment Adviser” or
“GSAM”).
Portfolio Managers: Raj Garigipati, Managing Director; and Jamie McGregor, Vice President, have managed the Fund since
inception.
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BUYING AND SELLING FUND SHARES
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The Fund will issue and redeem Shares at NAV only in a large specified number of Shares each called a
“Creation Unit,” or multiples thereof. A Creation Unit consists of 50,000 Shares.
Individual Shares of the Fund may only be purchased and sold
in secondary market transactions through brokers. Shares of the Fund are listed and traded on the Exchange. Shares trade at market prices rather than NAV, therefore, Shares of the Fund may trade at a price greater than or less than NAV.
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.
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PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES
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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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