Goldman Sachs Asset Management Announces Liquidation of Two Exchange-Traded Funds

Goldman Sachs Asset Management ("GSAM"), the investment adviser for the Goldman Sachs Future Consumer Equity ETF and Goldman Sachs Future Planet Equity ETF (each, a "Fund" and collectively, the "Funds"), announced today that the Funds' Board of Trustees, at the recommendation of GSAM, has approved a plan of liquidation for each Fund (collectively, the "Plans"). Under the Plans, which are effective today, the Funds will begin the process of liquidating portfolio assets and unwinding their affairs in an orderly fashion over time. The Plans are not subject to shareholder approval.

Shareholders of the Funds may sell their shares on the Funds' listing exchange, NYSE Arca, Inc. ("NYSE Arca"), until market close on July 18, 2025, and may incur transaction fees from their broker-dealer. The Funds' shares will no longer trade on NYSE Arca after market close on July 18, 2025, and the shares will subsequently be de-listed. Shareholders who continue to hold shares of a Fund on the Funds' liquidation date, which is expected to be on or about July 25, 2025, will receive a liquidating distribution of cash in the cash portion of their brokerage accounts equal to the amount of the net asset value of their shares. For tax purposes, shareholders will generally recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares. The Funds will stop accepting creation orders from Authorized Participants on July 18, 2025.

About Goldman Sachs Asset Management

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE:GS), we deliver investment and advisory services for the world's leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market – overseeing more than $3.20 trillion in assets under supervision worldwide as of March 31, 2025.¹ Driven by a passion for our clients' performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time. Follow us on LinkedIn.

The Goldman Sachs Future Consumer Equity ETF (the "Fund") seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by primarily investing in U.S. and non-U.S. companies that the Investment Adviser believes are aligned with key themes associated with the different and evolving priorities and spending habits of younger consumers. The Fund's investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions in the U.S. or throughout the world. Stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. The Fund's thematic investment strategy limits the universe of investment opportunities available to the Fund and may affect the Fund's performance relative to similar funds that do not seek to invest in companies exposed to such themes. The Fund relies on the Investment Adviser for the identification of companies the Investment Adviser believes are aligned with key themes associated with the different and evolving priorities and spending habits of younger consumers, and there is no guarantee that the Investment Adviser's views 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 align with the different and evolving priorities and spending habits of younger consumers. Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor, and at times the Fund may underperform other funds that invest in similar asset classes but employ different investment styles. Because the Fund concentrates its investments in certain specific industries, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting those industries than if its investments were more diversified across different industries. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic, social or political developments, including regional armed conflicts, sanctions, tariffs, counter-sanctions, retaliatory tariffs and other retaliatory actions. Such securities are also subject to foreign custody risk. The securities of mid- and small-cap companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund is "non-diversified" and may invest a larger percentage of its assets in one or more issuers or in fewer issuers than "diversified" funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. Because the Fund may invest in a relatively small number of issuers, the Fund is subject to greater risk of loss.

The Goldman Sachs Future Planet Equity ETF (the "Fund") seeks long-term capital appreciation. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by primarily investing in companies that the Investment Adviser believes are associated with seeking to address environmental problems. The Fund's investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/or general economic conditions in the U.S. or throughout the world. Stock markets have experienced periods of substantial price volatility in the past and may do so again in the future. The Fund's thematic investment strategy limits the universe of investment opportunities available to the Fund and may affect the Fund's performance relative to similar funds that do not seek to invest in companies exposed to such themes. The Fund relies on the Investment Adviser for the identification of companies the Investment Adviser believes are associated with seeking to address environmental problems, and there is no guarantee that the Investment Adviser's views 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. Because the Fund may invest a large percentage of its assets in specific sectors (for example, the industrials, materials and technology sectors), the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. Foreign and emerging markets investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of currency fluctuations and adverse economic, social or political developments, including regional armed conflicts, sanctions, tariffs, counter-sanctions, retaliatory tariffs and other retaliatory actions. Such securities are also subject to foreign custody risk. The securities of mid- and small-cap companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. The Fund is "non-diversified" and may invest a larger percentage of its assets in one or more issuers or in fewer issuers than "diversified" funds. Accordingly, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio and to greater losses resulting from these developments. Because the Fund may invest in a relatively small number of issuers, the Fund is subject to greater risk of loss.

Fund shares are not individually redeemable and are issued and redeemed by a Fund at their net asset value ("NAV") only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

A summary prospectus, if available, or a Prospectus for each Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. Please consider a Fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

The Investment Company Act of 1940 (the "Act") imposes certain limits on investment companies purchasing or acquiring any security issued by another registered investment company. For these purposes the definition of "investment company" includes funds that are unregistered because they are excepted from the definition of investment company by sections 3(c)(1) and 3(c)(7) of the Act. You should consult your legal counsel for more information.

Goldman Sachs does not provide accounting, tax or legal advice.

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NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

ALPS Control: GST 3117

Compliance Code: 437537-OTU-2292666

Date of first use: 06/18/2025

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