FUND DESCRIPTION: Goldman Sachs ActiveBeta International Equity ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the Goldman Sachs ETF Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The Goldman Sachs ActiveBeta International Equity ETF seeks to provide investment returns that closely correspond to the price and yield performance of the Goldman Sachs ActiveBeta International Equity Index. INDEX DESCRIPTION: The Goldman Sachs ActiveBeta International Equity Index is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index is constructed using the patented ActiveBeta Portfolio Construction Methodology, which was developed to provide exposure to the factors (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index consisted of securities from issuers in the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom, which may change over tiem. FUND STRATEGY: 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 the Index, in depositary receipts representing securities included in the Index and in stocks in respect of depositary receipts included in the Index. 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. The Fund may purchase a sample of securities in the Index. There may also be instances in which the Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s Index that the Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques. The Fund may also invest up to 20% of its assets in securities and other instruments not included in its Index, as well as in, among other instruments, futures (including index futures), swaps, other derivatives, investment companies (including exchange-traded funds (ETFs)), preferred stocks, warrants and rights, cash and cash equivalents and money market instruments. FUND MANAGEMENT: Goldman Sachs Asset Management, L.P. (GSAM) serves as the investment adviser for the Fund.
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