Fixed Income ETF of the Year 2024

• Market risk - the value of assets in the Portfolio is typically dictated by a number of factors, including the confidence levels of the market in which they are traded.
• Operational risk - material losses to the Portfolio may arise as a result of human error, system and/or process failures, inadequate procedures or controls.
• Liquidity risk - the Portfolio may not always find another party willing to purchase an asset that the Portfolio wants to sell which could impact the Portfolio's ability to meet redemption requests on demand.
• Exchange rate risk - changes in exchange rates may reduce or increase the returns an investor might expect to receive independent of the performance of such assets. If applicable, investment techniques used to attempt to reduce the risk of currency movements (hedging), may not be effective. Hedging also involves additional risks associated with derivatives.
• Custodian risk - insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Portfolio's assets can result in loss to the Portfolio.
• Interest rate risk – when interest rates rise, bond prices fall, reflecting the ability of investors to obtain a more attractive rate of interest on their money elsewhere. Bond prices are therefore subject to movements in interest rates which may move for a number of reasons, political as well as economic.  
• Credit risk – the failure of a counterparty or an issuer of a financial asset held within the Portfolio to meet its payment obligations will have a negative impact on the Portfolio. 
• Derivatives risk - derivative instruments are highly sensitive to changes in the value of the underlying asset that they are based on. Certain derivatives may result in losses greater than the amount originally invested.
• Counterparty risk - a party that the Portfolio transacts with may fail to meet its obligations which could cause losses.
• Index tracking error risk - The performance of the Strategy may not generally follow and may be very different from the performance of the Index. The anticipated tracking error has been calculated using historical data and therefore may not capture all factors that will impact a Strategy's actual performance against its reference index.

Complete information on the risks of investing in the Fund are set out in the Fund’s prospectus.

The prospectus, the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), information on sustainability-related aspects of the fund (such as the SFDR classification), and other legally required documents relating to the fund (containing information about the fund, the costs and the risks involved) are available on www.gsam.com/responsible-investing in the relevant languages of the countries where the fund is registered or notified for marketing purposes. Goldman Sachs Asset Management B.V. may decide to terminate the arrangements made for the marketing of the fund in accordance with article 93a UCITS Directive and article 32a AIFM Directive as implemented in Dutch law in article 2:121ca and 2:124.0a Wft. Information about investor rights and collective redress mechanisms are available on www.gsam.com/responsible-investing. Investment sustains risk. The decision to invest in a fund should take into account all the characteristics, objectives, and associated risks of a fund as described in the prospectus. The investment promoted concerns the acquisition of units or shares in a fund, and not in an underlying asset in which the fund invests. Please note that the value of any investment may rise or fall and that past performance is not indicative of future results and should in no event be deemed as such. A return on investment may increase or decrease as a result of currency fluctuation.

Fund Characteristics

1. Investment Objective

The   Sub-Fund seeks to provide investment results that closely correspond, before   fees and expenses to the performance of the FTSE Goldman Sachs UK Gilts 1-10   Years Index

2. Investment Policy

The Sub-Fund is passively managed and   its investment policy is to track the performance of the Index (or such other   index determined by the Directors from time to time as being able to track   substantially the same market as the Index and which is considered by the   Directors to be an appropriate index for the Sub-Fund to track, in accordance   with the Prospectus), as closely as possible, regardless of whether the Index   level rises or falls, while seeking to minimise as far as possible the   tracking error between the Sub-Fund’s performance and that of the Index. Any   determination by the Directors that the Sub-Fund should track another index   at any time shall be subject to Shareholder approval and where relevant, the   provision of reasonable notice to Shareholders to enable any

Shareholders who wish to do so to   redeem their Shares prior to implementation of this change. In addition, the  Supplement will be updated accordingly. The Index is a rules-based index that   is designed to measure the performance of UK Government bonds (Gilts) with   maturities greater than 12 months. The Index is a custom index that is owned   and calculated by the Index Provider, and is based on the 1-10 Year UK Gilts   contained in the FTSE UK Government Bond Index (the “Base Index”) using   concepts developed with Goldman Sachs Asset Management, L.P. The Base Index   can include GBP denominated government and government-sponsored bonds that   are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”)   or Baa3 by Moody’s Investors Service, Inc.(“Moody’s”). Minimum issue size is 2 billion GBP. Minimum maturity is 1 year and maximum maturity is 10 years. The   components of the Index are subject to carry and roll optimisation. Carry and   roll optimisation refers to maximising expected returns within a specific   yield curve by overweighting steeper parts of the curve and underweighting   other parts. A steeper curve provides greater potential to generate return   from roll down through the passage of time. In order to optimise for carry and roll   opportunities the Index Provider, while seeking to keep overall rate risk   consistent with the Base Index, may overweight certain nodes of the curve and   underweight elsewhere on the curve compared with the Base Index. Overall duration   exposure is intended to match that of the Base Index after optimisation.

The Index is rebalanced (i) monthly on   the last business day of each month, to account for changes in maturities,   corporate actions or ratings migration. Further information on the Index can   be found at https://research.ftserussell.com/products/downloads/FTSE_Goldman_Sachs_UK_Gilts_1_10_Years_Index_Ground_Rules.pdf and https://www.ftserussell.com/analytics/factsheets/home/constituentsweights. The Investment Manager uses a   representative sampling strategy to manage the Sub-Fund. “Representative   sampling” is an indexing strategy in which the Sub-Fund invests in a   representative

sample of constituent securities that   has a collective investment profile similar to that of the Index. The securities   selected for investment by the Sub-Fund are expected to have, in the   aggregate, investment characteristics, fundamental characteristics and   liquidity measures similar to those of the Index. The Sub-Fund may or may not hold all of the securities in the Index. Please   see the section of the Prospectus titled “Currency Hedging at Portfolio   Level” for a description of the hedging techniques which may be employed by   the Investment Manager in hedging currency exposure.

3. Type of Assets in Which Fund May Invest

The   securities in which the Sub-Fund invests include government and   government-sponsored bonds which are of investment grade and may be fixed or   floating rate. The Sub-Fund will invest at least 80% of its Net Asset Value   in such securities. In exceptional circumstances, the Sub-Fund may invest up   to 20% of its assets in instruments which are primarily listed on Recognised   Markets that are not included in the Index  but which may have similar characteristics and which the Investment Manager   believes will help the Sub-Fund track the Index. These investments may   include cash and cash equivalents including money market funds. Subject to a   maximum of 10% of Net Asset Value, the Sub-Fund may invest in shares of other   regulated, openended  collective investment schemes, including money market funds and ETFs, as   described under “Investment in other Collective Investment Schemes” in the   “Investment Objectives and Policies” section of the Prospectus, where the   objectives of such funds are consistent with the objective of the Sub-Fund.   Such funds may be advised, sponsored or otherwise serviced by the Investment   Manager or an affiliate.

4.  Actively or Not Actively Managed Against Benchmark

Not  Actively Managed

5.  Leverage

N/A

6.  SFDR  Classification

Article   6

7. Risks

The   risk of this fund is set at 4 (on a scale of 1 - lower risk to 7 - higher   risk). This risk profile is based on historical data and may not be a   reliable indication of the future risk profile of the Sub-Fund. The risk   category shown is not guaranteed and may change over time. The lowest   category does not mean risk free. It is possible that a sub-fund stated to   have a lower risk profile may in fact fall in value more than a sub-fund with   a higher risk profile. The Sub-Fund is in category 4 as it mostly invests in   fixed income securities which   typically experience lower levels of price fluctuation than shares and   similar instruments. The capital is not guaranteed.

Important Information

Award given on November 28, 2024.

The ETF Stream Awards 2024 Winner Fixed Income ETF of the Year was awarded on November 28, 2024 for January 1, 2024 through November 28, 2024, award does not represent any compensated endorsement.

Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that an investor’s shares, when redeemed, or sold, may be worth more or less than their original cost. ETFs may yield investment results that, before expenses, generally correspond to the price and yield of a particular index. There is no assurance that the price and yield performance of the index can be fully matched.

Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price.  The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity.

This material is provided at your request for informational purposes only. It is not an offer or solicitation to buy or sell any securities.

Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. We have relied upon and assumed without independent verification, the accuracy and completeness of all information available from public sources.

Views and opinions expressed are for informational purposes only and do not constitute a recommendation by Goldman Sachs Asset Management to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice.

The website links provided are for your convenience only and are not an endorsement or recommendation by Goldman Sachs Asset Management of any of these websites or the products or services offered. Goldman Sachs Asset Management is not responsible for the accuracy and validity of the content of these websites.

Past performance does not guarantee future results, which may vary. The value of investments and the income derived from investments will fluctuate and can go down as well as up. A loss of principal may occur.

Capital is at risk.

As a UCITS ETF, a Sub-Fund’s Shares purchased on the Secondary Market cannot usually be sold directly back to the Sub-Fund by investors who are not Authorised Participants. Generally, investors who are not Authorised Participants must buy and sell shares on a Secondary Market with the assistance of an intermediary (e.g. a stockbroker) and may incur fees and additional taxes in doing so. In addition, as the market price at which the Shares are traded on the Secondary Market may differ from the Net Asset Value per Share, investors may pay more than the then current Net Asset Value when buying shares and may receive less than the current Net Asset Value when selling them.

(CBI UCITS Regs 2015, Regulation 84)

THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORIZED OR UNLAWFUL TO DO SO.

Prospective investors should inform themselves as to any applicable legal requirements and taxation and exchange control regulations in the countries of their citizenship, residence or domicile which might be relevant.

This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client's account should or would be handled, as appropriate investment strategies depend upon the client's investment objectives.

Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks™ or registered® trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

United Kingdom: In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs Asset Management International, which is authorized and regulated in the United Kingdom by the Financial Conduct Authority.

European Economic Area (EEA): This marketing communication is disseminated by Goldman Sachs Asset Management B.V., including through its branches (“GSAM BV”). GSAM BV is authorised and regulated by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands) as an alternative investment fund manager (“AIFM”) as well as a manager of undertakings for collective investment in transferable securities (“UCITS”). Under its licence as an AIFM, the Manager is authorized to provide the investment services of (i) reception and transmission of orders in financial instruments; (ii) portfolio management; and (iii) investment advice. Under its licence as a manager of UCITS, the Manager is authorized to provide the investment services of (i) portfolio management; and (ii) investment advice.

This marketing communication is disseminated by Goldman Sachs Asset Management B.V., including through its branches (“GSAM BV”). GSAM BV is authorised and regulated by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, Vijzelgracht 50, 1017 HS Amsterdam, The Netherlands) as an alternative investment fund manager (“AIFM”) as well as a manager of undertakings for collective investment in transferable securities (“UCITS”). Under its licence as an AIFM, the Manager is authorized to provide the investment services of (i) reception and transmission of orders in financial instruments; (ii) portfolio management; and (iii) investment advice. Under its licence as a manager of UCITS, the Manager is authorized to provide the investment services of (i) portfolio management; and (ii) investment advice. Information about investor rights and collective redress mechanisms are available on am.gs.com/policies-and-governance. Capital is at risk. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law.

Information about investor rights and collective redress mechanisms are available on am.gs.com/policies-and-governance. Capital is at risk. Any claims arising out of or in connection with the terms and conditions of this disclaimer are governed by Dutch law.

Documents providing further detailed information about the fund/s, including the articles of association, prospectus, supplement and the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable), annual/semi-annual report (as applicable), and a summary of your investor rights, are available free of charge in English language and as required, in your local language by navigating to your local language landing page via am.gs.com/documents and also from the fund’s paying and information agents. If GSAMFSL, the management company, decides to terminate its arrangement for marketing the fund/s in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules.

The (name of the “Fund”) is an open-ended Index Tracking Sub-Fund of Goldman Sachs ETF ICAV which is an umbrella fund constituted as an Irish Collective Asset-management Vehicle under the laws of Ireland with segregated liability between sub-funds and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended)).

The UCITS ETF will publicly disclose its complete holdings on a daily basis. Details of the UCITS ETF’s holdings and full disclosure policy are available at am.gs.com. The indicative net asset values (iNAVs) are disseminated and are displayed on major market data vendor terminals, including Bloomberg and Reuters.

Offering Documents

This material is provided at your request for informational purposes only and does not constitute a solicitation in any jurisdiction in which such a solicitation is unlawful or to any person to whom it is unlawful. It only contains selected information with regards to the fund and does not constitute an offer to buy shares in the fund. Prior to an investment, prospective investors should carefully read the latest Key Information Document (KID) or UK Key Investor Information Document (KIID) (as applicable) as well as the offering documentation, including but not limited to the fund’s prospectus which contains inter alia a comprehensive disclosure of applicable risks. The relevant articles of association, prospectus, supplement, KID or KIID and latest annual/semi-annual report are available free of charge from the fund’s paying and information agent and/or from your financial adviser. Investors should be aware that the price of Shares may fall as well as rise and investors may not get back any of the amount invested. The difference at any one time between the subscription and redemption price of Shares means that an investment in any Sub-Fund should be viewed as long term.

Distribution of the Fund

The fund may not have been registered or will not be registered for public distribution in a number of jurisdictions (including but not limited to any Latin American, African or Asian countries). Therefore, the fund must not be marketed or offered in or to residents of any such jurisdictions unless such marketing or offering is made in compliance with applicable exemptions for the private placement of collective investment schemes and other applicable jurisdictional rules and regulations.

Investment Advice and Potential Loss

Financial advisers generally suggest a diversified portfolio of investments. The fund described herein does not represent a diversified investment by itself. This material must not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before investing in order to determine whether an investment would be suitable for them. An investor should only invest if he/she has the necessary financial resources to bear a complete loss of this investment.

Investment Not Insured

Investment into the fund is not insured or guaranteed by any Government agency, including the Federal Deposit Insurance Company, and is not the same as placing funds on deposit with a bank or deposit-taking company.

Any reference to a specific company or security does not constitute a recommendation to buy, sell, hold or directly invest in the company or its securities. It should not be assumed that investment decisions made in the future will be profitable or will equal the performance of the securities discussed in this document.

Diversification does not protect an investor from market risk and does not ensure a profit.

Company names and logos, excluding those of Goldman Sachs and any of its affiliates, are trademarks or registered trademarks of their respective holders. Use by Goldman Sachs does not imply or suggest a sponsorship, endorsement or affiliation.

FOR INSTITUTIONAL, FINANCIAL INTERMEDIARIES, THIRD PARTY DISTRIBUTORS OR CONSULTANT USE ONLY – NOT FOR USE AND/OR DISTRIBUTION TO THE GENERAL PUBLIC.