Risk Considerations

The Goldman Sachs Enhanced U.S. Equity ETF seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by investing primarily in U.S. equity securities issued by small-, mid- and large-cap U.S. companies. 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 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. 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. 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.

The Goldman Sachs Value Opportunities ETF seeks long-term capital appreciation. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by investing primarily in U.S. equity investments and invests, under normal circumstances, in approximately 20-40 companies that are considered value opportunities, which the Investment Adviser defines as companies with identifiable competitive advantages and sustainable growth potential whose intrinsic value is not reflected in the stock price. 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. 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. 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. 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. 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.

The Goldman Sachs Growth Opportunities ETF seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by investing primarily in U.S. equity investments and invests, under normal circumstances, in approximately 20-40 companies that the Investment Adviser considers to be positioned for long-term growth. 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. 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. 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 may invest a large percentage of its assets in specific sectors, the Fund is subject to greater risk of loss as a result of adverse economic, business or other developments affecting such sectors. 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.

The Goldman Sachs Technology Opportunities ETF seeks long-term growth of capital. The Fund is an actively managed exchange-traded fund. The Fund pursues its investment objective by investing primarily in equity investments in high quality technology, services, media or telecommunications companies that adopt or use technology to improve their cost structure, revenue opportunities or competitive advantage. 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. 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. Stock prices of technology and technology-related companies in particular may be especially volatile. 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. 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. 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.

Fund shares are not individually redeemable and are issued and redeemed by the 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. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.

General Disclosures

A summary prospectus, if available, or a Prospectus for the funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800- 526-7384. 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 contain this and other information about the funds.

Please note the ETF expense figures shown above are the unitary management fees. Under the management fees for the ETFs, Goldman Sachs Asset Management LP., the Fund’s investment adviser, is responsible for paying substantially all the expenses of the Fund, excluding the payments under the Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. Please refer to the Fund’s prospectus for the most recent expenses.

Transparency: Portfolio holdings are disclosed on a daily basis. Trading Ease: An ETF is an investment vehicle representing a basket of underlying securities, that is traded on an exchange throughout the day. Lower Cost: Reduced fund expenses keep investor fees down.

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 section 3(c)(1) and 3(c)(7) of the Act. You should consult your legal counsel for more information.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETFs. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

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

ALPS Code: GST3407