Ticker: GVIP Stock Exchange: NYSE Arca
Before you invest, you may want to review the Goldman Sachs Hedge Industry VIP ETFs (the Fund) Prospectus, which contains more information
about the Fund and its risks. You can find the Funds 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
Funds Prospectus and Statement of Additional Information (SAI), both dated December 27, 2019, are incorporated by reference into this Summary Prospectus.
It is our intention that beginning on January 1, 2021, paper copies of the Funds annual and semi-annual shareholder reports will no longer 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 Goldman Sachs Hedge Industry VIP ETF (the Fund) seeks to provide investment results that closely
correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP 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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0.45
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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 Expenses
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0.00
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%
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Total Annual Fund Operating Expenses
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0.45
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%
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2 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP 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 $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the
Funds operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Shares
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$ 46
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$ 144
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$ 252
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$ 567
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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 Funds performance. The Funds portfolio turnover rate for
the fiscal year ended August 31, 2019 was 103% of the average value of its portfolio.
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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 is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge
funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the
Index Provider) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter.
The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund
managers in their quarterly Form 13F filings with the Securities and Exchange Commission (SEC). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each Form 13F
disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more
than 200 distinct U.S. equity positions, as reported in the hedge fund managers most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each
individual hedge fund managers portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at
each rebalance. Given the Funds 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 Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to
approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of November 29, 2019, the Index consisted of 50
securities with a market capitalization range of between approximately $2 billion and $1,187 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.
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 Funds
Index, purchase securities not in the Funds 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 Fund may also invest up to 20% of its assets in securities and other instruments not included in the Index but which the Investment Adviser believes are
correlated to the 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.
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.
THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.
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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. The Fund may be more volatile and/or underperform relative to broad
stock
3 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
market indices. The Fund is not intended to provide exposure to the entire investment portfolio, including any
short positions, of any hedge fund manager, hedge fund or group of hedge funds or to the investment techniques or strategies employed by hedge fund managers. 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.
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 Index Provider, Solactive AG (the
Calculation Agent) nor the Investment Adviser can offer assurances that the Indexs 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.
Depositary Receipts Risk. Foreign securities may trade in
the form of depositary receipts (Depositary Receipts), which include American Depositary Receipts (ADRs). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the
foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions
such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate
all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative
value of the currencies in which the Depositary Receipts and the underlying securities are quoted.
Form Filings and Public Data Risk. The
public filings (including Form 13F filings) used in the construction of the Index, which disclose holdings as of the end of each calendar quarter, are filed up to 45 days after the end of the calendar quarter, rendering certain information stale.
Accordingly, a given investor may have already exited positions disclosed on a form by the time the filing is available to the Fund. Further, Form 13F filings may only disclose a subset of a particular investors holdings, as not all securities
are required to be reported. As a result, a Form 13F may not provide a complete picture of the holdings of a given investor. Because Form 13F filings are publicly available, it is possible that other investors are also monitoring these filings and
investing accordingly, which could result in inflation of the share price of securities included in the Index.
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 securitys 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 Funds
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.
Investment Style Risk. The Index is intended to provide exposure to equity securities whose performance is expected to influence
the long portfolios of hedge funds, and as a result the Index may be more volatile and/or underperform relative to a more broadly based conventional index. The Index is not intended to provide exposure to the entire investment portfolio of any hedge
fund manager, hedge fund or group of hedge funds or to the investment techniques or strategies employed by hedge fund managers. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment
styles.
Large Shareholder Risk. Certain shareholders, including other funds advised by the Investment Adviser, may from time
to time own a substantial amount of the Funds 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 Funds 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 Funds liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on the NYSE Arca, Inc. (NYSE Arca) 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.
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 Funds NAV, the intraday value of the Funds holdings and supply and demand for
4 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
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.
Portfolio Turnover Rate Risk. A high rate of portfolio turnover (100% or more) may involve correspondingly
greater expenses borne by the Fund and its shareholders, and may also result in short-term capital gains taxable to shareholders, but this risk is expected to be mitigated by in-kind redemptions.
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 Funds
performance from that of the Index. The performance of the Fund may diverge from that of the Index for a number of reasons. Tracking error may occur because of transaction costs, the Funds 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 of 1940, as amended (the Investment Company Act), to meet the issuer diversification requirements of the Internal Revenue Code of 1986, as amended (the Code), applicable to regulated
investment companies, or as a result of 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. As the Index may consist of
relatively few securities or issuers, tracking error may be heightened at times that the Fund is limited by restrictions on potential investments.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Funds 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. NAV calculation may also be impacted by operational risks arising from factors such as
failures in systems and technology.
The bar chart and table below provide an indication of the risks of investing in the Fund by showing:
(a) changes in the performance of the Funds Shares from year to year; and (b) how the average annual total returns of the Funds Shares compare to those of the Funds Index and a broad-based securities market index. The
Funds past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at www.gsamfunds.com/performance or by calling the
appropriate phone number on the back cover of the Prospectus.
AVERAGE ANNUAL TOTAL RETURN
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For the period ended
December 31, 2018
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1 Year
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Since
Inception
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Goldman Sachs Hedge Industry VIP ETF (Inception 11/1/16)
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Returns Before Taxes
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-6.66%
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10.50%
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Returns After Taxes on Distributions
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-6.76%
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10.38%
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Returns After Taxes on Distributions and Sale of Fund Shares
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-3.87%
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8.11%
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Goldman Sachs Hedge Fund VIP IndexTM
(reflects no deduction for fees or expenses)
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-6.25%
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11.02%
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S&P 500 Index (Unhedged; reflects no deduction for
fees or expenses)
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-4.38%
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10.45%
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After-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
5 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
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 each 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 NYSE Arca. 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 Funds 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 intermediarys website for more information.
6 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
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8 SUMMARY PROSPECTUS GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
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