Ticker: GMAN Stock Exchange: NYSE Arca
Before you invest, you may want to review the Goldman Sachs Manufacturing Revolution ETF’s (formerly Goldman Sachs Motif Manufacturing Revolution ETF)
(the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s 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 Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated December 27, 2019, as supplemented to date, are incorporated by reference into
this Summary Prospectus.
It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder
reports will not 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 Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance
of the Goldman Sachs Manufacturing Revolution 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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0.50
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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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0.50
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%
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2 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION 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 $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the
Fund’s operating expenses remain the same. The Example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of the Fund. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
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1 Year
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3 Years
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Shares
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$ 51
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$ 160
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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 Fund’s performance. The Fund’s portfolio turnover rate for the period since the
commencement of operations on March 1, 2019 through the period ended August 31, 2019 was 21% of the average value of the 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 companies with common equity securities listed on exchanges in certain developed markets
that may benefit from the on-going technology-driven transformation of the manufacturing industry (the “Manufacturing Revolution Theme”). This transformation includes the use of new materials and
energy sources to supply the manufacturing process, the application of new methods and processes, and the manufacture of new products. The focus of the Index is to identify and weight companies that are originating new solutions for manufacturing,
as well as companies that are deploying new solutions to solve business problems.
The Manufacturing Revolution Theme is separated into multiple sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”). The
Sub-Themes are:
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Robotics Sub-Theme: the Sub-Theme
represents companies that may benefit from the increased sophistication of robotics used in the manufacturing process. For the purposes of the Index, “Robotics” refers to the ability of a machine to perform physical tasks that previously
either were not possible or required a human.
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3D Printing Sub-Theme: the Sub-Theme
represents companies that may benefit from the development of 3D printing and its application in manufacturing. For the purposes of the Index, “3D Printing” refers to the additive process of manufacturing a three-dimensional object from a
digital design.
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Future Mobility Sub-Theme: the Sub-Theme
represents companies that may benefit from the development of new methods of mobility. For the purposes of the Index, “Future Mobility” refers to road vehicles, including automobiles and trucks that apply one or both of electrification and
partially or fully autonomous driving capabilities.
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Drones Sub-Theme: the
Sub-Theme represents companies that may benefit from the development of drones. For the purposes of the Index, “Drones” refers to aerial, land or sea-based
unmanned vehicles, either remotely operated or autonomous, used in military, consumer or industrial applications.
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Clean Energy Sub-Theme: the Sub-Theme
represents companies that may benefit from the development of clean energy sources. For the purposes of the Index, “Clean Energy” refers to energy from renewable resources, such as solar, wind and biofuel, as well as battery technology
needed for the storage of intermittent power sources.
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The eligible universe of stocks is comprised of common equity securities,
including depositary receipts, of companies located across developed and emerging markets worldwide, listed and traded on major exchanges in certain developed markets, including: Australia, Canada, France, Germany, Hong Kong, Japan, South Korea,
Switzerland, the Netherlands, the United Kingdom and the United States. In addition, company and stock screens are applied to set minimum liquidity and investability requirements for stocks in the eligible universe.
Goldman Sachs Asset Management, L.P. (the “Index Provider”) determines the components of the Index based on their exposure to the Manufacturing
Revolution Theme, and their weights in the Index in accordance with a rules-based methodology that involves five steps.
Step 1
In the first step, a quantitative measurement is made of the exposure of companies in the eligible universe to each Sub-Theme (a “Sub-Theme Thematic Beta”). To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated
semantic search algorithms to multiple datasets and documents to score the relevance of a Sub-Theme to a company. The datasets and documents used include one or more of (1) regulatory filings filed with
the applicable regulators or major stock exchanges in certain developed markets, (2) academic journals, and (3) patent filings (the “Search Corpus”).
Each dataset and document in the Search Corpus is scored for the relevance of the Sub-Theme by applying
an automated semantic search algorithm. This algorithm assigns a score to the dataset or document based on the topic, document length, and number of mentions of the topic, among other factors. Datasets and documents with a non-zero score are then mapped, if possible, to a company. Multiple entries
3 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
within a type of Search Corpus for each company are then combined to make a single score. This
results in up to three quantitative measurements of the relevance of the Sub-Theme to a company: the “Filing Search Beta,” sourced from the regulatory filings; the “Academic Beta,” sourced
from academic journals; and the “Patent Beta,” sourced from patent filings. The three quantitative measurements are then combined to give a company an overall Sub-Theme Thematic Beta.
Step 2
In the second step, a
company’s Sub-Theme Thematic Betas for all Sub-Themes are combined to give the company a single Manufacturing Revolution Thematic Beta. The Index Universe consists
of all companies with a non-zero Manufacturing Revolution Thematic Beta (the “Index Universe”).
Step 3
In the third step, each
company in the Index Universe is mapped, if possible, to one or more common equity securities listed on major stock exchanges in certain developed markets. If no relevant security is found, the company is removed from the Index Universe.
Step 4
In the fourth step,
liquidity, investability and theme relevance screens are applied to the Index Universe. Stocks of companies with any of the following characteristics are removed from the Index Universe:
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An average daily trading volume over the most recent 30-day period (“ADTV”)
of less than $1,000,000 in U.S. dollars;
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A total market capitalization of less than $500,000,000 in U.S. dollars;
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Less than 50 days of historical returns data over the most recent 90-day period; or
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A Manufacturing Revolution Thematic Beta below a fixed threshold.
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All remaining stocks are included in the Index. In addition, if the size of the remaining Index Universe is greater than 120 stocks, the final
Index Universe is reduced to 120 stocks based on a function of Manufacturing Revolution Thematic Beta, market variables and the weight of the stock from the previous rebalancing, if any.
Step 5
In the fifth step, stocks
are weighted according to a function of a company’s market capitalization and Manufacturing Revolution Thematic Beta. A minimum weight of 0.1% and a maximum weight of the lesser of 5% or the ADTV of such stock multiplied by 10-9 (for example, an ADTV of $10 million would correspond to a maximum weight of 1%) are applied to each stock to reduce concentration in individual securities and increase diversification of the Index.
The Index is reconstituted and rebalanced quarterly on the third Friday of each February, May, August and November.
As of November 15, 2019, the Index consisted of 120 securities with a market capitalization range of between approximately $590 million and
$862 billion from issuers primarily located in Asia, North America, South America, and Western Europe. The components of the Index may change over time. The percentage of the portfolio exposed to any industry, country or geographic region 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 industry, country or geographic region at all times.
Given the Fund’s investment objective of attempting to track its 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 is comprised of equity securities,
including American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”). 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 its Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the
Fund’s 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 its Index but which the Investment Adviser believes are
correlated to 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.
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.
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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. 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.
Asian
Investment Risk. Investing in certain Asian issuers may involve a higher degree of risk and special considerations not typically associated with investing in issuers from more established economies or securities markets. The Fund’s
investments in Asian issuers increase the risks to the Fund of conditions and developments that may be particular to Asian countries, such as: volatile economic cycles and/or securities markets; adverse changes to exchange rates; social, political,
4 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
military, regulatory, economic or environmental developments; or natural disasters.
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, the Calculation Agent nor the Investment Adviser can offer assurances that the Index’s 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, which include ADRs and GDRs (collectively
“Depositary Receipts”). 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.
European Investment Risk. The Fund is more exposed to the regulatory, economic and
political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse regulatory, economic and political events in Europe may cause the Fund’s investments to
decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes investments in securities of
issuers that are domiciled in, or have significant operations in, member countries of the European Union that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have
experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. In June 2016, the United Kingdom voted to leave the
European Union following a referendum referred to as “Brexit,” which may result in increased market volatility and cause additional market disruption on a global basis. The effects of Brexit are unknown at this time and could negatively
impact the value of the Fund’s investments.
Foreign Risk. Foreign securities may be subject to risk of loss because of more or less
foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), sanctions, confiscations,
trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of
negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates
may fluctuate significantly over short periods of time.
Geographic Risk. If the Fund focuses its investments in issuers located in a
particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or
region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.
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 security’s 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 Fund’s 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 no guarantee with respect to the accuracy, availability or timeliness of the
production of the Index, or the suitability 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.
Large Shareholder Risk. Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial
amount of the Fund’s 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 Fund’s 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 Fund’s liquidity. In addition, transactions
5 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
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. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.
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 some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for 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.
The securities held by the Fund may be traded in markets that close at a different time than the stock
exchange on which the Fund’s Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Fund’s listing exchange is open but after the applicable market closing,
fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV may widen.
Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements
and may lack sufficient market liquidity, and these issuers often face greater business risks.
Seed Investor Risk. GSAM and/or its
affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets
of GSAM and/or such affiliates (and not the Fund). Seed investors may contribute all or a majority of the assets in the Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM
and/or its affiliates have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity and the market price of the Fund’s shares.
Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of
substantial price volatility in the past and may do so again in the future. Technology Industry Group Risk. The stock prices of technology and technology-related companies and therefore the value of the Fund may experience significant price
movements as a result of intense market volatility, worldwide competition, consumer preferences, product compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors.
Thematic Investing Risk. The Fund relies on the Index Provider for the identification of themes and
sub-themes and its performance may suffer if such themes or sub-themes are not correctly identified or if a theme or sub-theme
develops in an unexpected manner. Performance may also suffer if the stocks included in the Index do not benefit from the development of such themes or sub-themes. Performance may also be impacted by the
inclusion of non-theme-relevant exposures in the Index. There is no guarantee that the Index will reflect the theme and sub-theme exposures intended.
Tracking Error Risk. Tracking error is the divergence of the Fund’s performance from that of the Index. The performance of the Fund may
diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s 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 local 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.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Fund’s 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. Because non-U.S. exchanges may be open on days when
the Fund does not price its Shares, the value of the securities or assets in the Fund’s portfolio may change on days when investors will not be able to purchase or sell the Fund’s Shares. 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.
6 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
As the Fund had not operated for a full calendar year as of the date of the Prospectus, there is no performance
information quoted for the Fund. Updated performance information is available at no additional cost at www.gsamfunds.com/performance or by calling the phone number on the back of the Prospectus.
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 2019.
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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 25,000 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 Fund’s 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 intermediary’s website for more information.
7 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
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8 SUMMARY PROSPECTUS — GOLDMAN SACHS MANUFACTURING REVOLUTION ETF
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