span style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (“Net Assets”) in equity securities issued by non-U.S. issuers. Equity securities include common stock, preferred stock, rights, warrants, convertible securities and other instruments with similar economic exposures, including American Depository Receipts (“ADRs”), Global Depository Receipts (“GDRs”), European Depository Receipts (“EDRs”), and/or Non-Voting Depository Receipts (“NVDRs”) (collectively, “Depositary Receipts”), open-end investment funds (including exchange-traded funds (“ETFs”)), real estate investment trust (“REITs”), unit investment trusts or other collective investment funds, including funds for which Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser. The Fund intends to have investments economically tied to at least three countries, not including the United States, as determined by the Investment Adviser, and the Fund may invest in securities of issuers economically tied to emerging market countries. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The portfolio management team uses a bottom-up stock selection strategy to manage the Fund. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund may invest in equity and/or equity related securities of companies regardless of their respective market capitalizations and/or sectors. The Investment Adviser uses a quantitative style of management, in combination with a qualitative overlay, that emphasizes fundamentally-based stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using fundamental research and a variety of quantitative techniques based on certain investment themes, including, among others, Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes and Trends. Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the Investment Adviser believes will lead to strong performance over the long-run. High Quality Business Models seeks to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser’s proprietary research. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund may also invest in fixed income securities that are considered to be cash equivalents. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Investment Adviser measures the Fund’s performance against the MSCI EAFE Index (Net, USD, Unhedged). /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN ONE OR MORE ISSUERS OR IN FEWER ISSUERS THAN DIVERSIFIED FUNDS. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index./span