Title: URL Source: https://is.gd/yndXdi Markdown Content: # Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF # A sub-fund of Goldman Sachs ETF ICAV GBPG 03 25 ## Monthly Fund Update Performance (Indexed) > 09/21 03/22 09/22 03/23 09/23 03/24 09/24 03/25 > 50 > 60 > 70 > 80 > 90 > 100 > 110 > 120 > 130 Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF - Class GBP (Dist) FTSE GS UK Gilts 1-10 Years Index (Total Return, Unhedged, GBP) This is a passively managed fund that is designed to track its Fund Index. The performance of the fund and the performance of its Fund Index may diverge. Stated Fund Index returns do not reflect any management or other charges to the fund, whereas stated returns of the fund do. 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. Performance (%) > 31-Mar-15 -31-Mar-16 > 31-Mar-16 -31-Mar-17 > 31-Mar-17 -31-Mar-18 > 31-Mar-18 -31-Mar-19 > 31-Mar-19 -31-Mar-20 > 31-Mar-20 -31-Mar-21 > 31-Mar-21 -31-Mar-22 > 30-Sep-21 -31-Mar-22 > 31-Mar-22 -31-Mar-23 > 31-Mar-23 -31-Mar-24 > 31-Mar-24 -31-Mar-25 Fund (GBP) - - - - - - - -2.6 -5.4 2.2 1.9 Index - - - - - - - -2.5 -5.3 2.3 2.0 Performance Summary (%) Cumulative Annualised Since Launch 1 Mth 3 Mths YTD 1 Yr 3 Yrs Class GBP (Dist) (5.19) (0.21) 1.06 1.06 1.88 (0.51) FTSE GS UK Gilts 1-10 Years Index (Total Return, Unhedged, GBP) (4.81) (0.21) 1.09 1.09 1.95 (0.40) Calendar Year Performance (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Class GBP (Dist) - - - - - - - -9.2 4.4 0.2 FTSE GS UK Gilts 1-10 Years Index (Total Return, Unhedged, GBP) - - - - - - - -9.1 4.6 0.2 This is a marketing communication. Please refer to the Prospectus and KIID before making any final investment decisions. Please see Additional Notes. All performance and holdings data as of 31-Mar-25. Past Performance does not predict future returns and does not guarantee future results, which may vary. * We identify two broad categories of funds to help investors think about how to construct their overall investment portfolio. We describe the following as “ Core ”: (A) Equity funds with a global investment remit or those mainly focused on US and European markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remit or those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, including government. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “ Complements ”. Both Core and Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is no guarantee that these objectives will be met. For regionally focused investment portfolios we understand that the categorisation may be different from the perspective of different investors. Consult your financial adviser before investing to help determine if an investment in this fund and the amount of the investment would be suitable. “Fund” refers to Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF, a sub-fund of Goldman Sachs ETF ICAV. 1 Investor Profile Investor objective Income with some capital appreciation. Position in your overall investment portfolio* The fund can form a core holding in your portfolio. The fund is designed for: The fund is designed for investors seeking exposure to a portfolio of UK government bonds. While the fund seeks to achieve its investment objective, investors should understand that the fund's investment objective may not be realised and some or all of your investment is at risk. For further specific risks related to the fund please refer to Risk Considerations below. Fund Facts Ticker GBPG ISIN IE0003MKK4H3 Fund Index FTSE GS UK Gilts 1-10 Years Index (Total Return, Unhedged, GBP) UCITS Compliant Yes Domicile Ireland Fund Inception Date 07-Sep-2021 Share Class Inception Date 07-Sep-2021 Fund Base Currency GBP Currency Hedge Non-Hedged Replication Method Physical Income Treatment Distributing Number of Holdings 19 Total Fund Assets (m) 604 Share Class Assets (m) 604 NAV Per Share 42.86 Ongoing Charges (%) (1) 0.07 Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF # A sub-fund of Goldman Sachs ETF ICAV GBPG 03 25 ## Monthly Fund Update Financial Information Credit Allocation (%) Option Adjusted Duration (yrs) 4.56 Benchmark Option Adjusted Duration (yrs) 4.56 Weighted Average Maturity (yrs) 5.03 Yield to Maturity (YTM, %) 4.24 Yield to Worst (YTW, %) 4.24 Weighted Average Coupon (%) 2.41 Average Price 91.46 AA 100.0 Cash 0.1 Maturity (%) Top 10 Holdings (2) Cash 0.05 1 - 2 years 21.47 2 - 3 years 21.38 5 - 7 years 31.06 7 - 10 years 26.05 Security % UK GOVT 4.25% 07 DEC 2027 14.9 UK GOVT 0.375% 22 OCT 2030 REGS 11.0 UK GOVT 4.625% 31 JAN 2034 REGS 8.8 UK GOVT 0.25% 31 JUL 2031 REGS 8.1 UK GOVT 0.875% 31 JUL 2033 REGS 7.8 UK GOVT 1% 31 JAN 2032 REGS 7.1 UK GOVT 3.25% 31 JAN 2033 REGS 6.0 UK GOVT 1.5% 22 JUL 2026 REGS 5.7 UK GOVT 1.25% 22 JUL 2027 REGS 5.5 UK GOVT 0.375% 22 OCT 2026 REGS 5.5 Listing and Trading Information Exchange Bloomberg Reuters NSIN Currency Trading Hour (Local) Settlement London (LSE) GBPG LN GBPG.L BMYXPD6 GBP 08:00-16:30 T+2 Please see Additional Notes. All performance and holdings data as at 31-Mar-25. 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. (1) The ongoing charges figure is based on expenses during the previous year. See details in the Key Investor Information Document. This is a marketing communication. Please refer to the [prospectus (for UCITS) / private placement memorandum (for AIFs)] of the Fund before making any final investment decisions. The on-going charges are the fees the fund charges to investors to cover the day-to-day costs of running the funds. They are taken from the fund and impacts on the fund’s return. Fund charges will be incurred in multiple currencies, meaning that payments may increase or decrease as a result of currency exchange fluctuations. All charges will be paid out by the Fund, which will impact on the overall return of the Fund. (2) Fund holdings and allocations shown are unaudited, and may not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entire investment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. Percentages may not sum to 100% due to rounding. Full index sector and holdings information is available on GSAM.com. For the avoidance of doubt, when buying units in the funds you are not investing directly in the portfolio holdings. 2 Fund Details Reporting year end 31 Dec Rebalancing Frequency Monthly Dividend Distribution Frequency Semi-Annually Portfolio Structure Optimised Sampling Fund Objective and Investment Policy The Sub-Fund is passively managed and seeks to provide income and capital growth over the longer term and aims to achieve investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs UK Gilts 1-10 Years Index (the “Index”).The Sub-Fund aims to achieve its objective by mostly investing in fixed-income securities issued by the UK government. Glossary > ● Duration of the Portfolio – Measure of the sensitivity of the price of a bond or portfolio to a change in interest rates paid. The larger the number (positive or negative), the greater the change in price for given changes in interest rates. When duration is positive a rise in interest rates results in a fall in price while for a negative duration a rise in interest rates results in a rise in price. > ● Fund Index – The index whose performance the fund seeks to track before expenses. > ● Interest Rate Duration – This is a modified measure of Total Average Duration that has been estimated by GSAM. This modified measure seeks to take account of the different behaviours of different bond markets around the world by re-expressing all duration exposures to a common US market standard. The goal is to improve the estimate of the portfolio's sensitivity to changes in interest rates. This estimate is guided by historical market observations amongst markets which are themselves subject to change over time and may not necessarily be reflected by the actual outcome. > ● National Securities Identifying Number (NSIN) –The local identification number issued by a national numbering agency, e.g. SEDOL in the UK, WKN in Germany, or Valor in Switzerland. > ● Net Asset Value (NAV) – Represents the net assets of the fund (ex-dividend) divided by the total number of shares issued by the fund. > ● Ongoing Charges – The ongoing charges figure is based on the fund’s expenses during the previous 12 months, on a rolling basis. It excludes transaction costs and performance fees incurred by the fund. > ● Portfolio Structure – Specifies how a fund implements physical replication. The fund either holds the securities contained in the Fund Index according to their index weights (full replication), or only a subset of these securities to potentially achieve a more efficient index replication (optimised sampling). > ● Replication Method – The way in which the fund seeks to track the performance of the Fund Index before expenses, either by holding the securities that the index is composed of (physical replication), or by using derivative exposure (synthetic replication). > ● Yield to Maturity – The interest rate that makes the present value of a bond's cash flows equal to the bond's price or initial investment. The YTM on derivatives, Treasury futures, and interest rate swaps incorporate the impact of current funding rates (due to a change in data source, funding rates on Treasury futures were not incorporated on the YTM calculation from approximately early 2020 through 9-Nov-2022. Since November 9, 2022, funding rates on Treasury futures have been incorporated ). On a portfolio level, the YTM is a characteristic of the portfolio based on its holdings as of a particular date and is considered a long-term bond yield expressed as an annualized rate of return, assuming the portfolio holds the assets until maturity and interest rates remain constant. The YTM does not represent the performance yield for a portfolio and may increase or decrease depending on the present value of a bond’s market price as well as the number and size of payments remaining. As of April 14, 2023, the YTM has been capped at 15% in order to provide a more prudent and conservative representation. > ● Yield to Worst – The interest rate that makes the present value of a bond's cash flows equal to the bond's price or initial investment, calculated by making worst-case scenario assumptions (excluding issuer default) on the bond by calculating the returns that would be received if provisions, including prepayment, call, put, and sinking fund, are used by the issuer. The YTW on derivatives, Treasury futures, and interest rate swaps incorporate the impact of current funding rates (due to a change in data source, funding rates on Treasury futures were not incorporated on the YTW calculation from approximately early 2020 through 9-Nov-2022. Since November 9, 2022, funding rates on Treasury futures have been incorporated). On a portfolio level, the YTW is a characteristic of the portfolio based on its holdings as of a particular date and is considered a long-term bond yield expressed as an annualized rate of return, assuming the portfolio securities are called with the lowest yield after running to each potential call date. The YTW does not represent the performance yield for a portfolio and may increase or decrease depending on the present value of a bond’s market price as well as the number and size of payments remaining. As of April 14, 2023, the YTW has been capped at 15% in order to provide a more prudent and conservative representation. 3 # Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF Important Risk Considerations > ● Counterparty risk – a party that the ETF transacts with may fail to meet its obligations which could cause losses. > ● 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. > ● Custodian risk – insolvency, breaches of duty of care or misconduct of a custodian or subcustodian responsible for the safekeeping of the ETF's assets can result in loss to the ETF. > ● 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. > ● 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. > ● Index tracking error risk – the performance of the ETF 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 ETF's actual performance against its reference index. > ● 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. > ● Liquidity risk – the ETF may not always find another party willing to purchase an asset that the Fund wants to sell which could impact the ETF's ability to meet redemption requests on demand. > ● Market risk – the value of assets in the ETF 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 ETF may arise as a result of human error, system and/or process failures, inadequate procedures or controls. > ● Complete information on the risks of investing in the fund are set out in the fund’s prospectus. Confidentiality No part of this material may, without GSAM’s prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. © 2025 Goldman Sachs. All rights reserved. Registered and Principal Offices: Ireland domiciled Funds Registered Office : c/o Matsack Trust Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland. Any reference to a national regulator is for information purposes only and should not be construed as an endorsement, or otherwise, by that regulator as to the merits on investing in the fund. 4 # Additional Notes In the EU and 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 a manager of undertakings for collective investment in transferable securities (“UCITS”). 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. In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. This information is intended for viewing only by the intended recipient and may not be reproduced or distributed to any person in whole or in part without the prior written consent of GSI. Goldman Sachs International accepts no liability for the misuse or inappropriate distribution of this material. 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 Investor Information Document (KIID) 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, 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 ETF should be viewed as long term. Distribution of 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. Capital is at Risk. 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. Exchange-Traded Funds (ETF) : ETFs are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, sothat 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. Redemptions : As a UCITS ETF, an ETF’s Shares purchased on the Secondary Market cannot usually be sold directly back to the ETF 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. Index Provider : The Goldman Sachs Access UK Gilts 1-10 Years UCITS ETF (the “ETF”) has been developed solely by Goldman Sachs Asset Management Fund Services Limited, Goldman Sachs Asset Management International and Goldman Sachs Asset Management L.P. (“GSAM”). The ETF is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Goldman Sachs Access UK Gilts 1-10 Years Index (the “Index”) vest in the relevant LSE Group company which owns the Index. “FTSE®” is a trade mark(s) of the relevant LSE Group companies and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the ETF. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the ETF or the suitability of the Index for the purpose to which it is being put. “Goldman Sachs” is a trademark owned by Goldman Sachs and is registered in the US and other countries. The Goldman Sachs trademark is being used by FTSE Fixed Income LLC under license from Goldman Sachs. With respect to the Index, Goldman Sachs and its affiliates are in no way related or connected to or affiliated with FTSE Fixed Income LLC other than as licensee. Goldman Sachs does not own, maintain or participate in the calculation of the Index. Neither Goldman Sachs, nor its affiliated companies make any representation or warranty, express or implied to any member of the public regarding the ability of the Index to track general market performance. Fees are generally billed and payable at the end of each quarter and are based on average month-end market values during the quarter. Additional information is provided in our Form ADV Part-2 which is available at http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_Search.aspx. Documents providing further detailed information about the fund, including the articles of association, prospectus, supplement and key investor information document (KIID), 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 https://www.gsam.com/content/gsam/ain/en/advisors/literature-and-forms/literature.html and also from the fund’s paying and information agents. If GSAMFSL, the management company, decides to terminate its arrangement for marketing the fund in any EEA country where it is registered for sale, it will do so in accordance with the relevant UCITS rules. In the United Kingdom, this material is a financial promotion and has been approved by Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. United Kingdom : Goldman Sachs International, 25 Shoe Lane, London EC4A 4AU, United Kingdom. Please note that for the purposes of the European Sustainable Finance Disclosure Regulation (“SFDR”), this product is not an Article 8 or 9 product. Please note that this material includes certain information on Goldman Sachs’s sustainability practices and track record at an organizational and investment team level, which may not necessarily be reflected in the portfolio of any product(s) you invest in. Please refer to the offering documents of any product(s) prior to investment, for details on how and the extent to which the product(s) takes ESG considerations into account on a binding or non-binding basis. Switzerland: In Switzerland, the Prospectus, the Key Information Document (KID) or UK Key Investor Information Document (KIID) (as available), the Fund’s offering memorandum or equivalent document, the constitutional documents, the annual reports and, where produced by the Fund, the semi-annual reports of the Fund may be obtained free of charge from the Swiss Representative. In respect of the shares, units or interests offered or advertised in Switzerland to Qualified Investors, the place of performance is at the registered office of the Swiss Representative. The place of jurisdiction is at the registered office of the representative or at the registered office or place of residence of the investor. Swiss Representative: FIRST INDEPENDENT FUND SERVICES LTD., Feldeggstrasse 12, CH-8008 Zurich. Swiss Paying Agent: GOLDMAN SACHS BANK AG, Claridenstrasse 25, CH-8002 Zurich.