Goldman Sachs USD High Yield Bond Active UCITS ETF Key Investor Information (the “Sub-Fund”) This document provides you with key investor information about this fund. It is not marketing material. CLASS USD (DIST) The information is required by law to help you understand the nature and the risks of investing in this fund. You are (ISIN: IE0006B9CPY7) advised to read it so you can make an informed decision about whether to invest. a sub-fund of Goldman Sachs ETF ICAV (the “Fund”) The Sub-Fund is managed by Goldman Sachs Asset Management Fund Services Limited (the “Manager”), part of the Goldman Sachs group of companies. Objectives and Investment Policy ▪ The Sub-Fund seeks to achieve a long-term return by actively investing Yield Constrained Index (the “Benchmark”) as a performance comparator. primarily in below investment grade US Dollar denominated fixed income▪ The Investment Manager has full discretion over the composition of the securities of corporate issuers.assets in the Sub-Fund. While the Sub-Fund will generally hold assets that ▪ The Sub-Fund promotes environmental and/or social characteristics and, are components of the Benchmark, it can invest in such components in different proportions, and it can hold assets which are not components of while it does not have a sustainable investment objective, it will hold a the Benchmark. Therefore, returns may deviate materially from the minimum proportion of sustainable investments as further detailed in theperformance of the specified reference Benchmark and this includes pre contractual disclosure for the Sub-Fund contained within thewhere the return of the Sub-Fund may not exceed the return of the Supplement. As part of its investment process, the Investment Manager Benchmark or underperform the Benchmark. will implement a multi-strategy approach to ESG which may consist of the application of exclusionary screens and the integration of ESG factors▪ In normal circumstances, only authorised participants (e.g. select financial alongside traditional factors. institutions) may deal in shares (or interests in shares) directly with the ▪ The Sub-Fund will mostly invest in below investment grade fixed income Sub-Fund. Other investors can deal in shares (or interests in shares) daily securities of companies anywhere in the world denominated in US Dollars.through an intermediary on stock exchange(s) on which the shares are traded. ▪ The Sub-Fund will not invest more than 30% of its assets in securities and▪ Income (net of expenses) is distributed on a semi-annual basis. instruments which are not subject to the ESG Criteria, as defined in the Supplement. Additionally, it may hold subordinated corporate bonds, ▪ The Sub-Fund currency is USD. The share class currency is USD. which can include up to 10% of its net assets in contingent capital ▪ Investment in the Sub-Fund should not constitute a substantial proportion securities or ‘CoCos’. The Sub-Fund may, under certain circumstances, of an investment portfolio and may not be appropriate for all investors. have limited holdings in shares and similar instruments. It may also invest Please refer to the “Risk Information” section of the Prospectus for further in fixed income securities issued by government entities. information. ▪ The Sub-Fund may use derivatives for efficient portfolio management ▪ For full investment objective and policy details see the Supplement. purposes, to help manage risks and for investment purposes in order to seek to increase return. A derivative instrument is a contract between two or more parties whose value depends on the rise and fall of the underlying asset. ▪ The Sub-Fund is actively managed and references the ICE BofA US High Risk and Reward Profile Lower riskHigher riskasset held within the Sub-Fund to meet its payment obligations will have a negative impact on the Sub-Fund. Potentially lower rewardPotentially higher reward ▪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 1 2 3 45 6 7 originally invested. ▪Exchange rate risk - changes in exchange rates may reduce or This risk profile is based on historical data and may not be a reliable increase the returns an investor might expect to receive independent of indication of the future risk profile of the Sub-Fund. The risk category shown the performance of such assets. If applicable, investment techniques is not guaranteed and may change over time. The lowest category does not used to attempt to reduce the risk of currency movements (hedging), mean risk free. It is possible that a sub-fund stated to have a lower risk profile may not be effective. Hedging also involves additional risks associated may in fact fall in value more than a sub-fund with a higher risk profile. with derivatives. The Sub-Fund is in category 4 as it mostly invests in fixed income securities ▪Counterparty risk - a party that the Sub-Fund transacts with may fail which typically experience lower levels of price fluctuation than shares and to meet its obligations which could cause losses. similar instruments.▪High yield risk - high-yield instruments, meaning investments which The capital is not guaranteed. pay a high amount of income generally involve greater credit risk and sensitivity to economic developments, giving rise to greater price Other Material Risks:movement than lower yielding instruments. ▪ Market risk - the value of assets in the Sub-Fund is typically dictated ▪Contingent Convertible (“Coco”) Bond Risk - investment in thisby a number of factors, including the confidence levels of the market in particular type of bond may result in material losses to the Sub-Fundwhich they are traded.based on certain trigger events. Trigger events are likely result in up to ▪ Operational risk - material losses to the Sub-Fund may arise as a total loss of value of the bond or its conversion into shares of the issuerresult of human error, system and/or process failures, inadequate which may also have suffered a loss in value.procedures or controls. ▪Emerging markets risk - emerging markets are likely to bear higher ▪ Liquidity risk - the Sub-Fund may not always find another party willing risk due to lower liquidity and possible lack of adequate financial, legal,to purchase an asset that the Sub-Fund wants to sell which could impact social, political and economic structures, protection and stability as wellthe Sub-Fund's ability to meet redemption requests on demand. as uncertain tax positions. ▪ Custodian risk - insolvency, breaches of duty of care or misconduct of ▪Sustainability risk - an environmental, social or governance event ora custodian or sub-custodian responsible for the safekeeping of the condition that could cause the value of the Sub-Fund to go down.Sub-Fund's assets can result in loss to the Sub-Fund. Examples of sustainability risks include physical environmental risks, climate change transition risks, supply chain disruptions, improper ▪ Interest rate risk - when interest rates rise, bond prices fall, reflecting labour practices, lack of board diversity and corruption.the ability of investors to obtain a more attractive rate of interest on theirmoney elsewhere. Bond prices are therefore subject to movements in ▪For more detailed information on the risks associated with aninterest rates which may move for a number of reasons, political as well investment in the Sub-Fund, please refer to the section in theas economic. Prospectus entitled “Risk Considerations” and discuss with your professional advisers. ▪ Credit risk - The failure of a counterparty or an issuer of a financial Charges The charges you pay are used to pay the cost of running the Sub-Fund, Where applicable, the entry and exit charges shown are maximum figures including the costs of marketing and distributing it. These charges reduce the and in some cases you might pay less - please contact your professional potential growth of your investment.advisers for more information. One-off charges taken before or after you investThe ongoing charges figure is based on an estimate because there is no data available for the previous year. The Fund's annual report for each financial Entry charge none* year will include details of the exact charges made. This figure may vary from year to year. It excludes transaction costs (including taxes and brokerage Exit charge none* commissions) and any borrowing costs, which are payable from the assets This is the maximum that might be taken out of your money before it is of the Sub-Fund and may impact returns on your investment, and invested / before the proceeds of your investment are paid out. performance fees (where applicable). Charges taken over a year *Not applicable to secondary market investors. Investors dealing on a stock exchange will pay fees charged by their stock brokers. Such charges are Ongoing charges 0.35% publicly available on exchanges on which the shares are listed and traded, or can be obtained from stock brokers. Charges taken under certain specific conditions *Authorised participants dealing directly with the Sub-Fund will pay related Performance fee none transaction costs. For more information about charges, please refer to the Fund's Prospectus, section entitled “Fees and Expenses” and the relevant supplement for the Sub-Fund. Past Performance The Sub-Fund was launched in December 2024. The share class was ◼CLASS USD (DIST) (IE0006B9CPY7) launched in January 2025. ◼ICE BofA US High Yield Constrained Index Please be aware that past performance is not indicative of future performance which may vary. 1.2 10.8 There is insufficient data to provide a useful indication of past performance. % 0.60.40.2 0 202020212022 2023 2024 Practical Information Depositary: The Bank of New York Mellon SA/NV Dublin Branch Tax Legislation: This Sub-Fund's investments may be subject to tax in the Further Information: The Prospectus, annual and semi-annual reports and countries in which it invests. In addition, this Sub-Fund is subject to the tax latest share price are available free of charge from the Fund's registered law and regulation of Ireland which may have an impact on your personal tax office, the Manager, administrator or the Sub-Fund's distributors. position and impact your investment. For further details, please speak to your This document is for a single Sub-Fund of the Fund and the Prospectus, professional advisers. annual and semi-annual reports are for the entire Fund. Remuneration Policy: Details of the up-to-date remuneration policy of the The Fund is an Irish collective asset-management vehicle with segregatedManager, including, but not limited to, a description of how the remuneration liability between Sub-Funds under Irish law. Therefore, the assets of the Sub- and benefits are determined and governed by the Manager, are available at Fund you have invested in will not be used to pay the liabilities of other Sub- https://www.gsam.com/sm/remunerationpolicy and a paper copy is made Funds. However, this has not been tested in other jurisdictions.available free of charge upon request. Switching between Sub-Funds: Shares are available in other shareThe Sub-Fund will publicly disclose its complete holdings on a daily basis. classes and in other currencies as may be specified in the Prospectus. Details of the Sub-Fund's holdings and full disclosure policy are available at Shareholders may apply for their shares in any share class of any Sub-Fund www.gsam.com. The indicative net asset values (iNAVs) are disseminated to be converted into any share class of another Sub-Fund, subject to theand are displayed on major market data vendor terminals, including conditions set out in the Prospectus (charges may apply). Bloomberg, Reuters. Liability Statement: The Manager may be held liable solely on the basis of any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus for the Fund. This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. The Manager is authorised in Ireland and regulated by the Central Bank of Ireland. This key investor information is accurate as at 07/02/2025.