Title: Key Investor Information

URL Source: https://api.fundinfo.com/document/ba1758cb1e1105ee3bf6fc9c4f377512_142191/KID_GB_en_IE000GNOSM10_YES_2026-02-13.pdf?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581?apiKey=b9934aa2-1a83-4286-b11b-c8415da9e581

Published Time: Fri, 06 Feb 2026 10:27:08 GMT

Number of Pages: 2

Markdown Content:
# Objectives and Investment Policy 

▪ The Sub -Fund is passively managed and seeks to provide investment 

results that closely correspond, before fees and expenses to the 

performance of the MSCI World Private Equity Return Tracker Index (the 

“Index”). 

▪ The Sub -Fund’s investment policy is to repli cate the performance of the 

Index, as closely as possible, regardless of whether the Index level rises 

or falls, while seeking to minimise as far as prudent the tracking error 

between the Sub -Fund’s performance and that of the Index. 

▪ The Index seeks to app roximate the returns of private equity investments 

by replicating region, sector and style exposures through publicly listed 

equities. By seeking to track the Index, the Investment Manager believes 

the Sub -Fund offers greater potential liquidity, transpare ncy, and 

accessibility than traditional private equity instruments. 

▪ The Sub -Fund does not invest in private equity or private equity 

vehicles or funds 

▪ The Index is composed of long and short positions in publicly listed equity 

securities and uses constituents of the MSCI World IMI Index (the “Parent 

Index”) as its universe of eligible securities. 

▪ The Sub -Fund will seek to achieve the return of the Index (by replicating, 

in aggregate, the constituents of the Index in proportion to their weightings 

in the Index) through a combination of physically holding securities which 

are constituents of the Index; and/or entering into one or more ‘unfunded’ 

total retur n swap agreement(s) with one or more approved counterparties 

in order to gain exposure to constituents of the Index. Please refer to the 

Supplement to the Prospectus for more information on ‘unfunded’ total 

return swaps. 

▪ In addition, the investments of the Sub -Fund may include cash and cash 

equivalents including money market funds and US government securities. 

Subject to a maximum of 10% of Net Asset Value, the Sub -Fund may 

invest in shares of other regulated, open -ended collective investment 

schemes, inclu ding money market funds and ETFs. 

▪ The Index is not intended to provide exposure to the entire investment 

portfolio of any private equity fund manager, private equity fund or group 

of private equity funds or to the investment techniques or strategies 

employ ed by private equity fund managers. The Index is not intended to 

replicate exactly private equity performance. Private equity fund managers 

have greater influence over portfolio companies than managers of public 

equity funds, and private companies are ofte n in different stages or 

situations than publicly listed companies. The Sub -Fund may outperform 

or underperform other funds that invest in similar asset classes but employ 

different investment styles. 

▪ In normal circumstances, only authorised participants ( e.g. select financial 

institutions) may deal in shares (or interests in shares) directly with the 

Sub - Fund. Other investors can deal in shares (or interests in shares) daily 

through an intermediary on stock exchange(s) on which the shares are 

traded. 

▪ Inco me is rolled up into the value of your investment. 

▪ The Portfolio currency is USD. The share class currency is USD. 

▪ Shares in the Sub -Fund are intended for retail investors that have received 

advice on, or been subject to an appropriateness assessment in re spect 

of, a potential investment in the Sub -Fund and (i) for whom an investment 

in the Sub -Fund does not constitute a complete investment program; (ii) 

who fully understands the risk profile of the Sub -Fund (see ‘Risk and 

Reward Profile’ below); (iii) who is neither a U.S. Person nor subscribing 

for Shares on behalf of one or more U.S. Persons; (iv) who understands 

that they may not recover the invested amount; and (v) who is looking for 

medium term investment. 

▪ For full investment objective and policy detai ls see the Prospectus. 

# Risk and Reward Profile 

# 1 2 3 4 5 6 7

This risk profile is based on historical data and may not be a reliable 

indication of the future risk profile of the Sub -Fund. The risk category shown 

is not guaranteed and may change over time. The lowest category does not 

mean risk free. It is possible t hat a sub -fund stated to have a lower risk profile 

may in fact fall in value more than a sub -fund with a higher risk profile. 

The capital is not guaranteed. 

Other Material Risks: 

▪ Market risk - the value of assets in the Portfolio 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 Portfolio may arise as a result 

of human error, system and/or process failures, inadequate procedures 

or controls. 

▪ Liquidi ty risk - the Portfolio may not always find another party willing 

to purchase an asset that the Portfolio wants to sell which could impact 

the Portfolio's ability to meet redemption requests on demand. 

▪ Exchange rate risk - changes in exchange rates may red uce or 

increase the returns an investor might expect to receive independent of 

the performance of such assets. Hedging of this risk may not be fully 

effective and may increase other risks (e.g. derivative risk). 

▪ Custodian risk - insolvency, breaches of dut y of care or misconduct of 

a custodian or sub -custodian responsible for the safekeeping of the 

Portfolio's assets can result in loss to the Portfolio. 

▪ 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. 

▪ Counterparty risk - a party that the Portfolio transacts with may fail to 

meet its obligations which could cause losses. 

▪ Index tracking error risk - the performance of the Sub -Fund 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 fac tors that will impact 

a Sub -Fund's actual performance against its reference index. 

▪ Equity Securities Risk - The value of equity securities varies in 

response to many factors, including those specific to an issuer or 

industry. The value of an issuer's stock can also be adversely affected 

by changes in financial markets generally. In addition, certain options 

and other equity -related instruments may be subject to additional risks, 

including liquidity risk, counterparty credit risk, legal risk and operations 

risk. 

▪ Leverage risk - the Portfolio may operate with a significant amount of 

leverage. Leverage occurs when the economic exposure created by the 

use of derivatives is greater than the amount invested. A leveraged 

Portfolio may result in large fluctuations i n the value of the Portfolio and 

therefore entails a high degree of risk including the risk that losses may 

be substantial. 

▪ Small capitalisation companies risk - investing in the securities of 

smaller, lesser -known companies may involve greater risk due to the 

less certain growth prospects, the lower degree of liquidity (see liquidity 

risk) of such shares and the greater sensitivity of small companies to 

changing economic conditions. 

▪ For more detailed information on the risks associated with an 

investment i n the Sub -Fund, please refer to the section in the 

Prospectus entitled “Risk Considerations” and discuss with your 

professional advisers. 

Lower risk Higher risk 

Potentially lower reward Potentially higher reward 

# Goldman Sachs MSCI World Private Equity Return Tracker 

# UCITS ETF (the “Sub -Fund”) 

# CLASS USD (ACC) 

# (ISIN: IE000GNOSM10) 

# 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. 

# Key Investor Information 

This document provides you with key investor 

information about this fund. It is not marketing material. 

The information is required by law to help you understand 

the nature and the risks of investing in this fund. You are 

advised to read it so you can make an informed decision 

about whether to invest. 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 13/02/2026. 

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The charges you pay are used to pay the cost of running the Sub -Fund, 

including the costs of marketing and distributing it. These charges reduce the 

potential growth of your investment. 

One -off charges taken before or after you invest 

Entry charge 0.00% 

Exit charge none* 

This is the maximum that might be taken out of your money before it is 

invested / before the proceeds of your investment are paid out. 

Charges taken over a year 

Ongoing charges 0.50% 

Charges taken under certain specific conditions 

Performance fee none 

Where applicable, the entry and exit charges shown are maximum figures 

and in some cases you might pay less - please contact your professional 

advisers for more information. 

The ongoin g 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 

year will include details of the exact charges made. This figure may vary from 

year to year. It excludes transact ion costs (including taxes and brokerage 

commissions) and any borrowing costs, which are payable from the assets 

of the Sub -Fund and may impact returns on your investment, and 

performance fees (where applicable). 

*Not applicable to secondary market investo rs. Investors dealing on a stock 

exchange will pay fees charged by their stock brokers. Such charges are 

publicly available on exchanges on which the shares are listed and traded, 

or can be obtained from stock brokers. 

*Authorised participants dealing dire ctly with the Sub -Fund will pay related 

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. 

# Pas t Performance 

# ◼ CLASS USD (ACC) (IE000GNOSM10) 

# ◼ MSCI World Private Equity Return Tracker Index (Net Total 

Return, Unhedged, USD)     

> 2021 2022 2023 2024 2025

The Sub -Fund was launched in January 2026. The share class was launched 

in January 2026. 

Please be aware that past performance is not indicative of future 

performance which may vary. 

# Practical Information 

Depositary: The Bank of New York Mellon SA/NV Dublin Branch 

Further Information: The Prospectus, annual and semi -annual reports and 

latest share price are available free of charge from the Fund's registered 

office, the Manager, administrator or the Sub -Fun d's distributors. 

This document is for a single Sub -Fund of the Fund and the Prospectus, 

annual and semi -annual reports are for the entire Fund. 

The Fund is an Irish collective asset -management vehicle with segregated 

liability between Sub -Funds under Iris h law. Therefore, the assets of the Sub -

Fund you have invested in will not be used to pay the liabilities of other Sub -

Funds. However, this has not been tested in other jurisdictions. 

Switching between Sub -Funds: Shares are available in other share 

classes and in other currencies as may be specified in the Prospectus. 

Shareholders may apply for their shares in any share class of any Sub -Fund 

to be converted into any share class of another Sub -Fund, subject to the 

conditions set out in the Prospectus (charge s may apply). 

Liability Statement: The Fund 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. 

Tax Legislation: This Sub -Fund's investments may be subject to tax in the 

countries in which it invests. In addition, this Sub -Fund is subject to the tax 

law and regulation of Ireland which may have an impact on your personal tax 

position and impact your investment. For further det ails, please speak to your 

professional advisers. 

Remuneration Policy: Details of the up -to -date remuneration policy of the 

Manager, including, but not limited to, a description of how the remuneration 

and benefits are determined and governed by the Manage r, are available at 

https://www.gsam.com/sm/remunerationpolicy and a paper copy is made 

available free of charge upon request. 

The Sub -Fund will publicly disclose its complete holdings on a daily basis. 

Details of the Sub -Fund's holdings and full disclosur e policy are available at 

www.gsam.com. The indicative net asset values (iNAVs) are disseminated 

and are displayed on major market data vendor terminals, including 

Bloomberg, Reuters. 

# Charges