Goldman Sachs Alpha Enhanced Europe Equity Active Key Investor Information UCITS ETF (the “Sub-Fund”)This document provides you with key investorinformation about this Sub-Fund. It is not marketing CLASS EUR (Acc.) material. The information is required by law to help youunderstand the nature and the risks of investing in this (ISIN: IE000RITWOD4) Sub-Fund. You are advised to read it so you can makean 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 long-term capital appreciation by actively investing (Net Total Return) (the “Benchmark”) as a performance comparator. primarily in equity securities of European companies. ▪ The Sub-Fund will seek to use the Benchmark as a performance ▪ The Sub-Fund is actively managed and will, under normal circumstances, comparator and aims to achieve a moderate return in excess of theBenchmark in the long term, however, the Sub-Fund positions may invest at least 70% of its net assets in equity and/or equity relatedmeaningfully differ relative to the performance Benchmark which may securities which provide exposure to companies that are domiciled in, or cause the return of the Sub-Fund to not exceed the return of the which derive the predominant proportion of their revenues or profits fromBenchmark or underperform the Benchmark. The Benchmark consists of Europe. large and mid-cap stocks representation across developed markets ▪ Subject to the Investment Manager’s multi-factor proprietary quantitativecountries in Europe. The constituents of the Benchmark and geographical investment model, the Sub-Fund may invest in equity and/or equity relatedexposure of the Benchmark’s securities may be subject to change over securities of companies regardless of their respective markettime. capitalisation(s) and/or sector(s). Equity and equity related securities may ▪ In normal circumstances, only authorised participants (e.g. select financial include common stock, preferred stock, warrants and other rights to institutions) may deal in shares (or interests in shares) directly with the acquire stock and American Depositary Receipts (“ADRs”), EuropeanSub-Fund. Other investors can deal in shares (or interests in shares) daily Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”).through an intermediary on stock exchange(s) on which the shares are ▪ The Investment Manager implements a multi-faceted approach totraded. environmental, social and governance (“ESG”) considerations in the Sub-▪ Income is rolled up into the value of your investment. Fund’s investment process to promote a transition to a lower carbon economy by managing climate transition risk relative to the Benchmark via ▪ The Sub-Fund currency is EUR. The share class currency is EUR. proprietary climate metrics, as further detailed in the pre contractual▪ Please refer to the “Risk Information” section of the Prospectus for further disclosure for the Sub-Fund contained within the Supplement. 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. 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 MSCI Europe Index Risk and Reward Profile Lower risk Higher risk ▪Custodian risk - insolvency, breaches of duty of care or misconduct of a custodian or sub-custodian responsible for the safekeeping of the Potentially lower reward Potentially higher rewardSub-Fund's assets can result in loss to the Sub-Fund. ▪Derivatives risk - derivative instruments are highly sensitive to 1 2 3 4 5 6 7 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. This risk profile is based on historical data and may not be a reliable ▪Counterparty risk - a party that the Sub-Fund transacts with may fail indication of the future risk profile of the Sub-Fund. The risk category shownto meet its obligations which could cause losses. is not guaranteed and may change over time. The lowest category does not mean risk free. It is possible that a sub-fund stated to have a lower risk profile ▪Sustainability risk - an environmental, social or governance event or may in fact fall in value more than a sub-fund with a higher risk profile.condition that could cause the value of the Sub-Fund to go down. Examples of sustainability risks include physical environmental risks, The Sub-Fund is in category 6 as it mostly invests in fixed income securities climate change transition risks, supply chain disruptions, improper which typically experience lower levels of price fluctuation than shares and labour practices, lack of board diversity and corruption. similar instruments. ▪Equity Securities Risk - the value of equity securities varies in The capital is not guaranteed.response to many factors, including those specific to an issuer or Other Material Risks: industry. The value of an issuer's stock can also be adversely affected by changes in financial markets generally. In addition, certain options ▪ Market risk - the value of assets in the Sub-Fund is typically dictatedand other equity-related instruments may be subject to additional risks,by a number of factors, including the confidence levels of the market in including liquidity risk, counterparty credit risk, legal risk and operationswhich they are traded. risk. ▪ Operational risk - material losses to the Sub-Fund may arise as a ▪For more detailed information on the risks associated with anresult of human error, system and/or process failures, inadequate investment in the Sub-Fund, please refer to the section in theprocedures or controls.Prospectus entitled “Risk Considerations” and discuss with your ▪ Liquidity risk - the Sub-Fund may not always find another party willingprofessional advisers.to purchase an asset that the Sub-Fund wants to sell which could impactthe Sub-Fund's ability to meet redemption requests on demand. 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 0.25% 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 March 2025. The share class was launched ◼ CLASS EUR (Acc.) (IE000RITWOD4) in March 2025. ◼ MSCI Europe Index (Net Total Return, EUR)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 Liability Statement: The Manager may be held liable solely on the basis of Further Information: The Prospectus, annual and semi-annual reports and any statement contained in this document that is misleading, inaccurate or latest share price are available free of charge from the Fund's registered inconsistent with the relevant parts of the Prospectus for the Fund. office, the Manager, administrator or the Sub-Fund's distributors. Tax Legislation: This Sub-Fund's investments may be subject to tax in the This document is for a single Sub-Fund of the Fund and the Prospectus, countries in which it invests. In addition, this Sub-Fund is subject to the tax annual and semi-annual reports are for the entire Fund. law and regulation of Ireland which may have an impact on your personal tax The Fund is an Irish collective asset-management vehicle with segregatedposition and impact your investment. For further details, please speak to your liability between sub-funds under the laws of Ireland. Therefore, the assetsprofessional advisers. of the Sub- Fund you have invested in will not be used to pay the liabilities ofRemuneration Policy: Details of the up-to-date remuneration policy of the other Sub-Funds of the Fund. However, this has not been tested in other Manager, including, but not limited to, a description of how the remuneration jurisdictions. and benefits are determined and governed by the Manager, are available at Switching between Sub-Funds: Shares are available in other sharehttps://www.gsam.com/sm/remunerationpolicy and a paper copy is made classes and in other currencies as may be specified in the Prospectus. available free of charge upon request. Shareholders may apply for their shares in any share class of any Sub-Fund The Sub-Fund will publicly disclose its complete holdings on a daily basis. to be converted into any share class of another Sub-Fund, subject to theDetails of the Sub-Fund's holdings and full disclosure policy are available at conditions set out in the Prospectus (charges may apply). www.gsam.com. The indicative net asset values (iNAVs) are disseminated and are displayed on major market data vendor terminals, including Bloomberg, Reuters. 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 07/05/2025.