Goldman Sachs Global Green Bond UCITS ETF 0125A sub-fund of Goldman Sachs ETF ICAV GSGR Monthly Fund Update Investor Profile Financial InformationGeographical Allocation (%) Investor objective Option Adjusted Duration (yrs)6.75 49.7% Eurozone Income with some capital appreciation. Benchmark Option Adjusted 6.7626.4% USDuration (yrs)13.9% UK 3.2% Australia Position in your overall investment portfolio* Weighted Average Maturity (yrs) 10.98 2.1% Sweden The fund can form a core holding in your portfolio.Yield to Maturity (YTM, %)3.77 1.5% CanadaYield to Worst (YTW, %) 3.77 0.6% Norway The fund is designed for: 2.7% OtherWeighted Average Coupon (%) 2.47 The fund is designed for investors seeking exposure to global investment grade green bonds. While the fund seeks to achieve Average Price 91.31 its investment objective, investors should understand that the fund's investment objective may not be realised and your capital is at risk and you may lose some or all of the capital you invest. Sector Allocation (%) For further specific risks related to the fund please refer to Risk Considerations below. Government 27.4Fund Facts Quasi-Government 27.2 Ticker GSGRCovered Bond 4.1 ISIN IE000SYQFJV2Corporate - Inv.Grade 35.7 Fund Index Solactive Global Green Bond Select Index (TotalEmerging Market Debt Return, Unhedged, EUR) 5.1 UCITS Compliant Yes Cash 0.5 Domicile IrelandDerivatives Fund Inception Date 13-Feb-2024 0.0 Share Class Inception Date 13-Feb-2024 −5 0 510 15 20 25 30 35 40Fund Base Currency EUR Currency Hedge Non-Hedged Replication Method Physical Income Treatment Distributing Number of Holdings 254 Total Fund Assets (m) 58 Share Class Assets (m) 0 NAV Per Share 51.53 Ongoing Charges (%) (1)0.22This is a marketing communication. Please refer to the Prospectus and KIID before making any final investmentdecisions. Please see Additional Notes. All performance and holdings data as of 31-Jan-25. Past Performancedoes 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 andEuropean markets, given the size and transparency of these markets. (B) Fixed income funds with a global investment remitor those mainly focused on US, European and UK markets and invest predominantly in investment grade debt, includinggovernment. (C) Multi asset funds with a multi asset benchmark. All other funds we describe as “Complements”. Both Coreand Complement funds can vary in risk level and those terms are not meant to indicate the risk level of the funds. There is noguarantee that these objectives will be met.For regionally focused investment portfolios we understand that the categorisation may be different from the perspective ofdifferent investors. Consult your financial adviser before investing to help determine if an investment in this fundand the amount of the investment would be suitable.“Fund” refers to Goldman Sachs Global Green Bond UCITS ETF, a sub-fund of Goldman Sachs ETF ICAV.1 Goldman Sachs Global Green Bond UCITS ETF0125 A sub-fund of Goldman Sachs ETF ICAVGSGRMonthly FundUpdate Fund Details Top 10 Holdings (2)Credit Allocation (%) Reporting year end 31 DecSecurity % AAA35.8 Rebalancing Frequency MonthlyUK GOVT 0.875% 31 JUL 2033 REGS 6.6 AA 21.5 Dividend Distribution Frequency Semi-AnnuallyUK GOVT 1.5% 31 JUL 2053 REGS 3.2 A 14.5 Portfolio Structure Optimised Sampling FRENCH GOVT OAT 1.75% 25 JUNBBB27.7 1.82039 144A REGSCash0.5KFW 1% 01 OCT 20261.6AUSTRALIAN GOVT 4.25% 21 JUNDerivatives 0.0 1.52034 REGSNEW ZEALAND GOVT 4.25% 15 1.4MAY 2034ASIAN DEVELOPMENT BANK 1.75% 1.314 AUG 2026EUROPEAN INVESTMENT BANK 1.33.75% 14 FEB 2033EUROPEAN INVESTMENT BANK 1.24.375% 10 OCT 2031BOSTON PROPERTIES LIMITED PAR 1.16.75% 01 DEC 2027-272Goldman Sachs Global Green Bond UCITS ETF 0125A sub-fund of Goldman Sachs ETF ICAVGSGR Monthly Fund Update Fund Objective and Investment Policy Maturity (%) The Sub-Fund is passively managed and seeks to provide income Cash 0.53 and capital growth over the longer term and aims to achieveDerivatives 0.00 investment results that closely correspond, before fees and expenses, to the performance of the Solactive Global Green Bond0 - 1 years 4.72 Select Index (the “Index”). The Sub-Fund aims to achieve its 1 - 2 years 10.90 objective by mainly investing in global investment grade fixed income securities whose proceeds are used to finance climate 2 - 3 years 6.65 and environmental projects contributing to positive benefits to the3 - 5 years 14.14 environment. Portfolio holdings and/or allocations shown above5 - 7 years 13.87 are as of the date indicated and may not be representative of future investments. The holdings and/or allocations shown may 7 - 10 years25.55 not represent all of the portfolio's investments. Future investments 10 - 15 years7.86 may or may not be profitable. There is no guarantee that objectives will be met. 15 - 20 years4.5420+ years 11.23 Listing and Trading Information ExchangeBloomberg Reuters NSIN CurrencyTrading Hour (Local) SettlementZurich (SIX) GSGR SE GSGR.S130606389EUR 09:00-17:30 T+2London (LSE) GSGR LN GSGR.LA3EY1B EUR 08:00-16:30 T+2Please see Additional Notes. All performance and holdings data as at 31-Jan-25. Past performance does notguarantee future results, which may vary. The value of investments and the income derived from investmentswill 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 InformationDocument. The on-going charges are the fees the fund charges to investors to cover the day-to-day costs of running thefunds. 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 (2)by the Fund, which will impact on the overall return of the Fund. Fund holdings and allocations shown are unaudited, andmay not be representative of current or future investments. Fund holdings and allocations may not include the Fund’s entireinvestment portfolio, which may change at any time. Fund holdings should not be relied on in making investment decisionsand should not be construed as research or investment advice regarding particular securities. Current and future holdings aresubject to risk. Percentages may not sum to 100% due to rounding. Full index sector and holdings information is availableon GSAM.com. For the avoidance of doubt, when buying units in the funds you are not investing directly in the portfolioholdings.3 Goldman Sachs Global Green Bond UCITS ETF Important Risk Considerations Exchange-Traded Funds are subject to risks similar to those of stocks. Investment returns may fluctuate and are subject to market volatility, so that 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. ● 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. ● Liquidity 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 - The risk of foreign currency exchange rate fluctuations may cause the value of securities denominated in such foreign currency to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks may be more pronounced for investments in securities of issuers located in, or otherwise economically tied to, emerging countries. 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. ● Custodian risk - insolvency, breaches of duty 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. ● Counterparty risk - a party that the Portfolio transacts with may fail to meet its obligations which could cause losses. ● Emerging markets risk - emerging markets are likely to bear higher risk due to lower liquidity and possible lack of adequate financial, legal, social, political and economic structures, protection and stability as well as uncertain tax positions. ● Index tracking error risk - The performance of the Strategy 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 Strategy's actual performance against its reference index. ● Derivatives risk - The strategy’s use of derivatives (including options, forwards, swaps, options on swaps, structured securities and other derivative instruments) may result in losses. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be less liquid, volatile, difficult to price, and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses. ● ESG risk - Environmental, Social and Governance (“ESG”) strategies may take risks or eliminate exposures found in other strategies or broad market benchmarks that may cause performance to diverge from the performance of these other strategies or market benchmarks. ESG strategies will be subject to the risks associated with their underlying investments’ asset classes. Further, the demand within certain markets or sectors that an ESG strategy targets may not develop as forecasted or may develop more slowly than anticipated. ● General Fixed Income Risk - Investments in fixed income securities are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, prepayment and extension risk. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in the decline in the bond’s price. The value of securities with variable and floating interest rates are generally less sensitive to interest rate changes than securities with fixed interest rates. Variable and floating rate securities may decline in value if interest rates do not move as expected. Conversely, variable and floating rate securities will not generally rise in value if market interest rates decline. Credit risk is the risk that an issuer will default on payments of interest and principal. Credit risk is higher when investing in high yield bonds, also known as junk bonds. Prepayment risk is the risk that the issuer of a security may pay off principal more quickly than originally anticipated. Extension risk is the risk that the issuer of a security may pay off principal more slowly than originally anticipated. All fixed income investments may be worth less than their original cost upon redemption or maturity. ● Unhedged Classes - In the case of unhedged Shares Classes, a currency conversion will take place on subscription, redemption, switching and distribution at prevailing exchange rates and the investor is subject to currency risk in the form of potential capital losses resulting from movements of the exchange rate between the investor’s currency and the currency of the Share Class in which such investor invests For full description of risks please refer to the Prospectus 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. 4 Additional Notes This material is a financial promotion and has been issued by Goldman Sachs International, authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Fund is an open-ended Index Tracking Sub-Fund of Goldman Sachs ETF ICAV which is an umbrella fund constituted as an Irish Collective Asset-management Vehicle under the laws of Ireland with segregated liability between sub-funds and authorised by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). The UCITS ETF will publicly disclose its complete holdings on a daily basis. Details of the UCITS ETF’s holdings and full disclosure 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 and Reuters. Furthermore, this information should not be construed as financial research. It was not prepared in compliance with applicable provisions of law designed to promote the independence of financial analysis and is not subject to a prohibition on trading following the distribution of financial research. 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, so that 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: Solactive AG (“Solactive”) is the licensor of the Solactive Global Green Bond Select Index (the “Index”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or completeness of the Index; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index. Solactive does not guarantee the accuracy and/or the completeness of the Index and shall not have any liability for any errors or omissions with respect thereto. Notwithstanding Solactive’sobligations to its licensees, Solactive reserves the right to change the methods of calculation or publication with respect to the Index and Solactive shall not be liable for any miscalculation of or any incorrect, delayed or interrupted publication with respect to the Index. Solactive shall not be liable for any damages, including, without limitation, any loss of profits or business, or any special, incidental, punitive, indirect or consequential damages suffered or incurred as a result of the use (or inability to use) of the Index. Index Benchmarks: Indices are unmanaged. The figures for the index reflect the reinvestment of all income or dividends, as applicable, but do not reflect the deduction of any fees or expenses which would reduce returns. Investors cannot invest directly in indices. The indices referenced herein have been selected because they are well known, easily recognized by investors, and reflect those indices that the Investment Manager believes, in part based on industry practice, provide a suitable benchmark against which to evaluate the investment or broader market described herein. The exclusion of “failed” or closed hedge funds may mean that each index overstates the performance of hedge funds generally. 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 as listed below. 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. Austria: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Wien, Austria. Belgium: CACEIS Investor Services Belgium S.A., Koning Albert II-laan 37, 1030 Brussels, Belgium. Denmark: Stockrate Asset Management A/S, Sdr. Jernbanevej 18D, 3400 Hillerod, Denmark. France: CACEIS Investor Services Bank France, 105, rue Réaumur, 75002 Paris, France. Germany: State Street Bank GmbH, Brienner Strasse 59, 80333 Munich, Germany. Luxembourg: CACEIS Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. Poland: Bank Pekao S.A, Zwirki i Wigury str. 31, 00-844 Warszawa. Portugal: BEST - Banco Eletronico de Servico Total, S.A., Praca Marques de Pombal, n°3, 3°, Lisboa, Portugal. Slovenia: NOVA KBM d.d registered office at Ulica Vita Kraigherja 4, 2000 Maribor, Slovenia. Sweden: Skandinaviska Enskilda Banken AB, through its entity Global Transaction Services, SEB Merchant Banking, Sergels Torg 2, ST MH1, SE-106 40 Stockholm, Sweden. Switzerland: Swiss Representative of the fund is First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich. Paying Agent of the fund in Switzerland is Goldman Sachs Bank AG, Claridenstrasse 25, 8022 Zurich. The Key Investor Information Document (KIID) as well as the annual and semi-annual reports of the fund may be obtained free of charge at the Swiss Representative or Goldman Sachs Bank AG in Zurich. United Kingdom: Goldman Sachs International, 25 Shoe Lane, London EC4A 4AU, United Kingdom. Please note in addition for: Netherlands: The fund is included in the register kept by the Stichting Autoriteit Financiële Markten. Spain: The fund is a foreign UCITS registered with the CNMV registry with number 1876 (Goldman Sachs ETF ICAV). A full description and KIID for the fund and other mandatory documentation is available free of charge from any of the authorised distributors of the fund listed in the Comisión Nacional del Mercado de Valores (“CNMV”) webpage at www.cnmv.es. 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. Please note that for the purposes of the European Sustainable Finance Disclosure Regulation (“SFDR”), the product is an Article 9 product that has a sustainable investment objective. Please note that this material includes certain information on Goldman Sachs sustainability practices and track record, at an organizational and investment team level, which may not necessarily be reflected in the portfolio. 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. This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives. © 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. 5