Goldman Sachs ActiveBeta® Emerging Markets Equity Key Investor Information UCITS ETF (the “Sub-Fund”)This document provides you with key investorinformation about this fund. It is not marketing material. CLASS USD (Acc.) The information is required by law to help you understandthe nature and the risks of investing in this fund. You are (ISIN: IE00BJ5CMD00) advised to read it so you can make an informed decisionabout 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 is passively managed and seeks to provide capital growthor more parties whose value depends on the rise and fall of other over the longer term and aims to achieve investment results that closely underlying assets. correspond, before fees and expenses, to the performance of the Goldman▪ The Sub-Fund will not invest more than one-tenth of its assets in other Sachs ActiveBeta® Emerging Markets Equity Index Net Total Return (thecollective investment schemes. “Index”). ▪ Shares in the Sub-Fund may be redeemed daily (on each business day) ▪ The Index is designed to deliver exposure to equity securities of emerging on demand. market issuers. The Index is constructed using the patented ActiveBeta®▪ Income is rolled up into the value of your investment. Portfolio Construction Methodology, which was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a ▪ The Sub-Fund currency is USD. The share class currency is USD. stock's outperformance relative to market returns. Goldman Sachs may act in several roles in relation to the Index and the services provided to the ▪ In normal circumstances, only authorised participants (e.g. select financial Sub-Fund which may give rise to potential conflicts of interest. institutions) may deal in shares (or interests in shares) directly with theSub-Fund. Other investors can deal in shares (or interests in shares) daily ▪ The Sub-Fund aims to replicate the index by holding all of its securities in through an intermediary on stock exchange(s) on which the shares are a similar proportion to their weightings in the Index. These securities are traded. stocks of companies either based in or earn most of their profits or revenues from emerging markets.▪ For full investment objective and policy details see the Prospectus. ▪ The Sub-Fund may use derivatives for efficient portfolio management purposes, to help manage risks and for investment purposes in order to seek to increase return. A derivative instrument is a contract between two Risk and Reward Profile Lower risk Higher riskCertain derivatives may result in losses greater than the amount originally invested. Potentially lower reward Potentially higher reward ▪Counterparty risk - a party that the Sub-Fund transacts with may fail to meet its obligations which could cause losses. 1 2 3 4 5 6 7 ▪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 This risk profile is based on historical data and may not be a reliable as uncertain tax positions. indication of the future risk profile of the Sub-Fund. The risk category shown ▪Sustainability risk - an environmental, social or governance event or is not guaranteed and may change over time. The lowest category does not condition that could cause the value of the portfolio to go down. mean risk free. It is possible that a sub-fund stated to have a lower risk profileExamples of sustainability risks include physical environmental risks, may in fact fall in value more than a sub-fund with a higher risk profile.climate change transition risks, supply chain disruptions, improper The Sub-Fund is in category 6 as it mostly invests in emerging market shares labour practices, lack of board diversity and corruption. and similar instruments which typically experience higher levels of price▪Index tracking error risk - the performance of the Sub-Fund may not fluctuations than those in developed markets. generally follow and may be very different from the performance of the The capital is not guaranteed.Index. The anticipated tracking error has been calculated using historical data and therefore may not capture all factors that will impact Other Material Risks: a Sub-Fund's actual performance against its reference index. ▪ Market risk - the value of assets in the Sub-Fund is typically dictated ▪Risks associated with investments in China: The Sub-Fund'sby a number of factors, including the confidence levels of the market in operations and financial results could be adversely affected bywhich they are traded. adjustments in the PRC's state plans, political, economic and social ▪ Operational risk - material losses to the Sub-Fund may arise as a conditions, changes in the policies of the PRC government and lawsresult of human error, system and/or process failures, inadequate and regulations, in particular where investments are made through anyprocedures or controls.of the investment regime introduced by the PRC government. ▪ Liquidity risk - the Sub-Fund may not always find another party willing ▪Equity Securities Risk - The value of equity securities varies into purchase an asset that the Sub-Fund wants to sell which could impactresponse to many factors, including those specific to an issuer orthe Sub-Fund's ability to meet redemption requests on demand. industry. The value of an issuer's stock can also be adversely affected by changes in financial markets generally. In addition, certain options ▪ Exchange rate risk - changes in exchange rates may reduce or and other equity-related instruments may be subject to additional risks,increase the returns an investor might expect to receive independent ofincluding liquidity risk, counterparty credit risk, legal risk and operationsthe performance of such assets. Hedging of this risk may not be fully risk.effective and may increase other risks (e.g. derivative risk). ▪For more detailed information on the risks associated with an ▪ Custodian risk - insolvency, breaches of duty of care or misconduct of investment in the Sub-Fund, please refer to the section in thea custodian or sub-custodian responsible for the safekeeping of theProspectus entitled “Risk Considerations” and discuss with yourSub-Fund's assets can result in loss to the Sub-Fund. professional advisers. ▪ Derivatives risk - derivative instruments are highly sensitive tochanges in the value of the underlying asset that they are based on. 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 invest The ongoing charges figure is based on expenses for the year endingDecember 2024. This figure may vary from year to year. It excludes Entry charge none* transaction costs (including taxes and brokerage commissions) and anyborrowing costs, which are payable from the assets of the Portfolio and may Exit chargenone* impact returns on your investment, and performance fees (where applicable). This is the maximum that might be taken out of your money before it is *Not applicable to secondary market investors. Investors dealing on a stock invested / before the proceeds of your investment are paid out.exchange will pay fees charged by their stock brokers. Such charges are Charges taken over a year publicly available on exchanges on which the shares are listed and traded,or can be obtained from stock brokers. Ongoing charges0.49% *Authorised participants dealing directly with the Sub-Fund will pay related Charges taken under certain specific conditionstransaction costs. Performance fee none For more information about charges, please refer to the Fund'sProspectus, section entitled “Fees and Expenses” and the relevantsupplement for the Sub-Fund. Past Performance CLASS USD (Acc.) (IE00BJ5CMD00) The Sub-Fund was launched in November 2019. The share class was Goldman Sachs ActiveBeta® Emerging Markets Equity Index launched in November 2019.Where applicable, past performance has been calculated in USD and is 20expressed as a percentage change of the Sub-Fund''s Net Asset Value ateach year end (net of all fees). Where past performance is not shown there 15is insufficient data to provide a useful indication of past performance.Please be aware that past performance is not indicative of future 10performance which may vary. 5 % 0 -5 -10 -15 -20 -252015 2016 2017 2018 2019 2020 2021 202220232024 13.1 -0.3 -20.4 11.07.0 13.5 0.4-20.2 12.08.2Practical Information Depositary: The Bank of New York Mellon SA/NV Dublin BranchShareholders may apply for their shares in any share class of any Sub-Fund Further Information: The Prospectus, annual and semi-annual reports andto be converted into any share class of another Sub-Fund, subject to the latest share price are available free of charge from the Fund's registered conditions set out in the Prospectus (charges may apply). office, the Manager, administrator or the Sub-Fund's distributors. Liability Statement: The Fund may be held liable solely on the basis of any This document is for a single Sub-Fund of the Fund and the Prospectus, statement contained in this document that is misleading, inaccurate or annual and semi-annual reports are for the entire Fund.inconsistent with the relevant parts of the Prospectus for the Fund. The Fund is an Irish collective asset-management vehicle with segregated Tax Legislation: This Sub-Fund's investments may be subject to tax in thecountries in which it invests. In addition, this Sub-Fund is subject to the tax liability between Sub-Funds under Irish law. Therefore, the assets of the Sub- law and regulation of Ireland which may have an impact on your personal tax Fund you have invested in will not be used to pay the liabilities of other Sub-position and impact your investment. For further details, please speak to your Funds. However, this has not been tested in other jurisdictions. professional advisers. The funds or securities referred to herein are not sponsored, endorsed, or Remuneration Policy: Details of the up-to-date remuneration policy of the promoted by MSCI, and MSCI bears no liability with respect to any such Manager, including, but not limited to, a description of how the remuneration funds or securities or any index on which such funds or securities are based. and benefits are determined and governed by the Manager, are available at The supplement for the Sub-Fund contains a more detailed description of thehttps://www.gsam.com/sm/remunerationpolicy and a paper copy is made limited relationship MSCI has with Goldman Sachs Asset Management, L.P.available free of charge upon request. and any related funds, as well as additional disclaimers that apply to the MSCI indexes. The MSCI indexes are the exclusive property of MSCI and The Sub-Fund will publicly disclose its complete holdings on a daily basis. may not be reproduced or extracted and used for any other purpose without Details of the Sub-Fund's holdings and full disclosure policy are available at MSCI's consent. The MSCI indexes are provided without any warranties ofwww.gsam.com. The indicative net asset values (iNAVs) are disseminated any kind. and are displayed on major market data vendor terminals, including Switching between Sub-Funds: Shares are available in other share Bloomberg, Reuters. classes and in other currencies as may be specified in the Prospectus. 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.