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style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Goldman Sachs Enhanced </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">U.S.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Equity </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">ETF</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> (the “Fund”) seeks long-term growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of capital.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">You may pay other fees, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0030 0.0000 0.0000 0.0030 The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. Expense Example <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example is intended to help you</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">compare the cost</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">owning</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">with the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> cost</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of investing in other funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example assumes that you invest $10,000 in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">sell</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> all of your </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares at the end of those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">same</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. Although your actual costs may be higher or lower, based on these assumptions your costs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 31 97 Portfolio Turnover <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may pay</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> transaction costs when it buys and sells securities or instruments (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, “turns over” its portfolio). A high rate of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover rate for the fiscal year ended August 31, 2024 was </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">79</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of the average value of its portfolio.  </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">turnover </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">rate shown is that of the predecessor fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">defined below).</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 0.79 Principal Investment Strategies <div style="line-height: 11.0pt; margin-top: 10pt; text-align: left;"> <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">the time of purchase) (“Net Assets”) in equity</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities issued by</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">small-, mid- and large-cap</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">U.S.</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Equity securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">represent an ownership interest</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">or the right to acquire</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">an ownership interest,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">in an issuer. Equity </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> include</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">among other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">things,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">common stocks.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">A U</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">S.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">company is an issuer economically tied</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">United</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">States.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment Adviser to be positioned for long-term growth of capital. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Goldman Sachs Asset Management, L.P.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(“GSAM” or the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">”)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> uses a combination of fundamental research and quantitative factors to achieve its investment objective. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">believed to identify high-quality businesses with sustainable growth prospects, including strong business franchises, favorable </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">long-term prospects, and excellent management. The Investment Adviser may integrate environmental, social and governance (“ESG”) </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">factors alongside traditional fundamental factors as part of its fundamental research process. No one factor or consideration is </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">determinative in the stock </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">selection process.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investments will be further evaluated for their exposures to quantitative factors, such as, for example, valuation, profitability and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">volatility, to seek to enhance the Fund’s risk adjusted returns. Risk management, portfolio construction and sizing of positions will be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">informed by portfolio-level quantitative factor considerations. The Investment Adviser may decide to sell a position for various </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reasons, including when a company’s fundamental outlook deteriorates, because of valuation and price considerations, for risk </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">management purposes, or when a company is deemed to be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">misallocating capital.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 20% of its Net Assets in foreign securities, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">trade publicly.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund may invest up to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">10</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of its Net Assets in fixed income securities (including high yield fixed income securities), such as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">government, corporate and bank </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">debt obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and does not seek to replicate the performance of a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">specified index.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Investment Adviser measures the Fund’s performance against the S&amp;P 500</span><span style="color: #000000; font-family: times new roman; font-size: 5.5pt; position: relative; top: -3.75pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Index.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured atthe time of purchase) (“Net Assets”) in equitysecurities issued bysmall-, mid- and large-capU.S.companies. Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured orguaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Foreign and Emerging Countries Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other government restrictions by the United States and other governments, or from problems in share registration, settlement or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issuers located in, or otherwise economically tied to, emerging countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Investment Style Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Different investment styles (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">., “growth”, “value” or “quantitative”) tend to shift in and out of favor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style.Growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">can punish the stocks inordinately even if earnings showed an </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">absolute increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Large Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Certain</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">shareholders</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including other funds advised by the Investment Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">from time to time own a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">substantial amount of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s Shares.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">In addition</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a third party investor,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser or an</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">affiliate</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Investment </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">an authorized participant, a lead market maker, or another entity (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a seed investor)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> may invest in the Fund and hold its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment solely to facilitate commencement of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> or to facilitate the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">achieving a specified size or scale. Any such </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment may be held for a limited period of time.There can be no assurance that any large shareholder would not redeem its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the size of the Fund would be maintained at such levels or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would continue to meet applicable listing </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">requirements</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Redemptions by large shareholders could have a significant negative impact on the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including on the Fund'</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquidity</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">transactions by large shareholders may account for a large percentage of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">trading</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">volume on The NASDAQ </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Stock Market LLC</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NASDAQ”)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and may</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">therefore,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">have a material upward or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">downward</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">effect on</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">market price of the Shares.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">such events and developments, could also significantly impact the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Trading Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The net asset value (“NAV”) of the Fund and the value of your investment may fluctuate. Market prices of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares may fluctuate, in some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and demand for Shares. The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">existence of extreme market volatility or potential lack of an active trading market for Shares. Any of these factors, among others, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">result in Shares trading at a significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">closing price of Shares as compared to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the underlying value of the Shares, respectively. Additionally, in stressed market conditions, the market for Shares may become less </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquid in response to deteriorating liquidity in the markets for the Fund’s underlying </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio holdings.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">premium or discount to the Shares’ NAV </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may widen.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Mid-Cap and Small-Cap Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may lack sufficient market liquidity, and these issuers often face greater </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">business risks.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Stock Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of substantial price volatility in the past and may do so again in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">exchanges may be open on days when the Fund does not price its Shares, the value of foreign securities or assets in the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various sources to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">risks arising from factors such as failures in systems </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and technology.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Performance <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund. It is currently contemplated that before the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund commences operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs Enhanced </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">U.S. Equity Fund (the “predecessor fund”), will be transferred to the Fund in a tax-free reorganization. It is currently contemplated that </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the reorganization will take place upon the close of business on November 14, 2025. The Fund and the predecessor fund have identical </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment objectives and fundamental investment policies and have substantially similar investment strategies. The performance of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than those of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund. Because the Fund has different fees and expenses than the predecessor fund, the Fund would also have had different </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">performance results.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">show</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">: (a) changes in the performance of the Fund’s</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">represented by the performance of the predecessor</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">fund’s Institutional Shares)</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">from year to year; and (b) how the average annual total returns of the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">represented</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">by</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">average</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">annual</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">returns</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of the predecessor</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">fund’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s Institutional Shares)</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">compare to those of a broad-based securities market index.</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Prior to</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">August 31, 2017, the Fund had been known as the Goldman Sachs Flexible Cap Growth Fund, and certain of its principal investment </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">strategies differed. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">From September</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> 1, 2017 through April</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> 25, 2025, the predecessor fund had been known as the Goldman Sachs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Enhanced Core Equity Fund, and certain of its principal investment strategies differed.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Performance information set forth below </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">during </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">such periods </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reflects the performance resulting from the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’s former strategies </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">during the periods</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. The Fund’s</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">(and the</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund’s)</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">future. Updated performance information is available at no cost at </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">am.gs.com</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> or by calling the appropriate phone number on the back </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">cover of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods shown.</span></div> The bar chart and tableshow: (a) changes in the performance of the Fund’sShares(represented by the performance of the predecessorfund’s Institutional Shares)from year to year; and (b) how the average annual total returns of the Fund(representedbytheaverageannualtotalreturnsof the predecessorfund’s Institutional Shares)compare to those of a broad-based securities market index. The Fund’s(and thepredecessor fund’s)past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in thefuture. am.gs.com CALENDAR YEAR (INSTITUTIONAL) <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 11.25pt;"> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Year-to-Date Return</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">3.75%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2025</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart above:</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 12.75pt;"> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Best Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 2.37pt;">21.54%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Worst Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">-18.70%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Year-to-Date Return 0.0375 2025-06-30 Best Quarter Return 0.2154 2020-06-30 Worst Quarter Return -0.1870 2020-03-31 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2024 2008-01-31 2008-01-31 2008-01-31 0.2297 0.1512 0.1335 0.2226 0.1397 0.1156 0.1399 0.1184 0.1038 0.2494 0.1451 0.1309 <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The after-tax returns</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">for</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Institutional</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">will vary.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;">  </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">After-tax returns are calculated using the historical highest individual federal</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Actual after-tax returns depend on an investor’s tax</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The after-tax returnsforInstitutionalShareswill vary. After-tax returns are calculated using the historical highest individual federalmarginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s taxsituation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Sharesthrough tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Goldman Sachs Growth Opportunities ETF—Summary Ticker: GSGO   Stock Exchange: The NASDAQ Stock Market LLC    Investment Objective <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Goldman Sachs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Growth Opportunities ETF</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> (the “Fund”) seeks long-term growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of capital.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">You may pay other fees, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0045 0.0000 0.0000 0.0045 The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. Expense Example <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example is intended to help you</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">compare the cost</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">owning</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">with</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the cost</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investing in other funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example assumes that you invest $10,000 in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">sell</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> all of your </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares at the end of those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">same</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. Although your actual costs may be higher or lower, based on these assumptions your costs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 46 144 Portfolio Turnover <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may pay</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> transaction costs when it buys and sells securities or instruments (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, “turns over” its portfolio). A high rate of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover rate for the fiscal year ended August 31, 2024 was </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">39</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of the average value of its portfolio.  </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">turnover </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">rate shown is that of the predecessor fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">defined below).</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 0.39 Principal Investment Strategies <div style="line-height: 11.0pt; margin-top: 10pt; text-align: left;"> <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund invests, under normal circumstances, at least </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">80</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">net assets plus any borrowings for investment purposes</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">measured at </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the time of purchase</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> (“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Net </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Assets”) in equity </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">.</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Equity securities represent an ownership interest, or the right to acquire an </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">ownership interest, in an issuer.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">20</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Net</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">countries”) and securities quoted in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currencies. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund may invest in companies of any</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">market capitalization.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Goldman Sachs Asset Management, L.P.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(“GSAM” or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">”)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> to be positioned for long-term growth. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">fundamental equity growth investment process involves evaluating potential investments based on specific characteristics believed to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term prospects, and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">excellent management. The Investment Adviser will also consider valuation of companies when determining whether to buy and/or sell </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside traditional </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock selection </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">process. The Investment Adviser may decide to sell a position for various reasons, including when a company’s fundamental outlook </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">deteriorates, because of valuation and price considerations, for risk management purposes, or when a company is deemed to be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">misallocating capital.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund may invest up to 10% of its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Net</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Assets in fixed income securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(including high yield fixed income securities)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, such as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">government, corporate and bank </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">debt obligations.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">THE FUND IS </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NON-DIVERSIFIED</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">“INVESTMENT </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">ONE OR MORE ISSUERS OR IN </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">FEWER ISSUERS THAN </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">DIVERSIFIED </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">FUNDS.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and does not seek to replicate the performance of a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">specified index.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Investment Adviser measures the Fund’s performance against the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 5.5pt; position: relative; top: -3.75pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Growth Index.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes(measured at the time of purchase) (“Net Assets”) in equity securities. Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured orguaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Foreign and Emerging Countries Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other government restrictions by the United States and other governments, or from problems in share registration, settlement or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issuers located in, or otherwise economically tied to, emerging countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Investment Style Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Different investment styles (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">., “growth”, “value” or “quantitative”) tend to shift in and out of favor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style.Growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">can punish the stocks inordinately even if earnings showed an </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">absolute increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Large Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Certain</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">shareholders</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including other funds advised by the Investment Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">from time to time own a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">substantial amount of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s Shares.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">In addition</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a third party investor,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser or an</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">affiliate</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Investment </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">an authorized participant, a lead market maker, or another entity (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a seed investor)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> may invest in the Fund and hold its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment solely to facilitate commencement of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> or to facilitate the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">achieving a specified size or scale. Any such </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment may be held for a limited period of time.There can be no assurance that any large shareholder would not redeem its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the size of the Fund would be maintained at such levels or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would continue to meet applicable listing </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">requirements</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Redemptions by large shareholders could have a significant negative impact on the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including on the Fund'</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquidity</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">transactions by large shareholders may account for a large percentage of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">trading</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">volume on The NASDAQ </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Stock Market LLC</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NASDAQ”)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and may</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">therefore,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">have a material upward or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">downward</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">effect on</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">market price of the Shares.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">such events and developments, could also significantly impact the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Trading Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The net asset value (“NAV”) of the Fund and the value of your investment may fluctuate. Market prices of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares may fluctuate, in some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and demand for Shares. The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">existence of extreme market volatility or potential lack of an active trading market for Shares. Any of these factors, among others, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">result in Shares trading at a significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">closing price of Shares as compared to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the underlying value of the Shares, respectively. Additionally, in stressed market conditions, the market for Shares may become less </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquid in response to deteriorating liquidity in the markets for the Fund’s underlying </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio holdings.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">premium or discount to the Shares’ NAV </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may widen.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">more issuers or in fewer issuers than diversified </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">funds. Thus, the Fund may be more susceptible to adverse developments affecting any </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">circumstances, the Fund intends to invest in approximately 20-40 companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Sector Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> To the extent the Fund focuses its investments in one or more sectors (such as the information technology sector), the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund will be subject, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">economic cycles and/or conditions or developments that may be particular to that sector, such as: adverse economic, business, political, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">environmental or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other developments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Stock Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of substantial price volatility in the past and may do so again in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">exchanges may be open on days when the Fund does not price its Shares, the value of foreign securities or assets in the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various sources to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">risks arising from factors such as failures in systems </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and technology.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Performance <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund. It is currently contemplated that before the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund commences operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs Strategic </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Growth Fund (the “predecessor fund”), will be transferred to the Fund in a tax-free reorganization. It is currently contemplated that the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reorganization will take place upon the close of business on November 14, 2025. The Fund and the predecessor fund have identical </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment objectives and fundamental investment policies and have substantially similar investment strategies. The performance of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than those of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund. Because the Fund has different fees and expenses than the predecessor fund, the Fund would also have had different </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">performance results.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">show</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">: (a) changes in the performance of the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">represented by the performance of the predecessor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">fund’s Institutional Shares)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> from year to year; and (b) how the average annual total returns of the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">represented</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">by</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">average</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">annual</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">returns</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the predecessor fund’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s Institutional </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> compare to those of a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">broad-based securities market index (Russell </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">1000</span><span style="color: #000000; font-family: times new roman; font-size: 5.5pt; position: relative; top: -3.75pt;">® </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Index) (the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Regulatory Benchmark</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">”</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">) and the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 5.5pt; position: relative; top: -3.75pt;">® </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Growth Index (the “Performance Benchmark”). The Performance </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance.The Fund has included in the table </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">regulatory requirements. For additional information about these benchmark indices, please see “Additional </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Benchmark Information” </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">on page </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">24</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> of the Prospectus. The Fund’s</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> (and the predecessor fund’s)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> past performance, before and after taxes, is not necessarily an </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">indication of how the Fund will perform in the future. Updated performance information is available at no cost at </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">am.gs.com</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> or by </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">calling the appropriate phone number on the back cover of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods shown.</span></div> The bar chart and table show: (a) changes in the performance of the Fund’s Shares(represented by the performance of the predecessor fund’s Institutional Shares) from year to year; and (b) how the average annual total returns of the Fund(representedbytheaverageannualtotalreturnsofthe predecessor fund’s Institutional Shares) compare to those of a broad-based securities market index (Russell 1000® Index) (the “Regulatory Benchmark”) and the Russell 1000® Growth Index (the “Performance Benchmark”). The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund’s (and the predecessor fund’s) past performance, before and after taxes, is not necessarily anindication of how the Fund will perform in the future. am.gs.com CALENDAR YEAR (INSTITUTIONAL) <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 11.25pt;"> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Year-to-Date Return</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">6.21%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2025</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart above:</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 12.75pt;"> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Best Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 2.37pt;">28.20%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Worst Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">-23.09%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Year-to-Date Return 0.0621 2025-06-30 Best Quarter Return 0.2820 2020-06-30 Worst Quarter Return -0.2309 2022-06-30 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2024 1999-05-24 1999-05-24 1999-05-24 0.3208 0.1698 0.1498 0.2993 0.1438 0.1155 0.2021 0.1306 0.1112 0.3325 0.1894 0.1676 0.2444 0.1426 0.1286 <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The after-tax returns </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">for</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Institutional</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">will vary.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">After-tax returns are calculated using the historical highest individual federal </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color: #000000; font-family: times new roman; font-size: 9pt;">Actual after-tax returns depend on an investor’s tax</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The after-tax returns for InstitutionalShareswill vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Goldman Sachs Technology Opportunities ETF—Summary Ticker: GTOP   Stock Exchange: The NASDAQ Stock Market LLC    Investment Objective <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Goldman Sachs Technology Opportunities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">ETF</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> (the “Fund”) seeks long-term growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of capital.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">You may pay other fees, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0065 0.0000 0.0000 0.0065 The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. Expense Example <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example is intended to help you</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">compare the cost</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">owning</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund with</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">cost of investing in other funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example assumes that you invest $10,000 in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Fund for the time periods indicated and then </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">sell</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> all of your </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares at the end of those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">same</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. Although your actual costs may be higher or lower, based on these assumptions your costs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 66 208 Portfolio Turnover <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may pay</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> transaction costs when it buys and sells securities or instruments (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, “turns over” its portfolio). A high rate of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover rate for the fiscal year ended August 31, 2024 was </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">37</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of the average value of its portfolio.  </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">turnover </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">rate shown is that of the predecessor fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">defined below).</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 0.37 Principal Investment Strategies <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in technology companies, as described below. The Fund seeks to achieve its investment objective by investing, under normal circumstances, in companies that are considered by Goldman Sachs Asset Management, L.P. (“GSAM” or the “Investment Adviser”) to benefit from the proliferation of technology. Although the Fund invests primarily in publicly traded U.S. securities, it may invest up to 20% of its Net Assets in foreign securities, including securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign currencies. The Fund may also invest in privately held companies and companies that only recently began to trade publicly. The Fund may invest in companies of any market capitalization.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund’s fundamental equity growth investment process involves evaluating potential investments based on specific characteristics </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">believed to indicate a high-quality business with sustainable growth, including strong business franchises, favorable long-term </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">prospects, and excellent management. The Investment Adviser will also consider valuation of companies when determining whether to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">buy and/or sell securities. The Investment Adviser may integrate environmental, social and governance (“ESG”) factors alongside </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">traditional fundamental factors as part of its fundamental research process. No one factor or consideration is determinative in the stock </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">selection process. The Investment Adviser may decide to sell a position for various reasons, including when a company’s fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">outlook deteriorates, because of valuation and price considerations, for risk management purposes, or when a company is deemed to be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">misallocating capital.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund intends to invest a substantial portion of its assets in technology companies. In general, the Investment Adviser defines a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">technology company as a high-quality technology, services, media or telecommunications company that adopts or uses technology to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">improve its cost structure, revenue opportunities or competitive advantage. The Investment Adviser seeks to identify technology </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies that exhibit many of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">following characteristics:</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Strong brand name</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Dominant market share</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Recurring revenue streams</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Free cash flow generation</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Long product life cycle</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Enduring competitive advantage</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div> <div style="clear: both; margin-top: 1pt; position: relative; width: 100%;"> <div style="float: left; line-height: 11pt; text-align: left; width: 6.85pt;"><span style="color: #38b8ff; font-family: times new roman; font-size: 9pt;">◼</span></div> <div style="float: left; line-height: 11pt; margin-left: 5.15pt; text-align: left; width: 470.00pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Excellent management</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="clear: both; position: relative;"></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Investment Adviser seeks to identify technology companies that are promising growth businesses. These companies may grow </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">revenue by increasing sales volumes, prices, customers and market share. The Internet is an example of a technology that the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment Adviser believes will drive growth for many technology businesses. The Internet has had, and is expected to continue to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">have, a significant impact on the global economy, as it changes the way many companies operate. Benefits of the Internet for </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">businesses may include global scalability, acquisition of new clients, new revenue sources and increased efficiencies. Technology </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies adopting innovative Internet technologies to improve their business models include providers of infrastructure, software, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">hardware </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and services.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund will invest at least 25% of its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total assets</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> in companies in one or more of the media, telecommunications, technology and/or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Internet industries. Because of its focus on technology, telecommunications, Internet, services and media companies, the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment performance will be closely tied to many factors which affect these companies. These factors include intense competition, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">consumer preferences, problems with product compatibility and government regulation. The Fund’s investments may experience </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significant price movements caused by disproportionate investor optimism or pessimism with little or no basis in fundamental </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">economic conditions. The Fund may also invest in a relatively few number of issuers. As a result, the Fund’s net asset value (“NAV”) is </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">more likely to have greater fluctuations than that of a fund which is more diversified or invests in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other industries.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund may invest up to 10% of its Net Assets in fixed income securities (including high yield fixed income securities), such as government, corporate and bank debt obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and does not seek to replicate the performance of a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">specified index.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Investment Adviser measures the Fund’s performance against the NASDAQ Composite Total </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Return Index.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in technology companies, as described below. Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Foreign and Emerging Countries Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other government restrictions by the United States and other governments, or from problems in share registration, settlement or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issuers located in, or otherwise economically tied to, emerging countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Industry Concentration Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund concentrates its investments in specific </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">industries </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">that have historically experienced </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">substantial price volatility. The Fund is subject to greater risk of loss as a result of adverse economic, business, political, environmental </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">or other developments than if its investments were diversified across different </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">industries</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. Securities of issuers held by the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">lack sufficient market liquidity to enable the Fund to sell the securities at an advantageous time or without a substantial drop </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">in price.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Investment Style Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Different investment styles (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">., “growth”, “value” or “quantitative”) tend to shift in and out of favor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">invest in similar asset classes but employ different investment styles. Growth investing is an example of an investment style.Growth </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies are often expected by investors to increase their earnings at a certain rate. When these expectations are not met, investors </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">can punish the stocks inordinately even if earnings showed an </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">absolute increase.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Large Shareholder </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Certain</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">shareholders</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including other funds advised by the Investment Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">from time to time own a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">substantial amount of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s Shares.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">In addition</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a third party investor,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Investment</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser or an</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">affiliate</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the Investment </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">an authorized participant, a lead market maker, or another entity (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">a seed investor)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> may invest in the Fund and hold its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment solely to facilitate commencement of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> or to facilitate the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">’</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">achieving a specified size or scale. Any such </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment may be held for a limited period of time.There can be no assurance that any large shareholder would not redeem its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the size of the Fund would be maintained at such levels or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> that the Fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would continue to meet applicable listing </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">requirements</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Redemptions by large shareholders could have a significant negative impact on the Fund</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">including on the Fund'</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquidity</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">. In addition, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">transactions by large shareholders may account for a large percentage of</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">trading</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">volume on The NASDAQ </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Stock Market LLC</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">(“</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NASDAQ”)</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and may</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">therefore,</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">have a material upward or</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">downward</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">effect on</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">market price of the Shares.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">such events and developments, could also significantly impact the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Trading Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The NAV of the Fund and the value of your investment may fluctuate. Market prices of Shares may fluctuate, in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for Shares. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">volatility or potential lack of an active trading market for Shares. Any of these factors, among others, may result in Shares trading at a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the closing price of Shares as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">compared to NAV.In addition, because liquidity in certain underlying securities may fluctuate, Shares may trade at a larger premium or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">discount to NAV than shares of other kinds of ETFs. If a shareholder purchases Shares at a time when the market price is at a premium </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">less than, the underlying value of the Shares, respectively. Additionally, in stressed market conditions, the market for Shares may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio holdings.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">premium or discount to the Shares’ NAV </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may widen.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Mid-Cap and Small-Cap Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may lack sufficient market liquidity, and these issuers often face greater </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">business risks.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Stock Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of substantial price volatility in the past and may do so again in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Technology Sector Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The stock prices of technology and technology-related companies and therefore the value of the Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">experience significant price movements as a result of intense market volatility, worldwide competition, consumer preferences, product </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">compatibility, product obsolescence, government regulation, excessive investor optimism or pessimism, or other factors. The Fund may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">also invest in a relatively few number of issuers. Thus, the Fund may be more susceptible to adverse developments affecting any single </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issuer held in its portfolio and may be more susceptible to greater losses because of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">these developments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">exchanges may be open on days when the Fund does not price its Shares, the value of foreign securities or assets in the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various sources to </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">risks arising from factors such as failures in systems </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and technology.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Performance <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund. It is currently contemplated that before the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund commences operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Technology Opportunities Fund (the “predecessor fund”), will be transferred to the Fund in a tax-free reorganization. It is currently </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">contemplated that the reorganization will take place upon the close of business on December 5, 2025. The Fund and the predecessor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">fund have identical investment objectives and fundamental investment policies and have substantially similar investment strategies. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">performance of the predecessor fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">those of the predecessor fund. Because the Fund has different fees and expenses than the predecessor fund, the Fund would also have </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">had different </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">performance results.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table show: (a) changes in the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Institutional Shares) from year to year; and (b) how the average annual total returns of the Fund (represented by the average annual total returns of the predecessor fund’s Institutional Shares) compare to those of a broad-based securities market index (Russell 1000® Index) (the “Regulatory Benchmark”) and the NASDAQ Composite Total Return Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. For additional information about these benchmark indices, please see “Additional Benchmark Information” on page 24 of the Prospectus. The Fund’s (and the predecessor fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods shown.</span></div> The bar chart and table show: (a) changes in the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Institutional Shares) from year to year; and (b) how the average annual total returns of the Fund (represented by the average annual total returns of the predecessor fund’s Institutional Shares) compare to those of a broad-based securities market index (Russell 1000® Index) (the “Regulatory Benchmark”) and the NASDAQ Composite Total Return Index (the “Performance Benchmark”). The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with regulatory requirements. The Fund’s (and the predecessor fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. am.gs.com CALENDAR YEAR (INSTITUTIONAL) <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 11.25pt;"> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Year-to-Date Return</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">9.47%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2025</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart above:</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 12.75pt;"> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Best Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 2.37pt;">30.74%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2020</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Worst Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">-24.23%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2022</span></div> </div> </td> </tr> </table> Year-to-Date Return 0.0947 2025-06-30 Best Quarter Return 0.3074 2020-06-30 Worst Quarter Return -0.2423 2022-06-30 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2024 1999-10-01 1999-10-01 1999-10-01 0.3061 0.1742 0.1759 0.2962 0.1503 0.1496 0.1887 0.1342 0.1387 0.2948 0.1747 0.1619 0.2444 0.1426 0.1286 <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The after-tax returns for Institutional Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The after-tax returns for Institutional Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Goldman Sachs Value Opportunities ETF—Summary Ticker: GVLE   Stock Exchange: The NASDAQ Stock Market LLC    Investment Objective <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Goldman Sachs Value Opportunities ETF (the “Fund”) seeks long-term </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">capital appreciation.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Fees and Expenses of the Fund <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell Shares of the Fund. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">You may pay other fees, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold;">Example below.</span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  0.0045 0.0000 0.0000 0.0045 The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. Expense Example <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">This Example is intended to help you compare the cost of owning Shares of the Fund with the cost of investing in other funds. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your Shares at the end of those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">same. Although your actual costs may be higher or lower, based on these assumptions your costs </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">would be:</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 46 144 Portfolio Turnover <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund may pay transaction costs when it buys and sells securities or instruments (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, “turns over” its portfolio). A high rate of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover may result in increased transaction costs, including brokerage commissions, which must be borne by the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its shareholders, and is also likely to result in higher short-term capital gains for taxable shareholders. These costs are not reflected in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">total annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. The Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio turnover rate for the fiscal year ended August 31, 2024 was </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">85</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">% of the average value of its portfolio.  The portfolio turnover </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">rate shown is that of the predecessor fund (as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">defined below).</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> 0.85 Principal Investment Strategies <div style="line-height: 11.0pt; margin-top: 10pt; text-align: left;"> <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a portfolio of equity securities. Equity securities represent an ownership interest, or the right to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">acquire an ownership interest, in an issuer. The Fund seeks to achieve its investment objective by investing, under normal </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">circumstances, in companies that are considered value opportunities, which Goldman Sachs Asset Management, L.P. (“GSAM” or the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">“Investment Adviser”) defines as quality companies with identifiable competitive advantages, and sustainable growth potential, whose </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">intrinsic value is not reflected in the stock price. The Fund may invest in securities of companies of any capitalization. Although the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund will invest primarily in publicly traded U.S. securities, it may invest up to 20% of its Net Assets in foreign securities, including </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities of issuers in countries with emerging markets or economies (“emerging countries”) and securities quoted in foreign </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">currencies. The Fund may invest in companies of any </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">market capitalization.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> </div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund’s equity investment process involves: (1) using multiple industry-specific valuation metrics to identify economic value and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">company potential in stocks, screened by valuation, profitability and business characteristics; (2) conducting in-depth company </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">research and assessing overall business quality; and (3) buying those securities that a sector portfolio manager recommends, taking </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">into account feedback from the rest of the portfolio management team. No one factor or consideration is determinative in the stock </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">selection process. The Investment Adviser may decide to sell a position for various reasons, including valuation and price </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">considerations, readjustment of the Investment Adviser’s outlook based on subsequent events, the Investment Adviser’s ongoing </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">assessment of the quality and effectiveness of management, if new investment ideas offer the potential for better risk/reward profiles </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">than existing holdings, or for risk </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">management purposes.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund may invest up to 10% of its Net Assets in fixed income securities (including high yield fixed income securities), such as </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">government, corporate and bank </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">debt obligations.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS IN ONE OR MORE ISSUERS OR IN </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">FEWER ISSUERS THAN </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">DIVERSIFIED FUNDS.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Fund is an actively managed ETF, which is a fund that trades like other publicly traded securities. The Fund is not an index fund </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and does not seek to replicate the performance of a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">specified index.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The Investment Adviser measures the Fund’s performance against the Russell 1000</span><span style="color: #000000; font-family: times new roman; font-size: 5.5pt; position: relative; top: -3.75pt;">®</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Value Index.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a portfolio of equity securities. Loss of money is a risk of investing in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) or any government agency. <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Foreign and Emerging Countries Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Foreign securities may be subject to risk of loss because of more or less foreign government </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other government restrictions by the United States and other governments, or from problems in share registration, settlement or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">securities transactions, and significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">significantly over short periods of time. These risks are more pronounced in connection with the Fund’s investments in securities of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">issuers located in, or otherwise economically tied to, emerging countries.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Investment Style Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Different investment styles (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">e.g</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">., “growth”, “value” or “quantitative”) tend to shift in and out of favor </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">invest in similar asset classes but employ different investment styles. Value investing is an example of an investment style. Value stocks </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">are those believed to be undervalued in comparison to their peers, due to market, company-specific or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">other factors.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Large Shareholder Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">substantial amount of the Fund’s Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Adviser, an authorized participant, a lead market maker, or another entity (</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic;">i.e.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">, a seed investor) may invest in the Fund and hold its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a specified size or scale. Any such </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment may be held for a limited period of time.There can be no assurance that any large shareholder would not redeem its </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment, that the size of the Fund would be maintained at such levels or that the Fund would continue to meet applicable listing </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the Fund's </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on The NASDAQ </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Stock Market LLC (“NASDAQ”) and may, therefore, have a material upward or downward effect on the market price of the Shares.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-weight: bold; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The value of the securities in which the Fund  invests may go up or down in response to the prospects of individual </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">companies, particular sectors, governments or countries and/or general economic conditions throughout the world due to increasingly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, </span></div> <div style="line-height: 11.0pt; text-align: left;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">such events and developments, could also significantly impact the Fund and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">its investments.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Market Trading Risk. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The net asset value (“NAV”) of the Fund and the value of your investment may fluctuate. Market prices of </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares may fluctuate, in some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and demand for Shares. The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">existence of extreme market volatility or potential lack of an active trading market for Shares. Any of these factors, among others, may </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">result in Shares trading at a significant premium or discount to NAV, which will be reflected in the intraday bid/ask spreads and/or the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">closing price of Shares as compared to NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the underlying value of the Shares, respectively. Additionally, in stressed market conditions, the market for Shares may become less </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">liquid in response to deteriorating liquidity in the markets for the Fund’s underlying </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">portfolio holdings.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The securities held by the Fund may be traded in markets that close at a different time than the stock exchange on which the Fund’s </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Shares are listed. Liquidity in those securities may be reduced after the applicable closing times. Accordingly, during the time when the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">premium or discount to the Shares’ NAV </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may widen.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Mid-Cap and Small-Cap Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Investments in mid-capitalization and small-capitalization companies involve greater risks than those </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may lack sufficient market liquidity, and these issuers often face greater </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">business risks.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Non-Diversification Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">more issuers or in fewer issuers than diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments. Under normal </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">circumstances, the Fund intends to invest in approximately 20-40 companies.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Stock Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">of substantial price volatility in the past and may do so again in </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">the future.</span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt; font-style: italic; font-weight: bold;">Valuation Risk.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;"> The sale price the Fund could receive for a security may differ from the Fund’s valuation of the security, particularly </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">exchanges may be open on days when the Fund does not price its Shares, the value of foreign securities or assets in the Fund’s portfolio </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various sources to </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">risks arising from factors such as failures in systems </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">and technology.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> Performance <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table below provide an indication of the risks of investing in the Fund. It is currently contemplated that before the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Fund commences operations, the assets of another investment company advised by the Investment Adviser, Goldman Sachs Focused </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Value Fund (the “predecessor fund”), will be transferred to the Fund in a tax-free reorganization. It is currently contemplated that the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">reorganization will take place upon the close of business on November 14, 2025. The Fund and the predecessor fund have identical </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">investment objectives and fundamental investment policies and have substantially similar investment strategies. The performance of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund has not been restated to reflect the annual operating expenses of the Fund, which are lower than those of the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">predecessor fund. Because the Fund has different fees and expenses than the predecessor fund, the Fund would also have had different </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">performance results.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The bar chart and table show: (a) changes in the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Institutional Shares) from year to year; and (b) how the average annual total returns of the Fund (represented by the average annual total returns of the predecessor fund’s Institutional Shares) compare to those of a broad-based securities market index ((Russell 1000® Index) (the “Regulatory Benchmark”) and the Russell 1000® Value Index (the “Performance Benchmark”). The Performance Benchmark is generally more representative of the market sectors and/or types of investments in which the Fund invests or to which the Fund has exposure and which the Investment Adviser uses to measure the Fund’s performance. The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. For additional information about these benchmark indices, please see “Additional Benchmark Information” on page 24 of the Prospectus. The Fund’s (and the predecessor fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at no cost at am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.</span><span style="color: #000000; font-family: times new roman; font-size: 9pt; line-height: 11pt;"> </span></div> <div style="margin-top: 6pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">Performance reflects applicable fee waivers and/or expense limitations in effect during the </span><span style="color: #000000; font-family: times new roman; font-size: 9pt;">periods shown.</span></div> The bar chart and table show: (a) changes in the performance of the Fund’s Shares (represented by the performance of the predecessor fund’s Institutional Shares) from year to year; and (b) how the average annual total returns of the Fund (represented by the average annual total returns of the predecessor fund’s Institutional Shares) compare to those of a broad-based securities market index ((Russell 1000® Index) (the “Regulatory Benchmark”) and the Russell 1000® Value Index (the “Performance Benchmark”). The Fund has included in the table below the performance of the Regulatory Benchmark, which represents a broader measure of market performance, to comply with new regulatory requirements. The Fund’s (and the predecessor fund’s) past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. am.gs.com CALENDAR YEAR (INSTITUTIONAL) <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 0.5pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;"> </span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 11.25pt;"> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Year-to-Date Return</span></div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">2.07%</span></div> </div> </div> </td> <td style="padding-bottom: 2pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">June 30, 2025</span></div> </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="border-bottom: 0.5pt solid #000000; empty-cells: show; margin-left: 114.5pt; width: 258pt;"> <tr style="height: 9.75pt;"> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">During the periods shown in the chart above:</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 36pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 2.5pt; margin-right: 2.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Returns</span></div> </div> </td> <td style="border-bottom: 0.5pt solid #38B8FF; padding-bottom: 1.75pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9.0pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 6.5pt; font-weight: bold; margin-left: 0.0pt;">Quarter ended</span></div> </div> </td> </tr> <tr style="height: 12.75pt;"> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Best Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 2.37pt;">16.65%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 3pt; padding-top: 1.75pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">December 31, 2020</span></div> </div> </td> </tr> <tr style="height: 9.5pt;"> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 148.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 3pt; margin-right: 4.5pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">Worst Quarter Return</span></div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; white-space: nowrap; width: 36pt;"> <div style="line-height: 9pt; margin-left: 4.5pt; margin-right: 4.5pt; text-align: right; width: 27pt;"> <div style="display: flex; margin-right: auto; width: 27pt;"> <div style="display: flex; white-space: nowrap; width: 27pt;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">-24.12%</span></div> </div> </div> </td> <td style="background-color: #ebf8ff; padding-bottom: 2pt; padding-top: 3pt; vertical-align: Bottom; width: 73.5pt;"> <div style="line-height: 9pt; text-align: left;"> <div style="margin-left: 4.5pt; margin-right: 3pt; text-align: left; white-space: nowrap;"><span style="color: #000000; font-family: arial narrow; font-size: 7.5pt; margin-left: 0.0pt;">March 31, 2020</span></div> </div> </td> </tr> </table> Year-to-Date Return 0.0207 2025-06-30 Best Quarter Return 0.1665 2020-12-31 Worst Quarter Return -0.2412 2020-03-31 AVERAGE ANNUAL TOTAL RETURN For the period ended December 31, 2024 2015-07-31 2015-07-31 2015-07-31 0.1909 0.1199 0.1010 0.1641 0.1021 0.0944 0.1285 0.0909 0.0849 0.1433 0.0867 0.0904 0.2444 0.1426 0.1327 <div style="margin-top: 10pt;"><span style="color: #000000; font-family: times new roman; font-size: 9pt;">The after-tax returns for Institutional Shares will vary.  After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span><span style="color: #000000; font-family: times new roman; font-size: 1pt;"> </span></div> The after-tax returns for Institutional Shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. In addition, the after-tax returns shown are not relevant to investors who hold Fund Shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year. The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the current fiscal year.