Summary Prospectus
May 19, 2026
Goldman Sachs Data Enhanced Emerging Markets Equity ETF
Ticker:
GEMQ Stock Exchange: The NASDAQ Stock Market LLC
Before you invest, you may want to review the Goldman Sachs Data Enhanced Emerging Markets Equity ETF (the “Fund”) Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus, reports to shareholders and other information about the Fund online at
dfinview.com/GoldmanSachs. You can also get this information at no cost by calling 800-621-2550 or by sending an e-mail request to gs-funds-document-requests@gs.com. The Fund’s Prospectus and Statement of Additional Information (“SAI”), both dated May 15, 2026, are incorporated by reference into this Summary Prospectus.
| Investment Objective |
The Goldman Sachs Data Enhanced Emerging Markets Equity ETF (the
“Fund”) seeks long-term growth of capital.
| Fees and Expenses of the Fund |
The following table describes the fees and expenses that you may pay if
you buy, hold and sell Shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and
Example below.
Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your
investment)
| Management Fees |
0.40% |
| Distribution and Service (12b-1) Fee |
None |
| Other Expenses1
|
None |
| Total Annual Fund Operating Expenses |
0.40% |
1
The Fund’s “Other Expenses” have been estimated to reflect expenses expected to be incurred during the first fiscal year.
| Expense Example |
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 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 periods. The Example also assumes
that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
| 1 Year |
3 Years |
| $41 |
$128 |
| Portfolio Turnover |
The Fund may pay transaction costs when it buys and sells securities or
instruments (i.e., “turns over” its portfolio). A high rate of portfolio turnover may result in increased
transaction costs, including brokerage
commissions, which must be borne by the Fund and its shareholders, and is also likely to result in higher
short-term capital gains for taxable shareholders. These costs are not reflected in total annual fund operating expenses or in the expense example above, but are reflected in the Fund’s performance. Because the
Fund has not yet commenced operations as of the date of the Prospectus, there is no portfolio turnover information quoted for the Fund.
| Principal Investment Strategies |
The Fund invests, under normal circumstances, at least 80% of its net
assets plus any borrowings for investment purposes (“Net Assets”) in equity
securities issued by emerging country issuers. Equity securities include common stock, preferred stock, rights, warrants, convertible securities and other instruments with similar economic exposures, including American Depository Receipts
(“ADRs”), Global Depository Receipts (“GDRs”), European Depository Receipts (“EDRs”), and/or Non-Voting Depository Receipts (“NVDRs”) (collectively, “Depositary Receipts”),
open-end investment funds (including exchange-traded funds (“ETFs”)), real estate investment trust (“REITs”), unit investment trusts or other collective investment funds, including funds for which Goldman Sachs Asset Management,
L.P. (“GSAM” or the “Investment Adviser”) or an affiliate now or in the future acts as investment adviser. The Fund may consider classifications by the World Bank, the International Finance Corporation, the United
Nations (and its agencies) or the Fund’s benchmark index provider in determining whether a country is emerging or developed. Emerging countries are generally located in Africa, Asia, the Middle
East, Central and Eastern Europe and Central and South America. Under normal circumstances, the Fund intends to maintain investments that are economically tied to at least six emerging countries, as
determined by the Investment Adviser. The Fund seeks broad representation of large-cap and mid-cap issuers across major countries and sectors of the international economy, with some exposure to small-cap issuers.
The portfolio management team uses a bottom-up stock selection strategy to manage the Fund.
The Fund may invest in equity and/or equity related securities of companies regardless of their respective
market capitalizations and/or sectors. The Investment Adviser uses a quantitative style of
management, in combination with a qualitative overlay, that emphasizes fundamentally-based
stock selection, careful portfolio construction and efficient implementation. The Fund’s investments are selected using
2 Summary Prospectus — Goldman Sachs Data Enhanced Emerging Markets Equity ETF
fundamental research and a variety of quantitative
techniques based on certain investment themes, including, among others, Fundamental
Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes & Trends.
Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the Investment Adviser believes will lead to strong performance over the long-run. High Quality Business Models seeks to
identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in
their overall market sentiment. Market Themes and Trends seeks to identify companies positively
positioned to benefit from themes and trends in the market and macroeconomic
environment.
As a part of the Investment Adviser’s investment
selection process, the Investment Adviser utilizes proprietary models that assess a wide range
of indicators, which may include certain environmental, social and governance
(“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. The Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary
models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are
based on the Investment Adviser’s proprietary research.
The Fund may also invest in fixed income securities that are considered
to be cash equivalents.
The Investment Adviser measures the Fund’s performance against the MSCI Emerging Markets Index (Net, USD, Unhedged).
THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (“INVESTMENT COMPANY ACT”), AND MAY INVEST A LARGER PERCENTAGE
OF ITS ASSETS IN ONE OR MORE ISSUERS OR IN FEWER ISSUERS THAN DIVERSIFIED FUNDS.
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 and does not seek to replicate the performance of a specified
index.
| Principal Risks of the Fund |
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. The Fund should not be relied upon as a complete investment program.
There can be no assurance that the Fund will achieve its investment objective. Investments in the Fund involve substantial risks which prospective investors should consider
carefully before investing. The Fund's principal risks are presented below in alphabetical order, and not in the order of importance or
potential exposure.
Asian Investment Risk. Investing in certain Asian issuers may involve a higher degree of risk and special considerations not
typically associated with investing in issuers from more established economies or securities
markets. The Fund’s investments in Asian issuers increase the risks to the Fund of
conditions and developments that may be particular to Asian countries, such as: volatile economic cycles and/or securities markets; adverse changes to exchange rates; social, political, military, regulatory, economic or
environmental developments; or natural disasters.
Cash Transactions Risk. Unlike certain ETFs, the Fund expects to effect creations and redemptions partially for cash, rather than entirely for in-kind securities. As
such, investments in Shares may be less tax-efficient than an investment in a conventional ETF that generally is able to make in-kind redemptions and avoid realizing gains in connection with transactions designed to
raise cash to meet redemption requests.
Currency Risk. Indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies
will decline in value relative to the U.S. dollar, which would cause a decline in the U.S. value of the holdings of the Fund. Currency rates in foreign countries may fluctuate significantly over short
periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political, economic and tax developments in the U.S. or abroad. To the extent
the Fund seeks exposure to foreign currencies through foreign currency contracts and related transactions, the Fund becomes particularly susceptible to foreign currency value fluctuations, which may be sudden and
significant, and investment decisions tied to currency markets. In addition, these investments are subject to the risks associated with derivatives and hedging and the impact on the Fund of fluctuations in
the value of currencies may be magnified.
Foreign and Emerging Countries Risk. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting,
corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including
repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody,
may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact
is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country
or companies located in or economically tied to the sanctioned country and increase market
volatility and disruption in the sanctioned country and throughout the world. Sanctions and
other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and
significantly impact the Fund’s liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign
currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. These risks are
more pronounced in connection with the Fund’s investments in securities of issuers located in, or otherwise economically tied to, emerging countries. The securities markets of most emerging countries are less
liquid, developed and efficient, are subject to greater price volatility, have smaller market capitalizations, have more or less government regulation and may not be subject to as extensive and frequent accounting,
financial and other reporting requirements as the securities markets of more developed countries. Further, investment in securities of issuers located in certain emerging countries involves the risk of
loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of exchange controls (including repatriation restrictions). These
risks are not normally associated with investments in more developed countries.
3 Summary Prospectus — Goldman Sachs Data Enhanced Emerging Markets Equity ETF
Greater China
Risk. Investing in Greater China involves a higher degree of risk and special considerations not typically associated with investing in other more
established economies or securities markets. The Fund’s investment exposure to Greater China may subject the Fund, to a greater extent than if investments were made in developed countries, to the risks of adverse securities
markets, exchange rates and social, political, regulatory, economic or environmental events and natural disasters which may occur in the China region. The economy, industries, and securities and currency
markets of Greater China are particularly vulnerable to the region’s dependence on exports and international trade, increasing competition from Asia’s other low-cost emerging economies and territorial and
other disputes with other countries. The imposition of tariffs or other trade barriers by the U.S. or foreign governments on exports from Mainland China may also have an adverse impact on Chinese issuers. There is
also the risk that the U.S. government or other governments may sanction Chinese issuers or
otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese issuers
which may negatively affect the liquidity and price of their securities and cause the government of the People’s Republic of China (“PRC”) to take retaliatory measures. In addition, currency fluctuations,
currency convertibility, interest rate fluctuations and higher rates of inflation as a result of internal social unrest or conflicts with other countries have had, and may continue to have, negative effects on the economies and
securities markets of Greater China. The government of the PRC exercises significant control over the economy in Mainland China, and may at any time alter or discontinue economic reforms. The willingness and
ability of the Chinese government to support freer markets is uncertain. Investments in
Greater China are subject to the risk of confiscatory taxation, nationalization or
expropriation of assets, potentially frequent changes in the law, intervention by the PRC in contractual arrangements, and imperfect information because companies in the China region may not be subject to the same disclosure,
accounting, auditing and financial reporting standards and practices as U.S. companies. The securities markets of Mainland China and Taiwan are emerging markets characterized by a relatively small number of
equity issues and relatively low trading volume, resulting in decreased liquidity, greater
price volatility, and potentially fewer investment opportunities for the Fund. Taiwan and
Hong Kong do not exercise the same level of control over their economies as does the PRC with respect to Mainland China, but changes to their political and economic relationships with the PRC could adversely impact the
Fund’s investments in Taiwan and Hong Kong.
Investing Through Stock Connect Risk. Investing in China A Shares through the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect (“Stock Connect”) program is subject to trading, clearance, settlement, and other
procedures, which could pose risks to the Fund. Trading through Stock Connect is subject to market-wide trading volume and market cap quota limitations, each of which may restrict or preclude the Fund’s ability
to invest in A Shares through Stock Connect. A primary feature of Stock Connect is the application of the home market’s laws and rules applicable to investors in A Shares. Therefore, the Fund’s investments
in Stock Connect A Shares are generally subject to securities regulations and listing rules, among other restrictions, of the government of the PRC. Additionally, restrictions on the timing of permitted trading activity in A
Shares, including the imposition of local holidays in either Hong Kong or Mainland China and restrictions on purchasing and selling the same security on the same day, may subject the Fund to the risk of price
fluctuations of China A Shares at times when the Fund is unable to add to or exit its
position.
Investment Style Risk. Different investment styles (e.g., “growth”, “value” or
“quantitative”) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different
investment styles.
Large Shareholder Risk. Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of the Fund’s
Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in the Fund and hold its investment solely to facilitate commencement of the Fund or to facilitate the Fund’s achieving a
specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of the Fund would be
maintained at such levels or that the Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on the Fund, including on the
Fund’s liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on The NASDAQ Stock Market LLC (the “Exchange”) and may, therefore, have a
material upward or downward effect on the market price of the Shares.
Liquidity Risk. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV. The Fund
may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value and more difficult to
sell at the desired times and prices. Liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, declining
prices of the securities sold, an unusually high volume of redemption requests or other reasons. To meet redemption requests, the Fund may be forced to sell securities at an unfavorable time and/or under
unfavorable conditions and prices. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large
shareholders may have a negative impact on the Fund’s liquidity.
Management Risk. A strategy used by the Investment Adviser may fail to produce the intended results. The Investment Adviser
attempts to execute a complex strategy for the Fund using proprietary quantitative models.
Investments selected using these models may perform differently than expected as a result of the factors used in the models, the weight placed on each factor, changes from the factors’ historical trends, and technical and
other issues in the construction, implementation and maintenance of the models (including, for example, data problems, unauthorized changes and/or software issues). There is no guarantee that the Investment
Adviser’s use of these quantitative models will result in effective investment decisions for the Fund. Additionally, commonality of holdings across quantitative money managers may amplify losses.
Market Risk. The value of the securities in which the Fund invests may go up or down in response to the prospects
of individual companies, particular sectors, governments or countries and/or general economic
conditions throughout the world due to increasingly interconnected global economies and
financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions,
tariffs and other restrictions on trade,
4 Summary Prospectus — Goldman Sachs Data Enhanced Emerging Markets Equity ETF
sanctions or the spread of infectious illness or other
public health threats, or the threat or potential of one or more such events and
developments, could also significantly impact the Fund and its investments.
Market Trading Risk. The net asset value (“NAV”) of the Fund and the value of your investment may fluctuate. Market
prices of Shares may fluctuate, in some cases significantly, in response to the Fund’s NAV, the intraday value of the Fund’s holdings and supply and demand for Shares. The Fund faces numerous
market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. Any of these factors, among
others, may 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 closing price of Shares as compared to NAV. In addition, because
liquidity in certain underlying securities may fluctuate, Shares may trade at a larger premium or 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 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 less than, the underlying value of the Shares, respectively.
Additionally, in stressed market conditions, the market for Shares may become less liquid in response to deteriorating liquidity in the markets for the Fund’s underlying portfolio holdings.
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 Shares are listed. Liquidity
in those securities may be reduced after the applicable closing times. Accordingly, during the time when the Fund’s listing exchange is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and
the resulting premium or discount to the Shares’ NAV may widen.
Mid-Cap and Small-Cap Risk. Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established
companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.
Non-Diversification Risk. The Fund is non-diversified, meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than
diversified funds. Thus, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.
REIT Risk. Real Estate Investment Trusts (“REITs”) whose underlying properties are concentrated in a
particular industry or geographic region are subject to risks affecting such industries and regions. The securities of REITs involve greater risks than those associated with larger, more established companies and may be
subject to more abrupt or erratic price movements because of interest rate changes, economic conditions and other factors. Securities of such issuers may lack sufficient market liquidity to enable the Fund to
effect sales at an advantageous time or without a substantial drop in price.
Seed Investor Risk. GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to the Fund. Such payments may continue for a specified
period of time and/or until a specified dollar amount is reached. Those payments will be made from the assets of GSAM and/or such affiliates (and not the Fund). Seed investors may contribute all or a
majority of the assets in the Fund. There is a risk that such seed investors may redeem their investments in the Fund, particularly after payments from GSAM and/or its affiliates
have ceased. As with redemptions by other large shareholders, such redemptions could have a significant negative impact on the Fund, including on the Fund’s liquidity
and the market price of the Fund’s Shares.
Stock Risk. Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in
the past and may do so again in the future.
Valuation Risk. The sale price the Fund could receive for a security may differ from the Fund’s valuation of the
security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. Because non-U.S. 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 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 calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological
issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.
| Performance |
Because the Fund had not yet commenced investment operations as of the
date of the Prospectus, there is no performance information quoted for the Fund. Once
available, the Fund’s performance information will be available at no cost at
am.gs.com or by calling the appropriate phone number on the back cover of the Prospectus.
| Portfolio Management |
Goldman Sachs Asset Management, L.P. is the investment adviser for the
Fund.
Portfolio Managers: Nellie Bronner, Managing Director; Raj Garigipati, Managing Director; Len Ioffe, Managing Director; Raphael Shen, Managing Director; and Takashi
Suwabe, Managing Director, have managed the Fund since 2026.
| Buying and Selling Fund Shares |
Individual Shares of the Fund may only be purchased and sold in
secondary market transactions through a broker or dealer at market price. Because Shares
trade at market prices, rather than NAV, Shares of the Fund may trade at a price greater than NAV (i.e., a premium) or less than NAV (i.e., a discount).
You may incur costs attributable to the difference between the highest
price a buyer is willing to pay for Shares (bid) and the lowest price a seller is willing to
accept for Shares (ask) (the “bid-ask spread”) when buying or selling Shares in the
secondary market.
Recent information, including information about the Fund’s NAV, market price, premiums and
discounts, and bid-ask spreads, is included on the Fund’s website at am.gs.com.
| Tax Information |
The Funds’ distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k)
plan or an individual retirement account. Investments made through tax-deferred arrangements may become taxable upon withdrawal from such arrangements.
5 Summary Prospectus — Goldman Sachs Data Enhanced Emerging Markets Equity ETF
| Payments to Broker-Dealers and Other Financial Intermediaries |
If you purchase Shares of a Fund through a broker-dealer or other
financial intermediary (such as a bank), GSAM or other related companies may pay the
intermediary for the sale of Fund Shares or
related services. These payments may create a conflict of interest by influencing the broker-dealer or
other intermediary and your salesperson to recommend a Fund over another investment. Ask your
salesperson or visit your financial intermediary’s website for more information.
6 Summary Prospectus — Goldman Sachs Data Enhanced Emerging Markets Equity ETF
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