Strategy. The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Index is designed to deliver exposure to companies that are expected to have a significant impact on energy decarbonization through their exposure to clean energy which includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy, wind energy, energy storage, hydrogen energy, energy digitalization and bioenergy. The Index is a free float-adjusted market capitalization-weighted index designed to identify relevant companies … Show more… The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Index is designed to deliver exposure to companies that are expected to have a significant impact on energy decarbonization through their exposure to clean energy which includes, but is not limited to, clean power infrastructure (generation, transmission and distribution), solar energy, wind energy, energy storage, hydrogen energy, energy digitalization and bioenergy. The Index is a free float-adjusted market capitalization-weighted index designed to identify relevant companies using curated data acquired from a variety of sources by Bloomberg Professional Services (the Index Provider). Some of the clean energy companies in which the Fund invests may have operations that involve traditional energy facilities (including oil, gas or other hydrocarbons). The Index Provider constructs the Index in accordance with a rules-based methodology that involves three steps. Step 1 In the first step, the Index Provider defines a universe of potential index constituents (the Universe) by identifying securities that are constituents of the Bloomberg Global Equity Index and classified to be within clean energy sectors by Bloomberg New Energy Finance (BNEF). BNEF is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Step 2 In the second step, the Index Provider screens the Universe for thematic relevance to clean energy and estimates the proportion of an issuers value attributable to clean energy activities. The Index Providers estimates are based on quarterly data reviews by sector specialists using reported segment revenues, along with any other available metrics such as segmented earnings before interest, taxes, depreciation and amortization (EBITDA), alignment with the European Unions Taxonomy Regulation, current and planned activities of the issuer, and expected growth of clean energy-relevant business lines relative to other business lines. Thematic relevance is then divided into four categories based on percentage of a companys value attributed to clean energy activities: A4 (Minor Driver of Decarbonization) 10% or Less, A3 (Moderate Driver of Decarbonization) 10% to 24%, A2 (Considerable Driver of Decarbonization) 25% to 49% and A1 (Main Driver of Decarbonization) 50% to 100%. Securities of issuers within category A4 (Minor) or Environmental, Social, and Governance (ESG)-controversial securities, and securities with high carbon impact and poor mitigation plans are excluded from the Index. Step 3 In the third step, the Index constituents are grouped by thematic relevance categories to maximize relevance and impact. Each thematic category is assigned a weighting to maximize exposure to securities with the greatest impact to de-carbonization as follows: ? 60% of the Index weight is in securities classified as A1 (Main Driver of Decarbonization). ? 30% of the Index weight is in securities classified as A2 (Considerable Driver of Decarbonization). ? 10% of the index weight is in securities classified as A3 (Moderate Driver of Decarbonization). Within each category, the weight for a single security is capped at a specified level that varies by category. Any excess weight resulted from capping is redistributed proportionally across the remaining uncapped securities in the Index. The Index is normally rebalanced and reconstituted quarterly in March, June, September, and December. As of December 1, 2024, the Index consisted of 189 securities with a market capitalization range of between approximately $501 million and $1.1 trillion. The components of the Index may change over time. The percentage of the portfolio exposed to any country or geographic region will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each country or geographic region at all times. The Index is comprised of equity securities, including American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs). The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) may choose to underweight or overweight a security in the Funds Index, purchase securities not in the Funds Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques. Given the Funds investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund is classified as diversified under the Investment Company Act of 1940, as amended (the Investment Company Act). However, the Fund may become non-diversified solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds. The Fund may concentrate its investments ( i.e. , hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time. Show less