Strategy. 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 U.S. and non-U.S. real estate and infrastructure companies. Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) generally defines a real estate company as a company in the real estate sector and an infrastructure company as one that owns or operates infrastructure assets. Real estate companies may include real estate investment trusts (REITs), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. Infrastructure companies may include, but are not limited to, companies within the utilities industries. The Investment Adviser … Show more… 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 U.S. and non-U.S. real estate and infrastructure companies. Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) generally defines a real estate company as a company in the real estate sector and an infrastructure company as one that owns or operates infrastructure assets. Real estate companies may include real estate investment trusts (REITs), REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry. Infrastructure companies may include, but are not limited to, companies within the utilities industries. The Investment Adviser may use the classifications assigned by third parties but is not required to do so. The Fund generally intends to invest in real estate and infrastructure companies that the Investment Adviser believes are aligned with key themes associated with secular growth drivers for real estate and infrastructure assets, which include, but are not limited to, tech innovation, environmental sustainability, new age consumer, and future of health care (the Key Themes). The Key Themes currently are: Tech Innovation : represents real estate and infrastructure companies that, in the Investment Advisers view, facilitate technological innovation-driven demand including but not limited to towers and digital storage. Environmental Sustainability : represents real estate and infrastructure companies that, in the Investment Advisers view, facilitate sustainability-driven demand in areas including but not limited to utilities enabling energy transition, alternative energy producers, water utilities, energy storage, and grid services. New Age Consumer : represents real estate and infrastructure companies that, in the Investment Advisers view, facilitate different and evolving priorities and spending habits of younger consumers, including but not limited to logistics, cold storage, transportation infrastructure, self storage, rental housing, leisure hotels and studio office. Future of Health Care : represents real estate and infrastructure companies that, in the Investment Advisers view, facilitate health care innovation and aging demographic trends including but not limited to lab office, life science office and senior housing. The Key Themes and related areas of investment may change over time at the sole discretion of the Investment Adviser without prior notice to shareholders. In addition, the Fund is permitted to make investments that are not aligned with the Key Themes. In selecting investments, the Investment Adviser will not seek to allocate a specified portion of the Funds portfolio to each particular Key Theme, and the allocation of the Funds investments across the Key Themes will vary over time in the Investment Advisers sole discretion. The Fund may not allocate its investments to each Key Theme at all times and an investment may be aligned with multiple Key Themes at the same time. The Investment Advisers belief may be informed by, among other things, company disclosure, third-party research, engagement with the companies, or subjective criteria including the Investment Advisers own research, expectations, or opinions. A company in which the Fund invests may not currently or in the future derive any revenue from its association with secular growth drivers for real estate and infrastructure assets. Equity investments may include common stock, preferred stock, warrants and other rights to acquire stock, REITs, American depositary receipts (ADRs), European depositary receipts (EDRs) and global depositary receipts (GDRs), underlying funds (including exchange-traded funds (ETFs)), and futures, forwards, options and other instruments with similar economic exposures. The Fund may also invest in companies that only recently began to trade publicly. The Fund may invest in underlying ETFs, exchange-traded products (ETPs) and/or money market funds that currently exist or that may become available for investment in the future for which the Investment Adviser or an affiliate now or in the future acts as investment adviser or principal underwriter. The Fund may also invest in unaffiliated ETFs, ETPs and/or money market funds. The Investment Adviser employs a fundamental investment process that may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the stock selection process. The Fund may invest in foreign securities, including securities of issuers in countries with emerging markets or economies. The Fund may invest without restriction as to company capitalization and may invest significantly in small- and mid-capitalization companies. The Fund concentrates its investments ( i.e ., holds more than 25% of its total assets) in the group of industries that comprise the real estate and utilities sectors. THE FUND IS NON-DIVERSIFIED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE INVESTMENT COMPANY ACT), AND MAY INVEST A LARGER PERCENTAGE OF ITS ASSETS 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. The Investment Adviser measures the Funds performance against a custom benchmark comprised of 50% of FTSE Global Core Infrastructure 50/50 Index and 50% of FTSE EPRA Nareit Developed Index. Show less