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. companies that Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) believes are associated, at the time the investment is first added to the Funds portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes of this policy. Equity investments may include common stock, preferred stock, warrants and other rights to acquire stock, American depositary receipts (ADRs), European depositary receipts (EDRs), and global depositary receipts (GDRs), underlying funds … 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. companies that Goldman Sachs Asset Management, L.P. (GSAM or the Investment Adviser) believes are associated, at the time the investment is first added to the Funds portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes of this policy. Equity investments may include common stock, preferred stock, warrants and other rights to acquire stock, 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 invest in underlying ETFs, exchange-traded products (ETPs) and/or money market funds, including those 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 Fund generally intends to invest in companies that the Investment Adviser believes are aligned with key themes associated with seeking to address environmental problems, which include, but are not limited to, clean energy, resource efficiency, sustainable consumption, the circular economy and water sustainability (the Key Themes). The Key Themes currently are: Clean Energy: ? represents companies that, in the Investment Advisers view, provide, invest in or help create products, services or technologies in areas including but not limited to solar energy, wind energy, bioenergy, energy storage, grid services and carbon sequestration. Resource Efficiency: ? represents companies that, in the Investment Advisers view, provide, invest in or help create products, services or technologies in areas including but not limited to electric and autonomous vehicles, sustainable manufacturing, logistics and smart cities. Sustainable Consumption: ? represents companies that, in the Investment Advisers view, provide, invest in or help create products, services or technologies in areas including but not limited to agriculture, food, tourism and fashion. Circular Economy: ? represents companies that, in the Investment Advisers view, provide, invest in or help create products, services or technologies in areas including but not limited to recycling and reuse, waste management and single-use substitution. Water Sustainability: ? represents companies that, in the Investment Advisers view, provide, invest in or help create products, services or technologies in areas including but not limited to water treatment, water distribution and desalination. 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. Alignment with the Key Themes is generally assessed at or around the time of initial purchase. 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 efforts to address environmental problems. When creating the investment universe, the Investment Adviser generally focuses on what each issuer is creating or producing and may not emphasize how the issuer is creating or producing services, products or technologies. Accordingly, the Investment Adviser may determine that an issuer is aligned with one or more of the Key Themes, even when the issuers profile reflects negative, or a mixture of positive and negative, environmental, social and governance (ESG) characteristics. The Investment Adviser employs a fundamental investment process that may integrate ESG factors alongside traditional fundamental factors. No one factor or consideration is determinative in the stock selection process. The Fund may have significant exposure to specific sectors including, but not limited to, the industrials, materials and technology sectors. The Funds sector exposures may change over time and the Fund may have significant exposure to any region, country or sector at any time. 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 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 the MSCI ACWI Index. Show less