GOLDMAN SACHS MOTIF HUMAN EVOLUTION ETF (GDNA) Exchange: NYSE ARCA

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 with common equity securities listed on exchanges in certain developed markets that may benefit from the development of new knowledge, medicines and technologies for the medical treatment of the human condition, from birth to end-of-life care (the “Human Evolution Theme”). The Human Evolution Theme is separated into multiple sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”). The Sub-Themes are:Precision Medicine Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of precise medical treatments. For the purposes of the Index, “Precision Medicine” refers to medical treatments or techniques that are either physically precise, targeting a specific group or type of cells, or tailored to a group of patients.Genomics Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of genomics. For the purposes of the Index, “Genomics” refers to the study of genomes, including genome sequencing and bioinformatics, and its application to healthcare as genomic medicine and pharmacogenomics, including gene therapy, gene editing and the use of biomarkers.Life Extension Sub-Theme:  the Sub-Theme represents companies that may benefit from the long-term demographic shift towards an older population. For the purposes of the Index, “Life Extension” refers to medical products and services geared towards managing the health of an aging population.Robotic Surgery Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of robotic surgery. For the purposes of the Index, “Robotic Surgery” refers to technology that enables minimally invasive surgery, as well as the use of miniaturized surgical instruments and robotic systems to assist in surgical procedures.Digital Health Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of digital health tools. For the purposes of the Index, “Digital Health” refers to the use of electronic data and software tools of analysis to assist in healthcare treatment and the development of drugs.The eligible universe of stocks is comprised of common equity securities, including depositary receipts, of companies located across developed and emerging markets worldwide, listed and traded on major exchanges in certain developed markets, including: Australia, Canada, France, Germany, Hong Kong, Japan, South Korea, Switzerland, the Netherlands, the United Kingdom and the United States. In addition, company and stock screens are applied to set minimum liquidity and investability requirements for stocks in the eligible universe. Motif Capital Management, Inc. (the “Index Provider”) determines the components of the Index based on their exposure to the Human Evolution Theme, and their weights in the Index in accordance with a rules-based methodology that involves five steps.Step 1 In the first step, a quantitative measurement is made of the exposure of companies in the eligible universe to each Sub-Theme (a “Sub-Theme Thematic Beta”). To calculate a Sub-Theme Thematic Beta, the Index Provider applies automated semantic search algorithms to multiple datasets and documents to score the relevance of a Sub-Theme to a company. The datasets and documents used include one or more of (1) regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets, (2) academic journals, (3) patent filings, and (4) clinical trial data (the “Search Corpus”). Each dataset and document in the Search Corpus is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the dataset or document based on the topic, document length, and number of mentions of the topic, among other factors. Datasets and documents with a non-zero score are then mapped, if possible, to a company. Multiple entries within a type of Search Corpus for each company are then combined to make a single score. This results in up to four quantitative measurements of the relevance of the Sub-Theme to a company: the “Filing Search Beta,” sourced from the regulatory filings; the “Academic Beta,” sourced from academic journals; the “Patent Beta,” sourced from patent filings; and the “Clinical Trial Beta” sourced from clinical trial data. The four quantitative measurements are then combined to give a company an overall Sub-Theme Thematic Beta. Step 2 In the second step, a company’s Sub-Theme Thematic Betas for all Sub-Themes are combined to give the company a single Human Evolution Thematic Beta. The Index Universe consists of all companies with a non-zero Human Evolution Thematic Beta (the “Index Universe”). Step 3 In the third step, each company in the Index Universe is mapped, if possible, to one or more common equity securities listed major stock exchanges in certain developed markets. If no relevant security is found, the company is removed from the Index Universe. Step 4 In the fourth step, liquidity, investability and theme relevance screens are applied to the Index Universe. Stocks of companies with any of the following characteristics are removed from the Index Universe:An average daily trading volume over the most recent 30-day period (“ADTV”) of less than $1,000,000 in U.S. dollars;A total market capitalization of less than $500,000,000 in U.S. dollars;Less than 50 days of historical returns data over the most recent 90-day period; orA Human Evolution Thematic Beta below a fixed threshold.All remaining stocks are included in the Index. In addition, if the size of the remaining Index Universe is greater than 120 stocks, the final Index Universe is reduced to 120 stocks based on a function of Human Evolution Thematic Beta, market variables and the weight of the stock from the previous rebalancing, if any. Step 5 In the fifth step, stocks are weighted according to a function of a company’s market capitalization and Human Evolution Thematic Beta. A minimum weight of 0.1% and a maximum weight of the lesser of 5% or the ADTV of such stock multiplied by 10-9 (for example, an ADTV of $10 million would correspond to a maximum weight of 1%) are applied to each stock to reduce concentration in individual securities and increase diversification of the Index.The Index is reconstituted and rebalanced quarterly on the third Friday of each February, May, August and November. As of November 15, 2019, the Index consisted of 120 securities with a market capitalization range of between approximately $476 million and $355 billion from issuers primarily located in Asia, North America, South America, and Western Europe. The components of the Index may change over time. The percentage of the portfolio exposed to any industry, 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 industry, country or geographic region at all times. Given the Fund’s investment objective of attempting to track its 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 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 the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase securities not in the Fund’s 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. The Fund may also invest up to 20% of its assets in securities and other instruments not included in its Index but which the Investment Adviser believes are correlated to its Index, as well as in, among other instruments, futures (including index futures), swaps, other derivatives, investment companies (including exchange-traded funds (“ETFs”)), preferred stocks, warrants and rights, cash and cash equivalents and money market instruments. 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.