GOLDMAN SACHS MOTIF FINANCE REIMAGINED ETF (GFIN) 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 on-going structural changes in the support and delivery of financial services (the “Finance Reimagined Theme”). These structural changes include the impact of rapid technological change on the industry, including the effects of the development of blockchain technology, and the split in the asset management industry toward very low and high cost investment strategies. The Finance Reimagined Theme is separated into multiple sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”). The Sub-Themes are: Digitization of Finance Sub-Theme:  the Sub-Theme represents companies that may benefit from the digitization of traditional financial services. For the purposes of the Index, “Digitization of Finance” refers to the impact of technological changes on the support and delivery of traditional financial services, such as payments, lending and insurance. Asset Management Makeover Sub-Theme:  the Sub-Theme represents companies that may benefit from the bifurcation in strategies in the asset management industry. For the purposes of the Index, “Asset Management Makeover” refers to the movement of assets into low cost, often passive investments such as exchange-traded funds (“ETFs”) and index funds, and high cost, often complex investments such as private equity and hedge funds. Blockchain Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of blockchain technology. For the purposes of the Index, “Blockchain” refers to the technology underlying distributed ledgers, applicable to payments, currencies and to other fields and industries that depend on a trusted intermediary. 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 Finance Reimagined 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 the Sub-Theme Thematic Beta, two approaches are applied: For the Digitization of Finance Sub-Theme and the Asset Management Makeover Sub-Theme, the Index Provider applies automated semantic search algorithms to multiple regulatory filings filed with the applicable regulators or major stock exchanges in certain developed markets to score the relevance of a Sub-Theme to a company. Each regulatory filing is scored for the relevance of the Sub-Theme by applying an automated semantic search algorithm. This algorithm assigns a score to the regulatory filing based on the topic, document length, and number of mentions of the topic, among other factors. Regulatory filings scoring above a fixed theme relevance threshold are then mapped, if possible, to a company. For each company that has a total market capitalization of at least $500,000,000 in U.S. dollars, a stock with an average daily trading volume over the most recent 30-day period (“ADTV”) of at least $1,000,000 in U.S. dollars and at least 50 days of historical returns data over the most recent 90-day period, the company’s reported revenue streams are examined to determine whether each revenue stream is relevant to the Sub-Theme. The company’s Sub-Theme Thematic Beta is equal to the sum of all revenue streams of such company that are theme-relevant divided by the company’s total revenue. For the Blockchain Sub-Theme, 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, and (3) patent filings (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 three 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; and the “Patent Beta,” sourced from patent filings. The three 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 Finance Reimagined Thematic Beta. The Index Universe consists of all companies with a non-zero Finance Reimagined 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 on 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/or theme relevance screens are applied to the Index Universe. Stocks of companies with a Finance Reimagined Thematic Beta below a fixed threshold are removed from the Index Universe. Additionally, for the Blockchain Sub-Theme, stocks of companies with any of the following characteristics are removed from the Index Universe: An 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; or Less than 50 days of historical returns data over the most recent 90-day period. 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 Finance Reimagined 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 Finance Reimagined 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 $514 million and $354 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 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.