GOLDMAN SACHS MOTIF MANUFACTURING REVOLUTION ETF (GMAN) 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 technology-driven transformation of the manufacturing industry (the “Manufacturing Revolution Theme”). This transformation includes the use of new materials and energy sources to supply the manufacturing process, the application of new methods and processes, and the manufacture of new products. The focus of the Index is to identify and weight companies that are originating new solutions for manufacturing, as well as companies that are deploying new solutions to solve business problems. The Manufacturing Revolution Theme is separated into multiple sub-themes (each a “Sub-Theme,” and collectively, the “Sub-Themes”). The Sub-Themes are:Robotics Sub-Theme:  the Sub-Theme represents companies that may benefit from the increased sophistication of robotics used in the manufacturing process. For the purposes of the Index, “Robotics” refers to the ability of a machine to perform physical tasks that previously either were not possible or required a human.3D Printing Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of 3D printing and its application in manufacturing. For the purposes of the Index, “3D Printing” refers to the additive process of manufacturing a three-dimensional object from a digital design.Future Mobility Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of new methods of mobility. For the purposes of the Index, “Future Mobility” refers to road vehicles, including automobiles and trucks that apply one or both of electrification and partially or fully autonomous driving capabilities.Drones Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of drones. For the purposes of the Index, “Drones” refers to aerial, land or sea-based unmanned vehicles, either remotely operated or autonomous, used in military, consumer or industrial applications.Clean Energy Sub-Theme:  the Sub-Theme represents companies that may benefit from the development of clean energy sources. For the purposes of the Index, “Clean Energy” refers to energy from renewable resources, such as solar, wind and biofuel, as well as battery technology needed for the storage of intermittent power sources.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 Manufacturing Revolution 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, 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 Manufacturing Revolution Thematic Beta. The Index Universe consists of all companies with a non-zero Manufacturing Revolution 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 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 Manufacturing Revolution 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 Manufacturing Revolution 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 Manufacturing Revolution 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 $590 million and $862 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.