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GSAM Announcement Regarding Goldman Sachs Motif ETFs

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Goldman Sachs Asset Management ("GSAM") was notified by Motif Capital Management, Inc. ("Motif") that on or about May 15th Motif will cease to serve as index provider for the underlying indices for the suite of five Goldman Sachs Motif exchange-traded funds (ETFs).

In connection with this announcement, GSAM is in discussions with Motif to assume the role of index provider, subject to approval by the ETFs' Board of Trustees of the change to the ETFs' underlying indices.

We do not expect any interruption to the management of the ETFs at the present time, and the ETFs continue to trade on NYSE Arca.

For more information on the Goldman Sachs Motif ETFs, including the prospectus documents, please visit www.GSAM.com/ETFs.

About Goldman Sachs Asset Management, L.P. (GSAM)

GSAM is the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS), which supervises more than $1.6 trillion in assets as of December 31, 2019. Goldman Sachs Asset Management has been providing discretionary investment advisory services since 1988 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments, and high-net-worth individuals.

Goldman Sachs Motif ETFs

Goldman Sachs Motif Data-Driven World ETF, Goldman Sachs Motif Finance Reimagined ETF, Goldman Sachs Motif Human Evolution ETF, Goldman Sachs Motif Manufacturing Revolution ETF and Goldman Sachs Motif New Age Consumer ETF (each, a "Fund" and collectively, the "Funds") seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Motif Data-Driven World Index, Motif Finance Reimagined Index, Motif Human Evolution Index, Motif Manufacturing Revolution Index and Motif New Age Consumer Index (each, an "Index" and collectively, the "Indexes"), respectively. The Motif Data-Driven World 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 rapid increase in electronically recorded data in the world and its impact on the lifecycle of data delivery and processing. The Motif Finance Reimagined 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 Motif Human Evolution 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 Motif Manufacturing Revolution 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 Motif New Age Consumer 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 shifts in the consumer market due to changes in demographics, technology and preferences. A Fund's investments are subject to market risk, which means that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions. By engaging in thematic investing, a Fund relies on the index provider for the identification of companies with exposure to certain themes and sub-themes, and Fund performance may suffer if such companies are not correctly identified, if a theme or sub-theme develops in an unexpected manner or if the stocks included in its respective Index do not benefit from the development of such themes or sub-themes. Because a Fund may concentrate its investments in an industry or group of industries (for example, the financial services industry group with respect to the Goldman Sachs Motif Finance Reimagined ETF) to the extent that its respective Index is concentrated, the Fund may be subject to greater risk of loss as a result of adverse economic, business or other developments affecting that industry or group of industries. Stock prices of technology and technology related companies in particular may be especially volatile. Foreign investments may be more volatile and less liquid than investments in U.S. securities and are subject to the risks of adverse economic or political developments. A Fund may invest heavily in investments in Europe and Asia and may be subject to greater losses than if it were less concentrated in Europe and Asia. Each Fund is not actively managed, and therefore a Fund will not generally dispose of a security unless the security is removed from its respective Index. An Index calculation methodology may rely on information based on assumptions and estimates and neither a Fund nor its investment adviser can guarantee the accuracy of the methodology's assessment of included issuers. A Fund's performance may vary substantially from the performance of its respective Index as a result of transaction costs, expenses and other factors.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "target," "estimate," "intend," "continue," or "believe" or the negatives thereof or other variations thereon or comparable terminology. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements represent GSAM's and/or the Funds' belief regarding future events that, by their nature, are uncertain and outside of the their control. Any forward-looking statement made by us in this press release speaks only as of the date on which we make it. Factors or events that could cause our actual results to differ, possibly materially from our expectations, include, but are not limited to, the risks, uncertainties and other factors we identify in the sections entitled "Principal Risks of the Fund" in filings we make with the Securities and Exchange Commission, and it is not possible for us to predict or identify all of them. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value ("NAV") only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

The Investment Company Act of 1940 (the "Act") imposes certain limits on investment companies purchasing or acquiring any security issued by another registered investment company. For these purposes the definition of "investment company" includes funds that are unregistered because they are excepted from the definition of investment company by sections 3(c)(1) and 3(c)(7) of the Act. You should consult your legal counsel for more information. Diversification does not eliminate the risk of experiencing investment loss.

Please note that one cannot invest directly into an index.

Motif Investing is a registered broker dealer. Motif Capital Management, Inc., is an SEC-registered investment adviser and a separate, wholly-owned subsidiary of Motif Investing, Inc. Investing models are developed through Motif Capital Management. "Motif" is a trademark of Motif Investing and has been licensed for use in connection with the issuance and distribution of the Funds. The Funds are not sponsored by, endorsed, sold or promoted by Motif Capital Management, Inc., and Motif Capital Management, Inc. makes no representation regarding the advisability of investing in them.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETFs. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.

Please consider a Fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. A summary prospectus, if available, or a Prospectus for the Fund containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (1-800-621-2550).

Compliance code: 042020.IP.MF.OTU Date of first use: 4/20/20

ALPS Control: GST 1149.

NOT FDIC INSURED. MAY LOSE VALUE. NO BANK GUARANTEE. NOT INSURED BY ANY GOVERNMENT AGENCY.

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