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Goldman Sachs Asset Management Launches Investment Grade Corporate 1-5 Year Bond Exchange-Traded Fund

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Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (ARCA:GSIG) Offers Smart Beta Exposure to Bond Markets

GSAM today announced the launch of GSIG, an exchange-traded fund ("ETF") that seeks to offer smart beta exposure to 1-5-year investment grade corporate bonds. GSIG is competitively priced to investors at 14 basis points and is GSAM's sixth Access fixed income ETF.1

GSIG is our second investment grade corporate bond ETF – focused on bonds at the front end of the yield curve with 5-year maturities or shorter. Our first investment grade corporate bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB), gives broader exposure to the investment grade corporate bond market. We are pleased to provide investors with additional options to gain exposure to corporate credit. We believe the underlying Index methodology, which has been designed to minimize exposure to issuers showing certain signs of deterioration, is particularly relevant given today's uncertain economic outlook.

"We continue to build out our suite of fixed income ETF products, working closely with our clients and index providers," said Michael Crinieri, GSAM's Global Head of ETF Strategy. "The addition of GSIG to our Access suite aims to provide investors an attractive option to get simple, transparent and liquid access to the investment grade credit market, in a competitively priced vehicle backed by the global platform and resources of Goldman Sachs."

GSIG seeks to track the FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, owned and calculated by FTSE Fixed Income LLC (the "Index Provider" or "FTSE") using concepts developed with GSAM. The Index uses a transparent, rules-based methodology, designed to measure the performance of bonds that meet certain liquidity and fundamental screening criteria.

GSIG will be passively managed by GSAM's Global Fixed Income team, whose deep market expertise and extensive resources will aid in trade execution and optimizing portfolio construction.

GSAM's complete Access ETF suite is below:

Fund Name

Ticker

Inception

Date

Total Expense

Ratio (basis

points)

Goldman Sachs Access Treasury 0-1 Year ETF2

GBIL

9/6/16

0.12%

Goldman Sachs Access Ultra Short Bond ETF3

GSST

4/15/19

0.16%

Goldman Sachs Access Inflation Protected USD Bond ETF4

GTIP

10/2/18

0.12%

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

GSIG

7/7/20

0.14%

Goldman Sachs Access Investment Grade Corporate Bond ETF5

GIGB

6/6/17

0.14%

Goldman Sachs Access High Yield Corporate Bond ETF6

GHYB

9/5/17

0.34%

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 March 31, 2020.7 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.

1 Except in the case of the Goldman Sachs Access Ultra Short Bond ETF, the team utilizes a representative sampling strategy to manage each Fund. "Representative sampling" is an indexing strategy in which a Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of its Index. The securities selected for investment by a Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics, and liquidity measures similar to those of its Index. A Fund may or may not hold all of the securities in its Index. The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF expense ratio is 14 basis points (bps). The average net expense ratio for Short-Term Bond ETFs in the Morningstar US Fund Short-Term Bond category is 27 bps. Category expense ratios represent category averages for all funds in the US Fund Short-Term Bond category as defined by Morningstar. In an effort to distinguish funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed the Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years). Please note the figures shown above are the unitary management fees. Ordinary brokerage commissions apply. Brokerage commissions will reduce returns.

2 GBIL Total Annual Fund Operating Expenses (%): 0.12%. GBIL is not a money market fund and does not attempt to maintain a stable net asset value. GBIL Total Annual Fund Operating Expenses reflect an agreement by GSAM to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Fund's Board of Trustees.

3 GSST Total Annual Fund Operating Expenses (%): 0.16%. GSST Total Annual Fund Operating Expenses reflect an agreement by GSAM to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.16% as an annual percentage rate of average daily net assets of the Fund through at least December 27, 2020, and prior to such date GSAM may not terminate the arrangement without the approval of the Fund's Board of Trustees.

4GTIP Total Annual Fund Operating Expenses (%): 0.12%. GTIP is not a money market fund and does not attempt to maintain a stable net asset value. The expense ratios of the Fund do not have a fee waiver and expense limitation. The Net and Gross expense ratios will be the same.

5GIGB Total Annual Fund Operating Expenses (%): 0.14%. The expense ratios of the Fund do not have a fee waiver and expense limitation. The Net and Gross expense ratios will be the same.

6GHYB Total Annual Fund Operating Expenses (%): 0.34%. The expense ratios of the Fund do not have a fee waiver and expense limitation. The Net and Gross expense ratios will be the same.

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.

7Assets Under Supervision (AUS) includes assets under management and other client assets for which Goldman Sachs does not have full discretion.

The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the "Fund") seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index (the "Index"), which is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria. The Fund's investments are subject to the risks associated with debt securities generally, including credit, liquidity, interest rate, call and extension risk. Because the Fund may concentrate its investments in an industry or group of industries to the extent that the 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. Investments in foreign issuers may be more volatile and less liquid than investments in securities of U.S. issuers and are subject to the risks of adverse economic or political developments. The Fund is not actively managed, and therefore the Fund will not generally dispose of a security unless the security is removed from the Index. The Fund's investments are also 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. The Index calculation methodology may rely on information based on assumptions and estimates and neither the Fund nor its investment adviser can guarantee the accuracy of the methodology's assessment of included issuers. Performance may vary substantially from the performance of the Index as a result of transaction costs, expenses and other factors.

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.

GSIG is newly organized and does not have an operating history.

Smart beta refers to quantitative index-based strategies. Transparency allows investors to view their portfolio holdings on a daily basis. Basis points (bps) are equal to .01% (or 1/100th) of a percent.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETFs. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management and FTSE Fixed Income LLC.

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 (retail - 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a fund's objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Fund.

Index Disclosures (applicable to each Fund except the Goldman Sachs Access Ultra Short Bond ETF, which is an actively managed ETF):

The Fund has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). FTSE Russell is a trading name of certain of the LSE Group companies.

All rights in the Index vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.

The Index is calculated by or on behalf of FTSE Fixed Income, LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.

"Goldman Sachs" is a trademark owned by Goldman Sachs and is registered in the US and other countries. The Goldman Sachs trademark is being used by FTSE Fixed Income under license from Goldman Sachs. With respect to the Index, Goldman Sachs and its affiliates are in no way related or connected to or affiliated with FTSE Fixed Income other than as a licensee. Goldman Sachs does not own, maintain or participate in the calculation of the Index. Neither Goldman Sachs, nor its affiliated companies make any representation or warranty, express or implied to any member of the public regarding the ability of the Index to track general market performance. Data and information contained herein regarding the Index is proprietary to FTSE Fixed Income or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of FTSE Fixed Income.

Please note that one may not invest directly into an index.

Compliance Code : 208983-OTU-1225800 Date of first use: 7/9/2020.

ALPS Control: GST 1231 ED 12/31/2020.

© 2020 Goldman Sachs. All rights reserved.

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

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