Goldman Sachs Ultra Short Municipal Income ETF GUMI Strategy

The investment seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax. The fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes in fixed income securities issued by or on behalf of states, territories and possessions of the United States and the political subdivisions, agencies and instrumentalities thereof, the interest on which is generally exempt from regular federal income tax. The fund is non-diversified.