THE SECURITIES ACT OF 1933 |
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Pre-Effective Amendment No. |
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Post-Effective Amendment No. 300 |
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THE INVESTMENT COMPANY ACT OF 1940 |
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Amendment No. 303 |
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☒ | immediately upon filing pursuant to paragraph (b) |
☐ | on (date) pursuant to paragraph (b) |
☐ | 60 days after filing pursuant to paragraph (a)(1) |
☐ | on (date) pursuant to paragraph (a)(1) |
☐ | 75 days after filing pursuant to paragraph (a)(2) |
☐ | on (date) pursuant to paragraph (a)(2) of rule 485. |
☐ | this post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
⬛ |
Goldman Sachs Innovate Equity ETF |
∎ |
NYSE Arca: GINN |
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Annual Fund Operating Expenses |
(expenses that you pay each year as a percentage of the value of your investment) |
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Management Fee |
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Distribution and Service (12b-1) Fee |
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Other Expenses 1 |
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Total Annual Fund Operating Expenses |
1 |
1 Year |
3 Years | |
$ |
$ |
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Data-Driven World Theme |
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Finance Reimagined Theme |
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Human Evolution Theme |
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Manufacturing Revolution Theme |
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New Age Consumer Theme |
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The company’s primary listing must be on a regulated stock exchange approved by the Index Provider; |
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The company’s stock must have an average daily trading volume over the most recent 1-month period (“ADTV”) of at least $1,000,000 in U.S. dollars; |
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The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and |
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The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index. |
INVESTMENT OBJECTIVE |
PRINCIPAL INVESTMENT STRATEGIES |
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Data-Driven World Theme |
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Finance Reimagined Theme |
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Human Evolution Theme— |
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Manufacturing Revolution Theme |
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New Age Consumer Theme |
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The company’s primary listing must be a regulated stock exchange approved by the Index Provider; |
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The company’s stock must have an ADTV of at least $1,000,000 in U.S. dollars; |
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The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and |
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The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index. |
ADDITIONAL INFORMATION ABOUT THE THEMES AND SUB-THEMES |
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The Data-Driven World Theme is separated into the following Sub-Themes. |
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Internet of Things Sub-Theme: refers to companies that enable the collection of consumer and industrial network-connected devices beyond traditional appliances. |
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Data Infrastructure Sub-Theme: refers to companies that produce the range of hardware components needed for transmission and storage of large quantities of data, such as routers and switches, wired and wireless transmission networks, and high-density storage. |
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Cybersecurity Sub-Theme: refers to companies offering products or services that ensure the integrity, confidentiality and availability of information. |
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Digital Enterprise Sub-Theme: refers to companies developing software technologies associated with the storage, processing and analytics of large-scale structured and unstructured data, or to companies enabling the ability of a machine to perform cognitive tasks typically associated with human brains, such as perception, reasoning, learning, interacting with the environment and problem solving. |
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The Finance Reimagined Theme is separated into the following Sub-Themes. |
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Asset Management Makeover Sub-Theme: refers to companies that may benefit from low cost, often passive investments such as exchange-traded funds(“ETFs”) and index funds, or high cost, often complex investments such as private equity and hedge funds. |
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Blockchain Sub-Theme: refers to companies that may benefit from the technology underlying distributed ledgers, applicable to payments, currencies and to other fields and industries that depend on a trusted intermediary. |
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Digitization of Finance Sub-Theme: refers to companies that may benefit from the impact of technological changes on the support and delivery of traditional financial services, such as payments, lending and insurance. |
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The Human Evolution Theme is separated into the following Sub-Themes. |
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Genomics Sub-Theme: refers to companies that may benefit from the study of genomes, including genome sequencing and bioinformatics, and its application to healthcare as genomic medicine and pharmacogenomics, including gene therapy, gene editing and the use of biomarkers. |
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Robotic Surgery Sub-Theme: refers to companies developing technology that enables minimally invasive surgery, as well as the use of miniaturized surgical instruments and robotic systems to assist in surgical procedures. |
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Digital Health Sub-Theme: refers to companies that enable the use of electronic data and software tools of analysis to assist in healthcare treatment and the development of drugs. |
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Human Evolution Theme—Life Extension and Precision Medicine Sub-Theme: refers to companies developing medical treatments or techniques that are either physically precise, targeting a specific group or type of cells, or tailored to a group of patients, or companies developing medical products and services geared towards managing the health of an aging population. |
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The Manufacturing Revolution Theme is separated into the following Sub-Themes. |
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Robotics Sub-Theme: refers to companies that may benefit from the ability of a machine to perform physical tasks that previously either were not possible or required a human. |
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3D Printing Sub-Theme: refers to companies that may benefit from the additive process of manufacturing a three-dimensional object from a digital design. |
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Future Mobility Sub-Theme: refers to companies that may benefit from road vehicles, including automobiles and trucks that apply one or both of electrification and partially or fully autonomous driving capabilities. |
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Drones Sub-Theme: refers to companies that may benefit from the development of aerial, land or sea-based unmanned vehicles, either remotely operated or autonomous, used in military, consumer or industrial applications. |
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Clean Energy Sub-Theme: refers to companies that may benefit from the development of renewable resources of energy, such as solar, wind and biofuel, as well as battery technology needed for the storage of intermittent power sources. |
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The New Age Consumer Theme is separated into the following Sub-Themes. |
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E-commerce Sub-Theme: refers to companies that may benefit from the purchase and delivery of goods and services over the internet. |
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Social Media Sub-Theme: refers to companies that offer online platforms that connect people and allow members to interact with one another. |
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Online Gaming Sub-Theme: refers to companies offering games that are either partially or primarily played through the internet, including video games and games that may have traditionally been delivered in person, such as betting. |
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Online Music and Video Sub-Theme: refers to companies offering the digital distribution of music or video. |
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Experiences over Goods Sub-Theme: refers to companies that may benefit from the demand for experiences, and the goods that relate to those experiences, relative to the demand for physical goods unrelated to those experiences. |
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Evolution of Education Sub-Theme: refers to companies delivering educational materials over the internet, such as interactive and non-interactive multimedia content, the streaming of lectures and the delivery of teaching and tutoring services online, and for-profit education services in emerging markets. |
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Health and Wellness Sub-Theme: refers to companies offering consumer health-related goods and services outside of traditional healthcare, for example relating to nutrition, exercise and health tracking. |
OTHER INVESTMENT PRACTICES AND SECURITIES |
10 |
Percent of total assets (including securities lending collateral) (italic type) | |
10 |
Percent of net assets (excluding borrowings for investment purposes) (roman type) | |
• |
No specific percentage limitation on usage; limited only by the objective and strategies of the Fund. The Fund may only invest up to 20% of its assets in securities and other instruments not included in its underlying index. |
Goldman Sachs Innovate Equity ETF | ||
Investment Practices |
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Borrowings |
33 1 ⁄3 | |
Derivatives, including futures, options and swaps |
• | |
Direct Equity Investment |
• | |
Foreign Currency Transactions (including forward contracts) |
• | |
Illiquid investments * |
15 | |
Investment Company Securities (including ETFs) * * |
10 | |
Preferred Stock |
• | |
Repurchase Agreements |
• | |
Securities Lending |
33 1 ⁄3 | |
Warrants and Stock Purchase Rights |
• | |
* |
Illiquid investments are any investments that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. |
** |
This percentage limitation does not apply to the Fund’s investments in other investment companies where a higher percentage limitation is permitted under the terms of an SEC exemptive order or SEC exemptive rule. |
• |
No specific percentage limitation on usage; limited only by the objective and strategies of the Fund |
Goldman Sachs Innovate Equity ETF | ||
Investment Securities |
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American, European, and Global Depositary Receipts |
• | |
Emerging Country Securities |
• | |
Equity Investments |
• | |
Foreign Securities |
• | |
Preferred Stock, Warrants and Stock Purchase Rights |
• | |
RISKS OF THE FUND |
✓ |
Principal Risk | |
• |
Additional Risk |
Goldman Sachs Innovate Equity ETF | ||
Absence of Active Market Risk |
• | |
Asian Investment Risk |
✓ | |
Authorized Participant Concentration Risk |
• | |
Calculation Methodology Risk |
✓ | |
Depositary Receipts Risk |
✓ | |
Derivatives Risk |
• | |
Emerging Countries Risk |
• | |
European Investment Risk |
✓ | |
Expenses Risk |
• | |
Financial Services Industry Group Risk |
• | |
Foreign Risk |
✓ | |
Foreign Custody Risk |
• | |
Geographic Risk |
✓ | |
Index Risk |
✓ | |
Industry Concentration Risk |
✓ | |
Large Shareholder Risk |
✓ | |
Liquidity Risk |
• | |
Market Risk |
✓ | |
Market Trading Risk |
✓ | |
Mid-Cap and Small-Cap Risk |
• | |
Secondary Listing Risk |
• | |
Seed Investor Risk |
✓ | |
Stock Risk |
✓ | |
Technology Industry Group Risk |
✓ | |
Thematic Investing Risk |
✓ | |
Tracking Error Risk |
✓ | |
Trading Issues Risk |
• | |
Valuation Risk |
✓ | |
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Absence of Active Market Risk |
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Asian Investment Risk |
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Authorized Participant Concentration Risk de-listing. |
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Calculation Methodology Risk |
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Depositary Receipts Risk non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The Fund will not invest in any Depositary Receipts that the Investment Adviser deems to be illiquid or for which pricing information is not readily available. |
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Derivatives Risk |
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Emerging Countries Risk e.g. |
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European Investment Risk |
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Expenses Risk |
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Financial Services Industry Group Risk e.g. |
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Foreign Risk Sub-Adviser may determine not to invest in, or may limit its overall investment in, a particular issuer, country or geographic region due to, among other things, heightened risks regarding repatriation restrictions, confiscation of assets and property, expropriation or nationalization. Geopolitical developments in certain countries in which the Fund may invest have caused, or may in the future cause, significant volatility in financial markets. For example, the United Kingdom withdrew from the European Union in January 2020 (commonly known as “Brexit”), which may result in increased market volatility and cause additional market disruption on a global basis. Although the effects of Brexit are unknown at this time, Brexit may result in fluctuations |
of exchange rates, increased illiquidity, inflation, and changes in legal and regulatory regimes to which certain of the Fund’s assets are subject. These and other geopolitical developments could negatively impact the value of the Fund’s investments. |
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Foreign Custody Risk |
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Geographic Risk |
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Index Risk— |
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Industry Concentration Risk |
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Communication Services Sector Risk |
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Consumer Discretionary Sector Risk |
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Financials Sector Risk |
continue to undergo, changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework. Furthermore, increased government involvement in the financials sector, including measures such as taking ownership positions in financial institutions, could adversely affect a Fund’s investments in financial institutions. |
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Health Care Sector Risk |
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Information Technology Sector Risk |
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Industrials Sector Risk |
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Large Shareholder Risk i.e. tax-efficient than an investment in an ETF that is able to effect redemptions in-kind. Similarly, large Fund share purchases through an authorized participant may adversely affect the performance of the Fund to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. To the extent these large shareholders transact in Shares on the secondary market, such transactions may account for a large percentage of the trading volume on NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares. |
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Liquidity Risk |
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Market Risk |
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Market Trading Risk |
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Mid-Cap and Small-Cap Riskmid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements. Securities of such issuers may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. Both mid-capitalization and small-capitalization companies often have narrower markets and more limited managerial and financial resources than larger, more established companies. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund’s portfolio. Generally, the smaller the company size, the greater these risks become |
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Secondary Listing Risk non-U.S. stock exchanges other than the U.S. stock exchange where the Fund’s primary listing is maintained. There can be no assurance that the Fund’s Shares will continue to trade on any such stock exchange or in any market or that the Fund’s Shares will continue to meet the requirements for listing or trading on any exchange or in any market. The Fund’s Shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. Certain information available to investors who trade Fund Shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other markets, which may result in secondary market prices in such markets being less efficient. Shares of the Fund may trade in the secondary market outside of the trading hours of the Fund’s primary exchange. At such times, Shares may trade with more significant premiums or discounts than might be experienced otherwise. |
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Seed Investor Risk— |
taxable to remaining shareholders and increasing the Fund’s transaction costs. A large redemption may also have a material upward or downward effect on the market price of the Fund’s Shares. |
⬛ |
Stock Risk— |
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Technology Industry Group Risk— |
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Thematic Investing Risk— sub-themes and its performance may suffer if such themes or sub-themes are not correctly identified or if a theme or sub-theme develops in an unexpected manner. Performance may also suffer if the stocks included in the Index do not benefit from the development of such themes or sub-themes. A failure to correctly identify themes or sub-themes or a failure of a theme or sub-theme to develop in the manner expected by the Index Provider may result from many causes, including government or other oppositions to certain themes or sub-themes, incorrect or incomplete demographic or economic data, social and political changes or natural disasters. In addition, certain themes or sub-themes may go in and out of favor, which could cause the Fund to outperform or underperform other funds that invest in similar asset classes but employ different investment strategies. Performance may also be impacted by the inclusion of non-theme-relevant exposures in an Index. There is no guarantee that the Index will reflect the theme and sub-theme exposures intended. |
⬛ |
Tracking Error Risk i.e., |
⬛ |
Trading Issues Risk |
⬛ |
Valuation Risk non-U.S. exchanges may be open on days when the Fund does not price its Shares, the value of foreign securities or assets in the Fund’s portfolio may change on days when investors will not be able to purchase or sell the Fund’s Shares. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology. |
INVESTMENT ADVISER |
Investment Adviser |
Fund | |
Goldman Sachs Asset Management, L.P. |
Goldman Sachs Innovate Equity ETF | |
200 West Street |
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New York, NY 10282 |
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⬛ |
non-advisory operations of the Fund, including oversight of vendors hired by the Fund, oversight of Fund liquidity and risk management, oversight of regulatory inquiries and requests with respect to the Fund made to the Investment Adviser, valuation and accounting oversight and oversight of ongoing compliance with federal and state securities laws, tax regulations, and other applicable law |
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|
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|
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Maintains the records of the Fund |
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Provides office space and necessary office equipment and services for the Investment Adviser |
⬛ |
Markets the Fund |
MANAGEMENT FEE AND OTHER EXPENSES |
Fund |
Fee as a Percentage of Average Daily Net Assets | |
Goldman Sachs Innovate Equity ETF |
0.50% | |
FUND MANAGERS |
Name and Title |
Primarily Responsible Since |
Five Year Employment History | ||
Raj Garigipati Managing Director |
2020 |
Mr. Garigipati joined the ETF Portfolio Management team in 2015. Prior to joining the ETF Portfolio Management team, he had been the Chief Risk Officer of the Quantitative Investment Strategies team since 2011. | ||
Jamie McGregor Vice President |
2020 |
Mr. McGregor is a portfolio manager on the ETF Portfolio Management team. He joined GSAM in 2015 as a vice president. Prior to joining GSAM, Mr. McGregor was a portfolio manager at Guggenheim Investments, having joined in 2007. | ||
DISTRIBUTOR |
TRANSFER AGENT, CUSTODIAN AND PROVIDER OF ADMINISTRATIVE SERVICES |
ACTIVITIES OF GOLDMAN SACHS AND ITS AFFILIATES AND OTHER ACCOUNTS MANAGED BY GOLDMAN SACHS |
BUYING AND SELLING SHARES |
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES |
NET ASSET VALUE |
NAV = | (Value of Assets of the Fund) – (Liabilities of the Fund) | |
| ||
Number of Outstanding Shares of the Fund |
BOOK ENTRY |
CREATIONS AND REDEMPTIONS |
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⬛ |
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DISTRIBUTIONS |
TAXES ON CREATIONS AND REDEMPTIONS OF CREATION UNITS |
SALES OF FUND SHARES |
OTHER INFORMATION |
PREMIUM/DISCOUNT INFORMATION |
CONTINUOUS OFFERING |
DISTRIBUTION AND SERVICE PLAN |
A. General Portfolio Risks |
B. Other Portfolio Risks |
C. Portfolio Securities and Techniques |
FOR MORE INFORMATION |
Shareholders/Authorized Participants |
Financial Advisors | |||
⬛ By telephone: |
1-800-621-2550 |
1-800-292-4726 | ||
⬛ By mail: |
Goldman Sachs Funds P.O. Box 06050 Chicago, IL 60606-6306 |
|||
⬛ On the Internet: |
SEC EDGAR database – http://www.sec.gov |
INVTEETFPRO |
The Trust’s investment company registration number is 811-23013 GSAM ® is a registered service mark of Goldman Sachs & Co. LLC |
FUND |
PRINCIPAL U.S. LISTING EXCHANGE |
TICKER SYMBOL | ||
GOLDMAN SACHS INNOVATE EQUITY ETF |
NYSE Arca, Inc. | GINN |
B-1 |
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B-2 |
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B-3 |
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B-4 |
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B-35 |
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B-37 |
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B-47 |
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B-52 |
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B-67 |
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B-87 |
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B-87 |
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B-89 |
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B-91 |
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B-93 |
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B-95 |
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B-101 |
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B-102 |
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B-104 |
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B-106 |
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B-107 |
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1-A |
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1-B |
GOLDMAN SACHS ASSET MANAGEMENT, L.P. |
ALPS DISTRIBUTORS, INC. | |
Investment Adviser | Distributor | |
200 West Street | 1290 Broadway, Suite 1000 | |
New York, New York 10282 | Denver, Colorado 80203 |
(1) | Invest more than 25% of its total assets in the securities of one or more issuers conducting their principal business activities in the same industry except that the Fund may invest more than 25% of the value of its total assets in securities of issuers in the same industry if the index that the Fund replicates concentrates in an industry (for the purposes of this restriction, the U.S. Government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries); |
(2) | Borrow money, except as permitted by the Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction; |
(3) | Make loans, except through (a) the purchase of debt obligations, loan interests and other interests or obligations in accordance with the Fund’s investment objective and policies; (b) repurchase agreements with banks, brokers, dealers and other financial institutions; (c) loans of securities as permitted by applicable law or pursuant to an exemptive order granted under the Act; and (d) loans to affiliates of the Fund to the extent permitted by law; |
(4) | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting; |
(5) | Purchase, hold or deal in real estate, although the Fund may purchase and sell securities that are secured by real estate or interests therein or that reflect the return of an index of real estate values, securities of issuers which invest or deal in real estate, securities of real estate investment trusts and mortgage-related securities and may hold and sell real estate it has acquired as a result of the ownership of securities; |
(6) | Invest in physical commodities, except that the Fund may invest in currency and financial instruments and contracts in accordance with its investment objective and policies, including, without limitation, structured notes, futures contracts, swaps, options on commodities, currencies, swaps and futures, ETFs, investment pools and other instruments, regardless of whether such instrument is considered to be a commodity; and |
(7) | Issue senior securities to the extent such issuance would violate applicable law. |
Name, Address and Age 1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served 2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee 3 |
Other Directorships Held by Trustee 4 | |||||
Lawrence W. Stranghoener Age: 66 |
Chairman of the Board of Trustees | Trustee since 2015; Chairman since 2017 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); Interim Chief Executive Officer (2014) and Executive Vice President and Chief Financial Officer (2004–2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
44 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 61 |
Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010–Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015–Present); and Director, Illumina, Inc. (a life sciences company) (2017–Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009–2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987–2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
44 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) |
Name, Address and Age 1 |
Position(s) Held with the Trust |
Term of Office and Length of Time Served 2 |
Principal Occupation(s) During Past 5 Years |
Number of Portfolios in Fund Complex Overseen by Trustee 3 |
Other Directorships Held by Trustee 4 | |||||
Linda A. Lang Age: 62 |
Trustee | Since 2016 | Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016–2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004–2019); Chairman and Chief Executive Officer (2005–2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003–2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP and Energy Renaissance Fund (February 2016 – March 2016).Trustee—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
44 | None | |||||
Michael Latham Age: 55 |
Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011–2014); Global Head (2010–2011); U.S. Head (2007–2010); and Chief Operating Officer (2003–2007). Trustee—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
44 | None | |||||
Interested Trustee |
||||||||||
James A. McNamara* Age: 58 |
President and Trustee | Since 2014 | Advisory Director, Goldman Sachs (January 2018–Present); Managing Director, Goldman Sachs (January 2000–December 2017); Director of Institutional Fund Sales, GSAM (April 1998–December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993–April 1998). President and Trustee—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
165 | None |
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. |
2 | Subject to such policies as may be adopted by the Board from time-to-time, |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of October 30, 2020, Goldman Sachs ETF Trust consisted of 42 portfolios (24 of which offered shares to the public); Goldman Sachs Trust consisted of 90 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
4 | This column includes only directorships of companies required to report to the SEC under the Securities Exchange Act of 1934 ( i.e., |
Name |
Position(s) Held with the Trust(s) |
Term of Office and Length of Time Served 1 |
Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 58 |
Trustee and President |
Since 2014 | Advisory Director, Goldman Sachs (January 2018 – Present); Managing Director, Goldman Sachs (January 2000 – December 2017); Director of Institutional Fund Sales, GSAM (April 1998 – December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993 – April 1998). President and Trustee—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 52 |
Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015 – Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010 – October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer—Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
Name |
Position(s) Held with the Trust(s) |
Term of Office and Length of Time Served 1 |
Principal Occupation(s) During Past 5 Years | |||
Julien Yoo 200 West Street New York, NY 10282 Age: 49 |
Chief Compliance Officer | Since 2014 | Managing Director, Goldman Sachs (January 2020–Present); Vice President, Goldman Sachs (December 2014–December 2019); and Vice President, Morgan Stanley Investment Management (2005–2010). Chief Compliance Officer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Peter W. Fortner 30 Hudson Street Jersey City, NJ 07302 Age: 62 |
Assistant Treasurer | Since 2014 | Vice President, Goldman Sachs (July 2000–Present); Principal Accounting Officer, Commerce Bank Mutual Fund Complex (2008–Present); and Treasurer of Goldman Sachs Philanthropy Fund (2019–Present). Assistant Treasurer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Allison Fracchiolla 30 Hudson Street Jersey City, NJ 07302 Age: 37 |
Assistant Treasurer | Since 2014 | Vice President, Goldman Sachs (January 2013 – Present). Assistant Treasurer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; and Goldman Sachs Trust II. | |||
Tyler Hanks 222 S. Main St Salt Lake City, UT 84101 Age: 38 |
Assistant Treasurer |
Since 2019 | Vice President, Goldman Sachs (January 2016 — Present); and Associate, Goldman Sachs (January 2014 — January 2016). Assistant Treasurer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Kirsten Frivold Imohiosen 200 West Street New York, NY 10282 Age: 50 |
Assistant Treasurer |
Since 2019 | Managing Director, Goldman Sachs (January 2018 – Present); and Vice President, Goldman Sachs (May 1999 – December 2017). Assistant Treasurer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Steven Z. Indich 30 Hudson Street Jersey City, NJ 07302 Age: 51 |
Assistant Treasurer |
Since 2019 | Vice President, Goldman Sachs (February 2010 – Present). Assistant Treasurer—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
Name |
Position(s) Held with the Trust(s) |
Term of Office and Length of Time Served 1 |
Principal Occupation(s) During Past 5 Years | |||
Carol Liu 30 Hudson Street Jersey City, NJ 07302 Age: 45 |
Assistant Treasurer |
Since 2019 | Vice President, Goldman Sachs (October 2017 – Present); Tax Director, The Raine Group LLC (August 2015 – October 2017); and Tax Director, Icon Investments LLC (January 2012 – August 2015). Assistant Treasurer— Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Christopher Bradford 30 Hudson Street Jersey City, NJ 07302 Age: 39 |
Vice President | Since 2020 | Vice President, Goldman Sachs (January 2014–Present). Vice President—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Michael Crinieri 200 West Street New York, NY 10282 Age: 55 |
Vice President | Since 2014 | Managing Director, Goldman Sachs (January 2002 – Present); and Vice President, Goldman Sachs (April 2000 – January 2002). Vice President—Goldman Sachs ETF Trust. | |||
Patrick Hyland 200 West Street New York, NY 10282 Age: 46 |
Vice President | Since 2019 | Vice President, Goldman Sachs (2010 – Present). Vice President—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Emily Stecher 200 West Street New York, NY 10282 Age: 33 |
Vice President | Since 2020 | Managing Director, Goldman Sachs (January 2020–Present); Vice President, Goldman Sachs (January 2015–December 2019). Vice President—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Michael Twohig 200 West Street New York, NY 10282 Age: 55 |
Vice President | Since 2019 | Vice President, Goldman Sachs (2014 – Present). Vice President—Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
Name |
Position(s) Held with the Trust(s) |
Term of Office and Length of Time Served 1 |
Principal Occupation(s) During Past 5 Years | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 43 |
Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016–Present); Vice President, Goldman Sachs (August 2006–December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012–December 2019); Assistant General Counsel, Goldman Sachs (August 2006–December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002–2006). Secretary—Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Robert Griffith 200 West Street New York, NY 10282 Age: 46 |
Assistant Secretary | Since 2018 | Vice President, Goldman Sachs (August 2011 – Present); Associate General Counsel, Goldman Sachs (December 2014 – Present); Assistant General Counsel, Goldman Sachs (August 2011 – December 2014); Vice President and Counsel, Nomura Holding America, Inc. (2010 – 2011); and Associate, Simpson Thacher & Bartlett LLP (2005 – 2010). Assistant Secretary—Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. |
1 |
Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Name of Trustee |
Dollar Range of Equity Securities in the Fund 1 |
Aggregate Dollar Range of Equity Securities in All Portfolios in Fund Complex Overseen By Trustee |
||||||
Lawrence W. Stranghoener |
— | Over $ | 100,000 | |||||
Caroline Dorsa |
— | Over $ | 100,000 | |||||
Linda A. Lang |
— | Over $ | 100,000 | |||||
Michael Latham |
— | Over $ | 100,000 | |||||
James A. McNamara |
— | Over $ | 100,000 |
1 |
Includes the value of shares beneficially owned by each Trustee in the Fund. |
Name of Trustee |
Goldman Sachs Innovate Equity ETF* |
Pension or Retirement Benefits Accrued as Part Of the Trust’s Expenses |
Total Compensation From the Fund Complex |
|||||||||
Lawrence W. Stranghoener (1) |
— | $ | 0 | $ | 207,655 | |||||||
Caroline Dorsa (2) |
— | $ | 0 | $ | 181,394 | |||||||
Linda A. Lang |
— | $ | 0 | $ | 165,133 | |||||||
Michael Latham |
— | $ | 0 | $ | 165,133 | |||||||
James A. McNamara (3) |
— | — | — |
* |
The Fund had not commenced operations as of October 30, 2020. Under current compensation arrangements, it is estimated that the Trustees will receive the following compensation from the Fund for the current fiscal year: Mr. Stranghoener $1,355; Ms. Dorsa $1,280; Ms. Lang $1,205; Mr. Latham $1,205; and Mr. McNamara $0. |
1 |
Includes compensation as Board Chair. |
2 |
Includes compensation as “audit committee financial expert,” as defined in Item 3 of Form N-CSR. |
3 |
Mr. McNamara is an Interested Trustee, and as such, receives no compensation from the Fund or the Goldman Sachs Fund Complex. |
Fund |
Contractual Rate |
|||
Goldman Sachs Innovate Equity ETF |
0.50 | % |
Number of Other Accounts Managed and Total Assets by Account Type † |
Number of Accounts and Total Assets for Which Advisory Fee is Performance Based † |
|||||||||||||||||||||||||||||||||||||||||||||||
Name of Portfolio Manager |
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
Registered Investment Companies |
Other Pooled Investment Vehicles |
Other Accounts |
||||||||||||||||||||||||||||||||||||||||||
Number of Accounts |
Assets Managed |
Number of Accounts |
Assets Managed |
Number of Accounts |
Assets Managed |
Number of Accounts |
Assets Managed |
Number of Accounts |
Assets Managed |
Number of Accounts |
Assets Managed |
|||||||||||||||||||||||||||||||||||||
Portfolio Management Team |
||||||||||||||||||||||||||||||||||||||||||||||||
Raj Garigipati |
17 | $ | 13,784 | 2 | $ | 35 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | ||||||||||||||||||||||||||||||
Jamie McGregor |
17 | $ | 13,784 | 2 | $ | 35 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 | 0 | $ | 0 |
1. | Asset information is in USD millions unless otherwise specified. |
2. | “Other Pooled Investment Vehicles” includes private investment funds and SICAVs (a type of open-end investment company organized outside the U.S.). |
3. | “Other Accounts” includes a separately managed account platform, advisory mutual fund platform, advisory relationships and others. For purposes of the above, a platform is included as a single account. |
Fund |
Creation Unit Size |
|||
Goldman Sachs Innovate Equity ETF |
50,000 |
Fund |
Creation Transaction Fee |
|||
Goldman Sachs Innovate Equity ETF |
$ | 500 |
Fund |
Redemption Transaction Fee |
|||
Goldman Sachs Innovate Equity ETF |
$ | 500 |
January 1 | April 10 | April 13 | December 25 | |||
January 26 | April 11 | April 25 | December 26 | |||
January 27 | April 12 | April 27 | December 28 |
January 1 | May 21 | August 15 | December 8 | |||
January 6 | June 1 | October 26 | December 25 | |||
April 13 | June 15 | November 1 | December 26 | |||
May 1 |
January 1 | May 1 | June 1 | November 1 | |||
April 12 | May 21 | July 21 | November 11 | |||
April 13 | May 31 | August 15 | December 25 |
January 1 | April 12 | May 21 | December 24 | |||
April 9 | April 13 | May 31 | December 25 | |||
April 10 | May 8 | June 1 | December 26 |
January 1 | May 1 | November 1 | December 26 | |||
January 6 | May 21 | December 6 | ||||
April 10 | June 19 | December 24 | ||||
April 13 | June 20 | December 25 |
January 1 | May 8 | July 14 | November 11 | |||
April 13 | May 21 | August 15 | December 25 | |||
May 1 | June 1 | November 1 |
January 1 | May 1 | June 1 | December 25 | |||
April 10 | May 21 | October 3 | December 26 | |||
April 13 | ||||||
HONG KONG |
||||||
January 1 | April 10 | June 25 | December 25 | |||
January 25 | April 11 | July 1 | December 26 | |||
January 27 | April 13 | October 1 | ||||
January 28 | April 30 | October 2 | ||||
April 4 | May 1 | October 26 | ||||
IRELAND |
||||||
January 1 | May 4 | October 26 | December 28 | |||
March 17 | June 1 | December 25 | ||||
April 13 | August 3 | December 26 | ||||
ISRAEL |
||||||
March 10 | April 16 | July 30 | September 28 | |||
March 11 | April 29 | August 19 | October 3 | |||
April 4 | May 8 | August 20 | October 10 | |||
April 9 | May 29 | September 19 | October 11 | |||
April 15 | May 31 | September 20 | ||||
The Israeli market is closed every Friday | ||||||
ITALY |
||||||
January 1 | April 25 | August 15 | December 25 | |||
January 6 | May 1 | November 1 | December 26 | |||
April 13 | June 2 | December 8 |
JAPAN |
||||||
January 1 | May 3 | August 11 | November 23 | |||
January 13 | May 4 | September 21 | December 23 | |||
February 11 | May 5 | September 22 | ||||
March 20 | May 6 | October 12 | ||||
April 29 | July 20 | November 3 | ||||
NETHERLANDS |
||||||
January 1 | April 27 | May 31 | December 25 | |||
April 12 | May 5 | June 1 | December 26 | |||
April 13 | May 21 | |||||
NEW ZEALAND |
||||||
January 1 | March 9 | June 1 | November 30 | |||
January 2 | March 23 | September 28 | December 25 | |||
January 20 | April 10 | October 23 | December 26 | |||
January 27 | April 13 | October 26 | ||||
February 3 | April 14 | November 2 | ||||
February 6 | April 25 | November 13 | ||||
NORWAY |
||||||
January 1 | May 5 | December 25 | ||||
April 12 | May 21 | December 26 | ||||
April 13 | May 31 | |||||
April 27 | June 1 | |||||
POLAND |
||||||
January 1 | May 1 | August 15 | December 26 | |||
January 6 | May 3 | November 1 | ||||
April 12 | May 31 | November 11 | ||||
April 13 | June 11 | December 25 | ||||
PORTUGAL |
||||||
January 1 | June 10 | December 1 | ||||
April 10 | June 11 | December 8 | ||||
May 1 | October 5 | December 25 | ||||
SINGAPORE |
||||||
January 1 | April 19 | May 20 | August 12 | |||
February 5 | May 1 | June 5 | October 27 | |||
February 6 | May 19 | August 9 | October 28 | |||
August 11 | December 25 | |||||
SOUTH AFRICA |
||||||
January 1 | April 13 | June 16 | December 16 | |||
March 21 | April 27 | August 10 | December 25 | |||
April 10 | May 1 | September 24 | December 26 | |||
SOUTH KOREA |
||||||
January 1 | September 30 | December 25 | ||||
January 24 | October 1 | |||||
April 30 | October 2 | |||||
May 5 | October 9 | |||||
SPAIN |
||||||
January 1 | May 1 | November 1 | December 25 | |||
January 6 | August 15 | December 6 | ||||
April 19 | October 12 | December 8 |
January 1 | April 13 | June 6 | December 24 | |||
January 6 | May 1 | June 19 | December 25 | |||
April 10 | May 21 | June 20 | December 31 | |||
April 12 | May 31 | November 1 | ||||
SWITZERLAND |
||||||
January 1 | May 21 | August 1 | December 25 | |||
April 10 | May 31 | September 20 | ||||
April 13 | June 1 | |||||
UNITED KINGDOM |
||||||
January 1 | May 4 | August 31 | December 28 | |||
April 10 | May 25 | December 25 |
AUSTRALIA |
||||||
January 1 |
April 5 |
April 25 |
December 25 | |||
January 26 |
April 6 |
April 26 |
December 27 | |||
April 2 |
||||||
BELGIUM |
||||||
January 1 |
May 1 |
May 24 |
November 1 | |||
April 4 |
May 13 |
July 21 |
November 11 | |||
April 5 |
May 23 |
August 15 |
December 25 | |||
BERMUDA |
||||||
January 1 |
June 21 |
September 6 |
December 28 | |||
April 2 |
July 29 |
November 11 |
| |||
May 28 |
July 30 |
December 27 |
| |||
CAMBODIA |
||||||
January 1 |
April 17 |
September 24 |
November 9 | |||
January 7 |
May 1 |
October 5 |
November 18 | |||
March 8 |
May 14 |
October 6 |
November 19 | |||
April 14 |
May 26 |
October 7 |
November 20 | |||
April 15 |
May 30 |
October 15 |
| |||
April 16 |
June 18 |
October 29 |
| |||
CANADA |
||||||
January 1 |
September 6 |
October 11 |
December 26 | |||
July 1 |
August 2 |
December 25 |
| |||
CAYMAN ISLANDS |
||||||
January 1 |
April 2 |
June 14 |
December 25 | |||
January 25 |
April 5 |
July 5 |
December 27 | |||
February 17 |
May 17 |
November 8 |
December 28 |
CHINA |
||||||
January 1 |
February 15 |
September 21 |
October 5 | |||
February 11 |
April 5 |
October 1 |
October 6 | |||
February 12 |
May 1 |
October 2 |
October 7 | |||
February 13 |
May 3 |
October 3 |
| |||
February 14 |
June 14 |
October 4 |
| |||
COLOMBIA |
||||||
January 1 |
May 1 |
July 20 |
November 15 | |||
January 11 |
May 13 |
August 7 |
December 8 | |||
March 22 |
June 3 |
August 16 |
December 25 | |||
April 1 |
June 14 |
October 12 |
| |||
April 2 |
June 29 |
November 1 |
| |||
DENMARK |
||||||
January 1 |
April 5 |
May 24 |
December 26 | |||
April 1 |
April 30 |
December 24 |
| |||
April 2 |
May 13 |
December 25 |
| |||
FRANCE |
||||||
January 1 |
May 1 |
May 24 |
November 1 | |||
April 2 |
May 8 |
July 14 |
December 25 | |||
April 5 |
May 13 |
August 15 |
December 26 | |||
GERMANY |
||||||
January 1 |
May 1 |
June 3 |
November 1 | |||
April 2 |
May 13 |
October 3 |
December 25 | |||
April 5 |
May 24 |
October 31 |
December 26 | |||
GREECE |
||||||
January 1 |
March 25 |
May 3 |
October 28 | |||
January 6 |
April 30 |
May 24 |
December 25 | |||
March 15 |
May 1 |
August 15 |
December 26 | |||
HONG KONG |
||||||
January 1 |
April 2 |
June 14 |
December 25 | |||
February 12 |
April 3 |
July 1 |
December 26 | |||
February 13 |
April 5 |
September 21 |
| |||
February 14 |
May 1 |
October 1 |
| |||
February 15 |
May 19 |
October 15 |
| |||
IRELAND |
||||||
January 1 |
May 3 |
October 25 |
December 29 | |||
April 2 |
June 7 |
December 25 |
| |||
April 5 |
August 2 |
December 26 |
|
ISLE OF MAN |
||||||
January 1 |
May 3 |
July 5 |
December 28 | |||
April 2 |
May 31 |
August 30 |
| |||
April 5 |
June 11 |
December 25 |
| |||
ISRAEL |
||||||
March 28 |
May 9 |
September 7 |
September 29 | |||
April 3 |
May 17 |
September 8 |
November 29 | |||
April 17 |
July 18 |
September 21 |
| |||
*The Israeli market is closed every Friday. | ||||||
ITALY |
||||||
January 1 |
April 25 |
August 15 |
December 25 | |||
January 6 |
May 1 |
November 1 |
December 26 | |||
April 5 |
June 2 |
December 8 |
| |||
JAPAN |
||||||
January 1 |
March 20 |
May 5 |
September 22 | |||
January 11 |
April 29 |
July 19 |
October 11 | |||
February 11 |
May 3 |
August 11 |
November 3 | |||
February 23 |
May 4 |
September 20 |
November 23 | |||
JERSEY |
||||||
January 1 |
May 3 |
August 30 |
December 28 | |||
April 2 |
May 9 |
December 25 |
| |||
April 5 |
May 31 |
December 27 |
| |||
MACAU |
||||||
January 1 |
April 3 |
September 21 |
December 8 | |||
February 12 |
April 5 |
October 1 |
December 20 | |||
February 13 |
May 1 |
October 2 |
December 21 | |||
February 14 |
May 19 |
October 15 |
December 24 | |||
April 2 |
June 14 |
November 2 |
December 25 | |||
MALAYSIA |
||||||
January 1 |
May 14 |
August 10 |
December 25 | |||
February 12 |
May 26 |
August 31 |
| |||
May 1 |
June 5 |
September 16 |
| |||
May 13 |
July 20 |
October 19 |
| |||
MALTA |
||||||
January 1 |
April 2 |
August 15 |
December 13 | |||
February 10 |
May 1 |
September 8 |
December 25 | |||
March 19 |
June 7 |
September 21 |
| |||
March 31 |
June 29 |
December 8 |
|
MEXICO |
||||||
January 1 |
April 1 |
September 16 |
November 16 | |||
February 3 |
April 2 |
October 12 |
December 12 | |||
March 15 |
May 1 |
November 2 |
December 25 | |||
NETHERLANDS |
||||||
January 1 |
April 27 |
May 23 |
December 26 | |||
April 4 |
May 5 |
May 24 |
| |||
April 5 |
May 13 |
December 25 |
| |||
NEW ZEALAND |
||||||
January 1 |
April 2 |
April 26 |
December 25 | |||
January 4 |
April 5 |
July 1 |
December 26 | |||
February 8 |
April 25 |
October 25 |
December 27 | |||
POLAND |
||||||
January 1 |
April 5 |
May 23 |
November 1 | |||
January 6 |
May 1 |
June 3 |
November 11 | |||
April 4 |
May 3 |
August 15 |
December 25 | |||
SINGAPORE |
||||||
January 1 |
April 10 |
May 25 |
November 14 | |||
January 25 |
May 1 |
July 31 |
December 25 | |||
January 26 |
May 7 |
August 9 |
| |||
January 27 |
May 24 |
August 10 |
| |||
SOUTH KOREA |
||||||
January 1 |
March 1 |
August 15 |
October 3 | |||
February 11 |
May 5 |
September 20 |
October 9 | |||
February 12 |
May 19 |
September 21 |
December 25 | |||
February 13 |
June 6 |
September 22 |
| |||
SPAIN |
||||||
January 1 |
May 1 |
November 1 |
December 25 | |||
January 6 |
August 15 |
December 6 |
| |||
April 2 |
October 12 |
December 8 |
| |||
SWEDEN |
||||||
January 1 |
April 5 |
June 6 |
December 24 | |||
January 6 |
May 1 |
June 25 |
December 25 | |||
April 2 |
May 13 |
June 26 |
December 26 | |||
April 4 |
May 23 |
November 6 |
December 31 | |||
SWITZERLAND |
||||||
January 1 |
May 13 |
August 15 |
December 8 | |||
April 2 |
May 24 |
September 19 |
December 25 | |||
April 5 |
August 1 |
November 1 |
December 26 |
TAIWAN |
||||||
January 1 |
February 14 |
April 5 |
October 10 | |||
February 11 |
February 15 |
May 1 |
October 11 | |||
February 12 |
March 1 |
June 14 |
| |||
February 13 |
April 4 |
September 21 |
| |||
THAILAND |
||||||
January 1 |
April 15 |
August 12 |
December 31 | |||
February 27 |
May 1 |
October 13 |
| |||
April 6 |
May 26 |
October 25 |
| |||
April 13 |
July 24 |
December 6 |
| |||
April 14 |
July 28 |
December 10 |
| |||
UNITED KINGDOM |
||||||
January 1 |
May 3 |
December 25 |
December 28 | |||
April 2 |
May 31 |
December 27 |
| |||
UNITED STATES |
||||||
January 1 |
May 31 |
September 6 |
December 25 | |||
January 18 |
July 4 |
November 25 |
December 31 |
SETTLEMENT PERIODS GREATER THAN SEVEN DAYS FOR YEAR 2020 |
Beginning of Settlement Period |
End of Settlement Period |
Number of Days in Settlement Period |
|||||||||
Australia |
4/6/2020 | 4/14/2020 | 8 | |||||||||
4/7/2020 | 4/15/2020 | 8 | ||||||||||
4/8/2020 | 4/16/2020 | 8 | ||||||||||
4/9/2020 | 4/17/2020 | 8 | ||||||||||
12/21/2020 | 12/29/2020 | 8 | ||||||||||
12/22/2020 | 12/30/2020 | 8 | ||||||||||
12/23/2020 | 12/31/2020 | 8 | ||||||||||
12/24/2020 | 1/2/2021 | 11 | ||||||||||
Belgium |
4/2/2020 | 4/14/2020 | 11 | |||||||||
4/3/2020 | 4/15/2020 | 11 | ||||||||||
4/6/2020 | 4/16/2020 | 9 | ||||||||||
4/7/2020 | 4/17/2020 | 9 | ||||||||||
4/8/2020 | 4/20/2020 | 10 | ||||||||||
4/9/2020 | 4/21/2020 | 10 | ||||||||||
4/10/2020 | 4/22/2020 | 10 | ||||||||||
4/22/2020 | 5/4/2020 | 11 | ||||||||||
4/23/2020 | 5/5/2020 | 11 | ||||||||||
4/24/2020 | 5/6/2020 | 11 |
4/27/2020 | 5/7/2020 | 9 | ||||||||||
4/28/2020 | 5/8/2020 | 9 | ||||||||||
4/29/2020 | 5/11/2020 | 11 | ||||||||||
4/30/2020 | 5/12/2020 | 11 | ||||||||||
5/12/2020 | 5/22/2020 | 9 | ||||||||||
5/13/2020 | 5/25/2020 | 11 | ||||||||||
5/14/2020 | 5/26/2020 | 11 | ||||||||||
5/15/2020 | 5/27/2020 | 11 | ||||||||||
5/18/2020 | 5/28/2020 | 10 | ||||||||||
5/19/2020 | 5/29/2020 | 10 | ||||||||||
5/20/2020 | 6/2/2020 | 12 | ||||||||||
5/22/2020 | 6/3/2020 | 11 | ||||||||||
5/25/2020 | 6/4/2020 | 9 | ||||||||||
5/26/2020 | 6/5/2020 | 9 | ||||||||||
5/27/2020 | 6/8/2020 | 11 | ||||||||||
5/28/2020 | 6/9/2020 | 11 | ||||||||||
5/29/2020 | 6/10/2020 | 11 | ||||||||||
China |
1/23/2020 | 2/3/2020 | 10 | |||||||||
9/30/2020 | 10/12/2020 | 12 | ||||||||||
Denmark |
4/1/2020 | 4/14/2020 | 12 | |||||||||
4/2/2020 | 4/15/2020 | 12 | ||||||||||
4/3/2020 | 4/16/2020 | 12 | ||||||||||
4/6/2020 | 4/17/2020 | 10 | ||||||||||
4/7/2020 | 4/20/2020 | 12 | ||||||||||
4/8/2020 | 4/21/2020 | 12 | ||||||||||
4/30/2020 | 5/11/2020 | 10 | ||||||||||
5/1/2020 | 5/12/2020 | 10 | ||||||||||
5/4/2020 | 5/13/2020 | 9 | ||||||||||
5/5/2020 | 5/14/2020 | 9 | ||||||||||
5/6/2020 | 5/15/2020 | 9 | ||||||||||
5/7/2020 | 5/18/2020 | 10 | ||||||||||
5/13/2020 | 5/22/2020 | 8 | ||||||||||
5/14/2020 | 5/25/2020 | 10 | ||||||||||
5/15/2020 | 5/26/2020 | 10 | ||||||||||
5/18/2020 | 5/27/2020 | 8 | ||||||||||
5/19/2020 | 5/28/2020 | 8 | ||||||||||
5/20/2020 | 5/29/2020 | 8 | ||||||||||
Germany |
4/3/2020 | 4/15/2020 | 11 | |||||||||
4/6/2020 | 4/16/2020 | 9 | ||||||||||
4/7/2020 | 4/17/2020 | 9 | ||||||||||
4/8/2020 | 4/20/2020 | 11 | ||||||||||
4/9/2020 | 4/21/2020 | 11 |
Israel |
3/3/2020 | 3/12/2020 | 9 | |||||||||
3/4/2020 | 3/16/2020 | 12 | ||||||||||
3/5/2020 | 3/17/2020 | 12 | ||||||||||
3/9/2020 | 3/18/2020 | 9 | ||||||||||
4/22020 | 4/13/2020 | 11 | ||||||||||
4/6/2020 | 4/14/2020 | 8 | ||||||||||
4/7/2020 | 4/20/2020 | 13 | ||||||||||
4/8/2020 | 4/21/2020 | 13 | ||||||||||
7/23/2020 | 8/3/2020 | 11 | ||||||||||
8/12/2020 | 8/24/2020 | 12 | ||||||||||
8/13/2020 | 8/25/2020 | 12 | ||||||||||
8/17/2020 | 8/26/2020 | 9 | ||||||||||
8/18/2020 | 8/27/2020 | 9 | ||||||||||
9/23/2020 | 10/1/2020 | 8 | ||||||||||
9/24/2020 | 10/5/2020 | 11 | ||||||||||
Japan |
4/28/2020 | 5/7/2020 | 9 | |||||||||
4/30/2020 | 5/8/2020 | 8 | ||||||||||
4/28/2020 | 5/5/2020 | 8 | ||||||||||
4/29/2020 | 5/7/2020 | 9 | ||||||||||
4/30/2020 | 5/8/2020 | 9 | ||||||||||
5/1/2020 | 5/11/2020 | 10 | ||||||||||
4/28/2020 | 5/5/2020 | 8 | ||||||||||
4/29/2020 | 5/7/2020 | 9 | ||||||||||
4/30/2020 | 5/8/2020 | 9 | ||||||||||
9/15/2020 | 9/23/2020 | 8 | ||||||||||
Mexico |
1/31/2020 | 2/11/2020 | 10 | |||||||||
4/3/2020 | 4/13/2020 | 10 | ||||||||||
4/6/2020 | 4/14/2020 | 8 | ||||||||||
4/7/2020 | 4/15/2020 | 8 | ||||||||||
4/8/2020 | 4/16/2020 | 8 | ||||||||||
4/3/2020 | 4/13/2020 | 10 | ||||||||||
Oman |
5/19/2020 | 6/1/2020 | 12 | |||||||||
5/20/2020 | 6/2/2020 | 12 | ||||||||||
5/21/2020 | 6/3/2020 | 12 | ||||||||||
Peru |
7/24/2020 | 8/3/2020 | 9 | |||||||||
Qatar |
5/19/2020 | 5/28/2020 | 9 | |||||||||
5/20/2020 | 6/1/2020 | 12 | ||||||||||
5/21/2020 | 6/2/2020 | 12 | ||||||||||
Russia |
1/2/2020 | 1/14/2020 | 12 | |||||||||
1/3/2020 | 1/14/2020 | 11 |
1/6/2020 | 1/14/2020 | 8 | ||||||||||
Saudi Arabia |
5/13/2020 | 6/2/2020 | 19 | |||||||||
5/14/2020 | 6/3/2020 | 19 | ||||||||||
5/18/2020 | 6/4/2020 | 16 | ||||||||||
5/19/2020 | 6/8/2020 | 19 | ||||||||||
5/20/2020 | 6/9/2020 | 19 | ||||||||||
5/21/2020 | 6/10/2020 | 19 | ||||||||||
7/7/2020 | 7/20/2020 | 13 | ||||||||||
7/8/2020 | 7/21/2020 | 13 | ||||||||||
7/9/2020 | 7/22/2020 | 13 | ||||||||||
7/13/2020 | 7/23/2020 | 13 | ||||||||||
7/14/2020 | 7/27/2020 | 13 | ||||||||||
7/15/2020 | 8/6/2020 | 22 | ||||||||||
7/20/2020 | 8/10/2020 | 22 | ||||||||||
7/21/2020 | 8/11/2020 | 22 | ||||||||||
7/22/2020 | 8/12/2020 | 22 | ||||||||||
7/23/2020 | 8/13/2020 | 22 | ||||||||||
7/27/2020 | 8/17/2020 | 21 | ||||||||||
Spain |
1/2/2020 | 1/14/2020 | 13 | |||||||||
1/3/2020 | 1/15/2020 | 12 | ||||||||||
1/3/2020 | 1/16/2020 | 12 | ||||||||||
4/22/2020 | 5/4/2020 | 11 | ||||||||||
4/23/2020 | 5/5/2020 | 11 | ||||||||||
4/24/2020 | 5/6/2020 | 11 | ||||||||||
4/27/2020 | 5/7/2020 | 9 | ||||||||||
4/28/2020 | 5/8/2020 | 9 | ||||||||||
4/29/2020 | 5/11/2020 | 11 | ||||||||||
4/30/2020 | 5/12/2020 | 11 | ||||||||||
10/1/2020 | 10/13/2020 | 11 | ||||||||||
10/2/2020 | 10/14/2020 | 11 | ||||||||||
10/5/2020 | 10/15/2020 | 9 | ||||||||||
10/6/2020 | 10/16/2020 | 9 | ||||||||||
10/7/2020 | 10/19/2020 | 11 | ||||||||||
10/8/2020 | 10/20/2020 | 11 | ||||||||||
10/9/2020 | 10/21/2020 | 11 | ||||||||||
11/27/2020 | 12/9/2020 | 11 | ||||||||||
11/30/2020 | 12/10/2020 | 9 | ||||||||||
12/1/2020 | 12/11/2020 | 9 | ||||||||||
12/2/2020 | 12/14/2020 | 9 | ||||||||||
12/3/2020 | 12/15/2020 | 9 | ||||||||||
12/4/2020 | 12/16/2020 | 9 | ||||||||||
12/7/2020 | 12/17/2020 | 9 | ||||||||||
12/16/2020 | 12/28/2020 | 11 | ||||||||||
12/17/2020 | 12/29/2020 | 11 |
12/18/2020 | 12/30/2020 | 11 | ||||||||||
12/21/2020 | 12/31/2020 | 10 | ||||||||||
12/22/2020 | 1/4/2021 | 12 | ||||||||||
12/23/2020 | 1/5/2021 | 12 | ||||||||||
12/24/2020 | 1/6/2021 | 12 | ||||||||||
Sweden |
4/3/2020 | 4/15/2020 | 11 | |||||||||
4/6/2020 | 4/16/2020 | 9 | ||||||||||
4/7/2020 | 4/17/2020 | 9 | ||||||||||
4/8/2020 | 4/20/2020 | 11 | ||||||||||
4/9/2020 | 4/21/2020 | 11 | ||||||||||
Switzerland |
4/3/2020 | 4/15/2020 | 11 | |||||||||
4/6/2020 | 4/16/2020 | 9 | ||||||||||
4/7/2020 | 4/17/2020 | 9 | ||||||||||
4/8/2020 | 4/20/2020 | 11 | ||||||||||
4/9/2020 | 4/21/2020 | 11 |
SETTLEMENT PERIODS GREATER THAN SEVEN DAYS FOR YEAR 2021 |
Beginning of Settlement Period |
End of Settlement Period |
Number of Days in Settlement Period |
|||||||||
Australia |
3/29/2021 | 4/12/2021 | 12 | |||||||||
3/30/2021 | 4/13/2021 | 12 | ||||||||||
3/31/2021 | 4/14/2021 | 12 | ||||||||||
4/1/2021 | 4/15/2021 | 12 | ||||||||||
Denmark |
3/30/2021 | 4/12/2021 | 11 | |||||||||
3/31/2021 | 4/13/2021 | 11 | ||||||||||
France |
3/30/2021 | 4/12/2021 | 11 | |||||||||
3/31/2021 | 4/13/2021 | 11 | ||||||||||
4/1/2021 | 4/14/2021 | 11 | ||||||||||
Germany |
3/30/2021 | 4/12/2021 | 11 | |||||||||
3/31/2021 | 4/13/2021 | 11 | ||||||||||
4/1/2021 | 4/14/2021 | 11 | ||||||||||
Ireland |
3/30/2021 | 4/12/2021 | 11 | |||||||||
3/31/2021 | 4/13/2021 | 11 | ||||||||||
4/1/2021 | 4/14/2021 | 11 | ||||||||||
Israel |
5/10/2021 | 5/18/2021 | 8 | |||||||||
5/11/2021 | 5/19/2021 | 8 | ||||||||||
5/12/2021 | 5/20/2021 | 8 | ||||||||||
5/13/2021 | 5/24/2021 | 12 |
9/1/2021 | 9/13/2021 | 12 | ||||||||||
9/2/2021 | 9/14/2021 | 12 | ||||||||||
9/6/2021 | 9/15/2021 | 9 | ||||||||||
9/14/2021 | 9/22/2021 | 9 | ||||||||||
9/15/2021 | 9/23/2021 | 9 | ||||||||||
9/16/2021 | 9/27/2021 | 11 | ||||||||||
9/20/2021 | 9/28/2021 | 8 | ||||||||||
9/22/2021 | 9/30/2021 | 8 | ||||||||||
9/23/2021 | 10/4/2021 | 11 | ||||||||||
9/27/2021 | 10/5/2021 | 8 | ||||||||||
9/28/2021 | 10/6/2021 | 8 | ||||||||||
11/22/2021 | 11/30/2021 | 8 | ||||||||||
11/23/2021 | 12/1/2021 | 8 | ||||||||||
11/24/2021 | 12/2/2021 | 8 | ||||||||||
11/25/2021 | 12/6/2021 | 11 | ||||||||||
Mexico |
3/26/2021 | 4/5/2021 | 10 | |||||||||
3/29/2021 | 4/6/2021 | 8 | ||||||||||
3/30/2021 | 4/7/2021 | 8 | ||||||||||
3/31/2021 | 4/8/2021 | 8 | ||||||||||
Spain |
1/4/2021 | 1/13/2021 | 9 | |||||||||
1/5/2021 | 1/14/2021 | 9 | ||||||||||
3/25/2021 | 4/5/2021 | 11 | ||||||||||
3/26/2021 | 4/6/2021 | 11 | ||||||||||
3/29/2021 | 4/7/2021 | 10 | ||||||||||
3/30/2021 | 4/8/2021 | 10 | ||||||||||
3/31/2021 | 4/9/2021 | 10 | ||||||||||
4/1/2021 | 4/13/2021 | 12 | ||||||||||
10/4/2021 | 10/13/2021 | 8 | ||||||||||
10/5/2021 | 10/14/2021 | 8 | ||||||||||
10/6/2021 | 10/15/2021 | 8 | ||||||||||
10/7/2021 | 10/18/2021 | 10 | ||||||||||
10/8/2021 | 10/19/2021 | 10 | ||||||||||
10/11/2021 | 10/20/2021 | 9 | ||||||||||
10/22/2021 | 11/2/2021 | 10 | ||||||||||
10/25/2021 | 11/3/2021 | 8 | ||||||||||
10/26/2021 | 11/4/2021 | 8 | ||||||||||
10/27/2021 | 11/5/2021 | 8 | ||||||||||
10/28/2021 | 11/8/2021 | 10 | ||||||||||
10/29/2021 | 11/9/2021 | 10 | ||||||||||
11/26/2021 | 12/7/2021 | 10 | ||||||||||
11/29/2021 | 12/9/2021 | 9 | ||||||||||
11/30/2021 | 12/10/2021 | 9 | ||||||||||
12/1/2021 | 12/13/2021 | 11 | ||||||||||
12/2/2021 | 12/14/2021 | 11 |
12/3/2021 | 12/15/2021 | 11 | ||||||||||
12/7/2021 | 12/16/2021 | 8 | ||||||||||
Sweden |
3/30/2021 | 4/12/2021 | 11 | |||||||||
3/31/2021 | 4/13/2021 | 11 | ||||||||||
4/1/2021 | 4/14/2021 | 11 | ||||||||||
Switzerland |
3/26/2021 | 4/6/2021 | 10 | |||||||||
3/29/2021 | 4/7/2021 | 9 | ||||||||||
3/30/2021 | 4/8/2021 | 9 | ||||||||||
3/31/2021 | 4/9/2021 | 9 | ||||||||||
4/1/2021 | 4/12/2021 | 11 | ||||||||||
Thailand |
4/8/2021 | 4/16/2021 | 8 | |||||||||
4/9/2021 | 4/19/2021 | 10 | ||||||||||
4/12/2021 | 4/20/2021 | 8 |
* | These worst-case redemption cycles are based on information regarding regular holidays, which may be out of date. Based on changes in holidays, longer (worse) redemption cycles are possible. |
A. |
U.S. proxy items: |
|||
1. |
Operational Items |
page 2-B | ||
2. |
Board of Directors |
page 2-B | ||
3. |
Executive Compensation |
page 4-B | ||
4. |
Director Nominees and Proxy Access |
page 6-B | ||
5. |
Shareholder Rights and Defenses |
page 7-B | ||
6. |
Mergers and Corporate Restructurings |
page 8-B | ||
7. |
State of Incorporation |
page 8-B | ||
8. |
Capital Structure |
page 8-B | ||
9. |
Environmental, Social, Governance (ESG) Issues |
page 9-B | ||
B. |
Non-U.S. proxy items: |
|||
1. |
Operational Items |
page 12-B | ||
2. |
Board of Directors |
page 13-B | ||
3. |
Compensation |
page 15-B | ||
4. |
Board Structure |
page 15-B | ||
5. |
Capital Structure |
page 16-B | ||
6. |
Mergers and Corporate Restructurings & Other |
page 17-B | ||
7. |
Environmental, Social, Governance (ESG) Issues |
page 18-B | ||
C. |
Japan proxy items: |
|||
1. |
Operational Items |
page 19-B | ||
2. |
Board of Directors |
page 20-B | ||
3. |
Compensation |
page 22-B | ||
4. |
Board Structure |
page 22-B | ||
5. |
Capital Structure |
page 23-B | ||
6. |
Mergers and Corporate Restructurings & Other |
page 24-B | ||
7. |
Environmental, Social, Governance (ESG) Issues |
page 25-B |
1. |
Operational Items |
• | An auditor has a financial interest in or association with the company, and is therefore not independent; |
• | There is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company’s financial position; |
• | Poor accounting practices are identified that rise to a serious level of concern, such as: fraud; misapplication of GAAP; or material weaknesses identified in Section 404 disclosures; or |
• | Fees for non-audit services are excessive (generally over 50% or more of the audit fees). |
2. |
Board of Directors |
• | Attend less than 75% of the board and committee meetings without a disclosed valid excuse; |
• | Sit on more than five public operating and/or holding company boards; |
• | Are CEOs of public companies who sit on the boards of more than two public companies besides their own--withhold only at their outside boards. |
• | The board does not have at least one woman director |
• | The inside director or affiliated outside director serves on the Audit, Compensation or Nominating Committees; and |
• | The company lacks an Audit, Compensation or Nominating Committee so that the full board functions as such committees and inside directors or affiliated outside directors are participating in voting on matters that independent committees should be voting on. |
• | Material failures of governance, stewardship, or fiduciary responsibilities at the company; |
• | Egregious actions related to the director(s)’ service on other boards that raise substantial doubt about his or her ability to effectively oversee management and serve the best interests of shareholders at any company; |
• | At the previous board election, any director received more than 50% withhold/against votes of the shares cast and the company has failed to address the underlying issue(s) that caused the high withhold/against vote (members of the Nominating or Governance Committees); |
• | The board failed to act on a shareholder proposal that received approval of the majority of shares cast for the previous two consecutive years (a management proposal with other than a FOR recommendation by management will not be considered as sufficient action taken); an adopted proposal that is substantially similar to the original shareholder proposal will be deemed sufficient; (vote against members of the committee of the board that is responsible for the issue under consideration). If GSAM did not support the shareholder proposal in both years, GSAM will still vote against the committee member(s). |
• | The average board tenure exceeds 15 years, and there has not been a new nominee in the past 5 years. |
• | The non-audit fees paid to the auditor are excessive (generally over 50% or more of the audit fees); |
• | The company receives an adverse opinion on the company’s financial statements from its auditor and there is not clear evidence that the situation has been remedied; |
• | There is persuasive evidence that the Audit Committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm; or |
• | No members of the Audit Committee hold sufficient financial expertise. |
• | The company’s poison pill has a dead-hand or modified dead-hand feature for two or more years. Vote against/withhold every year until this feature is removed; however, vote against the poison pill if there is one on the ballot with this feature rather than the director; |
• | The board adopts or renews a poison pill without shareholder approval, does not commit to putting it to shareholder vote within 12 months of adoption (or in the case of an newly public company, does not commit to put the pill to a shareholder vote within 12 months following the IPO), or reneges on a commitment to put the pill to a vote, and has not yet received a withhold/against recommendation for this issue; |
• | The board failed to act on takeover offers where the majority of the shareholders tendered their shares; |
• | If in an extreme situation the board lacks accountability and oversight, coupled with sustained poor performance relative to peers. |
• | Designated lead director, elected by and from the independent board members with clearly delineated and comprehensive duties; |
• | Two-thirds independent board; |
• | All independent “key” committees (audit, compensation and nominating committees); or |
• | Established, disclosed governance guidelines. |
• | The company has adopted (i) majority vote standard with a carve-out for plurality voting in situations where there are more nominees than seats and (ii) a director resignation policy to address failed elections. |
3. |
Executive Compensation |
• | AGAINST Management Say on Pay (MSOP) Proposals; or |
• | AGAINST an equity-based incentive plan proposal if excessive non-performance-based equity awards are the major contributor to a pay-for-performance |
• | If no MSOP or equity-based incentive plan proposal item is on the ballot, vote AGAINST/WITHHOLD from compensation committee members. |
• | The plan permits the repricing of stock options/stock appreciation rights (SARs) without prior shareholder approval; or |
• | There is more than one problematic material feature of the plan, which could include one of the following: unfavorable change-in-control |
• | Pay for Performance Disconnect; |
• | GSAM will consider there to be a disconnect based on a quantitative assessment of the following: CEO pay vs. TSR (“Total Shareholder Return”) and peers, CEO pay as a percentage of the median peer group or CEO pay vs. shareholder return over time. |
• | Long-term equity-based compensation is 100% time-based; |
• | Board’s responsiveness if company received 70% or less shareholder support in the previous year’s MSOP vote; |
• | Abnormally large bonus payouts without justifiable performance linkage or proper disclosure; |
• | Egregious employment contracts; |
• | Excessive perquisites or excessive severance and/or change in control provisions; |
• | Repricing or replacing of underwater stock options without prior shareholder approval; |
• | Excessive pledging or hedging of stock by executives; |
• | Egregious pension/SERP (supplemental executive retirement plan) payouts; |
• | Extraordinary relocation benefits; |
• | Internal pay disparity; and |
• | Lack of transparent disclosure of compensation philosophy and goals and targets, including details on short-term and long-term performance incentives. |
• | Broad-based participation; |
• | Limits on employee contributions; |
• | Company matching contributions; and |
• | Presence of a discount on the stock price on the date of purchase. |
• | Historic trading patterns--the stock price should not be so volatile that the options are likely to be back “in-the-money” |
• | Rationale for the re-pricing; |
• | If it is a value-for-value |
• | If surrendered stock options are added back to the plan reserve; |
• | Option vesting; |
• | Term of the option--the term should remain the same as that of the replaced option; |
• | Exercise price—should be set at fair market or a premium to market; |
• | Participants—executive officers and directors should be excluded. |
• | Whether the company has any holding period, retention ratio, or officer ownership requirements in place and the terms/provisions of awards already granted. |
4. |
Director Nominees and Proxy Access |
• | Long-term financial performance of the target company relative to its industry; |
• | Management’s track record; |
• | Background of the nomination, in cases where there is a shareholder nomination; |
• | Qualifications of director nominee(s); |
• | Strategic plan related to the nomination and quality of critique against management; |
• | Number of boards on which the director nominee already serves; and |
• | Likelihood that the board will be productive as a result. |
• | The ownership thresholds, percentage and duration proposed (GSAM generally will not support if the ownership threshold is less than 3%); |
• | The maximum proportion of directors that shareholders may nominate each year (GSAM generally will not support if the proportion of directors is greater than 25%); and |
• | Other restricting factors that when taken in combination could serve to materially limit the proxy access provision. |
5. |
Shareholders Rights and Defenses |
• | The company already gives shareholders the right to call special meetings at a threshold of 25% or lower; and |
• | The company has a history of strong governance practices. |
• | a shareholder-approved poison pill in place; or |
• | adopted a policy concerning the adoption of a pill in the future specifying certain shareholder friendly provisions. |
• | Valuation; |
• | Market reaction; |
• | Strategic rationale; |
• | Management’s track record of successful integration of historical acquisitions; |
• | Presence of conflicts of interest; and |
• | Governance profile of the combined company. |
• | Whether the company has been materially harmed by shareholder litigation outside its jurisdiction of incorporation, based on disclosure in the company’s proxy statement; |
• | Whether the company has the following good governance features: |
• | Majority independent board; |
• | Independent key committees; |
• | An annually elected board; |
• | A majority vote standard in uncontested director elections; |
• | The absence of a poison pill, unless the pill was approved by shareholders; and/or |
• | Separate Chairman CEO role or, if combined, an independent chairman with clearly delineated duties. |
1) | employee labor and safety policies; |
2) | impact on the environment of the company’s production or manufacturing operations; |
3) | societal impact of products manufactured; |
4) | risks throughout the supply chain or operations including labor practices, animal treatment practices within food production and conflict minerals; and |
5) | overall board structure, including diversity. |
• | The company’s current level of publicly available disclosure, including if the company already discloses similar information through existing reports or policies; |
• | If the company has implemented or formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board’s (SASB) materiality standards or a similar standard; |
• | Whether adoption of the proposal is likely to enhance or protect shareholder value; |
• | Whether the information requested concerns business issues that relate to a meaningful percentage of the company’s business; |
• | The degree to which the company’s stated position on the issues raised in the proposal could affect |
• | its reputation or sales, or leave it vulnerable to a boycott or selective purchasing; |
• | Whether the company has already responded in some appropriate manner to the request embodied in the proposal; |
• | What other companies in the relevant industry have done in response to the issue addressed in the proposal; |
• | Whether the proposal itself is well framed and the cost of preparing the report is reasonable; Whether the subject of the proposal is best left to the discretion of the board; |
• | Whether the company has material fines or violations in the area and if so, if appropriate actions have already been taken to remedy going forward; |
• | Whether providing this information would reveal proprietary or confidential information that would place the company at a competitive disadvantage. |
• | The company’s current level of publicly available disclosure including if the company already discloses similar information through existing reports or policies; |
• | If the company has formally committed to the implementation of a reporting program based on the Sustainability Accounting Standards Board’s (SASB) materiality standards or a similar standard within a specified time frame; |
• | If the company’s current level of disclosure is comparable to that of its industry peers; and |
• | If there are significant controversies, fines, penalties, or litigation associated with the company’s environmental performance. |
• | Seeking information on the financial, physical, or regulatory risks a company faces related to climate change on its operations and investment, or on how the company identifies, measures and manages such risks; |
• | Calling for the reduction of Greenhouse Gas (“GHG”) emissions; |
• | Seeking reports on responses to regulatory and public pressures surrounding climate change, and for disclosure of research that aided in setting company policies around climate change; |
• | Requesting a report/disclosure of goals on GHG emissions from company operations and/or products; |
• | Requesting a company report on its energy efficiency policies; and |
• | Requesting reports on the feasibility of developing renewable energy resources. |
• | There are no recent, significant controversies, fines or litigation regarding the company’s political contributions or trade association spending; and |
• | The company has procedures in place to ensure that employee contributions to company-sponsored political action committees (PACs) are strictly voluntary and prohibits coercion. |
• | There is no significant potential threat or actual harm to shareholders’ interests; |
• | There are no recent significant controversies or litigation related to the company’s political contributions or governmental affairs; and |
• | There is publicly available information to assess the company’s oversight related to such expenditures of corporate assets. |
• | The gender and racial minority representation of the company’s board is reasonably inclusive in relation to companies of similar size and business; and |
• | The board already reports on its nominating procedures and gender and racial minority initiatives on the board. |
• | The company’s current policies and disclosure related to both its diversity and inclusion policies and practices and its compensation philosophy and fair and equitable compensation practices; |
• | Whether the company has been the subject of recent controversy, litigation or regulatory actions related to gender pay gap issues; and |
• | Whether the company’s reporting regarding gender pay gap policies or initiatives is lagging its peers. |
• | The degree to which existing relevant policies and practices are disclosed; |
• | Whether or not existing relevant policies are consistent with internationally recognized standards; |
• | Whether company facilities and those of its suppliers are monitored and how; |
• | Company participation in fair labor organizations or other internationally recognized human rights |
• | initiatives; |
• | Scope and nature of business conducted in markets known to have higher risk of workplace |
• | labor/human rights abuse; |
• | Recent, significant company controversies, fines, or litigation regarding human rights at the |
• | company or its suppliers; |
• | The scope of the request; and |
• | Deviation from industry sector peer company standards and practices. |
• | There are concerns about the accounts presented or audit procedures used; or |
• | The company is not responsive to shareholder questions about specific items that should be publicly disclosed. |
• | There are serious concerns about the accounts presented, audit procedures used or audit opinion |
• | rendered; |
• | There is reason to believe that the auditor has rendered an opinion that is neither accurate nor |
• | indicative of the company’s financial position; |
• | Name of the proposed auditor has not been published; |
• | The auditors are being changed without explanation; |
• | Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or |
• | The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company. |
• | There are serious concerns about the statutory reports presented or the audit procedures used; |
• | Questions exist concerning any of the statutory auditors being appointed; or |
• | The auditors have previously served the company in an executive capacity or can otherwise be considered affiliated with the company. |
• | The dividend payout ratio has been consistently low without adequate explanation; or |
• | The payout is excessive given the company’s financial position. |
1 |
Excludes Japan public equity investments, please see Section C. |
• | Adequate disclosure has not been provided in a timely manner; or |
• | There are clear concerns over questionable finances or restatements; or |
• | There have been questionable transactions or conflicts of interest; or |
• | There are any records of abuses against minority shareholder interests; or |
• | The board fails to meet minimum corporate governance standards; or |
• | There are reservations about: |
• | Director terms |
• | Bundling of proposals to elect directors |
• | Board independence |
• | Disclosure of named nominees |
• | Combined Chairman/CEO |
• | Election of former CEO as Chairman of the board |
• | Overboarded directors |
• | Composition of committees |
• | Director independence |
• | Number of directors on the board |
• | Lack of gender diversity on the board |
• | Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or |
• | Repeated absences at board meetings have not been explained (in countries where this information is disclosed); or |
• | Company performance relative to its peers; |
• | Strategy of the incumbents versus the dissidents; |
• | Independence of board candidates; |
• | Experience and skills of board candidates; |
• | Governance profile of the company; |
• | Evidence of management entrenchment; |
• | Responsiveness to shareholders; |
• | Whether a takeover offer has been rebuffed; |
• | Whether minority or majority representation is being sought. |
• | Employee or executive of the company; |
• | Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company. |
• | Any director who is attested by the board to be a non-independent NED; |
• | Any director specifically designated as a representative of a significant shareholder of the company; |
• | Any director who is also an employee or executive of a significant shareholder of the company; Beneficial owner (direct or indirect) of at least 10% of the company’s stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances); Government representative; |
• | Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year; |
• | Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test); |
• | Any director who has conflicting or cross-directorships with executive directors or the chairman of the company; |
• | Relative of a current employee of the company or its affiliates; |
• | Relative of a former executive of the company or its affiliates; |
• | A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder); |
• | Founder/co-founder/member of founding family but not currently an employee; |
• | Former executive (5 year cooling off period); |
• | Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and |
• | Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance. |
• | No material connection, either directly or indirectly, to the company other than a board seat. |
• | Represents employees or employee shareholders of the company (classified as “employee representative” but considered a non-independent NED). |
• | A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or |
• | Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or |
• | Other egregious governance issues where shareholders may bring legal action against the company or its directors; or |
• | Vote on a CASE-BY-CASE |
• | Two-thirds independent board, or majority in countries where employee representation is common practice; |
• | A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties; |
• | Fully independent key committees; and/or |
• | Established, publicly disclosed, governance guidelines and director biographies/profiles. |
• | The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or |
• | The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances. |
• | The share repurchase program can be used as a takeover defense; |
• | There is clear evidence of historical abuse; |
• | There is no safeguard in the share repurchase program against selective buybacks; |
• | Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice. |
• | Valuation; |
• | Market reaction; |
• | Strategic rationale; |
• | Management’s track record of successful integration of historical acquisitions; |
• | Presence of conflicts of interest; and |
• | Governance profile of the combined company. |
• | The parties on either side of the transaction; |
• | The nature of the asset to be transferred/service to be provided; |
• | The pricing of the transaction (and any associated professional valuation); |
• | The views of independent directors (where provided); |
• | The views of an independent financial adviser (where appointed); |
• | Whether any entities party to the transaction (including advisers) is conflicted; and |
• | The stated rationale for the transaction, including discussions of timing. |
• | There are concerns about the accounts presented or audit procedures used; or |
• | The company is not responsive to shareholder questions about specific items that should be publicly disclosed. |
• | There are serious concerns about the accounts presented, audit procedures used or audit opinion rendered; |
• | There is reason to believe that the auditor has rendered an opinion that is neither accurate nor indicative of the company’s financial position; |
• | Name of the proposed auditor has not been published; |
• | The auditors are being changed without explanation; |
• | Non-audit-related fees are substantial or are in excess of standard annual audit-related fees; or |
• | The appointment of external auditors if they have previously served the company in an executive capacity or can otherwise be considered affiliated with the company. |
• | The dividend payout ratio is less than 20%; or |
• | The company proposes the payments even though the company posted a net loss for the year under review; |
• | The dividend payout ratio has been consistently low without adequate explanation; or |
• | The payout is excessive given the company’s financial position. |
• | The company’s committee structure: statutory auditor board structure, U.S.-type three committee structure, or audit committee structure; or |
• | Adequate disclosure has not been provided in a timely manner; or |
• | There are clear concerns over questionable finances or restatements; or |
• | There have been questionable transactions or conflicts of interest; or |
• | There are any records of abuses against minority shareholder interests; or |
• | The board fails to meet minimum corporate governance standards; or |
• | There are reservations about: |
• | Director terms |
• | Bundling of proposals to elect directors |
• | Board independence |
• | Disclosure of named nominees |
• | Combined Chairman/CEO |
• | Election of former CEO as Chairman of the board |
• | Overboarded directors who sit on more than four public operating and/or holding company boards or are CEOs of public companies who sit on the boards of more than one public companies besides their own |
• | Composition of committees |
• | Director independence |
• | Number of directors on the board |
• | Lack of gender diversity on the board |
• | Specific concerns about the individual or company, such as criminal wrongdoing or breach of fiduciary responsibilities; or |
• | Attendance at less than 75% of the board and committee meetings without a disclosed valid excuse; or |
• | Unless there are other considerations which may include sanctions from government or authority, violations of laws and regulations, or other issues related to improper business practice, failure to replace management, or egregious actions related to service on other boards. |
• | Company performance relative to its peers; |
• | Strategy of the incumbents versus the dissidents; |
• | Independence of board candidates; |
• | Experience and skills of board candidates; |
• | Governance profile of the company; |
• | Evidence of management entrenchment; |
• | Responsiveness to shareholders; |
• | Whether a takeover offer has been rebuffed; |
• | Whether minority or majority representation is being sought. |
• | Employee or executive of the company; |
• | Any director who is classified as a non-executive, but receives salary, fees, bonus, and/or other benefits that are in line with the highest-paid executives of the company. |
• | • Any director who is attested by the board to be a non-independent NED; |
• | Any director specifically designated as a representative of a significant shareholder of the company; |
• | Any director who is also an employee or executive of a significant shareholder of the company; |
• | Beneficial owner (direct or indirect) of at least 10% of the company’s stock, either in economic terms or in voting rights (this may be aggregated if voting power is distributed among more than one member of a defined group, e.g., family members who beneficially own less than 10% individually, but collectively own more than 10%), unless market best practice dictates a lower ownership and/or disclosure threshold (and in other special market-specific circumstances); |
• | Government representative; |
• | Currently provides (or a relative provides) professional services to the company, to an affiliate of the company, or to an individual officer of the company or of one of its affiliates in excess of $10,000 per year; |
• | Represents customer, supplier, creditor, banker, or other entity with which company maintains transactional/commercial relationship (unless company discloses information to apply a materiality test); |
• | Any director who has conflicting or cross-directorships with executive directors or the chairman of the company; |
• | Relative of a current employee of the company or its affiliates; |
• | Relative of a former executive of the company or its affiliates; |
• | Any director who works or worked at companies whose shares are held by the company in question as cross-shareholdings; |
• | A new appointee elected other than by a formal process through the General Meeting (such as a contractual appointment by a substantial shareholder); |
• | Founder/co-founder/member of founding family but not currently an employee; |
• | Former executive (5 year cooling off period); |
• | Years of service is generally not a determining factor unless it is recommended best practice in a market and/or in extreme circumstances, in which case it may be considered; and |
• | Any additional relationship or principle considered to compromise independence under local corporate governance best practice guidance. |
• | No material connection, either directly or indirectly, to the company other than a board seat. |
• | Represents employees or employee shareholders of the company (classified as “employee representative” but considered a non-independent NED). |
• | A lack of oversight or actions by board members which invoke shareholder distrust related to malfeasance or poor supervision, such as operating in private or company interest rather than in shareholder interest; or |
• | Any legal issues (e.g., civil/criminal) aiming to hold the board responsible for breach of trust in the past or related to currently alleged actions yet to be confirmed (and not only the fiscal year in question), such as price fixing, insider trading, bribery, fraud, and other illegal actions; or |
• | Other egregious governance issues where shareholders may bring legal action against the company or its directors; or |
• | Vote on a CASE-BY-CASE |
• | Two-thirds independent board, or majority in countries where employee representation is common practice; |
• | A designated, or a rotating, lead director, elected by and from the independent board members with clearly delineated and comprehensive duties; |
• | Fully independent key committees; and/or |
• | Established, publicly disclosed, governance guidelines and director biographies/profiles. |
• | The specific purpose of the increase (such as a share-based acquisition or merger) does not meet guidelines for the purpose being proposed; or |
• | The increase would leave the company with less than 30% of its new authorization outstanding after adjusting for all proposed issuances. |
• | The share repurchase program can be used as a takeover defense; |
• | There is clear evidence of historical abuse; |
• | There is no safeguard in the share repurchase program against selective buybacks; |
• | Pricing provisions and safeguards in the share repurchase program are deemed to be unreasonable in light of market practice. |
• | Valuation; |
• | Market reaction; |
• | Strategic rationale; |
• | Management’s track record of successful integration of historical acquisitions; |
• | Presence of conflicts of interest; and |
• | Governance profile of the combined company. |
• | The parties on either side of the transaction; |
• | The nature of the asset to be transferred/service to be provided; |
• | The pricing of the transaction (and any associated professional valuation); |
• | The views of independent directors (where provided); |
• | The views of an independent financial adviser (where appointed); |
• | Whether any entities party to the transaction (including advisers) is conflicted; and |
• | The stated rationale for the transaction, including discussions of timing. |
EX-101.INS | XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
Name* |
Position with Underwriter |
Positions with Fund | ||
Bradley J. Swenson | President, Chief Operating Officer, Director | None | ||
Robert J. Szydlowski | Senior Vice President, Chief Technology Officer | None | ||
Eric T. Parsons | Vice President, Controller and Assistant Treasurer | None | ||
Joseph J. Frank** | Secretary | None | ||
Patrick J. Pedonti ** | Vice President, Treasurer and Assistant Secretary | None | ||
Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary | None | ||
Steven Price | Senior Vice President, Chief Compliance Officer | None | ||
Liza Orr | Vice President, Senior Counsel | None | ||
Jed Stahl | Vice President, Senior Counsel | None | ||
Josh Eihausen | Vice President, Associate Senior Counsel | None | ||
James Stegall | Vice President | None | ||
Gary Ross | Senior Vice President | None | ||
Kevin Ireland | Senior Vice President | None | ||
Mark Kiniry | Senior Vice President | None | ||
Stephen J. Kyllo | Vice President, Deputy Chief Compliance Officer | None | ||
Hilary Quinn | Vice President | None | ||
Jennifer Craig | Assistant Vice President | None |
* | Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1100, Denver, Colorado 80203. |
** | The principal business address for Messrs. Pedonti and Frank is 333 W. 11 th Street, 5th Floor, Kansas City, Missouri 64105. |
GOLDMAN SACHS ETF TRUST | ||
(A Delaware statutory trust) | ||
By: | /s/ Caroline L. Kraus | |
Caroline L. Kraus | ||
Secretary |
Name |
Title |
Date | ||
1 James A. McNamara |
President (Chief Executive Officer) and Trustee | October 30, 2020 | ||
James A. McNamara | ||||
1 Joseph F. DiMaria |
Treasurer, Principal Financial Officer and Principal Accounting Officer | October 30, 2020 | ||
Joseph F. DiMaria | ||||
1 Caroline Dorsa |
Trustee | October 30, 2020 | ||
Caroline Dorsa | ||||
1 Linda A. Lang |
Trustee | October 30, 2020 | ||
Linda A. Lang | ||||
1 Michael Latham |
Trustee | October 30, 2020 | ||
Michael Latham | ||||
1 Lawrence W. Stranghoener |
Chairman and Trustee | October 30, 2020 | ||
Lawrence W. Stranghoener | ||||
By: /s/ Caroline L. Kraus |
||||
Caroline L. Kraus, | ||||
Attorney-In-Fact |
1 |
Pursuant to powers of attorney previously filed. |
/s/ Caroline L. Kraus |
Caroline L. Kraus, |
Secretary |
EX-101.INS | XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. | |
EX-101.SCH | XBRL Taxonomy Extension Schema Document | |
EX-101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
EX-101.DEF | XBRL Taxonomy Extension Definition Linkbase | |
EX-101.LAB | XBRL Taxonomy Extension Labels Linkbase | |
EX-101.PRE | XBRL Taxonomy Extension Presentation Linkbase |