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About Goldman Sachs ETF Trust Goldman Sachs Defensive Equity ETF

GDEF invests in US large-cap companies that have the same market capitalization as the S&P 500. In addition, the fund constructs a put spread collar strategy on the S&P 500 Index that provides downside protection by buying near-the-money put options and selling out-of-the-money put and call options. The specific holdings weightings and naked index option positions are actively managed by the funds adviser. In mitigating the portfolio's volatility, the adviser employs a quantitative style and a qualitative overlay in selecting companies. The fund may use derivatives such as futures and swaps to offset premiums for its overlay strategy. Investors should note that naked options writing, or selling call options without owning the underlying asset, is a high-risk options strategy. On Jan. 20, 2023, GDEF converted from a mutual fund called Goldman Sachs Defensive Equity Fund to an actively managed ETF structure starting with $5.41 million in net assets.