GPAL — Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF

GPAL Fund Overview

GPAL — Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF is a US ETF managed by Goldman Sachs ETF Trust, categorised as United States Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Goldman Sachs ETF Trust
• Category: United States Large Cap Blend / Core Equity
• Assets under management: $7.50M
• 1-year return: 11.7%
• Ticker: GPAL
• SEC CIK: 0001479026
• SEC series ID: S000074467
• Share class ID: C000232398

GPAL Investment Objective and Strategy

Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Goldman Sachs ETF Trust.

Investment objective

The Goldman Sachs ActiveBeta Paris-Aligned Climate U.S. Large Cap Equity ETF (the Fund) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta Paris-Aligned U.S. Large Cap Equity Index (the Index).

Principal investment strategy

The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index is constructed using the patented ActiveBeta Portfolio Construction Methodology, which was developed to provide exposure to the factors (or characteristics) that are commonly tied to a stocks outperformance relative to market returns. These factors include value (i.e., how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow), momentum (i.e., whether a companys share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a companys share price over time).

Given the Funds investment objective of attempting to track its Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Index aims to meet the minimum requirements to be an EU Paris-Aligned Benchmark as defined by the European Commission Delegated Regulation C(2020)4757. An EU Paris-Aligned Benchmark is an index whose constituent companies are aligned with the goals of the Paris Climate Agreement, an international treaty that seeks to combat climate change and its effects. Goldman Sachs Asset Management, L.P. (the Index Provider) constructs the Index in accordance with a rules-based methodology that involves three steps. Step 1 In the first step, the following types of issuers are excluded from the constituents of the Solactive US Large Cap Index (the Reference Index) per the requirements for an EU Paris-Aligned Benchmark: companies involved with controversial weapons or tobacco, companies that violate global norms as indicated by violations of the United Nations Global Compact principles or the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises, and companies that derive more than 50% of revenue from fossil fuel activities or engage in activities that significantly obstruct the United Nations Sustainable Development Goals that correspond to the EUs six environmental objectives.

In addition, issuers who derive significant revenue from the following activities are excluded (revenue percentages are shown in parentheses): exploration, mining, extraction, distribution or refining of hard coal and lignite (= 1%); exploration, extraction, distribution or refining of oil fuels (= 10%); exploration, extraction, manufacturing or distribution of gaseous fuels (= 50%); and electricity generation with a greenhouse gas (GHG) intensity of more than 100g CO2e/kWh (= 50%). Step 2 In the second step, individual factor subindexes for value, momentum, quality and low volatility (the ActiveBeta Factor Subindexes) are created from the Reference Index, a market capitalization-weighted index. To construct each ActiveBeta Factor Subindex, all non-excluded constituents in the Reference Index are assigned a factor score based on certain specified measurements (for example, in the case of the value factor, the factor score is based on a composite of book value-to-price, sales-to-price and free cash flow-to-price).

Securities with a factor score that is above a fixed Cut-off Score receive an overweight in the applicable ActiveBeta Factor Subindex relative to the Reference Index and securities with a factor score that is below the Cut-off Score receive an underweight in the ActiveBeta Factor Subindex relative to the Reference Index. Accordingly, the magnitude of overweight or underweight that a security receives in constructing the applicable ActiveBeta Factor Subindex is determined by its attractiveness when evaluated based on the relevant factor. The ActiveBeta Factor Subindexes are combined in equal weights to form the Factor Diversity Portfolio. Step 3 In the third step, the weights of the individual issuers in the Factor Diversity Portfolio are adjusted upwards and downwards to target the following requirements: a 50-percent reduction in aggregate GHG emissions intensity relative to the Reference Index, where an issuers emission intensity is defined as the sum of the issuers direct and indirect emissions divided by the issuers enterprise value including cash; an inflation-adjusted seven-percent annualized reduction in absolute GHG emissions intensity; non-negative exposure to high carbon impact sectors relative to the Reference Index; and exposure to each of the four factors (value, momentum, quality, and low volatility) that are no lower than the corresponding factor exposures for the Factor Diversity Portfolio.

The resulting Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero. The Index is normally rebalanced on a quarterly basis in accordance with the published rebalancing schedule of the Reference Index. The rules-based process used to construct the Index incorporates the ActiveBeta Turnover Minimization Technique, which seeks to reduce turnover within the Index. As of December 1, 2023, the Index consisted of 332 securities with a market capitalization range of between approximately $277.8 million and $3 trillion. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class will vary from time to time as the weightings of the securities within the Index change, and the Fund may not be invested in each asset class at all times.

The Index Provider determines whether an issuer is a U.S. issuer by reference to the Reference Index methodology. Solactive AG, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if its securities are primarily listed in the United States, its country of risk is the United States, and it meets certain requirements with respect to its jurisdiction of incorporation and domicile. The Index is comprised of equity securities. The Fund seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. The Fund may purchase a sample of securities in its Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Funds Index, purchase securities not in the Funds Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.

The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.

GPAL Holdings

Top 10 holdings of Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all GPAL holdings

GPAL Portfolio Allocation

Asset-class allocation of Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF by percentage of net assets, from the latest SEC N-PORT filing.

GPAL Performance

Total returns for GPAL (as of 2026-10-01), from SEC filings.

GPAL Risk Information

Risk metrics for GPAL, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 16.1%

GPAL Costs and Fees

GPAL costs about $20 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.20%
• Gross expense ratio: 0.20%
• Portfolio turnover: 26%
• Brokerage commissions: 0.18 bps of average net assets (SEC N-CEN)

GPAL Cashflows

Over the 12 months to 2023-11, Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF had net inflows of $1.80M, from monthly SEC N-PORT filings.

GPAL Debt Constituents

No individual debt constituents are reported in Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF's latest SEC N-PORT filing.

GPAL Prospectus and SEC Filings

Official Goldman Sachs ActiveBeta® Paris-Aligned Climate U.S. Large Cap Equity ETF filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-12-27
• Prospectus (485BPOS) — filed 2022-12-27
• Prospectus (485BPOS) — filed 2021-12-09
• Portfolio holdings (N-PORT) — filed 2024-01-25
• Portfolio holdings (N-PORT) — filed 2023-10-25
• Portfolio holdings (N-PORT) — filed 2023-07-27
• Annual census (N-CEN) — filed 2023-11-13
• Annual census (N-CEN) — filed 2022-11-14

Related Funds

Other United States Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total Stock Market Index Fund (VTSMX)
• Vanguard 500 Index Fund (VFINX)
• iShares Core S&P 500 ETF (IVV)
• Fidelity 500 Index Fund (FXAIX)
• Vanguard Institutional Index Fund (VINIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.