# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001193125-25-286245
**Filing Date:** 2025-11
**Character Count:** 57450
**Document Hash:** cdd377caa59f6563f756d0d317aaedc8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-286245.hdr.sgml**: 20251118

**ACCESSION NUMBER**: 0001193125-25-286245

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20251118

**DATE AS OF CHANGE**: 20251118

**EFFECTIVENESS DATE**: 20251118

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust
- **CENTRAL INDEX KEY:** 0001479026

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288210
- **FILM NUMBER:** 251495250

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198
- **BUSINESS PHONE:** (312) 655-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198

**Securities Act File No. 333-288210** 

**As filed with the Securities and Exchange Commission on November 18, 2025** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-14** 

**REGISTRATION STATEMENT** 

***UNDER***

***THE SECURITIES ACT OF 1933***

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|:---|:---|
| **Pre-Effective Amendment No.** | ☐ |
| **Post-Effective Amendment No. 2** | ☑ |

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**(Check appropriate box or boxes.)** 

## GOLDMAN SACHS ETF TRUST
**(Exact Name of Registrant as Specified in Charter)** 

**200 West Street** 

**New York, New York 10282** 

**(Address of Principal Executive Offices)** 

**Registrant's Telephone Number, including Area Code (212) 902-1000** 

**ROBERT GRIFFITH, ESQ.** 

**Goldman Sachs & Co. LLC** 

**200 West Street** 

**New York, New York 10282** 

**(Name and Address of Agent for Service)** 

***COPY TO:***

**STEPHEN H. BIER, ESQ.** 

**ALLISON M. FUMAI, ESQ.** 

**Dechert LLP** 

**1095 Avenue of the Americas** 

**New York, New York 10036** 

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933 (the "Securities Act").

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**EXPLANATORY NOTE** 

The purpose of this filing is to file as an exhibit the opinion of counsel supporting the tax matters and consequences to shareholders in connection with the reorganizations of the Goldman Sachs Enhanced U.S. Equity Fund, Goldman Sachs Focused Value Fund, Goldman Sachs Strategic Growth Fund and Goldman Sachs Technology Opportunities Fund, each a series of Goldman Sachs Trust, with and into Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Value Opportunities ETF and Goldman Sachs Technology Opportunities ETF, each a series of Goldman Sachs ETF Trust, as required by Item 16(12) of Form N-14.

**Parts A and B are incorporated herein by reference to the [definitive Combined Information Statement/Prospectus and the definitive Statement of Additional Information filed pursuant to Rule 485(b) under the Securities Act on August 8, 2025 (Accession No. 0001193125-25-177045)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525177045/d157286d485bpos.htm).** 

**PART C: OTHER INFORMATION** 

**Item 15. Indemnification** 

Article VII, Section 7.5 of the Amended and Restated Declaration of Trust of the Registrant, a Delaware statutory trust, provides for indemnification of the Trustees, officers and employees of the Registrant by the Registrant, subject to certain limitations. [The Amended and Restated Declaration of Trust is incorporated by reference to Exhibit (1)(b).](http://www.sec.gov/Archives/edgar/data/1479026/000119312522255448/d379801dex99a2.htm)

Section 6 of the Distribution Agreement between the Registrant and Distributor dated March 26, 2015, provides that the Registrant will indemnify Distributor against certain liabilities, subject to certain conditions. A copy of the Distribution Agreement is incorporated by reference as [Exhibit (e)](http://www.sec.gov/Archives/edgar/data/1479026/000119312518258822/d570991dex99e1.htm), to the Registrant's Registration Statement.

Fund and trustees and officers liability policies purchased jointly by the Registrant and other registered investment companies for which the trustees and officers serve as such insure such persons and their respective trustees, partners, officers and employees, subject to the policies' coverage limits and exclusions and varying deductibles, against loss resulting from claims by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers or persons controlling the registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is therefore unenforceable.

**Item 16. Exhibits** 

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| | |
|:---|:---|
| (1)(a) | [Certificate of Trust of the Registrant dated December 16, 2009 (incorporated by reference from Pre-Effective Amendment No. 1 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed May 4, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515169270/d837615dex99a1.htm) |
| (b) | [Amended and Restated Declaration of Trust dated September 20, 2022 (incorporated by reference from Post-Effective Amendment No. 466 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed September 30, 2022)](http://www.sec.gov/Archives/edgar/data/1479026/000119312522255448/d379801dex99a2.htm) |
| (c) | [Form of Amended Schedule A dated June 18, 2025, to the Amended and Restated Declaration of Trust dated September 20, 2022 (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex991c.htm) |
| (2) | [Amended and Restated By-laws dated July 22, 2021 (incorporated by reference from Post-Effective Amendment No. 369 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed July 26, 2021)](http://www.sec.gov/Archives/edgar/data/1479026/000119312521224388/d176692dex99b.htm) |
| (3) | Not applicable. |
| (4) | Form of Agreement and Plan of Reorganization is included in Part A to this Registration Statement. |
| (5) | Not applicable. |
| (6) (a) | [Management Agreement between Registrant and Goldman Sachs Asset Management, L.P. (with respect to ActiveBeta<u><sup>®</sup></u> Emerging Markets Equity ETF) (incorporated by reference from Pre-Effective Amendment No. 3 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed September 11, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515318140/d837615dex99d.htm) |

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|:---|
| (b) |
| (c) [Form of Amended Annex A to the Management Agreement between Registrant and Goldman Sachs Asset Management, L.P. (with respect to all series of Registrant except ActiveBeta<u><sup>®</sup></u> Emerging Markets Equity ETF) (incorporated by reference from the Trust's registration statement on Form N-1A, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex996c.htm) |

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|:---|:---|
| (7)(a) | [Distribution Agreement dated March 26, 2015 between Registrant and ALPS Distributors, Inc. (incorporated by reference from Pre-Effective Amendment No. 2 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 7, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515282875/d837615dex99e.htm) |
| (b) | [Distribution Agreement dated April 16, 2018 between Registrant and ALPS Distributors, Inc. (incorporated by reference from Post-Effective Amendment No. 126 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 27, 2018)](http://www.sec.gov/Archives/edgar/data/1479026/000119312518258822/d570991dex99e1.htm) |
| (c) | [Form of Amendment to Distribution Agreement between Registrant and ALPS Distributors, Inc. (incorporated by reference from Post-Effective Amendment No. 126 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 27, 2018)](http://www.sec.gov/Archives/edgar/data/1479026/000119312518258822/d570991dex99e2.htm) |
| (8) | Not applicable. |
| (9) (a) | [Custody Agreement dated April 5, 2011 between Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 279 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed April 28, 2011)](http://www.sec.gov/Archives/edgar/data/822977/000095012311041091/b88801exv99wgw43.htm) |
| (b) | [Letter Amendment to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Pre-Effective Amendment No. 2 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 7, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515282875/d837615dex99g2.htm) |
| (c) | [Letter Amendment dated October 20, 2015 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 518 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed January 15, 2016)](http://www.sec.gov/Archives/edgar/data/822977/000119312516430638/d222601dex99g67.htm) |
| (d) | [Amendment dated January 6, 2016 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 523 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed January 29, 2016)](http://www.sec.gov/Archives/edgar/data/822977/000119312516444378/d52911dex99g68.htm) |
| (e) | [Amendment dated March 1, 2016 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Financial Square Tax-Exempt Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund) (incorporated by reference from Post-Effective Amendment No. 559 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed May 20, 2016)](http://www.sec.gov/Archives/edgar/data/822977/000119312516597635/d161702dex99g69.htm) |
| (f) | [Amendment dated June 13, 2016 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Hedge Industry VIP ETF) (incorporated by reference from Post-Effective Amendment No. 93 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 22, 2017)](http://www.sec.gov/Archives/edgar/data/1479026/000119312517377613/d450037dex99g6.htm) |
| (g) | [Amendment dated August 29, 2016 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Treasury Access 0-1 Year ETF) (incorporated by reference from Post-Effective Amendment No. 93 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 22, 2017)](http://www.sec.gov/Archives/edgar/data/1479026/000119312517377613/d450037dex99g7.htm) |
| (h) | [Amendment dated April 5, 2017 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Access Emerging Markets Local Currency Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF and Goldman Sachs Access Investment Grade Corporate Bond ETF) (incorporated by reference from Post-Effective Amendment No. 93 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 22, 2017)](http://www.sec.gov/Archives/edgar/data/1479026/000119312517377613/d450037dex99g8.htm) |

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| | |
|:---|:---|
| (i) | [Amendment dated May 10, 2017 to the Custodian Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Equal Weight U.S. Large Cap Equity ETF) (incorporated by reference from Post-Effective Amendment No. 93 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 22, 2017)](http://www.sec.gov/Archives/edgar/data/1479026/000119312517377613/d450037dex99g9.htm) |
| (j) | [Amendment dated December 10, 2018 to the Custody Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 202 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed May 10, 2019)](http://www.sec.gov/Archives/edgar/data/1479026/000119312519144100/d493672dex99g10.htm) |
| (k) | [Amendment dated July 12, 2019 to the Custody Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (certain equity funds) (incorporated by reference from Post-Effective Amendment No. 778 to the Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed December 20, 2019)](http://www.sec.gov/Archives/edgar/data/822977/000119312519321151/d822947dex99g71.htm) |
| (l) | [Amendment dated December 13, 2019 to the Custody Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 281 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed July 6, 2020)](http://www.sec.gov/Archives/edgar/data/1479026/000119312520187791/d755444dex99g12.htm) |
| (m) | [Letter Amendment dated March 10, 2022 to the Custody Agreement between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Cayman Commodity-MFS, LLC, and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 498 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2022)](http://www.sec.gov/Archives/edgar/data/1479026/000119312522312645/d384303dex99g13.htm) |
| (n) | [Amendment dated October 12, 2023 to the Custody Agreement between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Cayman Commodity-MFS, LLC, and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 618 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2023)](http://www.sec.gov/Archives/edgar/data/1479026/000119312523304142/d556196dex99g14.htm) |
| (o) | [Amendment dated June 9, 2025 to the Custody Agreement between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund, Cayman Commodity-MFS, LLC, and The Bank of New York Mellon (incorporated by reference from the Trust's registration statement on Form N-1A, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex999o.htm) |
| (p) | [Amendment dated August June 9, 2025 to the Custody Agreement between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust, Goldman Sachs Real Estate Diversified Income Fund, Cayman Commodity-MFS, LLC, Goldman Sachs ETF Trust II, and The Bank of New York Mellon (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex999o.htm) |
| (10) | [Distribution and Service Plan (incorporated by reference from Pre-Effective Amendment No. 3 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed September 11, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515318140/d837615dex99m.htm) |
| (11) | [Opinion and Consent of Dechert LLP (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex9911.htm) |
| (12) (a) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Enhanced U.S. Equity Fund with respect solely to each transaction between the Goldman Sachs Enhanced U.S. Equity Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912a.htm) |
| (12) (b) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Strategic Growth Fund with respect solely to each transaction between the Goldman Sachs Strategic Growth Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912b.htm) |
| (12) (c) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Focused Value Fund with respect solely to each transaction between the Goldman Sachs Focused Value Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912c.htm) |

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|:---|:---|
| (13)(a) | [Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon (incorporated by reference from Pre-Effective Amendment No. 3 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed September 11, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515318140/d837615dex99h1.htm) |
| (b) | [Amendment dated December 10, 2018 to the Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 202 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed May 10, 2019)](http://www.sec.gov/Archives/edgar/data/1479026/000119312519144100/d493672dex99h2.htm) |
| (c) | [Amendment dated December 13, 2019 to the Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 281 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed July 6, 2020)](http://www.sec.gov/Archives/edgar/data/1479026/000119312520187791/d755444dex99h3.htm) |

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(d) [Form of Authorized Participant Agreement (incorporated by reference from Pre-Effective Amendment No. 2 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 7, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515282875/d837615dex99h2.htm)

(e) [Fund Administration and Accounting Agreement dated April 5, 2011 between Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 279 to the Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed April 28, 2011)](http://www.sec.gov/Archives/edgar/data/822977/000095012311041091/b88801exv99whw27.htm)

(f) [Letter Amendment to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Pre-Effective Amendment No. 2 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed August 7, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515282875/d837615dex99h4.htm)

(g) [License Agreement between the Trust and Goldman Sachs Asset Management, L.P. (incorporated by reference from Pre-Effective Amendment No. 3 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed September 11, 2015)](http://www.sec.gov/Archives/edgar/data/1479026/000119312515318140/d837615dex99h5.htm)

(h) [Letter Amendment dated October 20, 2015 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 3 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed February 8, 2016)](http://www.sec.gov/Archives/edgar/data/1479026/000119312516453980/d55076dex99h6.htm)

(i) [Amendment dated January 6, 2016 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 523 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed January 29, 2016)](http://www.sec.gov/Archives/edgar/data/822977/000119312516444378/d52911dex99h42.htm)

(j) [Amendment dated March 1, 2016 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (Goldman Sachs Financial Square Tax-Exempt Money Market Fund and Goldman Sachs Investor Tax-Exempt Money Market Fund) (incorporated by reference from Post-Effective Amendment No. 559 to Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed May 20, 2016)](http://www.sec.gov/Archives/edgar/data/822977/000119312516597635/d161702dex99h44.htm)

(k) [Amendment dated December 10, 2018 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 202 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed May 10, 2019)](http://www.sec.gov/Archives/edgar/data/1479026/000119312519144100/d493672dex99h10.htm)

(l) [Amendment dated July 12, 2019 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Registrant and The Bank of New York Mellon (certain equity funds) (incorporated by reference from Post-Effective Amendment No. 778 to the Goldman Sachs Trust's registration statement on Form N-1A, SEC File No. 33-17619, filed December 20, 2019)](http://www.sec.gov/Archives/edgar/data/822977/000119312519321151/d822947dex99h39.htm)

(m) [Amendment dated December 13, 2019 to the Fund Administration and Accounting Agreement dated April 28, 2016 between Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Registrant and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 281 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed July 6, 2020)](http://www.sec.gov/Archives/edgar/data/1479026/000119312520187791/d755444dex99h13.htm)

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| | | |
|:---|:---|:---|
|  | (n) | [Expense Limitation Agreement between Registrant and Goldman Sachs Asset Management, L.P. relating to Goldman Sachs ActiveBeta<u><sup>®</sup></u> Emerging Markets Equity ETF (incorporated by reference from Post-Effective Amendment No. 72 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed July 6, 2017)](http://www.sec.gov/Archives/edgar/data/1479026/000119312517223196/d282745dex99h9.htm) |
|  | (o) | [Letter Amendment dated March 10, 2022 to the Transfer Agency and Service Agreement between Registrant, Goldman Sachs ETF Trust II and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 498 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2022)](http://www.sec.gov/Archives/edgar/data/1479026/000119312522312645/d384303dex99h15.htm) |
|  | (p) | [Letter Amendment dated March 17, 2022 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust II, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Cayman Commodity-MFS, LLC and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 498 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2022)](http://www.sec.gov/Archives/edgar/data/1479026/000119312522312645/d384303dex99h16.htm) |
|  | (q) | [Form of Fund of Funds Investment Agreement (incorporated by reference from Post-Effective Amendment No. 498 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2022)](http://www.sec.gov/Archives/edgar/data/1479026/000119312522312645/d384303dex99h17.htm) |
|  | (r) | [Amendment dated October 12, 2023 to the Transfer Agency and Service Agreement between Registrant, Goldman Sachs ETF Trust II and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 618 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2023)](http://www.sec.gov/Archives/edgar/data/1479026/000119312523304142/d556196dex99h19.htm) |
|  | (s) | [Amendment dated October 12, 2023 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Cayman Commodity-MFS, LLC and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 618 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 27, 2023)](http://www.sec.gov/Archives/edgar/data/1479026/000119312523304142/d556196dex99h18.htm) |
|  | (t) | [Amendment dated May 31, 2024 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Cayman Commodity-MFS, LLC and The Bank of New York Mellon (incorporated by reference from Post-Effective Amendment No. 672 to the Trust's registration statement on Form N-1A, SEC File No. 333-200933, filed December 26, 2024)](http://www.sec.gov/Archives/edgar/data/1479026/000119312524284998/d861631dex99h20.htm) |
|  | (u) | [Amendment dated June 9, 2025 to the Transfer Agency and Service Agreement between Registrant and The Bank of New York Mellon (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex9913u.htm) |
|  | (v) | [Amendment dated June 9, 2025 to the Fund Administration and Accounting Agreement dated April 5, 2011 between Registrant, Goldman Sachs Trust, Goldman Sachs Variable Insurance Trust, Goldman Sachs ETF Trust II, Goldman Sachs Real Estate Diversified Income Fund and Cayman Commodity-MFS, LLC and The Bank of New York Mellon (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex9913v.htm) |
| (14) |  | [Consent of Independent Registered Public Accounting Firm (incorporated by reference from Post-Effective Amendment No. 1 to the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed August 8, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525177045/d157286dex9914.htm) |
| (15) |  | Not applicable. |
| (16) |  | [Powers of Attorney for James A. McNamara, Joseph F. DiMaria, Gregory G. Weaver, Cheryl K. Beebe, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham and Lawrence W. Stranghoener (incorporated by reference from the Trust's registration statement on Form N-14, SEC File No. 333-288210, filed June 20, 2025)](http://www.sec.gov/Archives/edgar/data/1479026/000119312525143723/d157286dex9916.htm) |

---

------

(17) Not applicable.

(18) Not applicable.

**Item 17. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the
use of a prospectus which is a part of this Registration Statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933 [17 CFR 230.145c], the reoffering prospectus will contain
the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be
filed as a part of an amendment to the Registration Statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities Act of 1933, each post-effective amendment shall be deemed to be a new
registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The undersigned Registrant agrees to file in a Post-effective Amendment to this Registration Statement a final
tax opinion for the Goldman Sachs Technology Opportunities ETF within a reasonable time after the close of this transaction.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Act of 1933, the Registrant has duly caused this Post-Effective Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City and State of New York, on the 18<sup>th</sup> day of November, 2025.

---

| | |
|:---|:---|
| **GOLDMAN SACHS ETF TRUST** | **GOLDMAN SACHS ETF TRUST** |
| (A Delaware statutory trust) | (A Delaware statutory trust) |
| By: | /s/ Robert Griffith |
|  | Robert Griffith |
|  | Secretary |

---

As required by the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| <sup>1</sup>James A. McNamara<br> James A. McNamara | President (Chief Executive Officer) and Trustee | November 18, 2025 |
| <sup>1</sup>Joseph F. DiMaria<br> Joseph F. DiMaria | Treasurer, Principal Financial Officer and Principal Accounting Officer | November 18, 2025 |
| <sup>1</sup>Gregory G. Weaver<br> Gregory G. Weaver | Chair and Trustee | November 18, 2025 |
| <sup>1</sup>Cheryl K. Beebe<br> Cheryl K. Beebe | Trustee | November 18, 2025 |
| <sup>1</sup>Dwight L. Bush<br> Dwight L. Bush | Trustee | November 18, 2025 |
| <sup>1</sup>Kathryn A. Cassidy<br> Kathryn A. Cassidy | Trustee | November 18, 2025 |
| <sup>1</sup>John G. Chou<br> John G. Chou | Trustee | November 18, 2025 |
| <sup>1</sup>Joaquin Delgado<br> Joaquin Delgado | Trustee | November 18, 2025 |
| <sup>1</sup>Eileen H. Dowling<br> Eileen H. Dowling | Trustee | November 18, 2025 |
| <sup>1</sup>Lawrence Hughes<br> Lawrence Hughes | Trustee | November 18, 2025 |
| <sup>1</sup>John F. Killian<br> John F. Killian | Trustee | November 18, 2025 |
| <sup>1</sup>Steven D. Krichmar<br> Steven D. Krichmar | Trustee | November 18, 2025 |
| <sup>1</sup>Michael Latham<br> Michael Latham | Trustee | November 18, 2025 |
| <sup>1</sup>Lawrence W. Stranghoener<br> Lawrence W. Stranghoener | Trustee | November 18, 2025 |

---

------

---

| | |
|:---|:---|
| By: | /s/ Robert Griffith |
|  | Robert Griffith, |
|  | Attorney-In-Fact |

---

<sup>1</sup> Pursuant to powers of attorney filed herewith.

------

**CERTIFICATE** 

The undersigned Secretary for Goldman Sachs ETF Trust (the "Trust") hereby certifies that the Board of Trustees of the Trust duly adopted the following resolution at a meeting of the Board held on June 17-18, 2025.

**RESOLVED,** that Trustees and officers of the Trust who may be required to sign the Trust's filings on Form N-14 and any and all amendments thereto be, and each hereby is, authorized to execute a power of attorney appointing Caroline L. Kraus, James A. McNamara, Joseph F. DiMaria, and Robert Griffith, jointly and severally, as their attorneys-in-fact, each with power of substitution, for said Trustees and officers in any and all capacities to sign the Trust's filings on Form N-14 for the Goldman Sachs Enhanced U.S. Equity ETF, Goldman Sachs Growth Opportunities ETF, Goldman Sachs Technology Opportunities ETF and Goldman Sachs Value Opportunities ETF, (the "Funds") and any and all amendments to such filings on Form N-14, and to file the same, with exhibits thereto, if any, and other documents in connection therewith, with the SEC and with other federal, state, foreign and quasi-governmental agencies and such other instruments related to compliance with certain of the federal securities laws and other applicable federal, state, foreign and quasi-governmental filings, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue thereof; and be it further

**RESOLVED,** that the officers of the Trust be, and each hereby is, authorized to prepare, execute and deliver such documents, with such changes as may be recommended by Trust officers or Fund counsel, and to take such other actions as he or she may determine to be necessary or appropriate to carry out the intent or purposes of the foregoing resolutions, such determination to be conclusively evidenced by the doing of such acts and the preparation, execution and delivery of such documents.

Dated: November 18, 2025

---

| |
|:---|
| /s/ Robert Griffith |
| Robert Griffith, |
| Secretary |

---

------

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| (12)(a) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Enhanced U.S. Equity Fund with respect solely to each transaction between the Goldman Sachs Enhanced U.S. Equity Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912a.htm) |
| (12)(b) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Strategic Growth Fund with respect solely to each transaction between the Goldman Sachs Strategic Growth Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912b.htm) |
| (12)(c) | [Opinion of Dechert LLP supporting the tax matters and consequences to shareholders of Goldman Sachs Focused Value Fund with respect solely to each transaction between the Goldman Sachs Focused Value Fund and its corresponding Acquiring Fund pursuant to the Form of Agreement and Plan of Reorganization and Liquidation (filed herewith)](d941167dex9912c.htm) |

---

## Ex-99.(12)(A)

**EX-99.(12)(a)** 

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

TAX OPINION

November 14, 2025

Board of Trustees

Goldman Sachs Trust

Goldman Sachs Enhanced U.S. Equity Fund

71 South Wacker Drive

Chicago, Illinois 60606

Board of Trustees

Goldman Sachs ETF Trust

Goldman Sachs Enhanced U.S. Equity ETF

200 West Street

New York, New York 10282

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Goldman Sachs Enhanced U.S. Equity Fund (the "Acquired Fund"), a separate series of Goldman Sachs Trust, a Delaware statutory trust (the "Acquired Fund Trust"), and to Goldman Sachs Enhanced U.S. Equity ETF (the "Acquiring Fund"), a separate series of the Goldman Sachs ETF Trust, a Delaware statutory trust (the "Acquiring Fund Trust"), and to the relevant holders (the "Acquired Fund Shareholders") of shares of beneficial interest in the Acquired Fund (the "Acquired Fund Shares"), in connection with the transfer of all of the assets, as defined in the Agreement and Plan of Reorganization and Liquidation (the "Plan") dated as of November 13, 2025, executed by the Acquiring Fund Trust on behalf of the Acquiring Fund and by the Acquired Fund Trust on behalf of the Acquired Fund, of the Acquired Fund (the "Assets") to the Acquiring Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (the "Acquiring Fund Shares") and the assumption of the Acquired Fund's liabilities as defined in the Plan (the "Liabilities") by the Acquiring Fund, followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund and cash in lieu of fractional shares in complete liquidation and termination of the Acquired Fund (the "Reorganization"), all pursuant to the Plan.

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Registration Statement filed on Form N-14 in connection with the Reorganization, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquiring Fund Trust on behalf of the Acquiring Fund, (4) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquired Fund Trust on behalf of the Acquired Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

------

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 2<br> Goldman Sachs Enhanced U.S. Equity Fund –<br> Goldman Sachs Enhanced U.S. Equity ETF<br> November 14, 2025 |

---

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund:

1. The acquisition by the Acquiring Fund of all of the properties of the Acquired Fund in exchange solely for
Acquiring Fund Shares and the assumption of all Liabilities of the Acquired Fund by the Acquiring Fund followed by the distribution of Acquiring Fund Shares and cash in lieu of fractional shares to the Acquired Fund Shareholders in exchange for
their Acquired Fund Shares in complete liquidation and termination of the Acquired Fund will constitute a "reorganization" within the meaning of Section 368(a) of the Code. The Acquiring Fund and the Acquired Fund each will be
"a party to a reorganization" within the meaning of Section 368(b) of the Code.

2. The Acquired Fund will not recognize gain or loss upon the transfer of the Assets of the Acquired Fund to the
Acquiring Fund in exchange solely for the assumption of all the Acquired Fund's Liabilities and the Acquiring Fund Shares, except that the Acquired Fund may be required to recognize gain or loss with respect to contracts described in
Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

3. The Acquired Fund will not recognize gain or loss upon the distribution to the Acquired Fund Shareholders of
the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

4. The Acquiring Fund will recognize no gain or loss upon receiving the Assets of the Acquired Fund in exchange
solely for the assumption of all Liabilities of the Acquired Fund and the issuance of the Acquiring Fund Shares.

5. The Acquired Fund Shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely
in exchange for the Acquired Fund Shares (except with respect to cash received in lieu of fractional shares).

------

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| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 3<br> Goldman Sachs Enhanced U.S. Equity Fund –<br> Goldman Sachs Enhanced U.S. Equity ETF<br> November 14, 2025 |

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6. The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization
will be the same as the aggregate basis of the Acquired Fund Shares exchanged in the Reorganization (reduced by any amount of tax basis allocable to fractional shares for which cash is received).

7. An Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund
Shareholder in the Reorganization will include the holding period during which the Acquired Fund Shareholder held the Acquired Fund Shares surrendered in exchange therefor, provided that the Acquired Fund Shareholder held the shares as a capital
asset on the date of Reorganization.

8. The tax basis of the Assets of the Acquired Fund acquired by the Acquiring Fund will be the same as the tax
basis of such Assets to the Acquired Fund immediately prior to the Reorganization.

9. The holding period of the Assets of the Acquired Fund in the hands of the Acquiring Fund will include the
period during which those Assets were held by the Acquired Fund.

10. The Acquired Fund's tax attributes enumerated in Section 381(c) of the Code will be taken into
account by the Acquiring Fund without limitation.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to the Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |

---

## Ex-99.(12)(B)

**EX-99.(12)(b)** 

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

TAX OPINION

November 14, 2025

Board of Trustees

Goldman Sachs Trust

Goldman Sachs Strategic Growth Fund

71 South Wacker Drive

Chicago, Illinois 60606

Board of Trustees

Goldman Sachs ETF Trust

Goldman Sachs Growth Opportunities ETF

200 West Street

New York, New York 10282

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Goldman Sachs Strategic Growth Fund (the "Acquired Fund"), a separate series of Goldman Sachs Trust, a Delaware statutory trust (the "Acquired Fund Trust"), and to Goldman Sachs Growth Opportunities ETF (the "Acquiring Fund"), a separate series of the Goldman Sachs ETF Trust, a Delaware statutory trust (the "Acquiring Fund Trust"), and to the relevant holders (the "Acquired Fund Shareholders") of shares of beneficial interest in the Acquired Fund (the "Acquired Fund Shares"), in connection with the transfer of all of the assets, as defined in the Agreement and Plan of Reorganization and Liquidation (the "Plan") dated as of November 13, 2025, executed by the Acquiring Fund Trust on behalf of the Acquiring Fund and by the Acquired Fund Trust on behalf of the Acquired Fund, of the Acquired Fund (the "Assets") to the Acquiring Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (the "Acquiring Fund Shares") and the assumption of the Acquired Fund's liabilities as defined in the Plan (the "Liabilities") by the Acquiring Fund, followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund and cash in lieu of fractional shares in complete liquidation and termination of the Acquired Fund (the "Reorganization"), all pursuant to the Plan.

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Registration Statement filed on Form N-14 in connection with the Reorganization, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquiring Fund Trust on behalf of the Acquiring Fund, (4) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquired Fund Trust on behalf of the Acquired Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

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| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 2<br> Goldman Sachs Strategic<br> Growth Fund –<br> Goldman Sachs Growth<br> Opportunities ETF<br> November 14, 2025 |

---

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund:

1. The acquisition by the Acquiring Fund of all of the properties of the Acquired Fund in exchange solely for
Acquiring Fund Shares and the assumption of all Liabilities of the Acquired Fund by the Acquiring Fund followed by the distribution of Acquiring Fund Shares and cash in lieu of fractional shares to the Acquired Fund Shareholders in exchange for
their Acquired Fund Shares in complete liquidation and termination of the Acquired Fund will constitute a "reorganization" within the meaning of Section 368(a) of the Code. The Acquiring Fund and the Acquired Fund each will be
"a party to a reorganization" within the meaning of Section 368(b) of the Code.

2. The Acquired Fund will not recognize gain or loss upon the transfer of the Assets of the Acquired Fund to the
Acquiring Fund in exchange solely for the assumption of all the Acquired Fund's Liabilities and the Acquiring Fund Shares, except that the Acquired Fund may be required to recognize gain or loss with respect to contracts described in
Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

3. The Acquired Fund will not recognize gain or loss upon the distribution to the Acquired Fund Shareholders of
the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

4. The Acquiring Fund will recognize no gain or loss upon receiving the Assets of the Acquired Fund in exchange
solely for the assumption of all Liabilities of the Acquired Fund and the issuance of the Acquiring Fund Shares.

5. The Acquired Fund Shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely
in exchange for the Acquired Fund Shares (except with respect to cash received in lieu of fractional shares).

------

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| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 3<br> Goldman Sachs Strategic<br> Growth Fund –<br> Goldman Sachs Growth<br> Opportunities ETF<br> November 14, 2025 |

---

6. The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization
will be the same as the aggregate basis of the Acquired Fund Shares exchanged in the Reorganization (reduced by any amount of tax basis allocable to fractional shares for which cash is received).

7. An Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund
Shareholder in the Reorganization will include the holding period during which the Acquired Fund Shareholder held the Acquired Fund Shares surrendered in exchange therefor, provided that the Acquired Fund Shareholder held the shares as a capital
asset on the date of Reorganization.

8. The tax basis of the Assets of the Acquired Fund acquired by the Acquiring Fund will be the same as the tax
basis of such Assets to the Acquired Fund immediately prior to the Reorganization.

9. The holding period of the Assets of the Acquired Fund in the hands of the Acquiring Fund will include the
period during which those Assets were held by the Acquired Fund.

10. The Acquired Fund's tax attributes enumerated in Section 381(c) of the Code will be taken into
account by the Acquiring Fund without limitation.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to the Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |

---

## Ex-99.(12)(C)

**EX-99.(12)(c)** 

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Three Bryant Park<br> 1095 Avenue of the Americas<br> New York, NY 10036-6797<br> +1 212 698 3500 Main<br> +1 212 698 3599 Fax<br> www.dechert.com |

---

TAX OPINION

November 14, 2025

Board of Trustees

Goldman Sachs Trust

Goldman Sachs Focused Value Fund

71 South Wacker Drive

Chicago, Illinois 60606

Board of Trustees

Goldman Sachs ETF Trust

Goldman Sachs Value Opportunities ETF

200 West Street

New York, New York 10282

Dear Ladies and Gentlemen:

You have requested our opinion regarding certain federal income tax consequences to Goldman Sachs Focused Value Fund (the "Acquired Fund"), a separate series of Goldman Sachs Trust, a Delaware statutory trust (the "Acquired Fund Trust"), and to Goldman Sachs Value Opportunities ETF (the "Acquiring Fund"), a separate series of the Goldman Sachs ETF Trust, a Delaware statutory trust (the "Acquiring Fund Trust"), and to the relevant holders (the "Acquired Fund Shareholders") of shares of beneficial interest in the Acquired Fund (the "Acquired Fund Shares"), in connection with the transfer of all of the assets, as defined in the Agreement and Plan of Reorganization and Liquidation (the "Plan") dated as of November 13, 2025, executed by the Acquiring Fund Trust on behalf of the Acquiring Fund and by the Acquired Fund Trust on behalf of the Acquired Fund, of the Acquired Fund (the "Assets") to the Acquiring Fund in exchange solely for shares of beneficial interest in the Acquiring Fund (the "Acquiring Fund Shares") and the assumption of the Acquired Fund's liabilities as defined in the Plan (the "Liabilities") by the Acquiring Fund, followed by the distribution of the Acquiring Fund Shares received by the Acquired Fund and cash in lieu of fractional shares in complete liquidation and termination of the Acquired Fund (the "Reorganization"), all pursuant to the Plan.

For purposes of this opinion, we have examined and relied upon (1) the Plan, (2) the Registration Statement filed on Form N-14 in connection with the Reorganization, (3) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquiring Fund Trust on behalf of the Acquiring Fund, (4) the facts and representations contained in the letter dated on or about the date hereof addressed to us from the Acquired Fund Trust on behalf of the Acquired Fund, and (5) such other documents and instruments as we have deemed necessary or appropriate for purposes of rendering this opinion.

------

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 2<br> Goldman Sachs Focused Value<br> Fund –<br> Goldman Sachs Value<br> Opportunities ETF<br> November 14, 2025 |

---

This opinion is based upon the Internal Revenue Code of 1986, as amended (the "Code"), United States Treasury Regulations, judicial decisions, and administrative rulings and pronouncements of the Internal Revenue Service, all as in effect on the date hereof. This opinion is conditioned upon the Reorganization taking place in the manner described in the Plan.

Based upon the foregoing, it is our opinion that for federal income tax purposes, with respect to the Acquired Fund and the Acquiring Fund:

1. The acquisition by the Acquiring Fund of all of the properties of the Acquired Fund in exchange solely for
Acquiring Fund Shares and the assumption of all Liabilities of the Acquired Fund by the Acquiring Fund followed by the distribution of Acquiring Fund Shares and cash in lieu of fractional shares to the Acquired Fund Shareholders in exchange for
their Acquired Fund Shares in complete liquidation and termination of the Acquired Fund will constitute a "reorganization" within the meaning of Section 368(a) of the Code. The Acquiring Fund and the Acquired Fund each will be
"a party to a reorganization" within the meaning of Section 368(b) of the Code.

2. The Acquired Fund will not recognize gain or loss upon the transfer of the Assets of the Acquired Fund to the
Acquiring Fund in exchange solely for the assumption of all the Acquired Fund's Liabilities and the Acquiring Fund Shares, except that the Acquired Fund may be required to recognize gain or loss with respect to contracts described in
Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

3. The Acquired Fund will not recognize gain or loss upon the distribution to the Acquired Fund Shareholders of
the Acquiring Fund Shares received by the Acquired Fund in the Reorganization.

4. The Acquiring Fund will recognize no gain or loss upon receiving the Assets of the Acquired Fund in exchange
solely for the assumption of all Liabilities of the Acquired Fund and the issuance of the Acquiring Fund Shares.

------

---

| | |
|:---|:---|
| ![LOGO](g941167g76b24.jpg) | Page 3<br> Goldman Sachs Focused Value<br> Fund –<br> Goldman Sachs Value<br> Opportunities ETF<br> November 14, 2025 |

---

5. The Acquired Fund Shareholders will recognize no gain or loss upon receiving the Acquiring Fund Shares solely
in exchange for the Acquired Fund Shares (except with respect to cash received in lieu of fractional shares).

6. The aggregate basis of the Acquiring Fund Shares received by an Acquired Fund Shareholder in the Reorganization
will be the same as the aggregate basis of the Acquired Fund Shares exchanged in the Reorganization (reduced by any amount of tax basis allocable to fractional shares for which cash is received).

7. An Acquired Fund Shareholder's holding period for the Acquiring Fund Shares received by the Acquired Fund
Shareholder in the Reorganization will include the holding period during which the Acquired Fund Shareholder held the Acquired Fund Shares surrendered in exchange therefor, provided that the Acquired Fund Shareholder held the shares as a capital
asset on the date of Reorganization.

8. The tax basis of the Assets of the Acquired Fund acquired by the Acquiring Fund will be the same as the tax
basis of such Assets to the Acquired Fund immediately prior to the Reorganization.

9. The holding period of the Assets of the Acquired Fund in the hands of the Acquiring Fund will include the
period during which those Assets were held by the Acquired Fund.

10. The Acquired Fund's tax attributes enumerated in Section 381(c) of the Code will be taken into
account by the Acquiring Fund without limitation.

We express no opinion as to the federal income tax consequences of the Reorganization except as expressly set forth above, or as to any transaction except those consummated in accordance with the Plan. Without limiting the foregoing, we express no opinion as to the federal income tax consequences of the Reorganization to the Acquired Fund with respect to contracts described in Section 1256(b) of the Code or stock in a passive foreign investment company, as defined in Section 1297(a) of the Code.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |

---