Goldman files a second GEMQ booklet; sibling GIEQ has traded since May
Goldman Sachs ETF Trust filed a Form 497K dated September 9, 2026, for the Data Enhanced Emerging Markets Equity ETF GEMQ at a 0.40% fee; the Data Enhanced International Equity ETF GIEQ, from the same May registration, has traded since May 19.
The same May 15 post-effective amendment registered two Goldman Sachs Data Enhanced equity ETFs. A developed-international fund, the Goldman Sachs Data Enhanced International Equity ETF GIEQ, began trading on May 19. An emerging-markets fund, the Goldman Sachs Data Enhanced Emerging Markets Equity ETF GEMQ, has not listed. On Wednesday Goldman Sachs ETF Trust filed a new summary prospectus for GEMQ. The paper does not describe itself as a supplement or amendment, restates the 0.40% management fee, and still does not name a first-trade date; a 497K does not list shares and does not start operations.
The May registration, still without a listing date
The Trust had already filed a GEMQ summary prospectus dated May 19 that incorporated the same May 15 prospectus and statement of additional information. Wednesday’s 497K is a new booklet with a September 9 cover date. Nasdaq published an information circular for GIEQ ahead of that listing. As of Wednesday morning, GEMQ has no quoted price and no reported assets. The September paper names no seed capital. The incorporated SAI still describes a Nasdaq listing as anticipated, subject to notice of issuance.
Unchanged terms in the GEMQ paper
The fee table is a single number: management fees of 0.40% of assets, with no fee-waiver or expense-limitation row. The May 15 SAI sets the contractual management fee for GIEQ at 0.30%.
Goldman Sachs Asset Management, L.P. will run GEMQ as an active portfolio, not an index fund, using a quantitative process with a qualitative overlay and measuring results against the MSCI Emerging Markets Index (Net, USD, Unhedged), under an 80% emerging-country equity test, an intention to stay economically tied to at least six emerging countries, and non-diversified status under the Investment Company Act of 1940. Portfolio managers named since 2026 are Nellie Bronner, Raj Garigipati, Len Ioffe, Raphael Shen, and Takashi Suwabe, each a managing director at GSAM.
Creations expected partly in cash
Unlike certain ETFs, GEMQ expects to effect creations and redemptions partly for cash, rather than entirely in kind. The summary prospectus says that can make the shares less tax-efficient than a conventional ETF that generally meets redemptions in kind and avoids realizing gains to raise cash. The May 15 prospectus, which the booklet incorporates, adds that cash redemptions may require selling portfolio securities to raise proceeds, with transaction costs, and may accelerate taxable income to shareholders.
Those cash terms would apply if GEMQ lists. Wednesday’s booklet does not list it.
Frequently asked
Does the new filing mean GEMQ is about to start trading?
No: a 497K summary prospectus does not list shares or begin operations, and the booklet still names no first-trade date.
What happened to the other fund from the same registration?
The Data Enhanced International Equity ETF began trading on May 19, with a Nasdaq information circular ahead of the listing.
What would GEMQ cost?
The fee table shows a single management fee of 0.40% of assets, with no fee-waiver or expense-limitation row.
Why does the cash creation language matter?
The prospectus says creating and redeeming partly in cash can make the shares less tax-efficient than an ETF that meets redemptions in kind, since selling securities to raise cash carries costs and can accelerate taxable income.