UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23013
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) (Zip code)
Caroline Kraus, Esq. | Copies to: | |
Goldman, Sachs & Co. | Geoffrey R.T. Kenyon, Esq. | |
200 West Street | Dechert LLP | |
New York, New York 10282 | 100 Oliver Street | |
40th Floor | ||
Boston, MA 02110-2605 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 655-4400
Date of fiscal year end: August 31
Date of reporting period: February 28, 2017
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | February 28, 2017 | |||
Goldman Sachs ActiveBeta® ETFs | ||||
ActiveBeta® Emerging Markets Equity ETF | ||||
ActiveBeta® Europe Equity ETF | ||||
ActiveBeta® International Equity ETF | ||||
ActiveBeta® Japan Equity ETF | ||||
ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs ActiveBeta® ETFs
TABLE OF CONTENTS | ||||
Investment Process | 1 | |||
Portfolio Results and Fund Basics | 3 | |||
Schedules of Investments | 32 | |||
Financial Statements | 68 | |||
Financial Highlights | 74 | |||
Notes to Financial Statements | 79 | |||
Other Information | 92 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs ActiveBeta® ETFs
Principal Investment Strategies
The investment objective of each of the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan ETF and ActiveBeta® U.S. Large Cap Equity ETF (each, a “Fund”), is to seek to provide investment results that closely correspond, before fees and expenses, to the performance of its respective underlying index (each, an “Index”).
Each 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.
Each Index is designed to deliver exposure to equity securities within its applicable universe of issuers. Each 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 stock’s 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 company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). Given each Fund’s investment objective of attempting to track its Index, each 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.
Goldman Sachs Asset Management, L.P. (the “Index Provider”) constructs each Index in accordance with a rules-based methodology that involves two steps.
Step 1
In the first step, individual factor subindexes for value, momentum, quality and low volatility (the “ActiveBeta® Factor Subindexes”) are created from the constituents of the applicable Reference Index, a market capitalization-weighted index. To construct each ActiveBeta® Factor Subindex, all constituents in the applicable 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 applicable 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 applicable 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. Each Index only includes long positions (i.e., short positions are impermissible), so the smallest weight for any given security is zero.
Step 2
The ActiveBeta® Factor Subindexes are combined in equal weights to form each Index.
Each Index is rebalanced on a quarterly basis in accordance with the published rebalancing schedule of the applicable Reference Index. The rules-based process used to construct each
1
INVESTMENT PROCESS
Index incorporates the ActiveBeta® Turnover Minimization Technique, which seeks to reduce turnover within each Index.
* * *
At the end of the Reporting Period (i.e., September 1, 2016 through February 28, 2017), we continued to believe in the existence and persistence of certain equity common factors. We further believed that in passively capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.
2
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 5.18% based on net asset value (“NAV”) and 4.89% based on market price. The Index returned 5.00%, and the MSCI Emerging Markets Index (net, unhedged, USD) (“MSCI Emerging Markets Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 5.51% during the same period. |
The Fund had a NAV of $28.03 per share on August 31, 2016 and ended the Reporting Period with a NAV of $29.14 per share. The Fund’s market price on February 28, 2017 was $29.04 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Emerging Markets Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Emerging Markets Index. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the MSCI Emerging Markets Index, and overweights and underweights relative to the MSCI Emerging Markets Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock. |
The Fund posted solid absolute gains but modestly underperformed the MSCI Emerging Markets Index during the Reporting Period. Amongst underlying factors, Momentum, Quality and Low Volatility detracted from relative results, while Value contributed positively during the Reporting Period. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors and countries contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the materials and consumer staples sectors detracted most from the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. |
3
PORTFOLIO RESULTS
Partially offsetting these detractors were Index constituents in the consumer discretionary, utilities and energy sectors, which contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index. |
From a country perspective, Index constituents in Taiwan, Brazil and South Korea detracted the most from the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in China, Russia and South Africa contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, an underweight position in Brazilian materials company Vale and overweight positions in South Korean consumer staples company Amorepacific and South Korean health care company Hanmi Pharm detracted most (0.14%, 0.31% and 0.13% of Fund net assets as of February 28, 2017, respectively). Vale generated a robust double-digit gain during the Reporting Period, while Amorepacific and Hanmi Pharm each posted a double-digit decline during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, overweight positions in Chinese consumer discretionary firm Geely Automobile Holdings, Chinese consumer staples firm Sun Art Retail and Brazilian materials company Gerdau contributed most positively (0.27%, 0.34% and 0.22% of Fund net assets as of February 28, 2017, respectively). Each of these companies produced a robust double-digit gain during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® | MSCI EM Index | |||||||||||
Financials | 20.29 | % | 21.44 | % | 24.47 | % | ||||||||
Information Technology | 19.40 | 21.57 | 23.88 | |||||||||||
Consumer Staples | 10.92 | 12.27 | 6.99 | |||||||||||
Consumer Discretionary | 9.30 | 10.92 | 10.34 | |||||||||||
Telecommunication | ||||||||||||||
Services | 7.28 | 7.79 | 5.63 | |||||||||||
Energy | 6.73 | 7.46 | 7.41 | |||||||||||
Materials | 5.56 | 6.50 | 7.57 | |||||||||||
Utilities | 2.94 | 2.87 | 2.85 | |||||||||||
Industrials | 2.53 | 3.40 | 5.81 | |||||||||||
Health Care | 2.47 | 3.69 | 2.46 | |||||||||||
Real Estate | 1.84 | 2.08 | 2.59 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
4
PORTFOLIO RESULTS
Q | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Country Name | Fund2 | GS ActiveBeta® | MSCI EM Index | |||||||||||
China | 27.20 | % | 27.11 | % | 26.98 | % | ||||||||
Korea | 15.16 | 15.81 | 14.73 | |||||||||||
Taiwan | 10.74 | 11.38 | 12.33 | |||||||||||
India | 10.67 | 9.15 | 8.45 | |||||||||||
Brazil | 9.51 | 9.36 | 8.19 | |||||||||||
South Africa | 6.51 | 6.46 | 6.84 | |||||||||||
Russia | 4.69 | 4.43 | 3.88 | |||||||||||
Mexico | 3.15 | 3.10 | 3.44 | |||||||||||
Indonesia | 2.35 | 2.53 | 2.47 | |||||||||||
Malaysia | 1.84 | 2.03 | 2.43 | |||||||||||
Thailand | 1.58 | 1.98 | 2.23 | |||||||||||
Chile | 1.40 | 1.41 | 1.19 | |||||||||||
Poland | 1.24 | 1.02 | 1.22 | |||||||||||
Turkey | 0.67 | 0.66 | 1.05 | |||||||||||
Philippines | 0.52 | 0.75 | 1.17 | |||||||||||
Hungary | 0.48 | 0.49 | 0.29 | |||||||||||
United Arab Emirates | 0.43 | 0.53 | 0.81 | |||||||||||
Qatar | 0.43 | 0.44 | 0.84 | |||||||||||
Egypt | 0.43 | 0.46 | 0.15 | |||||||||||
Colombia | 0.39 | 0.39 | 0.42 | |||||||||||
Peru | 0.34 | 0.34 | 0.39 | |||||||||||
Greece | 0.28 | 0.18 | 0.32 | |||||||||||
Czech | 0.00 | 0.00 | 0.18 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
5
FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 29.04 | ||||
Net Asset Value (NAV)1 | $ | 29.14 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com. |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® EME Index3 | MSCI EM Index4 | ||||||||||||||
Shares | 5.18 | % | 4.89 | % | 5.00 | % | 5.51 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”) is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including 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 company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Emerging Markets Index captures large and mid cap representation across 23 emerging markets countries. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/16 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 9.47 | % | 7.52 | % | 9/25/2015 | |||||||
Shares (based on Market Price) | 8.82 | 7.35 | 9/25/2015 |
5 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed,
6
FUND BASICS
may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown. In their absence, performance would be reduced. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
EXPENSE RATIOS6 | ||||||||||
Net Expense Ratio (Current) | Gross Expense Ratio (Before Expense Limitation) | |||||||||
Shares | 0.50 | % | 0.61 | % |
6 | The expense ratios of the Fund, both current (net of any expense limitation) and before expense limitation (gross of any expense limitation) are as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. Pursuant to a contractual arrangement, the Fund’s expense limitation will remain in effect permanently and the Investment Adviser may not terminate the arrangement without the approval of the Fund’s Board of Trustees. |
TOP TEN HOLDINGS AS OF 2/28/177 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
iShares MSCI India ETF | 4.8 | % | Exchange Traded Fund | India | ||||||
Samsung Electronics Co. Ltd. | 3.7 | Information Technology | South Korea | |||||||
Tencent Holdings Ltd. | 3.2 | Information Technology | China | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.1 | Information Technology | Taiwan | |||||||
iShares India 50 ETF | 2.2 | Exchange Traded Fund | India | |||||||
Alibaba Group Holding Ltd. ADR | 2.2 | Information Technology | China | |||||||
WisdomTree India Earnings Fund | 2.0 | Exchange Traded Fund | India | |||||||
China Construction Bank Corp., Class H | 1.6 | Financials | China | |||||||
China Mobile Ltd. | 1.6 | Telecommunication Services | China | |||||||
Industrial & Commercial Bank of China Ltd., Class H | 1.2 | Financials | China |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
7
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2017 |
8 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. Underlying sector allocations of exchange-traded funds held by the Fund are not reflected in the graph above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 2.5% of the Fund’s net assets as of February 28, 2017. |
8
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Europe Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Europe Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 2.91% based on net asset value (“NAV”) and 2.48% based on market price. The Index returned 3.05%, and the MSCI Europe Index (net, unhedged, USD) (“MSCI Europe Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 3.78% during the same period. |
The Fund had a NAV of $26.12 per share on August 31, 2016 and ended the Reporting Period with a NAV of $26.65 per share. The Fund’s market price on February 28, 2017 was $26.62 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Europe Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Europe Index. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the MSCI Europe Index, and overweights and underweights relative to the MSCI Europe Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock. |
The Fund posted positive absolute returns but underperformed the MSCI Europe Index during the Reporting Period. Amongst underlying factors, Momentum, Quality and Low Volatility detracted from relative results during the Reporting Period, while Value contributed positively. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors and countries contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the financials, consumer discretionary and industrials sectors detracted most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the health care, information technology and telecommunication services sectors contributed most positively to the Fund’s results relative to the MSCI Europe Index during the Reporting Period. |
9
PORTFOLIO RESULTS
From a country perspective, Index constituents in the U.K., Sweden and the Netherlands detracted the most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period. Conversely, Index constituents in Switzerland, France and Finland contributed most positively to the Fund’s results relative to the MSCI Europe Index. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI Europe Index, overweight positions in Norwegian consumer discretionary firm Schibsted and U.K. industrials company Royal Mail and an underweight position in U.K. materials company Rio Tinto detracted most (0.28%, 0.39% and 0.43% of Fund net assets as of February 28, 2017, respectively). Schibsted and Royal Mail each generated a double-digit decline during the Reporting Period, while Rio Tinto posted a double-digit increase during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI Europe Index, overweight positions in Swiss health care company Actelion, U.K. materials company Glencore and French information technology firm Atos contributed most positively (0.81%, 0.99% and 0.98% of Fund net assets as of February 28, 2017, respectively). Each of these companies posted a robust double-digit gain during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® Index | MSCI EU Index | |||||||||||
Consumer Staples | 16.25 | % | 16.57 | % | 14.18 | % | ||||||||
Financials | 15.96 | 15.16 | 20.11 | |||||||||||
Industrials | 14.77 | 15.04 | 13.03 | |||||||||||
Consumer Discretionary | 14.53 | 14.39 | 10.73 | |||||||||||
Health Care | 13.28 | 13.64 | 13.19 | |||||||||||
Materials | 7.98 | 7.29 | 8.37 | |||||||||||
Information Technology | 5.31 | 5.37 | 4.37 | |||||||||||
Energy | 4.70 | 4.68 | 7.06 | |||||||||||
Utilities | 3.14 | 3.40 | 3.47 | |||||||||||
Telecommunication Services | 2.82 | 2.99 | 4.13 | |||||||||||
Real Estate | 1.27 | 1.47 | 1.36 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
10
PORTFOLIO RESULTS
Q | What was the Fund’s country positioning relative to the Index and reference index at the end of the Reporting Period?1 |
Country Name | Fund2 | GS ActiveBeta® Index | MSCI EU Index | |||||||||||
UK | 27.85 | % | 27.29 | % | 28.85 | % | ||||||||
France | 17.49 | 17.52 | 15.72 | |||||||||||
Switzerland | 14.30 | 14.58 | 14.07 | |||||||||||
Germany | 13.64 | 13.67 | 14.79 | |||||||||||
Spain | 5.34 | 5.29 | 4.98 | |||||||||||
Netherlands | 4.93 | 4.84 | 5.36 | |||||||||||
Italy | 4.41 | 4.75 | 3.24 | |||||||||||
Sweden | 3.79 | 3.51 | 4.61 | |||||||||||
Denmark | 2.76 | 2.85 | 2.66 | |||||||||||
Finland | 1.45 | 1.42 | 1.52 | |||||||||||
Norway | 1.28 | 1.32 | 1.06 | |||||||||||
Belgium | 1.20 | 1.31 | 1.85 | |||||||||||
Portugal | 0.67 | 0.68 | 0.23 | |||||||||||
Austria | 0.49 | 0.52 | 0.32 | |||||||||||
Ireland | 0.40 | 0.46 | 0.73 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Europe Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
11
FUND BASICS
ActiveBeta® Europe Equity ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 26.62 | ||||
Net Asset Value (NAV)1 | $ | 26.65 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Europe Index3 | MSCI Europe Index4 | ||||||||||||||
Shares | 2.91 | % | 2.48 | % | 3.05 | % | 3.78 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Europe Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers in Europe. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
12
FUND BASICS
EXPENSE RATIO5 | ||||||
Expense Ratio | ||||||
Shares | 0.25 | % |
5 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/176 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.5 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 2.0 | Health Care | Switzerland | |||||||
Novartis AG | 1.8 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 1.5 | Financials | United Kingdom | |||||||
British American Tobacco PLC | 1.3 | Consumer Staples | United Kingdom | |||||||
Sanofi | 1.2 | Health Care | France | |||||||
SAP SE | 1.1 | Information Technology | Germany | |||||||
GlaxoSmithKline PLC | 1.1 | Health Care | United Kingdom | |||||||
Bayer AG | 1.0 | Health Care | Germany | |||||||
Glencore PLC | 1.0 | Materials | Switzerland |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
13
FUND BASICS
FUND SECTOR ALLOCATIONS7 |
As of February 28, 2017 |
7 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.6% of the Fund’s net assets as of February 28, 2017. |
14
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® International Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® International Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 3.98% based on net asset value (“NAV”) and 3.56% based on market price. The Index returned 4.04%, and the MSCI World ex USA Index (net, unhedged, USD) (“MSCI World ex USA Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 5.05% during the same period. |
The Fund had a NAV of $24.67 per share on August 31, 2016 and ended the Reporting Period with a NAV of $25.42 per share. The Fund’s market price on February 28, 2017 was $25.43 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI World ex USA Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI World ex USA Index. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the MSCI World ex USA Index, and overweights and underweights relative to the MSCI World ex USA Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector, country or stock. |
The Fund posted positive absolute returns but underperformed the MSCI World ex USA Index during the Reporting Period. Amongst underlying factors, Momentum detracted the most from the Fund’s relative results during the Reporting Period, followed by Quality and Low Volatility. Value contributed positively to the Fund’s relative results. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors and countries contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the financials, consumer staples and industrials sectors detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the materials, energy and utilities sectors contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. |
15
PORTFOLIO RESULTS
From a country perspective, Index constituents in the U.K., Canada and Australia detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in France, Switzerland and Finland contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI World ex USA Index, overweight positions in Canadian consumer staples company Empire and U.K. industrials firm Royal Mail and an underweight position in Australian materials company BHP Billiton detracted most (0.27%, 0.25% and 0.23% of Fund net assets as of February 28, 2017, respectively). Empire and Royal Mail each generated a double-digit decline during the Reporting Period, while BHP Billiton posted a double-digit gain during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI World ex USA Index, overweight positions in materials company Glencore, health care company Actelion and semiconductor company STMicroelectronics, each based in Switzerland, contributed most positively (0.59%, 0.49% and 0.26% of Fund net assets as of February 28, 2017, respectively). Glencore and Actelion each generated a robust double-digit gain during the Reporting Period, and STMicroelectronics posted a triple-digit gain during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® Index | MSCI World ex USA Index | |||||||||||
Financials | 19.28 | % | 18.76 | % | 23.10 | % | ||||||||
Consumer Staples | 14.69 | 15.14 | 10.70 | |||||||||||
Consumer Discretionary | 14.39 | 14.35 | 11.61 | |||||||||||
Industrials | 13.31 | 13.05 | 13.62 | |||||||||||
Health Care | 10.73 | 11.05 | 9.91 | |||||||||||
Materials | 7.33 | 6.97 | 8.31 | |||||||||||
Information Technology | 6.39 | 6.62 | 5.35 | |||||||||||
Energy | 4.36 | 4.28 | 6.46 | |||||||||||
Real Estate | 3.26 | 3.46 | 3.50 | |||||||||||
Telecommunication Services | 3.14 | 3.30 | 4.27 | |||||||||||
Utilities | 2.84 | 3.03 | 3.18 | |||||||||||
Cash & Cash Equivalents | 0.28 | 0.00 | 0.00 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
16
PORTFOLIO RESULTS
Q | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Country Name | Fund2 | GS ActiveBeta® | MSCI World Index | |||||||||||
Japan | 21.58 | % | 21.65 | % | 22.11 | % | ||||||||
UK | 14.99 | 15.04 | 16.42 | |||||||||||
France | 9.79 | 9.93 | 8.94 | |||||||||||
Canada | 9.47 | 9.47 | 8.94 | |||||||||||
Switzerland | 8.35 | 8.35 | 8.00 | |||||||||||
Germany | 7.73 | 7.70 | 8.42 | |||||||||||
Australia | 6.52 | 6.55 | 6.96 | |||||||||||
Hong Kong | 3.23 | 3.01 | 3.11 | |||||||||||
Spain | 3.04 | 3.00 | 2.83 | |||||||||||
Netherlands | 2.78 | 2.76 | 3.05 | |||||||||||
Italy | 2.74 | 2.76 | 1.85 | |||||||||||
Sweden | 2.39 | 2.38 | 2.62 | |||||||||||
Denmark | 1.71 | 1.76 | 1.51 | |||||||||||
Singapore | 1.47 | 1.51 | 1.20 | |||||||||||
Israel | 0.88 | 0.82 | 0.62 | |||||||||||
Finland | 0.86 | 0.85 | 0.87 | |||||||||||
Norway | 0.65 | 0.74 | 0.60 | |||||||||||
Belgium | 0.58 | 0.69 | 1.05 | |||||||||||
Portugal | 0.29 | 0.30 | 0.13 | |||||||||||
Ireland | 0.21 | 0.19 | 0.42 | |||||||||||
New Zealand | 0.20 | 0.21 | 0.17 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® International Equity Index. |
2 | Country and sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
17
FUND BASICS
ActiveBeta® International Equity ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 25.43 | ||||
Net Asset Value (NAV)1 | $ | 25.42 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com. |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Intl Equity Index3 | MSCI World ex USA Index4 | ||||||||||||||
Shares | 3.98 | % | 3.56 | % | 4.04 | % | 5.05 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | Sachs ActiveBeta® International Equity Index (the “Index”) is designed to deliver exposure to equity securities of developed market issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including 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 company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 developed markets countries. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/16 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 1.68 | % | 0.54 | % | 11/06/2015 | |||||||
Shares (based on Market Price) | 2.38 | 0.46 | 11/06/2015 |
5 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be
18
FUND BASICS
lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
EXPENSE RATIO6 | ||||||
Expense Ratio | ||||||
Shares | 0.25 | % |
6 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/177 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.4 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 1.1 | Health Care | Switzerland | |||||||
Novartis AG | 1.0 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 0.8 | Financials | United Kingdom | |||||||
Atos SE | 0.7 | Information Technology | France | |||||||
Commonwealth Bank of Australia | 0.6 | Financials | Australia | |||||||
Sanofi | 0.6 | Health Care | France | |||||||
Royal Bank of Canada | 0.6 | Financials | Canada | |||||||
Glencore PLC | 0.6 | Materials | Switzerland | |||||||
British American Tobacco PLC | 0.6 | Consumer Staples | United Kingdom |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
19
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2017 |
8 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 1.1% of the Fund’s net assets as of February 28, 2017. |
20
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Japan Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Japan Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 6.58% based on net asset value (“NAV”) and 5.94% based on market price. The Index returned 6.61%, while the MSCI Japan Index (net, unhedged, USD) (“MSCI Japan Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 6.38% during the same period. |
The Fund had a NAV of $27.33 per share on August 31, 2016 and ended the Reporting Period with a NAV of $28.74 per share. The Fund’s market price on February 28, 2017 was $28.68 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the MSCI Japan Index. |
Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index, the discussion below compared the performance of the Fund to that of the MSCI Japan Index. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the MSCI Japan Index, and overweights and underweights relative to the MSCI Japan Index discussed below resulted from the Fund’s replication of the Index, rather than a decision to overweight or underweight a particular sector or stock. |
The Fund posted solid absolute gains and outperformed the MSCI Japan Index during the Reporting Period, as measured by NAV. Amongst underlying factors, Value contributed positively to the Fund’s results relative to the MSCI Japan Index, while Momentum, Quality and Low Volatility detracted from relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. |
Q | Which sectors contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the energy, consumer discretionary and industrials sectors contributed most positively to the Fund’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the financials, consumer staples and materials sectors detracted |
21
PORTFOLIO RESULTS
most from the Fund’s results relative to the MSCI Japan Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI Japan Index, overweight positions in integrated petroleum company Idemitsu Kosan, marine transportation, warehousing and cargo handling services provider Mitsui OSK Lines and capital goods trading company Toyota Tsusho contributed most positively (0.87%, 0.42% and 0.75% of Fund net assets as of February 28, 2017, respectively). Each of these stocks posted a robust double- digit gain during the Reporting Period. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI Japan Index, underweight positions in diversified financials companies Nomura Holdings and Mitsubishi UFJ Financial Group and an overweight position in baked foods producer Yamazaki Baking detracted most (0.28%, 2.19% and 0.43% of Fund net assets as of February 28, 2017, respectively). Nomura Holdings and Mitsubishi UFJ Financial Group each posted a double-digit gain during the Reporting Period, while Yamazaki Baking generated a double-digit decline during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® | MSCI Japan Index | |||||||||||
Consumer Discretionary | 20.38 | % | 19.98 | % | 20.30 | % | ||||||||
Industrials | 17.96 | 17.94 | 20.37 | |||||||||||
Financials | 12.01 | 11.43 | 14.13 | |||||||||||
Information Technology | 11.23 | 11.72 | 10.86 | |||||||||||
Consumer Staples | 10.59 | 10.88 | 7.38 | |||||||||||
Health Care | 8.90 | 9.47 | 7.45 | |||||||||||
Materials | 5.89 | 5.16 | 6.43 | |||||||||||
Utilities | 4.12 | 4.24 | 5.91 | |||||||||||
Telecommunication Services | 3.96 | 4.44 | 4.34 | |||||||||||
Energy | 2.33 | 2.27 | 0.90 | |||||||||||
Cash & Cash Equivalents | 2.34 | 2.47 | 1.93 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Japan Equity Index. |
2 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by MSCI. |
22
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 28.68 | ||||
Net Asset Value (NAV)1 | $ | 28.74 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Japan Index3 | MSCI World Japan Index4 | ||||||||||||||
Shares | 6.58 | % | 5.94 | % | 6.61 | % | 6.38 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® Japan Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization Japan issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
4 | The MSCI Japan Index is designed to measure the performance of the large and mid cap segments of the Japanese market. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
23
FUND BASICS
EXPENSE RATIO5 | ||||||
Expense Ratio | ||||||
Shares | 0.25 | % |
5 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/176 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 4.0 | % | Consumer Discretionary | |||||
Mitsubishi UFJ Financial Group, Inc. | 2.2 | Financials | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1.6 | Financials | ||||||
Honda Motor Co. Ltd. | 1.5 | Consumer Discretionary | ||||||
SoftBank Group Corp. | 1.4 | Telecommunication Services | ||||||
Mizuho Financial Group, Inc. | 1.3 | Financials | ||||||
Mitsubishi Corp. | 1.2 | Industrials | ||||||
KDDI Corp. | 1.1 | Telecommunication Services | ||||||
Sony Corp. | 1.0 | Consumer Discretionary | ||||||
Sumitomo Corp. | 1.0 | Industrials |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
24
FUND BASICS
FUND SECTOR ALLOCATIONS7 |
As of February 28, 2017 |
7 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.9% of the Fund’s net assets as of February 28, 2017. |
25
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® 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® U.S. Large Cap Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 8.26% based on net asset value (“NAV”) and 8.26% based on market price. The Index returned 8.34%, and the S&P 500 Index (Total Return, USD) (“S&P 500 Index”), a market-cap based index against which the performance of the Fund is measured, returned 10.01% during the same period. |
The Fund had a NAV of $43.83 on August 31, 2016 and ended the Reporting Period with a NAV of $47.02 per share. The Fund’s market price on February 28, 2017 was $47.01 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is constructed using a rules-based methodology that was developed to provide exposure to the “factors” (or characteristics) that are commonly tied to a stock’s outperformance relative to market returns, and its performance is compared to that of the S&P 500 Index. Because the Fund seeks to provide investment results that closely correspond, before fees and expenses, to the |
performance of the Index, the discussion below compared the performance of the Fund to that of the S&P 500 Index. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the S&P 500 Index, and overweights and underweights relative to the S&P 500 Index discussed below resulted from the Fund’s replication of the Index rather than a decision to overweight or underweight a particular sector or stock. |
The Fund posted solid absolute gains but underperformed the S&P 500 Index during the Reporting Period. Amongst underlying factors, Momentum, Quality and Low Volatility detracted from relative returns, while Value contributed positively. Momentum is whether a company’s share price is trending up or down. Quality refers to sustainable profitability over time. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the consumer discretionary, financials and consumer staples sectors detracted the most from the Fund’s results relative to the S&P 500 Index. Partially offsetting these detractors were Index constituents in the |
26
PORTFOLIO RESULTS
energy, information technology and industrials sectors, which contributed positively to the Fund’s results relative to the S&P 500 Index during the Reporting Period. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the S&P 500 Index, an underweight position in financials institution Bank of America and overweight positions in health care company Mallinckrodt and packaged food producer Tyson Foods detracted most (0.76%, 0.49% and 0.48% of Fund net assets as of February 28, 2017, respectively). Bank of America generated a robust double- digit positive return during the Reporting Period, while Mallinckrodt and Tyson Foods each generated a double-digit negative return during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Fund’s relative returns during the Reporting Period? |
A | Relative to the S&P 500 Index, overweight positions in airline United Continental Holdings and information technology firm Western Digital and an underweight position in integrated energy company Exxon Mobil contributed most positively (0.54%, 0.21% and 1.16% of Fund net assets as of February 28, 2017, respectively). United Continental Holdings and Western Digital each generated a robust double-digit gain during the Reporting Period, while Exxon Mobil posted a negative return during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the S&P 500 Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS Index | S&P 500 Index | |||||||||||
Information Technology | 21.18 | % | 21.14 | % | 21.51 | % | ||||||||
Consumer Discretionary | 14.36 | 14.32 | 14.07 | |||||||||||
Health Care | 14.33 | 14.38 | 12.09 | |||||||||||
Consumer Staples | 12.34 | 12.30 | 9.45 | |||||||||||
Financials | 11.53 | 11.61 | 14.75 | |||||||||||
Industrials | 10.49 | 10.50 | 10.20 | |||||||||||
Utilities | 4.25 | 4.20 | 3.19 | |||||||||||
Energy | 3.71 | 3.70 | 6.63 | |||||||||||
Materials | 2.81 | 2.81 | 2.83 | |||||||||||
Real Estate | 2.78 | 2.79 | 2.85 | |||||||||||
Telecommunication Services | 2.24 | 2.24 | 2.42 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index. |
2 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by S&P. |
27
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 47.01 | ||||
Net Asset Value (NAV)1 | $ | 47.02 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com. |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® LC Index3 | S&P 500 Index4 | ||||||||||||||
Shares | 8.26 | % | 8.26 | % | 8.34 | % | 10.01 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. Total returns for periods less than one full year are not annualized. |
3 | The Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of large capitalization U.S. issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value or free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index. |
4 | The S&P 500 Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index. |
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/16 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 8.63 | % | 8.57 | % | 9/17/2015 | |||||||
Shares (based on Market Price) | 8.70 | 8.64 | 9/17/2015 |
5 | The Standardized Total Returns are average annual total returns as of the most recent calendar quarter-end. They assume reinvestment of all distributions. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed,
28
FUND BASICS
may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
EXPENSE RATIO6 | ||||||
Expense Ratio | ||||||
Shares | 0.09 | % |
6 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/177 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 2.9 | % | Information Technology | |||||
Microsoft Corp. | 2.1 | Information Technology | ||||||
Johnson & Johnson | 1.4 | Health Care | ||||||
JPMorgan Chase & Co. | 1.3 | Financials | ||||||
Amazon.com, Inc. | 1.2 | Consumer Discretionary | ||||||
Exxon Mobil Corp. | 1.2 | Energy | ||||||
Facebook, Inc., Class A | 1.0 | Information Technology | ||||||
Alphabet, Inc., Class A | 0.9 | Information Technology | ||||||
AT&T, Inc. | 0.9 | Telecommunication Services | ||||||
Wells Fargo & Co. | 0.9 | Financials |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
29
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2017 |
8 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending reinvestment vehicle represented 0.2% of the Fund’s net assets as of February 28, 2017. |
30
FUND BASICS
Index Definitions
The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. It is not possible to invest directly in an unmanaged index.
The MSCI World ex USA Index captures large and mid cap representation across 22 of 23 Developed Markets countries. As of December 31, 2016, the index consisted of the following 22 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is not possible to invest directly in an unmanaged index.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. As of December 31, 2016, the MSCI Emerging Markets Index consisted of the following 23 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. It is not possible to invest directly in an unmanaged index.
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
31
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 84.8% | ||||||||
Brazil – 6.4% | ||||||||
1,066,052 | Ambev SA (Consumer Staples) | $ | 6,113,265 | |||||
226,146 | Banco Bradesco SA (Financials) | 2,371,952 | ||||||
235,259 | Banco do Brasil SA (Financials) | 2,503,077 | ||||||
195,436 | Banco Santander Brasil SA (Financials) | 2,158,528 | ||||||
308,920 | BB Seguridade Participacoes SA (Financials) | 2,841,945 | ||||||
270,747 | BM&FBovespa SA – Bolsa de Valores Mercadorias e Futuros (Financials) | 1,655,290 | ||||||
100,638 | BRF SA (Consumer Staples) | 1,314,020 | ||||||
142,071 | Centrais Eletricas Brasileiras SA (Utilities)* | 981,391 | ||||||
228,157 | CETIP SA – Mercados Organizados (Financials) | 3,435,923 | ||||||
145,282 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 1,535,478 | ||||||
425,897 | Cia Siderurgica Nacional SA (Materials)* | 1,640,066 | ||||||
134,736 | Cielo SA (Information Technology) | 1,181,484 | ||||||
122,066 | Cosan SA Industria e Comercio (Energy) | 1,565,552 | ||||||
192,959 | CPFL Energia SA (Utilities) | 1,584,112 | ||||||
315,910 | EDP – Energias do Brasil SA (Utilities) | 1,394,228 | ||||||
197,668 | Embraer SA (Industrials) | 1,139,244 | ||||||
88,645 | Engie Brasil Energia SA (Utilities) | 1,053,710 | ||||||
161,674 | Equatorial Energia SA (Utilities) | 3,093,165 | ||||||
150,419 | Hypermarcas SA (Health Care) | 1,309,820 | ||||||
476,052 | Lojas Renner SA (Consumer Discretionary) | 3,909,717 | ||||||
40,270 | M Dias Branco SA (Consumer Staples) | 1,788,915 | ||||||
55,486 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 1,146,639 | ||||||
171,660 | Natura Cosmeticos SA (Consumer Staples) | 1,413,670 | ||||||
571,268 | Odontoprev SA (Health Care) | 2,194,360 | ||||||
534,916 | Petroleo Brasileiro SA (Energy)* | 2,744,217 | ||||||
168,129 | Porto Seguro SA (Financials) | 1,561,854 | ||||||
252,964 | Raia Drogasil SA (Consumer Staples) | 4,829,978 | ||||||
327,896 | Sul America SA (Financials) | 2,046,847 | ||||||
101,602 | Ultrapar Participacoes SA (Energy) | 2,135,896 | ||||||
104,335 | Vale SA (Materials) | 1,097,346 | ||||||
|
| |||||||
63,741,689 | ||||||||
|
| |||||||
Chile – 1.2% | ||||||||
2,293,683 | Aguas Andinas SA, Class A (Utilities) | 1,236,214 | ||||||
16,237 | Banco de Chile ADR (Financials)(a) | 1,171,987 | ||||||
25,820 | Banco de Credito e Inversiones (Financials) | 1,393,355 | ||||||
510,734 | Cencosud SA (Consumer Staples) | 1,507,305 | ||||||
168,237 | Cia Cervecerias Unidas SA (Consumer Staples) | 1,992,799 | ||||||
125,158 | Empresas COPEC SA (Energy) | 1,312,860 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Chile – (continued) | ||||||||
115,672 | Latam Airlines Group SA ADR (Industrials)* | 1,170,601 | ||||||
168,132 | SACI Falabella (Consumer Discretionary) | 1,374,915 | ||||||
38,438 | Sociedad Quimica y Minera de Chile SA ADR (Materials) | 1,210,797 | ||||||
|
| |||||||
12,370,833 | ||||||||
|
| |||||||
China – 25.7% | ||||||||
238,575 | AAC Technologies Holdings, Inc. (Information Technology) | 2,512,545 | ||||||
9,807,776 | Agricultural Bank of China Ltd., Class H (Financials) | 4,523,293 | ||||||
212,222 | Alibaba Group Holding Ltd. ADR (Information Technology)* | 21,837,644 | ||||||
516,385 | ANTA Sports Products Ltd. (Consumer Discretionary) | 1,563,301 | ||||||
53,800 | Baidu, Inc. ADR (Information Technology)* | 9,368,194 | ||||||
19,030,814 | Bank of China Ltd., Class H (Financials) | 9,634,986 | ||||||
3,501,192 | Bank of Communications Co. Ltd., Class H (Financials) | 2,791,951 | ||||||
205,566 | Beijing Enterprises Holdings Ltd. (Industrials) | 1,075,174 | ||||||
3,594,201 | Belle International Holdings Ltd. (Consumer Discretionary) | 2,477,179 | ||||||
5,432,830 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 2,141,651 | ||||||
3,906,960 | China CITIC Bank Corp Ltd., Class H (Financials) | 2,682,671 | ||||||
4,058,787 | China Communications Services Corp. Ltd., Class H (Telecommunication Services) | 2,713,718 | ||||||
757,344 | China Conch Venture Holdings Ltd. (Industrials) | 1,500,551 | ||||||
19,915,203 | China Construction Bank Corp., Class H (Financials) | 16,394,070 | ||||||
3,035,614 | China Everbright Bank Co. Ltd., Class H (Financials) | 1,536,881 | ||||||
3,713,341 | China Huarong Asset Management Co. Ltd., Class H (Financials)*(b) | 1,468,603 | ||||||
3,942,464 | China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)(a) | 1,442,405 | ||||||
613,658 | China Life Insurance Co. Ltd., Class H (Financials) | 1,869,643 | ||||||
976,640 | China Medical System Holdings Ltd. (Health Care) | 1,590,313 | ||||||
1,020,558 | China Mengniu Dairy Co. Ltd. (Consumer Staples) | 2,011,548 | ||||||
1,232,246 | China Merchants Bank Co. Ltd., Class H (Financials) | 3,278,073 | ||||||
2,710,863 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 3,094,158 | ||||||
1,408,636 | China Mobile Ltd. (Telecommunication Services) | 15,533,658 | ||||||
|
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
777,886 | China Overseas Land & Investment Ltd. (Real Estate) | $ | 2,395,053 | |||||
311,817 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 1,142,834 | ||||||
6,451,661 | China Petroleum & Chemical Corp., Class H (Energy) | 5,003,446 | ||||||
1,400,760 | China Railway Group Ltd., Class H (Industrials) | 1,225,278 | ||||||
578,947 | China Resources Beer Holdings Co. Ltd. (Consumer Staples)* | 1,314,153 | ||||||
475,905 | China Resources Land Ltd. (Real Estate) | 1,299,742 | ||||||
629,466 | China Resources Power Holdings Co. Ltd. (Utilities) | 1,140,142 | ||||||
629,623 | China Shenhua Energy Co. Ltd., Class H (Energy) | 1,317,249 | ||||||
6,751,976 | China Telecom Corp. Ltd., Class H (Telecommunication Services) | 3,174,863 | ||||||
1,877,319 | China Unicom Hong Kong Ltd. (Telecommunication Services) | 2,283,028 | ||||||
2,485,367 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 1,744,971 | ||||||
954,316 | CITIC Ltd. (Industrials) | 1,369,552 | ||||||
458,340 | CITIC Securities Co. Ltd., Class H (Financials) | 980,160 | ||||||
1,443,248 | CNOOC Ltd. (Energy) | 1,706,809 | ||||||
2,848,152 | Country Garden Holdings Co. Ltd. (Real Estate) | 2,040,042 | ||||||
2,514,433 | CSPC Pharmaceutical Group Ltd. (Health Care) | 3,077,265 | ||||||
27,081 | Ctrip.com International Ltd. ADR (Consumer Discretionary)* | 1,284,723 | ||||||
1,719,333 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 2,039,956 | ||||||
1,226,362 | Far East Horizon Ltd. (Financials) | 1,180,159 | ||||||
1,962,150 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 2,669,300 | ||||||
8,118,203 | GOME Electrical Appliances Holding Ltd. (Consumer Discretionary) | 1,129,496 | ||||||
793,668 | Guangdong Investment Ltd. (Utilities) | 1,081,747 | ||||||
1,084,564 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 1,819,145 | ||||||
741,998 | Haitong Securities Co. Ltd., Class H (Financials) | 1,359,263 | ||||||
207,586 | Hengan International Group Co. Ltd. (Consumer Staples) | 1,773,016 | ||||||
17,916,469 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 11,748,202 | ||||||
43,274 | JD.com, Inc. ADR (Consumer Discretionary)* | 1,322,886 | ||||||
823,938 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 1,086,915 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
1,435,982 | Kunlun Energy Co. Ltd. (Energy) | 1,248,688 | ||||||
2,306,013 | Lenovo Group Ltd. (Information Technology) | 1,384,359 | ||||||
859,390 | Longfor Properties Co. Ltd. (Real Estate) | 1,375,033 | ||||||
23,631 | NetEase, Inc. ADR (Information Technology) | 7,208,873 | ||||||
374,425 | New China Life Insurance Co. Ltd., Class H (Financials) | 1,845,005 | ||||||
65,616 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 3,176,471 | ||||||
3,950,932 | People’s Insurance Co Group of China Ltd. (The), Class H (Financials) | 1,623,646 | ||||||
4,030,505 | PetroChina Co. Ltd., Class H (Energy) | 3,068,655 | ||||||
1,303,058 | PICC Property & Casualty Co. Ltd., Class H (Financials)(a) | 1,990,901 | ||||||
1,226,198 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 6,539,765 | ||||||
909,764 | Semiconductor Manufacturing International Corp. (Information Technology)* | 1,183,726 | ||||||
224,179 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 1,340,029 | ||||||
22,660 | SINA Corp./China (Information Technology)* | 1,575,550 | ||||||
482,395 | Sinopharm Group Co. Ltd., Class H (Health Care) | 2,230,994 | ||||||
2,385,755 | SOHO China Ltd. (Real Estate) | 1,235,529 | ||||||
214,183 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 1,378,230 | ||||||
24,569 | TAL Education Group ADR (Consumer Discretionary)* | 2,124,481 | ||||||
1,192,284 | Tencent Holdings Ltd. (Information Technology) | 31,794,445 | ||||||
1,153,379 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1,292,684 | ||||||
550,012 | TravelSky Technology Ltd., Class H (Information Technology) | 1,200,292 | ||||||
371,555 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 1,708,805 | ||||||
118,449 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 1,541,021 | ||||||
2,655,096 | Want Want China Holdings Ltd. (Consumer Staples)(a) | 1,710,218 | ||||||
31,472 | Weibo Corp. ADR (Information Technology)*(a) | 1,589,965 | ||||||
537,619 | Weichai Power Co. Ltd., Class H (Industrials) | 946,077 | ||||||
1,203,914 | Yanzhou Coal Mining Co. Ltd., Class H (Energy)(a) | 967,790 | ||||||
|
| |||||||
256,032,837 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Colombia – 0.4% | ||||||||
263,928 | Cementos Argos SA (Materials) | $ | 1,056,669 | |||||
103,820 | Grupo de Inversiones Suramericana SA (Financials) | 1,299,549 | ||||||
396,172 | Interconexion Electrica SA ESP (Utilities) | 1,518,342 | ||||||
|
| |||||||
3,874,560 | ||||||||
|
| |||||||
Egypt – 0.4% | ||||||||
756,526 | Commercial International Bank Egypt SAE GDR (Financials) | 3,389,236 | ||||||
471,286 | Global Telecom Holding SAE GDR (Telecommunication Services)* | 886,018 | ||||||
|
| |||||||
4,275,254 | ||||||||
|
| |||||||
Greece – 0.3% | ||||||||
192,426 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 1,731,876 | ||||||
112,124 | OPAP SA (Consumer Discretionary) | 1,011,524 | ||||||
|
| |||||||
2,743,400 | ||||||||
|
| |||||||
Hong Kong – 1.2% | ||||||||
3,383,406 | Fullshare Holdings Ltd. (Real Estate)(a) | 1,311,964 | ||||||
1,110,310 | Haier Electronics Group Co. Ltd. (Consumer Discretionary) | 2,042,554 | ||||||
5,557,518 | Sino Biopharmaceutical Ltd. (Health Care) | 4,796,858 | ||||||
3,539,094 | Sun Art Retail Group Ltd. (Consumer Staples) | 3,410,318 | ||||||
|
| |||||||
11,561,694 | ||||||||
|
| |||||||
Hungary – 0.5% | ||||||||
25,272 | MOL Hungarian Oil & Gas PLC (Energy) | 1,736,871 | ||||||
47,064 | OTP Bank PLC (Financials) | 1,370,031 | ||||||
75,479 | Richter Gedeon Nyrt (Health Care) | 1,677,666 | ||||||
|
| |||||||
4,784,568 | ||||||||
|
| |||||||
Indonesia – 2.4% | ||||||||
19,633,355 | Adaro Energy Tbk PT (Energy) | 2,495,391 | ||||||
3,008,176 | Astra International Tbk PT (Consumer Discretionary) | 1,849,658 | ||||||
2,180,391 | Bank Central Asia Tbk PT (Financials) | 2,526,023 | ||||||
1,483,522 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 1,329,341 | ||||||
391,758 | Gudang Garam Tbk PT (Consumer Staples) | 1,934,408 | ||||||
3,995,709 | Hanjaya Mandala Sampoerna Tbk PT (Consumer Staples) | 1,159,523 | ||||||
1,773,165 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 1,080,306 | ||||||
12,102,530 | Kalbe Farma Tbk PT (Health Care) | 1,388,488 | ||||||
1,155,882 | Matahari Department Store Tbk PT (Consumer Discretionary) | 1,183,098 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
10,034,163 | Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services) | 2,896,785 | ||||||
871,894 | Unilever Indonesia Tbk PT (Consumer Staples) | 2,757,358 | ||||||
8,075,932 | Waskita Karya Persero Tbk PT (Industrials) | 1,501,823 | ||||||
5,871,885 | XL Axiata Tbk PT (Telecommunication Services)* | 1,316,507 | ||||||
|
| |||||||
23,418,709 | ||||||||
|
| |||||||
Malaysia – 1.8% | ||||||||
2,136,700 | AirAsia Bhd (Industrials) | 1,299,344 | ||||||
1,829,829 | Astro Malaysia Holdings Bhd (Consumer Discretionary) | 1,174,552 | ||||||
175,502 | British American Tobacco Malaysia Bhd (Consumer Staples) | 1,917,083 | ||||||
2,348,619 | DiGi.Com Bhd (Telecommunication Services) | 2,666,000 | ||||||
2,522,400 | Felda Global Ventures Holdings Bhd (Consumer Staples) | 1,068,043 | ||||||
996,863 | Genting Bhd (Consumer Discretionary) | 2,076,798 | ||||||
569,534 | HAP Seng Consolidated Bhd (Industrials) | 1,159,592 | ||||||
643,038 | Malayan Banking Bhd (Financials) | 1,245,524 | ||||||
689,713 | Maxis Bhd (Telecommunication Services) | 980,200 | ||||||
672,432 | Petronas Chemicals Group Bhd (Materials) | 1,098,003 | ||||||
329,988 | Public Bank Bhd (Financials) | 1,483,460 | ||||||
2,724,300 | SapuraKencana Petroleum Bhd (Energy)* | 1,165,804 | ||||||
335,100 | Tenaga Nasional Bhd (Utilities) | 1,021,904 | ||||||
|
| |||||||
18,356,307 | ||||||||
|
| |||||||
Mexico – 3.2% | ||||||||
5,686,905 | America Movil SAB de CV, Series L (Telecommunication Services) | 3,626,717 | ||||||
287,568 | Arca Continental SAB de CV (Consumer Staples) | 1,618,300 | ||||||
2,493,173 | Cemex SAB de CV, Series CPO (Materials)* | 2,121,213 | ||||||
366,239 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 2,964,314 | ||||||
763,603 | Gentera SAB de CV (Financials) | 1,010,995 | ||||||
200,059 | Gruma SAB de CV, Class B (Consumer Staples) | 2,650,942 | ||||||
174,628 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) | 1,518,242 | ||||||
98,293 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) | 1,561,705 | ||||||
1,246,673 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 2,956,934 | ||||||
357,018 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 1,783,059 | ||||||
|
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Mexico – (continued) | ||||||||
739,864 | Grupo Financiero Santander Mexico SAB de CV, Class B (Financials) | $ | 1,115,749 | |||||
552,533 | Grupo Mexico SAB de CV, Series B (Materials) | 1,684,178 | ||||||
61,760 | Industrias Penoles SAB de CV (Materials) | 1,474,499 | ||||||
405,304 | Infraestructura Energetica Nova SAB de CV (Utilities) | 1,742,020 | ||||||
558,300 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 1,057,804 | ||||||
1,260,438 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 2,455,593 | ||||||
|
| |||||||
31,342,264 | ||||||||
|
| |||||||
Peru – 0.3% | ||||||||
112,208 | Cia de Minas Buenaventura SAA ADR (Materials) | 1,380,158 | ||||||
12,237 | Credicorp Ltd. (Financials) | 2,014,455 | ||||||
|
| |||||||
3,394,613 | ||||||||
|
| |||||||
Philippines – 0.5% | ||||||||
860,880 | Aboitiz Equity Ventures, Inc. (Industrials) | 1,259,218 | ||||||
42,859 | Globe Telecom, Inc. (Telecommunication Services) | 1,560,216 | ||||||
307,118 | Jollibee Foods Corp. (Consumer Discretionary) | 1,234,221 | ||||||
361,625 | Universal Robina Corp. (Consumer Staples) | 1,152,246 | ||||||
|
| |||||||
5,205,901 | ||||||||
|
| |||||||
Poland – 1.3% | ||||||||
38,568 | CCC SA (Consumer Discretionary) | 2,141,954 | ||||||
130,676 | Grupa Lotos SA (Energy)* | 1,565,080 | ||||||
74,425 | Jastrzebska Spolka Weglowa SA (Materials)* | 1,277,580 | ||||||
30,505 | KGHM Polska Miedz SA (Materials) | 969,164 | ||||||
1,003 | LPP SA (Consumer Discretionary) | 1,398,472 | ||||||
124,648 | Polski Koncern Naftowy ORLEN SA (Energy) | 2,891,830 | ||||||
135,167 | Powszechny Zaklad Ubezpieczen SA (Financials) | 1,200,752 | ||||||
652,222 | Synthos SA (Materials) | 944,516 | ||||||
|
| |||||||
12,389,348 | ||||||||
|
| |||||||
Qatar – 0.4% | ||||||||
72,711 | Ooredoo QSC (Telecommunication Services) | 2,116,682 | ||||||
52,688 | Qatar National Bank SAQ (Financials) | 2,184,933 | ||||||
|
| |||||||
4,301,615 | ||||||||
|
| |||||||
Romania – 0.1% | ||||||||
89,183 | New Europe Property Investments PLC (Real Estate) | 1,007,059 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Russia – 4.7% | ||||||||
1,025,183 | Alrosa PJSC (Materials) | 1,615,065 | ||||||
1,252,262 | Gazprom PJSC ADR (Energy) | 5,585,715 | ||||||
34,450,693 | Inter RAO UES PJSC (Utilities) | 2,373,206 | ||||||
122,814 | LUKOIL PJSC (Energy) | 6,485,769 | ||||||
13,659 | MMC Norilsk Nickel PJSC (Materials) | 2,176,371 | ||||||
264,070 | Mobile TeleSystems PJSC ADR (Telecommunication Services) | 2,711,999 | ||||||
1,085,897 | Moscow Exchange MICEX-RTS PJSC (Financials) | 2,294,950 | ||||||
12,589 | Novatek PJSC GDR (Energy) | 1,630,275 | ||||||
417,300 | Rosneft Oil Co PJSC GDR (Energy) | 2,366,091 | ||||||
1,068,243 | Rostelecom PJSC (Telecommunication Services) | 1,426,975 | ||||||
686,414 | RusHydro PJSC ADR (Utilities) | 1,101,694 | ||||||
530,762 | Sberbank of Russia PJSC ADR (Financials) | 5,790,614 | ||||||
230,294 | Severstal PJSC GDR (Materials) | 3,286,295 | ||||||
108,697 | Sistema PJSC FC GDR (Telecommunication Services) | 968,490 | ||||||
213,918 | Surgutneftegas OJSC ADR (Energy) | 1,078,147 | ||||||
310,136 | Surgutneftegas OJSC ADR (Energy) | 1,702,647 | ||||||
86,245 | Tatneft PJSC ADR (Energy) | 3,025,474 | ||||||
480,544 | VTB Bank PJSC GDR (Financials) | 1,075,938 | ||||||
|
| |||||||
46,695,715 | ||||||||
|
| |||||||
South Africa – 6.4% | ||||||||
103,438 | AngloGold Ashanti Ltd. (Materials)* | 1,151,499 | ||||||
124,857 | Barclays Africa Group Ltd. (Financials)(a) | 1,450,460 | ||||||
123,791 | Bidvest Group Ltd. (The) (Industrials)(a) | 1,467,132 | ||||||
32,938 | Capitec Bank Holdings Ltd. (Financials) | 1,825,692 | ||||||
245,614 | Coronation Fund Managers Ltd. (Financials) | 1,264,123 | ||||||
251,939 | Exxaro Resources Ltd. (Energy) | 2,078,689 | ||||||
643,438 | FirstRand Ltd. (Financials)(a) | 2,445,852 | ||||||
837,014 | Fortress Income Fund Ltd., Class A (Real Estate) | 1,113,459 | ||||||
103,104 | Foschini Group Ltd. (The) (Consumer Discretionary) | 1,279,893 | ||||||
494,955 | Gold Fields Ltd. (Materials) | 1,523,084 | ||||||
848,251 | Growthpoint Properties Ltd. REIT (Real Estate)(a) | 1,717,255 | ||||||
104,060 | Imperial Holdings Ltd. (Consumer Discretionary)(a) | 1,329,390 | ||||||
152,718 | Liberty Holdings Ltd. (Financials)(a) | 1,297,986 | ||||||
420,880 | Life Healthcare Group Holdings Ltd. (Health Care) | 1,078,264 | ||||||
167,681 | Massmart Holdings Ltd. (Consumer Staples)(a) | 1,920,768 | ||||||
64,834 | Mondi Ltd. (Materials) | 1,489,645 | ||||||
148,577 | Mr Price Group Ltd. (Consumer Discretionary) | 1,931,047 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Africa – (continued) | ||||||||
151,152 | MTN Group Ltd. (Telecommunication Services)(a) | $ | 1,384,289 | |||||
62,261 | Naspers Ltd., Class N (Consumer Discretionary) | 9,984,941 | ||||||
645,228 | Netcare Ltd. (Health Care) | 1,568,673 | ||||||
529,701 | Pick n Pay Stores Ltd. (Consumer Staples) | 2,812,518 | ||||||
104,158 | Pioneer Foods Group Ltd. (Consumer Staples) | 1,303,886 | ||||||
123,940 | Resilient REIT Ltd. REIT (Real Estate)(a) | 1,137,064 | ||||||
404,522 | Sappi Ltd. (Materials) | 2,530,118 | ||||||
137,014 | Shoprite Holdings Ltd. (Consumer Staples) | 1,982,408 | ||||||
513,154 | Sibanye Gold Ltd. (Materials) | 1,032,193 | ||||||
88,481 | SPAR Group Ltd. (The) (Consumer Staples) | 1,207,482 | ||||||
210,694 | Standard Bank Group Ltd. (Financials)(a) | 2,306,842 | ||||||
422,820 | Steinhoff International Holdings NV (Consumer Discretionary) | 2,257,303 | ||||||
407,374 | Telkom SA SOC Ltd. (Telecommunication Services) | 2,123,141 | ||||||
44,113 | Tiger Brands Ltd. (Consumer Staples) | 1,409,727 | ||||||
239,822 | Vodacom Group Ltd. (Telecommunication Services) | 2,717,799 | ||||||
308,042 | Woolworths Holdings Ltd. (Consumer Discretionary)(a) | 1,648,543 | ||||||
|
| |||||||
63,771,165 | ||||||||
|
| |||||||
South Korea – 13.9% | ||||||||
11,102 | Amorepacific Corp. (Consumer Staples) | 2,955,297 | ||||||
21,334 | AMOREPACIFIC Group (Consumer Staples) | 2,452,726 | ||||||
30,142 | BGF retail Co. Ltd. (Consumer Staples) | 2,718,978 | ||||||
134,123 | BNK Financial Group, Inc. (Financials) | 1,029,571 | ||||||
31,571 | Coway Co. Ltd. (Consumer Discretionary) | 2,498,877 | ||||||
174,584 | DGB Financial Group, Inc. (Financials) | 1,605,725 | ||||||
34,463 | Dongbu Insurance Co. Ltd. (Financials) | 1,862,206 | ||||||
8,554 | E-MART, Inc. (Consumer Staples) | 1,573,497 | ||||||
31,425 | GS Holdings Corp. (Energy) | 1,542,417 | ||||||
79,272 | Hana Financial Group, Inc. (Financials) | 2,471,225 | ||||||
35,606 | Hankook Tire Co. Ltd. (Consumer Discretionary)* | 1,883,032 | ||||||
4,734 | Hanmi Pharm Co. Ltd. (Health Care)* | 1,343,899 | ||||||
13,856 | Hanssem Co. Ltd. (Consumer Discretionary) | 2,720,347 | ||||||
34,649 | Hanwha Corp. (Industrials) | 1,115,387 | ||||||
195,173 | Hanwha Life Insurance Co. Ltd. (Financials)* | 1,123,658 | ||||||
9,763 | Hyosung Corp. (Materials) | 1,135,383 | ||||||
42,962 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 1,231,014 | ||||||
12,805 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 2,887,707 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
11,693 | Hyundai Motor Co. (Consumer Discretionary) | 1,545,968 | ||||||
25,341 | Hyundai Steel Co. (Materials) | 1,400,674 | ||||||
92,943 | Industrial Bank of Korea (Financials)* | 1,015,119 | ||||||
36,066 | Kangwon Land, Inc. (Consumer Discretionary)* | 1,127,511 | ||||||
89,944 | KB Financial Group, Inc. (Financials) | 3,730,598 | ||||||
88,107 | Kia Motors Corp. (Consumer Discretionary) | 2,980,405 | ||||||
63,769 | Korea Electric Power Corp. (Utilities)* | 2,458,836 | ||||||
58,696 | Korea Gas Corp. (Utilities)* | 2,540,941 | ||||||
100,299 | KT Corp. (Telecommunication Services) | 2,700,954 | ||||||
21,276 | KT&G Corp. (Consumer Staples) | 1,928,623 | ||||||
5,317 | LG Chem Ltd. (Materials) | 1,330,720 | ||||||
26,375 | LG Corp. (Industrials) | 1,464,824 | ||||||
44,595 | LG Electronics, Inc. (Consumer Discretionary) | 2,358,418 | ||||||
3,930 | LG Household & Health Care Ltd. (Consumer Staples) | 3,051,550 | ||||||
337,190 | LG Uplus Corp. (Telecommunication Services) | 3,816,964 | ||||||
4,131 | Lotte Chemical Corp. (Materials) | 1,331,638 | ||||||
766 | Lotte Chilsung Beverage Co. Ltd. (Consumer Staples)* | 1,021,559 | ||||||
7,643 | NAVER Corp (Information Technology) | 5,245,163 | ||||||
6,103 | NCSoft Corp. (Information Technology) | 1,478,861 | ||||||
14,895 | POSCO (Materials) | 3,734,453 | ||||||
27,036 | S-1 Corp. (Industrials) | 2,175,791 | ||||||
21,823 | Samsung Electronics Co. Ltd. (Information Technology) | 37,093,792 | ||||||
6,694 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 1,509,591 | ||||||
15,930 | Samsung Life Insurance Co. Ltd. (Financials) | 1,507,415 | ||||||
76,811 | Shinhan Financial Group Co. Ltd. (Financials) | 3,172,296 | ||||||
6,177 | SK Holdings Co. Ltd. (Industrials) | 1,190,879 | ||||||
116,288 | SK Hynix, Inc. (Information Technology) | 4,802,697 | ||||||
11,905 | SK Innovation Co. Ltd. (Energy) | 1,626,639 | ||||||
12,911 | SK Telecom Co. Ltd. (Telecommunication Services) | 2,643,287 | ||||||
185,827 | Woori Bank (Financials)* | 2,185,717 | ||||||
|
| |||||||
138,322,829 | ||||||||
|
| |||||||
Taiwan – 10.7% | ||||||||
849,624 | Advanced Semiconductor Engineering, Inc. (Information Technology) | 1,054,995 | ||||||
236,412 | Advantech Co. Ltd. (Information Technology) | 2,012,197 | ||||||
1,343,717 | Asia Cement Corp. (Materials) | 1,329,569 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
121,861 | Asustek Computer, Inc. (Information Technology) | $ | 1,100,670 | |||||
1,066,963 | Cathay Financial Holding Co. Ltd. (Financials) | 1,675,622 | ||||||
2,045,779 | Chang Hwa Commercial Bank Ltd. (Financials) | 1,221,868 | ||||||
506,062 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 1,075,589 | ||||||
1,632,482 | China Life Insurance Co. Ltd./Taiwan (Financials) | 1,602,009 | ||||||
2,565,598 | China Steel Corp. (Materials) | 2,154,456 | ||||||
708,773 | Chunghwa Telecom Co. Ltd. (Telecommunication Services) | 2,353,080 | ||||||
3,549,584 | CTBC Financial Holding Co. Ltd. (Financials) | 2,120,034 | ||||||
279,326 | Delta Electronics, Inc. (Information Technology) | 1,554,665 | ||||||
1,907,632 | E.Sun Financial Holding Co. Ltd. (Financials) | 1,157,985 | ||||||
525,382 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) | 1,265,424 | ||||||
496,294 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 2,099,963 | ||||||
2,387,301 | First Financial Holding Co. Ltd. (Financials) | 1,410,305 | ||||||
542,024 | Formosa Chemicals & Fibre Corp. (Materials) | 1,714,802 | ||||||
500,002 | Formosa Petrochemical Corp. (Energy) | 1,741,345 | ||||||
626,200 | Formosa Plastics Corp. (Materials) | 1,887,354 | ||||||
1,068,291 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | 1,084,859 | ||||||
1,189,742 | Fubon Financial Holding Co. Ltd. (Financials) | 1,926,527 | ||||||
2,909,204 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 8,474,743 | ||||||
1,991,214 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 1,095,302 | ||||||
18,402 | Largan Precision Co. Ltd. (Information Technology) | 2,731,236 | ||||||
811,161 | Lite-On Technology Corp. (Information Technology) | 1,359,702 | ||||||
1,761,857 | Mega Financial Holding Co. Ltd. (Financials) | 1,370,560 | ||||||
474,868 | Nan Ya Plastics Corp. (Materials) | 1,153,031 | ||||||
182,409 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1,784,104 | ||||||
376,264 | Pegatron Corp. (Information Technology) | 988,315 | ||||||
936,975 | Pou Chen Corp. (Consumer Discretionary) | 1,271,726 | ||||||
475,663 | Powertech Technology, Inc. (Information Technology) | 1,380,999 | ||||||
588,409 | President Chain Store Corp. (Consumer Staples) | 4,318,721 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
860,567 | Quanta Computer, Inc. (Information Technology) | 1,784,241 | ||||||
3,605,241 | SinoPac Financial Holdings Co Ltd. (Financials) | 1,097,173 | ||||||
878,688 | Standard Foods Corp. (Consumer Staples) | 2,202,190 | ||||||
5,987,803 | Taiwan Business Bank (Financials) | 1,639,052 | ||||||
2,230,325 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 1,063,494 | ||||||
493,913 | Taiwan Mobile Co. Ltd. (Telecommunication Services) | 1,736,215 | ||||||
5,071,892 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 31,200,468 | ||||||
1,841,665 | Uni-President Enterprises Corp. (Consumer Staples) | 3,272,899 | ||||||
495,455 | Vanguard International Semiconductor Corp. (Information Technology) | 978,864 | ||||||
1,798,197 | Wistron Corp. (Information Technology) | 1,507,106 | ||||||
776,098 | WPG Holdings Ltd. (Information Technology) | 985,168 | ||||||
|
| |||||||
106,938,627 | ||||||||
|
| |||||||
Thailand – 1.6% | ||||||||
254,216 | Advanced Info Service PCL NVDR (Telecommunication Services) | 1,216,257 | ||||||
2,232,300 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 1,285,449 | ||||||
207,497 | Bumrungrad Hospital PCL NVDR (Health Care) | 1,046,238 | ||||||
836,500 | Central Pattana PCL NVDR (Real Estate) | 1,318,059 | ||||||
786,077 | CP ALL PCL NVDR (Consumer Staples) | 1,351,209 | ||||||
271,600 | Electricity Generating PCL NVDR (Utilities) | 1,610,669 | ||||||
4,380,700 | Home Product Center PCL NVDR (Consumer Discretionary) | 1,236,192 | ||||||
186,457 | PTT PCL NVDR (Energy) | 2,120,681 | ||||||
607,400 | Robinson Department Store PCL NVDR (Consumer Discretionary) | 1,070,178 | ||||||
269,679 | Siam Commercial Bank PCL (The) NVDR (Financials) | 1,189,800 | ||||||
519,200 | Thai Oil PCL NVDR (Energy) | 1,119,302 | ||||||
1,953,290 | Thai Union Group PCL NVDR (Consumer Staples) | 1,135,975 | ||||||
|
| |||||||
15,700,009 | ||||||||
|
| |||||||
Turkey – 0.7% | ||||||||
160,367 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,316,471 | ||||||
611,920 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 1,001,986 | ||||||
422,448 | Haci Omer Sabanci Holding AS (Financials) | 1,172,690 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
883,206 | Petkim Petrokimya Holding AS (Materials) | $ | 1,051,784 | |||||
48,941 | Tupras Turkiye Petrol Rafinerileri AS (Energy) | 1,148,783 | ||||||
|
| |||||||
6,691,714 | ||||||||
|
| |||||||
United Arab Emirates – 0.4% | ||||||||
725,409 | Dubai Islamic Bank PJSC (Financials) | 1,234,529 | ||||||
599,818 | Emaar Properties PJSC (Real Estate) | 1,216,785 | ||||||
390,962 | Emirates Telecommunications Group Co. PJSC (Telecommunication Services) | 1,873,637 | ||||||
|
| |||||||
4,324,951 | ||||||||
|
| |||||||
United States – 0.3% | ||||||||
123,264 | Yum China Holdings, Inc. (Consumer Discretionary)* | 3,277,590 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $721,997,114) | $ | 844,523,251 | ||||||
|
| |||||||
Exchange-Traded Funds – 9.6% | ||||||||
United States – 9.6% | ||||||||
735,543 | iShares India 50 ETF(a) | $ | 22,367,863 | |||||
1,594,710 | iShares MSCI India ETF | 47,315,046 | ||||||
321,330 | PowerShares India Portfolio(a) | 6,950,368 | ||||||
862,493 | WisdomTree India Earnings Fund(a) | 19,544,091 | ||||||
|
| |||||||
TOTAL EXCHANGE-TRADED FUNDS | ||||||||
(Cost $84,164,434) | $ | 96,177,368 | ||||||
|
| |||||||
Preferred Stocks – 4.5% | ||||||||
Brazil – 3.1% | ||||||||
531,601 | Banco Bradesco SA (Financials) | $ | 5,710,738 | |||||
178,936 | Braskem SA, Class A (Materials) | 1,859,531 | ||||||
231,745 | Centrais Eletricas Brasileiras SA, Class B (Utilities)* | 1,832,506 | ||||||
122,369 | Cia Brasileira de Distribuicao (Consumer Staples) | 2,259,756 | ||||||
525,471 | Gerdau SA (Materials) | 2,187,351 | ||||||
691,355 | Itau Unibanco Holding SA (Financials) | 8,895,834 | ||||||
568,266 | Itausa – Investimentos Itau SA (Financials) | 1,833,941 | ||||||
585,944 | Petroleo Brasileiro SA (Energy)* | 2,859,090 | ||||||
144,787 | Telefonica Brasil SA (Telecommunication Services) | 2,136,667 | ||||||
140,670 | Vale SA (Materials) | 1,424,787 | ||||||
|
| |||||||
31,000,201 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
403,559 | Embotelladora Andina SA, Class B (Consumer Staples) | 1,544,754 | ||||||
|
| |||||||
South Korea – 1.3% | ||||||||
20,885 | Amorepacific Corp. (Consumer Staples) | 3,093,732 | ||||||
17,433 | Hyundai Motor Co. (Consumer Discretionary) | 1,509,344 | ||||||
5,153 | LG Household & Health Care Ltd. (Consumer Staples) | 2,588,462 | ||||||
4,120 | Samsung Electronics Co. Ltd. (Information Technology) | 5,450,825 | ||||||
|
| |||||||
12,642,363 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $31,348,791) | $ | 45,187,318 | ||||||
|
|
Units | Description | Expiration Month | Value | |||||||||
Rights – 0.0% | ||||||||||||
Brazil – 0.0% | ||||||||||||
9,555 | Itausa – Investimentos Itau SA (Financials)* | |||||||||||
(Cost $0) | 03/17 | $ | 12,070 | |||||||||
|
| |||||||||||
Taiwan – 0.0% | ||||||||||||
27,030 | Advanced Semiconductor Engineering, Inc. (Information Technology)* | |||||||||||
(Cost $0) | 03/17 | — | ||||||||||
|
| |||||||||||
TOTAL RIGHTS | ||||||||||||
(Cost $0) | $ | 12,070 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |||||||||||
(Cost $837,510,339) | $ | 985,900,007 | ||||||||||
|
|
Shares | Distribution Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 2.5%(c)(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
24,754,085 | 0.47% | $ | 24,754,085 | |||
(Cost $24,754,085) | ||||||
| ||||||
TOTAL INVESTMENTS – 101.4% | ||||||
(Cost $862,264,424) | $ | 1,010,654,092 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)% | (14,205,649 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 996,448,443 | ||||
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $1,468,603, which represents approximately 0.1% of net assets as of February 28, 2017. | |
(c) | Represents an affiliated issuer. | |
(d) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2017. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
GDR | —Global Depositary Receipt | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.2% | ||||||||
Australia – 0.3% | ||||||||
4,930 | BHP Billiton PLC (Materials) | $ | 79,600 | |||||
|
| |||||||
Austria – 0.5% | ||||||||
626 | ANDRITZ AG (Industrials) | 32,800 | ||||||
711 | Erste Group Bank AG (Financials)* | 20,746 | ||||||
880 | OMV AG (Energy) | 33,719 | ||||||
2,001 | Raiffeisen Bank International AG (Financials)* | 44,567 | ||||||
444 | voestalpine AG (Materials) | 18,742 | ||||||
|
| |||||||
150,574 | ||||||||
|
| |||||||
Belgium – 1.2% | ||||||||
410 | Ageas (Financials) | 15,614 | ||||||
1,348 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 147,894 | ||||||
491 | Colruyt SA (Consumer Staples) | 23,097 | ||||||
444 | Groupe Bruxelles Lambert SA (Financials) | 37,748 | ||||||
244 | KBC Group NV (Financials) | 14,971 | ||||||
529 | Proximus SADP (Telecommunication Services) | 15,602 | ||||||
204 | Solvay SA (Materials) | 23,834 | ||||||
722 | Telenet Group Holding NV (Consumer Discretionary)* | 40,922 | ||||||
160 | UCB SA (Health Care) | 11,427 | ||||||
662 | Umicore SA (Materials) | 34,971 | ||||||
|
| |||||||
366,080 | ||||||||
|
| |||||||
Chile – 0.0% | ||||||||
644 | Antofagasta PLC (Materials) | 6,507 | ||||||
|
| |||||||
Denmark – 2.7% | ||||||||
1,079 | Carlsberg A/S, Class B (Consumer Staples) | 95,097 | ||||||
349 | Chr Hansen Holding A/S (Materials) | 20,895 | ||||||
851 | Coloplast A/S, Class B (Health Care) | 60,184 | ||||||
1,584 | Danske Bank A/S (Financials) | 53,034 | ||||||
595 | DSV A/S (Industrials) | 29,380 | ||||||
210 | Genmab A/S (Health Care)* | 41,730 | ||||||
1,656 | ISS A/S (Industrials) | 64,725 | ||||||
7,271 | Novo Nordisk A/S, Class B (Health Care) | 259,033 | ||||||
207 | Novozymes A/S, Class B (Materials) | 7,987 | ||||||
737 | Pandora A/S (Consumer Discretionary) | 84,289 | ||||||
7,201 | TDC A/S (Telecommunication Services)* | 38,872 | ||||||
828 | Tryg A/S (Financials) | 15,447 | ||||||
567 | Vestas Wind Systems A/S (Industrials) | 42,191 | ||||||
1,565 | William Demant Holding A/S (Health Care)* | 32,150 | ||||||
|
| |||||||
845,014 | ||||||||
|
| |||||||
Finland – 1.4% | ||||||||
713 | Elisa OYJ (Telecommunication Services) | 23,843 | ||||||
1,492 | Fortum OYJ (Utilities) | 22,972 | ||||||
474 | Kone OYJ, Class B (Industrials)(a) | 21,285 | ||||||
399 | Metso OYJ (Industrials) | 11,825 | ||||||
1,429 | Neste OYJ (Energy) | 49,927 | ||||||
3,236 | Nokia OYJ (Information Technology) | 16,636 | ||||||
2,445 | Orion OYJ, Class B (Health Care) | 120,914 | ||||||
590 | Sampo OYJ, Class A (Financials) | 26,964 | ||||||
1,261 | Stora Enso OYJ, Class R (Materials) | 13,587 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Finland – (continued) | ||||||||
5,083 | UPM-Kymmene OYJ (Materials) | 121,149 | ||||||
266 | Wartsila OYJ Abp (Industrials) | 13,717 | ||||||
|
| |||||||
442,819 | ||||||||
|
| |||||||
France – 16.9% | ||||||||
2,755 | Accor SA (Consumer Discretionary) | 109,048 | ||||||
184 | Aeroports de Paris (Industrials) | 20,920 | ||||||
625 | Air Liquide SA (Materials) | 67,674 | ||||||
432 | Airbus SE (Industrials) | 31,821 | ||||||
325 | Alstom SA (Industrials)* | 8,849 | ||||||
490 | Arkema SA (Materials) | 47,642 | ||||||
2,536 | Atos SE (Information Technology) | 300,465 | ||||||
6,346 | AXA SA (Financials) | 150,172 | ||||||
3,936 | BNP Paribas SA (Financials) | 230,575 | ||||||
2,852 | Bollore SA (Industrials) | 11,089 | ||||||
263 | Bouygues SA (Industrials) | 10,164 | ||||||
1,215 | Bureau Veritas SA (Industrials) | 23,252 | ||||||
1,124 | Capgemini SA (Information Technology) | 96,373 | ||||||
2,938 | Carrefour SA (Consumer Staples) | 70,368 | ||||||
245 | Casino Guichard Perrachon SA (Consumer Staples) | 12,995 | ||||||
863 | Christian Dior SE (Consumer Discretionary) | 183,313 | ||||||
1,133 | Cie de Saint-Gobain (Industrials) | 54,454 | ||||||
598 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 67,388 | ||||||
3,450 | CNP Assurances (Financials) | 64,099 | ||||||
9,162 | Credit Agricole SA (Financials) | 110,936 | ||||||
2,810 | Danone SA (Consumer Staples) | 186,798 | ||||||
841 | Dassault Systemes (Information Technology) | 68,123 | ||||||
1,606 | Eiffage SA (Industrials) | 115,055 | ||||||
1,541 | Engie SA (Utilities) | 18,896 | ||||||
862 | Essilor International SA (Health Care) | 99,061 | ||||||
386 | Eurazeo SA (Financials) | 23,913 | ||||||
1,081 | Eutelsat Communications SA (Consumer Discretionary) | 21,313 | ||||||
311 | Fonciere Des Regions REIT (Real Estate) | 25,681 | ||||||
217 | Gecina SA REIT (Real Estate) | 27,693 | ||||||
491 | Hermes International (Consumer Discretionary) | 214,903 | ||||||
230 | ICADE REIT (Real Estate) | 16,448 | ||||||
52 | Iliad SA (Telecommunication Services) | 10,799 | ||||||
449 | Imerys SA (Materials) | 36,365 | ||||||
207 | Ingenico Group SA (Information Technology) | 18,626 | ||||||
460 | JCDecaux SA (Consumer Discretionary) | 14,737 | ||||||
199 | Kering (Consumer Discretionary) | 48,582 | ||||||
684 | Klepierre REIT (Real Estate) | 25,486 | ||||||
1,104 | Lagardere SCA (Consumer Discretionary) | 27,850 | ||||||
1,081 | Legrand SA (Industrials) | 61,132 | ||||||
1,182 | L’Oreal SA (Consumer Staples) | 220,490 | ||||||
897 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 180,575 | ||||||
2,049 | Orange SA (Telecommunication Services) | 31,059 | ||||||
591 | Pernod Ricard SA (Consumer Staples) | 67,761 | ||||||
7,161 | Peugeot SA (Consumer Discretionary)* | 136,663 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
885 | Publicis Groupe SA (Consumer Discretionary) | $ | 59,838 | |||||
446 | Remy Cointreau SA (Consumer Staples) | 39,738 | ||||||
6,831 | Rexel SA (Industrials) | 110,803 | ||||||
253 | Safran SA (Industrials) | 18,055 | ||||||
4,163 | Sanofi (Health Care) | 359,772 | ||||||
1,583 | Schneider Electric SE (Industrials) | 107,469 | ||||||
1,932 | SCOR SE (Financials) | 69,985 | ||||||
905 | SEB SA (Consumer Discretionary) | 119,581 | ||||||
448 | Societe BIC SA (Industrials) | 55,578 | ||||||
3,815 | Societe Generale SA (Financials) | 169,896 | ||||||
381 | Sodexo SA (Consumer Discretionary) | 41,922 | ||||||
1,872 | Suez (Utilities) | 28,157 | ||||||
736 | Thales SA (Industrials) | 72,733 | ||||||
5,717 | TOTAL SA (Energy) | 285,823 | ||||||
161 | Unibail-Rodamco SE REIT (Real Estate) | 36,842 | ||||||
425 | Valeo SA (Consumer Discretionary) | 26,198 | ||||||
1,413 | Veolia Environnement SA (Utilities) | 23,198 | ||||||
2,012 | Vinci SA (Industrials) | 145,402 | ||||||
1,115 | Vivendi SA (Consumer Discretionary) | 19,733 | ||||||
271 | Wendel SA (Financials) | 30,078 | ||||||
|
| |||||||
5,190,407 | ||||||||
|
| |||||||
Germany – 12.8% | ||||||||
1,501 | adidas AG (Consumer Discretionary) | 252,642 | ||||||
1,309 | Allianz SE (Financials) | 228,393 | ||||||
414 | Axel Springer SE (Consumer Discretionary) | 21,714 | ||||||
2,118 | BASF SE (Materials) | 197,827 | ||||||
2,781 | Bayer AG (Health Care) | 306,739 | ||||||
193 | Bayerische Motoren Werke AG (Consumer Discretionary) | 17,303 | ||||||
1,391 | Beiersdorf AG (Consumer Staples) | 127,292 | ||||||
391 | Brenntag AG (Industrials) | 22,486 | ||||||
161 | Continental AG (Consumer Discretionary) | 32,761 | ||||||
1,574 | Covestro AG (Materials)(b) | 118,867 | ||||||
1,081 | Daimler AG (Consumer Discretionary) | 78,845 | ||||||
838 | Deutsche Boerse AG (Financials)* | 72,038 | ||||||
6,884 | Deutsche Lufthansa AG (Industrials) | 101,166 | ||||||
6,543 | Deutsche Post AG (Industrials) | 225,090 | ||||||
9,712 | Deutsche Telekom AG (Telecommunication Services) | 168,319 | ||||||
1,818 | Deutsche Wohnen AG (Real Estate) | 62,639 | ||||||
4,810 | E.ON SE (Utilities) | 37,444 | ||||||
506 | Evonik Industries AG (Materials) | 16,297 | ||||||
327 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 20,539 | ||||||
767 | Fresenius Medical Care AG & Co KGaA (Health Care) | 64,019 | ||||||
1,318 | Fresenius SE & Co KGaA (Health Care) | 105,066 | ||||||
215 | GEA Group AG (Industrials) | 8,393 | ||||||
220 | Hannover Rueck SE (Financials) | 24,920 | ||||||
567 | HeidelbergCement AG (Materials) | 53,146 | ||||||
353 | Henkel AG & Co KGaA (Consumer Staples) | 38,166 | ||||||
323 | HOCHTIEF AG (Industrials) | 49,424 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
2,259 | HUGO BOSS AG (Consumer Discretionary) | 155,979 | ||||||
2,668 | Infineon Technologies AG (Information Technology) | 47,628 | ||||||
230 | Innogy SE (Utilities)*(b) | 8,285 | ||||||
851 | LANXESS AG (Materials) | 57,964 | ||||||
168 | Linde AG (Materials) | 27,375 | ||||||
345 | MAN SE (Industrials) | 35,519 | ||||||
787 | Merck KGaA (Health Care) | 86,261 | ||||||
906 | METRO AG (Consumer Staples) | 28,174 | ||||||
556 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 105,400 | ||||||
346 | OSRAM Licht AG (Industrials) | 20,626 | ||||||
1,081 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 43,483 | ||||||
3,516 | SAP SE (Information Technology) | 328,590 | ||||||
1,884 | Siemens AG (Industrials) | 245,838 | ||||||
455 | Symrise AG (Materials) | 28,385 | ||||||
4,528 | Telefonica Deutschland Holding AG (Telecommunication Services) | 19,938 | ||||||
418 | thyssenkrupp AG (Materials) | 10,480 | ||||||
2,479 | TUI AG (Consumer Discretionary) | 35,106 | ||||||
768 | United Internet AG (Information Technology) | 31,729 | ||||||
1,073 | Vonovia SE (Real Estate) | 37,500 | ||||||
2,734 | Zalando SE (Consumer Discretionary)*(b) | 109,669 | ||||||
|
| |||||||
3,915,464 | ||||||||
|
| |||||||
Ireland – 0.6% | ||||||||
1,900 | CRH PLC (Materials) | 64,334 | ||||||
3,245 | Experian PLC (Industrials) | 64,488 | ||||||
738 | Kerry Group PLC, Class A (Consumer Staples) | 56,854 | ||||||
|
| |||||||
185,676 | ||||||||
|
| |||||||
Italy – 3.6% | ||||||||
3,892 | Assicurazioni Generali SpA (Financials) | 55,914 | ||||||
1,318 | Atlantia SpA (Industrials) | 30,951 | ||||||
30,591 | Enel SpA (Utilities) | 131,714 | ||||||
3,703 | Eni SpA (Energy) | 57,133 | ||||||
714 | Ferrari NV (Consumer Discretionary) | 46,660 | ||||||
6,021 | Intesa Sanpaolo SpA (Financials) | 14,075 | ||||||
5,792 | Leonardo SpA (Industrials)* | 79,825 | ||||||
2,577 | Luxottica Group SpA (Consumer Discretionary) | 136,259 | ||||||
2,065 | Poste Italiane SpA (Financials)(b) | 13,297 | ||||||
5,050 | Prysmian SpA (Industrials) | 128,841 | ||||||
240,205 | Saipem SpA (Energy)* | 110,035 | ||||||
7,038 | Snam SpA (Energy) | 28,119 | ||||||
96,894 | Telecom Italia SpA (Telecommunication Services)* | 78,816 | ||||||
113,661 | Telecom Italia SpA-RSP (Telecommunication Services)* | 75,968 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – (continued) | ||||||||
6,407 | Terna Rete Elettrica Nazionale SpA (Utilities) | $ | 29,765 | |||||
5,317 | UniCredit SpA (Financials)(a) | 71,471 | ||||||
7,515 | UnipolSai SpA (Financials) | 15,971 | ||||||
|
| |||||||
1,104,814 | ||||||||
|
| |||||||
Jersey Island – 0.1% | ||||||||
211 | Randgold Resources Ltd. (Materials) | 19,719 | ||||||
|
| |||||||
Luxembourg – 0.5% | ||||||||
4,261 | ArcelorMittal (Materials)* | 37,625 | ||||||
16 | Eurofins Scientific SE (Health Care) | 6,857 | ||||||
223 | Millicom International Cellular SA (Telecommunication Services) | 12,194 | ||||||
846 | RTL Group SA (Consumer Discretionary)* | 65,283 | ||||||
506 | SES SA (Consumer Discretionary) | 10,358 | ||||||
1,081 | Tenaris SA (Energy) | 17,839 | ||||||
|
| |||||||
150,156 | ||||||||
|
| |||||||
Mexico – 0.1% | ||||||||
1,273 | Fresnillo PLC (Materials) | 23,540 | ||||||
|
| |||||||
Netherlands – 5.7% | ||||||||
774 | ABN AMRO Group NV (Financials)(b) | 17,765 | ||||||
531 | Akzo Nobel NV (Materials) | 35,722 | ||||||
404 | Altice NV, Class A (Consumer Discretionary)* | 8,545 | ||||||
656 | ASML Holding NV (Information Technology) | 79,779 | ||||||
2,482 | Boskalis Westminster (Industrials) | 90,726 | ||||||
2,777 | EXOR NV (Financials) | 131,991 | ||||||
521 | Gemalto NV (Information Technology) | 31,451 | ||||||
1,154 | Heineken Holding NV (Consumer Staples) | 87,909 | ||||||
878 | Heineken NV (Consumer Staples) | 72,678 | ||||||
9,840 | ING Groep NV (Financials) | 136,085 | ||||||
7,155 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 152,514 | ||||||
814 | Koninklijke DSM NV (Materials) | 53,627 | ||||||
9,195 | Koninklijke KPN NV (Telecommunication Services) | 26,039 | ||||||
2,562 | Koninklijke Philips NV (Industrials) | 77,683 | ||||||
389 | Koninklijke Vopak NV (Energy) | 16,499 | ||||||
1,950 | NN Group NV (Financials) | 60,763 | ||||||
522 | NXP Semiconductors NV (Information Technology)* | 53,667 | ||||||
2,413 | Randstad Holding NV (Industrials) | 140,792 | ||||||
8,479 | Royal Dutch Shell PLC, Class A (Energy) | 219,414 | ||||||
7,022 | Royal Dutch Shell PLC, Class B (Energy) | 189,924 | ||||||
1,617 | Wolters Kluwer NV (Industrials) | 66,435 | ||||||
|
| |||||||
1,750,008 | ||||||||
|
| |||||||
Norway – 1.3% | ||||||||
2,066 | DNB ASA (Financials) | 33,991 | ||||||
2,067 | Gjensidige Forsikring ASA (Financials) | 32,425 | ||||||
3,038 | Marine Harvest ASA (Consumer Staples)* | 53,291 | ||||||
6,559 | Norsk Hydro ASA (Materials) | 37,255 | ||||||
3,114 | Orkla ASA (Consumer Staples) | 27,480 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
3,201 | Schibsted ASA, Class A (Consumer Discretionary) | 84,723 | ||||||
3,554 | Schibsted ASA, Class B (Consumer Discretionary) | 86,539 | ||||||
1,502 | Telenor ASA (Telecommunication Services) | 24,568 | ||||||
299 | Yara International ASA (Materials) | 11,388 | ||||||
|
| |||||||
391,660 | ||||||||
|
| |||||||
Portugal – 0.7% | ||||||||
34,048 | EDP – Energias de Portugal SA (Utilities) | 105,608 | ||||||
1,787 | Galp Energia SGPS SA (Energy) | 26,375 | ||||||
4,557 | Jeronimo Martins SGPS SA (Consumer Staples) | 73,506 | ||||||
|
| |||||||
205,489 | ||||||||
|
| |||||||
South Africa – 0.4% | ||||||||
1,002 | Investec PLC (Financials) | 7,213 | ||||||
7,681 | Mediclinic International PLC (Health Care)(a) | 70,875 | ||||||
1,654 | Mondi PLC (Materials) | 38,674 | ||||||
|
| |||||||
116,762 | ||||||||
|
| |||||||
Spain – 5.0% | ||||||||
1,357 | Abertis Infraestructuras SA (Industrials) | 19,957 | ||||||
5,649 | ACS Actividades de Construccion y Servicios SA (Industrials) | 177,828 | ||||||
392 | Aena SA (Industrials)(b) | 56,233 | ||||||
1,650 | Amadeus IT Group SA (Information Technology) | 76,978 | ||||||
11,177 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 73,374 | ||||||
47,205 | Banco de Sabadell SA (Financials) | 69,622 | ||||||
35,705 | Banco Santander SA (Financials) | 195,544 | ||||||
1,702 | Bankinter SA (Financials) | 13,164 | ||||||
4,933 | CaixaBank SA (Financials) | 17,288 | ||||||
16,623 | Distribuidora Internacional de Alimentacion SA (Consumer Staples) | 92,575 | ||||||
1,161 | Enagas SA (Energy) | 28,615 | ||||||
2,133 | Endesa SA (Utilities) | 45,546 | ||||||
1,020 | Ferrovial SA (Industrials) | 19,406 | ||||||
1,268 | Gas Natural SDG SA (Utilities) | 24,758 | ||||||
1,334 | Grifols SA (Health Care) | 29,264 | ||||||
22,789 | Iberdrola SA (Utilities) | 151,929 | ||||||
5,050 | Industria de Diseno Textil SA (Consumer Discretionary) | 162,701 | ||||||
14,193 | Mapfre SA (Financials) | 44,053 | ||||||
1,728 | Red Electrica Corp. SA (Utilities) | 31,297 | ||||||
9,306 | Repsol SA (Energy) | 138,440 | ||||||
6,585 | Telefonica SA (Telecommunication Services) | 67,516 | ||||||
1,509 | Zardoya Otis SA (Industrials) | 12,090 | ||||||
|
| |||||||
1,548,178 | ||||||||
|
| |||||||
Sweden – 3.7% | ||||||||
2,671 | Assa Abloy AB, Class B (Industrials) | 52,078 | ||||||
1,607 | Atlas Copco AB, Class A (Industrials) | 52,744 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
1,115 | Atlas Copco AB, Class B (Industrials) | $ | 33,055 | |||||
1,542 | Boliden AB (Materials) | 47,187 | ||||||
1,311 | Electrolux AB, Series B (Consumer Discretionary) | 34,848 | ||||||
2,285 | Getinge AB, Class B (Health Care) | 38,869 | ||||||
6,460 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 171,143 | ||||||
1,033 | Hexagon AB, Class B (Information Technology) | 41,819 | ||||||
3,335 | Husqvarna AB, Class B (Consumer Discretionary) | 28,643 | ||||||
576 | ICA Gruppen AB (Consumer Staples)(a) | 18,752 | ||||||
1,629 | Industrivarden AB, Class C (Financials) | 32,322 | ||||||
991 | Investor AB, Class B (Financials) | 39,392 | ||||||
414 | Kinnevik AB, Class B (Financials) | 11,221 | ||||||
644 | L E Lundbergforetagen AB, Class B (Financials) | 41,867 | ||||||
4,962 | Nordea Bank AB (Financials) | 58,291 | ||||||
3,038 | Sandvik AB (Industrials) | 41,423 | ||||||
2,783 | Securitas AB, Class B (Industrials) | 42,581 | ||||||
1,784 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 20,462 | ||||||
1,333 | Skanska AB, Class B (Industrials) | 31,852 | ||||||
460 | SKF AB, Class B (Industrials) | 8,780 | ||||||
825 | Svenska Cellulosa AB SCA, Class B (Consumer Staples) | 25,410 | ||||||
1,883 | Svenska Handelsbanken AB, Class A (Financials) | 26,260 | ||||||
2,096 | Swedbank AB, Class A (Financials) | 51,875 | ||||||
2,571 | Swedish Match AB (Consumer Staples) | 80,274 | ||||||
1,761 | Tele2 AB, Class B (Telecommunication Services) | 15,789 | ||||||
5,770 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 37,639 | ||||||
5,604 | Telia Co. AB (Telecommunication Services) | 22,575 | ||||||
3,144 | Volvo AB, Class B (Industrials) | 41,158 | ||||||
|
| |||||||
1,148,309 | ||||||||
|
| |||||||
Switzerland – 16.4% | ||||||||
4,980 | ABB Ltd. (Industrials)* | 112,982 | ||||||
920 | Actelion Ltd. (Health Care)* | 248,316 | ||||||
598 | Adecco Group AG (Industrials) | 43,113 | ||||||
4,899 | Aryzta AG (Consumer Staples)* | 158,889 | ||||||
237 | Baloise Holding AG (Financials) | 30,931 | ||||||
42 | Barry Callebaut AG (Consumer Staples)* | 54,479 | ||||||
10 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 56,867 | ||||||
577 | Cie Financiere Richemont SA (Consumer Discretionary) | 42,636 | ||||||
4,878 | Coca-Cola HBC AG (Consumer Staples)* | 118,065 | ||||||
579 | Credit Suisse Group AG (Financials)* | 8,759 | ||||||
92 | Dufry AG (Consumer Discretionary)* | 13,312 | ||||||
253 | EMS-Chemie Holding AG (Materials) | 144,380 | ||||||
35 | Galenica AG (Health Care) | 41,170 | ||||||
142 | Geberit AG (Industrials) | 61,624 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
19 | Givaudan SA (Materials) | 34,606 | ||||||
75,581 | Glencore PLC (Materials)* | 302,897 | ||||||
283 | Julius Baer Group Ltd. (Financials)* | 13,889 | ||||||
1,127 | Kuehne + Nagel International AG (Industrials) | 160,927 | ||||||
374 | LafargeHolcim Ltd. (Materials)* | 21,343 | ||||||
446 | Lonza Group AG (Health Care)* | 82,391 | ||||||
10,264 | Nestle SA (Consumer Staples) | 760,999 | ||||||
6,861 | Novartis AG (Health Care)* | 537,124 | ||||||
632 | Pargesa Holding SA (Financials) | 41,809 | ||||||
326 | Partners Group Holding AG (Financials) | 171,065 | ||||||
2,471 | Roche Holding AG (Health Care) | 603,778 | ||||||
175 | Schindler Holding AG (Industrials) | 33,569 | ||||||
233 | Schindler Holding AG Participation Certificates (Industrials) | 45,183 | ||||||
58 | SGS SA (Industrials) | 123,651 | ||||||
12 | Sika AG (Materials) | 67,762 | ||||||
299 | Sonova Holding AG (Health Care) | 39,381 | ||||||
6,848 | STMicroelectronics NV (Information Technology) | 104,784 | ||||||
146 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 48,679 | ||||||
598 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 38,903 | ||||||
344 | Swiss Life Holding AG (Financials)* | 108,547 | ||||||
377 | Swiss Prime Site AG (Real Estate)* | 32,827 | ||||||
1,130 | Swiss Re AG (Financials) | 101,327 | ||||||
69 | Swisscom AG (Telecommunication Services) | 30,468 | ||||||
143 | Syngenta AG (Materials) | 61,758 | ||||||
6,880 | UBS Group AG (Financials) | 106,280 | ||||||
1,856 | Wolseley PLC (Industrials) | 113,517 | ||||||
333 | Zurich Insurance Group AG (Financials)* | 92,207 | ||||||
|
| |||||||
5,015,194 | ||||||||
|
| |||||||
United Kingdom – 24.5% | ||||||||
12,046 | 3i Group PLC (Financials) | 103,206 | ||||||
7,357 | Admiral Group PLC (Financials) | 167,354 | ||||||
9,307 | Anglo American PLC (Materials)* | 147,145 | ||||||
1,445 | Ashtead Group PLC (Industrials) | 29,777 | ||||||
1,098 | Associated British Foods PLC (Consumer Staples) | 35,785 | ||||||
3,997 | AstraZeneca PLC (Health Care) | 230,986 | ||||||
24,811 | Auto Trader Group PLC (Information Technology)(b) | 122,017 | ||||||
3,176 | Aviva PLC (Financials) | 19,682 | ||||||
1,072 | Babcock International Group PLC (Industrials) | 12,646 | ||||||
7,688 | BAE Systems PLC (Industrials) | 60,272 | ||||||
26,141 | Barclays PLC (Financials) | 73,680 | ||||||
13,948 | Barratt Developments PLC (Consumer Discretionary) | 88,781 | ||||||
37,546 | BP PLC (Energy) | 211,909 | ||||||
6,228 | British American Tobacco PLC (Consumer Staples) | 393,706 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
1,858 | British Land Co. PLC (The) REIT (Real Estate) | $ | 14,277 | |||||
8,599 | BT Group PLC (Telecommunication Services) | 35,002 | ||||||
1,293 | Bunzl PLC (Industrials) | 36,283 | ||||||
7,861 | Burberry Group PLC (Consumer Discretionary) | 168,841 | ||||||
1,494 | Capita PLC (Industrials) | 10,476 | ||||||
20,579 | Centrica PLC (Utilities) | 58,106 | ||||||
2,899 | CNH Industrial NV (Industrials) | 26,985 | ||||||
206 | Coca-Cola European Partners PLC (Consumer Staples) | 7,195 | ||||||
7,249 | Compass Group PLC (Consumer Discretionary) | 135,130 | ||||||
1,160 | Croda International PLC (Materials) | 50,638 | ||||||
520 | DCC PLC (Industrials) | 44,423 | ||||||
7,144 | Diageo PLC (Consumer Staples) | 201,625 | ||||||
8,952 | Direct Line Insurance Group PLC (Financials) | 38,265 | ||||||
5,734 | Dixons Carphone PLC (Consumer Discretionary) | 21,620 | ||||||
6,032 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | 66,211 | ||||||
3,453 | G4S PLC (Industrials) | 11,262 | ||||||
4,260 | GKN PLC (Consumer Discretionary) | 19,079 | ||||||
15,763 | GlaxoSmithKline PLC (Health Care) | 323,263 | ||||||
2,846 | Hammerson PLC REIT (Real Estate) | 20,842 | ||||||
9,542 | Hargreaves Lansdown PLC (Financials) | 158,519 | ||||||
57,227 | HSBC Holdings PLC (Financials) | 460,394 | ||||||
1,226 | IMI PLC (Industrials) | 18,933 | ||||||
3,377 | Imperial Brands PLC (Consumer Staples) | 159,395 | ||||||
1,283 | Inmarsat PLC (Telecommunication Services) | 11,360 | ||||||
801 | InterContinental Hotels Group PLC (Consumer Discretionary) | 37,837 | ||||||
12,652 | International Consolidated Airlines Group SA (Industrials) | 84,455 | ||||||
811 | Intertek Group PLC (Industrials) | 35,595 | ||||||
5,195 | Intu Properties PLC REIT (Real Estate) | 18,547 | ||||||
8,269 | ITV PLC (Consumer Discretionary) | 20,837 | ||||||
18,625 | J Sainsbury PLC (Consumer Staples) | 62,021 | ||||||
847 | Johnson Matthey PLC (Materials) | 32,295 | ||||||
23,490 | Kingfisher PLC (Consumer Discretionary) | 96,228 | ||||||
2,116 | Land Securities Group PLC REIT (Real Estate) | 28,070 | ||||||
9,680 | Legal & General Group PLC (Financials) | 29,910 | ||||||
42,788 | Lloyds Banking Group PLC (Financials) | 36,564 | ||||||
16,082 | Marks & Spencer Group PLC (Consumer Discretionary) | 67,002 | ||||||
2,875 | Meggitt PLC (Industrials) | 16,833 | ||||||
5,174 | Merlin Entertainments PLC (Consumer Discretionary)(b) | 31,678 | ||||||
7,173 | National Grid PLC (Utilities) | 87,252 | ||||||
2,030 | Next PLC (Consumer Discretionary) | 96,675 | ||||||
4,651 | Old Mutual PLC (Financials) | 12,623 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
1,403 | Persimmon PLC (Consumer Discretionary) | 35,983 | ||||||
2,182 | Petrofac Ltd. (Energy) | 24,206 | ||||||
2,415 | Provident Financial PLC (Financials) | 87,753 | ||||||
4,987 | Prudential PLC (Financials) | 99,759 | ||||||
2,080 | Reckitt Benckiser Group PLC (Consumer Staples) | 189,234 | ||||||
3,749 | RELX NV (Industrials) | 66,647 | ||||||
5,421 | RELX PLC (Industrials) | 101,526 | ||||||
3,230 | Rio Tinto PLC (Materials) | 132,520 | ||||||
1,787 | Rolls-Royce Holdings PLC (Industrials)* | 17,501 | ||||||
22,946 | Royal Mail PLC (Industrials) | 118,385 | ||||||
5,071 | RSA Insurance Group PLC (Financials) | 37,799 | ||||||
17,106 | Sage Group PLC (The) (Information Technology) | 137,512 | ||||||
276 | Schroders PLC (Financials) | 10,554 | ||||||
7,020 | Segro PLC REIT (Real Estate) | 43,137 | ||||||
1,739 | Severn Trent PLC (Utilities) | 50,594 | ||||||
7,324 | Sky PLC (Consumer Discretionary) | 90,912 | ||||||
5,391 | Smith & Nephew PLC (Health Care) | 81,241 | ||||||
2,309 | Smiths Group PLC (Industrials) | 42,956 | ||||||
3,210 | SSE PLC (Utilities) | 61,556 | ||||||
1,587 | St James’s Place PLC (Financials) | 20,835 | ||||||
4,823 | Standard Chartered PLC (Financials)* | 43,357 | ||||||
2,461 | Standard Life PLC (Financials) | 11,291 | ||||||
6,380 | Tate & Lyle PLC (Consumer Staples) | 59,068 | ||||||
8,232 | Taylor Wimpey PLC (Consumer Discretionary) | 18,439 | ||||||
67,252 | Tesco PLC (Consumer Staples)* | 157,669 | ||||||
4,942 | Unilever NV (Consumer Staples) | 234,290 | ||||||
5,268 | Unilever PLC (Consumer Staples) | 250,355 | ||||||
3,456 | United Utilities Group PLC (Utilities) | 42,082 | ||||||
60,776 | Vodafone Group PLC (Telecommunication Services) | 152,696 | ||||||
1,168 | Weir Group PLC (The) (Industrials) | 27,369 | ||||||
191 | Whitbread PLC (Consumer Discretionary) | 9,091 | ||||||
27,105 | William Hill PLC (Consumer Discretionary) | 89,012 | ||||||
67,862 | Wm Morrison Supermarkets PLC (Consumer Staples) | 204,870 | ||||||
9,289 | Worldpay Group PLC (Information Technology)(b) | 31,372 | ||||||
6,476 | WPP PLC (Consumer Discretionary) | 152,874 | ||||||
|
| |||||||
7,523,937 | ||||||||
|
| |||||||
United States – 0.8% | ||||||||
1,039 | Carnival PLC (Consumer Discretionary) | 56,876 | ||||||
1,882 | QIAGEN NV (Health Care)* | 53,795 | ||||||
2,128 | Shire PLC (Health Care) | 128,538 | ||||||
|
| |||||||
239,209 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $28,772,937) | $ | 30,419,116 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Preferred Stocks – 0.6% | ||||||||
Germany – 0.6% | ||||||||
1,913 | FUCHS PETROLUB SE (Materials) | $ | 88,852 | |||||
539 | Henkel AG & Co KGaA (Consumer Staples) | 67,526 | ||||||
118 | Volkswagen AG (Consumer Discretionary) | 17,517 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $153,958) | $ | 173,895 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $28,926,895) | $ | 30,593,011 | ||||||
|
| |||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(c)(d) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
173,046 | 0.47 | % | $ | 173,046 | ||||
(Cost $173,046) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.4% | ||||||||
(Cost $29,099,941) | $ | 30,766,057 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)% | (115,516 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 30,650,541 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $509,183, which represents approximately 1.7% of net assets as of February 28, 2017. | |
(c) | Represents an affiliated issuer. | |
(d) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2017. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Australia – 6.5% | ||||||||
16,249 | AGL Energy Ltd. (Utilities) | $ | 301,332 | |||||
79,444 | Alumina Ltd. (Materials)(a) | 112,693 | ||||||
15,258 | Amcor Ltd. (Materials) | 164,822 | ||||||
46,539 | AMP Ltd. (Financials) | 174,614 | ||||||
14,687 | APA Group (Utilities) | 95,531 | ||||||
46,073 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 588,025 | ||||||
9,529 | ASX Ltd. (Financials)(a) | 375,330 | ||||||
54,175 | Aurizon Holdings Ltd. (Industrials) | 213,261 | ||||||
121,038 | AusNet Services (Utilities) | 150,758 | ||||||
46,221 | Australia & New Zealand Banking Group Ltd. (Financials) | 1,098,094 | ||||||
15,167 | Bank of Queensland Ltd. (Financials) | 138,185 | ||||||
53,846 | Bendigo & Adelaide Bank Ltd. (Financials) | 505,902 | ||||||
42,184 | BHP Billiton Ltd. (Materials) | 810,829 | ||||||
24,060 | BHP Billiton PLC (Materials) | 388,475 | ||||||
20,931 | Boral Ltd. (Materials) | 94,304 | ||||||
13,802 | Brambles Ltd. (Industrials) | 98,795 | ||||||
10,954 | Caltex Australia Ltd. (Energy) | 236,995 | ||||||
27,620 | Challenger Ltd. (Financials) | 242,936 | ||||||
18,155 | CIMIC Group Ltd. (Industrials) | 526,793 | ||||||
9,516 | Coca-Cola Amatil Ltd. (Consumer Staples) | 74,993 | ||||||
11,976 | Cochlear Ltd. (Health Care) | 1,202,071 | ||||||
35,297 | Commonwealth Bank of Australia (Financials) | 2,234,008 | ||||||
13,667 | Computershare Ltd. (Information Technology) | 141,961 | ||||||
11,362 | CSL Ltd. (Health Care) | 1,029,586 | ||||||
28,464 | Dexus Property Group REIT (Real Estate) | 206,590 | ||||||
98,796 | DUET Group (Utilities) | 208,888 | ||||||
25,987 | Flight Centre Travel Group Ltd. (Consumer Discretionary)(a) | 576,226 | ||||||
182,078 | Fortescue Metals Group Ltd. (Materials) | 928,138 | ||||||
33,737 | Goodman Group REIT (Real Estate) | 195,837 | ||||||
47,667 | GPT Group (The) REIT (Real Estate) | 180,679 | ||||||
41,975 | Harvey Norman Holdings Ltd. (Consumer Discretionary) | 166,203 | ||||||
24,737 | Incitec Pivot Ltd. (Materials) | 69,800 | ||||||
52,832 | Insurance Australia Group Ltd. (Financials) | 243,719 | ||||||
14,396 | LendLease Group (Real Estate) | 168,571 | ||||||
6,843 | Macquarie Group Ltd. (Financials) | 455,886 | ||||||
97,864 | Medibank Pvt Ltd. (Financials) | 212,184 | ||||||
97,163 | Mirvac Group REIT (Real Estate) | 160,613 | ||||||
31,885 | National Australia Bank Ltd. (Financials) | 784,228 | ||||||
22,280 | Newcrest Mining Ltd. (Materials) | 379,258 | ||||||
4,991 | Orica Ltd. (Materials) | 70,185 | ||||||
36,739 | Origin Energy Ltd. (Energy)* | 185,299 | ||||||
87,463 | Qantas Airways Ltd. (Industrials) | 252,172 | ||||||
15,019 | QBE Insurance Group Ltd. (Financials) | 142,148 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
2,188 | Ramsay Health Care Ltd. (Health Care) | 117,387 | ||||||
7,974 | REA Group Ltd. (Consumer Discretionary) | 346,575 | ||||||
56,278 | Scentre Group REIT (Real Estate) | 188,654 | ||||||
6,041 | SEEK Ltd. (Industrials) | 72,874 | ||||||
6,465 | Sonic Healthcare Ltd. (Health Care) | 106,968 | ||||||
400,986 | South32 Ltd. (Materials) | 767,662 | ||||||
62,057 | Stockland REIT (Real Estate) | 225,203 | ||||||
33,101 | Suncorp Group Ltd. (Financials) | 337,717 | ||||||
26,005 | Sydney Airport (Industrials) | 121,163 | ||||||
30,715 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 100,601 | ||||||
145,317 | Telstra Corp. Ltd. (Telecommunication Services) | 538,524 | ||||||
21,884 | Transurban Group (Industrials) | 185,585 | ||||||
13,018 | Treasury Wine Estates Ltd. (Consumer Staples) | 119,206 | ||||||
77,447 | Vicinity Centres REIT (Real Estate) | 172,085 | ||||||
25,675 | Wesfarmers Ltd. (Consumer Staples) | 843,302 | ||||||
24,356 | Westfield Corp. REIT (Real Estate) | 164,790 | ||||||
53,409 | Westpac Banking Corp. (Financials) | 1,383,840 | ||||||
40,323 | Woolworths Ltd. (Consumer Staples) | 798,620 | ||||||
|
| |||||||
23,177,673 | ||||||||
|
| |||||||
Austria – 0.3% | ||||||||
2,849 | ANDRITZ AG (Industrials) | 149,279 | ||||||
6,905 | OMV AG (Energy) | 264,581 | ||||||
18,274 | Raiffeisen Bank International AG (Financials)* | 407,000 | ||||||
2,467 | voestalpine AG (Materials) | 104,137 | ||||||
|
| |||||||
924,997 | ||||||||
|
| |||||||
Belgium – 0.6% | ||||||||
2,592 | Ageas (Financials) | 98,712 | ||||||
4,511 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 494,918 | ||||||
2,810 | Colruyt SA (Consumer Staples) | 132,186 | ||||||
3,215 | Groupe Bruxelles Lambert SA (Financials) | 273,335 | ||||||
1,661 | KBC Group NV (Financials) | 101,910 | ||||||
4,021 | Proximus SADP (Telecommunication Services) | 118,589 | ||||||
2,495 | Solvay SA (Materials) | 291,498 | ||||||
5,017 | Telenet Group Holding NV (Consumer Discretionary)* | 284,359 | ||||||
1,347 | UCB SA (Health Care) | 96,199 | ||||||
3,542 | Umicore SA (Materials) | 187,114 | ||||||
|
| |||||||
2,078,820 | ||||||||
|
| |||||||
Canada – 9.2% | ||||||||
3,903 | Agnico Eagle Mines Ltd. (Materials) | 164,583 | ||||||
1,788 | Agrium, Inc. (Materials) | 172,867 | ||||||
17,982 | Alimentation Couche-Tard, Inc., Class B (Consumer Staples) | 801,855 | ||||||
3,427 | Atco Ltd., Class I (Utilities) | 117,420 | ||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
10,015 | Bank of Montreal (Financials) | $ | 762,136 | |||||
21,076 | Bank of Nova Scotia (The) (Financials) | 1,225,939 | ||||||
17,780 | Barrick Gold Corp. (Materials) | 329,033 | ||||||
5,684 | BCE, Inc. (Telecommunication Services) | 248,655 | ||||||
57,606 | Bombardier, Inc., Class B (Industrials)* | 100,037 | ||||||
16,997 | Brookfield Asset Management, Inc., Class A (Financials)(a) | 613,943 | ||||||
9,398 | CAE, Inc. (Industrials) | 141,561 | ||||||
34,106 | Cameco Corp. (Energy) | 378,541 | ||||||
7,804 | Canadian Imperial Bank of Commerce (Financials) | 687,096 | ||||||
7,654 | Canadian National Railway Co. (Industrials) | 533,749 | ||||||
7,072 | Canadian Natural Resources Ltd. (Energy) | 203,384 | ||||||
621 | Canadian Pacific Railway Ltd. (Industrials) | 91,632 | ||||||
1,220 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 140,289 | ||||||
4,399 | Canadian Utilities Ltd., Class A (Utilities) | 118,706 | ||||||
470 | CCL Industries, Inc., Class B (Materials) | 100,182 | ||||||
25,970 | Cenovus Energy, Inc. (Energy) | 329,417 | ||||||
4,488 | CGI Group, Inc., Class A (Information Technology)* | 206,906 | ||||||
32,535 | CI Financial Corp. (Financials) | 665,218 | ||||||
2,856 | Constellation Software, Inc. (Information Technology) | 1,344,495 | ||||||
14,633 | Crescent Point Energy Corp. (Energy) | 161,417 | ||||||
16,453 | Dollarama, Inc. (Consumer Discretionary) | 1,270,575 | ||||||
75,888 | Empire Co. Ltd., Class A (Consumer Staples) | 958,591 | ||||||
8,779 | Enbridge, Inc. (Energy) | 370,528 | ||||||
22,721 | Encana Corp. (Energy) | 252,522 | ||||||
310 | Fairfax Financial Holdings Ltd. (Financials) | 139,967 | ||||||
26,708 | Finning International, Inc. (Industrials) | 497,277 | ||||||
10,895 | First Capital Realty, Inc. (Real Estate) | 172,089 | ||||||
8,115 | First Quantum Minerals Ltd. (Materials) | 84,676 | ||||||
5,865 | Fortis, Inc. (Utilities) | 186,562 | ||||||
1,096 | Franco-Nevada Corp. (Materials) | 70,843 | ||||||
13,432 | George Weston Ltd. (Consumer Staples) | 1,128,757 | ||||||
4,151 | Gildan Activewear, Inc. (Consumer Discretionary) | 105,464 | ||||||
21,063 | Great-West Lifeco, Inc. (Financials) | 576,332 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
9,108 | H&R Real Estate Investment Trust REIT (Real Estate) | 162,293 | ||||||
20,754 | Husky Energy, Inc. (Energy)* | 247,584 | ||||||
8,067 | Hydro One Ltd. (Utilities)(b) | 143,744 | ||||||
6,506 | IGM Financial, Inc. (Financials) | 199,977 | ||||||
3,539 | Imperial Oil Ltd. (Energy) | 110,864 | ||||||
17,829 | Industrial Alliance Insurance & Financial Services, Inc. (Financials)(a) | 742,129 | ||||||
3,758 | Intact Financial Corp. (Financials) | 267,170 | ||||||
3,331 | Inter Pipeline Ltd. (Energy) | 70,043 | ||||||
24,693 | Jean Coutu Group PJC, Inc. (The), Class A (Consumer Staples) | 372,134 | ||||||
141,200 | Kinross Gold Corp. (Materials)* | 498,936 | ||||||
10,914 | Linamar Corp. (Consumer Discretionary) | 486,019 | ||||||
14,769 | Loblaw Cos. Ltd. (Consumer Staples) | 772,321 | ||||||
35,599 | Manulife Financial Corp. (Financials) | 637,823 | ||||||
23,844 | Metro, Inc. (Consumer Staples) | 697,254 | ||||||
9,126 | National Bank of Canada (Financials) | 390,548 | ||||||
14,039 | Onex Corp. (Financials) | 990,770 | ||||||
5,987 | Open Text Corp. (Information Technology) | 197,902 | ||||||
6,907 | Pembina Pipeline Corp. (Energy) | 223,828 | ||||||
36,650 | Power Corp. of Canada (Financials) | 855,060 | ||||||
22,944 | Power Financial Corp. (Financials) | 596,792 | ||||||
2,914 | Restaurant Brands International, Inc. (Consumer Discretionary) | 159,423 | ||||||
7,581 | RioCan Real Estate Investment Trust REIT (Real Estate) | 152,713 | ||||||
7,131 | Rogers Communications, Inc., Class B (Telecommunication Services) | 300,218 | ||||||
29,277 | Royal Bank of Canada (Financials) | 2,132,693 | ||||||
18,957 | Saputo, Inc. (Consumer Staples) | 652,821 | ||||||
6,833 | Seven Generations Energy Ltd., Class A (Energy)* | 126,966 | ||||||
10,055 | Shaw Communications, Inc., Class B (Consumer Discretionary) | 209,838 | ||||||
7,577 | Silver Wheaton Corp. (Materials) | 147,999 | ||||||
4,626 | Smart Real Estate Investment Trust REIT (Real Estate) | 116,764 | ||||||
4,239 | SNC-Lavalin Group, Inc. (Industrials) | 173,119 | ||||||
13,081 | Sun Life Financial, Inc. (Financials) | 476,050 | ||||||
24,795 | Suncor Energy, Inc. (Energy) | 774,112 | ||||||
9,680 | Teck Resources Ltd., Class B (Materials) | 194,046 | ||||||
3,967 | TELUS Corp. (Telecommunication Services) | 129,453 | ||||||
33,843 | Toronto-Dominion Bank (The) (Financials) | 1,749,324 | ||||||
10,791 | TransCanada Corp. (Energy) | 497,488 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
27,694 | Turquoise Hill Resources Ltd. (Materials)* | $ | 87,194 | |||||
37,946 | Veresen, Inc. (Energy)(a) | 387,353 | ||||||
2,537 | Vermilion Energy, Inc. (Energy) | 96,753 | ||||||
52,358 | Yamana Gold, Inc. (Materials) | 145,082 | ||||||
|
| |||||||
32,825,844 | ||||||||
|
| |||||||
China – 0.1% | ||||||||
536,592 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 354,902 | ||||||
|
| |||||||
Denmark – 1.7% | ||||||||
8,304 | Carlsberg A/S, Class B (Consumer Staples) | 731,868 | ||||||
2,223 | Chr Hansen Holding A/S (Materials) | 133,094 | ||||||
8,214 | Coloplast A/S, Class B (Health Care) | 580,910 | ||||||
10,213 | Danske Bank A/S (Financials) | 341,942 | ||||||
3,195 | DSV A/S (Industrials) | 157,763 | ||||||
1,105 | Genmab A/S (Health Care)* | 219,578 | ||||||
7,856 | ISS A/S (Industrials) | 307,052 | ||||||
45,377 | Novo Nordisk A/S, Class B (Health Care) | 1,616,576 | ||||||
6,488 | Pandora A/S (Consumer Discretionary) | 742,016 | ||||||
52,901 | TDC A/S (Telecommunication Services)* | 285,567 | ||||||
7,620 | Tryg A/S (Financials) | 142,160 | ||||||
5,279 | Vestas Wind Systems A/S (Industrials) | 392,812 | ||||||
20,948 | William Demant Holding A/S (Health Care)* | 430,340 | ||||||
|
| |||||||
6,081,678 | ||||||||
|
| |||||||
Finland – 0.9% | ||||||||
3,552 | Elisa OYJ (Telecommunication Services) | 118,779 | ||||||
10,505 | Fortum OYJ (Utilities) | 161,746 | ||||||
3,005 | Kone OYJ, Class B (Industrials)(a) | 134,941 | ||||||
2,357 | Metso OYJ (Industrials) | 69,852 | ||||||
7,625 | Neste OYJ (Energy) | 266,404 | ||||||
1,932 | Nokian Renkaat OYJ (Consumer Discretionary) | 76,226 | ||||||
15,224 | Orion OYJ, Class B (Health Care) | 752,879 | ||||||
6,462 | Sampo OYJ, Class A (Financials) | 295,329 | ||||||
6,519 | Stora Enso OYJ, Class R (Materials) | 70,241 | ||||||
43,680 | UPM-Kymmene OYJ (Materials) | 1,041,074 | ||||||
1,721 | Wartsila OYJ Abp (Industrials) | 88,748 | ||||||
|
| |||||||
3,076,219 | ||||||||
|
| |||||||
France – 9.4% | ||||||||
13,155 | Accor SA (Consumer Discretionary) | 520,699 | ||||||
1,142 | Aeroports de Paris (Industrials) | 129,843 | ||||||
2,806 | Air Liquide SA (Materials) | 303,831 | ||||||
3,175 | Airbus SE (Industrials) | 233,869 | ||||||
3,991 | Alstom SA (Industrials)* | 108,671 | ||||||
3,432 | Arkema SA (Materials) | 333,686 | ||||||
20,188 | Atos SE (Information Technology) | 2,391,872 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
33,753 | AXA SA (Financials) | 798,734 | ||||||
23,449 | BNP Paribas SA (Financials) | 1,373,669 | ||||||
8,149 | Bureau Veritas SA (Industrials) | 155,951 | ||||||
8,547 | Capgemini SA (Information Technology) | 732,830 | ||||||
22,073 | Carrefour SA (Consumer Staples) | 528,670 | ||||||
3,149 | Casino Guichard Perrachon SA (Consumer Staples) | 167,022 | ||||||
6,390 | Christian Dior SE (Consumer Discretionary) | 1,357,324 | ||||||
7,913 | Cie de Saint-Gobain (Industrials) | 380,310 | ||||||
3,302 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 372,098 | ||||||
28,543 | CNP Assurances (Financials) | 530,316 | ||||||
50,808 | Credit Agricole SA (Financials) | 615,200 | ||||||
16,969 | Danone SA (Consumer Staples) | 1,128,035 | ||||||
7,460 | Dassault Systemes (Information Technology) | 604,275 | ||||||
7,543 | Eiffage SA (Industrials) | 540,384 | ||||||
8,257 | Engie SA (Utilities) | 101,251 | ||||||
6,087 | Essilor International SA (Health Care) | 699,519 | ||||||
2,510 | Eurazeo SA (Financials) | 155,493 | ||||||
10,571 | Eutelsat Communications SA (Consumer Discretionary) | 208,424 | ||||||
1,576 | Fonciere Des Regions REIT (Real Estate) | 130,138 | ||||||
1,377 | Gecina SA REIT (Real Estate) | 175,730 | ||||||
3,137 | Hermes International (Consumer Discretionary) | 1,373,017 | ||||||
1,655 | ICADE REIT (Real Estate) | 118,354 | ||||||
3,286 | Imerys SA (Materials) | 266,137 | ||||||
3,295 | JCDecaux SA (Consumer Discretionary) | 105,563 | ||||||
1,313 | Kering (Consumer Discretionary) | 320,546 | ||||||
4,903 | Klepierre REIT (Real Estate) | 182,686 | ||||||
6,647 | Lagardere SCA (Consumer Discretionary) | 167,678 | ||||||
4,087 | Legrand SA (Industrials) | 231,126 | ||||||
8,555 | L’Oreal SA (Consumer Staples) | 1,595,845 | ||||||
6,116 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 1,231,209 | ||||||
13,334 | Natixis SA (Financials) | 72,983 | ||||||
15,264 | Orange SA (Telecommunication Services) | 231,372 | ||||||
3,796 | Pernod Ricard SA (Consumer Staples) | 435,229 | ||||||
55,287 | Peugeot SA (Consumer Discretionary)* | 1,055,113 | ||||||
6,590 | Publicis Groupe SA (Consumer Discretionary) | 445,571 | ||||||
2,044 | Remy Cointreau SA (Consumer Staples) | 182,118 | ||||||
51,881 | Rexel SA (Industrials) | 841,540 | ||||||
6,476 | Safran SA (Industrials) | 462,155 | ||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
25,200 | Sanofi (Health Care) | $ | 2,177,816 | |||||
8,474 | Schneider Electric SE (Industrials) | 575,296 | ||||||
16,309 | SCOR SE (Financials) | 590,778 | ||||||
4,993 | SEB SA (Consumer Discretionary) | 659,747 | ||||||
3,768 | Societe BIC SA (Industrials) | 467,452 | ||||||
22,026 | Societe Generale SA (Financials) | 980,896 | ||||||
2,264 | Sodexo SA (Consumer Discretionary) | 249,113 | ||||||
7,608 | Suez (Utilities) | 114,433 | ||||||
3,306 | Thales SA (Industrials) | 326,705 | ||||||
26,161 | TOTAL SA (Energy) | 1,307,928 | ||||||
955 | Unibail-Rodamco SE REIT (Real Estate) | 218,534 | ||||||
4,366 | Valeo SA (Consumer Discretionary) | 269,126 | ||||||
15,779 | Veolia Environnement SA (Utilities) | 259,046 | ||||||
10,972 | Vinci SA (Industrials) | 792,918 | ||||||
9,932 | Vivendi SA (Consumer Discretionary) | 175,773 | ||||||
1,532 | Wendel SA (Financials) | 170,035 | ||||||
2,494 | Zodiac Aerospace (Industrials) | 73,475 | ||||||
|
| |||||||
33,505,157 | ||||||||
|
| |||||||
Germany – 7.1% | ||||||||
10,234 | adidas AG (Consumer Discretionary) | 1,722,544 | ||||||
9,088 | Allianz SE (Financials) | 1,585,664 | ||||||
2,100 | Axel Springer SE (Consumer Discretionary) | 110,145 | ||||||
11,715 | BASF SE (Materials) | 1,094,211 | ||||||
16,147 | Bayer AG (Health Care) | 1,780,980 | ||||||
1,280 | Bayerische Motoren Werke AG (Consumer Discretionary) | 114,754 | ||||||
10,625 | Beiersdorf AG (Consumer Staples) | 972,306 | ||||||
3,736 | Brenntag AG (Industrials) | 214,850 | ||||||
1,381 | Continental AG (Consumer Discretionary) | 281,017 | ||||||
2,919 | Covestro AG (Materials)(b) | 220,440 | ||||||
4,848 | Daimler AG (Consumer Discretionary) | 353,598 | ||||||
9,684 | Deutsche Boerse AG (Financials)* | 832,479 | ||||||
41,433 | Deutsche Lufthansa AG (Industrials) | 608,889 | ||||||
40,064 | Deutsche Post AG (Industrials) | 1,378,269 | ||||||
65,512 | Deutsche Telekom AG (Telecommunication Services) | 1,135,389 | ||||||
13,596 | Deutsche Wohnen AG (Real Estate) | 468,448 | ||||||
52,113 | E.ON SE (Utilities) | 405,679 | ||||||
3,825 | Evonik Industries AG (Materials) | 123,193 | ||||||
2,599 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 163,244 | ||||||
5,555 | Fresenius Medical Care AG & Co KGaA (Health Care) | 463,660 | ||||||
9,439 | Fresenius SE & Co KGaA (Health Care) | 752,442 | ||||||
2,178 | GEA Group AG (Industrials) | 85,029 | ||||||
3,124 | Hannover Rueck SE (Financials) | 353,865 | ||||||
8,081 | HeidelbergCement AG (Materials) | 757,448 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
3,617 | Henkel AG & Co KGaA (Consumer Staples) | 391,068 | ||||||
1,909 | HOCHTIEF AG (Industrials) | 292,105 | ||||||
9,786 | HUGO BOSS AG (Consumer Discretionary) | 675,701 | ||||||
15,396 | Infineon Technologies AG (Information Technology) | 274,844 | ||||||
3,585 | LANXESS AG (Materials) | 244,184 | ||||||
1,660 | Linde AG (Materials) | 270,497 | ||||||
2,100 | MAN SE (Industrials) | 216,206 | ||||||
6,661 | Merck KGaA (Health Care) | 730,093 | ||||||
13,091 | METRO AG (Consumer Staples) | 407,091 | ||||||
4,183 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 792,962 | ||||||
3,142 | OSRAM Licht AG (Industrials) | 187,300 | ||||||
9,642 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 387,847 | ||||||
16,850 | SAP SE (Information Technology) | 1,574,728 | ||||||
10,024 | Siemens AG (Industrials) | 1,308,004 | ||||||
2,952 | Symrise AG (Materials) | 184,161 | ||||||
44,375 | Telefonica Deutschland Holding AG (Telecommunication Services) | 195,401 | ||||||
2,807 | thyssenkrupp AG (Materials) | 70,377 | ||||||
14,686 | TUI AG (Consumer Discretionary) | 207,972 | ||||||
3,679 | United Internet AG (Information Technology) | 151,994 | ||||||
6,375 | Vonovia SE (Real Estate) | 222,799 | ||||||
13,331 | Zalando SE (Consumer Discretionary)*(b) | 534,748 | ||||||
|
| |||||||
25,298,625 | ||||||||
|
| |||||||
Hong Kong – 3.2% | ||||||||
179,219 | AIA Group Ltd. (Financials) | 1,132,464 | ||||||
8,448 | ASM Pacific Technology Ltd. (Information Technology) | 105,077 | ||||||
38,371 | Bank of East Asia Ltd. (The) (Financials) | 158,675 | ||||||
181,186 | BOC Hong Kong Holdings Ltd. (Financials) | 716,579 | ||||||
132,778 | Cathay Pacific Airways Ltd. (Industrials)(a) | 194,999 | ||||||
14,100 | Cheung Kong Infrastructure Holdings Ltd. (Utilities) | 116,161 | ||||||
25,951 | Cheung Kong Property Holdings Ltd. (Real Estate) | 176,518 | ||||||
11,781 | CK Hutchison Holdings Ltd. (Industrials) | 145,546 | ||||||
31,981 | CLP Holdings Ltd. (Utilities) | 325,271 | ||||||
144,363 | First Pacific Co. Ltd. (Financials) | 106,006 | ||||||
20,513 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 98,304 | ||||||
34,661 | Hang Lung Group Ltd. (Real Estate) | 144,003 | ||||||
28,261 | Hang Lung Properties Ltd. (Real Estate) | 71,358 | ||||||
19,959 | Hang Seng Bank Ltd. (Financials) | 409,339 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
17,401 | Henderson Land Development Co. Ltd. (Real Estate) | $ | 101,100 | |||||
342,461 | HK Electric Investments & HK Electric Investments Ltd. (Utilities)(b) | 299,118 | ||||||
142,151 | HKT Trust & HKT Ltd. (Telecommunication Services) | 189,719 | ||||||
104,162 | Hong Kong & China Gas Co. Ltd. (Utilities) | 200,475 | ||||||
33,499 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 831,601 | ||||||
16,660 | Hysan Development Co. Ltd. (Real Estate) | 77,694 | ||||||
3,403 | Jardine Matheson Holdings Ltd. (Industrials) | 211,598 | ||||||
5,443 | Jardine Strategic Holdings Ltd. (Industrials) | 203,024 | ||||||
31,493 | Kerry Properties Ltd. (Real Estate) | 96,559 | ||||||
67,834 | Link REIT (Real Estate) | 467,959 | ||||||
40,876 | MTR Corp. Ltd. (Industrials) | 216,164 | ||||||
279,556 | New World Development Co. Ltd. (Real Estate) | 365,901 | ||||||
189,766 | NWS Holdings Ltd. (Industrials) | 345,676 | ||||||
428,933 | PCCW Ltd. (Telecommunication Services) | 261,368 | ||||||
15,747 | Power Assets Holdings Ltd. (Utilities) | 141,293 | ||||||
19,918 | Sands China Ltd. (Consumer Discretionary) | 83,136 | ||||||
59,807 | Shangri-La Asia Ltd. (Consumer Discretionary) | 76,122 | ||||||
1,001,341 | SJM Holdings Ltd. (Consumer Discretionary) | 821,718 | ||||||
26,910 | Sun Hung Kai Properties Ltd. (Real Estate) | 393,469 | ||||||
11,392 | Swire Pacific Ltd., Class A (Real Estate) | 117,113 | ||||||
46,953 | Techtronic Industries Co. Ltd. (Consumer Discretionary) | 168,155 | ||||||
980,232 | WH Group Ltd. (Consumer Staples)(b) | 766,512 | ||||||
32,182 | Wharf Holdings Ltd. (The) (Real Estate) | 255,177 | ||||||
114,592 | Wheelock & Co. Ltd. (Real Estate) | 744,761 | ||||||
|
| |||||||
11,335,712 | ||||||||
|
| |||||||
Ireland – 0.4% | ||||||||
12,387 | CRH PLC (Materials) | 419,421 | ||||||
19,458 | Experian PLC (Industrials) | 386,690 | ||||||
14,414 | James Hardie Industries PLC CDI (Materials) | 216,103 | ||||||
4,258 | Kerry Group PLC, Class A (Consumer Staples) | 328,030 | ||||||
|
| |||||||
1,350,244 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Israel – 0.8% | ||||||||
3,027 | Azrieli Group Ltd. (Real Estate) | 150,589 | ||||||
45,036 | Bank Hapoalim BM (Financials) | 277,740 | ||||||
75,856 | Bank Leumi Le-Israel BM (Financials)* | 332,572 | ||||||
182,846 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | 326,484 | ||||||
1,212 | Check Point Software Technologies Ltd. (Information Technology)* | 119,879 | ||||||
1,488 | Elbit Systems Ltd. (Industrials) | 175,970 | ||||||
11,584 | Mizrahi Tefahot Bank Ltd. (Financials) | 193,475 | ||||||
7,797 | Nice Ltd. (Information Technology) | 541,676 | ||||||
24,554 | Teva Pharmaceutical Industries Ltd. ADR (Health Care) | 859,881 | ||||||
|
| |||||||
2,978,266 | ||||||||
|
| |||||||
Italy – 2.3% | ||||||||
12,468 | Assicurazioni Generali SpA (Financials) | 179,120 | ||||||
9,960 | Atlantia SpA (Industrials) | 233,895 | ||||||
249,530 | Enel SpA (Utilities) | 1,074,390 | ||||||
17,747 | Eni SpA (Energy) | 273,818 | ||||||
4,924 | Ferrari NV (Consumer Discretionary) | 321,783 | ||||||
30,578 | Intesa Sanpaolo SpA (Financials) | 71,483 | ||||||
43,001 | Leonardo SpA (Industrials)* | 592,637 | ||||||
18,681 | Luxottica Group SpA (Consumer Discretionary) | 987,757 | ||||||
14,920 | Poste Italiane SpA (Financials)(b) | 96,075 | ||||||
34,001 | Prysmian SpA (Industrials) | 867,468 | ||||||
1,899,305 | Saipem SpA (Energy)* | 870,046 | ||||||
72,181 | Snam SpA (Energy) | 288,390 | ||||||
766,711 | Telecom Italia SpA (Telecommunication Services)* | 623,658 | ||||||
933,949 | Telecom Italia SpA-RSP (Telecommunication Services)* | 624,229 | ||||||
50,025 | Terna Rete Elettrica Nazionale SpA (Utilities) | 232,401 | ||||||
33,872 | UniCredit SpA (Financials)(a) | 455,303 | ||||||
162,964 | UnipolSai SpA (Financials) | 346,331 | ||||||
|
| |||||||
8,138,784 | ||||||||
|
| |||||||
Japan – 21.6% | ||||||||
4,189 | ABC-Mart, Inc. (Consumer Discretionary) | 253,470 | ||||||
10,700 | Aeon Co. Ltd. (Consumer Staples)(a) | 160,187 | ||||||
4,034 | Air Water, Inc. (Materials) | 76,905 | ||||||
9,241 | Ajinomoto Co., Inc. (Consumer Staples) | 187,818 | ||||||
25,158 | Alfresa Holdings Corp. (Health Care) | 454,659 | ||||||
50,976 | ANA Holdings, Inc. (Industrials) | 152,994 | ||||||
42,020 | Aozora Bank Ltd. (Financials) | 158,113 | ||||||
17,028 | Asahi Glass Co. Ltd. (Industrials) | 139,712 | ||||||
11,490 | Asahi Group Holdings Ltd. (Consumer Staples) | 407,595 | ||||||
23,110 | Asahi Kasei Corp. (Materials) | 226,071 | ||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
10,022 | Asics Corp. (Consumer Discretionary) | $ | 177,446 | |||||
69,937 | Astellas Pharma, Inc. (Health Care) | 945,120 | ||||||
18,152 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 524,840 | ||||||
13,572 | Benesse Holdings, Inc. (Consumer Discretionary) | 419,102 | ||||||
11,177 | Bridgestone Corp. (Consumer Discretionary) | 447,639 | ||||||
35,173 | Brother Industries Ltd. (Information Technology) | 665,516 | ||||||
20,763 | Calbee, Inc. (Consumer Staples) | 707,039 | ||||||
25,359 | Canon, Inc. (Information Technology) | 743,646 | ||||||
8,332 | Casio Computer Co. Ltd. (Consumer Discretionary) | 112,970 | ||||||
1,703 | Central Japan Railway Co. (Industrials) | 279,762 | ||||||
32,640 | Chubu Electric Power Co., Inc. (Utilities) | 431,758 | ||||||
11,569 | Dai Nippon Printing Co. Ltd. (Industrials) | 126,356 | ||||||
5,589 | Dai-ichi Life Holdings, Inc. (Financials) | 105,526 | ||||||
14,992 | Daiichi Sankyo Co. Ltd. (Health Care) | 343,094 | ||||||
3,934 | Daikin Industries Ltd. (Industrials) | 374,993 | ||||||
3,899 | Daito Trust Construction Co. Ltd. (Real Estate) | 547,815 | ||||||
13,054 | Daiwa House Industry Co. Ltd. (Real Estate) | 359,821 | ||||||
105 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 274,031 | ||||||
15,680 | Daiwa Securities Group, Inc. (Financials) | 99,825 | ||||||
8,353 | DeNA Co. Ltd. (Information Technology) | 188,658 | ||||||
2,771 | Denso Corp. (Consumer Discretionary) | 123,634 | ||||||
2,444 | East Japan Railway Co. (Industrials) | 221,824 | ||||||
4,711 | Eisai Co. Ltd. (Health Care) | 265,308 | ||||||
7,585 | FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a) | 465,059 | ||||||
1,861 | FANUC Corp. (Industrials) | 368,008 | ||||||
2,538 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 805,055 | ||||||
19,809 | Fuji Electric Co. Ltd. (Industrials) | 109,947 | ||||||
7,372 | Fuji Heavy Industries Ltd. (Consumer Discretionary) | 277,195 | ||||||
18,478 | FUJIFILM Holdings Corp. (Information Technology) | 717,089 | ||||||
101,545 | Fujitsu Ltd. (Information Technology) | 592,380 | ||||||
2,529 | Hamamatsu Photonics KK (Information Technology) | 74,818 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
4,948 | Hankyu Hanshin Holdings, Inc. (Industrials) | 166,282 | ||||||
9,824 | Hikari Tsushin, Inc. (Consumer Discretionary) | 965,849 | ||||||
3,782 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 204,167 | ||||||
4,909 | Hitachi Chemical Co. Ltd. (Materials) | 138,866 | ||||||
22,778 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 532,169 | ||||||
4,271 | Hitachi High-Technologies Corp. (Information Technology) | 178,650 | ||||||
16,368 | Hitachi Ltd. (Information Technology) | 90,526 | ||||||
11,871 | Hokuriku Electric Power Co. (Utilities) | 117,771 | ||||||
33,438 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1,042,724 | ||||||
1,848 | Hoshizaki Corp. (Industrials) | 147,001 | ||||||
18,016 | Hoya Corp. (Health Care) | 818,638 | ||||||
20,615 | Idemitsu Kosan Co. Ltd. (Energy) | 666,991 | ||||||
16,649 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 282,729 | ||||||
53,060 | ITOCHU Corp. (Industrials) | 771,346 | ||||||
2,649 | Japan Airlines Co. Ltd. (Industrials) | 86,868 | ||||||
3,509 | Japan Airport Terminal Co. Ltd. (Industrials)(a) | 123,098 | ||||||
7,109 | Japan Exchange Group, Inc. (Financials) | 98,675 | ||||||
150 | Japan Prime Realty Investment Corp. REIT (Real Estate) | 597,935 | ||||||
88 | Japan Retail Fund Investment Corp. REIT (Real Estate) | 177,754 | ||||||
11,796 | Japan Tobacco, Inc. (Consumer Staples) | 396,099 | ||||||
132,675 | JX Holdings, Inc. (Energy) | 634,530 | ||||||
23,420 | Kajima Corp. (Industrials) | 153,224 | ||||||
50,921 | Kakaku.com, Inc. (Information Technology) | 738,203 | ||||||
14,813 | Kamigumi Co. Ltd. (Industrials) | 139,412 | ||||||
15,654 | Kansai Electric Power Co., Inc. (The) (Utilities)* | 174,260 | ||||||
6,881 | Kansai Paint Co. Ltd. (Materials) | 134,194 | ||||||
23,516 | Kao Corp. (Consumer Staples) | 1,219,255 | ||||||
17,640 | KDDI Corp. (Telecommunication Services) | 463,368 | ||||||
23,249 | Keihan Holdings Co. Ltd. (Industrials) | 147,534 | ||||||
17,330 | Keikyu Corp. (Industrials) | 191,445 | ||||||
13,805 | Keio Corp. (Industrials) | 108,950 | ||||||
3,618 | Keisei Electric Railway Co. Ltd. (Industrials) | 86,113 | ||||||
1,383 | Keyence Corp. (Information Technology) | 537,205 | ||||||
4,795 | Kikkoman Corp. (Consumer Staples) | 145,069 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
39,876 | Kintetsu Group Holdings Co. Ltd. (Industrials) | $ | 148,619 | |||||
18,537 | Kirin Holdings Co. Ltd. (Consumer Staples) | 320,423 | ||||||
2,264 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 117,161 | ||||||
10,617 | Komatsu Ltd. (Industrials) | 257,205 | ||||||
3,300 | Konami Holdings Corp. (Information Technology) | 139,804 | ||||||
71,792 | Konica Minolta, Inc. (Information Technology) | 694,917 | ||||||
7,575 | Kose Corp. (Consumer Staples) | 651,307 | ||||||
5,052 | Kubota Corp. (Industrials) | 80,712 | ||||||
11,571 | Kuraray Co. Ltd. (Materials) | 176,329 | ||||||
5,062 | Kurita Water Industries Ltd. (Industrials) | 121,251 | ||||||
3,519 | Kyocera Corp. (Information Technology) | 194,310 | ||||||
9,604 | Lawson, Inc. (Consumer Staples)(a) | 665,246 | ||||||
6,661 | LINE Corp. (Information Technology)*(a) | 230,398 | ||||||
35,418 | Lion Corp. (Consumer Staples) | 614,121 | ||||||
19,110 | M3, Inc. (Health Care) | 486,781 | ||||||
1,090 | Makita Corp. (Industrials) | 75,794 | ||||||
41,661 | Marubeni Corp. (Industrials) | 270,628 | ||||||
6,496 | Maruichi Steel Tube Ltd. (Materials) | 206,402 | ||||||
31,247 | Mazda Motor Corp. (Consumer Discretionary) | 440,142 | ||||||
7,908 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 226,175 | ||||||
8,006 | Medipal Holdings Corp. (Health Care) | 132,593 | ||||||
11,343 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 910,400 | ||||||
6,431 | Miraca Holdings, Inc. (Health Care) | 309,235 | ||||||
10,961 | MISUMI Group, Inc. (Industrials) | 192,309 | ||||||
82,089 | Mitsubishi Chemical Holdings Corp. (Materials) | 632,955 | ||||||
31,052 | Mitsubishi Corp. (Industrials) | 703,412 | ||||||
22,836 | Mitsubishi Electric Corp. (Industrials) | 336,259 | ||||||
6,980 | Mitsubishi Estate Co. Ltd. (Real Estate) | 136,936 | ||||||
23,212 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 490,858 | ||||||
3,163 | Mitsubishi Materials Corp. (Materials) | 105,447 | ||||||
15,703 | Mitsubishi Tanabe Pharma Corp. (Health Care) | 324,207 | ||||||
164,319 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,084,445 | ||||||
81,288 | Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials) | 451,176 | ||||||
40,818 | Mitsui & Co. Ltd. (Industrials) | 627,127 | ||||||
24,399 | Mitsui Chemicals, Inc. (Materials) | 124,519 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
3,840 | Mitsui Fudosan Co. Ltd. (Real Estate) | 87,278 | ||||||
216,903 | Mitsui OSK Lines Ltd. (Industrials) | 719,230 | ||||||
17,672 | Mixi, Inc. (Information Technology) | 769,206 | ||||||
460,299 | Mizuho Financial Group, Inc. (Financials) | 862,714 | ||||||
1,664 | Murata Manufacturing Co. Ltd. (Information Technology) | 240,189 | ||||||
3,940 | Nabtesco Corp. (Industrials) | 110,046 | ||||||
78,303 | Nagoya Railroad Co. Ltd. (Industrials) | 360,424 | ||||||
10,070 | NH Foods Ltd. (Consumer Staples) | 269,469 | ||||||
2,194 | Nidec Corp. (Industrials) | 205,703 | ||||||
27,277 | Nikon Corp. (Consumer Discretionary) | 418,596 | ||||||
1,070 | Nintendo Co. Ltd. (Information Technology) | 224,740 | ||||||
11,355 | Nippon Electric Glass Co. Ltd. (Information Technology) | 70,839 | ||||||
49,835 | Nippon Express Co. Ltd. (Industrials) | 258,339 | ||||||
3,098 | Nippon Paint Holdings Co. Ltd. (Materials) | 100,373 | ||||||
89 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 192,104 | ||||||
18,191 | Nippon Steel & Sumitomo Metal Corp. (Materials) | 449,308 | ||||||
17,569 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 746,037 | ||||||
5,804 | Nissan Chemical Industries Ltd. (Materials) | 187,786 | ||||||
14,815 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 146,449 | ||||||
10,399 | Nisshin Seifun Group, Inc. (Consumer Staples) | 156,982 | ||||||
2,316 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 130,202 | ||||||
9,943 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 1,162,394 | ||||||
1,150 | Nitto Denko Corp. (Materials) | 97,234 | ||||||
11,000 | Nomura Holdings, Inc. (Financials) | 71,701 | ||||||
6,272 | Nomura Real Estate Holdings, Inc. (Real Estate) | 106,846 | ||||||
180 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 270,760 | ||||||
3,995 | Nomura Research Institute Ltd. (Information Technology) | 138,540 | ||||||
6,564 | NTT Data Corp. (Information Technology) | 310,937 | ||||||
24,312 | NTT DOCOMO, Inc. (Telecommunication Services) | 579,524 | ||||||
13,657 | Obayashi Corp. (Industrials) | 127,434 | ||||||
2,637 | Obic Co. Ltd. (Information Technology) | 123,265 | ||||||
6,552 | Odakyu Electric Railway Co. Ltd. (Industrials) | 130,003 | ||||||
32,871 | Oji Holdings Corp. (Materials) | 158,061 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,377 | Olympus Corp. (Health Care) | $ | 262,087 | |||||
9,523 | Omron Corp. (Information Technology) | 411,102 | ||||||
6,750 | Oracle Corp. Japan (Information Technology) | 394,557 | ||||||
2,449 | Oriental Land Co. Ltd. (Consumer Discretionary) | 138,161 | ||||||
23,779 | ORIX Corp. (Financials) | 371,397 | ||||||
47,018 | Osaka Gas Co. Ltd. (Utilities) | 182,046 | ||||||
11,716 | Otsuka Holdings Co. Ltd. (Health Care) | 535,197 | ||||||
32,549 | Panasonic Corp. (Consumer Discretionary) | 358,698 | ||||||
12,449 | Park24 Co. Ltd. (Industrials) | 351,044 | ||||||
7,252 | Pola Orbis Holdings, Inc. (Consumer Staples) | 695,482 | ||||||
18,656 | Recruit Holdings Co. Ltd. (Industrials) | 918,752 | ||||||
61,848 | Resona Holdings, Inc. (Financials) | 346,594 | ||||||
9,574 | Ricoh Co. Ltd. (Information Technology) | 83,773 | ||||||
1,219 | Rinnai Corp. (Consumer Discretionary) | 98,710 | ||||||
1,124 | Rohm Co. Ltd. (Information Technology) | 72,934 | ||||||
2,753 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 584,384 | ||||||
3,212 | Sankyo Co. Ltd. (Consumer Discretionary) | 114,115 | ||||||
21,069 | SBI Holdings, Inc. (Financials) | 296,022 | ||||||
2,830 | Secom Co. Ltd. (Industrials) | 207,030 | ||||||
6,527 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 96,431 | ||||||
14,767 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 244,830 | ||||||
7,609 | Sekisui House Ltd. (Consumer Discretionary) | 122,107 | ||||||
13,952 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 548,678 | ||||||
24,547 | Seven Bank Ltd. (Financials)(a) | 76,569 | ||||||
110,279 | Sharp Corp. (Consumer Discretionary)*(a) | 328,220 | ||||||
10,402 | Shimadzu Corp. (Information Technology) | 170,229 | ||||||
2,659 | Shimamura Co. Ltd. (Consumer Discretionary) | 345,550 | ||||||
898 | Shimano, Inc. (Consumer Discretionary) | 133,233 | ||||||
12,347 | Shimizu Corp. (Industrials) | 113,775 | ||||||
4,800 | Shin-Etsu Chemical Co. Ltd. (Materials) | 407,690 | ||||||
100,643 | Shinsei Bank Ltd. (Financials) | 184,402 | ||||||
6,827 | Shionogi & Co. Ltd. (Health Care) | 335,477 | ||||||
29,751 | Shiseido Co. Ltd. (Consumer Staples) | 785,755 | ||||||
19,195 | Showa Shell Sekiyu KK (Energy) | 194,206 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
8,799 | SoftBank Group Corp. (Telecommunication Services) | 657,615 | ||||||
3,895 | Sompo Holdings, Inc. (Financials) | 146,143 | ||||||
19,842 | Sony Corp. (Consumer Discretionary) | 616,798 | ||||||
2,887 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 81,667 | ||||||
48,512 | Start Today Co. Ltd. (Consumer Discretionary) | 1,018,065 | ||||||
44,916 | Sumitomo Chemical Co. Ltd. (Materials) | 251,306 | ||||||
35,468 | Sumitomo Corp. (Industrials) | 478,518 | ||||||
16,547 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 293,272 | ||||||
8,429 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 137,828 | ||||||
9,764 | Sumitomo Heavy Industries Ltd. (Industrials) | 69,378 | ||||||
24,407 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 954,815 | ||||||
21,427 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 355,058 | ||||||
4,232 | Sundrug Co. Ltd. (Consumer Staples) | 279,523 | ||||||
9,497 | Suntory Beverage & Food Ltd. (Consumer Staples) | 399,793 | ||||||
15,773 | Suzuken Co. Ltd. (Health Care) | 535,705 | ||||||
4,601 | Suzuki Motor Corp. (Consumer Discretionary) | 180,693 | ||||||
13,711 | Sysmex Corp. (Health Care) | 795,320 | ||||||
4,555 | T&D Holdings, Inc. (Financials) | 70,166 | ||||||
33,722 | Taiheiyo Cement Corp. (Materials) | 119,053 | ||||||
23,838 | Taisei Corp. (Industrials) | 167,890 | ||||||
1,996 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 163,234 | ||||||
21,035 | Takashimaya Co. Ltd. (Consumer Discretionary) | 190,074 | ||||||
8,062 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 376,277 | ||||||
10,450 | Teijin Ltd. (Materials) | 200,715 | ||||||
5,152 | Terumo Corp. (Health Care) | 179,354 | ||||||
32,498 | Tobu Railway Co. Ltd. (Industrials) | 167,014 | ||||||
3,932 | Toho Co. Ltd. (Consumer Discretionary) | 111,755 | ||||||
41,093 | Toho Gas Co. Ltd. (Utilities) | 296,761 | ||||||
13,398 | Tohoku Electric Power Co., Inc. (Utilities) | 172,677 | ||||||
5,138 | Tokio Marine Holdings, Inc. (Financials) | 225,891 | ||||||
3,818 | Tokyo Electron Ltd. (Information Technology) | 382,534 | ||||||
44,895 | Tokyo Gas Co. Ltd. (Utilities) | 204,562 | ||||||
6,230 | Tokyo Tatemono Co. Ltd. (Real Estate) | 88,256 | ||||||
19,392 | Tokyu Corp. (Industrials) | 144,203 | ||||||
20,163 | TonenGeneral Sekiyu KK (Energy) | 242,385 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
17,989 | Toppan Printing Co. Ltd. (Industrials) | $ | 182,004 | |||||
21,065 | Toray Industries, Inc. (Materials) | 189,215 | ||||||
58,413 | Toshiba Corp. (Industrials)* | 108,697 | ||||||
3,513 | TOTO Ltd. (Industrials) | 135,798 | ||||||
6,530 | Toyo Seikan Group Holdings Ltd. (Materials) | 118,770 | ||||||
4,201 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 154,696 | ||||||
9,440 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 241,642 | ||||||
25,206 | Toyota Motor Corp. (Consumer Discretionary) | 1,433,938 | ||||||
10,706 | Toyota Tsusho Corp. (Industrials) | 320,553 | ||||||
2,695 | Trend Micro, Inc. (Information Technology) | 118,509 | ||||||
3,010 | Tsuruha Holdings, Inc. (Consumer Staples) | 279,787 | ||||||
21,103 | Unicharm Corp. (Consumer Staples) | 476,249 | ||||||
128 | United Urban Investment Corp. REIT (Real Estate) | 199,748 | ||||||
1,465 | West Japan Railway Co. (Industrials) | 97,379 | ||||||
2,280 | Yakult Honsha Co. Ltd. (Consumer Staples) | 124,917 | ||||||
57,244 | Yamada Denki Co. Ltd. (Consumer Discretionary)(a) | 293,165 | ||||||
15,897 | Yamaguchi Financial Group, Inc. (Financials) | 184,140 | ||||||
55,824 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 1,124,114 | ||||||
4,372 | Yaskawa Electric Corp. (Information Technology) | 82,294 | ||||||
9,826 | Yokogawa Electric Corp. (Information Technology) | 153,601 | ||||||
12,833 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 256,236 | ||||||
|
| |||||||
76,791,001 | ||||||||
|
| |||||||
Luxembourg – 0.3% | ||||||||
32,287 | ArcelorMittal (Materials)* | 285,101 | ||||||
6,647 | RTL Group SA (Consumer Discretionary)* | 512,922 | ||||||
5,773 | SES SA (Consumer Discretionary) | 118,179 | ||||||
8,121 | Tenaris SA (Energy) | 134,014 | ||||||
|
| |||||||
1,050,216 | ||||||||
|
| |||||||
Macau – 0.0% | ||||||||
40,417 | MGM China Holdings Ltd. (Consumer Discretionary) | 73,623 | ||||||
41,016 | Wynn Macau Ltd. (Consumer Discretionary) | 73,129 | ||||||
|
| |||||||
146,752 | ||||||||
|
| |||||||
Mexico – 0.1% | ||||||||
11,430 | Fresnillo PLC (Materials) | 211,361 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Netherlands – 3.1% | ||||||||
4,597 | ABN AMRO Group NV (Financials)(b) | 105,511 | ||||||
2,401 | Akzo Nobel NV (Materials) | 161,523 | ||||||
3,300 | Altice NV, Class A (Consumer Discretionary)* | 69,798 | ||||||
4,143 | ASML Holding NV (Information Technology) | 503,849 | ||||||
10,484 | Boskalis Westminster (Industrials) | 383,226 | ||||||
15,747 | EXOR NV (Financials) | 748,456 | ||||||
4,169 | Gemalto NV (Information Technology) | 251,667 | ||||||
10,498 | Heineken Holding NV (Consumer Staples) | 799,714 | ||||||
5,457 | Heineken NV (Consumer Staples) | 451,712 | ||||||
60,233 | ING Groep NV (Financials) | 833,007 | ||||||
60,266 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 1,284,615 | ||||||
5,017 | Koninklijke DSM NV (Materials) | 330,526 | ||||||
57,622 | Koninklijke KPN NV (Telecommunication Services) | 163,176 | ||||||
13,807 | Koninklijke Philips NV (Industrials) | 418,646 | ||||||
2,960 | Koninklijke Vopak NV (Energy) | 125,544 | ||||||
15,072 | NN Group NV (Financials) | 469,655 | ||||||
2,637 | NXP Semiconductors NV (Information Technology)* | 271,110 | ||||||
10,619 | Randstad Holding NV (Industrials) | 619,591 | ||||||
52,486 | Royal Dutch Shell PLC, Class A (Energy) | 1,358,196 | ||||||
42,134 | Royal Dutch Shell PLC, Class B (Energy) | 1,139,600 | ||||||
13,333 | Wolters Kluwer NV (Industrials) | 547,792 | ||||||
|
| |||||||
11,036,914 | ||||||||
|
| |||||||
New Zealand – 0.2% | ||||||||
28,054 | Auckland International Airport Ltd. (Industrials) | 148,929 | ||||||
18,323 | Fletcher Building Ltd. (Materials) | 128,015 | ||||||
31,354 | Mercury NZ Ltd. (Utilities) | 71,432 | ||||||
54,196 | Meridian Energy Ltd. (Utilities) | 105,832 | ||||||
16,631 | Ryman Healthcare Ltd. (Health Care) | 106,692 | ||||||
60,725 | Spark New Zealand Ltd. (Telecommunication Services) | 157,671 | ||||||
|
| |||||||
718,571 | ||||||||
|
| |||||||
Norway – 0.6% | ||||||||
14,193 | DNB ASA (Financials) | 233,512 | ||||||
12,838 | Gjensidige Forsikring ASA (Financials) | 201,387 | ||||||
20,629 | Marine Harvest ASA (Consumer Staples)* | 361,862 | ||||||
62,999 | Norsk Hydro ASA (Materials) | 357,836 | ||||||
17,119 | Orkla ASA (Consumer Staples) | 151,068 | ||||||
15,029 | Schibsted ASA, Class A (Consumer Discretionary) | 397,783 | ||||||
15,824 | Schibsted ASA, Class B (Consumer Discretionary) | 385,312 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
9,068 | Telenor ASA (Telecommunication Services) | $ | 148,324 | |||||
2,200 | Yara International ASA (Materials) | 83,790 | ||||||
|
| |||||||
2,320,874 | ||||||||
|
| |||||||
Portugal – 0.3% | ||||||||
166,852 | EDP – Energias de Portugal SA (Utilities) | 517,529 | ||||||
11,028 | Galp Energia SGPS SA (Energy) | 162,768 | ||||||
22,576 | Jeronimo Martins SGPS SA (Consumer Staples) | 364,157 | ||||||
|
| |||||||
1,044,454 | ||||||||
|
| |||||||
Singapore – 1.4% | ||||||||
124,426 | CapitaLand Commercial Trust REIT (Real Estate) | 138,790 | ||||||
67,828 | CapitaLand Mall Trust REIT (Real Estate) | 95,543 | ||||||
11,521 | City Developments Ltd. (Real Estate) | 78,012 | ||||||
51,298 | DBS Group Holdings Ltd. (Financials) | 687,005 | ||||||
16,076 | Jardine Cycle & Carriage Ltd. (Consumer Discretionary) | 490,941 | ||||||
117,626 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 795,640 | ||||||
46,741 | SATS Ltd. (Industrials) | 167,105 | ||||||
125,236 | Singapore Exchange Ltd. (Financials) | 671,603 | ||||||
29,180 | Singapore Technologies Engineering Ltd. (Industrials) | 76,782 | ||||||
61,001 | Singapore Telecommunications Ltd. (Telecommunication Services) | 171,852 | ||||||
231,142 | StarHub Ltd. (Telecommunication Services) | 475,985 | ||||||
84,926 | Suntec Real Estate Investment Trust REIT (Real Estate) | 105,053 | ||||||
26,386 | United Overseas Bank Ltd. (Financials) | 405,634 | ||||||
203,219 | Wilmar International Ltd. (Consumer Staples) | 528,917 | ||||||
|
| |||||||
4,888,862 | ||||||||
|
| |||||||
South Africa – 0.2% | ||||||||
16,084 | Investec PLC (Financials) | 115,786 | ||||||
40,665 | Mediclinic International PLC (Health Care)(a) | 375,225 | ||||||
10,209 | Mondi PLC (Materials) | 238,710 | ||||||
|
| |||||||
729,721 | ||||||||
|
| |||||||
Spain – 2.9% | ||||||||
9,364 | Abertis Infraestructuras SA (Industrials) | 137,711 | ||||||
32,317 | ACS Actividades de Construccion y Servicios SA (Industrials) | 1,017,324 | ||||||
2,399 | Aena SA (Industrials)(b) | 344,139 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
18,255 | Amadeus IT Group SA (Information Technology) | 851,659 | ||||||
42,460 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 278,739 | ||||||
234,716 | Banco de Sabadell SA (Financials) | 346,180 | ||||||
231,841 | Banco Santander SA (Financials) | 1,269,710 | ||||||
9,228 | Bankinter SA (Financials) | 71,375 | ||||||
30,111 | CaixaBank SA (Financials) | 105,523 | ||||||
115,084 | Distribuidora Internacional de Alimentacion SA (Consumer Staples) | 640,913 | ||||||
7,251 | Enagas SA (Energy) | 178,715 | ||||||
13,426 | Endesa SA (Utilities) | 286,685 | ||||||
8,092 | Ferrovial SA (Industrials) | 153,957 | ||||||
6,388 | Gas Natural SDG SA (Utilities) | 124,727 | ||||||
8,551 | Grifols SA (Health Care) | 187,586 | ||||||
144,876 | Iberdrola SA (Utilities) | 965,852 | ||||||
30,926 | Industria de Diseno Textil SA (Consumer Discretionary) | 996,375 | ||||||
151,172 | Mapfre SA (Financials) | 469,216 | ||||||
10,819 | Red Electrica Corp. SA (Utilities) | 195,954 | ||||||
67,321 | Repsol SA (Energy) | 1,001,494 | ||||||
46,206 | Telefonica SA (Telecommunication Services) | 473,751 | ||||||
30,192 | Zardoya Otis SA (Industrials) | 241,898 | ||||||
|
| |||||||
10,339,483 | ||||||||
|
| |||||||
Sweden – 2.4% | ||||||||
6,060 | Alfa Laval AB (Industrials) | 109,946 | ||||||
18,389 | Assa Abloy AB, Class B (Industrials) | 358,541 | ||||||
16,476 | Atlas Copco AB, Class A (Industrials) | 540,770 | ||||||
6,694 | Atlas Copco AB, Class B (Industrials) | 198,451 | ||||||
12,781 | Boliden AB (Materials) | 391,111 | ||||||
15,766 | Electrolux AB, Series B (Consumer Discretionary) | 419,085 | ||||||
13,496 | Getinge AB, Class B (Health Care) | 229,572 | ||||||
42,287 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 1,120,297 | ||||||
4,976 | Hexagon AB, Class B (Information Technology) | 201,444 | ||||||
18,407 | Husqvarna AB, Class B (Consumer Discretionary) | 158,088 | ||||||
6,561 | ICA Gruppen AB (Consumer Staples) | 213,594 | ||||||
10,770 | Industrivarden AB, Class C (Financials) | 213,696 | ||||||
6,157 | Investor AB, Class B (Financials) | 244,742 | ||||||
4,188 | Kinnevik AB, Class B (Financials) | 113,509 | ||||||
4,419 | L E Lundbergforetagen AB, Class B (Financials) | 287,281 | ||||||
34,160 | Nordea Bank AB (Financials) | 401,291 | ||||||
21,776 | Sandvik AB (Industrials) | 296,915 | ||||||
36,488 | Securitas AB, Class B (Industrials) | 558,284 | ||||||
12,728 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 145,988 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
8,548 | Skanska AB, Class B (Industrials) | $ | 204,250 | |||||
3,689 | SKF AB, Class B (Industrials) | 70,411 | ||||||
5,159 | Svenska Cellulosa AB SCA, Class B (Consumer Staples) | 158,902 | ||||||
24,178 | Svenska Handelsbanken AB, Class A (Financials) | 337,183 | ||||||
12,847 | Swedbank AB, Class A (Financials) | 317,956 | ||||||
12,839 | Swedish Match AB (Consumer Staples) | 400,869 | ||||||
12,987 | Tele2 AB, Class B (Telecommunication Services) | 116,442 | ||||||
24,167 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 157,647 | ||||||
64,716 | Telia Co. AB (Telecommunication Services) | 260,696 | ||||||
19,992 | Volvo AB, Class B (Industrials) | 261,714 | ||||||
|
| |||||||
8,488,675 | ||||||||
|
| |||||||
Switzerland – 9.7% | ||||||||
32,259 | ABB Ltd. (Industrials)* | 731,863 | ||||||
6,452 | Actelion Ltd. (Health Care)* | 1,741,450 | ||||||
4,528 | Adecco Group AG (Industrials) | 326,448 | ||||||
31,679 | Aryzta AG (Consumer Staples)* | 1,027,444 | ||||||
1,675 | Baloise Holding AG (Financials) | 218,606 | ||||||
283 | Barry Callebaut AG (Consumer Staples)* | 367,085 | ||||||
35 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 199,036 | ||||||
5,870 | Cie Financiere Richemont SA (Consumer Discretionary) | 433,751 | ||||||
26,527 | Coca-Cola HBC AG (Consumer Staples)* | 642,049 | ||||||
1,136 | Dufry AG (Consumer Discretionary)* | 164,368 | ||||||
1,380 | EMS-Chemie Holding AG (Materials) | 787,528 | ||||||
219 | Galenica AG (Health Care) | 257,608 | ||||||
931 | Geberit AG (Industrials) | 404,027 | ||||||
166 | Givaudan SA (Materials) | 302,345 | ||||||
527,889 | Glencore PLC (Materials)* | 2,115,563 | ||||||
2,767 | Julius Baer Group Ltd. (Financials)* | 135,801 | ||||||
8,151 | Kuehne + Nagel International AG (Industrials) | 1,163,905 | ||||||
2,552 | LafargeHolcim Ltd. (Materials)* | 145,636 | ||||||
3,197 | Lonza Group AG (Health Care)* | 590,589 | ||||||
68,081 | Nestle SA (Consumer Staples) | 5,047,695 | ||||||
44,570 | Novartis AG (Health Care)* | 3,489,229 | ||||||
3,865 | Pargesa Holding SA (Financials) | 255,685 | ||||||
2,571 | Partners Group Holding AG (Financials) | 1,349,104 | ||||||
15,539 | Roche Holding AG (Health Care) | 3,796,888 | ||||||
1,629 | Schindler Holding AG (Industrials) | 312,478 | ||||||
1,655 | Schindler Holding AG Participation Certificates (Industrials) | 320,936 | ||||||
309 | SGS SA (Industrials) | 658,760 | ||||||
79 | Sika AG (Materials) | 446,098 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
3,443 | Sonova Holding AG (Health Care) | 453,474 | ||||||
61,577 | STMicroelectronics NV (Information Technology) | 942,217 | ||||||
1,714 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 571,476 | ||||||
6,692 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 435,353 | ||||||
1,987 | Swiss Life Holding AG (Financials)* | 626,983 | ||||||
2,427 | Swiss Prime Site AG (Real Estate)* | 211,328 | ||||||
9,072 | Swiss Re AG (Financials) | 813,486 | ||||||
423 | Swisscom AG (Telecommunication Services) | 186,780 | ||||||
967 | Syngenta AG (Materials) | 417,622 | ||||||
42,294 | UBS Group AG (Financials) | 653,341 | ||||||
18,589 | Wolseley PLC (Industrials) | 1,136,945 | ||||||
2,451 | Zurich Insurance Group AG (Financials)* | 678,678 | ||||||
|
| |||||||
34,559,658 | ||||||||
|
| |||||||
United Kingdom – 13.3% | ||||||||
91,575 | 3i Group PLC (Financials) | 784,587 | ||||||
48,018 | Admiral Group PLC (Financials) | 1,092,296 | ||||||
57,265 | Anglo American PLC (Materials)* | 905,366 | ||||||
9,941 | Ashtead Group PLC (Industrials) | 204,857 | ||||||
5,198 | Associated British Foods PLC (Consumer Staples) | 169,407 | ||||||
24,714 | AstraZeneca PLC (Health Care) | 1,428,221 | ||||||
124,247 | Auto Trader Group PLC (Information Technology)(b) | 611,030 | ||||||
29,961 | Aviva PLC (Financials) | 185,672 | ||||||
43,114 | BAE Systems PLC (Industrials) | 338,002 | ||||||
163,293 | Barclays PLC (Financials) | 460,252 | ||||||
76,755 | Barratt Developments PLC (Consumer Discretionary) | 488,554 | ||||||
283,269 | BP PLC (Energy) | 1,598,764 | ||||||
31,212 | British American Tobacco PLC (Consumer Staples) | 1,973,083 | ||||||
15,848 | British Land Co. PLC (The) REIT (Real Estate) | 121,779 | ||||||
68,504 | BT Group PLC (Telecommunication Services) | 278,841 | ||||||
7,196 | Bunzl PLC (Industrials) | 201,929 | ||||||
47,668 | Burberry Group PLC (Consumer Discretionary) | 1,023,830 | ||||||
69,381 | Centrica PLC (Utilities) | 195,900 | ||||||
18,460 | CNH Industrial NV (Industrials) | 171,833 | ||||||
41,356 | Compass Group PLC (Consumer Discretionary) | 770,922 | ||||||
6,643 | Croda International PLC (Materials) | 289,990 | ||||||
2,410 | DCC PLC (Industrials) | 205,882 | ||||||
33,527 | Diageo PLC (Consumer Staples) | 946,232 | ||||||
115,075 | Direct Line Insurance Group PLC (Financials) | 491,890 | ||||||
43,634 | Dixons Carphone PLC (Consumer Discretionary) | 164,523 | ||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
49,232 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | $ | 540,403 | |||||
37,473 | G4S PLC (Industrials) | 122,221 | ||||||
16,540 | GKN PLC (Consumer Discretionary) | 74,076 | ||||||
81,193 | GlaxoSmithKline PLC (Health Care) | 1,665,083 | ||||||
27,040 | Hammerson PLC REIT (Real Estate) | 198,022 | ||||||
53,186 | Hargreaves Lansdown PLC (Financials) | 883,565 | ||||||
340,450 | HSBC Holdings PLC (Financials) | 2,738,936 | ||||||
8,132 | IMI PLC (Industrials) | 125,582 | ||||||
18,707 | Imperial Brands PLC (Consumer Staples) | 882,972 | ||||||
11,490 | Inmarsat PLC (Telecommunication Services) | 101,732 | ||||||
7,299 | InterContinental Hotels Group PLC (Consumer Discretionary) | 344,786 | ||||||
71,604 | International Consolidated Airlines Group SA (Industrials) | 477,975 | ||||||
5,129 | Intertek Group PLC (Industrials) | 225,112 | ||||||
47,097 | Intu Properties PLC REIT (Real Estate) | 168,145 | ||||||
53,897 | ITV PLC (Consumer Discretionary) | 135,816 | ||||||
86,700 | J Sainsbury PLC (Consumer Staples) | 288,712 | ||||||
5,929 | Johnson Matthey PLC (Materials) | 226,063 | ||||||
141,241 | Kingfisher PLC (Consumer Discretionary) | 578,603 | ||||||
14,279 | Land Securities Group PLC REIT (Real Estate) | 189,415 | ||||||
166,918 | Legal & General Group PLC (Financials) | 515,751 | ||||||
213,733 | Lloyds Banking Group PLC (Financials) | 182,641 | ||||||
2,015 | London Stock Exchange Group PLC (Financials) | 77,180 | ||||||
110,390 | Marks & Spencer Group PLC (Consumer Discretionary) | 459,912 | ||||||
37,065 | Meggitt PLC (Industrials) | 217,012 | ||||||
39,043 | Merlin Entertainments PLC (Consumer Discretionary)(b) | 239,039 | ||||||
36,624 | National Grid PLC (Utilities) | 445,495 | ||||||
11,327 | Next PLC (Consumer Discretionary) | 539,428 | ||||||
52,513 | Old Mutual PLC (Financials) | 142,522 | ||||||
13,608 | Persimmon PLC (Consumer Discretionary) | 349,006 | ||||||
13,567 | Petrofac Ltd. (Energy) | 150,510 | ||||||
14,518 | Provident Financial PLC (Financials) | 527,533 | ||||||
42,708 | Prudential PLC (Financials) | 854,320 | ||||||
12,602 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,146,506 | ||||||
32,032 | RELX NV (Industrials) | 569,442 | ||||||
22,289 | RELX PLC (Industrials) | 417,433 | ||||||
3,838 | Rio Tinto Ltd. (Materials) | 182,923 | ||||||
15,955 | Rio Tinto PLC (Materials) | 654,600 | ||||||
19,380 | Rolls-Royce Holdings PLC (Industrials)* | 189,797 | ||||||
175,260 | Royal Mail PLC (Industrials) | 904,216 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
34,863 | RSA Insurance Group PLC (Financials) | 259,867 | ||||||
107,549 | Sage Group PLC (The) (Information Technology) | 864,568 | ||||||
8,599 | Schroders PLC (Financials) | 328,829 | ||||||
51,558 | Segro PLC REIT (Real Estate) | 316,816 | ||||||
9,615 | Severn Trent PLC (Utilities) | 279,739 | ||||||
39,106 | Sky PLC (Consumer Discretionary) | 485,418 | ||||||
38,338 | Smith & Nephew PLC (Health Care) | 577,741 | ||||||
14,940 | Smiths Group PLC (Industrials) | 277,940 | ||||||
17,137 | SSE PLC (Utilities) | 328,623 | ||||||
9,719 | St James’s Place PLC (Financials) | 127,595 | ||||||
28,603 | Standard Chartered PLC (Financials)* | 257,128 | ||||||
15,532 | Standard Life PLC (Financials) | 71,263 | ||||||
33,821 | Tate & Lyle PLC (Consumer Staples) | 313,126 | ||||||
421,962 | Tesco PLC (Consumer Staples)* | 989,269 | ||||||
32,189 | Unilever NV (Consumer Staples) | 1,526,013 | ||||||
32,682 | Unilever PLC (Consumer Staples) | 1,553,168 | ||||||
21,643 | United Utilities Group PLC (Utilities) | 263,535 | ||||||
347,416 | Vodafone Group PLC (Telecommunication Services) | 872,863 | ||||||
7,375 | Weir Group PLC (The) (Industrials) | 172,811 | ||||||
2,320 | Whitbread PLC (Consumer Discretionary) | 110,428 | ||||||
199,362 | William Hill PLC (Consumer Discretionary) | 654,699 | ||||||
500,811 | Wm Morrison Supermarkets PLC (Consumer Staples) | 1,511,906 | ||||||
45,424 | Worldpay Group PLC (Information Technology)(b) | 153,411 | ||||||
52,186 | WPP PLC (Consumer Discretionary) | 1,231,917 | ||||||
|
| |||||||
47,364,800 | ||||||||
|
| |||||||
United States – 0.7% | ||||||||
5,712 | Carnival PLC (Consumer Discretionary) | 312,682 | ||||||
16,331 | QIAGEN NV (Health Care)* | 466,804 | ||||||
13,677 | Shire PLC (Health Care) | 826,134 | ||||||
1,251 | Taro Pharmaceutical Industries Ltd. (Health Care)*(a) | 150,008 | ||||||
9,373 | Thomson Reuters Corp. (Financials) | 397,439 | ||||||
33,804 | Valeant Pharmaceuticals International, Inc. (Health Care)* | 482,130 | ||||||
|
| |||||||
2,635,197 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $332,048,706) | $ | 353,453,460 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Preferred Stocks – 0.4% | ||||||||
Germany – 0.4% | ||||||||
998 | Bayerische Motoren Werke AG (Consumer Discretionary) | $ | 74,647 | |||||
15,197 | FUCHS PETROLUB SE (Materials) | 705,844 | ||||||
4,683 | Henkel AG & Co KGaA (Consumer Staples) | 586,689 | ||||||
480 | Volkswagen AG (Consumer Discretionary) | 71,253 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $1,331,223) | $ | 1,438,433 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |||||||
(Cost $333,379,929) | $ | 354,891,893 | ||||||
|
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.1%(c)(d) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
3,875,683 | 0.47% | $ | 3,875,683 | |||||
(Cost $3,875,683) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.8% | ||||||||
(Cost $337,255,612) | $ | 358,767,576 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)% | (2,923,957 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 355,843,619 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $3,513,767, which represents approximately 1.0% of net assets as of February 28, 2017. | |
(c) | Represents an affiliated issuer. | |
(d) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2017. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Consumer Discretionary – 20.4% | ||||||||
1,058 | ABC-Mart, Inc. | $ | 64,018 | |||||
1,006 | Aisin Seiki Co. Ltd. | 50,172 | ||||||
3,000 | Asics Corp. | 53,117 | ||||||
6,358 | Bandai Namco Holdings, Inc. | 183,833 | ||||||
2,370 | Benesse Holdings, Inc. | 73,185 | ||||||
6,883 | Bridgestone Corp. | 275,665 | ||||||
4,017 | Casio Computer Co. Ltd. | 54,465 | ||||||
2,835 | Denso Corp. | 126,490 | ||||||
1,359 | Dentsu, Inc. | 75,551 | ||||||
783 | Don Quijote Holdings Co. Ltd. | 27,853 | ||||||
492 | Fast Retailing Co. Ltd. | 156,063 | ||||||
6,301 | Fuji Heavy Industries Ltd. | 236,925 | ||||||
2,820 | Hakuhodo DY Holdings, Inc. | 34,807 | ||||||
993 | Hikari Tsushin, Inc. | 97,627 | ||||||
16,215 | Honda Motor Co. Ltd. | 505,645 | ||||||
11,811 | Iida Group Holdings Co. Ltd. | 200,571 | ||||||
2,177 | Isetan Mitsukoshi Holdings Ltd. | 27,999 | ||||||
1,943 | Isuzu Motors Ltd. | 26,110 | ||||||
1,486 | J Front Retailing Co. Ltd. | 22,924 | ||||||
1,217 | Koito Manufacturing Co. Ltd. | 62,979 | ||||||
1,255 | Marui Group Co. Ltd. | 17,409 | ||||||
15,415 | Mazda Motor Corp. | 217,134 | ||||||
2,833 | McDonald’s Holdings Co. Japan Ltd. | 81,026 | ||||||
1,702 | Mitsubishi Motors Corp. | 11,059 | ||||||
537 | NGK Spark Plug Co. Ltd. | 12,205 | ||||||
8,137 | Nikon Corp. | 124,871 | ||||||
14,162 | Nissan Motor Co. Ltd. | 139,994 | ||||||
1,493 | Nitori Holdings Co. Ltd. | 174,540 | ||||||
1,177 | Oriental Land Co. Ltd. | 66,401 | ||||||
20,565 | Panasonic Corp. | 226,631 | ||||||
2,312 | Rakuten, Inc. | 22,999 | ||||||
566 | Rinnai Corp. | 45,832 | ||||||
510 | Ryohin Keikaku Co. Ltd. | 108,259 | ||||||
854 | Sankyo Co. Ltd. | 30,341 | ||||||
3,804 | Sega Sammy Holdings, Inc. | 56,201 | ||||||
7,991 | Sekisui Chemical Co. Ltd. | 132,487 | ||||||
2,876 | Sekisui House Ltd. | 46,153 | ||||||
32,155 | Sharp Corp.*(a) | 95,702 | ||||||
790 | Shimamura Co. Ltd. | 102,664 | ||||||
525 | Shimano, Inc. | 77,892 | ||||||
11,598 | Sony Corp. | 360,530 | ||||||
1,729 | Stanley Electric Co. Ltd. | 48,910 | ||||||
7,728 | Start Today Co. Ltd. | 162,179 | ||||||
4,173 | Sumitomo Electric Industries Ltd. | 68,235 | ||||||
10,652 | Sumitomo Rubber Industries Ltd. | 176,510 | ||||||
3,415 | Suzuki Motor Corp. | 134,115 | ||||||
4,829 | Takashimaya Co. Ltd. | 43,635 | ||||||
1,656 | Toho Co. Ltd. | 47,067 | ||||||
1,139 | Toyoda Gosei Co. Ltd. | 29,156 | ||||||
433 | Toyota Industries Corp. | 21,208 | ||||||
24,067 | Toyota Motor Corp. | 1,369,142 | ||||||
1,307 | USS Co Ltd. | 22,475 | ||||||
44,851 | Yamada Denki Co. Ltd.(a) | 229,697 | ||||||
1,828 | Yamaha Corp. | 47,822 | ||||||
1,686 | Yamaha Motor Co. Ltd. | 39,164 | ||||||
4,378 | Yokohama Rubber Co. Ltd. (The) | 87,415 | ||||||
|
| |||||||
7,033,059 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – 10.6% | ||||||||
7,971 | Aeon Co. Ltd.(a) | 119,332 | ||||||
5,366 | Ajinomoto Co., Inc. | 109,061 | ||||||
6,186 | Asahi Group Holdings Ltd. | 219,442 | ||||||
1,920 | Calbee, Inc. | 65,381 | ||||||
2,034 | FamilyMart UNY Holdings Co. Ltd.(a) | 124,711 | ||||||
9,630 | Japan Tobacco, Inc. | 323,367 | ||||||
5,765 | Kao Corp. | 298,903 | ||||||
2,462 | Kikkoman Corp. | 74,486 | ||||||
14,418 | Kirin Holdings Co. Ltd. | 249,224 | ||||||
890 | Kose Corp. | 76,523 | ||||||
2,020 | Lawson, Inc.(a) | 139,920 | ||||||
6,840 | Lion Corp. | 118,600 | ||||||
1,900 | MEIJI Holdings Co. Ltd. | 152,496 | ||||||
3,459 | NH Foods Ltd. | 92,562 | ||||||
6,125 | Nisshin Seifun Group, Inc. | 92,462 | ||||||
1,064 | Nissin Foods Holdings Co. Ltd. | 59,816 | ||||||
1,418 | Pola Orbis Holdings, Inc. | 135,989 | ||||||
8,681 | Seven & i Holdings Co. Ltd. | 341,390 | ||||||
5,745 | Shiseido Co. Ltd. | 151,731 | ||||||
1,369 | Sundrug Co. Ltd. | 90,422 | ||||||
3,700 | Suntory Beverage & Food Ltd. | 155,758 | ||||||
2,279 | Toyo Suisan Kaisha Ltd. | 83,921 | ||||||
997 | Tsuruha Holdings, Inc. | 92,674 | ||||||
3,824 | Unicharm Corp. | 86,299 | ||||||
941 | Yakult Honsha Co. Ltd. | 51,556 | ||||||
7,348 | Yamazaki Baking Co. Ltd. | 147,965 | ||||||
|
| |||||||
3,653,991 | ||||||||
|
| |||||||
Energy – 2.3% | ||||||||
9,275 | Idemitsu Kosan Co. Ltd. | 300,089 | ||||||
2,537 | Inpex Corp. | 25,305 | ||||||
64,364 | JX Holdings, Inc. | 307,827 | ||||||
5,365 | Showa Shell Sekiyu KK | 54,281 | ||||||
9,591 | TonenGeneral Sekiyu KK | 115,296 | ||||||
|
| |||||||
802,798 | ||||||||
|
| |||||||
Financials – 12.0% | ||||||||
1,704 | Acom Co. Ltd.* | 7,158 | ||||||
1,567 | AEON Financial Service Co. Ltd. | 30,448 | ||||||
15,896 | Aozora Bank Ltd. | 59,813 | ||||||
1,062 | Bank of Kyoto Ltd. (The) | 8,685 | ||||||
2,458 | Chiba Bank Ltd. (The) | 17,246 | ||||||
1,026 | Chugoku Bank Ltd. (The) | 16,433 | ||||||
4,652 | Concordia Financial Group Ltd. | 24,856 | ||||||
1,088 | Credit Saison Co. Ltd. | 20,722 | ||||||
9,483 | Dai-ichi Life Holdings, Inc. | 179,048 | ||||||
10,822 | Daiwa Securities Group, Inc. | 68,897 | ||||||
2,371 | Fukuoka Financial Group, Inc. | 11,104 | ||||||
2,573 | Hachijuni Bank Ltd. (The) | 16,328 | ||||||
2,465 | Hiroshima Bank Ltd. (The) | 11,699 | ||||||
6,240 | Japan Exchange Group, Inc. | 86,613 | ||||||
1,998 | Japan Post Bank Co. Ltd. | 25,143 | ||||||
2,125 | Japan Post Holdings Co. Ltd. | 27,368 | ||||||
1,373 | Kyushu Financial Group, Inc. | 9,437 | ||||||
17,499 | Mebuki Financial Group, Inc. | 77,419 | ||||||
114,251 | Mitsubishi UFJ Financial Group, Inc. | 754,015 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
32,925 | Mitsubishi UFJ Lease & Finance Co. Ltd. | $ | 182,745 | |||||
235,304 | Mizuho Financial Group, Inc. | 441,017 | ||||||
3,896 | MS&AD Insurance Group Holdings, Inc. | 132,287 | ||||||
14,960 | Nomura Holdings, Inc. | 97,514 | ||||||
16,770 | ORIX Corp. | 261,926 | ||||||
27,903 | Resona Holdings, Inc. | 156,367 | ||||||
5,039 | SBI Holdings, Inc. | 70,799 | ||||||
12,860 | Seven Bank Ltd.(a) | 40,114 | ||||||
7,903 | Shinsei Bank Ltd. | 14,480 | ||||||
2,059 | Shizuoka Bank Ltd. (The) | 18,145 | ||||||
3,297 | Sompo Holdings, Inc. | 123,706 | ||||||
817 | Sony Financial Holdings, Inc. | 14,414 | ||||||
13,996 | Sumitomo Mitsui Financial Group, Inc. | 547,531 | ||||||
3,066 | Sumitomo Mitsui Trust Holdings, Inc. | 110,407 | ||||||
3,222 | Suruga Bank Ltd. | 71,706 | ||||||
5,334 | T&D Holdings, Inc. | 82,166 | ||||||
6,618 | Tokio Marine Holdings, Inc. | 290,959 | ||||||
2,892 | Yamaguchi Financial Group, Inc. | 33,499 | ||||||
|
| |||||||
4,142,214 | ||||||||
|
| |||||||
Health Care – 8.9% | ||||||||
9,718 | Alfresa Holdings Corp. | 175,625 | ||||||
22,341 | Astellas Pharma, Inc. | 301,913 | ||||||
1,682 | Chugai Pharmaceutical Co. Ltd. | 56,300 | ||||||
504 | CYBERDYNE, Inc.* | 7,928 | ||||||
9,304 | Daiichi Sankyo Co. Ltd. | 212,923 | ||||||
2,092 | Eisai Co. Ltd. | 117,815 | ||||||
1,400 | Hisamitsu Pharmaceutical Co., Inc. | 75,578 | ||||||
5,062 | Hoya Corp. | 230,015 | ||||||
4,825 | Kyowa Hakko Kirin Co. Ltd. | 72,492 | ||||||
3,456 | M3, Inc. | 88,033 | ||||||
4,221 | Medipal Holdings Corp. | 69,907 | ||||||
2,295 | Miraca Holdings, Inc. | 110,355 | ||||||
3,792 | Mitsubishi Tanabe Pharma Corp. | 78,290 | ||||||
3,051 | Olympus Corp. | 108,395 | ||||||
2,045 | Ono Pharmaceutical Co. Ltd. | 45,466 | ||||||
5,060 | Otsuka Holdings Co. Ltd. | 231,145 | ||||||
3,787 | Santen Pharmaceutical Co. Ltd. | 54,494 | ||||||
3,924 | Shionogi & Co. Ltd. | 192,824 | ||||||
7,876 | Sumitomo Dainippon Pharma Co. Ltd. | 139,591 | ||||||
3,230 | Suzuken Co. Ltd. | 109,702 | ||||||
1,903 | Sysmex Corp. | 110,385 | ||||||
870 | Taisho Pharmaceutical Holdings Co. Ltd. | 71,149 | ||||||
5,883 | Takeda Pharmaceutical Co. Ltd. | 274,577 | ||||||
3,944 | Terumo Corp. | 137,301 | ||||||
|
| |||||||
3,072,203 | ||||||||
|
| |||||||
Industrials – 18.0% | ||||||||
4,846 | Amada Holdings Co. Ltd. | 55,007 | ||||||
12,894 | ANA Holdings, Inc. | 38,699 | ||||||
10,552 | Asahi Glass Co. Ltd. | 86,578 | ||||||
1,212 | Central Japan Railway Co. | 199,102 | ||||||
3,381 | Dai Nippon Printing Co. Ltd. | 36,927 | ||||||
2,307 | Daikin Industries Ltd. | 219,906 | ||||||
2,302 | East Japan Railway Co. | 208,936 | ||||||
1,230 | FANUC Corp. | 243,230 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
9,692 | Fuji Electric Co. Ltd. | 53,794 | ||||||
1,708 | Hankyu Hanshin Holdings, Inc. | 57,399 | ||||||
709 | Hino Motors Ltd. | 8,270 | ||||||
3,223 | Hitachi Construction Machinery Co. Ltd. | 75,300 | ||||||
907 | Hoshizaki Corp. | 72,148 | ||||||
29,915 | IHI Corp.* | 93,580 | ||||||
16,081 | ITOCHU Corp. | 233,773 | ||||||
1,293 | Japan Airlines Co. Ltd. | 42,401 | ||||||
1,037 | Japan Airport Terminal Co. Ltd. | 36,379 | ||||||
826 | JGC Corp. | 14,891 | ||||||
10,455 | Kajima Corp. | 68,401 | ||||||
3,438 | Kamigumi Co. Ltd. | 32,357 | ||||||
5,131 | Keihan Holdings Co. Ltd. | 32,560 | ||||||
6,381 | Keikyu Corp. | 70,491 | ||||||
4,289 | Keio Corp. | 33,849 | ||||||
1,213 | Keisei Electric Railway Co. Ltd. | 28,871 | ||||||
11,018 | Kintetsu Group Holdings Co. Ltd. | 41,065 | ||||||
7,103 | Komatsu Ltd. | 172,076 | ||||||
5,734 | Kubota Corp. | 91,608 | ||||||
1,142 | Kurita Water Industries Ltd. | 27,354 | ||||||
1,731 | LIXIL Group Corp. | 42,592 | ||||||
1,125 | Makita Corp. | 78,228 | ||||||
39,530 | Marubeni Corp. | 256,785 | ||||||
5,432 | MISUMI Group, Inc. | 95,303 | ||||||
18,612 | Mitsubishi Corp. | 421,612 | ||||||
17,318 | Mitsubishi Electric Corp. | 255,007 | ||||||
8,873 | Mitsubishi Heavy Industries Ltd. | 35,211 | ||||||
581 | Mitsubishi Logistics Corp. | 8,381 | ||||||
19,917 | Mitsui & Co. Ltd. | 306,005 | ||||||
43,530 | Mitsui OSK Lines Ltd. | 144,341 | ||||||
1,926 | Nabtesco Corp. | 53,794 | ||||||
18,182 | Nagoya Railroad Co. Ltd. | 83,691 | ||||||
679 | NGK Insulators Ltd. | 14,680 | ||||||
1,535 | Nidec Corp. | 143,917 | ||||||
14,541 | Nippon Express Co. Ltd. | 75,379 | ||||||
4,993 | Nippon Yusen KK | 11,067 | ||||||
1,200 | NSK Ltd. | 17,182 | ||||||
4,405 | Obayashi Corp. | 41,103 | ||||||
1,739 | Odakyu Electric Railway Co. Ltd. | 34,505 | ||||||
3,218 | Park24 Co. Ltd. | 90,743 | ||||||
5,009 | Recruit Holdings Co. Ltd. | 246,678 | ||||||
1,227 | Secom Co. Ltd. | 89,762 | ||||||
1,174 | Seibu Holdings, Inc. | 20,178 | ||||||
5,642 | Shimizu Corp. | 51,990 | ||||||
213 | SMC Corp. | 60,634 | ||||||
770 | Sohgo Security Services Co. Ltd. | 29,249 | ||||||
25,791 | Sumitomo Corp. | 347,960 | ||||||
6,041 | Sumitomo Heavy Industries Ltd. | 42,924 | ||||||
10,087 | Taisei Corp. | 71,042 | ||||||
917 | THK Co. Ltd. | 23,940 | ||||||
7,810 | Tobu Railway Co. Ltd. | 40,137 | ||||||
4,906 | Tokyu Corp. | 36,482 | ||||||
4,299 | Toppan Printing Co. Ltd. | 43,495 | ||||||
27,165 | Toshiba Corp.* | 50,550 | ||||||
2,861 | TOTO Ltd. | 110,594 | ||||||
8,697 | Toyota Tsusho Corp. | 260,401 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
585 | West Japan Railway Co. | $ | 38,885 | |||||
2,105 | Yamato Holdings Co. Ltd. | 46,179 | ||||||
|
| |||||||
6,195,558 | ||||||||
|
| |||||||
Information Technology – 11.2% | ||||||||
865 | Alps Electric Co. Ltd. | 25,861 | ||||||
5,853 | Brother Industries Ltd. | 110,746 | ||||||
9,935 | Canon, Inc. | 291,341 | ||||||
2,072 | DeNA Co. Ltd. | 46,797 | ||||||
5,483 | FUJIFILM Holdings Corp. | 212,783 | ||||||
31,419 | Fujitsu Ltd. | 183,288 | ||||||
2,066 | Hamamatsu Photonics KK | 61,120 | ||||||
155 | Hirose Electric Co. Ltd. | 20,891 | ||||||
1,796 | Hitachi High-Technologies Corp. | 75,124 | ||||||
36,568 | Hitachi Ltd. | 202,246 | ||||||
5,520 | Kakaku.com, Inc. | 80,024 | ||||||
890 | Keyence Corp. | 345,707 | ||||||
3,000 | Konami Holdings Corp. | 127,095 | ||||||
12,567 | Konica Minolta, Inc. | 121,643 | ||||||
1,956 | Kyocera Corp. | 108,005 | ||||||
1,531 | LINE Corp.*(a) | 52,956 | ||||||
2,346 | Mixi, Inc. | 102,114 | ||||||
1,435 | Murata Manufacturing Co. Ltd. | 207,135 | ||||||
3,903 | Nexon Co. Ltd. | 65,163 | ||||||
683 | Nintendo Co. Ltd. | 143,455 | ||||||
7,383 | Nippon Electric Glass Co. Ltd. | 46,059 | ||||||
1,926 | Nomura Research Institute Ltd. | 66,791 | ||||||
2,744 | NTT Data Corp. | 129,983 | ||||||
586 | Obic Co. Ltd. | 27,392 | ||||||
3,118 | Omron Corp. | 134,602 | ||||||
1,399 | Oracle Corp. Japan | 81,776 | ||||||
1,499 | Otsuka Corp. | 76,501 | ||||||
7,251 | Ricoh Co. Ltd. | 63,447 | ||||||
671 | Rohm Co. Ltd. | 43,540 | ||||||
3,794 | Seiko Epson Corp. | 85,215 | ||||||
3,914 | Shimadzu Corp. | 64,053 | ||||||
365 | TDK Corp. | 24,924 | ||||||
1,773 | Tokyo Electron Ltd. | 177,641 | ||||||
1,612 | Trend Micro, Inc. | 70,886 | ||||||
9,480 | Yahoo Japan Corp. | 44,144 | ||||||
3,477 | Yaskawa Electric Corp. | 65,447 | ||||||
5,749 | Yokogawa Electric Corp. | 89,869 | ||||||
|
| |||||||
3,875,764 | ||||||||
|
| |||||||
Materials – 5.9% | ||||||||
2,620 | Air Water, Inc. | 49,948 | ||||||
12,712 | Asahi Kasei Corp. | 124,353 | ||||||
735 | Daicel Corp. | �� | 8,954 | |||||
2,505 | Hitachi Chemical Co. Ltd. | 70,861 | ||||||
1,061 | JFE Holdings, Inc. | 20,151 | ||||||
1,200 | JSR Corp. | 20,582 | ||||||
3,354 | Kaneka Corp. | 26,290 | ||||||
3,578 | Kansai Paint Co. Ltd. | 69,779 | ||||||
5,443 | Kuraray Co. Ltd. | 82,945 | ||||||
1,994 | Maruichi Steel Tube Ltd. | 63,357 | ||||||
23,598 | Mitsubishi Chemical Holdings Corp. | 181,955 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
4,023 | Mitsubishi Gas Chemical Co., Inc. | 85,073 | ||||||
2,518 | Mitsubishi Materials Corp. | 83,945 | ||||||
21,536 | Mitsui Chemicals, Inc. | 109,908 | ||||||
1,529 | Nippon Paint Holdings Co. Ltd. | 49,539 | ||||||
4,266 | Nippon Steel & Sumitomo Metal Corp. | 105,368 | ||||||
2,900 | Nissan Chemical Industries Ltd. | 93,829 | ||||||
1,152 | Nitto Denko Corp. | 97,403 | ||||||
28,751 | Oji Holdings Corp. | 138,249 | ||||||
2,806 | Shin-Etsu Chemical Co. Ltd. | 238,329 | ||||||
7,763 | Sumitomo Chemical Co. Ltd. | 43,434 | ||||||
1,456 | Sumitomo Metal Mining Co. Ltd. | 20,314 | ||||||
12,574 | Taiheiyo Cement Corp. | 44,391 | ||||||
2,298 | Teijin Ltd. | 44,138 | ||||||
8,982 | Toray Industries, Inc. | 80,680 | ||||||
4,378 | Toyo Seikan Group Holdings Ltd. | 79,629 | ||||||
|
| |||||||
2,033,404 | ||||||||
|
| |||||||
Real Estate – 4.0% | ||||||||
1,062 | Aeon Mall Co. Ltd. | 16,373 | ||||||
1,299 | Daito Trust Construction Co. Ltd. | 182,511 | ||||||
5,650 | Daiwa House Industry Co. Ltd. | 155,737 | ||||||
33 | Daiwa House REIT Investment Corp. REIT | 86,124 | ||||||
1,733 | Hulic Co. Ltd. | 16,558 | ||||||
10 | Japan Prime Realty Investment Corp. REIT | 39,862 | ||||||
14 | Japan Real Estate Investment Corp. REIT | 77,454 | ||||||
21 | Japan Retail Fund Investment Corp. REIT | 42,419 | ||||||
6,089 | Mitsubishi Estate Co. Ltd. | 119,456 | ||||||
5,707 | Mitsui Fudosan Co. Ltd. | 129,713 | ||||||
12 | Nippon Building Fund, Inc. REIT | 67,355 | ||||||
17 | Nippon Prologis REIT, Inc. REIT | 36,694 | ||||||
3,168 | Nomura Real Estate Holdings, Inc. | 53,968 | ||||||
88 | Nomura Real Estate Master Fund, Inc. REIT | 132,372 | ||||||
2,722 | Sumitomo Realty & Development Co. Ltd. | 75,443 | ||||||
2,715 | Tokyo Tatemono Co. Ltd. | 38,462 | ||||||
8,110 | Tokyu Fudosan Holdings Corp. | 46,390 | ||||||
32 | United Urban Investment Corp. REIT | 49,937 | ||||||
|
| |||||||
1,366,828 | ||||||||
|
| |||||||
Telecommunication Services – 4.1% | ||||||||
14,903 | KDDI Corp. | 391,472 | ||||||
6,478 | Nippon Telegraph & Telephone Corp. | 275,077 | ||||||
11,539 | NTT DOCOMO, Inc. | 275,055 | ||||||
6,422 | SoftBank Group Corp. | 479,964 | ||||||
|
| |||||||
1,421,568 | ||||||||
|
| |||||||
Utilities – 2.3% | ||||||||
14,560 | Chubu Electric Power Co., Inc. | 192,598 | ||||||
3,233 | Chugoku Electric Power Co., Inc. (The) | 35,773 | ||||||
1,200 | Electric Power Development Co. Ltd. | 28,304 | ||||||
3,000 | Hokuriku Electric Power Co. | 29,763 | ||||||
18,164 | Kansai Electric Power Co., Inc. (The)* | 202,201 | ||||||
2,423 | Kyushu Electric Power Co., Inc.* | 27,070 | ||||||
18,790 | Osaka Gas Co. Ltd. | 72,752 | ||||||
10,876 | Toho Gas Co. Ltd. | 78,543 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
3,296 | Tohoku Electric Power Co., Inc. | $ | 42,479 | |||||
4,051 | Tokyo Electric Power Co. Holdings, Inc.* | 15,641 | ||||||
17,934 | Tokyo Gas Co. Ltd. | 81,716 | ||||||
|
| |||||||
806,840 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $30,697,961) | $ | 34,404,227 | ||||||
|
|
Shares | Distribution Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.9%(b)(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
301,629 | 0.47% | $ | 301,629 | |||
(Cost $301,629) | ||||||
| ||||||
TOTAL INVESTMENTS – 100.6% | ||||||
(Cost $30,999,590) | $ | 34,705,856 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% | (212,784 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 34,493,072 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. | |
(c) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2017. |
| ||
Investment Abbreviations: | ||
REIT | —Real Estate Investment Trust | |
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Consumer Discretionary – 14.3% | ||||||||
17,118 | Advance Auto Parts, Inc. | $ | 2,680,850 | |||||
22,502 | Amazon.com, Inc.* | 19,015,090 | ||||||
41,765 | Aramark | 1,492,681 | ||||||
7,127 | AutoZone, Inc.* | 5,249,392 | ||||||
129,493 | Best Buy Co., Inc. | 5,714,526 | ||||||
19,445 | BorgWarner, Inc. | 820,385 | ||||||
21,971 | Carnival Corp. | 1,229,277 | ||||||
8,726 | CBS Corp., Class B | 575,218 | ||||||
6,165 | Charter Communications, Inc., Class A* | 1,991,665 | ||||||
73,651 | Coach, Inc. | 2,805,367 | ||||||
223,250 | Comcast Corp., Class A | 8,354,015 | ||||||
37,085 | Dollar General Corp. | 2,707,947 | ||||||
16,123 | Dollar Tree, Inc.* | 1,236,312 | ||||||
20,875 | Domino’s Pizza, Inc. | 3,962,284 | ||||||
13,234 | DR Horton, Inc. | 423,488 | ||||||
12,799 | Expedia, Inc. | 1,523,593 | ||||||
65,336 | Foot Locker, Inc. | 4,943,975 | ||||||
539,938 | Ford Motor Co. | 6,765,423 | ||||||
17,811 | General Motors Co. | 656,157 | ||||||
34,017 | Genuine Parts Co. | 3,255,767 | ||||||
9,417 | Goodyear Tire & Rubber Co. (The) | 330,066 | ||||||
21,734 | Hanesbrands, Inc. | 434,897 | ||||||
28,443 | Hasbro, Inc. | 2,755,273 | ||||||
28,867 | Hilton Worldwide Holdings, Inc. | 1,651,192 | ||||||
93,631 | Home Depot, Inc. (The) | 13,568,068 | ||||||
40,583 | Interpublic Group of Cos., Inc. (The) | 978,050 | ||||||
147,742 | Kohl’s Corp. | 6,296,764 | ||||||
62,923 | L Brands, Inc. | 3,311,008 | ||||||
35,187 | Lear Corp. | 4,996,202 | ||||||
28,692 | Lennar Corp., Class A | 1,399,883 | ||||||
19,294 | Liberty Broadband Corp., Class C* | 1,658,126 | ||||||
14,140 | LKQ Corp.* | 446,541 | ||||||
98,094 | Lowe’s Cos., Inc. | 7,295,251 | ||||||
150,484 | Macy’s, Inc. | 4,999,079 | ||||||
15,814 | Marriott International, Inc., Class A | 1,375,660 | ||||||
64,596 | Mattel, Inc. | 1,662,055 | ||||||
45,677 | McDonald’s Corp. | 5,830,669 | ||||||
60,234 | Michael Kors Holdings Ltd.* | 2,198,541 | ||||||
4,028 | Mohawk Industries, Inc.* | 911,778 | ||||||
34,609 | Netflix, Inc.* | 4,918,977 | ||||||
10,216 | Newell Brands, Inc. | 500,890 | ||||||
116,133 | NIKE, Inc., Class B | 6,638,162 | ||||||
21,300 | Omnicom Group, Inc. | 1,812,630 | ||||||
18,165 | O’Reilly Automotive, Inc.* | 4,935,612 | ||||||
3,034 | Priceline Group, Inc. (The)* | 5,231,010 | ||||||
50,919 | PVH Corp. | 4,664,180 | ||||||
91,040 | Ross Stores, Inc. | 6,243,523 | ||||||
220,521 | Sirius XM Holdings, Inc.(a) | 1,122,452 | ||||||
94,952 | Starbucks Corp. | 5,399,920 | ||||||
81,763 | Target Corp. | 4,805,212 | ||||||
21,245 | Tiffany & Co. | 1,951,778 | ||||||
25,870 | Time Warner, Inc. | 2,540,693 | ||||||
74,530 | TJX Cos., Inc. (The) | 5,846,879 | ||||||
38,804 | Tractor Supply Co. | 2,751,592 | ||||||
29,650 | TripAdvisor, Inc.* | 1,229,586 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
16,998 | Twenty-First Century Fox, Inc., Class A | 508,580 | ||||||
15,074 | Ulta Beauty, Inc.* | 4,121,684 | ||||||
47,111 | Under Armour, Inc., Class A*(a) | 971,429 | ||||||
57,365 | VF Corp. | 3,008,794 | ||||||
70,273 | Walt Disney Co. (The) | 7,736,355 | ||||||
5,266 | Whirlpool Corp. | 940,455 | ||||||
17,950 | Wyndham Worldwide Corp. | 1,494,158 | ||||||
36,076 | Yum China Holdings, Inc.* | 959,261 | ||||||
36,691 | Yum! Brands, Inc. | 2,396,656 | ||||||
|
| |||||||
220,232,983 | ||||||||
|
| |||||||
Consumer Staples – 12.3% | ||||||||
131,628 | Altria Group, Inc. | 9,861,570 | ||||||
76,595 | Archer-Daniels-Midland Co. | 3,597,667 | ||||||
64,778 | Brown-Forman Corp., Class B | 3,158,575 | ||||||
26,516 | Bunge Ltd. | 2,170,335 | ||||||
41,970 | Campbell Soup Co. | 2,490,919 | ||||||
73,688 | Church & Dwight Co., Inc. | 3,672,610 | ||||||
42,866 | Clorox Co. (The) | 5,864,497 | ||||||
201,215 | Coca-Cola Co. (The) | 8,442,981 | ||||||
87,416 | Colgate-Palmolive Co. | 6,379,620 | ||||||
57,847 | Conagra Brands, Inc. | 2,383,875 | ||||||
5,437 | Constellation Brands, Inc., Class A | 863,450 | ||||||
40,837 | Costco Wholesale Corp. | 7,235,500 | ||||||
98,876 | CVS Health Corp. | 7,967,428 | ||||||
45,816 | Dr Pepper Snapple Group, Inc. | 4,281,047 | ||||||
55,835 | Estee Lauder Cos., Inc. (The), Class A | 4,625,930 | ||||||
47,305 | General Mills, Inc. | 2,855,803 | ||||||
37,988 | Hershey Co. (The) | 4,116,000 | ||||||
51,467 | Hormel Foods Corp. | 1,814,212 | ||||||
21,323 | Ingredion, Inc. | 2,577,737 | ||||||
27,246 | JM Smucker Co. (The) | 3,861,576 | ||||||
30,509 | Kellogg Co. | 2,259,802 | ||||||
38,410 | Kimberly-Clark Corp. | 5,091,245 | ||||||
34,506 | Kraft Heinz Co. (The) | 3,157,644 | ||||||
151,957 | Kroger Co. (The) | 4,832,233 | ||||||
19,222 | Lamb Weston Holdings, Inc. | 753,310 | ||||||
27,726 | McCormick & Co., Inc. | 2,728,793 | ||||||
38,388 | Mead Johnson Nutrition Co. | 3,370,083 | ||||||
11,176 | Molson Coors Brewing Co., Class B | 1,121,959 | ||||||
66,270 | Mondelez International, Inc., Class A | 2,910,578 | ||||||
18,817 | Monster Beverage Corp.* | 779,776 | ||||||
107,075 | PepsiCo, Inc. | 11,818,938 | ||||||
99,782 | Philip Morris International, Inc. | 10,911,162 | ||||||
148,168 | Procter & Gamble Co. (The) | 13,493,660 | ||||||
34,824 | Reynolds American, Inc. | 2,144,114 | ||||||
333,022 | Rite Aid Corp.* | 1,998,132 | ||||||
93,744 | Sysco Corp. | 4,942,184 | ||||||
117,154 | Tyson Foods, Inc., Class A | 7,329,154 | ||||||
73,975 | Walgreens Boots Alliance, Inc. | 6,389,960 | ||||||
172,123 | Wal-Mart Stores, Inc. | 12,208,684 | ||||||
9,412 | WhiteWave Foods Co. (The)* | 518,413 | ||||||
74,374 | Whole Foods Market, Inc. | 2,281,051 | ||||||
|
| |||||||
189,262,207 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 3.7% | ||||||||
10,343 | Anadarko Petroleum Corp. | $ | 668,675 | |||||
5,655 | Apache Corp. | 297,396 | ||||||
76,190 | Baker Hughes, Inc. | 4,592,733 | ||||||
74,223 | Chevron Corp. | 8,350,088 | ||||||
5,199 | EOG Resources, Inc. | 504,251 | ||||||
218,238 | Exxon Mobil Corp. | 17,747,114 | ||||||
24,010 | Halliburton Co. | 1,283,575 | ||||||
31,842 | Marathon Petroleum Corp. | 1,579,363 | ||||||
84,776 | National Oilwell Varco, Inc. | 3,426,646 | ||||||
14,153 | Occidental Petroleum Corp. | 927,729 | ||||||
25,734 | ONEOK, Inc. | 1,390,923 | ||||||
8,636 | Phillips 66 | 675,249 | ||||||
2,755 | Pioneer Natural Resources Co. | 512,347 | ||||||
22,919 | Schlumberger Ltd. | 1,841,771 | ||||||
50,375 | Tesoro Corp. | 4,291,446 | ||||||
109,114 | Valero Energy Corp. | 7,414,296 | ||||||
47,734 | Williams Cos., Inc. (The) | 1,352,782 | ||||||
|
| |||||||
56,856,384 | ||||||||
|
| |||||||
Financials – 11.5% | ||||||||
30,704 | Aflac, Inc. | 2,221,434 | ||||||
1,681 | Alleghany Corp.* | 1,085,590 | ||||||
42,026 | Allstate Corp. (The) | 3,452,856 | ||||||
204,194 | Ally Financial, Inc. | 4,592,323 | ||||||
50,658 | American Express Co. | 4,055,679 | ||||||
21,153 | American International Group, Inc. | 1,352,100 | ||||||
5,609 | Ameriprise Financial, Inc. | 737,584 | ||||||
194,797 | Annaly Capital Management, Inc. REIT | 2,162,247 | ||||||
25,492 | Aon PLC | 2,948,150 | ||||||
43,910 | Arthur J Gallagher & Co. | 2,500,675 | ||||||
473,458 | Bank of America Corp. | 11,684,943 | ||||||
33,677 | Bank of New York Mellon Corp. (The) | 1,587,534 | ||||||
49,309 | BB&T Corp. | 2,377,680 | ||||||
50,822 | Berkshire Hathaway, Inc., Class B* | 8,711,907 | ||||||
3,304 | BlackRock, Inc. | 1,280,168 | ||||||
57,242 | Capital One Financial Corp. | 5,372,734 | ||||||
39,759 | Charles Schwab Corp. (The) | 1,606,661 | ||||||
21,073 | Chubb Ltd. | 2,911,656 | ||||||
32,479 | Cincinnati Financial Corp. | 2,369,668 | ||||||
68,405 | CIT Group, Inc. | 2,934,575 | ||||||
159,531 | Citigroup, Inc. | 9,541,549 | ||||||
38,822 | Citizens Financial Group, Inc. | 1,450,778 | ||||||
21,405 | CME Group, Inc. | 2,599,851 | ||||||
20,345 | Comerica, Inc. | 1,450,192 | ||||||
28,182 | Discover Financial Services | 2,004,867 | ||||||
6,451 | Everest Re Group Ltd. | 1,516,888 | ||||||
109,981 | Fifth Third Bancorp | 3,017,879 | ||||||
11,601 | First Republic Bank | 1,088,522 | ||||||
8,564 | Franklin Resources, Inc. | 368,595 | ||||||
50,945 | Hartford Financial Services Group, Inc. (The) | 2,490,701 | ||||||
55,122 | Huntington Bancshares, Inc. | 779,425 | ||||||
20,132 | Intercontinental Exchange, Inc. | 1,150,141 | ||||||
225,712 | JPMorgan Chase & Co. | 20,454,021 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
75,519 | KeyCorp | 1,417,492 | ||||||
21,880 | Lincoln National Corp. | 1,535,101 | ||||||
27,821 | Loews Corp. | 1,307,031 | ||||||
8,834 | M&T Bank Corp. | 1,475,013 | ||||||
1,391 | Markel Corp.* | 1,362,804 | ||||||
57,221 | Marsh & McLennan Cos., Inc. | 4,204,599 | ||||||
52,793 | MetLife, Inc. | 2,768,465 | ||||||
6,148 | Moody’s Corp. | 684,703 | ||||||
92,370 | Morgan Stanley | 4,218,538 | ||||||
12,049 | Northern Trust Corp. | 1,052,480 | ||||||
17,352 | PNC Financial Services Group, Inc. (The) | 2,207,695 | ||||||
23,457 | Principal Financial Group, Inc. | 1,467,001 | ||||||
45,176 | Progressive Corp. (The) | 1,769,996 | ||||||
28,149 | Prudential Financial, Inc. | 3,111,590 | ||||||
91,176 | Regions Financial Corp. | 1,392,258 | ||||||
37,605 | S&P Global, Inc. | 4,868,719 | ||||||
9,197 | State Street Corp. | 733,093 | ||||||
13,066 | SunTrust Banks, Inc. | 777,296 | ||||||
11,164 | Synchrony Financial | 404,583 | ||||||
27,011 | T Rowe Price Group, Inc. | 1,923,453 | ||||||
21,159 | TD Ameritrade Holding Corp. | 827,317 | ||||||
33,321 | Travelers Cos., Inc. (The) | 4,073,159 | ||||||
26,826 | Unum Group | 1,309,914 | ||||||
56,916 | US Bancorp | 3,130,380 | ||||||
242,298 | Wells Fargo & Co. | 14,024,208 | ||||||
7,086 | Willis Towers Watson PLC | 910,055 | ||||||
|
| |||||||
176,816,516 | ||||||||
|
| |||||||
Health Care – 14.3% | ||||||||
66,681 | Abbott Laboratories | 3,005,979 | ||||||
80,400 | AbbVie, Inc. | 4,971,936 | ||||||
49,816 | Aetna, Inc. | 6,414,308 | ||||||
39,134 | Agilent Technologies, Inc. | 2,007,574 | ||||||
15,515 | Allergan PLC | 3,798,382 | ||||||
44,207 | Amgen, Inc. | 7,803,862 | ||||||
36,291 | Anthem, Inc. | 5,981,483 | ||||||
50,004 | Baxter International, Inc. | 2,546,204 | ||||||
13,254 | Becton Dickinson and Co. | 2,426,145 | ||||||
18,050 | Biogen, Inc.* | 5,209,230 | ||||||
9,025 | Bioverativ, Inc.* | 470,022 | ||||||
66,664 | Boston Scientific Corp.* | 1,636,601 | ||||||
93,018 | Bristol-Myers Squibb Co. | 5,275,051 | ||||||
36,244 | Cardinal Health, Inc. | 2,949,174 | ||||||
34,054 | Celgene Corp.* | 4,206,010 | ||||||
26,557 | Cerner Corp.* | 1,461,697 | ||||||
24,537 | Cigna Corp. | 3,653,559 | ||||||
5,260 | Cooper Cos., Inc. (The) | 1,047,476 | ||||||
13,568 | CR Bard, Inc. | 3,327,416 | ||||||
43,250 | Danaher Corp. | 3,700,038 | ||||||
35,370 | DaVita, Inc.* | 2,455,032 | ||||||
22,227 | DENTSPLY SIRONA, Inc. | 1,411,859 | ||||||
32,447 | Edwards Lifesciences Corp.* | 3,051,316 | ||||||
65,663 | Eli Lilly & Co. | 5,437,553 | ||||||
68,566 | Express Scripts Holding Co.* | 4,844,188 | ||||||
130,581 | Gilead Sciences, Inc. | 9,203,349 | ||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
9,249 | HCA Holdings, Inc.* | $ | 806,883 | |||||
22,745 | Henry Schein, Inc.* | 3,902,132 | ||||||
12,826 | Hologic, Inc.* | 520,479 | ||||||
11,633 | Humana, Inc. | 2,457,471 | ||||||
28,549 | IDEXX Laboratories, Inc.* | 4,137,892 | ||||||
10,693 | Illumina, Inc.* | 1,790,008 | ||||||
3,239 | Intuitive Surgical, Inc.* | 2,387,143 | ||||||
174,304 | Johnson & Johnson | 21,301,692 | ||||||
15,211 | Laboratory Corp. of America Holdings* | 2,163,917 | ||||||
144,163 | Mallinckrodt PLC* | 7,557,024 | ||||||
8,202 | McKesson Corp. | 1,231,366 | ||||||
37,578 | Medtronic PLC | 3,040,436 | ||||||
143,925 | Merck & Co., Inc. | 9,480,340 | ||||||
12,786 | Mettler-Toledo International, Inc.* | 6,088,949 | ||||||
126,449 | Mylan NV* | 5,291,891 | ||||||
6,794 | Perrigo Co. PLC | 507,987 | ||||||
388,616 | Pfizer, Inc. | 13,259,578 | ||||||
24,916 | Quest Diagnostics, Inc. | 2,427,815 | ||||||
19,298 | Quintiles IMS Holdings, Inc.* | 1,493,472 | ||||||
28,003 | ResMed, Inc. | 2,017,056 | ||||||
26,214 | Stryker Corp. | 3,370,072 | ||||||
29,544 | Thermo Fisher Scientific, Inc. | 4,658,498 | ||||||
70,647 | UnitedHealth Group, Inc. | 11,683,601 | ||||||
6,374 | Universal Health Services, Inc., Class B | 800,574 | ||||||
7,741 | Varex Imaging Corp.* | 269,542 | ||||||
21,065 | Varian Medical Systems, Inc.* | 1,767,143 | ||||||
15,071 | Vertex Pharmaceuticals, Inc.* | 1,365,734 | ||||||
10,308 | Waters Corp.* | 1,597,637 | ||||||
6,516 | Zimmer Biomet Holdings, Inc. | 762,893 | ||||||
62,690 | Zoetis, Inc. | 3,342,004 | ||||||
|
| |||||||
219,776,673 | ||||||||
|
| |||||||
Industrials – 10.5% | ||||||||
45,280 | 3M Co. | 8,437,928 | ||||||
8,639 | Acuity Brands, Inc. | 1,825,421 | ||||||
14,312 | Alaska Air Group, Inc. | 1,400,000 | ||||||
11,629 | AMETEK, Inc. | 627,617 | ||||||
13,903 | Arconic, Inc. | 400,267 | ||||||
25,423 | Boeing Co. (The) | 4,581,987 | ||||||
31,021 | Caterpillar, Inc. | 2,998,490 | ||||||
61,242 | CH Robinson Worldwide, Inc. | 4,922,019 | ||||||
30,449 | Cintas Corp. | 3,593,286 | ||||||
36,996 | CSX Corp. | 1,796,526 | ||||||
9,060 | Cummins, Inc. | 1,345,319 | ||||||
6,127 | Deere & Co. | 670,845 | ||||||
99,293 | Delta Air Lines, Inc. | 4,957,699 | ||||||
14,986 | Dover Corp. | 1,200,379 | ||||||
28,659 | Eaton Corp. PLC | 2,062,875 | ||||||
54,336 | Emerson Electric Co. | 3,265,594 | ||||||
8,724 | Equifax, Inc. | 1,143,804 | ||||||
19,215 | Expeditors International of Washington, Inc. | 1,083,342 | ||||||
83,734 | Fastenal Co. | 4,189,212 | ||||||
9,422 | FedEx Corp. | 1,818,258 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
22,660 | Fortive Corp. | 1,306,349 | ||||||
18,054 | Fortune Brands Home & Security, Inc. | 1,044,063 | ||||||
13,759 | General Dynamics Corp. | 2,611,596 | ||||||
410,277 | General Electric Co. | 12,230,357 | ||||||
27,551 | Honeywell International, Inc. | 3,430,099 | ||||||
26,098 | Illinois Tool Works, Inc. | 3,445,197 | ||||||
34,848 | Ingersoll-Rand PLC | 2,765,537 | ||||||
9,185 | JB Hunt Transport Services, Inc. | 901,691 | ||||||
34,706 | Johnson Controls International PLC | 1,455,570 | ||||||
48,021 | L3 Technologies, Inc. | 8,082,895 | ||||||
15,999 | Lockheed Martin Corp. | 4,265,013 | ||||||
37,378 | Masco Corp. | 1,262,629 | ||||||
26,333 | Nielsen Holdings PLC | 1,168,132 | ||||||
11,617 | Norfolk Southern Corp. | 1,406,005 | ||||||
19,311 | Northrop Grumman Corp. | 4,771,555 | ||||||
7,147 | PACCAR, Inc. | 477,491 | ||||||
13,227 | Parker-Hannifin Corp. | 2,048,069 | ||||||
24,356 | Raytheon Co. | 3,754,477 | ||||||
67,177 | Republic Services, Inc. | 4,161,615 | ||||||
15,604 | Rockwell Automation, Inc. | 2,357,764 | ||||||
11,298 | Rockwell Collins, Inc. | 1,079,976 | ||||||
10,729 | Roper Technologies, Inc. | 2,244,507 | ||||||
15,813 | Snap-on, Inc. | 2,682,992 | ||||||
48,367 | Southwest Airlines Co. | 2,795,613 | ||||||
18,209 | Stanley Black & Decker, Inc. | 2,315,274 | ||||||
58,629 | Textron, Inc. | 2,773,152 | ||||||
4,945 | TransDigm Group, Inc. | 1,257,019 | ||||||
31,959 | Union Pacific Corp. | 3,449,654 | ||||||
110,923 | United Continental Holdings, Inc.* | 8,218,285 | ||||||
35,533 | United Parcel Service, Inc., Class B | 3,757,970 | ||||||
27,958 | United Technologies Corp. | 3,146,673 | ||||||
15,392 | Verisk Analytics, Inc.* | 1,276,305 | ||||||
4,227 | Wabtec Corp. | 338,667 | ||||||
54,799 | Waste Management, Inc. | 4,017,863 | ||||||
16,585 | WW Grainger, Inc. | 4,112,417 | ||||||
44,431 | Xylem, Inc./NY | 2,138,020 | ||||||
|
| |||||||
160,871,359 | ||||||||
|
| |||||||
Information Technology – 21.1% | ||||||||
63,627 | Accenture PLC, Class A | 7,794,308 | ||||||
47,430 | Activision Blizzard, Inc. | 2,140,516 | ||||||
30,778 | Adobe Systems, Inc.* | 3,642,269 | ||||||
14,649 | Akamai Technologies, Inc.* | 917,027 | ||||||
6,003 | Alliance Data Systems Corp. | 1,458,609 | ||||||
16,873 | Alphabet, Inc., Class A* | 14,256,504 | ||||||
16,698 | Alphabet, Inc., Class C* | 13,745,961 | ||||||
59,044 | Amdocs Ltd. | 3,581,019 | ||||||
41,342 | Amphenol Corp., Class A | 2,861,280 | ||||||
21,174 | Analog Devices, Inc. | 1,734,786 | ||||||
18,289 | ANSYS, Inc.* | 1,952,534 | ||||||
327,882 | Apple, Inc. | 44,916,555 | ||||||
67,754 | Applied Materials, Inc. | 2,454,050 | ||||||
24,430 | Autodesk, Inc.* | 2,108,309 | ||||||
24,410 | Automatic Data Processing, Inc. | 2,504,954 | ||||||
54,803 | CA, Inc. | 1,768,493 | ||||||
21,283 | CDK Global, Inc. | 1,413,830 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
243,666 | Cisco Systems, Inc. | $ | 8,328,504 | |||||
42,602 | Citrix Systems, Inc.* | 3,363,428 | ||||||
34,156 | Cognizant Technology Solutions Corp., Class A* | 2,024,426 | ||||||
135,814 | Conduent, Inc.* | 2,185,247 | ||||||
89,128 | Corning, Inc. | 2,460,824 | ||||||
152,170 | eBay, Inc.* | 5,158,563 | ||||||
51,833 | Electronic Arts, Inc.* | 4,483,554 | ||||||
17,369 | F5 Networks, Inc.* | 2,488,457 | ||||||
115,278 | Facebook, Inc., Class A* | 15,624,780 | ||||||
36,781 | Fidelity National Information Services, Inc. | 3,025,973 | ||||||
30,148 | Fiserv, Inc.* | 3,479,079 | ||||||
2,212 | FleetCor Technologies, Inc.* | 376,040 | ||||||
3,978 | Global Payments, Inc. | 317,007 | ||||||
20,654 | Harris Corp. | 2,269,875 | ||||||
70,032 | Hewlett Packard Enterprise Co. | 1,598,130 | ||||||
200,860 | HP, Inc. | 3,488,938 | ||||||
331,946 | Intel Corp. | 12,016,445 | ||||||
63,438 | International Business Machines Corp. | 11,407,421 | ||||||
55,925 | Intuit, Inc. | 7,015,232 | ||||||
35,460 | Juniper Networks, Inc. | 992,880 | ||||||
19,412 | KLA-Tencor Corp. | 1,749,409 | ||||||
21,218 | Lam Research Corp. | 2,515,182 | ||||||
67,587 | Linear Technology Corp. | 4,364,768 | ||||||
7,463 | LogMeIn, Inc. | 684,730 | ||||||
48,986 | Mastercard, Inc., Class A | 5,410,994 | ||||||
20,285 | Maxim Integrated Products, Inc. | 898,625 | ||||||
21,914 | Microchip Technology, Inc. | 1,589,203 | ||||||
26,020 | Micron Technology, Inc.* | 609,909 | ||||||
494,133 | Microsoft Corp. | 31,614,629 | ||||||
22,591 | Motorola Solutions, Inc. | 1,784,011 | ||||||
77,621 | NetApp, Inc. | 3,246,886 | ||||||
37,209 | NVIDIA Corp. | 3,775,969 | ||||||
174,183 | Oracle Corp. | 7,418,454 | ||||||
8,562 | Palo Alto Networks, Inc.* | 1,300,568 | ||||||
56,665 | Paychex, Inc. | 3,480,364 | ||||||
46,909 | PayPal Holdings, Inc.* | 1,970,178 | ||||||
61,368 | QUALCOMM, Inc. | 3,466,065 | ||||||
25,260 | Red Hat, Inc.* | 2,091,781 | ||||||
32,276 | salesforce.com, Inc.* | 2,625,653 | ||||||
60,759 | Seagate Technology PLC | 2,927,976 | ||||||
12,406 | ServiceNow, Inc.* | 1,078,330 | ||||||
33,449 | Skyworks Solutions, Inc. | 3,171,300 | ||||||
90,397 | Symantec Corp. | 2,582,642 | ||||||
40,013 | Synopsys, Inc.* | 2,858,529 | ||||||
97,844 | Texas Instruments, Inc. | 7,496,807 | ||||||
34,940 | Total System Services, Inc. | 1,903,531 | ||||||
22,981 | Vantiv, Inc., Class A* | 1,502,498 | ||||||
20,484 | VeriSign, Inc.*(a) | 1,689,315 | ||||||
62,294 | Visa, Inc., Class A | 5,478,134 | ||||||
41,192 | Western Digital Corp. | 3,166,841 | ||||||
114,505 | Western Union Co. (The)(a) | 2,248,878 | ||||||
768,670 | Xerox Corp. | 5,718,905 | ||||||
11,151 | Xilinx, Inc. | 655,902 | ||||||
10,761 | Yahoo!, Inc.* | 491,347 | ||||||
|
| |||||||
324,924,120 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – 2.8% | ||||||||
5,786 | Air Products & Chemicals, Inc. | 812,759 | ||||||
16,545 | Albemarle Corp. | 1,679,483 | ||||||
7,771 | Ashland Global Holdings, Inc. | 937,649 | ||||||
6,946 | Ball Corp. | 510,739 | ||||||
53,634 | Dow Chemical Co. (The) | 3,339,253 | ||||||
47,525 | Eastman Chemical Co. | 3,813,881 | ||||||
11,984 | Ecolab, Inc. | 1,485,656 | ||||||
36,112 | EI du Pont de Nemours & Co. | 2,836,237 | ||||||
49,834 | Freeport-McMoRan, Inc.* | 667,776 | ||||||
11,292 | International Flavors & Fragrances, Inc. | 1,419,404 | ||||||
32,898 | International Paper Co. | 1,733,725 | ||||||
6,322 | LyondellBasell Industries NV, Class A | 576,819 | ||||||
5,208 | Martin Marietta Materials, Inc. | 1,124,668 | ||||||
20,211 | Monsanto Co. | 2,300,618 | ||||||
54,552 | Newmont Mining Corp. | 1,867,860 | ||||||
54,494 | Nucor Corp. | 3,409,690 | ||||||
14,186 | Packaging Corp. of America | 1,311,212 | ||||||
12,968 | PPG Industries, Inc. | 1,328,312 | ||||||
10,337 | Praxair, Inc. | 1,227,105 | ||||||
23,770 | Sealed Air Corp. | 1,104,830 | ||||||
17,604 | Sherwin-Williams Co. (The) | 5,431,538 | ||||||
8,695 | Valspar Corp. (The) | 967,058 | ||||||
9,426 | Vulcan Materials Co. | 1,136,870 | ||||||
38,021 | WestRock Co. | 2,042,488 | ||||||
|
| |||||||
43,065,630 | ||||||||
|
| |||||||
Real Estate – 2.8% | ||||||||
13,958 | Alexandria Real Estate Equities, Inc. REIT | 1,665,329 | ||||||
22,034 | American Tower Corp. REIT | 2,529,283 | ||||||
7,309 | AvalonBay Communities, Inc. REIT | 1,343,248 | ||||||
8,042 | Boston Properties, Inc. REIT | 1,118,079 | ||||||
47,141 | Brixmor Property Group, Inc. REIT | 1,100,271 | ||||||
68,521 | CBRE Group, Inc., Class A* | 2,440,718 | ||||||
14,451 | Crown Castle International Corp. REIT | 1,351,602 | ||||||
23,996 | Digital Realty Trust, Inc. REIT | 2,591,568 | ||||||
73,471 | Duke Realty Corp. REIT | 1,883,796 | ||||||
3,750 | Equinix, Inc. REIT | 1,410,262 | ||||||
15,762 | Equity Residential REIT | 994,109 | ||||||
5,951 | Essex Property Trust, Inc. REIT | 1,396,700 | ||||||
5,345 | Extra Space Storage, Inc. REIT | 423,271 | ||||||
8,081 | Federal Realty Investment Trust REIT | 1,137,239 | ||||||
36,523 | GGP, Inc. REIT | 907,962 | ||||||
139,117 | Host Hotels & Resorts, Inc. REIT | 2,502,715 | ||||||
19,351 | Iron Mountain, Inc. REIT | 703,409 | ||||||
36,506 | Kimco Realty Corp. REIT | 885,271 | ||||||
12,524 | Macerich Co. (The) REIT | 843,867 | ||||||
13,626 | Park Hotels & Resorts, Inc. REIT | 348,008 | ||||||
57,200 | Prologis, Inc. REIT | 2,920,060 | ||||||
4,736 | Public Storage REIT | 1,077,251 | ||||||
12,211 | Realty Income Corp. REIT | 748,290 | ||||||
6,982 | SBA Communications Corp. REIT* | 808,306 | ||||||
8,253 | Simon Property Group, Inc. REIT | 1,521,853 | ||||||
7,190 | SL Green Realty Corp. REIT | 810,169 | ||||||
|
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
20,918 | UDR, Inc. REIT | $ | 763,507 | |||||
27,755 | Ventas, Inc. REIT | 1,805,463 | ||||||
182,769 | VEREIT, Inc. REIT | 1,657,715 | ||||||
9,189 | Vornado Realty Trust REIT | 1,009,595 | ||||||
32,316 | Welltower, Inc. REIT | 2,274,400 | ||||||
15,243 | Weyerhaeuser Co. REIT | 513,994 | ||||||
|
| |||||||
43,487,310 | ||||||||
|
| |||||||
Telecommunication Services – 2.2% | ||||||||
338,394 | AT&T, Inc. | 14,141,485 | ||||||
181,583 | CenturyLink, Inc.(a) | 4,405,204 | ||||||
8,521 | Level 3 Communications, Inc.* | 487,827 | ||||||
39,804 | T-Mobile US, Inc.* | 2,488,944 | ||||||
242,434 | Verizon Communications, Inc. | 12,032,000 | ||||||
|
| |||||||
33,555,460 | ||||||||
|
| |||||||
Utilities – 4.3% | ||||||||
88,827 | AES Corp. | 1,023,287 | ||||||
47,394 | Alliant Energy Corp. | 1,871,115 | ||||||
42,622 | Ameren Corp. | 2,330,997 | ||||||
36,721 | American Electric Power Co., Inc. | 2,459,205 | ||||||
25,662 | American Water Works Co., Inc. | 2,001,636 | ||||||
68,214 | CenterPoint Energy, Inc. | 1,863,607 | ||||||
54,016 | CMS Energy Corp. | 2,404,792 | ||||||
32,857 | Consolidated Edison, Inc. | 2,531,303 | ||||||
32,552 | Dominion Resources, Inc. | 2,527,337 | ||||||
24,172 | DTE Energy Co. | 2,450,557 | ||||||
36,550 | Duke Energy Corp. | 3,017,203 | ||||||
36,322 | Edison International | 2,896,316 | ||||||
36,325 | Entergy Corp. | 2,784,675 | ||||||
34,233 | Eversource Energy | 2,008,108 | ||||||
64,306 | Exelon Corp. | 2,360,673 | ||||||
115,908 | FirstEnergy Corp. | 3,758,897 | ||||||
37,169 | NextEra Energy, Inc. | 4,869,139 | ||||||
39,204 | PG&E Corp. | 2,616,867 | ||||||
27,174 | Pinnacle West Capital Corp. | 2,233,431 | ||||||
45,467 | PPL Corp. | 1,676,823 | ||||||
31,513 | Public Service Enterprise Group, Inc. | 1,448,968 | ||||||
29,963 | SCANA Corp. | 2,077,934 | ||||||
14,675 | Sempra Energy | 1,618,506 | ||||||
63,666 | Southern Co. (The) | 3,235,506 | ||||||
40,506 | WEC Energy Group, Inc. | 2,441,297 | ||||||
38,635 | Westar Energy, Inc. | 2,085,517 | ||||||
61,033 | Xcel Energy, Inc. | 2,667,752 | ||||||
|
| |||||||
65,261,448 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| ||||||
(Cost $1,392,899,755) | $ | 1,534,110,090 | ||||||
|
| |||||||
Securities Lending Reinvestment Vehicle – 0.2%(b)(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
3,070,133 | 0.47% | $ | 3,070,133 | |||||
(Cost $3,070,133) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $1,395,969,888) | $ | 1,537,180,223 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 513,120 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 1,537,693,343 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. | |
(c) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on February 28, 2017. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
February 28, 2017 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ||||||
Assets: | ||||||
Investments at value (cost $837,510,339, $28,926,895, $333,379,929, $30,697,961, $1,392,899,755)(a) | $ | 985,900,007 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 24,754,085 | |||||
Cash | 362,970 | |||||
Foreign currency, at value (cost $171,166, $25, $34,297, $3,162 and $—, respectively) | 169,263 | |||||
Collateral for securities on loan | 2,309,293 | |||||
Receivables: | ||||||
Investments sold | 53,024,284 | |||||
Dividends | 3,109,363 | |||||
Foreign tax reclaims | 18,185 | |||||
Securities lending income | 17,121 | |||||
Reimbursement from advisor | 144,960 | |||||
Other assets | 78,305 | |||||
Total assets | 1,069,887,836 | |||||
Liabilities: | ||||||
Payables: | ||||||
Investments purchased | 45,734,503 | |||||
Payable upon return of securities loaned | 27,063,378 | |||||
Management fees | 303,891 | |||||
Foreign capital gains tax | 289,352 | |||||
Trustee fees | 10,014 | |||||
Accrued expenses | 38,255 | |||||
Total liabilities | 73,439,393 | |||||
Net Assets: | ||||||
Paid-in capital | 868,372,977 | |||||
Undistributed (distributions in excess of) net investment income | 67,066 | |||||
Accumulated net realized loss | (20,248,994 | ) | ||||
Net unrealized gain | 148,257,394 | |||||
NET ASSETS | $ | 996,448,443 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares Outstanding no par value (unlimited shares authorized): | 34,200,000 | |||||
Net asset value per share: | $29.14 | |||||
(a) Includes loaned securities having a market value: | $ | 22,645,766 |
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | |||||||||||||||||||
$ | 30,593,011 | $ | 354,891,893 | $ | 34,404,227 | $ | 1,534,110,090 | |||||||||||||||
173,046 | 3,875,683 | 301,629 | 3,070,133 | |||||||||||||||||||
41,947 | 272,756 | 25,930 | 1,362,408 | |||||||||||||||||||
25 | 34,327 | 3,162 | — | |||||||||||||||||||
— | 1,395,004 | 405,100 | 3,546,678 | |||||||||||||||||||
1,321,582 | 15,974,459 | 1,517,875 | 1,327,870 | |||||||||||||||||||
51,363 | 660,457 | 64,706 | 2,978,044 | |||||||||||||||||||
20,811 | 68,552 | 6,706 | — | |||||||||||||||||||
422 | 7,255 | 443 | 6,088 | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
32,202,207 | 377,180,386 | 36,729,778 | 1,546,401,311 | |||||||||||||||||||
1,372,778 | 15,998,624 | 1,523,427 | 1,986,913 | |||||||||||||||||||
173,046 | 5,270,687 | 706,729 | 6,616,811 | |||||||||||||||||||
| 5,842 | | | 67,456 | | | 6,550 | | | 104,244 | | |||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
1,551,666 | 21,336,767 | 2,236,706 | 8,707,968 | |||||||||||||||||||
29,065,781 | 338,129,171 | 30,940,606 | 1,398,232,818 | |||||||||||||||||||
61,652 | 531,395 | (99,339 | ) | 4,409,491 | ||||||||||||||||||
(141,058 | ) | (4,327,333 | ) | (56,380 | ) | (6,159,301 | ) | |||||||||||||||
1,664,166 | 21,510,386 | 3,708,185 | 141,210,335 | |||||||||||||||||||
$ | 30,650,541 | $ | 355,843,619 | $ | 34,493,072 | $ | 1,537,693,343 | |||||||||||||||
1,150,000 | 14,000,000 | 1,200,000 | 32,702,500 | |||||||||||||||||||
$ | 26.65 | $ | 25.42 | $ | 28.74 | $ | 47.02 | |||||||||||||||
$ | 128,676 | $ | 4,659,874 | $ | 649,675 | $ | 6,313,141 |
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the six months ended February 28, 2017 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ||||||
Investment income: | ||||||
Dividends (net of foreign withholding taxes of $908,798, $15,516, $209,255, $35,481 and $1,492, respectively) | $ | 6,862,025 | ||||
Securities lending income | 45,784 | |||||
Total investment income | 6,907,809 | |||||
Expenses: | ||||||
Management fees | 1,802,869 | |||||
Custody, accounting and administrative services | 327,407 | |||||
Professional fees | 84,354 | |||||
Registration fees | 50,325 | |||||
Amortization of offering costs | 34,948 | |||||
Trustee fees | 25,896 | |||||
Printing and mailing cost | 16,812 | |||||
Other | 55,625 | |||||
Total expenses | 2,398,236 | |||||
Less — expense reductions | (370,469 | ) | ||||
Net expenses | 2,027,767 | |||||
NET INVESTMENT INCOME | 4,880,042 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments | (5,129,503 | ) | ||||
In-kind redemptions | — | |||||
Foreign currency transactions | (165,177 | ) | ||||
Net change in unrealized gain (loss) on: | ||||||
Investments (including the effects of the foreign capital gains tax liability of $259,560, $—, $—, $— and $—, respectively) | 48,749,582 | |||||
Foreign currency translations | 139,594 | |||||
Net realized and unrealized gain | 43,594,496 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 48,474,538 |
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | |||||||||||||||||||
$ | 245,755 | $ | 2,814,856 | $ | 320,026 | $ | 13,407,084 | |||||||||||||||
729 | 14,351 | 1,182 | 28,970 | |||||||||||||||||||
246,484 | 2,829,207 | 321,208 | 13,436,054 | |||||||||||||||||||
24,259 | 372,420 | 26,545 | 550,278 | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
15,071 | 17,040 | 15,064 | 30,056 | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
39,330 | 389,460 | 41,609 | 580,334 | |||||||||||||||||||
— | — | — | — | |||||||||||||||||||
39,330 | 389,460 | 41,609 | 580,334 | |||||||||||||||||||
207,154 | 2,439,747 | 279,599 | 12,855,720 | |||||||||||||||||||
(94,124 | ) | (2,834,078 | ) | (14,432 | ) | (8,940,549 | ) | |||||||||||||||
91,062 | — | — | 6,347,478 | |||||||||||||||||||
(9,040 | ) | (83,739 | ) | (31,184 | ) | — | ||||||||||||||||
547,683 | 14,078,151 | 1,907,970 | 102,051,939 | |||||||||||||||||||
(370 | ) | 2,826 | 2,163 | — | ||||||||||||||||||
535,211 | 11,163,160 | 1,864,517 | 99,458,868 | |||||||||||||||||||
$ | 742,365 | $ | 13,602,907 | $ | 2,144,116 | $ | 112,314,588 |
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ||||||||||
Six Months Ended February 28, 2017 (Unaudited) | For the period September 25, 2015(1) through August 31, 2016 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 4,880,042 | $ | 12,789,859 | ||||||
Net realized gain (loss) | (5,294,680 | ) | (15,054,297 | ) | ||||||
Net change in unrealized gain (loss) | 48,889,176 | 99,368,218 | ||||||||
Net increase in net assets resulting from operations | 48,474,538 | 97,103,780 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income | (10,361,928 | ) | (7,161,211 | ) | ||||||
Total distributions to shareholders | (10,361,928 | ) | (7,161,211 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 94,947,772 | 773,445,492 | ||||||||
Cost of shares redeemed | — | — | ||||||||
Net increase (decrease) in net assets resulting from share transactions | 94,947,772 | 773,445,492 | ||||||||
TOTAL INCREASE (DECREASE) | 133,060,382 | 863,388,061 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 863,388,061 | $ | — | ||||||
End of period | $ | 996,448,443 | $ | 863,388,061 | ||||||
Undistributed (distributions in excess of) net investment income | $ | 67,066 | $ | 5,548,952 |
(1) | Commencement of operations |
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2017 (Unaudited) | For the period March 2, 2016(1) through August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | For the period November 6, 2015(1) through August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | For the period March 2, 2016(1) through August 31, 2016 | Six Months Ended February 28, 2017 (Unaudited) | For the period September 17, 2015(1) through August 31, 2016 | |||||||||||||||||||||||||||||||||||||||
$ | 207,154 | $ | 758,202 | $ | 2,439,747 | $ | 2,853,601 | $ | 279,599 | $ | 285,470 | $ | 12,855,720 | $ | 8,449,262 | |||||||||||||||||||||||||||||||
(12,102 | ) | (137,683 | ) | (2,917,817 | ) | (1,407,997 | ) | (45,616 | ) | 6,953 | (2,593,071 | ) | 462,725 | |||||||||||||||||||||||||||||||||
547,313 | 1,116,853 | 14,080,977 | 7,429,409 | 1,910,133 | 1,798,052 | 102,051,939 | 39,158,396 | |||||||||||||||||||||||||||||||||||||||
742,365 | 1,737,372 | 13,602,907 | 8,875,013 | 2,144,116 | 2,090,475 | 112,314,588 | 48,070,383 | |||||||||||||||||||||||||||||||||||||||
(272,367 | ) | (624,546 | ) | (2,771,785 | ) | (1,996,958 | ) | (448,392 | ) | (235,644 | ) | (11,758,321 | ) | (5,154,092 | ) | |||||||||||||||||||||||||||||||
(272,367 | ) | (624,546 | ) | (2,771,785 | ) | (1,996,958 | ) | (448,392 | ) | (235,644 | ) | (11,758,321 | ) | (5,154,092 | ) | |||||||||||||||||||||||||||||||
— | 32,846,660 | 61,255,247 | 276,879,195 | — | 30,942,517 | 318,691,542 | 1,168,663,742 | |||||||||||||||||||||||||||||||||||||||
(3,778,943 | ) | — | — | — | — | — | (38,760,547 | ) | (54,473,952 | ) | ||||||||||||||||||||||||||||||||||||
(3,778,943 | ) | 32,846,660 | 61,255,247 | 276,879,195 | — | 30,942,517 | 279,930,995 | 1,114,189,790 | ||||||||||||||||||||||||||||||||||||||
(3,308,945 | ) | 33,959,486 | 72,086,369 | 283,757,250 | 1,695,724 | 32,797,348 | 380,487,262 | 1,157,106,081 | ||||||||||||||||||||||||||||||||||||||
$ | 33,959,486 | $ | — | $ | 283,757,250 | $ | — | $ | 32,797,348 | $ | — | $ | 1,157,206,081 | $ | 100,000 | |||||||||||||||||||||||||||||||
$ | 30,650,541 | $ | 33,959,486 | $ | 355,843,619 | $ | 283,757,250 | $ | 34,493,072 | $ | 32,797,348 | $ | 1,537,693,343 | $ | 1,157,206,081 | |||||||||||||||||||||||||||||||
$ | 61,652 | $ | 126,865 | $ | 531,395 | $ | 863,433 | $ | (99,339 | ) | $ | 69,454 | $ | 4,409,491 | $ | 3,312,092 |
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® Emerging Markets Equity ETF | ||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the period September 25, 2015* through August 31, 2016 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 28.03 | $ | 25.00 | ||||||
Net investment income(a) | 0.15 | 0.60 | ||||||||
Net realized and unrealized gain | 1.28 | 2.70 | ||||||||
Total gain from investment operations | 1.43 | 3.30 | ||||||||
Distributions to shareholders from net investment income | (0.32 | ) | (0.27 | ) | ||||||
Net asset value, end of period | $ | 29.14 | $ | 28.03 | ||||||
Market price, end of period | $ | 29.04 | $ | 28.01 | ||||||
Total Return at Net Asset Value(b) | 5.18 | % | 13.29 | % | ||||||
Net assets, end of period (in 000’s) | $ | 996,448 | $ | 863,388 | ||||||
Ratio of net expenses to average net assets(c) | 0.45 | % | 0.45 | % | ||||||
Ratio of total expenses to average net assets(c) | 0.53 | % | 0.58 | % | ||||||
Ratio of net investment income to average net assets(c) | 1.08 | % | 2.52 | % | ||||||
Portfolio turnover rate(d) | 14 | % | 44 | % |
* | Commencement of operations |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® Europe Equity ETF | ||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the period March 2, 2016* through August 31, 2016 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 26.12 | $ | 25.03 | ||||||
Net investment income(a) | 0.17 | 0.60 | ||||||||
Net realized and unrealized gain | 0.58 | 0.97 | ||||||||
Total gain from investment operations | 0.75 | 1.57 | ||||||||
Distributions to shareholders from net investment income | (0.22 | ) | (0.48 | ) | ||||||
Net asset value, end of period | $ | 26.65 | $ | 26.12 | ||||||
Market price, end of period | $ | 26.62 | $ | 26.20 | ||||||
Total Return at Net Asset Value(b) | 2.91 | % | 6.23 | % | ||||||
Net assets, end of period (in 000’s) | $ | 30,651 | $ | 33,959 | ||||||
Ratio of net expenses to average net assets(c) | 0.25 | % | 0.25 | % | ||||||
Ratio of total expenses to average net assets(c) | 0.25 | % | 0.71 | % | ||||||
Ratio of net investment income to average net assets(c) | 1.32 | % | 4.61 | % | ||||||
Portfolio turnover rate(d) | 10 | % | 14 | % |
* | Commencement of operations |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® International Equity ETF | ||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the period November 6, 2015* through August 31, 2016 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 24.67 | $ | 24.78 | ||||||
Net investment income(a) | 0.19 | 0.59 | ||||||||
Net realized and unrealized gain (loss) | 0.78 | (0.37 | ) | |||||||
Total gain from investment operations | 0.97 | 0.22 | ||||||||
Distributions to shareholders from net investment income | (0.22 | ) | (0.33 | ) | ||||||
Net asset value, end of period | $ | 25.42 | $ | 24.67 | ||||||
Market price, end of period | $ | 25.43 | $ | 24.78 | ||||||
Total Return at Net Asset Value(b) | 3.98 | % | 0.90 | % | ||||||
Net assets, end of period (in 000’s) | $ | 355,844 | $ | 283,757 | ||||||
Ratio of net expenses to average net assets(c) | 0.25 | % | 0.27 | % | ||||||
Ratio of total expenses to average net assets(c) | 0.25 | % | 0.62 | % | ||||||
Ratio of net investment income to average net assets(c) | 1.57 | % | 3.02 | % | ||||||
Portfolio turnover rate(d) | 11 | % | 23 | % |
* | Commencement of operations |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® Japan Equity ETF | ||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the period March 2, 2016* to August 31, 2016 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 27.33 | $ | 25.69 | ||||||
Net investment income(a) | 0.23 | 0.24 | ||||||||
Net realized and unrealized gain | 1.55 | 1.60 | ||||||||
Total gain from investment operations | 1.78 | 1.84 | ||||||||
Distributions to shareholders from net investment income | (0.37 | ) | (0.20 | ) | ||||||
Net asset value, end of period | $ | 28.74 | $ | 27.33 | ||||||
Market price, end of period | $ | 28.68 | $ | 27.44 | ||||||
Total Return at Net Asset Value(b) | 6.58 | % | 7.17 | % | ||||||
Net assets, end of period (in 000’s) | $ | 34,493 | $ | 32,797 | ||||||
Ratio of net expenses to average net assets(c) | 0.25 | % | 0.25 | % | ||||||
Ratio of total expenses to average net assets(c) | 0.25 | % | 0.73 | % | ||||||
Ratio of net investment income to average net assets(c) | 1.68 | % | 1.81 | % | ||||||
Portfolio turnover rate(d) | 15 | % | 10 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||
For the Six Months Ended February 28, 2017 (Unaudited) | For the period September 17, 2015* to August 31, 2016 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 43.83 | $ | 40.70 | ||||||
Net investment income(a) | 0.44 | 0.85 | ||||||||
Net realized and unrealized gain | 3.15 | 2.78 | ||||||||
Total gain from investment operations | 3.59 | 3.63 | ||||||||
Distributions to shareholders from net investment income | (0.40 | ) | (0.50 | ) | ||||||
Net asset value, end of period | $ | 47.02 | $ | 43.83 | ||||||
Market price, end of period | $ | 47.01 | $ | 43.82 | ||||||
Total Return at Net Asset Value(b) | 8.26 | % | 8.97 | % | ||||||
Net assets, end of period (in 000’s) | $ | 1,537,693 | $ | 1,157,206 | ||||||
Ratio of net expenses to average net assets(c) | 0.09 | % | 0.09 | % | ||||||
Ratio of total expenses to average net assets(c) | 0.09 | % | 0.19 | % | ||||||
Ratio of net investment income to average net assets(c) | 1.99 | % | 2.11 | % | ||||||
Portfolio turnover rate(d) | 10 | % | 18 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements
February 28, 2017 (Unaudited)
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”) | Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co., serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement”) with the Trust. Each Fund is an exchange-traded fund (“ETF”). Shares of the Funds are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Funds’ shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF and the ActiveBeta® U.S. Large Cap Equity ETF. The ActiveBeta® Emerging Markets Equity ETF issues and redeems Creation Units partially for cash and partially in-kind. Shares generally trade in the secondary market in quantities less than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Funds.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
B. Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes less any amounts reclaimable, and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Offering Costs — Offering costs paid in connection with the offering of shares of the ActiveBeta® Emerging Markets Equity ETF were amortized on a straight-line basis over 12 months from the date of commencement of operations.
E. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
F. Foreign Currency Translation — The accounting records and reporting currency of the Funds are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
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GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Funds’ policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. These investments are generally classified as Level 2 of the fair value hierarchy.
Exchange Traded Funds — Investments in ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.
Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share Class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
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Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Funds’ investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At February 28, 2017 the Funds did not hold level 3 securities.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2017:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 63,771,165 | $ | 4,275,254 | $ | — | ||||||
Asia | 626,521,170 | 23,672,100 | — | |||||||||
Europe | 20,924,375 | — | — | |||||||||
North America | 130,797,222 | — | — | |||||||||
South America | 83,381,696 | 32,557,025 | — | |||||||||
Securities Lending Reinvestment Vehicle | 24,754,085 | — | — | |||||||||
Total | $ | 950,149,713 | $ | 60,504,379 | $ | — | ||||||
ACTIVEBETA® EUROPE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 116,762 | $ | — | $ | — | ||||||
Europe | 29,941,303 | 186,089 | — | |||||||||
North America | 262,750 | — | — | |||||||||
Oceania | 79,600 | — | — | |||||||||
South America | 6,507 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 173,046 | — | — | |||||||||
Total | $ | 30,579,968 | $ | 186,089 | $ | — |
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 729,721 | $ | — | $ | — | ||||||
Asia | 96,495,495 | — | — | |||||||||
Europe | 196,659,598 | 1,438,433 | — | |||||||||
North America | 35,672,402 | — | — | |||||||||
Oceania | 23,896,244 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 3,875,683 | — | — | |||||||||
Total | $ | 357,329,143 | $ | 1,438,433 | $ | — | ||||||
ACTIVEBETA® JAPAN EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 34,404,227 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 301,629 | — | — | |||||||||
Total | $ | 34,705,856 | $ | — | $ | — | ||||||
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
North America | $ | 1,534,110,090 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 3,070,133 | — | — | |||||||||
Total | $ | 1,537,180,223 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in the table. |
For further information regarding security characteristics, see the Schedules of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Funds’ average daily net assets.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For each Fund except the ActiveBeta® Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.
For the six months ended February 28, 2017, unitary management fees with GSAM were at the following rates for all Funds except the ActiveBeta® Emerging Markets Equity ETF:
Fund | Unitary Management Fee | |||||||||
ActiveBeta® Europe Equity ETF | 0.25 | % | ||||||||
ActiveBeta® International Equity ETF | 0.25 | % | ||||||||
ActiveBeta® Japan Equity ETF | 0.25 | % | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09 | % |
For the six months ended February 28, 2017, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta® Emerging Markets Equity ETF:
Fund | Contractual and Effective Net Management Fee | |||||||||
ActiveBeta® Emerging Markets Equity ETF | 0.40 | % |
B. Distribution and Service (12b-1) Plans — The Trust, on behalf of the Funds, has adopted a Distribution and Service Plan (the “Plan”), pursuant to Rule 12b-1 under the Act. Under the Plan, the Funds are authorized to pay distribution fees in connection with the sale and distribution of their shares and pay service fees in connection with the provision of ongoing services to shareholders of each Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by any Fund, and there are no current plans to impose these fees.
C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to limit certain “Other Expenses” of the ActiveBeta® Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, shareholder meeting, litigation, indemnification and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta® Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.
For the six months ended February 28, 2017, these expense reimbursements amounted to $370,469.
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5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Funds only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Funds may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statements of Changes in Net Assets.
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Fiscal Year Ended August 31, 2016(1) | |||||||||||||||
Shares Sold | 3,400,000 | $ | 94,947,772 | 30,800,000 | $ | 773,445,492 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
3,400,000 | $ | 94,947,772 | 30,800,000 | $ | 773,445,492 | |||||||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Fiscal Year Ended August 31, 2016(2) | |||||||||||||||
Shares Sold | — | $ | — | 1,300,000 | $ | 32,846,660 | ||||||||||
Shares Redeemed | (150,000 | ) | (3,778,943 | ) | — | — | ||||||||||
(150,000 | ) | $ | (3,778,943 | ) | 1,300,000 | $ | 32,846,660 | |||||||||
ActiveBeta® International Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Fiscal Year Ended August 31, 2016(3) | |||||||||||||||
Shares Sold | 2,500,000 | $ | 61,255,247 | 11,500,000 | $ | 276,879,195 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
2,500,000 | $ | 61,255,247 | 11,500,000 | $ | 276,879,195 |
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® Japan Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Fiscal Year Ended August 31, 2016(2) | |||||||||||||||
Shares Sold | — | $ | — | 1,200,000 | $ | 30,942,517 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
— | $ | — | 1,200,000 | $ | 30,942,517 | |||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2017 | For the Fiscal Year Ended August 31, 2016(4) | |||||||||||||||
Shares Sold | 7,200,000 | $ | 318,691,542 | 27,750,000 | $ | 1,168,663,742 | ||||||||||
Shares Redeemed | (900,000 | ) | (38,760,547 | ) | (1,350,000 | ) | (54,473,952 | ) | ||||||||
6,300,000 | $ | 279,930,995 | 26,400,000 | $ | 1,114,189,790 |
(1) | For the period September 25, 2015 (commencement of operations) through August 31, 2016. |
(2) | For the period March 2, 2016 (commencement of operations) through August 31, 2016. |
(3) | For the period November 6, 2015 (commencement of operations) through August 31, 2016. |
(4) | For the period September 17, 2015 (commencement of operations) through August 31, 2016. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 150,165,661 | $ | 123,558,541 | ||||||
ActiveBeta® Europe Equity ETF | 3,307,680 | 3,371,212 | ||||||||
ActiveBeta® International Equity ETF | 34,548,456 | 34,458,802 | ||||||||
ActiveBeta® Japan Equity ETF | 4,947,849 | 5,138,466 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | $ | 129,790,050 | $ | 126,694,316 |
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6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 53,144,592 | $ | — | ||||||
ActiveBeta® Europe Equity ETF | — | 3,774,430 | ||||||||
ActiveBeta® International Equity ETF | 61,135,932 | — | ||||||||
ActiveBeta® Japan Equity ETF | — | — | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | $ | 317,651,466 | $ | 38,676,566 |
7. SECURITIES LENDING |
The ActiveBeta® Emerging Markets Equity ETF, the ActiveBeta® Europe Equity ETF, the ActiveBeta® International Equity ETF, the ActiveBeta® Japan Equity ETF and the ActiveBeta® U.S. Large Cap Equity ETF, may lend their securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Funds’ securities lending procedures, the Funds receive cash and/or U.S. Treasury securities collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
Effective December 1, 2016 the ActiveBeta® Emerging Markets Equity ETF, the ActiveBeta® Europe Equity ETF, the ActiveBeta® International Equity ETF, the ActiveBeta® Japan Equity ETF and the ActiveBeta® U.S. Large Cap Equity ETF began lending their securities and investing the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive an investment advisory fee of up to 0.205% on an annualized basis of the average daily net assets of the Government Money Market Fund.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
7. SECURITIES LENDING (continued) |
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash and/or U.S. Treasury securities collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash and/or U.S. Treasury securities collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral is at least equal to the value of the cash and/or U.S. Treasury securities received. The amounts of the Funds’ overnight and continuous agreements collateralized by common stocks which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2017 are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities.
Both the Funds and BNYM received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended February 28, 2017, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investments in the Government Money Market Fund for the six months ended February 28, 2017:
Fund | Number of Shares Held Beginning of Period | Shares Bought | Shares Sold | Number of Shares Held End of Period | Value at End of Period | |||||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | — | 58,713,682 | (33,959,597 | ) | 24,754,085 | $ | 24,754,085 | |||||||||||||||
ActiveBeta® Europe Equity ETF | — | 1,717,472 | (1,544,426 | ) | 173,046 | 173,046 | ||||||||||||||||
ActiveBeta® International Equity ETF | — | 19,285,988 | (15,410,305 | ) | 3,875,683 | 3,875,683 | ||||||||||||||||
ActiveBeta® Japan Equity ETF | — | 419,576 | (117,947 | ) | 301,629 | 301,629 | ||||||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | — | 14,936,167 | (11,866,034 | ) | 3,070,133 | 3,070,133 |
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2016, the Funds’ timing differences, on a tax basis were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
Timing differences (Post-October Loss Deferral) | $ | (11,689,355 | ) | $ | (120,230 | ) | $ | (482,853 | ) | $ | (10,081 | ) | $ | (1,088,518 | ) |
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GOLDMAN SACHS ETF TRUST
8. TAX INFORMATION (continued) |
As of February 28, 2017, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Emerging Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
Tax Cost | $ | 866,026,555 | $ | 29,128,026 | $ | 338,457,217 | $ | 31,042,751 | $ | 1,398,441,087 | ||||||||||
Gross unrealized gain | 164,243,632 | 2,803,462 | 30,198,588 | 4,429,501 | 162,978,644 | |||||||||||||||
Gross unrealized loss | (19,616,095 | ) | (1,165,431 | ) | (9,888,229 | ) | (766,396 | ) | (24,239,508 | ) | ||||||||||
Net unrealized gain/(loss) | $ | 144,627,537 | $ | 1,638,031 | $ | 20,310,359 | $ | 3,663,105 | $ | 138,739,136 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and difference in tax treatment of underlying fund investments, partnership investments, and passive foreign investment company investments.
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the United States. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls, confiscations, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.
Foreign Custody Risk — If a Fund invests in foreign securities, the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy.
Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.
Index Risk — GSAM (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund’s performance could be lower
89
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
9. OTHER RISKS (continued) |
than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing each Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
90
GOLDMAN SACHS ETF TRUST
10. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
91
GOLDMAN SACHS ETF TRUST
Fund Expenses — Period Ended 2/28/2017 (Unaudited)
As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The Example is based on an investment of $1,000 invested at the beginning of the period from September 1, 2016 and held for the entire period ended February 28, 2017, which represents a period of 181 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value | Ending Account Value 02/28/2017 | Expenses Paid* | Beginning Value | Ending Account Value 02/28/2017 | Expenses Paid* | Beginning Account | Ending Account Value 02/28/2017 | Expenses Paid* | Beginning Account | Ending Account Value 02/28/2017 | Expenses Paid* | Beginning Account Value | Ending Account Value 02/28/2017 | Expenses Paid* | ||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,051.80 | $ | 2.29 | $ | 1,000 | $ | 1,029.10 | $ | 1.26 | $ | 1,000 | $ | 1,039.80 | $ | 1.26 | $ | 1,000 | $ | 1,065.80 | $ | 1.28 | $ | 1,000 | $ | 1,082.60 | $ | 0.46 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.56 | + | 2.26 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,023.55 | + | 1.25 | 1,000 | 1,024.35 | + | 0.45 |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended February 28, 2017. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratio for the period is as follows: |
Fund | ||||
ActiveBeta® Emerging Markets Equity ETF | 0.45 | % | ||
ActiveBeta® Europe Equity ETF | 0.25 | |||
ActiveBeta® International Equity ETF | 0.25 | |||
ActiveBeta® Japan Equity ETF | 0.25 | |||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09 |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
92
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.17 trillion in assets under supervision as of December 31, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF
|
INDEX DISCLAIMERS
The MSCI Emerging Markets Index, MSCI Europe Index, MSCI World ex USA Index and MSCI Japan Index (the “MSCI Indices”) were used by GSAM as the reference universe for selection of the companies included in the Goldman Sachs ActiveBeta® Emerging Markets Equity Index, Goldman Sachs ActiveBeta® Europe Equity Index, Goldman Sachs ActiveBeta® International Equity Index and Goldman Sachs ActiveBeta® Japan Equity Index (the “ActiveBeta® Indices”), respectively. MSCI Inc. does not in any way sponsor, support, promote or endorse the ActiveBeta® Indices or the Goldman Sachs ActiveBeta® Emerging Markets Equity ETF, Goldman Sachs ActiveBeta® Europe Equity ETF, Goldman Sachs ActiveBeta® International Equity ETF or Goldman Sachs ActiveBeta® Japan Equity ETF (the “ActiveBeta® ETFs” or the “Funds”). MSCI Inc. was not and is not involved in any way in the creation, calculation, maintenance or review of the ActiveBeta® Indices. The MSCI Indices were provided on an “as is” basis. MSCI Inc., its affiliates and any other person or entity involved in or related to compiling, computing or creating the MSCI Indices (collectively, the “MSCI Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose). Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the MSCI Indices, the ActiveBeta® ETFs or the ActiveBeta® Indices.
The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN, SACHS & CO. (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUNDS OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN A FUND PARTICULARLY OR THE ABILITY OF THE ACTIVEBETA® INDICES TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE ACTIVEBETA® INDICES, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUNDS. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUNDS OR THE SHAREHOLDERS OF THE FUNDS INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE ACTIVEBETA® INDICES. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY A FUND OR IN RELATED DERIVATIVES.
GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE ACTIVEBETA® INDICES OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY A FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE ACTIVEBETA® INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2017 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2017 Goldman Sachs. All rights reserved. 88162-TEMPL-04/2017 ACTBETASAR-17
Goldman Sachs Funds
Semi-Annual Report | February 28, 2017 | |||
Goldman Sachs ETFs | ||||
Hedge Industry VIP ETF |
Goldman Sachs Hedge Industry VIP ETF
TABLE OF CONTENTS | ||||
Investment Process | 1 | |||
Portfolio Results and Fund Basics | 3 | |||
Schedules of Investments | 9 | |||
Financial Statements | 10 | |||
Financial Highlights | 13 | |||
Notes to Financial Statements | 14 | |||
Other Information | 22 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
INVESTMENT PROCESS
Goldman Sachs Hedge Industry VIP ETF
Principal Investment Strategies
The Goldman Sachs Hedge Industry VIP ETF (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 Goldman Sachs Hedge Fund VIP IndexTM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.
Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.
The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. Given the Fund’s investment objective of attempting to track the 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 does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of February 28, 2017, the Index consisted of 50 securities with a market capitalization range of between approximately $6.3 billion and $718.7 billion. 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.
1
INVESTMENT PROCESS
THE FUND IS NOT A HEDGE FUND AND DOES NOT INVEST IN HEDGE FUNDS.
* * *
At the end of the Reporting Period (i.e. November 1, 2016 through February 28, 2017), we continued to believe that the most effective way to identify the most important positions of hedge fund managers is to know what equities they are holding. We also maintained conviction in our methodology for extracting these important positions — by obtaining information from quarterly 13F filings of hedge fund managers and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation of our methodology, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.
2
PORTFOLIO RESULTS
Goldman Sachs Hedge Industry VIP ETF
Investment Objective
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its commencement of operations on November 1, 2016 through February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 13.57% based on net asset value (“NAV”) and 15.83% based on market price1. The Index returned 13.75%, and the S&P 500 Index® (Total Return, USD) (“S&P 500 Index”), a market- cap based index against which the performance of the Fund is measured, returned 12.80% during the same period. |
The Fund had a NAV of $40.00 on the date of commencement of operations and ended the Reporting Period with a NAV of $45.39 per share. The Fund’s market price on February 28, 2017 was $45.39 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology. Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in the their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded. The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Index’s performance is compared to that of the S&P 500 Index below. Given the Fund’s investment objective of attempting to track the 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 Fund does not follow a strategy of seeking to outperform the S&P 500 Index. |
1 | The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from commencement of investment operations to the first day of secondary market trading to calculate the market price returns. |
3
PORTFOLIO RESULTS
The Fund posted robust absolute gains and closely tracked the Index during the Reporting Period. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the consumer discretionary, financials and telecommunication services sectors contributed most positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the information technology, industrials and materials sectors, which detracted the most from the Index’s results relative to the S&P 500 Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the S&P 500 Index, overweight Index positions in financials companies Citizens Financial Group and Bank of America and in airline United Continental Holdings contributed most positively (1.97%, 2.05% and 0.00%2 of Fund net assets as of February 28, 2017, respectively). Each of these positions generated a robust double-digit gain during the Reporting Period. |
Q | Which individual positions detracted from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500 Index, overweight Index positions in health care company Valeant Pharmaceuticals, industrials company Macquarie Infrastructure and information technology company Activision Blizzard detracted most (0.00%, 1.95% and 0.00%2 of Fund net assets as of February 28, 2017, respectively). Each of these positions generated a negative return during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
Q | What was the Fund’s sector positioning relative to the Index and the S&P 500 Index at the end of the Reporting Period?3 |
Sector Name | Fund4 | GS Hedge Fund VIP IndexTM | S&P 500 Index | |||||||||||
Information Technology | 30.12 | % | 30.12 | % | 21.52 | % | ||||||||
Consumer Discretionary | 25.83 | 25.82 | 12.09 | |||||||||||
Financials | 15.91 | 15.91 | 14.75 | |||||||||||
Health Care | 8.19 | 8.19 | 14.07 | |||||||||||
Consumer Staples | 6.09 | 6.09 | 9.45 | |||||||||||
Telecommunication Services | 4.00 | 4.00 | 2.42 | |||||||||||
Industrials | 3.95 | 3.95 | 10.20 | |||||||||||
Real Estate | 2.04 | 2.04 | 2.85 | |||||||||||
Materials | 1.98 | 1.99 | 2.83 | |||||||||||
Energy | 1.89 | 1.89 | 6.63 | |||||||||||
Utilities | 0.00 | 0.00 | 3.19 |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM. |
4 | Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by S&P 500 Index. |
2 | Some weights are 0.00% at February 28, 2017 because those positions were eliminated during the most recent rebalance given the Index construction methodology. |
4
FUND BASICS
Hedge Industry VIP ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 45.39 | ||||
Net Asset Value (NAV)1 | 45.39 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com. |
PERFORMANCE REVIEW | ||||||||||||||||||
November 1, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Goldman Sachs Hedge Fund VIP IndexTM3 | S&P 500 Index®4 | ||||||||||||||
Shares | 13.57 | % | 15.83 | % | 13.75 | % | 12.80 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
3 | The Index is owned and maintained by the Index Provider. The Index is calculated by Solactive AG. The Index consists of the US-listed stocks whose performance is expected to influence the long portfolios of hedge funds. Those stocks are defined as the positions that appear most frequently among the top 10 long equity holdings within the portfolios of fundamentally-driven hedge fund managers. It is not possible to invest directly in an unmanaged index. |
4 | The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
5
FUND BASICS
EXPENSE RATIOS5 | ||||||
Expense Ratio | ||||||
Shares | 0.45 | % |
5 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/176 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Celgene Corp. | 2.1 | % | Health Care | |||||
Priceline Group, Inc. | 2.1 | Consumer Discretionary | ||||||
Abbott Laboratories | 2.1 | Health Care | ||||||
Broadcom Ltd. | 2.1 | Information Technology | ||||||
Berkshire Hathaway, Inc., Class B | 2.1 | Financials | ||||||
Reynolds American, Inc. | 2.1 | Consumer Staples | ||||||
Bank of America Corp. | 2.1 | Financials | ||||||
Liberty Global PLC, Series C | 2.0 | Consumer Discretionary | ||||||
Colony NorthStar, Inc., Class A REIT | 2.0 | Real Estate | ||||||
Time Warner, Inc. | 2.0 | Consumer Discretionary |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
6
FUND BASICS
FUND SECTOR ALLOCATIONS7 | ||
As of February 28, 2017 |
7 | The Fund’s composition may differ over time. Consequently, the Fund’s overall industry sector allocations may differ from percentages contained in the graph above. The graph categorizes investments using Global Industry Classification Standard (“GICS”), however, the sector classifications used by the portfolio management team may differ from GICS. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. |
7
FUND BASICS
Index Definitions and Industry Terms
The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
8
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 100.0% | ||||||||
Consumer Discretionary – 25.8% | ||||||||
3,034 | Advance Auto Parts, Inc. | $ | 475,155 | |||||
596 | Amazon.com, Inc.* | 503,644 | ||||||
1,549 | Charter Communications, Inc., Class A* | 500,420 | ||||||
13,110 | Comcast Corp., Class A | 490,576 | ||||||
4,168 | Expedia, Inc. | 496,159 | ||||||
8,531 | Hilton Worldwide Holdings, Inc. | 487,973 | ||||||
5,813 | Liberty Broadband Corp., Class C* | 499,569 | ||||||
14,550 | Liberty Global PLC, Class C (United Kingdom)* | 510,559 | ||||||
6,587 | Lowe’s Cos., Inc. | 489,875 | ||||||
17,409 | MGM Resorts International* | 457,683 | ||||||
3,542 | Netflix, Inc.* | 503,424 | ||||||
305 | Priceline Group, Inc. (The)* | 525,860 | ||||||
5,175 | Time Warner, Inc. | 508,237 | ||||||
|
| |||||||
6,449,134 | ||||||||
|
| |||||||
Consumer Staples – 6.1% | ||||||||
3,200 | Constellation Brands, Inc., Class A | 508,192 | ||||||
8,310 | Reynolds American, Inc. | 511,646 | ||||||
9,110 | WhiteWave Foods Co. (The)* | 501,779 | ||||||
|
| |||||||
1,521,617 | ||||||||
|
| |||||||
Energy – 1.9% | ||||||||
8,822 | Halliburton Co. | 471,624 | ||||||
|
| |||||||
Financials – 15.9% | ||||||||
21,389 | Ally Financial, Inc. | 481,039 | ||||||
7,457 | American International Group, Inc. | 476,651 | ||||||
20,731 | Bank of America Corp. | 511,641 | ||||||
2,988 | Berkshire Hathaway, Inc., Class B* | 512,203 | ||||||
8,337 | Citigroup, Inc. | 498,636 | ||||||
13,133 | Citizens Financial Group, Inc. | 490,780 | ||||||
5,569 | JPMorgan Chase & Co. | 504,663 | ||||||
8,603 | Wells Fargo & Co. | 497,942 | ||||||
|
| |||||||
3,973,555 | ||||||||
|
| |||||||
Health Care – 8.2% | ||||||||
11,427 | Abbott Laboratories | 515,129 | ||||||
3,054 | Anthem, Inc. | 503,360 | ||||||
4,262 | Celgene Corp.* | 526,400 | ||||||
7,596 | Merck & Co., Inc. | 500,349 | ||||||
|
| |||||||
2,045,238 | ||||||||
|
| |||||||
Industrials – 4.0% | ||||||||
10,004 | Delta Air Lines, Inc. | 499,500 | ||||||
6,343 | Macquarie Infrastructure Corp. | 488,030 | ||||||
|
| |||||||
987,530 | ||||||||
|
| |||||||
Information Technology – 30.1% | ||||||||
4,910 | Alibaba Group Holding Ltd. ADR (China)* | 505,239 | ||||||
594 | Alphabet, Inc., Class A* | 501,888 | ||||||
3,694 | Apple, Inc. | 506,041 | ||||||
2,729 | Baidu, Inc. ADR (China)* | 475,201 | ||||||
2,429 | Broadcom Ltd. | 512,349 | ||||||
7,691 | Dell Technologies, Inc., Class V* | 488,302 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
14,831 | eBay, Inc.* | 502,771 | ||||||
3,726 | Facebook, Inc., Class A* | 505,022 | ||||||
2,980 | FleetCor Technologies, Inc.* | 506,600 | ||||||
21,573 | Micron Technology, Inc.* | 505,671 | ||||||
7,725 | Microsoft Corp. | 494,246 | ||||||
4,877 | NXP Semiconductors NV (Netherlands)* | 501,404 | ||||||
11,984 | PayPal Holdings, Inc.* | 503,328 | ||||||
5,743 | Visa, Inc., Class A | 505,039 | ||||||
11,079 | Yahoo!, Inc.* | 505,867 | ||||||
|
| |||||||
7,518,968 | ||||||||
|
| |||||||
Materials – 2.0% | ||||||||
1,605 | Sherwin-Williams Co. (The) | 495,207 | ||||||
|
| |||||||
Real Estate – 2.0% | ||||||||
34,662 | Colony NorthStar, Inc., Class A REIT | 508,838 | ||||||
|
| |||||||
Telecommunication Services – 4.0% | ||||||||
8,619 | Level 3 Communications, Inc.* | 493,438 | ||||||
8,097 | T-Mobile US, Inc.* | 506,305 | ||||||
|
| |||||||
999,743 | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $23,527,505) | $ | 24,971,454 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)% | (5,849 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 24,965,605 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Assets and Liabilities
February 28, 2017 (Unaudited)
Hedge Industry VIP ETF | ||||||
Assets: | ||||||
Investments at value (cost $23,527,505) | $ | 24,971,454 | ||||
Receivables: | ||||||
Dividends | 15,235 | |||||
Total assets | 24,986,689 | |||||
Liabilities: | ||||||
Due to custodian | 10,988 | |||||
Payables: | ||||||
Management fees | 10,096 | |||||
Total liabilities | 21,084 | |||||
Net Assets: | ||||||
Paid-in capital | 21,630,156 | |||||
Undistributed net investment income | 17,099 | |||||
Accumulated net realized gain | 1,874,401 | |||||
Net unrealized gain | 1,443,949 | |||||
NET ASSETS | $ | 24,965,605 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares Outstanding no par value (unlimited shares authorized): | 550,000 | |||||
Net asset value per share: | $45.39 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Operations
For the period ended February 28, 2017(1) (Unaudited)
Hedge Industry | ||||||
Investment income: | ||||||
Dividends | $ | 80,248 | ||||
Total investment income | 80,248 | |||||
Expenses: | ||||||
Management fees | 33,489 | |||||
Trustee fees | 6,851 | |||||
Total expenses | 40,340 | |||||
NET INVESTMENT INCOME | 39,908 | |||||
Realized and unrealized gain: | ||||||
Net realized gain from: | ||||||
Investments | 78,264 | |||||
In-kind redemptions | 1,796,137 | |||||
Unrealized gain on: | ||||||
Investments | 1,443,949 | |||||
Net realized and unrealized gain | 3,318,350 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 3,358,258 |
(1) | For the period November 1, 2016 (commencement of operations) through February 28, 2017. |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Changes in Net Assets
For the Period Ended February 28, 2017(1) (Unaudited)
Hedge Industry | ||||||
From operations: | ||||||
Net investment income | $ | 39,908 | ||||
Net realized gain | 1,874,401 | |||||
Net unrealized gain | 1,443,949 | |||||
Net increase in net assets resulting from operations | 3,358,258 | |||||
Distributions to shareholders: | ||||||
From net investment income | (22,809 | ) | ||||
Total distributions to shareholders | (22,809 | ) | ||||
From share transactions: | ||||||
Proceeds from sales of shares | 37,486,121 | |||||
Cost of shares redeemed | (15,855,965 | ) | ||||
Net increase in net assets resulting from share transactions | 21,630,156 | |||||
TOTAL INCREASE | 24,965,605 | |||||
Net assets: | ||||||
Beginning of period | $ | — | ||||
End of period | $ | 24,965,605 | ||||
Undistributed net investment income | $ | 17,099 |
(1) | For the period November 1, 2016 (commencement of operations) through February 28, 2017. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Financial Highlights
Selected Data for a Share Outstanding Throughout The Period (Unaudited)
Hedge Industry | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.00 | ||||
Net investment income(a) | 0.06 | |||||
Net realized and unrealized gain | 5.37 | |||||
Total gain from investment operations | 5.43 | |||||
Distributions to shareholders from net investment income | (0.04 | ) | ||||
Net asset value, end of period | $ | 45.39 | ||||
Market price, end of period | $ | 45.39 | ||||
Total Return at Net Asset Value(b) | 13.57 | % | ||||
Net assets, end of period (in 000’s) | $ | 24,966 | ||||
Ratio of total expenses to average net assets(c) | 0.45 | % | ||||
Ratio of net investment income to average net assets(c) | 0.45 | % | ||||
Portfolio turnover rate(d) | 61 | % |
* | For the period November 1, 2016 (commencement of operations) to February 28, 2017. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements
February 28, 2017 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.
The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co., serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.
B. Investment Income and Investments — Investment income includes interest income, dividend income, net of any foreign withholding taxes less any amounts reclaimable and securities lending income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders.
14
GOLDMAN SACHS ETF TRUST
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Fund | Income Distributions Declared/Paid | Capital Gains Distributions Declared/Paid | ||||
Hedge Industry VIP ETF | Quarterly | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
E. Foreign Currency Translation — The accounting records and reporting currency of the Fund is maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statement of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to
15
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities are valued at the last bid price for long positions. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2.
Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the
Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent
16
GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At February 28, 2017 the Fund did not hold level 3 securities.
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 28, 2017:
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 980,440 | $ | — | $ | — | ||||||
Europe | 1,011,963 | — | — | |||||||||
North America | 22,979,051 | — | — | |||||||||
Total | $ | 24,971,454 | $ | — | $ | — |
(a) | Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they are traded, which may differ from country of domicile noted in table. |
For further information regarding security characteristics, see the Schedule of Investments.
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.
For the period ended February 28, 2017, the unitary management fee with GSAM was 0.45%.
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Distribution and Service (12b-1) Plans — The Trust, on behalf of the Fund, has adopted a Distribution and Service Plan (the “Plan”), pursuant to Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders of the Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees.
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions (each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the Fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statement of Changes in Net Assets.
Share activity for the period ended February 28, 2017 is as follows:
Hedge Industry VIP ETF | ||||||||
Shares | Dollars | |||||||
Fund Share Activity(1) | ||||||||
Shares Sold | 900,000 | $ | 37,486,121 | |||||
Shares Redeemed | (350,000 | ) | (15,855,965 | ) | ||||
NET INCREASE IN SHARES | 550,000 | $ | 21,630,156 |
(1) | For the period November 1, 2016 (commencement of operations) through February 28, 2017 |
18
GOLDMAN SACHS ETF TRUST
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
Hedge Industry VIP ETF | $ | 16,479,301 | $ | 15,772,490 |
The purchases and sales from in-kind creation and redemption transactions for the period ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
Hedge Industry VIP ETF | $ | 36,730,134 | $ | 15,783,783 |
7. TAX INFORMATION |
As of February 28, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Hedge Industry VIP ETF | ||||
Tax Cost | $ | 23,527,505 | ||
Gross unrealized gain | 1,559,078 | |||
Gross unrealized loss | (115,129 | ) | ||
Net unrealized gains on securities | $ | 1,443,949 |
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year, as applicable) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
19
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
8. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Index Risk — GSAM (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from the Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of the Fund’s Index trading individually or in the aggregate at any point in time.
20
GOLDMAN SACHS ETF TRUST
8. OTHER RISKS (continued) |
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of the Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
21
GOLDMAN SACHS ETF TRUST
Fund Expenses — Period Ended 2/28/2017 (Unaudited) |
As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The Example is based on an investment of $1,000 invested at the beginning of the period from November 1, 2016 (commencement of operations) and held for the entire period ended February 28, 2017, which represents a period of 120 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the six months. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Hedge Industry VIP ETF(1) | ||||||||||||
Beginning Account Value | Ending Account Value 2/28/2017 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,072.00 | $ | 1.58 | ||||||
Hypothetical 5% return | 1,000 | 1,024.79 | + | 1.50 |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended February 28, 2017. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratio for the period is as follows: |
Fund | ||||
Hedge Industry VIP ETF | 0.45% |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
(1) | Fund commenced operations on November 1, 2016 |
22
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on November 1, 2016. At a meeting held on April 12, 2016 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).
At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF, which would seek to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would be providing services to the Fund. The Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate) and that the Investment Adviser had only been managing ETFs for a relatively short time, the Investment Adviser had extensive experience managing other types of registered investment companies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
Costs of Services to be Provided and Profitability
The Trustees considered the unitary fee rate payable by the Fund under the Management Agreement. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. They also noted that under the unitary fee structure, the Investment Adviser would be responsible for bearing substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. They compared the Fund’s management fee and projected expense ratio to similar information for comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rate and expense ratio were prepared by a third-party provider of mutual fund and ETF data. The Trustees concluded that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.
The Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the peer
23
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
group. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (d) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be open to doing business with other areas of Goldman, Sachs & Co. (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives (or is expected to receive) certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable. The Trustees concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund for a period of two years.
24
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.17 trillion in assets under supervision as of December 31, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF
|
INDEX DISCLAIMER
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN, SACHS & CO. (COLLECTIVELY, “GOLDMAN SACHS”) DOES NOT GUARANTEE NOR MAKE ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE OWNERS OR SHAREHOLDERS OF THE FUND OR ANY MEMBER OF THE PUBLIC REGARDING THE ADVISABILITY OF INVESTING IN SECURITIES GENERALLY OR IN THE FUND PARTICULARLY OR THE ABILITY OF THE INDEX TO TRACK GENERAL MARKET PERFORMANCE. GOLDMAN SACHS, IN ITS CAPACITY AS THE INDEX PROVIDER OF THE INDEX, LICENSES CERTAIN TRADEMARKS AND TRADE NAMES TO THE FUND. GOLDMAN SACHS HAS NO OBLIGATION TO TAKE THE NEEDS OF THE FUND OR THE SHAREHOLDERS OF THE FUND INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE INDEX. GOLDMAN SACHS OR ANY OF ITS AFFILIATES MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES GOLDMAN SACHS DOES NOT GUARANTEE THE ADEQUACY, TIMELINESS, ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA RELATED THERETO. GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN OR IN THE CALCULATION THEREOF. GOLDMAN SACHS MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE INDEX OR ANY DATA INCLUDED THEREIN AS TO THE RESULTS TO BE OBTAINED BY THE FUND, THE SHAREHOLDERS, OR ANY OTHER PERSON OR ENTITY FROM USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, GOLDMAN SACHS HEREBY EXPRESSLY DISCLAIMS ANY AND ALL LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550. Fund holdings and allocations shown are as of February 28, 2017 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
The Fund is recently or newly organized and has limited or no operating history.
The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.
ActiveBeta® is a registered trademark of GSAM.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2017 Goldman Sachs. All rights reserved. 87962-TEMPL-04/2017 HEDVIPETFSAR-17
Goldman Sachs Funds
Semi-Annual Report | February 28, 2017 | |||
Goldman Sachs ETFs | ||||
TreasuryAccess 0-1 Year ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF
TABLE OF CONTENTS | ||||
Investment Process & Market Review | 1 | |||
Portfolio Results and Fund Basics | 2 | |||
Schedule of Investments | 6 | |||
Financial Statements | 7 | |||
Financial Highlights | 10 | |||
Notes to Financial Statements | 11 | |||
Other Information | 18 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
INVESTMENT PROCESS & MARKET REVIEW
Goldman Sachs TreasuryAccess 0-1 Year ETF
Principal Investment Strategies
The Goldman Sachs TreasuryAccess 0-1 Year ETF (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. The Citi US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of February 28, 2017, there were 71 issues in the Index and the Index had a weighted average maturity of 0.32 years. The Index includes publicly-issued U.S. Treasury Obligations that have a minimum remaining maturity of 1 month and a maximum remaining maturity of 12 months at the time of rebalance and that have a minimum issue size of $5 billion. In addition, the securities in the Index must be non-convertible and denominated in U.S. dollars. The Index excludes certain special issues, such as targeted investor notes, state and local government series bonds and coupon issues that have been stripped from bonds. 10-year and 30-year U.S. Treasury bonds are not eligible for inclusion in the Index. The Index is rebalanced monthly on the last day of the month.
Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) uses a representative sampling strategy to manage the Fund. “Representative sampling” is an indexing strategy in which the Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of the Index. The securities selected for investment by the Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.
The Index is sponsored by Citigroup Index LLC (“Citigroup Index” or the “Index Provider”), which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. Given the Fund’s investment objective of attempting to track the 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 FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
* * *
At the end of the Reporting Period (i.e. September 6, 2016 through February 28, 2017), we expected U.S. economic growth to accelerate in the near term, driven by strong domestic demand and fiscal easing, but we remained alert to geopolitical risk. The U.S. economy appeared to be strengthening prior to the U.S. elections, and proposed fiscal stimulus and potential loosening of regulations could present additional tailwinds. We believe that in the near term, consumption will likely be underpinned by rising wages amid a labor market close to full employment. We also see scope for marginal improvements in investment, should the strains of last year’s commodity price weakness and currency strength begin to fade. That said, we also remain alert to policy-related risks and potential geopolitical tensions associated with the current Administration, largely arising from stated views on globalization.
1
PORTFOLIO RESULTS
Goldman Sachs TreasuryAccess 0-1 Year ETF
Investment Objective
The Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period since its commencement of operations on September 6, 2016 through February 28, 2017 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.21% based on net asset value (“NAV”) and 0.21% based on market price.1 The Index returned 0.25% during the same period. |
The Fund had a NAV of $100.00 on the commencement of operations and ended the Reporting Period with a NAV of $100.07 per share. The Fund’s market price on February 28, 2017 was $100.07 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index is sponsored by Citigroup Index LLC (“Citigroup Index” or the “Index Provider”), |
1 | The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from commencement of operations to the first day of secondary market trading to calculate the market price returns. |
which is not affiliated with the Fund or the Investment Adviser. The Index is market capitalization-weighted and the securities in the Index are updated on the last business day of each month. |
Given the Fund’s investment objective of attempting to track the 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. |
At the end of the Reporting Period, it appeared to us that the election results marked an important regime change in monetary, fiscal and regulatory policy. Consensus expectations for the U.S. policy mix shifted to one that includes a faster pace of tightening monetary policy following several years of accommodation as well as increased fiscal stimulus and a potentially looser regulatory agenda. Since the election in early November 2016 through the end of the Reporting Period, global interest rates rose, equity markets rallied and the U.S. dollar strengthened compared to both major developed and emerging market currencies. The U.S. Treasury money market yield curve, or spectrum of maturities, steepened on the heels of a post-election sell-off, as the market began pricing in higher inflation as a result of greater anticipated fiscal spending. (A steeper yield curve is one wherein the differential in yields between shorter-term and longer-term maturities increases.) |
In December 2016, the U.S. Federal Reserve (the “Fed”) raised interest rates for only the second time since the global financial crisis, which drove further increases in the U.S. dollar and U.S. Treasury yields, with particularly notable increases in shorter-dated bonds. Policymakers revised interest rate projections, signaling a steeper trajectory of interest rates, with three interest rate hikes implied in 2017. The Fed noted that it believed the December 2016 interest rate hike was warranted given “realized and expected labor |
2
PORTFOLIO RESULTS
market conditions and inflation.” Strong U.S. economic date year-to-date through February 28, 2017 and hawkish comment from U.S. Fed officials raised expectations for an interest rate hike at the Fed’s next meeting in March 2017. |
Separately, there were concerns about the U.S. debt ceiling during much of the Reporting Period. We observed accelerated bill pay-downs ahead of the mid-March 2017 debt ceiling deadline. The significant reduction in U.S. Treasury bill supply suppressed short-term U.S. Treasury bill rates. |
The Fund posted positive absolute returns that closely tracked those of the Index during the Reporting Period. Throughout the Reporting Period, the Fund closely tracked both the duration and the selection of U.S. Treasury bills within the Index. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?2 |
A | The Fund had a weighted average duration of 0.41 years, a weighted average maturity of 0.40 years and a weighted average coupon of 0.62 years as of February 28, 2017. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.46%. |
Q | What was the Fund’s positioning relative to the Index at the end of the Reporting Period?3 |
A | The Fund, consistent with the Index, was 100% invested in U.S. Treasury securities at the end of the Reporting Period. |
2 | Duration is a time measure of a bond’s interest-rate sensitivity, based on the weighted average of the time periods over which a bond’s cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price. (A bond’s cash flows consist of coupon payments and repayment of capital.) |
A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Weighted average duration is a measure of the duration for the securities in the portfolio overall. Weighted average maturity (“WAM”) is the weighted average amount of time until the debt securities in a portfolio mature, or the weighted average of the remaining terms to maturity of the debt securities within a portfolio. The higher the WAM, the longer it takes for all of the bonds in the portfolio to mature, and WAM is used to manage debt portfolios and to assess the performance of debt portfolio managers. Coupons are fixed percentages paid out on a fixed income security on an annual basis. Weighted average coupon is calculated by weighting the coupon of each debt security by its relative size in the portfolio. The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index. |
3
FUND BASICS
TreasuryAccess 0-1 Year ETF
as of February 28, 2017
FUND SNAPSHOT | ||||||
As of February 28, 2017 | ||||||
Market Price1 | $ | 100.07 | ||||
Net Asset Value (NAV)1 | 100.07 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com. |
PERFORMANCE REVIEW | ||||||||||||||
September 6, 2016– February 28, 2017 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Citi US Treasury 0-1 Year Composite Select Index3 | |||||||||||
Shares | 0.21 | % | 0.21 | % | 0.25 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns Based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculations assumes all management fees incurred by the Fund. Market Price returns are based upon the midpoint of the bid/ask spread (last trade) at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized. |
3 | The Index is designed to measure the performance of U.S. Treasury Obligations with a maximum remaining maturity of 12 months. “U.S. Treasury Obligations” refer to securities issued or guaranteed by the U.S. Treasury where the payment of principal and interest is backed by the full faith and credit of the U.S. government. U.S. Treasury Obligations include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Index was developed and is calculated and maintained by Citigroup Index LLC (“Citigroup Index” or the “Index Provider”). Citigroup Index is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by Citigroup Index without regard to the Fund. It is not possible to invest directly in an unmanaged index. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
4
FUND BASICS
30-DAY STANDARDIZED YIELD4 | ||||||
30-Day Standardized Yield4 | ||||||
Shares | 0.46 | % |
4 | The method of calculation of the 30-Day Standardized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price per share on the last day of the period. This number is then annualized. |
EXPENSE RATIO5 | ||||||
Expense Ratio | ||||||
Shares | 0.14 | % |
5 | The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratios disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/176 | ||||||||
Holding | Maturity Date | % of Net Assets | ||||||
U.S. Treasury Bill | 04/20/17 | 22.3 | % | |||||
U.S. Treasury Note, 0.88% | 05/15/17 | 11.5 | ||||||
U.S. Treasury Note, 0.88% | 06/15/17 | 9.1 | ||||||
U.S. Treasury Bill | 05/25/17 | 8.6 | ||||||
U.S. Treasury Note, 1.00% | 12/15/17 | 8.4 | ||||||
U.S. Treasury Note, 0.75% | 10/31/17 | 7.5 | ||||||
U.S. Treasury Note, 0.88% | 04/30/17 | 6.8 | ||||||
U.S. Treasury Note, 1.00% | 02/15/18 | 6.7 | ||||||
U.S. Treasury Note, 0.88% | 07/15/17 | 6.7 | ||||||
U.S. Treasury Note, 0.88% | 01/15/18 | 6.1 |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
5
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Schedule of Investments
February 28, 2017 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||
U.S. Treasury Notes – 68.9% | ||||||||||||
U.S. Treasury Note | ||||||||||||
$ | 4,788,000 | 0.88% | 04/30/17 | $ | 4,791,280 | |||||||
U.S. Treasury Note | ||||||||||||
8,080,600 | 0.88% | 05/15/17 | 8,084,871 | |||||||||
U.S. Treasury Note | ||||||||||||
6,356,000 | 0.88% | 06/15/17 | 6,361,711 | |||||||||
U.S. Treasury Note | ||||||||||||
4,662,000 | 0.88% | 07/15/17 | 4,665,817 | |||||||||
U.S. Treasury Note | ||||||||||||
3,052,000 | 0.88% | 08/15/17 | 3,054,146 | |||||||||
U.S. Treasury Note | ||||||||||||
1,225,000 | 1.00% | 09/15/17 | 1,226,890 | |||||||||
U.S. Treasury Note | ||||||||||||
5,250,000 | 0.75% | 10/31/17 | 5,249,487 | |||||||||
U.S. Treasury Note | ||||||||||||
5,854,600 | 1.00% | 12/15/17 | 5,861,690 | |||||||||
U.S. Treasury Note | ||||||||||||
4,263,800 | 0.88% | 01/15/18 | 4,263,800 | |||||||||
U.S. Treasury Note | ||||||||||||
4,700,000 | 1.00% | 02/15/18 | 4,703,396 | |||||||||
|
| |||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||
(Cost $48,263,813) | $ | 48,263,088 | ||||||||||
|
| |||||||||||
U.S. Treasury Bills – 30.9% | ||||||||||||
U.S. Treasury Bill | ||||||||||||
$ | 15,601,000 | 0.00% | 04/20/17 | $ | 15,590,654 | |||||||
U.S. Treasury Bill | ||||||||||||
6,045,400 | 0.00% | 05/25/17 | 6,038,227 | |||||||||
|
| |||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||
(Cost $21,627,107) | $ | 21,628,881 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS – 99.8% | ||||||||||||
(Cost $69,890,920) | $ | 69,891,969 | ||||||||||
|
| |||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% |
| 153,845 | |||||||||
|
| |||||||||||
NET ASSETS – 100.0% | $ | 70,045,814 | ||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
6 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Statement of Assets and Liabilities
February 28, 2017 (Unaudited)
TreasuryAccess 0-1 Year ETF | ||||||
Assets: | ||||||
Investments at value (cost $69,890,920 ) | $69,891,969 | |||||
Cash | 77,286 | |||||
Receivables: | ||||||
Investments sold | 4,696,932 | |||||
Interest | 89,915 | |||||
Total assets | 74,756,102 | |||||
Liabilities: | ||||||
Payables: | ||||||
Investments purchased | 4,705,689 | |||||
Management fees | 4,599 | |||||
Total liabilities | 4,710,288 | |||||
Net Assets: | ||||||
Paid-in capital | 70,019,791 | |||||
Undistributed net investment income | 21,994 | |||||
Accumulated net realized gain | 2,980 | |||||
Net unrealized gain | 1,049 | |||||
NET ASSETS | $70,045,814 | |||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 700,000 | |||||
Net asset value per share: | $100.07 |
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Statement of Operations
For the period ended February 28, 2017(1) (Unaudited)
TreasuryAccess 0-1 Year ETF | ||||||
Investment income: | ||||||
Interest | $ | 82,285 | ||||
Total investment income | 82,285 | |||||
Expenses: | ||||||
Trustee fees | 16,235 | |||||
Management fees | 4,600 | |||||
Total expenses | 20,835 | |||||
NET INVESTMENT INCOME | 61,450 | |||||
Realized and unrealized gain: | ||||||
Net realized gain from investments | 2,980 | |||||
Net unrealized gain on investments | 1,049 | |||||
Net realized and unrealized gain | 4,029 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 65,479 |
(1) | For the period September 6, 2016 (commencement of operations) through February 28, 2017. |
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Statement of Changes in Net Assets
For the period ended February 28, 2017(1) (Unaudited)
TreasuryAccess (Unaudited) | ||||||
From operations: | ||||||
Net investment income | $ | 61,450 | ||||
Net realized gain | 2,980 | |||||
Unrealized gain | 1,049 | |||||
Net increase in net assets resulting from operations | 65,479 | |||||
Distributions to shareholders: | ||||||
From net investment income | (39,456 | ) | ||||
Total distributions to shareholders | (39,456 | ) | ||||
From share transactions: | ||||||
Proceeds from sales of shares | 70,019,791 | |||||
Net increase in net assets resulting from share transactions | 70,019,791 | |||||
TOTAL INCREASE | 70,045,814 | |||||
Net assets: | ||||||
Beginning of period | $ | — | ||||
End of period | $ | 70,045,814 | ||||
Undistributed net investment income | $ | 21,994 |
(1) | For the period September 6, 2016 (commencement of operations) through February 28, 2017. |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Financial Highlights
Selected Data for a Share Outstanding Throughout The Period
TreasuryAccess 0-1 Year ETF* (Unaudited) | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 100.00 | ||||
Net investment income(a) | 0.20 | |||||
Net realized and unrealized gain | 0.01 | |||||
Total gain from investment operations | 0.21 | |||||
Distributions to shareholders from net investment income | (0.14 | ) | ||||
Net asset value, end of period | $ | 100.07 | ||||
Market price, end of period | $ | 100.07 | ||||
Total Return at Net Asset Value(b) | 0.21 | % | ||||
Net assets, end of period (in 000's) | $ | 70,046 | ||||
Ratio of total expenses to average net assets(c) | 0.14 | % | ||||
Ratio of net investment income to average net assets(c) | 0.41 | % | ||||
Portfolio turnover rate(d) | — | % |
* | For the period September 6, 2016 (commencement of operations) to February 28, 2017. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized. |
(c) | Annualized. |
(d) | The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements
February 28, 2017 (Unaudited)
1. ORGANIZATION |
Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.
The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi US Treasury 0-1 Year Composite Select Index (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co., serves as investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount.
2. SIGNIFICANT ACCOUNTING POLICIES |
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions.
A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.
B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.
C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
11
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:
Fund | Income Distributions Declared/Paid | Capital Gains Distributions Declared/Paid | ||||
TreasuryAccess 0-1 Year ETF | Monthly | Annually |
Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.
The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:
Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable
(including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have occurred as of the beginning of the reporting period.
12
GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s portfolio investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
i. Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued using available market quotations as provided by a third party pricing vendor or broker. Prior to October 11, 2016, such securities were valued at amortized cost. With the exception of treasury securities of G8 countries (not held in money market funds that use amortized cost as a valuation methodology), which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining the Fund’s NAV. Significant events which could affect a large number of securities in a particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations; market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At February 28, 2017 the Fund did not hold Level 3 securities.
13
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of February 28, 2017:
TREASURYACCESS 0-1 YEAR ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets(a) | ||||||||||||
US Government | $ | 69,891,969 | $ | — | $ | — | ||||||
Total | $ | 69,891,969 | $ | — | $ | — |
(a) | Amounts are disclosed by asset type, please refer to the Schedule of Investments for more detail. |
4. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.
The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses.
For the period ended February 28, 2017, the unitary management fee with GSAM was 0.14%.
B. Distribution and Service (12b-1) Plans — The Trust, on behalf of the Fund, has adopted a Distribution and Service Plan (the “Plan”), pursuant to Rule 12b-1 under the Act. Under the Plan, the Fund is authorized to pay distribution fees in connection with the sale and distribution of its shares and pay service fees in connection with the provision of ongoing services to shareholders of the Fund and the maintenance of shareholder accounts in an amount up to 0.25% of its average daily net assets each year. No Rule 12b-1 fees are currently paid by the Fund, and there are no current plans to impose these fees.
5. CREATION AND REDEMPTION OF CREATION UNITS |
The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions
14
GOLDMAN SACHS ETF TRUST
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary brokerage commissions or fees. Creation and redemption transaction fees based on the number of securities transferred in-kind are imposed in connection with creations and redemptions.
Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the Fund for certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the Statement of Changes in Net Assets.
Share activity for the period ended February 28, 2017 is as follows:
TreasuryAccess 0-1 Year ETF | ||||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity(1) | ||||||||
Shares Sold | 700,000 | $ | 70,019,791 | |||||
NET INCREASE IN SHARES | 700,000 | $ | 70,019,791 |
(1) | For the period September 6, 2016 (commencement of operations) through February 28, 2017 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities for the period ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
TreasuryAccess 0-1 Year ETF | $ | 52,013,585 | $ | 51,987,767 |
The purchases and sales from in-kind creation and redemption transactions for the period ended February 28, 2017, were as follows:
Fund | Purchases | Sales | ||||||||
TreasuryAccess 0-1 Year ETF | $ | 69,860,895 | $ | — |
15
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2017 (Unaudited)
7. TAX INFORMATION |
As of February 28, 2017, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
TreasuryAccess 0-1 ETF | ||||
Tax Cost | $ | 69,890,920 | ||
Gross unrealized gain | 5,097 | |||
Gross unrealized loss | (4,048 | ) | ||
Net unrealized gains on securities | $ | 1,049 |
8. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with increasing rates are heightened given that interest rates are near historic lows, but may be expected to increase in the future with unpredictable effects on the markets and the Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.
Index Risk — Citigroup Index LLC (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from the Index, the Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Provider relies on third party data it believes to be reliable in constructing the Index, but it does not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of the Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. In addition, neither the Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
16
GOLDMAN SACHS ETF TRUST
8. OTHER RISKS (continued) |
Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Trading Risk — The Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of a Fund’s performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund’s holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.
9. INDEMNIFICATIONS |
Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that has not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.
10. SUBSEQUENT EVENTS |
Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
17
GOLDMAN SACHS ETF TRUST
Fund Expenses — Period Ended 2/28/2017 (Unaudited) |
As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.
The Example is based on an investment of $1,000 invested at the beginning of the period from September 6, 2016 (commencement of operations) and held for the entire period ended February 28, 2017, which represents a period of 176 days of a 365 day year (or less where indicated).
Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
TreasuryAccess 0-1 Year ETF(1) | ||||||||||||
Beginning Account Value | Ending Account Value 2/28/2017 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,002.10 | $ | 0.68 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,024.10 | + | $ | 0.68 |
* | Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended February 28, 2017. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year. |
The annualized net expense ratio for the period is as follows: |
Fund | ||||
TreasuryAccess 0-1 Year ETF | 0.14 | % |
+ | Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
(1) | Fund commenced operations on September 6, 2016 |
18
GOLDMAN SACHS TREASURYACCESS 0-1 ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on September 6, 2016. At a meeting held on July 19, 2016 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).
At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fees and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund would operate as a passively-managed ETF, which would seek to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would be providing services to the Fund. The Trustees considered the Investment Adviser’s extensive experience in managing portfolios that invest in short term U.S. Treasury securities. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate) and that the Investment Adviser had only been managing ETFs for a relatively short time, the Investment Adviser had extensive experience managing other types of registered investment companies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
Costs of Services to be Provided and Profitability
The Trustees considered the unitary fee rate payable by the Fund under the Management Agreement. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which include both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF. They also noted that under the unitary fee structure, the Investment Adviser would be responsible for bearing substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees noted that a license fee would be payable by the Investment Adviser to Citigroup Index LLC for use of its index. They compared the Fund’s management fees and projected expense ratio to similar information for comparable ETFs advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rate and expense ratio were prepared by a third-party provider of mutual fund and ETF data. The Trustees concluded that this information was useful in evaluating the reasonableness of the management fees and total expenses expected to be paid by the Fund.
The Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the peer
19
GOLDMAN SACHS TREASURYACCESS 0-1 ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
group. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (d) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be open to doing business with other areas of Goldman, Sachs & Co. (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives (or is expected to receive) certain potential benefits as a result of its relationship with the Investment Adviser, including: (a) improved servicing and pricing from vendors because of the volume of business generated by the Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, but did not identify any particular factor as controlling their decision. After deliberation and consideration of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the unitary fee paid by the Fund was reasonable. The Trustees concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund for a period of two years.
20
FUNDS PROFILE
Goldman Sachs ETFs
Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.
Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.17 trillion in assets under supervision as of December 31, 2016, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman, Sachs & Co. subject to legal, internal and regulatory restrictions.
GOLDMAN SACHS EXCHANGE-TRADED FUNDS |
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF |
Goldman Sachs ActiveBeta® Europe Equity ETF |
Goldman Sachs ActiveBeta® International Equity ETF |
Goldman Sachs ActiveBeta® Japan Equity ETF |
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF
|
INDEX DISCLAIMERS
The Index was developed and is calculated and maintained by Citigroup Index LLC (“Citigroup Index” or the “Index Provider”). Citigroup Index is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by Citigroup Index or any of its affiliates and Citigroup Index makes no representation to any owner or prospective owner of the Fund regarding the advisability of investing in securities generally or in the Fund particularly, or the ability of the Fund to track the price and yield performance of the Index or the ability of the Index to track general bond market performance. Citigroup Index’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of Citigroup Index or its affiliates. The Index is determined, composed and calculated by Citigroup Index without regard to the Fund. Citigroup Index has no obligation to take the needs of the owners or prospective owners of the Fund into consideration in determining, composing or calculating the Index. Citigroup Index is not responsible for and has not participated in the determination of the prices and amount of the shares to be issued by the Fund or the timing of the issuance or sale of the shares to be issued by the Fund or in the determination or calculation of the equation by which the shares to be issued by the Fund are to be converted into cash. Citigroup Index has no obligation or liability in connection with the administration, marketing or trading of the Fund.
CITIGROUP INDEX DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN, OR OF ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO, AND CITIGROUP INDEX SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. CITIGROUP INDEX MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY LICENSEE, OWNERS OR PROSPECTIVE OWNERS OF SHARES OF THE FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. CITIGROUP INDEX MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL CITIGROUP INDEX HAVE ANY LIABILITY FOR ANY DIRECT, SPECIAL, PUNITIVE, INDIRECT, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
The ActiveBeta® Indices are trademarks of Goldman Sachs Asset Management, L.P. and have been licensed for use by Goldman Sachs ETF Trust.
TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.
Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282
The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov.
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of February 28, 2017 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.
ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
The Fund is recently or newly organized and has limited or no operating history.
Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only.
This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman, Sachs & Co. by calling 1-800-621-2550.
ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
©2017 Goldman Sachs. All rights reserved. 88164-TEMPL-04/2017 TREACCESSSAR-17.
ITEM 2. | CODE OF ETHICS. |
(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).
(b) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(c) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.
(d) A copy of the Code of Ethics is available as provided in Item 12(a)(1) of this report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. John P. Coblentz, Jr. is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The information required by this Item is only required in an annual report on this Form N-CSR.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Ashok N. Bakhru, John P. Coblentz, Jr., Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, Richard P. Strubel, and Caroline Dorsa, each a Trustee of the Registrant. |
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Schedule of Investments is included as part of the Report to Shareholders filed under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable. |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable. |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees. |
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended. |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | EXHIBITS. |
(a)(1) | Goldman Sachs ETF Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 12(a)(1) of the registrant’s Form N-CSR filed on October 31, 2016. | |||
(a)(2) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith. | ||
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Goldman Sachs ETF Trust | ||
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 2, 2017 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ James A. McNamara | |
| ||
James A. McNamara | ||
President/Chief Executive Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 2, 2017 | |
By: | /s/ Scott McHugh | |
| ||
Scott McHugh | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 2, 2017 |