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. LLC | 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, 2018
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Semi-Annual Report | February 28, 2018 | |||
Access Fixed Income ETFs | ||||
Access High Yield Corporate Bond ETF | ||||
Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Fixed Income ETFs
∎ | ACCESS HIGH YIELD CORPORATE BOND ETF |
∎ | ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
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3 | ||||
13 | ||||
30 | ||||
33 | ||||
35 | ||||
43 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Access Fixed Income ETFs
Principal Investment Strategies
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
The Goldman Sachs Access High Yield Corporate Bond 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 Goldman Sachs High Yield Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of high yield corporate bonds denominated in U.S. dollars (“USD”) that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of October 31, 2017, there were 673 constituents in the Index and the Index had a weighted average maturity of 5.81 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
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 Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituent securities of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated BB+ by Standard & Poor’s Ratings Services (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) or below. Only constituents of the Reference Index that have a minimum of $400 million outstanding, a minimum issuer size of $1 billion, a maximum final maturity of 15 years and are rated at least CCC+ by S&P or Caa1 by Moody’s are included in the Universe.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors, debt service and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
The Goldman Sachs Access Investment Grade Corporate Bond 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 Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. As of October 31, 2017, there were 1,948 constituents in the Index and the Index had a weighted average maturity of 10.59 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US Broad
1
INVESTMENT PROCESS
Investment Grade (USBIG®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
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 Provider constructs the Index in accordance with a rules-based methodology that involves two steps.
Step 1 - In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”) by applying specified criteria to the constituent securities of the Reference Index. The Reference Index includes investment grade corporate bonds that have a minimum of one year to maturity and are rated at least BBB- by Standard & Poor’s Ratings Services (“S&P”) or Baa3 by Moody’s Investors’ Services, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $750 million outstanding and a minimum issuer size of $2 billion are included in the Universe.
Step 2 - In the second step, the Index Provider applies a fundamental screen to the Universe. Issuers are first grouped into three broad industry groups: financials, industrials and utilities. Within each industry group, issuers are measured by two fundamental factors: operating margin and leverage. The Index Provider ranks each issuer based on the two fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group, screening out lowest ranking eligible securities.
ALL FUNDS
Each Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above).
The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which each Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of its Index. The securities selected for investment by each Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. Each Fund may or may not hold all of the securities in its Index.
Each Fund may concentrate its investments (i.e. hold more than 25% of its total assets) in a particular industry or group of industries to the extent that its Index is concentrated. The degree to which components of its Index represent certain sectors or industries may change over time.
* * *
At the end of each Fund’s Reporting Period (as defined later), we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*
* | Smart beta refers to quantitative index-based strategies. Liquidity is the ability to invest or redeem during market hours. Volatility refers to the annualized standard deviation of returns. |
2
Goldman Sachs Access High Yield Corporate Bond ETF
Investment Objective
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs High Yield Corporate Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the period since it commenced operations on September 5, 2017 through February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.35% based on net asset value (“NAV”) and -0.11% based on market price. The Index returned 0.54% during the same period. |
The Fund had an NAV of $49.92 per share on the date of inception and ended the Reporting Period with an NAV of $49.16 per share. The Fund’s market price on February 28, 2018 was $48.95 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 high yield corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. “High yield” bonds are bonds that are rated below investment grade and are commonly referred to as “junk bonds.” As of October 31, 2017, there were 673 constituents in the Index and the Index had a weighted average maturity of 5.81 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US High-Yield Market Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based 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. |
During the Reporting Period, the Fund posted positive absolute returns that modestly lagged those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, high yield corporate bond returns are driven by three primary factors — yield, duration (whether interest rates are rising or falling) and spreads (or a widening or tightening of the yield differential to U.S. Treasuries). During the Reporting Period, interest rates increased. The yield on the 10-year U.S. Treasury increased by approximately 80 basis points during the Reporting Period. (A basis point is 1/100th of a percentage point.) The U.S. Federal Reserve (the “Fed”) raised interest rates at its December 2017 meeting, and expectations for additional interest rate hikes in 2018, coupled with rising inflation, contributed to U.S. Treasuries’ rising yields. |
High yield corporate spreads tightened by approximately 38 basis points during the Reporting Period. Despite heightened market volatility, as seen primarily in equity markets, high yield corporate bonds exhibited resilience on the back of strong corporate earnings and prospects for ongoing U.S. economic growth with added fiscal stimulus. |
3
PORTFOLIO RESULTS
At the end of the Reporting Period, we believed the U.S. economy would likely continue to grow in the months ahead. We also believed the Fed would hike interest rates three to four times in 2018 and that U.S. Treasury rates may well rise, especially in the short and intermediate portions of the yield curve, or spectrum of maturities. Should this rising rate scenario materialize against a backdrop of tight valuations and a potential pick-up in volatility due in part to rising inflation and inflation expectations, it was our view at the end of the Reporting Period that high yield credit spreads may remain range-bound for the near term. |
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 SEC yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 3.92 years, a weighted average maturity of 5.83 years and a weighted average coupon of 6.19% as of February 28, 2018. The 30-day SEC yield of the Fund at the end of the Reporting Period was 5.61%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?3 |
A |
BBB | 0.02 | % | ||||
BB | 50.43 | |||||
B | 44.91 | |||||
CCC | 4.42 | |||||
Cash | 0.22 |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 99.8% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 85% was in industrials, 7.4% in financials and 7.4% in utilities. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | While the Index was 100% allocated to high yield corporate bonds, the Fund was approximately 99.8% invested in high yield corporate bonds and 0.2% in cash at the end of the Reporting Period. |
1 | 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 30-day SEC yield calculation is based on the 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs High Yield Corporate Bond Index. |
3 | This Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (NRSRO) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and fund/index credit quality may change over time. |
4
FUND BASICS
Access High Yield Corporate Bond ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 48.95 | ||||
Net Asset Value (NAV)1 | $ | 49.16 |
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 5, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Citi Goldman Sachs High Yield Corporate Bond Index3 | |||||||||
Shares | 0.35% | -0.11 | % | 0.54 | % |
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 was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE 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. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE 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. FTSE 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. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. |
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
30-DAY STANDARDIZED YIELD4 | ||||
30-Day Standardized Yield4 | ||||
Shares | 5.61% |
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 30-day period ending on the last day of the Reporting 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 | 0.34% |
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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/186 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Sprint Corp., 7.88%, 09/15/23 | 1.2 | % | Telecommunication Services | |||||
United Rentals North America, Inc., | 1.0 | Consumer, Non-Cyclical | ||||||
4.63%, 07/15/23 | ||||||||
First Data Corp., 7.00%, 12/01/23 | 0.9 | Information Technology | ||||||
DISH DBS Corp., 5.13%, 05/01/20 | 0.8 | Telecommunication Services | ||||||
HCA, Inc., 7.50%, 02/15/22 | 0.8 | Consumer, Non-Cyclical | ||||||
CCO Holdings LLC / CCO Holdings | 0.8 | Telecommunication Services | ||||||
Capital Corp., 5.13%, 05/01/23 | ||||||||
Energy Transfer Equity LP, 5.88%, | 0.7 | Energy | ||||||
01/15/24 | ||||||||
CCO Holdings LLC / CCO Holdings | 0.7 | Telecommunication Services | ||||||
Capital Corp., 5.75%, 01/15/24 | ||||||||
T-Mobile USA, Inc., 6.84%, 04/28/23 | 0.7 | Telecommunication Services | ||||||
Rackspace Hosting, Inc., 8.63%, 11/15/2024 | 0.7 | Information Technology |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
6
FUND BASICS
INDUSTRY ALLOCATION AS OF 2/28/187 | ||||||
Industry | % of Net Assets | |||||
Telecommunication Services | 21.7 | % | ||||
Consumer, Non-cyclical | 18.6 | |||||
Energy | 15.8 | |||||
Consumer, Cyclical | 11.7 | |||||
Financials | 10.3 | |||||
Industrials | 6.9 | |||||
Information Technology | 6.5 | |||||
Utilities | 3.8 | |||||
Materials | 3.6 | |||||
Other | 1.1 |
7 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. |
7
PORTFOLIO RESULTS
Goldman Sachs Access Investment Grade Corporate Bond ETF
Investment Objective
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs Investment Grade Corporate Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income and Liquidity Solution Team discusses the Fund’s performance and positioning for the six-month period ended February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -1.59% based on net asset value (“NAV”) and -1.85% based on market price. The Index returned -1.48% during the same period. |
The Fund had an NAV of $50.28 per share on August 31, 2017 and ended the Reporting Period with an NAV of $48.80 per share. The Fund��s market price on February 28, 2018 was $48.64 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 investment grade corporate bonds denominated in U.S. dollars that meet certain liquidity and fundamental screening criteria. As of October 31, 2017, there were 1,948 constituents in the Index and the Index had a weighted average maturity of 10.59 years. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”) and is based on the Citi US Broad Investment Grade (USBIG®) Corporate Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is rules-based 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. |
During the Reporting Period, the Fund posted negative absolute returns that closely tracked those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, investment grade corporate bond returns are driven by three primary factors — yield, duration (whether interest rates are rising or falling) and spreads (or a widening or tightening of the yield differential to U.S. Treasuries). During the Reporting Period, interest rates increased, and while corporate spreads tightened, the sector posted negative total returns. |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”) raised the targeted federal funds rate to a range of 1.25% to 1.50% at its December 2017 meeting. Expectations for additional interest rate hikes by the Fed in 2018, coupled with concerns of rising inflation, contributed to rising yields of U.S. Treasury bonds. More specifically, the yield on the 10-year U.S. Treasury moved wider by approximately 75 basis points during the Reporting Period. (A basis point is 1/100th of a percentage point.). Investment grade credit spreads tightened during the Reporting Period overall, but experienced spans of widening in September and November 2017 and in February 2018. |
Early in the Reporting Period, market volatility had begun to heighten as domestic and international geopolitical developments created some uncertainty. Escalating tensions in the Korean Peninsula particularly suppressed equity market performance and sent global government bond prices higher. However, in the early months of 2018, as yields on |
8
PORTFOLIO RESULTS
U.S. Treasuries increased, corporate credit spreads were underpinned by strong corporate earnings and firm demand. |
At the end of the Reporting Period, we believed the U.S. economy would likely continue to grow in the months ahead. We also believed the Fed would hike interest rates three to four times in 2018 and that U.S. Treasury rates may well rise, especially in the short and intermediate portions of the yield curve, or spectrum of maturities. Should this rising rate scenario materialize against a backdrop of tight valuations and a potential pick-up in volatility due in part to rising inflation and inflation expectations, it was our view at the end of the Reporting Period that investment grade credit spreads may remain range-bound for the near term. |
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 SEC yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.07 years, a weighted average maturity of 10.51 years and a weighted average coupon of 3.99% as of February 28, 2018. The 30-day SEC yield of the Fund at the end of the Reporting Period was 3.43%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?3 |
A |
AAA | 2.57 | % | ||||
AA | 14.28 | % | ||||
A | 38.92 | % | ||||
BBB | 43.57 | % | ||||
BB | 0.60 | % | ||||
Cash | 0.05 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 99.3% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 32% was in financials, 65% in industrials and 2% in utilities. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | While the Index was 100% allocated to investment grade corporate bonds, the Fund was approximately 99.3% invested in investment grade corporate bonds, 0.6% invested in high yield corporate bonds and 0.05% in cash at the end of the Reporting Period. |
1 | 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 30-day SEC yield calculation is based on the 30-day period ending on the last day of the Reporting Period. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Citi Goldman Sachs Investment Grade Corporate Bond Index. |
3 | This Fund and the Index have not been rated by an independent rating agency. The credit allocation provided refers to the Fund’s underlying portfolio securities. For the purpose of determining compliance with any credit rating requirement, the Fund assigns a security, at the time of purchase, the highest rating by a Nationally Recognized Statistical Rating Organization (NRSRO) if the security is rated by more than one NRSRO. For this purpose, the Fund relies only on the ratings of the following NRSROs: S&P, Moody’s and Fitch, Inc. This method may differ from the method independently used by the Index Provider. GSAM will use a single rating if that is the only one available. Securities that are not rated by all three agencies are reflected as such in the breakdown. Unrated securities may be purchased by the Fund if they are determined by the Investment Adviser to be of a credit quality consistent with the Fund’s credit rating requirements. Unrated securities do not necessarily indicate low quality, and for such securities the Investment Adviser will evaluate the credit quality. GSAM converts all ratings to the equivalent S&P major rating category when illustrating credit rating breakdowns. Ratings and fund/index credit quality may change over time. |
9
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 48.64 | ||||
Net Asset Value (NAV)1 | $ | 48.80 |
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 1, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Citi Goldman Sachs Investment Grade Corporate Bond Index3 | |||||||||
Shares | -1.59% | -1.85 | % | -1.48 | % |
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 was developed and is calculated and maintained by FTSE Fixed Income LLC (“FTSE” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Fund is not sponsored, endorsed, sold or promoted by FTSE or any of its affiliates and FTSE 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. FTSE’s only relationship to GSAM (“Licensee”) is the licensing of certain information, data, trademarks and trade names of FTSE or its affiliates. The Index is determined, composed and calculated by FTSE without regard to the Fund. FTSE 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. FTSE 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. FTSE has no obligation or liability in connection with the administration, marketing or trading of the Fund. |
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.
10
FUND BASICS
30-DAY STANDARDIZED YIELD4 | ||||
30-Day Standardized Yield4 | ||||
Shares | 3.43% |
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 30-day period ending on the last day of the Reporting 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/186 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Wells Fargo Bank NA, Series MTN, 2.15%, 12/06/19 | 0.8 | % | Financials | |||||
Bank of New York Mellon Corp. (The), Series MTN, 2.60%, 02/07/22 | 0.7 | Financials | ||||||
Morgan Stanley, Series GMTN, 5.50%, 07/28/21 | 0.7 | Financials | ||||||
JPMorgan Chase & Co., 2.97%, 01/15/23 | 0.7 | Financials | ||||||
Credit Suisse AG, 5.30%, 08/13/19 | 0.7 | Financials | ||||||
Philip Morris International, Inc., 1.88%, 11/01/19 | 0.7 | Consumer Staples | ||||||
Wells Fargo & Co., 3.07%, 01/24/23 | 0.7 | Financials | ||||||
HSBC Holdings PLC, 2.65%, 01/05/22 | 0.7 | Financials | ||||||
Citigroup, Inc., 8.50%, 05/22/19 | 0.6 | Financials | ||||||
Telefonica Emisiones SAU, 5.13%, 04/27/20 | 0.6 | Telecommunication Services |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
11
FUND BASICS
INDUSTRY ALLOCATION AS OF 2/28/187 | ||||||
Industry | % of Net Assets | |||||
Financials | 32.6 | % | ||||
Consumer, Non-cyclical | 17.6 | |||||
Telecommunication Services | 12.3 | |||||
Energy | 11.7 | |||||
Information Technology | 9.4 | |||||
Consumer, Cyclical | 6.6 | |||||
Industrials | 4.6 | |||||
Materials | 2.7 | |||||
Utilities | 2.2 | |||||
Other | 0.3 |
7 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The “Other” category represents the Fund’s investments in other investment companies. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. |
12
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 91.3% | ||||||||||||||
Advertising – 0.7% | ||||||||||||||
Nielsen Finance LLC / Nielsen Finance Co. | ||||||||||||||
$ | 180,000 | 5.000 | %(a) | 04/15/22 | $ | 182,700 | ||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. | ||||||||||||||
130,000 | 5.875 | 03/15/25 | 132,925 | |||||||||||
|
| |||||||||||||
315,625 | ||||||||||||||
|
| |||||||||||||
Aerospace & Defense – 0.3% | ||||||||||||||
TransDigm, Inc. | ||||||||||||||
30,000 | 5.500 | 10/15/20 | 30,413 | |||||||||||
100,000 | 6.500 | 07/15/24 | 103,625 | |||||||||||
|
| |||||||||||||
134,038 | ||||||||||||||
|
| |||||||||||||
Airlines – 0.1% | ||||||||||||||
American Airlines Group, Inc. | ||||||||||||||
60,000 | 4.625 | (a) | 03/01/20 | 60,658 | ||||||||||
|
| |||||||||||||
Auto Components – 0.4% | ||||||||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||||
60,000 | 5.125 | 11/15/23 | 61,650 | |||||||||||
100,000 | 5.000 | 05/31/26 | 100,500 | |||||||||||
50,000 | 4.875 | 03/15/27 | 49,500 | |||||||||||
|
| |||||||||||||
211,650 | ||||||||||||||
|
| |||||||||||||
Banks – 0.4% | ||||||||||||||
CIT Group, Inc. | ||||||||||||||
210,000 | 5.000 | 08/15/22 | 217,612 | |||||||||||
|
| |||||||||||||
Basic Industry – 0.8% | ||||||||||||||
Aleris International, Inc. | ||||||||||||||
60,000 | 7.875 | 11/01/20 | 59,700 | |||||||||||
CVR Partners LP / CVR Nitrogen Finance Corp. | ||||||||||||||
100,000 | 9.250 | (a) | 06/15/23 | 105,875 | ||||||||||
Hexion, Inc. | ||||||||||||||
150,000 | 6.625 | 04/15/20 | 140,625 | |||||||||||
Momentive Performance Materials, Inc. | ||||||||||||||
70,000 | 3.880 | 10/24/21 | 73,238 | |||||||||||
Novelis Corp. | ||||||||||||||
50,000 | 6.250 | (a) | 08/15/24 | 51,875 | ||||||||||
|
| |||||||||||||
431,313 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 2.8% | ||||||||||||||
Clear Channel Worldwide Holdings, Inc., Series A | ||||||||||||||
50,000 | 6.500 | 11/15/22 | 51,125 | |||||||||||
Clear Channel Worldwide Holdings, Inc., Series B | ||||||||||||||
160,000 | 7.625 | 03/15/20 | 160,400 | |||||||||||
120,000 | 6.500 | 11/15/22 | 123,450 | |||||||||||
Nexstar Broadcasting, Inc. | ||||||||||||||
60,000 | 5.625 | (a) | 08/01/24 | 60,600 | ||||||||||
Sinclair Television Group, Inc. | ||||||||||||||
250,000 | 5.375 | 04/01/21 | 254,063 | |||||||||||
Sirius XM Radio, Inc. | ||||||||||||||
30,000 | 3.875 | (a) | 08/01/22 | 29,513 | ||||||||||
227,000 | 5.375 | (a) | 04/15/25 | 230,689 | ||||||||||
110,000 | 5.375 | (a) | 07/15/26 | 111,513 | ||||||||||
240,000 | 5.000 | (a) | 08/01/27 | 234,300 | ||||||||||
Univision Communications, Inc. | ||||||||||||||
210,000 | 5.125 | (a) | 05/15/23 | 200,025 | ||||||||||
|
| |||||||||||||
1,455,678 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Brokerage – 0.2% | ||||||||||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp. | ||||||||||||||
110,000 | 7.375 | (a) | 04/01/20 | 110,550 | ||||||||||
|
| |||||||||||||
Capital Goods – 2.9% | ||||||||||||||
Apex Tool Group LLC | ||||||||||||||
50,000 | 7.000 | (a) | 02/01/21 | 51,000 | ||||||||||
Beacon Escrow Corp. | ||||||||||||||
100,000 | 4.875 | (a) | 11/01/25 | 97,750 | ||||||||||
Berry Global, Inc. | ||||||||||||||
240,000 | 5.125 | 07/15/23 | 246,300 | |||||||||||
Brand Industrial Services, Inc. | ||||||||||||||
50,000 | 8.500 | (a) | 07/15/25 | 51,687 | ||||||||||
BWAY Holding Co. | ||||||||||||||
110,000 | 5.500 | (a) | 04/15/24 | 112,475 | ||||||||||
Crown Americas LLC / Crown Americas Capital Corp. IV | ||||||||||||||
26,000 | 4.500 | 01/15/23 | 26,325 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp. V | ||||||||||||||
50,000 | 4.250 | 09/30/26 | 47,375 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp. VI | ||||||||||||||
100,000 | 4.750 | (a) | 02/01/26 | 98,875 | ||||||||||
Owens-Brockway Glass Container, Inc. | ||||||||||||||
60,000 | 5.875 | (a) | 08/15/23 | 62,550 | ||||||||||
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / | | ||||||||||||
281,041 | 5.750 | 10/15/20 | 284,554 | |||||||||||
34,654 | 6.875 | 02/15/21 | 35,174 | |||||||||||
110,000 | 5.125 | (a) | 07/15/23 | 112,475 | ||||||||||
70,000 | 7.000 | (a) | 07/15/24 | 73,588 | ||||||||||
Sensata Technologies BV | ||||||||||||||
50,000 | 4.875 | (a) | 10/15/23 | 51,000 | ||||||||||
80,000 | 5.000 | (a) | 10/01/25 | 81,200 | ||||||||||
Vertiv Group Corp. | ||||||||||||||
50,000 | 9.250 | (a) | 10/15/24 | 53,125 | ||||||||||
|
| |||||||||||||
1,485,453 | ||||||||||||||
|
| |||||||||||||
Capital Markets – 0.2% | ||||||||||||||
MSCI, Inc. | ||||||||||||||
130,000 | 4.750 | (a) | 08/01/26 | 129,513 | ||||||||||
|
| |||||||||||||
Chemicals – 0.3% | ||||||||||||||
Platform Specialty Products Corp. | ||||||||||||||
80,000 | 6.500 | (a) | 02/01/22 | 82,400 | ||||||||||
60,000 | 5.875 | (a) | 12/01/25 | 59,775 | ||||||||||
|
| |||||||||||||
142,175 | ||||||||||||||
|
| |||||||||||||
Commercial Services & Supplies – 1.3% | ||||||||||||||
ADT Corp. (The) | ||||||||||||||
60,000 | 6.250 | 10/15/21 | 64,050 | |||||||||||
200,000 | 3.500 | 07/15/22 | 192,000 | |||||||||||
60,000 | 4.125 | 06/15/23 | 58,650 | |||||||||||
47,000 | 4.875 | (a) | 07/15/32 | 43,005 | ||||||||||
Clean Harbors, Inc. | ||||||||||||||
210,000 | 5.125 | 06/01/21 | 212,100 | |||||||||||
Covanta Holding Corp. | ||||||||||||||
60,000 | 6.375 | 10/01/22 | 61,725 | |||||||||||
50,000 | 5.875 | 07/01/25 | 50,312 | |||||||||||
|
| |||||||||||||
681,842 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – 6.6% | ||||||||||||||
Altice US Finance I Corp. | ||||||||||||||
$ | 200,000 | 5.500 | % (a) | 05/15/26 | $ | 199,000 | ||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||||||||
390,000 | 5.125 | (a) | 05/01/23 | 397,312 | ||||||||||
360,000 | 5.750 | 01/15/24 | 368,100 | |||||||||||
190,000 | 5.750 | (a) | 02/15/26 | 193,325 | ||||||||||
130,000 | 5.500 | (a) | 05/01/26 | 130,650 | ||||||||||
270,000 | 5.125 | (a) | 05/01/27 | 260,550 | ||||||||||
210,000 | 5.000 | (a) | 02/01/28 | 199,237 | ||||||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp. | ||||||||||||||
150,000 | 5.125 | (a) | 12/15/21 | 150,187 | ||||||||||
CSC Holdings LLC | ||||||||||||||
100,000 | 6.750 | 11/15/21 | 105,750 | |||||||||||
260,000 | 5.500 | (a) | 04/15/27 | 257,400 | ||||||||||
DISH DBS Corp. | ||||||||||||||
400,000 | 5.125 | 05/01/20 | 400,500 | |||||||||||
100,000 | 6.750 | 06/01/21 | 103,250 | |||||||||||
150,000 | 5.875 | 07/15/22 | 146,250 | |||||||||||
110,000 | 5.000 | 03/15/23 | 101,475 | |||||||||||
170,000 | 5.875 | 11/15/24 | 158,950 | |||||||||||
160,000 | 7.750 | 07/01/26 | 158,000 | |||||||||||
|
| |||||||||||||
3,329,936 | ||||||||||||||
|
| |||||||||||||
Construction & Engineering – 0.4% | ||||||||||||||
AECOM | ||||||||||||||
50,000 | 5.750 | 10/15/22 | 52,375 | |||||||||||
90,000 | 5.875 | 10/15/24 | 94,500 | |||||||||||
50,000 | 5.125 | 03/15/27 | 48,625 | |||||||||||
|
| |||||||||||||
195,500 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 4.1% | ||||||||||||||
Allison Transmission, Inc. | ||||||||||||||
90,000 | 5.000 | (a) | 10/01/24 | 91,687 | ||||||||||
50,000 | 4.750 | (a) | 10/01/27 | 49,000 | ||||||||||
American Axle & Manufacturing, Inc. | ||||||||||||||
150,000 | 6.250 | 04/01/25 | 155,625 | |||||||||||
APX Group, Inc. | ||||||||||||||
250,000 | 7.875 | 12/01/22 | 265,000 | |||||||||||
Caesars Resort Collection LLC / CRC Finco, Inc. | ||||||||||||||
140,000 | 5.250 | (a) | 10/15/25 | 137,025 | ||||||||||
Cinemark USA, Inc. | ||||||||||||||
60,000 | 5.125 | 12/15/22 | 61,275 | |||||||||||
CyrusOne LP / CyrusOne Finance Corp. | ||||||||||||||
130,000 | 5.000 | 03/15/24 | 131,462 | |||||||||||
ESH Hospitality, Inc. | ||||||||||||||
140,000 | 5.250 | (a) | 05/01/25 | 140,000 | ||||||||||
Harland Clarke Holdings Corp. | ||||||||||||||
130,000 | 9.250 | (a) | 03/01/21 | 135,200 | ||||||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America | | ||||||||||||
190,000 | 5.000 | (a) | 06/01/24 | 192,137 | ||||||||||
| MGM Growth Properties Operating Partnership LP / MGP | | ||||||||||||
150,000 | 5.625 | 05/01/24 | 155,625 | |||||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||||||||
170,000 | 9.250 | (a) | 05/15/23 | 185,938 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Sabre GLBL, Inc. | ||||||||||||||
160,000 | 5.250 | (a) | 11/15/23 | 162,400 | ||||||||||
Scientific Games International, Inc. | ||||||||||||||
76,000 | 7.000 | (a) | 01/01/22 | 79,990 | ||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||||||||
50,000 | 4.250 | (a) | 05/30/23 | 50,563 | ||||||||||
|
| |||||||||||||
1,992,927 | ||||||||||||||
|
| |||||||||||||
Consumer Finance – 4.4% | ||||||||||||||
Ally Financial, Inc. | ||||||||||||||
330,000 | 4.125 | 03/30/20 | 333,712 | |||||||||||
190,000 | 4.625 | 03/30/25 | 191,900 | |||||||||||
100,000 | 5.750 | 11/20/25 | 104,750 | |||||||||||
195,000 | 8.000 | 11/01/31 | 242,288 | |||||||||||
Navient Corp. | ||||||||||||||
50,000 | 5.000 | 10/26/20 | 50,500 | |||||||||||
80,000 | 6.625 | 07/26/21 | 83,600 | |||||||||||
180,000 | 6.500 | 06/15/22 | 188,100 | |||||||||||
120,000 | 5.500 | 01/25/23 | 119,550 | |||||||||||
130,000 | 7.250 | 09/25/23 | 138,613 | |||||||||||
50,000 | 6.750 | 06/25/25 | 51,625 | |||||||||||
Navient Corp., MTN | ||||||||||||||
70,000 | 4.875 | 06/17/19 | 70,875 | |||||||||||
140,000 | 8.000 | 03/25/20 | 150,150 | |||||||||||
110,000 | 7.250 | 01/25/22 | 117,975 | |||||||||||
50,000 | 6.125 | 03/25/24 | 50,750 | |||||||||||
Springleaf Finance Corp. | ||||||||||||||
70,000 | 5.250 | 12/15/19 | 71,488 | |||||||||||
140,000 | 8.250 | 12/15/20 | 153,475 | |||||||||||
130,000 | 7.750 | 10/01/21 | 142,675 | |||||||||||
|
| |||||||||||||
2,262,026 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 2.7% | ||||||||||||||
| Albertsons Cos. LLC / Safeway, Inc. / New Albertson’s, Inc. / | | ||||||||||||
110,000 | 6.625 | 06/15/24 | 101,887 | |||||||||||
60,000 | 5.750 | 03/15/25 | 52,800 | |||||||||||
Avantor, Inc. | ||||||||||||||
200,000 | 9.000 | (a) | 10/01/25 | 201,000 | ||||||||||
| Change Healthcare Holdings LLC / Change Healthcare Finance, | | ||||||||||||
120,000 | 5.750 | (a) | 03/01/25 | 120,450 | ||||||||||
First Quality Finance Co., Inc. | ||||||||||||||
70,000 | 4.625 | (a) | 05/15/21 | 70,088 | ||||||||||
Jaguar Holding Co. II / Pharmaceutical Product Development LLC | ||||||||||||||
110,000 | 6.375 | (a) | 08/01/23 | 111,375 | ||||||||||
Mallinckrodt International Finance SA | ||||||||||||||
150,000 | 4.750 | 04/15/23 | 119,250 | |||||||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | ||||||||||||||
70,000 | 4.875 | (a) | 04/15/20 | 68,075 | ||||||||||
50,000 | 5.500 | (a) | 04/15/25 | 40,438 | ||||||||||
MPH Acquisition Holdings LLC | ||||||||||||||
120,000 | 7.125 | (a) | 06/01/24 | 126,600 | ||||||||||
New Albertson’s, Inc. | ||||||||||||||
60,000 | 7.450 | 08/01/29 | 50,100 | |||||||||||
30,000 | 8.000 | 05/01/31 | 25,800 | |||||||||||
|
|
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Polaris Intermediate Corp. | ||||||||||||||
$ | 110,000 | 8.500 | % (a) | 12/01/22 | $ | 112,750 | ||||||||
Quintiles IMS, Inc. | ||||||||||||||
150,000 | 4.875 | (a) | 05/15/23 | 154,125 | ||||||||||
Spectrum Brands, Inc. | ||||||||||||||
100,000 | 5.750 | 07/15/25 | 103,750 | |||||||||||
|
| |||||||||||||
1,458,488 | ||||||||||||||
|
| |||||||||||||
Containers & Packaging – 1.0% | ||||||||||||||
Ball Corp. | ||||||||||||||
100,000 | 4.375 | 12/15/20 | 102,750 | |||||||||||
102,000 | 4.000 | 11/15/23 | 101,617 | |||||||||||
80,000 | 5.250 | 07/01/25 | 84,400 | |||||||||||
Sealed Air Corp. | ||||||||||||||
150,000 | 5.250 | (a) | 04/01/23 | 153,938 | ||||||||||
50,000 | 5.500 | (a) | 09/15/25 | 52,500 | ||||||||||
|
| |||||||||||||
495,205 | ||||||||||||||
|
| |||||||||||||
Diversified Consumer Services – 0.3% | ||||||||||||||
Service Corp. International | ||||||||||||||
80,000 | 5.375 | 01/15/22 | 82,100 | |||||||||||
50,000 | 4.625 | 12/15/27 | 49,000 | |||||||||||
|
| |||||||||||||
131,100 | ||||||||||||||
|
| |||||||||||||
Diversified Telecommunication – 0.5% | ||||||||||||||
CenturyLink, Inc., Series T | ||||||||||||||
250,000 | 5.800 | 03/15/22 | 247,500 | |||||||||||
|
| |||||||||||||
Electric – 0.7% | ||||||||||||||
NextEra Energy Operating Partners LP | ||||||||||||||
80,000 | 4.500 | (a) | 09/15/27 | 77,200 | ||||||||||
Talen Energy Supply LLC | ||||||||||||||
80,000 | 9.500 | (a) | 07/15/22 | 80,400 | ||||||||||
90,000 | 6.500 | 06/01/25 | 70,200 | |||||||||||
50,000 | 10.500 | (a) | 01/15/26 | 47,125 | ||||||||||
Terraform Global Operating LLC | ||||||||||||||
50,000 | 6.125 | (a) | 03/01/26 | 50,875 | ||||||||||
TerraForm Power Operating LLC | ||||||||||||||
60,000 | 5.000 | (a) | 01/31/28 | 58,500 | ||||||||||
|
| |||||||||||||
384,300 | ||||||||||||||
|
| |||||||||||||
Energy – 4.7% | ||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||||||||
120,000 | 10.000 | (a) | 04/01/22 | 129,600 | ||||||||||
CITGO Holding, Inc. | ||||||||||||||
200,000 | 10.750 | (a) | 02/15/20 | 214,500 | ||||||||||
Citgo Petroleum Corp. | ||||||||||||||
70,000 | 6.250 | (a) | 08/15/22 | 70,437 | ||||||||||
CrownRock LP / CrownRock Finance, Inc. | ||||||||||||||
100,000 | 5.625 | (a) | 10/15/25 | 98,750 | ||||||||||
DCP Midstream Operating LP | ||||||||||||||
150,000 | 4.750 | (a) | 09/30/21 | 153,375 | ||||||||||
Endeavor Energy Resources LP / EER Finance, Inc. | ||||||||||||||
80,000 | 5.500 | (a) | 01/30/26 | 79,600 | ||||||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | ||||||||||||||
50,000 | 8.000 | (a) | 11/29/24 | 51,750 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||||||||
80,000 | 5.000 | (a) | 12/01/24 | 80,700 | ||||||||||
50,000 | 5.750 | (a) | 10/01/25 | 50,875 | ||||||||||
Nabors Industries, Inc. | ||||||||||||||
125,000 | 4.625 | 09/15/21 | 122,344 | |||||||||||
50,000 | 5.500 | 01/15/23 | 49,875 | |||||||||||
Parsley Energy LLC / Parsley Finance Corp. | ||||||||||||||
80,000 | 5.625 | (a) | 10/15/27 | 79,800 | ||||||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||||||||
200,000 | 7.250 | 06/15/25 | 208,000 | |||||||||||
Rowan Cos., Inc. | ||||||||||||||
120,000 | 4.875 | 06/01/22 | 112,800 | |||||||||||
SESI LLC | ||||||||||||||
150,000 | 7.125 | 12/15/21 | 152,906 | |||||||||||
50,000 | 7.750 | (a) | 09/15/24 | 52,250 | ||||||||||
Transocean, Inc. | ||||||||||||||
190,000 | 5.800 | 10/15/22 | 186,200 | |||||||||||
Ultra Resources, Inc. | ||||||||||||||
100,000 | 6.875 | (a) | 04/15/22 | 91,250 | ||||||||||
50,000 | 7.125 | (a) | 04/15/25 | 44,000 | ||||||||||
Weatherford International Ltd. | ||||||||||||||
70,000 | 7.750 | 06/15/21 | 70,088 | |||||||||||
190,000 | 8.250 | 06/15/23 | 184,300 | |||||||||||
80,000 | 9.875 | 02/15/24 | 80,000 | |||||||||||
|
| |||||||||||||
2,363,400 | ||||||||||||||
|
| |||||||||||||
Energy Equipment & Services – 0.5% | ||||||||||||||
Diamond Offshore Drilling, Inc. | ||||||||||||||
40,000 | 7.875 | 08/15/25 | 40,800 | |||||||||||
Ensco PLC | ||||||||||||||
100,000 | 4.500 | 10/01/24 | 82,000 | |||||||||||
90,000 | 7.750 | 02/01/26 | 85,050 | |||||||||||
|
| |||||||||||||
207,850 | ||||||||||||||
|
| |||||||||||||
Equity Real Estate Investment – 1.8% | ||||||||||||||
Equinix, Inc. | ||||||||||||||
60,000 | 5.375 | 01/01/22 | 62,475 | |||||||||||
210,000 | 5.375 | 04/01/23 | 216,300 | |||||||||||
220,000 | 5.875 | 01/15/26 | 231,275 | |||||||||||
70,000 | 5.375 | 05/15/27 | 71,750 | |||||||||||
Iron Mountain, Inc. | ||||||||||||||
210,000 | 5.750 | 08/15/24 | 210,000 | |||||||||||
90,000 | 4.875 | (a) | 09/15/27 | 85,275 | ||||||||||
70,000 | 5.250 | (a) | 03/15/28 | 66,850 | ||||||||||
iStar, Inc. | ||||||||||||||
60,000 | 5.250 | 09/15/22 | 59,100 | |||||||||||
|
| |||||||||||||
1,003,025 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.7% | ||||||||||||||
BCD Acquisition, Inc. | ||||||||||||||
100,000 | 9.625 | (a) | 09/15/23 | 109,500 | ||||||||||
Blackstone CQP Holdco LP | ||||||||||||||
60,000 | 6.500 | (a) | 03/20/21 | 60,450 | ||||||||||
Quicken Loans, Inc. | ||||||||||||||
140,000 | 5.750 | (a) | 05/01/25 | 141,400 | ||||||||||
70,000 | 5.250 | (a) | 01/15/28 | 67,725 | ||||||||||
|
| |||||||||||||
379,075 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food & Staples Retailing – 0.7% | ||||||||||||||
Rite Aid Corp. | ||||||||||||||
$ | 50,000 | 9.250 | % | 03/15/20 | $ | 50,625 | ||||||||
280,000 | 6.125 | (a) | 04/01/23 | 283,150 | ||||||||||
Safeway, Inc. | ||||||||||||||
50,000 | 7.250 | 02/01/31 | 42,000 | |||||||||||
|
| |||||||||||||
375,775 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 0.8% | ||||||||||||||
Aramark Services, Inc. | ||||||||||||||
200,000 | 5.000 | (a) | 04/01/25 | 202,500 | ||||||||||
50,000 | 4.750 | 06/01/26 | 49,750 | |||||||||||
Golden Nugget, Inc. | ||||||||||||||
100,000 | 6.750 | (a) | 10/15/24 | 102,625 | ||||||||||
70,000 | 8.750 | (a) | 10/01/25 | 73,762 | ||||||||||
|
| |||||||||||||
428,637 | ||||||||||||||
|
| |||||||||||||
Food Products – 1.8% | ||||||||||||||
Pilgrim’s Pride Corp. | ||||||||||||||
100,000 | 5.750 | (a) | 03/15/25 | 100,000 | ||||||||||
Post Holdings, Inc. | ||||||||||||||
100,000 | 5.500 | (a) | 03/01/25 | 100,875 | ||||||||||
100,000 | 5.000 | (a) | 08/15/26 | 95,250 | ||||||||||
330,000 | 5.750 | (a) | 03/01/27 | 327,525 | ||||||||||
100,000 | 5.625 | (a) | 01/15/28 | 98,000 | ||||||||||
TreeHouse Foods, Inc. | ||||||||||||||
90,000 | 4.875 | 03/15/22 | 90,225 | |||||||||||
110,000 | 6.000 | (a) | 02/15/24 | 112,613 | ||||||||||
|
| |||||||||||||
924,488 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.9% | ||||||||||||||
CDW LLC / CDW Finance Corp. | ||||||||||||||
100,000 | 5.000 | 09/01/23 | 102,000 | |||||||||||
80,000 | 5.000 | 09/01/25 | 81,200 | |||||||||||
CommScope Technologies LLC | ||||||||||||||
180,000 | 6.000 | (a) | 06/15/25 | 186,750 | ||||||||||
80,000 | 5.000 | (a) | 03/15/27 | 78,400 | ||||||||||
CommScope, Inc. | ||||||||||||||
20,000 | 5.500 | (a) | 06/15/24 | 20,450 | ||||||||||
|
| |||||||||||||
468,800 | ||||||||||||||
|
| |||||||||||||
Health Care Equipment & Supplies – 0.1% | ||||||||||||||
Hologic, Inc. | ||||||||||||||
50,000 | 4.625 | (a) | 02/01/28 | 48,625 | ||||||||||
|
| |||||||||||||
Health Care Providers & Services – 2.8% | ||||||||||||||
DaVita, Inc. | ||||||||||||||
90,000 | 5.750 | 08/15/22 | 92,925 | |||||||||||
70,000 | 5.000 | 05/01/25 | 69,037 | |||||||||||
Encompass Health Corp. | ||||||||||||||
70,000 | 5.750 | 11/01/24 | 70,962 | |||||||||||
HCA Healthcare, Inc. | ||||||||||||||
50,000 | 6.250 | 02/15/21 | 52,875 | |||||||||||
Kindred Healthcare, Inc. | ||||||||||||||
60,000 | 8.000 | 01/15/20 | 64,275 | |||||||||||
90,000 | 8.750 | 01/15/23 | 95,850 | |||||||||||
LifePoint Health, Inc. | ||||||||||||||
100,000 | 5.375 | 05/01/24 | 97,250 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Health Care Providers & Services – (continued) | ||||||||||||||
Tenet Healthcare Corp. | ||||||||||||||
100,000 | 4.750 | 06/01/20 | 102,000 | |||||||||||
220,000 | 8.125 | 04/01/22 | 233,200 | |||||||||||
160,000 | 6.750 | 06/15/23 | 160,800 | |||||||||||
250,000 | 4.625 | (a) | 07/15/24 | 241,250 | ||||||||||
100,000 | 5.125 | (a) | 05/01/25 | 97,250 | ||||||||||
WellCare Health Plans, Inc. | ||||||||||||||
100,000 | 5.250 | 04/01/25 | 101,875 | |||||||||||
|
| |||||||||||||
1,479,549 | ||||||||||||||
|
| |||||||||||||
Healthcare – 2.0% | ||||||||||||||
CHS/Community Health Systems, Inc. | ||||||||||||||
50,000 | 5.125 | 08/01/21 | 46,500 | |||||||||||
240,000 | 6.250 | 03/31/23 | 219,000 | |||||||||||
HCA, Inc. | ||||||||||||||
360,000 | 7.500 | 02/15/22 | 400,500 | |||||||||||
60,000 | 5.875 | 05/01/23 | 63,300 | |||||||||||
150,000 | 5.375 | 02/01/25 | 153,000 | |||||||||||
150,000 | 5.875 | 02/15/26 | 155,625 | |||||||||||
|
| |||||||||||||
1,037,925 | ||||||||||||||
|
| |||||||||||||
Hotels, Restaurants & Leisure – 1.7% | ||||||||||||||
Diamond Resorts International, Inc. | ||||||||||||||
100,000 | 10.750 | (a) | 09/01/24 | 108,750 | ||||||||||
MGM Resorts International | ||||||||||||||
50,000 | 5.250 | 03/31/20 | 51,688 | |||||||||||
240,000 | 6.625 | 12/15/21 | 260,400 | |||||||||||
90,000 | 7.750 | 03/15/22 | 100,912 | |||||||||||
140,000 | 6.000 | 03/15/23 | 149,275 | |||||||||||
60,000 | 4.625 | 09/01/26 | 58,950 | |||||||||||
SIX Flags Entertainment Corp. | ||||||||||||||
125,000 | 4.875 | (a) | 07/31/24 | 125,156 | ||||||||||
50,000 | 5.500 | (a) | 04/15/27 | 50,250 | ||||||||||
|
| |||||||||||||
905,381 | ||||||||||||||
|
| |||||||||||||
Household Durables – 1.3% | ||||||||||||||
Lennar Corp. | ||||||||||||||
180,000 | 4.500 | 06/15/19 | 182,475 | |||||||||||
60,000 | 4.750 | 11/15/22 | 60,637 | |||||||||||
100,000 | 4.500 | 04/30/24 | 99,500 | |||||||||||
80,000 | 4.750 | (a) | 11/29/27 | 77,600 | ||||||||||
PulteGroup, Inc. | ||||||||||||||
50,000 | 5.500 | 03/01/26 | 51,125 | |||||||||||
50,000 | 5.000 | 01/15/27 | 49,563 | |||||||||||
Tempur Sealy International, Inc. | ||||||||||||||
80,000 | 5.625 | 10/15/23 | 81,000 | |||||||||||
50,000 | 5.500 | 06/15/26 | 49,375 | |||||||||||
|
| |||||||||||||
651,275 | ||||||||||||||
|
| |||||||||||||
Independent Power & Renewable Electricity Producers – 2.5% | ||||||||||||||
AES Corp | ||||||||||||||
100,000 | 7.375 | 07/01/21 | 110,250 | |||||||||||
140,000 | 4.875 | 05/15/23 | 142,275 | |||||||||||
75,000 | 5.500 | 03/15/24 | 77,156 | |||||||||||
Calpine Corp. | ||||||||||||||
120,000 | 6.000 | (a) | 01/15/22 | 123,600 | ||||||||||
50,000 | 5.875 | (a) | 01/15/24 | 51,062 | ||||||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Independent Power & Renewable Electricity Producers – (continued) | ||||||||||||||
Calpine Corp. – (continued) | ||||||||||||||
$ | 60,000 | 5.500 | % | 02/01/24 | $ | 56,400 | ||||||||
120,000 | 5.750 | 01/15/25 | 112,950 | |||||||||||
110,000 | 5.250 | (a) | 06/01/26 | 107,387 | ||||||||||
NRG Energy, Inc. | ||||||||||||||
240,000 | 6.250 | 05/01/24 | 249,600 | |||||||||||
200,000 | 7.250 | 05/15/26 | 214,250 | |||||||||||
100,000 | 6.625 | 01/15/27 | 103,750 | |||||||||||
|
| |||||||||||||
1,348,680 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.9% | ||||||||||||||
Genworth Holdings, Inc. | ||||||||||||||
260,000 | 7.625 | 09/24/21 | 257,075 | |||||||||||
80,000 | 4.900 | 08/15/23 | 69,000 | |||||||||||
50,000 | 4.800 | 02/15/24 | 43,000 | |||||||||||
HUB International Ltd. | ||||||||||||||
100,000 | 7.875 | (a) | 10/01/21 | 103,500 | ||||||||||
|
| |||||||||||||
472,575 | ||||||||||||||
|
| |||||||||||||
Internet & Direct Marketing Retail – 0.8% | ||||||||||||||
NetFlix, Inc. | ||||||||||||||
50,000 | 5.500 | 02/15/22 | 52,188 | |||||||||||
80,000 | 5.875 | 02/15/25 | 84,700 | |||||||||||
230,000 | 4.375 | 11/15/26 | 221,950 | |||||||||||
50,000 | 4.875 | (a) | 04/15/28 | 49,375 | ||||||||||
|
| |||||||||||||
408,213 | ||||||||||||||
|
| |||||||||||||
Internet Software & Services – 0.9% | ||||||||||||||
Rackspace Hosting, Inc. | ||||||||||||||
340,000 | 8.625 | (a) | 11/15/24 | 354,875 | ||||||||||
VeriSign, Inc. | ||||||||||||||
100,000 | 5.250 | 04/01/25 | 103,375 | |||||||||||
|
| |||||||||||||
458,250 | ||||||||||||||
|
| |||||||||||||
IT Services – 1.4% | ||||||||||||||
First Data Corp. | ||||||||||||||
420,000 | 7.000 | (a) | 12/01/23 | 443,625 | ||||||||||
100,000 | 5.000 | (a) | 01/15/24 | 101,125 | ||||||||||
160,000 | 5.750 | (a) | 01/15/24 | 163,200 | ||||||||||
|
| |||||||||||||
707,950 | ||||||||||||||
|
| |||||||||||||
Leisure Products – 0.3% | ||||||||||||||
Mattel, Inc. | ||||||||||||||
50,000 | 2.350 | 05/06/19 | 49,500 | |||||||||||
80,000 | 6.750 | (a) | 12/31/25 | 81,700 | ||||||||||
|
| |||||||||||||
131,200 | ||||||||||||||
|
| |||||||||||||
Media – 1.4% | ||||||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||||
110,000 | 5.875 | 11/15/26 | 106,837 | |||||||||||
AMC Networks, Inc. | ||||||||||||||
60,000 | 4.750 | 12/15/22 | 61,050 | |||||||||||
70,000 | 5.000 | 04/01/24 | 70,350 | |||||||||||
50,000 | 4.750 | 08/01/25 | 48,687 | |||||||||||
Cablevision Systems Corp. | ||||||||||||||
50,000 | 5.875 | 09/15/22 | 50,312 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Media – (continued) | ||||||||||||||
Lamar Media Corp. | ||||||||||||||
50,000 | 5.000 | 05/01/23 | 51,250 | |||||||||||
80,000 | 5.750 | 02/01/26 | 83,000 | |||||||||||
Meredith Corp. | ||||||||||||||
100,000 | 6.875 | (a) | 02/01/26 | 103,625 | ||||||||||
Tribune Media Co. | ||||||||||||||
140,000 | 5.875 | 07/15/22 | 143,850 | |||||||||||
|
| |||||||||||||
718,961 | ||||||||||||||
|
| |||||||||||||
Metals – 0.7% | ||||||||||||||
Novelis Corp. | ||||||||||||||
350,000 | 5.875 | (a) | 09/30/26 | 353,938 | ||||||||||
|
| |||||||||||||
Metals & Mining – 0.3% | ||||||||||||||
Aleris International, Inc. | ||||||||||||||
100,000 | 9.500 | (a) | 04/01/21 | 105,500 | ||||||||||
Steel Dynamics, Inc. | ||||||||||||||
60,000 | 5.500 | 10/01/24 | 62,400 | |||||||||||
|
| |||||||||||||
167,900 | ||||||||||||||
|
| |||||||||||||
Mortgage Real Estate Investment – 0.1% | ||||||||||||||
Starwood Property Trust, Inc. | ||||||||||||||
60,000 | 4.750 | (a) | 03/15/25 | 58,350 | ||||||||||
|
| |||||||||||||
Multiline Retail – 0.8% | ||||||||||||||
Dollar Tree, Inc. | ||||||||||||||
260,000 | 5.250 | 03/01/20 | 263,414 | |||||||||||
150,000 | 5.750 | 03/01/23 | 156,562 | |||||||||||
|
| |||||||||||||
419,976 | ||||||||||||||
|
| |||||||||||||
Natural Gas – 3.1% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||||||||
70,000 | 5.625 | 05/20/24 | 70,700 | |||||||||||
125,000 | 5.500 | 05/20/25 | 124,687 | |||||||||||
60,000 | 5.875 | 08/20/26 | 60,450 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
310,000 | 5.125 | 06/30/27 | 314,650 | |||||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream | | ||||||||||||
60,000 | 6.250 | 04/01/23 | 62,250 | |||||||||||
50,000 | 5.750 | 04/01/25 | 50,875 | |||||||||||
Ferrellgas LP / Ferrellgas Finance Corp. | ||||||||||||||
100,000 | 6.500 | 05/01/21 | 95,750 | |||||||||||
50,000 | 6.750 | 01/15/22 | 47,000 | |||||||||||
60,000 | 6.750 | 06/15/23 | 55,200 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||||||||
80,000 | 6.250 | 05/15/26 | 77,600 | |||||||||||
NGPL PipeCo LLC | ||||||||||||||
100,000 | 4.875 | (a) | 08/15/27 | 101,375 | ||||||||||
NuStar Logistics LP | ||||||||||||||
60,000 | 5.625 | 04/28/27 | 59,550 | |||||||||||
Rockies Express Pipeline LLC | ||||||||||||||
45,000 | 5.625 | (a) | 04/15/20 | 46,800 | ||||||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||||||||
120,000 | 4.875 | (a) | 01/15/23 | 119,700 | ||||||||||
60,000 | 5.500 | (a) | 02/15/26 | 60,150 | ||||||||||
50,000 | 5.875 | (a) | 03/15/28 | 50,375 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Natural Gas – (continued) | ||||||||||||||
| Targa Resources Partners LP / Targa Resources Partners Finance | | ||||||||||||
$ | 170,000 | 4.125 | % | 11/15/19 | $ | 171,700 | ||||||||
150,000 | 5.000 | (a) | 01/15/28 | 146,438 | ||||||||||
|
| |||||||||||||
1,715,250 | ||||||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 7.0% | ||||||||||||||
Antero Resources Corp. | ||||||||||||||
160,000 | 5.625 | 06/01/23 | 164,800 | |||||||||||
California Resources Corp. | ||||||||||||||
200,000 | 8.000 | (a) | 12/15/22 | 159,750 | ||||||||||
Carrizo Oil & Gas, Inc. | ||||||||||||||
74,000 | 7.500 | 09/15/20 | 75,156 | |||||||||||
Cheniere Energy Partners LP | ||||||||||||||
140,000 | 5.250 | (a) | 10/01/25 | 142,100 | ||||||||||
Chesapeake Energy Corp. | ||||||||||||||
220,000 | 8.000 | (a) | 12/15/22 | 234,850 | ||||||||||
CNX Resources Corp. | ||||||||||||||
150,000 | 5.875 | 04/15/22 | 151,687 | |||||||||||
Denbury Resources, Inc. | ||||||||||||||
80,000 | 9.000 | (a) | 05/15/21 | 82,400 | ||||||||||
Diamondback Energy, Inc. | ||||||||||||||
50,000 | 5.375 | 05/31/25 | 50,500 | |||||||||||
Energy Transfer Equity LP | ||||||||||||||
350,000 | 5.875 | 01/15/24 | 371,875 | |||||||||||
Extraction Oil & Gas, Inc. | ||||||||||||||
100,000 | 5.625 | (a) | 02/01/26 | 98,500 | ||||||||||
Gulfport Energy Corp. | ||||||||||||||
50,000 | 6.000 | 10/15/24 | 49,375 | |||||||||||
65,000 | 6.375 | 05/15/25 | 64,350 | |||||||||||
50,000 | 6.375 | (a) | 01/15/26 | 49,500 | ||||||||||
Newfield Exploration Co. | ||||||||||||||
120,000 | 5.625 | 07/01/24 | 126,900 | |||||||||||
140,000 | 5.375 | 01/01/26 | 144,900 | |||||||||||
Peabody Energy Corp. | ||||||||||||||
70,000 | 6.000 | (a) | 03/31/22 | 72,450 | ||||||||||
QEP Resources, Inc. | ||||||||||||||
250,000 | 5.375 | 10/01/22 | 254,375 | |||||||||||
50,000 | 5.250 | 05/01/23 | 49,750 | |||||||||||
Range Resources Corp. | ||||||||||||||
80,000 | 4.875 | 05/15/25 | 77,000 | |||||||||||
RSP Permian, Inc. | ||||||||||||||
50,000 | 5.250 | 01/15/25 | 50,438 | |||||||||||
Sanchez Energy Corp. | ||||||||||||||
50,000 | 7.750 | 06/15/21 | 48,000 | |||||||||||
140,000 | 6.125 | 01/15/23 | 105,700 | |||||||||||
50,000 | 7.250 | (a) | 02/15/23 | 50,875 | ||||||||||
SM Energy Co. | ||||||||||||||
120,000 | 6.125 | 11/15/22 | 121,800 | |||||||||||
Southwestern Energy Co. | ||||||||||||||
180,000 | 4.100 | 03/15/22 | 169,650 | |||||||||||
140,000 | 6.700 | 01/23/25 | 137,550 | |||||||||||
50,000 | 7.500 | 04/01/26 | 50,750 | |||||||||||
Whiting Petroleum Corp. | ||||||||||||||
80,000 | 6.625 | (a) | 01/15/26 | 82,000 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
50,000 | 3.700 | 01/15/23 | 48,563 | |||||||||||
100,000 | 4.550 | 06/24/24 | 101,000 | |||||||||||
WPX Energy, Inc. | ||||||||||||||
50,000 | 6.000 | 01/15/22 | 52,000 | |||||||||||
140,000 | 8.250 | 08/01/23 | 159,600 | |||||||||||
|
| |||||||||||||
3,598,144 | ||||||||||||||
|
| |||||||||||||
Personal Products – 0.2% | ||||||||||||||
Edgewell Personal Care Co. | ||||||||||||||
60,000 | 4.700 | 05/19/21 | 60,525 | |||||||||||
40,000 | 4.700 | 05/24/22 | 40,250 | |||||||||||
|
| |||||||||||||
100,775 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 3.4% | ||||||||||||||
Mallinckrodt International Finance SA / Mallinckrodt CB LLC | ||||||||||||||
80,000 | 5.750 | (a) | 08/01/22 | 71,000 | ||||||||||
80,000 | 5.625 | (a) | 10/15/23 | 67,400 | ||||||||||
Valeant Pharmaceuticals International | ||||||||||||||
60,000 | 6.375 | (a) | 10/15/20 | 60,525 | ||||||||||
50,000 | 7.250 | (a) | 07/15/22 | 48,813 | ||||||||||
Valeant Pharmaceuticals International, Inc. | ||||||||||||||
100,000 | 5.375 | (a) | 03/15/20 | 99,875 | ||||||||||
200,000 | 7.500 | (a) | 07/15/21 | 201,750 | ||||||||||
120,000 | 5.625 | (a) | 12/01/21 | 114,000 | ||||||||||
100,000 | 5.500 | (a) | 03/01/23 | 89,000 | ||||||||||
250,000 | 5.875 | (a) | 05/15/23 | 223,438 | ||||||||||
190,000 | 7.000 | (a) | 03/15/24 | 200,925 | ||||||||||
270,000 | 6.125 | (a) | 04/15/25 | 238,950 | ||||||||||
170,000 | 5.500 | (a) | 11/01/25 | 169,150 | ||||||||||
190,000 | 9.000 | (a) | 12/15/25 | 191,900 | ||||||||||
|
| |||||||||||||
1,776,726 | ||||||||||||||
|
| |||||||||||||
Professional Services – 0.3% | ||||||||||||||
IHS Markit Ltd. | ||||||||||||||
110,000 | 4.750 | (a) | 02/15/25 | 113,025 | ||||||||||
50,000 | 4.000 | (a) | 03/01/26 | 48,750 | ||||||||||
|
| |||||||||||||
161,775 | ||||||||||||||
|
| |||||||||||||
Real Estate Investment Trust – 0.2% | ||||||||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | ||||||||||||||
100,000 | 4.875 | (a) | 06/01/23 | 97,000 | ||||||||||
|
| |||||||||||||
Real Estate Management & Development – 0.1% | ||||||||||||||
Howard Hughes Corp. (The) | ||||||||||||||
70,000 | 5.375 | (a) | 03/15/25 | 68,942 | ||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.1% | ||||||||||||||
CyrusOne LP / CyrusOne Finance Corp. | ||||||||||||||
50,000 | 5.375 | 03/15/27 | 50,625 | |||||||||||
|
| |||||||||||||
Rental Equipment – 2.5% | ||||||||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||||||||||||||
60,000 | 5.125 | (a) | 06/01/22 | 60,300 | ||||||||||
BlueLine Rental Finance Corp. / BlueLine Rental LLC | ||||||||||||||
90,000 | 9.250 | (a) | 03/15/24 | 97,762 | ||||||||||
Hertz Corp. (The) | ||||||||||||||
230,000 | 7.625 | (a) | 06/01/22 | 237,762 | ||||||||||
60,000 | 5.500 | (a) | 10/15/24 | 52,350 | ||||||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Rental Equipment – (continued) | ||||||||||||||
United Rentals North America, Inc. | ||||||||||||||
$ | 490,000 | 4.625 | % | 07/15/23 | $ | 503,475 | ||||||||
50,000 | 5.875 | 09/15/26 | 52,625 | |||||||||||
220,000 | 5.500 | 05/15/27 | 226,600 | |||||||||||
50,000 | 4.875 | 01/15/28 | 49,000 | |||||||||||
|
| |||||||||||||
1,279,874 | ||||||||||||||
|
| |||||||||||||
Software – 1.2% | ||||||||||||||
BMC Software Finance, Inc. | ||||||||||||||
140,000 | 8.125 | (a) | 07/15/21 | 141,225 | ||||||||||
CDK Global, Inc. | ||||||||||||||
100,000 | 4.875 | (a) | 06/01/27 | 99,750 | ||||||||||
Infor US, Inc. | ||||||||||||||
60,000 | 5.750 | (a) | 08/15/20 | 61,500 | ||||||||||
150,000 | 6.500 | 05/15/22 | 153,750 | |||||||||||
Solera LLC / Solera Finance, Inc. | ||||||||||||||
150,000 | 10.500 | (a) | 03/01/24 | 169,125 | ||||||||||
|
| |||||||||||||
625,350 | ||||||||||||||
|
| |||||||||||||
Specialty Retail – 1.0% | ||||||||||||||
L Brands, Inc. | ||||||||||||||
100,000 | 6.625 | 04/01/21 | 107,125 | |||||||||||
100,000 | 5.625 | 02/15/22 | 104,750 | |||||||||||
70,000 | 5.625 | 10/15/23 | 73,937 | |||||||||||
170,000 | 5.250 | 02/01/28 | 164,475 | |||||||||||
Penske Automotive Group, Inc. | ||||||||||||||
50,000 | 5.500 | 05/15/26 | 50,000 | |||||||||||
PetSmart, Inc. | ||||||||||||||
80,000 | 5.875 | (a) | 06/01/25 | 62,400 | ||||||||||
|
| |||||||||||||
562,687 | ||||||||||||||
|
| |||||||||||||
Technology – 0.5% | ||||||||||||||
Exela Intermediate LLC / Exela Finance, Inc. | ||||||||||||||
60,000 | 10.000 | (a) | 07/15/23 | 60,075 | ||||||||||
Harland Clarke Holdings Corp. | ||||||||||||||
180,000 | 8.375 | (a) | 08/15/22 | 187,200 | ||||||||||
|
| |||||||||||||
247,275 | ||||||||||||||
|
| |||||||||||||
Technology Hardware, Storage & Peripherals – 0.9% | ||||||||||||||
NCR Corp. | ||||||||||||||
90,000 | 6.375 | 12/15/23 | 93,825 | |||||||||||
Western Digital Corp. | ||||||||||||||
300,000 | 10.500 | 04/01/24 | 348,281 | |||||||||||
|
| |||||||||||||
442,106 | ||||||||||||||
|
| |||||||||||||
Textiles, Apparel & Luxury Goods – 0.4% | ||||||||||||||
Hanesbrands, Inc. | ||||||||||||||
90,000 | 4.625 | (a) | 05/15/24 | 89,662 | ||||||||||
90,000 | 4.875 | (a) | 05/15/26 | 88,650 | ||||||||||
|
| |||||||||||||
178,312 | ||||||||||||||
|
| |||||||||||||
Wireless – 4.9% | ||||||||||||||
Sprint Capital Corp. | ||||||||||||||
200,000 | 6.900 | 05/01/19 | 207,500 | |||||||||||
190,000 | 6.875 | 11/15/28 | 182,875 | |||||||||||
295,000 | 8.750 | 03/15/32 | 321,919 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
Sprint Communications, Inc. | ||||||||||||||
160,000 | 7.000 | (a) | 03/01/20 | 169,600 | ||||||||||
300,000 | 7.000 | 08/15/20 | 315,000 | |||||||||||
50,000 | 11.500 | 11/15/21 | 59,375 | |||||||||||
150,000 | 6.000 | 11/15/22 | 148,125 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
100,000 | 4.000 | 04/15/22 | 100,375 | |||||||||||
350,000 | 6.836 | 04/28/23 | 364,000 | |||||||||||
60,000 | 6.500 | 01/15/24 | 63,150 | |||||||||||
160,000 | 6.375 | 03/01/25 | 169,400 | |||||||||||
230,000 | 6.500 | 01/15/26 | 247,538 | |||||||||||
80,000 | 5.375 | 04/15/27 | 82,100 | |||||||||||
150,000 | 4.750 | 02/01/28 | 147,000 | |||||||||||
|
| |||||||||||||
2,577,957 | ||||||||||||||
|
| |||||||||||||
Wireless Telecommunication Services – 2.3% | ||||||||||||||
Sprint Corp. | ||||||||||||||
200,000 | 7.250 | 09/15/21 | 209,000 | |||||||||||
600,000 | 7.875 | 09/15/23 | 621,000 | |||||||||||
190,000 | 7.125 | 06/15/24 | 189,050 | |||||||||||
140,000 | 7.625 | 02/15/25 | 140,350 | |||||||||||
|
| |||||||||||||
1,159,400 | ||||||||||||||
|
| |||||||||||||
Wirelines – 2.2% | ||||||||||||||
Level 3 Financing, Inc. | ||||||||||||||
100,000 | 5.375 | 08/15/22 | 101,500 | |||||||||||
120,000 | 5.125 | 05/01/23 | 120,600 | |||||||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC | ||||||||||||||
50,000 | 7.125 | (a) | 12/15/24 | 44,937 | ||||||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | ||||||||||||||
50,000 | 6.000 | (a) | 04/15/23 | 48,625 | ||||||||||
150,000 | 8.250 | 10/15/23 | 140,625 | |||||||||||
Windstream Services LLC / Windstream Finance Corp. | ||||||||||||||
171,000 | 6.375 | (a) | 08/01/23 | 97,043 | ||||||||||
50,000 | 6.375 | 08/01/23 | 29,500 | |||||||||||
61,000 | 8.750 | (a) | 12/15/24 | 39,803 | ||||||||||
60,000 | 8.625 | (a) | 10/31/25 | 56,400 | ||||||||||
Zayo Group LLC / Zayo Capital, Inc. | ||||||||||||||
250,000 | 6.000 | 04/01/23 | 260,313 | |||||||||||
130,000 | 5.750 | (a) | 01/15/27 | 131,138 | ||||||||||
|
| |||||||||||||
1,070,484 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $47,826,106) | 47,105,569 | |||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 6.9% | ||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||
Bombardier, Inc. (Canada) | ||||||||||||||
$ | 50,000 | 7.750 | %(a) | 03/15/20 | $ | 53,625 | ||||||||
170,000 | 8.750 | (a) | 12/01/21 | 187,212 | ||||||||||
50,000 | 6.000 | (a) | 10/15/22 | 50,062 | ||||||||||
100,000 | 6.125 | (a) | 01/15/23 | 100,750 | ||||||||||
90,000 | 7.500 | (a) | 12/01/24 | 93,937 | ||||||||||
140,000 | 7.500 | (a) | 03/15/25 | 143,500 | ||||||||||
|
| |||||||||||||
629,086 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Agriculture – 1.0% | ||||||||||||||
JBS USA LUX SA / JBS USA Finance, Inc. (Brazil) | ||||||||||||||
$ | 300,000 | 7.250 | % (a) | 06/01/21 | $ | 306,000 | ||||||||
50,000 | 5.875 | (a) | 07/15/24 | 49,000 | ||||||||||
140,000 | 5.750 | (a) | 06/15/25 | 134,225 | ||||||||||
|
| |||||||||||||
489,225 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.6% | ||||||||||||||
NOVA Chemicals Corp. (Canada) | ||||||||||||||
237,000 | 4.875 | (a) | 06/01/24 | 235,223 | ||||||||||
110,000 | 5.250 | (a) | 06/01/27 | 107,388 | ||||||||||
|
| |||||||||||||
342,611 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.9% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (Canada) | ||||||||||||||
170,000 | 4.625 | (a) | 01/15/22 | 171,913 | ||||||||||
210,000 | 4.250 | (a) | 05/15/24 | 202,125 | ||||||||||
100,000 | 5.000 | (a) | 10/15/25 | 98,000 | ||||||||||
|
| |||||||||||||
472,038 | ||||||||||||||
|
| |||||||||||||
Energy – 0.1% | ||||||||||||||
Jupiter Resources, Inc. (Canada) | ||||||||||||||
90,000 | 8.500 | (a) | 10/01/22 | 42,750 | ||||||||||
|
| |||||||||||||
Household Durables – 0.1% | ||||||||||||||
Brookfield Residential Properties, Inc. (Canada) | ||||||||||||||
60,000 | 6.500 | (a) | 12/15/20 | 61,425 | ||||||||||
|
| |||||||||||||
Metals & Mining – 1.5% | ||||||||||||||
First Quantum Minerals Ltd. (Zambia) | ||||||||||||||
170,000 | 7.000 | (a) | 02/15/21 | 176,162 | ||||||||||
200,000 | 7.250 | (a) | 04/01/23 | 208,500 | ||||||||||
220,000 | 6.875 | (a) | 03/01/26 | 219,450 | ||||||||||
Teck Resources Ltd. (Canada) | ||||||||||||||
130,000 | 4.750 | 01/15/22 | 133,088 | |||||||||||
60,000 | 3.750 | 02/01/23 | 58,725 | |||||||||||
|
| |||||||||||||
795,925 | ||||||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 1.1% | ||||||||||||||
MEG Energy Corp. (Canada) | ||||||||||||||
170,000 | 6.375 | (a) | 01/30/23 | 147,900 | ||||||||||
60,000 | 7.000 | (a) | 03/31/24 | 51,450 | ||||||||||
Seven Generations Energy Ltd. (Canada) | ||||||||||||||
190,000 | 6.875 | (a) | 06/30/23 | 199,500 | ||||||||||
150,000 | 5.375 | (a) | 09/30/25 | 148,125 | ||||||||||
|
| |||||||||||||
546,975 | ||||||||||||||
|
| |||||||||||||
Personal Products – 0.1% | ||||||||||||||
Avon Products, Inc. (United Kingdom) | ||||||||||||||
90,000 | 7.000 | 03/15/23 | 82,125 | |||||||||||
|
| |||||||||||||
Software – 0.2% | ||||||||||||||
Open Text Corp. (Canada) | ||||||||||||||
100,000 | 5.875 | (a) | 06/01/26 | 104,500 | ||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $3,614,776) | $ | 3,566,660 | ||||||||||||
|
| |||||||||||||
Principal Amount | Interest Rate | Value | ||||||
Investment Company – 1.1%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
$572,983 | 1.262 | % | $ | 572,983 | ||||
(Cost $572,983) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.3% | ||||||||
(Cost $52,013,865) | $ | 51,245,212 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% | 374,419 | |||||||
| ||||||||
NET ASSETS – 100.0% | $ | 51,619,631 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | 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 $22,425,221 which represents approximately 43.4% of the Fund’s net assets as of February 28, 2018. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 77.7% | ||||||||||||||
Aerospace & Defense – 2.0% | ||||||||||||||
Arconic, Inc. | ||||||||||||||
$ | 250,000 | 5.125 | % | 10/01/24 | $ | 259,609 | ||||||||
Lockheed Martin Corp. | ||||||||||||||
150,000 | 2.900 | 03/01/25 | 144,431 | |||||||||||
110,000 | 4.070 | 12/15/42 | 108,855 | |||||||||||
180,000 | 4.700 | 05/15/46 | 195,811 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
400,000 | 2.930 | 01/15/25 | 383,938 | |||||||||||
400,000 | 3.250 | 01/15/28 | 383,801 | |||||||||||
United Technologies Corp. | ||||||||||||||
472,000 | 1.950 | 11/01/21 | 454,197 | |||||||||||
370,000 | 3.125 | 05/04/27 | 352,102 | |||||||||||
145,000 | 5.700 | 04/15/40 | 172,916 | |||||||||||
140,000 | 3.750 | 11/01/46 | 128,736 | |||||||||||
|
| |||||||||||||
2,584,396 | ||||||||||||||
|
| |||||||||||||
Air Freight & Logistics – 0.5% | ||||||||||||||
FedEx Corp. | ||||||||||||||
170,000 | 4.550 | 04/01/46 | 172,342 | |||||||||||
United Parcel Service, Inc. | ||||||||||||||
490,000 | 2.450 | 10/01/22 | 477,853 | |||||||||||
|
| |||||||||||||
650,195 | ||||||||||||||
|
| |||||||||||||
Automobiles – 0.4% | ||||||||||||||
Ford Motor Co. | ||||||||||||||
130,000 | 7.450 | 07/16/31 | 159,376 | |||||||||||
100,000 | 5.291 | 12/08/46 | 98,706 | |||||||||||
General Motors Co. | ||||||||||||||
100,000 | 6.250 | 10/02/43 | 112,771 | |||||||||||
120,000 | 6.750 | 04/01/46 | 141,528 | |||||||||||
|
| |||||||||||||
512,381 | ||||||||||||||
|
| |||||||||||||
Banks – 14.4% | ||||||||||||||
Bank of America Corp. | ||||||||||||||
270,000 | 7.750 | 05/14/38 | 385,635 | |||||||||||
Bank of America Corp., GMTN | ||||||||||||||
830,000 | 3.300 | 01/11/23 | 827,178 | |||||||||||
Bank of America Corp., Series L | ||||||||||||||
190,000 | 4.183 | 11/25/27 | 190,544 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
324,000 | 5.000 | 05/13/21 | 342,584 | |||||||||||
630,000 | 3.875 | 08/01/25 | 639,412 | |||||||||||
250,000 | 3.248 | 10/21/27 | 237,916 | |||||||||||
330,000 | 5.000 | 01/21/44 | 374,272 | |||||||||||
BB&T Corp., MTN | ||||||||||||||
48,000 | 2.050 | 05/10/21 | 46,600 | |||||||||||
Branch Banking & Trust Co. | ||||||||||||||
250,000 | 2.100 | 01/15/20 | 247,076 | |||||||||||
390,000 | 3.800 | 10/30/26 | 394,906 | |||||||||||
Capital One Bank USA NA | ||||||||||||||
400,000 | 3.375 | 02/15/23 | 394,859 | |||||||||||
Citigroup, Inc. | ||||||||||||||
800,000 | 8.500 | 05/22/19 | 855,107 | |||||||||||
190,000 | 4.500 | 01/14/22 | 198,482 | |||||||||||
30,000 | 3.875 | 10/25/23 | 30,647 | |||||||||||
300,000 | 3.875 | 03/26/25 | 299,208 | |||||||||||
190,000 | 3.300 | 04/27/25 | 185,808 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Citigroup, Inc. – (continued) | ||||||||||||||
175,000 | 3.700 | 01/12/26 | 174,134 | |||||||||||
270,000 | 3.200 | 10/21/26 | 257,530 | |||||||||||
342,000 | 4.450 | 09/29/27 | 349,548 | |||||||||||
20,000 | 4.125 | 07/25/28 | 19,903 | |||||||||||
170,000 | 5.875 | 01/30/42 | 212,571 | |||||||||||
30,000 | 6.675 | 09/13/43 | 39,490 | |||||||||||
130,000 | 4.650 | 07/30/45 | 140,709 | |||||||||||
120,000 | 4.750 | 05/18/46 | 123,217 | |||||||||||
Citizens Bank NA/Providence RI | ||||||||||||||
580,000 | 2.550 | 05/13/21 | 570,082 | |||||||||||
Discover Bank | ||||||||||||||
250,000 | 3.100 | 06/04/20 | 250,099 | |||||||||||
290,000 | 4.200 | 08/08/23 | 299,078 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
170,000 | 8.250 | 03/01/38 | 247,286 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
250,000 | 2.300 | 01/14/22 | 241,114 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
430,000 | 4.250 | 10/15/20 | 444,910 | |||||||||||
327,000 | 4.500 | 01/24/22 | 342,797 | |||||||||||
20,000 | 3.250 | 09/23/22 | 19,970 | |||||||||||
967,000 | 2.972 | 01/15/23 | 952,232 | |||||||||||
500,000 | 3.200 | 06/15/26 | 480,798 | |||||||||||
270,000 | 3.625 | 12/01/27 | 261,185 | |||||||||||
212,000 | 6.400 | 05/15/38 | 276,472 | |||||||||||
175,000 | 5.500 | 10/15/40 | 209,745 | |||||||||||
110,000 | 5.600 | 07/15/41 | 133,722 | |||||||||||
180,000 | 5.400 | 01/06/42 | 214,477 | |||||||||||
60,000 | 4.850 | 02/01/44 | 66,532 | |||||||||||
KeyBank NA | ||||||||||||||
600,000 | 2.500 | 12/15/19 | 597,386 | |||||||||||
PNC Bank NA, MTN | ||||||||||||||
260,000 | 2.600 | 07/21/20 | 258,498 | |||||||||||
550,000 | 3.250 | 06/01/25 | 541,586 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
740,000 | 4.375 | 08/11/20 | 766,417 | |||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
490,000 | 3.700 | (a) | 03/28/22 | 487,545 | ||||||||||
US Bank NA | ||||||||||||||
290,000 | 2.125 | 10/28/19 | 287,497 | |||||||||||
250,000 | 2.000 | 01/24/20 | 246,648 | |||||||||||
Wachovia Corp. | ||||||||||||||
260,000 | 5.500 | 08/01/35 | 295,231 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
910,000 | 3.069 | 01/24/23 | 897,582 | |||||||||||
460,000 | 3.000 | 04/22/26 | 436,203 | |||||||||||
370,000 | 3.000 | 10/23/26 | 350,381 | |||||||||||
Wells Fargo & Co., GMTN | ||||||||||||||
190,000 | 4.900 | 11/17/45 | 201,352 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
100,000 | 3.000 | 01/22/21 | 99,887 | |||||||||||
90,000 | 3.500 | 03/08/22 | 90,618 | |||||||||||
160,000 | 4.100 | 06/03/26 | 160,964 | |||||||||||
100,000 | 4.650 | 11/04/44 | 102,007 | |||||||||||
200,000 | 4.750 | 12/07/46 | 206,716 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Wells Fargo Bank NA, MTN | ||||||||||||||
$ | 1,000,000 | 2.150 | % | 12/06/19 | $ | 991,768 | ||||||||
|
| |||||||||||||
18,996,121 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.1% | ||||||||||||||
LYB International Finance BV | ||||||||||||||
110,000 | 5.250 | 07/15/43 | 121,039 | |||||||||||
|
| |||||||||||||
Beverages – 1.6% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
450,000 | 2.875 | 10/27/25 | 437,360 | |||||||||||
Molson Coors Brewing Co. | ||||||||||||||
400,000 | 3.000 | 07/15/26 | 373,597 | |||||||||||
50,000 | 4.200 | 07/15/46 | 47,246 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
104,000 | 3.000 | 08/25/21 | 104,770 | |||||||||||
800,000 | 2.750 | 03/05/22 | 794,186 | |||||||||||
100,000 | 4.875 | 11/01/40 | 114,133 | |||||||||||
280,000 | 3.450 | 10/06/46 | 255,809 | |||||||||||
|
| |||||||||||||
2,127,101 | ||||||||||||||
|
| |||||||||||||
Biotechnology – 3.1% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
180,000 | 3.600 | 05/14/25 | 178,159 | |||||||||||
40,000 | 3.200 | 05/14/26 | 38,259 | |||||||||||
64,000 | 4.500 | 05/14/35 | 66,036 | |||||||||||
50,000 | 4.300 | 05/14/36 | 50,329 | |||||||||||
140,000 | 4.400 | 11/06/42 | 139,216 | |||||||||||
175,000 | 4.700 | 05/14/45 | 181,086 | |||||||||||
150,000 | 4.450 | 05/14/46 | 150,298 | |||||||||||
Amgen, Inc. | ||||||||||||||
100,000 | 2.200 | 05/22/19 | 99,636 | |||||||||||
680,000 | 3.450 | 10/01/20 | 688,665 | |||||||||||
202,000 | 4.400 | 05/01/45 | 200,197 | |||||||||||
205,000 | 4.663 | 06/15/51 | 207,626 | |||||||||||
Biogen, Inc. | ||||||||||||||
145,000 | 3.625 | 09/15/22 | 146,886 | |||||||||||
180,000 | 5.200 | 09/15/45 | 196,549 | |||||||||||
Celgene Corp. | ||||||||||||||
320,000 | 3.550 | 08/15/22 | 322,050 | |||||||||||
190,000 | 5.000 | 08/15/45 | 197,620 | |||||||||||
95,000 | 4.350 | 11/15/47 | 90,617 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
200,000 | 3.250 | 09/01/22 | 200,803 | |||||||||||
460,000 | 3.650 | 03/01/26 | 460,861 | |||||||||||
96,000 | 4.800 | 04/01/44 | 101,962 | |||||||||||
250,000 | 4.750 | 03/01/46 | 264,539 | |||||||||||
|
| |||||||||||||
3,981,394 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.1% | ||||||||||||||
Jefferies Group LLC | ||||||||||||||
150,000 | 4.850 | 01/15/27 | 154,985 | |||||||||||
|
| |||||||||||||
Capital Goods – 0.6% | ||||||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
520,000 | 1.700 | 08/09/21 | 499,176 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
240,000 | 7.150 | 02/15/19 | 250,710 | |||||||||||
|
| |||||||||||||
749,886 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Markets – 4.1% | ||||||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
320,000 | 2.600 | 08/17/20 | 318,101 | |||||||||||
1,000,000 | 2.600 | 02/07/22 | 978,142 | |||||||||||
20,000 | 2.800 | 05/04/26 | 18,885 | |||||||||||
40,000 | 3.250 | 05/16/27 | 38,898 | |||||||||||
BlackRock, Inc. | ||||||||||||||
200,000 | 3.500 | 03/18/24 | 203,013 | |||||||||||
Morgan Stanley | ||||||||||||||
40,000 | 2.800 | 06/16/20 | 39,897 | |||||||||||
260,000 | 5.750 | 01/25/21 | 278,791 | |||||||||||
414,000 | 4.875 | 11/01/22 | 437,719 | |||||||||||
30,000 | 3.625 | 01/20/27 | 29,467 | |||||||||||
346,000 | 3.950 | 04/23/27 | 340,434 | |||||||||||
156,000 | 6.375 | 07/24/42 | 203,212 | |||||||||||
20,000 | 4.300 | 01/27/45 | 20,257 | |||||||||||
30,000 | 4.375 | 01/22/47 | 30,522 | |||||||||||
Morgan Stanley, Series F | ||||||||||||||
245,000 | 3.875 | 04/29/24 | 247,793 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
895,000 | 5.500 | 07/28/21 | 961,031 | |||||||||||
25,000 | 3.700 | 10/23/24 | 25,005 | |||||||||||
420,000 | 3.875 | 01/27/26 | 421,755 | |||||||||||
Morgan Stanley, MTN | ||||||||||||||
500,000 | 2.625 | 11/17/21 | 490,090 | |||||||||||
90,000 | 3.125 | 07/27/26 | 85,520 | |||||||||||
State Street Corp. | ||||||||||||||
250,000 | 3.100 | 05/15/23 | 246,786 | |||||||||||
80,000 | 2.650 | 05/19/26 | 74,619 | |||||||||||
|
| |||||||||||||
5,489,937 | ||||||||||||||
|
| |||||||||||||
Chemicals – 1.0% | ||||||||||||||
Eastman Chemical Co. | ||||||||||||||
520,000 | 3.600 | 08/15/22 | 526,760 | |||||||||||
LyondellBasell Industries NV | ||||||||||||||
150,000 | 5.000 | 04/15/19 | 153,594 | |||||||||||
550,000 | 5.750 | 04/15/24 | 608,266 | |||||||||||
|
| |||||||||||||
1,288,620 | ||||||||||||||
|
| |||||||||||||
Communications – 1.5% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
250,000 | 3.579 | 07/23/20 | 251,568 | |||||||||||
360,000 | 4.464 | 07/23/22 | 368,789 | |||||||||||
90,000 | 3.750 | 02/15/28 | 83,382 | |||||||||||
100,000 | 6.384 | 10/23/35 | 113,097 | |||||||||||
180,000 | 6.484 | 10/23/45 | 203,332 | |||||||||||
100,000 | 5.375 | 05/01/47 | 99,294 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
350,000 | 8.250 | 04/01/19 | 368,906 | |||||||||||
20,000 | 6.550 | 05/01/37 | 22,637 | |||||||||||
120,000 | 7.300 | 07/01/38 | 146,340 | |||||||||||
160,000 | 5.875 | 11/15/40 | 169,250 | |||||||||||
170,000 | 4.500 | 09/15/42 | 154,136 | |||||||||||
|
| |||||||||||||
1,980,731 | ||||||||||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications Equipment – 0.8% | ||||||||||||||
Cisco Systems, Inc. | ||||||||||||||
$ | 85,000 | 1.600 | % | 02/28/19 | $ | 84,357 | ||||||||
100,000 | 4.450 | 01/15/20 | 103,522 | |||||||||||
360,000 | 3.625 | 03/04/24 | 368,230 | |||||||||||
260,000 | 5.900 | 02/15/39 | 339,176 | |||||||||||
|
| |||||||||||||
895,285 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 2.1% | ||||||||||||||
Ford Motor Credit Co. LLC | ||||||||||||||
555,000 | 5.875 | 08/02/21 | 595,227 | |||||||||||
576,000 | 4.134 | 08/04/25 | 566,269 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
180,000 | 3.150 | 01/15/20 | 180,400 | |||||||||||
815,000 | 3.200 | 07/13/20 | 814,695 | |||||||||||
390,000 | 3.450 | 04/10/22 | 387,396 | |||||||||||
250,000 | 4.350 | 01/17/27 | 249,027 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
71,000 | 1.700 | 02/19/19 | 70,489 | |||||||||||
|
| |||||||||||||
2,863,503 | ||||||||||||||
|
| |||||||||||||
Consumer Finance – 1.0% | ||||||||||||||
American Express Co. | ||||||||||||||
115,000 | 4.050 | 12/03/42 | 114,758 | |||||||||||
American Express Credit Corp., GMTN | ||||||||||||||
230,000 | 2.250 | 08/15/19 | 229,092 | |||||||||||
American Express Credit Corp., MTN | ||||||||||||||
450,000 | 2.375 | 05/26/20 | 445,491 | |||||||||||
210,000 | 3.300 | 05/03/27 | 203,875 | |||||||||||
Capital One Financial Corp. | ||||||||||||||
182,000 | 4.200 | 10/29/25 | 181,088 | |||||||||||
Synchrony Financial | ||||||||||||||
140,000 | 3.950 | 12/01/27 | 134,797 | |||||||||||
|
| |||||||||||||
1,309,101 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.9% | ||||||||||||||
Allergan Funding SCS | ||||||||||||||
290,000 | 3.800 | 03/15/25 | 286,640 | |||||||||||
150,000 | 4.550 | 03/15/35 | 149,941 | |||||||||||
Shire Acquisitions Investments Ireland DAC | ||||||||||||||
325,000 | 2.875 | 09/23/23 | 310,871 | |||||||||||
250,000 | 3.200 | 09/23/26 | 232,241 | |||||||||||
Wyeth LLC | ||||||||||||||
150,000 | 5.950 | 04/01/37 | 190,585 | |||||||||||
|
| |||||||||||||
1,170,278 | ||||||||||||||
|
| |||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||
International Paper Co. | ||||||||||||||
130,000 | 3.000 | 02/15/27 | 121,577 | |||||||||||
100,000 | 4.800 | 06/15/44 | 104,167 | |||||||||||
|
| |||||||||||||
225,744 | ||||||||||||||
|
| |||||||||||||
Distributors – 0.5% | ||||||||||||||
American Honda Finance Corp., GMTN | ||||||||||||||
297,000 | 1.700 | 09/09/21 | 284,528 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
340,000 | 4.200 | 03/01/21 | 348,124 | |||||||||||
|
| |||||||||||||
632,652 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Diversified Financial Services – 0.2% | ||||||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
90,000 | 3.125 | 03/15/26 | 87,635 | |||||||||||
70,000 | 4.500 | 02/11/43 | 76,328 | |||||||||||
|
| |||||||||||||
163,963 | ||||||||||||||
|
| |||||||||||||
Diversified Telecommunication – 6.1% | ||||||||||||||
AT&T, Inc. | ||||||||||||||
422,000 | 2.300 | 03/11/19 | 421,773 | |||||||||||
370,000 | 5.000 | 03/01/21 | 389,374 | |||||||||||
30,000 | 2.625 | 12/01/22 | 28,971 | |||||||||||
25,000 | 3.800 | 03/01/24 | 25,089 | |||||||||||
340,000 | 3.400 | 08/14/24 | 338,174 | |||||||||||
210,000 | 3.400 | 05/15/25 | 201,628 | |||||||||||
70,000 | 4.125 | 02/17/26 | 70,103 | |||||||||||
100,000 | 4.250 | 03/01/27 | 100,425 | |||||||||||
550,000 | 3.900 | 08/14/27 | 546,860 | |||||||||||
275,000 | 4.500 | 05/15/35 | 266,108 | |||||||||||
195,000 | 5.250 | 03/01/37 | 202,707 | |||||||||||
250,000 | 4.900 | 08/14/37 | 251,016 | |||||||||||
200,000 | 5.350 | 09/01/40 | 206,994 | |||||||||||
84,000 | 5.150 | 03/15/42 | 85,193 | |||||||||||
170,000 | 4.800 | 06/15/44 | 162,952 | |||||||||||
150,000 | 4.350 | 06/15/45 | 134,179 | |||||||||||
210,000 | 4.750 | 05/15/46 | 199,440 | |||||||||||
130,000 | 5.150 | (a) | 11/15/46 | 129,853 | ||||||||||
90,000 | 5.450 | 03/01/47 | 93,942 | |||||||||||
240,000 | 4.500 | 03/09/48 | 219,805 | |||||||||||
118,000 | 4.550 | 03/09/49 | 107,477 | |||||||||||
194,000 | 5.150 | 02/14/50 | 194,686 | |||||||||||
70,000 | 5.700 | 03/01/57 | 74,751 | |||||||||||
100,000 | 5.300 | 08/14/58 | 100,377 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
675,000 | 2.946 | 03/15/22 | 667,703 | |||||||||||
230,000 | 5.150 | 09/15/23 | 249,990 | |||||||||||
330,000 | 4.125 | 03/16/27 | 335,787 | |||||||||||
150,000 | 4.400 | 11/01/34 | 147,259 | |||||||||||
360,000 | 4.272 | 01/15/36 | 345,396 | |||||||||||
290,000 | 5.250 | 03/16/37 | 308,135 | |||||||||||
160,000 | 3.850 | 11/01/42 | 139,469 | |||||||||||
122,000 | 4.125 | 08/15/46 | 108,992 | |||||||||||
233,000 | 4.862 | 08/21/46 | 232,810 | |||||||||||
110,000 | 5.500 | 03/16/47 | 120,396 | |||||||||||
70,000 | 4.522 | 09/15/48 | 66,390 | |||||||||||
191,000 | 5.012 | 04/15/49 | 195,088 | |||||||||||
272,000 | 5.012 | 08/21/54 | 270,406 | |||||||||||
290,000 | 4.672 | 03/15/55 | 270,921 | |||||||||||
|
| |||||||||||||
8,010,619 | ||||||||||||||
|
| |||||||||||||
Electric – 0.3% | ||||||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
197,000 | 6.125 | 04/01/36 | 251,593 | |||||||||||
Exelon Generation Co. LLC | ||||||||||||||
104,000 | 5.600 | 06/15/42 | 108,849 | |||||||||||
|
| |||||||||||||
360,442 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric Utilities – 1.2% | ||||||||||||||
Exelon Corp. | ||||||||||||||
$ | 250,000 | 3.950 | % | 06/15/25 | $ | 252,311 | ||||||||
FirstEnergy Corp., Series B | ||||||||||||||
445,000 | 3.900 | 07/15/27 | 441,094 | |||||||||||
Southern Co. (The) | ||||||||||||||
330,000 | 1.850 | 07/01/19 | 326,809 | |||||||||||
540,000 | 3.250 | 07/01/26 | 514,003 | |||||||||||
130,000 | 4.400 | 07/01/46 | 130,766 | |||||||||||
|
| |||||||||||||
1,664,983 | ||||||||||||||
|
| |||||||||||||
Energy – 1.6% | ||||||||||||||
ConocoPhillips Holding Co. | ||||||||||||||
130,000 | 6.950 | 04/15/29 | 165,494 | |||||||||||
Devon Financing Co. LLC | ||||||||||||||
100,000 | 7.875 | 09/30/31 | 132,520 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
150,000 | 4.850 | 03/15/44 | 156,826 | |||||||||||
140,000 | 5.100 | 02/15/45 | 152,167 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
292,000 | 4.650 | 10/15/25 | 295,910 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
230,000 | 5.625 | 03/01/25 | 247,537 | |||||||||||
318,000 | 5.875 | 06/30/26 | 348,409 | |||||||||||
Williams Partners LP / ACMP Finance Corp. | ||||||||||||||
670,000 | 4.875 | 03/15/24 | 700,719 | |||||||||||
|
| |||||||||||||
2,199,582 | ||||||||||||||
|
| |||||||||||||
Energy Equipment & Services – 0.7% | ||||||||||||||
Halliburton Co. | ||||||||||||||
350,000 | 3.800 | 11/15/25 | 352,017 | |||||||||||
140,000 | 5.000 | 11/15/45 | 151,436 | |||||||||||
National Oilwell Varco, Inc. | ||||||||||||||
400,000 | 2.600 | 12/01/22 | 383,201 | |||||||||||
|
| |||||||||||||
886,654 | ||||||||||||||
|
| |||||||||||||
Equity Real Estate Investment – 0.3% | ||||||||||||||
American Tower Corp. | ||||||||||||||
130,000 | 3.375 | 10/15/26 | 123,366 | |||||||||||
Crown Castle International Corp. | ||||||||||||||
160,000 | 4.450 | 02/15/26 | 163,625 | |||||||||||
50,000 | 3.650 | 09/01/27 | 47,891 | |||||||||||
|
| |||||||||||||
334,882 | ||||||||||||||
|
| |||||||||||||
Food & Staples Retailing – 2.3% | ||||||||||||||
Costco Wholesale Corp. | ||||||||||||||
734,000 | 2.300 | 05/18/22 | 715,976 | |||||||||||
CVS Health Corp. | ||||||||||||||
20,000 | 2.800 | 07/20/20 | 19,847 | |||||||||||
322,000 | 3.500 | 07/20/22 | 321,039 | |||||||||||
260,000 | 3.875 | 07/20/25 | 257,229 | |||||||||||
130,000 | 5.125 | 07/20/45 | 135,997 | |||||||||||
Sysco Corp. | ||||||||||||||
60,000 | 3.250 | 07/15/27 | 57,956 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
500,000 | 3.300 | 11/18/21 | 501,280 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food & Staples Retailing – (continued) | ||||||||||||||
Walmart, Inc. | ||||||||||||||
80,000 | 1.900 | 12/15/20 | 78,484 | |||||||||||
200,000 | 2.350 | 12/15/22 | 194,639 | |||||||||||
450,000 | 2.650 | 12/15/24 | 437,841 | |||||||||||
350,000 | 3.625 | 12/15/47 | 340,179 | |||||||||||
|
| |||||||||||||
3,060,467 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.2% | ||||||||||||||
Kraft Heinz Foods Co. | ||||||||||||||
457,000 | 2.800 | 07/02/20 | 454,506 | |||||||||||
410,000 | 3.500 | 06/06/22 | 410,412 | |||||||||||
300,000 | 3.000 | 06/01/26 | 275,847 | |||||||||||
50,000 | 5.000 | 06/04/42 | 49,946 | |||||||||||
100,000 | 5.200 | 07/15/45 | 102,397 | |||||||||||
270,000 | 4.375 | 06/01/46 | 247,373 | |||||||||||
|
| |||||||||||||
1,540,481 | ||||||||||||||
|
| |||||||||||||
Food Products – 0.1% | ||||||||||||||
Tyson Foods, Inc. | ||||||||||||||
140,000 | 4.550 | 06/02/47 | 142,334 | |||||||||||
|
| |||||||||||||
Health Care Equipment & Supplies – 0.4% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
230,000 | 5.125 | 04/01/19 | 236,382 | |||||||||||
Stryker Corp. | ||||||||||||||
50,000 | 2.000 | 03/08/19 | 49,764 | |||||||||||
250,000 | 3.500 | 03/15/26 | 249,081 | |||||||||||
Zimmer Biomet Holdings, Inc. | ||||||||||||||
30,000 | 3.550 | 04/01/25 | 29,061 | |||||||||||
|
| |||||||||||||
564,288 | ||||||||||||||
|
| |||||||||||||
Health Care Providers & Services – 1.7% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
350,000 | 2.800 | 06/15/23 | 336,073 | |||||||||||
Anthem, Inc. | ||||||||||||||
60,000 | 4.625 | 05/15/42 | 61,213 | |||||||||||
75,000 | 4.650 | 08/15/44 | 76,748 | |||||||||||
120,000 | 4.375 | 12/01/47 | 117,869 | |||||||||||
Cigna Corp. | ||||||||||||||
238,000 | 3.250 | 04/15/25 | 228,703 | |||||||||||
Express Scripts Holding Co. | ||||||||||||||
330,000 | 4.750 | 11/15/21 | 346,120 | |||||||||||
145,000 | 4.500 | 02/25/26 | 148,885 | |||||||||||
100,000 | 4.800 | 07/15/46 | 99,883 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
40,000 | 3.750 | 07/15/25 | 40,625 | |||||||||||
330,000 | 3.100 | 03/15/26 | 318,508 | |||||||||||
230,000 | 4.750 | 07/15/45 | 254,978 | |||||||||||
30,000 | 4.200 | 01/15/47 | 30,515 | |||||||||||
130,000 | 3.750 | 10/15/47 | 122,165 | |||||||||||
|
| |||||||||||||
2,182,285 | ||||||||||||||
|
| |||||||||||||
Healthcare – 1.2% | ||||||||||||||
HCA, Inc. | ||||||||||||||
150,000 | 6.500 | 02/15/20 | 157,969 | |||||||||||
250,000 | 4.750 | 05/01/23 | 255,000 | |||||||||||
150,000 | 5.000 | 03/15/24 | 153,375 | |||||||||||
50,000 | 5.250 | 06/15/26 | 51,250 | |||||||||||
55,000 | 5.500 | 06/15/47 | 54,587 | |||||||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
Medtronic, Inc. | ||||||||||||||
$ | 400,000 | 2.500 | % | 03/15/20 | $ | 398,085 | ||||||||
200,000 | 4.375 | 03/15/35 | 211,556 | |||||||||||
340,000 | 4.625 | 03/15/45 | 369,163 | |||||||||||
|
| |||||||||||||
1,650,985 | ||||||||||||||
|
| |||||||||||||
Hotels, Restaurants & Leisure – 0.3% | ||||||||||||||
McDonald’s Corp., MTN | ||||||||||||||
310,000 | 3.700 | 01/30/26 | 310,778 | |||||||||||
25,000 | 4.700 | 12/09/35 | 26,757 | |||||||||||
154,000 | 4.875 | 12/09/45 | 167,285 | |||||||||||
|
| |||||||||||||
504,820 | ||||||||||||||
|
| |||||||||||||
Household Durables – 0.1% | ||||||||||||||
Newell Brands, Inc. | ||||||||||||||
90,000 | 5.500 | 04/01/46 | 96,078 | |||||||||||
|
| |||||||||||||
Household Products – 0.2% | ||||||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
210,000 | 5.550 | 03/05/37 | 263,280 | |||||||||||
|
| |||||||||||||
Industrial Conglomerates – 0.9% | ||||||||||||||
General Electric Co. | ||||||||||||||
490,000 | 2.700 | 10/09/22 | 471,972 | |||||||||||
190,000 | 4.500 | 03/11/44 | 188,751 | |||||||||||
General Electric Co., MTN | ||||||||||||||
180,000 | 5.875 | 01/14/38 | 211,252 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
245,000 | 2.500 | 11/01/26 | 226,597 | |||||||||||
|
| |||||||||||||
1,098,572 | ||||||||||||||
|
| |||||||||||||
Insurance – 1.0% | ||||||||||||||
American International Group, Inc. | ||||||||||||||
110,000 | 3.300 | 03/01/21 | 110,320 | |||||||||||
180,000 | 4.500 | 07/16/44 | 180,221 | |||||||||||
Brighthouse Financial, Inc. | ||||||||||||||
140,000 | 3.700 | (a) | 06/22/27 | 130,974 | ||||||||||
MetLife, Inc. | ||||||||||||||
180,000 | 5.700 | 06/15/35 | 220,411 | |||||||||||
129,000 | 4.875 | 11/13/43 | 141,276 | |||||||||||
120,000 | 4.050 | 03/01/45 | 116,603 | |||||||||||
MetLife, Inc., Series D | ||||||||||||||
130,000 | 4.368 | 09/15/23 | 136,739 | |||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
200,000 | 5.700 | 12/14/36 | 241,712 | |||||||||||
|
| |||||||||||||
1,278,256 | ||||||||||||||
|
| |||||||||||||
Internet & Direct Marketing Retail – 0.9% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
240,000 | 3.300 | 12/05/21 | 243,214 | |||||||||||
370,000 | 2.800 | (a) | 08/22/24 | 358,591 | ||||||||||
70,000 | 3.800 | 12/05/24 | 71,873 | |||||||||||
290,000 | 4.800 | 12/05/34 | 320,656 | |||||||||||
150,000 | 3.875 | (a) | 08/22/37 | 148,837 | ||||||||||
|
| |||||||||||||
1,143,171 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Internet Software & Services – 0.5% | ||||||||||||||
Alphabet, Inc. | ||||||||||||||
390,000 | 1.998 | 08/15/26 | 353,677 | |||||||||||
eBay, Inc. | ||||||||||||||
250,000 | 2.750 | 01/30/23 | 242,223 | |||||||||||
|
| |||||||||||||
595,900 | ||||||||||||||
|
| |||||||||||||
IT Services – 1.1% | ||||||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
100,000 | 5.000 | 10/15/25 | 107,372 | |||||||||||
101,000 | 3.000 | 08/15/26 | 94,348 | |||||||||||
International Business Machines Corp. | ||||||||||||||
350,000 | 3.375 | 08/01/23 | 352,955 | |||||||||||
Visa, Inc. | ||||||||||||||
350,000 | 3.150 | 12/14/25 | 343,645 | |||||||||||
150,000 | 4.150 | 12/14/35 | 157,992 | |||||||||||
280,000 | 4.300 | 12/14/45 | 297,562 | |||||||||||
|
| |||||||||||||
1,353,874 | ||||||||||||||
|
| |||||||||||||
Life Sciences Tools & Services – 0.3% | ||||||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
230,000 | 2.400 | 02/01/19 | 229,723 | |||||||||||
204,000 | 2.950 | 09/19/26 | 190,268 | |||||||||||
|
| |||||||||||||
419,991 | ||||||||||||||
|
| |||||||||||||
Machinery – 0.0%(b) | ||||||||||||||
Caterpillar, Inc. | ||||||||||||||
30,000 | 3.900 | 05/27/21 | 30,933 | |||||||||||
20,000 | 3.400 | 05/15/24 | 20,264 | |||||||||||
40,000 | 5.200 | 05/27/41 | 47,984 | |||||||||||
|
| |||||||||||||
99,181 | ||||||||||||||
|
| |||||||||||||
Media – 0.9% | ||||||||||||||
Comcast Corp. | ||||||||||||||
60,000 | 3.600 | 03/01/24 | 60,637 | |||||||||||
120,000 | 5.650 | 06/15/35 | 141,334 | |||||||||||
Time Warner, Inc. | ||||||||||||||
140,000 | 3.600 | 07/15/25 | 135,817 | |||||||||||
140,000 | 3.800 | 02/15/27 | 135,826 | |||||||||||
50,000 | 4.850 | 07/15/45 | 50,580 | |||||||||||
Viacom, Inc. | ||||||||||||||
220,000 | 4.250 | 09/01/23 | 225,378 | |||||||||||
146,000 | 4.375 | 03/15/43 | 131,567 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
339,000 | 3.000 | 02/13/26 | 331,871 | |||||||||||
|
| |||||||||||||
1,213,010 | ||||||||||||||
|
| |||||||||||||
Multiline Retail – 0.2% | ||||||||||||||
Target Corp. | ||||||||||||||
200,000 | 4.000 | 07/01/42 | 196,421 | |||||||||||
|
| |||||||||||||
Multi-Utilities – 0.6% | ||||||||||||||
Dominion Energy, Inc. | ||||||||||||||
370,000 | 2.579 | 07/01/20 | 365,665 | |||||||||||
260,000 | 3.900 | 10/01/25 | 262,327 | |||||||||||
NiSource, Inc. | ||||||||||||||
175,000 | 4.375 | 05/15/47 | 178,123 | |||||||||||
|
| |||||||||||||
806,115 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Oil, Gas & Consumable Fuels – 5.0% | ||||||||||||||
Anadarko Petroleum Corp. | ||||||||||||||
$ | 165,000 | 6.450 | % | 09/15/36 | $ | 196,956 | ||||||||
70,000 | 6.600 | 03/15/46 | 87,572 | |||||||||||
Apache Corp. | ||||||||||||||
189,000 | 4.750 | 04/15/43 | 186,714 | |||||||||||
Chevron Corp. | ||||||||||||||
646,000 | 2.566 | 05/16/23 | 627,290 | |||||||||||
180,000 | 2.954 | 05/16/26 | 172,690 | |||||||||||
ConocoPhillips | ||||||||||||||
150,000 | 6.500 | 02/01/39 | 196,005 | |||||||||||
Devon Energy Corp. | ||||||||||||||
78,000 | 3.250 | 05/15/22 | 77,516 | |||||||||||
65,000 | 7.950 | 04/15/32 | 87,200 | |||||||||||
40,000 | 5.600 | 07/15/41 | 44,894 | |||||||||||
130,000 | 4.750 | 05/15/42 | 131,794 | |||||||||||
Energy Transfer Partners LP | ||||||||||||||
280,000 | 4.150 | 10/01/20 | 287,040 | |||||||||||
101,000 | 6.125 | 12/15/45 | 107,763 | |||||||||||
112,000 | 5.300 | 04/15/47 | 110,087 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
535,000 | 2.222 | 03/01/21 | 526,589 | |||||||||||
150,000 | 3.043 | 03/01/26 | 146,180 | |||||||||||
270,000 | 4.114 | 03/01/46 | 281,870 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
600,000 | 3.500 | 03/01/21 | 601,266 | |||||||||||
Kinder Morgan Energy Partners LP, MTN | ||||||||||||||
140,000 | 6.950 | 01/15/38 | 169,971 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
150,000 | 5.550 | 06/01/45 | 157,653 | |||||||||||
Marathon Oil Corp. | ||||||||||||||
250,000 | 2.800 | 11/01/22 | 241,805 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
225,000 | 5.125 | 03/01/21 | 239,068 | |||||||||||
MPLX LP | ||||||||||||||
50,000 | 4.875 | 06/01/25 | 52,453 | |||||||||||
45,000 | 4.500 | 04/15/38 | 43,983 | |||||||||||
100,000 | 5.200 | 03/01/47 | 104,003 | |||||||||||
Noble Energy, Inc. | ||||||||||||||
135,000 | 5.050 | 11/15/44 | 140,958 | |||||||||||
Occidental Petroleum Corp. | ||||||||||||||
230,000 | 3.400 | 04/15/26 | 227,213 | |||||||||||
105,000 | 4.625 | 06/15/45 | 111,284 | |||||||||||
92,000 | 4.100 | 02/15/47 | 91,639 | |||||||||||
Phillips 66 | ||||||||||||||
140,000 | 4.650 | 11/15/34 | 147,713 | |||||||||||
100,000 | 5.875 | 05/01/42 | 119,165 | |||||||||||
Valero Energy Corp. | ||||||||||||||
300,000 | 6.125 | 02/01/20 | 318,526 | |||||||||||
150,000 | 3.400 | 09/15/26 | 143,410 | |||||||||||
Williams Partners LP | ||||||||||||||
350,000 | 3.600 | 03/15/22 | 350,995 | |||||||||||
|
| |||||||||||||
6,529,265 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 1.0% | ||||||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
250,000 | 1.600 | 02/27/19 | 248,682 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Pharmaceuticals – (continued) | ||||||||||||||
Merck & Co., Inc. | ||||||||||||||
40,000 | 2.350 | 02/10/22 | 39,306 | |||||||||||
150,000 | 2.750 | 02/10/25 | 144,803 | |||||||||||
200,000 | 3.700 | 02/10/45 | 193,778 | |||||||||||
Mylan NV | ||||||||||||||
130,000 | 5.250 | 06/15/46 | 131,657 | |||||||||||
Pfizer, Inc. | ||||||||||||||
5,000 | 2.100 | 05/15/19 | 4,985 | |||||||||||
40,000 | 2.200 | 12/15/21 | 39,142 | |||||||||||
125,000 | 2.750 | 06/03/26 | 118,950 | |||||||||||
150,000 | 7.200 | 03/15/39 | 217,499 | |||||||||||
130,000 | 4.125 | 12/15/46 | 133,381 | |||||||||||
Zoetis, Inc. | ||||||||||||||
100,000 | 4.700 | 02/01/43 | 106,596 | |||||||||||
|
| |||||||||||||
1,378,779 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.4% | ||||||||||||||
Boston Properties LP | ||||||||||||||
370,000 | 3.850 | 02/01/23 | 379,433 | |||||||||||
Simon Property Group LP | ||||||||||||||
150,000 | 3.375 | 10/01/24 | 149,222 | |||||||||||
|
| |||||||||||||
528,655 | ||||||||||||||
|
| |||||||||||||
Road & Rail – 0.1% | ||||||||||||||
CSX Corp. | ||||||||||||||
160,000 | 3.800 | 11/01/46 | 146,715 | |||||||||||
|
| |||||||||||||
Semiconductors & Semiconductor – 1.3% | ||||||||||||||
Applied Materials, Inc. | ||||||||||||||
130,000 | 4.350 | 04/01/47 | 134,739 | |||||||||||
Intel Corp. | ||||||||||||||
90,000 | 2.450 | 07/29/20 | 89,617 | |||||||||||
373,000 | 3.700 | 07/29/25 | 381,178 | |||||||||||
145,000 | 4.100 | 05/11/47 | 148,788 | |||||||||||
75,000 | 3.734 | (a) | 12/08/47 | 72,034 | ||||||||||
QUALCOMM, Inc. | ||||||||||||||
200,000 | 1.850 | 05/20/19 | 198,347 | |||||||||||
200,000 | 2.250 | 05/20/20 | 196,663 | |||||||||||
244,000 | 3.450 | 05/20/25 | 236,799 | |||||||||||
130,000 | 4.650 | 05/20/35 | 132,825 | |||||||||||
130,000 | 4.300 | 05/20/47 | 123,215 | |||||||||||
|
| |||||||||||||
1,714,205 | ||||||||||||||
|
| |||||||||||||
Software – 4.1% | ||||||||||||||
Microsoft Corp. | ||||||||||||||
570,000 | 1.850 | 02/12/20 | 563,803 | |||||||||||
60,000 | 2.400 | 02/06/22 | 58,946 | |||||||||||
485,000 | 2.650 | 11/03/22 | 478,300 | |||||||||||
270,000 | 2.875 | 02/06/24 | 265,888 | |||||||||||
360,000 | 3.300 | 02/06/27 | 356,958 | |||||||||||
380,000 | 3.450 | 08/08/36 | 368,009 | |||||||||||
100,000 | 4.100 | 02/06/37 | 105,166 | |||||||||||
155,000 | 5.200 | 06/01/39 | 185,489 | |||||||||||
150,000 | 3.500 | 11/15/42 | 142,195 | |||||||||||
140,000 | 3.750 | 02/12/45 | 137,726 | |||||||||||
169,000 | 4.450 | 11/03/45 | 185,025 | |||||||||||
250,000 | 3.700 | 08/08/46 | 243,241 | |||||||||||
80,000 | 4.000 | 02/12/55 | 79,887 | |||||||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Software – (continued) | ||||||||||||||
Microsoft Corp., Series 30Y | ||||||||||||||
$ | 180,000 | 4.250 | % | 02/06/47 | $ | 191,601 | ||||||||
Oracle Corp. | ||||||||||||||
706,000 | 2.800 | 07/08/21 | 704,411 | |||||||||||
150,000 | 2.625 | 02/15/23 | 146,713 | |||||||||||
210,000 | 2.950 | 05/15/25 | 203,310 | |||||||||||
250,000 | 3.900 | 05/15/35 | 250,229 | |||||||||||
190,000 | 3.850 | 07/15/36 | 189,689 | |||||||||||
260,000 | 3.800 | 11/15/37 | 257,768 | |||||||||||
60,000 | 6.125 | 07/08/39 | 78,369 | |||||||||||
150,000 | 5.375 | 07/15/40 | 180,738 | |||||||||||
50,000 | 4.125 | 05/15/45 | 50,183 | |||||||||||
180,000 | 4.000 | 07/15/46 | 177,518 | |||||||||||
80,000 | 4.000 | 11/15/47 | 79,414 | |||||||||||
|
| |||||||||||||
5,680,576 | ||||||||||||||
|
| |||||||||||||
Specialty Retail – 1.2% | ||||||||||||||
Home Depot, Inc. (The) | ||||||||||||||
303,000 | 2.000 | 06/15/19 | 301,610 | |||||||||||
250,000 | 2.700 | 04/01/23 | 245,404 | |||||||||||
45,000 | 3.000 | 04/01/26 | 43,697 | |||||||||||
220,000 | 5.875 | 12/16/36 | 281,126 | |||||||||||
250,000 | 4.400 | 03/15/45 | 265,006 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
270,000 | 2.500 | 04/15/26 | 249,735 | |||||||||||
234,000 | 4.050 | 05/03/47 | 230,176 | |||||||||||
|
| |||||||||||||
1,616,754 | ||||||||||||||
|
| |||||||||||||
Technology – 0.5% | ||||||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
300,000 | 8.350 | (a) | 07/15/46 | 380,932 | ||||||||||
Seagate HDD Cayman | ||||||||||||||
250,000 | 4.250 | (a) | 03/01/22 | 247,969 | ||||||||||
|
| |||||||||||||
628,901 | ||||||||||||||
|
| |||||||||||||
Technology Hardware, Storage & Peripherals – 2.8% | ||||||||||||||
Apple, Inc. | ||||||||||||||
380,000 | 1.700 | 02/22/19 | 378,406 | |||||||||||
77,000 | 2.250 | 02/23/21 | 75,906 | |||||||||||
149,000 | 1.550 | 08/04/21 | 142,818 | |||||||||||
20,000 | 2.150 | 02/09/22 | 19,425 | |||||||||||
30,000 | 2.700 | 05/13/22 | 29,854 | |||||||||||
30,000 | 3.000 | 02/09/24 | 29,576 | |||||||||||
475,000 | 2.850 | 05/11/24 | 462,493 | |||||||||||
740,000 | 3.000 | 06/20/27 | 709,236 | |||||||||||
500,000 | 2.900 | 09/12/27 | 473,613 | |||||||||||
230,000 | 4.500 | 02/23/36 | 250,444 | |||||||||||
157,000 | 3.850 | 05/04/43 | 153,223 | |||||||||||
290,000 | 4.375 | 05/13/45 | 303,363 | |||||||||||
220,000 | 4.650 | 02/23/46 | 240,327 | |||||||||||
50,000 | 4.250 | 02/09/47 | 51,501 | |||||||||||
50,000 | 3.750 | 11/13/47 | 47,734 | |||||||||||
HP, Inc. | ||||||||||||||
70,000 | 6.000 | 09/15/41 | 74,040 | |||||||||||
Western Digital Corp. | ||||||||||||||
100,000 | 4.750 | 02/15/26 | 101,000 | |||||||||||
Xerox Corp. | ||||||||||||||
240,000 | 3.625 | 03/15/23 | 233,748 | |||||||||||
|
| |||||||||||||
3,776,707 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Tobacco – 1.7% | ||||||||||||||
Altria Group, Inc. | ||||||||||||||
620,000 | 9.250 | 08/06/19 | 677,372 | |||||||||||
186,000 | 3.875 | 09/16/46 | 172,576 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
950,000 | 1.875 | 11/01/19 | 937,425 | |||||||||||
112,000 | 1.875 | 02/25/21 | 108,484 | |||||||||||
20,000 | 2.750 | 02/25/26 | 18,853 | |||||||||||
100,000 | 6.375 | 05/16/38 | 130,278 | |||||||||||
205,000 | 4.125 | 03/04/43 | 198,825 | |||||||||||
|
| |||||||||||||
2,243,813 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.4% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
300,000 | 4.900 | 04/01/44 | 337,528 | |||||||||||
200,000 | 4.125 | 06/15/47 | 203,099 | |||||||||||
|
| |||||||||||||
540,627 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $104,949,641) | 102,348,980 | |||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 21.3% | ||||||||||||||
Banks – 10.1% | ||||||||||||||
Australia & New Zealand Banking Group Ltd., MTN (Australia) | ||||||||||||||
$ | 640,000 | 2.300 | % | 06/01/21 | $ | 624,472 | ||||||||
Banco Santander SA (Spain) | ||||||||||||||
240,000 | 4.250 | 04/11/27 | 240,120 | |||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
230,000 | 2.550 | 11/06/22 | 223,513 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
72,000 | 1.950 | 01/15/19 | 71,677 | |||||||||||
650,000 | 1.650 | 06/14/19 | 642,385 | |||||||||||
70,000 | 2.350 | 10/21/20 | 69,128 | |||||||||||
Credit Suisse AG (Switzerland) | ||||||||||||||
920,000 | 5.300 | 08/13/19 | 952,112 | |||||||||||
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) | ||||||||||||||
710,000 | 3.800 | 09/15/22 | 716,376 | |||||||||||
Deutsche Bank AG (Germany) | ||||||||||||||
620,000 | 2.700 | 07/13/20 | 611,135 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
200,000 | 2.950 | 05/25/21 | 198,500 | |||||||||||
900,000 | 2.650 | 01/05/22 | 875,117 | |||||||||||
400,000 | 4.250 | 08/18/25 | 399,668 | |||||||||||
200,000 | 4.375 | 11/23/26 | 201,029 | |||||||||||
100,000 | 6.500 | 09/15/37 | 124,789 | |||||||||||
310,000 | 6.800 | 06/01/38 | 400,004 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
270,000 | 3.950 | 03/29/27 | 270,344 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
450,000 | 3.000 | 01/11/22 | 443,155 | |||||||||||
400,000 | 4.500 | 11/04/24 | 406,818 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
320,000 | 2.665 | 07/25/22 | 310,801 | |||||||||||
200,000 | 3.850 | 03/01/26 | 200,508 | |||||||||||
National Australia Bank Ltd., GMTN (Australia) | ||||||||||||||
800,000 | 2.500 | 05/22/22 | 775,762 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
$ | 610,000 | 2.150 | % | 03/15/19 | $ | 607,283 | ||||||||
75,000 | 1.625 | 04/15/19 | 74,240 | |||||||||||
450,000 | 2.150 | 03/06/20 | 444,682 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||||
445,000 | 2.875 | 08/05/21 | 434,329 | |||||||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||||||||
290,000 | 2.450 | 01/16/20 | 287,644 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
460,000 | 2.934 | 03/09/21 | 458,400 | |||||||||||
650,000 | 3.784 | 03/09/26 | 649,156 | |||||||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||||||||
60,000 | 1.800 | 07/13/21 | 57,748 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
295,000 | 2.500 | 12/14/20 | 292,343 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
402,000 | 2.125 | 04/07/21 | 392,360 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
492,000 | 2.150 | 03/06/20 | 485,522 | |||||||||||
250,000 | 2.600 | 11/23/20 | 247,667 | |||||||||||
120,000 | 2.700 | 08/19/26 | 111,034 | |||||||||||
|
| |||||||||||||
13,299,821 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.1% | ||||||||||||||
ABB Finance USA, Inc. (Switzerland) | ||||||||||||||
110,000 | 4.375 | 05/08/42 | 115,272 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.9% | ||||||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
152,000 | 6.375 | 05/15/38 | 202,116 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
175,000 | 2.400 | 05/17/22 | 171,462 | |||||||||||
220,000 | 4.400 | 05/06/44 | 240,157 | |||||||||||
Novartis Securities Investment Ltd. (Switzerland) | ||||||||||||||
475,000 | 5.125 | 02/10/19 | 486,277 | |||||||||||
|
| |||||||||||||
1,100,012 | ||||||||||||||
|
| |||||||||||||
Energy – 2.1% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
200,000 | 2.237 | 05/10/19 | 199,587 | |||||||||||
580,000 | 3.561 | 11/01/21 | 590,921 | |||||||||||
20,000 | 2.500 | 11/06/22 | 19,427 | |||||||||||
20,000 | 3.535 | 11/04/24 | 20,120 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
60,000 | 1.375 | 05/10/19 | 59,187 | |||||||||||
100,000 | 1.375 | 09/12/19 | 98,297 | |||||||||||
425,000 | 1.750 | 09/12/21 | 407,336 | |||||||||||
280,000 | 3.250 | 05/11/25 | 276,753 | |||||||||||
260,000 | 6.375 | 12/15/38 | 343,136 | |||||||||||
100,000 | 4.550 | 08/12/43 | 107,258 | |||||||||||
190,000 | 4.375 | 05/11/45 | 200,167 | |||||||||||
160,000 | 4.000 | 05/10/46 | 158,434 | |||||||||||
Total Capital International SA (France) | ||||||||||||||
250,000 | 3.700 | 01/15/24 | 255,385 | |||||||||||
|
| |||||||||||||
2,736,008 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Financial Co. – 0.3% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
350,000 | 5.000 | 10/01/21 | 367,150 | |||||||||||
|
| |||||||||||||
Food and Beverage – 2.3% | ||||||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
406,000 | 1.900 | 02/01/19 | 404,125 | |||||||||||
380,000 | 3.300 | 02/01/23 | 379,933 | |||||||||||
600,000 | 3.650 | 02/01/26 | 595,389 | |||||||||||
420,000 | 4.700 | 02/01/36 | 442,588 | |||||||||||
485,000 | 4.900 | 02/01/46 | 519,896 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
400,000 | 7.750 | 01/15/19 | 416,050 | |||||||||||
182,000 | 3.750 | 07/15/42 | 166,012 | |||||||||||
140,000 | 4.439 | 10/06/48 | 140,270 | |||||||||||
|
| |||||||||||||
3,064,263 | ||||||||||||||
|
| |||||||||||||
Internet Software & Services – 0.2% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
236,000 | 4.200 | 12/06/47 | 225,434 | |||||||||||
|
| |||||||||||||
Metals & Mining – 0.5% | ||||||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
120,000 | 5.750 | 05/01/43 | 143,399 | |||||||||||
BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||||
190,000 | 5.000 | 09/30/43 | 221,481 | |||||||||||
Southern Copper Corp. (Peru) | ||||||||||||||
100,000 | 7.500 | 07/27/35 | 131,285 | |||||||||||
140,000 | 5.875 | 04/23/45 | 160,664 | |||||||||||
|
| |||||||||||||
656,829 | ||||||||||||||
|
| |||||||||||||
Mining – 0.8% | ||||||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
70,000 | 5.700 | 05/30/41 | 81,990 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
515,000 | 5.875 | 06/10/21 | 551,694 | |||||||||||
50,000 | 4.375 | 01/11/22 | 51,250 | |||||||||||
180,000 | 6.250 | 08/10/26 | 203,400 | |||||||||||
200,000 | 6.875 | 11/21/36 | 241,000 | |||||||||||
|
| |||||||||||||
1,129,334 | ||||||||||||||
|
| |||||||||||||
Oil Company-Exploration & Production – 0.2% | ||||||||||||||
Nexen Energy ULC (China) | ||||||||||||||
250,000 | 6.400 | 05/15/37 | 309,396 | |||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 1.9% | ||||||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
290,000 | 3.850 | 06/01/27 | 284,609 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
200,000 | 4.250 | 04/15/27 | 196,000 | |||||||||||
50,000 | 6.750 | 11/15/39 | 57,750 | |||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
320,000 | 5.875 | 09/18/23 | 347,600 | |||||||||||
205,000 | 5.375 | 06/26/26 | 216,403 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
150,000 | 4.250 | 12/01/26 | 151,491 | |||||||||||
50,000 | 5.500 | 12/01/46 | 56,670 | |||||||||||
Statoil ASA (Norway) | ||||||||||||||
430,000 | 3.150 | 01/23/22 | 430,484 | |||||||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||||||||
Suncor Energy, Inc. (Canada) | ||||||||||||||
$ | 215,000 | 3.600 | % | 12/01/24 | $ | 214,338 | ||||||||
190,000 | 6.500 | 06/15/38 | 245,476 | |||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
270,000 | 7.625 | 01/15/39 | 385,580 | |||||||||||
|
| |||||||||||||
2,586,401 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 0.3% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
105,000 | 3.375 | 11/16/25 | 103,260 | |||||||||||
60,000 | 3.125 | 06/12/27 | 57,662 | |||||||||||
200,000 | 6.450 | 09/15/37 | 256,961 | |||||||||||
|
| |||||||||||||
417,883 | ||||||||||||||
|
| |||||||||||||
Wireless Telecommunication Services – 0.3% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
200,000 | 3.125 | 07/16/22 | 198,312 | |||||||||||
150,000 | 6.125 | 03/30/40 | 182,371 | |||||||||||
|
| |||||||||||||
380,683 | ||||||||||||||
|
| |||||||||||||
Wirelines – 1.3% | ||||||||||||||
British Telecommunications PLC (United Kingdom) | ||||||||||||||
150,000 | 9.125 | 12/15/30 | 218,861 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
268,000 | 8.750 | 06/15/30 | 382,686 | |||||||||||
Telefonica Emisiones SAU (Spain) | ||||||||||||||
814,000 | 5.134 | 04/27/20 | 849,175 | |||||||||||
15,000 | 7.045 | 06/20/36 | 19,126 | |||||||||||
230,000 | 5.213 | 03/08/47 | 242,806 | |||||||||||
|
| |||||||||||||
1,712,654 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $28,707,057) | 28,101,140 | |||||||||||||
|
|
Principal Amount | Interest Rate | Value | ||||||
Investment Company – 0.3%(c) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
$ 409,630 | 1.262 | % | $ | 409,630 | ||||
(Cost $409,630) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 99.3% | ||||||||
(Cost $134,066,328) | $ | 130,859,750 | ||||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7% |
| 893,653 | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 131,753,403 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | 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 $1,956,735 which represents approximately 1.5% of the Fund’s net assets as of February 28, 2018. | |
(b) | Less than 0.05%. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
GMTN | —Global Medium Term Note | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACCESS ETFS
Statements of Assets and Liabilities
February 28, 2018 (Unaudited)
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||
Assets: | ||||||||||
Investments at value (cost $51,440,882 and $133,656,698, respectively) | $ | 50,672,229 | $ | 130,450,120 | ||||||
Investments in Affiliated Underlying Fund, at value (cost $572,983 and $409,630, respectively) | 572,983 | 409,630 | ||||||||
Cash | 116,546 | 63,490 | ||||||||
Receivables: | ||||||||||
Fund shares sold | 9,838,050 | 9,759,511 | ||||||||
Investments sold | 9,166,483 | 6,785,773 | ||||||||
Interest | 849,088 | 1,281,808 | ||||||||
Reimbursement from advisor | 35 | 60 | ||||||||
Total assets | 71,215,414 | 148,750,392 | ||||||||
Liabilities: | ||||||||||
Payables: | ||||||||||
Fund shares redeemed | 9,855,969 | 7,327,422 | ||||||||
Investments purchased | 9,726,389 | 9,653,530 | ||||||||
Management fees | 13,425 | 16,037 | ||||||||
Total liabilities | 19,595,783 | 16,996,989 | ||||||||
Net Assets: | ||||||||||
Paid-in capital | 52,289,333 | 135,910,838 | ||||||||
Undistributed net investment income | 195,573 | 354,004 | ||||||||
Accumulated net realized loss | (96,622 | ) | (1,304,861 | ) | ||||||
Net unrealized loss | (768,653 | ) | (3,206,578 | ) | ||||||
NET ASSETS | $ | 51,619,631 | $ | 131,753,403 | ||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized): | 1,050,000 | 2,700,000 | ||||||||
Net asset value per share: | $49.16 | $48.80 |
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ETFS
Statements of Operations
For the Period Ended February 28, 2018 (Unaudited)
Access High Yield Corporate Bond ETF(a) | Access Investment Grade Corporate Bond ETF | |||||||||
Investment income: | ||||||||||
Interest | $ | 1,248,970 | $ | 2,553,941 | ||||||
Dividends from Affiliated Underlying Fund | 1,609 | 2,971 | ||||||||
Total investment income | 1,250,579 | 2,556,912 | ||||||||
Expenses: | ||||||||||
Management fees | 82,281 | 108,786 | ||||||||
Trustee fees | 4,168 | 8,447 | ||||||||
Total expenses | 86,449 | 117,233 | ||||||||
Less — expense reductions | (246 | ) | (465 | ) | ||||||
Net expenses | 86,203 | 116,768 | ||||||||
NET INVESTMENT INCOME | 1,164,376 | 2,440,144 | ||||||||
Realized and unrealized gain (loss): | ||||||||||
Net realized loss from: | ||||||||||
Investments unaffiliated | (43,991 | ) | (261,869 | ) | ||||||
In-kind redemptions | (52,631 | ) | (1,040,872 | ) | ||||||
Net change in unrealized loss: | ||||||||||
Investments unaffiliated | (768,653 | ) | (3,818,031 | ) | ||||||
Net realized and unrealized loss | (865,275 | ) | (5,120,772 | ) | ||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | 299,101 | $ | (2,680,628 | ) |
(a) | For the period September 5, 2017 (commencement of operations) through February 28, 2018. |
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACCESS ETFS
Statements of Changes in Net Assets
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||||||||||
For the Period September 5, 2017(1) to February 28, 2018 (Unaudited) | Six Months Ended February 28, 2018 (Unaudited) | For the Period June 6, 2017(1) to August 31, 2017 | ||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income | $ | 1,164,376 | $ | 2,440,144 | $ | 500,580 | ||||||||||||
Net realized gain (loss) | (96,622 | ) | (1,302,741 | ) | 45,766 | |||||||||||||
Net change in unrealized gain (loss) | (768,653 | ) | (3,818,031 | ) | 611,453 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | 299,101 | (2,680,628 | ) | 1,157,799 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From net investment income | (968,803 | ) | (2,351,859 | ) | (234,861 | ) | ||||||||||||
Total distributions to shareholders | (968,803 | ) | (2,351,859 | ) | (234,861 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares | 99,730,027 | 57,319,868 | 200,212,160 | |||||||||||||||
Cost of shares redeemed | (47,440,694 | ) | (101,530,735 | ) | (20,138,341 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 52,289,333 | (44,210,867 | ) | 180,073,819 | ||||||||||||||
TOTAL INCREASE (DECREASE) | 51,619,631 | (49,243,354 | ) | 180,996,757 | ||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period | $ | — | $ | 180,996,757 | $ | — | ||||||||||||
End of period | $ | 51,619,631 | $ | 131,753,403 | $ | 180,996,757 | ||||||||||||
Undistributed net investment income | $ | 195,573 | $ | 354,004 | $ | 265,719 |
(1) | Commencement of operations. |
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ETFS
Selected Data for a Share Outstanding Throughout the Period
Access High Yield Corporate Bond ETF | ||||||
For the Period September 5, 2017* to February 28, 2018 (Unaudited) | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 49.92 | ||||
Net investment income(a) | 1.11 | |||||
Net realized and unrealized loss | (0.95 | ) | ||||
Total gain from investment operations | 0.16 | |||||
Distributions to shareholders from net investment income | (0.92 | ) | ||||
Net asset value, end of period | $ | 49.16 | ||||
Market price, end of period | $ | 48.95 | ||||
Total Return at Net Asset Value(b) | 0.35 | % | ||||
Net assets, end of period (in 000’s) | $ | 51,620 | ||||
Ratio of net expenses to average net assets | 0.34 | %(c) | ||||
Ratio of total expenses to average net assets | 0.34 | %(c) | ||||
Ratio of net investment income to average net assets | 4.58 | %(c) | ||||
Portfolio turnover rate(d) | 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. | 33 |
GOLDMAN SACHS ACCESS ETFS
Financial Highlights
Selected Data for a Share Outstanding Throughout Each Period
Access Investment Grade Corporate Bond ETF | ||||||||||
For the Six Months Ended February 28, 2018 (Unaudited) | For the Period June 6, 2017* to August 31, 2017 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 50.28 | $ | 49.90 | ||||||
Net investment income(a) | 0.72 | 0.32 | ||||||||
Net realized and unrealized gain (loss) | (1.52 | ) | 0.27 | |||||||
Total gain (loss) from investment operations | (0.80 | ) | 0.59 | |||||||
Distributions to shareholders from net investment income | (0.68 | ) | (0.21 | ) | ||||||
Net asset value, end of period | $ | 48.80 | $ | 50.28 | ||||||
Market price, end of period | $ | 48.64 | $ | 50.24 | ||||||
Total Return at Net Asset Value(b) | (1.59 | )% | 1.19 | % | ||||||
Net assets, end of period (in 000’s) | $ | 131,753 | $ | 180,997 | ||||||
Ratio of net expenses to average net assets | 0.14 | %(c) | 0.13 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.14 | %(c) | 0.14 | %(c) | ||||||
Ratio of net investment income to average net assets | 2.91 | %(c) | 2.65 | %(c) | ||||||
Portfolio turnover rate(d) | 13 | % | 0 | %(e) |
* | 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. |
(e) | Less than 0.5%. |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
February 28, 2018 (Unaudited)
1. ORGANIZATION |
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 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 Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”) | Diversified | |
Goldman Sachs Access Investment Grade Corporate ETF (“Access Investment Grade Corporate 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. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to a management agreement (the “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 generally issued for cash and redeemed principally in-kind for a basket of securities and a remaining cash amount. 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.
B. Investment Income and Investments — Investment income includes interest income, dividend income, 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds’ investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
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. 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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are
35
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 monthly. 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 each 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.
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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); the Funds’ policy is to use the market approach. 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 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’ 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:
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. With the exception of treasury securities of G8 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.
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GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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, 2018 the Funds did not hold any 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, 2018:
ACCESS HIGH YIELD CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 47,105,569 | $ | — | ||||||
Foreign Corporate Debt | — | 3,566,660 | — | |||||||||
Investment Company | 572,983 | — | — | |||||||||
Total | $ | 572,983 | $ | 50,672,229 | $ | — |
ACCESS INVESTMENT GRADE CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
Corporate Obligations | $ | — | $ | 102,348,980 | $ | — | ||||||
Foreign Corporate Debt | — | 28,101,140 | — | |||||||||
Investment Company | 409,630 | — | — | |||||||||
Total | $ | 409,630 | $ | 130,450,120 | $ | — |
For further information regarding security characteristics, see the Schedules of Investments.
37
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
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 Fund’s average daily net assets.
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 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 and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2018, contractual and effective net unitary management fee rates with GSAM were at the following rates:
Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | ||||||||
Access High Yield Corporate Bond ETF | 0.34 | % | 0.34 | % | ||||||
Access Investment Grade Corporate Bond ETF | 0.14 | 0.14 |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers of affiliated underlying funds. |
The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to any of the affiliated Underlying Funds in which the Funds invest. For the six months ended February 28, 2018, GSAM waived $246 and $465 of the Funds’ management fee for the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF, respectively.
B. Other Transactions with Affiliates — The Funds may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Funds’ investment in the Goldman Sachs Financial Square Government Fund for the six months ended February 28, 2018:
Fund | Beginning value as of August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2018 | Shares as of February 28, 2018 | Dividend Income | ||||||||||||||||||||||
Access High Yield Corporate Bond ETF* | $ | — | $ | 4,326,807 | $ | (3,753,824 | ) | $ | 572,983 | 572,983 | $ | 1,609 | ||||||||||||||||
Access Investment Grade Corporate Bond ETF | 183,870 | 5,702,245 | (5,476,485 | ) | 409,630 | 409,630 | 2,971 |
* | The Fund commenced operations on September 5, 2017. |
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GOLDMAN SACHS ETF TRUST
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 directly 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.
Share activity is as follows:
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||||||||||||||||
For the Period September 5, 2017 (commencement of operations) through February 28, 2018 | For the Six Months Ended February 28, 2018 | For the Period from June 6, 2017 (commencement of operations) through August 31, 2017 | ||||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Shares | Dollars | Shares | Dollars | Shares | Dollars | |||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Fund Share Activity | ||||||||||||||||||||||||
Shares Sold | 2,000,000 | $ | 99,730,027 | 1,150,000 | $ | 57,313,252 | 4,000,001 | $ | 200,195,265 | |||||||||||||||
Shares Redeemed | (950,000 | ) | (47,336,742 | ) | (2,050,000 | ) | (101,523,952 | ) | (400,001 | ) | (20,110,802 | ) | ||||||||||||
NET INCREASE (DECREASE) IN SHARES | 1,050,000 | $ | 52,393,285 | (900,000 | ) | $ | (44,210,700 | ) | 3,600,000 | $ | 180,084,463 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long term securities for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | 103,219,568 | $ | 4,965,874 | ||||||
Access Investment Grade Corporate Bond ETF | 71,514,722 | 21,200,061 |
The proceeds from in-kind creation and redemption transactions for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | 266,996 | $ | 46,733,280 | ||||||
Access Investment Grade Corporate Bond ETF | 355,419 | 93,247,193 |
39
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
7. TAX INFORMATION |
As of August 31, 2017, the Access Investment Grade Corporate Bond ETF latest fiscal year end, capital loss carryforwards on a tax-basis were as follows:
Access Investment Grade Corporate Bond ETF | ||||
Capital loss carryforwards: | ||||
Perpetual Short Term | $ | (2,120 | ) |
As of February 28, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||
Tax Cost | $ | 52,013,865 | $ | 134,066,328 | ||||
Gross unrealized gain | 186,798 | 69,129 | ||||||
Gross unrealized loss | (1,528,434 | ) | (3,685,337 | ) | ||||
Net unrealized gains (losses) on securities | $ (1,341,636) | $ (3,616,208) |
There is no difference between GAAP-basis and tax-basis unrealized gains (losses).
GSAM has reviewed the Access Investment Grade Corporate Bond ETF tax positions for all open tax years (the current year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
8. OTHER RISKS |
The Funds’ portfolio’s risks include, but are not limited to, the following:
Foreign 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 a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds 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 Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.
Index Risk — FTSE Fixed Income LLC (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
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GOLDMAN SACHS ETF TRUST
8. OTHER RISKS (continued) |
not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a 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 each Index, but it does not guarantee the accuracy or availability of such third party data.
Each Index is new and has a limited performance history. 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, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a 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 the 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.
41
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
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 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.
10. 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.
42
GOLDMAN SACHS ETF TRUST
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on September 5, 2017. At a meeting held on May 16-17, 2017 (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 Trust’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. The Independent Trustees 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 the other, 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 that seeks 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. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing portfolios that invest in fixed income 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), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies.
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 administrative services directed to the needs and operations of the Fund as an ETF. The Trustees considered that the Fund would pay a single fee to the Investment Adviser and the Investment Adviser would then pay all of the Fund’s ordinary operating expenses, including transfer agency, custody, administration, legal, and audit fees. They noted that license fees would be payable by the Investment Adviser to Citigroup Index LLC for the use of the index. 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 expense ratios were prepared by a third-party provider of mutual fund and ETF data (the “Outside Data Provider”). The Trustees concluded that this information was useful in evaluating the reasonableness of the fees to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
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 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 Fund’s peer group.
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GOLDMAN SACHS ETF TRUST
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees 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. LLC (“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) enhanced servicing 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, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all 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 for a two-year period.
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GOLDMAN SACHS ETF TRUST
Fund Expenses — For the Period Ended 2/28/2018 (Unaudited) |
As a shareholder you incur ongoing costs, which may include management 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, 2017 and held for the entire period ended February 28, 2018, 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 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.
Access High Yield Corporate Bond ETF* | Access Investment Grade Corporate Bond ETF | |||||||||||||||||||||||
Beginning 9/5/17 | Ending Account Value 2/28/18 | Expenses Paid** | Beginning 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid** | |||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,003.50 | $ | 1.65 | $ | 1,000 | $ | 984.10 | $ | 0.69 | ||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,022.60 | + | $ | 1.67 | $ | 1,000 | $ | 1,024.10 | + | $ | 0.70 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | The Fund commenced operations on September 5, 2017. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 177/365, which represents a period of 177 days of a 365 day year (to reflect the Fund’s commencement of operations). |
** | Expenses for each 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, 2018. 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 | ||||
Access High Yield Corporate Bond ETF | 0.34 | % | ||
Access Investment Grade Corporate Bond ETF | 0.14 | % |
45
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 $1.29 trillion in assets under supervision as of December 31, 2017, 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. LLC. 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 ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF
|
INDEX DISCLAIMERS
Goldman Sachs Access High Yield Corporate Bond ETF
The Goldman Sachs Access High Yield Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Citi Goldman Sachs High Yield Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
Goldman Sachs Access Investment Grade Corporate Bond ETF
The Goldman Sachs Access Investment Grade Corporate Bond ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Citi Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
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 Joseph F. DiMaria, Assistant Treasurer and Principal Accounting 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 the Funds 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 schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Funds’ Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Funds’ first and third fiscal quarters. The Funds’ 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, 2018 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 Funds 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 Funds are recently or newly organized and have limited 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.
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 Funds’ objectives, risks, and charges and expenses, and read the summary prospectuses, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectuses, if available, and the Prospectus contain this and other information about the Funds and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC 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.
© 2018 Goldman Sachs. All rights reserved. 126645-OTU-745989 AIGAHYCPBNDETFSAR-18/GST649/280
Goldman Sachs Funds
Semi-Annual Report | February 28, 2018 | |||
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 | ||||
ActiveBeta® U.S. Small Cap Equity ETF |
ActiveBeta is a registered trademark of GSAM.
Goldman Sachs ActiveBeta® ETFs
1 | ||||
3 | ||||
36 | ||||
86 | ||||
92 | ||||
98 | ||||
112 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
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 Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF and ActiveBeta® U.S. Small 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., the six months ended February 28, 2018, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in 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, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 10.29% based on net asset value (“NAV”) and 9.32% based on market price. The Index returned 10.46%, 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 10.58% during the same period. |
The Fund had an NAV of $33.73 per share on August 31, 2017 and ended the Reporting Period with an NAV of $36.71 per share. The Fund’s market price on February 28, 2018 was $36.40 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. |
During the Reporting Period, the Fund posted solid double-digit absolute gains that closely tracked the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Quality and Value contributed positively to relative results, while Low Volatility and Momentum detracted during the Reporting Period. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. |
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 consumer discretionary, industrials and health care sectors contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the information technology, energy and financials sectors detracted most from the Fund’s results relative to the MSCI Emerging Markets Index. |
3
PORTFOLIO RESULTS
From a country perspective, Index constituents in China, Mexico and Russia contributed most positively to the Fund’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in South Korea, India and South Africa detracted the most from the Fund’s results relative to the MSCI Emerging Markets Index. |
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, an overweight position in Hong Kong-based pharmaceuticals company Sino Biopharmaceutical and having no exposure to Russian supermarket chain Magnit and Mexican media company Grupo Televisa contributed most positively (0.58%, 0.00%1 and 0.00%1 of Fund net assets as of February 28, 2018, respectively). Sino Biopharmaceutical posted a triple-digit gain within the Index during the Reporting Period, while Magnit and Grupo Televisa, having no exposure within the Index, each posted a flat return within the Index during the Reporting Period. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, an overweight position in Indian computer software developer Vakrangee and underweight positions in South Africa media company Naspers and Brazilian energy company Petroleo Brasileiro detracted most (0.08%, 1.37% and 0.32% of Fund net assets as of February 28, 2018, respectively). Vakrangee posted a double-digit decline within the Index during the Reporting Period, while Naspers and Petroleo Brasileiro each generated a robust double-digit gain within the Index during the Reporting Period. |
1 | Some weights are 0.00% at February 28, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology. |
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?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | MSCI Emerging Markets Index | |||||||||||
Information | 26.26 | % | 27.49 | % | 27.38 | % | ||||||||
Technology | ||||||||||||||
Financials | 21.64 | 21.95 | 24.27 | |||||||||||
Consumer Staples | 10.78 | 10.67 | 6.30 | |||||||||||
Consumer | ||||||||||||||
Discretionary | 10.33 | 10.19 | 9.86 | |||||||||||
Energy | 7.04 | 7.15 | 7.20 | |||||||||||
Materials | 5.70 | 5.38 | 7.46 | |||||||||||
Telecommunication Services | 5.40 | 5.74 | 4.58 | |||||||||||
Utilities | 3.34 | 2.57 | 2.33 | |||||||||||
Industrials | 3.33 | 2.92 | 5.18 | |||||||||||
Health Care | 3.28 | 3.65 | 2.76 | |||||||||||
Real Estate | 2.01 | 2.29 | 2.67 |
2 | 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. |
3 | 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?2 |
Country Name | Fund3 | GS ActiveBeta® Index | MSCI Emerging Markets Index | |||||||||||
China | 32.01 | % | 31.69 | % | 30.30 | % | ||||||||
Korea | 15.78 | 16.02 | 14.45 | |||||||||||
Taiwan | 10.64 | 10.89 | 11.39 | |||||||||||
Brazil | 8.02 | 7.95 | 7.49 | |||||||||||
India | 8.01 | 8.65 | 8.17 | |||||||||||
South Africa | 6.06 | 5.57 | 7.08 | |||||||||||
Russia | 3.84 | 3.64 | 3.67 | |||||||||||
Indonesia | 2.11 | 2.24 | 2.17 | |||||||||||
Mexico | 2.10 | 2.12 | 2.84 | |||||||||||
Thailand | 1.85 | 1.81 | 2.44 | |||||||||||
Malaysia | 1.78 | 1.73 | 2.42 | |||||||||||
Poland | 1.56 | 1.72 | 1.27 | |||||||||||
Chile | 1.54 | 1.71 | 1.25 | |||||||||||
Turkey | 1.06 | 0.96 | 1.07 | |||||||||||
Colombia | 0.44 | 0.45 | 0.41 | |||||||||||
Egypt | 0.42 | 0.48 | 0.11 | |||||||||||
Qatar | 0.39 | 0.39 | 0.52 | |||||||||||
Hungary | 0.35 | 0.48 | 0.32 | |||||||||||
Peru | 0.26 | 0.21 | 0.39 | |||||||||||
Philippines | 0.25 | 0.34 | 1.03 | |||||||||||
United Arab Emirates | 0.25 | 0.54 | 0.62 | |||||||||||
Greece | 0.22 | 0.22 | 0.33 | |||||||||||
Czech Republic | 0.16 | 0.17 | 0.18 | |||||||||||
Pakistan | 0.00 | 0.00 | 0.08 |
2 | 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. |
3 | 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, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 36.40 | ||||
Net Asset Value (NAV)1 | $ | 36.71 |
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, 2017– | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® EME Index3 | MSCI EM Index4 | ||||||||||||||
Shares | 10.29 | % | 9.32 | % | 10.46 | % | 10.58 | % |
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 last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. |
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 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 dgree 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 24 Emerging 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. 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.
6
FUND BASICS
STANDARDIZED TOTAL RETURNS5 | ||||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV) | 35.58 | % | 19.09 | % | 9/25/15 | |||||||||
Shares (based on Market Price) | 36.43 | 19.31 | 9/25/15 |
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 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 RATIOS6 | ||||||||||
Net Expense Ratio (Current) | Gross Expense Ratio (Before expense limitation) | |||||||||
Shares | 0.45 | % | 0.53 | % |
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 arrangements without the approval of the Fund’s Board of Trustees. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Tencent Holdings Ltd. | 5.2 | % | Information Technology | China | ||||||
Samsung Electronics Co. Ltd. | 4.0 | Information Technology | South Korea | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.5 | Information Technology | Taiwan | |||||||
Alibaba Group Holding Ltd. ADR | 3.2 | Information Technology | China | |||||||
China Construction Bank Corp., Class H | 1.4 | Financials | China | |||||||
Naspers Ltd., Class N | 1.4 | Consumer Discretionary | South Africa | |||||||
Industrial & Commercial Bank of China Ltd., Class H | 1.1 | Financials | China | |||||||
Baidu, Inc. ADR | 1.1 | Information Technology | China | |||||||
Ping An Insurance Group Co. of China Ltd., Class H | 1.0 | Financials | China | |||||||
China Mobile Ltd. | 1.0 | Telecommunication Services | 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, 2018 |
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 1.8% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
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, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 4.87% based on net asset value (“NAV”) and 4.61% based on market price. The Index returned 4.98%, 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 4.75% during the same period. |
The Fund had an NAV of $30.39 per share on August 31, 2017 and ended the Reporting Period with an NAV of $31.59 per share. The Fund’s market price on February 28, 2018 was $31.67 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. |
During the Reporting Period, the Fund posted positive absolute returns and outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Value contributed positively, 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 and countries contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the consumer staples, materials and industrials sectors contributed most positively to the Fund’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the energy, consumer discretionary and health care sectors detracted most from the Fund’s results relative to the MSCI Europe Index during the Reporting Period. |
From a country perspective, Index constituents in the U.K., Denmark and the Netherlands contributed most positively to the Fund’s results relative to the MSCI Europe Index. Conversely, Index constituents in France, Finland and Spain |
9
PORTFOLIO RESULTS
detracted the most from the Fund’s results relative to the MSCI Europe 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 Europe Index, overweight positions in U.K. industrials company Royal Mail, U.K. automobile manufacturer Fiat Chrysler Automobiles and U.K. investment management services provider Hargreaves Lansdown contributed most positively (0.74%, 0.67% and 0.65% of Fund net assets as of February 28, 2018, respectively). Each of these holdings posted a robust double-digit gain within the Index during the Reporting Period. |
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the MSCI Europe Index, underweight positions in Netherlands-based integrated energy company Royal Dutch Shell and French aerospace and defense company Airbus and an overweight position in French digital services provider Atos detracted most (0.91%, 0.31% and 0.78% of Fund net assets as of February 28, 2018, respectively). Royal Dutch Shell and Airbus each generated a robust double-digit gain within the Index during the Reporting Period, while Atos posted a double-digit decline within the Index 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 | MSCI Europe | |||||||||||
Financials | 18.24 | % | 18.04 | % | 21.83 | % | ||||||||
Industrials | 15.05 | 15.19 | 13.23 | |||||||||||
Consumer Discretionary | 13.97 | 13.91 | 10.83 | |||||||||||
Consumer Staples | 13.90 | 14.08 | 13.03 | |||||||||||
Health Care | 12.92 | 12.80 | 11.86 | |||||||||||
Materials | 7.89 | 8.40 | 8.54 | |||||||||||
Information Technology | 6.34 | 6.58 | 5.09 | |||||||||||
Energy | 4.57 | 4.28 | 7.24 | |||||||||||
Utilities | 2.84 | 2.90 | 3.42 | |||||||||||
Telecommunication Services | 2.65 | 2.62 | 3.65 | |||||||||||
Real Estate | 1.40 | 1.20 | 1.29 |
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. |
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 | MSCI Europe | |||||||||||
UK | 25.82 | % | 26.34 | % | 27.04 | % | ||||||||
France | 19.51 | 19.23 | 17.23 | |||||||||||
Germany | 14.59 | 14.75 | 15.39 | |||||||||||
Switzerland | 12.09 | 12.14 | 12.49 | |||||||||||
Netherlands | 5.82 | 5.66 | 5.72 | |||||||||||
Spain | 4.77 | 4.75 | 5.11 | |||||||||||
Italy | 4.58 | 4.41 | 3.90 | |||||||||||
Sweden | 4.01 | 4.05 | 4.30 | |||||||||||
Denmark | 3.07 | 3.25 | 2.91 | |||||||||||
Belgium | 1.35 | 1.36 | 1.78 | |||||||||||
Finland | 1.34 | 1.29 | 1.62 | |||||||||||
Norway | 1.20 | 1.04 | 1.09 | |||||||||||
Austria | 0.72 | 0.72 | 0.43 | |||||||||||
Ireland | 0.51 | 0.57 | 0.74 | |||||||||||
Portugal | 0.40 | 0.43 | 0.24 |
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
FUND BASICS
ActiveBeta® Europe Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 31.67 | ||||
Net Asset Value (NAV)1 | $ | 31.59 |
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, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Europe Index3 | MSCI Europe Index4 | ||||||||||||||
Shares | 4.87 | % | 4.61 | % | 4.98 | % | 4.75 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. |
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 dgree 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.
11
FUND BASICS
STANDARDIZED TOTAL RETURNS5 | ||||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV) | 26.55 | % | 16.96 | % | 3/2/16 | |||||||||
Shares (based on Market Price) | 26.97 | 17.09 | 3/2/16 |
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 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.2 | % | Consumer Staples | Switzerland | ||||||
Novartis AG | 1.6 | Health Care | Switzerland | |||||||
Roche Holding AG | 1.6 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 1.5 | Financials | United Kingdom | |||||||
Novo Nordisk A/S, Class B | 1.1 | Health Care | Denmark | |||||||
British American Tobacco PLC | 1.0 | Consumer Staples | United Kingdom | |||||||
SAP SE | 1.0 | Information Technology | Germany | |||||||
TOTAL SA | 1.0 | Energy | France | |||||||
Bayer AG | 0.9 | Health Care | Germany | |||||||
Royal Dutch Shell PLC, Class A | 0.9 | Energy | Netherlands |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
12
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2018 |
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 0.0% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
13
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, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 7.03% based on net asset value (“NAV”) and 6.33% based on market price. The Index returned 7.14%, 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 6.60% during the same period. |
The Fund had an NAV of $28.38 per share on August 31, 2017 and ended the Reporting Period with an NAV of $30.04 per share. The Fund’s market price on February 28, 2018 was $30.00 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. |
During the Reporting Period, the Fund posted positive absolute returns and outperformed the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Value, Momentum and Quality contributed positively to the Fund’s relative results, while Low Volatility detracted from the Fund’s 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 and countries contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the consumer staples, materials and health care sectors contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the consumer discretionary, energy and financials sectors detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. |
14
PORTFOLIO RESULTS
From a country perspective, Index constituents in the U.K., Canada and Australia contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in France, Japan and Germany detracted the most from the Fund’s results relative to the MSCI World ex USA 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 World ex USA Index, overweight positions in U.K. industrials company Royal Mail, Japanese cosmetics company Kose and Japanese cosmetics and toiletry products manufacturer Shiseido contributed most positively (0.36%, 0.34% and 0.44% of Fund net assets as of February 28, 2018, respectively). Each of these holdings generated a robust double-digit gain within the 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, an overweight position in French digital services provider Atos and underweight positions in Netherlands-based integrated energy company Royal Dutch Shell and Japanese automobile manufacturer Toyota Motor detracted most (0.56%, 0.44% and 0.42% of Fund net assets as of February 28, 2018, respectively). Atos posted a double-digit decline within the Index during the Reporting Period, while Royal Dutch Shell and Toyota Motor each posted a double-digit gain within the Index 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 | 19.76 | % | 19.72 | % | 23.41 | % | ||||||||
Consumer Discretionary | 14.89 | 14.76 | 12.01 | |||||||||||
Industrials | 13.93 | 13.92 | 14.13 | |||||||||||
Consumer Staples | 13.68 | 13.78 | 10.14 | |||||||||||
Health Care | 10.29 | 10.40 | 9.21 | |||||||||||
Information Technology | 8.20 | 8.27 | 6.40 | |||||||||||
Materials | 7.15 | 7.42 | 8.43 | |||||||||||
Energy | 3.42 | 3.24 | 6.38 | |||||||||||
Real Estate | 3.13 | 3.03 | 3.22 | |||||||||||
Telecommunication Services | 2.72 | 2.78 | 3.69 | |||||||||||
Utilities | 2.61 | 2.67 | 2.97 |
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. |
15
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® Index | MSCI World ex USA Index | |||||||||||
Japan | 22.71 | % | 22.80 | % | 22.73 | % | ||||||||
UK | 14.02 | 14.30 | 15.59 | |||||||||||
France | 11.03 | 10.93 | 9.94 | |||||||||||
Canada | 8.30 | 8.30 | 8.18 | |||||||||||
Germany | 8.12 | 8.30 | 8.87 | |||||||||||
Switzerland | 6.95 | 6.94 | 7.20 | |||||||||||
Australia | 6.20 | 6.14 | 6.29 | |||||||||||
Hong Kong | 3.56 | 3.53 | 3.32 | |||||||||||
Netherlands | 3.27 | 3.27 | 3.30 | |||||||||||
Spain | 2.81 | 2.84 | 2.95 | |||||||||||
Italy | 2.72 | 2.61 | 2.25 | |||||||||||
Sweden | 2.46 | 2.45 | 2.48 | |||||||||||
Denmark | 1.92 | 1.99 | 1.68 | |||||||||||
Singapore | 1.72 | 1.55 | 1.23 | |||||||||||
Israel | 0.94 | 1.09 | 0.43 | |||||||||||
Finland | 0.75 | 0.77 | 0.94 | |||||||||||
Belgium | 0.69 | 0.62 | 1.03 | |||||||||||
Norway | 0.59 | 0.57 | 0.63 | |||||||||||
Austria | 0.41 | 0.40 | 0.25 | |||||||||||
Ireland | 0.29 | 0.29 | 0.43 | |||||||||||
Portugal | 0.21 | 0.24 | 0.14 | |||||||||||
New Zealand | 0.12 | 0.08 | 0.15 |
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
FUND BASICS
ActiveBeta® International Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 30.00 | ||||
Net Asset Value (NAV)1 | $ | 30.04 |
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, 2017– February 28, 2018 | 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 | 7.03 | % | 6.33 | % | 7.14 | % | 6.60 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. |
3 | The Goldman 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 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 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. |
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.
17
FUND BASICS
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 25.73 | % | 11.54 | % | 11/6/15 | |||||||
Shares (based on Market Price) | 26.21 | 11.69 | 11/6/15 |
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 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.3 | % | Consumer Staples | Switzerland | ||||||
Novartis AG | 0.9 | Health Care | Switzerland | |||||||
Roche Holding AG | 0.9 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 0.8 | Financials | United Kingdom | |||||||
Royal Bank of Canada | 0.6 | Financials | Canada | |||||||
Atos SE | 0.6 | Information Technology | France | |||||||
Novo Nordisk A/S, Class B | 0.6 | Health Care | Denmark | |||||||
Allianz SE | 0.5 | Financials | Germany | |||||||
Commonwealth Bank of Australia | 0.5 | Financials | Australia | |||||||
Sanofi | 0.5 | Health Care | France |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
18
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2018 |
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 1.2% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
19
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, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 13.44% based on net asset value (“NAV”) and 12.38% based on market price. The Index returned 13.37%, 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 13.94% during the same period. |
The Fund had an NAV of $30.71 per share on August 31, 2017 and ended the Reporting Period with an NAV of $34.48 per share. The Fund’s market price on February 28, 2018 was $34.25 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. |
During the Reporting Period, the Fund posted solid double-digit absolute gains that closely tracked the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Momentum and Quality contributed positively to the Fund’s results relative to the MSCI Japan Index, while Low Volatility and Value detracted from relative results 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 contributed most positively to the Fund’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the materials, telecommunication services, consumer staples, energy 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 consumer discretionary, utilities and health care sectors detracted most from the Fund’s results relative to the MSCI Japan Index during the Reporting Period. |
20
PORTFOLIO RESULTS
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, an overweight position in materials company Kobe Steel and underweight positions in Internet e-commerce, finance and other services provider Rakuten and telecommunications company KDDI contributed most positively (0.65%, 0.05% and 0.87% of Fund net assets as of February 28, 2018, respectively). Kobe Steel posted a double-digit gain within the Index during the Reporting Period, while Rakuten and KDDI each generated a negative return within the Index 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, overweight positions in utilities companies Kansai Electric Power and Tokyo Electric Power and an underweight position in video game hardware and software manufacturer Nintendo detracted most (0.74%, 0.71% and 0.97% of Fund net assets as of February 28, 2018, respectively). Kansai Electric Power and Tokyo Electric Power each generated a decline within the Index during the Reporting Period, while Nintendo posted a robust double-digit gain within the Index 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 Japan Index | |||||||||||
Consumer Discretionary | 20.45 | % | 20.11 | % | 20.45 | % | ||||||||
Industrials | 19.49 | 19.19 | 21.44 | |||||||||||
Information Technology | 14.84 | 14.55 | 12.98 | |||||||||||
Consumer Staples | 10.51 | 10.50 | 7.56 | |||||||||||
Financials | 9.48 | 9.99 | 12.44 | |||||||||||
Health Care | 8.03 | 8.19 | 7.36 | |||||||||||
Materials | 5.17 | 5.59 | 6.38 | |||||||||||
Telecommunication Services | 3.74 | 3.92 | 4.86 | |||||||||||
Real Estate | 3.51 | 3.55 | 3.88 | |||||||||||
Utilities | 2.86 | 2.81 | 1.62 | |||||||||||
Energy | 1.70 | 1.62 | 1.03 |
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. |
21
FUND BASICS
ActiveBeta® Japan Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 34.25 | ||||
Net Asset Value (NAV)1 | $ | 34.48 |
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, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Japan Index3 | MSCI World Japan Index4 | ||||||||||||||
Shares | 13.44 | % | 12.38 | % | 13.37 | % | 13.94 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. |
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.
22
FUND BASICS
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 24.52 | % | 18.10 | % | 3/2/16 | |||||||
Shares (based on Market Price) | 25.50 | 18.30 | 3/2/16 |
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 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Toyota Motor Corp. | 3.9 | % | Consumer Discretionary | Japan | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1.8 | Financials | Japan | |||||||
Honda Motor Co. Ltd. | 1.7 | Consumer Discretionary | Japan | |||||||
Sony Corp. | 1.4 | Consumer Discretionary | Japan | |||||||
Sumitomo Mitsui Financial Group, Inc. | 1.4 | Financials | Japan | |||||||
Keyence Corp. | 1.3 | Information Technology | Japan | |||||||
Mitsubishi Corp. | 1.3 | Industrials | Japan | |||||||
SoftBank Group Corp. | 1.3 | Telecommunication Services | Japan | |||||||
Hitachi Ltd. | 1.1 | Information Technology | Japan | |||||||
Canon, Inc. | 1.1 | Information Technology | Japan |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
23
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2018 |
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 1.0% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
24
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, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 12.12% based on net asset value (“NAV”) and 12.14% based on market price. The Index returned 12.20%, 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 10.84% during the same period. |
The Fund had an NAV of $49.16 on August 31, 2017 and ended the Reporting Period with an NAV of $54.59 per share. The Fund’s market price on February 28, 2018 was $54.59 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. |
During the Reporting Period, the Fund posted solid double-digit absolute gains and outperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Quality, Value and Momentum contributed positive to relative returns, while Low Volatility detracted. Quality refers to sustainable profitability over time. 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. 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 industrials, health care and consumer discretionary sectors contributed most positively to the Fund’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the utilities, financials and information technology sectors, which detracted. |
25
PORTFOLIO RESULTS
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, underweight positions in diversified conglomerate General Electric, biopharmaceutical company Celgene and specialty pharmaceutical manufacturer Allergan contributed most positively (0.21%, 0.18% and 0.15% of Fund net assets as of February 28, 2018, respectively). Each of these holdings posted a double-digit decline within the 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, underweight positions in e-commerce retailing giant Amazon.com, pharmaceutical products developer AbbVie and technology hardware manufacturer Cisco Systems detracted most (2.00%, 0.53% and 0.63% of Fund net assets as of February 28, 2018, respectively). Each of these companies generated a robust double-digit gain within the Index 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 ActiveBeta® Index | S&P 500 Index | |||||||||||
Information Technology | 25.87 | % | 25.95 | % | 25.15 | % | ||||||||
Health Care | 14.43 | 14.47 | 13.78 | |||||||||||
Consumer Discretionary | 14.09 | 14.13 | 12.68 | |||||||||||
Financials | 12.74 | 12.78 | 15.03 | |||||||||||
Industrials | 10.23 | 10.26 | 10.23 | |||||||||||
Consumer Staples | 9.79 | 9.82 | 7.55 | |||||||||||
Utilities | 3.25 | 3.26 | 2.68 | |||||||||||
Energy | 3.06 | 3.07 | 5.51 | |||||||||||
Materials | 2.55 | 2.56 | 2.90 | |||||||||||
Real Estate | 2.21 | 2.21 | 2.60 | |||||||||||
Telecommunication Services | 1.49 | 1.49 | 1.88 |
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 Standard & Poor’s. |
26
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 54.59 | ||||
Net Asset Value (NAV)1 | $ | 54.59 |
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, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® LC Index3 | S&P 500 Index4 | ||||||||||||||
Shares | 12.12 | % | 12.14 | % | 12.20 | % | 10.84 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm EST and do not reflect the returns you would receive if you traded shares at other times. |
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 dgree 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. |
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.
27
FUND BASICS
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 22.49 | % | 14.44 | % | 9/17/15 | |||||||
Shares (based on Market Price) | 22.49 | 14.49 | 9/17/15 |
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 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Apple, Inc. | 3.1 | % | Information Technology | United States | ||||||
Microsoft Corp. | 2.6 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.0 | Consumer Discretionary | United States | |||||||
Facebook, Inc., Class A | 1.5 | Information Technology | United States | |||||||
JPMorgan Chase & Co. | 1.5 | Financials | United States | |||||||
Johnson & Johnson | 1.3 | Health Care | United States | |||||||
Alphabet, Inc., Class C | 1.1 | Information Technology | United States | |||||||
Alphabet, Inc., Class A | 1.1 | Information Technology | United States | |||||||
Bank of America Corp. | 1.0 | Financials | United States | |||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary | United States |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
28
FUND BASICS
FUND SECTOR ALLOCATIONS8 |
As of February 28, 2018 |
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, 2018. Figures above may not sum to 100% due to rounding. |
29
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® U.S. Small 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. Small 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 for the six-month period ended February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 7.73% based on net asset value (“NAV”) and 10.36% based on market price. The Index returned 7.87%, and the Russell 2000® Index (Total Return, USD) (“Russell 2000® Index”), a market-cap based index against which the performance of the Fund is measured, and the reference index for the Index, returned 8.30% during the same period. |
The Fund had an NAV of $39.65 on August 31, 2017 and ended the Reporting Period with an NAV of $42.40 per share. The Fund’s market price on February 28, 2018 was $42.67 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 Russell 2000® 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 Russell 2000® 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 Russell 2000® Index, and overweights and underweights relative to the Russell 2000® 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. |
During the Reporting Period, the Fund posted positive absolute returns but modestly underperformed the Russell 2000® Index, as measured by NAV. Amongst underlying factors, Momentum and Quality contributed positively to relative returns, while Low Volatility and Value detracted. 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 health care, information technology and energy sectors detracted the most from the Fund’s results relative to the Russell 2000® Index. Partially offsetting these detractors were Index constituents in the real estate, industrials and materials sectors, which contributed positively to the Fund’s results relative to the Russell 2000® Index during the Reporting Period. |
30
PORTFOLIO RESULTS
Q | Which individual positions detracted from the Fund’s results during the Reporting Period? |
A | Relative to the Russell 2000® Index, underweight positions in clinical-stage biopharmaceutical company Nektar Therapeutics, online and mobile platform for restaurant pick-up and delivery operator GrubHub and biotechnological products and services provider Bluebird Bio detracted most (0.22%, 0.15% and 0.19% of Fund net assets as of February 28, 2018, respectively). Each of these companies posted a robust double-digit positive return within the 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 Russell 2000® Index, overweight positions in mortgage insurer NMI Holdings and cancer diagnostic technology developer Foundation Medicine and an underweight position in Internet financial services provider LendingClub contributed most positively (0.21%, 0.16% and 0.00%1 of Fund net assets as of February 28, 2018, respectively). NMI Holdings posted a robust double-digit gain within the Index during the Reporting Period. Foundation Medicine generated a triple-digit positive return within the Index during the Reporting Period, and LendingClub posted a modest negative return within the Index 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. |
1 | Some weights are 0.00% at February 28, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology. |
Q | What was the Fund’s sector positioning relative to the Index and the Russell 2000® Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | Russell 2000® Index | |||||||||||
Financials | 21.41 | % | 22.26 | % | 18.03 | % | ||||||||
Information Technology | 17.22 | 17.34 | 17.66 | |||||||||||
Industrials | 14.56 | 14.57 | 15.11 | |||||||||||
Health Care | 13.43 | 13.40 | 16.43 | |||||||||||
Consumer Discretionary | 12.76 | 12.83 | 12.24 | |||||||||||
Real Estate | 6.08 | 6.10 | 5.88 | |||||||||||
Materials | 4.30 | 4.29 | 4.66 | |||||||||||
Utilities | 3.60 | 3.59 | 3.21 | |||||||||||
Consumer Staples | 2.64 | 2.64 | 2.53 | |||||||||||
Energy | 2.28 | 2.28 | 3.57 | |||||||||||
Telecommunication Services | 0.70 | 0.70 | 0.68 |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. |
3 | 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 Russell Investments. |
31
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 42.67 | ||||
Net Asset Value (NAV)1 | $ | 42.40 |
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, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® SC Index3 | Russell 2000® Index4 | ||||||||||||||
Shares | 7.73 | % | 10.36 | % | 7.87 | % | 8.30 | % |
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 incurred by the Fund. Market Price returns are based upon the last trade as of 4:00pm 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 Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index (the “Index”) is designed to deliver exposure to equity securities of small 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 Russell 2000® Index is an unmanaged index of common stock prices that measures the performance of the 2000 smallest companies in the Russell 3000® Index. The Index is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set. |
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.
32
FUND BASICS
EXPENSE RATIO5 | ||||||
Expense Ratio | ||||||
Shares | 0.20 | % |
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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/186 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
iShares Russell 2000 ETF | 0.6 | % | Exchange Traded Fund | United States | ||||||
Aspen Technology, Inc. | 0.3 | Information Technology | United States | |||||||
MKS Instruments, Inc. | 0.3 | Information Technology | United States | |||||||
Trex Co., Inc. | 0.3 | Industrials | United States | |||||||
Primerica, Inc. | 0.3 | Financials | United States | |||||||
Vonage Holdings Corp. | 0.3 | Telecommunication Services | United States | |||||||
Cimpress NV | 0.3 | Industrials | Netherlands | |||||||
Evercore, Inc., Class A | 0.2 | Financials | United States | |||||||
Chemed Corp. | 0.2 | Health Care | United States | |||||||
RingCentral, Inc., Class A | 0.2 | Information Technology | United States |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
33
FUND BASICS
FUND SECTOR ALLOCATIONS7 |
As of February 28, 2018 |
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. 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 5.4% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
34
FUND BASICS
Index Definitions and Industry Terms
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.
35
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 95.5% | ||||||||
Brazil – 5.4% | ||||||||
1,449,669 | Ambev SA (Consumer Staples) | $ | 9,816,920 | |||||
330,045 | B3 SA – Brasil Bolsa Balcao (Financials) | 2,602,771 | ||||||
375,161 | Banco Bradesco SA (Financials) | 4,253,076 | ||||||
354,683 | Banco do Brasil SA (Financials) | 4,563,524 | ||||||
563,958 | BB Seguridade Participacoes SA (Financials) | 5,051,536 | ||||||
219,106 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 2,539,235 | ||||||
183,931 | Cosan SA Industria e Comercio (Energy) | 2,455,433 | ||||||
476,038 | EDP – Energias do Brasil SA (Utilities) | 1,948,844 | ||||||
209,250 | Engie Brasil Energia SA (Utilities) | 2,521,628 | ||||||
136,068 | Equatorial Energia SA (Utilities) | 2,998,836 | ||||||
127,321 | Fibria Celulose SA (Materials) | 2,416,895 | ||||||
226,742 | Hypera SA (Health Care) | 2,409,275 | ||||||
756,576 | JBS SA (Consumer Staples) | 2,307,862 | ||||||
325,891 | Localiza Rent a Car SA (Industrials) | 2,602,113 | ||||||
673,314 | Lojas Renner SA (Consumer Discretionary) | 7,154,382 | ||||||
182,201 | M Dias Branco SA (Consumer Staples) | 3,355,471 | ||||||
258,831 | Natura Cosmeticos SA (Consumer Staples) | 2,735,104 | ||||||
861,878 | Odontoprev SA (Health Care) | 4,061,671 | ||||||
806,933 | Petroleo Brasileiro SA (Energy)* | 5,750,057 | ||||||
253,530 | Porto Seguro SA (Financials) | 3,573,417 | ||||||
241,578 | Raia Drogasil SA (Consumer Staples) | 5,780,769 | ||||||
379,301 | Sul America SA (Financials) | 2,492,675 | ||||||
429,564 | TIM Participacoes SA (Telecommunication Services) | 1,864,364 | ||||||
286,446 | Transmissora Alianca de Energia Eletrica SA (Utilities) | 1,807,508 | ||||||
153,231 | Ultrapar Participacoes SA (Energy) | 3,553,497 | ||||||
593,139 | Vale SA (Materials) | 8,224,982 | ||||||
|
| |||||||
98,841,845 | ||||||||
|
| |||||||
Chile – 1.4% | ||||||||
24,550 | Banco de Chile ADR (Financials) | 2,500,663 | ||||||
40,078,948 | Banco Santander Chile (Financials) | 3,290,993 | ||||||
753,268 | Cencosud SA (Consumer Staples) | 2,291,205 | ||||||
247,755 | Cia Cervecerias Unidas SA (Consumer Staples) | 3,494,701 | ||||||
185,773 | Empresas COPEC SA (Energy) | 3,002,633 | ||||||
12,682,767 | Enel Americas SA (Utilities) | 2,928,466 | ||||||
169,414 | Latam Airlines Group SA ADR (Industrials)(a) | 2,754,672 | ||||||
246,247 | SACI Falabella (Consumer Discretionary) | 2,492,160 | ||||||
55,382 | Sociedad Quimica y Minera de Chile SA ADR (Materials)(a) | 2,763,562 | ||||||
|
| |||||||
25,519,055 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – 30.2% | ||||||||
29,233 | 58.com, Inc. ADR (Information Technology)* | 2,203,291 | ||||||
254,393 | AAC Technologies Holdings, Inc. (Information Technology) | 5,068,160 | ||||||
1,185,114 | Agile Group Holdings Ltd. (Real Estate) | 2,044,527 | ||||||
14,303,812 | Agricultural Bank of China Ltd., Class H (Financials) | 7,951,335 | ||||||
319,796 | Alibaba Group Holding Ltd. ADR (Information Technology)* | 59,526,827 | ||||||
757,181 | ANTA Sports Products Ltd. (Consumer Discretionary) | 3,754,313 | ||||||
38,032 | Autohome, Inc. ADR (Information Technology) | 2,974,483 | ||||||
78,374 | Baidu, Inc. ADR (Information Technology)* | 19,776,895 | ||||||
24,115,195 | Bank of China Ltd., Class H (Financials) | 13,158,842 | ||||||
5,122,600 | Bank of Communications Co. Ltd., Class H (Financials) | 4,111,015 | ||||||
785,903 | BYD Electronic International Co. Ltd. (Information Technology) | 1,948,362 | ||||||
9,659,378 | CGN Power Co. Ltd., Class H (Utilities)(b) | 2,604,537 | ||||||
7,965,342 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 2,992,614 | ||||||
5,666,706 | China CITIC Bank Corp Ltd., Class H (Financials) | 4,134,907 | ||||||
1,866,099 | China Communications Construction Co. Ltd., Class H (Industrials) | 2,088,997 | ||||||
5,951,290 | China Communications Services Corp. Ltd., Class H (Telecommunication Services) | 3,544,019 | ||||||
1,114,007 | China Conch Venture Holdings Ltd. (Industrials) | 3,352,570 | ||||||
25,443,668 | China Construction Bank Corp., Class H (Financials) | 26,499,418 | ||||||
6,119,873 | China Everbright Bank Co. Ltd., Class H (Financials) | 3,151,712 | ||||||
1,293,592 | China Everbright International Ltd. (Industrials) | 2,003,544 | ||||||
1,038,721 | China Evergrande Group (Real Estate)* | 3,079,540 | ||||||
5,462,700 | China Huarong Asset Management Co. Ltd., Class H (Financials)(b) | 2,478,191 | ||||||
3,942,464 | China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)*(c) | — | ||||||
666,384 | China Life Insurance Co. Ltd., Class H (Financials) | 1,979,915 | ||||||
2,778,395 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 1,846,275 | ||||||
1,421,058 | China Medical System Holdings Ltd. (Health Care) | 2,854,719 | ||||||
1,535,045 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 5,070,849 | ||||||
|
|
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) | ||||||||
China – (continued) | ||||||||
1,800,241 | China Merchants Bank Co. Ltd., Class H (Financials) | $ | 7,603,282 | |||||
3,976,367 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 4,156,605 | ||||||
1,950,795 | China Mobile Ltd. (Telecommunication Services) | 18,298,130 | ||||||
786,494 | China Overseas Land & Investment Ltd. (Real Estate) | 2,763,930 | ||||||
457,578 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 2,251,256 | ||||||
9,455,582 | China Petroleum & Chemical Corp., Class H (Energy) | 7,612,509 | ||||||
2,352,735 | China Railway Construction Corp. Ltd., Class H (Industrials) | 2,525,523 | ||||||
3,611,354 | China Railway Group Ltd., Class H (Industrials) | 2,625,919 | ||||||
852,337 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 3,289,405 | ||||||
1,393,112 | China Resources Pharmaceutical Group Ltd. (Health Care)(b) | 1,879,961 | ||||||
1,449,500 | China Resources Power Holdings Co. Ltd. (Utilities) | 2,522,867 | ||||||
929,070 | China Shenhua Energy Co. Ltd., Class H (Energy) | 2,641,663 | ||||||
11,644,381 | China Telecom Corp. Ltd., Class H (Telecommunication Services) | 5,133,747 | ||||||
1,746,322 | China Unicom Hong Kong Ltd. (Telecommunication Services)* | 2,262,879 | ||||||
3,651,557 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 2,967,797 | ||||||
2,120,585 | CIFI Holdings Group Co. Ltd. (Real Estate) | 1,669,304 | ||||||
2,000,227 | CITIC Ltd. (Industrials) | 2,908,845 | ||||||
3,634,116 | CNOOC Ltd. (Energy) | 5,294,228 | ||||||
3,257,720 | Country Garden Holdings Co. Ltd. (Real Estate) | 5,861,590 | ||||||
2,636,309 | CRRC Corp. Ltd., Class H (Industrials) | 2,415,541 | ||||||
3,602,543 | CSPC Pharmaceutical Group Ltd. (Health Care) | 8,323,512 | ||||||
39,572 | Ctrip.com International Ltd. ADR (Consumer Discretionary)* | 1,819,521 | ||||||
2,522,383 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 3,194,359 | ||||||
236,089 | ENN Energy Holdings Ltd. (Utilities) | 1,819,249 | ||||||
1,999,928 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 6,529,866 | ||||||
1,416,134 | GF Securities Co. Ltd., Class H (Financials) | 2,729,007 | ||||||
1,362,708 | Guangdong Investment Ltd. (Utilities) | 2,086,213 | ||||||
1,668,590 | Haitong Securities Co. Ltd., Class H (Financials) | 2,388,178 | ||||||
312,101 | Hengan International Group Co. Ltd. (Consumer Staples) | 3,051,094 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
3,087,779 | Huaneng Power International, Inc., Class H (Utilities) | 1,917,703 | ||||||
23,912,069 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 20,656,791 | ||||||
159,739 | JD.com, Inc. ADR (Consumer Discretionary)* | 7,531,694 | ||||||
1,209,727 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 1,882,928 | ||||||
986,211 | Kingsoft Corp. Ltd. (Information Technology) | 3,257,837 | ||||||
7,279,361 | Lenovo Group Ltd. (Information Technology) | 3,804,657 | ||||||
1,247,946 | Longfor Properties Co. Ltd. (Real Estate) | 3,604,153 | ||||||
80,526 | Momo, Inc. ADR (Information Technology)* | 2,661,384 | ||||||
27,980 | NetEase, Inc. ADR (Information Technology) | 8,207,933 | ||||||
66,523 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary) | 6,079,537 | ||||||
5,811,925 | People’s Insurance Co Group of China Ltd. (The), Class H (Financials) | 3,141,661 | ||||||
7,173,093 | PetroChina Co. Ltd., Class H (Energy) | 5,069,097 | ||||||
1,913,269 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 3,794,607 | ||||||
1,793,728 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 19,128,545 | ||||||
4,921,439 | Shanghai Electric Group Co. Ltd., Class H (Industrials)* | 1,855,296 | ||||||
659,951 | Shanghai Industrial Holdings Ltd. (Industrials) | 1,851,165 | ||||||
327,577 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 3,244,248 | ||||||
5,737,044 | Sihuan Pharmaceutical Holdings Group Ltd. (Health Care) | 2,096,782 | ||||||
33,057 | SINA Corp./China (Information Technology)* | 3,865,355 | ||||||
2,588,861 | Sino-Ocean Group Holding Ltd. (Real Estate) | 1,846,044 | ||||||
709,601 | Sinopharm Group Co. Ltd., Class H (Health Care) | 3,133,006 | ||||||
1,004,055 | Sunac China Holdings Ltd. (Real Estate) | 3,682,463 | ||||||
323,186 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 5,397,929 | ||||||
159,420 | TAL Education Group ADR (Consumer Discretionary) | 6,019,699 | ||||||
1,713,690 | Tencent Holdings Ltd. (Information Technology) | 94,649,000 | ||||||
1,723,336 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 3,620,519 | ||||||
826,351 | TravelSky Technology Ltd., Class H (Information Technology) | 2,639,998 | ||||||
|
|
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, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
551,368 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | $ | 3,029,765 | |||||
292,559 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 5,087,601 | ||||||
3,923,246 | Want Want China Holdings Ltd. (Consumer Staples) | 3,313,950 | ||||||
50,277 | Weibo Corp. ADR (Information Technology)*(a) | 6,461,600 | ||||||
27,681 | YY, Inc. ADR (Information Technology)* | 3,579,984 | ||||||
|
| |||||||
554,938,768 | ||||||||
|
| |||||||
Colombia – 0.4% | ||||||||
3,935,931 | Ecopetrol SA (Energy) | 3,444,104 | ||||||
150,007 | Grupo de Inversiones Suramericana SA (Financials) | 2,009,203 | ||||||
578,578 | Interconexion Electrica SA ESP (Utilities) | 2,763,360 | ||||||
|
| |||||||
8,216,667 | ||||||||
|
| |||||||
Czech Republic – 0.2% | ||||||||
125,405 | CEZ AS (Utilities) | 3,039,800 | ||||||
|
| |||||||
Egypt – 0.4% | ||||||||
1,017,359 | Commercial International Bank Egypt SAE GDR (Financials) | 4,618,810 | ||||||
72,287 | Eastern Tobacco (Consumer Staples) | 2,262,468 | ||||||
2,356,430 | Global Telecom Holding SAE (Telecommunication Services)* | 903,343 | ||||||
|
| |||||||
7,784,621 | ||||||||
|
| |||||||
Greece – 0.2% | ||||||||
283,683 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 4,044,671 | ||||||
|
| |||||||
Hong Kong – 1.5% | ||||||||
590,362 | China Gas Holdings Ltd. (Utilities) | 1,840,803 | ||||||
1,610,928 | Haier Electronics Group Co. Ltd. (Consumer Discretionary)* | 5,527,381 | ||||||
601,385 | Kingboard Chemical Holdings Ltd. (Information Technology) | 3,054,842 | ||||||
5,579,977 | Sino Biopharmaceutical Ltd. (Health Care) | 10,567,679 | ||||||
5,413,844 | Sun Art Retail Group Ltd. (Consumer Staples) | 7,195,121 | ||||||
|
| |||||||
28,185,826 | ||||||||
|
| |||||||
Hungary – 0.3% | ||||||||
298,921 | MOL Hungarian Oil & Gas PLC (Energy) | 3,269,547 | ||||||
69,665 | OTP Bank PLC (Financials) | 3,111,796 | ||||||
|
| |||||||
6,381,343 | ||||||||
|
| |||||||
India – 8.1% | ||||||||
110,602 | Asian Paints Ltd. (Materials) | 1,897,659 | ||||||
263,099 | Aurobindo Pharma Ltd. (Health Care) | 2,479,291 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
62,245 | Bajaj Auto Ltd. (Consumer Discretionary) | 2,886,079 | ||||||
143,292 | Bajaj Finance Ltd. (Financials) | 3,607,801 | ||||||
46,063 | Britannia Industries Ltd. (Consumer Staples) | 3,531,288 | ||||||
268,365 | Cipla Ltd. (Health Care) | 2,429,018 | ||||||
540,296 | Dabur India Ltd. (Consumer Staples) | 2,695,830 | ||||||
82,493 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 2,832,971 | ||||||
5,644 | Eicher Motors Ltd. (Industrials) | 2,377,092 | ||||||
382,478 | GAIL India Ltd. (Utilities) | 2,686,013 | ||||||
142,184 | Grasim Industries Ltd. (Materials) | 2,515,808 | ||||||
534,345 | HCL Technologies Ltd. (Information Technology) | 7,712,564 | ||||||
75,737 | Hero MotoCorp Ltd. (Consumer Discretionary) | 4,181,411 | ||||||
794,241 | Hindalco Industries Ltd. (Materials) | 2,991,834 | ||||||
427,767 | Hindustan Unilever Ltd. (Consumer Staples) | 8,652,685 | ||||||
369,309 | Housing Development Finance Corp. Ltd. (Financials) | 10,253,379 | ||||||
181,883 | Indiabulls Housing Finance Ltd. (Financials) | 3,501,345 | ||||||
643,570 | Infosys Ltd. (Information Technology) | 11,583,939 | ||||||
876,976 | ITC Ltd. (Consumer Staples) | 3,568,010 | ||||||
104,078 | Larsen & Toubro Ltd. (Industrials) | 2,105,884 | ||||||
213,697 | Lupin Ltd. (Health Care) | 2,689,654 | ||||||
246,626 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 2,757,335 | ||||||
604,075 | Marico Ltd. (Consumer Staples) | 2,857,351 | ||||||
38,880 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 5,282,345 | ||||||
498,179 | Motherson Sumi Systems Ltd. (Consumer Discretionary) | 2,523,539 | ||||||
44,789 | Nestle India Ltd. (Consumer Staples) | 5,336,248 | ||||||
1,070,283 | NTPC Ltd. (Utilities) | 2,682,023 | ||||||
517,992 | Reliance Industries Ltd. (Energy) | 7,589,835 | ||||||
878,608 | Rural Electrification Corp. Ltd. (Financials) | 1,946,131 | ||||||
176,853 | Tata Consultancy Services Ltd. (Information Technology) | 8,239,272 | ||||||
409,249 | Tata Motors Ltd. (Consumer Discretionary)* | 2,323,713 | ||||||
709,251 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 2,252,532 | ||||||
1,978,404 | Tata Power Co. Ltd. (The) (Utilities) | 2,566,151 | ||||||
294,675 | Tech Mahindra Ltd. (Information Technology) | 2,771,190 | ||||||
573,903 | Vakrangee Ltd. (Information Technology) | 1,433,298 | ||||||
599,853 | Vedanta Ltd. (Materials) | 3,036,269 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
1,060,105 | Wipro Ltd. (Information Technology) | $ | 4,764,645 | |||||
490,348 | Yes Bank Ltd. (Financials) | 2,425,913 | ||||||
|
| |||||||
147,967,345 | ||||||||
|
| |||||||
Indonesia – 2.1% | ||||||||
16,828,233 | Adaro Energy Tbk PT (Energy) | 2,876,412 | ||||||
4,375,109 | Astra International Tbk PT (Consumer Discretionary) | 2,569,662 | ||||||
3,209,594 | Bank Central Asia Tbk PT (Financials) | 5,410,215 | ||||||
5,785,959 | Bank Mandiri Persero Tbk PT (Financials) | 3,492,996 | ||||||
5,071,739 | Bank Negara Indonesia Persero Tbk PT (Financials) | 3,587,494 | ||||||
10,849,329 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 2,982,905 | ||||||
7,797,887 | Bank Tabungan Negara Persero Tbk PT (Financials) | 2,121,257 | ||||||
18,283,749 | Kalbe Farma Tbk PT (Health Care) | 2,127,796 | ||||||
11,319,333 | Perusahaan Gas Negara Persero Tbk (Utilities) | 2,198,248 | ||||||
14,891,144 | Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services) | 4,332,442 | ||||||
1,283,257 | Unilever Indonesia Tbk PT (Consumer Staples) | 5,030,916 | ||||||
858,951 | United Tractors Tbk PT (Energy) | 2,224,145 | ||||||
|
| |||||||
38,954,488 | ||||||||
|
| |||||||
Malaysia – 1.8% | ||||||||
255,002 | British American Tobacco Malaysia Bhd (Consumer Staples) | 1,848,878 | ||||||
1,418,500 | CIMB Group Holdings Bhd (Financials) | 2,603,782 | ||||||
4,597,600 | Dialog Group Bhd (Energy) | 3,110,452 | ||||||
3,469,819 | DiGi.Com Bhd (Telecommunication Services) | 4,287,445 | ||||||
1,482,363 | Genting Bhd (Consumer Discretionary) | 3,349,225 | ||||||
843,034 | HAP Seng Consolidated Bhd (Industrials) | 2,055,393 | ||||||
623,200 | Hartalega Holdings Bhd (Health Care) | 1,858,304 | ||||||
952,638 | Malayan Banking Bhd (Financials) | 2,543,935 | ||||||
147,700 | Nestle Malaysia Bhd (Consumer Staples) | 4,830,322 | ||||||
485,788 | Public Bank Bhd (Financials) | 2,852,470 | ||||||
867,600 | Tenaga Nasional Bhd (Utilities) | 3,477,488 | ||||||
|
| |||||||
32,817,694 | ||||||||
|
| |||||||
Mexico – 2.1% | ||||||||
1,736,610 | Alfa SAB de CV, Class A (Industrials) | 2,060,884 | ||||||
9,405,885 | America Movil SAB de CV, Series L (Telecommunication Services) | 8,644,620 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Mexico – (continued) | ||||||||
423,907 | Arca Continental SAB de CV (Consumer Staples) | 2,939,736 | ||||||
3,944,637 | Cemex SAB de CV, Series CPO (Materials)* | 2,602,996 | ||||||
372,274 | Coca-Cola Femsa SAB de CV, Series L (Consumer Staples) | 2,505,899 | ||||||
539,624 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 4,991,529 | ||||||
292,294 | Gruma SAB de CV, Class B (Consumer Staples) | 3,380,429 | ||||||
1,834,665 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 4,289,345 | ||||||
521,972 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 3,130,670 | ||||||
1,831,322 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 4,270,852 | ||||||
|
| |||||||
38,816,960 | ||||||||
|
| |||||||
Peru – 0.3% | ||||||||
22,203 | Credicorp Ltd. (Financials) | 4,805,839 | ||||||
|
| |||||||
Philippines – 0.3% | ||||||||
62,154 | Globe Telecom, Inc. (Telecommunication Services) | 2,055,092 | ||||||
456,098 | Jollibee Foods Corp. (Consumer Discretionary) | 2,613,280 | ||||||
|
| |||||||
4,668,372 | ||||||||
|
| |||||||
Poland – 1.6% | ||||||||
64,731 | Bank Handlowy w Warszawie SA (Financials) | 1,582,974 | ||||||
65,310 | Bank Pekao SA (Financials) | 2,524,348 | ||||||
57,121 | CCC SA (Consumer Discretionary) | 4,200,625 | ||||||
59,389 | CD Projekt SA (Information Technology) | 1,854,417 | ||||||
132,587 | Grupa Lotos SA (Energy) | 2,173,703 | ||||||
68,361 | Jastrzebska Spolka Weglowa SA (Materials)* | 1,839,318 | ||||||
76,718 | KGHM Polska Miedz SA (Materials) | 2,350,738 | ||||||
1,503 | LPP SA (Consumer Discretionary) | 3,954,051 | ||||||
108,476 | Polski Koncern Naftowy ORLEN SA (Energy) | 3,055,404 | ||||||
224,903 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 2,826,752 | ||||||
199,673 | Powszechny Zaklad Ubezpieczen SA (Financials) | 2,489,831 | ||||||
|
| |||||||
28,852,161 | ||||||||
|
| |||||||
Qatar – 0.4% | ||||||||
198,120 | Masraf Al Rayan QSC (Financials) | 2,046,009 | ||||||
107,551 | Ooredoo QPSC (Telecommunication Services) | 2,569,951 | ||||||
77,966 | Qatar National Bank QPSC (Financials) | 2,558,965 | ||||||
|
| |||||||
7,174,925 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Russia – 3.7% | ||||||||
1,497,618 | Alrosa PJSC (Materials) | $ | 2,295,740 | |||||
958,197 | Gazprom PJSC ADR (Energy) | 4,794,818 | ||||||
49,304,307 | Inter RAO UES PJSC (Utilities) | 3,257,907 | ||||||
179,255 | LUKOIL PJSC (Energy) | 12,024,628 | ||||||
14,455 | MMC Norilsk Nickel PJSC (Materials) | 2,865,195 | ||||||
384,391 | Mobile TeleSystems PJSC ADR (Telecommunication Services) | 4,597,317 | ||||||
17,975 | Novatek PJSC GDR (Energy) | 2,453,588 | ||||||
35,143 | Polyus PJSC (Materials) | 2,900,207 | ||||||
308,271 | Rosneft Oil Co. PJSC (Energy) | 1,809,735 | ||||||
750,137 | Sberbank of Russia PJSC ADR (Financials) | 15,340,302 | ||||||
212,671 | Severstal PJSC GDR (Materials) | 3,462,284 | ||||||
473,499 | Surgutneftegas OJSC ADR (Energy) | 2,367,495 | ||||||
443,113 | Surgutneftegas OJSC ADR (Energy) | 2,348,499 | ||||||
98,469 | Tatneft PJSC ADR (Energy) | 6,235,057 | ||||||
1,009,076 | VTB Bank PJSC GDR (Financials) | 2,159,422 | ||||||
|
| |||||||
68,912,194 | ||||||||
|
| |||||||
South Africa – 6.1% | ||||||||
59,510 | Anglo American Platinum Ltd. (Materials)* | 1,844,173 | ||||||
240,280 | AngloGold Ashanti Ltd. (Materials) | 2,202,138 | ||||||
181,035 | Barclays Africa Group Ltd. (Financials)(a) | 3,044,409 | ||||||
179,261 | Bidvest Group Ltd. (The) (Industrials)(a) | 3,418,697 | ||||||
357,187 | Coronation Fund Managers Ltd. (Financials) | 2,419,325 | ||||||
260,031 | Exxaro Resources Ltd. (Energy) | 2,917,149 | ||||||
932,774 | FirstRand Ltd. (Financials)(a) | 5,839,839 | ||||||
1,799,923 | Fortress REIT Ltd., Class A (Real Estate) | 2,427,599 | ||||||
693,027 | Gold Fields Ltd. (Materials) | 2,689,617 | ||||||
1,231,871 | Growthpoint Properties Ltd. REIT (Real Estate)(a) | 3,078,699 | ||||||
147,608 | Imperial Holdings Ltd. (Consumer Discretionary) | 3,134,548 | ||||||
220,431 | Liberty Holdings Ltd. (Financials)(a) | 2,489,519 | ||||||
94,773 | Mondi Ltd. (Materials) | 2,473,191 | ||||||
216,807 | Mr Price Group Ltd. (Consumer Discretionary) | 5,194,001 | ||||||
222,804 | MTN Group Ltd. (Telecommunication Services) | 2,425,527 | ||||||
90,609 | Naspers Ltd., Class N (Consumer Discretionary) | 25,109,142 | ||||||
782,639 | Pick n Pay Stores Ltd. (Consumer Staples) | 4,817,668 | ||||||
475,287 | Rand Merchant Investment Holdings Ltd. (Financials) | 1,798,269 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Africa – (continued) | ||||||||
2,831,817 | Redefine Properties Ltd. REIT (Real Estate) | 2,720,560 | ||||||
101,186 | Remgro Ltd. (Financials) | 2,070,225 | ||||||
350,518 | Sappi Ltd. (Materials) | 2,274,674 | ||||||
109,983 | Sasol Ltd. (Materials) | 3,883,123 | ||||||
199,570 | Shoprite Holdings Ltd. (Consumer Staples)(a) | 4,395,232 | ||||||
308,155 | Standard Bank Group Ltd. (Financials) | 5,686,264 | ||||||
5,374,559 | Steinhoff International Holdings NV (Consumer Discretionary) | 2,640,893 | ||||||
592,332 | Telkom SA SOC Ltd. (Telecommunication Services) | 2,596,902 | ||||||
64,661 | Tiger Brands Ltd. (Consumer Staples) | 2,336,807 | ||||||
243,906 | Vodacom Group Ltd. (Telecommunication Services) | 3,362,974 | ||||||
453,090 | Woolworths Holdings Ltd. (Consumer Discretionary)(a) | 2,508,477 | ||||||
|
| |||||||
111,799,641 | ||||||||
|
| |||||||
South Korea – 14.7% | ||||||||
16,260 | Amorepacific Corp. (Consumer Staples) | 4,226,789 | ||||||
30,919 | AMOREPACIFIC Group (Consumer Staples) | 3,597,557 | ||||||
369,179 | BNK Financial Group, Inc. (Financials) | 3,818,270 | ||||||
18,762 | Celltrion, Inc. (Health Care)* | 6,115,972 | ||||||
150,054 | Cheil Worldwide, Inc. (Consumer Discretionary) | 2,577,343 | ||||||
7,327 | CJ CheilJedang Corp. (Consumer Staples) | 2,286,939 | ||||||
25,400 | CJ E&M Corp. (Consumer Discretionary) | 2,031,249 | ||||||
46,749 | Coway Co. Ltd. (Consumer Discretionary) | 3,738,539 | ||||||
50,644 | DB Insurance Co. Ltd. (Financials) | 3,250,308 | ||||||
248,378 | DGB Financial Group, Inc. (Financials) | 2,844,110 | ||||||
100,817 | Dongsuh Cos., Inc. (Consumer Staples) | 2,592,809 | ||||||
12,685 | E-MART, Inc. (Consumer Staples) | 3,561,031 | ||||||
46,548 | GS Holdings Corp. (Energy) | 2,841,280 | ||||||
111,354 | Hana Financial Group, Inc. (Financials) | 5,054,067 | ||||||
52,017 | Hankook Tire Co. Ltd. (Consumer Discretionary) | 2,834,059 | ||||||
20,219 | Hanssem Co. Ltd. (Consumer Discretionary) | 2,791,339 | ||||||
77,958 | Hanwha Chemical Corp. (Materials) | 2,390,069 | ||||||
50,428 | Hanwha Corp. (Industrials) | 2,055,958 | ||||||
409,506 | Hanwha Life Insurance Co. Ltd. (Financials) | 2,537,432 | ||||||
41,699 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 3,149,855 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
32,885 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | $ | 2,775,592 | |||||
63,414 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 2,418,504 | ||||||
15,272 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 3,215,455 | ||||||
17,269 | Hyundai Motor Co. (Consumer Discretionary) | 2,575,440 | ||||||
204,489 | Industrial Bank of Korea (Financials) | 3,247,955 | ||||||
127,232 | KB Financial Group, Inc. (Financials) | 7,519,483 | ||||||
130,159 | Kia Motors Corp. (Consumer Discretionary) | 4,128,693 | ||||||
95,031 | Korea Electric Power Corp. (Utilities) | 2,904,724 | ||||||
85,896 | Korea Gas Corp. (Utilities)* | 3,640,804 | ||||||
41,468 | Korea Investment Holdings Co. Ltd. (Financials)* | 3,006,038 | ||||||
3,834 | Korea Zinc Co. Ltd. (Materials) | 1,812,733 | ||||||
100,414 | KT Corp. (Telecommunication Services) | 2,602,604 | ||||||
31,626 | KT&G Corp. (Consumer Staples) | 2,914,650 | ||||||
7,863 | LG Chem Ltd. (Materials) | 2,780,985 | ||||||
38,149 | LG Corp. (Industrials) | 3,036,701 | ||||||
73,603 | LG Display Co. Ltd. (Information Technology) | 2,028,857 | ||||||
61,785 | LG Electronics, Inc. (Consumer Discretionary) | 5,699,807 | ||||||
5,850 | LG Household & Health Care Ltd. (Consumer Staples) | 5,942,377 | ||||||
6,123 | Lotte Chemical Corp. (Materials) | 2,595,306 | ||||||
11,151 | NAVER Corp (Information Technology) | 8,268,772 | ||||||
8,385 | NCSoft Corp. (Information Technology) | 2,903,661 | ||||||
19,609 | OCI Co. Ltd. (Materials) | 2,978,743 | ||||||
21,926 | POSCO (Materials) | 7,319,465 | ||||||
39,767 | S-1 Corp. (Industrials) | 3,525,378 | ||||||
5,058 | Samsung Biologics Co. Ltd. (Health Care)*(b) | 2,101,856 | ||||||
55,917 | Samsung Card Co. Ltd. (Financials) | 1,874,399 | ||||||
21,079 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 1,802,489 | ||||||
28,753 | Samsung Electronics Co. Ltd. (Information Technology) | 62,476,507 | ||||||
9,814 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 2,619,121 | ||||||
11,463 | Samsung SDS Co. Ltd. (Information Technology) | 2,519,341 | ||||||
70,534 | Samsung Securities Co. Ltd. (Financials) | 2,579,321 | ||||||
110,638 | Shinhan Financial Group Co. Ltd. (Financials) | 4,842,775 | ||||||
28,452 | SillaJen, Inc. (Health Care)* | 2,690,447 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
9,087 | SK Holdings Co. Ltd. (Industrials) | 2,387,341 | ||||||
190,767 | SK Hynix, Inc. (Information Technology) | 13,529,325 | ||||||
17,591 | SK Innovation Co. Ltd. (Energy) | 3,338,213 | ||||||
22,644 | SK Telecom Co. Ltd. (Telecommunication Services) | 5,018,524 | ||||||
28,872 | S-Oil Corp. (Energy) | 3,292,725 | ||||||
265,449 | Woori Bank (Financials) | 4,069,123 | ||||||
|
| |||||||
269,279,209 | ||||||||
|
| |||||||
Taiwan – 10.7% | ||||||||
2,576,724 | Advanced Semiconductor Engineering, Inc. (Information Technology) | 3,508,239 | ||||||
393,539 | Advantech Co. Ltd. (Information Technology) | 2,931,778 | ||||||
2,031,854 | Asia Cement Corp. (Materials) | 1,976,491 | ||||||
266,494 | Asustek Computer, Inc. (Information Technology) | 2,528,432 | ||||||
4,137,783 | AU Optronics Corp. (Information Technology) | 1,856,620 | ||||||
2,096,221 | Cathay Financial Holding Co. Ltd. (Financials) | 3,913,070 | ||||||
923,383 | Chailease Holding Co. Ltd. (Financials) | 3,105,828 | ||||||
3,251,893 | Chang Hwa Commercial Bank Ltd. (Financials) | 1,871,241 | ||||||
3,878,585 | China Steel Corp. (Materials) | 3,201,654 | ||||||
1,071,937 | Chunghwa Telecom Co. Ltd. (Telecommunication Services) | 4,020,383 | ||||||
5,482,766 | Compal Electronics, Inc. (Information Technology) | 3,774,677 | ||||||
5,366,832 | CTBC Financial Holding Co. Ltd. (Financials) | 3,924,641 | ||||||
422,714 | Delta Electronics, Inc. (Information Technology) | 2,012,545 | ||||||
3,280,699 | E.Sun Financial Holding Co. Ltd. (Financials) | 2,174,360 | ||||||
794,087 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) | 2,012,722 | ||||||
751,114 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 3,576,060 | ||||||
3,680,315 | First Financial Holding Co. Ltd. (Financials) | 2,521,152 | ||||||
819,813 | Formosa Chemicals & Fibre Corp. (Materials) | 3,046,693 | ||||||
756,465 | Formosa Petrochemical Corp. (Energy) | 3,031,509 | ||||||
946,794 | Formosa Plastics Corp. (Materials) | 3,356,448 | ||||||
1,799,756 | Fubon Financial Holding Co. Ltd. (Financials) | 3,217,868 | ||||||
127,891 | Globalwafers Co. Ltd. (Information Technology) | 1,866,095 | ||||||
162,178 | Hiwin Technologies Corp. (Industrials) | 2,083,086 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
2,299,912 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | $ | 6,940,188 | |||||
5,725,663 | Innolux Corp. (Information Technology) | 2,549,489 | ||||||
27,828 | Largan Precision Co. Ltd. (Information Technology) | 3,521,928 | ||||||
179,057 | MediaTek, Inc. (Information Technology) | 1,846,043 | ||||||
2,664,745 | Mega Financial Holding Co. Ltd. (Financials) | 2,277,248 | ||||||
685,287 | Nan Ya Plastics Corp. (Materials) | 1,891,872 | ||||||
788,277 | Nanya Technology Corp. (Information Technology) | 2,181,596 | ||||||
275,771 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 2,720,352 | ||||||
1,169,335 | Pegatron Corp. (Information Technology) | 3,003,892 | ||||||
190,696 | Phison Electronics Corp. (Information Technology) | 1,868,064 | ||||||
692,090 | President Chain Store Corp. (Consumer Staples) | 6,981,230 | ||||||
4,993,690 | Shin Kong Financial Holding Co. Ltd. (Financials) | 2,061,070 | ||||||
1,063,155 | Siliconware Precision Industries Co. Ltd. (Information Technology) | 1,853,525 | ||||||
1,382,301 | Standard Foods Corp. (Consumer Staples) | 3,247,961 | ||||||
2,288,070 | Synnex Technology International Corp. (Information Technology) | 3,032,944 | ||||||
6,966,302 | Taishin Financial Holding Co. Ltd. (Financials) | 3,388,244 | ||||||
9,334,000 | Taiwan Business Bank (Financials) | 2,762,267 | ||||||
3,474,278 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 2,023,008 | ||||||
747,324 | Taiwan Mobile Co. Ltd. (Telecommunication Services) | 2,751,703 | ||||||
7,521,904 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 63,379,232 | ||||||
2,784,783 | Uni-President Enterprises Corp. (Consumer Staples) | 6,581,495 | ||||||
3,291,210 | Winbond Electronics Corp. (Information Technology) | 2,243,328 | ||||||
168,296 | Yageo Corp. (Information Technology) | 1,905,151 | ||||||
|
| |||||||
196,523,422 | ||||||||
|
| |||||||
Thailand – 1.9% | ||||||||
535,516 | Advanced Info Service PCL NVDR (Telecommunication Services) | 3,377,896 | ||||||
1,398,000 | Airports of Thailand PCL NVDR (Industrials) | 3,150,956 | ||||||
847,600 | Central Pattana PCL NVDR (Real Estate) | 2,274,938 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
1,512,077 | CP ALL PCL NVDR (Consumer Staples) | 4,046,335 | ||||||
395,700 | Electricity Generating PCL NVDR (Utilities) | 3,000,210 | ||||||
904,900 | Energy Absolute PCL NVDR (Energy) | 1,938,660 | ||||||
6,472,300 | Home Product Center PCL NVDR (Consumer Discretionary) | 2,969,134 | ||||||
394,500 | Kasikornbank PCL (Financials) | 2,915,706 | ||||||
953,200 | PTT Global Chemical PCL NVDR (Materials) | 3,013,861 | ||||||
276,157 | PTT PCL NVDR (Energy) | 4,997,043 | ||||||
737,400 | Thai Oil PCL NVDR (Energy) | 2,419,630 | ||||||
|
| |||||||
34,104,369 | ||||||||
|
| |||||||
Turkey – 1.1% | ||||||||
285,850 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials)(a) | 2,339,998 | ||||||
233,349 | BIM Birlesik Magazalar AS (Consumer Staples) | 4,610,029 | ||||||
898,756 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 2,682,254 | ||||||
1,320,980 | Petkim Petrokimya Holding AS (Materials) | 2,800,591 | ||||||
72,055 | Tupras Turkiye Petrol Rafinerileri AS (Energy) | 2,212,883 | ||||||
393,688 | Turk Hava Yollari AO (Industrials)* | 1,972,345 | ||||||
725,549 | Turkcell Iletisim Hizmetleri AS (Telecommunication Services) | 2,923,964 | ||||||
|
| |||||||
19,542,064 | ||||||||
|
| |||||||
United Arab Emirates – 0.2% | ||||||||
3,284,148 | Aldar Properties PJSC (Real Estate) | 1,931,352 | ||||||
564,464 | Emirates Telecommunications Group Co. PJSC (Telecommunication Services) | 2,643,320 | ||||||
|
| |||||||
4,574,672 | ||||||||
|
| |||||||
United States – 0.4% | ||||||||
181,975 | Yum China Holdings, Inc. (Consumer Discretionary) | 7,883,157 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,331,913,394) | $ | 1,753,629,108 | ||||||
|
| |||||||
Preferred Stocks – 4.1% | ||||||||
Brazil – 2.7% | ||||||||
881,897 | Banco Bradesco SA (Financials) | $ | 10,524,401 | |||||
269,814 | Braskem SA, Class A (Materials) | 3,856,918 | ||||||
184,562 | Cia Brasileira de Distribuicao (Consumer Staples) | 3,890,928 | ||||||
384,423 | Gerdau SA (Materials) | 1,966,636 | ||||||
1,042,542 | Itau Unibanco Holding SA (Financials) | 16,167,223 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Preferred Stocks – (continued) | ||||||||
Brazil – (continued) | ||||||||
877,314 | Itausa – Investimentos Itau SA (Financials) | $ | 3,543,012 | |||||
883,662 | Petroleo Brasileiro SA (Energy)* | 5,837,133 | ||||||
218,454 | Telefonica Brasil SA (Telecommunication Services) | 3,405,831 | ||||||
|
| |||||||
49,192,082 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
591,911 | Embotelladora Andina SA, Class B (Consumer Staples) | 2,927,952 | ||||||
|
| |||||||
Russia – 0.1% | ||||||||
623 | Transneft PJSC (Energy) | 2,047,249 | ||||||
|
| |||||||
South Korea – 1.2% | ||||||||
31,518 | Amorepacific Corp. (Consumer Staples) | 4,423,988 | ||||||
25,499 | Hyundai Motor Co. (Consumer Discretionary) | 2,114,517 | ||||||
7,766 | LG Household & Health Care Ltd. (Consumer Staples) | 4,403,291 | ||||||
6,029 | Samsung Electronics Co. Ltd. (Information Technology) | 11,107,078 | ||||||
|
| |||||||
22,048,874 | ||||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $52,678,654) | $ | 76,216,157 | ||||||
|
|
Units | Description | Expiration Month | Value | |||||||
Rights – 0.0%(d) | ||||||||||
Brazil – 0.0%(d) | ||||||||||
20,049 | Itausa – Investimentos Itau SA (Financials)* | 04/18 | $ | 33,819 | ||||||
| ||||||||||
Taiwan – 0.0% | ||||||||||
83,105 | Fubon Financial Holding Co. Ltd. (Financials)* | 03/18 | — | |||||||
| ||||||||||
TOTAL RIGHTS | ||||||||||
(Cost $0) | $ | 33,819 | ||||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||||||
(Cost $1,384,592,048) | $ | 1,829,879,084 | ||||||||
| ||||||||||
Shares | Distribution Rate | Value | ||||||||
Securities Lending Reinvestment Vehicle – 1.8%(e) | ||||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||||
32,167,913 | 1.262% | $ | 32,167,913 | |||||||
(Cost $32,167,913) | ||||||||||
| ||||||||||
TOTAL INVESTMENTS – 101.4% | ||||||||||
(Cost $1,416,759,961) | $ | 1,862,046,997 | ||||||||
| ||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.4)% | (26,392,651 | ) | ||||||||
| ||||||||||
NET ASSETS – 100.0% | $ | 1,835,654,346 | ||||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing. | |
(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 $9,064,545, which represents approximately 0.5% of net assets as of February 28, 2018. | |
(c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) | Less than 0.05% | |
(e) | Represents an affiliated issuer. |
| ||
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. | 43 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.0% | ||||||||
Australia – 0.3% | ||||||||
9,490 | BHP Billiton PLC (Materials) | $ | 194,071 | |||||
|
| |||||||
Austria – 0.7% | ||||||||
1,171 | ANDRITZ AG (Industrials) | 68,126 | ||||||
1,333 | Erste Group Bank AG (Financials)* | 68,137 | ||||||
2,703 | OMV AG (Energy) | 155,275 | ||||||
3,761 | Raiffeisen Bank International AG (Financials)* | 146,742 | ||||||
850 | voestalpine AG (Materials) | 49,347 | ||||||
|
| |||||||
487,627 | ||||||||
|
| |||||||
Belgium – 1.4% | ||||||||
1,721 | Ageas (Financials) | 90,573 | ||||||
2,281 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 243,372 | ||||||
1,523 | Colruyt SA (Consumer Staples) | 82,344 | ||||||
768 | Groupe Bruxelles Lambert SA (Financials) | 88,086 | ||||||
1,204 | KBC Group NV (Financials) | 113,512 | ||||||
981 | Proximus SADP (Telecommunication Services) | 31,575 | ||||||
384 | Solvay SA (Materials) | 52,970 | ||||||
710 | Telenet Group Holding NV (Consumer Discretionary)* | 48,883 | ||||||
543 | UCB SA (Health Care) | 45,087 | ||||||
2,154 | Umicore SA (Materials) | 122,214 | ||||||
|
| |||||||
918,616 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
4,136 | Antofagasta PLC (Materials) | 49,580 | ||||||
|
| |||||||
Colombia – 0.1% | ||||||||
699 | Millicom International Cellular SA (Telecommunication Services) | 46,780 | ||||||
|
| |||||||
Denmark – 3.1% | ||||||||
2,056 | Carlsberg A/S, Class B (Consumer Staples) | 252,655 | ||||||
841 | Chr Hansen Holding A/S (Materials) | 70,120 | ||||||
1,601 | Coloplast A/S, Class B (Health Care) | 135,742 | ||||||
3,078 | Danske Bank A/S (Financials) | 124,132 | ||||||
1,548 | DSV A/S (Industrials) | 121,816 | ||||||
1,088 | H Lundbeck A/S (Health Care) | 57,156 | ||||||
829 | ISS A/S (Industrials) | 30,187 | ||||||
13,766 | Novo Nordisk A/S, Class B (Health Care) | 713,916 | ||||||
1,357 | Novozymes A/S, Class B (Materials)* | 70,020 | ||||||
1,800 | Orsted A/S (Utilities)(a) | 112,308 | ||||||
1,373 | Pandora A/S (Consumer Discretionary) | 143,939 | ||||||
3,110 | Tryg A/S (Financials) | 73,970 | ||||||
1,003 | Vestas Wind Systems A/S (Industrials) | 72,882 | ||||||
2,940 | William Demant Holding A/S (Health Care)* | 105,564 | ||||||
|
| |||||||
2,084,407 | ||||||||
|
| |||||||
Finland – 1.3% | ||||||||
1,167 | Elisa OYJ (Telecommunication Services) | 50,315 | ||||||
4,888 | Fortum OYJ (Utilities) | 107,608 | ||||||
1,047 | Kone OYJ, Class B (Industrials) | 54,386 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Finland – (continued) | ||||||||
1,165 | Neste OYJ (Energy) | 85,595 | ||||||
5,138 | Nokia OYJ (Information Technology) | 30,098 | ||||||
6,634 | Orion OYJ, Class B (Health Care) | 216,843 | ||||||
1,665 | Sampo OYJ, Class A (Financials) | 94,713 | ||||||
3,830 | Stora Enso OYJ, Class R (Materials) | 68,083 | ||||||
5,207 | UPM-Kymmene OYJ (Materials) | 179,281 | ||||||
352 | Wartsila OYJ Abp (Industrials) | 24,875 | ||||||
|
| |||||||
911,797 | ||||||||
|
| |||||||
France – 18.7% | ||||||||
461 | Accor SA (Consumer Discretionary) | 26,707 | ||||||
569 | Aeroports de Paris (Industrials) | 115,201 | ||||||
1,311 | Air Liquide SA (Materials) | 164,933 | ||||||
1,769 | Airbus SE (Industrials) | 212,175 | ||||||
790 | Alstom SA (Industrials) | 33,386 | ||||||
588 | Amundi SA (Financials)(a) | 48,164 | ||||||
3,159 | Arkema SA (Materials) | 413,991 | ||||||
4,023 | Atos SE (Information Technology) | 532,372 | ||||||
11,871 | AXA SA (Financials) | 374,413 | ||||||
1,384 | BioMerieux (Health Care) | 106,681 | ||||||
7,531 | BNP Paribas SA (Financials) | 600,436 | ||||||
5,385 | Bollore SA (Industrials) | 30,514 | ||||||
1,055 | Bouygues SA (Industrials) | 53,605 | ||||||
2,894 | Bureau Veritas SA (Industrials) | 75,923 | ||||||
2,143 | Capgemini SE (Information Technology) | 269,082 | ||||||
4,422 | Carrefour SA (Consumer Staples) | 102,203 | ||||||
1,436 | Casino Guichard Perrachon SA (Consumer Staples) | 78,148 | ||||||
2,200 | Cie de Saint-Gobain (Industrials) | 125,428 | ||||||
1,131 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 174,773 | ||||||
6,220 | CNP Assurances (Financials) | 151,724 | ||||||
17,626 | Credit Agricole SA (Financials) | 303,868 | ||||||
4,502 | Danone SA (Consumer Staples) | 361,025 | ||||||
27 | Dassault Aviation SA (Industrials) | 46,992 | ||||||
1,611 | Dassault Systemes (Information Technology) | 208,766 | ||||||
3,089 | Eiffage SA (Industrials) | 335,684 | ||||||
3,541 | Engie SA (Utilities) | 55,605 | ||||||
1,499 | Essilor International SA (Health Care) | 197,178 | ||||||
2,139 | Eurazeo SA (Financials) | 204,663 | ||||||
1,079 | Faurecia (Consumer Discretionary) | 91,173 | ||||||
594 | Fonciere Des Regions REIT (Real Estate) | 62,268 | ||||||
627 | Gecina SA REIT (Real Estate) | 110,196 | ||||||
848 | Hermes International (Consumer Discretionary) | 457,248 | ||||||
1,061 | ICADE REIT (Real Estate) | 102,942 | ||||||
95 | Iliad SA (Telecommunication Services) | 22,351 | ||||||
392 | Imerys SA (Materials) | 40,065 | ||||||
393 | Ingenico Group SA (Information Technology) | 34,281 | ||||||
2,321 | Ipsen SA (Health Care) | 342,103 | ||||||
387 | Kering (Consumer Discretionary) | 183,138 | ||||||
1,291 | Klepierre SA REIT (Real Estate) | 53,425 | ||||||
663 | Lagardere SCA (Consumer Discretionary) | 19,569 | ||||||
2,035 | Legrand SA (Industrials) | 160,187 | ||||||
|
|
44 | 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) | ||||||||
2,082 | L’Oreal SA (Consumer Staples) | $ | 449,585 | |||||
1,708 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 513,500 | ||||||
11,482 | Natixis SA (Financials) | 99,429 | ||||||
3,873 | Orange SA (Telecommunication Services) | 65,848 | ||||||
1,169 | Pernod Ricard SA (Consumer Staples) | 192,479 | ||||||
13,733 | Peugeot SA (Consumer Discretionary) | 311,791 | ||||||
1,699 | Publicis Groupe SA (Consumer Discretionary) | 128,559 | ||||||
791 | Remy Cointreau SA (Consumer Staples) | 107,955 | ||||||
158 | Renault SA (Consumer Discretionary) | 17,243 | ||||||
3,960 | Rexel SA (Industrials) | 69,912 | ||||||
1,675 | Safran SA (Industrials) | 185,701 | ||||||
7,557 | Sanofi (Health Care) | 599,375 | ||||||
3,028 | Schneider Electric SE (Industrials)* | 264,352 | ||||||
1,301 | SCOR SE (Financials) | 55,521 | ||||||
997 | SEB SA (Consumer Discretionary) | 204,165 | ||||||
877 | Societe BIC SA (Industrials) | 92,149 | ||||||
4,547 | Societe Generale SA (Financials) | 261,316 | ||||||
493 | Sodexo SA (Consumer Discretionary) | 60,790 | ||||||
1,983 | Suez (Utilities) | 27,390 | ||||||
305 | Teleperformance (Industrials) | 43,560 | ||||||
753 | Thales SA (Industrials) | 84,070 | ||||||
11,416 | TOTAL SA (Energy) | 653,988 | ||||||
3,293 | Ubisoft Entertainment SA (Information Technology)* | 273,109 | ||||||
277 | Unibail-Rodamco SE REIT (Real Estate) | 64,782 | ||||||
801 | Valeo SA (Consumer Discretionary) | 52,227 | ||||||
11,848 | Veolia Environnement SA (Utilities) | 288,575 | ||||||
3,086 | Vinci SA (Industrials) | 306,076 | ||||||
2,229 | Vivendi SA (Consumer Discretionary) | 57,770 | ||||||
520 | Wendel SA (Financials) | 90,439 | ||||||
|
| |||||||
12,704,242 | ||||||||
|
| |||||||
Germany – 13.6% | ||||||||
692 | 1&1 Drillisch AG (Telecommunication Services) | 53,552 | ||||||
2,307 | adidas AG (Consumer Discretionary) | 513,788 | ||||||
2,497 | Allianz SE (Financials) | 584,790 | ||||||
1,180 | Axel Springer SE (Consumer Discretionary) | 106,500 | ||||||
4,045 | BASF SE (Materials) | 426,303 | ||||||
5,301 | Bayer AG (Health Care) | 622,162 | ||||||
702 | Bayerische Motoren Werke AG (Consumer Discretionary) | 74,335 | ||||||
2,595 | Beiersdorf AG (Consumer Staples) | 285,229 | ||||||
739 | Brenntag AG (Industrials) | 46,400 | ||||||
4,894 | Commerzbank AG (Financials)* | 76,033 | ||||||
376 | Continental AG (Consumer Discretionary) | 103,504 | ||||||
2,635 | Covestro AG (Materials)(a) | 299,974 | ||||||
2,526 | Daimler AG (Consumer Discretionary) | 217,107 | ||||||
854 | Deutsche Bank AG (Financials) | 13,749 | ||||||
1,540 | Deutsche Boerse AG (Financials) | 205,576 | ||||||
11,995 | Deutsche Lufthansa AG (Industrials) | 404,072 | ||||||
12,420 | Deutsche Post AG (Industrials) | 570,173 | ||||||
17,503 | Deutsche Telekom AG (Telecommunication Services) | 283,068 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
991 | Deutsche Wohnen SE (Real Estate) | 41,034 | ||||||
9,133 | E.ON SE (Utilities) | 93,123 | ||||||
950 | Evonik Industries AG (Materials) | 35,258 | ||||||
857 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 87,947 | ||||||
1,456 | Fresenius Medical Care AG & Co KGaA (Health Care) | 154,673 | ||||||
2,367 | Fresenius SE & Co KGaA (Health Care) | 193,712 | ||||||
418 | Hannover Rueck SE (Financials) | 57,048 | ||||||
509 | HeidelbergCement AG (Materials) | 51,365 | ||||||
667 | Henkel AG & Co KGaA (Consumer Staples) | 80,415 | ||||||
606 | HOCHTIEF AG (Industrials) | 102,366 | ||||||
4,301 | HUGO BOSS AG (Consumer Discretionary) | 384,826 | ||||||
5,011 | Infineon Technologies AG (Information Technology) | 136,902 | ||||||
430 | Innogy SE (Utilities)(a) | 17,207 | ||||||
643 | KION Group AG (Industrials) | 55,273 | ||||||
485 | LANXESS AG (Materials) | 40,579 | ||||||
365 | Linde AG (Materials)* | 82,068 | ||||||
653 | MAN SE (Industrials) | 74,546 | ||||||
1,509 | Merck KGaA (Health Care) | 151,322 | ||||||
2,604 | METRO AG (Consumer Staples) | 50,959 | ||||||
408 | MTU Aero Engines AG (Industrials) | 68,472 | ||||||
480 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 107,778 | ||||||
573 | OSRAM Licht AG (Industrials) | 45,622 | ||||||
1,867 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 74,096 | ||||||
2,364 | RWE AG (Utilities)* | 47,314 | ||||||
6,673 | SAP SE (Information Technology) | 701,558 | ||||||
3,614 | Siemens AG (Industrials) | 477,984 | ||||||
718 | Symrise AG (Materials) | 58,567 | ||||||
5,371 | Telefonica Deutschland Holding AG (Telecommunication Services) | 24,827 | ||||||
4,319 | TUI AG (Consumer Discretionary) | 91,912 | ||||||
2,845 | Uniper SE (Utilities) | 86,505 | ||||||
1,324 | United Internet AG (Information Technology) | 90,365 | ||||||
127 | Volkswagen AG (Consumer Discretionary) | 25,480 | ||||||
3,202 | Vonovia SE (Real Estate) | 146,645 | ||||||
901 | Wirecard AG (Information Technology) | 108,484 | ||||||
5,199 | Zalando SE (Consumer Discretionary)*(a) | 297,391 | ||||||
|
| |||||||
9,229,938 | ||||||||
|
| |||||||
Ireland – 0.6% | ||||||||
634 | AerCap Holdings NV (Industrials)* | 31,453 | ||||||
12,163 | Bank of Ireland Group PLC (Financials)* | 114,227 | ||||||
3,714 | CRH PLC (Materials) | 123,527 | ||||||
1,062 | Kerry Group PLC, Class A (Consumer Staples) | 106,147 | ||||||
|
| |||||||
375,354 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – 3.5% | ||||||||
7,226 | Assicurazioni Generali SpA (Financials) | $ | 136,076 | |||||
1,854 | Atlantia SpA (Industrials) | 57,390 | ||||||
10,063 | Davide Campari-Milano SpA (Consumer Staples) | 72,413 | ||||||
33,670 | Enel SpA (Utilities) | 196,253 | ||||||
5,511 | Eni SpA (Energy) | 92,178 | ||||||
2,232 | Ferrari NV (Consumer Discretionary) | 279,031 | ||||||
73,122 | Intesa Sanpaolo SpA (Financials) | 276,111 | ||||||
22,357 | Intesa Sanpaolo SpA-RSP (Financials) | 89,329 | ||||||
4,955 | Luxottica Group SpA (Consumer Discretionary) | 298,301 | ||||||
3,746 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 45,021 | ||||||
5,408 | Poste Italiane SpA (Financials)(a) | 46,580 | ||||||
5,978 | Prysmian SpA (Industrials) | 188,985 | ||||||
3,046 | Recordati SpA (Health Care) | 109,408 | ||||||
9,835 | Snam SpA (Energy) | 44,155 | ||||||
186,771 | Telecom Italia SpA (Telecommunication Services)* | 168,569 | ||||||
219,798 | Telecom Italia SpA-RSP (Telecommunication Services) | 168,084 | ||||||
9,484 | Terna Rete Elettrica Nazionale SpA (Utilities) | 52,746 | ||||||
1,246 | UniCredit SpA (Financials)* | 26,512 | ||||||
21,252 | UnipolSai Assicurazioni SpA (Financials) | 51,283 | ||||||
|
| |||||||
2,398,425 | ||||||||
|
| |||||||
Luxembourg – 0.7% | ||||||||
8,069 | ArcelorMittal (Materials)* | 278,019 | ||||||
131 | Eurofins Scientific SE (Health Care) | 74,071 | ||||||
1,608 | RTL Group SA (Consumer Discretionary) | 141,402 | ||||||
|
| |||||||
493,492 | ||||||||
|
| |||||||
Netherlands – 6.5% | ||||||||
3,961 | ABN AMRO Group NV (Financials)(a) | 123,674 | ||||||
17,692 | Aegon NV (Financials) | 123,685 | ||||||
1,007 | Akzo Nobel NV (Materials) | 97,960 | ||||||
1,476 | ASML Holding NV (Information Technology) | 290,373 | ||||||
1,651 | Boskalis Westminster (Industrials) | 62,423 | ||||||
2,463 | EXOR NV (Financials) | 179,940 | ||||||
2,204 | Heineken Holding NV (Consumer Staples) | 219,753 | ||||||
1,683 | Heineken NV (Consumer Staples) | 175,585 | ||||||
18,663 | ING Groep NV (Financials) | 329,553 | ||||||
13,553 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 305,837 | ||||||
1,105 | Koninklijke DSM NV (Materials) | 114,745 | ||||||
17,333 | Koninklijke KPN NV (Telecommunication Services) | 54,330 | ||||||
7,702 | Koninklijke Philips NV (Health Care) | 296,185 | ||||||
4,269 | NN Group NV (Financials) | 191,398 | ||||||
2,554 | NXP Semiconductors NV (Information Technology)* | 318,382 | ||||||
4,526 | Randstad Holding NV (Industrials) | 324,915 | ||||||
19,422 | Royal Dutch Shell PLC, Class A (Energy) | 615,762 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
13,591 | Royal Dutch Shell PLC, Class B (Energy) | 434,639 | ||||||
3,066 | Wolters Kluwer NV (Industrials) | 155,860 | ||||||
|
| |||||||
4,414,999 | ||||||||
|
| |||||||
Norway – 1.2% | ||||||||
2,812 | DNB ASA (Financials) | 55,869 | ||||||
3,123 | Gjensidige Forsikring ASA (Financials) | 57,256 | ||||||
5,785 | Marine Harvest ASA (Consumer Staples) | 112,699 | ||||||
12,555 | Norsk Hydro ASA (Materials) | 85,386 | ||||||
9,398 | Orkla ASA (Consumer Staples) | 103,213 | ||||||
7,598 | Schibsted ASA, Class B (Consumer Discretionary) | 186,504 | ||||||
4,214 | Statoil ASA (Energy) | 97,374 | ||||||
4,375 | Telenor ASA (Telecommunication Services) | 98,931 | ||||||
395 | Yara International ASA (Materials) | 17,614 | ||||||
|
| |||||||
814,846 | ||||||||
|
| |||||||
Portugal – 0.4% | ||||||||
7,890 | EDP – Energias de Portugal SA (Utilities) | 26,492 | ||||||
1,985 | Galp Energia SGPS SA (Energy) | 36,001 | ||||||
10,116 | Jeronimo Martins SGPS SA (Consumer Staples) | 210,486 | ||||||
|
| |||||||
272,979 | ||||||||
|
| |||||||
South Africa – 0.5% | ||||||||
7,484 | Investec PLC (Financials) | 65,480 | ||||||
25,167 | Mediclinic International PLC (Health Care) | 205,215 | ||||||
2,971 | Mondi PLC (Materials) | 77,860 | ||||||
|
| |||||||
348,555 | ||||||||
|
| |||||||
Spain – 4.5% | ||||||||
6,583 | Abertis Infraestructuras SA (Industrials) | 157,368 | ||||||
7,596 | ACS Actividades de Construccion y Servicios SA (Industrials) | 262,462 | ||||||
673 | Aena SME SA (Industrials)(a) | 137,611 | ||||||
3,184 | Amadeus IT Group SA (Information Technology) | 235,177 | ||||||
23,925 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 201,051 | ||||||
28,513 | Banco de Sabadell SA (Financials) | 60,006 | ||||||
80,470 | Banco Santander SA (Financials) | 556,189 | ||||||
4,864 | Bankinter SA (Financials) | 53,795 | ||||||
4,716 | CaixaBank SA (Financials) | 23,077 | ||||||
1,956 | Enagas SA (Energy) | 51,100 | ||||||
2,127 | Endesa SA (Utilities) | 44,880 | ||||||
1,975 | Ferrovial SA (Industrials) | 42,793 | ||||||
2,381 | Gas Natural SDG SA (Utilities) | 54,639 | ||||||
2,537 | Grifols SA (Health Care) | 69,868 | ||||||
15,671 | Iberdrola SA (Utilities) | 116,131 | ||||||
11,517 | Industria de Diseno Textil SA (Consumer Discretionary) | 350,606 | ||||||
25,160 | Mapfre SA (Financials) | 85,001 | ||||||
2,580 | Red Electrica Corp. SA (Utilities) | 50,347 | ||||||
20,109 | Repsol SA (Energy) | 360,654 | ||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
12,516 | Telefonica SA (Telecommunication Services) | $ | 122,014 | |||||
|
| |||||||
3,034,769 | ||||||||
|
| |||||||
Sweden – 3.9% | ||||||||
2,619 | Alfa Laval AB (Industrials) | 63,314 | ||||||
3,009 | Assa Abloy AB, Class B (Industrials) | 67,494 | ||||||
3,066 | Atlas Copco AB, Class A (Industrials) | 131,403 | ||||||
2,125 | Atlas Copco AB, Class B (Industrials) | 81,045 | ||||||
2,609 | Boliden AB (Materials) | 92,860 | ||||||
2,689 | Electrolux AB, Series B (Consumer Discretionary) | 88,763 | ||||||
1,236 | Essity AB, Class B (Consumer Staples)* | 34,012 | ||||||
4,977 | Getinge AB, Class B (Health Care) | 62,832 | ||||||
18,935 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 314,048 | ||||||
1,457 | Hexagon AB, Class B (Information Technology) | 85,586 | ||||||
6,301 | Husqvarna AB, Class B (Consumer Discretionary) | 67,485 | ||||||
2,047 | ICA Gruppen AB (Consumer Staples) | 73,253 | ||||||
4,207 | Industrivarden AB, Class C (Financials) | 101,069 | ||||||
2,549 | Investor AB, Class B (Financials) | 115,398 | ||||||
1,394 | Kinnevik AB, Class B (Financials) | 51,164 | ||||||
991 | L E Lundbergforetagen AB, Class B (Financials) | 74,335 | ||||||
7,925 | Nordea Bank AB (Financials) | 90,446 | ||||||
5,796 | Sandvik AB (Industrials) | 108,078 | ||||||
5,233 | Securitas AB, Class B (Industrials) | 90,254 | ||||||
5,710 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 67,482 | ||||||
1,511 | Skanska AB, Class B (Industrials) | 30,209 | ||||||
1,593 | SKF AB, Class B (Industrials) | 33,540 | ||||||
3,536 | Svenska Handelsbanken AB, Class A (Financials) | 48,737 | ||||||
3,961 | Swedbank AB, Class A (Financials) | 99,915 | ||||||
5,293 | Swedish Match AB (Consumer Staples) | 225,889 | ||||||
4,231 | Tele2 AB, Class B (Telecommunication Services) | 50,289 | ||||||
20,413 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 137,376 | ||||||
10,602 | Telia Co. AB (Telecommunication Services) | 50,326 | ||||||
7,340 | Volvo AB, Class B (Industrials) | 139,040 | ||||||
|
| |||||||
2,675,642 | ||||||||
|
| |||||||
Switzerland – 13.5% | ||||||||
10,058 | ABB Ltd. (Industrials) | 245,424 | ||||||
1,931 | Adecco Group AG (Industrials) | 155,820 | ||||||
607 | Baloise Holding AG (Financials) | 95,830 | ||||||
80 | Barry Callebaut AG (Consumer Staples) | 158,044 | ||||||
12 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 71,869 | ||||||
1,723 | Cie Financiere Richemont SA (Consumer Discretionary) | 151,798 | ||||||
3,446 | Clariant AG (Materials)* | 86,419 | ||||||
6,552 | Coca-Cola HBC AG (Consumer Staples)* | 215,310 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
3,896 | Credit Suisse Group AG (Financials)* | 72,392 | ||||||
179 | Dufry AG (Consumer Discretionary)* | 25,797 | ||||||
121 | EMS-Chemie Holding AG (Materials) | 77,589 | ||||||
3,558 | Ferguson PLC (Industrials) | 252,277 | ||||||
118 | Geberit AG (Industrials) | 53,466 | ||||||
51 | Givaudan SA (Materials) | 116,403 | ||||||
60,730 | Glencore PLC (Materials)* | 323,286 | ||||||
1,147 | Julius Baer Group Ltd. (Financials)* | 74,764 | ||||||
2,146 | Kuehne + Nagel International AG (Industrials) | 351,290 | ||||||
721 | LafargeHolcim Ltd. (Materials)* | 42,251 | ||||||
540 | Lonza Group AG (Health Care)* | 137,593 | ||||||
18,981 | Nestle SA (Consumer Staples) | 1,511,973 | ||||||
13,092 | Novartis AG (Health Care) | 1,096,622 | ||||||
2,485 | Pargesa Holding SA (Financials) | 220,351 | ||||||
570 | Partners Group Holding AG (Financials) | 414,359 | ||||||
4,666 | Roche Holding AG (Health Care) | 1,082,751 | ||||||
301 | Schindler Holding AG (Industrials) | 68,223 | ||||||
402 | Schindler Holding AG Participation Certificates (Industrials) | 94,263 | ||||||
126 | SGS SA (Industrials) | 320,916 | ||||||
22 | Sika AG (Materials) | 181,112 | ||||||
615 | Sonova Holding AG (Health Care) | 96,573 | ||||||
8,381 | STMicroelectronics NV (Information Technology) | 192,376 | ||||||
356 | Straumann Holding AG (Health Care) | 241,276 | ||||||
258 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 109,146 | ||||||
1,057 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 85,059 | ||||||
369 | Swiss Life Holding AG (Financials)* | 133,926 | ||||||
717 | Swiss Prime Site AG (Real Estate)* | 67,068 | ||||||
850 | Swiss Re AG (Financials) | 86,795 | ||||||
195 | Swisscom AG (Telecommunication Services) | 105,645 | ||||||
10,879 | UBS Group AG (Financials)* | 208,014 | ||||||
505 | Zurich Insurance Group AG (Financials) | 166,721 | ||||||
|
| |||||||
9,190,791 | ||||||||
|
| |||||||
United Kingdom – 23.6% | ||||||||
20,337 | 3i Group PLC (Financials) | 263,289 | ||||||
13,374 | Admiral Group PLC (Financials) | 339,616 | ||||||
18,311 | Anglo American PLC (Materials) | 449,243 | ||||||
1,640 | Ashtead Group PLC (Industrials) | 47,770 | ||||||
2,772 | Associated British Foods PLC (Consumer Staples) | 100,489 | ||||||
6,972 | AstraZeneca PLC (Health Care) | 458,704 | ||||||
64,741 | Auto Trader Group PLC (Information Technology)(a) | 325,593 | ||||||
14,038 | Aviva PLC (Financials) | 97,794 | ||||||
2,029 | Babcock International Group PLC (Industrials) | 18,222 | ||||||
6,969 | BAE Systems PLC (Industrials) | 55,635 | ||||||
21,123 | Barclays PLC (Financials) | 62,138 | ||||||
10,913 | Barratt Developments PLC (Consumer Discretionary) | 81,047 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
2,874 | Berkeley Group Holdings PLC (Consumer Discretionary) | $ | 152,616 | |||||
73,051 | BP PLC (Energy) | 478,254 | ||||||
11,886 | British American Tobacco PLC (Consumer Staples) | 703,480 | ||||||
6,377 | British Land Co. PLC (The) REIT (Real Estate) | 55,180 | ||||||
17,206 | BT Group PLC (Telecommunication Services) | 56,850 | ||||||
2,540 | Bunzl PLC (Industrials) | 68,420 | ||||||
15,909 | Burberry Group PLC (Consumer Discretionary) | 336,147 | ||||||
20,067 | Capita PLC (Industrials)(b) | 48,704 | ||||||
127,429 | Centrica PLC (Utilities) | 251,077 | ||||||
5,642 | CNH Industrial NV (Industrials) | 76,692 | ||||||
2,013 | Coca-Cola European Partners PLC (Consumer Staples) | 76,534 | ||||||
12,063 | Compass Group PLC (Consumer Discretionary) | 256,961 | ||||||
6,834 | ConvaTec Group PLC (Health Care)(a) | 19,445 | ||||||
2,194 | Croda International PLC (Materials) | 139,723 | ||||||
978 | DCC PLC (Industrials) | 89,409 | ||||||
13,562 | Diageo PLC (Consumer Staples) | 459,686 | ||||||
6,705 | Direct Line Insurance Group PLC (Financials) | 35,365 | ||||||
3,062 | easyJet PLC (Industrials)* | 70,837 | ||||||
4,075 | Experian PLC (Industrials) | 87,365 | ||||||
21,169 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | 453,688 | ||||||
4,665 | G4S PLC (Industrials) | 16,866 | ||||||
30,039 | GlaxoSmithKline PLC (Health Care) | 541,040 | ||||||
7,575 | Hammerson PLC REIT (Real Estate) | 46,654 | ||||||
18,575 | Hargreaves Lansdown PLC (Financials) | 441,617 | ||||||
104,212 | HSBC Holdings PLC (Financials) | 1,029,674 | ||||||
6,244 | Imperial Brands PLC (Consumer Staples) | 225,320 | ||||||
1,899 | InterContinental Hotels Group PLC (Consumer Discretionary) | 122,951 | ||||||
23,908 | International Consolidated Airlines Group SA (Industrials) | 202,716 | ||||||
1,552 | Intertek Group PLC (Industrials) | 105,061 | ||||||
78,186 | J Sainsbury PLC (Consumer Staples) | 279,017 | ||||||
942 | Johnson Matthey PLC (Materials) | 40,690 | ||||||
34,100 | Kingfisher PLC (Consumer Discretionary) | 168,158 | ||||||
4,560 | Land Securities Group PLC REIT (Real Estate) | 58,243 | ||||||
33,290 | Legal & General Group PLC (Financials) | 120,451 | ||||||
223,812 | Lloyds Banking Group PLC (Financials) | 212,165 | ||||||
2,450 | London Stock Exchange Group PLC (Financials) | 135,975 | ||||||
66,639 | Marks & Spencer Group PLC (Consumer Discretionary)(b) | 271,416 | ||||||
5,439 | Meggitt PLC (Industrials) | 33,919 | ||||||
9,750 | Merlin Entertainments PLC (Consumer Discretionary)(a) | 45,676 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
1,521 | Micro Focus International PLC (Information Technology) | 43,234 | ||||||
9,944 | National Grid PLC (Utilities) | 101,417 | ||||||
3,875 | Next PLC (Consumer Discretionary) | 259,270 | ||||||
8,698 | Old Mutual PLC (Financials) | 30,597 | ||||||
3,515 | Persimmon PLC (Consumer Discretionary) | 125,970 | ||||||
9,815 | Prudential PLC (Financials) | 247,550 | ||||||
2,261 | Reckitt Benckiser Group PLC (Consumer Staples) | 179,941 | ||||||
9,369 | RELX NV (Industrials) | 192,543 | ||||||
10,356 | RELX PLC (Industrials) | 213,037 | ||||||
6,183 | Rio Tinto PLC (Materials) | 334,466 | ||||||
3,915 | Rolls-Royce Holdings PLC (Industrials)* | 45,290 | ||||||
5,233 | Royal Bank of Scotland Group PLC (Financials)* | 19,302 | ||||||
65,578 | Royal Mail PLC (Industrials) | 505,998 | ||||||
9,776 | RSA Insurance Group PLC (Financials) | 85,049 | ||||||
30,390 | Sage Group PLC (The) (Information Technology) | 290,012 | ||||||
1,857 | Schroders PLC (Financials) | 88,248 | ||||||
17,784 | Segro PLC REIT (Real Estate) | 140,063 | ||||||
2,554 | Severn Trent PLC (Utilities) | 60,087 | ||||||
3,414 | Sky PLC (Consumer Discretionary) | 63,410 | ||||||
14,764 | Smith & Nephew PLC (Health Care) | 258,046 | ||||||
4,400 | Smiths Group PLC (Industrials) | 96,849 | ||||||
4,896 | SSE PLC (Utilities) | 82,638 | ||||||
3,008 | St James’s Place PLC (Financials) | 47,849 | ||||||
5,810 | Standard Chartered PLC (Financials)* | 64,907 | ||||||
3,430 | Standard Life Aberdeen PLC (Financials) | 17,396 | ||||||
33,320 | Taylor Wimpey PLC (Consumer Discretionary) | 85,392 | ||||||
87,111 | Tesco PLC (Consumer Staples) | 253,015 | ||||||
8,845 | Unilever NV (Consumer Staples) | 463,606 | ||||||
8,442 | Unilever PLC (Consumer Staples) | 434,274 | ||||||
6,014 | United Utilities Group PLC (Utilities) | 55,204 | ||||||
123,093 | Vodafone Group PLC (Telecommunication Services) | 345,568 | ||||||
482 | Whitbread PLC (Consumer Discretionary) | 25,788 | ||||||
79,002 | Wm Morrison Supermarkets PLC (Consumer Staples) | 245,681 | ||||||
12,374 | WPP PLC (Consumer Discretionary) | 237,670 | ||||||
|
| |||||||
16,052,949 | ||||||||
|
| |||||||
United States – 0.8% | ||||||||
1,981 | Carnival PLC (Consumer Discretionary) | 130,990 | ||||||
2,682 | QIAGEN NV (Health Care)* | 90,610 | ||||||
6,782 | Shire PLC (Health Care) | 290,523 | ||||||
|
| |||||||
512,123 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $60,022,148) | $ | 67,211,982 | ||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Preferred Stocks – 0.8% | ||||||||
Germany – 0.8% | ||||||||
416 | Bayerische Motoren Werke AG (Consumer Discretionary) | $ | 37,901 | |||||
3,646 | FUCHS PETROLUB SE (Materials) | 207,490 | ||||||
1,021 | Henkel AG & Co KGaA (Consumer Staples) | 136,107 | ||||||
794 | Porsche Automobil Holding SE (Consumer Discretionary) | 66,936 | ||||||
447 | Volkswagen AG (Consumer Discretionary) | 87,840 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $487,472) | $ | 536,274 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $60,509,620) | $ | 67,748,256 | ||||||
|
|
Shares | Distribution Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 0.0%(c)(d) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
19,763 | 1.262% | $ | 19,763 | |||
(Cost $19,763) | ||||||
| ||||||
TOTAL INVESTMENTS – 99.8% | ||||||
(Cost $60,529,383) | $ | 67,768,019 | ||||
| ||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 161,113 | |||||
| ||||||
NET ASSETS – 100.0% | $ | 67,929,132 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing. | |
(a) | 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 $1,473,623, which represents approximately 2.2% of net assets as of February 28, 2018. | |
(b) | All or a portion of security is on loan. | |
(c) | Less than 0.05% | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Australia – 6.2% | ||||||||
14,496 | AGL Energy Ltd. (Utilities) | $ | 246,931 | |||||
29,222 | Amcor Ltd. (Materials) | 316,520 | ||||||
68,066 | AMP Ltd. (Financials) | 280,584 | ||||||
30,404 | APA Group (Utilities) | 189,539 | ||||||
94,923 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 1,823,330 | ||||||
9,456 | ASX Ltd. (Financials) | 430,252 | ||||||
64,596 | Aurizon Holdings Ltd. (Industrials) | 230,038 | ||||||
237,183 | AusNet Services (Utilities) | 314,202 | ||||||
90,361 | Australia & New Zealand Banking Group Ltd. (Financials) | 2,045,521 | ||||||
29,842 | Bank of Queensland Ltd. (Financials) | 293,703 | ||||||
104,673 | Bendigo & Adelaide Bank Ltd. (Financials) | 924,964 | ||||||
82,449 | BHP Billiton Ltd. (Materials) | 1,959,576 | ||||||
52,327 | BHP Billiton PLC (Materials) | 1,070,090 | ||||||
185,031 | BlueScope Steel Ltd. (Materials) | 2,354,548 | ||||||
55,192 | Boral Ltd. (Materials) | 335,896 | ||||||
22,320 | Brambles Ltd. (Industrials) | 166,972 | ||||||
20,910 | Caltex Australia Ltd. (Energy) | 573,064 | ||||||
38,349 | Challenger Ltd. (Financials) | 376,532 | ||||||
35,490 | CIMIC Group Ltd. (Industrials) | 1,294,281 | ||||||
29,154 | Coca-Cola Amatil Ltd. (Consumer Staples) | 197,649 | ||||||
21,233 | Cochlear Ltd. (Health Care) | 3,042,776 | ||||||
68,543 | Commonwealth Bank of Australia (Financials) | 4,080,153 | ||||||
26,983 | Computershare Ltd. (Information Technology) | 375,113 | ||||||
16,014 | Crown Resorts Ltd. (Consumer Discretionary) | 168,465 | ||||||
22,314 | CSL Ltd. (Health Care) | 2,837,230 | ||||||
41,614 | Dexus REIT (Real Estate) | 301,578 | ||||||
49,899 | Flight Centre Travel Group Ltd. (Consumer Discretionary)(a) | 2,247,095 | ||||||
307,727 | Fortescue Metals Group Ltd. (Materials) | 1,208,574 | ||||||
65,946 | Goodman Group REIT (Real Estate) | 421,899 | ||||||
93,794 | GPT Group (The) REIT (Real Estate) | 347,904 | ||||||
83,259 | Harvey Norman Holdings Ltd. (Consumer Discretionary)(a) | 260,167 | ||||||
102,000 | Insurance Australia Group Ltd. (Financials) | 651,765 | ||||||
28,701 | LendLease Group (Real Estate) | 399,220 | ||||||
13,478 | Macquarie Group Ltd. (Financials) | 1,088,608 | ||||||
224,953 | Medibank Pvt Ltd. (Financials) | 555,684 | ||||||
192,976 | Mirvac Group REIT (Real Estate) | 318,798 | ||||||
69,375 | National Australia Bank Ltd. (Financials) | 1,631,545 | ||||||
18,082 | Newcrest Mining Ltd. (Materials) | 299,421 | ||||||
34,484 | Origin Energy Ltd. (Energy)* | 243,189 | ||||||
132,630 | QBE Insurance Group Ltd. (Financials) | 1,053,156 | ||||||
4,313 | Ramsay Health Care Ltd. (Health Care) | 214,762 | ||||||
13,112 | REA Group Ltd. (Information Technology) | 786,647 | ||||||
110,520 | Scentre Group REIT (Real Estate) | 330,711 | ||||||
22,922 | SEEK Ltd. (Industrials) | 360,990 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
12,714 | Sonic Healthcare Ltd. (Health Care) | 242,731 | ||||||
747,391 | South32 Ltd. (Materials) | 1,933,583 | ||||||
121,727 | Stockland REIT (Real Estate) | 383,217 | ||||||
64,841 | Suncorp Group Ltd. (Financials) | 685,151 | ||||||
33,231 | Sydney Airport (Industrials) | 170,650 | ||||||
60,342 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 217,240 | ||||||
285,437 | Telstra Corp. Ltd. (Telecommunication Services) | 745,130 | ||||||
33,490 | TPG Telecom Ltd. (Telecommunication Services) | 159,453 | ||||||
46,459 | Transurban Group (Industrials) | 419,233 | ||||||
32,379 | Treasury Wine Estates Ltd. (Consumer Staples) | 441,548 | ||||||
152,748 | Vicinity Centres REIT (Real Estate) | 295,192 | ||||||
49,899 | Wesfarmers Ltd. (Consumer Staples) | 1,607,067 | ||||||
26,607 | Westfield Corp. REIT (Real Estate) | 181,625 | ||||||
103,831 | Westpac Banking Corp. (Financials) | 2,489,611 | ||||||
98,439 | Woolworths Group Ltd. (Consumer Staples) | 2,117,925 | ||||||
|
| |||||||
50,738,998 | ||||||||
|
| |||||||
Austria – 0.4% | ||||||||
5,582 | ANDRITZ AG (Industrials) | 324,746 | ||||||
7,826 | Erste Group Bank AG (Financials)* | 400,030 | ||||||
16,273 | OMV AG (Energy) | 934,811 | ||||||
35,329 | Raiffeisen Bank International AG (Financials)* | 1,378,418 | ||||||
4,869 | voestalpine AG (Materials) | 282,672 | ||||||
|
| |||||||
3,320,677 | ||||||||
|
| |||||||
Belgium – 0.7% | ||||||||
8,241 | Ageas (Financials) | 433,707 | ||||||
8,871 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 946,492 | ||||||
11,198 | Colruyt SA (Consumer Staples) | 605,443 | ||||||
6,323 | Groupe Bruxelles Lambert SA (Financials) | 725,222 | ||||||
7,137 | KBC Group NV (Financials) | 672,869 | ||||||
7,747 | Proximus SADP (Telecommunication Services) | 249,349 | ||||||
3,601 | Solvay SA (Materials) | 496,731 | ||||||
7,185 | Telenet Group Holding NV (Consumer Discretionary)* | 494,682 | ||||||
2,915 | UCB SA (Health Care) | 242,044 | ||||||
13,954 | Umicore SA (Materials) | 791,724 | ||||||
|
| |||||||
5,658,263 | ||||||||
|
| |||||||
Canada – 8.1% | ||||||||
21,370 | Alimentation Couche-Tard, Inc., Class B (Consumer Staples) | 1,040,523 | ||||||
7,890 | AltaGas Ltd. (Energy) | 162,683 | ||||||
6,625 | Atco Ltd., Class I (Utilities) | 218,395 | ||||||
19,501 | Bank of Montreal (Financials) | 1,482,950 | ||||||
40,720 | Bank of Nova Scotia (The) (Financials) | 2,526,429 | ||||||
23,530 | Barrick Gold Corp. (Materials) | 271,412 | ||||||
|
|
50 | 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) | ||||||||
11,050 | BCE, Inc. (Telecommunication Services) | $ | 482,928 | |||||
53,133 | Bombardier, Inc., Class B (Industrials)* | 168,354 | ||||||
20,153 | Brookfield Asset Management, Inc., Class A (Financials) | 782,465 | ||||||
14,605 | CAE, Inc. (Industrials) | 269,680 | ||||||
68,369 | Cameco Corp. (Energy) | 604,001 | ||||||
16,121 | Canadian Imperial Bank of Commerce (Financials)(a) | 1,474,524 | ||||||
18,532 | Canadian National Railway Co. (Industrials) | 1,435,874 | ||||||
3,052 | Canadian Pacific Railway Ltd. (Industrials) | 546,637 | ||||||
2,350 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 319,832 | ||||||
8,614 | Canadian Utilities Ltd., Class A (Utilities) | 227,829 | ||||||
3,418 | CCL Industries, Inc., Class B (Materials) | 170,373 | ||||||
195,983 | Cenovus Energy, Inc. (Energy) | 1,428,557 | ||||||
6,225 | CGI Group, Inc., Class A (Information Technology)* | 364,362 | ||||||
62,978 | CI Financial Corp. (Financials) | 1,402,733 | ||||||
5,572 | Constellation Software, Inc. (Information Technology) | 3,611,853 | ||||||
26,067 | Dollarama, Inc. (Consumer Discretionary) | 3,038,285 | ||||||
129,600 | Empire Co. Ltd., Class A (Consumer Staples) | 2,403,166 | ||||||
14,752 | Enbridge, Inc. (Energy) | 469,839 | ||||||
1,405 | Fairfax Financial Holdings Ltd. (Financials) | 687,681 | ||||||
23,119 | Finning International, Inc. (Industrials) | 616,699 | ||||||
21,175 | First Capital Realty, Inc. (Real Estate) | 330,015 | ||||||
15,492 | Fortis, Inc. (Utilities) | 506,949 | ||||||
4,077 | Franco-Nevada Corp. (Materials) | 286,108 | ||||||
25,937 | George Weston Ltd. (Consumer Staples) | 2,123,581 | ||||||
7,996 | Gildan Activewear, Inc. (Consumer Discretionary) | 232,264 | ||||||
26,881 | Great-West Lifeco, Inc. (Financials) | 710,337 | ||||||
17,773 | H&R Real Estate Investment Trust REIT (Real Estate) | 277,133 | ||||||
95,439 | Husky Energy, Inc. (Energy)* | 1,261,745 | ||||||
15,676 | Hydro One Ltd. (Utilities)(b) | 251,408 | ||||||
12,598 | IGM Financial, Inc. (Financials) | 385,309 | ||||||
25,945 | Imperial Oil Ltd. (Energy)(a) | 703,624 | ||||||
32,828 | Industrial Alliance Insurance & Financial Services, Inc. (Financials) | 1,393,464 | ||||||
7,929 | Intact Financial Corp. (Financials) | 614,159 | ||||||
47,225 | Jean Coutu Group PJC, Inc. (The), Class A (Consumer Staples) | 895,224 | ||||||
21,143 | Linamar Corp. (Consumer Discretionary) | 1,159,330 | ||||||
28,487 | Loblaw Cos. Ltd. (Consumer Staples) | 1,465,535 | ||||||
11,949 | Magna International, Inc. (Consumer Discretionary) | 658,368 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
69,543 | Manulife Financial Corp. (Financials) | 1,325,352 | ||||||
3,386 | Methanex Corp. (Materials) | 187,170 | ||||||
17,449 | Metro, Inc. (Consumer Staples) | 551,243 | ||||||
19,207 | National Bank of Canada (Financials) | 933,256 | ||||||
29,969 | Onex Corp. (Financials) | 2,202,272 | ||||||
7,829 | Open Text Corp. (Information Technology) | 275,254 | ||||||
9,759 | Pembina Pipeline Corp. (Energy) | 314,244 | ||||||
71,065 | Power Corp. of Canada (Financials) | 1,686,570 | ||||||
44,481 | Power Financial Corp. (Financials) | 1,162,925 | ||||||
2,834 | Restaurant Brands International, Inc. (Consumer Discretionary) | 166,344 | ||||||
14,602 | RioCan Real Estate Investment Trust REIT (Real Estate) | 267,687 | ||||||
13,919 | Rogers Communications, Inc., Class B (Telecommunication Services) | 628,085 | ||||||
57,577 | Royal Bank of Canada (Financials) | 4,542,443 | ||||||
36,622 | Saputo, Inc. (Consumer Staples) | 1,172,098 | ||||||
19,496 | Shaw Communications, Inc., Class B (Consumer Discretionary) | 377,945 | ||||||
9,326 | Shopify, Inc., Class A (Information Technology)* | 1,291,891 | ||||||
8,958 | SmartCentres Real Estate Investment Trust REIT (Real Estate) | 205,538 | ||||||
5,254 | SNC-Lavalin Group, Inc. (Industrials) | 228,267 | ||||||
25,554 | Sun Life Financial, Inc. (Financials)(a) | 1,054,188 | ||||||
29,449 | Suncor Energy, Inc. (Energy) | 970,793 | ||||||
69,859 | Teck Resources Ltd., Class B (Materials) | 2,000,878 | ||||||
9,900 | TELUS Corp. (Telecommunication Services) | 357,879 | ||||||
8,356 | Thomson Reuters Corp. (Financials) | 329,714 | ||||||
65,522 | Toronto-Dominion Bank (The) (Financials) | 3,784,000 | ||||||
11,441 | TransCanada Corp. (Energy) | 495,552 | ||||||
5,463 | West Fraser Timber Co. Ltd. (Materials) | 381,069 | ||||||
|
| |||||||
66,355,274 | ||||||||
|
| |||||||
Chile – 0.0%(c) | ||||||||
32,907 | Antofagasta PLC (Materials) | 394,466 | ||||||
|
| |||||||
China – 0.4% | ||||||||
278,799 | BOC Hong Kong Holdings Ltd. (Financials) | 1,410,865 | ||||||
64,256 | Minth Group Ltd. (Consumer Discretionary) | 380,184 | ||||||
1,088,180 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 1,242,130 | ||||||
|
| |||||||
3,033,179 | ||||||||
|
| |||||||
Colombia – 0.0%(c) | ||||||||
4,951 | Millicom International Cellular SA (Telecommunication Services) | 331,341 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Denmark – 1.9% | ||||||||
16,359 | Carlsberg A/S, Class B (Consumer Staples) | $ | 2,010,307 | |||||
5,236 | Chr Hansen Holding A/S (Materials) | 436,562 | ||||||
16,068 | Coloplast A/S, Class B (Health Care) | 1,362,337 | ||||||
24,053 | Danske Bank A/S (Financials) | 970,031 | ||||||
9,423 | DSV A/S (Industrials) | 741,516 | ||||||
7,055 | H Lundbeck A/S (Health Care) | 370,616 | ||||||
8,483 | ISS A/S (Industrials) | 308,900 | ||||||
87,198 | Novo Nordisk A/S, Class B (Health Care) | 4,522,161 | ||||||
8,295 | Novozymes A/S, Class B (Materials)* | 428,012 | ||||||
12,253 | Orsted A/S (Utilities)(b) | 764,508 | ||||||
12,424 | Pandora A/S (Consumer Discretionary) | 1,302,477 | ||||||
18,331 | Tryg A/S (Financials) | 435,995 | ||||||
11,648 | Vestas Wind Systems A/S (Industrials) | 846,392 | ||||||
32,069 | William Demant Holding A/S (Health Care)* | 1,151,475 | ||||||
|
| |||||||
15,651,289 | ||||||||
|
| |||||||
Finland – 0.8% | ||||||||
6,883 | Elisa OYJ (Telecommunication Services) | 296,758 | ||||||
28,423 | Fortum OYJ (Utilities) | 625,724 | ||||||
7,291 | Kone OYJ, Class B (Industrials)(a) | 378,730 | ||||||
7,984 | Neste OYJ (Energy) | 586,598 | ||||||
3,724 | Nokian Renkaat OYJ (Consumer Discretionary) | 171,551 | ||||||
31,333 | Orion OYJ, Class B (Health Care) | 1,024,170 | ||||||
12,566 | Sampo OYJ, Class A (Financials) | 714,811 | ||||||
24,673 | Stora Enso OYJ, Class R (Materials) | 438,597 | ||||||
48,886 | UPM-Kymmene OYJ (Materials) | 1,683,181 | ||||||
3,167 | Wartsila OYJ Abp (Industrials)(a) | 223,801 | ||||||
|
| |||||||
6,143,921 | ||||||||
|
| |||||||
France – 10.5% | ||||||||
3,333 | Accor SA (Consumer Discretionary) | 193,092 | ||||||
3,230 | Aeroports de Paris (Industrials) | 653,952 | ||||||
7,337 | Air Liquide SA (Materials) | 923,046 | ||||||
13,275 | Airbus SE (Industrials) | 1,592,209 | ||||||
7,855 | Alstom SA (Industrials) | 331,959 | ||||||
3,743 | Amundi SA (Financials)(b) | 306,596 | ||||||
19,837 | Arkema SA (Materials) | 2,599,667 | ||||||
34,312 | Atos SE (Information Technology) | 4,540,578 | ||||||
65,962 | AXA SA (Financials) | 2,080,452 | ||||||
9,927 | BioMerieux (Health Care) | 765,192 | ||||||
47,114 | BNP Paribas SA (Financials) | 3,756,331 | ||||||
7,991 | Bouygues SA (Industrials) | 406,028 | ||||||
16,030 | Bureau Veritas SA (Industrials) | 420,542 | ||||||
16,769 | Capgemini SE (Information Technology) | 2,105,566 | ||||||
43,487 | Carrefour SA (Consumer Staples) | 1,005,088 | ||||||
8,512 | Casino Guichard Perrachon SA (Consumer Staples) | 463,230 | ||||||
15,801 | Cie de Saint-Gobain (Industrials) | 900,856 | ||||||
7,038 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 1,087,580 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
55,819 | CNP Assurances (Financials) | 1,361,594 | ||||||
113,999 | Credit Agricole SA (Financials) | 1,965,315 | ||||||
33,370 | Danone SA (Consumer Staples) | 2,676,008 | ||||||
206 | Dassault Aviation SA (Industrials) | 358,531 | ||||||
14,694 | Dassault Systemes (Information Technology) | 1,904,164 | ||||||
14,918 | Eiffage SA (Industrials) | 1,621,152 | ||||||
16,669 | Engie SA (Utilities) | 261,753 | ||||||
11,897 | Essilor International SA (Health Care) | 1,564,923 | ||||||
11,352 | Eurazeo SA (Financials) | 1,086,177 | ||||||
17,488 | Eutelsat Communications SA (Consumer Discretionary) | 409,522 | ||||||
5,826 | Faurecia (Consumer Discretionary) | 492,282 | ||||||
3,061 | Fonciere Des Regions REIT (Real Estate) | 320,881 | ||||||
3,582 | Gecina SA REIT (Real Estate) | 629,542 | ||||||
6,040 | Hermes International (Consumer Discretionary) | 3,256,813 | ||||||
5,719 | ICADE REIT (Real Estate) | 554,876 | ||||||
734 | Iliad SA (Telecommunication Services) | 172,689 | ||||||
3,859 | Imerys SA (Materials) | 394,416 | ||||||
13,148 | Ipsen SA (Health Care) | 1,937,946 | ||||||
2,594 | Kering (Consumer Discretionary) | 1,227,544 | ||||||
9,569 | Klepierre SA REIT (Real Estate) | 395,992 | ||||||
6,101 | Lagardere SCA (Consumer Discretionary) | 180,074 | ||||||
9,128 | Legrand SA (Industrials) | 718,522 | ||||||
15,183 | L’Oreal SA (Consumer Staples) | 3,278,604 | ||||||
12,256 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 3,684,691 | ||||||
56,751 | Natixis SA (Financials) | 491,436 | ||||||
29,635 | Orange SA (Telecommunication Services) | 503,852 | ||||||
7,482 | Pernod Ricard SA (Consumer Staples) | 1,231,932 | ||||||
108,959 | Peugeot SA (Consumer Discretionary) | 2,473,783 | ||||||
13,000 | Publicis Groupe SA (Consumer Discretionary) | 983,672 | ||||||
4,041 | Remy Cointreau SA (Consumer Staples) | 551,511 | ||||||
63,240 | Rexel SA (Industrials) | 1,116,467 | ||||||
12,778 | Safran SA (Industrials) | 1,416,649 | ||||||
49,410 | Sanofi (Health Care) | 3,918,899 | ||||||
16,664 | Schneider Electric SE (Industrials)* | 1,454,810 | ||||||
9,603 | SCOR SE (Financials) | 409,814 | ||||||
9,803 | SEB SA (Consumer Discretionary) | 2,007,452 | ||||||
7,386 | Societe BIC SA (Industrials) | 776,068 | ||||||
37,137 | Societe Generale SA (Financials) | 2,134,261 | ||||||
2,992 | Sodexo SA (Consumer Discretionary)(a) | 368,934 | ||||||
15,063 | Suez (Utilities) | 208,058 | ||||||
2,307 | Teleperformance (Industrials) | 329,488 | ||||||
6,545 | Thales SA (Industrials) | 730,728 | ||||||
57,922 | TOTAL SA (Energy) | 3,318,177 | ||||||
19,438 | Ubisoft Entertainment SA (Information Technology)* | 1,612,115 | ||||||
1,858 | Unibail-Rodamco SE REIT (Real Estate) | 434,527 | ||||||
8,505 | Valeo SA (Consumer Discretionary) | 554,547 | ||||||
|
|
52 | 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) | ||||||||
64,030 | Veolia Environnement SA (Utilities) | $ | 1,559,542 | |||||
21,543 | Vinci SA (Industrials) | 2,136,678 | ||||||
12,351 | Vivendi SA (Consumer Discretionary) | 320,108 | ||||||
3,024 | Wendel SA (Financials) | 525,941 | ||||||
|
| |||||||
86,155,424 | ||||||||
|
| |||||||
Germany – 7.5% | ||||||||
3,224 | 1&1 Drillisch AG (Telecommunication Services) | 249,495 | ||||||
15,687 | adidas AG (Consumer Discretionary) | 3,493,623 | ||||||
17,850 | Allianz SE (Financials) | 4,180,422 | ||||||
7,989 | Axel Springer SE (Consumer Discretionary) | 721,040 | ||||||
24,452 | BASF SE (Materials) | 2,576,996 | ||||||
32,775 | Bayer AG (Health Care) | 3,846,703 | ||||||
3,661 | Bayerische Motoren Werke AG (Consumer Discretionary) | 387,664 | ||||||
20,889 | Beiersdorf AG (Consumer Staples) | 2,296,012 | ||||||
7,285 | Brenntag AG (Industrials) | 457,408 | ||||||
39,414 | Commerzbank AG (Financials)* | 612,332 | ||||||
2,704 | Continental AG (Consumer Discretionary) | 744,344 | ||||||
9,171 | Covestro AG (Materials)(b) | 1,044,046 | ||||||
15,660 | Daimler AG (Consumer Discretionary) | 1,345,958 | ||||||
17,497 | Deutsche Boerse AG (Financials) | 2,335,688 | ||||||
81,473 | Deutsche Lufthansa AG (Industrials) | 2,744,560 | ||||||
78,424 | Deutsche Post AG (Industrials) | 3,600,261 | ||||||
118,960 | Deutsche Telekom AG (Telecommunication Services) | 1,923,889 | ||||||
8,955 | Deutsche Wohnen SE (Real Estate) | 370,801 | ||||||
80,835 | E.ON SE (Utilities) | 824,216 | ||||||
7,518 | Evonik Industries AG (Materials) | 279,023 | ||||||
7,016 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 719,992 | ||||||
10,957 | Fresenius Medical Care AG & Co KGaA (Health Care) | 1,163,979 | ||||||
18,397 | Fresenius SE & Co KGaA (Health Care) | 1,505,584 | ||||||
3,288 | Hannover Rueck SE (Financials) | 448,743 | ||||||
8,491 | HeidelbergCement AG (Materials) | 856,860 | ||||||
7,077 | Henkel AG & Co KGaA (Consumer Staples) | 853,221 | ||||||
4,178 | HOCHTIEF AG (Industrials) | 705,755 | ||||||
21,022 | HUGO BOSS AG (Consumer Discretionary) | 1,880,913 | ||||||
30,313 | Infineon Technologies AG (Information Technology) | 828,156 | ||||||
5,452 | KION Group AG (Industrials) | 468,659 | ||||||
2,465 | LANXESS AG (Materials) | 206,242 | ||||||
2,750 | Linde AG (Materials)* | 618,317 | ||||||
4,143 | MAN SE (Industrials) | 472,962 | ||||||
13,131 | Merck KGaA (Health Care) | 1,316,772 | ||||||
25,830 | METRO AG (Consumer Staples) | 505,475 | ||||||
2,761 | MTU Aero Engines AG (Industrials) | 463,362 | ||||||
2,828 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 634,992 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
6,161 | OSRAM Licht AG (Industrials) | 490,531 | ||||||
18,951 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 752,116 | ||||||
23,408 | RWE AG (Utilities)* | 468,499 | ||||||
33,603 | SAP SE (Information Technology) | 3,532,814 | ||||||
20,306 | Siemens AG (Industrials) | 2,685,649 | ||||||
5,820 | Symrise AG (Materials) | 474,739 | ||||||
86,825 | Telefonica Deutschland Holding AG (Telecommunication Services) | 401,346 | ||||||
28,995 | TUI AG (Consumer Discretionary) | 617,040 | ||||||
19,853 | Uniper SE (Utilities) | 603,648 | ||||||
7,158 | United Internet AG (Information Technology) | 488,545 | ||||||
18,933 | Vonovia SE (Real Estate) | 867,091 | ||||||
5,505 | Wirecard AG (Information Technology) | 662,823 | ||||||
26,044 | Zalando SE (Consumer Discretionary)*(b) | 1,489,759 | ||||||
|
| |||||||
61,219,065 | ||||||||
|
| |||||||
Hong Kong – 3.3% | ||||||||
371,259 | AIA Group Ltd. (Financials) | 3,109,916 | ||||||
32,930 | ASM Pacific Technology Ltd. (Information Technology) | 473,416 | ||||||
40,101 | Bank of East Asia Ltd. (The) (Financials) | 176,540 | ||||||
69,155 | CK Asset Holdings Ltd. (Real Estate) | 598,289 | ||||||
30,399 | CK Hutchison Holdings Ltd. (Industrials) | 380,701 | ||||||
27,792 | CK Infrastructure Holdings Ltd. (Utilities) | 233,337 | ||||||
62,918 | CLP Holdings Ltd. (Utilities) | 635,990 | ||||||
280,479 | First Pacific Co. Ltd. (Financials) | 175,270 | ||||||
80,609 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | 705,624 | ||||||
67,938 | Hang Lung Group Ltd. (Real Estate) | 230,069 | ||||||
85,189 | Hang Lung Properties Ltd. (Real Estate) | 203,575 | ||||||
38,969 | Hang Seng Bank Ltd. (Financials) | 968,586 | ||||||
61,440 | Henderson Land Development Co. Ltd. (Real Estate) | 400,424 | ||||||
376,736 | HK Electric Investments & HK Electric Investments Ltd. (Utilities)(b) | 353,372 | ||||||
280,275 | HKT Trust & HKT Ltd. (Telecommunication Services) | 358,165 | ||||||
308,615 | Hong Kong & China Gas Co. Ltd. (Utilities) | 610,502 | ||||||
61,594 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 2,235,403 | ||||||
1,592,252 | Hutchison Port Holdings Trust, Class U (Industrials) | 581,172 | ||||||
6,614 | Jardine Matheson Holdings Ltd. (Industrials) | 430,902 | ||||||
10,611 | Jardine Strategic Holdings Ltd. (Industrials) | 422,636 | ||||||
115,443 | Kerry Properties Ltd. (Real Estate) | 524,453 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
351,320 | Kingston Financial Group Ltd. (Financials) | $ | 212,355 | |||||
79,578 | Link REIT (Real Estate) | 680,328 | ||||||
10,224 | Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary) | 280,649 | ||||||
93,912 | MTR Corp. Ltd. (Industrials) | 498,045 | ||||||
125,865 | New World Development Co. Ltd. (Real Estate) | 191,726 | ||||||
374,616 | NWS Holdings Ltd. (Industrials) | 706,597 | ||||||
1,894,919 | PCCW Ltd. (Telecommunication Services) | 1,080,002 | ||||||
30,753 | Power Assets Holdings Ltd. (Utilities) | 261,538 | ||||||
39,036 | Sands China Ltd. (Consumer Discretionary) | 220,239 | ||||||
163,262 | Shangri-La Asia Ltd. (Consumer Discretionary) | 367,612 | ||||||
1,954,211 | SJM Holdings Ltd. (Consumer Discretionary) | 1,875,471 | ||||||
52,908 | Sun Hung Kai Properties Ltd. (Real Estate) | 883,682 | ||||||
66,966 | Swire Pacific Ltd., Class A (Real Estate) | 677,764 | ||||||
68,409 | Swire Properties Ltd. (Real Estate) | 233,849 | ||||||
104,252 | Techtronic Industries Co. Ltd. (Consumer Discretionary) | 654,131 | ||||||
1,925,631 | WH Group Ltd. (Consumer Staples)(b) | 2,386,953 | ||||||
87,929 | Wharf Holdings Ltd. (The) (Real Estate) | 329,229 | ||||||
63,180 | Wharf Real Estate Investment Co. Ltd. (Real Estate)* | 429,527 | ||||||
207,695 | Wheelock & Co. Ltd. (Real Estate) | 1,514,191 | ||||||
|
| |||||||
27,292,230 | ||||||||
|
| |||||||
Ireland – 0.4% | ||||||||
79,226 | Bank of Ireland Group PLC (Financials)* | 744,036 | ||||||
24,887 | CRH PLC (Materials) | 827,738 | ||||||
28,390 | James Hardie Industries PLC CDI (Materials) | 505,509 | ||||||
8,376 | Kerry Group PLC, Class A (Consumer Staples) | 837,184 | ||||||
|
| |||||||
2,914,467 | ||||||||
|
| |||||||
Israel – 0.9% | ||||||||
87,330 | Bank Hapoalim BM (Financials) | 625,842 | ||||||
149,855 | Bank Leumi Le-Israel BM (Financials) | 909,166 | ||||||
431,649 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | 662,154 | ||||||
5,723 | Check Point Software Technologies Ltd. (Information Technology)* | 594,563 | ||||||
2,923 | Elbit Systems Ltd. (Industrials) | 417,938 | ||||||
5,410 | Frutarom Industries Ltd. (Materials) | 498,252 | ||||||
22,830 | Mizrahi Tefahot Bank Ltd. (Financials) | 423,280 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
10,788 | Nice Ltd. (Information Technology)* | 1,052,548 | ||||||
132,018 | Teva Pharmaceutical Industries Ltd. ADR (Health Care) | 2,471,377 | ||||||
|
| |||||||
7,655,120 | ||||||||
|
| |||||||
Italy – 2.1% | ||||||||
32,839 | Assicurazioni Generali SpA (Financials) | 618,404 | ||||||
15,321 | Atlantia SpA (Industrials) | 474,257 | ||||||
70,077 | Davide Campari-Milano SpA (Consumer Staples) | 504,270 | ||||||
213,930 | Enel SpA (Utilities) | 1,246,936 | ||||||
35,073 | Eni SpA (Energy) | 586,641 | ||||||
12,806 | Ferrari NV (Consumer Discretionary) | 1,600,932 | ||||||
439,729 | Intesa Sanpaolo SpA (Financials) | 1,660,433 | ||||||
135,915 | Intesa Sanpaolo SpA-RSP (Financials) | 543,059 | ||||||
36,916 | Luxottica Group SpA (Consumer Discretionary) | 2,222,415 | ||||||
13,620 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 163,691 | ||||||
29,969 | Poste Italiane SpA (Financials)(b) | 258,128 | ||||||
54,742 | Prysmian SpA (Industrials) | 1,730,578 | ||||||
18,647 | Recordati SpA (Health Care) | 669,776 | ||||||
88,522 | Snam SpA (Energy) | 397,423 | ||||||
1,524,837 | Telecom Italia SpA (Telecommunication Services)* | 1,376,228 | ||||||
1,864,714 | Telecom Italia SpA-RSP (Telecommunication Services) | 1,425,986 | ||||||
76,756 | Terna Rete Elettrica Nazionale SpA (Utilities) | 426,886 | ||||||
7,746 | UniCredit SpA (Financials)* | 164,820 | ||||||
328,089 | UnipolSai Assicurazioni SpA (Financials) | 791,705 | ||||||
|
| |||||||
16,862,568 | ||||||||
|
| |||||||
Japan – 22.7% | ||||||||
8,366 | ABC-Mart, Inc. (Consumer Discretionary) | 533,141 | ||||||
21,091 | Aeon Co. Ltd. (Consumer Staples)(a) | 357,068 | ||||||
8,063 | Aeon Mall Co. Ltd. (Real Estate) | 169,036 | ||||||
12,316 | Ajinomoto Co., Inc. (Consumer Staples) | 225,879 | ||||||
48,801 | Alfresa Holdings Corp. (Health Care) | 1,101,744 | ||||||
11,925 | ANA Holdings, Inc. (Industrials) | 480,889 | ||||||
8,095 | Aozora Bank Ltd. (Financials) | 333,419 | ||||||
22,492 | Asahi Group Holdings Ltd. (Consumer Staples) | 1,157,430 | ||||||
44,418 | Asahi Kasei Corp. (Materials) | 575,908 | ||||||
29,548 | Asics Corp. (Consumer Discretionary)(a) | 473,244 | ||||||
136,624 | Astellas Pharma, Inc. (Health Care) | 2,023,656 | ||||||
35,440 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 1,150,833 | ||||||
4,681 | Bank of Kyoto Ltd. (The) (Financials) | 261,896 | ||||||
19,133 | Benesse Holdings, Inc. (Consumer Discretionary) | 691,230 | ||||||
|
|
54 | 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) | ||||||||
21,775 | Bridgestone Corp. (Consumer Discretionary) | $ | 975,850 | |||||
54,799 | Brother Industries Ltd. (Information Technology) | 1,379,412 | ||||||
40,742 | Calbee, Inc. (Consumer Staples)(a) | 1,366,912 | ||||||
49,527 | Canon, Inc. (Information Technology) | 1,901,154 | ||||||
15,992 | Casio Computer Co. Ltd. (Consumer Discretionary) | 237,846 | ||||||
3,327 | Central Japan Railway Co. (Industrials) | 622,029 | ||||||
23,893 | Chubu Electric Power Co., Inc. (Utilities) | 327,030 | ||||||
7,832 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 407,362 | ||||||
15,046 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 176,398 | ||||||
22,989 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 876,859 | ||||||
11,275 | Dai Nippon Printing Co. Ltd. (Industrials) | 237,852 | ||||||
8,410 | Daifuku Co. Ltd. (Industrials) | 556,437 | ||||||
10,620 | Dai-ichi Life Holdings, Inc. (Financials) | 212,191 | ||||||
25,291 | Daiichi Sankyo Co. Ltd. (Health Care) | 902,564 | ||||||
7,600 | Daikin Industries Ltd. (Industrials) | 900,989 | ||||||
7,081 | Daito Trust Construction Co. Ltd. (Real Estate) | 1,177,899 | ||||||
13,575 | Daiwa House Industry Co. Ltd. (Real Estate) | 505,954 | ||||||
156 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 375,874 | ||||||
30,355 | Daiwa Securities Group, Inc. (Financials) | 203,912 | ||||||
16,732 | DeNA Co. Ltd. (Information Technology) | 306,556 | ||||||
10,556 | Denso Corp. (Consumer Discretionary) | 621,756 | ||||||
2,351 | Disco Corp. (Information Technology) | 555,445 | ||||||
5,856 | Don Quijote Holdings Co. Ltd. (Consumer Discretionary) | 329,830 | ||||||
4,791 | East Japan Railway Co. (Industrials) | 451,689 | ||||||
9,226 | Eisai Co. Ltd. (Health Care) | 492,491 | ||||||
16,769 | Electric Power Development Co. Ltd. (Utilities) | 427,770 | ||||||
5,235 | FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a) | 396,899 | ||||||
4,006 | FANUC Corp. (Industrials) | 1,025,293 | ||||||
4,991 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 1,991,161 | ||||||
22,754 | Fuji Electric Co. Ltd. (Industrials) | 174,432 | ||||||
36,068 | FUJIFILM Holdings Corp. (Information Technology) | 1,513,298 | ||||||
198,184 | Fujitsu Ltd. (Information Technology) | 1,195,920 | ||||||
19,879 | Hakuhodo DY Holdings, Inc. (Consumer Discretionary) | 289,136 | ||||||
9,658 | Hankyu Hanshin Holdings, Inc. (Industrials) | 362,045 | ||||||
14,724 | Hikari Tsushin, Inc. (Consumer Discretionary) | 2,136,053 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
4,702 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 341,066 | ||||||
22,774 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 980,709 | ||||||
179,604 | Hitachi Ltd. (Information Technology) | 1,376,843 | ||||||
64,676 | Honda Motor Co. Ltd. (Consumer Discretionary) | 2,354,775 | ||||||
2,223 | Hoshizaki Corp. (Industrials) | 201,665 | ||||||
35,295 | Hoya Corp. (Health Care) | 1,875,807 | ||||||
14,876 | Hulic Co. Ltd. (Real Estate) | 166,458 | ||||||
17,613 | Idemitsu Kosan Co. Ltd. (Energy) | 680,883 | ||||||
51,647 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 610,829 | ||||||
103,457 | ITOCHU Corp. (Industrials) | 2,003,113 | ||||||
9,529 | Japan Airlines Co. Ltd. (Industrials) | 365,157 | ||||||
6,801 | Japan Airport Terminal Co. Ltd. (Industrials) | 258,133 | ||||||
13,518 | Japan Exchange Group, Inc. (Financials) | 235,129 | ||||||
18,255 | Japan Post Bank Co. Ltd. (Financials) | 250,802 | ||||||
28,080 | Japan Post Holdings Co. Ltd. (Financials) | 339,734 | ||||||
225 | Japan Prime Realty Investment Corp. REIT (Real Estate) | 775,971 | ||||||
173 | Japan Retail Fund Investment Corp. REIT (Real Estate) | 332,851 | ||||||
22,988 | Japan Tobacco, Inc. (Consumer Staples) | 656,646 | ||||||
7,298 | JFE Holdings, Inc. (Materials) | 170,131 | ||||||
165,922 | JXTG Holdings, Inc. (Energy) | 1,020,054 | ||||||
61,986 | Kajima Corp. (Industrials) | 593,690 | ||||||
100,049 | Kakaku.com, Inc. (Information Technology) | 1,707,410 | ||||||
17,899 | Kamigumi Co. Ltd. (Industrials) | 394,028 | ||||||
95,290 | Kansai Electric Power Co., Inc. (The) (Utilities) | 1,165,395 | ||||||
9,391 | Kansai Paint Co. Ltd. (Materials) | 237,624 | ||||||
41,870 | Kao Corp. (Consumer Staples) | 3,081,048 | ||||||
30,611 | KDDI Corp. (Telecommunication Services) | 756,059 | ||||||
9,098 | Keihan Holdings Co. Ltd. (Industrials) | 286,058 | ||||||
10,060 | Keikyu Corp. (Industrials) | 180,826 | ||||||
5,372 | Keio Corp. (Industrials) | 236,367 | ||||||
7,104 | Keisei Electric Railway Co. Ltd. (Industrials) | 233,016 | ||||||
2,714 | Keyence Corp. (Information Technology) | 1,660,117 | ||||||
11,495 | Kikkoman Corp. (Consumer Staples) | 458,917 | ||||||
7,813 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 301,669 | ||||||
39,673 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,033,048 | ||||||
54,238 | Kobe Steel Ltd. (Materials)* | 604,875 | ||||||
4,410 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 307,900 | ||||||
20,520 | Komatsu Ltd. (Industrials) | 753,070 | ||||||
4,181 | Konami Holdings Corp. (Information Technology) | 221,383 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
128,768 | Konica Minolta, Inc. (Information Technology) | $ | 1,195,905 | |||||
14,718 | Kose Corp. (Consumer Staples) | 2,777,944 | ||||||
9,851 | Kubota Corp. (Industrials) | 179,747 | ||||||
17,083 | Kuraray Co. Ltd. (Materials) | 300,019 | ||||||
12,513 | Kurita Water Industries Ltd. (Industrials) | 386,395 | ||||||
3,981 | Kyocera Corp. (Information Technology) | 237,021 | ||||||
18,709 | Lawson, Inc. (Consumer Staples)(a) | 1,225,584 | ||||||
18,997 | LINE Corp. (Information Technology)* | 773,553 | ||||||
70,105 | Lion Corp. (Consumer Staples) | 1,323,852 | ||||||
37,894 | M3, Inc. (Health Care) | 1,484,438 | ||||||
8,194 | Makita Corp. (Industrials) | 389,331 | ||||||
162,711 | Marubeni Corp. (Industrials) | 1,249,934 | ||||||
9,038 | Maruichi Steel Tube Ltd. (Materials) | 285,442 | ||||||
102,293 | Mazda Motor Corp. (Consumer Discretionary) | 1,434,623 | ||||||
15,576 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 697,019 | ||||||
15,553 | Medipal Holdings Corp. (Health Care) | 319,208 | ||||||
22,567 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 1,655,964 | ||||||
17,315 | MINEBEA MITSUMI, Inc. (Industrials) | 399,184 | ||||||
38,707 | MISUMI Group, Inc. (Industrials) | 1,124,518 | ||||||
158,898 | Mitsubishi Chemical Holdings Corp. (Materials) | 1,629,112 | ||||||
64,025 | Mitsubishi Corp. (Industrials) | 1,809,656 | ||||||
43,799 | Mitsubishi Electric Corp. (Industrials) | 745,820 | ||||||
13,591 | Mitsubishi Estate Co. Ltd. (Real Estate) | 238,882 | ||||||
10,041 | Mitsubishi Tanabe Pharma Corp. (Health Care) | 215,961 | ||||||
314,445 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 2,246,394 | ||||||
160,022 | Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials) | 1,024,273 | ||||||
79,510 | Mitsui & Co. Ltd. (Industrials) | 1,454,138 | ||||||
9,506 | Mitsui Chemicals, Inc. (Materials) | 292,650 | ||||||
7,355 | Mitsui Fudosan Co. Ltd. (Real Estate) | 177,697 | ||||||
35,221 | Mixi, Inc. (Information Technology) | 1,430,889 | ||||||
892,589 | Mizuho Financial Group, Inc. (Financials) | 1,667,984 | ||||||
3,216 | Murata Manufacturing Co. Ltd. (Information Technology) | 451,635 | ||||||
7,629 | Nabtesco Corp. (Industrials) | 332,100 | ||||||
23,394 | Nagoya Railroad Co. Ltd. (Industrials) | 599,183 | ||||||
56,871 | NEC Corp. (Information Technology) | 1,737,496 | ||||||
14,805 | Nexon Co. Ltd. (Information Technology)* | 538,338 | ||||||
11,736 | NH Foods Ltd. (Consumer Staples) | 264,515 | ||||||
5,904 | Nidec Corp. (Industrials) | 954,998 | ||||||
53,021 | Nikon Corp. (Consumer Discretionary) | 1,084,221 | ||||||
2,096 | Nintendo Co. Ltd. (Information Technology) | 964,076 | ||||||
8,717 | Nippon Electric Glass Co. Ltd. (Information Technology) | 265,909 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
9,707 | Nippon Express Co. Ltd. (Industrials) | 654,987 | ||||||
175 | Nippon Prologis REIT, Inc. (Real Estate) | 396,889 | ||||||
34,524 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 1,611,907 | ||||||
7,894 | Nissan Chemical Industries Ltd. (Materials) | 315,153 | ||||||
38,787 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 408,935 | ||||||
20,395 | Nisshin Seifun Group, Inc. (Consumer Staples) | 405,587 | ||||||
5,797 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 397,676 | ||||||
16,154 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 2,727,279 | ||||||
2,254 | Nitto Denko Corp. (Materials) | 188,064 | ||||||
6,726 | Nomura Real Estate Holdings, Inc. (Real Estate) | 163,131 | ||||||
288 | Nomura Real Estate Master Fund, Inc., Class (Real Estate) | 395,138 | ||||||
7,897 | Nomura Research Institute Ltd. (Information Technology) | 356,717 | ||||||
64,046 | NTT Data Corp. (Information Technology) | 667,440 | ||||||
47,477 | NTT DOCOMO, Inc. (Telecommunication Services) | 1,221,352 | ||||||
39,107 | Obayashi Corp. (Industrials) | 444,927 | ||||||
6,387 | Obic Co. Ltd. (Information Technology) | 535,118 | ||||||
12,716 | Odakyu Electric Railway Co. Ltd. (Industrials) | 260,028 | ||||||
92,341 | Oji Holdings Corp. (Materials) | 607,501 | ||||||
14,392 | Olympus Corp. (Health Care) | 580,644 | ||||||
18,432 | Omron Corp. (Information Technology) | 1,098,613 | ||||||
13,559 | Oracle Corp. Japan (Information Technology) | 1,057,222 | ||||||
9,239 | Oriental Land Co. Ltd. (Consumer Discretionary) | 902,211 | ||||||
46,111 | ORIX Corp. (Financials) | 825,379 | ||||||
25,180 | Osaka Gas Co. Ltd. (Utilities) | 499,801 | ||||||
5,183 | Otsuka Corp. (Information Technology) | 484,275 | ||||||
10,539 | Otsuka Holdings Co. Ltd. (Health Care) | 531,765 | ||||||
62,493 | Panasonic Corp. (Consumer Discretionary) | 982,447 | ||||||
8,456 | Park24 Co. Ltd. (Industrials) | 203,980 | ||||||
35,320 | Persol Holdings Co. Ltd. (Industrials) | 910,598 | ||||||
56,238 | Pola Orbis Holdings, Inc. (Consumer Staples) | 2,379,594 | ||||||
110,542 | Recruit Holdings Co. Ltd. (Industrials) | 2,685,206 | ||||||
87,857 | Resona Holdings, Inc. (Financials) | 503,898 | ||||||
2,383 | Rinnai Corp. (Consumer Discretionary) | 214,616 | ||||||
4,027 | Rohm Co. Ltd. (Information Technology) | 429,099 | ||||||
5,742 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 1,972,207 | ||||||
6,244 | Sankyo Co. Ltd. (Consumer Discretionary) | 224,703 | ||||||
|
|
56 | 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) | ||||||||
28,772 | SBI Holdings, Inc. (Financials) | $ | 668,439 | |||||
5,531 | Secom Co. Ltd. (Industrials) | 398,089 | ||||||
24,171 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 353,147 | ||||||
9,183 | Seiko Epson Corp. (Information Technology) | 176,767 | ||||||
28,936 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 549,135 | ||||||
14,816 | Sekisui House Ltd. (Consumer Discretionary) | 260,899 | ||||||
27,538 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 1,151,277 | ||||||
17,420 | Sharp Corp. (Consumer Discretionary)*(a) | 612,202 | ||||||
20,390 | Shimadzu Corp. (Information Technology) | 526,446 | ||||||
5,266 | Shimamura Co. Ltd. (Consumer Discretionary) | 628,732 | ||||||
1,738 | Shimano, Inc. (Consumer Discretionary) | 252,137 | ||||||
23,885 | Shimizu Corp. (Industrials) | 223,394 | ||||||
9,244 | Shin-Etsu Chemical Co. Ltd. (Materials) | 985,432 | ||||||
19,048 | Shinsei Bank Ltd. (Financials) | 302,754 | ||||||
13,096 | Shionogi & Co. Ltd. (Health Care) | 686,188 | ||||||
58,919 | Shiseido Co. Ltd. (Consumer Staples) | 3,567,552 | ||||||
12,966 | Showa Shell Sekiyu KK (Energy) | 169,267 | ||||||
1,399 | SMC Corp. (Industrials) | 590,384 | ||||||
5,686 | SoftBank Group Corp. (Telecommunication Services) | 473,989 | ||||||
5,326 | Sohgo Security Services Co. Ltd. (Industrials) | 252,561 | ||||||
38,609 | Sony Corp. (Consumer Discretionary) | 1,969,075 | ||||||
9,826 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 388,141 | ||||||
91,097 | Start Today Co. Ltd. (Consumer Discretionary) | 2,376,778 | ||||||
14,342 | Subaru Corp. (Consumer Discretionary) | 508,062 | ||||||
13,460 | SUMCO Corp. (Information Technology) | 363,668 | ||||||
86,235 | Sumitomo Chemical Co. Ltd. (Materials) | 540,661 | ||||||
80,624 | Sumitomo Corp. (Industrials) | 1,427,288 | ||||||
32,435 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 499,421 | ||||||
16,241 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 258,444 | ||||||
9,619 | Sumitomo Metal Mining Co. Ltd. (Materials) | 453,613 | ||||||
41,576 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 1,825,830 | ||||||
4,527 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 183,744 | ||||||
4,534 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 165,757 | ||||||
20,888 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 402,863 | ||||||
18,712 | Sundrug Co. Ltd. (Consumer Staples) | 867,165 | ||||||
20,178 | Suntory Beverage & Food Ltd. (Consumer Staples) | 941,722 | ||||||
35,200 | Suzuken Co. Ltd. (Health Care) | 1,444,881 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
10,540 | Suzuki Motor Corp. (Consumer Discretionary) | 607,083 | ||||||
21,495 | Sysmex Corp. (Health Care) | 1,794,859 | ||||||
6,580 | Taiheiyo Cement Corp. (Materials) | 246,661 | ||||||
12,335 | Taisei Corp. (Industrials) | 630,015 | ||||||
3,922 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 359,469 | ||||||
18,519 | Takashimaya Co. Ltd. (Consumer Discretionary) | 188,999 | ||||||
20,599 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,179,899 | ||||||
20,307 | Teijin Ltd. (Materials) | 402,886 | ||||||
10,892 | Terumo Corp. (Health Care) | 588,977 | ||||||
6,975 | THK Co. Ltd. (Industrials) | 305,918 | ||||||
12,728 | Tobu Railway Co. Ltd. (Industrials) | 394,824 | ||||||
7,730 | Toho Co. Ltd. (Consumer Discretionary) | 251,738 | ||||||
7,197 | Toho Gas Co. Ltd. (Utilities) | 211,786 | ||||||
26,120 | Tohoku Electric Power Co., Inc. (Utilities) | 343,681 | ||||||
9,770 | Tokio Marine Holdings, Inc. (Financials) | 454,691 | ||||||
307,339 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 1,186,670 | ||||||
7,440 | Tokyo Electron Ltd. (Information Technology) | 1,468,407 | ||||||
9,934 | Tokyo Gas Co. Ltd. (Utilities) | 249,967 | ||||||
18,978 | Tokyu Corp. (Industrials) | 304,665 | ||||||
191,725 | Tokyu Fudosan Holdings Corp. (Real Estate) | 1,423,047 | ||||||
35,118 | Toppan Printing Co. Ltd. (Industrials) | 302,455 | ||||||
40,735 | Toray Industries, Inc. (Materials) | 414,584 | ||||||
93,851 | Toshiba Corp. (Industrials)* | 278,813 | ||||||
24,614 | Tosoh Corp. (Materials) | 519,015 | ||||||
7,021 | TOTO Ltd. (Industrials) | 372,418 | ||||||
12,679 | Toyo Seikan Group Holdings Ltd. (Materials) | 189,523 | ||||||
8,278 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 325,053 | ||||||
7,042 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 172,115 | ||||||
50,386 | Toyota Motor Corp. (Consumer Discretionary) | 3,416,360 | ||||||
13,572 | Toyota Tsusho Corp. (Industrials) | 508,131 | ||||||
5,224 | Trend Micro, Inc. (Information Technology) | 297,661 | ||||||
6,604 | Tsuruha Holdings, Inc. (Consumer Staples) | 960,537 | ||||||
25,187 | Unicharm Corp. (Consumer Staples) | 708,838 | ||||||
252 | United Urban Investment Corp. REIT (Real Estate) | 398,647 | ||||||
13,360 | USS Co Ltd. (Consumer Discretionary) | 276,953 | ||||||
7,612 | West Japan Railway Co. (Industrials) | 530,818 | ||||||
6,443 | Yakult Honsha Co. Ltd. (Consumer Staples) | 463,126 | ||||||
112,428 | Yamada Denki Co. Ltd. (Consumer Discretionary) | 713,310 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
20,964 | Yamaguchi Financial Group, Inc. (Financials) | $ | 255,014 | |||||
6,286 | Yamaha Corp. (Consumer Discretionary) | 278,645 | ||||||
5,908 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 188,527 | ||||||
105,284 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 2,065,127 | ||||||
16,107 | Yaskawa Electric Corp. (Information Technology) | 756,254 | ||||||
18,792 | Yokogawa Electric Corp. (Information Technology) | 383,571 | ||||||
24,818 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 616,583 | ||||||
|
| |||||||
185,600,846 | ||||||||
|
| |||||||
Luxembourg – 0.4% | ||||||||
43,043 | ArcelorMittal (Materials)* | 1,483,052 | ||||||
697 | Eurofins Scientific SE (Health Care) | 394,105 | ||||||
12,989 | RTL Group SA (Consumer Discretionary) | 1,142,211 | ||||||
|
| |||||||
3,019,368 | ||||||||
|
| |||||||
Macau – 0.1% | ||||||||
55,876 | MGM China Holdings Ltd. (Consumer Discretionary) | 164,587 | ||||||
115,881 | Wynn Macau Ltd. (Consumer Discretionary) | 407,234 | ||||||
|
| |||||||
571,821 | ||||||||
|
| |||||||
Mexico – 0.0%(c) | ||||||||
9,577 | Fresnillo PLC (Materials) | 160,921 | ||||||
|
| |||||||
Netherlands – 3.6% | ||||||||
19,766 | ABN AMRO Group NV (Financials)(b) | 617,155 | ||||||
94,350 | Aegon NV (Financials) | 659,604 | ||||||
6,481 | Akzo Nobel NV (Materials) | 630,467 | ||||||
9,537 | ASML Holding NV (Information Technology) | 1,876,211 | ||||||
20,829 | Boskalis Westminster (Industrials) | 787,527 | ||||||
18,146 | EXOR NV (Financials) | 1,325,694 | ||||||
20,615 | Heineken Holding NV (Consumer Staples) | 2,055,448 | ||||||
10,750 | Heineken NV (Consumer Staples) | 1,121,536 | ||||||
117,452 | ING Groep NV (Financials) | 2,073,979 | ||||||
117,298 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 2,646,943 | ||||||
6,995 | Koninklijke DSM NV (Materials) | 726,368 | ||||||
113,096 | Koninklijke KPN NV (Telecommunication Services) | 354,500 | ||||||
41,166 | Koninklijke Philips NV (Health Care) | 1,583,062 | ||||||
33,464 | NN Group NV (Financials) | 1,500,337 | ||||||
15,776 | NXP Semiconductors NV (Information Technology)* | 1,966,636 | ||||||
20,889 | Randstad Holding NV (Industrials) | 1,499,593 | ||||||
112,878 | Royal Dutch Shell PLC, Class A (Energy) | 3,578,723 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
87,484 | Royal Dutch Shell PLC, Class B (Energy) | 2,797,731 | ||||||
26,389 | Wolters Kluwer NV (Industrials) | 1,341,486 | ||||||
|
| |||||||
29,143,000 | ||||||||
|
| |||||||
New Zealand – 0.1% | ||||||||
61,270 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 610,681 | ||||||
104,119 | Mercury NZ Ltd. (Utilities) | 238,384 | ||||||
79,093 | Meridian Energy Ltd. (Utilities) | 159,950 | ||||||
|
| |||||||
1,009,015 | ||||||||
|
| |||||||
Norway – 0.6% | ||||||||
31,634 | DNB ASA (Financials) | 628,501 | ||||||
25,098 | Gjensidige Forsikring ASA (Financials) | 460,140 | ||||||
40,540 | Marine Harvest ASA (Consumer Staples)(a) | 789,767 | ||||||
98,567 | Norsk Hydro ASA (Materials) | 670,352 | ||||||
48,647 | Orkla ASA (Consumer Staples) | 534,265 | ||||||
37,572 | Schibsted ASA, Class B (Consumer Discretionary) | 922,258 | ||||||
11,988 | Statoil ASA (Energy)(a) | 277,011 | ||||||
24,765 | Telenor ASA (Telecommunication Services) | 560,008 | ||||||
|
| |||||||
4,842,302 | ||||||||
|
| |||||||
Portugal – 0.2% | ||||||||
106,398 | EDP – Energias de Portugal SA (Utilities) | 357,253 | ||||||
15,353 | Galp Energia SGPS SA (Energy) | 278,445 | ||||||
52,141 | Jeronimo Martins SGPS SA (Consumer Staples) | 1,084,910 | ||||||
|
| |||||||
1,720,608 | ||||||||
|
| |||||||
Singapore – 1.5% | ||||||||
122,219 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 244,835 | ||||||
285,589 | CapitaLand Commercial Trust REIT (Real Estate) | 373,488 | ||||||
133,356 | CapitaLand Mall Trust REIT (Real Estate) | 203,636 | ||||||
31,005 | City Developments Ltd. (Real Estate) | 299,069 | ||||||
100,455 | DBS Group Holdings Ltd. (Financials) | 2,179,430 | ||||||
251,667 | Genting Singapore PLC (Consumer Discretionary) | 220,685 | ||||||
31,250 | Jardine Cycle & Carriage Ltd. (Consumer Discretionary) | 878,076 | ||||||
27,835 | Keppel Corp. Ltd. (Industrials) | 168,754 | ||||||
229,402 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 2,264,799 | ||||||
19,394 | Singapore Airlines Ltd. (Industrials) | 162,588 | ||||||
346,785 | Singapore Exchange Ltd. (Financials) | 1,979,232 | ||||||
120,816 | Singapore Telecommunications Ltd. (Telecommunication Services) | 308,696 | ||||||
463,724 | StarHub Ltd. (Telecommunication Services) | 876,373 | ||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Singapore – (continued) | ||||||||
222,665 | Suntec Real Estate Investment Trust REIT (Real Estate) | $ | 333,278 | |||||
64,883 | United Overseas Bank Ltd. (Financials) | 1,367,946 | ||||||
56,262 | UOL Group Ltd. (Real Estate) | 362,363 | ||||||
|
| |||||||
12,223,248 | ||||||||
|
| |||||||
South Africa – 0.3% | ||||||||
49,888 | Investec PLC (Financials) | 436,488 | ||||||
159,778 | Mediclinic International PLC (Health Care) | 1,302,849 | ||||||
25,814 | Mondi PLC (Materials) | 676,500 | ||||||
|
| |||||||
2,415,837 | ||||||||
|
| |||||||
Spain – 2.7% | ||||||||
40,675 | Abertis Infraestructuras SA (Industrials) | 972,342 | ||||||
43,861 | ACS Actividades de Construccion y Servicios SA (Industrials) | 1,515,516 | ||||||
4,720 | Aena SME SA (Industrials)(b) | 965,119 | ||||||
36,220 | Amadeus IT Group SA (Information Technology) | 2,675,283 | ||||||
123,259 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 1,035,794 | ||||||
409,718 | Banco de Sabadell SA (Financials) | 862,254 | ||||||
501,803 | Banco Santander SA (Financials) | 3,468,342 | ||||||
26,298 | Bankinter SA (Financials) | 290,850 | ||||||
111,327 | CaixaBank SA (Financials) | 544,749 | ||||||
14,206 | Enagas SA (Energy) | 371,131 | ||||||
15,428 | Endesa SA (Utilities) | 325,530 | ||||||
16,107 | Ferrovial SA (Industrials) | 348,992 | ||||||
12,512 | Gas Natural SDG SA (Utilities) | 287,122 | ||||||
16,807 | Grifols SA (Health Care) | 462,860 | ||||||
109,839 | Iberdrola SA (Utilities) | 813,972 | ||||||
71,445 | Industria de Diseno Textil SA (Consumer Discretionary) | 2,174,963 | ||||||
274,157 | Mapfre SA (Financials) | 926,221 | ||||||
17,311 | Red Electrica Corp. SA (Utilities) | 337,814 | ||||||
136,487 | Repsol SA (Energy) | 2,447,889 | ||||||
90,631 | Telefonica SA (Telecommunication Services) | 883,531 | ||||||
|
| |||||||
21,710,274 | ||||||||
|
| |||||||
Sweden – 2.4% | ||||||||
18,310 | Alfa Laval AB (Industrials) | 442,640 | ||||||
22,039 | Assa Abloy AB, Class B (Industrials) | 494,351 | ||||||
32,234 | Atlas Copco AB, Class A (Industrials) | 1,381,485 | ||||||
13,081 | Atlas Copco AB, Class B (Industrials) | 498,895 | ||||||
25,005 | Boliden AB (Materials) | 889,986 | ||||||
30,705 | Electrolux AB, Series B (Consumer Discretionary) | 1,013,556 | ||||||
10,043 | Essity AB, Class B (Consumer Staples)* | 276,363 | ||||||
30,137 | Getinge AB, Class B (Health Care) | 380,464 | ||||||
90,719 | Hennes & Mauritz AB, Class B (Consumer Discretionary) | 1,504,629 | ||||||
9,695 | Hexagon AB, Class B (Information Technology) | 569,496 | ||||||
35,973 | Husqvarna AB, Class B (Consumer Discretionary) | 385,281 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
10,180 | ICA Gruppen AB (Consumer Staples)(a) | 364,295 | ||||||
36,004 | Industrivarden AB, Class C (Financials) | 864,956 | ||||||
21,864 | Investor AB, Class B (Financials) | 989,824 | ||||||
10,665 | Kinnevik AB, Class B (Financials) | 391,434 | ||||||
8,534 | L E Lundbergforetagen AB, Class B (Financials) | 640,140 | ||||||
71,756 | Nordea Bank AB (Financials) | 818,930 | ||||||
42,595 | Sandvik AB (Industrials) | 794,270 | ||||||
71,377 | Securitas AB, Class B (Industrials) | 1,231,039 | ||||||
46,899 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 554,264 | ||||||
11,094 | Skanska AB, Class B (Industrials) | 221,800 | ||||||
10,838 | SKF AB, Class B (Industrials) | 228,193 | ||||||
34,222 | Svenska Handelsbanken AB, Class A (Financials) | 471,686 | ||||||
24,989 | Swedbank AB, Class A (Financials) | 630,342 | ||||||
26,756 | Swedish Match AB (Consumer Staples) | 1,141,865 | ||||||
25,206 | Tele2 AB, Class B (Telecommunication Services) | 299,594 | ||||||
161,685 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 1,088,112 | ||||||
100,314 | Telia Co. AB (Telecommunication Services) | 476,175 | ||||||
38,888 | Volvo AB, Class B (Industrials) | 736,645 | ||||||
|
| |||||||
19,780,710 | ||||||||
|
| |||||||
Switzerland – 8.0% | ||||||||
66,248 | ABB Ltd. (Industrials) | 1,616,506 | ||||||
12,018 | Adecco Group AG (Industrials) | 969,782 | ||||||
4,261 | Baloise Holding AG (Financials) | 672,706 | ||||||
557 | Barry Callebaut AG (Consumer Staples) | 1,100,385 | ||||||
178 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 1,066,060 | ||||||
11,427 | Cie Financiere Richemont SA (Consumer Discretionary) | 1,006,732 | ||||||
21,749 | Clariant AG (Materials)* | 545,422 | ||||||
51,884 | Coca-Cola HBC AG (Consumer Staples)* | 1,704,999 | ||||||
22,703 | Credit Suisse Group AG (Financials)* | 421,845 | ||||||
2,266 | Dufry AG (Consumer Discretionary)* | 326,574 | ||||||
1,007 | EMS-Chemie Holding AG (Materials) | 645,724 | ||||||
36,612 | Ferguson PLC (Industrials) | 2,595,945 | ||||||
1,178 | Geberit AG (Industrials) | 533,749 | ||||||
327 | Givaudan SA (Materials) | 746,351 | ||||||
480,044 | Glencore PLC (Materials)* | 2,555,431 | ||||||
6,828 | Julius Baer Group Ltd. (Financials)* | 445,061 | ||||||
15,542 | Kuehne + Nagel International AG (Industrials) | 2,544,148 | ||||||
5,066 | LafargeHolcim Ltd. (Materials)* | 296,868 | ||||||
1,939 | Lonza Group AG (Health Care)* | 494,060 | ||||||
129,446 | Nestle SA (Consumer Staples) | 10,311,301 | ||||||
85,902 | Novartis AG (Health Care) | 7,195,389 | ||||||
10,381 | Pargesa Holding SA (Financials) | 920,510 | ||||||
4,752 | Partners Group Holding AG (Financials) | 3,454,446 | ||||||
30,256 | Roche Holding AG (Health Care) | 7,020,941 | ||||||
1,898 | Schindler Holding AG (Industrials) | 430,191 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
2,580 | Schindler Holding AG Participation Certificates (Industrials) | $ | 604,971 | |||||
671 | SGS SA (Industrials) | 1,709,007 | ||||||
157 | Sika AG (Materials) | 1,292,482 | ||||||
6,815 | Sonova Holding AG (Health Care) | 1,070,151 | ||||||
90,476 | STMicroelectronics NV (Information Technology) | 2,076,770 | ||||||
2,155 | Straumann Holding AG (Health Care) | 1,460,534 | ||||||
3,310 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 1,400,284 | ||||||
12,982 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 1,044,687 | ||||||
3,193 | Swiss Life Holding AG (Financials)* | 1,158,879 | ||||||
4,758 | Swiss Prime Site AG (Real Estate)* | 445,063 | ||||||
5,762 | Swiss Re AG (Financials) | 588,364 | ||||||
974 | Swisscom AG (Telecommunication Services) | 527,684 | ||||||
77,405 | UBS Group AG (Financials)* | 1,480,036 | ||||||
3,678 | Zurich Insurance Group AG (Financials) | 1,214,260 | ||||||
|
| |||||||
65,694,298 | ||||||||
|
| |||||||
United Kingdom – 12.9% | ||||||||
179,166 | 3i Group PLC (Financials) | 2,319,534 | ||||||
91,422 | Admiral Group PLC (Financials) | 2,321,551 | ||||||
142,269 | Anglo American PLC (Materials) | 3,490,429 | ||||||
19,558 | Ashtead Group PLC (Industrials) | 569,681 | ||||||
17,891 | Associated British Foods PLC (Consumer Staples) | 648,571 | ||||||
42,712 | AstraZeneca PLC (Health Care) | 2,810,124 | ||||||
373,378 | Auto Trader Group PLC (Information Technology)(b) | 1,877,776 | ||||||
93,163 | Aviva PLC (Financials) | 649,012 | ||||||
50,749 | BAE Systems PLC (Industrials) | 405,143 | ||||||
152,406 | Barclays PLC (Financials) | 448,335 | ||||||
132,962 | Barratt Developments PLC (Consumer Discretionary) | 987,458 | ||||||
16,999 | Berkeley Group Holdings PLC (Consumer Discretionary) | 902,687 | ||||||
501,176 | BP PLC (Energy) | 3,281,128 | ||||||
61,185 | British American Tobacco PLC (Consumer Staples) | 3,621,270 | ||||||
35,395 | British Land Co. PLC (The) REIT (Real Estate) | 306,270 | ||||||
121,702 | BT Group PLC (Telecommunication Services) | 402,114 | ||||||
14,535 | Bunzl PLC (Industrials) | 391,529 | ||||||
106,066 | Burberry Group PLC (Consumer Discretionary) | 2,241,105 | ||||||
66,700 | Capita PLC (Industrials) | 161,886 | ||||||
612,081 | Centrica PLC (Utilities) | 1,206,000 | ||||||
49,734 | CNH Industrial NV (Industrials) | 676,035 | ||||||
13,348 | Coca-Cola European Partners PLC (Consumer Staples) | 507,491 | ||||||
72,776 | Compass Group PLC (Consumer Discretionary) | 1,550,243 | ||||||
13,110 | Croda International PLC (Materials) | 834,901 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
4,723 | DCC PLC (Industrials) | 431,779 | ||||||
67,855 | Diageo PLC (Consumer Staples) | 2,299,954 | ||||||
69,482 | Direct Line Insurance Group PLC (Financials) | 366,477 | ||||||
29,421 | easyJet PLC (Industrials)* | 680,629 | ||||||
22,185 | Experian PLC (Industrials) | 475,632 | ||||||
156,739 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | 3,359,183 | ||||||
158,996 | GlaxoSmithKline PLC (Health Care) | 2,863,719 | ||||||
52,432 | Hammerson PLC REIT (Real Estate) | 322,928 | ||||||
107,978 | Hargreaves Lansdown PLC (Financials) | 2,567,157 | ||||||
629,392 | HSBC Holdings PLC (Financials) | 6,218,750 | ||||||
36,294 | Imperial Brands PLC (Consumer Staples) | 1,309,702 | ||||||
13,718 | InterContinental Hotels Group PLC (Consumer Discretionary) | 888,175 | ||||||
151,268 | International Consolidated Airlines Group SA (Industrials) | 1,282,603 | ||||||
10,094 | Intertek Group PLC (Industrials) | 683,301 | ||||||
518,061 | J Sainsbury PLC (Consumer Staples) | 1,848,770 | ||||||
7,180 | Johnson Matthey PLC (Materials) | 310,144 | ||||||
276,156 | Kingfisher PLC (Consumer Discretionary) | 1,361,816 | ||||||
29,542 | Land Securities Group PLC REIT (Real Estate) | 377,331 | ||||||
393,357 | Legal & General Group PLC (Financials) | 1,423,259 | ||||||
1,240,704 | Lloyds Banking Group PLC (Financials) | 1,176,139 | ||||||
16,521 | London Stock Exchange Group PLC (Financials) | 916,913 | ||||||
332,467 | Marks & Spencer Group PLC (Consumer Discretionary)(a) | 1,354,114 | ||||||
73,040 | Meggitt PLC (Industrials) | 455,489 | ||||||
75,813 | Merlin Entertainments PLC (Consumer Discretionary)(b) | 355,161 | ||||||
10,893 | Micro Focus International PLC (Information Technology) | 309,634 | ||||||
59,024 | National Grid PLC (Utilities) | 601,977 | ||||||
22,233 | Next PLC (Consumer Discretionary) | 1,487,575 | ||||||
76,134 | Old Mutual PLC (Financials) | 267,813 | ||||||
28,988 | Persimmon PLC (Consumer Discretionary) | 1,038,869 | ||||||
86,868 | Prudential PLC (Financials) | 2,190,946 | ||||||
9,897 | Reckitt Benckiser Group PLC (Consumer Staples) | 787,649 | ||||||
69,611 | RELX NV (Industrials) | 1,430,583 | ||||||
54,335 | RELX PLC (Industrials) | 1,117,742 | ||||||
7,473 | Rio Tinto Ltd. (Materials) | 472,622 | ||||||
33,011 | Rio Tinto PLC (Materials) | 1,785,711 | ||||||
38,021 | Rolls-Royce Holdings PLC (Industrials)* | 439,843 | ||||||
44,196 | Royal Bank of Scotland Group PLC (Financials)* | 163,017 | ||||||
380,978 | Royal Mail PLC (Industrials) | 2,939,613 | ||||||
|
|
60 | 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) | ||||||||
59,291 | RSA Insurance Group PLC (Financials) | $ | 515,817 | |||||
211,428 | Sage Group PLC (The) (Information Technology) | 2,017,656 | ||||||
16,896 | Schroders PLC (Financials) | 802,933 | ||||||
119,550 | Segro PLC REIT (Real Estate) | 941,551 | ||||||
18,634 | Severn Trent PLC (Utilities) | 438,398 | ||||||
39,106 | Sky PLC (Consumer Discretionary) | 726,333 | ||||||
96,006 | Smith & Nephew PLC (Health Care) | 1,677,997 | ||||||
29,219 | Smiths Group PLC (Industrials) | 643,144 | ||||||
33,057 | SSE PLC (Utilities) | 557,958 | ||||||
19,177 | St James’s Place PLC (Financials) | 305,054 | ||||||
36,194 | Standard Chartered PLC (Financials)* | 404,345 | ||||||
174,156 | Taylor Wimpey PLC (Consumer Discretionary) | 446,327 | ||||||
514,652 | Tesco PLC (Consumer Staples) | 1,494,812 | ||||||
63,448 | Unilever NV (Consumer Staples) | 3,325,594 | ||||||
64,773 | Unilever PLC (Consumer Staples) | 3,332,056 | ||||||
42,144 | United Utilities Group PLC (Utilities) | 386,850 | ||||||
737,155 | Vodafone Group PLC (Telecommunication Services) | 2,069,467 | ||||||
4,290 | Whitbread PLC (Consumer Discretionary) | 229,523 | ||||||
631,104 | Wm Morrison Supermarkets PLC (Consumer Staples) | 1,962,613 | ||||||
102,848 | WPP PLC (Consumer Discretionary) | 1,975,426 | ||||||
|
| |||||||
105,226,846 | ||||||||
|
| |||||||
United States – 0.6% | ||||||||
12,307 | Carnival PLC (Consumer Discretionary) | 813,776 | ||||||
18,499 | QIAGEN NV (Health Care)* | 624,976 | ||||||
39,973 | Shire PLC (Health Care) | 1,712,339 | ||||||
88,122 | Valeant Pharmaceuticals International, Inc. (Health Care)* | 1,444,916 | ||||||
|
| |||||||
4,596,007 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $705,384,934) | $ | 811,441,383 | ||||||
|
| |||||||
Preferred Stocks – 0.5% | ||||||||
Germany – 0.5% | ||||||||
1,949 | Bayerische Motoren Werke AG (Consumer Discretionary) | $ | 177,569 | |||||
29,836 | FUCHS PETROLUB SE (Materials) | 1,697,934 | ||||||
9,115 | Henkel AG & Co KGaA (Consumer Staples) | 1,215,101 | ||||||
4,901 | Porsche Automobil Holding SE (Consumer Discretionary) | 413,165 | ||||||
2,650 | Volkswagen AG (Consumer Discretionary) | 520,752 | ||||||
|
| |||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $3,627,515) | $ | 4,024,521 | ||||||
|
|
Units | Description | Expiration Month | Value | |||||||||
Right – 0.0%(c) | ||||||||||||
Australia – 0.0%(c) | ||||||||||||
1,690 | APA Group (Utilities)* | |||||||||||
(Cost $0) | 03/18 | $ | 296 | |||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $709,012,449) | $ | 815,466,200 | ||||||||||
|
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.2%(d) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
10,243,008 | 1.262% | $ | 10,243,008 | |||||
(Cost $10,243,008) | ||||||||
| ||||||||
TOTAL INVESTMENTS – 101.0% | ||||||||
(Cost $719,255,457) | $ | 825,709,208 | ||||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)% | (8,542,073 | ) | ||||||
| ||||||||
NET ASSETS – 100.0% | $ | 817,167,135 | ||||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing. | |
(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 $10,669,981, which represents approximately 1.3% of net assets as of February 28, 2018. | |
(c) | Less than 0.05% | |
(d) | Represents an affiliated issuer. |
| ||
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. | 61 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Consumer Discretionary – 20.5% | ||||||||
1,441 | ABC-Mart, Inc. | $ | 91,831 | |||||
1,331 | Aisin Seiki Co. Ltd. | 78,210 | ||||||
5,104 | Asics Corp. | 81,746 | ||||||
4,183 | Bandai Namco Holdings, Inc. | 135,833 | ||||||
2,616 | Benesse Holdings, Inc. | 94,510 | ||||||
9,133 | Bridgestone Corp. | 409,297 | ||||||
5,277 | Casio Computer Co. Ltd. | 78,484 | ||||||
4,526 | Denso Corp. | 266,585 | ||||||
1,291 | Dentsu, Inc. | 59,828 | ||||||
2,179 | Don Quijote Holdings Co. Ltd. | 122,729 | ||||||
730 | Fast Retailing Co. Ltd. | 291,234 | ||||||
8,220 | Hakuhodo DY Holdings, Inc. | 119,558 | ||||||
1,316 | Hikari Tsushin, Inc. | 190,916 | ||||||
26,063 | Honda Motor Co. Ltd. | 948,922 | ||||||
1,183 | Iida Group Holdings Co. Ltd. | 22,428 | ||||||
25,894 | Isetan Mitsukoshi Holdings Ltd. | 306,248 | ||||||
2,567 | Isuzu Motors Ltd. | 40,584 | ||||||
1,073 | J Front Retailing Co. Ltd. | 19,619 | ||||||
1,525 | Koito Manufacturing Co. Ltd. | 106,473 | ||||||
987 | Marui Group Co. Ltd. | 19,064 | ||||||
30,984 | Mazda Motor Corp. | 434,540 | ||||||
3,803 | McDonald’s Holdings Co. Japan Ltd. | 170,182 | ||||||
6,882 | Mitsubishi Motors Corp. | 54,757 | ||||||
701 | NGK Spark Plug Co. Ltd. | 17,948 | ||||||
10,770 | Nikon Corp. | 220,235 | ||||||
17,126 | Nissan Motor Co. Ltd. | 180,561 | ||||||
1,869 | Nitori Holdings Co. Ltd. | 315,543 | ||||||
756 | NOK Corp. | 16,281 | ||||||
2,734 | Oriental Land Co. Ltd. | 266,982 | ||||||
28,464 | Panasonic Corp. | 447,480 | ||||||
3,063 | Rakuten, Inc. | 28,054 | ||||||
755 | Rinnai Corp. | 67,996 | ||||||
644 | Ryohin Keikaku Co. Ltd. | 221,195 | ||||||
1,301 | Sankyo Co. Ltd. | 46,819 | ||||||
7,442 | Sega Sammy Holdings, Inc. | 108,730 | ||||||
10,390 | Sekisui Chemical Co. Ltd. | 197,177 | ||||||
3,764 | Sekisui House Ltd. | 66,281 | ||||||
1,599 | Sharp Corp.*(a) | 56,195 | ||||||
1,066 | Shimamura Co. Ltd. | 127,275 | ||||||
693 | Shimano, Inc. | 100,535 | ||||||
15,520 | Sony Corp. | 791,527 | ||||||
2,763 | Stanley Electric Co. Ltd. | 109,142 | ||||||
6,062 | Start Today Co. Ltd. | 158,161 | ||||||
6,975 | Subaru Corp. | 247,088 | ||||||
5,509 | Sumitomo Electric Industries Ltd. | 87,665 | ||||||
4,890 | Sumitomo Rubber Industries Ltd. | 94,313 | ||||||
5,047 | Suzuki Motor Corp. | 290,697 | ||||||
6,000 | Takashimaya Co. Ltd. | 61,234 | ||||||
1,606 | Toho Co. Ltd. | 52,302 | ||||||
1,449 | Toyoda Gosei Co. Ltd. | 35,415 | ||||||
693 | Toyota Industries Corp. | 43,903 | ||||||
31,387 | Toyota Motor Corp. | 2,128,157 | ||||||
3,846 | USS Co. Ltd. | 79,728 | ||||||
24,827 | Yamada Denki Co. Ltd. | 157,517 | ||||||
1,921 | Yamaha Corp. | 85,154 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
4,113 | Yamaha Motor Co. Ltd. | 131,247 | ||||||
4,128 | Yokohama Rubber Co. Ltd. (The) | 102,557 | ||||||
|
| |||||||
11,284,672 | ||||||||
|
| |||||||
Consumer Staples – 10.5% | ||||||||
8,285 | Aeon Co. Ltd.(a) | 140,264 | ||||||
7,183 | Ajinomoto Co., Inc. | 131,738 | ||||||
7,751 | Asahi Group Holdings Ltd. | 398,864 | ||||||
2,546 | Calbee, Inc. | 85,419 | ||||||
3,175 | Coca-Cola Bottlers Japan Holdings, Inc. | 121,103 | ||||||
1,409 | FamilyMart UNY Holdings Co. Ltd.(a) | 106,825 | ||||||
12,635 | Japan Tobacco, Inc. | 360,915 | ||||||
6,911 | Kao Corp. | 508,553 | ||||||
3,287 | Kikkoman Corp. | 131,227 | ||||||
19,223 | Kirin Holdings Co. Ltd. | 500,549 | ||||||
1,181 | Kose Corp. | 222,907 | ||||||
2,142 | Lawson, Inc.(a) | 140,318 | ||||||
7,328 | Lion Corp. | 138,381 | ||||||
2,280 | MEIJI Holdings Co. Ltd. | 167,306 | ||||||
4,636 | NH Foods Ltd. | 104,490 | ||||||
7,562 | Nisshin Seifun Group, Inc. | 150,383 | ||||||
1,958 | Nissin Foods Holdings Co. Ltd. | 134,320 | ||||||
5,490 | Pola Orbis Holdings, Inc. | 232,298 | ||||||
8,998 | Seven & i Holdings Co. Ltd. | 376,178 | ||||||
6,861 | Shiseido Co. Ltd. | 415,434 | ||||||
3,215 | Sundrug Co. Ltd. | 148,992 | ||||||
4,929 | Suntory Beverage & Food Ltd. | 230,040 | ||||||
2,928 | Toyo Suisan Kaisha Ltd. | 114,974 | ||||||
1,370 | Tsuruha Holdings, Inc. | 199,263 | ||||||
6,479 | Unicharm Corp. | 182,339 | ||||||
2,379 | Yakult Honsha Co. Ltd. | 171,004 | ||||||
9,542 | Yamazaki Baking Co. Ltd. | 187,165 | ||||||
|
| |||||||
5,801,249 | ||||||||
|
| |||||||
Energy – 1.7% | ||||||||
8,823 | Idemitsu Kosan Co. Ltd. | 341,079 | ||||||
5,489 | Inpex Corp. | 67,465 | ||||||
79,099 | JXTG Holdings, Inc. | 486,284 | ||||||
3,053 | Showa Shell Sekiyu KK | 39,856 | ||||||
|
| |||||||
934,684 | ||||||||
|
| |||||||
Financials – 9.5% | ||||||||
2,032 | AEON Financial Service Co. Ltd. | 47,646 | ||||||
1,672 | Aozora Bank Ltd. | 68,867 | ||||||
964 | Bank of Kyoto Ltd. (The) | 53,935 | ||||||
3,213 | Chiba Bank Ltd. (The) | 26,739 | ||||||
3,045 | Concordia Financial Group Ltd. | 17,864 | ||||||
11,307 | Credit Saison Co. Ltd. | 195,929 | ||||||
12,311 | Dai-ichi Life Holdings, Inc. | 245,978 | ||||||
8,525 | Daiwa Securities Group, Inc. | 57,267 | ||||||
3,086 | Fukuoka Financial Group, Inc. | 15,935 | ||||||
3,375 | Hachijuni Bank Ltd. (The) | 20,527 | ||||||
8,147 | Japan Exchange Group, Inc. | 141,707 | ||||||
3,931 | Japan Post Bank Co. Ltd. | 54,007 | ||||||
5,972 | Japan Post Holdings Co. Ltd. | 72,254 | ||||||
2,934 | Kyushu Financial Group, Inc. | 16,498 | ||||||
|
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
10,779 | Mebuki Financial Group, Inc. | $ | 43,740 | |||||
136,951 | Mitsubishi UFJ Financial Group, Inc. | 978,377 | ||||||
28,514 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 182,513 | ||||||
307,856 | Mizuho Financial Group, Inc. | 575,292 | ||||||
3,107 | MS&AD Insurance Group Holdings, Inc. | 97,020 | ||||||
20,755 | Nomura Holdings, Inc. | 128,298 | ||||||
23,953 | ORIX Corp. | 428,754 | ||||||
19,524 | Resona Holdings, Inc. | 111,979 | ||||||
3,123 | SBI Holdings, Inc. | 72,554 | ||||||
17,057 | Seven Bank Ltd. | 59,145 | ||||||
4,112 | Shinsei Bank Ltd. | 65,357 | ||||||
2,736 | Shizuoka Bank Ltd. (The) | 27,872 | ||||||
4,659 | Sompo Holdings, Inc. | 180,893 | ||||||
1,061 | Sony Financial Holdings, Inc. | 19,887 | ||||||
17,017 | Sumitomo Mitsui Financial Group, Inc. | 747,310 | ||||||
1,443 | Sumitomo Mitsui Trust Holdings, Inc. | 58,569 | ||||||
3,425 | Suruga Bank Ltd. | 56,621 | ||||||
3,372 | T&D Holdings, Inc. | 56,234 | ||||||
5,634 | Tokio Marine Holdings, Inc. | 262,204 | ||||||
3,752 | Yamaguchi Financial Group, Inc. | 45,641 | ||||||
|
| |||||||
5,233,413 | ||||||||
|
| |||||||
Health Care – 8.0% | ||||||||
13,191 | Alfresa Holdings Corp. | 297,803 | ||||||
29,730 | Astellas Pharma, Inc. | 440,357 | ||||||
3,282 | Chugai Pharmaceutical Co. Ltd. | 170,705 | ||||||
7,536 | Daiichi Sankyo Co. Ltd. | 268,939 | ||||||
2,791 | Eisai Co. Ltd. | 148,986 | ||||||
1,382 | Hisamitsu Pharmaceutical Co., Inc. | 100,245 | ||||||
6,297 | Hoya Corp. | 334,664 | ||||||
5,077 | Kyowa Hakko Kirin Co. Ltd. | 108,006 | ||||||
3,503 | M3, Inc. | 137,224 | ||||||
5,522 | Medipal Holdings Corp. | 113,333 | ||||||
2,676 | Mitsubishi Tanabe Pharma Corp. | 57,555 | ||||||
4,056 | Olympus Corp. | 163,639 | ||||||
2,725 | Ono Pharmaceutical Co. Ltd. | 79,933 | ||||||
3,564 | Otsuka Holdings Co. Ltd. | 179,828 | ||||||
5,025 | Santen Pharmaceutical Co. Ltd. | 80,999 | ||||||
4,473 | Shionogi & Co. Ltd. | 234,371 | ||||||
7,681 | Sumitomo Dainippon Pharma Co. Ltd. | 118,269 | ||||||
11,321 | Suzuken Co. Ltd. | 464,702 | ||||||
2,539 | Sysmex Corp. | 212,010 | ||||||
539 | Taisho Pharmaceutical Holdings Co. Ltd. | 49,402 | ||||||
7,589 | Takeda Pharmaceutical Co. Ltd. | 434,693 | ||||||
4,351 | Terumo Corp. | 235,277 | ||||||
|
| |||||||
4,430,940 | ||||||||
|
| |||||||
Industrials – 19.5% | ||||||||
2,761 | Amada Holdings Co. Ltd. | 37,157 | ||||||
3,038 | ANA Holdings, Inc. | 122,511 | ||||||
2,203 | Asahi Glass Co. Ltd. | 91,977 | ||||||
1,608 | Central Japan Railway Co. | 300,638 | ||||||
2,204 | Dai Nippon Printing Co. Ltd. | 46,495 | ||||||
1,923 | Daifuku Co. Ltd. | 127,233 | ||||||
2,793 | Daikin Industries Ltd. | 331,113 | ||||||
3,074 | East Japan Railway Co. | 289,812 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,790 | FANUC Corp. | 458,131 | ||||||
7,290 | Fuji Electric Co. Ltd. | 55,885 | ||||||
2,244 | Hankyu Hanshin Holdings, Inc. | 84,120 | ||||||
942 | Hino Motors Ltd. | 12,492 | ||||||
4,057 | Hitachi Construction Machinery Co. Ltd. | 174,705 | ||||||
1,080 | Hoshizaki Corp. | 97,975 | ||||||
339 | IHI Corp. | 11,628 | ||||||
26,586 | ITOCHU Corp. | 514,753 | ||||||
1,704 | Japan Airlines Co. Ltd. | 65,298 | ||||||
1,370 | Japan Airport Terminal Co. Ltd. | 51,998 | ||||||
732 | JGC Corp. | 16,882 | ||||||
25,955 | Kajima Corp. | 248,592 | ||||||
3,497 | Kamigumi Co. Ltd. | 76,983 | ||||||
695 | Kawasaki Heavy Industries Ltd. | 25,532 | ||||||
1,346 | Keihan Holdings Co. Ltd. | 42,321 | ||||||
1,981 | Keikyu Corp. | 35,608 | ||||||
1,126 | Keio Corp. | 49,544 | ||||||
2,670 | Keisei Electric Railway Co. Ltd. | 87,578 | ||||||
1,892 | Kintetsu Group Holdings Co. Ltd. | 73,052 | ||||||
8,414 | Komatsu Ltd. | 308,788 | ||||||
7,569 | Kubota Corp. | 138,108 | ||||||
3,297 | Kurita Water Industries Ltd. | 101,810 | ||||||
2,060 | Kyushu Railway Co. | 63,708 | ||||||
3,816 | LIXIL Group Corp. | 93,733 | ||||||
2,625 | Makita Corp. | 124,725 | ||||||
62,389 | Marubeni Corp. | 479,268 | ||||||
4,444 | MINEBEA MITSUMI, Inc. | 102,453 | ||||||
7,170 | MISUMI Group, Inc. | 208,303 | ||||||
24,609 | Mitsubishi Corp. | 695,569 | ||||||
22,007 | Mitsubishi Electric Corp. | 374,741 | ||||||
1,172 | Mitsubishi Heavy Industries Ltd. | 48,130 | ||||||
30,372 | Mitsui & Co. Ltd. | 555,466 | ||||||
1,690 | Mitsui OSK Lines Ltd. | 53,374 | ||||||
2,560 | Nabtesco Corp. | 111,440 | ||||||
4,205 | Nagoya Railroad Co. Ltd. | 107,701 | ||||||
1,718 | NGK Insulators Ltd. | 32,265 | ||||||
2,386 | Nidec Corp. | 385,946 | ||||||
2,116 | Nippon Express Co. Ltd. | 142,779 | ||||||
661 | Nippon Yusen KK* | 14,446 | ||||||
1,073 | NSK Ltd. | 16,180 | ||||||
28,851 | Obayashi Corp. | 328,242 | ||||||
2,276 | Odakyu Electric Railway Co. Ltd. | 46,542 | ||||||
3,381 | Park24 Co. Ltd. | 81,558 | ||||||
6,705 | Persol Holdings Co. Ltd. | 172,864 | ||||||
18,296 | Recruit Holdings Co. Ltd. | 444,433 | ||||||
1,351 | Secom Co. Ltd. | 97,237 | ||||||
1,523 | Seibu Holdings, Inc. | 26,062 | ||||||
5,378 | Shimizu Corp. | 50,300 | ||||||
581 | SMC Corp. | 245,185 | ||||||
1,101 | Sohgo Security Services Co. Ltd. | 52,210 | ||||||
23,710 | Sumitomo Corp. | 419,738 | ||||||
1,480 | Sumitomo Heavy Industries Ltd. | 58,601 | ||||||
3,213 | Taisei Corp. | 164,105 | ||||||
1,911 | THK Co. Ltd. | 83,815 | ||||||
2,313 | Tobu Railway Co. Ltd. | 71,749 | ||||||
3,260 | Tokyu Corp. | 52,335 | ||||||
5,686 | Toppan Printing Co. Ltd. | 48,971 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
39,101 | Toshiba Corp.* | $ | 116,161 | |||||
3,148 | TOTO Ltd. | 166,981 | ||||||
4,159 | Toyota Tsusho Corp. | 155,712 | ||||||
1,927 | West Japan Railway Co. | 134,378 | ||||||
2,003 | Yamato Holdings Co. Ltd. | 50,270 | ||||||
|
| |||||||
10,756,395 | ||||||||
|
| |||||||
Information Technology – 14.8% | ||||||||
1,482 | Alps Electric Co. Ltd. | 41,041 | ||||||
7,449 | Brother Industries Ltd. | 187,508 | ||||||
15,433 | Canon, Inc. | 592,414 | ||||||
2,832 | DeNA Co. Ltd. | 51,887 | ||||||
788 | Disco Corp. | 186,172 | ||||||
6,809 | FUJIFILM Holdings Corp. | 285,684 | ||||||
41,800 | Fujitsu Ltd. | 252,238 | ||||||
2,706 | Hamamatsu Photonics KK | 108,666 | ||||||
323 | Hirose Electric Co. Ltd. | 48,281 | ||||||
537 | Hitachi High-Technologies Corp. | 26,421 | ||||||
81,310 | Hitachi Ltd. | 623,322 | ||||||
7,322 | Kakaku.com, Inc. | 124,955 | ||||||
1,190 | Keyence Corp. | 727,907 | ||||||
2,396 | Konami Holdings Corp. | 126,868 | ||||||
16,675 | Konica Minolta, Inc. | 154,865 | ||||||
2,990 | Kyocera Corp. | 178,019 | ||||||
2,002 | LINE Corp.* | 81,521 | ||||||
3,186 | Mixi, Inc. | 129,434 | ||||||
1,726 | Murata Manufacturing Co. Ltd. | 242,389 | ||||||
15,461 | NEC Corp. | 472,357 | ||||||
5,136 | Nexon Co. Ltd.* | 186,755 | ||||||
1,168 | Nintendo Co. Ltd. | 537,233 | ||||||
3,582 | Nippon Electric Glass Co. Ltd. | 109,268 | ||||||
1,826 | Nomura Research Institute Ltd. | 82,483 | ||||||
17,734 | NTT Data Corp. | 184,810 | ||||||
1,643 | Obic Co. Ltd. | 137,654 | ||||||
4,138 | Omron Corp. | 246,640 | ||||||
1,917 | Oracle Corp. Japan | 149,472 | ||||||
1,993 | Otsuka Corp. | 186,216 | ||||||
5,694 | Renesas Electronics Corp.* | 66,009 | ||||||
7,805 | Ricoh Co. Ltd. | 84,556 | ||||||
1,223 | Rohm Co. Ltd. | 130,317 | ||||||
6,390 | Seiko Epson Corp. | 123,003 | ||||||
5,228 | Shimadzu Corp. | 134,981 | ||||||
3,127 | SUMCO Corp. | 84,487 | ||||||
485 | TDK Corp. | 44,407 | ||||||
2,233 | Tokyo Electron Ltd. | 440,720 | ||||||
2,281 | Trend Micro, Inc. | 129,970 | ||||||
12,507 | Yahoo Japan Corp. | 58,137 | ||||||
5,967 | Yaskawa Electric Corp. | 280,162 | ||||||
7,490 | Yokogawa Electric Corp. | 152,881 | ||||||
|
| |||||||
8,192,110 | ||||||||
|
| |||||||
Materials – 5.2% | ||||||||
1,866 | Air Water, Inc. | 37,371 | ||||||
14,470 | Asahi Kasei Corp. | 187,613 | ||||||
1,091 | Hitachi Chemical Co. Ltd. | 24,528 | ||||||
2,044 | JFE Holdings, Inc. | 47,650 | ||||||
1,710 | JSR Corp. | 41,506 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
3,133 | Kaneka Corp. | 32,033 | ||||||
1,818 | Kansai Paint Co. Ltd. | 46,002 | ||||||
32,169 | Kobe Steel Ltd.* | 358,757 | ||||||
4,760 | Kuraray Co. Ltd. | 83,597 | ||||||
1,251 | Maruichi Steel Tube Ltd. | 39,510 | ||||||
34,837 | Mitsubishi Chemical Holdings Corp. | 357,169 | ||||||
1,553 | Mitsui Chemicals, Inc. | 47,810 | ||||||
573 | Nippon Paint Holdings Co. Ltd. | 20,997 | ||||||
2,911 | Nippon Steel & Sumitomo Metal Corp. | 69,743 | ||||||
2,534 | Nissan Chemical Industries Ltd. | 101,165 | ||||||
1,607 | Nitto Denko Corp. | 134,081 | ||||||
51,996 | Oji Holdings Corp. | 342,076 | ||||||
3,624 | Shin-Etsu Chemical Co. Ltd. | 386,327 | ||||||
13,198 | Sumitomo Chemical Co. Ltd. | 82,746 | ||||||
2,425 | Sumitomo Metal Mining Co. Ltd. | 114,358 | ||||||
322 | Taiheiyo Cement Corp. | 12,071 | ||||||
3,007 | Teijin Ltd. | 59,658 | ||||||
10,029 | Toray Industries, Inc. | 102,071 | ||||||
4,622 | Tosoh Corp. | 97,460 | ||||||
1,714 | Toyo Seikan Group Holdings Ltd. | 25,620 | ||||||
|
| |||||||
2,851,919 | ||||||||
|
| |||||||
Real Estate – 3.5% | ||||||||
2,465 | Aeon Mall Co. Ltd. | 51,677 | ||||||
1,543 | Daito Trust Construction Co. Ltd. | 256,673 | ||||||
7,487 | Daiwa House Industry Co. Ltd. | 279,048 | ||||||
21 | Daiwa House REIT Investment Corp. | 50,598 | ||||||
4,227 | Hulic Co. Ltd. | 47,299 | ||||||
14 | Japan Prime Realty Investment Corp. REIT | 48,283 | ||||||
11 | Japan Real Estate Investment Corp. REIT | 57,111 | ||||||
28 | Japan Retail Fund Investment Corp. REIT | 53,872 | ||||||
6,452 | Mitsubishi Estate Co. Ltd. | 113,403 | ||||||
5,889 | Mitsui Fudosan Co. Ltd. | 142,279 | ||||||
12 | Nippon Building Fund, Inc. REIT | 65,227 | ||||||
23 | Nippon Prologis REIT, Inc. REIT | 52,162 | ||||||
1,902 | Nomura Real Estate Holdings, Inc. | 46,131 | ||||||
59 | Nomura Real Estate Master Fund, Inc. REIT | 80,948 | ||||||
2,623 | Sumitomo Realty & Development Co. Ltd. | 95,894 | ||||||
2,407 | Tokyo Tatemono Co. Ltd. | 37,513 | ||||||
53,987 | Tokyu Fudosan Holdings Corp. | 400,709 | ||||||
36 | United Urban Investment Corp. REIT | 56,949 | ||||||
|
| |||||||
1,935,776 | ||||||||
|
| |||||||
Telecommunication Services – 3.7% | ||||||||
19,494 | KDDI Corp. | 481,481 | ||||||
10,603 | Nippon Telegraph & Telephone Corp. | 495,049 | ||||||
15,349 | NTT DOCOMO, Inc. | 394,855 | ||||||
8,291 | SoftBank Group Corp. | 691,143 | ||||||
|
| |||||||
2,062,528 | ||||||||
|
| |||||||
Utilities – 2.9% | ||||||||
4,631 | Chubu Electric Power Co., Inc. | 63,386 | ||||||
4,224 | Chugoku Electric Power Co., Inc. (The) | 49,522 | ||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
10,615 | Electric Power Development Co. Ltd. | $ | 270,784 | |||||
33,414 | Kansai Electric Power Co., Inc. (The) | 408,653 | ||||||
4,471 | Kyushu Electric Power Co., Inc. | 50,323 | ||||||
5,562 | Osaka Gas Co. Ltd. | 110,401 | ||||||
2,299 | Toho Gas Co. Ltd. | 67,652 | ||||||
4,379 | Tohoku Electric Power Co., Inc. | 57,618 | ||||||
102,052 | Tokyo Electric Power Co. Holdings, Inc.* | 394,034 | ||||||
4,289 | Tokyo Gas Co. Ltd. | 107,923 | ||||||
|
| |||||||
1,580,296 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $43,977,135) | $ | 55,063,982 | ||||||
|
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.0%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
543,935 | 1.262% | $ | 543,935 | |||||
(Cost $543,935) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.8% | ||||||||
(Cost $44,521,070) | $ | 55,607,917 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)% | (442,573 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 55,165,344 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Consumer Discretionary – 14.1% | ||||||||
38,196 | Amazon.com, Inc.* | $ | 57,769,540 | |||||
87,800 | Aramark | 3,662,138 | ||||||
11,619 | AutoZone, Inc.* | 7,723,382 | ||||||
212,219 | Best Buy Co., Inc. | 15,373,144 | ||||||
5,474 | Booking Holdings, Inc.* | 11,134,335 | ||||||
62,611 | Carnival Corp. | 4,189,302 | ||||||
6,431 | Charter Communications, Inc., Class A* | 2,198,952 | ||||||
295,125 | Comcast Corp., Class A | 10,686,476 | ||||||
29,127 | Darden Restaurants, Inc. | 2,685,218 | ||||||
12,362 | DISH Network Corp., Class A* | 515,372 | ||||||
60,589 | Dollar General Corp. | 5,731,114 | ||||||
53,366 | Dollar Tree, Inc.* | 5,477,486 | ||||||
35,196 | Domino’s Pizza, Inc. | 7,827,942 | ||||||
70,734 | DR Horton, Inc. | 2,963,755 | ||||||
20,907 | Expedia, Inc. | 2,198,789 | ||||||
891,312 | Ford Motor Co. | 9,456,820 | ||||||
29,030 | General Motors Co. | 1,142,330 | ||||||
55,632 | Genuine Parts Co. | 5,109,243 | ||||||
35,239 | Hanesbrands, Inc.(a) | 683,637 | ||||||
46,630 | Hasbro, Inc. | 4,456,429 | ||||||
47,599 | Hilton Worldwide Holdings, Inc. | 3,845,523 | ||||||
153,393 | Home Depot, Inc. (The) | 27,958,942 | ||||||
101,608 | L Brands, Inc. | 5,012,323 | ||||||
39,313 | Las Vegas Sands Corp. | 2,862,380 | ||||||
42,495 | Lear Corp. | 7,928,292 | ||||||
76,461 | Lennar Corp., Class A | 4,326,163 | ||||||
35,239 | Lennar Corp., Class B | 1,598,441 | ||||||
6,689 | Liberty Broadband Corp., Class C* | 587,829 | ||||||
30,747 | LKQ Corp.* | 1,213,892 | ||||||
142,152 | Lowe’s Cos., Inc. | 12,735,398 | ||||||
35,483 | Marriott International, Inc., Class A | 5,010,554 | ||||||
79,808 | McDonald’s Corp. | 12,588,914 | ||||||
6,575 | Mohawk Industries, Inc.* | 1,577,211 | ||||||
50,513 | Netflix, Inc.* | 14,718,478 | ||||||
191,750 | NIKE, Inc., Class B | 12,853,002 | ||||||
1,203 | NVR, Inc.* | 3,420,334 | ||||||
18,985 | Omnicom Group, Inc. | 1,447,227 | ||||||
29,390 | O’Reilly Automotive, Inc.* | 7,176,744 | ||||||
58,000 | PVH Corp. | 8,368,240 | ||||||
138,486 | Ross Stores, Inc. | 10,814,372 | ||||||
36,529 | Royal Caribbean Cruises Ltd. | 4,624,571 | ||||||
153,633 | Starbucks Corp. | 8,772,444 | ||||||
122,939 | Tapestry, Inc. | 6,258,824 | ||||||
211,657 | Target Corp. | 15,961,054 | ||||||
4,327 | Tesla, Inc.*(a) | 1,484,421 | ||||||
41,389 | Tiffany & Co. | 4,181,945 | ||||||
63,494 | Time Warner, Inc. | 5,902,402 | ||||||
122,042 | TJX Cos., Inc. (The) | 10,090,433 | ||||||
24,658 | Ulta Beauty, Inc.* | 5,014,204 | ||||||
93,644 | VF Corp. | 6,983,033 | ||||||
249,878 | Viacom, Inc., Class B | 8,330,933 | ||||||
111,923 | Walt Disney Co. (The) | 11,545,977 | ||||||
3,336 | Whirlpool Corp. | 541,866 | ||||||
39,801 | Wyndham Worldwide Corp. | 4,608,160 | ||||||
7,807 | Wynn Resorts Ltd. | 1,307,672 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
63,957 | Yum! Brands, Inc. | 5,204,821 | ||||||
|
| |||||||
407,842,423 | ||||||||
|
| |||||||
Consumer Staples – 9.8% | ||||||||
163,245 | Altria Group, Inc. | 10,276,273 | ||||||
262,675 | Archer-Daniels-Midland Co. | 10,906,266 | ||||||
105,414 | Brown-Forman Corp., Class B | 7,356,843 | ||||||
14,708 | Bunge Ltd. | 1,109,424 | ||||||
69,510 | Campbell Soup Co. | 2,992,406 | ||||||
79,316 | Church & Dwight Co., Inc. | 3,901,554 | ||||||
68,471 | Clorox Co. (The) | 8,838,237 | ||||||
329,825 | Coca-Cola Co. (The) | 14,255,037 | ||||||
144,054 | Colgate-Palmolive Co. | 9,935,404 | ||||||
62,762 | Conagra Brands, Inc. | 2,267,591 | ||||||
22,049 | Constellation Brands, Inc., Class A | 4,751,119 | ||||||
66,710 | Costco Wholesale Corp. | 12,734,939 | ||||||
161,208 | CVS Health Corp. | 10,918,618 | ||||||
52,145 | Dr Pepper Snapple Group, Inc. | 6,061,856 | ||||||
90,835 | Estee Lauder Cos., Inc. (The), Class A | 12,575,197 | ||||||
71,669 | General Mills, Inc. | 3,622,868 | ||||||
62,489 | Hershey Co. (The) | 6,140,169 | ||||||
83,052 | Hormel Foods Corp. | 2,695,868 | ||||||
34,982 | Ingredion, Inc. | 4,570,048 | ||||||
47,335 | JM Smucker Co. (The) | 5,978,411 | ||||||
49,434 | Kellogg Co. | 3,272,531 | ||||||
63,146 | Kimberly-Clark Corp. | 7,004,154 | ||||||
23,314 | Kraft Heinz Co. (The) | 1,563,204 | ||||||
285,676 | Kroger Co. (The) | 7,747,533 | ||||||
19,986 | McCormick & Co., Inc. | 2,134,105 | ||||||
87,948 | Molson Coors Brewing Co., Class B | 6,706,035 | ||||||
59,411 | Mondelez International, Inc., Class A | 2,608,143 | ||||||
63,565 | Monster Beverage Corp.* | 4,028,114 | ||||||
172,880 | PepsiCo, Inc. | 18,970,122 | ||||||
164,288 | Philip Morris International, Inc. | 17,012,022 | ||||||
223,728 | Procter & Gamble Co. (The) | 17,567,123 | ||||||
154,172 | Sysco Corp. | 9,196,360 | ||||||
81,454 | Tyson Foods, Inc., Class A | 6,058,549 | ||||||
176,607 | Walgreens Boots Alliance, Inc. | 12,166,456 | ||||||
282,021 | Walmart, Inc. | 25,384,710 | ||||||
|
| |||||||
283,307,289 | ||||||||
|
| |||||||
Energy – 3.1% | ||||||||
21,669 | Andeavor | 1,941,976 | ||||||
122,541 | Chevron Corp. | 13,714,789 | ||||||
62,140 | ConocoPhillips | 3,374,824 | ||||||
8,463 | EOG Resources, Inc. | 858,318 | ||||||
356,114 | Exxon Mobil Corp. | 26,972,074 | ||||||
50,476 | Kinder Morgan, Inc. | 817,711 | ||||||
88,698 | Marathon Oil Corp. | 1,287,895 | ||||||
182,471 | Marathon Petroleum Corp. | 11,689,092 | ||||||
41,847 | National Oilwell Varco, Inc. | 1,468,411 | ||||||
23,248 | Occidental Petroleum Corp. | 1,525,069 | ||||||
35,192 | Phillips 66 | 3,180,301 | ||||||
37,724 | Schlumberger Ltd. | 2,476,203 | ||||||
194,934 | Valero Energy Corp. | 17,625,932 | ||||||
60,763 | Williams Cos., Inc. (The) | 1,686,781 | ||||||
|
| |||||||
88,619,376 | ||||||||
|
|
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) | ||||||||
Financials – 12.7% | ||||||||
75,100 | Aflac, Inc. | $ | 6,674,888 | |||||
2,783 | Alleghany Corp.* | 1,686,915 | ||||||
69,510 | Allstate Corp. (The) | 6,412,993 | ||||||
344,451 | Ally Financial, Inc. | 9,610,183 | ||||||
80,503 | American Express Co. | 7,849,847 | ||||||
41,967 | American International Group, Inc. | 2,406,388 | ||||||
10,979 | Ameriprise Financial, Inc. | 1,717,555 | ||||||
702,124 | Annaly Capital Management, Inc. REIT | 7,042,304 | ||||||
41,711 | Aon PLC | 5,852,887 | ||||||
27,320 | Arch Capital Group Ltd.* | 2,410,717 | ||||||
47,004 | Arthur J Gallagher & Co. | 3,248,446 | ||||||
913,612 | Bank of America Corp. | 29,326,945 | ||||||
77,280 | Bank of New York Mellon Corp. (The) | 4,407,278 | ||||||
52,585 | BB&T Corp. | 2,857,995 | ||||||
83,819 | Berkshire Hathaway, Inc., Class B* | 17,367,297 | ||||||
8,341 | BlackRock, Inc. | 4,582,796 | ||||||
35,873 | Capital One Financial Corp. | 3,513,043 | ||||||
55,185 | Cboe Global Markets, Inc. | 6,181,272 | ||||||
66,242 | Charles Schwab Corp. (The) | 3,512,151 | ||||||
27,935 | Chubb Ltd. | 3,964,535 | ||||||
25,743 | Cincinnati Financial Corp. | 1,920,170 | ||||||
166,204 | Citigroup, Inc. | 12,546,740 | ||||||
64,728 | Citizens Financial Group, Inc. | 2,815,021 | ||||||
35,424 | CME Group, Inc. | 5,886,052 | ||||||
11,131 | Comerica, Inc. | 1,082,156 | ||||||
46,484 | Discover Financial Services | 3,664,334 | ||||||
39,835 | E*TRADE Financial Corp.* | 2,080,582 | ||||||
2,991 | Everest Re Group Ltd. | 718,558 | ||||||
182,544 | Fifth Third Bancorp | 6,033,079 | ||||||
12,319 | First Republic Bank | 1,143,203 | ||||||
21,167 | Franklin Resources, Inc. | 818,528 | ||||||
63,707 | Hartford Financial Services Group, Inc. (The) | 3,366,915 | ||||||
49,778 | Intercontinental Exchange, Inc. | 3,637,776 | ||||||
89,237 | Invesco Ltd. | 2,903,772 | ||||||
370,026 | JPMorgan Chase & Co. | 42,738,003 | ||||||
125,377 | KeyCorp | 2,649,216 | ||||||
36,773 | Lincoln National Corp. | 2,800,999 | ||||||
45,584 | Loews Corp. | 2,248,659 | ||||||
10,281 | M&T Bank Corp. | 1,951,745 | ||||||
2,298 | Markel Corp.* | 2,555,376 | ||||||
93,959 | Marsh & McLennan Cos., Inc. | 7,800,476 | ||||||
29,098 | MetLife, Inc. | 1,344,037 | ||||||
27,817 | Moody’s Corp. | 4,642,101 | ||||||
165,987 | Morgan Stanley | 9,298,592 | ||||||
39,271 | MSCI, Inc. | 5,557,632 | ||||||
24,418 | Northern Trust Corp. | 2,585,134 | ||||||
41,161 | PNC Financial Services Group, Inc. (The) | 6,489,443 | ||||||
47,069 | Principal Financial Group, Inc. | 2,933,811 | ||||||
103,519 | Progressive Corp. (The) | 5,960,624 | ||||||
57,636 | Prudential Financial, Inc. | 6,127,859 | ||||||
10,380 | Raymond James Financial, Inc. | 962,330 | ||||||
71,433 | Regions Financial Corp. | 1,386,514 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
27,628 | Reinsurance Group of America, Inc. | 4,248,910 | ||||||
61,864 | S&P Global, Inc. | 11,865,515 | ||||||
55,849 | SEI Investments Co. | 4,067,483 | ||||||
28,892 | State Street Corp. | 3,066,886 | ||||||
53,656 | SunTrust Banks, Inc. | 3,747,335 | ||||||
116,807 | Synchrony Financial | 4,250,607 | ||||||
76,434 | T Rowe Price Group, Inc. | 8,552,965 | ||||||
35,805 | Travelers Cos., Inc. (The) | 4,976,895 | ||||||
65,786 | Unum Group | 3,352,454 | ||||||
111,239 | US Bancorp | 6,046,952 | ||||||
399,830 | Wells Fargo & Co. | 23,354,070 | ||||||
11,631 | Willis Towers Watson PLC | 1,836,535 | ||||||
|
| |||||||
368,642,479 | ||||||||
|
| |||||||
Health Care – 14.4% | ||||||||
130,543 | Abbott Laboratories | 7,875,659 | ||||||
131,355 | AbbVie, Inc. | 15,214,850 | ||||||
54,458 | Aetna, Inc. | 9,642,333 | ||||||
64,422 | Agilent Technologies, Inc. | 4,418,705 | ||||||
28,349 | Align Technology, Inc.* | 7,442,179 | ||||||
28,326 | Allergan PLC | 4,368,436 | ||||||
7,888 | Alnylam Pharmaceuticals, Inc.* | 947,822 | ||||||
73,734 | Amgen, Inc. | 13,550,097 | ||||||
59,785 | Anthem, Inc. | 14,072,193 | ||||||
80,927 | Baxter International, Inc. | 5,486,041 | ||||||
29,271 | Becton Dickinson and Co. | 6,498,747 | ||||||
29,826 | Biogen, Inc.* | 8,619,416 | ||||||
109,679 | Boston Scientific Corp.* | 2,989,850 | ||||||
188,782 | Bristol-Myers Squibb Co. | 12,497,368 | ||||||
28,095 | Cardinal Health, Inc. | 1,944,455 | ||||||
58,830 | Celgene Corp.* | 5,125,270 | ||||||
64,784 | Centene Corp.* | 6,570,393 | ||||||
43,579 | Cerner Corp.* | 2,796,029 | ||||||
36,612 | Cigna Corp. | 7,171,925 | ||||||
13,031 | Cooper Cos., Inc. (The) | 3,003,906 | ||||||
44,704 | Danaher Corp. | 4,371,157 | ||||||
58,375 | DaVita, Inc.* | 4,204,167 | ||||||
22,747 | DENTSPLY SIRONA, Inc. | 1,275,197 | ||||||
50,924 | Edwards Lifesciences Corp.* | 6,807,011 | ||||||
108,896 | Eli Lilly & Co. | 8,387,170 | ||||||
121,039 | Express Scripts Holding Co.* | 9,132,393 | ||||||
215,001 | Gilead Sciences, Inc. | 16,927,029 | ||||||
8,048 | HCA Healthcare, Inc. | 798,764 | ||||||
74,602 | Henry Schein, Inc.* | 4,937,906 | ||||||
21,126 | Hologic, Inc.* | 820,323 | ||||||
27,796 | Humana, Inc. | 7,555,509 | ||||||
43,568 | IDEXX Laboratories, Inc.* | 8,157,237 | ||||||
17,707 | Illumina, Inc.* | 4,037,550 | ||||||
15,973 | Intuitive Surgical, Inc.* | 6,811,686 | ||||||
31,659 | IQVIA Holdings, Inc.* | 3,113,029 | ||||||
9,754 | Jazz Pharmaceuticals PLC* | 1,412,379 | ||||||
285,939 | Johnson & Johnson | 37,137,757 | ||||||
14,514 | Laboratory Corp. of America Holdings* | 2,506,568 | ||||||
26,491 | McKesson Corp. | 3,953,252 | ||||||
61,535 | Medtronic PLC | 4,916,031 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
230,348 | Merck & Co., Inc. | $ | 12,489,469 | |||||
17,890 | Mettler-Toledo International, Inc.* | 11,024,176 | ||||||
303,012 | Mylan NV* | 12,217,444 | ||||||
62,389 | Perrigo Co. PLC | 5,082,208 | ||||||
637,515 | Pfizer, Inc. | 23,148,170 | ||||||
41,116 | Quest Diagnostics, Inc. | 4,237,004 | ||||||
41,709 | ResMed, Inc. | 3,973,616 | ||||||
43,008 | Stryker Corp. | 6,974,177 | ||||||
11,080 | Teleflex, Inc. | 2,768,116 | ||||||
45,832 | Thermo Fisher Scientific, Inc. | 9,559,639 | ||||||
116,620 | UnitedHealth Group, Inc. | 26,374,779 | ||||||
7,800 | Universal Health Services, Inc., Class B | 890,760 | ||||||
40,412 | Varian Medical Systems, Inc.* | 4,822,768 | ||||||
24,761 | Vertex Pharmaceuticals, Inc.* | 4,111,069 | ||||||
17,312 | Waters Corp.* | 3,542,728 | ||||||
5,428 | Zimmer Biomet Holdings, Inc. | 631,005 | ||||||
103,082 | Zoetis, Inc. | 8,335,210 | ||||||
|
| |||||||
417,680,127 | ||||||||
|
| |||||||
Industrials – 10.3% | ||||||||
74,416 | 3M Co. | 17,525,712 | ||||||
181,228 | Alaska Air Group, Inc. | 11,689,206 | ||||||
41,896 | AMETEK, Inc. | 3,173,203 | ||||||
57,433 | Boeing Co. (The) | 20,802,807 | ||||||
50,800 | Caterpillar, Inc. | 7,855,204 | ||||||
100,330 | CH Robinson Worldwide, Inc. | 9,366,809 | ||||||
30,365 | Cintas Corp. | 5,182,091 | ||||||
6,602 | CoStar Group, Inc.* | 2,258,742 | ||||||
30,943 | CSX Corp. | 1,662,258 | ||||||
14,956 | Cummins, Inc. | 2,515,151 | ||||||
24,702 | Deere & Co. | 3,973,811 | ||||||
12,815 | Delta Air Lines, Inc. | 690,728 | ||||||
24,617 | Dover Corp. | 2,464,162 | ||||||
47,186 | Eaton Corp. PLC | 3,807,910 | ||||||
79,581 | Emerson Electric Co. | 5,655,026 | ||||||
14,310 | Equifax, Inc. | 1,617,030 | ||||||
36,231 | Expeditors International of Washington, Inc. | 2,353,566 | ||||||
137,572 | Fastenal Co. | 7,527,940 | ||||||
18,366 | FedEx Corp. | 4,525,566 | ||||||
53,952 | Fortive Corp. | 4,143,514 | ||||||
43,315 | Fortune Brands Home & Security, Inc. | 2,627,488 | ||||||
25,345 | General Dynamics Corp. | 5,637,995 | ||||||
422,138 | General Electric Co. | 5,956,367 | ||||||
38,352 | Harris Corp. | 5,988,665 | ||||||
55,396 | Honeywell International, Inc. | 8,370,890 | ||||||
11,355 | Huntington Ingalls Industries, Inc. | 2,975,124 | ||||||
13,324 | IDEX Corp. | 1,822,723 | ||||||
49,477 | IHS Markit Ltd.* | 2,327,893 | ||||||
42,814 | Illinois Tool Works, Inc. | 6,911,892 | ||||||
56,266 | Ingersoll-Rand PLC | 4,996,421 | ||||||
11,604 | JB Hunt Transport Services, Inc. | 1,375,886 | ||||||
43,924 | Johnson Controls International PLC | 1,619,478 | ||||||
50,119 | L3 Technologies, Inc. | 10,402,198 | ||||||
21,744 | Lockheed Martin Corp. | 7,663,455 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
70,729 | Masco Corp. | 2,908,376 | ||||||
43,529 | Nielsen Holdings PLC | 1,420,351 | ||||||
12,151 | Norfolk Southern Corp. | 1,689,961 | ||||||
24,224 | Northrop Grumman Corp. | 8,479,369 | ||||||
11,989 | PACCAR, Inc. | 858,293 | ||||||
24,834 | Parker-Hannifin Corp. | 4,432,124 | ||||||
40,249 | Raytheon Co. | 8,754,560 | ||||||
81,749 | Republic Services, Inc. | 5,491,898 | ||||||
25,604 | Rockwell Automation, Inc. | 4,629,203 | ||||||
26,556 | Rockwell Collins, Inc. | 3,657,292 | ||||||
17,657 | Roper Technologies, Inc. | 4,857,264 | ||||||
25,675 | Snap-on, Inc. | 4,087,973 | ||||||
80,612 | Southwest Airlines Co. | 4,662,598 | ||||||
27,296 | Spirit AeroSystems Holdings, Inc., Class A | 2,491,852 | ||||||
29,515 | Stanley Black & Decker, Inc. | 4,698,493 | ||||||
129,604 | Textron, Inc. | 7,756,799 | ||||||
44,536 | Union Pacific Corp. | 5,800,814 | ||||||
10,895 | United Continental Holdings, Inc.* | 738,572 | ||||||
35,738 | United Parcel Service, Inc., Class B | 3,731,405 | ||||||
12,822 | United Rentals, Inc.* | 2,245,004 | ||||||
48,717 | United Technologies Corp. | 6,564,129 | ||||||
25,075 | Verisk Analytics, Inc.* | 2,562,414 | ||||||
89,906 | Waste Management, Inc. | 7,760,686 | ||||||
28,643 | WW Grainger, Inc. | 7,491,577 | ||||||
42,676 | Xylem, Inc./NY | 3,182,776 | ||||||
|
| |||||||
298,420,694 | ||||||||
|
| |||||||
Information Technology – 25.8% | ||||||||
103,441 | Accenture PLC, Class A | 16,655,035 | ||||||
77,602 | Activision Blizzard, Inc. | 5,675,034 | ||||||
56,974 | Adobe Systems, Inc.* | 11,914,973 | ||||||
251,479 | Advanced Micro Devices, Inc.* | 3,045,411 | ||||||
44,453 | Akamai Technologies, Inc.* | 2,998,799 | ||||||
13,421 | Alliance Data Systems Corp. | 3,233,924 | ||||||
29,236 | Alphabet, Inc., Class A* | 32,274,205 | ||||||
29,937 | Alphabet, Inc., Class C* | 33,072,302 | ||||||
97,003 | Amdocs Ltd. | 6,381,827 | ||||||
67,580 | Amphenol Corp., Class A | 6,176,136 | ||||||
17,113 | Analog Devices, Inc. | 1,542,737 | ||||||
29,859 | ANSYS, Inc.* | 4,775,648 | ||||||
509,808 | Apple, Inc. | 90,807,001 | ||||||
125,697 | Applied Materials, Inc. | 7,238,890 | ||||||
40,032 | Autodesk, Inc.* | 4,702,559 | ||||||
38,141 | Automatic Data Processing, Inc. | 4,398,420 | ||||||
27,225 | Broadridge Financial Solutions, Inc. | 2,732,845 | ||||||
123,162 | CA, Inc. | 4,322,986 | ||||||
153,993 | Cadence Design Systems, Inc.* | 5,970,309 | ||||||
54,687 | CDK Global, Inc. | 3,755,903 | ||||||
53,832 | CDW Corp. | 3,925,968 | ||||||
406,629 | Cisco Systems, Inc. | 18,208,847 | ||||||
69,542 | Citrix Systems, Inc.* | 6,397,864 | ||||||
33,861 | Cognex Corp. | 1,818,674 | ||||||
82,554 | Cognizant Technology Solutions Corp., Class A | 6,771,079 | ||||||
64,409 | Corning, Inc. | 1,873,014 | ||||||
|
|
68 | 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) | ||||||||
Information Technology – (continued) | ||||||||
123,341 | DXC Technology Co. | $ | 12,647,386 | |||||
211,306 | eBay, Inc.* | 9,056,575 | ||||||
74,135 | Electronic Arts, Inc.* | 9,170,499 | ||||||
244,584 | Facebook, Inc., Class A* | 43,614,219 | ||||||
60,174 | Fidelity National Information Services, Inc. | 5,847,709 | ||||||
48,925 | Fiserv, Inc.* | 7,015,356 | ||||||
3,597 | FleetCor Technologies, Inc.* | 719,148 | ||||||
23,080 | Gartner, Inc.* | 2,617,503 | ||||||
10,656 | Global Payments, Inc. | 1,208,284 | ||||||
43,080 | Hewlett Packard Enterprise Co. | 800,857 | ||||||
309,239 | HP, Inc. | 7,233,100 | ||||||
27,100 | IAC/InterActiveCorp* | 4,035,461 | ||||||
549,763 | Intel Corp. | 27,097,818 | ||||||
103,905 | International Business Machines Corp. | 16,191,516 | ||||||
74,054 | Intuit, Inc. | 12,356,650 | ||||||
264,857 | Juniper Networks, Inc. | 6,796,231 | ||||||
37,048 | KLA-Tencor Corp. | 4,197,909 | ||||||
38,803 | Lam Research Corp. | 7,444,744 | ||||||
39,441 | Leidos Holdings, Inc. | 2,497,010 | ||||||
79,251 | Mastercard, Inc., Class A | 13,929,156 | ||||||
33,347 | Maxim Integrated Products, Inc. | 2,032,166 | ||||||
36,249 | Microchip Technology, Inc. | 3,223,624 | ||||||
310,658 | Micron Technology, Inc.* | 15,163,217 | ||||||
807,836 | Microsoft Corp. | 75,750,782 | ||||||
36,993 | Motorola Solutions, Inc. | 3,926,807 | ||||||
74,130 | NetApp, Inc. | 4,488,571 | ||||||
65,412 | NVIDIA Corp. | 15,829,704 | ||||||
284,482 | Oracle Corp. | 14,414,703 | ||||||
13,834 | Palo Alto Networks, Inc.* | 2,398,401 | ||||||
72,764 | Paychex, Inc. | 4,739,119 | ||||||
80,314 | PayPal Holdings, Inc.* | 6,377,735 | ||||||
15,148 | Qorvo, Inc.* | 1,222,595 | ||||||
66,831 | QUALCOMM, Inc. | 4,344,015 | ||||||
43,243 | Red Hat, Inc.* | 6,374,018 | ||||||
73,076 | salesforce.com, Inc.* | 8,495,085 | ||||||
98,929 | Seagate Technology PLC | 5,282,809 | ||||||
20,294 | ServiceNow, Inc.* | 3,267,537 | ||||||
55,383 | Skyworks Solutions, Inc. | 6,050,593 | ||||||
75,251 | Symantec Corp. | 1,978,349 | ||||||
72,383 | Synopsys, Inc.* | 6,128,669 | ||||||
26,235 | Take-Two Interactive Software, Inc.* | 2,934,909 | ||||||
40,729 | TE Connectivity Ltd. | 4,198,753 | ||||||
162,406 | Texas Instruments, Inc. | 17,596,690 | ||||||
57,117 | Total System Services, Inc. | 5,023,440 | ||||||
17,885 | Trimble, Inc.* | 678,378 | ||||||
66,509 | Twitter, Inc.* | 2,118,977 | ||||||
33,895 | VeriSign, Inc.*(a) | 3,932,498 | ||||||
137,532 | Visa, Inc., Class A | 16,908,184 | ||||||
113,325 | Western Digital Corp. | 9,863,808 | ||||||
98,078 | Western Union Co. (The) | 1,943,906 | ||||||
37,438 | Worldpay, Inc., Class A* | 3,042,961 | ||||||
22,139 | Xilinx, Inc. | 1,577,404 | ||||||
|
| |||||||
746,455,928 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – 2.6% | ||||||||
12,067 | Air Products & Chemicals, Inc. | 1,940,253 | ||||||
10,028 | Albemarle Corp. | 1,007,112 | ||||||
32,191 | Ball Corp. | 1,286,030 | ||||||
15,370 | Celanese Corp., Series A | 1,550,218 | ||||||
121,569 | DowDuPont, Inc. | 8,546,301 | ||||||
74,792 | Eastman Chemical Co. | 7,559,975 | ||||||
19,774 | Ecolab, Inc. | 2,579,518 | ||||||
19,254 | FMC Corp. | 1,511,054 | ||||||
387,028 | Freeport-McMoRan, Inc.* | 7,198,721 | ||||||
18,386 | International Flavors & Fragrances, Inc. | 2,597,022 | ||||||
22,146 | International Paper Co. | 1,319,680 | ||||||
10,575 | LyondellBasell Industries NV, Class A | 1,144,427 | ||||||
60,550 | Monsanto Co. | 7,470,054 | ||||||
121,290 | Newmont Mining Corp. | 4,633,278 | ||||||
23,317 | Packaging Corp. of America | 2,779,386 | ||||||
21,263 | PPG Industries, Inc. | 2,390,812 | ||||||
21,238 | Praxair, Inc. | 3,180,391 | ||||||
39,319 | Sealed Air Corp. | 1,665,946 | ||||||
19,923 | Sherwin-Williams Co. (The) | 8,000,678 | ||||||
83,150 | WestRock Co. | 5,467,944 | ||||||
|
| |||||||
73,828,800 | ||||||||
|
| |||||||
Real Estate – 2.2% | ||||||||
15,333 | Alexandria Real Estate Equities, Inc. REIT | 1,860,046 | ||||||
38,338 | American Tower Corp. REIT | 5,341,634 | ||||||
11,956 | AvalonBay Communities, Inc. REIT | 1,865,375 | ||||||
13,397 | Boston Properties, Inc. REIT | 1,592,501 | ||||||
113,244 | CBRE Group, Inc., Class A* | 5,294,157 | ||||||
39,064 | Crown Castle International Corp. REIT | 4,299,384 | ||||||
39,456 | Digital Realty Trust, Inc. REIT | 3,970,852 | ||||||
111,481 | Duke Realty Corp. REIT | 2,761,384 | ||||||
6,149 | Equinix, Inc. REIT | 2,411,023 | ||||||
25,700 | Equity Residential REIT | 1,445,111 | ||||||
11,950 | Essex Property Trust, Inc. REIT | 2,674,769 | ||||||
9,363 | Extra Space Storage, Inc. REIT | 796,323 | ||||||
9,344 | Federal Realty Investment Trust REIT | 1,064,655 | ||||||
230,555 | Host Hotels & Resorts, Inc. REIT | 4,279,101 | ||||||
60,121 | Kimco Realty Corp. REIT | 899,410 | ||||||
14,502 | Mid-America Apartment Communities, Inc. REIT | 1,244,562 | ||||||
68,433 | Prologis, Inc. REIT | 4,152,514 | ||||||
6,292 | Public Storage REIT | 1,223,417 | ||||||
14,659 | Realty Income Corp. REIT | 720,930 | ||||||
18,175 | SBA Communications Corp. REIT* | 2,858,382 | ||||||
12,026 | Simon Property Group, Inc. REIT | 1,846,111 | ||||||
14,777 | SL Green Realty Corp. REIT | 1,432,187 | ||||||
34,183 | UDR, Inc. REIT | 1,149,232 | ||||||
33,625 | Ventas, Inc. REIT | 1,624,760 | ||||||
300,529 | VEREIT, Inc. REIT | 2,058,624 | ||||||
26,247 | Vornado Realty Trust REIT | 1,744,638 | ||||||
45,314 | Welltower, Inc. REIT | 2,378,985 | ||||||
24,861 | Weyerhaeuser Co. REIT | 870,881 | ||||||
|
| |||||||
63,860,948 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Telecommunication Services – 1.5% | ||||||||
570,443 | AT&T, Inc. | $ | 20,707,081 | |||||
34,122 | CenturyLink, Inc. | 602,935 | ||||||
74,639 | T-Mobile US, Inc.* | 4,523,870 | ||||||
361,685 | Verizon Communications, Inc. | 17,266,842 | ||||||
|
| |||||||
43,100,728 | ||||||||
|
| |||||||
Utilities – 3.3% | ||||||||
53,538 | Alliant Energy Corp. | 2,069,244 | ||||||
64,572 | Ameren Corp. | 3,506,260 | ||||||
67,748 | American Electric Power Co., Inc. | 4,442,914 | ||||||
42,952 | American Water Works Co., Inc. | 3,408,671 | ||||||
17,941 | Atmos Energy Corp. | 1,444,071 | ||||||
120,527 | CenterPoint Energy, Inc. | 3,260,255 | ||||||
71,736 | CMS Energy Corp. | 3,045,193 | ||||||
57,037 | Consolidated Edison, Inc. | 4,271,501 | ||||||
58,794 | Dominion Energy, Inc. | 4,354,872 | ||||||
39,391 | DTE Energy Co. | 3,969,825 | ||||||
62,343 | Duke Energy Corp. | 4,696,922 | ||||||
55,625 | Edison International | 3,370,319 | ||||||
54,795 | Entergy Corp. | 4,154,557 | ||||||
60,061 | Eversource Energy | 3,423,477 | ||||||
110,806 | Exelon Corp. | 4,104,254 | ||||||
148,785 | FirstEnergy Corp. | 4,810,219 | ||||||
58,881 | NextEra Energy, Inc. | 8,958,744 | ||||||
63,528 | PG&E Corp. | 2,610,365 | ||||||
35,186 | Pinnacle West Capital Corp. | 2,707,914 | ||||||
102,672 | PPL Corp. | 2,941,553 | ||||||
79,736 | Public Service Enterprise Group, Inc. | 3,861,614 | ||||||
21,507 | Sempra Energy | 2,343,833 | ||||||
92,465 | Southern Co. (The) | 3,981,543 | ||||||
69,021 | WEC Energy Group, Inc. | 4,135,738 | ||||||
98,913 | Xcel Energy, Inc. | 4,280,955 | ||||||
|
| |||||||
94,154,813 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $2,400,340,756) | $ | 2,885,913,605 | ||||||
|
| |||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.2%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
6,077,559 | 1.262% | $ | 6,077,559 | |||||
(Cost $6,077,559) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $2,406,418,315) | $ | 2,891,991,164 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0%(c) | 1,427,939 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 2,893,419,103 | ||||||
|
|
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) | Less than 0.05%. |
| ||||
Investment Abbreviations: | ||||
PLC | —Public Limited Company | |||
REIT | —Real Estate Investment Trust | |||
|
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 98.4% | ||||||||
Consumer Discretionary – 12.7% | ||||||||
578 | 1-800-Flowers.com, Inc., Class A* | $ | 6,734 | |||||
551 | Aaron’s, Inc. | 25,462 | ||||||
518 | Abercrombie & Fitch Co., Class A | 10,686 | ||||||
249 | Acushnet Holdings Corp. | 5,276 | ||||||
466 | Adtalem Global Education, Inc.* | 21,459 | ||||||
400 | American Axle & Manufacturing Holdings, Inc.* | 5,904 | ||||||
841 | American Eagle Outfitters, Inc. | 16,206 | ||||||
354 | American Outdoor Brands Corp.* | 3,186 | ||||||
413 | American Public Education, Inc.* | 12,700 | ||||||
133 | America’s Car-Mart, Inc.* | 6,477 | ||||||
60 | Asbury Automotive Group, Inc.* | 3,951 | ||||||
3,381 | Ascena Retail Group, Inc.* | 7,675 | ||||||
339 | Ascent Capital Group, Inc., Class A* | 2,305 | ||||||
270 | AV Homes, Inc.*(a) | 4,536 | ||||||
223 | Bassett Furniture Industries, Inc. | 7,181 | ||||||
444 | Beazer Homes USA, Inc.* | 6,980 | ||||||
560 | Big 5 Sporting Goods Corp.(a) | 3,444 | ||||||
292 | Big Lots, Inc. | 16,410 | ||||||
17 | Biglari Holdings, Inc.* | 7,127 | ||||||
205 | Bloomin’ Brands, Inc. | 4,733 | ||||||
263 | Bojangles’, Inc.*(a) | 3,445 | ||||||
357 | Boot Barn Holdings, Inc.* | 6,290 | ||||||
441 | Boyd Gaming Corp. | 15,603 | ||||||
578 | Bridgepoint Education, Inc.* | 3,855 | ||||||
285 | Brinker International, Inc. | 9,813 | ||||||
228 | Buckle, Inc. (The) | 4,799 | ||||||
154 | Build-A-Bear Workshop, Inc.* | 1,401 | ||||||
689 | Caesars Entertainment Corp.* | 8,750 | ||||||
342 | Caleres, Inc. | 9,579 | ||||||
503 | Callaway Golf Co. | 7,786 | ||||||
202 | Capella Education Co. | 15,695 | ||||||
1,277 | Career Education Corp.* | 16,895 | ||||||
229 | Carriage Services, Inc. | 6,233 | ||||||
31 | Cavco Industries, Inc.* | 4,932 | ||||||
829 | Central European Media Enterprises Ltd., Class A (Bermuda)* | 3,689 | ||||||
659 | Century Casinos, Inc.* | 5,252 | ||||||
235 | Century Communities, Inc.* | 6,991 | ||||||
256 | Cheesecake Factory, Inc. (The) | 11,901 | ||||||
937 | Chegg, Inc.* | 18,656 | ||||||
885 | Chico’s FAS, Inc. | 8,885 | ||||||
118 | Children’s Place, Inc. (The) | 16,791 | ||||||
72 | Churchill Downs, Inc. | 18,590 | ||||||
193 | Citi Trends, Inc. | 4,277 | ||||||
377 | Clarus Corp.* | 2,526 | ||||||
234 | Collectors Universe, Inc. | 3,643 | ||||||
179 | Columbia Sportswear Co. | 13,529 | ||||||
175 | Conn’s, Inc.*(a) | 5,723 | ||||||
221 | Container Store Group, Inc. (The)* | 1,116 | ||||||
210 | Cooper Tire & Rubber Co. | 6,584 | ||||||
121 | Cooper-Standard Holdings, Inc.* | 14,743 | ||||||
90 | Core-Mark Holding Co, Inc. | 1,842 | ||||||
55 | Cracker Barrel Old Country Store, Inc.(a) | 8,586 | ||||||
972 | Crocs, Inc.* | 11,897 | ||||||
79 | CSS Industries, Inc. | 1,454 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
54 | Culp, Inc. | 1,501 | ||||||
12 | Daily Journal Corp.*(a) | 2,724 | ||||||
596 | Dana, Inc. | 15,836 | ||||||
124 | Dave & Buster’s Entertainment, Inc.* | 5,552 | ||||||
214 | Deckers Outdoor Corp.* | 20,240 | ||||||
273 | Del Frisco’s Restaurant Group, Inc.* | 4,545 | ||||||
420 | Del Taco Restaurants, Inc.* | 5,292 | ||||||
597 | Denny’s Corp.* | 8,979 | ||||||
76 | Dillard’s, Inc., Class A(a) | 6,198 | ||||||
239 | Dorman Products, Inc.* | 16,491 | ||||||
587 | Drive Shack, Inc.* | 2,964 | ||||||
285 | DSW, Inc., Class A | 5,589 | ||||||
211 | Duluth Holdings, Inc., Class B*(a) | 3,549 | ||||||
341 | El Pollo Loco Holdings, Inc.* | 3,325 | ||||||
186 | Eldorado Resorts, Inc.*(a) | 6,343 | ||||||
223 | Emerald Expositions Events, Inc. | 4,754 | ||||||
281 | Entercom Communications Corp., Class A | 2,782 | ||||||
41 | Entravision Communications Corp., Class A | 264 | ||||||
279 | Ethan Allen Interiors, Inc. | 6,626 | ||||||
256 | EW Scripps Co. (The), Class A | 3,525 | ||||||
291 | Fiesta Restaurant Group, Inc.* | 4,947 | ||||||
489 | Finish Line, Inc. (The), Class A | 5,193 | ||||||
222 | Five Below, Inc.* | 14,841 | ||||||
70 | Flexsteel Industries, Inc.(a) | 2,720 | ||||||
297 | Fogo De Chao, Inc.* | 4,633 | ||||||
1,100 | Fossil Group, Inc.* | 14,718 | ||||||
317 | Fox Factory Holding Corp.* | 11,903 | ||||||
813 | Francesca’s Holdings Corp.* | 4,236 | ||||||
746 | Fred’s, Inc., Class A(a) | 2,484 | ||||||
217 | Gaia, Inc.* | 2,788 | ||||||
914 | Gannett Co, Inc. | 9,177 | ||||||
157 | Genesco, Inc.* | 6,170 | ||||||
160 | Gentherm, Inc.* | 4,928 | ||||||
139 | G-III Apparel Group Ltd.* | 5,131 | ||||||
675 | GoPro, Inc., Class A* | 3,632 | ||||||
269 | Grand Canyon Education, Inc.* | 26,402 | ||||||
229 | Gray Television, Inc.* | 3,160 | ||||||
264 | Green Brick Partners, Inc.* | 2,666 | ||||||
79 | Group 1 Automotive, Inc. | 5,438 | ||||||
1,727 | Groupon, Inc.* | 7,392 | ||||||
197 | Hamilton Beach Brands Holding Co., Class A | 4,880 | ||||||
263 | Haverty Furniture Cos, Inc. | 5,352 | ||||||
85 | Helen of Troy Ltd.* | 7,654 | ||||||
227 | Hemisphere Media Group, Inc.*(a) | 2,542 | ||||||
327 | Hibbett Sports, Inc.* | 8,420 | ||||||
82 | Hooker Furniture Corp. | 3,063 | ||||||
78 | Horizon Global Corp.*(a) | 643 | ||||||
336 | Houghton Mifflin Harcourt Co.* | 2,285 | ||||||
419 | ILG, Inc. | 12,721 | ||||||
124 | Installed Building Products, Inc.* | 7,409 | ||||||
202 | International Speedway Corp., Class A | 9,090 | ||||||
175 | iRobot Corp.*(a) | 11,891 | ||||||
402 | J Alexander’s Holdings, Inc.* | 3,980 | ||||||
178 | J. Jill, Inc.* | 1,533 | ||||||
156 | Jack in the Box, Inc. | 14,053 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
114 | Johnson Outdoors, Inc., Class A | $ | 7,027 | |||||
682 | K12, Inc.* | 10,182 | ||||||
531 | KB Home | 14,735 | ||||||
476 | Kirkland’s, Inc.* | 4,170 | ||||||
333 | La Quinta Holdings, Inc.* | 6,287 | ||||||
443 | La-Z-Boy, Inc. | 13,600 | ||||||
166 | LCI Industries | 18,144 | ||||||
37 | LGI Homes, Inc.* | 2,094 | ||||||
136 | Libbey, Inc. | 853 | ||||||
136 | Liberty Media Corp.- Liberty Braves, Class A* | 3,117 | ||||||
193 | Liberty Media Corp.- Liberty Braves, Class C*(a) | 4,431 | ||||||
193 | Liberty Tax, Inc. | 1,515 | ||||||
273 | Liberty TripAdvisor Holdings, Inc., Class A* | 2,839 | ||||||
285 | Lifetime Brands, Inc. | 3,976 | ||||||
251 | Lindblad Expeditions Holdings, Inc.* | 2,312 | ||||||
76 | Lithia Motors, Inc., Class A | 7,896 | ||||||
59 | Loral Space & Communications, Inc.* | 2,614 | ||||||
197 | Lumber Liquidators Holdings, Inc.* | 4,563 | ||||||
180 | M/I Homes, Inc.* | 5,229 | ||||||
156 | Malibu Boats, Inc., Class A* | 5,000 | ||||||
157 | Marcus Corp. (The) | 4,239 | ||||||
193 | Marine Products Corp. | 2,756 | ||||||
95 | Marriott Vacations Worldwide Corp. | 13,348 | ||||||
426 | MCBC Holdings, Inc.* | 10,441 | ||||||
324 | MDC Holdings, Inc. | 8,968 | ||||||
209 | Meredith Corp. | 11,976 | ||||||
108 | Meritage Homes Corp.* | 4,579 | ||||||
108 | Monarch Casino & Resort, Inc.* | 4,561 | ||||||
76 | Monro, Inc. | 3,868 | ||||||
107 | Movado Group, Inc. | 3,317 | ||||||
537 | MSG Networks, Inc., Class A* | 13,103 | ||||||
89 | Nathan’s Famous, Inc.(a) | 5,789 | ||||||
623 | National CineMedia, Inc. | 4,691 | ||||||
384 | Nautilus, Inc.* | 4,550 | ||||||
168 | New Home Co., Inc. (The)* | 1,888 | ||||||
598 | New Media Investment Group, Inc. | 10,316 | ||||||
856 | New York Times Co. (The), Class A | 20,630 | ||||||
136 | Nexstar Media Group, Inc., Class A | 9,717 | ||||||
255 | Nutrisystem, Inc. | 7,841 | ||||||
2,332 | Office Depot, Inc. | 6,133 | ||||||
181 | Ollie’s Bargain Outlet Holdings, Inc.* | 10,742 | ||||||
151 | Overstock.com, Inc.*(a) | 9,120 | ||||||
173 | Oxford Industries, Inc. | 13,826 | ||||||
240 | Papa John’s International, Inc. | 13,858 | ||||||
372 | Penn National Gaming, Inc.* | 9,899 | ||||||
132 | Perry Ellis International, Inc.* | 3,520 | ||||||
187 | PetMed Express, Inc. | 8,451 | ||||||
291 | PICO Holdings, Inc.* | 3,565 | ||||||
886 | Pier 1 Imports, Inc. | 2,747 | ||||||
512 | Pinnacle Entertainment, Inc.* | 15,447 | ||||||
268 | Planet Fitness, Inc., Class A* | 9,911 | ||||||
716 | Potbelly Corp.* | 9,201 | ||||||
191 | RCI Hospitality Holdings, Inc. | 5,159 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
228 | Reading International, Inc., Class A* | 3,739 | ||||||
273 | Red Rock Resorts, Inc., Class A | 9,146 | ||||||
615 | Regis Corp.* | 9,895 | ||||||
748 | Rent-A-Center, Inc.(a) | 5,625 | ||||||
148 | RH*(a) | 12,562 | ||||||
442 | Ruth’s Hospitality Group, Inc. | 10,851 | ||||||
48 | Saga Communications, Inc., Class A | 1,872 | ||||||
347 | Salem Media Group, Inc. | 1,440 | ||||||
354 | Scholastic Corp. | 12,889 | ||||||
299 | Scientific Games Corp.* | 13,291 | ||||||
269 | SeaWorld Entertainment, Inc.*(a) | 3,935 | ||||||
382 | Sequential Brands Group, Inc.*(a) | 756 | ||||||
204 | Shiloh Industries, Inc.* | 1,487 | ||||||
249 | Shoe Carnival, Inc. | 5,817 | ||||||
234 | Shutterfly, Inc.* | 17,955 | ||||||
269 | Sinclair Broadcast Group, Inc., Class A | 9,092 | ||||||
303 | Sleep Number Corp.* | 10,435 | ||||||
154 | Sonic Corp. | 3,869 | ||||||
209 | Sotheby’s* | 9,652 | ||||||
311 | Speedway Motorsports, Inc. | 6,105 | ||||||
239 | Standard Motor Products, Inc. | 11,152 | ||||||
341 | Steven Madden Ltd.* | 14,970 | ||||||
665 | Stoneridge, Inc.* | 14,470 | ||||||
162 | Strayer Education, Inc. | 14,522 | ||||||
187 | Sturm Ruger & Co., Inc. | 8,050 | ||||||
448 | Tailored Brands, Inc. | 10,488 | ||||||
411 | Taylor Morrison Home Corp., Class A* | 9,223 | ||||||
190 | Tenneco, Inc. | 9,985 | ||||||
185 | Texas Roadhouse, Inc. | 10,223 | ||||||
285 | Tile Shop Holdings, Inc. | 1,539 | ||||||
405 | Tilly’s, Inc., Class A | 5,285 | ||||||
184 | TopBuild Corp.* | 12,814 | ||||||
114 | Tower International, Inc. | 2,975 | ||||||
234 | Townsquare Media, Inc., Class A* | 1,629 | ||||||
580 | TRI Pointe Group, Inc.* | 8,891 | ||||||
187 | tronc, Inc.* | 3,577 | ||||||
84 | Unifi, Inc.* | 2,940 | ||||||
629 | Vera Bradley, Inc.* | 6,328 | ||||||
138 | Vitamin Shoppe, Inc.* | 518 | ||||||
275 | VOXX International Corp.* | 1,485 | ||||||
250 | Weight Watchers International, Inc.* | 16,905 | ||||||
107 | Weyco Group, Inc.(a) | 3,256 | ||||||
184 | William Lyon Homes, Class A* | 4,652 | ||||||
347 | Wingstop, Inc. | 15,723 | ||||||
67 | Winmark Corp. | 8,489 | ||||||
107 | Winnebago Industries, Inc. | 4,660 | ||||||
455 | Wolverine World Wide, Inc. | 13,322 | ||||||
402 | World Wrestling Entertainment, Inc., Class A | 15,336 | ||||||
586 | ZAGG, Inc.* | 8,819 | ||||||
395 | Zumiez, Inc.* | 7,782 | ||||||
|
| |||||||
1,614,499 | ||||||||
|
| |||||||
Consumer Staples – 2.6% | ||||||||
79 | Alico, Inc.(a) | 2,101 | ||||||
89 | B&G Foods, Inc.(a) | 2,465 | ||||||
|
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
109 | Boston Beer Co, Inc. (The), Class A* | $ | 17,772 | |||||
66 | Cal-Maine Foods, Inc.*(a) | 2,812 | ||||||
2,719 | Castle Brands, Inc.* | 3,154 | ||||||
151 | Central Garden & Pet Co.*(a) | 5,833 | ||||||
166 | Central Garden & Pet Co., Class A* | 6,016 | ||||||
205 | Chefs’ Warehouse, Inc. (The)* | 4,623 | ||||||
55 | Coca-Cola Bottling Co. Consolidated | 10,264 | ||||||
715 | Darling Ingredients, Inc.* | 13,006 | ||||||
1,194 | Dean Foods Co. | 10,352 | ||||||
163 | Farmer Brothers Co.* | 5,086 | ||||||
199 | Fresh Del Monte Produce, Inc. | 9,289 | ||||||
399 | Freshpet, Inc.* | 7,980 | ||||||
715 | Hostess Brands, Inc.* | 8,752 | ||||||
736 | HRG Group, Inc.* | 11,621 | ||||||
256 | Ingles Markets, Inc., Class A | 8,243 | ||||||
70 | Inter Parfums, Inc. | 2,968 | ||||||
78 | J&J Snack Foods Corp. | 10,478 | ||||||
6 | John B Sanfilippo & Son, Inc. | 346 | ||||||
72 | Lancaster Colony Corp. | 8,520 | ||||||
297 | Landec Corp.* | 3,861 | ||||||
102 | Limoneira Co. | 2,184 | ||||||
255 | Medifast, Inc. | 16,266 | ||||||
55 | MGP Ingredients, Inc. | 4,616 | ||||||
162 | National Beverage Corp. | 15,866 | ||||||
229 | Natural Health Trends Corp.(a) | 3,991 | ||||||
285 | Nature’s Sunshine Products, Inc. | 3,206 | ||||||
61 | Oil-Dri Corp. of America | 2,200 | ||||||
426 | Performance Food Group Co.* | 13,057 | ||||||
40 | PriceSmart, Inc. | 3,150 | ||||||
119 | Sanderson Farms, Inc.(a) | 14,655 | ||||||
64 | Seneca Foods Corp., Class A* | 1,862 | ||||||
509 | Snyder’s-Lance, Inc. | 25,389 | ||||||
245 | SpartanNash Co. | 4,109 | ||||||
169 | SUPERVALU, Inc.* | 2,405 | ||||||
82 | Tootsie Roll Industries, Inc. | 2,739 | ||||||
157 | Turning Point Brands, Inc. | 3,281 | ||||||
267 | United Natural Foods, Inc.* | 11,393 | ||||||
137 | Universal Corp. | 6,734 | ||||||
149 | USANA Health Sciences, Inc.* | 11,384 | ||||||
489 | Vector Group Ltd.(a) | 9,800 | ||||||
243 | Village Super Market, Inc., Class A | 5,759 | ||||||
82 | WD-40 Co. | 10,225 | ||||||
106 | Weis Markets, Inc. | 3,951 | ||||||
|
| |||||||
333,764 | ||||||||
|
| |||||||
Energy – 2.3% | ||||||||
279 | Abraxas Petroleum Corp.* | 600 | ||||||
70 | Adams Resources & Energy, Inc. | 2,765 | ||||||
125 | Arch Coal, Inc., Class A | 11,964 | ||||||
721 | Archrock, Inc. | 6,849 | ||||||
114 | Basic Energy Services, Inc.* | 1,844 | ||||||
928 | Bill Barrett Corp.* | 4,204 | ||||||
121 | Bonanza Creek Energy, Inc.* | 3,392 | ||||||
82 | C&J Energy Services, Inc.* | 1,968 | ||||||
205 | Carrizo Oil & Gas, Inc.* | 2,880 | ||||||
1,709 | Cloud Peak Energy, Inc.* | 5,623 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
220 | Contango Oil & Gas Co.* | 638 | ||||||
151 | CVR Energy, Inc. | 4,473 | ||||||
407 | Delek US Holdings, Inc. | 13,887 | ||||||
53 | DHT Holdings, Inc. | 199 | ||||||
211 | Diamond Offshore Drilling, Inc.*(a) | 3,059 | ||||||
491 | Dorian LPG Ltd.* | 3,594 | ||||||
226 | Dril-Quip, Inc.* | 10,181 | ||||||
102 | Eclipse Resources Corp.* | 164 | ||||||
1,017 | Ensco PLC, Class A | 4,515 | ||||||
357 | Era Group, Inc.* | 3,374 | ||||||
793 | Evolution Petroleum Corp. | 6,384 | ||||||
555 | Exterran Corp.* | 14,358 | ||||||
514 | Fairmount Santrol Holdings, Inc.* | 2,303 | ||||||
297 | Green Plains, Inc. | 5,435 | ||||||
426 | Gulf Island Fabrication, Inc. | 3,514 | ||||||
502 | Hallador Energy Co. | 3,313 | ||||||
179 | Jagged Peak Energy, Inc.* | 2,202 | ||||||
172 | Keane Group, Inc.*(a) | 2,675 | ||||||
303 | Lilis Energy, Inc.*(a) | 1,112 | ||||||
60 | Mammoth Energy Services, Inc.* | 1,571 | ||||||
263 | Matador Resources Co.* | 7,590 | ||||||
488 | Matrix Service Co.* | 6,978 | ||||||
1,404 | McDermott International, Inc.* | 10,249 | ||||||
65 | NACCO Industries, Inc., Class A | 2,678 | ||||||
108 | Natural Gas Services Group, Inc.* | 2,689 | ||||||
2,586 | Navios Maritime Acquisition Corp. | 1,947 | ||||||
662 | Newpark Resources, Inc.* | 5,461 | ||||||
243 | Oil States International, Inc.* | 5,978 | ||||||
1,416 | Overseas Shipholding Group, Inc., Class A* | 2,506 | ||||||
698 | Pacific Ethanol, Inc.* | 2,862 | ||||||
79 | Panhandle Oil and Gas, Inc., Class A | 1,410 | ||||||
138 | Par Pacific Holdings, Inc.* | 2,349 | ||||||
107 | PDC Energy, Inc.* | 5,621 | ||||||
211 | Peabody Energy Corp. | 8,590 | ||||||
205 | ProPetro Holding Corp.* | 3,307 | ||||||
490 | Renewable Energy Group, Inc.*(a) | 5,439 | ||||||
222 | Resolute Energy Corp.*(a) | 7,215 | ||||||
137 | REX American Resources Corp.* | 11,059 | ||||||
413 | RigNet, Inc.* | 5,534 | ||||||
204 | Ring Energy, Inc.* | 2,768 | ||||||
500 | Rowan Cos PLC, Class A* | 6,080 | ||||||
72 | SEACOR Holdings, Inc.* | 2,989 | ||||||
100 | SemGroup Corp., Class A | 2,220 | ||||||
192 | Ship Finance International Ltd. (Norway) | 2,774 | ||||||
592 | Smart Sand, Inc.* | 4,393 | ||||||
300 | SRC Energy, Inc.* | 2,661 | ||||||
2,173 | Teekay Tankers Ltd., Class A (Bermuda) | 2,499 | ||||||
304 | Tellurian, Inc.* | 2,654 | ||||||
1,665 | Ultra Petroleum Corp.* | 6,144 | ||||||
261 | Unit Corp.* | 5,001 | ||||||
901 | Uranium Energy Corp.*(a) | 1,171 | ||||||
217 | US Silica Holdings, Inc. | 5,618 | ||||||
2,945 | W&T Offshore, Inc.* | 11,456 | ||||||
192 | Westmoreland Coal Co.* | 81 | ||||||
766 | Willbros Group, Inc.* | 726 | ||||||
|
| |||||||
287,737 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – 21.3% | ||||||||
106 | 1st Source Corp. | $ | 5,228 | |||||
358 | Access National Corp. | 10,006 | ||||||
82 | ACNB Corp. | 2,296 | ||||||
556 | AG Mortgage Investment Trust, Inc. REIT | 9,096 | ||||||
100 | Allegiance Bancshares, Inc.* | 3,815 | ||||||
491 | American Equity Investment Life Holding Co. | 15,030 | ||||||
124 | American National Bankshares, Inc. | 4,476 | ||||||
255 | Ameris Bancorp | 13,553 | ||||||
144 | AMERISAFE, Inc. | 8,064 | ||||||
88 | Ames National Corp. | 2,336 | ||||||
321 | AmTrust Financial Services, Inc. | 3,842 | ||||||
1,315 | Anworth Mortgage Asset Corp. REIT | 5,996 | ||||||
689 | Apollo Commercial Real Estate Finance, Inc. REIT | 12,581 | ||||||
431 | Ares Commercial Real Estate Corp. REIT | 5,310 | ||||||
186 | Argo Group International Holdings Ltd. | 10,835 | ||||||
291 | Arlington Asset Investment Corp., Class A(a) | 3,149 | ||||||
656 | ARMOUR Residential REIT, Inc. | 14,052 | ||||||
211 | Arrow Financial Corp. | 6,805 | ||||||
441 | Artisan Partners Asset Management, Inc., Class A | 14,884 | ||||||
85 | Associated Capital Group, Inc., Class A(a) | 2,932 | ||||||
245 | Atlantic Capital Bancshares, Inc.* | 4,238 | ||||||
160 | Atlas Financial Holdings, Inc.* | 2,808 | ||||||
395 | B. Riley Financial, Inc. | 7,307 | ||||||
157 | Baldwin & Lyons, Inc., Class B | 3,556 | ||||||
545 | Banc of California, Inc. | 10,873 | ||||||
168 | BancFirst Corp. | 8,946 | ||||||
223 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 6,211 | ||||||
467 | BancorpSouth Bank | 14,710 | ||||||
346 | Bank of Commerce Holdings | 3,737 | ||||||
55 | Bank of Marin Bancorp | 3,638 | ||||||
593 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 27,047 | ||||||
261 | BankFinancial Corp. | 4,184 | ||||||
130 | Bankwell Financial Group, Inc. | 4,069 | ||||||
107 | Bar Harbor Bankshares | 2,900 | ||||||
297 | BCB Bancorp, Inc. | 4,544 | ||||||
269 | Bear State Financial, Inc. | 2,760 | ||||||
203 | Beneficial Bancorp, Inc. | 3,045 | ||||||
249 | Berkshire Hills Bancorp, Inc. | 9,151 | ||||||
163 | Blue Capital Reinsurance Holdings Ltd. (Bermuda)(a) | 1,809 | ||||||
235 | Blue Hills Bancorp, Inc. | 4,735 | ||||||
698 | BofI Holding, Inc.* | 25,959 | ||||||
478 | Boston Private Financial Holdings, Inc. | 6,979 | ||||||
162 | Bridge Bancorp, Inc. | 5,378 | ||||||
438 | Brookline Bancorp, Inc. | 6,942 | ||||||
166 | Bryn Mawr Bank Corp. | 7,229 | ||||||
133 | BSB Bancorp, Inc.* | 3,857 | ||||||
64 | C&F Financial Corp. | 2,966 | ||||||
145 | Cadence BanCorp | 3,976 | ||||||
250 | Camden National Corp. | 10,555 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
199 | Cannae Holdings, Inc.* | 3,658 | ||||||
243 | Capital City Bank Group, Inc. | 5,832 | ||||||
345 | Capitol Federal Financial, Inc. | 4,309 | ||||||
169 | Capstar Financial Holdings, Inc.* | 3,214 | ||||||
760 | Capstead Mortgage Corp. REIT | 6,346 | ||||||
154 | Carolina Financial Corp. | 5,977 | ||||||
454 | Cathay General Bancorp | 18,641 | ||||||
530 | CenterState Bank Corp. | 14,437 | ||||||
166 | Central Pacific Financial Corp. | 4,626 | ||||||
172 | Central Valley Community Bancorp | 3,354 | ||||||
64 | Century Bancorp, Inc., Class A | 4,915 | ||||||
327 | Charter Financial Corp. | 6,491 | ||||||
229 | Chemical Financial Corp. | 12,639 | ||||||
73 | Chemung Financial Corp. | 3,119 | ||||||
369 | Cherry Hill Mortgage Investment Corp. REIT | 5,948 | ||||||
138 | Citizens & Northern Corp. | 3,090 | ||||||
181 | City Holding Co. | 12,194 | ||||||
310 | Civista Bancshares, Inc. | 6,984 | ||||||
261 | Clifton Bancorp, Inc. | 4,025 | ||||||
145 | CNB Financial Corp. | 3,898 | ||||||
853 | CNO Financial Group, Inc. | 19,227 | ||||||
325 | CoBiz Financial, Inc. | 6,162 | ||||||
144 | Codorus Valley Bancorp, Inc. | 3,768 | ||||||
297 | Cohen & Steers, Inc. | 11,880 | ||||||
324 | Columbia Banking System, Inc. | 13,537 | ||||||
175 | Community Bank System, Inc. | 9,329 | ||||||
671 | Community Bankers Trust Corp.* | 5,569 | ||||||
82 | Community Financial Corp. (The) | 3,055 | ||||||
151 | Community Trust Bancorp, Inc. | 6,568 | ||||||
193 | ConnectOne Bancorp, Inc. | 5,558 | ||||||
112 | County Bancorp, Inc. | 2,995 | ||||||
375 | Crawford & Co., Class B | 3,364 | ||||||
508 | Customers Bancorp, Inc.* | 14,905 | ||||||
526 | CVB Financial Corp. | 12,098 | ||||||
718 | CYS Investments, Inc. REIT | 4,538 | ||||||
43 | Diamond Hill Investment Group, Inc. | 8,816 | ||||||
178 | Dime Community Bancshares, Inc. | 3,204 | ||||||
85 | DNB Financial Corp.(a) | 2,860 | ||||||
217 | Donegal Group, Inc., Class A | 3,431 | ||||||
468 | Donnelley Financial Solutions, Inc.* | 8,101 | ||||||
1,444 | Dynex Capital, Inc. REIT | 8,693 | ||||||
203 | Eagle Bancorp, Inc.* | 12,393 | ||||||
70 | eHealth, Inc.* | 1,140 | ||||||
118 | Elevate Credit, Inc.* | 843 | ||||||
261 | Ellington Residential Mortgage REIT(a) | 2,767 | ||||||
133 | EMC Insurance Group, Inc. | 3,471 | ||||||
328 | Employers Holdings, Inc. | 12,841 | ||||||
168 | Encore Capital Group, Inc.* | 7,190 | ||||||
359 | Enova International, Inc.* | 7,898 | ||||||
64 | Enstar Group Ltd. (Bermuda)* | 12,672 | ||||||
197 | Entegra Financial Corp.* | 5,536 | ||||||
65 | Enterprise Bancorp, Inc.(a) | 2,027 | ||||||
162 | Enterprise Financial Services Corp. | 7,590 | ||||||
108 | Equity Bancshares, Inc., Class A* | 3,990 | ||||||
199 | ESSA Bancorp, Inc. | 2,899 | ||||||
|
|
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
114 | Evans Bancorp, Inc. | $ | 4,913 | |||||
341 | Evercore, Inc., Class A | 31,730 | ||||||
127 | Farmers & Merchants Bancorp, Inc. | 4,699 | ||||||
106 | Farmers Capital Bank Corp. | 3,858 | ||||||
251 | Farmers National Banc Corp. | 3,388 | ||||||
142 | FB Financial Corp.* | 5,613 | ||||||
58 | FBL Financial Group, Inc., Class A | 3,764 | ||||||
321 | FCB Financial Holdings, Inc., Class A* | 17,222 | ||||||
246 | Federal Agricultural Mortgage Corp., Class C | 18,711 | ||||||
456 | Fidelity Southern Corp. | 10,265 | ||||||
244 | Financial Institutions, Inc. | 7,491 | ||||||
169 | First Bancorp, Inc. | 4,556 | ||||||
843 | First BanCorp/Puerto Rico (Puerto Rico)* | 5,083 | ||||||
235 | First Bancorp/Southern Pines NC | 8,138 | ||||||
121 | First Bancshares, Inc. (The) | 3,842 | ||||||
281 | First Busey Corp. | 8,332 | ||||||
181 | First Business Financial Services, Inc. | 4,353 | ||||||
43 | First Citizens BancShares, Inc., Class A | 17,505 | ||||||
639 | First Commonwealth Financial Corp. | 8,927 | ||||||
118 | First Community Bancshares, Inc. | 3,204 | ||||||
175 | First Connecticut Bancorp, Inc. | 4,384 | ||||||
97 | First Defiance Financial Corp. | 5,161 | ||||||
502 | First Financial Bancorp | 13,654 | ||||||
334 | First Financial Bankshares, Inc. | 15,364 | ||||||
118 | First Financial Corp. | 5,062 | ||||||
196 | First Financial Northwest, Inc. | 3,101 | ||||||
318 | First Foundation, Inc.* | 5,807 | ||||||
133 | First Guaranty Bancshares, Inc. | 3,334 | ||||||
143 | First Internet Bancorp | 5,413 | ||||||
181 | First Interstate BancSystem, Inc., Class A | 7,149 | ||||||
257 | First Merchants Corp. | 10,622 | ||||||
133 | First Mid-Illinois Bancshares, Inc. | 4,541 | ||||||
388 | First Midwest Bancorp, Inc. | 9,397 | ||||||
261 | First Northwest Bancorp* | 4,176 | ||||||
205 | First of Long Island Corp. (The) | 5,586 | ||||||
132 | FirstCash, Inc. | 9,728 | ||||||
334 | Flagstar Bancorp, Inc.* | 11,777 | ||||||
438 | Flushing Financial Corp. | 11,695 | ||||||
166 | FNB Bancorp | 5,933 | ||||||
142 | Franklin Financial Network, Inc.* | 4,409 | ||||||
837 | Fulton Financial Corp. | 15,150 | ||||||
419 | GAIN Capital Holdings, Inc.(a) | 2,971 | ||||||
61 | GAMCO Investors, Inc., Class A | 1,635 | ||||||
294 | German American Bancorp, Inc. | 9,740 | ||||||
426 | Glacier Bancorp, Inc. | 16,571 | ||||||
94 | Global Indemnity Ltd. (Cayman Islands)* | 3,478 | ||||||
370 | Great Ajax Corp. REIT | 4,803 | ||||||
162 | Great Southern Bancorp, Inc. | 7,841 | ||||||
273 | Great Western Bancorp, Inc. | 11,163 | ||||||
180 | Green Bancorp, Inc.* | 3,924 | ||||||
222 | Green Dot Corp., Class A* | 14,459 | ||||||
328 | Greenhill & Co., Inc. | 6,675 | ||||||
127 | Greenlight Capital Re Ltd., Class A* | 2,083 | ||||||
263 | Guaranty Bancorp | 7,219 | ||||||
204 | Hallmark Financial Services, Inc.* | 2,005 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
181 | Hamilton Lane, Inc., Class A | 6,324 | ||||||
406 | Hancock Holding Co. | 20,990 | ||||||
243 | Hanmi Financial Corp. | 7,424 | ||||||
214 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 3,766 | ||||||
238 | HarborOne Bancorp, Inc.* | 4,579 | ||||||
121 | HCI Group, Inc. | 4,190 | ||||||
293 | Health Insurance Innovations, Inc., Class A*(a) | 9,142 | ||||||
240 | Heartland Financial USA, Inc. | 12,804 | ||||||
531 | Heritage Commerce Corp. | 8,379 | ||||||
240 | Heritage Financial Corp. | 7,140 | ||||||
443 | Hilltop Holdings, Inc. | 10,769 | ||||||
36 | Hingham Institution for Savings | 7,200 | ||||||
108 | Home Bancorp, Inc. | 4,482 | ||||||
632 | Home BancShares, Inc. | 14,530 | ||||||
267 | HomeStreet, Inc.* | 7,663 | ||||||
169 | HomeTrust Bancshares, Inc.* | 4,386 | ||||||
494 | Hope Bancorp, Inc. | 8,922 | ||||||
175 | Horace Mann Educators Corp. | 7,201 | ||||||
179 | Horizon Bancorp | 5,066 | ||||||
214 | Houlihan Lokey, Inc. | 9,934 | ||||||
174 | Howard Bancorp, Inc.* | 3,132 | ||||||
199 | IBERIABANK Corp. | 16,079 | ||||||
304 | Impac Mortgage Holdings, Inc.* | 2,706 | ||||||
305 | Independent Bank Corp. | 6,969 | ||||||
106 | Independent Bank Corp. | 7,356 | ||||||
82 | Independent Bank Group, Inc. | 5,756 | ||||||
67 | Infinity Property & Casualty Corp. | 7,903 | ||||||
246 | International Bancshares Corp. | 9,508 | ||||||
175 | INTL. FCStone, Inc.* | 6,939 | ||||||
1,286 | Invesco Mortgage Capital, Inc. REIT | 19,766 | ||||||
180 | Investar Holding Corp.(a) | 4,383 | ||||||
1,147 | Investors Bancorp, Inc. | 15,484 | ||||||
35 | Investors Title Co. | 6,737 | ||||||
204 | James River Group Holdings Ltd. | 6,673 | ||||||
234 | Kearny Financial Corp. | 3,042 | ||||||
107 | Kemper Corp. | 6,035 | ||||||
285 | Kingstone Cos, Inc. | 5,444 | ||||||
110 | Kinsale Capital Group, Inc. | 5,390 | ||||||
229 | KKR Real Estate Finance Trust, Inc. | 4,488 | ||||||
483 | Ladder Capital Corp. REIT | 7,134 | ||||||
345 | Lakeland Bancorp, Inc. | 6,590 | ||||||
261 | Lakeland Financial Corp. | 11,826 | ||||||
120 | LCNB Corp. | 2,220 | ||||||
315 | LegacyTexas Financial Group, Inc. | 13,195 | ||||||
65 | LendingTree, Inc.* | 22,653 | ||||||
186 | Live Oak Bancshares, Inc. | 4,855 | ||||||
581 | Macatawa Bank Corp. | 5,746 | ||||||
185 | MainSource Financial Group, Inc. | 6,987 | ||||||
199 | Malvern Bancorp, Inc.*(a) | 4,746 | ||||||
300 | MB Financial, Inc. | 12,303 | ||||||
468 | MBT Financial Corp. | 4,774 | ||||||
157 | Mercantile Bank Corp. | 5,197 | ||||||
273 | Meridian Bancorp, Inc. | 5,474 | ||||||
133 | Meta Financial Group, Inc. | 14,284 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
59 | Middlefield Banc Corp. | $ | 2,832 | |||||
255 | Midland States Bancorp, Inc. | 7,994 | ||||||
279 | MidSouth Bancorp, Inc. | 3,488 | ||||||
131 | MidWestOne Financial Group, Inc. | 4,168 | ||||||
291 | Moelis & Co., Class A | 14,768 | ||||||
456 | MTGE Investment Corp. REIT | 7,752 | ||||||
76 | MutualFirst Financial, Inc. | 2,713 | ||||||
185 | National Bank Holdings Corp., Class A | 6,029 | ||||||
54 | National Bankshares, Inc.(a) | 2,152 | ||||||
103 | National Commerce Corp.* | 4,424 | ||||||
279 | National General Holdings Corp. | 6,411 | ||||||
24 | National Western Life Group, Inc., Class A | 7,320 | ||||||
502 | Nationstar Mortgage Holdings, Inc.* | 8,594 | ||||||
103 | Navigators Group, Inc. (The) | 5,552 | ||||||
222 | NBT Bancorp, Inc. | 7,726 | ||||||
150 | Nelnet, Inc., Class A | 8,301 | ||||||
1,095 | New York Mortgage Trust, Inc. REIT(a) | 6,033 | ||||||
137 | NI Holdings, Inc.* | 2,207 | ||||||
103 | Nicolet Bankshares, Inc.* | 5,569 | ||||||
1,350 | NMI Holdings, Inc., Class A* | 26,798 | ||||||
227 | Northeast Bancorp | 4,983 | ||||||
175 | Northfield Bancorp, Inc. | 2,716 | ||||||
144 | Northrim BanCorp, Inc. | 4,788 | ||||||
228 | Northwest Bancshares, Inc. | 3,741 | ||||||
138 | Norwood Financial Corp. | 4,074 | ||||||
540 | OceanFirst Financial Corp. | 13,975 | ||||||
877 | Ocwen Financial Corp.*(a) | 3,192 | ||||||
473 | OFG Bancorp (Puerto Rico) | 5,085 | ||||||
127 | Ohio Valley Banc Corp.(a) | 4,972 | ||||||
172 | Old Line Bancshares, Inc. | 5,440 | ||||||
814 | Old National Bancorp | 13,838 | ||||||
113 | Old Point Financial Corp. | 2,836 | ||||||
333 | Old Second Bancorp, Inc. | 4,579 | ||||||
813 | OM Asset Management PLC | 12,463 | ||||||
133 | Oppenheimer Holdings, Inc., Class A | 3,531 | ||||||
478 | Orchid Island Capital, Inc. REIT | 3,437 | ||||||
442 | Oritani Financial Corp. | 6,895 | ||||||
205 | Owens Realty Mortgage, Inc. REIT | 2,901 | ||||||
303 | Pacific Mercantile Bancorp* | 2,500 | ||||||
154 | Pacific Premier Bancorp, Inc.* | 6,476 | ||||||
112 | Park National Corp. | 11,314 | ||||||
179 | Parke Bancorp, Inc. | 3,714 | ||||||
196 | PCSB Financial Corp.* | 3,761 | ||||||
215 | Peapack Gladstone Financial Corp. | 7,091 | ||||||
94 | Penns Woods Bancorp, Inc. | 3,817 | ||||||
500 | PennyMac Financial Services, Inc., Class A* | 11,650 | ||||||
575 | PennyMac Mortgage Investment Trust REIT | 9,585 | ||||||
144 | Peoples Bancorp of North Carolina, Inc. | 4,010 | ||||||
229 | Peoples Bancorp, Inc. | 7,898 | ||||||
112 | Peoples Financial Services Corp. | 4,611 | ||||||
211 | People’s Utah Bancorp | 6,404 | ||||||
41 | Piper Jaffray Cos | 3,424 | ||||||
121 | PJT Partners, Inc., Class A | 5,785 | ||||||
232 | PRA Group, Inc.* | 8,886 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
233 | Preferred Bank | 14,523 | ||||||
229 | Premier Financial Bancorp, Inc. | 4,035 | ||||||
345 | Primerica, Inc. | 33,638 | ||||||
144 | Provident Financial Holdings, Inc. | 2,624 | ||||||
249 | Provident Financial Services, Inc. | 6,195 | ||||||
249 | Prudential Bancorp, Inc. | 4,343 | ||||||
530 | Pzena Investment Management, Inc., Class A | 5,766 | ||||||
157 | QCR Holdings, Inc. | 6,845 | ||||||
1,284 | Radian Group, Inc. | 26,348 | ||||||
650 | Redwood Trust, Inc. REIT | 9,523 | ||||||
187 | Regional Management Corp.* | 5,595 | ||||||
127 | Reliant Bancorp, Inc.(a) | 3,021 | ||||||
211 | Renasant Corp. | 8,811 | ||||||
169 | Republic Bancorp, Inc., Class A | 6,295 | ||||||
285 | Republic First Bancorp, Inc.*(a) | 2,408 | ||||||
602 | Riverview Bancorp, Inc. | 5,201 | ||||||
157 | RLI Corp. | 9,546 | ||||||
234 | S&T Bancorp, Inc. | 9,234 | ||||||
216 | Safeguard Scientifics, Inc.* | 2,635 | ||||||
101 | Safety Insurance Group, Inc. | 7,206 | ||||||
336 | Sandy Spring Bancorp, Inc. | 13,023 | ||||||
243 | Seacoast Banking Corp. of Florida* | 6,371 | ||||||
388 | Selective Insurance Group, Inc. | 22,058 | ||||||
473 | ServisFirst Bancshares, Inc. | 18,996 | ||||||
262 | Shore Bancshares, Inc. | 4,459 | ||||||
263 | SI Financial Group, Inc. | 3,787 | ||||||
199 | Sierra Bancorp | 5,178 | ||||||
418 | Simmons First National Corp., Class A | 11,892 | ||||||
133 | SmartFinancial, Inc.* | 2,902 | ||||||
160 | South State Corp. | 13,872 | ||||||
172 | Southern First Bancshares, Inc.* | 7,250 | ||||||
187 | Southern Missouri Bancorp, Inc. | 6,324 | ||||||
262 | Southern National Bancorp of Virginia, Inc. | 4,030 | ||||||
187 | Southside Bancshares, Inc. | 6,246 | ||||||
100 | State Auto Financial Corp. | 2,758 | ||||||
187 | State Bank Financial Corp. | 5,412 | ||||||
811 | Sterling Bancorp | 18,856 | ||||||
193 | Stewart Information Services Corp. | 7,745 | ||||||
246 | Stifel Financial Corp. | 15,712 | ||||||
291 | Stock Yards Bancorp, Inc. | 10,214 | ||||||
113 | Summit Financial Group, Inc. | 2,706 | ||||||
318 | Sutherland Asset Management Corp. REIT | 4,388 | ||||||
175 | Territorial Bancorp, Inc. | 5,227 | ||||||
240 | Texas Capital Bancshares, Inc.* | 21,648 | ||||||
853 | Third Point Reinsurance Ltd. (Bermuda)* | 11,857 | ||||||
193 | Timberland Bancorp, Inc. | 5,510 | ||||||
90 | Tompkins Financial Corp. | 6,907 | ||||||
393 | Towne Bank/Portsmouth VA | 11,220 | ||||||
163 | TriCo Bancshares | 6,088 | ||||||
223 | TriState Capital Holdings, Inc.* | 4,984 | ||||||
235 | Triumph Bancorp, Inc.* | 9,623 | ||||||
132 | Trupanion, Inc.* | 3,911 | ||||||
645 | TrustCo Bank Corp. | 5,483 | ||||||
363 | Trustmark Corp. | 11,340 | ||||||
223 | Two River Bancorp | 3,822 | ||||||
|
|
76 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
214 | UMB Financial Corp. | $ | 15,622 | |||||
802 | Umpqua Holdings Corp. | 17,091 | ||||||
394 | Union Bankshares Corp. | 14,728 | ||||||
139 | United Bankshares, Inc. | 4,935 | ||||||
346 | United Community Banks, Inc. | 10,695 | ||||||
345 | United Community Financial Corp. | 3,188 | ||||||
426 | United Financial Bancorp, Inc. | 6,646 | ||||||
94 | United Fire Group, Inc. | 4,181 | ||||||
249 | United Security Bancshares | 2,540 | ||||||
243 | Unity Bancorp, Inc. | 5,018 | ||||||
615 | Universal Insurance Holdings, Inc. | 18,020 | ||||||
192 | Univest Corp. of Pennsylvania | 5,261 | ||||||
1,399 | Valley National Bancorp | 17,446 | ||||||
139 | Veritex Holdings, Inc.* | 3,859 | ||||||
169 | Virtu Financial, Inc., Class A | 5,019 | ||||||
34 | Virtus Investment Partners, Inc. | 4,184 | ||||||
538 | Waddell & Reed Financial, Inc., Class A(a) | 10,760 | ||||||
454 | Walker & Dunlop, Inc. | 21,942 | ||||||
507 | Washington Federal, Inc. | 17,593 | ||||||
192 | Washington Trust Bancorp, Inc. | 9,955 | ||||||
347 | Waterstone Financial, Inc. | 5,968 | ||||||
246 | WesBanco, Inc. | 10,138 | ||||||
303 | West Bancorporation, Inc. | 7,363 | ||||||
106 | Westamerica Bancorporation(a) | 6,073 | ||||||
488 | Western Asset Mortgage Capital Corp. REIT | 4,304 | ||||||
435 | Western New England Bancorp, Inc. | 4,328 | ||||||
65 | Westwood Holdings Group, Inc. | 3,532 | ||||||
306 | Wintrust Financial Corp. | 25,860 | ||||||
382 | WisdomTree Investments, Inc. | 3,671 | ||||||
1,636 | WMIH Corp.* | 2,110 | ||||||
84 | World Acceptance Corp.* | 9,032 | ||||||
157 | WSFS Financial Corp. | 7,489 | ||||||
|
| |||||||
2,710,621 | ||||||||
|
| |||||||
Health Care – 13.3% | ||||||||
106 | Abaxis, Inc. | 7,067 | ||||||
323 | Abeona Therapeutics, Inc.*(a) | 4,474 | ||||||
454 | Aceto Corp. | 3,255 | ||||||
682 | Acorda Therapeutics, Inc.* | 16,197 | ||||||
155 | Addus HomeCare Corp.* | 5,324 | ||||||
73 | Aerie Pharmaceuticals, Inc.* | 3,734 | ||||||
138 | Aimmune Therapeutics, Inc.* | 4,485 | ||||||
335 | Akebia Therapeutics, Inc.* | 4,790 | ||||||
954 | Allscripts Healthcare Solutions, Inc.* | 13,232 | ||||||
160 | Almost Family, Inc.* | 9,432 | ||||||
769 | AMAG Pharmaceuticals, Inc.*(a) | 16,187 | ||||||
317 | Amedisys, Inc.* | 18,770 | ||||||
233 | American Renal Associates Holdings, Inc.*(a) | 4,618 | ||||||
273 | Amicus Therapeutics, Inc.* | 3,756 | ||||||
377 | AMN Healthcare Services, Inc.* | 20,980 | ||||||
342 | Amphastar Pharmaceuticals, Inc.*(a) | 6,279 | ||||||
114 | Analogic Corp. | 9,519 | ||||||
166 | Anavex Life Sciences Corp.* | 392 | ||||||
527 | AngioDynamics, Inc.* | 8,585 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
82 | ANI Pharmaceuticals, Inc.* | 5,254 | ||||||
52 | Anika Therapeutics, Inc.* | 2,707 | ||||||
234 | Antares Pharma, Inc.* | 515 | ||||||
561 | Array BioPharma, Inc.* | 9,717 | ||||||
131 | Assembly Biosciences, Inc.* | 7,433 | ||||||
238 | AtriCure, Inc.* | 4,205 | ||||||
10 | Atrion Corp. | 5,889 | ||||||
52 | Avexis, Inc.* | 6,434 | ||||||
187 | AxoGen, Inc.* | 5,460 | ||||||
967 | BioScrip, Inc.* | 3,056 | ||||||
29 | BioSpecifics Technologies Corp.* | 1,174 | ||||||
175 | BioTelemetry, Inc.* | 5,652 | ||||||
119 | Bluebird Bio, Inc.* | 23,919 | ||||||
112 | Blueprint Medicines Corp.* | 9,695 | ||||||
478 | Calithera Biosciences, Inc.* | 3,681 | ||||||
198 | Cambrex Corp.* | 10,286 | ||||||
160 | Cantel Medical Corp. | 18,610 | ||||||
443 | Cardiovascular Systems, Inc.* | 10,535 | ||||||
484 | Castlight Health, Inc., Class B*(a) | 1,718 | ||||||
603 | Catalent, Inc.* | 25,175 | ||||||
1,026 | Catalyst Pharmaceuticals, Inc.* | 3,273 | ||||||
119 | Chemed Corp. | 30,896 | ||||||
764 | ChemoCentryx, Inc.* | 7,426 | ||||||
322 | Civitas Solutions, Inc.* | 4,186 | ||||||
184 | Clearside Biomedical, Inc.*(a) | 1,189 | ||||||
94 | Clovis Oncology, Inc.* | 5,459 | ||||||
1,020 | Community Health Systems, Inc.*(a) | 5,222 | ||||||
800 | Conatus Pharmaceuticals, Inc.* | 4,160 | ||||||
139 | CONMED Corp. | 8,414 | ||||||
1,866 | Corcept Therapeutics, Inc.*(a) | 28,345 | ||||||
327 | Corium International, Inc.* | 4,251 | ||||||
96 | CorVel Corp.* | 4,699 | ||||||
196 | Corvus Pharmaceuticals, Inc.*(a) | 1,605 | ||||||
124 | Cotiviti Holdings, Inc.* | 4,155 | ||||||
862 | Cross Country Healthcare, Inc.* | 11,163 | ||||||
156 | CryoLife, Inc.* | 2,956 | ||||||
413 | Cutera, Inc.* | 18,606 | ||||||
173 | CytomX Therapeutics, Inc.* | 5,140 | ||||||
1,476 | Depomed, Inc.* | 10,140 | ||||||
363 | Diplomat Pharmacy, Inc.* | 7,565 | ||||||
258 | Eagle Pharmaceuticals, Inc.*(a) | 14,484 | ||||||
145 | Editas Medicine, Inc.*(a) | 5,313 | ||||||
352 | Emergent BioSolutions, Inc.* | 17,494 | ||||||
71 | Enanta Pharmaceuticals, Inc.* | 5,582 | ||||||
488 | Encompass Health Corp. | 25,991 | ||||||
211 | Ensign Group, Inc. (The) | 5,634 | ||||||
297 | Entellus Medical, Inc.* | 7,128 | ||||||
1,289 | Enzo Biochem, Inc.* | 8,159 | ||||||
71 | Esperion Therapeutics, Inc.* | 5,709 | ||||||
262 | Exact Sciences Corp.* | 11,688 | ||||||
811 | Fate Therapeutics, Inc.*(a) | 9,132 | ||||||
102 | FibroGen, Inc.* | 5,620 | ||||||
148 | FONAR Corp.* | 3,656 | ||||||
250 | Foundation Medicine, Inc.* | 20,687 | ||||||
591 | Genomic Health, Inc.* | 18,912 | ||||||
309 | Glaukos Corp.*(a) | 9,672 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
94 | Global Blood Therapeutics, Inc.* | $ | 5,513 | |||||
441 | Globus Medical, Inc., Class A* | 21,009 | ||||||
312 | Haemonetics Corp.* | 22,121 | ||||||
148 | Halozyme Therapeutics, Inc.* | 2,910 | ||||||
304 | Halyard Health, Inc.* | 15,012 | ||||||
169 | HealthEquity, Inc.* | 9,731 | ||||||
124 | Heska Corp.* | 8,430 | ||||||
315 | HMS Holdings Corp.* | 5,053 | ||||||
1,315 | Horizon Pharma PLC* | 19,173 | ||||||
58 | ICU Medical, Inc.* | 13,412 | ||||||
500 | ImmunoGen, Inc.* | 5,555 | ||||||
429 | Immunomedics, Inc.*(a) | 7,254 | ||||||
288 | Impax Laboratories, Inc.* | 5,875 | ||||||
892 | Innoviva, Inc.* | 13,835 | ||||||
119 | Inogen, Inc.* | 14,378 | ||||||
187 | Inovalon Holdings, Inc., Class A*(a) | 2,244 | ||||||
322 | Insulet Corp.* | 24,179 | ||||||
752 | Insys Therapeutics, Inc.*(a) | 5,482 | ||||||
228 | Integer Holdings Corp.* | 11,639 | ||||||
243 | Integra LifeSciences Holdings Corp.* | 12,813 | ||||||
199 | Intellia Therapeutics, Inc.*(a) | 5,194 | ||||||
561 | Intersect ENT, Inc.* | 20,673 | ||||||
88 | iRhythm Technologies, Inc.* | 5,469 | ||||||
375 | Ironwood Pharmaceuticals, Inc.* | 5,325 | ||||||
208 | Jounce Therapeutics, Inc.* | 4,385 | ||||||
221 | K2M Group Holdings, Inc.* | 4,577 | ||||||
351 | Kindred Biosciences, Inc.* | 3,124 | ||||||
689 | Kindred Healthcare, Inc. | 6,339 | ||||||
340 | Kura Oncology, Inc.* | 7,684 | ||||||
653 | Lannett Co., Inc.* | 10,448 | ||||||
724 | Lantheus Holdings, Inc.* | 11,077 | ||||||
303 | LeMaitre Vascular, Inc. | 10,532 | ||||||
214 | LHC Group, Inc.* | 13,777 | ||||||
54 | Ligand Pharmaceuticals, Inc.*(a) | 8,202 | ||||||
261 | LivaNova PLC* | 23,422 | ||||||
49 | Loxo Oncology, Inc.* | 5,450 | ||||||
880 | Luminex Corp. | 17,257 | ||||||
115 | Magellan Health, Inc.* | 11,603 | ||||||
329 | Masimo Corp.* | 28,797 | ||||||
769 | Matinas BioPharma Holdings, Inc.* | 761 | ||||||
261 | Medidata Solutions, Inc.* | 17,137 | ||||||
223 | Medpace Holdings, Inc.* | 7,147 | ||||||
388 | Meridian Bioscience, Inc. | 5,413 | ||||||
222 | Merit Medical Systems, Inc.* | 10,101 | ||||||
1,689 | MiMedx Group, Inc.*(a) | 11,975 | ||||||
280 | Molina Healthcare, Inc.* | 20,244 | ||||||
322 | Momenta Pharmaceuticals, Inc.* | 5,490 | ||||||
124 | MyoKardia, Inc.* | 7,217 | ||||||
922 | Myriad Genetics, Inc.* | 29,891 | ||||||
554 | NanoString Technologies, Inc.* | 3,551 | ||||||
566 | Natera, Inc.* | 5,094 | ||||||
64 | National HealthCare Corp. | 3,755 | ||||||
235 | National Research Corp., Class A | 6,651 | ||||||
151 | Natus Medical, Inc.* | 4,704 | ||||||
330 | Nektar Therapeutics* | 28,565 | ||||||
118 | Neogen Corp.* | 6,876 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
681 | NeoGenomics, Inc.*(a) | 5,720 | ||||||
109 | Nevro Corp.*(a) | 8,842 | ||||||
211 | Novelion Therapeutics, Inc. (Canada)* | 874 | ||||||
127 | Novocure Ltd.* | 2,610 | ||||||
279 | NuVasive, Inc.* | 13,492 | ||||||
411 | NxStage Medical, Inc.* | 9,568 | ||||||
650 | Nymox Pharmaceutical Corp. (Canada)*(a) | 2,100 | ||||||
138 | Omeros Corp.* | 1,394 | ||||||
151 | Omnicell, Inc.* | 6,591 | ||||||
229 | OraSure Technologies, Inc.* | 3,953 | ||||||
286 | Orthofix International NV* | 16,019 | ||||||
393 | Owens & Minor, Inc. | 6,449 | ||||||
198 | Oxford Immunotec Global PLC* | 2,158 | ||||||
288 | Pacific Biosciences of California, Inc.* | 685 | ||||||
160 | Pacira Pharmaceuticals, Inc.* | 5,008 | ||||||
4,990 | PDL BioPharma, Inc.* | 11,976 | ||||||
124 | Penumbra, Inc.* | 13,417 | ||||||
543 | Phibro Animal Health Corp., Class A | 20,878 | ||||||
544 | Pieris Pharmaceuticals, Inc.* | 4,635 | ||||||
97 | Portola Pharmaceuticals, Inc.* | 4,105 | ||||||
220 | PRA Health Sciences, Inc.* | 18,480 | ||||||
303 | Prestige Brands Holdings, Inc.* | 10,241 | ||||||
73 | Providence Service Corp. (The)* | 4,640 | ||||||
55 | Puma Biotechnology, Inc.* | 3,594 | ||||||
933 | Quality Systems, Inc.* | 11,709 | ||||||
118 | Quidel Corp.* | 5,147 | ||||||
406 | R1 RCM, Inc.* | 2,663 | ||||||
990 | RadNet, Inc.* | 9,900 | ||||||
127 | REGENXBIO, Inc.*(a) | 3,613 | ||||||
139 | Repligen Corp.* | 4,766 | ||||||
288 | RTI Surgical, Inc.* | 1,224 | ||||||
78 | Sage Therapeutics, Inc.* | 12,586 | ||||||
309 | Sangamo Therapeutics, Inc.* | 7,401 | ||||||
90 | Sarepta Therapeutics, Inc.* | 5,649 | ||||||
477 | Select Medical Holdings Corp.* | 8,634 | ||||||
342 | Simulations Plus, Inc. | 5,318 | ||||||
145 | Spectrum Pharmaceuticals, Inc.* | 3,119 | ||||||
996 | STAAR Surgical Co.*(a) | 15,637 | ||||||
299 | Stemline Therapeutics, Inc.* | 5,128 | ||||||
556 | Strongbridge Biopharma PLC*(a) | 4,059 | ||||||
593 | Supernus Pharmaceuticals, Inc.* | 23,068 | ||||||
131 | Surmodics, Inc.* | 3,943 | ||||||
382 | Syneos Health, Inc.* | 16,006 | ||||||
286 | Tactile Systems Technology, Inc.*(a) | 9,255 | ||||||
145 | Teladoc, Inc.* | 5,815 | ||||||
115 | Tivity Health, Inc.* | 4,433 | ||||||
527 | Triple-S Management Corp., Class B (Puerto Rico)* | 12,806 | ||||||
76 | US Physical Therapy, Inc. | 5,890 | ||||||
34 | Utah Medical Products, Inc. | 3,016 | ||||||
962 | Vanda Pharmaceuticals, Inc.* | 18,134 | ||||||
132 | Varex Imaging Corp.* | 4,605 | ||||||
740 | Veracyte, Inc.* | 4,455 | ||||||
167 | Viveve Medical, Inc.*(a) | 723 | ||||||
328 | Vocera Communications, Inc.* | 9,020 | ||||||
347 | Wright Medical Group NV* | 7,061 | ||||||
|
|
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
328 | Xencor, Inc.* | $ | 10,047 | |||||
126 | Zogenix, Inc.*(a) | 5,342 | ||||||
|
| |||||||
1,697,028 | ||||||||
|
| |||||||
Industrials – 14.7% | ||||||||
411 | AAON, Inc. | 15,104 | ||||||
161 | AAR Corp. | 6,855 | ||||||
204 | ABM Industries, Inc. | 7,173 | ||||||
715 | Acacia Research Corp.* | 2,467 | ||||||
483 | ACCO Brands Corp. | 6,110 | ||||||
227 | Actuant Corp., Class A | 5,153 | ||||||
133 | Advanced Disposal Services, Inc.* | 2,977 | ||||||
239 | Advanced Drainage Systems, Inc. | 6,106 | ||||||
181 | Aegion Corp.* | 4,156 | ||||||
358 | Aerojet Rocketdyne Holdings, Inc.* | 9,666 | ||||||
78 | Aerovironment, Inc.* | 3,878 | ||||||
199 | Air Transport Services Group, Inc.* | 5,268 | ||||||
102 | Alamo Group, Inc. | 11,337 | ||||||
64 | Albany International Corp., Class A | 4,074 | ||||||
64 | Allegiant Travel Co. | 10,643 | ||||||
205 | Allied Motion Technologies, Inc. | 6,427 | ||||||
139 | Altra Industrial Motion Corp. | 6,033 | ||||||
151 | American Woodmark Corp.* | 19,388 | ||||||
258 | Apogee Enterprises, Inc. | 11,130 | ||||||
387 | Applied Industrial Technologies, Inc. | 27,245 | ||||||
605 | ARC Document Solutions, Inc.* | 1,289 | ||||||
312 | ArcBest Corp. | 10,327 | ||||||
126 | Argan, Inc. | 5,034 | ||||||
67 | Astec Industries, Inc. | 3,946 | ||||||
390 | Atkore International Group, Inc.* | 8,479 | ||||||
47 | Atlas Air Worldwide Holdings, Inc.* | 2,860 | ||||||
298 | Avis Budget Group, Inc.* | 13,464 | ||||||
635 | Axon Enterprise, Inc.*(a) | 22,117 | ||||||
55 | AZZ, Inc. | 2,247 | ||||||
280 | Barnes Group, Inc. | 16,887 | ||||||
102 | Barrett Business Services, Inc. | 7,578 | ||||||
375 | Beacon Roofing Supply, Inc.* | 19,841 | ||||||
216 | BG Staffing, Inc. | 3,553 | ||||||
227 | Blue Bird Corp.* | 5,266 | ||||||
771 | BMC Stock Holdings, Inc.* | 14,456 | ||||||
405 | Brady Corp., Class A | 15,147 | ||||||
157 | Briggs & Stratton Corp. | 3,529 | ||||||
193 | Brink’s Co. (The) | 14,185 | ||||||
913 | Builders FirstSource, Inc.* | 17,511 | ||||||
297 | Caesarstone Ltd. | 6,430 | ||||||
102 | CAI International, Inc.* | 2,060 | ||||||
311 | Casella Waste Systems, Inc., Class A* | 7,906 | ||||||
621 | CBIZ, Inc.* | 11,209 | ||||||
234 | CECO Environmental Corp. | 962 | ||||||
227 | Chart Industries, Inc.* | 12,510 | ||||||
197 | Cimpress NV (Netherlands)* | 32,062 | ||||||
238 | Columbus McKinnon Corp. | 8,449 | ||||||
388 | Comfort Systems USA, Inc. | 15,927 | ||||||
501 | Commercial Vehicle Group, Inc.* | 5,060 | ||||||
229 | Continental Building Products, Inc.* | 6,229 | ||||||
727 | Costamare, Inc. (Monaco) | 4,209 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
235 | Covanta Holding Corp.(a) | 3,513 | ||||||
163 | CRA International, Inc. | 8,148 | ||||||
94 | CSW Industrials, Inc.* | 4,310 | ||||||
124 | Cubic Corp. | 7,614 | ||||||
173 | Curtiss-Wright Corp. | 23,352 | ||||||
318 | Deluxe Corp. | 22,578 | ||||||
162 | Douglas Dynamics, Inc. | 7,209 | ||||||
133 | Ducommun, Inc.* | 3,743 | ||||||
381 | DXP Enterprises, Inc.* | 11,331 | ||||||
162 | Dycom Industries, Inc.* | 17,697 | ||||||
175 | Eastern Co. (The) | 4,462 | ||||||
646 | Echo Global Logistics, Inc.* | 17,087 | ||||||
342 | EMCOR Group, Inc. | 26,098 | ||||||
113 | Encore Wire Corp. | 5,921 | ||||||
220 | EnerSys | 15,332 | ||||||
11 | Engility Holdings, Inc.* | 300 | ||||||
145 | Ennis, Inc. | 2,827 | ||||||
90 | EnPro Industries, Inc. | 6,521 | ||||||
97 | EnviroStar, Inc. | 3,346 | ||||||
169 | ESCO Technologies, Inc. | 9,954 | ||||||
419 | Essendant, Inc. | 3,327 | ||||||
132 | Esterline Technologies Corp.* | 9,755 | ||||||
61 | Exponent, Inc. | 4,743 | ||||||
187 | Federal Signal Corp. | 4,000 | ||||||
139 | Forrester Research, Inc. | 5,629 | ||||||
318 | Forward Air Corp. | 17,172 | ||||||
304 | Franklin Covey Co.* | 7,874 | ||||||
151 | Franklin Electric Co, Inc. | 5,912 | ||||||
217 | FreightCar America, Inc. | 3,209 | ||||||
223 | FTI Consulting, Inc.* | 10,635 | ||||||
77 | GATX Corp. | 5,308 | ||||||
160 | Gencor Industries, Inc.* | 2,584 | ||||||
233 | Generac Holdings, Inc.* | 10,364 | ||||||
160 | Gibraltar Industries, Inc.* | 5,552 | ||||||
127 | Global Brass & Copper Holdings, Inc. | 3,594 | ||||||
479 | GMS, Inc.* | 14,830 | ||||||
91 | Gorman-Rupp Co. (The) | 2,428 | ||||||
79 | GP Strategies Corp.* | 1,742 | ||||||
112 | Graham Corp. | 2,264 | ||||||
49 | Granite Construction, Inc. | 2,847 | ||||||
191 | Greenbrier Cos, Inc. (The) | 9,894 | ||||||
234 | H&E Equipment Services, Inc. | 8,819 | ||||||
229 | Hardinge, Inc. | 4,202 | ||||||
375 | Harsco Corp.* | 7,594 | ||||||
399 | Hawaiian Holdings, Inc. | 14,364 | ||||||
365 | HC2 Holdings, Inc.* | 1,810 | ||||||
342 | Healthcare Services Group, Inc. | 15,537 | ||||||
145 | Heartland Express, Inc. | 2,830 | ||||||
41 | Heidrick & Struggles International, Inc. | 1,082 | ||||||
192 | Heritage-Crystal Clean, Inc.* | 3,840 | ||||||
526 | Herman Miller, Inc. | 18,883 | ||||||
328 | Hillenbrand, Inc. | 14,399 | ||||||
312 | HNI Corp. | 11,538 | ||||||
256 | Hub Group, Inc., Class A* | 11,174 | ||||||
136 | Hurco Cos, Inc. | 5,692 | ||||||
139 | Huron Consulting Group, Inc.* | 4,865 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 79 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
746 | Huttig Building Products, Inc.*(a) | $ | 3,842 | |||||
52 | Hyster-Yale Materials Handling, Inc. | 3,702 | ||||||
185 | ICF International, Inc.* | 10,545 | ||||||
273 | IES Holdings, Inc.*(a) | 4,191 | ||||||
515 | InnerWorkings, Inc.* | 4,753 | ||||||
256 | Insperity, Inc. | 16,717 | ||||||
502 | Interface, Inc. | 12,148 | ||||||
154 | JELD-WEN Holding, Inc.* | 4,799 | ||||||
173 | John Bean Technologies Corp. | 19,160 | ||||||
126 | Kadant, Inc. | 12,020 | ||||||
208 | Kaman Corp. | 12,734 | ||||||
449 | KBR, Inc. | 6,798 | ||||||
327 | Kelly Services, Inc., Class A | 9,643 | ||||||
305 | Kennametal, Inc. | 12,566 | ||||||
544 | Kforce, Inc. | 15,069 | ||||||
919 | Kimball International, Inc., Class B | 15,099 | ||||||
287 | KLX, Inc.* | 19,424 | ||||||
441 | Knight-Swift Transportation Holdings, Inc. | 21,239 | ||||||
309 | Knoll, Inc. | 6,572 | ||||||
210 | Korn/Ferry International | 8,801 | ||||||
291 | Kratos Defense & Security Solutions, Inc.* | 3,507 | ||||||
199 | Lawson Products, Inc.* | 4,667 | ||||||
261 | LB Foster Co., Class A* | 6,825 | ||||||
48 | Lindsay Corp. | 4,245 | ||||||
273 | LSC Communications, Inc. | 3,975 | ||||||
180 | LSI Industries, Inc. | 1,406 | ||||||
94 | Lydall, Inc.* | 4,526 | ||||||
145 | Marten Transport Ltd. | 3,139 | ||||||
94 | Masonite International Corp.* | 5,739 | ||||||
321 | MasTec, Inc.* | 16,355 | ||||||
124 | Matthews International Corp., Class A | 6,355 | ||||||
72 | McGrath RentCorp | 3,645 | ||||||
168 | Mercury Systems, Inc.* | 7,723 | ||||||
461 | Meritor, Inc.* | 11,294 | ||||||
71 | Miller Industries, Inc. | 1,729 | ||||||
199 | Mistras Group, Inc.* | 3,924 | ||||||
84 | Mobile Mini, Inc. | 3,524 | ||||||
131 | Moog, Inc., Class A* | 10,982 | ||||||
311 | MRC Global, Inc.* | 5,141 | ||||||
196 | MSA Safety, Inc. | 15,803 | ||||||
106 | Mueller Industries, Inc. | 2,808 | ||||||
233 | Mueller Water Products, Inc., Class A | 2,563 | ||||||
70 | Multi-Color Corp. | 4,434 | ||||||
108 | MYR Group, Inc.* | 3,494 | ||||||
46 | National Presto Industries, Inc. | 4,177 | ||||||
286 | Navigant Consulting, Inc.* | 5,686 | ||||||
106 | Navistar International Corp.* | 3,956 | ||||||
561 | NCI Building Systems, Inc.* | 9,144 | ||||||
593 | Nexeo Solutions, Inc.* | 5,509 | ||||||
115 | NN, Inc. | 2,748 | ||||||
155 | Northwest Pipe Co.* | 2,717 | ||||||
389 | NOW, Inc.*(a) | 3,692 | ||||||
229 | NV5 Global, Inc.* | 9,904 | ||||||
91 | Omega Flex, Inc. | 5,080 | ||||||
348 | On Assignment, Inc.* | 26,688 | ||||||
626 | Orion Group Holdings, Inc.* | 3,931 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
90 | Park-Ohio Holdings Corp. | 3,586 | ||||||
137 | Patrick Industries, Inc.* | 8,419 | ||||||
599 | PGT Innovations, Inc.* | 10,482 | ||||||
329 | Ply Gem Holdings, Inc.* | 7,106 | ||||||
151 | Powell Industries, Inc. | 4,021 | ||||||
96 | Preformed Line Products Co. | 5,836 | ||||||
217 | Primoris Services Corp. | 5,403 | ||||||
168 | Proto Labs, Inc.* | 18,304 | ||||||
172 | Quad/Graphics, Inc. | 4,539 | ||||||
217 | Quanex Building Products Corp. | 3,635 | ||||||
1,171 | Radiant Logistics, Inc.* | 4,333 | ||||||
192 | Raven Industries, Inc. | 6,518 | ||||||
84 | RBC Bearings, Inc.* | 10,122 | ||||||
729 | Resources Connection, Inc. | 11,336 | ||||||
287 | Revolution Lighting Technologies, Inc.*(a) | 979 | ||||||
369 | Rexnord Corp.* | 10,694 | ||||||
727 | Roadrunner Transportation Systems, Inc.* | 2,784 | ||||||
484 | RPX Corp. | 4,855 | ||||||
282 | Rush Enterprises, Inc., Class A* | 11,988 | ||||||
161 | Rush Enterprises, Inc., Class B* | 6,409 | ||||||
1,094 | Safe Bulkers, Inc. (Greece)* | 4,004 | ||||||
103 | Saia, Inc.* | 7,483 | ||||||
389 | Scorpio Bulkers, Inc. | 3,015 | ||||||
262 | Simpson Manufacturing Co., Inc. | 14,494 | ||||||
364 | SiteOne Landscape Supply, Inc.* | 25,058 | ||||||
156 | SkyWest, Inc. | 8,549 | ||||||
210 | SP Plus Corp.* | 7,560 | ||||||
291 | Spartan Motors, Inc. | 4,292 | ||||||
235 | Sparton Corp.* | 5,327 | ||||||
151 | SPX Corp.* | 4,716 | ||||||
151 | SPX FLOW, Inc.* | 7,363 | ||||||
28 | Standex International Corp. | 2,691 | ||||||
777 | Steelcase, Inc., Class A | 10,606 | ||||||
281 | Sterling Construction Co., Inc.* | 3,394 | ||||||
88 | Sun Hydraulics Corp. | 4,569 | ||||||
244 | Tennant Co. | 15,714 | ||||||
336 | Tetra Tech, Inc. | 16,447 | ||||||
294 | Titan Machinery, Inc.*(a) | 5,862 | ||||||
30 | TPI Composites, Inc.* | 595 | ||||||
327 | Trex Co., Inc.* | 33,812 | ||||||
273 | TriMas Corp.* | 7,071 | ||||||
205 | TriNet Group, Inc.* | 9,670 | ||||||
103 | Triton International Ltd. (Bermuda)* | 2,938 | ||||||
180 | Triumph Group, Inc. | 5,031 | ||||||
652 | TrueBlue, Inc.* | 17,734 | ||||||
168 | Tutor Perini Corp.* | 4,057 | ||||||
267 | Twin Disc, Inc.* | 6,387 | ||||||
82 | UniFirst Corp. | 12,735 | ||||||
370 | Universal Forest Products, Inc. | 12,188 | ||||||
193 | Vectrus, Inc.* | 5,267 | ||||||
323 | Veritiv Corp.* | 7,833 | ||||||
156 | Viad Corp. | 8,120 | ||||||
509 | Vicor Corp.* | 13,107 | ||||||
76 | VSE Corp. | 3,686 | ||||||
450 | Wabash National Corp. | 9,832 | ||||||
67 | WageWorks, Inc.* | 3,514 | ||||||
|
|
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
190 | Watts Water Technologies, Inc., Class A | $ | 14,345 | |||||
180 | Werner Enterprises, Inc. | 6,705 | ||||||
471 | Wesco Aircraft Holdings, Inc.* | 4,215 | ||||||
235 | Willdan Group, Inc.*(a) | 4,928 | ||||||
88 | Willis Lease Finance Corp.* | 2,402 | ||||||
139 | Woodward, Inc. | 9,845 | ||||||
|
| |||||||
1,872,921 | ||||||||
|
| |||||||
Information Technology – 16.9% | ||||||||
342 | 2U, Inc.* | 28,311 | ||||||
309 | 3D Systems Corp.*(a) | 2,935 | ||||||
507 | 8x8, Inc.* | 9,253 | ||||||
966 | A10 Networks, Inc.* | 6,066 | ||||||
94 | Acacia Communications, Inc.*(a) | 3,638 | ||||||
330 | ACI Worldwide, Inc.* | 7,804 | ||||||
252 | Acxiom Corp.* | 6,897 | ||||||
406 | ADTRAN, Inc. | 6,354 | ||||||
275 | Advanced Energy Industries, Inc.* | 18,238 | ||||||
984 | Aerohive Networks, Inc.*(a) | 4,123 | ||||||
249 | Agilysys, Inc.* | 2,781 | ||||||
160 | Alarm.com Holdings, Inc.* | 5,782 | ||||||
55 | Alpha & Omega Semiconductor Ltd.* | 845 | ||||||
211 | Ambarella, Inc.* | 10,145 | ||||||
339 | American Software, Inc., Class A | 4,217 | ||||||
986 | Amkor Technology, Inc.* | 9,909 | ||||||
216 | Anixter International, Inc.* | 16,319 | ||||||
250 | Appfolio, Inc., Class A* | 10,025 | ||||||
120 | Applied Optoelectronics, Inc.*(a) | 3,352 | ||||||
246 | Apptio, Inc., Class A* | 7,109 | ||||||
513 | Aspen Technology, Inc.* | 39,645 | ||||||
1,045 | Avid Technology, Inc.* | 5,006 | ||||||
339 | AVX Corp. | 5,865 | ||||||
154 | Axcelis Technologies, Inc.* | 3,765 | ||||||
578 | AXT, Inc.* | 4,321 | ||||||
199 | Badger Meter, Inc. | 9,472 | ||||||
166 | Bel Fuse, Inc., Class B | 2,872 | ||||||
149 | Belden, Inc. | 10,837 | ||||||
466 | Benchmark Electronics, Inc.* | 13,980 | ||||||
150 | Blackbaud, Inc. | 15,378 | ||||||
459 | Blackhawk Network Holdings, Inc.* | 20,540 | ||||||
525 | Blucora, Inc.* | 12,232 | ||||||
102 | Bottomline Technologies de, Inc.* | 3,874 | ||||||
778 | Box, Inc., Class A* | 18,719 | ||||||
735 | Brightcove, Inc.* | 5,035 | ||||||
345 | Brooks Automation, Inc. | 9,215 | ||||||
145 | Cabot Microelectronics Corp. | 14,775 | ||||||
166 | CACI International, Inc., Class A* | 24,742 | ||||||
161 | CalAmp Corp.* | 3,767 | ||||||
861 | Calix, Inc.* | 5,640 | ||||||
163 | Callidus Software, Inc.* | 5,852 | ||||||
353 | Carbonite, Inc.* | 9,937 | ||||||
263 | Cardtronics PLC, Class A* | 5,886 | ||||||
330 | Care.com, Inc.* | 5,900 | ||||||
255 | Cars.com, Inc.* | 6,984 | ||||||
70 | Cass Information Systems, Inc. | 4,099 | ||||||
89 | CEVA, Inc.* | 3,271 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
351 | ChannelAdvisor Corp.* | 3,106 | ||||||
764 | Ciena Corp.* | 17,702 | ||||||
548 | Cirrus Logic, Inc.* | 24,282 | ||||||
328 | Clearfield, Inc.*(a) | 4,428 | ||||||
199 | Cohu, Inc. | 3,986 | ||||||
519 | CommerceHub, Inc., Series C* | 9,887 | ||||||
412 | CommerceHub, Inc., Series A*(a) | 8,166 | ||||||
294 | CommVault Systems, Inc.* | 15,303 | ||||||
196 | Comtech Telecommunications Corp. | 4,332 | ||||||
575 | Control4 Corp.* | 13,823 | ||||||
664 | Convergys Corp. | 15,411 | ||||||
187 | Cornerstone OnDemand, Inc.* | 7,667 | ||||||
155 | Coupa Software, Inc.* | 6,913 | ||||||
598 | Cree, Inc.* | 22,622 | ||||||
216 | CSG Systems International, Inc. | 10,083 | ||||||
185 | CTS Corp. | 4,754 | ||||||
215 | CyberOptics Corp.*(a) | 3,526 | ||||||
715 | Daktronics, Inc. | 6,371 | ||||||
1,518 | DHI Group, Inc.* | 2,505 | ||||||
417 | Digi International, Inc.* | 4,358 | ||||||
383 | Diodes, Inc.* | 11,528 | ||||||
506 | DSP Group, Inc.* | 6,148 | ||||||
53 | Ebix, Inc. | 4,449 | ||||||
363 | Electro Scientific Industries, Inc.* | 6,509 | ||||||
235 | Electronics For Imaging, Inc.* | 6,437 | ||||||
100 | Ellie Mae, Inc.* | 8,867 | ||||||
841 | Entegris, Inc. | 27,921 | ||||||
107 | Envestnet, Inc.* | 5,896 | ||||||
238 | EPAM Systems, Inc.* | 26,923 | ||||||
121 | ePlus, Inc.* | 9,263 | ||||||
261 | Etsy, Inc.* | 6,606 | ||||||
193 | Everbridge, Inc.* | 6,159 | ||||||
1,128 | Everi Holdings, Inc.* | 8,404 | ||||||
369 | EVERTEC, Inc. (Puerto Rico) | 5,978 | ||||||
174 | ExlService Holdings, Inc.* | 9,921 | ||||||
1,481 | Extreme Networks, Inc.* | 16,898 | ||||||
156 | Fair Isaac Corp. | 26,511 | ||||||
112 | FARO Technologies, Inc.* | 6,647 | ||||||
461 | Finisar Corp.*(a) | 8,298 | ||||||
939 | Fitbit, Inc., Class A*(a) | 4,488 | ||||||
569 | Five9, Inc.* | 17,275 | ||||||
303 | FormFactor, Inc.* | 3,969 | ||||||
554 | Glu Mobile, Inc.* | 2,055 | ||||||
190 | GrubHub, Inc.*(a) | 18,888 | ||||||
275 | GSI Technology, Inc.* | 2,079 | ||||||
139 | GTT Communications, Inc.* | 7,172 | ||||||
542 | Hackett Group, Inc. (The) | 9,772 | ||||||
496 | Hortonworks, Inc.* | 8,918 | ||||||
198 | HubSpot, Inc.* | 21,988 | ||||||
191 | Ichor Holdings Ltd.*(a) | 4,935 | ||||||
193 | II-VI, Inc.* | 7,431 | ||||||
95 | Imperva, Inc.* | 4,432 | ||||||
234 | Impinj, Inc.*(a) | 2,981 | ||||||
1,014 | Information Services Group, Inc.* | 4,279 | ||||||
109 | Insight Enterprises, Inc.* | 3,807 | ||||||
382 | Instructure, Inc.* | 16,579 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
609 | Integrated Device Technology, Inc.* | $ | 18,477 | |||||
157 | InterDigital, Inc. | 11,273 | ||||||
106 | Intevac, Inc.* | 641 | ||||||
739 | Iteris, Inc.*(a) | 4,116 | ||||||
228 | Itron, Inc.* | 15,960 | ||||||
191 | j2 Global, Inc. | 14,138 | ||||||
473 | KEMET Corp.* | 8,505 | ||||||
365 | Kimball Electronics, Inc.* | 6,333 | ||||||
405 | Knowles Corp.* | 5,848 | ||||||
435 | Kopin Corp.*(a) | 1,331 | ||||||
488 | KVH Industries, Inc.* | 4,978 | ||||||
568 | Lattice Semiconductor Corp.* | 3,414 | ||||||
354 | Leaf Group Ltd.* | 2,726 | ||||||
453 | Liquidity Services, Inc.* | 3,103 | ||||||
77 | Littelfuse, Inc. | 15,977 | ||||||
584 | LivePerson, Inc.* | 8,439 | ||||||
167 | Lumentum Holdings, Inc.* | 10,187 | ||||||
243 | ManTech International Corp., Class A | 13,698 | ||||||
418 | MAXIMUS, Inc. | 27,998 | ||||||
303 | MaxLinear, Inc.* | 6,887 | ||||||
330 | Maxwell Technologies, Inc.*(a) | 1,878 | ||||||
1,840 | Meet Group, Inc. (The)* | 4,821 | ||||||
23 | Mesa Laboratories, Inc. | 3,013 | ||||||
243 | Methode Electronics, Inc. | 9,586 | ||||||
72 | MicroStrategy, Inc., Class A* | 9,215 | ||||||
938 | MicroVision, Inc.*(a) | 1,032 | ||||||
393 | MINDBODY, Inc., Class A* | 14,010 | ||||||
500 | Mitek Systems, Inc.* | 3,825 | ||||||
312 | MKS Instruments, Inc. | 34,741 | ||||||
1,338 | MobileIron, Inc.* | 6,422 | ||||||
184 | Model N, Inc.* | 3,146 | ||||||
232 | Monolithic Power Systems, Inc. | 27,158 | ||||||
127 | Monotype Imaging Holdings, Inc. | 3,061 | ||||||
131 | MTS Systems Corp. | 6,412 | ||||||
357 | Nanometrics, Inc.* | 9,421 | ||||||
372 | Napco Security Technologies, Inc.* | 3,757 | ||||||
178 | NETGEAR, Inc.* | 9,923 | ||||||
514 | NetScout Systems, Inc.* | 13,647 | ||||||
258 | New Relic, Inc.* | 18,519 | ||||||
309 | NIC, Inc. | 4,171 | ||||||
187 | Novanta, Inc.* | 10,444 | ||||||
330 | Nutanix, Inc., Class A* | 12,028 | ||||||
65 | NVE Corp. | 4,518 | ||||||
693 | Oclaro, Inc.* | 4,969 | ||||||
96 | OSI Systems, Inc.* | 6,061 | ||||||
133 | Park Electrochemical Corp. | 2,264 | ||||||
149 | Paycom Software, Inc.* | 14,739 | ||||||
363 | PC Connection, Inc. | 9,013 | ||||||
315 | PCM, Inc.* | 2,236 | ||||||
304 | Pegasystems, Inc. | 17,632 | ||||||
494 | Perficient, Inc.* | 9,618 | ||||||
832 | Photronics, Inc.* | 6,490 | ||||||
892 | Pixelworks, Inc.* | 3,925 | ||||||
264 | Plantronics, Inc. | 14,267 | ||||||
252 | Plexus Corp.* | 15,201 | ||||||
145 | Power Integrations, Inc. | 9,744 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
327 | Progress Software Corp. | 15,326 | ||||||
148 | Proofpoint, Inc.* | 15,861 | ||||||
156 | PROS Holdings, Inc.* | 4,891 | ||||||
901 | Pure Storage, Inc., Class A*(a) | 19,525 | ||||||
205 | Q2 Holdings, Inc.* | 9,338 | ||||||
133 | QAD, Inc., Class A | 5,985 | ||||||
142 | Qualys, Inc.* | 10,515 | ||||||
291 | Quantenna Communications, Inc.* | 4,001 | ||||||
874 | Quantum Corp.*(a) | 3,199 | ||||||
1,093 | QuinStreet, Inc.* | 14,351 | ||||||
322 | Quotient Technology, Inc.* | 4,234 | ||||||
848 | Radisys Corp.* | 729 | ||||||
1,033 | Rambus, Inc.* | 13,129 | ||||||
281 | Rapid7, Inc.* | 7,421 | ||||||
256 | RealPage, Inc.* | 13,376 | ||||||
112 | Reis, Inc. | 2,156 | ||||||
1,272 | Ribbon Communications, Inc.* | 8,243 | ||||||
489 | RingCentral, Inc., Class A* | 30,636 | ||||||
96 | Rogers Corp.* | 13,183 | ||||||
530 | Rosetta Stone, Inc.* | 7,256 | ||||||
837 | Rubicon Project, Inc. (The)* | 1,348 | ||||||
407 | Rudolph Technologies, Inc.* | 10,806 | ||||||
479 | Sanmina Corp.* | 13,196 | ||||||
199 | ScanSource, Inc.* | 6,517 | ||||||
276 | Science Applications International Corp. | 19,980 | ||||||
243 | Semtech Corp.* | 8,177 | ||||||
156 | Shutterstock, Inc.* | 7,839 | ||||||
1,173 | Sigma Designs, Inc.* | 7,038 | ||||||
172 | Silicon Laboratories, Inc.* | 16,082 | ||||||
91 | SMART Global Holdings, Inc.* | 3,160 | ||||||
89 | Stamps.com, Inc.* | 17,003 | ||||||
317 | StarTek, Inc.* | 3,424 | ||||||
299 | Sykes Enterprises, Inc.* | 8,689 | ||||||
323 | Synaptics, Inc.* | 15,010 | ||||||
664 | Synchronoss Technologies, Inc.* | 6,202 | ||||||
76 | SYNNEX Corp. | 9,397 | ||||||
396 | Syntel, Inc.* | 10,633 | ||||||
359 | Systemax, Inc. | 10,257 | ||||||
133 | Tech Data Corp.* | 13,744 | ||||||
417 | TechTarget, Inc.* | 7,206 | ||||||
261 | Telenav, Inc.* | 1,422 | ||||||
490 | TiVo Corp. | 7,350 | ||||||
94 | Trade Desk, Inc. (The), Class A*(a) | 5,288 | ||||||
814 | Travelport Worldwide Ltd. | 11,600 | ||||||
701 | TrueCar, Inc.*(a) | 7,774 | ||||||
226 | TTEC Holdings, Inc. | 8,057 | ||||||
665 | TTM Technologies, Inc.* | 10,746 | ||||||
61 | Tucows, Inc., Class A*(a) | 3,526 | ||||||
139 | Twilio, Inc., Class A* | 4,748 | ||||||
168 | Ubiquiti Networks, Inc.*(a) | 10,685 | ||||||
276 | Ultra Clean Holdings, Inc.* | 5,316 | ||||||
476 | Unisys Corp.*(a) | 5,331 | ||||||
127 | Upland Software, Inc.*(a) | 3,030 | ||||||
330 | Varonis Systems, Inc.* | 18,530 | ||||||
293 | VASCO Data Security International, Inc.* | 3,531 | ||||||
396 | VeriFone Systems, Inc.* | 6,574 | ||||||
|
|
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
347 | Verint Systems, Inc.* | $ | 13,498 | |||||
118 | ViaSat, Inc.*(a) | 8,235 | ||||||
865 | Viavi Solutions, Inc.* | 8,321 | ||||||
82 | Virtusa Corp.* | 3,913 | ||||||
901 | Vishay Intertechnology, Inc. | 16,578 | ||||||
223 | Vishay Precision Group, Inc.* | 6,679 | ||||||
357 | Web.com Group, Inc.* | 6,426 | ||||||
494 | Workiva, Inc.* | 11,239 | ||||||
853 | Xcerra Corp.* | 8,530 | ||||||
555 | XO Group, Inc.* | 10,695 | ||||||
256 | Xperi Corp. | 5,645 | ||||||
533 | Yelp, Inc.* | 23,217 | ||||||
357 | Zendesk, Inc.* | 15,415 | ||||||
1,074 | Zix Corp.* | 4,350 | ||||||
|
| |||||||
2,145,596 | ||||||||
|
| |||||||
Materials – 4.2% | ||||||||
174 | A Schulman, Inc. | 7,630 | ||||||
144 | AdvanSix, Inc.* | 5,954 | ||||||
634 | AgroFresh Solutions, Inc.* | 4,907 | ||||||
515 | AK Steel Holding Corp.*(a) | 2,657 | ||||||
418 | American Vanguard Corp. | 8,151 | ||||||
109 | Balchem Corp. | 8,202 | ||||||
388 | Boise Cascade Co. | 15,636 | ||||||
118 | Carpenter Technology Corp. | 6,011 | ||||||
173 | Century Aluminum Co.* | 3,296 | ||||||
149 | Chase Corp. | 15,496 | ||||||
64 | Clearwater Paper Corp.* | 2,406 | ||||||
1,815 | Cleveland-Cliffs, Inc.* | 12,759 | ||||||
537 | Coeur Mining, Inc.* | 4,108 | ||||||
293 | Commercial Metals Co. | 7,120 | ||||||
65 | Compass Minerals International, Inc. | 3,920 | ||||||
229 | Core Molding Technologies, Inc. | 4,168 | ||||||
352 | Ferro Corp.* | 7,529 | ||||||
217 | FutureFuel Corp. | 2,602 | ||||||
414 | GCP Applied Technologies, Inc.* | 12,731 | ||||||
877 | Gold Resource Corp. | 3,569 | ||||||
108 | Greif, Inc., Class A | 6,218 | ||||||
34 | Greif, Inc., Class B | 2,045 | ||||||
52 | Hawkins, Inc. | 1,742 | ||||||
321 | HB Fuller Co. | 16,175 | ||||||
1,773 | Hecla Mining Co. | 6,489 | ||||||
317 | Ingevity Corp.* | 23,746 | ||||||
118 | Innophos Holdings, Inc. | 4,904 | ||||||
155 | Innospec, Inc. | 10,067 | ||||||
66 | Kaiser Aluminum Corp. | 6,624 | ||||||
495 | KapStone Paper and Packaging Corp. | 17,271 | ||||||
83 | Klondex Mines Ltd. (Canada)* | 110 | ||||||
294 | KMG Chemicals, Inc. | 17,631 | ||||||
82 | Koppers Holdings, Inc.* | 3,313 | ||||||
191 | Kraton Corp.* | 8,100 | ||||||
166 | Kronos Worldwide, Inc. | 3,561 | ||||||
928 | Louisiana-Pacific Corp. | 26,448 | ||||||
191 | Materion Corp. | 9,626 | ||||||
179 | Minerals Technologies, Inc. | 12,297 | ||||||
723 | Myers Industries, Inc. | 13,701 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
71 | Neenah, Inc. | 5,442 | ||||||
287 | Olympic Steel, Inc. | 6,466 | ||||||
360 | OMNOVA Solutions, Inc.* | 3,636 | ||||||
420 | PolyOne Corp. | 17,350 | ||||||
137 | Quaker Chemical Corp. | 19,527 | ||||||
244 | Rayonier Advanced Materials, Inc. | 4,970 | ||||||
491 | Ryerson Holding Corp.* | 4,959 | ||||||
220 | Schnitzer Steel Industries, Inc., Class A | 7,480 | ||||||
155 | Schweitzer-Mauduit International, Inc. | 6,078 | ||||||
179 | Sensient Technologies Corp. | 12,879 | ||||||
155 | Stepan Co. | 12,416 | ||||||
327 | Summit Materials, Inc., Class A* | 10,343 | ||||||
590 | SunCoke Energy, Inc.* | 6,301 | ||||||
376 | TimkenSteel Corp.* | 6,151 | ||||||
215 | Trecora Resources* | 2,387 | ||||||
276 | Trinseo SA | 21,970 | ||||||
584 | Tronox Ltd., Class A | 10,676 | ||||||
202 | UFP Technologies, Inc.* | 5,747 | ||||||
64 | United States Lime & Minerals, Inc. | 4,557 | ||||||
49 | US Concrete, Inc.* | 3,565 | ||||||
795 | Valhi, Inc. | 4,524 | ||||||
479 | Warrior Met Coal, Inc. | 14,950 | ||||||
199 | Worthington Industries, Inc. | 8,804 | ||||||
|
| |||||||
530,098 | ||||||||
|
| |||||||
Real Estate – 6.1% | ||||||||
177 | Acadia Realty Trust REIT | 4,262 | ||||||
126 | Agree Realty Corp. REIT | 5,935 | ||||||
416 | Alexander & Baldwin, Inc. REIT | 9,148 | ||||||
12 | Alexander’s, Inc. REIT | 4,384 | ||||||
351 | Altisource Portfolio Solutions SA* | 9,337 | ||||||
132 | American Assets Trust, Inc. REIT | 4,187 | ||||||
217 | Armada Hoffler Properties, Inc. REIT | 2,838 | ||||||
789 | Ashford Hospitality Prime, Inc. REIT | 6,785 | ||||||
1,158 | Ashford Hospitality Trust, Inc. REIT | 6,381 | ||||||
240 | Bluerock Residential Growth REIT, Inc. | 1,807 | ||||||
430 | CareTrust REIT, Inc. | 5,698 | ||||||
269 | CatchMark Timber Trust, Inc., Class A REIT | 3,519 | ||||||
1,243 | CBL & Associates Properties, Inc. REIT(a) | 5,755 | ||||||
1,403 | Cedar Realty Trust, Inc. REIT | 5,570 | ||||||
476 | Chatham Lodging Trust REIT | 8,658 | ||||||
260 | Chesapeake Lodging Trust REIT | 6,724 | ||||||
246 | City Office REIT, Inc. | 2,470 | ||||||
163 | Clipper Realty, Inc. REIT(a) | 1,451 | ||||||
173 | Community Healthcare Trust, Inc. REIT | 4,072 | ||||||
107 | Consolidated-Tomoka Land Co. | 6,627 | ||||||
187 | CorEnergy Infrastructure Trust, Inc. REIT(a) | 6,708 | ||||||
3,219 | Cousins Properties, Inc. REIT | 26,846 | ||||||
1,387 | DiamondRock Hospitality Co. REIT | 14,258 | ||||||
235 | Easterly Government Properties, Inc. REIT | 4,474 | ||||||
172 | EastGroup Properties, Inc. REIT | 13,937 | ||||||
139 | Education Realty Trust, Inc. REIT | 4,328 | ||||||
294 | Farmland Partners, Inc. REIT | 2,211 | ||||||
495 | First Industrial Realty Trust, Inc. REIT | 13,875 | ||||||
330 | Forestar Group, Inc.* | 8,151 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
448 | Four Corners Property Trust, Inc. REIT | $ | 9,838 | |||||
400 | Franklin Street Properties Corp. REIT | 3,236 | ||||||
419 | Front Yard Residential Corp. REIT | 4,395 | ||||||
108 | FRP Holdings, Inc.*(a) | 5,643 | ||||||
689 | GEO Group, Inc. (The) REIT | 14,676 | ||||||
245 | Getty Realty Corp. REIT | 5,782 | ||||||
273 | Gladstone Commercial Corp. REIT | 4,616 | ||||||
149 | Global Medical REIT, Inc. | 969 | ||||||
160 | Global Net Lease, Inc. REIT | 2,502 | ||||||
297 | Government Properties Income Trust REIT | 4,075 | ||||||
663 | Gramercy Property Trust REIT | 14,354 | ||||||
459 | Healthcare Realty Trust, Inc. REIT | 12,186 | ||||||
387 | Hersha Hospitality Trust REIT | 6,502 | ||||||
292 | HFF, Inc., Class A | 13,333 | ||||||
519 | Independence Realty Trust, Inc. REIT | 4,422 | ||||||
562 | InfraREIT, Inc. REIT | 10,476 | ||||||
211 | Investors Real Estate Trust REIT | 981 | ||||||
560 | iStar, Inc. REIT* | 5,656 | ||||||
187 | Jernigan Capital, Inc. REIT(a) | 3,158 | ||||||
255 | Kennedy-Wilson Holdings, Inc. | 4,169 | ||||||
527 | Kite Realty Group Trust REIT | 7,979 | ||||||
901 | LaSalle Hotel Properties REIT | 22,102 | ||||||
584 | Lexington Realty Trust REIT | 4,649 | ||||||
180 | LTC Properties, Inc. REIT | 6,651 | ||||||
453 | Mack-Cali Realty Corp. REIT | 7,651 | ||||||
501 | Marcus & Millichap, Inc.* | 15,681 | ||||||
210 | Maui Land & Pineapple Co., Inc.* | 2,331 | ||||||
249 | MedEquities Realty Trust, Inc. REIT | 2,408 | ||||||
408 | Monmouth Real Estate Investment Corp. REIT | 5,761 | ||||||
199 | National Health Investors, Inc. REIT | 12,909 | ||||||
524 | National Storage Affiliates Trust REIT | 12,854 | ||||||
596 | New Senior Investment Group, Inc. REIT | 4,816 | ||||||
203 | NexPoint Residential Trust, Inc. REIT | 4,894 | ||||||
394 | NorthStar Realty Europe Corp. REIT | 4,050 | ||||||
127 | One Liberty Properties, Inc. REIT | 2,764 | ||||||
442 | Pebblebrook Hotel Trust REIT | 15,032 | ||||||
817 | Pennsylvania Real Estate Investment Trust REIT | 8,530 | ||||||
586 | Physicians Realty Trust REIT | 8,421 | ||||||
454 | PotlatchDeltic Corp. REIT | 23,222 | ||||||
396 | Preferred Apartment Communities, Inc., Class A REIT | 5,516 | ||||||
115 | PS Business Parks, Inc. REIT | 12,749 | ||||||
190 | QTS Realty Trust, Inc., Class A REIT | 6,131 | ||||||
830 | Quality Care Properties, Inc. REIT* | 10,284 | ||||||
1,184 | RAIT Financial Trust REIT | 213 | ||||||
704 | Ramco-Gershenson Properties Trust REIT | 8,293 | ||||||
310 | RE/MAX Holdings, Inc., Class A | 17,143 | ||||||
303 | Redfin Corp.*(a) | 6,239 | ||||||
228 | Retail Opportunity Investments Corp. REIT | 3,912 | ||||||
323 | Rexford Industrial Realty, Inc. REIT | 8,721 | ||||||
1,033 | RLJ Lodging Trust REIT | 20,464 | ||||||
220 | RMR Group, Inc. (The), Class A | 13,816 | ||||||
273 | Ryman Hospitality Properties, Inc. REIT | 18,826 | ||||||
1,034 | Sabra Health Care REIT, Inc. | 17,454 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
58 | Saul Centers, Inc. REIT | 2,838 | ||||||
279 | Select Income REIT | 5,069 | ||||||
145 | Seritage Growth Properties, Class A REIT(a) | 5,481 | ||||||
169 | St Joe Co. (The)* | 2,974 | ||||||
401 | STAG Industrial, Inc. REIT | 9,131 | ||||||
933 | Summit Hotel Properties, Inc. REIT | 12,288 | ||||||
1,719 | Sunstone Hotel Investors, Inc. REIT | 24,805 | ||||||
53 | Tejon Ranch Co.* | 1,174 | ||||||
267 | Terreno Realty Corp. REIT | 8,894 | ||||||
330 | Tier REIT, Inc. | 6,131 | ||||||
315 | UMH Properties, Inc. REIT | 3,676 | ||||||
88 | Universal Health Realty Income Trust REIT | 4,872 | ||||||
359 | Urban Edge Properties REIT | 7,747 | ||||||
162 | Urstadt Biddle Properties, Inc., Class A REIT | 2,838 | ||||||
1,118 | Washington Prime Group, Inc. REIT | 7,323 | ||||||
305 | Washington Real Estate Investment Trust REIT | 7,710 | ||||||
205 | Whitestone REIT | 2,530 | ||||||
718 | Xenia Hotels & Resorts, Inc. REIT | 14,123 | ||||||
|
| |||||||
783,435 | ||||||||
|
| |||||||
Telecommunication Services – 0.7% | ||||||||
263 | Boingo Wireless, Inc.* | 6,962 | ||||||
262 | Cincinnati Bell, Inc.* | 4,231 | ||||||
198 | Cogent Communications Holdings, Inc. | 8,484 | ||||||
220 | Consolidated Communications Holdings, Inc. | 2,543 | ||||||
584 | Frontier Communications Corp.(a) | 4,106 | ||||||
85 | GCI Liberty, Inc.* | 3,268 | ||||||
187 | Hawaiian Telcom Holdco, Inc.* | 5,268 | ||||||
544 | IDT Corp., Class B* | 6,572 | ||||||
297 | Ooma, Inc.* | 3,163 | ||||||
76 | Shenandoah Telecommunications Co. | 2,493 | ||||||
330 | Spok Holdings, Inc. | 5,131 | ||||||
91 | Verizon Communications, Inc. | 4,350 | ||||||
3,177 | Vonage Holdings Corp.* | 32,247 | ||||||
|
| |||||||
88,818 | ||||||||
|
| |||||||
Utilities – 3.6% | ||||||||
334 | ALLETE, Inc. | 22,762 | ||||||
294 | American States Water Co. | 15,617 | ||||||
357 | AquaVenture Holdings Ltd.* | 4,587 | ||||||
77 | Artesian Resources Corp., Class A | 2,548 | ||||||
3,585 | Atlantic Power Corp.* | 7,528 | ||||||
395 | Avista Corp. | 18,893 | ||||||
309 | Black Hills Corp. | 15,694 | ||||||
243 | Cadiz, Inc.* | 3,366 | ||||||
198 | California Water Service Group | 7,514 | ||||||
124 | Chesapeake Utilities Corp. | 8,265 | ||||||
54 | Connecticut Water Service, Inc. | 2,788 | ||||||
456 | Consolidated Water Co. Ltd. (Cayman Islands) | 5,723 | ||||||
1,679 | Dynegy, Inc.* | 20,534 | ||||||
250 | El Paso Electric Co. | 12,150 | ||||||
420 | Genie Energy Ltd., Class B | 1,869 | ||||||
|
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
294 | IDACORP, Inc. | $ | 23,829 | |||||
215 | MGE Energy, Inc. | 11,288 | ||||||
25 | Middlesex Water Co. | 886 | ||||||
450 | New Jersey Resources Corp. | 17,145 | ||||||
156 | Northwest Natural Gas Co. | 8,135 | ||||||
292 | NorthWestern Corp. | 14,915 | ||||||
853 | NRG Yield, Inc., Class A | 13,119 | ||||||
993 | NRG Yield, Inc., Class C | 15,540 | ||||||
306 | ONE Gas, Inc. | 19,459 | ||||||
297 | Ormat Technologies, Inc. | 18,586 | ||||||
261 | Otter Tail Corp. | 10,388 | ||||||
444 | Pattern Energy Group, Inc. | 8,245 | ||||||
512 | PNM Resources, Inc. | 18,022 | ||||||
567 | Portland General Electric Co. | 22,527 | ||||||
461 | Pure Cycle Corp.* | 3,665 | ||||||
157 | RGC Resources, Inc. | 3,917 | ||||||
114 | SJW Group | 6,035 | ||||||
419 | South Jersey Industries, Inc. | 10,982 | ||||||
294 | Southwest Gas Holdings, Inc. | 19,369 | ||||||
363 | Spark Energy, Inc., Class A | 3,376 | ||||||
269 | Spire, Inc. | 18,238 | ||||||
602 | TerraForm Power, Inc., Class A | 6,929 | ||||||
148 | Unitil Corp. | 6,222 | ||||||
264 | WGL Holdings, Inc. | 21,981 | ||||||
118 | York Water Co. (The) | 3,316 | ||||||
|
| |||||||
455,952 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $12,638,209) | $ | 12,520,469 | ||||||
|
| |||||||
Exchange Traded Fund – 0.6% | ||||||||
482 | iShares Russell 2000 ETF(a) | |||||||
(Cost $75,525) | $ | 72,469 | ||||||
|
| |||||||
Rights – 0.0% | ||||||||
153 | NewStar Financial, Inc. CVR(b) | |||||||
(Cost $0) | $ | 83 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $12,713,734) | $ | 12,593,021 | ||||||
|
|
Shares | Distribution Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 5.4%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
681,645 | 1.262% | $ | 681,645 | |||
(Cost $681,645) | ||||||
| ||||||
TOTAL INVESTMENTS – 104.4% | ||||||
(Cost $13,395,379) | $ | 13,274,666 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (4.4)% | (553,518 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 12,721,148 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents a Level 3 security. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CVR | —Contingent Value Right | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
February 28, 2018 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ||||||
Assets: | ||||||
Investments at value (cost $1,384,592,048, $60,509,620, $709,012,449, $43,977,135, $2,400,340,756 and $12,713,734, respectively)(a) | $ | 1,829,879,084 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 32,167,913 | |||||
Cash | 2,078,015 | |||||
Foreign currency, at value (cost $11,875, $1,648, $89,878, $17,632, $— and $—, respectively) | 12,333 | |||||
Receivables: | ||||||
Investments sold | 103,041,198 | |||||
Fund shares sold | 7,443,856 | |||||
Dividends | 5,789,736 | |||||
Foreign tax reclaims | 96,624 | |||||
Securities lending income | 9,794 | |||||
Reimbursement from advisor | 74,624 | |||||
Other assets | 61,836 | |||||
Total assets | 1,980,655,013 | |||||
Liabilities: | ||||||
Payable upon return of securities loaned | 32,167,913 | |||||
Payables: | ||||||
Investments purchased | 103,481,641 | |||||
Fund shares redeemed | 7,605,785 | |||||
Foreign capital gains tax | 1,095,831 | |||||
Management fees | 565,254 | |||||
Due to custodian | — | |||||
Accrued expenses | 84,243 | |||||
Total liabilities | 145,000,667 | |||||
Net Assets: | ||||||
Paid-in capital | 1,406,166,184 | |||||
Undistributed (distributions in excess of) net investment income | 57,234 | |||||
Accumulated net realized gain (loss) | (14,920,083 | ) | ||||
Net unrealized gain (loss) | 444,351,011 | |||||
NET ASSETS | $ | 1,835,654,346 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 50,000,000 | |||||
Net asset value per share: | $36.71 |
(a) | Includes loaned securities having a market value of $30,096,345, $18,401, $9,683,679, $521,977, $5,887,403, and $651,582. |
86 | 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 | ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||||||||||
$ | 67,748,256 | $ | 815,466,200 | $ | 55,063,982 | $ | 2,885,913,605 | $ | 12,593,021 | |||||||||||||||||||
19,763 | 10,243,008 | 543,935 | 6,077,559 | 681,645 | ||||||||||||||||||||||||
40,917 | 830,322 | — | 2,532,740 | 119,987 | ||||||||||||||||||||||||
1,636 | 90,700 | 18,439 | — | — | ||||||||||||||||||||||||
2,913,164 | 22,936,803 | 2,007,014 | 2,722,408 | — | ||||||||||||||||||||||||
— | — | — | 16,531,345 | — | ||||||||||||||||||||||||
100,689 | 1,284,324 | 80,668 | 5,133,271 | 8,790 | ||||||||||||||||||||||||
43,825 | 231,299 | — | — | — | ||||||||||||||||||||||||
257 | 6,075 | 230 | 1,921 | 1,285 | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
70,868,507 | 851,088,731 | 57,714,268 | 2,918,912,849 | 13,404,728 | ||||||||||||||||||||||||
19,763 | 10,243,008 | 543,935 | 6,077,559 | 681,645 | ||||||||||||||||||||||||
2,906,631 | 23,523,855 | 1,989,529 | 16,490,666 | — | ||||||||||||||||||||||||
— | — | — | 2,729,512 | — | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
12,981 | 154,733 | 10,218 | 196,009 | 1,935 | ||||||||||||||||||||||||
— | — | 5,242 | — | — | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
2,939,375 | 33,921,596 | 2,548,924 | 25,493,746 | 683,580 | ||||||||||||||||||||||||
61,112,898 | 713,213,452 | 43,969,271 | 2,392,352,324 | 12,357,729 | ||||||||||||||||||||||||
(374 | ) | (762,775 | ) | (234,814 | ) | 7,876,703 | 18,109 | |||||||||||||||||||||
(422,980 | ) | (1,751,589 | ) | 340,113 | 7,617,227 | 466,023 | ||||||||||||||||||||||
7,239,588 | 106,468,047 | 11,090,774 | 485,572,849 | (120,713 | ) | |||||||||||||||||||||||
$ | 67,929,132 | $ | 817,167,135 | $ | 55,165,344 | $ | 2,893,419,103 | $ | 12,721,148 | |||||||||||||||||||
2,150,000 | 27,200,000 | 1,600,000 | 53,002,500 | 300,000 | ||||||||||||||||||||||||
$31.59 | $30.04 | $34.48 | $54.59 | $42.40 |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Six Months Ended February 28, 2018 (Unaudited)
ActiveBeta® Emerging Markets Equity ETF | ||||||
Investment income: | ||||||
Dividends (net of foreign withholding taxes of $1,238,443, $26,927, $442,820, $43,055, $— and $5, respectively) | $ | 14,998,738 | ||||
Securities lending income | 77,911 | |||||
Total investment income | 15,076,649 | |||||
Expenses: | ||||||
Management fees | 3,351,197 | |||||
Custody, accounting and administrative services | 593,412 | |||||
Professional fees | 61,299 | |||||
Trustee fees | 33,544 | |||||
Printing and mailing cost | 21,957 | |||||
Registration fees | 13,454 | |||||
Other | 53,887 | |||||
Total expenses | 4,128,750 | |||||
Less — expense reductions | (357,985 | ) | ||||
Net expenses | 3,770,765 | |||||
NET INVESTMENT INCOME | 11,305,884 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments | (1,861,076 | ) | ||||
In-kind redemptions | 2,227,387 | |||||
Foreign currency transactions | (490,080 | ) | ||||
Net change in unrealized gain (loss) on: | ||||||
Investments (including the effects of the foreign capital gains tax liability of $1,076,274, $—, $—, $—, $— and $—, respectively) | 153,134,696 | |||||
Foreign currency translations | 146,525 | |||||
Net realized and unrealized gain | 153,157,452 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 164,463,336 |
88 | 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 | ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||||||||||
$ | 347,499 | $ | 5,678,378 | $ | 387,414 | $ | 23,695,954 | $ | 73,419 | |||||||||||||||||||
4,349 | 73,484 | 4,861 | 20,985 | 8,009 | ||||||||||||||||||||||||
351,848 | 5,751,862 | 392,275 | 23,716,939 | 81,428 | ||||||||||||||||||||||||
60,307 | 848,404 | 52,848 | 1,124,381 | 5,519 | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
5,792 | 18,453 | 5,694 | 59,185 | 4,961 | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
8 | 1,708 | — | — | — | ||||||||||||||||||||||||
66,107 | 868,565 | 58,542 | 1,183,566 | 10,480 | ||||||||||||||||||||||||
— | — | — | — | — | ||||||||||||||||||||||||
66,107 | 868,565 | 58,542 | 1,183,566 | 10,480 | ||||||||||||||||||||||||
285,741 | 4,883,297 | 333,733 | 22,533,373 | 70,948 | ||||||||||||||||||||||||
(318,275 | ) | (2,230,551 | ) | 348,454 | (9,421,720 | ) | (28,934 | ) | ||||||||||||||||||||
— | 2,984,311 | — | 34,615,159 | 494,730 | ||||||||||||||||||||||||
3,334 | 61,579 | 1,297 | — | — | ||||||||||||||||||||||||
| 1,562,110 | 36,046,758 | 4,960,826 | 249,845,039 | 79,653 | |||||||||||||||||||||||
(1,098 | ) | (6,396 | ) | 3,517 | — | — | ||||||||||||||||||||||
1,246,071 | 36,855,701 | 5,314,094 | 275,038,478 | 545,449 | ||||||||||||||||||||||||
1,531,812 | 41,738,998 | 5,647,827 | 297,571,851 | 616,397 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | |||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | |||||||||||||||||||||||||||
From operations: | ||||||||||||||||||||||||||||||
Net investment income | $ | 11,305,884 | $ | 23,113,439 | $ | 285,741 | $ | 935,931 | ||||||||||||||||||||||
Net realized gain (loss) | (123,769 | ) | 27,382,713 | (314,941 | ) | 360,990 | ||||||||||||||||||||||||
Net change in unrealized gain (loss) | 153,281,221 | 191,701,572 | 1,561,012 | 4,561,723 | ||||||||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 164,463,336 | 242,197,724 | 1,531,812 | 5,858,644 | ||||||||||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||||||||||
From net investment income | (21,066,938 | ) | (18,216,894 | ) | (425,064 | ) | (931,065 | ) | ||||||||||||||||||||||
Total distributions to shareholders | (21,066,938 | ) | (18,216,894 | ) | (425,064 | ) | (931,065 | ) | ||||||||||||||||||||||
From share transactions: | ||||||||||||||||||||||||||||||
Proceeds from sales of shares | 208,926,645 | 538,219,705 | 22,759,943 | 10,463,180 | ||||||||||||||||||||||||||
Cost of shares redeemed | (7,351,479 | ) | (134,905,814 | ) | — | (5,287,804 | ) | |||||||||||||||||||||||
Net increase in net assets resulting from share transactions | 201,575,166 | 403,313,891 | �� | 22,759,943 | 5,175,376 | |||||||||||||||||||||||||
TOTAL INCREASE | 344,971,564 | 627,294,721 | 23,866,691 | 10,102,955 | ||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||
Beginning of period | $ | 1,490,682,782 | $ | 863,388,061 | $ | 44,062,441 | $ | 33,959,486 | ||||||||||||||||||||||
End of period | $ | 1,835,654,346 | $ | 1,490,682,782 | $ | 67,929,132 | $ | 44,062,441 | ||||||||||||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 57,234 | $ | 9,818,288 | $ | (374 | ) | $ | 138,949 |
(1) | Commencement of operations. |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | Six Months Ended February 28, 2018 (Unaudited) | For the period June 28, 2017(1) to August 31, 2017 | |||||||||||||||||||||||||||||||||||||||
$ | 4,883,297 | $ | 10,777,194 | $ | 333,733 | $ | 593,857 | $ | 22,533,373 | $ | 34,576,873 | $ | 70,948 | $ | 19,762 | |||||||||||||||||||||||||||||||
815,339 | (1,216,679 | ) | 349,751 | (25,970 | ) | 25,193,439 | (6,147,868 | ) | 465,796 | 227 | ||||||||||||||||||||||||||||||||||||
36,040,362 | 62,998,276 | 4,964,343 | 4,328,379 | 249,845,039 | 196,569,414 | 79,653 | (200,366 | ) | ||||||||||||||||||||||||||||||||||||||
41,738,998 | 72,558,791 | 5,647,827 | 4,896,266 | 297,571,851 | 224,998,419 | 616,397 | (180,377 | ) | ||||||||||||||||||||||||||||||||||||||
(7,577,775 | ) | (9,649,669 | ) | (483,490 | ) | (721,272 | ) | (24,630,223 | ) | (28,028,221 | ) | (72,601 | ) | — | ||||||||||||||||||||||||||||||||
(7,577,775 | ) | (9,649,669 | ) | (483,490 | ) | (721,272 | ) | (24,630,223 | ) | (28,028,221 | ) | (72,601 | ) | — | ||||||||||||||||||||||||||||||||
198,744,289 | 246,462,159 | 7,009,409 | 6,019,256 | 342,531,914 | 1,088,221,008 | 8,599,132 | 12,076,307 | |||||||||||||||||||||||||||||||||||||||
(8,866,908 | ) | — | — | — | (118,544,791 | ) | (45,906,935 | ) | (8,317,710 | ) | — | |||||||||||||||||||||||||||||||||||
189,877,381 | 246,462,159 | 7,009,409 | 6,019,256 | 223,987,123 | 1,042,314,073 | 281,422 | 12,076,307 | |||||||||||||||||||||||||||||||||||||||
224,038,604 | 309,371,281 | 12,173,746 | 10,194,250 | 496,928,751 | 1,239,284,271 | 825,218 | 11,895,930 | |||||||||||||||||||||||||||||||||||||||
$ | 593,128,531 | $ | 283,757,250 | $ | 42,991,598 | $ | 32,797,348 | $ | 2,396,490,352 | $ | 1,157,206,081 | $ | 11,895,930 | $ | — | |||||||||||||||||||||||||||||||
$ | 817,167,135 | $ | 593,128,531 | $ | 55,165,344 | $ | 42,991,598 | $ | 2,893,419,103 | $ | 2,396,490,352 | $ | 12,721,148 | $ | 11,895,930 | |||||||||||||||||||||||||||||||
$ | (762,775 | ) | $ | 1,931,703 | $ | (234,814 | ) | $ | (85,057 | ) | $ | 7,876,703 | $ | 9,973,553 | $ | 18,109 | $ | 19,762 |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||
For the Six Months Ended February 28, 2018 (Unaudited) | Year ended August 31, 2017 | For the period September 25, 2015* to August 31, 2016 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 33.73 | $ | 28.03 | $ | 25.00 | ||||||||
Net investment income(a) | 0.24 | (b) | 0.63 | 0.60 | ||||||||||
Net realized and unrealized gain | 3.20 | 5.58 | 2.70 | |||||||||||
Total gain from investment operations | 3.44 | 6.21 | 3.30 | |||||||||||
Distributions to shareholders from net investment income | (0.46 | ) | (0.51 | ) | (0.27 | ) | ||||||||
Net asset value, end of period | $ | 36.71 | $ | 33.73 | $ | 28.03 | ||||||||
Market price, end of period | $ | 36.40 | $ | 33.74 | $ | 28.01 | ||||||||
Total Return at Net Asset Value(c) | 10.29 | % | 22.49 | % | 13.29 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 1,835,654 | $ | 1,490,683 | $ | 863,388 | ||||||||
Ratio of net expenses to average net assets | 0.45 | %(d) | 0.45 | % | 0.45 | %(d) | ||||||||
Ratio of total expenses to average net assets | 0.49 | %(d) | 0.53 | % | 0.58 | %(d) | ||||||||
Ratio of net investment income to average net assets | 1.35 | %(d) | 2.13 | % | f2.52 | %(d) | ||||||||
Portfolio turnover rate(e) | 13 | % | 27 | % | 44 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.04 per share and 0.10% of average net assets. |
(c) | 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. |
(d) | Annualized. |
(e) | 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. |
92 | 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, 2018 (Unaudited) | Year ended August 31, 2017 | For the period March 2, 2016* to August 31, 2016 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 30.39 | $ | 26.12 | $ | 25.03 | ||||||||
Net investment income(a) | 0.17 | 0.75 | 0.60 | |||||||||||
Net realized and unrealized gain | 1.31 | 4.26 | 0.97 | |||||||||||
Total gain from investment operations | 1.48 | 5.01 | 1.57 | |||||||||||
Distributions to shareholders from net investment income | (0.28 | ) | (0.74 | ) | (0.48 | ) | ||||||||
Net asset value, end of period | $ | 31.59 | $ | 30.39 | $ | 26.12 | ||||||||
Market price, end of period | $ | 31.67 | $ | 30.54 | $ | 26.20 | ||||||||
Total Return at Net Asset Value(b) | 4.87 | % | 19.46 | % | 6.23 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 67,929 | $ | 44,062 | $ | 33,959 | ||||||||
Ratio of net expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.25 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.71 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.08 | %(c) | 2.71 | % | 4.61 | %(c) | ||||||||
Portfolio turnover rate(d) | 15 | % | 17 | % | 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. | 93 |
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, 2018 (Unaudited) | Year ended August 31, 2017 | For the period November 6, 2015* to August 31, 2016 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 28.38 | $ | 24.67 | $ | 24.78 | ||||||||
Net investment income(a) | 0.21 | 0.69 | 0.59 | |||||||||||
Net realized and unrealized gain (loss) | 1.78 | 3.61 | (0.37 | ) | ||||||||||
Total gain from investment operations | 1.99 | 4.30 | 0.22 | |||||||||||
Distributions to shareholders from net investment income | (0.33 | ) | (0.59 | ) | (0.33 | ) | ||||||||
Net asset value, end of period | $ | 30.04 | $ | 28.38 | $ | 24.67 | ||||||||
Market price, end of period | $ | 30.00 | $ | 28.53 | $ | 24.78 | ||||||||
Total Return at Net Asset Value(b) | 7.03 | % | 17.66 | % | 0.90 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 817,167 | $ | 593,129 | $ | 283,757 | ||||||||
Ratio of net expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.27 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.62 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.41 | %(c) | 2.64 | % | 3.02 | %(c) | ||||||||
Portfolio turnover rate(d) | 8 | % | 23 | % | 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. |
94 | 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, 2018 (Unaudited) | Year ended August 31, 2017 | For the period March 2, 2016* to August 31, 2016 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 30.71 | $ | 27.33 | $ | 25.69 | ||||||||
Net investment income(a) | 0.23 | 0.48 | 0.24 | |||||||||||
Net realized and unrealized gain | 3.89 | 3.50 | 1.60 | |||||||||||
Total gain from investment operations | 4.12 | 3.98 | 1.84 | |||||||||||
Distributions to shareholders from net investment income | (0.35 | ) | (0.60 | ) | (0.20 | ) | ||||||||
Net asset value, end of period | $ | 34.48 | $ | 30.71 | $ | 27.33 | ||||||||
Market price, end of period | $ | 34.25 | $ | 30.79 | $ | 27.44 | ||||||||
Total Return at Net Asset Value(b) | 13.44 | % | 14.74 | % | 7.17 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 55,165 | $ | 42,992 | $ | 32,797 | ||||||||
Ratio of net expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.25 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | %(c) | 0.25 | % | 0.73 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.43 | %(c) | 1.68 | % | 1.81 | %(c) | ||||||||
Portfolio turnover rate(d) | 16 | % | 22 | % | 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. | 95 |
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, 2018 (Unaudited) | Year ended August 31, 2017 | For the period September 17, 2015* to August 31, 2016 | ||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 49.16 | $ | 43.83 | $ | 40.70 | ||||||||
Net investment income(a) | 0.45 | 0.97 | 0.85 | |||||||||||
Net realized and unrealized gain | 5.48 | 5.17 | 2.78 | |||||||||||
Total gain from investment operations | 5.93 | 6.14 | 3.63 | |||||||||||
Distributions to shareholders from net investment income | (0.50 | ) | (0.81 | ) | (0.50 | ) | ||||||||
Net asset value, end of period | $ | 54.59 | $ | 49.16 | $ | 43.83 | ||||||||
Market price, end of period | $ | 54.59 | $ | 49.15 | $ | 43.82 | ||||||||
Total Return at Net Asset Value(b) | 12.12 | % | 14.15 | % | 8.97 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 2,893,419 | $ | 2,396,490 | $ | 1,157,206 | ||||||||
Ratio of net expenses to average net assets | 0.09 | %(c) | 0.09 | % | 0.09 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.09 | %(c) | 0.09 | % | 0.19 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.71 | %(c) | 2.08 | % | 2.11 | %(c) | ||||||||
Portfolio turnover rate(d) | 9 | % | 20 | % | 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. |
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||
For the Six Months Ended February 28, 2018 (Unaudited) | For the period June 28, 2017* to August 31, 2017 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 39.65 | $ | 40.36 | ||||||
Net investment income(a) | 0.29 | 0.07 | ||||||||
Net realized and unrealized gain (loss) | 2.78 | (0.78 | ) | |||||||
Total gain (loss) from investment operations | 3.07 | (0.71 | ) | |||||||
Distributions to shareholders from net investment income | (0.32 | ) | — | |||||||
Net asset value, end of period | $ | 42.40 | $ | 39.65 | ||||||
Market price, end of period | $ | 42.67 | $ | 38.95 | ||||||
Total Return at Net Asset Value(b) | 7.73 | % | (1.76 | )% | ||||||
Net assets, end of period (in 000’s) | $ | 12,721 | $ | 11,896 | ||||||
Ratio of net expenses to average net assets | 0.20 | %(c) | 0.20 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.20 | %(c) | 0.20 | %(c) | ||||||
Ratio of net investment income to average net assets | 1.36 | %(c) | 0.96 | %(c) | ||||||
Portfolio turnover rate(d) | 8 | % | 0 | %(e) |
* | 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. |
(e) | Less than 0.5%. |
The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ACTIVEBETA® ETFS
February 28, 2018 (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 (collectively, the “Funds” or individually a “Fund”). Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”), Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”), Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”), Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”), Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”) and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”) are all diversified Funds. The Trust was organized as a Delaware statutory trust on December 16, 2009.
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. LLC (“Goldman Sachs”), 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 remaining cash amount, with respect to the ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF, ActiveBeta® Japan Equity ETF, ActiveBeta® U.S. Large Cap Equity ETF and the ActiveBeta® U.S. Small 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.
B. Investment Income and Investments — Investment income includes interest income, dividend income, 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.
98
GOLDMAN SACHS ACTIVEBETA® ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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. 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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each 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. 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.
E. 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 translation. 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.
99
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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); the Funds’ policy is to use the market approach. 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 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’ 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.
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 and at the last ask price for short 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, and are generally classified as Level 2.
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. For information regarding an underlying ETF’s accounting policies and investment holdings, please see the underlying ETF’s shareholder report.
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.
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.
101
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of February 28, 2018:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 114,965,452 | $ | 4,618,810 | $ | — | ||||||
Asia | 1,363,428,287 | 68,311,183 | — | |||||||||
Europe | 42,317,975 | — | — | |||||||||
North America | 46,700,117 | — | — | |||||||||
South America | 137,383,406 | 52,153,854 | — | |||||||||
Securities Lending Reinvestment Vehicle | 32,167,913 | — | — | |||||||||
Total | $ | 1,736,963,150 | $ | 125,083,847 | $ | — | ||||||
ACTIVEBETA® EUROPE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 348,555 | $ | — | $ | — | ||||||
Europe | 66,034,361 | 562,786 | — | |||||||||
North America | 512,123 | — | — | |||||||||
Oceania | 194,071 | — | — | |||||||||
South America | 49,580 | 46,780 | — | |||||||||
Securities Lending Reinvestment Vehicle | 19,763 | — | — | |||||||||
Total | $ | 67,158,453 | $ | 609,566 | $ | — | ||||||
ACTIVEBETA® INTERNATIONAL EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 2,415,837 | $ | — | $ | — | ||||||
Asia | 236,376,444 | — | — | |||||||||
Europe | 448,898,260 | 4,189,340 | — | |||||||||
North America | 71,112,203 | — | — | |||||||||
Oceania | 51,748,012 | 296 | — | |||||||||
South America | 394,466 | 331,342 | — | |||||||||
Securities Lending Reinvestment Vehicle | 10,243,008 | — | — | |||||||||
Total | $ | 821,188,230 | $ | 4,520,978 | $ | — |
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GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® JAPAN EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 55,063,982 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 543,935 | — | — | |||||||||
Total | $ | 55,607,917 | $ | — | $ | — | ||||||
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 | $ | 2,885,913,605 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 6,077,559 | — | — | |||||||||
Total | $ | 2,891,991,164 | $ | — | $ | — | ||||||
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Europe | $ | 43,049 | $ | — | $ | — | ||||||
North America | 12,542,761 | 7,128 | 83 | |||||||||
Securities Lending Reinvestment Vehicle | 681,645 | — | — | |||||||||
Total | $ | 13,267,455 | $ | 7,128 | $ | 83 |
(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 Schedules of Investments.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
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 Fund’s average daily net assets.
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 and litigation, indemnification and extraordinary expenses. As the Funds directly pay fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Funds to the independent Trustees.
For the six months ended February 28, 2018, unitary management fees with GSAM were at the following rates for each Fund 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 | % | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20 | % |
For the six months ended February 28, 2018, 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. 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, expenses of shareholder meetings, litigation and 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, 2018, these expense reductions, including any fee waivers and Other Expense reimbursements amounted to $357,985.
104
GOLDMAN SACHS ACTIVEBETA® ETFS
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.
Share activity is as follows:
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 6,000,000 | $ | 208,482,450 | 17,400,000 | $ | 537,396,840 | ||||||||||
Shares Redeemed | (200,000 | ) | (7,342,472 | ) | (4,000,000 | ) | (134,905,814 | ) | ||||||||
NET INCREASE IN SHARES | 5,800,000 | $ | 201,139,978 | 13,400,000 | $ | 402,491,026 | ||||||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 700,000 | $ | 22,759,943 | 350,000 | $ | 10,463,180 | ||||||||||
Shares Redeemed | — | — | (200,000 | ) | (5,287,804 | ) | ||||||||||
NET INCREASE IN SHARES | 700,000 | $ | 22,759,943 | 150,000 | $ | 5,175,376 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® International Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 6,600,000 | $ | 198,732,000 | 9,400,000 | $ | 246,447,741 | ||||||||||
Shares Redeemed | (300,000 | ) | (8,866,908 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 6,300,000 | $ | 189,865,092 | 9,400,000 | $ | 246,447,741 | ||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 200,000 | $ | 7,009,409 | 200,000 | $ | 6,019,256 | ||||||||||
Shares Redeemed | — | — | — | — | ||||||||||||
NET INCREASE IN SHARES | 200,000 | $ | 7,009,409 | 200,000 | $ | 6,019,256 | ||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 6,550,000 | $ | 342,531,900 | 23,400,000 | $ | 1,088,220,664 | ||||||||||
Shares Redeemed | (2,300,000 | ) | (118,544,791 | ) | (1,050,000 | ) | (45,906,935 | ) | ||||||||
NET INCREASE IN SHARES | 4,250,000 | $ | 223,987,109 | 22,350,000 | $ | 1,042,313,729 | ||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
For the Six Months Ended February 28, 2018 | For the period June 28, 2017* through August 31, 2017 | |||||||||||||||
Shares Sold | 200,000 | $ | 8,599,124 | 300,000 | $ | 12,076,307 | ||||||||||
Shares Redeemed | (200,000 | ) | (8,317,710 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | — | $ | 281,414 | 300,000 | $ | 12,076,307 |
* | Commencement of operation |
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GOLDMAN SACHS ACTIVEBETA® ETFS
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 370,402,387 | $ | 226,438,136 | ||||||
ActiveBeta® Europe Equity ETF | 8,005,935 | 8,156,116 | ||||||||
ActiveBeta® International Equity ETF | 60,551,318 | 54,976,488 | ||||||||
ActiveBeta® Japan Equity ETF | 7,557,409 | 7,593,352 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 242,587,762 | 233,030,474 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 848,804 | 939,147 |
The purchase and sales from in-kind creation and redemption transactions for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 53,098,821 | $ | 7,079,159 | ||||||
ActiveBeta® Europe Equity ETF | 22,755,783 | — | ||||||||
ActiveBeta® International Equity ETF | 190,410,418 | 8,797,628 | ||||||||
ActiveBeta® Japan Equity ETF | 7,002,817 | — | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 335,925,333 | 118,174,109 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 8,572,291 | 8,254,879 |
107
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
7. SECURITIES LENDING |
The Funds 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 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.
The Funds invest 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 Goldman Sachs 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 a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.
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 collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2018 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, 2018, are reported under Investment Income on the Statements of Operations.
The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended February 28, 2018:
Fund | Beginning value as of August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2018 | ||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 26,893,134 | $ | 123,691,350 | $ | (118,416,571 | ) | $ | 32,167,913 | |||||||||
ActiveBeta® Europe Equity ETF | 90,063 | 7,442,700 | (7,513,000 | ) | 19,763 | |||||||||||||
ActiveBeta® International Equity ETF | 6,961,512 | 70,170,138 | (66,888,642 | ) | 10,243,008 | |||||||||||||
ActiveBeta® Japan Equity ETF | 288,307 | 1,170,600 | (914,972 | ) | 543,935 | |||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 3,705,216 | 38,437,486 | (36,065,143 | ) | 6,077,559 | |||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 649,189 | 2,219,824 | (2,187,368 | ) | 681,645 |
108
8. TAX INFORMATION |
As of the Funds’ most recent fiscal year end, August 31, 2017, the components of accumulated earnings (losses) on a tax-basis were as follows:
ActiveBeta® Emerging Markets | ActiveBeta® Europe | ActiveBeta® International | ActiveBeta® Japan | ActiveBeta® U.S. Large Cap | ActiveBeta® U.S. Small Cap | |||||||||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||
Perpetual Short-Term | $ | (7,444,760 | ) | $ | — | $ | (144,209 | ) | $ | (6,557 | ) | $ | (691,783 | ) | $ | — | ||||||||
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral) | (2,322,759 | ) | (51,393 | ) | — | (2,944 | ) | (10,476,431 | ) | — |
As of February 28, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes 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 | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
Tax Cost | $ | 1,423,302,917 | $ | 60,686,540 | $ | 723,226,691 | $ | 44,606,264 | $ | 2,412,826,313 | $ | 13,395,466 | ||||||||||||
Gross unrealized gain | 473,987,789 | 8,313,931 | 118,067,596 | 11,408,569 | 536,375,402 | 764,794 | ||||||||||||||||||
Gross unrealized loss | (35,243,709 | ) | (1,232,452 | ) | (15,585,079 | ) | (406,916 | ) | (57,210,551 | ) | (885,594 | ) | ||||||||||||
Net unrealized gains (losses) | $ | 438,744,080 | $ | 7,081,479 | $ | 102,482,517 | $ | 11,001,653 | $ | 479,164,851 | $ | (120,800 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on foreign currency contracts and differences in the 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 two 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.
109
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
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 a Fund invests. The imposition of exchange controls (including repatriation restrictions), 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 a 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 a 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 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.
110
GOLDMAN SACHS ETF TRUST
9. OTHER RISKS (continued) |
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a 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.
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.
111
GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Months ended 2/28/2018 (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, 2017 and held for the six months ended February 28, 2018, 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 | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | Beginning Account Value 9/1/17 | Ending Account Value 2/28/18 | Expenses Paid* | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,102.90 | $ | 2.35 | $ | 1,000 | $ | 1,048.70 | $ | 1.27 | $ | 1,000 | $ | 1,070.30 | $ | 1.28 | $ | 1,000 | $ | 1,134.40 | $ | 1.32 | $ | 1,000 | $ | 1,121.20 | $ | 0.47 | $ | 1,000 | $ | 1,095.40 | $ | 1.04 | ||||||||||||||||||||||||||||||||||||
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 | 1,000 | 1,023.80 | + | 1.00 |
+ | 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. |
* | 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, 2018. 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 | |||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20 |
112
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 $1.29 trillion in assets under supervision as of December 31, 2017, 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. LLC 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 ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond 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 Russell 2000® Index was used by Goldman Sachs Asset Management or its affiliate as the starting universe for selection of the companies included in the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index. Frank Russell Company (“RUSSELL”) does not in any way sponsor, support, promote or endorse the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF. In no event shall any Russell 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 Russell 2000® Index or the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index.
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. LLC (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 Joseph F. DiMaria, Assistant Treasurer and Principal Accounting 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, 2018 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.
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.
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. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.
THIS MATERIAL IS FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.
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 a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.
© 2018 Goldman Sachs. All rights reserved. 126335-OTU-741115 ACTBETASAR-18/GST646/29k
Goldman Sachs Funds
Semi-Annual Report | February 28, 2018 | |||
Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
1 | ||||
2 | ||||
8 | ||||
13 | ||||
16 | ||||
17 | ||||
23 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Principal Investment Strategies
The Goldman Sachs Equal Weight U.S. Large Cap Equity 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 Solactive US Large Cap Equal Weight Index (GTR) (the “Index”) consists of equity securities of large capitalization U.S. issuers. The Index is an equal-weight version of the Solactive US Large Cap Index, a market capitalization-weighted index that includes equity securities of approximately 500 of the largest U.S. companies. The Index includes the same constituents as the Solactive US Large Cap Index. However, unlike the Solactive US Large Cap Index, in which each security is weighted based on its market value, each security in the Index is given the same weight, approximately 0.2% of the Index, at each rebalance.
As of August 31, 2017, the Index consisted of 491 securities with a market capitalization range of between approximately $3.9 billion and $847.1 billion, and an average market capitalization of approximately $46.1 billion. The Index is reconstituted on a semi-annual basis in May and November to reflect changes in the constituents of the Solactive US Large Cap Index. New securities from initial public offerings are also added on a semi-annual basis in February and August, subject to fulfillment of certain eligibility criteria. The Index is rebalanced on a monthly basis to weight all constituents equally.
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, i.e. from Fund commencement on September 12, 2017 through February 28, 2018, we believed that while mega-cap stocks may drive performance in market cap-weighted equity indices, many top performers may be found among non-mega-cap stocks. We maintain conviction in our methodology for providing meaningful access to opportunities among non-mega-cap stocks and avoiding concentration in mega-cap stocks by equally weighting the largest U.S. equities and rebalancing on a monthly basis. We believe this approach allows investors to participate in a broad range of market cycles and potentially reduce exposure to isolated market incidents.
1
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs Equal Weight 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 Solactive US Large Cap Equal Weight Index (GTR) (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 from its commencement of operations on September 12, 2017 through February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 7.58% based on net asset value (“NAV”) and 7.80% based on market price1. The Index returned 7.64%, 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 9.69% during the same period. |
The Fund had an NAV of $40.58 on the date of inception and ended the Reporting Period with an NAV of $43.42 per share. The Fund’s market price on February 28, 2018 was $43.51 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’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 |
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 period from commencement of investment operations to the first day of secondary market trading to calculate the market price returns. |
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. |
During the Reporting Period, the Index posted solid absolute gains but underperformed the S&P 500 Index. The Fund also underperformed the S&P 500 Index during the Reporting Period, as measured by NAV. |
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, real estate and information technology sectors detracted the most from the Index’s results relative to the S&P 500 Index. Partially offsetting these detractors were Index constituents in the consumer staples, energy and health care sectors, which contributed positively to the Index’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, underweight positions in e-commerce retailing giant Amazon.com, software behemoth Microsoft and financials institution JPMorgan Chase detracted most (0.21%, 0.21% and 0.21% of Fund net assets as of February 28, 2018, respectively). Each of these companies generated a robust double-digit gain within the Index during the Reporting Period. |
2
PORTFOLIO RESULTS
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, underweight positions in diversified conglomerate General Electric, consumer products giant Procter & Gamble and integrated energy company Exxon Mobil contributed most positively (0.19%, 0.19% and 0.20% of Fund net assets as of February 28, 2018, respectively). Each of these companies posted a negative return within the Index 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 | Solactive US Large Cap Equal Weight Index | S&P 500 Index | |||||||||||
Information Technology | 16.53 | % | 16.82 | % | 25.15 | % | ||||||||
Financials | 14.40 | 14.37 | 15.03 | |||||||||||
Consumer Discretionary | 13.16 | 13.10 | 12.68 | |||||||||||
Industrials | 13.00 | 12.70 | 10.23 | |||||||||||
Health Care | 12.62 | 12.61 | 13.78 | |||||||||||
Consumer Staples | 7.01 | 7.03 | 7.55 | |||||||||||
Real Estate | 6.66 | 6.66 | 2.60 | |||||||||||
Energy | 5.80 | 5.89 | 5.51 | |||||||||||
Utilities | 5.17 | 5.17 | 2.68 | |||||||||||
Materials | 4.85 | 4.84 | 2.90 | |||||||||||
Telecommunication Services | 0.81 | 0.80 | 1.88 |
1 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive US Large Cap Equal Weight Index. Allocations are subject to change and are current as of the date of this report. |
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 Standard & Poor’s. |
3
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 43.51 | ||||
Net Asset Value (NAV)1 | $ | 43.42 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Bats BZX Exchange, Inc. (“Bats BZX”). 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 Bats BZX 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 12, 2017– February 28, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | Solactive US Large Cap Equal Weight Index3 | S&P 500 Index USD)4 | ||||||||||||||
Shares | 7.58 | % | 7.80 | % | 7.64 | % | 9.69 | % |
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 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 Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of an Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund. |
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. |
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
EXPENSE RATIOS5 | ||||||
Expense Ratio | ||||||
Shares | 0.09 | % |
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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/186 | ||||||||||
Holding | % of Net Assets | Line of Business | ||||||||
Twitter, Inc. | 0.26 | % | Information Technology | |||||||
Hewlett Packard Enterprise Co. | 0.24 | Information Technology | ||||||||
Huntington Ingalls Industries, Inc. | 0.24 | Industrials | ||||||||
Red Hat, Inc. | 0.23 | Information Technology | ||||||||
Applied Materials, Inc. | 0.23 | Information Technology | ||||||||
Interpublic Group of Cos., Inc. (The) | 0.23 | Consumer Discretionary | ||||||||
Cisco Systems, Inc. | 0.23 | Information Technology | ||||||||
Micron Technology, Inc. | 0.23 | Information Technology | ||||||||
Cognizant Technology Solutions Corp., Class A | 0.23 | Information Technology | ||||||||
Broadridge Financial Solutions, Inc. | 0.23 | Information Technology |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
5
FUND BASICS
FUND SECTOR ALLOCATIONS7 | ||
As of February 28, 2018 |
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 Standards (“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 vehicle represented 0.60% of the Fund’s net assets as of February 28, 2018. Figures above may not sum to 100% due to rounding. |
6
FUND BASICS
Industry Terms:
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
Derivatives: The strategy may include the use of derivatives. Derivatives often involve a high degree of financial risk because a relatively small movement in the price of the underlying security or benchmark may result in a disproportionately large movement in the price of the derivative and are not suitable for all investors. No representation regarding the suitability of these instruments and strategies for a particular investor is made.
7
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Consumer Discretionary – 13.1% | ||||||||
46 | Amazon.com, Inc.* | $ | 69,573 | |||||
1,557 | Aramark | 64,942 | ||||||
89 | AutoZone, Inc.* | 59,160 | ||||||
943 | Best Buy Co., Inc. | 68,311 | ||||||
35 | Booking Holdings, Inc.* | 71,191 | ||||||
1,224 | BorgWarner, Inc. | 60,074 | ||||||
1,015 | CarMax, Inc.* | 62,849 | ||||||
957 | Carnival Corp. | 64,033 | ||||||
1,231 | CBS Corp., Class B | 65,206 | ||||||
179 | Charter Communications, Inc., Class A* | 61,205 | ||||||
219 | Chipotle Mexican Grill, Inc.*(a) | 69,732 | ||||||
1,672 | Comcast Corp., Class A | 60,543 | ||||||
702 | Darden Restaurants, Inc. | 64,717 | ||||||
1,529 | DISH Network Corp., Class A* | 63,744 | ||||||
678 | Dollar General Corp. | 64,132 | ||||||
614 | Dollar Tree, Inc.* | 63,021 | ||||||
317 | Domino’s Pizza, Inc. | 70,504 | ||||||
1,437 | DR Horton, Inc. | 60,210 | ||||||
521 | Expedia, Inc. | 54,794 | ||||||
6,161 | Ford Motor Co. | 65,368 | ||||||
1,584 | General Motors Co. | 62,330 | ||||||
662 | Genuine Parts Co. | 60,798 | ||||||
1,987 | Goodyear Tire & Rubber Co. (The) | 57,504 | ||||||
3,065 | Hanesbrands, Inc.(a) | 59,461 | ||||||
1,363 | Harley-Davidson, Inc. | 61,853 | ||||||
705 | Hasbro, Inc. | 67,377 | ||||||
822 | Hilton Worldwide Holdings, Inc. | 66,409 | ||||||
346 | Home Depot, Inc. (The) | 63,065 | ||||||
3,159 | Interpublic Group of Cos., Inc. (The) | 73,921 | ||||||
1,405 | L Brands, Inc. | 69,309 | ||||||
895 | Las Vegas Sands Corp. | 65,165 | ||||||
359 | Lear Corp. | 66,979 | ||||||
1,096 | Lennar Corp., Class A | 62,012 | ||||||
721 | Liberty Broadband Corp., Class C* | 63,362 | ||||||
1,634 | LKQ Corp.* | 64,510 | ||||||
661 | Lowe’s Cos., Inc. | 59,219 | ||||||
474 | Marriott International, Inc., Class A | 66,934 | ||||||
402 | McDonald’s Corp. | 63,411 | ||||||
1,900 | MGM Resorts International | 65,037 | ||||||
249 | Mohawk Industries, Inc.* | 59,730 | ||||||
250 | Netflix, Inc.* | 72,845 | ||||||
2,305 | Newell Brands, Inc. | 59,215 | ||||||
1,017 | NIKE, Inc., Class B | 68,170 | ||||||
1,139 | Norwegian Cruise Line Holdings Ltd.* | 64,809 | ||||||
20 | NVR, Inc.* | 56,863 | ||||||
898 | Omnicom Group, Inc. | 68,455 | ||||||
259 | O’Reilly Automotive, Inc.* | 63,245 | ||||||
451 | PVH Corp. | 65,070 | ||||||
848 | Ross Stores, Inc. | 66,220 | ||||||
520 | Royal Caribbean Cruises Ltd. | 65,832 | ||||||
1,185 | Starbucks Corp. | 67,664 | ||||||
1,354 | Tapestry, Inc. | 68,932 | ||||||
912 | Target Corp. | 68,774 | ||||||
198 | Tesla, Inc.*(a) | 67,926 | ||||||
643 | Tiffany & Co. | 64,969 | ||||||
698 | Time Warner, Inc. | 64,886 | ||||||
871 | TJX Cos., Inc. (The) | 72,014 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,803 | Twenty-First Century Fox, Inc., Class A | 66,386 | ||||||
302 | Ulta Beauty, Inc.* | 61,412 | ||||||
836 | VF Corp. | 62,341 | ||||||
2,122 | Viacom, Inc., Class B | 70,747 | ||||||
625 | Walt Disney Co. (The) | 64,475 | ||||||
383 | Whirlpool Corp. | 62,211 | ||||||
553 | Wyndham Worldwide Corp. | 64,026 | ||||||
406 | Wynn Resorts Ltd. | 68,005 | ||||||
823 | Yum! Brands, Inc. | 66,976 | ||||||
|
| |||||||
4,274,163 | ||||||||
|
| |||||||
Consumer Staples – 7.0% | ||||||||
998 | Altria Group, Inc. | 62,824 | ||||||
1,580 | Archer-Daniels-Midland Co. | 65,602 | ||||||
1,019 | Brown-Forman Corp., Class B | 71,116 | ||||||
804 | Bunge Ltd. | 60,646 | ||||||
1,468 | Campbell Soup Co. | 63,197 | ||||||
1,386 | Church & Dwight Co., Inc. | 68,177 | ||||||
508 | Clorox Co. (The) | 65,573 | ||||||
1,483 | Coca-Cola Co. (The) | 64,095 | ||||||
942 | Colgate-Palmolive Co. | 64,970 | ||||||
1,856 | Conagra Brands, Inc. | 67,057 | ||||||
308 | Constellation Brands, Inc., Class A | 66,368 | ||||||
358 | Costco Wholesale Corp. | 68,342 | ||||||
896 | CVS Health Corp. | 60,686 | ||||||
562 | Dr Pepper Snapple Group, Inc. | 65,332 | ||||||
482 | Estee Lauder Cos., Inc. (The), Class A | 66,728 | ||||||
1,190 | General Mills, Inc. | 60,154 | ||||||
655 | Hershey Co. (The) | 64,360 | ||||||
2,027 | Hormel Foods Corp. | 65,796 | ||||||
509 | Ingredion, Inc. | 66,496 | ||||||
553 | JM Smucker Co. (The) | 69,844 | ||||||
1,017 | Kellogg Co. | 67,325 | ||||||
581 | Kimberly-Clark Corp. | 64,445 | ||||||
893 | Kraft Heinz Co. (The) | 59,876 | ||||||
2,282 | Kroger Co. (The) | 61,888 | ||||||
646 | McCormick & Co., Inc. | 68,980 | ||||||
851 | Molson Coors Brewing Co., Class B | 64,889 | ||||||
1,489 | Mondelez International, Inc., Class A | 65,367 | ||||||
1,032 | Monster Beverage Corp.* | 65,398 | ||||||
584 | PepsiCo, Inc. | 64,082 | ||||||
660 | Philip Morris International, Inc. | 68,343 | ||||||
805 | Procter & Gamble Co. (The) | 63,209 | ||||||
1,111 | Sysco Corp. | 66,271 | ||||||
894 | Tyson Foods, Inc., Class A | 66,496 | ||||||
924 | Walgreens Boots Alliance, Inc. | 63,654 | ||||||
657 | Walmart, Inc. | 59,137 | ||||||
|
| |||||||
2,276,723 | ||||||||
|
| |||||||
Energy – 5.8% | ||||||||
1,153 | Anadarko Petroleum Corp. | 65,767 | ||||||
643 | Andeavor | 57,626 | ||||||
1,613 | Apache Corp. | 55,084 | ||||||
2,270 | Baker Hughes a GE Co. | 59,928 | ||||||
2,694 | Cabot Oil & Gas Corp. | 65,087 | ||||||
1,195 | Cheniere Energy, Inc.* | 62,761 | ||||||
566 | Chevron Corp. | 63,347 | ||||||
|
|
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
612 | Cimarex Energy Co. | $ | 58,807 | |||||
446 | Concho Resources, Inc.* | 67,257 | ||||||
1,184 | ConocoPhillips | 64,303 | ||||||
1,729 | Devon Energy Corp. | 53,028 | ||||||
543 | Diamondback Energy, Inc.* | 67,680 | ||||||
612 | EOG Resources, Inc. | 62,069 | ||||||
1,335 | EQT Corp. | 67,164 | ||||||
847 | Exxon Mobil Corp. | 64,152 | ||||||
1,311 | Halliburton Co. | 60,857 | ||||||
1,444 | Hess Corp. | 65,587 | ||||||
3,826 | Kinder Morgan, Inc. | 61,981 | ||||||
3,847 | Marathon Oil Corp. | 55,858 | ||||||
1,011 | Marathon Petroleum Corp. | 64,765 | ||||||
1,872 | National Oilwell Varco, Inc. | 65,688 | ||||||
2,352 | Noble Energy, Inc. | 70,160 | ||||||
930 | Occidental Petroleum Corp. | 61,008 | ||||||
1,176 | ONEOK, Inc. | 66,244 | ||||||
685 | Phillips 66 | 61,903 | ||||||
383 | Pioneer Natural Resources Co. | 65,198 | ||||||
932 | Schlumberger Ltd. | 61,176 | ||||||
1,425 | Targa Resources Corp. | 63,626 | ||||||
733 | Valero Energy Corp. | 66,278 | ||||||
2,197 | Williams Cos., Inc. (The) | 60,989 | ||||||
|
| |||||||
1,885,378 | ||||||||
|
| |||||||
Financials – 14.4% | ||||||||
346 | Affiliated Managers Group, Inc. | 65,519 | ||||||
775 | Aflac, Inc. | 68,882 | ||||||
113 | Alleghany Corp.* | 68,495 | ||||||
687 | Allstate Corp. (The) | 63,383 | ||||||
2,349 | Ally Financial, Inc. | 65,537 | ||||||
704 | American Express Co. | 68,647 | ||||||
1,101 | American International Group, Inc. | 63,131 | ||||||
414 | Ameriprise Financial, Inc. | 64,766 | ||||||
6,425 | Annaly Capital Management, Inc. REIT | 64,443 | ||||||
475 | Aon PLC | 66,652 | ||||||
763 | Arch Capital Group Ltd.* | 67,327 | ||||||
1,014 | Arthur J Gallagher & Co. | 70,077 | ||||||
2,124 | Bank of America Corp. | 68,180 | ||||||
1,195 | Bank of New York Mellon Corp. (The) | 68,151 | ||||||
1,236 | BB&T Corp. | 67,177 | ||||||
329 | Berkshire Hathaway, Inc., Class B* | 68,169 | ||||||
123 | BlackRock, Inc. | 67,580 | ||||||
673 | Capital One Financial Corp. | 65,907 | ||||||
567 | Cboe Global Markets, Inc. | 63,510 | ||||||
1,254 | Charles Schwab Corp. (The) | 66,487 | ||||||
453 | Chubb Ltd. | 64,290 | ||||||
913 | Cincinnati Financial Corp. | 68,101 | ||||||
885 | Citigroup, Inc. | 66,809 | ||||||
1,485 | Citizens Financial Group, Inc. | 64,583 | ||||||
420 | CME Group, Inc. | 69,787 | ||||||
715 | Comerica, Inc. | 69,512 | ||||||
870 | Discover Financial Services | 68,582 | ||||||
1,269 | E*TRADE Financial Corp.* | 66,280 | ||||||
273 | Everest Re Group Ltd. | 65,585 | ||||||
2,072 | Fifth Third Bancorp | 68,480 | ||||||
741 | First Republic Bank | 68,765 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,670 | Franklin Resources, Inc. | 64,579 | ||||||
256 | Goldman Sachs Group, Inc. (The)(b) | 67,310 | ||||||
1,201 | Hartford Financial Services Group, Inc. (The) | 63,473 | ||||||
4,270 | Huntington Bancshares, Inc. | 67,039 | ||||||
916 | Intercontinental Exchange, Inc. | 66,941 | ||||||
1,973 | Invesco Ltd. | 64,201 | ||||||
593 | JPMorgan Chase & Co. | 68,491 | ||||||
3,155 | KeyCorp | 66,665 | ||||||
842 | Lincoln National Corp. | 64,135 | ||||||
1,387 | Loews Corp. | 68,421 | ||||||
358 | M&T Bank Corp. | 67,963 | ||||||
60 | Markel Corp.* | 66,720 | ||||||
806 | Marsh & McLennan Cos., Inc. | 66,914 | ||||||
1,435 | MetLife, Inc. | 66,283 | ||||||
420 | Moody’s Corp. | 70,090 | ||||||
1,221 | Morgan Stanley | 68,400 | ||||||
478 | MSCI, Inc. | 67,647 | ||||||
523 | Northern Trust Corp. | 55,370 | ||||||
430 | PNC Financial Services Group, Inc. (The) | 67,794 | ||||||
1,028 | Principal Financial Group, Inc. | 64,075 | ||||||
1,254 | Progressive Corp. (The) | 72,205 | ||||||
597 | Prudential Financial, Inc. | 63,473 | ||||||
727 | Raymond James Financial, Inc. | 67,400 | ||||||
3,552 | Regions Financial Corp. | 68,944 | ||||||
436 | Reinsurance Group of America, Inc. | 67,052 | ||||||
369 | S&P Global, Inc. | 70,774 | ||||||
928 | SEI Investments Co. | 67,586 | ||||||
633 | State Street Corp. | 67,193 | ||||||
969 | SunTrust Banks, Inc. | 67,675 | ||||||
272 | SVB Financial Group* | 67,723 | ||||||
1,761 | Synchrony Financial | 64,083 | ||||||
618 | T Rowe Price Group, Inc. | 69,154 | ||||||
1,149 | TD Ameritrade Holding Corp. | 66,067 | ||||||
472 | Travelers Cos., Inc. (The) | 65,608 | ||||||
1,310 | Unum Group | 66,758 | ||||||
1,213 | US Bancorp | 65,939 | ||||||
1,156 | Wells Fargo & Co. | 67,522 | ||||||
419 | Willis Towers Watson PLC | 66,160 | ||||||
1,264 | Zions Bancorporation | 69,482 | ||||||
|
| |||||||
4,676,103 | ||||||||
|
| |||||||
Health Care – 12.6% | ||||||||
1,125 | Abbott Laboratories | 67,871 | ||||||
597 | AbbVie, Inc. | 69,150 | ||||||
363 | Aetna, Inc. | 64,273 | ||||||
969 | Agilent Technologies, Inc. | 66,464 | ||||||
578 | Alexion Pharmaceuticals, Inc.* | 67,886 | ||||||
273 | Align Technology, Inc.* | 71,668 | ||||||
393 | Allergan PLC | 60,608 | ||||||
542 | Alnylam Pharmaceuticals, Inc.* | 65,127 | ||||||
726 | AmerisourceBergen Corp. | 69,086 | ||||||
375 | Amgen, Inc. | 68,914 | ||||||
283 | Anthem, Inc. | 66,613 | ||||||
996 | Baxter International, Inc. | 67,519 | ||||||
293 | Becton Dickinson and Co. | 65,052 | ||||||
198 | Biogen, Inc.* | 57,220 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
763 | BioMarin Pharmaceutical, Inc.* | $ | 61,933 | |||||
2,481 | Boston Scientific Corp.* | 67,632 | ||||||
1,089 | Bristol-Myers Squibb Co. | 72,092 | ||||||
1,014 | Cardinal Health, Inc. | 70,179 | ||||||
689 | Celgene Corp.* | 60,026 | ||||||
640 | Centene Corp.* | 64,909 | ||||||
1,035 | Cerner Corp.* | 66,406 | ||||||
334 | Cigna Corp. | 65,427 | ||||||
288 | Cooper Cos., Inc. (The) | 66,390 | ||||||
684 | Danaher Corp. | 66,881 | ||||||
896 | DaVita, Inc.* | 64,530 | ||||||
1,134 | DENTSPLY SIRONA, Inc. | 63,572 | ||||||
522 | Edwards Lifesciences Corp.* | 69,776 | ||||||
850 | Eli Lilly & Co. | 65,467 | ||||||
872 | Express Scripts Holding Co.* | 65,792 | ||||||
824 | Gilead Sciences, Inc. | 64,874 | ||||||
672 | HCA Healthcare, Inc. | 66,696 | ||||||
901 | Henry Schein, Inc.* | 59,637 | ||||||
1,642 | Hologic, Inc.* | 63,759 | ||||||
248 | Humana, Inc. | 67,411 | ||||||
369 | IDEXX Laboratories, Inc.* | 69,088 | ||||||
300 | Illumina, Inc.* | 68,406 | ||||||
751 | Incyte Corp.* | 63,955 | ||||||
163 | Intuitive Surgical, Inc.* | 69,511 | ||||||
675 | IQVIA Holdings, Inc.* | 66,373 | ||||||
464 | Jazz Pharmaceuticals PLC* | 67,187 | ||||||
504 | Johnson & Johnson | 65,460 | ||||||
392 | Laboratory Corp. of America Holdings* | 67,698 | ||||||
434 | McKesson Corp. | 64,766 | ||||||
811 | Medtronic PLC | 64,791 | ||||||
1,195 | Merck & Co., Inc. | 64,793 | ||||||
104 | Mettler-Toledo International, Inc.* | 64,087 | ||||||
1,617 | Mylan NV* | 65,197 | ||||||
752 | Perrigo Co. PLC | 61,258 | ||||||
1,880 | Pfizer, Inc. | 68,263 | ||||||
656 | Quest Diagnostics, Inc. | 67,601 | ||||||
195 | Regeneron Pharmaceuticals, Inc.* | 62,486 | ||||||
696 | ResMed, Inc. | 66,308 | ||||||
431 | Stryker Corp. | 69,891 | ||||||
253 | Teleflex, Inc. | 63,207 | ||||||
316 | Thermo Fisher Scientific, Inc. | 65,911 | ||||||
295 | UnitedHealth Group, Inc. | 66,717 | ||||||
567 | Universal Health Services, Inc., Class B | 64,751 | ||||||
558 | Varian Medical Systems, Inc.* | 66,592 | ||||||
417 | Vertex Pharmaceuticals, Inc.* | 69,234 | ||||||
327 | Waters Corp.* | 66,917 | ||||||
541 | Zimmer Biomet Holdings, Inc. | 62,891 | ||||||
906 | Zoetis, Inc. | 73,259 | ||||||
|
| |||||||
4,097,438 | ||||||||
|
| |||||||
Industrials – 13.0% | ||||||||
284 | 3M Co. | 66,885 | ||||||
1,049 | Alaska Air Group, Inc. | 67,661 | ||||||
1,296 | American Airlines Group, Inc. | 70,308 | ||||||
886 | AMETEK, Inc. | 67,106 | ||||||
2,621 | Arconic, Inc. | 63,926 | ||||||
194 | Boeing Co. (The) | 70,269 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
423 | Caterpillar, Inc. | 65,408 | ||||||
731 | CH Robinson Worldwide, Inc. | 68,246 | ||||||
423 | Cintas Corp. | 72,189 | ||||||
197 | CoStar Group, Inc.* | 67,400 | ||||||
1,231 | CSX Corp. | 66,129 | ||||||
378 | Cummins, Inc. | 63,568 | ||||||
408 | Deere & Co. | 65,635 | ||||||
1,250 | Delta Air Lines, Inc. | 67,375 | ||||||
663 | Dover Corp. | 66,366 | ||||||
803 | Eaton Corp. PLC | 64,802 | ||||||
957 | Emerson Electric Co. | 68,004 | ||||||
562 | Equifax, Inc. | 63,506 | ||||||
1,073 | Expeditors International of Washington, Inc. | 69,702 | ||||||
1,251 | Fastenal Co. | 68,455 | ||||||
266 | FedEx Corp. | 65,545 | ||||||
921 | Fortive Corp. | 70,733 | ||||||
1,033 | Fortune Brands Home & Security, Inc. | 62,662 | ||||||
312 | General Dynamics Corp. | 69,404 | ||||||
4,340 | General Electric Co. | 61,237 | ||||||
447 | Harris Corp. | 69,799 | ||||||
437 | Honeywell International, Inc. | 66,035 | ||||||
293 | Huntington Ingalls Industries, Inc. | 76,769 | ||||||
490 | IDEX Corp. | 67,032 | ||||||
1,448 | IHS Markit Ltd.* | 68,128 | ||||||
404 | Illinois Tool Works, Inc. | 65,222 | ||||||
722 | Ingersoll-Rand PLC | 64,114 | ||||||
571 | JB Hunt Transport Services, Inc. | 67,703 | ||||||
1,763 | Johnson Controls International PLC | 65,002 | ||||||
617 | Kansas City Southern | 63,576 | ||||||
328 | L3 Technologies, Inc. | 68,076 | ||||||
196 | Lockheed Martin Corp. | 69,078 | ||||||
1,567 | Masco Corp. | 64,435 | ||||||
1,798 | Nielsen Holdings PLC | 58,669 | ||||||
463 | Norfolk Southern Corp. | 64,394 | ||||||
204 | Northrop Grumman Corp. | 71,408 | ||||||
945 | PACCAR, Inc. | 67,653 | ||||||
356 | Parker-Hannifin Corp. | 63,535 | ||||||
329 | Raytheon Co. | 71,561 | ||||||
1,028 | Republic Services, Inc. | 69,061 | ||||||
353 | Rockwell Automation, Inc. | 63,822 | ||||||
491 | Rockwell Collins, Inc. | 67,621 | ||||||
248 | Roper Technologies, Inc. | 68,222 | ||||||
398 | Snap-on, Inc. | 63,370 | ||||||
1,139 | Southwest Airlines Co. | 65,880 | ||||||
750 | Spirit AeroSystems Holdings, Inc., Class A | 68,468 | ||||||
412 | Stanley Black & Decker, Inc. | 65,586 | ||||||
1,162 | Textron, Inc. | 69,546 | ||||||
227 | TransDigm Group, Inc. | 65,446 | ||||||
506 | Union Pacific Corp. | 65,907 | ||||||
1,036 | United Continental Holdings, Inc.* | 70,230 | ||||||
587 | United Parcel Service, Inc., Class B | 61,289 | ||||||
387 | United Rentals, Inc.* | 67,760 | ||||||
510 | United Technologies Corp. | 68,717 | ||||||
699 | Verisk Analytics, Inc.* | 71,431 | ||||||
810 | Waste Management, Inc. | 69,919 | ||||||
256 | WW Grainger, Inc. | 66,957 | ||||||
929 | Xylem, Inc./NY | 69,285 | ||||||
|
| |||||||
4,223,227 | ||||||||
|
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – 16.5% | ||||||||
430 | Accenture PLC, Class A | $ | 69,234 | |||||
952 | Activision Blizzard, Inc. | 69,620 | ||||||
341 | Adobe Systems, Inc.* | 71,313 | ||||||
5,692 | Advanced Micro Devices, Inc.* | 68,930 | ||||||
1,042 | Akamai Technologies, Inc.* | 70,293 | ||||||
273 | Alliance Data Systems Corp. | 65,782 | ||||||
61 | Alphabet, Inc., Class A* | 67,339 | ||||||
1,021 | Amdocs Ltd. | 67,172 | ||||||
748 | Amphenol Corp., Class A | 68,360 | ||||||
749 | Analog Devices, Inc. | 67,522 | ||||||
421 | ANSYS, Inc.* | 67,335 | ||||||
406 | Apple, Inc. | 72,317 | ||||||
1,319 | Applied Materials, Inc. | 75,961 | ||||||
588 | Autodesk, Inc.* | 69,072 | ||||||
586 | Automatic Data Processing, Inc. | 67,577 | ||||||
730 | Broadridge Financial Solutions, Inc. | 73,277 | ||||||
1,968 | CA, Inc. | 69,077 | ||||||
1,675 | Cadence Design Systems, Inc.* | 64,940 | ||||||
969 | CDK Global, Inc. | 66,551 | ||||||
907 | CDW Corp. | 66,147 | ||||||
1,649 | Cisco Systems, Inc. | 73,842 | ||||||
745 | Citrix Systems, Inc.* | 68,540 | ||||||
1,146 | Cognex Corp. | 61,552 | ||||||
897 | Cognizant Technology Solutions Corp., Class A | 73,572 | ||||||
2,225 | Corning, Inc. | 64,703 | ||||||
690 | DXC Technology Co. | 70,753 | ||||||
1,550 | eBay, Inc.* | 66,433 | ||||||
538 | Electronic Arts, Inc.* | 66,551 | ||||||
358 | Facebook, Inc., Class A* | 63,839 | ||||||
692 | Fidelity National Information Services, Inc. | 67,249 | ||||||
507 | Fiserv, Inc.* | 72,699 | ||||||
326 | FleetCor Technologies, Inc.* | 65,177 | ||||||
535 | Gartner, Inc.* | 60,674 | ||||||
626 | Global Payments, Inc. | 70,982 | ||||||
4,215 | Hewlett Packard Enterprise Co. | 78,357 | ||||||
3,094 | HP, Inc. | 72,369 | ||||||
373 | IAC/InterActiveCorp* | 55,543 | ||||||
1,477 | Intel Corp. | 72,801 | ||||||
428 | International Business Machines Corp. | 66,695 | ||||||
413 | Intuit, Inc. | 68,913 | ||||||
2,597 | Juniper Networks, Inc. | 66,639 | ||||||
630 | KLA-Tencor Corp. | 71,385 | ||||||
372 | Lam Research Corp. | 71,372 | ||||||
1,071 | Leidos Holdings, Inc. | 67,805 | ||||||
391 | Mastercard, Inc., Class A | 68,722 | ||||||
1,116 | Maxim Integrated Products, Inc. | 68,009 | ||||||
720 | Microchip Technology, Inc. | 64,030 | ||||||
1,511 | Micron Technology, Inc.* | 73,752 | ||||||
727 | Microsoft Corp. | 68,171 | ||||||
645 | Motorola Solutions, Inc. | 68,467 | ||||||
1,139 | NetApp, Inc. | 68,966 | ||||||
295 | NVIDIA Corp. | 71,390 | ||||||
1,343 | Oracle Corp. | 68,050 | ||||||
422 | Palo Alto Networks, Inc.* | 73,162 | ||||||
1,032 | Paychex, Inc. | 67,214 | ||||||
877 | PayPal Holdings, Inc.* | 69,643 | ||||||
840 | Qorvo, Inc.* | 67,796 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,030 | QUALCOMM, Inc. | 66,950 | ||||||
517 | Red Hat, Inc.* | 76,206 | ||||||
607 | salesforce.com, Inc.* | 70,564 | ||||||
1,362 | Seagate Technology PLC | 72,731 | ||||||
446 | ServiceNow, Inc.* | 71,810 | ||||||
633 | Skyworks Solutions, Inc. | 69,155 | ||||||
2,449 | Symantec Corp. | 64,384 | ||||||
759 | Synopsys, Inc.* | 64,265 | ||||||
562 | Take-Two Interactive Software, Inc.* | 62,871 | ||||||
670 | TE Connectivity Ltd. | 69,070 | ||||||
627 | Texas Instruments, Inc. | 67,935 | ||||||
779 | Total System Services, Inc. | 68,513 | ||||||
1,644 | Trimble, Inc.* | 62,357 | ||||||
2,628 | Twitter, Inc.* | 83,728 | ||||||
607 | VeriSign, Inc.* | 70,424 | ||||||
553 | Visa, Inc., Class A | 67,986 | ||||||
788 | Western Digital Corp. | 68,588 | ||||||
3,347 | Western Union Co. (The) | 66,338 | ||||||
571 | Workday, Inc., Class A* | 72,329 | ||||||
867 | Worldpay, Inc., Class A* | 70,470 | ||||||
960 | Xilinx, Inc. | 68,400 | ||||||
|
| |||||||
5,368,710 | ||||||||
|
| |||||||
Materials – 4.8% | ||||||||
415 | Air Products & Chemicals, Inc. | 66,728 | ||||||
616 | Albemarle Corp. | 61,865 | ||||||
1,795 | Ball Corp. | 71,710 | ||||||
642 | Celanese Corp., Series A | 64,752 | ||||||
1,386 | Chemours Co. (The) | 65,849 | ||||||
923 | DowDuPont, Inc. | 64,887 | ||||||
670 | Eastman Chemical Co. | 67,724 | ||||||
504 | Ecolab, Inc. | 65,747 | ||||||
780 | FMC Corp. | 61,215 | ||||||
3,539 | Freeport-McMoRan, Inc.* | 65,826 | ||||||
465 | International Flavors & Fragrances, Inc. | 65,681 | ||||||
1,115 | International Paper Co. | 66,443 | ||||||
583 | LyondellBasell Industries NV, Class A | 63,092 | ||||||
315 | Martin Marietta Materials, Inc. | 64,238 | ||||||
555 | Monsanto Co. | 68,470 | ||||||
1,762 | Newmont Mining Corp. | 67,308 | ||||||
1,043 | Nucor Corp. | 68,212 | ||||||
556 | Packaging Corp. of America | 66,275 | ||||||
582 | PPG Industries, Inc. | 65,440 | ||||||
428 | Praxair, Inc. | 64,093 | ||||||
1,497 | Sealed Air Corp. | 63,428 | ||||||
164 | Sherwin-Williams Co. (The) | 65,859 | ||||||
523 | Vulcan Materials Co. | 61,573 | ||||||
1,028 | WestRock Co. | 67,601 | ||||||
|
| |||||||
1,574,016 | ||||||||
|
| |||||||
Real Estate – 6.6% | ||||||||
558 | Alexandria Real Estate Equities, Inc. REIT | 67,691 | ||||||
474 | American Tower Corp. REIT | 66,042 | ||||||
415 | AvalonBay Communities, Inc. REIT | 64,748 | ||||||
577 | Boston Properties, Inc. REIT | 68,588 | ||||||
1,558 | CBRE Group, Inc., Class A* | 72,837 | ||||||
611 | Crown Castle International Corp. REIT | 67,247 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
633 | Digital Realty Trust, Inc. REIT | $ | 63,705 | |||||
2,598 | Duke Realty Corp. REIT | 64,352 | ||||||
153 | Equinix, Inc. REIT | 59,991 | ||||||
1,149 | Equity Residential REIT | 64,608 | ||||||
302 | Essex Property Trust, Inc. REIT | 67,597 | ||||||
833 | Extra Space Storage, Inc. REIT | 70,847 | ||||||
592 | Federal Realty Investment Trust REIT | 67,452 | ||||||
3,069 | GGP, Inc. REIT | 64,971 | ||||||
2,826 | HCP, Inc. REIT | 61,155 | ||||||
3,413 | Host Hotels & Resorts, Inc. REIT | 63,345 | ||||||
2,002 | Iron Mountain, Inc. REIT | 62,983 | ||||||
4,518 | Kimco Realty Corp. REIT | 67,589 | ||||||
1,110 | Macerich Co. (The) REIT | 65,423 | ||||||
744 | Mid-America Apartment Communities, Inc. REIT | 63,850 | ||||||
1,091 | Prologis, Inc. REIT | 66,202 | ||||||
358 | Public Storage REIT | 69,610 | ||||||
1,325 | Realty Income Corp. REIT | 65,164 | ||||||
1,148 | Regency Centers Corp. REIT | 66,710 | ||||||
400 | SBA Communications Corp. REIT* | 62,908 | ||||||
427 | Simon Property Group, Inc. REIT | 65,549 | ||||||
711 | SL Green Realty Corp. REIT | 68,910 | ||||||
1,932 | UDR, Inc. REIT | 64,954 | ||||||
1,245 | Ventas, Inc. REIT | 60,158 | ||||||
9,543 | VEREIT, Inc. REIT | 65,370 | ||||||
977 | Vornado Realty Trust REIT | 64,941 | ||||||
1,160 | Welltower, Inc. REIT | 60,900 | ||||||
1,912 | Weyerhaeuser Co. REIT | 66,977 | ||||||
|
| |||||||
2,163,374 | ||||||||
|
| |||||||
Telecommunication Services – 0.8% | ||||||||
1,799 | AT&T, Inc. | 65,304 | ||||||
3,884 | CenturyLink, Inc. | 68,630 | ||||||
1,090 | T-Mobile US, Inc.* | 66,065 | ||||||
1,304 | Verizon Communications, Inc. | 62,253 | ||||||
|
| |||||||
262,252 | ||||||||
|
| |||||||
Utilities – 5.1% | ||||||||
1,767 | Alliant Energy Corp. | 68,294 | ||||||
1,252 | Ameren Corp. | 67,984 | ||||||
1,020 | American Electric Power Co., Inc. | 66,892 | ||||||
839 | American Water Works Co., Inc. | 66,583 | ||||||
850 | Atmos Energy Corp. | 68,416 | ||||||
2,520 | CenterPoint Energy, Inc. | 68,166 | ||||||
1,572 | CMS Energy Corp. | 66,731 | ||||||
872 | Consolidated Edison, Inc. | 65,304 | ||||||
895 | Dominion Energy, Inc. | 66,293 | ||||||
668 | DTE Energy Co. | 67,321 | ||||||
891 | Duke Energy Corp. | 67,128 | ||||||
1,100 | Edison International | 66,649 | ||||||
887 | Entergy Corp. | 67,252 | ||||||
1,152 | Eversource Energy | 65,664 | ||||||
1,819 | Exelon Corp. | 67,376 | ||||||
2,148 | FirstEnergy Corp. | 69,445 | ||||||
444 | NextEra Energy, Inc. | 67,555 | ||||||
1,662 | PG&E Corp. | 68,292 | ||||||
882 | Pinnacle West Capital Corp. | 67,879 | ||||||
|
| |||||||
2,206 | PPL Corp. | 63,202 | ||||||
1,392 | Public Service Enterprise Group, Inc. | 67,414 | ||||||
641 | Sempra Energy | 69,856 | ||||||
1,524 | Southern Co. (The) | 65,623 | ||||||
1,102 | WEC Energy Group, Inc. | 66,032 | ||||||
1,552 | Xcel Energy, Inc. | 67,171 | ||||||
|
| |||||||
1,678,522 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |||||||
(Cost $32,349,831) | $ | 32,479,906 | ||||||
|
| |||||||
Shares | Distribution rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | |||||||
181,662 | 1.262% | $ | 181,662 | |||||
(Cost $181,662) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $32,531,493) | $ | 32,661,568 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (94,245 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 32,567,323 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Assets and Liabilities
February 28, 2018 (Unaudited)
Equal Weight U.S. Large Cap Equity ETF | ||||||
Assets: | ||||||
Investments at value (cost $32,286,057)(a) | $ | 32,412,596 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 181,662 | |||||
Investments in Affiliated Underlying Securities, at value (Cost $63,774) | 67,310 | |||||
Cash | 46,906 | |||||
Receivables: | ||||||
Dividends | 42,281 | |||||
Securities lending income | 45 | |||||
Total assets | 32,750,800 | |||||
Liabilities: | ||||||
Payable upon return of securities loaned | 181,662 | |||||
Payables: | ||||||
Management fees | 1,815 | |||||
Total liabilities | 183,477 | |||||
Net Assets: | ||||||
Paid-in capital | 31,756,233 | |||||
Undistributed net investment income | 56,800 | |||||
Accumulated net realized gain | 624,215 | |||||
Net unrealized gain | 130,075 | |||||
NET ASSETS | $ | 32,567,323 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 750,000 | |||||
Net asset value per share: | $43.42 | |||||
(a) Includes loaned securities having a market value of $174,689. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Operations
For the Period Ended February 28, 2018(a) (Unaudited)
Equal Weight U.S. Large Cap Equity ETF | ||||||
Investment income: | ||||||
Dividends from Unaffiliated Issuers | $ | 158,005 | ||||
Dividends from Affiliated Underlying Securities | 338 | |||||
Securities lending income | 217 | |||||
Total investment income | 158,560 | |||||
Expenses: | ||||||
Management fees | 4,873 | |||||
Trustee fees | 3,199 | |||||
Total expenses | 8,072 | |||||
NET INVESTMENT INCOME | 150,488 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments unaffiliated | (37,870 | ) | ||||
Investments affiliated | (30 | ) | ||||
Investments affiliated in-kind | 1,357 | |||||
In-kind redemptions | 660,758 | |||||
Net unrealized gain on: | ||||||
Investments unaffiliated | 126,540 | |||||
Investments affiliated | 3,535 | |||||
Net realized and unrealized gain | 754,290 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 904,778 |
(a) | For the period September 12, 2017 (commencement of operations) through February 28, 2018. |
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Changes in Net Assets
For the Period Ended February 28, 2018(a) (Unaudited)
Equal Weight U.S. Large Cap Equity ETF | ||||||
From operations: | ||||||
Net investment income | $ | 150,488 | ||||
Net realized gain | 624,215 | |||||
Net change in unrealized gain | 130,075 | |||||
Net increase in net assets resulting from operations | 904,778 | |||||
Distributions to shareholders: | ||||||
From net investment income | (93,688 | ) | ||||
Total distributions to shareholders | (93,688 | ) | ||||
From share transactions: | ||||||
Proceeds from sales of shares | 40,367,968 | |||||
Cost of shares redeemed | (8,611,735 | ) | ||||
Net increase in net assets resulting from share transactions | 31,756,233 | |||||
TOTAL INCREASE | 32,567,323 | |||||
Net assets: | ||||||
Beginning of period | $ | — | ||||
End of period | $ | 32,567,323 | ||||
Undistributed net investment income | $ | 56,800 |
(a) | For the period September 12, 2017 (commencement of operations) through February 28, 2018. |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Selected Data for a Share Outstanding Throughout the Period
Equal Weight U.S. Large Cap Equity ETF | ||||||
For the period to (Unaudited) | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.58 | ||||
Net investment income(a) | 0.34 | |||||
Net realized and unrealized gain | 2.73 | |||||
Total gain from investment operations | 3.07 | |||||
Distributions to shareholders from net investment income | (0.23 | ) | ||||
Net asset value, end of period | $ | 43.42 | ||||
Market price, end of period | $ | 43.51 | ||||
Total Return at Net Asset Value(b) | 7.58 | % | ||||
Net assets, end of period (in 000’s) | $ | 32,567 | ||||
Ratio of total expenses to average net assets | 0.09 | %(c) | ||||
Ratio of net investment income to average net assets | 1.69 | %(c) | ||||
Portfolio turnover rate(d) | 16 | % |
* | 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. |
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
February 28, 2018 (Unaudited)
1. ORGANIZATION |
Goldman Sachs Equal Weight U.S. Large Cap Equity 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 Solactive US Large Cap Equal Weight Index (GTR) (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), 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 Bats BZX Exchange, Inc. (“Bats BZX”). 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 remaining cash amount. 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 Fund.
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, 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. Distributions received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.
C. Expenses — Expenses incurred directly by a 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 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 quarterly and annually, respectively.
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.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS |
U.S. GAAP defines the fair value of a financial instrument as 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); the Fund’s policy is to use the market approach. 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.
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 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 and at the last ask price for short 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, and 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.
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;
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GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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, 2018 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, 2018:
Equal Weight 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 | $ | 32,479,906 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 181,662 | — | — | |||||||||
Total | $ | 32,661,568 | $ | — | $ | — |
(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 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 and litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
For the period ended February 28, 2018, the unitary management fee rate with GSAM was 0.09%.
B. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the period ended February 28, 2018:
Fund | Beginning value as of September 12, 2017 | Purchases at Cost | Proceeds From sales | Realized Gain | Change in Unrealized Appreciation | Ending value as of February 28, 2018 | Shares as of February 28, 2018 | Dividend Income | ||||||||||||||||||||||
Equal Weight U.S. Large Cap Equity ETF | $— | $ | 84,780 | $ | (22,332 | ) | $ | 1,327 | $ | 3,535 | $ | 67,310 | 256 | $ | 338 |
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
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, 2018, is as follows:
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF | ||||||||
For the period September 12, 2017 (commencement of operations) through February 28, 2018 | ||||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares Sold | 950,000 | $ | 40,367,968 | |||||
Shares Redeemed | (200,000 | ) | (8,611,735 | ) | ||||
NET INCREASE IN SHARES | 750,000 | $ | 31,756,233 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the period ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | 3,107,840 | $ | 3,090,493 |
The purchase and sales from in-kind creation and redemption transactions for the period ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | 40,239,418 | $ | 8,527,324 |
7. SECURITIES LENDING |
The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash 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 Fund, at their
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GOLDMAN SACHS ETF TRUST
7. SECURITIES LENDING (continued) |
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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund 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 Statement 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.
The Fund invests 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 Goldman Sachs 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 a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.
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 Fund 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 Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of February 28, 2018 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.
Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the period ended February 28, 2018, are reported under Investment Income on the Statement of Operations.
The following table provides information about the Fund’s investment in the Government Money Market Fund for the period ended February 28, 2018:
Fund | Beginning value as of September 12, 2017* | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2018 | ||||||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | — | $ | 1,233,811 | $ | (1,052,149 | ) | $ | 181,662 |
* | Commenced of operations. |
8. TAX INFORMATION |
As of February 28, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||
Tax Cost | $ | 32,531,493 | ||
Gross unrealized gain | 1,177,302 | |||
Gross unrealized loss | (1,047,227 | ) | ||
Net unrealized gains (losses) | $ | 130,075 |
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
9. 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 the 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. The index is new and has a limited performance history.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the 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, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, a 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 the Fund’s Index trading individually or in the aggregate at any point in time.
Tracking Error Risk — Tracking error is the divergence of the Fund’s performance from that of the Index. The performance of the Fund may diverge from that of the Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory requirements. Unlike the Fund, the returns of the 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.
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 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.
11. 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.
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GOLDMAN SACHS ETF TRUST
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 12, 2017 (commencement of operations) and held for the period ended February 28, 2018, which represents a period of 170 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.
Equal Weight U.S. Large Cap Equity ETF* | ||||||||||||
Beginning Account Value 9/12/17 | Ending Account Value 2/28/2018 | Expenses Paid** | ||||||||||
Actual based on NAV | $ | 1,000 | | $ | 1,075.80 | | $ | 0.44 | | |||
Hypothetical 5% return | $ | 1,000 | $ | 1,022.87 | + | $ | 0.42 |
+ | 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. |
* | The Fund commenced operations on September 12, 2017. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 170/365, which represents a period of 170 days of a 365 day year (to reflect the Fund’s commencement of operation). |
** | 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, 2018. 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 | ||||||||
Equal Weight U.S. Large Cap Equity ETF | 0.09 | % |
23
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on September 12, 2017. At a meeting held on May 16-17, 2017 (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 Trust’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. The Independent Trustees 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 the other, 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 that seeks 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. In particular, 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), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies.
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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
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 administrative services directed to the needs and operations of the Fund as an ETF. The Trustees considered that the Fund would pay a single fee to the Investment Adviser and the Investment Adviser would then pay all of the Fund’s ordinary operating expenses, including transfer agency, custody, administration, legal, and audit fees. They noted that license fees would be payable by the Investment Adviser to Solactive AG for the use of the index. 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 expense ratios were prepared by a third-party provider of mutual fund and ETF data (the “Outside Data Provider”). The Trustees concluded that this information was useful in evaluating the reasonableness of the fees to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
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 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 Fund’s peer group.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees 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. LLC (“Goldman Sachs”).
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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
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) enhanced servicing 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, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all 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 for a two-year period.
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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 $1.29 trillion in assets under supervision as of December 31, 2017, 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. LLC. 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 ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF
|
INDEX DISCLAIMERS
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Solactive US Large Cap Equal Weight Index (GTR) (“Solactive Index”) and/or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Index is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Index is calculated correctly. Irrespective of its obligations towards Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Solactive AG has no obligation to point out errors in the Solactive Index to third parties including but not limited to investors and/or financial intermediaries of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF. Neither publication of a Solactive Index by Solactive AG nor the licensing of the Solactive Index or Solactive Index trade mark for the purpose of use in connection with the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF constitutes a recommendation by Solactive AG to invest capital in said fund nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this fund.
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 Joseph F. DiMaria, Assistant Treasurer and Principal Accounting 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, 2018 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.
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. LLC 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.
©2018 Goldman Sachs. All rights reserved. 126350-OTU-744158 EQWUSLCESAR-18/GST645/477
Goldman Sachs Funds
Semi-Annual Report | February 28, 2018 | |||
Hedge Industry VIP ETF |
Goldman Sachs Hedge Industry VIP ETF
1 | ||||
3 | ||||
9 | ||||
10 | ||||
13 | ||||
14 | ||||
21 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
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, 2018, the Index consisted of 50 securities with a market capitalization range of between approximately $3.2 billion and $903.7 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. the six months ended February 28, 2018, we continued to believe 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
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 six-month period ended February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 9.54% based on net asset value (“NAV”) and 9.48% based on market price. The Index returned 9.81%, 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 10.84% during the same period. |
The Fund had a NAV of $50.46 on August 31, 2017 and ended the Reporting Period with a NAV of $55.16 per share. The Fund’s market price on February 28, 2018 was $55.15 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 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. |
3
PORTFOLIO RESULTS
During the Reporting Period, the Index posted solid absolute gains but underperformed the S&P 500 Index. The Index also underperformed the S&P 500 Index during the Reporting Period, as measured by NAV. |
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, health care and telecommunication services sectors detracted most from the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these detractors were Index constituents in the consumer staples, information technology and industrials sectors, which contributed most positively to the Index’s results relative to the S&P 500 Index 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 positions in branded online travel services provider Expedia, video and Internet commerce businesses owner Liberty Ventures and specialty pharmaceuticals company Allergan detracted most (0.00%1, 1.90% and 1.82% of Fund net assets as of February 28, 2018, respectively). Each of these positions generated a double-digit negative return within the 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 positions in semiconductor company Micron Technology, Internet subscription service for movies and television Netflix and specialty finance company FleetCor Technologies contributed most positively (2.21%, 2.15% and 2.02% of Fund net assets as of February 28, 2018, respectively). Each of these positions generated a robust double-digit gain within the Index 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?2 |
Sector Name | Fund1 | GS Hedge Fund VIP IndexTM | S&P 500 Index | |||||||||||
Information Technology | 38.87 | % | 38.94 | % | 38.94 | % | ||||||||
Consumer Discretionary | 27.48 | 27.53 | 27.53 | |||||||||||
Financials | 11.76 | 11.79 | 11.79 | |||||||||||
Industrials | 8.18 | 8.19 | 8.19 | |||||||||||
Health Care | 5.63 | 5.65 | 5.65 | |||||||||||
Materials | 3.96 | 3.96 | 3.96 | |||||||||||
Consumer Staples | 1.98 | 1.98 | 1.98 | |||||||||||
Telecommunication Services | 1.95 | 1.95 | 1.95 | |||||||||||
Energy | 0.00 | 0.00 | 0.00 | |||||||||||
Real Estate | 0.00 | 0.00 | 0.00 | |||||||||||
Utilities | 0.00 | 0.00 | 0.00 |
1 | Some weights are 0.00% at February 28, 2018 because those positions were eliminated during the most recent rebalance given the Index construction methodology. |
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 Standard & Poor’s. |
4
FUND BASICS
Hedge Industry VIP ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $ | 55.15 | ||||
Net Asset Value (NAV)1 | $ | 55.16 |
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 1, 2017– February 28, 2018 | 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 | 9.54 | % | 9.48 | % | 9.81 | % | 10.84 | % |
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
STANDARDIZED TOTAL RETURNS5 | ||||||||||||
For the period ended 12/31/17 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 25.56 | % | 27.76 | % | 11/1/16 | |||||||
Shares (based on Market Price) | 25.79 | 30.07 | 11/1/16 |
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 return and principal value will fluctuate so that an investor’s shares, when 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 redemption of Fund shares.
EXPENSE RATIO6 | ||||||
Expense Ratio | ||||||
Shares | 0.45 | % |
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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 2/28/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Micron Technology, Inc. | 2.2 | % | Information Technology | United States | ||||||
Booking Holdings, Inc. | 2.2 | Consumer Discretionary | United States | |||||||
Netflix, Inc. | 2.2 | Consumer Discretionary | United States | |||||||
GoDaddy, Inc., Class A | 2.1 | Information Technology | United States | |||||||
ServiceNow, Inc. | 2.1 | Information Technology | United States | |||||||
NXP Semiconductors NV | 2.1 | Information Technology | Netherlands | |||||||
Autodesk, Inc. | 2.1 | Information Technology | United States | |||||||
Apple, Inc. | 2.1 | Information Technology | United States | |||||||
Dell Technologies, Inc., Class V | 2.1 | Information Technology | United States | |||||||
XPO Logistics, Inc. | 2.1 | Industrials | United States |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
6
FUND BASICS
FUND SECTOR ALLOCATIONS8 | ||
As of February 28, 2018 |
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 above 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. Figures above may not sum to 100% due to rounding. |
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
February 28, 2018 (Unaudited)
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Consumer Discretionary – 27.5% | ||||||||
25,552 | Adient PLC | $ | 1,585,757 | |||||
1,121 | Amazon.com, Inc.* | 1,695,456 | ||||||
895 | Booking Holdings, Inc.* | 1,820,466 | ||||||
127,120 | Caesars Entertainment Corp.* | 1,614,424 | ||||||
4,533 | Charter Communications, Inc., Class A* | 1,549,969 | ||||||
41,267 | Comcast Corp., Class A | 1,494,278 | ||||||
34,723 | JD.com, Inc. ADR (China)* | 1,637,189 | ||||||
18,049 | Liberty Broadband Corp., Class C* | 1,586,146 | ||||||
38,955 | Liberty Media Corp.-Liberty SiriusXM, Class C* | 1,626,761 | ||||||
29,318 | Liberty Ventures, Series A* | 1,569,099 | ||||||
47,246 | MGM Resorts International | 1,617,231 | ||||||
6,117 | Netflix, Inc.* | 1,782,372 | ||||||
21,929 | Nexstar Media Group, Inc., Class A | 1,566,827 | ||||||
17,214 | Time Warner, Inc. | 1,600,213 | ||||||
|
| |||||||
22,746,188 | ||||||||
|
| |||||||
Consumer Staples – 2.0% | ||||||||
7,603 | Constellation Brands, Inc., Class A | 1,638,295 | ||||||
|
| |||||||
Financials – 11.8% | ||||||||
57,113 | Ally Financial, Inc. | 1,593,453 | ||||||
50,848 | Bank of America Corp. | 1,632,221 | ||||||
8,114 | Berkshire Hathaway, Inc., Class B* | 1,681,221 | ||||||
21,211 | Citigroup, Inc. | 1,601,218 | ||||||
14,145 | JPMorgan Chase & Co. | 1,633,747 | ||||||
27,324 | Wells Fargo & Co. | 1,595,995 | ||||||
|
| |||||||
9,737,855 | ||||||||
|
| |||||||
Health Care – 5.6% | ||||||||
9,205 | Aetna, Inc. | 1,629,837 | ||||||
9,765 | Allergan PLC | 1,505,958 | ||||||
15,544 | IQVIA Holdings, Inc.* | 1,528,442 | ||||||
|
| |||||||
4,664,237 | ||||||||
|
| |||||||
Industrials – 8.2% | ||||||||
4,718 | Boeing Co. (The) | 1,708,907 | ||||||
31,171 | Delta Air Lines, Inc. | 1,680,117 | ||||||
12,103 | Rockwell Collins, Inc. | 1,666,825 | ||||||
17,408 | XPO Logistics, Inc.* | 1,713,469 | ||||||
|
| |||||||
6,769,318 | ||||||||
|
| |||||||
Information Technology – 38.9% | ||||||||
23,362 | Activision Blizzard, Inc. | 1,708,463 | ||||||
8,712 | Alibaba Group Holding Ltd. ADR (China)* | 1,621,652 | ||||||
1,517 | Alphabet, Inc., Class A* | 1,674,647 | ||||||
9,722 | Apple, Inc. | 1,731,683 | ||||||
14,803 | Autodesk, Inc.* | 1,738,908 | ||||||
6,570 | Broadcom Ltd. | 1,619,242 | ||||||
23,288 | Dell Technologies, Inc., Class V* | 1,730,066 | ||||||
16,249 | DXC Technology Co. | 1,666,172 | ||||||
9,064 | Facebook, Inc., Class A* | 1,616,293 | ||||||
8,354 | FleetCor Technologies, Inc.* | 1,670,215 | ||||||
29,709 | GoDaddy, Inc., Class A* | 1,776,895 | ||||||
9,432 | Mastercard, Inc., Class A | 1,657,768 | ||||||
37,448 | Micron Technology, Inc.* | 1,827,837 | ||||||
17,918 | Microsoft Corp. | 1,680,171 | ||||||
14,164 | NXP Semiconductors NV (Netherlands)* | 1,765,684 | ||||||
21,058 | PayPal Holdings, Inc.* | 1,672,216 | ||||||
24,435 | QUALCOMM, Inc. | 1,588,275 | ||||||
11,014 | ServiceNow, Inc.* | 1,773,364 | ||||||
13,467 | Visa, Inc., Class A | 1,655,633 | ||||||
|
| |||||||
32,175,184 | ||||||||
|
| |||||||
Materials – 3.9% | ||||||||
22,811 | DowDuPont, Inc. | 1,603,613 | ||||||
13,539 | Monsanto Co. | 1,670,307 | ||||||
|
| |||||||
3,273,920 | ||||||||
|
| |||||||
Telecommunication Services – 1.9% | ||||||||
44,973 | Zayo Group Holdings, Inc.* | 1,612,282 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $74,980,329) | $ | 82,617,279 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 127,902 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 82,745,181 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Security is currently in default and/or non-income producing security. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
|
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, 2018 (Unaudited)
Hedge Industry VIP ETF | ||||||
Assets: | ||||||
Investments at value (cost $74,980,329) | $ | 82,617,279 | ||||
Cash | 65,294 | |||||
Receivables: | ||||||
Dividends | 91,093 | |||||
Securities lending income | 169 | |||||
Total assets | 82,773,835 | |||||
Liabilities: | ||||||
Payables: | ||||||
Management fees | 28,654 | |||||
Total liabilities | 28,654 | |||||
Net Assets: | ||||||
Paid-in capital | 73,114,759 | |||||
Undistributed net investment income | 72,144 | |||||
Accumulated net realized gain | 1,921,328 | |||||
Net unrealized gain | 7,636,950 | |||||
NET ASSETS | $ | 82,745,181 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 1,500,000 | |||||
Net asset value per share: | $55.16 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Operations
For the Six Months Ended February 28, 2018 (Unaudited)
Hedge Industry VIP ETF | ||||||
Investment income: | ||||||
Dividends | $ | 216,549 | ||||
Securities lending income | 504 | |||||
Total investment income | 217,053 | |||||
Expenses: | ||||||
Management fees | 141,814 | |||||
Trustee fees | 5,939 | |||||
Total expenses | 147,753 | |||||
NET INVESTMENT INCOME | 69,300 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments | (1,505,236 | ) | ||||
In-kind redemptions | 3,742,476 | |||||
Net change in unrealized gain on: | ||||||
Investments | 3,946,993 | |||||
Net realized and unrealized gain | 6,184,233 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 6,253,533 |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statements of Changes in Net Assets
Hedge Industry VIP ETF | ||||||||||
Six Months Ended February 28, 2018 (Unaudited) | For the period November 1, 2016(1) to August 31, 2017 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 69,300 | $ | 210,026 | ||||||
Net realized gain | 2,237,240 | 3,093,684 | ||||||||
Net change in unrealized gain | 3,946,993 | 3,689,957 | ||||||||
Net increase in net assets resulting from operations | 6,253,533 | 6,993,667 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income | (101,526 | ) | (105,656 | ) | ||||||
Total distributions to shareholders | (101,526 | ) | (105,656 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 50,361,558 | 68,761,793 | ||||||||
Cost of shares redeemed | (19,177,894 | ) | (30,240,294 | ) | ||||||
Net increase in net assets resulting from share transactions | 31,183,664 | 38,521,499 | ||||||||
TOTAL INCREASE | 37,335,671 | 45,409,510 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 45,409,510 | $ | — | ||||||
End of period | $ | 82,745,181 | $ | 45,409,510 | ||||||
Undistributed net investment income | $ | 72,144 | $ | 104,370 |
(1) | Commencement of operations. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Selected Data for a Share Outstanding Throughout Each Period
Hedge Industry VIP ETF | ||||||||||
For the Six Months Ended February 28, 2018 (Unaudited) | For the period November 1, 2016* to August 31, 2017 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 50.46 | $ | 40.00 | ||||||
Net investment income(a) | 0.06 | 0.32 | (b) | |||||||
Net realized and unrealized gain | 4.75 | 10.31 | (b) | |||||||
Total gain from investment operations | 4.81 | 10.63 | ||||||||
Distributions to shareholders from net investment income | (0.11 | ) | (0.17 | ) | ||||||
Net asset value, end of period | $ | 55.16 | $ | 50.46 | ||||||
Market price, end of period | $ | 55.15 | $ | 50.48 | ||||||
Total Return at Net Asset Value(c) | 9.54 | % | 26.61 | % | ||||||
Net assets, end of period (in 000’s) | $ | 82,745 | $ | 45,410 | ||||||
Ratio of total expenses to average net assets | 0.45 | %(d) | 0.45 | %(d) | ||||||
Ratio of net investment income to average net assets | 0.21 | %(d) | 0.84 | %(d) | ||||||
Portfolio turnover rate(e) | 63 | % | 116 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net asssets. |
(c) | 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. |
(d) | Annualized. |
(e) | 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
February 28, 2018 (Unaudited)
1. ORGANIZATION |
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 Index™ (the “Index”).
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), 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 remaining cash amount. 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 Fund.
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 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. 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 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 quarterly and annually, respectively.
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.
14
GOLDMAN SACHS ETF TRUST
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 |
U.S. GAAP defines the fair value of a financial instrument as 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); the Fund’s policy is to use the market approach. 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.
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 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 and at the last ask price for short 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, and are generally classified as Level 2.
15
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (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 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, 2018 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, 2018:
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 3,258,841 | $ | — | $ | — | ||||||
Europe | 1,765,684 | — | — | |||||||||
North America | 77,592,754 | — | — | |||||||||
Total | $ | 82,617,279 | $ | — | $ | — |
(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 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. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
For the six months ended February 28, 2018, the unitary management fee with GSAM was 0.45%.
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
16
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. 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 is as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||||||||||||||
|
| |||||||||||||||
For the Six Months Ended February 28, 2018 | For the Period November 1, 2016* to August 31, 2017 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 950,000 | $ | 50,361,537 | 1,550,000 | $ | 68,761,740 | ||||||||||
Shares Redeemed | (350,000 | ) | (19,177,894 | ) | (650,000 | ) | (30,240,294 | ) | ||||||||
NET INCREASE IN SHARES | 600,000 | $ | 31,183,643 | 900,000 | $ | 38,521,446 |
* | Commencement of Operation. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Hedge Industry VIP ETF | $ | 41,501,441 | $ | 41,319,187 |
The purchases and sales from in-kind creation and redemption transactions for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Hedge Industry VIP ETF | $ | 50,155,556 | $ | 19,103,217 |
7. SECURITIES LENDING |
The Fund may lend its securities through a securities lending agent, the Bank of New York Mellon (“BNYM”), to certain qualified borrowers. In accordance with the Fund’s securities lending procedures, the Fund receives cash 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 Fund, 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 Fund on the next business day. As with other extensions of credit, the Fund may experience delay in the recovery of its securities or incur a loss should the borrower of the securities breach its agreement with the Fund or
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
7. SECURITIES LENDING (continued) |
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 Statement 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.
The Fund invests 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 Goldman Sachs 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 a management fee of up to 0.16% (prior to February 21, 2018, GSAM may have received a management fee of up to 0.205%) on an annualized basis of the average daily net assets of the Government Money Market Fund.
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 Fund 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 Fund by paying the Fund an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Fund’s loaned securities were all subject to enforceable Securities Lending Agreements, and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding would be disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.
The Fund did not have securities on loan as of February 28, 2018
Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the six months ended February 28, 2018, are reported under Investment Income on the Statement of Operations.
The following table provides information about the Fund’s investment in the Government Money Market Fund for the six months ended February 28, 2018:
Fund | Beginning value as of August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of February 28, 2018 | ||||||||||||
Goldman Sachs Hedge Industry VIP ETF | $ | — | $ | 4,702,633 | $ | (4,702,633 | ) | $ | — |
8. TAX INFORMATION |
As of August 31, 2017, the components of accumulated earnings (losses) on a tax-basis were as follows:
Hedge Industry VIP | ||||||||
Timing differences (Post-October Capital Loss Deferral) | $ | (179,228 | ) |
18
GOLDMAN SACHS ETF TRUST
8. TAX INFORMATION (continued) |
As of February 28, 2018, 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 | ||||||||
Tax Cost | $ | 75,117,012 | ||||||
Gross unrealized gain | 8,417,368 | |||||||
Gross unrealized loss | (917,101 | ) | ||||||
Net unrealized gains (losses) on securities | $ | 7,500,267 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year and prior 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.
9. OTHER RISKS |
The Fund’s portfolio’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 the 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. The Index is new and has a limited performance history. 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.
Tracking Error Risk — Tracking error is the divergence of the Fund’s performance from that of the Index. The performance of the Fund may diverge from that of the Index for a number of reasons. Tracking error may occur because of transaction costs, the Fund’s holding of cash, differences in accrual of dividends, changes to the Index or the need to meet new or existing regulatory
19
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
9. OTHER RISKS (continued) |
requirements. Unlike the Fund, the returns of the 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.
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 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.
11. 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.
20
GOLDMAN SACHS ETF TRUST
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, 2017 and held for the six months ended February 28, 2018, 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.
Hedge Industry VIP ETF | ||||||||||||
Beginning Account Value 9/1/17 | Ending Account Value 2/28/2018 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,095.40 | $ | 2.34 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,022.56 | + | $ | 2.26 |
+ | 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. |
* | 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, 2018. 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% |
21
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 $1.29 trillion in assets under supervision as of December 31, 2017, 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. LLC 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 ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
INDEX DISCLAIMER
GOLDMAN SACHS ASSET MANAGEMENT, L.P., THE GOLDMAN SACHS GROUP, INC., AND GOLDMAN SACHS & CO. LLC (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 Joseph F. DiMaria, Assistant Treasurer and Principal Accounting 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, 2018 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 FOR INFORMATIONAL PURPOSES ONLY AND IS PROVIDED SOLELY ON THE BASIS THAT IT WILL NOT CONSTITUTE INVESTMENT OR OTHER ADVICE OR A RECOMMENDATION RELATING TO ANY PERSON’S OR PLAN’S INVESTMENT OR OTHER DECISIONS, AND GOLDMAN SACHS IS NOT A FIDUCIARY OR ADVISOR WITH RESPECT TO ANY PERSON OR PLAN BY REASON OF PROVIDING THE MATERIAL OR CONTENT HEREIN INCLUDING UNDER THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 OR DEPARTMENT OF LABOR REGULATIONS. PLAN SPONSORS AND OTHER FIDUCIARIES SHOULD CONSIDER THEIR OWN CIRCUMSTANCES IN ASSESSING ANY POTENTIAL COURSE OF ACTION.
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. LLC 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.
© 2018 Goldman Sachs. All rights reserved. 126468-OTU-741138 HEDVIPETFSAR-18/GST648/1480
Goldman Sachs Funds
Semi-Annual Report | February 28, 2018 | |||
TreasuryAccess 0-1 Year ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF
1 | ||||
3 | ||||
8 | ||||
9 | ||||
12 | ||||
13 | ||||
20 |
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 October 31, 2017, there were 73 issues in the Index and the Index had a weighted average maturity of 0.38 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.
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 FTSE Fixed Income LLC (“FTSE” 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. the six months ended February 28, 2018, we expected the global economic expansion to continue as 2018 progresses, supported by solid household consumption given labor market strength, improved business investment and still accommodative monetary conditions, as reflected by measures of financial conditions. Forward-looking activity indicators, such as Purchasing Managers Index surveys, remained comfortably in expansionary territory for most countries, with notable strength in manufacturing data. That said, global economic growth appeared to have reached a pace that, in our view, is unlikely to be sustainable. We believe risks were broadly skewed to the downside, though the reasons varied across regions — from the risk of overheating in the U.S., which could encourage more abrupt tightening of monetary policy by the Federal Reserve (the “Fed”), to less monetary and fiscal support in Europe and less growth-friendly policies in China. We also expected the pullback in the rate of economic growth from the above-trend levels seen during the Reporting Period to be accompanied by higher market volatility.
1
INVESTMENT PROCESS & MARKET REVIEW
Further, we expected inflation to gradually trend toward central bank targets should output gaps near or move further into positive terrain and should unemployment continue to approach or fall through estimates of long-term structural unemployment, known as the non-accelerating inflation rate of unemployment (“NAIRU”).
Regionally, we expected the U.S. to take the lead with regard to an unwinding of ultra-accommodative monetary policy put in place following the 2007-2009 global financial crisis. We believe the Fed will likely raise interest rates three times in 2018, in line with its projections provided at its December 2017 meeting, along with its balance sheet reinvestment policy. We also saw scope at the end of the Reporting Period for several other developed market central banks, including the Bank of Canada and Reserve Bank of New Zealand to tighten their respective monetary policies in 2018 given domestic economic strength in those countries. In contrast, we anticipate prolonged monetary policy accommodation in Europe and Japan, where core inflation lacked upward momentum as of the end of the Reporting Period.
2
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 six-month period ended February 28, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.46% based on net asset value (“NAV”) and 0.47% based on market price. The Index returned 0.51% during the same period. |
The Fund had an NAV of $100.10 on August 31, 2017 and ended the Reporting Period with an NAV of $100.03 per share. The Fund’s market price on February 28, 2018 was $100.05 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 FTSE Fixed Income LLC (“FTSE” 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. |
During the Reporting Period, the Fund posted positive absolute returns that closely tracked those of the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error relative to the Index. |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”) delivered a third interest rate hike in calendar year 2017 — in December — bringing the targeted federal funds rate to a range of 1.25% to 1.50%. U.S. Treasury yields moved higher as the Fed proceeded to raise the target range of the federal funds rate. The Fed’s Summary of Economic Projections at the end of the Reporting Period forecasted three additional interest rate hikes in 2018 and at least two more in 2019. Also, in October 2017, the Fed began implementing its balance sheet normalization process. (Balance sheet normalization refers to the steps the Fed is taking to reverse quantitative easing and remove the substantial monetary accommodation it has provided to the economy since the financial crisis began in 2007.) |
On the economic data front, U.S. indicators maintained a positive trend through the end of the Reporting Period, remaining at relatively robust levels. Unemployment declined to 4.1%, a 17-year low. Fourth quarter 2017 U.S. Gross Domestic Product (“GDP”) growth came in at 2.5% on an annualized basis, just slightly below the approximately 3% annualized growth rate seen in the second and third quarters of 2017. That said, core personal consumption expenditures remained below the Fed’s 2% target. However, U.S. core inflation increased by 0.2% in February 2018 |
3
PORTFOLIO RESULTS
following a 0.3% increase in January 2018, leading to market expectations the Fed could hike interest rates more quickly than previously anticipated. |
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 2018 debt ceiling deadline. Additionally, we observed additional U.S. Treasury bill supply due to U.S. Treasury issuance during the first months of 2018. |
Additionally, at its penultimate meeting of 2017, the European Central Bank (“ECB”) announced it would reduce its asset purchases from €60 billion to €30 billion for nine months from January 2018, mainly through less sovereign bond buying. The ECB also stated its policy rates would remain low for “an extended period of time, and well past the horizon of the net asset purchases.” Elsewhere, the Bank of England reversed its 2017 post-Brexit emergency interest rate cut, marking the first interest rate increase in a decade and signaled future monetary policy tightening would be limited, gradual and dependent on the economic reaction to the U.K.’s departure from the European Union. |
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 SEC yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.38 years, a weighted average maturity of 0.38 years and a weighted average coupon of 0.51% as of February 28, 2018. The 30-day SEC yield of the Fund at the end of the Reporting Period was 1.45%. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | The Fund, consistent with the Index, was 100% invested in U.S. Treasury securities at the end of the Reporting Period. |
1 | 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 30-day SEC yield calculation is based on a 30-day period ending on the last day of the previous month. It is computed by dividing the net investment income per share earned during the period by the maximum offering price per share on the last day of the period. |
2 | 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. |
4
FUND BASICS
TreasuryAccess 0-1 Year ETF
as of February 28, 2018
FUND SNAPSHOT | ||||||
As of February 28, 2018 | ||||||
Market Price1 | $100.05 | |||||
Net Asset Value (NAV)1 | $100.03 |
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 1, 2017– February 28, 2018 | 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 | 0.46 | % | 0.47 | % | 0.51 | % |
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 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 FTSE Fixed Income LLC (“FTSE” or the “Index Provider”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index. |
5
FUND BASICS
STANDARDIZED TOTAL RETURNS4 | ||||||||||||
For period ended December 31, 2017 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 0.71 | % | 0.62 | % | 9/6/16 | |||||||
Shares (based on Market Price) | 0.69 | 0.63 | % | 9/6/16 |
4 | 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 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.
30-DAY STANDARDIZED YIELD5 | ||||||||||
30-Day Subsized Yield5 | 30-Day Unsubsized Yield5 | |||||||||
Shares | 1.45 | % | 1.43 | % |
5 | 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. The 30-Day Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Subsidized Yield and 30-Day Unsubsidized Yield will be identical. |
EXPENSE RATIO6 | ||||||||||
Net Expense Ratio (Current)7 | Gross Expense Ratio (Before Waivers) | |||||||||
Shares | 0.12 | % | 0.14 | % |
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. |
7 | The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. |
6
FUND BASICS
TOP TEN HOLDINGS AS OF 2/28/188 | ||||||||
Holding | Maturity Date | % of Net Assets | ||||||
U.S. Treasury Bill, 1.58% | 04/26/18 | 30.4 | % | |||||
U.S. Treasury Note, 1.13% | 06/15/18 | 9.3 | ||||||
U.S. Treasury Bill, 1.43% | 05/24/18 | 8.6 | ||||||
U.S. Treasury Bill, 1.86% | 08/23/18 | 6.8 | ||||||
U.S. Treasury Note, 0.88% | 07/15/18 | 6.1 | ||||||
U.S. Treasury Note, 1.13% | 01/15/19 | 6.0 | ||||||
U.S. Treasury Note, 0.88% | 10/15/18 | 5.6 | ||||||
U.S. Treasury Bill, 1.62% | 07/19/18 | 5.4 | ||||||
U.S. Treasury Note, 1.00% | 08/15/18 | 4.7 | ||||||
U.S. Treasury Note, 1.00% | 09/15/18 | 4.4 | ||||||
Other | N/A | 12.7 |
8 | The top 10 holdings may not be representative of the Fund’s future investments. |
7
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
February 28, 2018 (Unaudited)
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – 51.2% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
$ | 3,049,800 | 1.556 | % | 04/26/18 | $ | 3,042,583 | ||||||||
3,049,800 | 1.573 | 04/26/18 | 3,042,583 | |||||||||||
276,000,000 | 1.582 | 04/26/18 | 275,346,876 | |||||||||||
64,387,700 | 1.431 | 05/24/18 | 64,148,446 | |||||||||||
1,288,800 | 1.444 | 05/24/18 | 1,284,011 | |||||||||||
6,913,600 | 1.448 | 05/24/18 | 6,887,910 | |||||||||||
1,728,400 | 1.470 | 05/24/18 | 1,721,978 | |||||||||||
864,200 | 1.483 | 05/24/18 | 860,989 | |||||||||||
2,148,000 | 1.500 | 05/24/18 | 2,140,018 | |||||||||||
429,600 | 1.536 | 05/24/18 | 428,004 | |||||||||||
429,600 | 1.555 | 05/24/18 | 428,004 | |||||||||||
864,000 | 1.631 | 05/24/18 | 860,789 | |||||||||||
864,000 | 1.649 | 05/24/18 | 860,789 | |||||||||||
271,200 | 1.623 | 07/19/18 | 269,347 | |||||||||||
47,457,600 | 1.624 | 07/19/18 | 47,133,361 | |||||||||||
1,356,000 | 1.636 | 07/19/18 | 1,346,736 | |||||||||||
271,200 | 1.637 | 07/19/18 | 269,347 | |||||||||||
545,400 | 1.792 | 07/19/18 | 541,674 | |||||||||||
545,400 | 1.803 | 07/19/18 | 541,674 | |||||||||||
681,800 | 1.853 | 08/23/18 | 675,817 | |||||||||||
681,800 | 1.855 | 08/23/18 | 675,817 | |||||||||||
61,700,000 | 1.856 | 08/23/18 | 61,158,531 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $473,721,554) | $ | 473,665,284 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 48.5% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 38,019,500 | 1.000 | % | 05/15/18 | $ | 37,972,813 | ||||||||
86,022,500 | 1.125 | 06/15/18 | 85,870,691 | |||||||||||
56,931,200 | 0.875 | 07/15/18 | 56,732,164 | |||||||||||
43,782,300 | 1.000 | 08/15/18 | 43,612,986 | |||||||||||
40,932,600 | 1.000 | 09/15/18 | 40,731,934 | |||||||||||
51,699,600 | 0.875 | 10/15/18 | 51,357,292 | |||||||||||
38,618,300 | 1.250 | 11/15/18 | 38,418,420 | |||||||||||
38,134,000 | 1.250 | 12/15/18 | 37,904,600 | |||||||||||
56,359,400 | 1.125 | 01/15/19 | 55,904,782 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $449,119,806) | $ | 448,505,682 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.7% | ||||||||||||||
(Cost $922,841,360) | $ | 922,170,966 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | 3,134,658 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 925,305,624 | ||||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices. |
8 | 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, 2018 (Unaudited)
TreasuryAccess 0-1 Year ETF | ||||||
Assets: | ||||||
Investments at value (cost $922,841,360) | $ | 922,170,966 | ||||
Cash | 2,124,681 | |||||
Receivables: | ||||||
Fund shares sold | 10,003,304 | |||||
Interest | 1,071,031 | |||||
Reimbursement from advisor | 13,887 | |||||
Total assets | 935,383,869 | |||||
Liabilities: | ||||||
Payables: | ||||||
Investments purchased | 9,981,088 | |||||
Management fees | 97,157 | |||||
Total liabilities | 10,078,245 | |||||
Net Assets: | ||||||
Paid-in capital | 925,093,158 | |||||
Undistributed net investment income | 907,930 | |||||
Accumulated net realized loss | (25,070 | ) | ||||
Net unrealized loss | (670,394 | ) | ||||
NET ASSETS | $ | 925,305,624 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 9,250,000 | |||||
Net asset value per share: | $ | 100.03 |
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Statement of Operations
For the Six Months Ended February 28, 2018 (Unaudited)
TreasuryAccess 0-1 Year ETF | ||||||
Investment income: | ||||||
Interest | $ | 5,070,324 | ||||
Total investment income | 5,070,324 | |||||
Expenses: | ||||||
Management fees | 559,640 | |||||
Trustee fees | 21,999 | |||||
Total expenses | 581,639 | |||||
Less — expense reductions | (83,091 | ) | ||||
Net expenses | 498,548 | |||||
NET INVESTMENT INCOME | 4,571,776 | |||||
Realized and unrealized loss: | ||||||
Net realized loss from: | ||||||
Investments | (8,443 | ) | ||||
In-kind redemptions | (13,434 | ) | ||||
Net unrealized loss on: | ||||||
Investments | (767,849 | ) | ||||
Net realized and unrealized loss | (789,726 | ) | ||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,782,050 |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Statements of Changes in Net Assets
TreasuryAccess 0-1 Year ETF | ||||||||||
Six Months Ended February 28, 2018 (Unaudited) | For the period September 6, 2016(1) to August 31, 2017 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 4,571,776 | $ | 1,215,013 | ||||||
Net realized gain (loss) | (21,877 | ) | 12,507 | |||||||
Net change in unrealized gain (loss) | (767,849 | ) | 97,455 | |||||||
Net increase in net assets resulting from operations | 3,782,050 | 1,324,975 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income | (4,294,257 | ) | (588,728 | ) | ||||||
Total distributions to shareholders | (4,294,257 | ) | (588,728 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 245,015,985 | 870,148,982 | ||||||||
Cost of shares redeemed | (135,027,420 | ) | (55,055,963 | ) | ||||||
Net increase in net assets resulting from share transactions | 109,988,565 | 815,093,019 | ||||||||
TOTAL INCREASE | 109,476,358 | 815,829,266 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 815,829,266 | $ | — | ||||||
End of period | $ | 925,305,624 | $ | 815,829,266 | ||||||
Undistributed net investment income | $ | 907,930 | $ | 630,411 |
(1) | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS TREASURYACCESS 0-1 YEAR ETF
Selected Data for a Share Outstanding Throughout Each Period
TreasuryAccess 0-1 Year ETF | ||||||||||
For the Six Months Ended February 28, 2018 (Unaudited) | For the period September 6, 2016* to August 31, 2017 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 100.10 | $ | 100.00 | ||||||
Net investment income(a) | 0.55 | 0.82 | ||||||||
Net realized and unrealized loss | (0.10 | ) | (0.29 | ) | ||||||
Total gain from investment operations | 0.45 | 0.53 | ||||||||
Distributions to shareholders from net investment income | (0.52 | ) | (0.43 | ) | ||||||
Net asset value, end of period | $ | 100.03 | $ | 100.10 | ||||||
Market price, end of period | $ | 100.05 | $ | 100.10 | ||||||
Total Return at Net Asset Value(b) | 0.46 | % | 0.53 | % | ||||||
Net assets, end of period (in 000’s) | $ | 925,306 | $ | 815,829 | ||||||
Ratio of net expenses to average net assets | 0.12 | %(c) | 0.13 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.14 | %(c) | 0.14 | %(c) | ||||||
Ratio of net investment income to average net assets | 1.10 | %(c) | 0.83 | %(c) | ||||||
Portfolio turnover rate(d) | — | % | — | % |
* | 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. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
February 28, 2018 (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. LLC (“Goldman Sachs”), 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 remaining cash amount. 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 Fund.
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.
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 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 distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.
13
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 |
U.S. GAAP defines the fair value of a financial instrument as 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); the Fund’s policy is to use the market approach. 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.
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 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.
As of February 28, 2018, all investments are classified as Level 1 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.
14
GOLDMAN SACHS ETF TRUST
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 and litigation, indemnification and extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
For the six months ended February 28, 2018, contractual and effective net unitary management fee rates with GSAM were 0.14% and 0.12%, respectively. Effective net unitary management fee rate includes the impact of management fee waivers, if any.
The Investment Adviser has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Fund. This arrangement will remain in effect through at least December 29, 2018, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the six months ended February 28, 2018, GSAM waived $83,091 of the Fund’s management fee.
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.
15
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28, 2018 (Unaudited)
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Share activity is as follows:
TreasuryAccess 0-1 Year ETF | ||||||||||||||||||||
For the Six Months Ended February 28, 2018 | For period September 6, 2016* to August 31, 2017 | |||||||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||||||
Fund Share Activity | ||||||||||||||||||||
Shares Sold | 2,450,000 | $ | 245,015,985 | 8,700,000 | $ | 870,148,982 | ||||||||||||||
Shares Redeemed | (1,350,000 | ) | (135,027,420 | ) | (550,000 | ) | (55,055,963 | ) | ||||||||||||
NET INCREASE IN SHARES | 1,100,000 | $ | 109,988,565 | 8,150,000 | $ | 815,093,019 |
* | Commencement of operations. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
TreasuryAccess 0-1 Year ETF | $ | 1,626,212,613 | $ | 1,631,906,813 |
The proceeds from in-kind creation and redemption transactions for the six months ended February 28, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
TreasuryAccess 0-1 Year ETF | $ | 244,119,596 | $ | 131,465,078 |
16
GOLDMAN SACHS ETF TRUST
7. TAX INFORMATION |
As of the Fund’s most recent fiscal year end, August 31, 2017, there were no capital loss carryforwards nor timing differences on a tax-basis.
As of February 28, 2018, 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 Year ETF | ||||
Tax Cost | $ | 922,844,553 | ||
Gross unrealized gain | 11,026 | |||
Gross unrealized loss | (684,613 | ) | ||
Net unrealized gains (losses) on securities | $ | (673,587 | ) |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
GSAM has reviewed the Fund’s tax positions for all open tax years (the current year) and has concluded that no provision for income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.
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.
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
February 28 (Unaudited)
8. OTHER RISKS (continued) |
Index Risk — FTSE Fixed Income 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. The Index is new and has a limited performance history. 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.
18
GOLDMAN SACHS ETF TRUST
8. OTHER RISKS (continued) |
Tracking Error Risk — Tracking error is the divergence of the 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, the 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 the Fund, the returns of the 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.
19
GOLDMAN SACHS ETF TRUST
As a shareholder you incur ongoing costs, which include management 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, 2017 and held for the six months ended February 28, 2018, 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 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 | ||||||||||||
Beginning Account Value 9/1/2017 | Account Value 2/28/2018 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,004.60 | $ | 0.60 | ||||||
Hypothetical 5% return | 1,000 | 1,024.20 | + | 0.60 |
+ | 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. |
* | 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, 2018. 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 | 0.12 | % |
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 $1.29 trillion in assets under supervision as of December 31, 2017, 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. LLC 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 ActiveBeta® U.S. Small Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Hedge Industry VIP ETF |
Goldman Sachs TreasuryAccess 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF
|
INDEX DISCLAIMERS
The Goldman Sachs TreasuryAccess 0-1 Year ETF (the “Fund”) has been developed solely by GSAM. The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). FTSE Russell is a trading name of certain of the LSE Group companies.
All rights in the Citi US Treasury 0-1 Year Composite Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
The Index is calculated by or on behalf of FTSE Fixed Income LLC or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by GSAM.
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 Joseph F. DiMaria, Assistant Treasurer and 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, 2018 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.
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. LLC 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.
©2018 Goldman Sachs. All rights reserved. 126466-OTU-741117 TREACCESSSAR-18/GST647/1458.
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. Caroline Dorsa 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 Michael Latham, Linda A. Lang, Lawrence W. Stranghoener, 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, 2018 |
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, 2018 | |
By: | /s/ Scott McHugh | |
| ||
Scott McHugh | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | May 2, 2018 |