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: August 31, 2018
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Annual Report | August 31, 2018 | |||
Access Fixed Income ETFs | ||||
Access High Yield Corporate Bond ETF | ||||
Access Investment Grade Corporate Bond ETF | ||||
Access Treasury 0-1 Year ETF |
Goldman Sachs Access Fixed Income ETFs
∎ | ACCESS HIGH YIELD CORPORATE BOND ETF |
∎ | ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
∎ | ACCESS TREASURY 0-1 YEAR ETF |
1 | ||||
4 | ||||
22 | ||||
44 | ||||
48 | ||||
51 | ||||
61 | ||||
62 |
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 FTSE 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”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”) . The Index is based on the FTSE 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 constituents 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 a maximum of BB+ by Standard & Poor’s Ratings Services (“S&P”) and Ba1 by Moody’s Investors Service, Inc. (“Moody’s”) and a minimum of C by S&P and Ca by Moody’s. Only constituents of the Reference Index that (i) have a minimum of $400 million outstanding, a minimum issuer size of $1 billion and a maximum final maturity of 15 years and (ii) are rated at least CCC+ by S&P or Caa1 by Moody’s are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
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 FTSE 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 (“USD”) that meet certain liquidity and fundamental screening
1
INVESTMENT PROCESS
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”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE US Broad 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 constituents 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. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
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.
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF (formerly Goldman Sachs TreasuryAccess 0-1 Year ETF)
Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was re-named Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”). 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 FTSE 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.
2
INVESTMENT PROCESS
The Index is sponsored by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group 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.
ALL FUNDS
Each of the FTSE Goldman Sachs High Yield Corporate Bond Index and FTSE Goldman Sachs Investment Grade Corporate Bond Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, duration, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituents on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite Select Index is rebalanced monthly on the last day of the month.
The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which a 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 a Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. A Fund may or may not hold all of the securities in its Index.
Each of the Goldman Sachs Access High Yield Corporate Bond ETF and Goldman Sachs Investment Grade Corporate Bond ETF 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. The Goldman Sachs Access Treasury 0-1 Year ETF 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 the Index is concentrated. The U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.
3
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 FTSE 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 August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 2.58% based on net asset value (“NAV”) and 2.41% based on market price. The Index returned 2.98% 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 $48.86 per share. The Fund’s market price on August 31, 2018 was $48.82 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.” The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE 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 81 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 three times during the Reporting Period — in December 2017, March 2018 and June 2018, and expectations for additional interest rate hikes in 2018 and 2019, coupled with rising inflation, contributed to U.S. Treasuries’ rising yields. |
High yield corporate spreads tightened by approximately 44 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, a significant decline in new issue supply and prospects for ongoing U.S. economic growth with added fiscal stimulus. |
All told, then, the high yield corporate bond sector posted positive returns during the Reporting Period, with coupon income and low default rates offsetting rising interest rates. |
4
PORTFOLIO RESULTS
At the end of the Reporting Period, we believed it likely the Fed would hike interest rates next in September 2018 for a total of two more times in 2018 and then three times in 2019 in increments of 25 basis points each. We believed the U.S. economy would continue to grow in the months ahead and corporate earnings remain strong during the next couple of quarters. Further, we expected default rates within the high yield corporate bond market to remain low. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 3.73 years, a weighted average maturity of 5.62 years and a weighted average coupon of 6.13% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 5.50%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
BB | 51.3 | % | ||||
B | 37.4 | % | ||||
CCC | 8.5 | % | ||||
Not Rated | 0.2 | % | ||||
Cash | 2.7 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 96.22% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 82.42% was in industrials, 6.55% in financials and 7.25% in utilities. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?3 |
A | While the Index was 99.34% allocated to high yield corporate bonds and 0.66% allocated to emerging market corporate bonds, the Fund was 96.22% invested in high yield corporate bonds, 1.10% in emerging market corporate bonds and 2.67% 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 standardized yield calculation is based on a 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 | 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. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs High Yield Corporate Bond Index. |
5
FUND BASICS
Access High Yield Corporate Bond ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 48.82 | ||||
Net Asset Value (NAV)1 | $ | 48.86 |
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– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs High Yield Corporate Bond Index3 | |||||||||
Shares | 2.58% | 2.41 | % | 2.98 | % |
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 last trade as of 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”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” 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.
6
FUND BASICS
30-DAY STANDARDIZED YIELD4 | ||||
30-Day Standardized Yield4 | ||||
Shares | 5.50% |
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 8/31/186 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
First Data Corp., 7.00%, 12/01/23 | 0.9 | % | Information Technology | |||||
MGM Resorts International, 6.63%, 12/15/21 | 0.8 | Consumer, Cyclical | ||||||
Bausch Health Cos, Inc., 7.00%, 03/15/24 | 0.8 | Consumer, Non-cyclical | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 05/01/27 | 0.8 | Telecommunication Services | ||||||
CSC Holdings LLC, 10.88%, 10/15/25 | 0.8 | Telecommunication Services | ||||||
Sirius XM Radio, Inc., 6.00%, 07/15/24 | 0.7 | Telecommunication Services | ||||||
Prime Security Services Borrower LLC / Prime Finance, Inc., 9.25%, 05/15/23 | 0.7 | Consumer, Non-cyclical | ||||||
Bausch Health Cos, Inc., 6.13%, 04/15/25 | 0.7 | Consumer, Non-cyclical | ||||||
First Data Corp., 5.75%, 01/15/24 | 0.7 | Information Technology | ||||||
DISH DBS Corp., 5.88%, 11/15/24 | 0.7 | Telecommunication Services |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
7
FUND BASICS
INDUSTRY ALLOCATION AS OF 8/31/187 |
| |||||
Industry | % of Net Assets | |||||
Telecommunication Services | 22.1 | % | ||||
Consumer, Non-cyclical | 17.5 | |||||
Energy | 14.8 | |||||
Consumer, Cyclical | 11.1 | |||||
Financials | 8.1 | |||||
Industrials | 7.4 | |||||
Information Technology | 6.2 | |||||
Materials | 5.1 | |||||
Utilities | 3.4 | |||||
Other | 1.9 |
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 table may not sum to 100% due to the exclusion of other assets and liabilities. |
8
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 5, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs High Yield Corporate Bond Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
Goldman Sachs Access High Yield Corporate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 5, 2017 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | Since Inception | |||||||
| ||||||||
Shares based on NAV (Commenced September 5, 2017 ) | 2.58%* | |||||||
|
* | Total return for periods of less than one year represents cumulative total return. |
9
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 FTSE 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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -1.04% based on net asset value (“NAV”) and -1.05% based on market price. The Index returned -0.84% 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 $48.31 per share. The Fund’s market price on August 31, 2018 was $48.28 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. The Index is a custom index that is owned and calculated by FTSE Fixed Income LLC (“FTSE”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”). The Index is based on the FTSE 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 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, 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. The yield on the 10-year U.S. Treasury increased by approximately 69 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 three times during the Reporting Period — in December 2017, March 2018 and June 2018, and expectations for additional interest rate hikes in 2018 and 2019, coupled with rising inflation, contributed to U.S. Treasuries’ rising yields. |
Investment grade corporate spreads widened by approximately five basis points during the Reporting Period. Investment grade corporate bond markets also saw significant new issue supply on the back of tax reform and repatriation of U.S. dollar-based investments, which further drove the sector’s negative returns. |
At the end of the Reporting Period, we believed it likely the Fed would hike interest rates next in September 2018 for a total of two more times in 2018 and then three times in 2019 in increments of 25 basis points each. We believed the U.S. economy would continue to grow in the months ahead and corporate earnings remain strong during the next couple of |
10
PORTFOLIO RESULTS
quarters. Further, we expected new issue supply within the investment grade corporate bond market to moderate and demand for long-term corporate credit to sustain, likely contributing to a flatter investment grade corporate bond yield curve. (A flatter yield curve is one wherein the differential between yields on longer-term and shorter-term maturities narrows.) |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.22 years, a weighted average maturity of 10.77 years and a weighted average coupon of 3.91% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.78%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period? |
A |
AAA | 2.9 | % | ||||
AA | 12.7 | % | ||||
A | 40.6 | % | ||||
BBB | 42.7 | % | ||||
BB | 0.4 | % | ||||
Cash | 0.7 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period?2 |
A | Of the approximately 97% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 30.24% was in financials, 65.17% in industrials and 1.59% in utilities. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?3 |
A | While the Index was 97.60% allocated to investment grade corporate bonds, 0.43% in high yield corporate bonds and 1.97% in emerging market corporate bonds, the Fund was approximately 97% invested in investment grade corporate bonds, 0.41% in high yield corporate bonds, 1.90% in emerging market corporate bonds and 0.68% 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 standardized yield calculation is based on a 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 | 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. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Investment Grade Corporate Bond Index. |
11
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 48.28 | ||||
Net Asset Value (NAV)1 | $ | 48.31 |
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– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE Goldman Sachs Investment Grade Corporate Bond Index3 | |||||||||
Shares | -1.04% | -1.05 | % | -0.84 | % |
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 based upon the last trade as of 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”), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” 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.
12
FUND BASICS
STANDARDIZED TOTAL RETURNS4 |
| |||||||||||||
For period ended June 30, 2018 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV | -1.16 | % | -1.15 | % | 6/6/17 | |||||||||
Shares (based on Market Price) | -1.31 | -1.17 | 6/6/17 |
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. |
30-DAY STANDARDIZED YIELD5 | ||||
30-Day Standardized Yield5 | ||||
Shares | 3.78% |
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 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 RATIO6 | ||||
Expense Ratio | ||||
Shares | 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 ratio disclosed on the Financial Highlights in this report. |
TOP TEN HOLDINGS AS OF 8/31/187 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
BP Capital Markets PLC, 3.56%, 11/01/21 | 0.9 | % | Energy | |||||
Anheuser-Busch InBev Finance, Inc., 2.63%, 01/17/23 | 0.7 | Consumer, Non-cyclical | ||||||
Alibaba Group Holding Ltd., 3.13%, 11/28/21 | 0.6 | Telecommunication Services | ||||||
JPMorgan Chase & Co., 2.55%, 03/01/21 | 0.5 | Financials | ||||||
Dell International LLC / EMC Corp., 4.42%, 06/15/21 | 0.5 | Information Technology | ||||||
JPMorgan Chase & Co., 2.97%, 01/15/23 | 0.5 | Financials | ||||||
Apple, Inc., 2.25%, 02/23/21 | 0.5 | Information Technology | ||||||
Morgan Stanley, Series GMTN, 4.35%, 09/08/26 | 0.4 | Financials | ||||||
Royal Bank of Canada, Series MTN, 2.35%, 10/30/20 | 0.4 | Financials | ||||||
Anheuser-Busch InBev Finance, Inc., 3.65%, 02/01/26 | 0.4 | Consumer, Non-cyclical |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
13
FUND BASICS
INDUSTRY ALLOCATION AS OF 8/31/188 |
| |||||
Industry | % of Net Assets | |||||
Financials | 31.1 | % | ||||
Consumer, Non-cyclical | 18.4 | |||||
Telecommunication Services | 13.6 | |||||
Information Technology | 10.9 | |||||
Energy | 9.9 | |||||
Consumer, Cyclical | 6.2 | |||||
Industrials | 4.7 | |||||
Materials | 2.1 | |||||
Utilities | 1.6 | |||||
Other | 0.6 |
8 | 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 table may not sum to 100% due to the exclusion of other assets and liabilities. |
14
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on June 6, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Investment Grade Corporate Bond Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
Goldman Sachs Access Investment Grade Corporate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from June 6, 2017 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced June 6, 2017) | -1.04% | 0.12% | ||||||
|
15
PORTFOLIO RESULTS
Goldman Sachs Access Treasury 0-1 Year ETF
(formerly Goldman Sachs TreasuryAccess 0-1 Year ETF)
Investment Objective
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index (the “Index”).
Portfolio Management Discussion and Analysis
Effective August 7, 2018, the Goldman Sachs TreasuryAccess 0-1 Year ETF was re-named Goldman Sachs Access Treasury 0-1 Year ETF, and its benchmark index, the Citi US Treasury 0-1 Year Composite Select Index was re-named the FTSE US Treasury 0-1 Year Composite Select Index. Below, the Goldman Sachs Global Fixed Income and Liquidity Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 1.37% based on net asset value (“NAV”) and 1.38% based on market price. The Index returned 1.47% 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 $100.16 per share. The Fund’s market price on August 31, 2018 was $100.18 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” ), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group 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 to the Index. |
Three primary factors affected the short-term U.S. Treasury market during the Reporting Period — increased new issue supply, higher interest rates and heightened market volatility. |
First, on the back of tax reform signed into law in December 2017, new issue supply increased. The increased supply, in turn, drove the yields on short-term U.S. Treasuries higher. Second, the U.S. Federal Reserve (the “Fed”) hiked interest rates three times during the Reporting Period — in December 2017 and in March and June 2018 — by 25 basis points each time, bringing the targeted federal funds rate to a range of 1.75% to 2.00%. (A basis point is 1/100th of a percentage point.) While the value of U.S. Treasuries traded down during the first half of the Reporting Period as Fed policy became priced into short-term rates, increasing yields helped offset negative price action during the second half of the Reporting Period. Third, amid a pick-up in anti-trade rhetoric from the U.S. Administration and the re-negotiation of several trade partnerships, volatility in markets across fixed income and equities heightened. In |
16
PORTFOLIO RESULTS
addition, several specific political and economic events in emerging markets, including Venezuela, Argentina, Turkey, Brazil and South Africa, contributed to an investor preference for U.S. assets. This investor sentiment, in turn, tended to increase the value of U.S. Treasuries. |
At the end of the Reporting Period, we believed each of these factors would continue to be important to the performance of the short-term U.S. Treasury market in the months ahead. We believed it likely the Fed would hike interest rates next in September 2018 for a total of two more times in 2018 and then three times in 2019 in increments of 25 basis points each, in line with the Fed’s median projections. At the end of the Reporting Period, it did not appear that the market had priced in the Fed’s forward guidance and a risk to valuations of short-term U.S. Treasuries could be a sharp market repricing to consider the median rate path provided by the Fed. A hawkish surprise to Fed policy, meaning a bias to a more aggressive path of interest rate hikes, could also be a risk to valuations. As for supply, at the end of the Reporting Period, we expected supply of U.S. Treasury bills to continue to increase, which, as a result, may well contribute to rising yields of short-term U.S. Treasuries going forward. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives. |
Q | What was the Fund’s weighted average duration, weighted average maturity, weighted average coupon and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.36 years, a weighted average maturity of 0.36 years and a weighted average coupon of 0.40% as of August 31, 2018. The 30-day standardized yield of the Fund at the end of the Reporting Period was 1.96% (subsidized) and 1.94% (unsubsidized). |
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 U.S. Treasury bills as the end of the Reporting Period, the Fund was approximately 99.97% invested in U.S. Treasury bills and 0.03% in cash at the end of the Reporting Period. |
1Duration | 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 standardized yield calculation is based on a 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. |
2The | Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE US Treasury 0-1 Year Composite Select Index. |
17
FUND BASICS
Access Treasury 0-1 Year ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $100.18 | |||||
Net Asset Value (NAV)1 | $100.16 |
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– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | FTSE US Treasury 0-1 Year Composite Select Index3 | |||||||||||
Shares | 1.37 | % | 1.38 | % | 1.47 | % |
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 last trade as of 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 is sponsored by FTSE Fixed Income LLC (“FTSE” ), a trading name of the London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group” or the “Index Provider”), which 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. |
18
FUND BASICS
STANDARDIZED TOTAL RETURNS4 | ||||||||||||
For period ended June 30, 2018 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 1.22 | % | 0.86 | % | 9/6/16 | |||||||
Shares (based on Market Price) | 1.19 | 0.87 | 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 | 1.96 | % | 1.94 | % |
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. |
19
FUND BASICS
TOP HOLDINGS AS OF 8/31/188 |
| |||||||
Holding | Maturity Date | % of Net Assets | ||||||
U.S. Treasury Note, 0.88% | 10/15/18 | 11.2 | % | |||||
U.S. Treasury Bills, 1.98% | 10/25/18 | 7.4 | ||||||
U.S. Treasury Bills, 2.01% | 10/25/18 | 6.8 | ||||||
U.S. Treasury Note, 1.25% | 04/30/19 | 6.4 | ||||||
U.S. Treasury Bills, 2.19% | 01/24/19 | 5.9 | ||||||
U.S. Treasury Bills, 2.04% | 11/23/18 | 5.4 | ||||||
U.S. Treasury Note, 1.00% | 03/15/19 | 5.2 | ||||||
U.S. Treasury Note, 1.00% | 06/30/19 | 5.1 | ||||||
U.S. Treasury Bills, 2.21% | 01/24/19 | 4.6 | ||||||
U.S. Treasury Note, 0.75% | 02/15/19 | 4.4 | ||||||
Other | N/A | 37.6 |
8 | The top 10 holdings may not be representative of the Fund’s future investments. |
20
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 6, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE US Treasury 0-1 Year Composite Select Index is shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
Goldman Sachs Access Treasury 0-1 Year ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 6, 2016 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced September 6, 2016) | 1.37% | 0.96% | ||||||
|
21
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 89.8% | ||||||||||||||
Aerospace & Defense – 1.0% | ||||||||||||||
TransDigm, Inc. | ||||||||||||||
$ | 186,000 | 5.500 | % | 10/15/20 | $ | 186,930 | ||||||||
79,000 | 6.000 | 07/15/22 | 80,185 | |||||||||||
60,000 | 6.500 | 07/15/24 | 61,500 | |||||||||||
45,000 | 6.500 | 05/15/25 | 46,013 | |||||||||||
70,000 | 6.375 | 06/15/26 | 71,050 | |||||||||||
|
| |||||||||||||
445,678 | ||||||||||||||
|
| |||||||||||||
Agriculture – 0.3% | ||||||||||||||
JBS USA LUX SA / JBS USA Finance, Inc. | ||||||||||||||
30,000 | 5.875 | (a) | 07/15/24 | 28,950 | ||||||||||
100,000 | 5.750 | (a) | 06/15/25 | 94,875 | ||||||||||
|
| |||||||||||||
123,825 | ||||||||||||||
|
| |||||||||||||
Air Freight & Logistics – 0.2% | ||||||||||||||
XPO Logistics, Inc. | ||||||||||||||
6,000 | 6.500 | (a) | 06/15/22 | 6,218 | ||||||||||
107,000 | 6.125 | (a) | 09/01/23 | 110,745 | ||||||||||
|
| |||||||||||||
116,963 | ||||||||||||||
|
| |||||||||||||
Automobiles – 0.4% | ||||||||||||||
Tesla, Inc. | ||||||||||||||
193,000 | 5.300 | (a) | 08/15/25 | 168,151 | ||||||||||
|
| |||||||||||||
Banks – 1.1% | ||||||||||||||
CIT Group, Inc. | ||||||||||||||
160,000 | 4.125 | 03/09/21 | 160,600 | |||||||||||
110,000 | 5.000 | 08/15/22 | 112,612 | |||||||||||
108,000 | 5.250 | 03/07/25 | 110,430 | |||||||||||
Freedom Mortgage Corp. | ||||||||||||||
125,000 | 8.250 | (a) | 04/15/25 | 121,563 | ||||||||||
|
| |||||||||||||
505,205 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.4% | ||||||||||||||
Blue Cube Spinco LLC | ||||||||||||||
10,000 | 9.750 | 10/15/23 | 11,350 | |||||||||||
Hexion, Inc. | ||||||||||||||
45,000 | 6.625 | 04/15/20 | 42,750 | |||||||||||
81,000 | 10.375 | (a) | 02/01/22 | 80,190 | ||||||||||
Novelis Corp. | ||||||||||||||
50,000 | 6.250 | (a) | 08/15/24 | 51,125 | ||||||||||
|
| |||||||||||||
185,415 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 3.1% | ||||||||||||||
Clear Channel Worldwide Holdings, Inc., Series A | ||||||||||||||
150,000 | 6.500 | 11/15/22 | 153,188 | |||||||||||
Clear Channel Worldwide Holdings, Inc., Series B | ||||||||||||||
274,000 | 7.625 | 03/15/20 | 275,712 | |||||||||||
Nexstar Broadcasting, Inc. | ||||||||||||||
145,000 | 5.625 | (a) | 08/01/24 | 142,825 | ||||||||||
Sinclair Television Group, Inc. | ||||||||||||||
80,000 | 5.375 | 04/01/21 | 80,700 | |||||||||||
Sirius XM Radio, Inc. | ||||||||||||||
30,000 | 3.875 | (a) | 08/01/22 | 29,513 | ||||||||||
305,000 | 6.000 | (a) | 07/15/24 | 317,581 | ||||||||||
47,000 | 5.375 | (a) | 04/15/25 | 47,822 | ||||||||||
124,000 | 5.375 | (a) | 07/15/26 | 124,000 | ||||||||||
50,000 | 5.000 | (a) | 08/01/27 | 48,563 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – (continued) | ||||||||||||||
Univision Communications, Inc. | ||||||||||||||
70,000 | 5.125 | (a) | 05/15/23 | 66,675 | ||||||||||
147,000 | 5.125 | (a) | 02/15/25 | 135,791 | ||||||||||
|
| |||||||||||||
1,422,370 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 2.5% | ||||||||||||||
Berry Global, Inc. | ||||||||||||||
70,000 | 5.500 | 05/15/22 | 71,488 | |||||||||||
88,000 | 4.500 | (a) | 02/15/26 | 82,940 | ||||||||||
Brand Industrial Services, Inc. | ||||||||||||||
50,000 | 8.500 | (a) | 07/15/25 | 51,375 | ||||||||||
BWAY Holding Co. | ||||||||||||||
179,000 | 5.500 | (a) | 04/15/24 | 178,105 | ||||||||||
100,000 | 7.250 | (a) | 04/15/25 | 98,250 | ||||||||||
Flex Acquisition Co., Inc. | ||||||||||||||
100,000 | 6.875 | (a) | 01/15/25 | 96,750 | ||||||||||
| Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / | | ||||||||||||
247,000 | 5.125 | (a) | 07/15/23 | 246,691 | ||||||||||
64,000 | 7.000 | (a) | 07/15/24 | 65,360 | ||||||||||
Sensata Technologies BV | ||||||||||||||
25,000 | 4.875 | (a) | 10/15/23 | 25,094 | ||||||||||
121,000 | 5.000 | (a) | 10/01/25 | 122,361 | ||||||||||
Vertiv Group Corp. | ||||||||||||||
120,000 | 9.250 | (a) | 10/15/24 | 123,600 | ||||||||||
|
| |||||||||||||
1,162,014 | ||||||||||||||
|
| |||||||||||||
Capital Markets – 0.4% | ||||||||||||||
MSCI, Inc. | ||||||||||||||
160,000 | 5.250 | (a) | 11/15/24 | 165,000 | ||||||||||
5,000 | 4.750 | (a) | 08/01/26 | 4,987 | ||||||||||
|
| |||||||||||||
169,987 | ||||||||||||||
|
| |||||||||||||
Chemicals – 0.9% | ||||||||||||||
Chemours Co. (The) | ||||||||||||||
100,000 | 7.000 | 05/15/25 | 107,250 | |||||||||||
75,000 | 5.375 | 05/15/27 | 73,875 | |||||||||||
Olin Corp. | ||||||||||||||
97,000 | 5.125 | 09/15/27 | 96,272 | |||||||||||
97,000 | 5.000 | 02/01/30 | 93,120 | |||||||||||
Platform Specialty Products Corp. | ||||||||||||||
30,000 | 6.500 | (a) | 02/01/22 | 30,788 | ||||||||||
25,000 | 5.875 | (a) | 12/01/25 | 24,875 | ||||||||||
|
| |||||||||||||
426,180 | ||||||||||||||
|
| |||||||||||||
Commercial Services & Supplies – 0.7% | ||||||||||||||
ADT Corp. (The) | ||||||||||||||
60,000 | 6.250 | 10/15/21 | 63,750 | |||||||||||
60,000 | 4.125 | 06/15/23 | 57,300 | |||||||||||
60,000 | 4.875 | (a) | 07/15/32 | 48,750 | ||||||||||
Covanta Holding Corp. | ||||||||||||||
60,000 | 6.375 | 10/01/22 | 61,725 | |||||||||||
25,000 | 5.875 | 07/01/25 | 25,031 | |||||||||||
West Corp. | ||||||||||||||
80,000 | 8.500 | (a) | 10/15/25 | 73,100 | ||||||||||
|
| |||||||||||||
329,656 | ||||||||||||||
|
|
22 | 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) | ||||||||||||||
Communications – 6.7% | ||||||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||||||||||
$ | 60,000 | 5.250 | % | 03/15/21 | $ | 60,750 | ||||||||
154,000 | 5.250 | 09/30/22 | 155,540 | |||||||||||
145,000 | 5.125 | (a) | 05/01/23 | 145,544 | ||||||||||
8,000 | 5.750 | 09/01/23 | 8,180 | |||||||||||
47,000 | 5.750 | 01/15/24 | 48,057 | |||||||||||
201,000 | 5.875 | (a) | 04/01/24 | 205,523 | ||||||||||
110,000 | 5.750 | (a) | 02/15/26 | 110,412 | ||||||||||
159,000 | 5.500 | (a) | 05/01/26 | 157,609 | ||||||||||
369,000 | 5.125 | (a) | 05/01/27 | 352,856 | ||||||||||
67,000 | 5.875 | (a) | 05/01/27 | 66,665 | ||||||||||
191,000 | 5.000 | (a) | 02/01/28 | 180,018 | ||||||||||
Cequel Communications Holdings I LLC / Cequel Capital Corp. | ||||||||||||||
259,000 | 5.125 | (a) | 12/15/21 | 259,971 | ||||||||||
CSC Holdings LLC | ||||||||||||||
212,000 | 6.750 | 11/15/21 | 225,250 | |||||||||||
60,000 | 5.250 | 06/01/24 | 58,650 | |||||||||||
300,000 | 10.875 | (a) | 10/15/25 | 351,750 | ||||||||||
200,000 | 5.500 | (a) | 04/15/27 | 195,750 | ||||||||||
DISH DBS Corp. | ||||||||||||||
62,000 | 5.875 | 07/15/22 | 59,985 | |||||||||||
350,000 | 5.875 | 11/15/24 | 306,250 | |||||||||||
199,000 | 7.750 | 07/01/26 | 180,592 | |||||||||||
|
| |||||||||||||
3,129,352 | ||||||||||||||
|
| |||||||||||||
Construction & Engineering – 0.3% | ||||||||||||||
AECOM | ||||||||||||||
30,000 | 5.875 | 10/15/24 | 32,025 | |||||||||||
98,000 | 5.125 | 03/15/27 | 96,285 | |||||||||||
|
| |||||||||||||
128,310 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 6.1% | ||||||||||||||
Allison Transmission, Inc. | ||||||||||||||
177,000 | 5.000 | (a) | 10/01/24 | 176,336 | ||||||||||
20,000 | 4.750 | (a) | 10/01/27 | 18,875 | ||||||||||
American Axle & Manufacturing, Inc. | ||||||||||||||
151,000 | 6.250 | 04/01/25 | 151,000 | |||||||||||
APX Group, Inc. | ||||||||||||||
153,000 | 7.875 | 12/01/22 | 156,825 | |||||||||||
Caesars Resort Collection LLC / CRC Finco, Inc. | ||||||||||||||
151,000 | 5.250 | (a) | 10/15/25 | 144,771 | ||||||||||
Cinemark USA, Inc. | ||||||||||||||
60,000 | 5.125 | 12/15/22 | 60,525 | |||||||||||
100,000 | 4.875 | 06/01/23 | 99,250 | |||||||||||
CyrusOne LP / CyrusOne Finance Corp. | ||||||||||||||
161,000 | 5.000 | 03/15/24 | 163,817 | |||||||||||
ESH Hospitality, Inc. | ||||||||||||||
119,000 | 5.250 | (a) | 05/01/25 | 115,728 | ||||||||||
Hilton Domestic Operating Co., Inc. | ||||||||||||||
74,000 | 4.250 | 09/01/24 | 72,243 | |||||||||||
100,000 | 5.125 | (a) | 05/01/26 | 100,375 | ||||||||||
| Hilton Worldwide Finance LLC / Hilton Worldwide | | ||||||||||||
77,000 | 4.625 | 04/01/25 | 76,230 | |||||||||||
154,000 | 4.875 | 04/01/27 | 152,075 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
JC Penney Corp., Inc. | ||||||||||||||
80,000 | 5.875 | (a) | 07/01/23 | 71,600 | ||||||||||
60,000 | 8.625 | (a) | 03/15/25 | 44,700 | ||||||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of | | ||||||||||||
126,000 | 5.000 | (a) | 06/01/24 | 125,685 | ||||||||||
| MGM Growth Properties Operating Partnership LP / MGP | | ||||||||||||
30,000 | 5.625 | 05/01/24 | 30,938 | |||||||||||
75,000 | 4.500 | 09/01/26 | 71,812 | |||||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc. | ||||||||||||||
295,000 | 9.250 | (a) | 05/15/23 | 317,494 | ||||||||||
Sabre GLBL, Inc. | ||||||||||||||
45,000 | 5.375 | (a) | 04/15/23 | 45,450 | ||||||||||
60,000 | 5.250 | (a) | 11/15/23 | 60,450 | ||||||||||
Scientific Games International, Inc. | ||||||||||||||
100,000 | 10.000 | 12/01/22 | 106,125 | |||||||||||
100,000 | 5.000 | (a) | 10/15/25 | 94,875 | ||||||||||
Toll Brothers Finance Corp. | ||||||||||||||
19,000 | 5.875 | 02/15/22 | 19,997 | |||||||||||
83,000 | 4.375 | 04/15/23 | 83,000 | |||||||||||
50,000 | 4.350 | 02/15/28 | 46,063 | |||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | ||||||||||||||
38,000 | 4.250 | (a) | 05/30/23 | 36,622 | ||||||||||
100,000 | 5.500 | (a) | 03/01/25 | 98,875 | ||||||||||
110,000 | 5.250 | (a) | 05/15/27 | 103,538 | ||||||||||
|
| |||||||||||||
2,845,274 | ||||||||||||||
|
| |||||||||||||
Consumer Finance – 3.2% | ||||||||||||||
Ally Financial, Inc. | ||||||||||||||
135,000 | 8.000 | 03/15/20 | 144,450 | |||||||||||
95,000 | 4.125 | 03/30/20 | 95,712 | |||||||||||
100,000 | 4.625 | 05/19/22 | 101,375 | |||||||||||
103,000 | 5.125 | 09/30/24 | 105,961 | |||||||||||
55,000 | 4.625 | 03/30/25 | 55,138 | |||||||||||
20,000 | 5.750 | 11/20/25 | 20,875 | |||||||||||
25,000 | 8.000 | 11/01/31 | 30,688 | |||||||||||
232,000 | 8.000 | 11/01/31 | 284,200 | |||||||||||
Springleaf Finance Corp. | ||||||||||||||
92,000 | 5.250 | 12/15/19 | 93,840 | |||||||||||
149,000 | 7.750 | 10/01/21 | 162,410 | |||||||||||
102,000 | 5.625 | 03/15/23 | 102,637 | |||||||||||
132,000 | 6.875 | 03/15/25 | 132,825 | |||||||||||
139,000 | 7.125 | 03/15/26 | 139,348 | |||||||||||
|
| |||||||||||||
1,469,459 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 2.2% | ||||||||||||||
| Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / | | ||||||||||||
40,000 | 6.625 | 06/15/24 | 38,650 | |||||||||||
185,000 | 5.750 | 03/15/25 | 168,119 | |||||||||||
Avantor, Inc. | ||||||||||||||
50,000 | 9.000 | (a) | 10/01/25 | 51,812 | ||||||||||
| Change Healthcare Holdings LLC / Change Healthcare | | ||||||||||||
119,000 | 5.750 | (a) | 03/01/25 | 116,769 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
First Quality Finance Co., Inc. | ||||||||||||||
$ | 170,000 | 4.625 | % (a) | 05/15/21 | $ | 168,512 | ||||||||
IQVIA, Inc. | ||||||||||||||
246,000 | 4.875 | (a) | 05/15/23 | 247,845 | ||||||||||
| Jaguar Holding Co. II / Pharmaceutical Product | | ||||||||||||
30,000 | 6.375 | (a) | 08/01/23 | 30,375 | ||||||||||
MPH Acquisition Holdings LLC | ||||||||||||||
154,000 | 7.125 | (a) | 06/01/24 | 159,198 | ||||||||||
New Albertsons LP | ||||||||||||||
60,000 | 7.450 | 08/01/29 | 50,100 | |||||||||||
10,000 | 8.000 | 05/01/31 | 8,575 | |||||||||||
|
| |||||||||||||
1,039,955 | ||||||||||||||
|
| |||||||||||||
Containers & Packaging – 1.3% | ||||||||||||||
Ball Corp. | ||||||||||||||
245,000 | 5.000 | 03/15/22 | 252,656 | |||||||||||
165,000 | 5.250 | 07/01/25 | 170,569 | |||||||||||
50,000 | 4.875 | 03/15/26 | 49,937 | |||||||||||
Sealed Air Corp. | ||||||||||||||
40,000 | 5.250 | (a) | 04/01/23 | 40,850 | ||||||||||
75,000 | 5.125 | (a) | 12/01/24 | 75,844 | ||||||||||
25,000 | 5.500 | (a) | 09/15/25 | 25,594 | ||||||||||
|
| |||||||||||||
615,450 | ||||||||||||||
|
| |||||||||||||
Diversified Consumer Services – 0.6% | ||||||||||||||
Service Corp. International | ||||||||||||||
219,000 | 5.375 | 01/15/22 | 223,654 | |||||||||||
45,000 | 4.625 | 12/15/27 | 43,425 | |||||||||||
|
| |||||||||||||
267,079 | ||||||||||||||
|
| |||||||||||||
Diversified Telecommunication – 2.5% | ||||||||||||||
CenturyLink, Inc. | ||||||||||||||
103,000 | 5.625 | 04/01/25 | 101,326 | |||||||||||
CenturyLink, Inc., Series T | ||||||||||||||
25,000 | 5.800 | 03/15/22 | 25,625 | |||||||||||
CenturyLink, Inc., Series W | ||||||||||||||
92,000 | 6.750 | 12/01/23 | 96,140 | |||||||||||
CenturyLink, Inc., Series Y | ||||||||||||||
122,000 | 7.500 | 04/01/24 | 130,997 | |||||||||||
Frontier Communications Corp. | ||||||||||||||
82,000 | 8.750 | 04/15/22 | 66,215 | |||||||||||
148,000 | 10.500 | 09/15/22 | 130,425 | |||||||||||
157,000 | 7.625 | 04/15/24 | 100,088 | |||||||||||
100,000 | 6.875 | 01/15/25 | 59,750 | |||||||||||
342,000 | 11.000 | 09/15/25 | 262,485 | |||||||||||
182,000 | 8.500 | (a) | 04/01/26 | 171,908 | ||||||||||
|
| |||||||||||||
1,144,959 | ||||||||||||||
|
| |||||||||||||
Electric – 0.6% | ||||||||||||||
NextEra Energy Operating Partners LP | ||||||||||||||
72,000 | 4.250 | (a) | 09/15/24 | 70,470 | ||||||||||
25,000 | 4.500 | (a) | 09/15/27 | 23,875 | ||||||||||
Talen Energy Supply LLC | ||||||||||||||
63,000 | 4.600 | 12/15/21 | 54,574 | |||||||||||
70,000 | 6.500 | 06/01/25 | 52,412 | |||||||||||
80,000 | 10.500 | (a) | 01/15/26 | 70,500 | ||||||||||
|
| |||||||||||||
271,831 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – 3.9% | ||||||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. | ||||||||||||||
49,000 | 10.000 | (a) | 04/01/22 | 54,390 | ||||||||||
Citgo Holding, Inc. | ||||||||||||||
40,000 | 10.750 | (a) | 02/15/20 | 42,750 | ||||||||||
CITGO Petroleum Corp. | ||||||||||||||
20,000 | 6.250 | (a) | 08/15/22 | 20,200 | ||||||||||
CrownRock LP / CrownRock Finance, Inc. | ||||||||||||||
50,000 | 5.625 | (a) | 10/15/25 | 48,875 | ||||||||||
DCP Midstream Operating LP | ||||||||||||||
35,000 | 4.750 | (a) | 09/30/21 | 35,700 | ||||||||||
Endeavor Energy Resources LP / EER Finance, Inc. | ||||||||||||||
108,000 | 5.500 | (a) | 01/30/26 | 108,270 | ||||||||||
60,000 | 5.750 | (a) | 01/30/28 | 60,150 | ||||||||||
EP Energy LLC / Everest Acquisition Finance, Inc. | ||||||||||||||
105,000 | 9.375 | (a) | 05/01/24 | 83,475 | ||||||||||
73,000 | 8.000 | (a) | 11/29/24 | 73,547 | ||||||||||
105,000 | 8.000 | (a) | 02/15/25 | 76,650 | ||||||||||
120,000 | 7.750 | (a) | 05/15/26 | 123,450 | ||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co. | ||||||||||||||
139,000 | 5.000 | (a) | 12/01/24 | 135,004 | ||||||||||
25,000 | 5.750 | (a) | 10/01/25 | 24,937 | ||||||||||
| McDermott Technology Americas, Inc. / McDermott Technology | | ||||||||||||
151,000 | 10.625 | (a) | 05/01/24 | 160,626 | ||||||||||
Nabors Industries, Inc. | ||||||||||||||
25,000 | 5.000 | 09/15/20 | 25,250 | |||||||||||
25,000 | 4.625 | 09/15/21 | 25,031 | |||||||||||
142,000 | 5.500 | 01/15/23 | 142,355 | |||||||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||||||||
25,000 | 7.000 | 11/15/23 | 26,219 | |||||||||||
50,000 | 7.250 | 06/15/25 | 52,875 | |||||||||||
Sable Permian Resources Land LLC / AEPB Finance Corp. | ||||||||||||||
125,000 | 13.000 | (a) | 11/30/20 | 138,281 | ||||||||||
Transocean Proteus Ltd. | ||||||||||||||
71,400 | 6.250 | (a) | 12/01/24 | 73,007 | ||||||||||
Transocean, Inc. | ||||||||||||||
51,000 | 5.800 | 10/15/22 | 50,490 | |||||||||||
156,000 | 9.000 | (a) | 07/15/23 | 168,480 | ||||||||||
77,000 | 7.500 | 04/15/31 | 71,418 | |||||||||||
|
| |||||||||||||
1,821,430 | ||||||||||||||
|
| |||||||||||||
Energy Equipment & Services – 0.2% | ||||||||||||||
Diamond Offshore Drilling, Inc. | ||||||||||||||
76,000 | 7.875 | 08/15/25 | 78,090 | |||||||||||
|
| |||||||||||||
Equity Real Estate Investment – 0.9% | ||||||||||||||
Iron Mountain, Inc. | ||||||||||||||
35,000 | 6.000 | 08/15/23 | 36,094 | |||||||||||
94,000 | 5.750 | 08/15/24 | 93,530 | |||||||||||
99,000 | 4.875 | (a) | 09/15/27 | 92,070 | ||||||||||
69,000 | 5.250 | (a) | 03/15/28 | 65,636 | ||||||||||
SBA Communications Corp. | ||||||||||||||
16,000 | 4.875 | 07/15/22 | 16,180 | |||||||||||
15,000 | 4.000 | 10/01/22 | 14,737 | |||||||||||
105,000 | 4.875 | 09/01/24 | 103,950 | |||||||||||
|
| |||||||||||||
422,197 | ||||||||||||||
|
|
24 | 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) | ||||||||||||||
Financial Company – 1.3% | ||||||||||||||
BCD Acquisition, Inc. | ||||||||||||||
$ | 30,000 | 9.625 | % (a) | 09/15/23 | $ | 31,800 | ||||||||
Blackstone CQP Holdco LP | ||||||||||||||
60,000 | 6.500 | (a) | 03/20/21 | 60,037 | ||||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||||||||
100,000 | 6.000 | 08/01/20 | 101,875 | |||||||||||
60,000 | 5.875 | 02/01/22 | 61,050 | |||||||||||
38,000 | 6.250 | 02/01/22 | 39,093 | |||||||||||
100,000 | 6.375 | 12/15/25 | 101,750 | |||||||||||
Quicken Loans, Inc. | ||||||||||||||
98,000 | 5.750 | (a) | 05/01/25 | 97,755 | ||||||||||
100,000 | 5.250 | (a) | 01/15/28 | 92,250 | ||||||||||
|
| |||||||||||||
585,610 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 0.6% | ||||||||||||||
Golden Nugget, Inc. | ||||||||||||||
140,000 | 6.750 | (a) | 10/15/24 | 142,625 | ||||||||||
32,000 | 8.750 | (a) | 10/01/25 | 33,760 | ||||||||||
| KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of | | ||||||||||||
100,000 | 4.750 | (a) | 06/01/27 | 96,250 | ||||||||||
|
| |||||||||||||
272,635 | ||||||||||||||
|
| |||||||||||||
Food Products – 1.5% | ||||||||||||||
Lamb Weston Holdings, Inc. | ||||||||||||||
100,000 | 4.625 | (a) | 11/01/24 | 98,750 | ||||||||||
100,000 | 4.875 | (a) | 11/01/26 | 99,000 | ||||||||||
Post Holdings, Inc. | ||||||||||||||
60,000 | 5.500 | (a) | 03/01/25 | 60,075 | ||||||||||
263,000 | 5.000 | (a) | 08/15/26 | 253,795 | ||||||||||
137,000 | 5.750 | (a) | 03/01/27 | 136,315 | ||||||||||
50,000 | 5.625 | (a) | 01/15/28 | 48,875 | ||||||||||
|
| |||||||||||||
696,810 | ||||||||||||||
|
| |||||||||||||
Food & Staples Retailing – 0.1% | ||||||||||||||
Safeway, Inc. | ||||||||||||||
30,000 | 7.250 | 02/01/31 | 28,725 | |||||||||||
|
| |||||||||||||
Hardware – 1.3% | ||||||||||||||
CDW LLC / CDW Finance Corp. | ||||||||||||||
40,000 | 5.000 | 09/01/23 | 41,000 | |||||||||||
45,000 | 5.500 | 12/01/24 | 47,025 | |||||||||||
154,000 | 5.000 | 09/01/25 | 153,615 | |||||||||||
CommScope Technologies LLC | ||||||||||||||
40,000 | 6.000 | (a) | 06/15/25 | 41,600 | ||||||||||
102,000 | 5.000 | (a) | 03/15/27 | 99,195 | ||||||||||
CommScope, Inc. | ||||||||||||||
209,000 | 5.500 | (a) | 06/15/24 | 212,657 | ||||||||||
|
| |||||||||||||
595,092 | ||||||||||||||
|
| |||||||||||||
Health Care Providers & Services – 4.4% | ||||||||||||||
Centene Corp. | ||||||||||||||
88,000 | 4.750 | 05/15/22 | 89,980 | |||||||||||
210,000 | 6.125 | 02/15/24 | 221,812 | |||||||||||
50,000 | 4.750 | 01/15/25 | 50,500 | |||||||||||
DaVita, Inc. | ||||||||||||||
255,000 | 5.125 | 07/15/24 | 246,394 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Health Care Providers & Services – (continued) | ||||||||||||||
Encompass Health Corp. | ||||||||||||||
70,000 | 5.750 | 11/01/24 | 71,138 | |||||||||||
Envision Healthcare Corp. | ||||||||||||||
30,000 | 5.625 | 07/15/22 | 30,825 | |||||||||||
95,000 | 6.250 | (a) | 12/01/24 | 101,887 | ||||||||||
HCA Healthcare, Inc. | ||||||||||||||
192,000 | 6.250 | 02/15/21 | 201,120 | |||||||||||
Tenet Healthcare Corp. | ||||||||||||||
227,000 | 4.750 | 06/01/20 | 229,554 | |||||||||||
75,000 | 6.000 | 10/01/20 | 78,094 | |||||||||||
200,000 | 8.125 | 04/01/22 | 211,500 | |||||||||||
269,000 | 6.750 | 06/15/23 | 271,017 | |||||||||||
100,000 | 5.125 | 05/01/25 | 99,750 | |||||||||||
142,000 | 7.000 | 08/01/25 | 142,178 | |||||||||||
|
| |||||||||||||
2,045,749 | ||||||||||||||
|
| |||||||||||||
Healthcare – 1.4% | ||||||||||||||
HCA, Inc. | ||||||||||||||
130,000 | 7.500 | 02/15/22 | 142,838 | |||||||||||
299,000 | 5.375 | 02/01/25 | 302,737 | |||||||||||
220,000 | 5.875 | 02/15/26 | 227,975 | |||||||||||
|
| |||||||||||||
673,550 | ||||||||||||||
|
| |||||||||||||
Hotels, Restaurants & Leisure – 2.3% | ||||||||||||||
Boyd Gaming Corp. | ||||||||||||||
100,000 | 6.000 | 08/15/26 | 101,125 | |||||||||||
Diamond Resorts International, Inc. | ||||||||||||||
127,000 | 7.750 | (a) | 09/01/23 | 132,080 | ||||||||||
60,000 | 10.750 | (a) | 09/01/24 | 62,550 | ||||||||||
MGM Resorts International | ||||||||||||||
50,000 | 5.250 | 03/31/20 | 51,125 | |||||||||||
369,000 | 6.625 | 12/15/21 | 391,601 | |||||||||||
60,000 | 6.000 | 03/15/23 | 62,475 | |||||||||||
88,000 | 5.750 | 06/15/25 | 88,880 | |||||||||||
43,000 | 4.625 | 09/01/26 | 40,689 | |||||||||||
Six Flags Entertainment Corp. | ||||||||||||||
136,000 | 4.875 | (a) | 07/31/24 | 134,470 | ||||||||||
|
| |||||||||||||
1,064,995 | ||||||||||||||
|
| |||||||||||||
Household & Leisure – 0.2% | ||||||||||||||
Prestige Brands, Inc. | ||||||||||||||
100,000 | 6.375 | (a) | 03/01/24 | 101,750 | ||||||||||
|
| |||||||||||||
Household Durables – 1.6% | ||||||||||||||
Lennar Corp. | ||||||||||||||
303,000 | 4.750 | 11/15/22 | 303,947 | |||||||||||
50,000 | 4.500 | 04/30/24 | 49,250 | |||||||||||
55,000 | 4.750 | 05/30/25 | 54,175 | |||||||||||
40,000 | 4.750 | 11/29/27 | 38,350 | |||||||||||
PulteGroup, Inc. | ||||||||||||||
55,000 | 4.250 | 03/01/21 | 55,412 | |||||||||||
93,000 | 5.500 | 03/01/26 | 93,233 | |||||||||||
65,000 | 5.000 | 01/15/27 | 62,075 | |||||||||||
|
| |||||||||||||
Tempur Sealy International, Inc. | ||||||||||||||
20,000 | 5.625 | 10/15/23 | 20,100 | |||||||||||
50,000 | 5.500 | 06/15/26 | 48,625 | |||||||||||
|
| |||||||||||||
725,167 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Independent Power & Renewable Electricity Producers – 2.8% | ||||||||||||||
AES Corp. | ||||||||||||||
$ | 100,000 | 4.875 | 05/15/23 | $ | 101,750 | |||||||||
50,000 | 5.500 | 04/15/25 | 51,500 | |||||||||||
137,000 | 6.000 | 05/15/26 | 145,220 | |||||||||||
Calpine Corp. | ||||||||||||||
50,000 | 6.000 | (a) | 01/15/22 | 51,062 | ||||||||||
162,000 | 5.375 | 01/15/23 | 154,102 | |||||||||||
�� | 10,000 | 5.875 | (a) | 01/15/24 | 10,125 | |||||||||
99,000 | 5.500 | 02/01/24 | 90,833 | |||||||||||
120,000 | 5.750 | 01/15/25 | 109,050 | |||||||||||
108,000 | 5.250 | (a) | 06/01/26 | 102,195 | ||||||||||
NRG Energy, Inc. | ||||||||||||||
122,000 | 6.250 | 07/15/22 | 126,575 | |||||||||||
125,000 | 6.250 | 05/01/24 | 130,000 | |||||||||||
80,000 | 7.250 | 05/15/26 | 86,300 | |||||||||||
71,000 | 6.625 | 01/15/27 | 74,728 | |||||||||||
80,000 | 5.750 | (a) | 01/15/28 | 80,800 | ||||||||||
|
| |||||||||||||
1,314,240 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.3% | ||||||||||||||
HUB International Ltd. | ||||||||||||||
137,000 | 7.000 | (a) | 05/01/26 | 136,315 | ||||||||||
|
| |||||||||||||
Internet Software & Services – 0.2% | ||||||||||||||
Rackspace Hosting, Inc. | ||||||||||||||
100,000 | 8.625 | (a) | 11/15/24 | 98,625 | ||||||||||
|
| |||||||||||||
Internet & Direct Marketing Retail – 1.3% | ||||||||||||||
Netflix, Inc. | ||||||||||||||
50,000 | 5.500 | 02/15/22 | 51,812 | |||||||||||
144,000 | 5.750 | 03/01/24 | 147,960 | |||||||||||
25,000 | 5.875 | 02/15/25 | 25,906 | |||||||||||
20,000 | 4.375 | 11/15/26 | 19,000 | |||||||||||
167,000 | 4.875 | (a) | 04/15/28 | 159,068 | ||||||||||
189,000 | 5.875 | (a) | 11/15/28 | 190,654 | ||||||||||
|
| |||||||||||||
594,400 | ||||||||||||||
|
| |||||||||||||
IT Services – 1.8% | ||||||||||||||
First Data Corp. | ||||||||||||||
407,000 | 7.000 | (a) | 12/01/23 | 424,806 | ||||||||||
100,000 | 5.000 | (a) | 01/15/24 | 100,750 | ||||||||||
306,000 | 5.750 | (a) | 01/15/24 | 313,650 | ||||||||||
|
| |||||||||||||
839,206 | ||||||||||||||
|
| |||||||||||||
Machinery – 0.2% | ||||||||||||||
Navistar International Corp. | ||||||||||||||
80,000 | 6.625 | (a) | 11/01/25 | 83,500 | ||||||||||
|
| |||||||||||||
Media – 1.2% | ||||||||||||||
AMC Entertainment Holdings, Inc. | ||||||||||||||
95,000 | 5.875 | 11/15/26 | 93,219 | |||||||||||
AMC Networks, Inc. | ||||||||||||||
60,000 | 4.750 | 12/15/22 | 60,525 | |||||||||||
20,000 | 5.000 | 04/01/24 | 19,775 | |||||||||||
123,000 | 4.750 | 08/01/25 | 119,310 | |||||||||||
Cablevision Systems Corp. | ||||||||||||||
70,000 | 5.875 | 09/15/22 | 71,750 | |||||||||||
Gray Television, Inc. | ||||||||||||||
125,000 | 5.875 | (a) | 07/15/26 | 125,312 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Media – (continued) | ||||||||||||||
Tribune Media Co. | ||||||||||||||
50,000 | 5.875 | 07/15/22 | 51,063 | |||||||||||
|
| |||||||||||||
540,954 | ||||||||||||||
|
| |||||||||||||
Metals – 0.3% | ||||||||||||||
Novelis Corp. | ||||||||||||||
167,000 | 5.875 | (a) | 09/30/26 | 163,243 | ||||||||||
|
| |||||||||||||
Metals & Mining – 1.9% | ||||||||||||||
Allegheny Technologies, Inc. | ||||||||||||||
50,000 | 7.875 | 08/15/23 | 53,750 | |||||||||||
Cleveland-Cliffs, Inc. | ||||||||||||||
100,000 | 4.875 | (a) | 01/15/24 | 98,500 | ||||||||||
Freeport-McMoRan, Inc. | ||||||||||||||
10,000 | 3.100 | 03/15/20 | 9,938 | |||||||||||
97,000 | 4.000 | 11/14/21 | 96,394 | |||||||||||
95,000 | 3.550 | 03/01/22 | 92,031 | |||||||||||
76,000 | 6.875 | 02/15/23 | 81,510 | |||||||||||
207,000 | 3.875 | 03/15/23 | 199,755 | |||||||||||
Steel Dynamics, Inc. | ||||||||||||||
60,000 | 5.500 | 10/01/24 | 61,800 | |||||||||||
United States Steel Corp. | ||||||||||||||
10,000 | 7.375 | 04/01/20 | 10,575 | |||||||||||
91,000 | 6.875 | 08/15/25 | 93,161 | |||||||||||
84,000 | 6.250 | 03/15/26 | 84,000 | |||||||||||
|
| |||||||||||||
881,414 | ||||||||||||||
|
| |||||||||||||
Natural Gas – 2.8% | ||||||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
100,000 | 7.000 | 06/30/24 | 111,000 | |||||||||||
130,000 | 5.875 | 03/31/25 | 138,775 | |||||||||||
70,000 | 5.125 | 06/30/27 | 71,400 | |||||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream | | ||||||||||||
60,000 | 6.250 | 04/01/23 | 62,100 | |||||||||||
80,000 | 5.750 | 04/01/25 | 82,000 | |||||||||||
NuStar Logistics LP | ||||||||||||||
69,000 | 5.625 | 04/28/27 | 69,000 | |||||||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||||||||
110,000 | 4.875 | (a) | 01/15/23 | 108,762 | ||||||||||
83,000 | 5.500 | (a) | 02/15/26 | 79,784 | ||||||||||
50,000 | 5.875 | (a) | 03/15/28 | 48,000 | ||||||||||
| Targa Resources Partners LP / Targa Resources Partners | | ||||||||||||
180,000 | 4.125 | 11/15/19 | 180,450 | |||||||||||
86,000 | 5.125 | 02/01/25 | 86,860 | |||||||||||
97,000 | 5.875 | (a) | 04/15/26 | 100,153 | ||||||||||
122,000 | 5.375 | 02/01/27 | 122,610 | |||||||||||
50,000 | 5.000 | (a) | 01/15/28 | 48,812 | ||||||||||
|
| |||||||||||||
1,309,706 | ||||||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 7.1% | ||||||||||||||
Antero Resources Corp. | ||||||||||||||
217,000 | 5.125 | 12/01/22 | 221,069 | |||||||||||
120,000 | 5.625 | 06/01/23 | 123,900 | |||||||||||
California Resources Corp. | ||||||||||||||
160,000 | 8.000 | (a) | 12/15/22 | 144,400 | ||||||||||
|
|
26 | 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) | ||||||||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||||||||
Cheniere Energy Partners LP | ||||||||||||||
$ | 60,000 | 5.250 | 10/01/25 | $ | 60,000 | |||||||||
Chesapeake Energy Corp. | ||||||||||||||
164,000 | 6.125 | 02/15/21 | 167,895 | |||||||||||
50,000 | 4.875 | 04/15/22 | 48,500 | |||||||||||
100,000 | 8.000 | (a) | 12/15/22 | 105,625 | ||||||||||
100,000 | 8.000 | 01/15/25 | 102,500 | |||||||||||
55,000 | 8.000 | 06/15/27 | 56,100 | |||||||||||
CNX Resources Corp. | ||||||||||||||
70,000 | 5.875 | 04/15/22 | 70,437 | |||||||||||
Denbury Resources, Inc. | ||||||||||||||
30,000 | 9.000 | (a) | 05/15/21 | 32,400 | ||||||||||
158,000 | 9.250 | (a) | 03/31/22 | 169,850 | ||||||||||
Diamondback Energy, Inc. | ||||||||||||||
79,000 | 5.375 | 05/31/25 | 81,271 | |||||||||||
Energy Transfer Equity LP | ||||||||||||||
256,000 | 7.500 | 10/15/20 | 276,160 | |||||||||||
135,000 | 5.875 | 01/15/24 | 143,437 | |||||||||||
EnLink Midstream Partners LP | ||||||||||||||
57,000 | 4.400 | 04/01/24 | 55,767 | |||||||||||
122,000 | 4.150 | 06/01/25 | 115,252 | |||||||||||
80,000 | 4.850 | 07/15/26 | 77,802 | |||||||||||
Newfield Exploration Co. | ||||||||||||||
118,000 | 5.375 | 01/01/26 | 123,310 | |||||||||||
Peabody Energy Corp. | ||||||||||||||
199,000 | 6.000 | (a) | 03/31/22 | 200,741 | ||||||||||
SM Energy Co. | ||||||||||||||
53,000 | 6.125 | 11/15/22 | 54,458 | |||||||||||
25,000 | 5.000 | 01/15/24 | 24,375 | |||||||||||
142,000 | 5.625 | 06/01/25 | 141,645 | |||||||||||
64,000 | 6.750 | 09/15/26 | 66,560 | |||||||||||
Southwestern Energy Co. | ||||||||||||||
200,000 | 4.100 | 03/15/22 | 195,500 | |||||||||||
Whiting Petroleum Corp. | ||||||||||||||
227,000 | 5.750 | 03/15/21 | 233,810 | |||||||||||
75,000 | 6.625 | 01/15/26 | 78,188 | |||||||||||
WPX Energy, Inc. | ||||||||||||||
36,000 | 6.000 | 01/15/22 | 37,215 | |||||||||||
92,000 | 8.250 | 08/01/23 | 104,420 | |||||||||||
|
| |||||||||||||
3,312,587 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 3.6% | ||||||||||||||
Bausch Health Cos, Inc. | ||||||||||||||
50,000 | 7.500 | (a) | 07/15/21 | 51,125 | ||||||||||
40,000 | 5.625 | (a) | 12/01/21 | 39,700 | ||||||||||
45,000 | 5.500 | (a) | 03/01/23 | 42,581 | ||||||||||
220,000 | 5.875 | (a) | 05/15/23 | 210,375 | ||||||||||
344,000 | 7.000 | (a) | 03/15/24 | 364,640 | ||||||||||
339,000 | 6.125 | (a) | 04/15/25 | 316,965 | ||||||||||
140,000 | 5.500 | (a) | 11/01/25 | 140,350 | ||||||||||
172,000 | 9.000 | (a) | 12/15/25 | 182,750 | ||||||||||
100,000 | 9.250 | (a) | 04/01/26 | 106,375 | ||||||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc. | ||||||||||||||
235,000 | 6.000 | (a) | 07/15/23 | 202,688 | ||||||||||
|
| |||||||||||||
1,657,549 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Real Estate Management & Development – 0.2% | ||||||||||||||
Howard Hughes Corp. (The) | ||||||||||||||
108,000 | 5.375 | (a) | 03/15/25 | 107,190 | ||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.2% | ||||||||||||||
CyrusOne LP / CyrusOne Finance Corp. | ||||||||||||||
20,000 | 5.375 | 03/15/27 | 20,350 | |||||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp. | ||||||||||||||
56,000 | 4.875 | (a) | 06/01/23 | 52,850 | ||||||||||
|
| |||||||||||||
73,200 | ||||||||||||||
|
| |||||||||||||
Rental Equipment – 2.6% | ||||||||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | ||||||||||||||
60,000 | 5.125 | (a) | 06/01/22 | 60,000 | ||||||||||
100,000 | 5.500 | 04/01/23 | 100,250 | |||||||||||
BlueLine Rental Finance Corp. / BlueLine Rental LLC | ||||||||||||||
143,000 | 9.250 | (a) | 03/15/24 | 150,865 | ||||||||||
Hertz Corp. (The) | ||||||||||||||
107,000 | 7.375 | 01/15/21 | 107,669 | |||||||||||
216,000 | 7.625 | (a) | 06/01/22 | 215,730 | ||||||||||
United Rentals North America, Inc. | ||||||||||||||
270,000 | 5.750 | 11/15/24 | 279,450 | |||||||||||
25,000 | 5.500 | 07/15/25 | 25,625 | |||||||||||
50,000 | 5.875 | 09/15/26 | 51,625 | |||||||||||
10,000 | 5.500 | 05/15/27 | 10,025 | |||||||||||
225,000 | 4.875 | 01/15/28 | 215,437 | |||||||||||
|
| |||||||||||||
1,216,676 | ||||||||||||||
|
| |||||||||||||
Services – 0.2% | ||||||||||||||
Centene Corp. | ||||||||||||||
100,000 | 5.375 | (a) | 06/01/26 | 103,500 | ||||||||||
|
| |||||||||||||
Software – 1.0% | ||||||||||||||
BMC Software Finance, Inc. | ||||||||||||||
169,000 | 8.125 | (a) | 07/15/21 | 172,803 | ||||||||||
CDK Global, Inc. | ||||||||||||||
120,000 | 4.875 | 06/01/27 | 117,900 | |||||||||||
Infor US, Inc. | ||||||||||||||
5,000 | 5.750 | (a) | 08/15/20 | 5,081 | ||||||||||
50,000 | 6.500 | 05/15/22 | 50,875 | |||||||||||
Solera LLC / Solera Finance, Inc. | ||||||||||||||
120,000 | 10.500 | (a) | 03/01/24 | 132,300 | ||||||||||
|
| |||||||||||||
478,959 | ||||||||||||||
|
| |||||||||||||
Specialty Retail – 0.3% | ||||||||||||||
Penske Automotive Group, Inc. | ||||||||||||||
20,000 | 5.500 | 05/15/26 | 19,700 | |||||||||||
Staples, Inc. | ||||||||||||||
124,000 | 8.500 | (a) | 09/15/25 | 117,490 | ||||||||||
|
| |||||||||||||
137,190 | ||||||||||||||
|
| |||||||||||||
Technology – 0.5% | ||||||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
110,000 | 5.875 | (a) | 06/15/21 | 113,300 | ||||||||||
55,000 | 7.125 | (a) | 06/15/24 | 58,850 | ||||||||||
Exela Intermediate LLC / Exela Finance, Inc. | ||||||||||||||
40,000 | 10.000 | (a) | 07/15/23 | 42,100 | ||||||||||
Harland Clarke Holdings Corp. | ||||||||||||||
30,000 | 8.375 | (a) | 08/15/22 | 28,200 | ||||||||||
|
| |||||||||||||
242,450 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology Hardware, Storage & Peripherals – 0.4% | ||||||||||||||
EMC Corp. | ||||||||||||||
$ | 110,000 | 2.650 | 06/01/20 | $ | 107,525 | |||||||||
100,000 | 3.375 | 06/01/23 | 94,500 | |||||||||||
|
| |||||||||||||
202,025 | ||||||||||||||
|
| |||||||||||||
Textiles, Apparel & Luxury Goods – 0.3% | ||||||||||||||
Hanesbrands, Inc. | ||||||||||||||
20,000 | 4.625 | (a) | 05/15/24 | 19,600 | ||||||||||
109,000 | 4.875 | (a) | 05/15/26 | 105,594 | ||||||||||
|
| |||||||||||||
125,194 | ||||||||||||||
|
| |||||||||||||
Thrifts & Mortgage Finance – 0.2% | ||||||||||||||
Nationstar Mortgage Holdings, Inc. | ||||||||||||||
100,000 | 9.125 | (a) | 07/15/26 | 104,375 | ||||||||||
|
| |||||||||||||
Wireless – 3.4% | ||||||||||||||
Sprint Capital Corp. | ||||||||||||||
225,000 | 6.875 | 11/15/28 | 223,875 | |||||||||||
165,000 | 8.750 | 03/15/32 | 182,532 | |||||||||||
Sprint Communications, Inc. | ||||||||||||||
60,000 | 7.000 | 08/15/20 | 63,000 | |||||||||||
60,000 | 11.500 | 11/15/21 | 70,800 | |||||||||||
20,000 | 6.000 | 11/15/22 | 20,325 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
100,000 | 4.000 | 04/15/22 | 99,500 | |||||||||||
283,000 | 6.000 | 03/01/23 | 291,490 | |||||||||||
50,000 | 6.375 | 03/01/25 | 52,375 | |||||||||||
125,000 | 5.125 | 04/15/25 | 126,406 | |||||||||||
285,000 | 6.500 | 01/15/26 | 301,744 | |||||||||||
25,000 | 4.500 | 02/01/26 | 23,812 | |||||||||||
15,000 | 5.375 | 04/15/27 | 15,094 | |||||||||||
100,000 | 4.750 | 02/01/28 | 94,625 | |||||||||||
|
| |||||||||||||
1,565,578 | ||||||||||||||
|
| |||||||||||||
Wireless Telecommunication Services – 1.5% | ||||||||||||||
Sprint Corp. | ||||||||||||||
70,000 | 7.250 | 09/15/21 | 73,500 | |||||||||||
220,000 | 7.875 | 09/15/23 | 236,775 | |||||||||||
215,000 | 7.125 | 06/15/24 | 223,331 | |||||||||||
45,000 | 7.625 | 02/15/25 | 47,869 | |||||||||||
100,000 | 7.625 | 03/01/26 | 105,500 | |||||||||||
|
| |||||||||||||
686,975 | ||||||||||||||
|
| |||||||||||||
Wirelines – 1.3% | ||||||||||||||
Level 3 Financing, Inc. | ||||||||||||||
165,000 | 5.375 | 05/01/25 | 164,587 | |||||||||||
Windstream Services LLC / Windstream Finance Corp. | ||||||||||||||
30,000 | 8.625 | (a) | 10/31/25 | 28,125 | ||||||||||
Zayo Group LLC / Zayo Capital, Inc. | ||||||||||||||
192,000 | 6.000 | 04/01/23 | 197,520 | |||||||||||
150,000 | 6.375 | 05/15/25 | 156,750 | |||||||||||
50,000 | 5.750 | (a) | 01/15/27 | 50,125 | ||||||||||
|
| |||||||||||||
597,107 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $41,623,218) | $ | 41,651,071 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 5.9% | ||||||||||||||
Aerospace & Defense – 1.4% | ||||||||||||||
Bombardier, Inc. (Canada) | ||||||||||||||
$ | 120,000 | 7.750 | %(a) | 03/15/20 | $ | 126,750 | ||||||||
163,000 | 8.750 | (a) | 12/01/21 | 180,523 | ||||||||||
30,000 | 6.000 | (a) | 10/15/22 | 30,112 | ||||||||||
145,000 | 6.125 | (a) | 01/15/23 | 146,994 | ||||||||||
125,000 | 7.500 | (a) | 12/01/24 | 131,719 | ||||||||||
30,000 | 7.500 | (a) | 03/15/25 | 31,012 | ||||||||||
|
| |||||||||||||
647,110 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.8% | ||||||||||||||
NOVA Chemicals Corp. (Canada) | ||||||||||||||
175,000 | 5.250 | (a) | 08/01/23 | 175,875 | ||||||||||
90,000 | 5.000 | (a) | 05/01/25 | 87,300 | ||||||||||
95,000 | 5.250 | (a) | 06/01/27 | 90,963 | ||||||||||
|
| |||||||||||||
354,138 | ||||||||||||||
|
| |||||||||||||
Communications – 0.7% | ||||||||||||||
Quebecor Media, Inc. (Canada) | ||||||||||||||
185,000 | 5.750 | 01/15/23 | 192,862 | |||||||||||
Videotron Ltd. (Canada) | ||||||||||||||
39,000 | 5.000 | 07/15/22 | 40,073 | |||||||||||
98,000 | 5.375 | (a) | 06/15/24 | 101,430 | ||||||||||
|
| |||||||||||||
334,365 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.9% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc. (Canada) | ||||||||||||||
178,000 | 4.250 | (a) | 05/15/24 | 170,880 | ||||||||||
246,000 | 5.000 | (a) | 10/15/25 | 239,235 | ||||||||||
|
| |||||||||||||
410,115 | ||||||||||||||
|
| |||||||||||||
Energy – 0.2% | ||||||||||||||
Jupiter Resources, Inc. (Canada) | ||||||||||||||
150,000 | 8.500 | (a) | 10/01/22 | 75,375 | ||||||||||
|
| |||||||||||||
Household Durables – 0.1% | ||||||||||||||
Brookfield Residential Properties, Inc. (Canada) | ||||||||||||||
60,000 | 6.500 | (a) | 12/15/20 | 60,825 | ||||||||||
|
| |||||||||||||
Metals & Mining – 1.2% | ||||||||||||||
First Quantum Minerals Ltd. (Zambia) | ||||||||||||||
306,000 | 7.000 | (a) | 02/15/21 | 304,087 | ||||||||||
200,000 | 7.500 | (a) | 04/01/25 | 193,500 | ||||||||||
Hudbay Minerals, Inc. (Canada) | ||||||||||||||
56,000 | 7.625 | (a) | 01/15/25 | 57,400 | ||||||||||
|
| |||||||||||||
554,987 | ||||||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 0.6% | ||||||||||||||
MEG Energy Corp. (Canada) | ||||||||||||||
100,000 | 6.375 | (a) | 01/30/23 | 91,125 | ||||||||||
60,000 | 7.000 | (a) | 03/31/24 | 54,675 | ||||||||||
Seven Generations Energy Ltd. (Canada) | ||||||||||||||
50,000 | 6.750 | (a) | 05/01/23 | 52,000 | ||||||||||
97,000 | 5.375 | (a) | 09/30/25 | 93,969 | ||||||||||
|
| |||||||||||||
291,769 | ||||||||||||||
|
|
28 | 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 | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Personal Products – 0.0% | ||||||||||||||
Avon Products, Inc. (United Kingdom) | ||||||||||||||
$ | 20,000 | 7.000 | 03/15/23 | $ | 17,250 | |||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $2,742,586) | $ | 2,745,934 | ||||||||||||
|
|
Principal Amount | Interest Rate | Value | ||||||
Investment Company – 1.9%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
$885,984 | 1.879 | % | $ | 885,984 | ||||
(Cost $885,984) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 97.6% |
| |||||||
(Cost $45,251,788) |
| $ | 45,282,989 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4% |
| 1,129,882 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 46,412,871 | |||||
|
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 $20,569,119, which represents approximately 44.3% of net assets as of August 31, 2018. | |
(b) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
LP | —Limited Partnership | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 75.3% | ||||||||||||||
Aerospace & Defense – 2.0% | ||||||||||||||
Lockheed Martin Corp. | ||||||||||||||
$ | 150,000 | 2.900 | % | 03/01/25 | $ | 143,904 | ||||||||
110,000 | 4.070 | 12/15/42 | 106,433 | |||||||||||
60,000 | 3.800 | 03/01/45 | 55,950 | |||||||||||
180,000 | 4.700 | 05/15/46 | 192,617 | |||||||||||
200,000 | 4.090 | 09/15/52 | 191,292 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
95,000 | 2.550 | 10/15/22 | 91,884 | |||||||||||
400,000 | 2.930 | 01/15/25 | 381,839 | |||||||||||
290,000 | 3.200 | 02/01/27 | 275,002 | |||||||||||
400,000 | 3.250 | 01/15/28 | 379,516 | |||||||||||
240,000 | 4.030 | 10/15/47 | 225,733 | |||||||||||
Raytheon Co. | ||||||||||||||
990,000 | 2.500 | 12/15/22 | 964,741 | |||||||||||
United Technologies Corp. | ||||||||||||||
472,000 | 1.950 | 11/01/21 | 454,154 | |||||||||||
430,000 | 3.125 | 05/04/27 | 405,137 | |||||||||||
435,000 | 5.700 | 04/15/40 | 499,686 | |||||||||||
90,000 | 4.500 | 06/01/42 | 89,918 | |||||||||||
140,000 | 3.750 | 11/01/46 | 124,435 | |||||||||||
480,000 | 4.625 | 11/16/48 | 488,608 | |||||||||||
|
| |||||||||||||
5,070,849 | ||||||||||||||
|
| |||||||||||||
Air Freight & Logistics – 0.3% | ||||||||||||||
FedEx Corp. | ||||||||||||||
240,000 | 4.750 | 11/15/45 | 241,315 | |||||||||||
220,000 | 4.550 | 04/01/46 | 216,808 | |||||||||||
220,000 | 4.400 | 01/15/47 | 210,683 | |||||||||||
|
| |||||||||||||
668,806 | ||||||||||||||
|
| |||||||||||||
Automobiles – 0.5% | ||||||||||||||
Ford Motor Co. | ||||||||||||||
170,000 | 7.450 | 07/16/31 | 190,350 | |||||||||||
100,000 | 5.291 | 12/08/46 | 89,640 | |||||||||||
General Motors Co. | ||||||||||||||
120,000 | 5.000 | 04/01/35 | 113,830 | |||||||||||
300,000 | 6.600 | 04/01/36 | 325,065 | |||||||||||
390,000 | 6.250 | 10/02/43 | 406,124 | |||||||||||
160,000 | 6.750 | 04/01/46 | 177,783 | |||||||||||
|
| |||||||||||||
1,302,792 | ||||||||||||||
|
| |||||||||||||
Banks – 12.3% | ||||||||||||||
Bank of America Corp. | ||||||||||||||
270,000 | 7.750 | 05/14/38 | 369,395 | |||||||||||
Bank of America Corp., GMTN | ||||||||||||||
505,000 | 3.300 | 01/11/23 | 500,854 | |||||||||||
50,000 | 3.500 | 04/19/26 | 48,761 | |||||||||||
Bank of America Corp., Series L | ||||||||||||||
540,000 | 2.250 | 04/21/20 | 533,369 | |||||||||||
50,000 | 3.950 | 04/21/25 | 49,202 | |||||||||||
300,000 | 4.183 | 11/25/27 | 294,689 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
360,000 | 5.625 | 07/01/20 | 376,602 | |||||||||||
190,000 | 2.625 | 10/19/20 | 188,127 | |||||||||||
200,000 | 2.151 | 11/09/20 | 195,914 | |||||||||||
324,000 | 5.000 | 05/13/21 | 338,947 | |||||||||||
50,000 | 2.503 | 10/21/22 | 48,202 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Bank of America Corp., MTN – (continued) | ||||||||||||||
150,000 | 4.000 | 04/01/24 | 152,362 | |||||||||||
680,000 | 3.875 | 08/01/25 | 681,901 | |||||||||||
260,000 | 3.248 | 10/21/27 | 244,249 | |||||||||||
780,000 | 5.000 | 01/21/44 | 847,222 | |||||||||||
BB&T Corp., MTN | ||||||||||||||
1,000,000 | 2.450 | 01/15/20 | 993,851 | |||||||||||
150,000 | 2.050 | 05/10/21 | 145,528 | |||||||||||
250,000 | 2.750 | 04/01/22 | 245,693 | |||||||||||
1,000,000 | 2.850 | 10/26/24 | 963,023 | |||||||||||
Capital One Bank USA NA | ||||||||||||||
400,000 | 3.375 | 02/15/23 | 391,990 | |||||||||||
Citigroup, Inc. | ||||||||||||||
30,000 | 2.650 | 10/26/20 | 29,650 | |||||||||||
110,000 | 2.700 | 03/30/21 | 108,414 | |||||||||||
380,000 | 2.350 | 08/02/21 | 369,865 | |||||||||||
280,000 | 4.500 | 01/14/22 | 289,422 | |||||||||||
200,000 | 2.700 | 10/27/22 | 193,389 | |||||||||||
130,000 | 3.875 | 10/25/23 | 131,481 | |||||||||||
90,000 | 4.000 | 08/05/24 | 90,001 | |||||||||||
845,000 | 3.875 | 03/26/25 | 827,814 | |||||||||||
190,000 | 3.300 | 04/27/25 | 183,615 | |||||||||||
130,000 | 5.500 | 09/13/25 | 138,937 | |||||||||||
225,000 | 3.700 | 01/12/26 | 219,494 | |||||||||||
40,000 | 4.600 | 03/09/26 | 40,499 | |||||||||||
60,000 | 3.400 | 05/01/26 | 57,345 | |||||||||||
360,000 | 3.200 | 10/21/26 | 338,783 | |||||||||||
40,000 | 4.300 | 11/20/26 | 39,689 | |||||||||||
917,000 | 4.450 | 09/29/27 | 913,389 | |||||||||||
240,000 | 4.125 | 07/25/28 | 232,907 | |||||||||||
240,000 | 6.625 | 06/15/32 | 287,451 | |||||||||||
420,000 | 8.125 | 07/15/39 | 609,847 | |||||||||||
130,000 | 6.675 | 09/13/43 | 163,163 | |||||||||||
310,000 | 4.650 | 07/30/45 | 317,909 | |||||||||||
170,000 | 4.750 | 05/18/46 | 169,450 | |||||||||||
Citizens Bank NA/Providence RI, MTN | ||||||||||||||
470,000 | 2.450 | 12/04/19 | 465,838 | |||||||||||
580,000 | 2.550 | 05/13/21 | 566,557 | |||||||||||
Discover Bank | ||||||||||||||
250,000 | 3.100 | 06/04/20 | 249,601 | |||||||||||
290,000 | 4.200 | 08/08/23 | 293,736 | |||||||||||
740,000 | 3.450 | 07/27/26 | 696,916 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
750,000 | 4.300 | 01/16/24 | 766,374 | |||||||||||
230,000 | 8.250 | 03/01/38 | 319,331 | |||||||||||
Fifth Third Bank/Cincinnati OH | ||||||||||||||
200,000 | 2.200 | 10/30/20 | 195,918 | |||||||||||
HSBC Bank USA NA | ||||||||||||||
300,000 | 5.625 | 08/15/35 | 338,347 | |||||||||||
HSBC USA, Inc. | ||||||||||||||
125,000 | 2.350 | 03/05/20 | 123,640 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
720,000 | 3.150 | 03/14/21 | 717,242 | |||||||||||
250,000 | 2.300 | 01/14/22 | 240,457 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
200,000 | 2.250 | 01/23/20 | 198,065 | |||||||||||
430,000 | 4.250 | 10/15/20 | 439,949 | |||||||||||
|
|
30 | 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) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. – (continued) | ||||||||||||||
$ | 270,000 | 2.550 | % | 10/29/20 | $ | 266,886 | ||||||||
1,400,000 | 2.550 | 03/01/21 | 1,378,497 | |||||||||||
80,000 | 2.400 | 06/07/21 | 78,366 | |||||||||||
577,000 | 4.500 | 01/24/22 | 598,255 | |||||||||||
320,000 | 3.250 | 09/23/22 | 318,741 | |||||||||||
1,217,000 | 2.972 | 01/15/23 | 1,191,940 | |||||||||||
250,000 | 3.200 | 01/25/23 | 247,525 | |||||||||||
60,000 | 3.375 | 05/01/23 | 59,097 | |||||||||||
250,000 | 2.700 | 05/18/23 | 241,871 | |||||||||||
150,000 | 3.875 | 02/01/24 | 152,195 | |||||||||||
60,000 | 3.875 | 09/10/24 | 59,795 | |||||||||||
30,000 | 3.125 | 01/23/25 | 28,930 | |||||||||||
460,000 | 3.200 | 06/15/26 | 440,706 | |||||||||||
540,000 | 3.625 | 12/01/27 | 515,882 | |||||||||||
175,000 | 5.500 | 10/15/40 | 200,660 | |||||||||||
110,000 | 5.600 | 07/15/41 | 127,667 | |||||||||||
180,000 | 5.400 | 01/06/42 | 204,069 | |||||||||||
150,000 | 4.850 | 02/01/44 | 159,053 | |||||||||||
370,000 | 4.950 | 06/01/45 | 390,917 | |||||||||||
JPMorgan Chase & Co., MTN | ||||||||||||||
1,000,000 | 2.295 | 08/15/21 | 975,326 | |||||||||||
KeyBank NA | ||||||||||||||
600,000 | 2.500 | 12/15/19 | 596,903 | |||||||||||
PNC Bank NA | ||||||||||||||
250,000 | 2.700 | 11/01/22 | 242,139 | |||||||||||
250,000 | 2.950 | 01/30/23 | 243,937 | |||||||||||
PNC Bank NA, MTN | ||||||||||||||
260,000 | 2.600 | 07/21/20 | 257,348 | |||||||||||
550,000 | 3.250 | 06/01/25 | 538,614 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
190,000 | 5.125 | 02/08/20 | 195,687 | |||||||||||
740,000 | 4.375 | 08/11/20 | 758,781 | |||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
490,000 | 3.700 | 03/28/22 | 486,574 | |||||||||||
US Bancorp, MTN | ||||||||||||||
500,000 | 3.000 | 03/15/22 | 494,886 | |||||||||||
550,000 | 3.700 | 01/30/24 | 558,086 | |||||||||||
550,000 | 3.600 | 09/11/24 | 550,017 | |||||||||||
30,000 | 3.100 | 04/27/26 | 28,582 | |||||||||||
250,000 | 3.900 | 04/26/28 | 254,431 | |||||||||||
|
| |||||||||||||
31,816,729 | ||||||||||||||
|
| |||||||||||||
Beverages – 2.1% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
1,000,000 | 1.875 | 10/27/20 | 979,374 | |||||||||||
500,000 | 2.875 | 10/27/25 | 484,448 | |||||||||||
80,000 | 2.250 | 09/01/26 | 73,119 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
920,000 | 4.417 | (a) | 05/25/25 | 933,794 | ||||||||||
Molson Coors Brewing Co. | ||||||||||||||
210,000 | 3.000 | 07/15/26 | 192,632 | |||||||||||
340,000 | 5.000 | 05/01/42 | 344,429 | |||||||||||
150,000 | 4.200 | 07/15/46 | 134,422 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
30,000 | 1.350 | 10/04/19 | 29,572 | |||||||||||
104,000 | 3.000 | 08/25/21 | 104,237 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Beverages – (continued) | ||||||||||||||
PepsiCo, Inc. – (continued) | ||||||||||||||
450,000 | 2.750 | 03/05/22 | 447,006 | |||||||||||
350,000 | 2.750 | 04/30/25 | 338,006 | |||||||||||
500,000 | 2.850 | 02/24/26 | 477,904 | |||||||||||
30,000 | 5.500 | 01/15/40 | 36,005 | |||||||||||
100,000 | 4.875 | 11/01/40 | 110,497 | |||||||||||
340,000 | 4.450 | 04/14/46 | 360,953 | |||||||||||
340,000 | 3.450 | 10/06/46 | 309,370 | |||||||||||
30,000 | 4.000 | 05/02/47 | 29,918 | |||||||||||
|
| |||||||||||||
5,385,686 | ||||||||||||||
|
| |||||||||||||
Biotechnology – 3.4% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
70,000 | 2.900 | 11/06/22 | 68,404 | |||||||||||
180,000 | 3.600 | 05/14/25 | 175,822 | |||||||||||
190,000 | 3.200 | 05/14/26 | 179,313 | |||||||||||
894,000 | 4.500 | 05/14/35 | 876,880 | |||||||||||
50,000 | 4.300 | 05/14/36 | 48,278 | |||||||||||
210,000 | 4.400 | 11/06/42 | 198,167 | |||||||||||
175,000 | 4.700 | 05/14/45 | 171,703 | |||||||||||
190,000 | 4.450 | 05/14/46 | 181,094 | |||||||||||
Amgen, Inc. | ||||||||||||||
500,000 | 2.125 | 05/01/20 | 492,754 | |||||||||||
680,000 | 3.450 | 10/01/20 | 684,758 | |||||||||||
400,000 | 3.875 | 11/15/21 | 407,158 | |||||||||||
145,000 | 2.650 | 05/11/22 | 141,499 | |||||||||||
100,000 | 3.625 | 05/22/24 | 100,734 | |||||||||||
430,000 | 2.600 | 08/19/26 | 393,794 | |||||||||||
402,000 | 4.400 | 05/01/45 | 388,285 | |||||||||||
205,000 | 4.663 | 06/15/51 | 205,575 | |||||||||||
Baxalta, Inc. | ||||||||||||||
40,000 | 5.250 | 06/23/45 | 43,810 | |||||||||||
Biogen, Inc. | ||||||||||||||
307,000 | 3.625 | 09/15/22 | 309,561 | |||||||||||
180,000 | 5.200 | 09/15/45 | 194,099 | |||||||||||
Celgene Corp. | ||||||||||||||
130,000 | 3.250 | 08/15/22 | 128,804 | |||||||||||
580,000 | 3.875 | 08/15/25 | 572,582 | |||||||||||
600,000 | 3.450 | 11/15/27 | 563,839 | |||||||||||
80,000 | 5.000 | 08/15/45 | 79,929 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
50,000 | 2.550 | 09/01/20 | 49,580 | |||||||||||
1,000,000 | 2.500 | 09/01/23 | 958,509 | |||||||||||
1,000,000 | 3.500 | 02/01/25 | 989,332 | |||||||||||
150,000 | 4.750 | 03/01/46 | 156,952 | |||||||||||
90,000 | 4.150 | 03/01/47 | 86,424 | |||||||||||
|
| |||||||||||||
8,847,639 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.3% | ||||||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
520,000 | 1.700 | 08/09/21 | 501,620 | |||||||||||
Eaton Corp. | ||||||||||||||
130,000 | 4.150 | 11/02/42 | 125,872 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
250,000 | 2.800 | 03/06/23 | 244,897 | |||||||||||
|
| |||||||||||||
872,389 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Markets – 3.7% | ||||||||||||||
Bank of New York Mellon Corp. (The), Series G | ||||||||||||||
$ | 340,000 | 3.000 | % | 02/24/25 | $ | 329,790 | ||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
320,000 | 2.600 | 08/17/20 | 317,874 | |||||||||||
893,000 | 2.600 | 02/07/22 | 874,490 | |||||||||||
570,000 | 2.200 | 08/16/23 | 538,980 | |||||||||||
20,000 | 2.800 | 05/04/26 | 18,990 | |||||||||||
40,000 | 3.250 | 05/16/27 | 38,879 | |||||||||||
60,000 | 3.300 | 08/23/29 | 56,873 | |||||||||||
BlackRock, Inc. | ||||||||||||||
200,000 | 3.500 | 03/18/24 | 201,589 | |||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
50,000 | 4.000 | 10/15/23 | 51,397 | |||||||||||
500,000 | 3.750 | 12/01/25 | 504,654 | |||||||||||
Morgan Stanley | ||||||||||||||
40,000 | 2.800 | 06/16/20 | 39,760 | |||||||||||
260,000 | 5.750 | 01/25/21 | 274,728 | |||||||||||
30,000 | 3.625 | 01/20/27 | 29,001 | |||||||||||
286,000 | 3.950 | 04/23/27 | 276,067 | |||||||||||
156,000 | 6.375 | 07/24/42 | 195,853 | |||||||||||
20,000 | 4.300 | 01/27/45 | 19,473 | |||||||||||
130,000 | 4.375 | 01/22/47 | 128,417 | |||||||||||
Morgan Stanley, Series F | ||||||||||||||
955,000 | 3.875 | 04/29/24 | 960,779 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
60,000 | 2.500 | 04/21/21 | 58,462 | |||||||||||
945,000 | 5.500 | 07/28/21 | 996,097 | |||||||||||
40,000 | 3.125 | 01/23/23 | 39,323 | |||||||||||
25,000 | 3.700 | 10/23/24 | 24,858 | |||||||||||
60,000 | 4.000 | 07/23/25 | 60,328 | |||||||||||
670,000 | 3.875 | 01/27/26 | 663,899 | |||||||||||
1,150,000 | 4.350 | 09/08/26 | 1,146,297 | |||||||||||
Morgan Stanley, MTN | ||||||||||||||
200,000 | 5.625 | 09/23/19 | 205,723 | |||||||||||
500,000 | 2.625 | 11/17/21 | 488,344 | |||||||||||
720,000 | 3.125 | 07/27/26 | 676,383 | |||||||||||
State Street Corp. | ||||||||||||||
250,000 | 3.100 | 05/15/23 | 246,770 | |||||||||||
60,000 | 3.300 | 12/16/24 | 59,496 | |||||||||||
80,000 | 2.650 | 05/19/26 | 75,243 | |||||||||||
|
| |||||||||||||
9,598,817 | ||||||||||||||
|
| |||||||||||||
Chemicals – 0.6% | ||||||||||||||
Eastman Chemical Co. | ||||||||||||||
520,000 | 3.600 | 08/15/22 | 521,104 | |||||||||||
220,000 | 4.650 | 10/15/44 | 216,205 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
710,000 | 2.250 | 05/15/20 | 700,582 | |||||||||||
|
| |||||||||||||
1,437,891 | ||||||||||||||
|
| |||||||||||||
Commercial Services & Supplies – 0.2% | ||||||||||||||
Republic Services, Inc. | ||||||||||||||
400,000 | 3.950 | 05/15/28 | 402,932 | |||||||||||
|
| |||||||||||||
Communications – 1.8% | ||||||||||||||
21st Century Fox America, Inc. | ||||||||||||||
100,000 | 4.500 | 02/15/21 | 103,058 | |||||||||||
40,000 | 6.200 | 12/15/34 | 48,809 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
21st Century Fox America, Inc. – (continued) | ||||||||||||||
250,000 | 6.400 | 12/15/35 | 311,654 | |||||||||||
40,000 | 6.150 | 03/01/37 | 48,945 | |||||||||||
40,000 | 6.650 | 11/15/37 | 51,926 | |||||||||||
150,000 | 6.150 | 02/15/41 | 186,362 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
250,000 | 3.579 | 07/23/20 | 250,948 | |||||||||||
360,000 | 4.464 | 07/23/22 | 367,479 | |||||||||||
90,000 | 3.750 | 02/15/28 | 83,118 | |||||||||||
370,000 | 4.200 | 03/15/28 | 353,863 | |||||||||||
180,000 | 6.384 | 10/23/35 | 192,100 | |||||||||||
620,000 | 6.484 | 10/23/45 | 665,336 | |||||||||||
160,000 | 5.375 | 05/01/47 | 150,320 | |||||||||||
NBCUniversal Media LLC | ||||||||||||||
500,000 | 5.150 | 04/30/20 | 516,959 | |||||||||||
500,000 | 4.375 | 04/01/21 | 515,395 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
50,000 | 6.550 | 05/01/37 | 54,333 | |||||||||||
170,000 | 7.300 | 07/01/38 | 197,938 | |||||||||||
160,000 | 5.875 | 11/15/40 | 160,989 | |||||||||||
250,000 | 5.500 | 09/01/41 | 241,535 | |||||||||||
170,000 | 4.500 | 09/15/42 | 143,867 | |||||||||||
|
| |||||||||||||
4,644,934 | ||||||||||||||
|
| |||||||||||||
Communications Equipment – 0.5% | ||||||||||||||
Cisco Systems, Inc. | ||||||||||||||
130,000 | 4.450 | 01/15/20 | 132,941 | |||||||||||
360,000 | 3.625 | 03/04/24 | 367,995 | |||||||||||
410,000 | 5.900 | 02/15/39 | 518,016 | |||||||||||
270,000 | 5.500 | 01/15/40 | 325,562 | |||||||||||
|
| |||||||||||||
1,344,514 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 2.1% | ||||||||||||||
Ford Motor Credit Co. LLC | ||||||||||||||
300,000 | 8.125 | 01/15/20 | 318,378 | |||||||||||
300,000 | 3.336 | 03/18/21 | 295,422 | |||||||||||
555,000 | 5.875 | 08/02/21 | 580,268 | |||||||||||
250,000 | 4.375 | 08/06/23 | 248,579 | |||||||||||
250,000 | 3.810 | 01/09/24 | 240,559 | |||||||||||
300,000 | 3.664 | 09/08/24 | 283,978 | |||||||||||
576,000 | 4.134 | 08/04/25 | 550,429 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
180,000 | 3.150 | 01/15/20 | 180,096 | |||||||||||
715,000 | 3.200 | 07/13/20 | 712,713 | |||||||||||
720,000 | 3.200 | 07/06/21 | 711,148 | |||||||||||
390,000 | 3.450 | 04/10/22 | 383,839 | |||||||||||
300,000 | 3.950 | 04/13/24 | 293,283 | |||||||||||
150,000 | 4.350 | 01/17/27 | 146,111 | |||||||||||
Toyota Motor Credit Corp. | ||||||||||||||
450,000 | 1.950 | 04/17/20 | 443,691 | |||||||||||
|
| |||||||||||||
5,388,494 | ||||||||||||||
|
| |||||||||||||
Consumer Finance – 1.5% | ||||||||||||||
American Express Co. | ||||||||||||||
150,000 | 3.000 | 10/30/24 | 144,410 | |||||||||||
115,000 | 4.050 | 12/03/42 | 114,052 | |||||||||||
|
|
32 | 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) | ||||||||||||||
Consumer Finance – (continued) | ||||||||||||||
American Express Credit Corp., MTN | ||||||||||||||
$ | 680,000 | 1.700 | % | 10/30/19 | $ | 670,669 | ||||||||
450,000 | 2.375 | 05/26/20 | 444,752 | |||||||||||
210,000 | 3.300 | 05/03/27 | 205,265 | |||||||||||
Capital One Financial Corp. | ||||||||||||||
332,000 | 4.200 | 10/29/25 | 328,892 | |||||||||||
680,000 | 3.750 | 07/28/26 | 641,933 | |||||||||||
550,000 | 3.800 | 01/31/28 | 524,809 | |||||||||||
Synchrony Financial | ||||||||||||||
100,000 | 3.750 | 08/15/21 | 99,628 | |||||||||||
50,000 | 4.250 | 08/15/24 | 48,593 | |||||||||||
490,000 | 4.500 | 07/23/25 | 479,116 | |||||||||||
140,000 | 3.950 | 12/01/27 | 127,492 | |||||||||||
|
| |||||||||||||
3,829,611 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.7% | ||||||||||||||
Allergan Funding SCS | ||||||||||||||
360,000 | 3.800 | 03/15/25 | 356,796 | |||||||||||
450,000 | 4.550 | 03/15/35 | 443,267 | |||||||||||
HCA, Inc. | ||||||||||||||
130,000 | 5.250 | 04/15/25 | 134,063 | |||||||||||
Shire Acquisitions Investments Ireland DAC | ||||||||||||||
265,000 | 2.875 | 09/23/23 | 252,554 | |||||||||||
310,000 | 3.200 | 09/23/26 | 288,038 | |||||||||||
Walgreen Co. | ||||||||||||||
50,000 | 3.100 | 09/15/22 | 49,233 | |||||||||||
Wyeth LLC | ||||||||||||||
200,000 | 5.950 | 04/01/37 | 242,173 | |||||||||||
|
| |||||||||||||
1,766,124 | ||||||||||||||
|
| |||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||
International Paper Co. | ||||||||||||||
220,000 | 3.000 | 02/15/27 | 203,793 | |||||||||||
100,000 | 4.800 | 06/15/44 | 99,107 | |||||||||||
190,000 | 4.400 | 08/15/47 | 176,390 | |||||||||||
|
| |||||||||||||
479,290 | ||||||||||||||
|
| |||||||||||||
Distributors – 0.2% | ||||||||||||||
American Honda Finance Corp., GMTN | ||||||||||||||
297,000 | 1.700 | 09/09/21 | 284,810 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
340,000 | 4.200 | 03/01/21 | 344,831 | |||||||||||
|
| |||||||||||||
629,641 | ||||||||||||||
|
| |||||||||||||
Diversified Financial Services – 0.1% | ||||||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
90,000 | 3.125 | 03/15/26 | 87,619 | |||||||||||
90,000 | 4.500 | 02/11/43 | 95,687 | |||||||||||
|
| |||||||||||||
183,306 | ||||||||||||||
|
| |||||||||||||
Diversified Telecommunication – 5.2% | ||||||||||||||
AT&T, Inc. | ||||||||||||||
370,000 | 5.000 | 03/01/21 | 384,648 | |||||||||||
250,000 | 3.200 | 03/01/22 | 247,383 | |||||||||||
50,000 | 3.000 | 06/30/22 | 48,917 | |||||||||||
330,000 | 2.625 | 12/01/22 | 317,050 | |||||||||||
50,000 | 3.600 | 02/17/23 | 49,813 | |||||||||||
125,000 | 3.800 | 03/01/24 | 124,378 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Diversified Telecommunication – (continued) | ||||||||||||||
AT&T, Inc. – (continued) | ||||||||||||||
60,000 | 3.900 | 03/11/24 | 59,936 | |||||||||||
550,000 | 3.950 | 01/15/25 | 542,731 | |||||||||||
440,000 | 3.400 | 05/15/25 | 418,189 | |||||||||||
280,000 | 4.125 | 02/17/26 | 276,757 | |||||||||||
100,000 | 4.250 | 03/01/27 | 98,960 | |||||||||||
60,000 | 4.100 | (a) | 02/15/28 | 58,177 | ||||||||||
700,000 | 4.300 | (a) | 02/15/30 | 671,339 | ||||||||||
85,000 | 4.500 | 05/15/35 | 79,346 | |||||||||||
195,000 | 5.250 | 03/01/37 | 193,952 | |||||||||||
110,000 | 6.000 | 08/15/40 | 115,717 | |||||||||||
90,000 | 5.350 | 09/01/40 | 88,674 | |||||||||||
100,000 | 6.375 | 03/01/41 | 109,491 | |||||||||||
320,000 | 5.550 | 08/15/41 | 318,924 | |||||||||||
154,000 | 5.150 | 03/15/42 | 148,786 | |||||||||||
350,000 | 4.300 | 12/15/42 | 301,804 | |||||||||||
170,000 | 4.800 | 06/15/44 | 155,311 | |||||||||||
150,000 | 4.350 | 06/15/45 | 128,470 | |||||||||||
470,000 | 4.750 | 05/15/46 | 426,584 | |||||||||||
290,000 | 5.150 | (a) | 11/15/46 | 276,481 | ||||||||||
90,000 | 5.450 | 03/01/47 | 89,666 | |||||||||||
240,000 | 4.500 | 03/09/48 | 208,114 | |||||||||||
688,000 | 4.550 | 03/09/49 | 599,543 | |||||||||||
100,000 | 5.150 | (a) | 02/15/50 | 94,500 | ||||||||||
70,000 | 5.700 | 03/01/57 | 70,592 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
470,000 | 2.946 | 03/15/22 | 463,855 | |||||||||||
660,000 | 3.125 | 03/16/22 | 655,492 | |||||||||||
230,000 | 5.150 | 09/15/23 | 247,010 | |||||||||||
50,000 | 4.150 | 03/15/24 | 51,187 | |||||||||||
200,000 | 3.500 | 11/01/24 | 197,793 | |||||||||||
634,000 | 3.376 | 02/15/25 | 619,537 | |||||||||||
330,000 | 4.125 | 03/16/27 | 332,523 | |||||||||||
560,000 | 4.500 | 08/10/33 | 554,098 | |||||||||||
200,000 | 4.400 | 11/01/34 | 192,901 | |||||||||||
220,000 | 4.272 | 01/15/36 | 208,001 | |||||||||||
210,000 | 5.250 | 03/16/37 | 221,884 | |||||||||||
150,000 | 4.750 | 11/01/41 | 146,573 | |||||||||||
160,000 | 3.850 | 11/01/42 | 139,309 | |||||||||||
440,000 | 6.550 | 09/15/43 | 531,330 | |||||||||||
722,000 | 4.125 | 08/15/46 | 641,748 | |||||||||||
283,000 | 4.862 | 08/21/46 | 279,843 | |||||||||||
110,000 | 5.500 | 03/16/47 | 119,265 | |||||||||||
350,000 | 4.522 | 09/15/48 | 332,159 | |||||||||||
241,000 | 5.012 | 04/15/49 | 243,487 | |||||||||||
372,000 | 5.012 | 08/21/54 | 365,068 | |||||||||||
360,000 | 4.672 | 03/15/55 | 330,920 | |||||||||||
|
| |||||||||||||
13,578,216 | ||||||||||||||
|
| |||||||||||||
Electric – 0.6% | ||||||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
667,000 | 6.125 | 04/01/36 | 808,264 | |||||||||||
350,000 | 5.150 | 11/15/43 | 389,065 | |||||||||||
40,000 | 4.500 | 02/01/45 | 40,285 | |||||||||||
Commonwealth Edison Co. | ||||||||||||||
100,000 | 4.000 | 03/01/48 | 98,743 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Exelon Generation Co. LLC | ||||||||||||||
$ | 104,000 | 5.600 | % | 06/15/42 | $ | 106,325 | ||||||||
|
| |||||||||||||
1,442,682 | ||||||||||||||
|
| |||||||||||||
Electric Utilities – 0.6% | ||||||||||||||
Exelon Corp. | ||||||||||||||
250,000 | 3.950 | 06/15/25 | 250,312 | |||||||||||
FirstEnergy Corp., Series B | ||||||||||||||
155,000 | 3.900 | 07/15/27 | 151,604 | |||||||||||
FirstEnergy Corp., Series C | ||||||||||||||
480,000 | 4.850 | 07/15/47 | 495,085 | |||||||||||
Southern California Edison Co., Series C | ||||||||||||||
350,000 | 4.125 | 03/01/48 | 340,462 | |||||||||||
Southern Co. (The) | ||||||||||||||
80,000 | 2.350 | 07/01/21 | 77,611 | |||||||||||
260,000 | 3.250 | 07/01/26 | 244,195 | |||||||||||
130,000 | 4.400 | 07/01/46 | 125,665 | |||||||||||
|
| |||||||||||||
1,684,934 | ||||||||||||||
|
| |||||||||||||
Energy – 1.2% | ||||||||||||||
ConocoPhillips Co. | ||||||||||||||
150,000 | 4.950 | 03/15/26 | 162,547 | |||||||||||
100,000 | 4.300 | 11/15/44 | 104,250 | |||||||||||
ConocoPhillips Holding Co. | ||||||||||||||
130,000 | 6.950 | 04/15/29 | 163,499 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
200,000 | 3.350 | 03/15/23 | 199,782 | |||||||||||
340,000 | 4.450 | 02/15/43 | 330,919 | |||||||||||
200,000 | 4.850 | 03/15/44 | 204,363 | |||||||||||
190,000 | 5.100 | 02/15/45 | 201,825 | |||||||||||
50,000 | 4.900 | 05/15/46 | 52,113 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
100,000 | 5.625 | 04/15/23 | 106,937 | |||||||||||
405,000 | 5.625 | 03/01/25 | 433,223 | |||||||||||
318,000 | 5.875 | 06/30/26 | 344,935 | |||||||||||
220,000 | 5.000 | 03/15/27 | 227,013 | |||||||||||
Sunoco Logistics Partners Operations LP | ||||||||||||||
500,000 | 4.000 | 10/01/27 | 478,168 | |||||||||||
50,000 | 5.350 | 05/15/45 | 48,420 | |||||||||||
|
| |||||||||||||
3,057,994 | ||||||||||||||
|
| |||||||||||||
Energy Equipment & Services – 0.5% | ||||||||||||||
Halliburton Co. | ||||||||||||||
125,000 | 3.500 | 08/01/23 | 125,922 | |||||||||||
350,000 | 3.800 | 11/15/25 | 351,230 | |||||||||||
150,000 | 4.850 | 11/15/35 | 157,609 | |||||||||||
40,000 | 6.700 | 09/15/38 | 49,917 | |||||||||||
150,000 | 4.750 | 08/01/43 | 153,194 | |||||||||||
140,000 | 5.000 | 11/15/45 | 150,106 | |||||||||||
National Oilwell Varco, Inc. | ||||||||||||||
400,000 | 2.600 | 12/01/22 | 383,426 | |||||||||||
|
| |||||||||||||
1,371,404 | ||||||||||||||
|
| |||||||||||||
Equity Real Estate Investment – 0.5% | ||||||||||||||
American Tower Corp. | ||||||||||||||
50,000 | 4.000 | 06/01/25 | 49,554 | |||||||||||
190,000 | 3.375 | 10/15/26 | 178,588 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Equity Real Estate Investment – (continued) | ||||||||||||||
Crown Castle International Corp. | ||||||||||||||
250,000 | 4.875 | 04/15/22 | 258,369 | |||||||||||
350,000 | 5.250 | 01/15/23 | 368,313 | |||||||||||
60,000 | 3.150 | 07/15/23 | 58,045 | |||||||||||
160,000 | 4.450 | 02/15/26 | 161,531 | |||||||||||
230,000 | 3.650 | 09/01/27 | 217,829 | |||||||||||
|
| |||||||||||||
1,292,229 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.6% | ||||||||||||||
GE Capital International Funding Co. Unlimited Co. | ||||||||||||||
230,000 | 2.342 | 11/15/20 | 225,233 | |||||||||||
500,000 | 3.373 | 11/15/25 | 483,648 | |||||||||||
750,000 | 4.418 | 11/15/35 | 722,979 | |||||||||||
International Lease Finance Corp. | ||||||||||||||
215,000 | 5.875 | 08/15/22 | 229,647 | |||||||||||
|
| |||||||||||||
1,661,507 | ||||||||||||||
|
| |||||||||||||
Food & Staples Retailing – 1.5% | ||||||||||||||
Costco Wholesale Corp. | ||||||||||||||
734,000 | 2.300 | 05/18/22 | 713,555 | |||||||||||
Sysco Corp. | ||||||||||||||
200,000 | 3.300 | 07/15/26 | 192,619 | |||||||||||
60,000 | 3.250 | 07/15/27 | 57,151 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
550,000 | 3.300 | 11/18/21 | 549,167 | |||||||||||
Wal-Mart Stores, Inc. | ||||||||||||||
360,000 | 5.250 | 09/01/35 | 420,897 | |||||||||||
Walmart, Inc. | ||||||||||||||
30,000 | 1.750 | 10/09/19 | 29,725 | |||||||||||
80,000 | 1.900 | 12/15/20 | 78,537 | |||||||||||
200,000 | 2.350 | 12/15/22 | 194,174 | |||||||||||
200,000 | 2.550 | 04/11/23 | 195,135 | |||||||||||
500,000 | 2.650 | 12/15/24 | 481,378 | |||||||||||
500,000 | 3.700 | 06/26/28 | 507,264 | |||||||||||
100,000 | 3.625 | 12/15/47 | 94,703 | |||||||||||
350,000 | 4.050 | 06/29/48 | 354,795 | |||||||||||
|
| |||||||||||||
3,869,100 | ||||||||||||||
|
| |||||||||||||
Food Products – 0.1% | ||||||||||||||
Tyson Foods, Inc. | ||||||||||||||
50,000 | 3.950 | 08/15/24 | 50,259 | |||||||||||
140,000 | 4.550 | 06/02/47 | 131,536 | |||||||||||
|
| |||||||||||||
181,795 | ||||||||||||||
|
| |||||||||||||
Health Care Equipment & Supplies – 0.9% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
500,000 | 2.900 | 11/30/21 | 494,967 | |||||||||||
50,000 | 3.250 | 04/15/23 | 49,678 | |||||||||||
50,000 | 3.400 | 11/30/23 | 49,805 | |||||||||||
60,000 | 2.950 | 03/15/25 | 57,586 | |||||||||||
150,000 | 3.750 | 11/30/26 | 149,068 | |||||||||||
500,000 | 4.750 | 11/30/36 | 533,715 | |||||||||||
Boston Scientific Corp. | ||||||||||||||
50,000 | 6.000 | 01/15/20 | 51,958 | |||||||||||
Stryker Corp. | ||||||||||||||
250,000 | 3.500 | 03/15/26 | 245,480 | |||||||||||
|
|
34 | 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) | ||||||||||||||
Health Care Equipment & Supplies – (continued) | ||||||||||||||
Zimmer Biomet Holdings, Inc. | ||||||||||||||
$ | 820,000 | 3.550 | % | 04/01/25 | $ | 789,733 | ||||||||
|
| |||||||||||||
2,421,990 | ||||||||||||||
|
| |||||||||||||
Health Care Providers & Services – 2.4% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
350,000 | 2.800 | 06/15/23 | 337,181 | |||||||||||
260,000 | 6.625 | 06/15/36 | 324,681 | |||||||||||
Anthem, Inc. | ||||||||||||||
60,000 | 2.500 | 11/21/20 | 59,135 | |||||||||||
990,000 | 3.650 | 12/01/27 | 948,755 | |||||||||||
90,000 | 4.625 | 05/15/42 | 87,582 | |||||||||||
50,000 | 4.650 | 01/15/43 | 49,133 | |||||||||||
75,000 | 4.650 | 08/15/44 | 73,400 | |||||||||||
120,000 | 4.375 | 12/01/47 | 114,128 | |||||||||||
Cigna Corp. | ||||||||||||||
238,000 | 3.250 | 04/15/25 | 225,480 | |||||||||||
110,000 | 3.875 | 10/15/47 | 94,224 | |||||||||||
Express Scripts Holding Co. | ||||||||||||||
330,000 | 4.750 | 11/15/21 | 341,449 | |||||||||||
670,000 | 3.900 | 02/15/22 | 673,822 | |||||||||||
60,000 | 3.000 | 07/15/23 | 57,598 | |||||||||||
50,000 | 3.500 | 06/15/24 | 48,565 | |||||||||||
195,000 | 4.500 | 02/25/26 | 196,870 | |||||||||||
60,000 | 3.400 | 03/01/27 | 55,715 | |||||||||||
100,000 | 4.800 | 07/15/46 | 97,506 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
500,000 | 2.875 | 03/15/22 | 495,251 | |||||||||||
510,000 | 2.875 | 03/15/23 | 501,552 | |||||||||||
120,000 | 3.750 | 07/15/25 | 121,483 | |||||||||||
330,000 | 3.100 | 03/15/26 | 321,797 | |||||||||||
60,000 | 3.450 | 01/15/27 | 59,204 | |||||||||||
120,000 | 4.625 | 07/15/35 | 129,345 | |||||||||||
100,000 | 4.250 | 03/15/43 | 102,187 | |||||||||||
300,000 | 4.750 | 07/15/45 | 329,699 | |||||||||||
180,000 | 4.200 | 01/15/47 | 183,120 | |||||||||||
130,000 | 3.750 | 10/15/47 | 122,649 | |||||||||||
|
| |||||||||||||
6,151,511 | ||||||||||||||
|
| |||||||||||||
Healthcare – 1.6% | ||||||||||||||
HCA, Inc. | ||||||||||||||
810,000 | 6.500 | 02/15/20 | 841,894 | |||||||||||
250,000 | 4.750 | 05/01/23 | 254,375 | |||||||||||
300,000 | 5.000 | 03/15/24 | 306,750 | |||||||||||
250,000 | 5.250 | 06/15/26 | 256,875 | |||||||||||
255,000 | 5.500 | 06/15/47 | 255,637 | |||||||||||
Medtronic Global Holdings SCA | ||||||||||||||
180,000 | 3.350 | 04/01/27 | 177,381 | |||||||||||
Medtronic, Inc. | ||||||||||||||
400,000 | 2.500 | 03/15/20 | 397,754 | |||||||||||
950,000 | 3.150 | 03/15/22 | 948,375 | |||||||||||
50,000 | 3.625 | 03/15/24 | 50,634 | |||||||||||
250,000 | 4.375 | 03/15/35 | 261,692 | |||||||||||
420,000 | 4.625 | 03/15/45 | 451,485 | |||||||||||
|
| |||||||||||||
4,202,852 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Hotels, Restaurants & Leisure – 0.4% | ||||||||||||||
McDonald’s Corp., MTN | ||||||||||||||
180,000 | 3.700 | 01/30/26 | 179,902 | |||||||||||
280,000 | 3.500 | 03/01/27 | 273,991 | |||||||||||
25,000 | 4.700 | 12/09/35 | 26,284 | |||||||||||
534,000 | 4.875 | 12/09/45 | 560,415 | |||||||||||
|
| |||||||||||||
1,040,592 | ||||||||||||||
|
| |||||||||||||
Industrial Conglomerates – 0.8% | ||||||||||||||
General Electric Co., GMTN | ||||||||||||||
30,000 | 6.150 | 08/07/37 | 35,387 | |||||||||||
750,000 | 6.875 | 01/10/39 | 953,404 | |||||||||||
General Electric Co., MTN | ||||||||||||||
750,000 | 5.875 | 01/14/38 | 858,481 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
245,000 | 2.500 | 11/01/26 | 227,443 | |||||||||||
|
| |||||||||||||
2,074,715 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.8% | ||||||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||
10,000 | 5.750 | 01/15/40 | 12,218 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
400,000 | 3.150 | 03/15/25 | 391,135 | |||||||||||
400,000 | 3.350 | 05/03/26 | 392,080 | |||||||||||
MetLife, Inc. | ||||||||||||||
250,000 | 3.600 | 04/10/24 | 251,849 | |||||||||||
240,000 | 6.375 | 06/15/34 | 292,546 | |||||||||||
170,000 | 5.700 | 06/15/35 | 198,211 | |||||||||||
160,000 | 4.125 | 08/13/42 | 153,738 | |||||||||||
129,000 | 4.875 | 11/13/43 | 137,436 | |||||||||||
230,000 | 4.050 | 03/01/45 | 218,313 | |||||||||||
MetLife, Inc., Series D | ||||||||||||||
130,000 | 4.368 | 09/15/23 | 135,631 | |||||||||||
|
| |||||||||||||
2,183,157 | ||||||||||||||
|
| |||||||||||||
Internet & Direct Marketing Retail – 1.0% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
240,000 | 3.300 | 12/05/21 | 242,919 | |||||||||||
460,000 | 2.400 | 02/22/23 | 444,961 | |||||||||||
370,000 | 2.800 | 08/22/24 | 359,245 | |||||||||||
70,000 | 3.800 | 12/05/24 | 71,993 | |||||||||||
580,000 | 3.150 | 08/22/27 | 561,314 | |||||||||||
170,000 | 4.800 | 12/05/34 | 186,749 | |||||||||||
200,000 | 3.875 | 08/22/37 | 196,673 | |||||||||||
250,000 | 4.950 | 12/05/44 | 283,042 | |||||||||||
125,000 | 4.050 | 08/22/47 | 122,884 | |||||||||||
|
| |||||||||||||
2,469,780 | ||||||||||||||
|
| |||||||||||||
Internet Software & Services – 0.4% | ||||||||||||||
Alphabet, Inc. | ||||||||||||||
390,000 | 1.998 | 08/15/26 | 355,327 | |||||||||||
eBay, Inc. | ||||||||||||||
150,000 | 2.875 | 08/01/21 | 148,248 | |||||||||||
250,000 | 2.600 | 07/15/22 | 242,361 | |||||||||||
250,000 | 2.750 | 01/30/23 | 241,499 | |||||||||||
|
| |||||||||||||
987,435 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
IT Services – 1.2% | ||||||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
$ | 100,000 | 5.000 | % | 10/15/25 | $ | 106,081 | ||||||||
101,000 | 3.000 | 08/15/26 | 94,129 | |||||||||||
International Business Machines Corp. | ||||||||||||||
1,000,000 | 1.875 | 08/01/22 | 950,946 | |||||||||||
350,000 | 3.375 | 08/01/23 | 351,307 | |||||||||||
320,000 | 4.000 | 06/20/42 | 312,021 | |||||||||||
Visa, Inc. | ||||||||||||||
380,000 | 3.150 | 12/14/25 | 373,309 | |||||||||||
400,000 | 2.750 | 09/15/27 | 377,599 | |||||||||||
270,000 | 4.150 | 12/14/35 | 284,126 | |||||||||||
180,000 | 4.300 | 12/14/45 | 189,960 | |||||||||||
30,000 | 3.650 | 09/15/47 | 28,585 | |||||||||||
|
| |||||||||||||
3,068,063 | ||||||||||||||
|
| |||||||||||||
Life Sciences Tools & Services – 0.6% | ||||||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
50,000 | 3.600 | 08/15/21 | 50,292 | |||||||||||
790,000 | 3.300 | 02/15/22 | 787,659 | |||||||||||
20,000 | 3.150 | 01/15/23 | 19,678 | |||||||||||
50,000 | 3.000 | 04/15/23 | 48,732 | |||||||||||
50,000 | 4.150 | 02/01/24 | 51,211 | |||||||||||
544,000 | 2.950 | 09/19/26 | 507,620 | |||||||||||
|
| |||||||||||||
1,465,192 | ||||||||||||||
|
| |||||||||||||
Machinery – 0.2% | ||||||||||||||
Caterpillar, Inc. | ||||||||||||||
30,000 | 3.900 | 05/27/21 | 30,773 | |||||||||||
130,000 | 3.400 | 05/15/24 | 130,589 | |||||||||||
80,000 | 5.200 | 05/27/41 | 92,979 | |||||||||||
130,000 | 3.803 | 08/15/42 | 125,766 | |||||||||||
Deere & Co. | ||||||||||||||
80,000 | 2.600 | 06/08/22 | 78,557 | |||||||||||
|
| |||||||||||||
458,664 | ||||||||||||||
|
| |||||||||||||
Media – 2.1% | ||||||||||||||
Comcast Corp. | ||||||||||||||
590,000 | 3.125 | 07/15/22 | 586,028 | |||||||||||
60,000 | 3.000 | 02/01/24 | 58,413 | |||||||||||
50,000 | 3.375 | 08/15/25 | 48,808 | |||||||||||
250,000 | 3.150 | 03/01/26 | 238,423 | |||||||||||
100,000 | 2.350 | 01/15/27 | 88,976 | |||||||||||
60,000 | 3.300 | 02/01/27 | 57,281 | |||||||||||
60,000 | 3.150 | 02/15/28 | 56,383 | |||||||||||
110,000 | 3.550 | 05/01/28 | 106,767 | |||||||||||
500,000 | 4.200 | 08/15/34 | 487,851 | |||||||||||
170,000 | 4.400 | 08/15/35 | 169,179 | |||||||||||
500,000 | 3.200 | 07/15/36 | 427,931 | |||||||||||
170,000 | 3.900 | 03/01/38 | 158,243 | |||||||||||
500,000 | 4.600 | 08/15/45 | 495,135 | |||||||||||
340,000 | 4.000 | 08/15/47 | 310,141 | |||||||||||
280,000 | 3.969 | 11/01/47 | 253,293 | |||||||||||
60,000 | 3.999 | 11/01/49 | 54,394 | |||||||||||
Viacom, Inc. | ||||||||||||||
220,000 | 4.250 | 09/01/23 | 221,309 | |||||||||||
190,000 | 6.875 | 04/30/36 | 214,542 | |||||||||||
216,000 | 4.375 | 03/15/43 | 187,132 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Media – (continued) | ||||||||||||||
Walt Disney Co. (The) | ||||||||||||||
239,000 | 3.000 | 02/13/26 | 230,802 | |||||||||||
Warner Media LLC | ||||||||||||||
315,000 | 3.600 | 07/15/25 | 303,311 | |||||||||||
560,000 | 3.800 | 02/15/27 | 543,113 | |||||||||||
250,000 | 4.850 | 07/15/45 | 236,579 | |||||||||||
|
| |||||||||||||
5,534,034 | ||||||||||||||
|
| |||||||||||||
Metals & Mining – 0.1% | ||||||||||||||
Newmont Mining Corp. | ||||||||||||||
120,000 | 6.250 | 10/01/39 | 136,618 | |||||||||||
150,000 | 4.875 | 03/15/42 | 148,575 | |||||||||||
|
| |||||||||||||
285,193 | ||||||||||||||
|
| |||||||||||||
Multiline Retail – 0.4% | ||||||||||||||
Target Corp. | ||||||||||||||
800,000 | 3.500 | 07/01/24 | 811,719 | |||||||||||
200,000 | 4.000 | 07/01/42 | 195,164 | |||||||||||
140,000 | 3.625 | 04/15/46 | 127,905 | |||||||||||
|
| |||||||||||||
1,134,788 | ||||||||||||||
|
| |||||||||||||
Multi-Utilities – 0.3% | ||||||||||||||
Dominion Energy, Inc. | ||||||||||||||
370,000 | 2.579 | 07/01/20 | 364,616 | |||||||||||
260,000 | 3.900 | 10/01/25 | 257,804 | |||||||||||
NiSource, Inc. | ||||||||||||||
225,000 | 4.375 | 05/15/47 | 222,602 | |||||||||||
|
| |||||||||||||
845,022 | ||||||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 4.3% | ||||||||||||||
Anadarko Petroleum Corp. | ||||||||||||||
165,000 | 6.450 | 09/15/36 | 191,133 | |||||||||||
310,000 | 6.200 | 03/15/40 | 350,606 | |||||||||||
70,000 | 6.600 | 03/15/46 | 84,839 | |||||||||||
Apache Corp. | ||||||||||||||
570,000 | 4.375 | 10/15/28 | 564,748 | |||||||||||
200,000 | 4.750 | 04/15/43 | 191,274 | |||||||||||
Chevron Corp. | ||||||||||||||
646,000 | 2.566 | 05/16/23 | 627,663 | |||||||||||
30,000 | 2.895 | 03/03/24 | 29,377 | |||||||||||
180,000 | 2.954 | 05/16/26 | 173,318 | |||||||||||
ConocoPhillips | ||||||||||||||
150,000 | 6.500 | 02/01/39 | 196,276 | |||||||||||
Continental Resources, Inc. | ||||||||||||||
800,000 | 5.000 | 09/15/22 | 813,500 | |||||||||||
120,000 | 3.800 | 06/01/24 | 118,680 | |||||||||||
Devon Energy Corp. | ||||||||||||||
50,000 | 5.600 | 07/15/41 | 53,840 | |||||||||||
Energy Transfer Partners LP | ||||||||||||||
20,000 | 4.650 | 06/01/21 | 20,624 | |||||||||||
100,000 | 3.600 | 02/01/23 | 98,989 | |||||||||||
20,000 | 5.150 | 03/15/45 | 18,946 | |||||||||||
30,000 | 6.125 | 12/15/45 | 31,993 | |||||||||||
10,000 | 5.300 | 04/15/47 | 9,712 | |||||||||||
Energy Transfer Partners LP, Series 30Y | ||||||||||||||
500,000 | 6.000 | 06/15/48 | 538,132 | |||||||||||
|
|
36 | 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) | ||||||||||||||
Oil, Gas & Consumable Fuels – (continued) | ||||||||||||||
Exxon Mobil Corp. | ||||||||||||||
$ | 535,000 | 2.222 | % | 03/01/21 | $ | 526,492 | ||||||||
150,000 | 3.043 | 03/01/26 | 146,469 | |||||||||||
60,000 | 3.567 | 03/06/45 | 56,505 | |||||||||||
370,000 | 4.114 | 03/01/46 | 378,546 | |||||||||||
Hess Corp. | ||||||||||||||
350,000 | 4.300 | 04/01/27 | 339,770 | |||||||||||
Marathon Oil Corp. | ||||||||||||||
250,000 | 2.800 | 11/01/22 | 243,151 | |||||||||||
270,000 | 6.600 | 10/01/37 | 320,039 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
225,000 | 5.125 | 03/01/21 | 235,125 | |||||||||||
120,000 | 6.500 | 03/01/41 | 142,411 | |||||||||||
MPLX LP | ||||||||||||||
1,000,000 | 4.500 | 07/15/23 | 1,029,753 | |||||||||||
50,000 | 4.875 | 06/01/25 | 52,050 | |||||||||||
145,000 | 4.500 | 04/15/38 | 135,929 | |||||||||||
250,000 | 5.200 | 03/01/47 | 251,448 | |||||||||||
Noble Energy, Inc. | ||||||||||||||
320,000 | 5.250 | 11/15/43 | 321,632 | |||||||||||
215,000 | 5.050 | 11/15/44 | 211,211 | |||||||||||
Occidental Petroleum Corp. | ||||||||||||||
230,000 | 3.400 | 04/15/26 | 227,588 | |||||||||||
285,000 | 4.625 | 06/15/45 | 302,191 | |||||||||||
130,000 | 4.400 | 04/15/46 | 133,889 | |||||||||||
92,000 | 4.100 | 02/15/47 | 90,726 | |||||||||||
60,000 | 4.200 | 03/15/48 | 60,064 | |||||||||||
Phillips 66 | ||||||||||||||
210,000 | 3.900 | 03/15/28 | 208,379 | |||||||||||
140,000 | 4.650 | 11/15/34 | 142,144 | |||||||||||
100,000 | 5.875 | 05/01/42 | 115,927 | |||||||||||
110,000 | 4.875 | 11/15/44 | 114,291 | |||||||||||
Valero Energy Corp. | ||||||||||||||
300,000 | 6.125 | 02/01/20 | 312,897 | |||||||||||
150,000 | 3.400 | 09/15/26 | 143,392 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
430,000 | 3.900 | 01/15/25 | 425,256 | |||||||||||
50,000 | 3.750 | 06/15/27 | 47,941 | |||||||||||
240,000 | 6.300 | 04/15/40 | 274,567 | |||||||||||
|
| |||||||||||||
11,103,433 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 1.4% | ||||||||||||||
Allergan Funding SCS | ||||||||||||||
50,000 | 4.850 | 06/15/44 | 50,070 | |||||||||||
200,000 | 4.750 | 03/15/45 | 199,290 | |||||||||||
Eli Lilly & Co. | ||||||||||||||
380,000 | 3.950 | 05/15/47 | 379,923 | |||||||||||
Johnson & Johnson | ||||||||||||||
50,000 | 2.250 | 03/03/22 | 48,953 | |||||||||||
60,000 | 2.450 | 03/01/26 | 56,705 | |||||||||||
500,000 | 3.550 | 03/01/36 | 485,010 | |||||||||||
420,000 | 3.625 | 03/03/37 | 410,521 | |||||||||||
60,000 | 3.400 | 01/15/38 | 56,762 | |||||||||||
70,000 | 3.700 | 03/01/46 | 67,584 | |||||||||||
Merck & Co., Inc. | ||||||||||||||
40,000 | 2.350 | 02/10/22 | 39,175 | |||||||||||
150,000 | 2.750 | 02/10/25 | 145,184 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Pharmaceuticals – (continued) | ||||||||||||||
Merck & Co., Inc. – (continued) | ||||||||||||||
50,000 | 4.150 | �� | 05/18/43 | 51,719 | ||||||||||
260,000 | 3.700 | 02/10/45 | 252,895 | |||||||||||
Pfizer, Inc. | ||||||||||||||
40,000 | 2.200 | 12/15/21 | 39,137 | |||||||||||
125,000 | 2.750 | 06/03/26 | 119,439 | |||||||||||
50,000 | 3.000 | 12/15/26 | 48,555 | |||||||||||
470,000 | 7.200 | 03/15/39 | 658,555 | |||||||||||
110,000 | 4.400 | 05/15/44 | 115,369 | |||||||||||
130,000 | 4.125 | 12/15/46 | 132,046 | |||||||||||
Shire Acquisitions Investments Ireland DAC | ||||||||||||||
50,000 | 2.400 | 09/23/21 | 48,341 | |||||||||||
Zoetis, Inc. | ||||||||||||||
100,000 | 4.700 | 02/01/43 | 103,455 | |||||||||||
|
| |||||||||||||
3,508,688 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.4% | ||||||||||||||
Boston Properties LP | ||||||||||||||
370,000 | 3.850 | 02/01/23 | 374,007 | |||||||||||
60,000 | 2.750 | 10/01/26 | 54,954 | |||||||||||
Simon Property Group LP | ||||||||||||||
500,000 | 4.375 | 03/01/21 | 513,474 | |||||||||||
150,000 | 3.375 | 10/01/24 | 148,320 | |||||||||||
|
| |||||||||||||
1,090,755 | ||||||||||||||
|
| |||||||||||||
Road & Rail – 0.6% | ||||||||||||||
CSX Corp. | ||||||||||||||
550,000 | 3.250 | 06/01/27 | 522,617 | |||||||||||
30,000 | 3.800 | 03/01/28 | 29,774 | |||||||||||
190,000 | 3.800 | 11/01/46 | 173,103 | |||||||||||
Union Pacific Corp. | ||||||||||||||
590,000 | 4.163 | 07/15/22 | 609,564 | |||||||||||
200,000 | 4.500 | 09/10/48 | 206,141 | |||||||||||
|
| |||||||||||||
1,541,199 | ||||||||||||||
|
| |||||||||||||
Semiconductors & Semiconductor – 1.5% | ||||||||||||||
Applied Materials, Inc. | ||||||||||||||
150,000 | 4.350 | 04/01/47 | 152,874 | |||||||||||
Intel Corp. | ||||||||||||||
240,000 | 2.450 | 07/29/20 | 238,550 | |||||||||||
500,000 | 2.875 | 05/11/24 | 485,982 | |||||||||||
503,000 | 3.700 | 07/29/25 | 510,401 | |||||||||||
400,000 | 2.600 | 05/19/26 | 375,908 | |||||||||||
720,000 | 3.150 | 05/11/27 | 701,877 | |||||||||||
145,000 | 4.100 | 05/11/47 | 145,219 | |||||||||||
95,000 | 3.734 | 12/08/47 | 89,820 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
200,000 | 2.250 | 05/20/20 | 197,621 | |||||||||||
250,000 | 3.000 | 05/20/22 | 247,124 | |||||||||||
120,000 | 2.600 | 01/30/23 | 115,145 | |||||||||||
60,000 | 2.900 | 05/20/24 | 57,514 | |||||||||||
284,000 | 3.450 | 05/20/25 | 276,704 | |||||||||||
130,000 | 4.650 | 05/20/35 | 131,564 | |||||||||||
70,000 | 4.800 | 05/20/45 | 70,885 | |||||||||||
130,000 | 4.300 | 05/20/47 | 122,511 | |||||||||||
|
| |||||||||||||
3,919,699 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Software – 4.4% | ||||||||||||||
Microsoft Corp. | ||||||||||||||
$ | 140,000 | 1.850 | % | 02/06/20 | $ | 138,467 | ||||||||
570,000 | 1.850 | 02/12/20 | 563,766 | |||||||||||
60,000 | 2.400 | 02/06/22 | 59,022 | |||||||||||
1,000,000 | 2.375 | 02/12/22 | 981,526 | |||||||||||
485,000 | 2.650 | 11/03/22 | 477,901 | |||||||||||
280,000 | 2.875 | 02/06/24 | 275,275 | |||||||||||
125,000 | 2.700 | 02/12/25 | 120,801 | |||||||||||
60,000 | 2.400 | 08/08/26 | 55,810 | |||||||||||
475,000 | 3.500 | 02/12/35 | 459,616 | |||||||||||
380,000 | 3.450 | 08/08/36 | 364,927 | |||||||||||
120,000 | 4.100 | 02/06/37 | 124,477 | |||||||||||
195,000 | 5.200 | 06/01/39 | 229,708 | |||||||||||
200,000 | 4.500 | 10/01/40 | 218,396 | |||||||||||
280,000 | 3.500 | 11/15/42 | 262,721 | |||||||||||
140,000 | 3.750 | 02/12/45 | 136,644 | |||||||||||
219,000 | 4.450 | 11/03/45 | 238,055 | |||||||||||
500,000 | 3.700 | 08/08/46 | 483,405 | |||||||||||
80,000 | 4.000 | 02/12/55 | 79,452 | |||||||||||
50,000 | 4.750 | 11/03/55 | 56,946 | |||||||||||
420,000 | 3.950 | 08/08/56 | 416,239 | |||||||||||
150,000 | 4.500 | 02/06/57 | 163,528 | |||||||||||
Microsoft Corp., Series 30Y | ||||||||||||||
430,000 | 4.250 | 02/06/47 | 455,250 | |||||||||||
Oracle Corp. | ||||||||||||||
356,000 | 2.800 | 07/08/21 | 354,892 | |||||||||||
400,000 | 1.900 | 09/15/21 | 387,307 | |||||||||||
150,000 | 2.625 | 02/15/23 | 146,382 | |||||||||||
900,000 | 2.400 | 09/15/23 | 862,288 | |||||||||||
40,000 | 2.950 | 11/15/24 | 38,954 | |||||||||||
260,000 | 2.950 | 05/15/25 | 251,552 | |||||||||||
270,000 | 2.650 | 07/15/26 | 251,895 | |||||||||||
�� | 80,000 | 3.250 | 11/15/27 | 77,620 | ||||||||||
200,000 | 3.900 | 05/15/35 | 196,593 | |||||||||||
420,000 | 3.850 | 07/15/36 | 409,330 | |||||||||||
245,000 | 3.800 | 11/15/37 | 235,259 | |||||||||||
40,000 | 6.500 | 04/15/38 | 51,572 | |||||||||||
60,000 | 6.125 | 07/08/39 | 75,056 | |||||||||||
240,000 | 5.375 | 07/15/40 | 277,025 | |||||||||||
300,000 | 4.125 | 05/15/45 | 294,931 | |||||||||||
440,000 | 4.000 | 07/15/46 | 424,845 | |||||||||||
100,000 | 4.000 | 11/15/47 | 96,307 | |||||||||||
200,000 | 4.375 | 05/15/55 | 201,602 | |||||||||||
VMware, Inc. | ||||||||||||||
300,000 | 2.950 | 08/21/22 | 290,901 | |||||||||||
|
| |||||||||||||
11,286,243 | ||||||||||||||
|
| |||||||||||||
Specialty Retail – 1.1% | ||||||||||||||
Home Depot, Inc. (The) | ||||||||||||||
170,000 | 2.625 | 06/01/22 | 167,571 | |||||||||||
250,000 | 2.700 | 04/01/23 | 245,540 | |||||||||||
80,000 | 3.350 | 09/15/25 | 79,662 | |||||||||||
105,000 | 3.000 | 04/01/26 | 101,409 | |||||||||||
60,000 | 2.125 | 09/15/26 | 54,198 | |||||||||||
60,000 | 2.800 | 09/14/27 | 56,542 | |||||||||||
220,000 | 5.875 | 12/16/36 | 271,045 | |||||||||||
320,000 | 4.400 | 03/15/45 | 331,551 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Specialty Retail – (continued) | ||||||||||||||
Home Depot, Inc. (The) – (continued) | ||||||||||||||
200,000 | 4.250 | 04/01/46 | 203,902 | |||||||||||
290,000 | 3.900 | 06/15/47 | 282,122 | |||||||||||
130,000 | 3.500 | 09/15/56 | 114,277 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
310,000 | 2.500 | 04/15/26 | 287,506 | |||||||||||
30,000 | 3.100 | 05/03/27 | 28,831 | |||||||||||
100,000 | 3.700 | 04/15/46 | 92,322 | |||||||||||
504,000 | 4.050 | 05/03/47 | 493,040 | |||||||||||
|
| |||||||||||||
2,809,518 | ||||||||||||||
|
| |||||||||||||
Technology – 1.6% | ||||||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
50,000 | 3.000 | 01/15/22 | 48,807 | |||||||||||
30,000 | 2.650 | 01/15/23 | 28,426 | |||||||||||
550,000 | 3.625 | 01/15/24 | 533,102 | |||||||||||
300,000 | 3.125 | 01/15/25 | 278,207 | |||||||||||
590,000 | 3.875 | 01/15/27 | 552,824 | |||||||||||
160,000 | 3.500 | 01/15/28 | 144,816 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
1,280,000 | 4.420 | (a) | 06/15/21 | 1,302,728 | ||||||||||
175,000 | 5.450 | (a) | 06/15/23 | 184,268 | ||||||||||
280,000 | 6.020 | (a) | 06/15/26 | 297,302 | ||||||||||
40,000 | 8.100 | (a) | 07/15/36 | 47,361 | ||||||||||
160,000 | 8.350 | (a) | 07/15/46 | 196,507 | ||||||||||
Seagate HDD Cayman | ||||||||||||||
300,000 | 4.250 | 03/01/22 | 301,950 | |||||||||||
220,000 | 4.750 | 06/01/23 | 222,062 | |||||||||||
|
| |||||||||||||
4,138,360 | ||||||||||||||
|
| |||||||||||||
Technology Hardware, Storage & Peripherals – 2.7% | ||||||||||||||
Apple, Inc. | ||||||||||||||
1,000,000 | 1.500 | 09/12/19 | 989,072 | |||||||||||
1,177,000 | 2.250 | 02/23/21 | 1,160,172 | |||||||||||
200,000 | 2.850 | 05/06/21 | 199,872 | |||||||||||
249,000 | 1.550 | 08/04/21 | 239,777 | |||||||||||
230,000 | 2.150 | 02/09/22 | 223,554 | |||||||||||
130,000 | 2.700 | 05/13/22 | 128,616 | |||||||||||
320,000 | 2.400 | 01/13/23 | 311,807 | |||||||||||
30,000 | 3.000 | 02/09/24 | 29,642 | |||||||||||
475,000 | 2.850 | 05/11/24 | 463,475 | |||||||||||
350,000 | 2.450 | 08/04/26 | 324,826 | |||||||||||
220,000 | 3.000 | 06/20/27 | 211,357 | |||||||||||
500,000 | 2.900 | 09/12/27 | 475,731 | |||||||||||
230,000 | 4.500 | 02/23/36 | 249,770 | |||||||||||
157,000 | 3.850 | 05/04/43 | 152,103 | |||||||||||
200,000 | 3.450 | 02/09/45 | 181,515 | |||||||||||
380,000 | 4.375 | 05/13/45 | 398,048 | |||||||||||
400,000 | 4.650 | 02/23/46 | 435,989 | |||||||||||
415,000 | 3.850 | 08/04/46 | 401,800 | |||||||||||
160,000 | 4.250 | 02/09/47 | 164,796 | |||||||||||
50,000 | 3.750 | 11/13/47 | 47,272 | |||||||||||
Western Digital Corp. | ||||||||||||||
200,000 | 4.750 | 02/15/26 | 195,500 | |||||||||||
|
| |||||||||||||
6,984,694 | ||||||||||||||
|
|
38 | 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) | ||||||||||||||
Tobacco – 0.5% | ||||||||||||||
Philip Morris International, Inc. | ||||||||||||||
$ | 112,000 | 1.875 | % | 02/25/21 | $ | 108,709 | ||||||||
50,000 | 3.250 | 11/10/24 | 49,114 | |||||||||||
670,000 | 3.375 | 08/11/25 | 657,258 | |||||||||||
20,000 | 2.750 | 02/25/26 | 18,797 | |||||||||||
140,000 | 6.375 | 05/16/38 | 169,886 | |||||||||||
100,000 | 4.375 | 11/15/41 | 97,873 | |||||||||||
30,000 | 3.875 | 08/21/42 | 27,306 | |||||||||||
205,000 | 4.125 | 03/04/43 | 192,973 | |||||||||||
50,000 | 4.250 | 11/10/44 | 47,910 | |||||||||||
|
| |||||||||||||
1,369,826 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.3% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
240,000 | 4.450 | 03/15/43 | 248,731 | |||||||||||
130,000 | 4.900 | 04/01/44 | 143,017 | |||||||||||
150,000 | 4.550 | 09/01/44 | 157,996 | |||||||||||
200,000 | 4.125 | 06/15/47 | 199,704 | |||||||||||
|
| |||||||||||||
749,448 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $197,109,149) | 194,635,156 | |||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 23.0% | ||||||||||||||
Banks – 10.4% | ||||||||||||||
Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||||||||
$ | 610,000 | 2.550 | % | 11/23/21 | $ | 594,417 | ||||||||
Australia & New Zealand Banking Group Ltd., MTN (Australia) | ||||||||||||||
250,000 | 2.700 | 11/16/20 | 247,084 | |||||||||||
640,000 | 2.300 | 06/01/21 | 622,797 | |||||||||||
Banco Santander SA (Spain) | ||||||||||||||
400,000 | 3.500 | 04/11/22 | 393,852 | |||||||||||
600,000 | 3.125 | 02/23/23 | 575,120 | |||||||||||
200,000 | 3.848 | 04/12/23 | 197,227 | |||||||||||
240,000 | 4.250 | 04/11/27 | 231,302 | |||||||||||
200,000 | 3.800 | 02/23/28 | 184,952 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
70,000 | 2.350 | 10/21/20 | 68,907 | |||||||||||
70,000 | 2.450 | 03/22/21 | 68,651 | |||||||||||
1,000,000 | 2.700 | 03/07/22 | 980,729 | |||||||||||
Barclays Bank PLC (United Kingdom) | ||||||||||||||
500,000 | 5.125 | 01/08/20 | 511,937 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
500,000 | 2.750 | 11/08/19 | 497,139 | |||||||||||
200,000 | 3.684 | 01/10/23 | 195,452 | |||||||||||
400,000 | 4.375 | 01/12/26 | 390,808 | |||||||||||
400,000 | 4.950 | 01/10/47 | 378,231 | |||||||||||
BNP Paribas SA, MTN (France) | ||||||||||||||
50,000 | 3.250 | 03/03/23 | 49,481 | |||||||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||||||||
500,000 | 3.950 | 11/09/22 | 501,097 | |||||||||||
370,000 | 5.750 | 12/01/43 | 424,423 | |||||||||||
Cooperatieve Rabobank UA, MTN (Netherlands) | ||||||||||||||
500,000 | 2.250 | 01/14/20 | 494,361 | |||||||||||
380,000 | 5.250 | 05/24/41 | 434,472 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Credit Suisse Group Funding Guernsey Ltd. (Switzerland) | ||||||||||||||
300,000 | 3.800 | 09/15/22 | 300,315 | |||||||||||
1,000,000 | 3.800 | 06/09/23 | 994,726 | |||||||||||
250,000 | 4.875 | 05/15/45 | 258,004 | |||||||||||
Deutsche Bank AG (Germany) | ||||||||||||||
320,000 | 2.700 | 07/13/20 | 313,697 | |||||||||||
510,000 | 3.300 | 11/16/22 | 484,904 | |||||||||||
130,000 | 3.700 | 05/30/24 | 123,012 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
200,000 | 2.950 | 05/25/21 | 197,677 | |||||||||||
700,000 | 2.650 | 01/05/22 | 681,383 | |||||||||||
300,000 | 4.250 | 03/14/24 | 300,415 | |||||||||||
400,000 | 4.250 | 08/18/25 | 398,847 | |||||||||||
200,000 | 4.375 | 11/23/26 | 199,128 | |||||||||||
100,000 | 6.500 | 09/15/37 | 120,371 | |||||||||||
110,000 | 6.800 | 06/01/38 | 136,339 | |||||||||||
600,000 | 5.250 | 03/14/44 | 631,867 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
200,000 | 3.950 | 03/29/27 | 196,739 | |||||||||||
Lloyds Bank PLC (United Kingdom) | ||||||||||||||
500,000 | 2.700 | 08/17/20 | 496,398 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
450,000 | 3.000 | 01/11/22 | 440,266 | |||||||||||
200,000 | 4.500 | 11/04/24 | 198,805 | |||||||||||
200,000 | 5.300 | 12/01/45 | 204,835 | |||||||||||
200,000 | 4.344 | 01/09/48 | 177,004 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
320,000 | 2.665 | 07/25/22 | 310,341 | |||||||||||
200,000 | 3.850 | 03/01/26 | 198,738 | |||||||||||
330,000 | 3.677 | 02/22/27 | 324,546 | |||||||||||
500,000 | 3.961 | 03/02/28 | 499,329 | |||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
200,000 | 2.839 | 09/13/26 | 185,135 | |||||||||||
National Australia Bank Ltd. (Australia) | ||||||||||||||
550,000 | 2.500 | 07/12/26 | 500,496 | |||||||||||
National Australia Bank Ltd., GMTN (Australia) | ||||||||||||||
550,000 | 2.500 | 05/22/22 | 530,494 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
450,000 | 2.150 | 03/06/20 | 444,531 | |||||||||||
100,000 | 2.500 | 01/19/21 | 98,694 | |||||||||||
Royal Bank of Canada, MTN (Canada) | ||||||||||||||
1,100,000 | 2.350 | 10/30/20 | 1,082,858 | |||||||||||
Royal Bank of Scotland Group PLC (United Kingdom) | ||||||||||||||
500,000 | 6.400 | 10/21/19 | 516,220 | |||||||||||
320,000 | 6.000 | 12/19/23 | 334,812 | |||||||||||
350,000 | 4.800 | 04/05/26 | 355,140 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||||
470,000 | 3.125 | 01/08/21 | 465,024 | |||||||||||
445,000 | 2.875 | 08/05/21 | 435,181 | |||||||||||
200,000 | 3.571 | 01/10/23 | 195,807 | |||||||||||
Sumitomo Mitsui Banking Corp. (Japan) | ||||||||||||||
290,000 | 2.450 | 01/16/20 | 287,236 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
460,000 | 2.934 | 03/09/21 | 455,218 | |||||||||||
400,000 | 3.784 | 03/09/26 | 396,281 | |||||||||||
50,000 | 2.632 | 07/14/26 | 45,653 | |||||||||||
610,000 | 3.010 | 10/19/26 | 570,551 | |||||||||||
150,000 | 3.364 | 07/12/27 | 143,611 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Toronto-Dominion Bank (The) (Canada) | ||||||||||||||
$ | 60,000 | 1.800 | % | 07/13/21 | $ | 57,797 | ||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
365,000 | 2.500 | 12/14/20 | 360,271 | |||||||||||
50,000 | 3.500 | 07/19/23 | 50,301 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
402,000 | 2.125 | 04/07/21 | 391,690 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
492,000 | 2.150 | 03/06/20 | 485,807 | |||||||||||
750,000 | 2.300 | 05/26/20 | 741,060 | |||||||||||
250,000 | 2.600 | 11/23/20 | 247,003 | |||||||||||
300,000 | 2.100 | 05/13/21 | 290,848 | |||||||||||
750,000 | 3.650 | 05/15/23 | 755,079 | |||||||||||
120,000 | 2.700 | 08/19/26 | 110,712 | |||||||||||
|
| |||||||||||||
26,763,635 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.1% | ||||||||||||||
ABB Finance USA, Inc. (Switzerland) | ||||||||||||||
80,000 | 2.875 | 05/08/22 | 78,744 | |||||||||||
110,000 | 4.375 | 05/08/42 | 114,709 | |||||||||||
|
| |||||||||||||
193,453 | ||||||||||||||
|
| |||||||||||||
Communications – 0.0% | ||||||||||||||
Telefonica Europe BV (Spain) | ||||||||||||||
40,000 | 8.250 | 09/15/30 | 52,182 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.9% | ||||||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
500,000 | 2.764 | (a) | 08/15/22 | 484,187 | ||||||||||
300,000 | 3.222 | (a) | 08/15/24 | 287,879 | ||||||||||
400,000 | 4.390 | (a) | 08/15/37 | 374,000 | ||||||||||
350,000 | 4.540 | (a) | 08/15/47 | 325,011 | ||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
172,000 | 6.375 | 05/15/38 | 220,862 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
175,000 | 2.400 | 05/17/22 | 170,706 | |||||||||||
300,000 | 3.000 | 11/20/25 | 290,729 | |||||||||||
220,000 | 4.400 | 05/06/44 | 237,705 | |||||||||||
|
| |||||||||||||
2,391,079 | ||||||||||||||
|
| |||||||||||||
Diversified Telecommunication – 0.3% | ||||||||||||||
Orange SA (France) | ||||||||||||||
500,000 | 1.625 | 11/03/19 | 492,441 | |||||||||||
30,000 | 9.000 | 03/01/31 | 42,256 | |||||||||||
50,000 | 5.375 | 01/13/42 | 54,425 | |||||||||||
140,000 | 5.500 | 02/06/44 | 155,684 | |||||||||||
|
| |||||||||||||
744,806 | ||||||||||||||
|
| |||||||||||||
Electric – 0.0% | ||||||||||||||
Emera US Finance LP (Canada) | ||||||||||||||
50,000 | 2.700 | 06/15/21 | 48,650 | |||||||||||
60,000 | 3.550 | 06/15/26 | 57,094 | |||||||||||
|
| |||||||||||||
105,744 | ||||||||||||||
|
| |||||||||||||
Energy – 2.2% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
2,240,000 | 3.561 | 11/01/21 | 2,263,922 | |||||||||||
20,000 | 2.500 | 11/06/22 | 19,418 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
BP Capital Markets PLC (United Kingdom) – (continued) | ||||||||||||||
20,000 | 3.535 | 11/04/24 | 20,018 | |||||||||||
50,000 | 3.119 | 05/04/26 | 48,254 | |||||||||||
60,000 | 3.017 | 01/16/27 | 57,248 | |||||||||||
200,000 | 3.279 | 09/19/27 | 193,608 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
130,000 | 1.375 | 09/12/19 | 128,234 | |||||||||||
500,000 | 2.125 | 05/11/20 | 494,212 | |||||||||||
425,000 | 1.750 | 09/12/21 | 409,961 | |||||||||||
280,000 | 3.250 | 05/11/25 | 276,541 | |||||||||||
60,000 | 2.875 | 05/10/26 | 57,394 | |||||||||||
310,000 | 6.375 | 12/15/38 | 401,468 | |||||||||||
350,000 | 5.500 | 03/25/40 | 414,726 | |||||||||||
100,000 | 4.550 | 08/12/43 | 106,196 | |||||||||||
240,000 | 4.375 | 05/11/45 | 246,740 | |||||||||||
160,000 | 4.000 | 05/10/46 | 156,356 | |||||||||||
Total Capital Canada Ltd. (France) | ||||||||||||||
125,000 | 2.750 | 07/15/23 | 121,888 | |||||||||||
Total Capital International SA (France) | ||||||||||||||
250,000 | 3.700 | 01/15/24 | 254,154 | |||||||||||
125,000 | 3.750 | 04/10/24 | 127,369 | |||||||||||
|
| |||||||||||||
5,797,707 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.3% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
500,000 | 5.000 | 10/01/21 | 517,625 | |||||||||||
150,000 | 3.650 | 07/21/27 | 139,594 | |||||||||||
|
| |||||||||||||
657,219 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.9% | ||||||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
210,000 | 2.650 | 02/01/21 | 207,539 | |||||||||||
1,900,000 | 2.625 | 01/17/23 | 1,837,559 | |||||||||||
640,000 | 3.300 | 02/01/23 | 635,022 | |||||||||||
1,097,000 | 3.650 | 02/01/26 | 1,075,459 | |||||||||||
370,000 | 4.700 | 02/01/36 | 376,793 | |||||||||||
440,000 | 4.625 | 02/01/44 | 434,098 | |||||||||||
535,000 | 4.900 | 02/01/46 | 546,720 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
1,000,000 | 6.875 | 11/15/19 | 1,045,097 | |||||||||||
170,000 | 3.500 | 01/12/24 | 169,654 | |||||||||||
150,000 | 4.000 | 04/13/28 | 149,780 | |||||||||||
100,000 | 4.375 | 04/15/38 | 97,793 | |||||||||||
210,000 | 8.200 | 01/15/39 | 301,897 | |||||||||||
212,000 | 3.750 | 07/15/42 | 188,425 | |||||||||||
250,000 | 4.600 | 04/15/48 | 247,359 | |||||||||||
140,000 | 4.439 | 10/06/48 | 135,548 | |||||||||||
110,000 | 4.750 | 04/15/58 | 108,335 | |||||||||||
Diageo Investment Corp. (United Kingdom) | ||||||||||||||
50,000 | 2.875 | 05/11/22 | 49,367 | |||||||||||
|
| |||||||||||||
7,606,445 | ||||||||||||||
|
| |||||||||||||
Internet Software & Services – 0.7% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
1,470,000 | 3.125 | 11/28/21 | 1,456,671 | |||||||||||
236,000 | 4.200 | 12/06/47 | 221,842 | |||||||||||
|
| |||||||||||||
1,678,513 | ||||||||||||||
|
|
40 | 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) | ||||||||||||||
Metals & Mining – 0.8% | ||||||||||||||
Barrick Gold Corp. (Canada) | ||||||||||||||
$ | 80,000 | 5.250 | % | 04/01/42 | $ | 82,933 | ||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
120,000 | 5.750 | 05/01/43 | 132,598 | |||||||||||
Barrick PD Australia Finance Pty Ltd. (Canada) | ||||||||||||||
280,000 | 5.950 | 10/15/39 | 309,677 | |||||||||||
BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||||
590,000 | 5.000 | 09/30/43 | 662,363 | |||||||||||
Rio Tinto Finance USA PLC (Australia) | ||||||||||||||
80,000 | 4.125 | 08/21/42 | 78,714 | |||||||||||
Southern Copper Corp. (Peru) | ||||||||||||||
100,000 | 7.500 | 07/27/35 | 123,843 | |||||||||||
350,000 | 6.750 | 04/16/40 | 415,641 | |||||||||||
60,000 | 5.250 | 11/08/42 | 60,458 | |||||||||||
140,000 | 5.875 | 04/23/45 | 152,664 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
80,000 | 8.250 | 01/17/34 | 102,200 | |||||||||||
|
| |||||||||||||
2,121,091 | ||||||||||||||
|
| |||||||||||||
Mining – 0.4% | ||||||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
120,000 | 5.700 | 05/30/41 | 130,917 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
16,000 | 4.375 | 01/11/22 | 16,120 | |||||||||||
480,000 | 6.250 | 08/10/26 | 528,600 | |||||||||||
320,000 | 6.875 | 11/21/36 | 369,200 | |||||||||||
|
| |||||||||||||
1,044,837 | ||||||||||||||
|
| |||||||||||||
Oil & Gas – 0.1% | ||||||||||||||
CNOOC Finance 2013 Ltd. (China) | ||||||||||||||
200,000 | 3.000 | 05/09/23 | 194,250 | |||||||||||
|
| |||||||||||||
Oil Company-Exploration & Production – 0.1% | ||||||||||||||
Nexen Energy ULC (China) | ||||||||||||||
250,000 | 6.400 | 05/15/37 | 307,301 | |||||||||||
|
| |||||||||||||
Oil, Gas & Consumable Fuels – 1.4% | ||||||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
210,000 | 3.850 | 06/01/27 | 205,591 | |||||||||||
100,000 | 6.250 | 03/15/38 | 117,770 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||||
150,000 | 4.950 | 06/01/47 | 156,996 | |||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
320,000 | 5.875 | 09/18/23 | 341,200 | |||||||||||
505,000 | 5.375 | 06/26/26 | 521,728 | |||||||||||
20,000 | 7.375 | 09/18/43 | 22,600 | |||||||||||
20,000 | 5.875 | 05/28/45 | 19,875 | |||||||||||
Equinor ASA (Norway) | ||||||||||||||
570,000 | 2.250 | 11/08/19 | 566,487 | |||||||||||
430,000 | 3.150 | 01/23/22 | 429,765 | |||||||||||
100,000 | 3.950 | 05/15/43 | 96,046 | |||||||||||
160,000 | 4.800 | 11/08/43 | 173,809 | |||||||||||
TransCanada PipeLines Ltd. (Canada) | ||||||||||||||
490,000 | 4.250 | 05/15/28 | 495,289 | |||||||||||
50,000 | 4.625 | 03/01/34 | 50,839 | |||||||||||
250,000 | 6.200 | 10/15/37 | 294,463 | |||||||||||
160,000 | 6.100 | 06/01/40 | 186,824 | |||||||||||
|
| |||||||||||||
3,679,282 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Pharmaceuticals – 0.7% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
185,000 | 3.375 | 11/16/25 | 180,104 | |||||||||||
90,000 | 3.125 | 06/12/27 | 84,806 | |||||||||||
300,000 | 6.450 | 09/15/37 | 375,862 | |||||||||||
80,000 | 4.375 | 11/16/45 | 79,635 | |||||||||||
490,000 | 4.375 | 08/17/48 | 485,713 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) | ||||||||||||||
68,000 | 2.850 | 05/08/22 | 67,199 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
608,000 | 2.800 | 03/18/23 | 595,375 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
50,000 | 3.100 | 05/17/27 | 48,323 | |||||||||||
|
| |||||||||||||
1,917,017 | ||||||||||||||
|
| |||||||||||||
Tobacco – 0.1% | ||||||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
70,000 | 4.450 | 06/12/25 | 71,108 | |||||||||||
110,000 | 5.700 | 08/15/35 | 119,337 | |||||||||||
|
| |||||||||||||
190,445 | ||||||||||||||
|
| |||||||||||||
Wireless Telecommunication Services – 0.6% | ||||||||||||||
Rogers Communications, Inc. (Canada) | ||||||||||||||
50,000 | 5.000 | 03/15/44 | 52,494 | |||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
350,000 | 2.950 | 02/19/23 | 339,844 | |||||||||||
790,000 | 4.375 | 05/30/28 | 785,432 | |||||||||||
60,000 | 4.375 | 02/19/43 | 54,615 | |||||||||||
350,000 | 5.250 | 05/30/48 | 354,421 | |||||||||||
|
| |||||||||||||
1,586,806 | ||||||||||||||
|
| |||||||||||||
Wirelines – 1.0% | ||||||||||||||
British Telecommunications PLC (United Kingdom) | ||||||||||||||
310,000 | 9.625 | 12/15/30 | 442,536 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
318,000 | 8.750 | 06/15/30 | 430,725 | |||||||||||
Telefonica Emisiones SAU (Spain) | ||||||||||||||
814,000 | 5.134 | 04/27/20 | 839,017 | |||||||||||
485,000 | 7.045 | 06/20/36 | 589,228 | |||||||||||
230,000 | 5.213 | 03/08/47 | 227,954 | |||||||||||
|
| |||||||||||||
2,529,460 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $60,310,444) | 59,561,272 | |||||||||||||
|
|
Principal Amount | Interest Rate | Value | ||||||||
Investment Company – 0.6%(b) | ||||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||||
$ | 1,618,035 | 1.879 | % | $ | 1,618,035 | |||||
(Cost $1,618,035) | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS – 98.9% | ||||||||||
(Cost $259,037,628) | $ | 255,814,463 | ||||||||
|
| |||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 1.1% | | 2,647,741 | |||||||
|
| |||||||||
NET ASSETS – 100.0% | $ | 258,462,204 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2018
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 $5,533,534, which represents approximately 2.1% of net assets as of August 31, 2018. | |
(b) | 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 | |
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
August 31, 2018
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – 59.3% | ||||||||||||||
U.S. Treasury Bills | ||||||||||||||
$ | 1,299,000 | 1.983 | % | 10/25/18 | $ | 1,295,340 | ||||||||
121,536,000 | 1.984 | 10/25/18 | 121,193,585 | |||||||||||
433,000 | 1.986 | 10/25/18 | 431,780 | |||||||||||
433,000 | 1.995 | 10/25/18 | 431,780 | |||||||||||
866,000 | 1.997 | 10/25/18 | 863,560 | |||||||||||
433,000 | 1.999 | 10/25/18 | 431,780 | |||||||||||
5,700,000 | 2.000 | 10/25/18 | 5,683,941 | |||||||||||
433,000 | 2.003 | 10/25/18 | 431,780 | |||||||||||
866,000 | 2.006 | 10/25/18 | 863,560 | |||||||||||
433,000 | 2.009 | 10/25/18 | 431,780 | |||||||||||
111,900,000 | 2.010 | 10/25/18 | 111,584,734 | |||||||||||
4,672,000 | 2.014 | 10/25/18 | 4,658,837 | |||||||||||
12,557,000 | 2.020 | 10/25/18 | 12,521,622 | |||||||||||
1,128,000 | 2.038 | 11/23/18 | 1,122,855 | |||||||||||
2,632,000 | 2.040 | 11/23/18 | 2,619,995 | |||||||||||
88,850,000 | 2.043 | 11/23/18 | 88,444,746 | |||||||||||
752,000 | 2.044 | 11/23/18 | 748,570 | |||||||||||
376,000 | 2.046 | 11/23/18 | 374,285 | |||||||||||
1,880,000 | 2.051 | 11/23/18 | 1,871,425 | |||||||||||
752,000 | 2.052 | 11/23/18 | 748,570 | |||||||||||
752,000 | 2.057 | 11/23/18 | 748,570 | |||||||||||
11,280,000 | 2.058 | 11/23/18 | 11,228,551 | |||||||||||
1,504,000 | 2.061 | 11/23/18 | 1,497,140 | |||||||||||
752,000 | 2.064 | 11/23/18 | 748,570 | |||||||||||
376,000 | 2.065 | 11/23/18 | 374,285 | |||||||||||
1,128,000 | 2.066 | 11/23/18 | 1,122,855 | |||||||||||
3,008,000 | 2.070 | 11/23/18 | 2,994,280 | |||||||||||
70,052,000 | 2.073 | 11/23/18 | 69,732,485 | |||||||||||
1,128,000 | 2.079 | 11/23/18 | 1,122,855 | |||||||||||
3,542,000 | 2.081 | 11/23/18 | 3,525,845 | |||||||||||
376,000 | 2.082 | 11/23/18 | 374,285 | |||||||||||
376,000 | 2.086 | 11/23/18 | 374,285 | |||||||||||
376,000 | 2.088 | 11/23/18 | 374,285 | |||||||||||
376,000 | 2.107 | 11/23/18 | 374,285 | |||||||||||
2,632,000 | 2.123 | 11/23/18 | 2,619,995 | |||||||||||
209,000 | 2.064 | 12/06/18 | 207,879 | |||||||||||
209,000 | 2.068 | 12/06/18 | 207,879 | |||||||||||
3,135,000 | 2.070 | 12/06/18 | 3,118,186 | |||||||||||
418,000 | 2.071 | 12/06/18 | 415,758 | |||||||||||
627,000 | 2.072 | 12/06/18 | 623,637 | |||||||||||
1,045,000 | 2.074 | 12/06/18 | 1,039,395 | |||||||||||
627,000 | 2.075 | 12/06/18 | 623,637 | |||||||||||
418,000 | 2.076 | 12/06/18 | 415,758 | |||||||||||
836,000 | 2.078 | 12/06/18 | 831,516 | |||||||||||
418,000 | 2.079 | 12/06/18 | 415,758 | |||||||||||
1,254,000 | 2.082 | 12/06/18 | 1,247,274 | |||||||||||
6,688,000 | 2.084 | 12/06/18 | 6,652,130 | |||||||||||
209,000 | 2.090 | 12/06/18 | 207,879 | |||||||||||
627,000 | 2.091 | 12/06/18 | 623,637 | |||||||||||
1,672,000 | 2.095 | 12/06/18 | 1,663,033 | |||||||||||
61,700,000 | 2.105 | 12/06/18 | 61,369,079 | |||||||||||
209,000 | 2.108 | 12/06/18 | 207,879 | |||||||||||
2,398,000 | 2.110 | 12/06/18 | 2,385,139 | |||||||||||
209,000 | 2.113 | 12/06/18 | 207,879 | |||||||||||
1,463,000 | 2.122 | 12/06/18 | 1,455,154 | |||||||||||
46,928,000 | 2.131 | 12/06/18 | 46,676,307 | |||||||||||
305,000 | 2.088 | 12/27/18 | 302,962 | |||||||||||
72,560,000 | 2.091 | 12/27/18 | 72,075,179 | |||||||||||
1,220,000 | 2.096 | 12/27/18 | 1,211,848 | |||||||||||
3,355,000 | 2.101 | 12/27/18 | 3,332,583 | |||||||||||
915,000 | 2.102 | 12/27/18 | 908,886 | |||||||||||
1,220,000 | 2.105 | 12/27/18 | 1,211,848 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
610,000 | 2.118 | 12/27/18 | 605,924 | |||||||||||
2,440,000 | 2.120 | 12/27/18 | 2,423,697 | |||||||||||
610,000 | 2.123 | 12/27/18 | 605,924 | |||||||||||
2,440,000 | 2.124 | 12/27/18 | 2,423,697 | |||||||||||
305,000 | 2.130 | 12/27/18 | 302,962 | |||||||||||
305,000 | 2.136 | 12/27/18 | 302,962 | |||||||||||
915,000 | 2.137 | 12/27/18 | 908,886 | |||||||||||
305,000 | 2.139 | 12/27/18 | 302,962 | |||||||||||
915,000 | 2.142 | 12/27/18 | 908,886 | |||||||||||
1,823,000 | 2.144 | 12/27/18 | 1,810,819 | |||||||||||
305,000 | 2.145 | 12/27/18 | 302,962 | |||||||||||
305,000 | 2.147 | 12/27/18 | 302,962 | |||||||||||
8,845,000 | 2.149 | 12/27/18 | 8,785,901 | |||||||||||
305,000 | 2.152 | 12/27/18 | 302,962 | |||||||||||
72,920,000 | 2.180 | 01/24/19 | 72,295,126 | |||||||||||
260,000 | 2.185 | 01/24/19 | 257,772 | |||||||||||
564,000 | 2.186 | 01/24/19 | 559,167 | |||||||||||
564,000 | 2.189 | 01/24/19 | 559,167 | |||||||||||
97,074,000 | 2.191 | 01/24/19 | 96,242,143 | |||||||||||
7,540,000 | 2.192 | 01/24/19 | 7,475,388 | |||||||||||
1,130,000 | 2.194 | 01/24/19 | 1,120,317 | |||||||||||
260,000 | 2.198 | 01/24/19 | 257,772 | |||||||||||
564,000 | 2.199 | 01/24/19 | 559,167 | |||||||||||
260,000 | 2.201 | 01/24/19 | 257,772 | |||||||||||
76,288,000 | 2.212 | 01/24/19 | 75,634,265 | |||||||||||
4,795,000 | 2.215 | 01/24/19 | 4,753,910 | |||||||||||
564,000 | 2.217 | 01/24/19 | 559,167 | |||||||||||
30,000,000 | 2.412 | 07/18/19 | 29,382,511 | |||||||||||
559,000 | 2.420 | 07/18/19 | 547,494 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $974,259,997) | $ | 974,357,839 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 40.6% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 184,727,100 | 0.875 | % | 10/15/18 | $ | 184,493,417 | ||||||||
68,485,000 | 1.250 | 11/15/18 | 68,375,856 | |||||||||||
73,439,500 | 0.750 | 02/15/19 | 72,954,685 | |||||||||||
85,933,000 | 1.000 | 03/15/19 | 85,370,743 | |||||||||||
105,346,000 | 1.250 | 04/30/19 | 104,601,171 | |||||||||||
66,643,000 | 0.875 | 05/15/19 | 65,962,252 | |||||||||||
85,132,000 | 1.000 | 06/30/19 | 84,174,265 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $665,956,384) | $ | 665,932,389 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.9% | ||||||||||||||
(Cost $1,640,216,381) | $ | 1,640,290,228 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | | 2,336,890 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 1,642,627,118 | ||||||||||||
|
|
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. |
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACCESS ETFS
Statements of Assets and Liabilities
August 31, 2018
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||||
Assets: | ||||||||||||||
Investments at value (cost $44,365,804, $257,419,593 and $1,640,216,381 respectively) | $ | 44,397,005 | $ | 254,196,428 | $ | 1,640,290,228 | ||||||||
Investments in Affiliated Underlying Funds, at value (cost $885,984,$1,618,035 and $— respectively) | 885,984 | 1,618,035 | — | |||||||||||
Cash | 178,866 | 50,001 | 447,364 | |||||||||||
Receivables: | ||||||||||||||
Investments sold | 4,966,845 | 19,340,837 | — | |||||||||||
Fund shares sold | 4,887,960 | 19,336,271 | — | |||||||||||
Interest | 868,888 | 2,699,987 | 2,052,019 | |||||||||||
Reimbursement from advisor | 66 | 177 | 27,100 | |||||||||||
Total assets | 56,185,614 | 297,241,736 | 1,642,816,711 | |||||||||||
Liabilities: | ||||||||||||||
Payables: | ||||||||||||||
Fund shares redeemed | 4,894,293 | 19,346,460 | — | |||||||||||
Investments purchased | 4,865,141 | 19,402,462 | — | |||||||||||
Management fees | 13,309 | 30,610 | 189,593 | |||||||||||
Total liabilities | 9,772,743 | 38,779,532 | 189,593 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital | 46,705,392 | 261,517,143 | 1,640,192,826 | |||||||||||
Undistributed net investment income | 309,834 | 770,376 | 2,610,844 | |||||||||||
Accumulated net realized loss | (633,556 | ) | (602,150 | ) | (250,399 | ) | ||||||||
Net unrealized gain (loss) | 31,201 | (3,223,165 | ) | 73,847 | ||||||||||
NET ASSETS | $ | 46,412,871 | $ | 258,462,204 | $ | 1,642,627,118 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 950,000 | 5,350,000 | 16,400,000 | |||||||||||
Net asset value per share: | $ | 48.86 | $ | 48.31 | $ | 100.16 |
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ETFS
Statements of Operations
For the Period Ended August 31, 2018
Access High Yield Corporate Bond ETF(a) | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||||
Investment income: | ||||||||||||||
Interest | $ | 2,323,056 | $ | 6,135,226 | $ | 16,578,133 | ||||||||
Dividends from Affiliated Underlying Funds | 3,570 | 9,853 | — | |||||||||||
Total investment income | 2,326,626 | 6,145,079 | 16,578,133 | |||||||||||
Expenses: | ||||||||||||||
Management fees | 141,251 | 244,274 | 1,408,414 | |||||||||||
Trustee fees | 8,731 | 15,483 | 44,530 | |||||||||||
Total expenses | 149,982 | 259,757 | 1,452,944 | |||||||||||
Less — expense reductions | (431 | ) | (1,102 | ) | (207,563 | ) | ||||||||
Net expenses | 149,551 | 258,655 | 1,245,381 | |||||||||||
NET INVESTMENT INCOME | 2,177,075 | 5,886,424 | 15,332,752 | |||||||||||
Realized and unrealized gain (loss): | ||||||||||||||
Net realized loss from: | ||||||||||||||
Investments unaffiliated | (635,167 | ) | (548,711 | ) | (223,408 | ) | ||||||||
In-kind redemptions | (515,911 | ) | (2,003,015 | ) | (41,738 | ) | ||||||||
Net change in unrealized gain (loss): | ||||||||||||||
Investments unaffiliated | 31,201 | (3,834,618 | ) | (23,608 | ) | |||||||||
Net realized and unrealized loss | (1,119,877 | ) | (6,386,344 | ) | (288,754 | ) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 1,057,198 | (499,920 | ) | 15,043,998 |
(a) | For the period September 5, 2017 (commencement of operations) through August 31, 2018. |
The accompanying notes are an integral part of these financial statements. | 45 |
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 August 31, 2018 | For the Fiscal Year Ended | For the Period August 31, 2017 | ||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income | $ | 2,177,075 | $ | 5,886,424 | $ | 500,580 | ||||||||||||
Net realized gain (loss) | (1,151,078 | ) | (2,551,726 | ) | 45,766 | |||||||||||||
Net change in unrealized gain (loss) | 31,201 | (3,834,618 | ) | 611,453 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,057,198 | (499,920 | ) | 1,157,799 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From net investment income | (1,965,439 | ) | (5,390,095 | ) | (234,861 | ) | ||||||||||||
Total distributions to shareholders | (1,965,439 | ) | (5,390,095 | ) | (234,861 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares | 141,101,712 | 233,218,124 | 200,212,160 | |||||||||||||||
Cost of shares redeemed | (93,780,600 | ) | (149,862,662 | ) | (20,138,341 | ) | ||||||||||||
Net increase in net assets resulting from share transactions | 47,321,112 | 83,355,462 | 180,073,819 | |||||||||||||||
TOTAL INCREASE | 46,412,871 | 77,465,447 | 180,996,757 | |||||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period | $ | — | $ | 180,996,757 | $ | — | ||||||||||||
End of period | $ | 46,412,871 | $ | 258,462,204 | $ | 180,996,757 | ||||||||||||
Undistributed net investment income | $ | 309,834 | $ | 770,376 | $ | 265,719 |
(1) | Commencement of operations. |
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ETFS
Statements of Changes in Net Assets (continued)
Access Treasury 0-1 Year ETF | ||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period August 31, 2017 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 15,332,752 | $ | 1,215,013 | ||||||
Net realized gain (loss) | (265,146 | ) | 12,507 | |||||||
Net change in unrealized gain (loss) | (23,608 | ) | 97,455 | |||||||
Net increase in net assets resulting from operations | 15,043,998 | 1,324,975 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income | (13,376,311 | ) | (588,728 | ) | ||||||
Total distributions to shareholders | (13,376,311 | ) | (588,728 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 1,080,258,244 | 870,148,982 | ||||||||
Cost of shares redeemed | (255,128,079 | ) | (55,055,963 | ) | ||||||
Net increase in net assets resulting from share transactions | 825,130,165 | 815,093,019 | ||||||||
TOTAL INCREASE | 826,797,852 | 815,829,266 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 815,829,266 | $ | — | ||||||
End of period | $ | 1,642,627,118 | $ | 815,829,266 | ||||||
Undistributed net investment income | $ | 2,610,844 | $ | 630,411 |
(1) | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS ETFS
Selected Data for a Share Outstanding Throughout the Period
Access High Yield Corporate Bond ETF | ||||||
For the Period August 31, 2018 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 49.92 | ||||
Net investment income(a) | 2.41 | |||||
Net realized and unrealized loss | (1.21 | ) | ||||
Total gain from investment operations | 1.20 | |||||
Distributions to shareholders from net investment income | (2.26 | ) | ||||
Net asset value, end of period | $ | 48.86 | ||||
Market price, end of period | $ | 48.82 | ||||
Total Return at Net Asset Value(b) | 2.58 | % | ||||
Net assets, end of period (in 000’s) | $ | 46,413 | ||||
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 | 4.93 | %(c) | ||||
Portfolio turnover rate(d) | 69 | % |
* | 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. |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout the Period
Access Investment Grade Corporate Bond ETF | ||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period August 31, 2017 | |||||||||
Per Share Operating Performance: | ||||||||||
Net asset value, beginning of period | $ | 50.28 | $ | 49.90 | ||||||
Net investment income(a) | 1.55 | 0.32 | ||||||||
Net realized and unrealized gain (loss) | (2.09 | ) | 0.27 | |||||||
Total gain (loss) from investment operations | (0.54 | ) | 0.59 | |||||||
Distributions to shareholders from net investment income | (1.43 | ) | (0.21 | ) | ||||||
Net asset value, end of period | $ | 48.31 | $ | 50.28 | ||||||
Market price, end of period | $ | 48.28 | $ | 50.24 | ||||||
Total Return at Net Asset Value(b) | (1.04 | )% | 1.19 | % | ||||||
Net assets, end of period (in 000’s) | $ | 258,462 | $ | 180,997 | ||||||
Ratio of net expenses to average net assets | 0.14 | % | 0.13 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.14 | % | 0.14 | %(c) | ||||||
Ratio of net investment income to average net assets | 3.18 | % | 2.65 | %(c) | ||||||
Portfolio turnover rate(d) | 22 | % | 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. | 49 |
GOLDMAN SACHS ACCESS ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
Access Treasury 0-1 Year ETF | ||||||||||
For the Fiscal Year Ended | 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) | 1.48 | 0.82 | ||||||||
Net realized and unrealized loss | (0.13 | ) | (0.29 | ) | ||||||
Total gain from investment operations | 1.35 | 0.53 | ||||||||
Distributions to shareholders from net investment income | (1.29 | ) | (0.43 | ) | ||||||
Net asset value, end of period | $ | 100.16 | $ | 100.10 | ||||||
Market price, end of period | $ | 100.18 | $ | 100.10 | ||||||
Total Return at Net Asset Value(b) | 1.37 | % | 0.53 | % | ||||||
Net assets, end of period (in 000’s) | $ | 1,642,627 | $ | 815,829 | ||||||
Ratio of net expenses to average net assets | 0.12 | % | 0.13 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.14 | % | 0.14 | %(c) | ||||||
Ratio of net investment income to average net assets | 1.48 | % | 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ETF TRUST
August 31, 2018
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs Access High Yield Corporate Bond ETF (“Access High Yield Corporate Bond ETF”) | Diversified | |||
Goldman Sachs Access Investment Grade Corporate Bond ETF (“Access Investment Grade Corporate Bond ETF”) | Diversified | |||
Goldman Sachs Access Treasury 0-1 Year ETF (formerly Goldman Sachs TreasuryAccess 0-1 Year ETF) (“Access Treasury 0-1 Year 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 issued and redeemed principally in-kind for a basket of securities and a cash amount, with respect to the Funds. 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, if any. 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.
51
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 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
52
GOLDMAN SACHS ETF TRUST
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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.
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 the 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 August 31, 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 August 31, 2018:
ACCESS HIGH YIELD CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 41,651,071 | $ | — | ||||||
Foreign Corporate Debt | — | 2,745,934 | — | |||||||||
Investment Company | 885,984 | — | — | |||||||||
Total | $ | 885,984 | $ | 44,397,005 | $ | — | ||||||
ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 194,635,156 | $ | — | ||||||
Foreign Corporate Debt | — | 59,561,272 | — | |||||||||
Investment Company | 1,618,035 | — | — | |||||||||
Total | $ | 1,618,035 | $ | 254,196,428 | $ | — |
53
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS TREASURY 0-1 YEAR ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
U.S. Treasury Bills | $ | 974,357,839 | $ | — | $ | — | ||||||
U.S. Treasury Notes | 665,932,389 | — | — | |||||||||
Total | $ | 1,640,290,228 | $ | — | $ | — |
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, 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 fiscal year ended August 31, 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 | % | ||||||
Access Treasury 0-1 Year ETF | 0.14 | % | 0.12 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
The Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF 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 the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2018, GSAM waived $431 and $1,102 of the Funds’ management fee for the Access High Yield Corporate Bond ETF and Access Investment Grade Corporate Bond ETF respectively.
GSAM 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 Access Treasury 0-1 Year ETF. 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 fiscal year ended August 31, 2018, GSAM waived $207,563 of the Access Treasury 0-1 Year ETF Fund’s management fee.
54
GOLDMAN SACHS ETF TRUST
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
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’ investments in the Goldman Sachs Financial Square Government Fund for the period ended August 31, 2018:
Fund | Beginning value as of August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2018 | Shares as of August 31, 2018 | Interest Income | ||||||||||||||||||
Access High Yield Corporate Bond ETF* | $ | — | $ | 7,495,131 | $ | (6,609,147 | ) | $ | 885,984 | 885,984 | $ | 3,570 | ||||||||||||
Access Investment Grade Corporate Bond ETF | $ | 183,870 | $ | 15,542,530 | $ | (14,108,365 | ) | $ | 1,618,035 | 1,618,035 | $ | 9,853 |
* | The Fund commenced operations on September 5, 2017. |
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 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 | ||||||||||||||||
|
| |||||||||||||||
For the Period September 5, 2017* through August 31, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,850,000 | $ | 141,032,291 | — | $ | — | ||||||||||
Shares Redeemed | (1,900,000 | ) | (93,593,996 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 950,000 | $ | 47,438,295 | — | $ | — |
* | Commencement of operations. |
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period June 6, 2017* through August 31, 2017 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Shares Sold | 4,800,000 | $ | 233,147,838 | 4,000,001 | $ | 200,195,265 | ||||||||||
Shares Redeemed | (3,050,000 | ) | (149,799,365 | ) | (400,001 | ) | (20,110,802 | ) | ||||||||
NET INCREASE IN SHARES | 1,750,000 | $ | 83,348,473 | 3,600,000 | $ | 180,084,463 |
* | Commencement of operations. |
Access Treasury 0-1 Year ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period September 6, 2016* through August 31, 2017 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Shares Sold | 10,800,000 | $ | 1,080,258,244 | 8,700,000 | $ | 870,148,982 | ||||||||||
Shares Redeemed | (2,550,000 | ) | (255,127,736 | ) | (550,000 | ) | (55,055,963 | ) | ||||||||
NET INCREASE IN SHARES | 8,250,000 | $ | 825,130,508 | 8,150,000 | $ | 815,093,019 |
* | Commencement of operations. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long term securities for the fiscal year ended August 31, 2018, were as follows (with the exception of the Access Treasury 0-1 Year ETF, which only owns short term securities):
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | 151,482,855 | $ | 30,828,915 | ||||||
Access Investment Grade Corporate Bond ETF | 265,029,112 | 41,357,183 | ||||||||
Access Treasury 0-1 Year ETF | 4,134,986,141 | 4,115,297,410 |
The proceeds from in-kind creation and redemption transactions for the fiscal year ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | — | $ | 74,803,818 | ||||||
Access Investment Grade Corporate Bond ETF | $ | — | $ | 140,989,665 | ||||||
Access Treasury 0-1 Year ETF | $ | 1,047,273,420 | $ | 250,738,039 |
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GOLDMAN SACHS ETF TRUST
7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2018 was as follows:
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | 1,965,439 | $ | 5,390,095 | $ | 13,376,311 | ||||||
Total taxable distributions | $ | 1,965,439 | $ | 5,390,095 | $ | 13,376,311 |
Year Ended August 31, 2017 | ||||||||||||
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | — | $ | 234,861 | $ | 588,728 | ||||||
Total taxable distributions | $ | — | $ | 234,861 | $ | 588,728 |
As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||
Undistributed ordinary income — net | $ | 338,905 | $ | 776,461 | $ | 2,610,844 | ||||||
Undistributed long-term capital gains | — | — | — | |||||||||
Total undistributed earnings | 338,905 | 776,461 | 2,610,844 | |||||||||
Capital loss carryforwards: | ||||||||||||
Perpetual Short-Term | (10,793 | ) | (52,394 | ) | — | |||||||
Timing differences (Post-October Capital Loss Deferral) | (566,160 | ) | (540,079 | ) | (250,399 | ) | ||||||
Unrealized gains (losses) — net | (54,473 | ) | (3,238,927 | ) | 73,847 | |||||||
Total accumulated earnings (losses) net | $ | (292,521 | ) | $ | (3,054,939 | ) | $ | 2,434,292 |
As of August 31, 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 | Access Treasury 0-1 Year ETF | ||||||||||
Tax Cost | $ | 45,337,462 | $ | 259,053,390 | $ | 1,640,216,381 | ||||||
Gross unrealized gain | 217,285 | 585,780 | 150,375 | |||||||||
Gross unrealized loss | (271,758 | ) | (3,824,707 | ) | (76,528 | ) | ||||||
Net unrealized gains (losses) on securities | $ | (54,473 | ) | $ | (3,238,927 | ) | $ | 73,847 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is due to wash sales and premium amortization on debt securities.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
7. TAX INFORMATION (continued) |
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the NAV of the Funds’ and result primarily from dividend redesignations, redemptions in-kind, and differences in the tax treatment of market discount and premium amortization.
Fund | Paid-in Capital | Accumulated Net Realized Gain (Loss) | Undistributed Net Investment Income (Loss) | |||||||||||
Access High Yield Corporate Bond ETF | $ | (615,720 | ) | $ | 517,522 | $ | 98,198 | |||||||
Access Investment Grade Corporate Bond ETF | $ | (1,960,024 | ) | $ | 1,951,696 | $ | 8,328 | |||||||
Access Treasury 0-1 Year ETF | $ | (41,932 | ) | $ | 17,940 | $ | 23,992 |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current year, and prior three tax years, as applicable) 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’ 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.
Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a 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 changing rates may have unpredictable effects on the markets and a Fund’s 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 its 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 may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data.
The FTSE Goldman Sachs High Yield Corporate Bond 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
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GOLDMAN SACHS ETF TRUST
8. OTHER RISKS (continued) |
applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent 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.
Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries.
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.
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.
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GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
10. OTHER MATTERS |
In March 2017, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2017-08 – Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities held at a premium, by requiring amortization to the earliest call date. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. GSAM is currently evaluating the impact, if any, of the amendments.
11. SUBSEQUENT EVENTS |
In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Funds’ fiscal years beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.
Other than noted above, 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.
60
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, and Goldman Sachs Access Treasury 0-1 Year ETF:
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Goldman Sachs Access High Yield Corporate Bond ETF | For the period September 5, 2017 (commencement of operations) through August 31, 2018 | |||||
Goldman Sachs Access Investment Grade Corporate Bond ETF | For the year ended August 31, 2018 | For the year ended August 31, 2018 and for the period June 6, 2017 (commencement of operations) through August 31, 2017 | ||||
Goldman Sachs Access Treasury 0-1 Year ETF | For the year ended August 31, 2018 | For the year ended August 31, 2018 and for the period September 6, 2016 (commencement of operations) through August 31, 2017 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2018
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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GOLDMAN SACHS ETF TRUST
Fund Expenses — For the Six Months Ended 8/31/2018 (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 March 1, 2018 and held for the entire six months ended August 31, 2018, which represents a period of 184 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.
Access High Yield Corporate Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,022.20 | $ | 1.73 | $ | 1,000 | $ | 1,005.70 | $ | 0.71 | $ | 1,000 | $ | 1,009.60 | $ | 0.61 | ||||||||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,023.49 | + | $ | 1.73 | $ | 1,000 | $ | 1,024.50 | + | $ | 0.71 | $ | 1,000 | $ | 1,024.60 | + | $ | 0.61 |
+ | 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. |
* | 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 six months ended August 31, 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 | % | ||
Access Treasury 0-1 Year ETF | 0.12 | % |
62
GOLDMAN SACHS ETF TRUST
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited)
Background
The Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until March 31, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on March 13-14, 2018 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
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GOLDMAN SACHS ETF TRUST
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is 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 provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing portfolios that invest in short term U.S. Treasury securities. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period ended December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its index.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that a license fee would be payable by the Investment Adviser to Citigroup Index LLC for use of its index. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fees and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”)
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Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Access Treasury 0-1 Year ETF (formerly, Goldman Sachs TreasuryAccess 0-1 Year ETF) (Unaudited) (continued)
organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or 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 more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives 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, 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 in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until March 31, 2019.
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GOLDMAN SACHS ETF TRUST
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 64 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 59 | Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) | |||||
Linda A. Lang Age: 60 | Trustee | Since 2016 | Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | WD-40 Company (a global consumer products company) | |||||
Michael Latham Age: 52 | Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | None | |||||
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Trustees and Officers (Unaudited) (continued) Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 152 | None | |||||
* | This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018. |
2 | Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
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GOLDMAN SACHS ETF TRUST
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46 | Treasurer, Senior Vice President and Principal Financial Officer | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).
Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50 | Assistant Treasurer and Principal Accounting Officer | Since 2017 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2018. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Access Fixed Income ETFs — Tax Information (Unaudited)
During the fiscal year ended August 31, 2018, 100% of the net investment company taxable income distributions paid by Access High Yield Corporate Bond ETF, Access Investment Grade Corporate Bond ETF, and Access Treasury 0-1 Year ETF were designated as either interest-related dividends or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
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GOLDMAN SACHS ETF TRUST
Goldman Sachs Access Treasury 0-1 Year ETF — Other Information (Unaudited)
Effective from November 1, 2016 and solely for the purpose of marketing the Fund in the United Kingdom (“UK”), Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) identified itself as the alternative investment fund manager (“AIFM”) of the Fund. As AIFM, the Investment Adviser is responsible for complying with the UK marketing rules implementing the Alternative Investment Fund Managers Directive (Directive 2011/61/EU) (the “Directive”).
In accordance with these rules, the AIFM is required to make available an Annual Report for the financial year of the Fund, containing certain disclosures as set out in Article 22 and 23 of the Directive. The disclosures set out below are included to satisfy these requirements as they have not been disclosed elsewhere in this Annual Report.
I. Remuneration
The following disclosures are made in accordance with Article 107 of the EU Commission Delegated Regulation C (2012) 8370 in respect of the AIFM, which is part of The Goldman Sachs Group, Inc. (“GS Group”). GS Group’s global remuneration philosophy, structure and process for setting remuneration generally applies to employees of the AIFM in the same manner as other employees globally. References to the “firm” and “we” throughout this disclosure include GS Group and the AIFM and any subsidiaries and affiliates.
a. Remuneration Program Philosophy
The remuneration philosophy and the objectives of the remuneration program for the firm, including the AIFM, are reflected in GS Group’s Compensation principles as posted on the Goldman Sachs public website (http://www.goldmansachs.com/investor relations/corporate governance/corporate governance-documents/compensation-principles.pdf) which includes the following:
1. | We pay for performance – this is an absolute requirement under our compensation program and inherent in our culture. |
2. | We structure compensation, especially at senior levels, to align with GS Group’s shareholders’ long-term interests. |
3. | We use compensation as an important tool to attract, retain and motivate talent. |
4. | We align total compensation with corporate performance over the period. |
The AIFM’s remuneration program is intended to be flexible enough to allow responses to changes in market conditions, but grounded in a framework that maintains effective remuneration practices.
b. Remuneration Governance
The planning, implementation and revision of the compensation policy of the AIFM is subject to the oversight of the Compensation Committee of the Board of Directors of GS Group (the “GS Group Compensation Committee”), the ultimate parent of the AIFM.
The members of the GS Group Compensation Committee at the end of 2017 were James A. Johnson (Chair), M. Michele Burns, William W. George, Ellen J. Kullman, Lakshmi N. Mittal, and Adebayo O. Ogunlesi (ex-officio). None of the members of the GS Group Compensation Committee were an employee of the firm. All members of the GS Group Compensation Committee were “independent” within the meaning of the New York Stock Exchange Rules and the firm’s Director Independence Policy.
The GS Group Compensation Committee has for several years recognised the importance of using an independent remuneration consultant that is appropriately qualified and that provides services solely to the GS Group Compensation Committee and not to the firm. The Compensation Committee continued to retain Semler Brossy Consulting Group LLC (Semler Brossy) as its independent remuneration consultant in 2017.
GS Group’s global process for setting variable remuneration (including the requirement to consider risk and compliance issues) applies to employees of the AIFM in the same way as to employees of other entities and in other regions and is subject to oversight by the senior management of the firm in the region.
c. Link Between Pay and Performance
Annual remuneration for employees is generally comprised of fixed and variable remuneration. The AIFM’s remuneration practices provide for variable remuneration determinations to be made on a discretionary basis. Variable remuneration is based on multiple factors and is not set as a fixed percentage of revenue or by reference to any other formula. Firmwide performance is a key factor in determining variable remuneration.
d. Performance Measurement
Year-end variable remuneration is determined through a discretionary process that relies on certain qualitative and quantitative metrics (amongst other factors) against which we assess performance at year-end. We do not set specific goals, targets
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GOLDMAN SACHS ETF TRUST
Goldman Sachs Access Treasury 0-1 Year ETF — Other Information (Unaudited) (continued)
or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is adjusted for any such goals, targets or other objectives. Such metrics are not formulaic nor given any specific weight. In addition, employees are evaluated annually as part of the “360 degree” feedback process.
e. Risk Adjustment
Prudent risk management is a hallmark of both the firm’s and AIFM’s culture and sensitivity to risk and risk management are key elements in assessing employee performance, including as part of the “360 degree” feedback process noted above.
We take risk into account in setting the amount and form of variable remuneration for employees. We provide guidelines to assist compensation managers when applying discretion during the remuneration process to promote consistent consideration of the different metrics/factors considered during the remuneration process. Further, to ensure the independence of control function employees, remuneration for those employees is not determined by individuals in revenue-producing positions but rather by the management of the relevant control function.
f. Structure of Remuneration
1. | Fixed Remuneration |
2. | Variable Remuneration: For employees with total and variable remuneration above a specific threshold, variable remuneration is generally paid in a combination of cash and equity-based remuneration. In general, the portion paid in the form of an equity-based award increases as variable remuneration increases. |
g. Total Remuneration
Staff remuneration for the financial period ending December 31, 2017:
Total remuneration for the financial year ending December 31, 2017 paid by the AIFM to 18 staff in respect of the management of the assets of the Fund | US$261,999, made up of: • US$118,734 fixed remuneration • US$143,265 variable remuneration | |
Which includes: | ||
(a) Remuneration paid by the AIFM to senior management | US$168,875 | |
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund | US$93,124 |
The remuneration figures above:
1. | relate to the proportion of time spent by those staff on the management of the assets of the Fund; and |
2. | do not include figures for those staff whose activities may impact the Fund but who provide services through other affiliates of the AIFM. |
II. Risk Management
The current risk profile of the Fund and the risk management framework employed by the AIFM to manage those risks are outlined in the Fund’s Prospectus and Statement of Additional Information. The Investment Manager’s risk management function will seek to ensure that the risk profile disclosed to investors is consistent with applicable risk limits, monitor compliance with those risk limits, promptly notify the risk management component of the portfolio management team managing the portfolio of any inconsistency, or risk or inconsistency, between the risk profile and risk limits.
III. Material Changes
Article 22 of the Directive requires disclosure of any material changes in the information listed in Article 23 of the Directive.
In respect of the period ended December 31, 2017, there have been no material changes to the information listed in Article 23 of the Directive.
70
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 $1.30 trillion in assets under supervision as of June 30, 2018, 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 JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Treasury 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 FTSE Goldman Sachs High Yield Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark 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 FTSE Goldman Sachs Investment Grade Corporate Bond Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark 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 Treasury 0-1 Year ETF
The Goldman Sachs Access Treasury 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 FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) vest in the relevant LSE Group company which owns the Index. FTSE® is a trademark 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 August 31, 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 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. 144626-OTU-854887/AIGAHYCPBNDETFAR-18/13.6k
Goldman Sachs Funds
Annual Report | August 31, 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 | ||||
89 | ||||
96 | ||||
102 | ||||
114 | ||||
115 |
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 12 months ended August 31, 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.
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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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -0.28% based on net asset value (“NAV”) and -0.64% based on market price. The Index returned 0.27%, 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 -0.68% 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 $32.98 per share. The Fund’s market price on August 31, 2018 was $32.87 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. |
During the Reporting Period, the Fund posted modestly negative absolute returns but outperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Quality and Momentum contributed positively to relative results, while Low Volatility and Value detracted during the Reporting Period. Quality refers to sustainable profitability over time. 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. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the consumer discretionary, consumer staples and industrials sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the materials, energy and financials sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index. |
From a country perspective, Index constituents in China, Turkey and Taiwan contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index |
3
PORTFOLIO RESULTS
during the Reporting Period. Conversely, Index constituents in South Korea, Thailand and South Africa detracted the most from the Index’s results relative to the MSCI Emerging Markets Index. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, overweight positions in Chinese pharmaceuticals companies Sino Biopharmaceutical and CSPC Pharmaceutical Group and having no exposure to Russian supermarket chain Magnit contributed most positively (0.29%, 0.35% and 0.00%1 of Fund net assets as of August 31, 2018, respectively). Sino Biopharmaceutical posted a triple-digit gain and CSPC Pharmaceutical Group posted a robust double-digit gain within the Index during the Reporting Period, while Magnit, which is not a component of the Index, performed poorly during the Reporting Period. |
Q | Which individual positions detracted from the Index’s results during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, underweight positions in India-based energy company Reliance Industries and China-based energy company CNOOC and an overweight position in Turkey-based consumer staples firm BIM Birlesik Magazalar detracted most (0.55%, 0.45% and 0.16% of Fund net assets as of August 31, 2018, respectively). Reliance Industries and CNOOC each posted a robust double-digit gain within the Index during the Reporting Period, while BIM Birlesik Magazalar generated 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 does not employ derivatives as a source of alpha generation. However, during the Reporting Period, futures contracts were used to equitize 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 Technology | 26.7 | % | 27.0 | % | 27.6 | % | ||||||||
Financials | 22.0 | 21.6 | 23.0 | |||||||||||
Consumer Staples | 12.2 | 11.7 | 6.5 | |||||||||||
Consumer Discretionary | 9.2 | 9.8 | 9.3 | |||||||||||
Energy | 6.9 | 7.1 | 7.7 | |||||||||||
Materials | 6.5 | 5.7 | 7.8 | |||||||||||
Telecommunication Services | 5.4 | 5.4 | 4.4 | |||||||||||
Utilities | 3.2 | 3.5 | 2.4 | |||||||||||
Health Care | 3.2 | 3.1 | 3.1 | |||||||||||
Industrials | 2.7 | 3.2 | 5.2 | |||||||||||
Real Estate | 2.0 | 1.8 | 3.0 |
1 | Some weights are 0.00% at August 31, 2018 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the reporting period. |
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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
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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 Emerging Markets Index | |||||||||||
China | 29.9 | % | 30.0 | % | 30.9 | % | ||||||||
Korea | 16.9 | 16.9 | 14.8 | |||||||||||
Taiwan | 12.2 | 12.8 | 12.3 | |||||||||||
India | 9.2 | 9.8 | 9.3 | |||||||||||
Brazil | 6.5 | 6.7 | 5.8 | |||||||||||
South Africa | 5.7 | 5.4 | 6.3 | |||||||||||
Russia | 3.4 | 3.6 | 3.4 | |||||||||||
Mexico | 2.7 | 2.6 | 3.1 | |||||||||||
Malaysia | 2.2 | 2.0 | 2.5 | |||||||||||
Thailand | 2.1 | 1.9 | 2.4 | |||||||||||
Indonesia | 1.8 | 1.9 | 2.0 | |||||||||||
Chile | 1.4 | 1.4 | 1.1 | |||||||||||
Poland | 1.3 | 1.4 | 1.2 | |||||||||||
Qatar | 0.9 | 0.5 | 0.9 | |||||||||||
Egypt | 0.6 | 0.4 | 0.1 | |||||||||||
United Arab Emirates | 0.5 | 0.4 | 0.7 | |||||||||||
Colombia | 0.5 | 0.5 | 0.5 | |||||||||||
Turkey | 0.4 | 0.3 | 0.5 | |||||||||||
Philippines | 0.3 | 0.3 | 1.1 | |||||||||||
Peru | 0.3 | 0.3 | 0.4 | |||||||||||
Hungary | 0.3 | 0.3 | 0.3 | |||||||||||
Greece | 0.2 | 0.2 | 0.3 | |||||||||||
Czech Republic | 0.2 | 0.2 | 0.2 | |||||||||||
Pakistan | 0.0 | 0.0 | 0.1 |
1 | 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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.4% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
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. |
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FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
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As of August 31, 2018 | ||||||
Market Price1 | $ | 32.87 | ||||
Net Asset Value (NAV)1 | $ | 32.98 |
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 |
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September 1, 2017– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® EME Index3 | MSCI EM Index4 | ||||||||||||||
Shares | -0.28 | % | -0.64 | % | 0.27 | % | -0.68 | % |
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 |
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For the period ended 6/30/18 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV) | 9.09 | % | 12.94 | % | 9/25/15 | |||||||||
Shares (based on Market Price) | 8.32 | 12.71 | 9/25/15 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 |
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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 8/31/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Tencent Holdings Ltd. | 4.2 | % | Information Technology | China | ||||||
Samsung Electronics Co. Ltd. | 3.8 | Information Technology | South Korea | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 3.7 | Information Technology | Taiwan | |||||||
Alibaba Group Holding Ltd. ADR | 3.4 | Information Technology | China | |||||||
China Construction Bank Corp., Class H | 1.4 | Financials | China | |||||||
Naspers Ltd., Class N | 1.2 | Consumer Discretionary | South Africa | |||||||
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 | |||||||
Industrial & Commercial Bank of China Ltd., Class H | 0.9 | Financials | China |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
7
ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 25, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta® Emerging Markets Equity Index and the MSCI Emerging Markets Index (net, unhedged), respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® Emerging Markets Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
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Shares based on NAV (Commenced September 25, 2015) | -0.28% | 11.71% | ||||||
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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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 4.40% based on net asset value (“NAV”) and 3.58% based on market price. The Index returned 4.39%, 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 2.62% 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 $30.82 per share. The Fund’s market price on August 31, 2018 was $30.73 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. |
During the Reporting Period, the Fund posted positive absolute returns and outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Quality contributed most positively, followed by Low Volatility and Momentum. Value detracted from relative results during the Reporting Period. Quality refers to sustainable profitability over time. 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. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. |
Q | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the financials, consumer staples and consumer discretionary sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. The only two sectors to detract from the Index’s results relative to the MSCI Europe Index during the Reporting Period were Index constituents in energy and utilities. |
From a country perspective, Index constituents in the U.K., Spain and Denmark contributed most positively to the Index’s results relative to the MSCI Europe Index. Conversely, Index constituents in Portugal, Sweden and Austria detracted the most from the Index’s results relative to the MSCI Europe Index during the Reporting Period. |
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PORTFOLIO RESULTS
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the MSCI Europe Index, overweight positions in U.K. investment management services provider Hargreaves Lansdown, France-based video game producer and distributor UbiSoft Entertainment and U.K. consumer staples company J Sainsbury contributed most positively (0.80%, 0.52% and 0.49% of Fund net assets as of August 31, 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 Index’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 U.K.-based integrated energy company BP and an overweight position in French digital services provider Atos detracted most (0.00%1, 1.06% and 0.70% of Fund net assets as of August 31, 2018, respectively). Royal Dutch Shell and BP 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?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | MSCI Europe Index | |||||||||||
Financials | 15.8 | % | 16.8 | % | 18.9 | % | ||||||||
Industrials | 14.5 | 14.5 | 13.3 | |||||||||||
Consumer Discretionary | 14.3 | 14.2 | 10.7 | |||||||||||
Consumer Staples | 14.2 | 13.8 | 13.6 | |||||||||||
Health Care | 13.6 | 13.7 | 13.1 | |||||||||||
Materials | 7.5 | 7.7 | 8.3 | |||||||||||
Information Technology | 6.9 | 6.8 | 5.8 | |||||||||||
Energy | 6.2 | 6.0 | 8.2 | |||||||||||
Utilities | 2.8 | 2.8 | 3.6 | |||||||||||
Telecommunication Services | 2.2 | 2.3 | 3.2 | |||||||||||
Real Estate | 1.6 | 1.5 | 1.4 |
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 Europe Index | |||||||||||
UK | 25.8 | % | 25.9 | % | 27.1 | % | ||||||||
France | 19.8 | 19.7 | 17.6 | |||||||||||
Germany | 14.3 | 14.3 | 15.2 | |||||||||||
Switzerland | 12.3 | 12.5 | 13.2 | |||||||||||
Netherlands | 6.1 | 6.1 | 5.7 | |||||||||||
Italy | 4.5 | 4.6 | 3.6 | |||||||||||
Spain | 4.2 | 4.3 | 4.7 | |||||||||||
Sweden | 3.5 | 3.8 | 4.2 | |||||||||||
Denmark | 2.9 | 3.0 | 2.8 | |||||||||||
Belgium | 1.6 | 1.4 | 1.7 | |||||||||||
Finland | 1.5 | 1.5 | 1.7 | |||||||||||
Norway | 1.4 | 1.5 | 1.2 | |||||||||||
Portugal | 0.8 | 0.4 | 0.3 | |||||||||||
Ireland | 0.5 | 0.5 | 0.9 | |||||||||||
Austria | 0.4 | 0.6 | 0.4 |
1 | Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology. |
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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.7% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
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FUND BASICS
ActiveBeta® Europe Equity ETF
as of August 31, 2018
FUND SNAPSHOT | ||||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 30.73 | ||||
Net Asset Value (NAV)1 | $ | 30.82 |
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– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® Europe Index3 | MSCI Europe Index4 | ||||||||||||||
Shares | 4.40 | % | 3.58 | % | 4.39 | % | 2.62 | % |
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 6/30/18 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV) | 6.94 | % | 12.37 | % | 3/2/16 | |||||||||
Shares (based on Market Price) | 6.38 | 12.37 | 3/2/16 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 8/31/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.4 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 1.7 | Health Care | Switzerland | |||||||
Novartis AG | 1.6 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 1.3 | Financials | United Kingdom | |||||||
TOTAL SA | 1.2 | Energy | France | |||||||
Royal Dutch Shell PLC, Class A | 1.1 | Energy | Netherlands | |||||||
BP PLC | 1.1 | Energy | United Kingdom | |||||||
SAP SE | 1.1 | Information Technology | Germany | |||||||
Sanofi | 0.9 | Health Care | France | |||||||
Novo Nordisk A/S, Class B | 0.9 | Health Care | Denmark |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
12
ACTIVEBETA® EUROPE EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta® Europe Equity Index and the MSCI Europe Index (Total Return, USD), respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® Europe Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced March 2, 2016) | 4.40% | 11.92% | ||||||
|
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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 6.30% based on net asset value (“NAV”) and 5.85% based on market price. The Index returned 6.36%, 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 4.51% 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 $29.42 per share. The Fund’s market price on August 31, 2018 was $29.45 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. |
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, Quality contributed most positively to the Fund’s relative results, followed by Momentum and Value. Low Volatility detracted from the Fund’s relative results during the Reporting Period. Quality refers to sustainable profitability over time. Momentum is whether a company’s share price is trending up or down. 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. |
Q | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the financials, consumer staples and health care sectors contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Index constituents in the energy, industrials and real estate sectors detracted the most from the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. |
From a country perspective, Index constituents in the U.K., Japan and Spain contributed most positively to the Index’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, Index constituents in |
14
PORTFOLIO RESULTS
Singapore, Sweden and Italy detracted the most from the Index’s results relative to the MSCI World ex USA 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 MSCI World ex USA Index, overweight positions in Japanese cosmetics and toiletry products manufacturer Shiseido, U.K. investment management services provider Hargreaves Lansdown and Canadian information technology company Constellation Software contributed most positively (0.47%, 0.39% and 0.50% of Fund net assets as of August 31, 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 Index’s results during the Reporting Period? |
A | Relative to the MSCI World ex USA Index, an underweight position in Netherlands-based integrated energy company Royal Dutch Shell and overweight positions in French digital services provider Atos and Japanese information technology company Mixi detracted most (0.00%1, 0.52% and 0.00%1 of Fund net assets as of August 31, 2018, respectively). Royal Dutch Shell posted a double-digit gain within the Index during the Reporting Period, while Atos and Mixi each 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 the reference index at the end of the Reporting Period?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | MSCI World ex USA Index | |||||||||||
Financials | 17.8 | % | 18.5 | % | 21.5 | % | ||||||||
Consumer Discretionary | 14.9 | 14.9 | 11.6 | |||||||||||
Consumer Staples | 14.3 | 14.0 | 10.6 | |||||||||||
Industrials | 13.5 | 13.4 | 14.0 | |||||||||||
Health Care | 11.5 | 11.5 | 10.3 | |||||||||||
Information Technology | 8.4 | 8.4 | 6.8 | |||||||||||
Materials | 6.6 | 6.8 | 8.1 | |||||||||||
Energy | 4.9 | 4.3 | 7.3 | |||||||||||
Utilities | 2.9 | 2.8 | 3.1 | |||||||||||
Real Estate | 2.9 | 3.0 | 3.2 | |||||||||||
Telecommunication Services | 2.3 | 2.3 | 3.6 |
1 | Some weights are 0.00% at August 31, 2018 either because those positions were taken out during the most recent rebalance given the Fund’s index construction methodology or because they were not components of the Index during the reporting period. |
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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
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 | 22.3 | % | 22.6 | % | 22.0 | % | ||||||||
UK | 14.2 | 14.3 | 15.7 | |||||||||||
France | 11.6 | 11.3 | 10.2 | |||||||||||
Canada | 8.7 | 8.5 | 8.9 | |||||||||||
Germany | 7.9 | 8.0 | 8.8 | |||||||||||
Switzerland | 7.1 | 7.2 | 7.6 | |||||||||||
Australia | 6.1 | 6.1 | 6.3 | |||||||||||
Netherlands | 3.4 | 3.3 | 3.3 | |||||||||||
Hong Kong | 3.2 | 3.4 | 3.3 | |||||||||||
Italy | 2.9 | 2.8 | 2.1 | |||||||||||
Spain | 2.6 | 2.7 | 2.7 | |||||||||||
Sweden | 2.2 | 2.4 | 2.4 | |||||||||||
Denmark | 1.9 | 1.9 | 1.6 | |||||||||||
Singapore | 1.2 | 1.3 | 1.1 | |||||||||||
Israel | 1.0 | 1.0 | 0.5 | |||||||||||
Finland | 0.9 | 0.9 | 1.0 | |||||||||||
Belgium | 0.8 | 0.6 | 1.0 | |||||||||||
Norway | 0.7 | 0.7 | 0.7 | |||||||||||
Portugal | 0.4 | 0.2 | 0.2 | |||||||||||
Austria | 0.3 | 0.4 | 0.2 | |||||||||||
Ireland | 0.2 | 0.3 | 0.5 | |||||||||||
New Zealand | 0.2 | 0.2 | 0.2 |
1 | 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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
2 | 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. |
16
FUND BASICS
ActiveBeta® International Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 29.45 | ||||
Net Asset Value (NAV)1 | $ | 29.42 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of each Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com |
PERFORMANCE REVIEW | ||||||||||||||||||
September 1, 2017– August 31, 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 | 6.30 | % | 5.85 | % | 6.36 | % | 4.51 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees 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 6/30/18 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 9.33 | % | 9.05 | % | 11/6/15 | |||||||
Shares (based on Market Price) | 8.84 | 9.12 | 11/6/15 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 8/31/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.4 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 0.9 | Health Care | Switzerland | |||||||
Novartis AG | 0.9 | Health Care | Switzerland | |||||||
HSBC Holdings PLC | 0.7 | Financials | United Kingdom | |||||||
Royal Bank of Canada | 0.6 | Financials | Canada | |||||||
TOTAL SA | 0.6 | Energy | France | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 0.5 | Consumer Discretionary | France | |||||||
Royal Dutch Shell PLC, Class A | 0.5 | Energy | Netherlands | |||||||
BP PLC | 0.5 | Energy | United Kingdom | |||||||
Atos SE | 0.5 | Information Technology | France |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
18
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on November 6, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta® International Equity Index and the MSCI World ex USA Index (net, Unhedged, USD), respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® International Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced November 6, 2015) | 6.30% | 8.60% | ||||||
|
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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 9.42% based on net asset value (“NAV”) and 8.86% based on market price. The Index returned 9.25%, 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 9.05% 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 $32.99 per share. The Fund’s market price on August 31, 2018 was $32.90 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. |
During the Reporting Period, the Fund posted solid absolute gains and outperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Quality and Value contributed positively to the Fund’s results relative to the MSCI Japan Index, while Momentum and Low Volatility detracted from relative results 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. 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 Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the energy, health care and materials sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the consumer discretionary, information technology and telecommunication services sectors detracted most from the Index’s results relative to the MSCI Japan 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 MSCI Japan Index, overweight positions in energy company Idemitsu Kosan and health care company |
20
PORTFOLIO RESULTS
Suzuken and an underweight position in Internet e-commerce, finance and other services provider Rakuten contributed most positively (0.88%, 0.98% and 0.06% of Fund net assets as of August 31, 2018, respectively). Idemitsu Kosan generated a triple-digit gain within the Index and Suzuken generated a double-digit gain within the Index during the Reporting Period, while Rakuten posted a negative return within the Index during the Reporting Period. |
Q | Which individual positions detracted from the Index’s results during the Reporting Period? |
A | Relative to the MSCI Japan Index, overweight positions in auto manufacturer Mazda Motor and information technology company Mixi and an underweight position in telecommunication services provider SoftBank Group detracted most (0.79%, 0.00%1 and 1.29% of Fund net assets as of August 31, 2018, respectively). Mazda Motor and Mixi each generated a double-digit decline within the Index during the Reporting Period, while SoftBank Group 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?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | MSCI Japan Index | |||||||||||
Consumer Discretionary | 19.9 | % | 20.0 | % | 19.9 | % | ||||||||
Industrials | 18.9 | 18.9 | 20.8 | |||||||||||
Information Technology | 13.4 | 13.6 | 12.7 | |||||||||||
Financials | 10.4 | 10.4 | 12.0 | |||||||||||
Consumer Staples | 9.5 | 10.8 | 8.1 | |||||||||||
Health Care | 8.9 | 8.9 | 8.1 | |||||||||||
Materials | 4.6 | 4.6 | 5.9 | |||||||||||
Telecommunication Services | 3.9 | 3.9 | 5.5 | |||||||||||
Utilities | 3.4 | 3.3 | 1.8 | |||||||||||
Real Estate | 3.1 | 3.1 | 3.9 | |||||||||||
Energy | 2.5 | 2.5 | 1.3 |
1 | Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s 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 MSCI. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 1.8% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
21
FUND BASICS
ActiveBeta® Japan Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 32.90 | ||||
Net Asset Value (NAV)1 | $ | 32.99 |
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– August 31, 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 | 9.42 | % | 8.86 | % | 9.25 | % | 9.05 | % |
2 | Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return 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 6/30/18 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 12.01 | % | 13.59 | % | 3/2/16 | |||||||
Shares (based on Market Price) | 11.52 | 13.48 | 3/2/16 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 8/31/187 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 3.5 | % | Consumer Discretionary | |||||
Sony Corp. | 1.7 | Consumer Discretionary | ||||||
Mitsubishi UFJ Financial Group, Inc. | 1.6 | Financials | ||||||
Honda Motor Co. Ltd. | 1.5 | Consumer Discretionary | ||||||
Sumitomo Mitsui Financial Group, Inc. | 1.5 | Financials | ||||||
SoftBank Group Corp. | 1.3 | Telecommunication Services | ||||||
Keyence Corp. | 1.3 | Information Technology | ||||||
Mitsubishi Corp. | 1.3 | Industrials | ||||||
JXTG Holdings, Inc. | 1.1 | Energy | ||||||
Mitsui & Co. Ltd. | 1.1 | Industrials |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
23
ACTIVEBETA® JAPAN EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on March 2, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta® Japan Index and the MSCI Japan Index (Total Return, USD), respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® Japan Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year Return | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced March 2, 2016) | 9.42% | 12.61% | ||||||
|
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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 21.65% based on net asset value (“NAV”) and 21.67% based on market price. The Index returned 21.79%, 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 19.66% 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 $58.75 per share. The Fund’s market price on August 31, 2018 was $58.75 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. |
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 and Momentum contributed positively to relative returns, while Low Volatility and Value detracted. Quality refers to sustainable profitability over time. 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. 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 Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the industrials, health care and consumer staples sectors contributed most positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in utilities and materials, the only two sectors that detracted 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, underweight positions in diversified conglomerate General Electric and semiconductor company Broadcom and an overweight position in petroleum refiner Valero Energy contributed most positively (0.16%, 0.05% and 0.52% of Fund net assets as of August 31, 2018, |
25
PORTFOLIO RESULTS
respectively). General Electric and Broadcom each posted a decline within the Index during the Reporting Period, while Valero Energy generated a robust double-digit gain within the 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, underweight positions in e-commerce retailing giant Amazon.com and information technology leaders Apple and Microsoft detracted most (2.64%, 3.64% and 2.93% of Fund net assets as of August 31, 2018, respectively). Amazon.com generated a triple-digit gain within the Index, and Apple and Microsoft each 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 S&P 500 Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® Index | S&P 500 Index | |||||||||||
Information Technology | 27.6 | % | 27.7 | % | 26.5 | % | ||||||||
Health Care | 14.8 | 14.9 | 14.6 | |||||||||||
Consumer Discretionary | 14.6 | 14.6 | 12.9 | |||||||||||
Financials | 11.8 | 11.8 | 13.8 | |||||||||||
Industrials | 9.5 | 9.6 | 9.6 | |||||||||||
Consumer Staples | 8.4 | 8.4 | 6.7 | |||||||||||
Energy | 4.0 | 4.0 | 5.9 | |||||||||||
Utilities | 3.4 | 3.4 | 2.8 | |||||||||||
Real Estate | 2.3 | 2.3 | 2.7 | |||||||||||
Materials | 1.8 | 1.8 | 2.5 | |||||||||||
Telecommunication Services | 1.5 | 1.5 | 1.9 |
1 | 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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.0% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
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. Large Cap Equity Index. |
26
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 58.75 | ||||
Net Asset Value (NAV)1 | $ | 58.75 |
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– August 31, 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 | 21.65 | % | 21.67 | % | 21.79 | % | 19.66 | % |
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 6/30/18 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 15.84 | % | 13.11 | % | 9/17/15 | |||||||
Shares (based on Market Price) | 15.84 | 13.13 | 9/17/15 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 8/31/187 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 3.6 | % | Information Technology | |||||
Microsoft Corp. | 2.9 | Information Technology | ||||||
Amazon.com, Inc. | 2.6 | Consumer Discretionary | ||||||
Facebook, Inc., Class A | 1.4 | Information Technology | ||||||
JPMorgan Chase & Co. | 1.4 | Financials | ||||||
Johnson & Johnson | 1.2 | Health Care | ||||||
Alphabet, Inc., Class C | 1.2 | Information Technology | ||||||
Alphabet, Inc., Class A | 1.2 | Information Technology | ||||||
UnitedHealth Group, Inc. | 1.0 | Health Care | ||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
28
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 17, 2015 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index and the S&P 500 Index (Total Return, USD), respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 17, 2015 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 year | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced September 17, 2015) | 21.65% | 15.04% | ||||||
|
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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 26.28% based on net asset value (“NAV”) and 28.71% based on market price. The Index returned 26.63%, 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 25.45% 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 $49.49 per share. The Fund’s market price on August 31, 2018 was $49.55 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. |
During the Reporting Period, the Fund posted robust positive absolute returns and outperformed the Russell 2000® Index, as measured by NAV. Amongst underlying factors, Quality and Momentum contributed positively to relative returns, while Value and Low Volatility detracted. Quality refers to sustainable profitability over time. 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. 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. |
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 industrials, consumer discretionary and materials sectors contributed most positively to the Index’s results relative to the Russell 2000® Index. Partially offsetting these positive contributors were Index constituents in the health care, energy and financials sectors, which detracted from the Index’s results relative to the Russell 2000® 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 Russell 2000® Index, overweight positions in visual implant developer STAAR Surgical, health care-related consumer services provider Medifast and electronic |
30
PORTFOLIO RESULTS
product power systems manufacturer Vicor contributed most positively (0.26%, 0.21% and 0.20% of Fund net assets as of August 31, 2018, respectively). Each of these positions generated a robust triple-digit positive return within the Index during the Reporting Period. |
Q | Which individual positions detracted from the Index’s results during the Reporting Period? |
A | Relative to the Russell 2000® Index, underweight positions in clinical-stage biopharmaceutical company Nektar Therapeutics and RNA-focused biopharmaceutical company Sarepta Therapeutics and an overweight position in medical device company MiMedx Group detracted most (0.00%1, 0.00%1 and 0.12% of Fund net assets as of August 31, 2018, respectively). Nektar Therapeutics and MiMedx Group each posted a negative return within the Index during the Reporting Period, while Sarepta Therapeutics generated a robust triple-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?2 |
Sector Name | Fund3 | GS ActiveBeta® Index | Russell 2000® Index | |||||||||||
Financials | 19.8 | % | 20.5 | % | 17.7 | % | ||||||||
Information Technology | 15.2 | 15.4 | 15.4 | |||||||||||
Industrials | 15.1 | 15.1 | 15.1 | |||||||||||
Health Care | 14.6 | 14.6 | 16.3 | |||||||||||
Consumer Discretionary | 13.5 | 13.5 | 13.4 | |||||||||||
Real Estate | 6.9 | 6.8 | 6.9 | |||||||||||
Materials | 4.1 | 4.2 | 4.3 | |||||||||||
Energy | 3.3 | 3.3 | 4.6 | |||||||||||
Utilities | 3.3 | 3.3 | 3.0 | |||||||||||
Consumer Staples | 2.7 | 2.7 | 2.7 | |||||||||||
Telecommunication Services | 0.7 | 0.7 | 0.7 |
1 | Some weights are 0.00% at August 31, 2018 because those positions were taken out during the most recent rebalance given the Fund’s 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 Russell Investments. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the table above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 3.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
31
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 49.55 | ||||
Net Asset Value (NAV)1 | $ | 49.49 |
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– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | GS ActiveBeta® SC Index3 | Russell 2000® Index4 | ||||||||||||||
Shares | 26.28 | % | 28.71 | % | 26.63 | % | 25.45 | % |
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. |
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
STANDARDIZED TOTAL RETURNS5 |
| |||||||||||||
For the period ended 6/30/18 | One Year | Since Inception | Inception Date | |||||||||||
Shares (based on NAV) | 17.99 | % | 16.99 | % | 6/28/17 | |||||||||
Shares (based on Market Price) | 17.54 | 17.15 | 6/28/17 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 | 0.20 | % |
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 8/31/187 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Myriad Genetics, Inc. | 0.3 | % | Health Care | |||||
Strategic Education, Inc. | 0.3 | Consumer Discretionary | ||||||
Trex Co., Inc. | 0.3 | Industrials | ||||||
Vonage Holdings Corp. | 0.3 | Telecommunication Services | ||||||
Primerica, Inc. | 0.3 | Financials | ||||||
Amedisys, Inc. | 0.3 | Health Care | ||||||
STAAR Surgical Co. | 0.3 | Health Care | ||||||
Genomic Health, Inc. | 0.3 | Health Care | ||||||
Axon Enterprise, Inc. | 0.3 | Industrials | ||||||
World Wrestling Entertainment, Inc., Class A | 0.2 | Consumer Discretionary |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
33
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on June 28, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and reference index, the Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index and the Russell 2000® Index, respectively, are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
ActiveBeta® U.S. Small Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from June 28, 2017 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 year | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced June 28, 2017) | 26.28% | 20.13% | ||||||
|
34
FUND BASICS
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
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 96.6% | ||||||||
Brazil – 4.6% | ||||||||
1,493,023 | Ambev SA (Consumer Staples) | $ | 6,830,777 | |||||
339,827 | B3 SA – Brasil Bolsa Balcao (Financials) | 1,794,771 | ||||||
425,008 | Banco Bradesco SA (Financials) | 2,590,217 | ||||||
365,402 | Banco do Brasil SA (Financials) | 2,669,498 | ||||||
580,871 | BB Seguridade Participacoes SA (Financials) | 3,451,305 | ||||||
358,441 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 2,122,754 | ||||||
189,409 | Cosan SA (Energy) | 1,599,824 | ||||||
215,431 | Engie Brasil Energia SA (Utilities) | 1,929,420 | ||||||
140,089 | Equatorial Energia SA (Utilities) | 1,938,078 | ||||||
131,120 | Fibria Celulose SA (Materials) | 2,519,862 | ||||||
352,016 | Hypera SA (Health Care) | 2,341,020 | ||||||
204,408 | IRB Brasil Resseguros SA (Financials) | 2,948,960 | ||||||
470,413 | Klabin SA (Materials) | 2,437,639 | ||||||
335,703 | Localiza Rent a Car SA (Industrials) | 1,754,250 | ||||||
693,467 | Lojas Renner SA (Consumer Discretionary) | 4,759,896 | ||||||
187,589 | M Dias Branco SA (Consumer Staples) | 1,926,383 | ||||||
58,506 | Magazine Luiza SA (Consumer Discretionary) | 1,849,568 | ||||||
509,543 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 2,304,018 | ||||||
266,483 | Natura Cosmeticos SA (Consumer Staples) | 1,875,684 | ||||||
887,845 | Odontoprev SA (Health Care) | 2,822,934 | ||||||
831,122 | Petroleo Brasileiro SA (Energy) | 4,454,060 | ||||||
261,143 | Porto Seguro SA (Financials) | 3,478,442 | ||||||
248,778 | Raia Drogasil SA (Consumer Staples) | 4,649,379 | ||||||
379,301 | Sul America SA (Financials) | 2,114,644 | ||||||
779,584 | Vale SA (Materials) | 10,145,699 | ||||||
|
| |||||||
77,309,082 | ||||||||
|
| |||||||
Chile – 1.3% | ||||||||
26,091 | Banco de Chile ADR (Financials)(a) | 2,279,310 | ||||||
41,376,972 | Banco Santander Chile (Financials) | 3,178,503 | ||||||
775,956 | Cencosud SA (Consumer Staples) | 1,846,231 | ||||||
255,205 | Cia Cervecerias Unidas SA (Consumer Staples) | 3,375,114 | ||||||
519,387 | Empresas CMPC SA (Materials) | 2,054,497 | ||||||
191,402 | Empresas COPEC SA (Energy) | 2,933,011 | ||||||
13,074,006 | Enel Americas SA (Utilities) | 1,949,655 | ||||||
253,565 | SACI Falabella (Consumer Discretionary) | 2,023,660 | ||||||
57,751 | Sociedad Quimica y Minera de Chile SA ADR (Materials) | 2,460,770 | ||||||
|
| |||||||
22,100,751 | ||||||||
|
| |||||||
China – 28.8% | ||||||||
30,135 | 58.com, Inc. ADR (Information Technology)* | 2,292,671 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
170,504 | AAC Technologies Holdings, Inc. (Information Technology)(a) | 1,889,927 | ||||||
1,221,690 | Agile Group Holdings Ltd. (Real Estate) | 1,995,447 | ||||||
14,744,036 | Agricultural Bank of China Ltd., Class H (Financials) | 7,138,241 | ||||||
329,613 | Alibaba Group Holding Ltd. ADR (Information Technology)* | 57,685,571 | ||||||
299,937 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 1,826,624 | ||||||
780,510 | ANTA Sports Products Ltd. (Consumer Discretionary) | 4,251,144 | ||||||
39,193 | Autohome, Inc. ADR (Information Technology) | 3,237,734 | ||||||
80,779 | Baidu, Inc. ADR (Information Technology)* | 18,294,828 | ||||||
2,008,000 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,713,476 | ||||||
3,286,300 | Bank of China Ltd. (Financials) | 1,707,581 | ||||||
22,229,407 | Bank of China Ltd., Class H (Financials) | 9,997,555 | ||||||
2,928,916 | Bank of Communications Co. Ltd., Class A (Financials) | 2,409,290 | ||||||
5,278,831 | Bank of Communications Co. Ltd., Class H (Financials) | 3,813,397 | ||||||
30,018 | Baozun, Inc. ADR (Information Technology)* | 1,602,661 | ||||||
493,998 | Beijing Enterprises Holdings Ltd. (Utilities) | 2,369,635 | ||||||
9,941,164 | CGN Power Co. Ltd., Class H (Utilities)(b) | 2,355,816 | ||||||
8,207,215 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 2,122,673 | ||||||
4,550,775 | China CITIC Bank Corp Ltd., Class H (Financials) | 2,841,009 | ||||||
1,922,123 | China Communications Construction Co. Ltd., Class H (Industrials) | 1,907,699 | ||||||
4,393,342 | China Communications Services Corp. Ltd., Class H (Telecommunication Services) | 3,638,309 | ||||||
887,848 | China Conch Venture Holdings Ltd. (Industrials) | 3,054,173 | ||||||
26,223,798 | China Construction Bank Corp., Class H (Financials) | 23,220,502 | ||||||
3,153,100 | China Everbright Bank Co. Ltd., Class A (Financials) | 1,721,442 | ||||||
6,304,485 | China Everbright Bank Co. Ltd., Class H (Financials) | 2,634,600 | ||||||
3,942,464 | China Huishan Dairy Holdings Co. Ltd. (Consumer Staples)*(c) | — | �� | |||||
1,046,518 | China Life Insurance Co. Ltd., Class H (Financials) | 2,365,329 | ||||||
2,863,458 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 2,411,479 | ||||||
|
|
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) | ||||||||
1,464,448 | China Medical System Holdings Ltd. (Health Care) | $ | 2,425,540 | |||||
1,582,130 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 4,565,639 | ||||||
1,344,220 | China Merchants Bank Co. Ltd., Class H (Financials) | 5,154,993 | ||||||
1,934,700 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 1,690,572 | ||||||
4,917,457 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 3,521,017 | ||||||
1,772,059 | China Mobile Ltd. (Telecommunication Services) | 16,661,947 | ||||||
2,008,513 | China National Building Material Co. Ltd., Class H (Materials) | 1,878,287 | ||||||
471,538 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 1,757,251 | ||||||
9,744,660 | China Petroleum & Chemical Corp., Class H (Energy) | 9,795,687 | ||||||
3,721,659 | China Railway Group Ltd., Class H (Industrials) | 3,214,826 | ||||||
7,988,245 | China Reinsurance Group Corp., Class H (Financials) | 1,577,518 | ||||||
878,344 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 3,737,682 | ||||||
1,435,973 | China Resources Pharmaceutical Group Ltd. (Health Care)(b) | 2,297,879 | ||||||
11,999,990 | China Telecom Corp. Ltd., Class H (Telecommunication Services) | 5,641,550 | ||||||
1,799,591 | China Unicom Hong Kong Ltd. (Telecommunication Services) | 2,093,321 | ||||||
1,057,920 | China Yangtze Power Co. Ltd., Class A (Utilities) | 2,449,656 | ||||||
3,765,842 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 2,029,521 | ||||||
2,061,310 | CITIC Ltd. (Industrials) | 2,930,884 | ||||||
4,269,155 | CNOOC Ltd. (Energy) | 7,549,576 | ||||||
2,049,220 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Industrials) | 895,517 | ||||||
2,399,780 | Country Garden Holdings Co. Ltd. (Real Estate) | 3,571,128 | ||||||
2,347,669 | CSPC Pharmaceutical Group Ltd. (Health Care) | 5,922,339 | ||||||
62,067 | Ctrip.com International Ltd. ADR (Consumer Discretionary)* | 2,429,923 | ||||||
2,651,126 | Dali Foods Group Co. Ltd. (Consumer Staples)(b) | 1,925,291 | ||||||
2,599,933 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 2,905,046 | ||||||
243,276 | ENN Energy Holdings Ltd. (Utilities) | 2,216,136 | ||||||
545,692 | Fang Holdings Ltd. ADR (Information Technology)* | 1,675,274 | ||||||
167,353 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 1,677,915 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
45,192 | GDS Holdings Ltd. ADR (Information Technology)*(a) | 1,724,979 | ||||||
1,496,983 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 3,181,296 | ||||||
1,458,993 | GF Securities Co. Ltd., Class H (Financials) | 1,830,967 | ||||||
1,403,637 | Guangdong Investment Ltd. (Utilities) | 2,489,346 | ||||||
364,859 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a)(b) | 753,063 | ||||||
321,614 | Hengan International Group Co. Ltd. (Consumer Staples) | 2,894,932 | ||||||
3,181,568 | Huaneng Power International, Inc., Class H (Utilities) | 2,042,974 | ||||||
21,398,806 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 15,758,272 | ||||||
1,101,106 | Industrial Bank Co. Ltd., Class A (Financials) | 2,430,392 | ||||||
429,042 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 1,519,711 | ||||||
164,684 | JD.com, Inc. ADR (Consumer Discretionary)* | 5,154,609 | ||||||
242,902 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 2,351,834 | ||||||
947,728 | Jiayuan International Group Ltd. (Real Estate) | 1,893,307 | ||||||
1,063,216 | Kingsoft Corp. Ltd. (Information Technology) | 1,931,667 | ||||||
5,170,450 | Lenovo Group Ltd. (Information Technology) | 3,372,792 | ||||||
1,286,703 | Longfor Group Holdings Ltd. (Real Estate)(a) | 3,573,765 | ||||||
82,979 | Momo, Inc. ADR (Information Technology)* | 3,841,098 | ||||||
23,848 | NetEase, Inc. ADR (Information Technology) | 4,714,988 | ||||||
46,368 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary) | 3,644,525 | ||||||
5,992,350 | People's Insurance Co Group of China Ltd. (The), Class H (Financials) | 2,595,776 | ||||||
1,412,409 | PetroChina Co. Ltd. (Energy) | 1,662,120 | ||||||
7,392,742 | PetroChina Co. Ltd., Class H (Energy) | 5,500,594 | ||||||
2,958,578 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 3,332,165 | ||||||
1,747,960 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 16,836,216 | ||||||
2,303,259 | Shanghai Electric Group Co. Ltd., Class H (Industrials) | 721,887 | ||||||
1,638,718 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 2,477,709 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
337,666 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | $ | 4,431,143 | |||||
631,878 | Shimao Property Holdings Ltd. (Real Estate) | 1,883,824 | ||||||
7,617,694 | Sihuan Pharmaceutical Holdings Group Ltd. (Health Care) | 1,688,745 | ||||||
34,069 | SINA Corp. (Information Technology)* | 2,417,536 | ||||||
1,035,047 | Sunac China Holdings Ltd. (Real Estate) | 3,389,100 | ||||||
273,463 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 3,475,383 | ||||||
82,597 | TAL Education Group ADR (Consumer Discretionary)* | 2,444,871 | ||||||
1,652,173 | Tencent Holdings Ltd. (Information Technology) | 71,569,114 | ||||||
1,776,713 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 3,173,631 | ||||||
301,498 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 2,104,456 | ||||||
4,043,124 | Want Want China Holdings Ltd. (Consumer Staples) | 3,301,918 | ||||||
39,586 | Weibo Corp. ADR (Information Technology)* | 3,037,830 | ||||||
177,493 | Wuxi Biologics Cayman, Inc. (Health Care)*(b) | 1,752,565 | ||||||
187,886 | Yum China Holdings, Inc. (Consumer Discretionary) | 7,267,430 | ||||||
28,521 | YY, Inc. ADR (Information Technology)* | 2,179,860 | ||||||
|
| |||||||
487,039,118 | ||||||||
|
| |||||||
Colombia – 0.5% | ||||||||
4,059,239 | Ecopetrol SA (Energy) | 4,544,586 | ||||||
154,746 | Grupo de Inversiones Suramericana SA (Financials) | 1,823,667 | ||||||
395,882 | Interconexion Electrica SA ESP (Utilities) | 1,752,129 | ||||||
|
| |||||||
8,120,382 | ||||||||
|
| |||||||
Czech Republic – 0.2% | ||||||||
129,362 | CEZ AS (Utilities) | 3,293,247 | ||||||
|
| |||||||
Egypt – 0.6% | ||||||||
1,116,659 | Commercial International Bank Egypt SAE GDR (Financials) | 5,281,797 | ||||||
335,131 | Eastern Tobacco (Consumer Staples) | 1,949,323 | ||||||
209,137 | ElSewedy Electric Co. (Industrials) | 2,257,342 | ||||||
2,356,430 | Global Telecom Holding SAE (Telecommunication Services)* | 566,971 | ||||||
|
| |||||||
10,055,433 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Greece – 0.2% | ||||||||
292,535 | Hellenic Telecommunications Organization SA (Telecommunication Services) | 3,740,609 | ||||||
|
| |||||||
Hong Kong – 1.0% | ||||||||
256,251 | China First Capital Group Ltd. (Consumer Discretionary)* | 137,122 | ||||||
608,610 | China Gas Holdings Ltd. (Utilities)(a) | 1,934,643 | ||||||
1,660,870 | Haier Electronics Group Co. Ltd. (Consumer Discretionary)* | 4,327,331 | ||||||
3,878,522 | Sino Biopharmaceutical Ltd. (Health Care) | 4,911,836 | ||||||
5,579,013 | Sun Art Retail Group Ltd. (Consumer Staples) | 6,432,757 | ||||||
|
| |||||||
17,743,689 | ||||||||
|
| |||||||
Hungary – 0.3% | ||||||||
212,929 | MOL Hungarian Oil & Gas PLC (Energy) | 2,180,548 | ||||||
71,910 | OTP Bank PLC (Financials) | 2,658,263 | ||||||
|
| |||||||
4,838,811 | ||||||||
|
| |||||||
India – 9.3% | ||||||||
113,692 | Asian Paints Ltd. (Materials) | 2,199,984 | ||||||
270,378 | Aurobindo Pharma Ltd. (Health Care) | 2,717,075 | ||||||
113,332 | Avenue Supermarts Ltd. (Consumer Staples)*(b) | 2,563,807 | ||||||
64,012 | Bajaj Auto Ltd. (Consumer Discretionary) | 2,477,268 | ||||||
90,459 | Bajaj Finance Ltd. (Financials) | 3,643,294 | ||||||
47,354 | Britannia Industries Ltd. (Consumer Staples) | 4,497,800 | ||||||
275,953 | Cipla Ltd. (Health Care) | 2,576,229 | ||||||
555,326 | Dabur India Ltd. (Consumer Staples) | 3,748,433 | ||||||
84,845 | Dr. Reddy's Laboratories Ltd. (Health Care) | 2,981,037 | ||||||
5,801 | Eicher Motors Ltd. (Consumer Discretionary) | 2,294,984 | ||||||
522,423 | GAIL India Ltd. (Utilities) | 2,741,522 | ||||||
473,003 | HCL Technologies Ltd. (Information Technology) | 6,978,714 | ||||||
77,821 | Hero MotoCorp Ltd. (Consumer Discretionary) | 3,570,102 | ||||||
816,528 | Hindalco Industries Ltd. (Materials) | 2,739,364 | ||||||
456,970 | Hindustan Petroleum Corp. Ltd. (Energy) | 1,635,205 | ||||||
400,812 | Hindustan Unilever Ltd. (Consumer Staples) | 10,059,540 | ||||||
379,619 | Housing Development Finance Corp. Ltd. (Financials) | 10,361,797 | ||||||
3,338,526 | Idea Cellular Ltd. (Telecommunication Services)* | 2,322,924 | ||||||
|
|
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) | ||||||||
186,885 | Indiabulls Housing Finance Ltd. (Financials) | $ | 3,318,023 | |||||
661,522 | Infosys Ltd. (Information Technology) | 13,440,995 | ||||||
901,365 | ITC Ltd. (Consumer Staples) | 4,064,808 | ||||||
433,063 | JSW Steel Ltd. (Materials) | 2,420,042 | ||||||
106,936 | Larsen & Toubro Ltd. (Industrials) | 2,064,880 | ||||||
253,491 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 3,449,990 | ||||||
620,979 | Marico Ltd. (Consumer Staples) | 3,234,637 | ||||||
39,958 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 5,124,675 | ||||||
35,840 | Nestle India Ltd. (Consumer Staples) | 5,852,669 | ||||||
720,732 | NTPC Ltd. (Utilities) | 1,742,733 | ||||||
175,586 | Pidilite Industries Ltd. (Materials) | 2,893,126 | ||||||
886,919 | Power Grid Corp. of India Ltd. (Utilities) | 2,519,718 | ||||||
532,403 | Reliance Industries Ltd. (Energy) | 9,320,360 | ||||||
1,002,083 | Rural Electrification Corp. Ltd. (Financials) | 1,692,597 | ||||||
363,527 | Tata Consultancy Services Ltd. (Information Technology) | 10,652,678 | ||||||
555,250 | Tata Motors Ltd. (Consumer Discretionary)* | 2,094,138 | ||||||
302,963 | Tech Mahindra Ltd. (Information Technology) | 3,271,131 | ||||||
33,808 | UltraTech Cement Ltd. (Materials) | 2,133,310 | ||||||
1,089,620 | Wipro Ltd. (Information Technology) | 4,628,019 | ||||||
504,008 | Yes Bank Ltd. (Financials) | 2,440,940 | ||||||
|
| |||||||
156,468,548 | ||||||||
|
| |||||||
Indonesia – 1.8% | ||||||||
17,349,574 | Adaro Energy Tbk PT (Energy) | 2,196,670 | ||||||
4,508,492 | Astra International Tbk PT (Consumer Discretionary) | 2,219,047 | ||||||
3,309,551 | Bank Central Asia Tbk PT (Financials) | 5,572,089 | ||||||
4,137,022 | Bank Mandiri Persero Tbk PT (Financials) | 1,937,913 | ||||||
11,183,215 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 2,414,299 | ||||||
1,680,197 | Indah Kiat Pulp & Paper Corp. Tbk PT (Materials) | 2,178,667 | ||||||
3,105,817 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) | 1,829,122 | ||||||
5,543,014 | Indofood Sukses Makmur Tbk PT (Consumer Staples) | 2,398,962 | ||||||
11,953,299 | Perusahaan Gas Negara Persero Tbk (Utilities) | 1,736,596 | ||||||
15,357,971 | Telekomunikasi Indonesia Persero Tbk PT (Telecommunication Services) | 3,638,786 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
1,323,470 | Unilever Indonesia Tbk PT (Consumer Staples) | 3,939,861 | ||||||
|
| |||||||
30,062,012 | ||||||||
|
| |||||||
Malaysia – 2.2% | ||||||||
263,002 | British American Tobacco Malaysia Bhd (Consumer Staples) | 2,166,990 | ||||||
1,463,500 | CIMB Group Holdings Bhd (Financials) | 2,168,808 | ||||||
2,556,800 | Dialog Group Bhd (Energy) | 2,165,145 | ||||||
3,541,219 | DiGi.Com Bhd (Telecommunication Services) | 4,058,679 | ||||||
4,941,000 | FGV Holdings Bhd (Consumer Staples) | 1,815,527 | ||||||
1,528,663 | Genting Bhd (Consumer Discretionary) | 3,206,491 | ||||||
869,334 | HAP Seng Consolidated Bhd (Industrials) | 2,079,463 | ||||||
1,285,700 | Hartalega Holdings Bhd (Health Care) | 2,221,309 | ||||||
982,238 | Malayan Banking Bhd (Financials) | 2,380,604 | ||||||
152,300 | Nestle Malaysia Bhd (Consumer Staples) | 5,447,889 | ||||||
1,164,800 | Petronas Chemicals Group Bhd (Materials) | 2,681,350 | ||||||
500,888 | Public Bank Bhd (Financials) | 3,061,761 | ||||||
895,000 | Tenaga Nasional Bhd (Utilities) | 3,414,917 | ||||||
|
| |||||||
36,868,933 | ||||||||
|
| |||||||
Mexico – 2.7% | ||||||||
1,781,488 | Alfa SAB de CV, Class A (Industrials) | 2,341,403 | ||||||
783,726 | Alsea SAB de CV (Consumer Discretionary) | 2,789,697 | ||||||
9,645,122 | America Movil SAB de CV, Series L (Telecommunication Services) | 8,096,243 | ||||||
434,748 | Arca Continental SAB de CV (Consumer Staples) | 2,672,994 | ||||||
4,046,381 | Cemex SAB de CV, Series CPO (Materials)* | 2,863,290 | ||||||
381,521 | Coca-Cola Femsa SAB de CV, Series L (Consumer Staples) | 2,293,256 | ||||||
553,171 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 5,285,943 | ||||||
299,683 | Gruma SAB de CV, Class B (Consumer Staples) | 3,793,743 | ||||||
1,881,391 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 3,911,262 | ||||||
535,417 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 3,664,374 | ||||||
785,180 | Mexichem SAB de CV (Materials) | 2,656,484 | ||||||
1,878,124 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 5,195,156 | ||||||
|
| |||||||
45,563,845 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Peru – 0.3% | ||||||||
22,888 | Credicorp Ltd. (Financials) | $ | 4,990,042 | |||||
|
| |||||||
Philippines – 0.3% | ||||||||
63,889 | Globe Telecom, Inc. (Telecommunication Services) | 2,528,412 | ||||||
469,178 | Jollibee Foods Corp. (Consumer Discretionary) | 2,527,180 | ||||||
|
| |||||||
5,055,592 | ||||||||
|
| |||||||
Poland – 1.3% | ||||||||
120,539 | Bank Handlowy w Warszawie SA (Financials) | 2,227,079 | ||||||
67,415 | Bank Pekao SA (Financials) | 2,140,348 | ||||||
61,321 | CD Projekt SA (Information Technology)* | 3,432,223 | ||||||
136,894 | Grupa Lotos SA (Energy) | 2,599,924 | ||||||
1,552 | LPP SA (Consumer Discretionary)(a) | 3,881,634 | ||||||
111,978 | Polski Koncern Naftowy ORLEN SA (Energy) | 2,988,960 | ||||||
232,149 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) | 2,661,818 | ||||||
206,138 | Powszechny Zaklad Ubezpieczen SA (Financials) | 2,501,358 | ||||||
|
| |||||||
22,433,344 | ||||||||
|
| |||||||
Qatar – 0.9% | ||||||||
678,474 | Ezdan Holding Group QSC (Real Estate)* | 1,928,648 | ||||||
65,073 | Industries Qatar QSC (Industrials) | 2,216,164 | ||||||
204,375 | Masraf Al Rayan QSC (Financials) | 2,116,160 | ||||||
110,968 | Ooredoo QPSC (Telecommunication Services) | 2,230,941 | ||||||
64,847 | Qatar Islamic Bank (Financials) | 2,493,430 | ||||||
98,365 | Qatar National Bank QPSC (Financials) | 4,808,835 | ||||||
|
| |||||||
15,794,178 | ||||||||
|
| |||||||
Russia – 3.4% | ||||||||
1,540,033 | Alrosa PJSC (Materials) | 2,318,267 | ||||||
977,232 | Gazprom PJSC ADR (Energy) | 4,309,593 | ||||||
50,696,336 | Inter RAO UES PJSC (Utilities) | 3,040,858 | ||||||
184,285 | LUKOIL PJSC (Energy) | 12,860,927 | ||||||
14,858 | MMC Norilsk Nickel PJSC (Materials) | 2,475,092 | ||||||
396,320 | Mobile TeleSystems PJSC ADR (Telecommunication Services) | 3,071,480 | ||||||
18,527 | Novatek PJSC GDR (Energy) | 3,094,009 | ||||||
317,114 | Rosneft Oil Co. PJSC (Energy) | 2,051,357 | ||||||
796,699 | Sberbank of Russia PJSC ADR (Financials) | 8,648,168 | ||||||
215,645 | Severstal PJSC GDR (Materials) | 3,471,885 | ||||||
466,518 | Surgutneftegas PJSC ADR (Energy) | 2,542,523 | ||||||
484,070 | Surgutneftegas PJSC ADR (Energy) | 2,013,731 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Russia – (continued) | ||||||||
100,760 | Tatneft PJSC ADR (Energy) | 6,976,622 | ||||||
|
| |||||||
56,874,512 | ||||||||
|
| |||||||
Singapore – 0.1% | ||||||||
291,555 | BOC Aviation Ltd. (Industrials)(b) | 2,135,893 | ||||||
|
| |||||||
South Africa – 5.6% | ||||||||
186,555 | Absa Group Ltd. (Financials)(a) | 2,069,756 | ||||||
66,909 | Anglo American Platinum Ltd. (Materials) | 1,963,714 | ||||||
247,527 | AngloGold Ashanti Ltd. (Materials) | 1,991,873 | ||||||
141,589 | Bid Corp. Ltd. (Consumer Staples) | 3,030,519 | ||||||
184,663 | Bidvest Group Ltd. (The) (Industrials) | 2,722,444 | ||||||
960,463 | FirstRand Ltd. (Financials)(a) | 4,634,740 | ||||||
1,853,804 | Fortress REIT Ltd., Class A REIT (Real Estate) | 2,086,459 | ||||||
1,269,409 | Growthpoint Properties Ltd. REIT (Real Estate)(a) | 2,204,165 | ||||||
329,987 | Hyprop Investments Ltd. REIT (Real Estate) | 2,297,324 | ||||||
152,005 | Imperial Holdings Ltd. (Consumer Discretionary)(a) | 2,139,093 | ||||||
432,961 | Investec Ltd. (Financials) | 2,841,932 | ||||||
101,128 | Kumba Iron Ore Ltd. (Materials) | 1,829,743 | ||||||
226,861 | Liberty Holdings Ltd. (Financials)(a) | 1,802,501 | ||||||
223,306 | Mr Price Group Ltd. (Consumer Discretionary) | 3,434,504 | ||||||
229,566 | MTN Group Ltd. (Telecommunication Services)(a) | 1,394,357 | ||||||
93,310 | Naspers Ltd., Class N (Consumer Discretionary) | 20,798,840 | ||||||
1,219,417 | Netcare Ltd. (Health Care) | 2,442,787 | ||||||
1,324,290 | Old Mutual Ltd. (Financials)* | 2,747,780 | ||||||
806,214 | Pick n Pay Stores Ltd. (Consumer Staples) | 3,989,456 | ||||||
777,263 | Rand Merchant Investment Holdings Ltd. (Financials) | 2,166,602 | ||||||
2,916,854 | Redefine Properties Ltd. REIT (Real Estate) | 2,060,537 | ||||||
158,402 | Remgro Ltd. (Financials) | 2,318,094 | ||||||
360,934 | Sappi Ltd. (Materials) | 2,473,111 | ||||||
113,251 | Sasol Ltd. (Materials) | 4,452,356 | ||||||
205,453 | Shoprite Holdings Ltd. (Consumer Staples)(a) | 2,860,671 | ||||||
199,094 | SPAR Group Ltd. (The) (Consumer Staples) | 2,785,719 | ||||||
317,358 | Standard Bank Group Ltd. (Financials)(a) | 4,036,276 | ||||||
610,303 | Telkom SA SOC Ltd. (Telecommunication Services) | 2,094,848 | ||||||
251,130 | Vodacom Group Ltd. (Telecommunication Services) | 2,166,390 | ||||||
|
| |||||||
93,836,591 | ||||||||
|
|
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 – 15.7% | ||||||||
16,794 | Amorepacific Corp. (Consumer Staples) | $ | 3,967,859 | |||||
31,927 | AMOREPACIFIC Group (Consumer Staples) | 2,764,913 | ||||||
381,263 | BNK Financial Group, Inc. (Financials) | 2,856,518 | ||||||
19,379 | Celltrion, Inc. (Health Care)* | 4,700,472 | ||||||
154,969 | Cheil Worldwide, Inc. (Consumer Discretionary) | 2,686,881 | ||||||
7,568 | CJ CheilJedang Corp. (Consumer Staples) | 2,328,563 | ||||||
48,291 | Coway Co. Ltd. (Consumer Discretionary) | 3,965,142 | ||||||
52,304 | DB Insurance Co. Ltd. (Financials) | 3,007,192 | ||||||
256,353 | DGB Financial Group, Inc. (Financials) | 2,360,525 | ||||||
104,171 | Dongsuh Cos., Inc. (Consumer Staples) | 2,119,636 | ||||||
13,095 | E-MART, Inc. (Consumer Staples) | 2,523,359 | ||||||
48,070 | GS Holdings Corp. (Energy) | 2,293,058 | ||||||
49,782 | GS Retail Co. Ltd. (Consumer Staples) | 1,663,649 | ||||||
87,486 | Hana Financial Group, Inc. (Financials) | 3,355,929 | ||||||
53,724 | Hankook Tire Co. Ltd. (Consumer Discretionary) | 2,251,471 | ||||||
423,041 | Hanwha Life Insurance Co. Ltd. (Financials) | 1,843,192 | ||||||
25,528 | HLB, Inc. (Consumer Discretionary)* | 2,385,044 | ||||||
43,063 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 4,178,057 | ||||||
33,952 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 3,037,883 | ||||||
65,523 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 2,189,692 | ||||||
15,767 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 3,172,805 | ||||||
17,836 | Hyundai Motor Co. (Consumer Discretionary) | 2,002,875 | ||||||
40,150 | Hyundai Steel Co. (Materials) | 1,922,468 | ||||||
211,143 | Industrial Bank of Korea (Financials) | 2,826,241 | ||||||
17,293 | Kakao Corp. (Information Technology) | 1,941,899 | ||||||
70,803 | Kangwon Land, Inc. (Consumer Discretionary) | 1,841,393 | ||||||
131,389 | KB Financial Group, Inc. (Financials) | 6,102,332 | ||||||
134,385 | Kia Motors Corp. (Consumer Discretionary) | 3,869,235 | ||||||
98,145 | Korea Electric Power Corp. (Utilities) | 2,689,146 | ||||||
55,756 | Korea Gas Corp. (Utilities)* | 2,634,654 | ||||||
42,821 | Korea Investment Holdings Co. Ltd. (Financials) | 2,742,791 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
6,223 | Korea Zinc Co. Ltd. (Materials) | 2,266,924 | ||||||
99,967 | KT Corp. (Telecommunication Services) | 2,688,813 | ||||||
32,650 | KT&G Corp. (Consumer Staples) | 2,962,449 | ||||||
8,118 | LG Chem Ltd. (Materials) | 2,669,171 | ||||||
39,403 | LG Corp. (Industrials) | 2,530,939 | ||||||
63,807 | LG Electronics, Inc. (Consumer Discretionary) | 4,402,262 | ||||||
6,041 | LG Household & Health Care Ltd. (Consumer Staples) | 6,865,081 | ||||||
154,030 | LG Uplus Corp. (Telecommunication Services) | 2,172,457 | ||||||
6,323 | Lotte Chemical Corp. (Materials) | 1,794,967 | ||||||
11,516 | NAVER Corp (Information Technology) | 7,779,753 | ||||||
8,660 | NCSoft Corp. (Information Technology) | 3,014,643 | ||||||
20,257 | OCI Co. Ltd. (Materials) | 2,101,858 | ||||||
1,199 | Ottogi Corp. (Consumer Staples) | 780,915 | ||||||
7,487 | Pearl Abyss Corp. (Information Technology)* | 1,715,119 | ||||||
22,645 | POSCO (Materials) | 6,642,045 | ||||||
41,074 | S-1 Corp. (Industrials) | 3,162,235 | ||||||
5,226 | Samsung Biologics Co. Ltd. (Health Care)*(b) | 2,173,685 | ||||||
22,945 | Samsung C&T Corp. (Industrials) | 2,535,359 | ||||||
57,765 | Samsung Card Co. Ltd. (Financials) | 1,829,238 | ||||||
21,780 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 3,150,141 | ||||||
1,484,707 | Samsung Electronics Co. Ltd. (Information Technology) | 64,622,067 | ||||||
10,130 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 2,411,580 | ||||||
28,339 | Samsung Life Insurance Co. Ltd. (Financials) | 2,354,901 | ||||||
11,834 | Samsung SDS Co. Ltd. (Information Technology) | 2,578,040 | ||||||
72,859 | Samsung Securities Co. Ltd. (Financials) | 2,117,404 | ||||||
114,278 | Shinhan Financial Group Co. Ltd. (Financials) | 4,476,055 | ||||||
29,371 | SillaJen, Inc. (Health Care)* | 2,015,851 | ||||||
9,387 | SK Holdings Co. Ltd. (Industrials) | 2,217,833 | ||||||
197,023 | SK Hynix, Inc. (Information Technology) | 14,690,661 | ||||||
18,167 | SK Innovation Co. Ltd. (Energy) | 3,149,828 | ||||||
23,388 | SK Telecom Co. Ltd. (Telecommunication Services) | 5,515,294 | ||||||
274,145 | Woori Bank (Financials) | 4,014,341 | ||||||
13,172 | Yuhan Corp. (Health Care) | 2,828,108 | ||||||
|
| |||||||
264,454,891 | ||||||||
|
| |||||||
Taiwan – 12.3% | ||||||||
2,163,081 | Acer, Inc. (Information Technology)* | 1,809,903 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
406,334 | Advantech Co. Ltd. (Information Technology) | $ | 2,764,897 | |||||
1,330,588 | ASE Technology Holding Co. Ltd. (Information Technology)* | 3,262,031 | ||||||
2,055,788 | Asia Cement Corp. (Materials) | 2,801,066 | ||||||
275,260 | Asustek Computer, Inc. (Information Technology) | 2,343,496 | ||||||
4,274,314 | AU Optronics Corp. (Information Technology) | 1,850,834 | ||||||
2,165,428 | Cathay Financial Holding Co. Ltd. (Financials) | 3,708,335 | ||||||
973,125 | Chailease Holding Co. Ltd. (Financials) | 3,310,811 | ||||||
3,356,179 | Chang Hwa Commercial Bank Ltd. (Financials)* | 2,087,026 | ||||||
114,312 | Chicony Electronics Co. Ltd. (Information Technology) | 240,422 | ||||||
8,004,988 | China Development Financial Holding Corp. (Financials) | 2,892,898 | ||||||
4,006,457 | China Steel Corp. (Materials) | 3,280,560 | ||||||
1,107,288 | Chunghwa Telecom Co. Ltd. (Telecommunication Services) | 3,911,468 | ||||||
5,542,641 | CTBC Financial Holding Co. Ltd. (Financials) | 3,897,804 | ||||||
677,027 | Delta Electronics, Inc. (Information Technology) | 2,711,194 | ||||||
3,594,935 | E.Sun Financial Holding Co. Ltd. (Financials) | 2,645,142 | ||||||
820,342 | Far EasTone Telecommunications Co. Ltd. (Telecommunication Services) | 1,955,039 | ||||||
775,842 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 4,698,246 | ||||||
3,837,637 | First Financial Holding Co. Ltd. (Financials) | 2,567,587 | ||||||
846,692 | Formosa Chemicals & Fibre Corp. (Materials) | 3,390,627 | ||||||
781,228 | Formosa Petrochemical Corp. (Energy) | 3,204,777 | ||||||
977,741 | Formosa Plastics Corp. (Materials) | 3,581,177 | ||||||
1,086,214 | Foxconn Technology Co. Ltd. (Information Technology) | 2,758,414 | ||||||
1,858,380 | Fubon Financial Holding Co. Ltd. (Financials) | 3,079,653 | ||||||
4,963 | Hiwin Technologies Corp. (Industrials) | 44,758 | ||||||
2,375,693 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 6,226,381 | ||||||
3,189,535 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 1,869,172 | ||||||
5,911,875 | Innolux Corp. (Information Technology) | 2,203,841 | ||||||
3,695,544 | Inventec Corp. (Information Technology) | 3,314,740 | ||||||
21,144 | Largan Precision Co. Ltd. (Information Technology) | 3,238,890 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
2,754,222 | Mega Financial Holding Co. Ltd. (Financials) | 2,313,493 | ||||||
1,017,568 | Nan Ya Plastics Corp. (Materials) | 2,829,247 | ||||||
814,393 | Nanya Technology Corp. (Information Technology) | 1,848,061 | ||||||
284,953 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 2,208,003 | ||||||
715,005 | President Chain Store Corp. (Consumer Staples) | 7,798,362 | ||||||
5,155,698 | Shin Kong Financial Holding Co. Ltd. (Financials)* | 2,039,451 | ||||||
5,067,961 | SinoPac Financial Holdings Co Ltd. (Financials) | 1,856,245 | ||||||
1,428,028 | Standard Foods Corp. (Consumer Staples) | 2,417,628 | ||||||
2,363,053 | Synnex Technology International Corp. (Information Technology) | 3,162,021 | ||||||
7,516,774 | Taishin Financial Holding Co. Ltd. (Financials) | 3,536,298 | ||||||
9,640,146 | Taiwan Business Bank (Financials)* | 3,483,823 | ||||||
3,696,805 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 2,196,539 | ||||||
771,914 | Taiwan Mobile Co. Ltd. (Telecommunication Services) | 2,689,070 | ||||||
7,429,044 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 61,918,778 | ||||||
2,876,779 | Uni-President Enterprises Corp. (Consumer Staples) | 7,268,047 | ||||||
4,871,612 | United Microelectronics Corp. (Information Technology) | 2,751,830 | ||||||
172,455 | Walsin Technology Corp. (Information Technology) | 1,765,818 | ||||||
3,399,429 | Winbond Electronics Corp. (Information Technology) | 1,909,170 | ||||||
2,150,999 | WPG Holdings Ltd. (Information Technology) | 2,724,202 | ||||||
139,800 | Yageo Corp. (Information Technology) | 3,176,962 | ||||||
3,788,166 | Yuanta Financial Holding Co. Ltd. (Financials) | 1,917,825 | ||||||
|
| |||||||
207,462,062 | ||||||||
|
| |||||||
Thailand – 2.0% | ||||||||
551,816 | Advanced Info Service PCL NVDR (Telecommunication Services) | 3,405,647 | ||||||
1,440,700 | Airports of Thailand PCL NVDR (Industrials) | 2,938,183 | ||||||
404,000 | Bumrungrad Hospital PCL NVDR (Health Care) | 2,240,330 | ||||||
874,200 | Central Pattana PCL NVDR (Real Estate) | 2,203,529 | ||||||
2,425,677 | CP ALL PCL NVDR (Consumer Staples) | 5,002,542 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
281,202 | Electricity Generating PCL NVDR (Utilities) | $ | 1,941,694 | |||||
6,670,700 | Home Product Center PCL NVDR (Consumer Discretionary) | 2,975,626 | ||||||
406,800 | Kasikornbank PCL (Financials) | 2,634,941 | ||||||
538,500 | PTT Exploration & Production PCL NVDR (Energy) | 2,344,523 | ||||||
982,200 | PTT Global Chemical PCL NVDR (Materials) | 2,453,249 | ||||||
2,846,370 | PTT PCL NVDR (Energy) | 4,565,671 | ||||||
785,900 | Thai Oil PCL NVDR (Energy) | 2,022,978 | ||||||
|
| |||||||
34,728,913 | ||||||||
|
| |||||||
Turkey – 0.4% | ||||||||
240,448 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,650,565 | ||||||
926,383 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 1,656,291 | ||||||
699,411 | Turk Hava Yollari AO (Industrials)* | 1,719,418 | ||||||
|
| |||||||
6,026,274 | ||||||||
|
| |||||||
United Arab Emirates – 0.5% | ||||||||
3,383,978 | Aldar Properties PJSC (Real Estate) | 1,778,059 | ||||||
1,391,998 | Dubai Islamic Bank PJSC (Financials) | 1,940,304 | ||||||
581,685 | Emirates Telecommunications Group Co. PJSC (Telecommunication Services) | 2,684,225 | ||||||
687,420 | First Abu Dhabi Bank PJSC (Financials) | 2,769,780 | ||||||
|
| |||||||
9,172,368 | ||||||||
|
| |||||||
United Kingdom – 0.2% | ||||||||
97,614 | Mondi Ltd. (Materials) | 2,732,959 | ||||||
|
| |||||||
United States – 0.1% | ||||||||
779,299 | JBS SA (Consumer Staples) | 1,777,969 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,380,717,838) | $ | 1,630,680,048 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 3.3% | ||||||||||
Brazil – 1.8% | ||||||||||
999,307 | Banco Bradesco SA, (Financials) | 4.19 | % | $ | 6,883,409 | |||||
148,892 | Braskem SA, Class A, (Materials) | 5.12 | 2,139,728 | |||||||
114,149 | Cia Brasileira de Distribuicao, (Consumer Staples) | 1.24 | 2,262,700 | |||||||
1,073,667 | Itau Unibanco Holding SA, (Financials) | 7.91 | 11,015,243 | |||||||
994,135 | Itausa – Investimentos Itau SA, (Financials) | 5.87 | 2,313,962 | |||||||
910,300 | Petroleo Brasileiro SA, (Energy) | 0.53 | 4,255,328 | |||||||
| ||||||||||
Preferred Stocks – (continued) | ||||||||||
Brazil – (continued) | ||||||||||
225,099 | Telefonica Brasil SA, (Telecommunication Services) | 6.64 | % | 2,186,467 | ||||||
|
| |||||||||
31,056,837 | ||||||||||
| ||||||||||
Chile – 0.2% | ||||||||||
609,726 | Embotelladora Andina SA, Class B, (Consumer Staples) | 3.59 | 2,357,814 | |||||||
| ||||||||||
South Korea – 1.3% | ||||||||||
32,544 | Amorepacific Corp., (Consumer Staples) | 0.93 | 4,224,595 | |||||||
26,351 | Hyundai Motor Co., (Consumer Discretionary) | 5.09 | 1,853,554 | |||||||
8,020 | LG Household & Health Care Ltd., (Consumer Staples) | 1.18 | 5,396,380 | |||||||
311,338 | Samsung Electronics Co. Ltd., (Information Technology) | 3.49 | 11,103,731 | |||||||
|
| |||||||||
22,578,260 | ||||||||||
| ||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $49,005,837) | $ | 55,992,911 | ||||||||
|
Units | Description | Expiration Month | Value | |||||||
Rights – 0.0% | ||||||||||
China – 0.0% | ||||||||||
488,827 | China Everbright International Ltd. (Industrials)* | 09/18 | 37,990 | |||||||
| ||||||||||
Taiwan – 0.0% | ||||||||||
5,669 | Hiwin Technologies Corp. (Industrials)* | 09/18 | — | |||||||
| ||||||||||
TOTAL RIGHTS |
| |||||||||
(Cost $0) | $ | 37,990 | ||||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $1,429,723,675) |
| $ | 1,686,710,949 | |||||||
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.4%(d) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
22,917,805 | 1.879% | 22,917,805 | ||||||
(Cost $22,917,805) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 101.3% | ||||||||
(Cost $1,452,641,480) | $ | 1,709,628,754 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.3)% | (21,088,623 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,688,540,131 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
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 $15,957,999, which represents approximately 0.9% of net assets as of August 31, 2018. | |
(c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(d) | 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 | |
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 98.8% | ||||||||
Australia – 0.7% | ||||||||
10,583 | BHP Billiton PLC (Materials) | $ | 226,109 | |||||
6,739 | Rio Tinto PLC (Materials) | 320,492 | ||||||
|
| |||||||
546,601 | ||||||||
|
| |||||||
Austria – 0.4% | ||||||||
1,303 | ANDRITZ AG (Industrials) | 77,318 | ||||||
776 | Erste Group Bank AG (Financials)* | 30,942 | ||||||
924 | OMV AG (Energy) | 49,056 | ||||||
4,182 | Raiffeisen Bank International AG (Financials) | 119,211 | ||||||
579 | voestalpine AG (Materials) | 26,030 | ||||||
|
| |||||||
302,557 | ||||||||
|
| |||||||
Belgium – 1.6% | ||||||||
2,648 | Ageas (Financials) | 137,349 | ||||||
2,538 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 238,156 | ||||||
3,739 | Colruyt SA (Consumer Staples) | 222,737 | ||||||
854 | Groupe Bruxelles Lambert SA (Financials) | 89,824 | ||||||
1,007 | KBC Group NV (Financials) | 71,705 | ||||||
1,092 | Proximus SADP (Telecommunication Services) | 25,214 | ||||||
775 | Solvay SA (Materials) | 103,381 | ||||||
791 | Telenet Group Holding NV (Consumer Discretionary)* | 43,347 | ||||||
1,319 | UCB SA (Health Care) | 120,870 | ||||||
2,396 | Umicore SA (Materials) | 133,923 | ||||||
|
| |||||||
1,186,506 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
3,916 | Antofagasta PLC (Materials) | 41,004 | ||||||
|
| |||||||
Colombia – 0.0% | ||||||||
649 | Millicom International Cellular SA (Telecommunication Services) | 37,399 | ||||||
|
| |||||||
Denmark – 2.9% | ||||||||
2,287 | Carlsberg A/S, Class B (Consumer Staples) | 279,825 | ||||||
936 | Chr Hansen Holding A/S (Materials) | 95,242 | ||||||
1,781 | Coloplast A/S, Class B (Health Care) | 191,064 | ||||||
3,178 | Danske Bank A/S (Financials) | 93,714 | ||||||
1,456 | DSV A/S (Industrials) | 136,747 | ||||||
1,211 | H Lundbeck A/S (Health Care) | 71,213 | ||||||
922 | ISS A/S (Industrials) | 32,261 | ||||||
13,880 | Novo Nordisk A/S, Class B (Health Care) | 681,804 | ||||||
972 | Novozymes A/S, Class B (Materials) | 53,397 | ||||||
1,887 | Orsted A/S (Utilities)(a) | 119,565 | ||||||
1,528 | Pandora A/S (Consumer Discretionary) | 91,500 | ||||||
3,458 | Tryg A/S (Financials) | 85,160 | ||||||
1,115 | Vestas Wind Systems A/S (Industrials) | 77,870 | ||||||
3,271 | William Demant Holding A/S (Health Care)* | 133,339 | ||||||
|
| |||||||
2,142,701 | ||||||||
|
| |||||||
Finland – 1.5% | ||||||||
1,299 | Elisa OYJ (Telecommunication Services) | 55,695 | ||||||
5,439 | Fortum OYJ (Utilities) | 137,956 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Finland – (continued) | ||||||||
1,060 | Kone OYJ, Class B (Industrials) | $ | 57,361 | |||||
1,296 | Neste OYJ (Energy) | 112,791 | ||||||
6,262 | Nokia OYJ (Information Technology) | 34,957 | ||||||
7,766 | Orion OYJ, Class B (Health Care) | 286,162 | ||||||
1,853 | Sampo OYJ, Class A (Financials) | 95,013 | ||||||
4,263 | Stora Enso OYJ, Class R (Materials) | 79,534 | ||||||
5,591 | UPM-Kymmene OYJ (Materials) | 215,970 | ||||||
824 | Wartsila OYJ Abp (Industrials) | 17,439 | ||||||
|
| |||||||
1,092,878 | ||||||||
|
| |||||||
France – 19.1% | ||||||||
1,323 | Accor SA (Consumer Discretionary) | 66,344 | ||||||
633 | Aeroports de Paris (Industrials) | 139,419 | ||||||
1,724 | Air Liquide SA (Materials) | 217,637 | ||||||
1,968 | Airbus SE (Industrials) | 243,311 | ||||||
2,121 | Alstom SA (Industrials) | 93,776 | ||||||
201 | Amundi SA (Financials)(a) | 14,523 | ||||||
3,514 | Arkema SA (Materials) | 441,153 | ||||||
4,301 | Atos SE (Information Technology) | 516,435 | ||||||
13,208 | AXA SA (Financials) | 334,166 | ||||||
1,340 | BioMerieux (Health Care) | 118,023 | ||||||
8,377 | BNP Paribas SA (Financials) | 492,985 | ||||||
5,992 | Bollore SA (Industrials) | 28,751 | ||||||
1,173 | Bouygues SA (Industrials) | 51,903 | ||||||
2,752 | Bureau Veritas SA (Industrials) | 70,891 | ||||||
2,384 | Capgemini SE (Information Technology) | 307,196 | ||||||
4,526 | Carrefour SA (Consumer Staples) | 80,938 | ||||||
5,293 | Casino Guichard Perrachon SA (Consumer Staples)(b) | 168,186 | ||||||
2,448 | Cie de Saint-Gobain (Industrials) | 105,570 | ||||||
1,065 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 126,329 | ||||||
6,918 | CNP Assurances (Financials) | 159,935 | ||||||
661 | Covivio REIT (Real Estate) | 69,255 | ||||||
19,611 | Credit Agricole SA (Financials) | 269,063 | ||||||
5,009 | Danone SA (Consumer Staples) | 395,253 | ||||||
39 | Dassault Aviation SA (Industrials) | 72,739 | ||||||
1,792 | Dassault Systemes (Information Technology) | 291,065 | ||||||
1,621 | Edenred (Industrials) | 61,918 | ||||||
3,437 | Eiffage SA (Industrials) | 387,738 | ||||||
4,352 | Electricite de France SA (Utilities) | 71,447 | ||||||
8,705 | Engie SA (Utilities) | 127,920 | ||||||
1,323 | Essilor International SA (Health Care) | 191,336 | ||||||
1,934 | Eurazeo SA (Financials) | 147,164 | ||||||
1,200 | Faurecia (Consumer Discretionary) | 73,691 | ||||||
698 | Gecina SA REIT (Real Estate) | 120,113 | ||||||
3,896 | Getlink (Industrials) | 49,183 | ||||||
851 | Hermes International (Consumer Discretionary) | 554,675 | ||||||
1,180 | ICADE REIT (Real Estate) | 115,395 | ||||||
106 | Iliad SA (Telecommunication Services) | 13,727 | ||||||
295 | Imerys SA (Materials) | 21,246 | ||||||
606 | Ingenico Group SA (Information Technology) | 42,686 | ||||||
2,241 | Ipsen SA (Health Care) | 399,324 | ||||||
431 | Kering (Consumer Discretionary) | 234,687 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
1,437 | Klepierre SA REIT (Real Estate) | $ | 51,663 | |||||
2,264 | Legrand SA (Industrials) | 170,957 | ||||||
2,317 | L’Oreal SA (Consumer Staples) | 557,228 | ||||||
1,900 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 667,284 | ||||||
12,776 | Natixis SA (Financials) | 85,473 | ||||||
4,963 | Orange SA (Telecommunication Services) | 80,554 | ||||||
1,301 | Pernod Ricard SA (Consumer Staples) | 205,865 | ||||||
14,744 | Peugeot SA (Consumer Discretionary) | 406,565 | ||||||
1,776 | Publicis Groupe SA (Consumer Discretionary) | 114,271 | ||||||
827 | Remy Cointreau SA (Consumer Staples) | 116,139 | ||||||
175 | Renault SA (Consumer Discretionary) | 15,108 | ||||||
16,785 | Rexel SA (Industrials) | 264,623 | ||||||
1,863 | Safran SA (Industrials) | 243,421 | ||||||
8,020 | Sanofi (Health Care) | 687,621 | ||||||
3,369 | Schneider Electric SE (Industrials) | 275,329 | ||||||
1,447 | SCOR SE (Financials) | 58,774 | ||||||
826 | SEB SA (Consumer Discretionary) | 154,345 | ||||||
825 | Societe BIC SA (Industrials) | 76,551 | ||||||
5,058 | Societe Generale SA (Financials) | 207,387 | ||||||
549 | Sodexo SA (Consumer Discretionary) | 57,310 | ||||||
2,207 | Suez (Utilities) | 31,982 | ||||||
618 | Teleperformance (Industrials) | 119,002 | ||||||
837 | Thales SA (Industrials) | 118,177 | ||||||
14,166 | TOTAL SA (Energy) | 887,893 | ||||||
3,597 | Ubisoft Entertainment SA (Information Technology)* | 387,792 | ||||||
309 | Unibail-Rodamco-Westfield (Real Estate) | 65,073 | ||||||
5,106 | Veolia Environnement SA (Utilities) | 107,885 | ||||||
3,340 | Vinci SA (Industrials) | 320,835 | ||||||
2,478 | Vivendi SA (Consumer Discretionary) | 64,438 | ||||||
235 | Wendel SA (Financials) | 34,889 | ||||||
|
| |||||||
14,121,530 | ||||||||
|
| |||||||
Germany – 13.3% | ||||||||
2,544 | adidas AG (Consumer Discretionary) | 636,092 | ||||||
2,784 | Allianz SE (Financials) | 594,843 | ||||||
1,317 | Axel Springer SE (Consumer Discretionary) | 95,924 | ||||||
4,514 | BASF SE (Materials) | 418,535 | ||||||
6,435 | Bayer AG (Health Care) | 601,815 | ||||||
1,123 | Bayerische Motoren Werke AG (Consumer Discretionary) | 108,984 | ||||||
2,241 | Beiersdorf AG (Consumer Staples) | 261,522 | ||||||
1,048 | Brenntag AG (Industrials) | 63,333 | ||||||
11,151 | Commerzbank AG (Financials)* | 105,675 | ||||||
379 | Continental AG (Consumer Discretionary) | 69,695 | ||||||
2,945 | Covestro AG (Materials)(a) | 251,437 | ||||||
2,805 | Daimler AG (Consumer Discretionary) | 181,783 | ||||||
1,105 | Delivery Hero SE (Information Technology)*(a) | 61,018 | ||||||
1,539 | Deutsche Boerse AG (Financials) | 213,084 | ||||||
9,747 | Deutsche Lufthansa AG (Industrials) | 255,051 | ||||||
11,546 | Deutsche Post AG (Industrials) | 421,955 | ||||||
19,606 | Deutsche Telekom AG (Telecommunication Services) | 317,309 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
2,264 | Deutsche Wohnen SE (Real Estate) | 114,691 | ||||||
7,842 | E.ON SE (Utilities) | 83,760 | ||||||
1,761 | Evonik Industries AG (Materials) | 65,791 | ||||||
472 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 42,528 | ||||||
1,553 | Fresenius Medical Care AG & Co KGaA (Health Care) | 157,671 | ||||||
2,482 | Fresenius SE & Co KGaA (Health Care) | 189,960 | ||||||
466 | Hannover Rueck SE (Financials) | 64,141 | ||||||
2,631 | HeidelbergCement AG (Materials) | 209,935 | ||||||
679 | Henkel AG & Co KGaA (Consumer Staples) | 75,960 | ||||||
678 | HOCHTIEF AG (Industrials) | 110,282 | ||||||
4,795 | HUGO BOSS AG (Consumer Discretionary) | 383,945 | ||||||
5,040 | Infineon Technologies AG (Information Technology) | 128,540 | ||||||
715 | KION Group AG (Industrials) | 48,932 | ||||||
351 | LANXESS AG (Materials) | 27,640 | ||||||
519 | Linde AG (Materials) | 118,477 | ||||||
727 | MAN SE (Industrials) | 79,215 | ||||||
1,678 | Merck KGaA (Health Care) | 176,649 | ||||||
2,905 | METRO AG (Consumer Staples) | 45,477 | ||||||
494 | MTU Aero Engines AG (Industrials) | 108,574 | ||||||
660 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 142,678 | ||||||
2,079 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 54,885 | ||||||
404 | Puma SE (Consumer Discretionary) | 221,865 | ||||||
2,626 | RWE AG (Utilities) | 66,759 | ||||||
6,473 | SAP SE (Information Technology) | 780,397 | ||||||
3,931 | Siemens AG (Industrials) | 512,165 | ||||||
429 | Siemens Healthineers AG (Health Care)*(a) | 19,544 | ||||||
1,078 | Symrise AG (Materials) | 100,917 | ||||||
6,046 | Telefonica Deutschland Holding AG (Telecommunication Services) | 25,205 | ||||||
5,403 | TUI AG (Consumer Discretionary) | 99,861 | ||||||
4,832 | Uniper SE (Utilities) | 147,972 | ||||||
1,343 | United Internet AG (Information Technology) | 70,816 | ||||||
142 | Volkswagen AG (Consumer Discretionary) | 22,916 | ||||||
3,571 | Vonovia SE (Real Estate) | 183,603 | ||||||
967 | Wirecard AG (Information Technology) | 215,232 | ||||||
5,803 | Zalando SE (Consumer Discretionary)*(a) | 305,991 | ||||||
|
| |||||||
9,861,029 | ||||||||
|
| |||||||
Ireland – 0.6% | ||||||||
1,677 | AerCap Holdings NV (Industrials)* | 95,539 | ||||||
3,311 | AIB Group PLC (Financials) | 18,661 | ||||||
1,796 | Bank of Ireland Group PLC (Financials) | 14,711 | ||||||
4,132 | CRH PLC (Materials) | 137,545 | ||||||
1,181 | Kerry Group PLC, Class A (Consumer Staples) | 135,004 | ||||||
1,038 | Smurfit Kappa Group PLC (Materials) | 42,487 | ||||||
|
| |||||||
443,947 | ||||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Italy – 3.5% | ||||||||
10,622 | Assicurazioni Generali SpA (Financials) | $ | 177,285 | |||||
5,465 | Davide Campari-Milano SpA (Consumer Staples) | 48,484 | ||||||
37,468 | Enel SpA (Utilities) | 185,710 | ||||||
12,936 | Eni SpA (Energy) | 240,515 | ||||||
1,165 | Ferrari NV (Consumer Discretionary) | 152,762 | ||||||
73,300 | Intesa Sanpaolo SpA (Financials) | 181,443 | ||||||
5,158 | Luxottica Group SpA (Consumer Discretionary) | 342,796 | ||||||
2,859 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 26,665 | ||||||
7,597 | Moncler SpA (Consumer Discretionary) | 344,372 | ||||||
15,103 | Poste Italiane SpA (Financials)(a) | 116,540 | ||||||
6,078 | Prysmian SpA (Industrials) | 157,134 | ||||||
3,178 | Recordati SpA (Health Care) | 111,557 | ||||||
10,947 | Snam SpA (Energy) | 45,037 | ||||||
207,805 | Telecom Italia SpA (Telecommunication Services)* | 132,738 | ||||||
244,446 | Telecom Italia SpA-RSP (Telecommunication Services) | 136,205 | ||||||
10,563 | Terna Rete Elettrica Nazionale SpA (Utilities) | 55,625 | ||||||
10,292 | UniCredit SpA (Financials) | 148,894 | ||||||
|
| |||||||
2,603,762 | ||||||||
|
| |||||||
Luxembourg – 0.7% | ||||||||
11,437 | ArcelorMittal (Materials) | 345,182 | ||||||
1,897 | RTL Group SA (Consumer Discretionary)(b) | 142,582 | ||||||
2,231 | Tenaris SA (Energy) | 37,509 | ||||||
|
| |||||||
525,273 | ||||||||
|
| |||||||
Netherlands – 7.0% | ||||||||
3,864 | ABN AMRO Group NV (Financials)(a) | 104,886 | ||||||
33,936 | Aegon NV (Financials) | 203,977 | ||||||
1,120 | Akzo Nobel NV (Materials) | 104,927 | ||||||
1,732 | ASML Holding NV (Information Technology) | 353,947 | ||||||
2,740 | EXOR NV (Financials) | 178,464 | ||||||
2,452 | Heineken Holding NV (Consumer Staples) | 234,223 | ||||||
1,873 | Heineken NV (Consumer Staples) | 185,540 | ||||||
20,762 | ING Groep NV (Financials) | 282,390 | ||||||
19,806 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 483,008 | ||||||
1,320 | Koninklijke DSM NV (Materials) | 138,807 | ||||||
16,579 | Koninklijke KPN NV (Telecommunication Services) | 42,457 | ||||||
8,568 | Koninklijke Philips NV (Health Care) | 383,702 | ||||||
5,911 | NN Group NV (Financials) | 253,984 | ||||||
2,493 | NXP Semiconductors NV (Information Technology)* | 232,198 | ||||||
4,915 | Randstad NV (Industrials) | 308,576 | ||||||
24,952 | Royal Dutch Shell PLC, Class A (Energy) | 811,270 | ||||||
19,250 | Royal Dutch Shell PLC, Class B (Energy) | 635,638 | ||||||
3,412 | Wolters Kluwer NV (Industrials) | 216,754 | ||||||
|
| |||||||
5,154,748 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Norway – 1.4% | ||||||||
2,290 | Aker BP ASA (Energy) | 81,329 | ||||||
3,129 | DNB ASA (Financials) | 63,907 | ||||||
8,140 | Equinor ASA (Energy) | 209,372 | ||||||
3,476 | Gjensidige Forsikring ASA (Financials) | 58,316 | ||||||
6,086 | Marine Harvest ASA (Consumer Staples) | 131,833 | ||||||
9,672 | Norsk Hydro ASA (Materials) | 53,561 | ||||||
6,110 | Orkla ASA (Consumer Staples) | 50,413 | ||||||
8,457 | Schibsted ASA, Class B (Consumer Discretionary) | 276,078 | ||||||
4,869 | Telenor ASA (Telecommunication Services) | 92,050 | ||||||
439 | Yara International ASA (Materials) | 20,263 | ||||||
|
| |||||||
1,037,122 | ||||||||
|
| |||||||
Portugal – 0.8% | ||||||||
73,651 | EDP – Energias de Portugal SA (Utilities) | 288,357 | ||||||
4,310 | Galp Energia SGPS SA (Energy) | 87,606 | ||||||
12,497 | Jeronimo Martins SGPS SA (Consumer Staples) | 187,642 | ||||||
|
| |||||||
563,605 | ||||||||
|
| |||||||
South Africa – 0.9% | ||||||||
20,053 | Anglo American PLC (Materials) | 401,801 | ||||||
8,343 | Investec PLC (Financials) | 54,913 | ||||||
29,333 | Mediclinic International PLC (Health Care) | 187,997 | ||||||
|
| |||||||
644,711 | ||||||||
|
| |||||||
Spain – 3.8% | ||||||||
4,572 | ACS Actividades de Construccion y Servicios SA (Industrials) | 190,864 | ||||||
748 | Aena SME SA (Industrials)(a) | 132,721 | ||||||
3,542 | Amadeus IT Group SA (Information Technology) | 329,360 | ||||||
26,619 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 166,315 | ||||||
88,076 | Banco Santander SA (Financials) | 439,419 | ||||||
5,406 | �� | Bankinter SA (Financials) | 48,206 | |||||
3,208 | CaixaBank SA (Financials) | 14,411 | ||||||
2,175 | Enagas SA (Energy) | 60,608 | ||||||
2,364 | Endesa SA (Utilities) | 53,058 | ||||||
2,197 | Ferrovial SA (Industrials)(b) | 47,609 | ||||||
1,503 | Grifols SA (Health Care) | 44,296 | ||||||
17,435 | Iberdrola SA (Utilities) | 130,274 | ||||||
11,836 | Industria de Diseno Textil SA (Consumer Discretionary) | 358,739 | ||||||
25,524 | Mapfre SA (Financials) | 75,401 | ||||||
2,648 | Naturgy Energy Group SA (Utilities) | 71,262 | ||||||
2,871 | Red Electrica Corp. SA (Utilities) | 60,461 | ||||||
24,106 | Repsol SA (Energy) | 464,604 | ||||||
13,927 | Telefonica SA (Telecommunication Services) | 113,218 | ||||||
|
| |||||||
2,800,826 | ||||||||
|
| |||||||
Sweden – 3.5% | ||||||||
2,918 | Alfa Laval AB (Industrials) | 78,280 | ||||||
3,351 | Assa Abloy AB, Class B (Industrials) | 68,366 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
3,413 | Atlas Copco AB, Class A (Industrials) | $ | 97,387 | |||||
2,366 | Atlas Copco AB, Class B (Industrials) | 62,617 | ||||||
2,645 | Boliden AB (Materials) | 69,306 | ||||||
2,993 | Electrolux AB, Series B (Consumer Discretionary) | 66,828 | ||||||
2,677 | Epiroc AB (Industrials)* | 27,835 | ||||||
2,367 | Epiroc AB (Industrials)* | 22,658 | ||||||
1,376 | Essity AB, Class B (Consumer Staples) | 35,694 | ||||||
22,143 | Hennes & Mauritz AB, Class B (Consumer Discretionary)(b) | 298,635 | ||||||
1,622 | Hexagon AB, Class B (Information Technology) | 96,435 | ||||||
1,464 | ICA Gruppen AB (Consumer Staples)(b) | 44,626 | ||||||
2,284 | Industrivarden AB, Class C (Financials) | 48,835 | ||||||
1,845 | Investor AB, Class B (Financials) | 83,340 | ||||||
2,079 | Kinnevik AB, Class B (Financials) | 68,356 | ||||||
1,531 | L E Lundbergforetagen AB, Class B (Financials) | 51,478 | ||||||
2,326 | Lundin Petroleum AB (Energy) | 80,882 | ||||||
6,085 | Nordea Bank AB (Financials) | 65,802 | ||||||
6,454 | Sandvik AB (Industrials) | 113,060 | ||||||
5,827 | Securitas AB, Class B (Industrials) | 103,766 | ||||||
5,670 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 60,570 | ||||||
1,774 | SKF AB, Class B (Industrials) | 34,125 | ||||||
3,933 | Svenska Handelsbanken AB, Class A (Financials) | 47,718 | ||||||
3,667 | Swedbank AB, Class A (Financials) | 85,409 | ||||||
5,894 | Swedish Match AB (Consumer Staples) | 315,393 | ||||||
4,707 | Tele2 AB, Class B (Telecommunication Services) | 58,113 | ||||||
22,732 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 191,929 | ||||||
11,819 | Telia Co. AB (Telecommunication Services) | 52,469 | ||||||
8,176 | Volvo AB, Class B (Industrials) | 140,943 | ||||||
|
| |||||||
2,570,855 | ||||||||
|
| |||||||
Switzerland – 13.6% | ||||||||
5,694 | ABB Ltd. (Industrials) | 134,534 | ||||||
2,153 | Adecco Group AG (Industrials) | 132,194 | ||||||
425 | Baloise Holding AG (Financials) | 65,479 | ||||||
89 | Barry Callebaut AG (Consumer Staples) | 159,024 | ||||||
31 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 231,274 | ||||||
2,188 | Cie Financiere Richemont SA (Consumer Discretionary) | 193,891 | ||||||
1,391 | Clariant AG (Materials)* | 34,836 | ||||||
5,534 | Coca-Cola HBC AG (Consumer Staples)* | 189,746 | ||||||
8,925 | Credit Suisse Group AG (Financials)* | 133,953 | ||||||
588 | Dufry AG (Consumer Discretionary)* | 72,900 | ||||||
135 | EMS-Chemie Holding AG (Materials) | 85,431 | ||||||
5,124 | Ferguson PLC (Industrials) | 411,649 | ||||||
132 | Geberit AG (Industrials) | 60,165 | ||||||
57 | Givaudan SA (Materials) | 138,978 | ||||||
44,866 | Glencore PLC (Materials)* | 182,845 | ||||||
829 | Julius Baer Group Ltd. (Financials)* | 44,163 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
2,392 | Kuehne + Nagel International AG (Industrials) | 387,083 | ||||||
805 | LafargeHolcim Ltd. (Materials)* | 39,289 | ||||||
518 | Lonza Group AG (Health Care)* | 167,061 | ||||||
20,771 | Nestle SA (Consumer Staples) | 1,747,848 | ||||||
14,597 | Novartis AG (Health Care) | 1,213,222 | ||||||
887 | Pargesa Holding SA (Financials) | 72,228 | ||||||
546 | Partners Group Holding AG (Financials) | 429,641 | ||||||
5,203 | Roche Holding AG (Health Care) | 1,295,505 | ||||||
335 | Schindler Holding AG (Industrials) | 77,593 | ||||||
329 | Schindler Holding AG Participation Certificates (Industrials) | 78,653 | ||||||
140 | SGS SA (Industrials) | 369,579 | ||||||
922 | Sika AG (Materials) | 136,999 | ||||||
267 | Sonova Holding AG (Health Care) | 50,772 | ||||||
8,370 | STMicroelectronics NV (Information Technology) | 172,420 | ||||||
315 | Straumann Holding AG (Health Care) | 251,616 | ||||||
288 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 123,169 | ||||||
1,090 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 88,532 | ||||||
412 | Swiss Life Holding AG (Financials)* | 149,617 | ||||||
799 | Swiss Prime Site AG (Real Estate)* | 73,819 | ||||||
1,337 | Swiss Re AG (Financials) | 120,497 | ||||||
178 | Swisscom AG (Telecommunication Services) | 79,678 | ||||||
916 | Temenos AG (Information Technology)* | 165,753 | ||||||
13,381 | UBS Group AG (Financials)* | 209,411 | ||||||
476 | Vifor Pharma AG (Health Care) | 87,930 | ||||||
678 | Zurich Insurance Group AG (Financials) | 206,954 | ||||||
|
| |||||||
10,065,931 | ||||||||
|
| |||||||
United Arab Emirates – 0.1% | ||||||||
1,334 | NMC Health PLC (Health Care) | 68,037 | ||||||
|
| |||||||
United Kingdom – 22.4% | ||||||||
14,011 | 3i Group PLC (Financials) | 163,241 | ||||||
14,913 | Admiral Group PLC (Financials) | 403,170 | ||||||
2,486 | Ashtead Group PLC (Industrials) | 76,320 | ||||||
3,089 | Associated British Foods PLC (Consumer Staples) | 91,902 | ||||||
7,775 | AstraZeneca PLC (Health Care) | 585,617 | ||||||
70,301 | Auto Trader Group PLC (Information Technology)(a) | 410,359 | ||||||
15,655 | Aviva PLC (Financials) | 98,686 | ||||||
3,994 | Babcock International Group PLC (Industrials) | 37,034 | ||||||
7,769 | BAE Systems PLC (Industrials) | 61,192 | ||||||
31,487 | Barclays PLC (Financials) | 71,906 | ||||||
11,111 | Barratt Developments PLC (Consumer Discretionary) | 78,273 | ||||||
3,204 | Berkeley Group Holdings PLC (Consumer Discretionary) | 151,709 | ||||||
109,845 | BP PLC (Energy) | 781,386 | ||||||
10,954 | British American Tobacco PLC (Consumer Staples) | 529,847 | ||||||
|
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
8,444 | British Land Co. PLC (The) REIT (Real Estate) | $ | 69,758 | |||||
19,180 | BT Group PLC (Telecommunication Services) | 54,184 | ||||||
2,832 | Bunzl PLC (Industrials) | 88,268 | ||||||
17,740 | Burberry Group PLC (Consumer Discretionary) | 515,567 | ||||||
23,638 | Centrica PLC (Utilities) | 44,027 | ||||||
13,340 | CNH Industrial NV (Industrials) | 159,867 | ||||||
2,242 | Coca-Cola European Partners PLC (Consumer Staples) | 95,599 | ||||||
4,278 | Compass Group PLC (Consumer Discretionary) | 92,218 | ||||||
2,447 | Croda International PLC (Materials) | 162,205 | ||||||
1,013 | DCC PLC (Industrials) | 91,573 | ||||||
15,124 | Diageo PLC (Consumer Staples) | 529,669 | ||||||
15,099 | Direct Line Insurance Group PLC (Financials) | 64,939 | ||||||
2,353 | easyJet PLC (Industrials) | 46,639 | ||||||
9,299 | Experian PLC (Industrials) | 232,058 | ||||||
19,358 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | 327,935 | ||||||
5,212 | G4S PLC (Industrials) | 16,895 | ||||||
33,499 | GlaxoSmithKline PLC (Health Care) | 679,403 | ||||||
5,036 | GVC Holdings PLC (Consumer Discretionary) | 72,132 | ||||||
8,251 | Hammerson PLC REIT (Real Estate) | 50,522 | ||||||
20,713 | Hargreaves Lansdown PLC (Financials) | 592,278 | ||||||
114,525 | HSBC Holdings PLC (Financials) | 995,683 | ||||||
6,755 | Imperial Brands PLC (Consumer Staples) | 240,918 | ||||||
8,949 | Informa PLC (Consumer Discretionary) | 88,678 | ||||||
4,116 | InterContinental Hotels Group PLC (Consumer Discretionary) | 254,382 | ||||||
30,775 | International Consolidated Airlines Group SA (Industrials) | 277,144 | ||||||
1,304 | Intertek Group PLC (Industrials) | 87,015 | ||||||
85,455 | J Sainsbury PLC (Consumer Staples) | 360,089 | ||||||
888 | Johnson Matthey PLC (Materials) | 40,350 | ||||||
23,872 | Kingfisher PLC (Consumer Discretionary) | 84,861 | ||||||
6,085 | Land Securities Group PLC REIT (Real Estate) | 72,486 | ||||||
46,285 | Legal & General Group PLC (Financials) | 152,984 | ||||||
249,642 | Lloyds Banking Group PLC (Financials) | 192,412 | ||||||
2,400 | London Stock Exchange Group PLC (Financials) | 144,241 | ||||||
59,690 | Marks & Spencer Group PLC (Consumer Discretionary) | 233,987 | ||||||
6,064 | Meggitt PLC (Industrials) | 42,419 | ||||||
9,384 | Merlin Entertainments PLC (Consumer Discretionary)(a) | 45,360 | ||||||
2,729 | Micro Focus International PLC (Information Technology) | 46,289 | ||||||
3,044 | Mondi PLC (Materials) | 84,866 | ||||||
11,089 | National Grid PLC (Utilities) | 116,745 | ||||||
4,321 | Next PLC (Consumer Discretionary) | 308,892 | ||||||
12,413 | Pearson PLC (Consumer Discretionary) | 148,011 | ||||||
1,912 | Persimmon PLC (Consumer Discretionary) | 60,463 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
10,612 | Prudential PLC (Financials) | 239,308 | ||||||
1,588 | Reckitt Benckiser Group PLC (Consumer Staples) | 135,378 | ||||||
10,075 | RELX NV (Industrials) | 223,661 | ||||||
11,204 | RELX PLC (Industrials) | 249,017 | ||||||
4,364 | Rolls-Royce Holdings PLC (Industrials)* | 57,005 | ||||||
10,077 | Royal Bank of Scotland Group PLC (Financials) | 31,604 | ||||||
73,119 | Royal Mail PLC (Industrials) | 425,763 | ||||||
10,001 | RSA Insurance Group PLC (Financials) | 82,100 | ||||||
30,295 | Sage Group PLC (The) (Information Technology) | 234,444 | ||||||
2,070 | Schroders PLC (Financials) | 82,732 | ||||||
19,829 | Segro PLC REIT (Real Estate) | 169,636 | ||||||
2,322 | Severn Trent PLC (Utilities) | 60,391 | ||||||
3,414 | Sky PLC (Consumer Discretionary) | 68,357 | ||||||
14,559 | Smith & Nephew PLC (Health Care) | 256,880 | ||||||
4,217 | Smiths Group PLC (Industrials) | 88,327 | ||||||
5,461 | SSE PLC (Utilities) | 88,937 | ||||||
3,302 | St James’s Place PLC (Financials) | 48,561 | ||||||
6,481 | Standard Chartered PLC (Financials) | 52,825 | ||||||
3,811 | Standard Life Aberdeen PLC (Financials) | 15,697 | ||||||
37,134 | Taylor Wimpey PLC (Consumer Discretionary) | 80,771 | ||||||
97,141 | Tesco PLC (Consumer Staples) | 311,228 | ||||||
9,838 | Unilever NV (Consumer Staples) | 567,117 | ||||||
8,194 | Unilever PLC (Consumer Staples) | 467,754 | ||||||
4,078 | United Utilities Group PLC (Utilities) | 39,308 | ||||||
137,277 | Vodafone Group PLC (Telecommunication Services) | 293,510 | ||||||
4,365 | Whitbread PLC (Consumer Discretionary) | 260,750 | ||||||
69,703 | Wm Morrison Supermarkets PLC (Consumer Staples) | 238,495 | ||||||
6,358 | WPP PLC (Consumer Discretionary) | 105,653 | ||||||
|
| |||||||
16,579,862 | ||||||||
|
| |||||||
United States – 0.9% | ||||||||
1,589 | Carnival PLC (Consumer Discretionary) | 95,644 | ||||||
2,975 | QIAGEN NV (Health Care)* | 115,438 | ||||||
7,418 | Shire PLC (Health Care) | 433,725 | ||||||
|
| |||||||
644,807 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $67,036,023) | $ | 73,035,691 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.7% | ||||||||||||
Germany – 0.7% | ||||||||||||
463 | Bayerische Motoren Werke AG, (Consumer Discretionary) | 5.63 | % | $ | 38,921 | |||||||
3,172 | FUCHS PETROLUB SE, (Materials) | 1.87 | 186,192 | |||||||||
702 | Henkel AG & Co KGaA, (Consumer Staples) | 1.68 | 89,804 | |||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) | ||||||||||||
Germany – (continued) | ||||||||||||
990 | Porsche Automobil Holding SE, (Consumer Discretionary) | 3.21 | % | $ | 62,800 | |||||||
405 | Sartorius AG, (Health Care) | 0.35 | 73,698 | |||||||||
558 | Volkswagen AG, (Consumer Discretionary) | 2.75 | 91,438 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $520,301) | $ | 542,853 | ||||||||||
|
|
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% | ||||||||||
Sweden – 0.0% | ||||||||||
2,066 | Kinnevik AB (Financials)* | |||||||||
(Cost $0) | 12/19 | $ | — | |||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $67,556,324) | $ | 73,578,544 | ||||||||
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.7%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
517,340 | 1.879% | $ | 517,340 | |||||
(Cost $517,340) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.2% | ||||||||
(Cost $68,073,664) | $ | 74,095,884 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)% | (132,411 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 73,963,473 | ||||||
|
|
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) | 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 $1,581,944, which represents approximately 2.1% of net assets as of August 31, 2018. | |
(b) | All or a portion of security is on loan. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Australia – 6.4% | ||||||||
19,870 | AGL Energy Ltd. (Utilities) | $ | 298,608 | |||||
226,272 | Alumina Ltd. (Materials) | 471,283 | ||||||
40,774 | Amcor Ltd. (Materials) | 421,675 | ||||||
93,362 | AMP Ltd. (Financials) | 225,515 | ||||||
88,272 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,016,653 | ||||||
15,184 | ASX Ltd. (Financials) | 742,760 | ||||||
88,719 | Aurizon Holdings Ltd. (Industrials) | 269,479 | ||||||
325,320 | AusNet Services (Utilities) | 387,022 | ||||||
123,988 | Australia & New Zealand Banking Group Ltd. (Financials) | 2,645,210 | ||||||
40,958 | Bank of Queensland Ltd. (Financials) | 340,343 | ||||||
143,617 | Bendigo & Adelaide Bank Ltd. (Financials) | 1,203,782 | ||||||
122,006 | BHP Billiton Ltd. (Materials) | 2,930,276 | ||||||
71,936 | BHP Billiton PLC (Materials) | 1,536,933 | ||||||
253,856 | BlueScope Steel Ltd. (Materials) | 3,177,921 | ||||||
31,072 | Brambles Ltd. (Industrials) | 246,510 | ||||||
28,671 | Caltex Australia Ltd. (Energy) | 626,400 | ||||||
48,690 | CIMIC Group Ltd. (Industrials) | 1,735,278 | ||||||
56,158 | Coca-Cola Amatil Ltd. (Consumer Staples) | 381,361 | ||||||
29,128 | Cochlear Ltd. (Health Care) | 4,546,119 | ||||||
94,047 | Commonwealth Bank of Australia (Financials) | 4,845,375 | ||||||
36,972 | Computershare Ltd. (Information Technology) | 513,907 | ||||||
42,890 | Crown Resorts Ltd. (Consumer Discretionary) | 440,456 | ||||||
30,615 | CSL Ltd. (Health Care) | 5,032,819 | ||||||
57,002 | Dexus REIT (Real Estate) | 441,920 | ||||||
68,468 | Flight Centre Travel Group Ltd. (Consumer Discretionary) | 2,892,729 | ||||||
90,586 | Goodman Group REIT (Real Estate) | 700,976 | ||||||
128,724 | GPT Group (The) REIT (Real Estate) | 481,292 | ||||||
114,246 | Harvey Norman Holdings Ltd. (Consumer Discretionary)(a) | 297,442 | ||||||
139,934 | Insurance Australia Group Ltd. (Financials) | 781,266 | ||||||
40,106 | LendLease Group (Real Estate) | 594,306 | ||||||
18,490 | Macquarie Group Ltd. (Financials) | 1,730,333 | ||||||
308,709 | Medibank Pvt Ltd. (Financials) | 678,706 | ||||||
197,634 | Mirvac Group REIT (Real Estate) | 347,317 | ||||||
95,205 | National Australia Bank Ltd. (Financials) | 1,953,339 | ||||||
24,763 | Newcrest Mining Ltd. (Materials) | 347,248 | ||||||
84,437 | Oil Search Ltd. (Energy) | 547,141 | ||||||
65,770 | Origin Energy Ltd. (Energy)* | 378,141 | ||||||
5,903 | Ramsay Health Care Ltd. (Health Care) | 237,786 | ||||||
18,004 | REA Group Ltd. (Information Technology) | 1,186,558 | ||||||
12,008 | Rio Tinto Ltd. (Materials) | 631,688 | ||||||
45,376 | Rio Tinto PLC (Materials) | 2,157,984 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
117,737 | Santos Ltd. (Energy) | 577,299 | ||||||
151,832 | Scentre Group REIT (Real Estate) | 451,298 | ||||||
31,415 | SEEK Ltd. (Industrials) | 508,913 | ||||||
29,222 | Sonic Healthcare Ltd. (Health Care) | 553,483 | ||||||
919,575 | South32 Ltd. (Materials) | 2,314,328 | ||||||
166,830 | Stockland REIT (Real Estate) | 498,291 | ||||||
89,000 | Suncorp Group Ltd. (Financials) | 997,011 | ||||||
45,760 | Sydney Airport (Industrials) | 238,605 | ||||||
391,490 | Telstra Corp. Ltd. (Telecommunication Services) | 877,689 | ||||||
63,856 | Transurban Group (Industrials) | 557,401 | ||||||
44,455 | Treasury Wine Estates Ltd. (Consumer Staples) | 625,958 | ||||||
209,066 | Vicinity Centres REIT (Real Estate) | 418,814 | ||||||
78,568 | Wesfarmers Ltd. (Consumer Staples) | 2,923,409 | ||||||
142,423 | Westpac Banking Corp. (Financials) | 2,939,630 | ||||||
35,066 | Woodside Petroleum Ltd. (Energy) | 935,014 | ||||||
157,969 | Woolworths Group Ltd. (Consumer Staples) | 3,233,083 | ||||||
|
| |||||||
70,072,083 | ||||||||
|
| |||||||
Austria – 0.3% | ||||||||
11,676 | ANDRITZ AG (Industrials) | 692,836 | ||||||
7,294 | Erste Group Bank AG (Financials)* | 290,834 | ||||||
15,120 | OMV AG (Energy) | 802,728 | ||||||
48,534 | Raiffeisen Bank International AG (Financials) | 1,383,498 | ||||||
6,702 | voestalpine AG (Materials) | 301,306 | ||||||
|
| |||||||
3,471,202 | ||||||||
|
| |||||||
Belgium – 0.8% | ||||||||
19,012 | Ageas (Financials) | 986,130 | ||||||
12,190 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 1,143,864 | ||||||
24,245 | Colruyt SA (Consumer Staples) | 1,444,303 | ||||||
5,370 | Groupe Bruxelles Lambert SA (Financials) | 564,819 | ||||||
9,807 | KBC Group NV (Financials) | 698,319 | ||||||
10,616 | Proximus SADP (Telecommunication Services) | 245,120 | ||||||
4,945 | Solvay SA (Materials) | 659,639 | ||||||
9,869 | Telenet Group Holding NV (Consumer Discretionary)* | 540,829 | ||||||
8,741 | UCB SA (Health Care) | 801,001 | ||||||
19,164 | Umicore SA (Materials) | 1,071,163 | ||||||
|
| |||||||
8,155,187 | ||||||||
|
| |||||||
Canada – 8.4% | ||||||||
29,325 | Alimentation Couche-Tard, Inc., Class B (Consumer Staples) | 1,405,135 | ||||||
9,077 | Atco Ltd., Class I (Utilities) | 271,555 | ||||||
46,210 | Aurora Cannabis, Inc. (Health Care)* | 311,859 | ||||||
28,091 | Bank of Montreal (Financials) | 2,304,455 | ||||||
55,847 | Bank of Nova Scotia (The) (Financials) | 3,234,882 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
32,238 | Barrick Gold Corp. (Materials) | $ | 330,057 | |||||
15,151 | BCE, Inc. (Telecommunication Services) | 618,496 | ||||||
136,148 | Bombardier, Inc., Class B (Industrials)* | 450,016 | ||||||
27,635 | Brookfield Asset Management, Inc., Class A (Financials) | 1,181,738 | ||||||
25,518 | CAE, Inc. (Industrials) | 509,793 | ||||||
93,766 | Cameco Corp. (Energy) | 975,089 | ||||||
23,272 | Canadian Imperial Bank of Commerce (Financials)(a) | 2,182,726 | ||||||
20,951 | Canadian National Railway Co. (Industrials) | 1,864,775 | ||||||
35,674 | Canadian Natural Resources Ltd. (Energy) | 1,219,091 | ||||||
5,925 | Canadian Pacific Railway Ltd. (Industrials) | 1,247,251 | ||||||
4,093 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 512,492 | ||||||
11,848 | Canadian Utilities Ltd., Class A (Utilities) | 288,488 | ||||||
160,769 | Cenovus Energy, Inc. (Energy) | 1,491,855 | ||||||
17,643 | CGI Group, Inc., Class A (Information Technology)* | 1,159,422 | ||||||
113,502 | CI Financial Corp. (Financials) | 1,827,940 | ||||||
7,242 | Constellation Software, Inc. (Information Technology) | 5,526,624 | ||||||
104,342 | Dollarama, Inc. (Consumer Discretionary) | 3,948,984 | ||||||
177,792 | Empire Co. Ltd., Class A (Consumer Staples) | 3,392,358 | ||||||
20,240 | Enbridge, Inc. (Energy) | 690,887 | ||||||
36,273 | Encana Corp. (Energy) | 480,691 | ||||||
2,327 | Fairfax Financial Holdings Ltd. (Financials) | 1,278,579 | ||||||
31,704 | Finning International, Inc. (Industrials) | 737,438 | ||||||
29,069 | First Capital Realty, Inc. (Real Estate) | 455,670 | ||||||
15,484 | Fortis, Inc. (Utilities) | 507,287 | ||||||
35,568 | George Weston Ltd. (Consumer Staples) | 2,772,446 | ||||||
10,960 | Gildan Activewear, Inc. (Consumer Discretionary) | 323,265 | ||||||
36,503 | Great-West Lifeco, Inc. (Financials) | 891,334 | ||||||
24,354 | H&R Real Estate Investment Trust REIT (Real Estate) | 379,332 | ||||||
130,907 | Husky Energy, Inc. (Energy) | 2,166,473 | ||||||
21,505 | Hydro One Ltd. (Utilities)(b) | 317,970 | ||||||
17,255 | IGM Financial, Inc. (Financials) | 481,809 | ||||||
35,603 | Imperial Oil Ltd. (Energy) | 1,110,452 | ||||||
45,039 | Industrial Alliance Insurance & Financial Services, Inc. (Financials) | 1,868,638 | ||||||
8,205 | Intact Financial Corp. (Financials) | 651,265 | ||||||
21,106 | Linamar Corp. (Consumer Discretionary) | 928,764 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
39,074 | Loblaw Cos. Ltd. (Consumer Staples) | 2,022,696 | ||||||
24,749 | Magna International, Inc. (Consumer Discretionary) | 1,341,128 | ||||||
80,377 | Manulife Financial Corp. (Financials) | 1,471,991 | ||||||
4,635 | Methanex Corp. (Materials) | 338,468 | ||||||
23,919 | Metro, Inc. (Consumer Staples) | 749,515 | ||||||
26,381 | National Bank of Canada (Financials) | 1,321,326 | ||||||
8,040 | Onex Corp. (Financials) | 577,250 | ||||||
10,699 | Open Text Corp. (Information Technology) | 419,935 | ||||||
13,365 | Pembina Pipeline Corp. (Energy) | 456,211 | ||||||
97,485 | Power Corp. of Canada (Financials) | 2,186,768 | ||||||
61,031 | Power Financial Corp. (Financials) | 1,424,267 | ||||||
3,893 | Restaurant Brands International, Inc. (Consumer Discretionary) | 223,468 | ||||||
19,992 | RioCan Real Estate Investment Trust REIT (Real Estate) | 387,283 | ||||||
11,501 | Rogers Communications, Inc., Class B (Telecommunication Services) | 596,417 | ||||||
78,985 | Royal Bank of Canada (Financials) | 6,279,064 | ||||||
50,248 | Saputo, Inc. (Consumer Staples) | 1,539,867 | ||||||
15,310 | Shaw Communications, Inc., Class B (Consumer Discretionary) | 309,030 | ||||||
6,031 | Shopify, Inc., Class A (Information Technology)* | 878,136 | ||||||
12,259 | SmartCentres Real Estate Investment Trust REIT (Real Estate)(a) | 290,974 | ||||||
7,196 | SNC-Lavalin Group, Inc. (Industrials) | 289,893 | ||||||
35,066 | Sun Life Financial, Inc. (Financials)(a) | 1,394,895 | ||||||
54,536 | Suncor Energy, Inc. (Energy) | 2,246,769 | ||||||
95,868 | Teck Resources Ltd., Class B (Materials) | 2,162,259 | ||||||
13,573 | TELUS Corp. (Telecommunication Services) | 503,698 | ||||||
11,443 | Thomson Reuters Corp. (Financials) | 509,338 | ||||||
91,687 | Toronto-Dominion Bank (The) (Financials) | 5,530,260 | ||||||
15,688 | TransCanada Corp. (Energy) | 668,691 | ||||||
9,021 | West Fraser Timber Co. Ltd. (Materials) | 598,909 | ||||||
55,875 | WSP Global, Inc. (Industrials) | 3,010,681 | ||||||
|
| |||||||
92,026,568 | ||||||||
|
| |||||||
Chile – 0.0% | ||||||||
45,157 | Antofagasta PLC (Materials) | 472,829 | ||||||
|
| |||||||
China – 0.1% | ||||||||
220,282 | BOC Hong Kong Holdings Ltd. (Financials) | 1,074,902 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Colombia – 0.0% | ||||||||
6,805 | Millicom International Cellular SA (Telecommunication Services) | $ | 392,147 | |||||
|
| |||||||
Denmark – 1.9% | ||||||||
22,477 | Carlsberg A/S, Class B (Consumer Staples) | 2,750,167 | ||||||
7,190 | Chr Hansen Holding A/S (Materials) | 731,612 | ||||||
20,218 | Coloplast A/S, Class B (Health Care) | 2,168,964 | ||||||
33,070 | Danske Bank A/S (Financials) | 975,182 | ||||||
12,942 | DSV A/S (Industrials) | 1,215,509 | ||||||
11,582 | H Lundbeck A/S (Health Care) | 681,081 | ||||||
11,671 | ISS A/S (Industrials) | 408,365 | ||||||
111,342 | Novo Nordisk A/S, Class B (Health Care) | 5,469,270 | ||||||
11,405 | Novozymes A/S, Class B (Materials) | 626,531 | ||||||
16,834 | Orsted A/S (Utilities)(b) | 1,066,640 | ||||||
17,058 | Pandora A/S (Consumer Discretionary)(a) | 1,021,467 | ||||||
25,178 | Tryg A/S (Financials) | 620,059 | ||||||
16,003 | Vestas Wind Systems A/S (Industrials) | 1,117,633 | ||||||
44,053 | William Demant Holding A/S (Health Care)* | 1,795,781 | ||||||
|
| |||||||
20,648,261 | ||||||||
|
| |||||||
Finland – 0.9% | ||||||||
9,451 | Elisa OYJ (Telecommunication Services) | 405,211 | ||||||
39,034 | Fortum OYJ (Utilities) | 990,070 | ||||||
10,277 | Kone OYJ, Class B (Industrials) | 556,133 | ||||||
10,969 | Neste OYJ (Energy) | 954,630 | ||||||
74,125 | Nokia OYJ (Information Technology) | 413,801 | ||||||
51,635 | Orion OYJ, Class B (Health Care) | 1,902,648 | ||||||
17,274 | Sampo OYJ, Class A (Financials) | 885,732 | ||||||
33,875 | Stora Enso OYJ, Class R (Materials) | 631,996 | ||||||
67,146 | UPM-Kymmene OYJ (Materials) | 2,593,728 | ||||||
13,065 | Wartsila OYJ Abp (Industrials) | 276,508 | ||||||
|
| |||||||
9,610,457 | ||||||||
|
| |||||||
France – 11.2% | ||||||||
11,190 | Accor SA (Consumer Discretionary) | 561,143 | ||||||
4,440 | Aeroports de Paris (Industrials) | 977,912 | ||||||
14,027 | Air Liquide SA (Materials) | 1,770,764 | ||||||
18,241 | Airbus SE (Industrials) | 2,255,198 | ||||||
15,764 | Alstom SA (Industrials) | 696,973 | ||||||
5,152 | Amundi SA (Financials)(b) | 372,249 | ||||||
27,251 | Arkema SA (Materials) | 3,421,134 | ||||||
47,139 | Atos SE (Information Technology) | 5,660,129 | ||||||
90,629 | AXA SA (Financials) | 2,292,941 | ||||||
13,646 | BioMerieux (Health Care) | 1,201,898 | ||||||
64,720 | BNP Paribas SA (Financials) | 3,808,760 | ||||||
8,613 | Bouygues SA (Industrials) | 381,107 | ||||||
22,043 | Bureau Veritas SA (Industrials) | 567,825 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
23,041 | Capgemini SE (Information Technology) | 2,969,008 | ||||||
59,782 | Carrefour SA (Consumer Staples) | 1,069,081 | ||||||
46,573 | Casino Guichard Perrachon SA (Consumer Staples)(a) | 1,479,865 | ||||||
21,710 | Cie de Saint-Gobain (Industrials) | 936,246 | ||||||
9,671 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 1,147,162 | ||||||
76,691 | CNP Assurances (Financials) | 1,772,999 | ||||||
4,210 | Covivio REIT (Real Estate) | 441,095 | ||||||
156,630 | Credit Agricole SA (Financials) | 2,148,962 | ||||||
45,843 | Danone SA (Consumer Staples) | 3,617,404 | ||||||
343 | Dassault Aviation SA (Industrials) | 639,726 | ||||||
20,185 | Dassault Systemes (Information Technology) | 3,278,539 | ||||||
14,634 | Edenred (Industrials) | 558,985 | ||||||
20,503 | Eiffage SA (Industrials) | 2,313,003 | ||||||
37,877 | Electricite de France SA (Utilities) | 621,826 | ||||||
62,526 | Engie SA (Utilities) | 918,820 | ||||||
16,348 | Essilor International SA (Health Care) | 2,364,297 | ||||||
16,367 | Eurazeo SA (Financials) | 1,245,412 | ||||||
13,614 | Eutelsat Communications SA (Consumer Discretionary) | 323,134 | ||||||
8,013 | Faurecia (Consumer Discretionary) | 492,074 | ||||||
4,922 | Gecina SA REIT (Real Estate) | 846,986 | ||||||
25,813 | Getlink (Industrials) | 325,863 | ||||||
8,298 | Hermes International (Consumer Discretionary) | 5,408,574 | ||||||
7,849 | ICADE REIT (Real Estate) | 767,571 | ||||||
5,297 | Imerys SA (Materials) | 381,493 | ||||||
9,802 | Ingenico Group SA (Information Technology) | 690,436 | ||||||
18,065 | Ipsen SA (Health Care) | 3,219,002 | ||||||
3,763 | Kering (Consumer Discretionary) | 2,049,021 | ||||||
13,158 | Klepierre SA REIT (Real Estate) | 473,058 | ||||||
12,545 | Legrand SA (Industrials) | 947,287 | ||||||
20,861 | L’Oreal SA (Consumer Staples) | 5,016,974 | ||||||
16,840 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 5,914,248 | ||||||
77,969 | Natixis SA (Financials) | 521,622 | ||||||
40,720 | Orange SA (Telecommunication Services) | 660,919 | ||||||
10,285 | Pernod Ricard SA (Consumer Staples) | 1,627,457 | ||||||
149,672 | Peugeot SA (Consumer Discretionary) | 4,127,197 | ||||||
17,856 | Publicis Groupe SA (Consumer Discretionary) | 1,148,882 | ||||||
5,557 | Remy Cointreau SA (Consumer Staples) | 780,394 | ||||||
137,182 | Rexel SA (Industrials) | 2,162,732 | ||||||
17,554 | Safran SA (Industrials) | 2,293,623 | ||||||
61,177 | Sanofi (Health Care) | 5,245,211 | ||||||
22,894 | Schneider Electric SE (Industrials) | 1,870,994 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
13,194 | SCOR SE (Financials) | $ | 535,911 | |||||
13,465 | SEB SA (Consumer Discretionary) | 2,516,043 | ||||||
10,145 | Societe BIC SA (Industrials) | 941,345 | ||||||
51,020 | Societe Generale SA (Financials) | 2,091,908 | ||||||
4,110 | Sodexo SA (Consumer Discretionary) | 429,040 | ||||||
20,697 | Suez (Utilities) | 299,928 | ||||||
5,156 | Teleperformance (Industrials) | 992,835 | ||||||
8,997 | Thales SA (Industrials) | 1,270,293 | ||||||
97,372 | TOTAL SA (Energy) | 6,103,055 | ||||||
26,707 | Ubisoft Entertainment SA (Information Technology)* | 2,879,278 | ||||||
2,549 | Unibail-Rodamco-Westfield (Real Estate) | 536,803 | ||||||
8,975 | Valeo SA (Consumer Discretionary) | 408,403 | ||||||
37,155 | Veolia Environnement SA (Utilities) | 785,054 | ||||||
29,597 | Vinci SA (Industrials) | 2,843,044 | ||||||
16,970 | Vivendi SA (Consumer Discretionary) | 441,292 | ||||||
2,476 | Wendel SA (Financials) | 367,593 | ||||||
|
| |||||||
122,227,040 | ||||||||
|
| |||||||
Germany – 7.3% | ||||||||
21,612 | adidas AG (Consumer Discretionary) | 5,403,779 | ||||||
24,576 | Allianz SE (Financials) | 5,251,033 | ||||||
11,013 | Axel Springer SE (Consumer Discretionary) | 802,133 | ||||||
33,696 | BASF SE (Materials) | 3,124,269 | ||||||
49,127 | Bayer AG (Health Care) | 4,594,460 | ||||||
5,028 | Bayerische Motoren Werke AG (Consumer Discretionary) | 487,955 | ||||||
24,945 | Beiersdorf AG (Consumer Staples) | 2,911,057 | ||||||
10,077 | Brenntag AG (Industrials) | 608,975 | ||||||
42,700 | Commerzbank AG (Financials)* | 404,655 | ||||||
3,722 | Continental AG (Consumer Discretionary) | 684,443 | ||||||
13,837 | Covestro AG (Materials)(b) | 1,181,370 | ||||||
18,732 | Daimler AG (Consumer Discretionary) | 1,213,963 | ||||||
9,830 | Delivery Hero SE (Information Technology)*(b) | 542,810 | ||||||
20,762 | Deutsche Boerse AG (Financials) | 2,874,633 | ||||||
112,023 | Deutsche Lufthansa AG (Industrials) | 2,931,318 | ||||||
108,017 | Deutsche Post AG (Industrials) | 3,947,538 | ||||||
147,058 | Deutsche Telekom AG (Telecommunication Services) | 2,380,028 | ||||||
16,597 | Deutsche Wohnen SE (Real Estate) | 840,784 | ||||||
62,689 | E.ON SE (Utilities) | 669,577 | ||||||
13,250 | Evonik Industries AG (Materials) | 495,020 | ||||||
5,039 | Fraport AG Frankfurt Airport Services Worldwide (Industrials) | 454,021 | ||||||
8,674 | Fresenius Medical Care AG & Co KGaA (Health Care) | 880,645 | ||||||
23,726 | Fresenius SE & Co KGaA (Health Care) | 1,815,869 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
4,527 | Hannover Rueck SE (Financials) | 623,105 | ||||||
11,706 | HeidelbergCement AG (Materials) | 934,055 | ||||||
9,753 | Henkel AG & Co KGaA (Consumer Staples) | 1,091,073 | ||||||
5,770 | HOCHTIEF AG (Industrials) | 938,532 | ||||||
28,941 | HUGO BOSS AG (Consumer Discretionary) | 2,317,365 | ||||||
41,827 | Infineon Technologies AG (Information Technology) | 1,066,752 | ||||||
7,501 | KION Group AG (Industrials) | 513,346 | ||||||
3,384 | LANXESS AG (Materials) | 266,475 | ||||||
4,278 | Linde AG (Materials) | 976,576 | ||||||
5,692 | MAN SE (Industrials) | 620,210 | ||||||
18,040 | Merck KGaA (Health Care) | 1,899,133 | ||||||
35,623 | METRO AG (Consumer Staples) | 557,674 | ||||||
4,252 | MTU Aero Engines AG (Industrials) | 934,526 | ||||||
4,734 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 1,023,388 | ||||||
8,510 | OSRAM Licht AG (Industrials) | 382,985 | ||||||
26,084 | ProSiebenSat.1 Media SE (Consumer Discretionary) | 688,613 | ||||||
2,574 | Puma SE (Consumer Discretionary) | 1,413,568 | ||||||
32,172 | RWE AG (Utilities) | 817,892 | ||||||
46,472 | SAP SE (Information Technology) | 5,602,749 | ||||||
27,901 | Siemens AG (Industrials) | 3,635,185 | ||||||
8,018 | Symrise AG (Materials) | 750,606 | ||||||
120,560 | Telefonica Deutschland Holding AG (Telecommunication Services) | 502,593 | ||||||
44,712 | TUI AG (Consumer Discretionary) | 826,387 | ||||||
49,143 | Uniper SE (Utilities) | 1,504,921 | ||||||
9,907 | United Internet AG (Information Technology) | 522,394 | ||||||
26,075 | Vonovia SE (Real Estate) | 1,340,647 | ||||||
7,543 | Wirecard AG (Information Technology) | 1,678,902 | ||||||
37,950 | Zalando SE (Consumer Discretionary)*(b) | 2,001,096 | ||||||
|
| |||||||
79,931,083 | ||||||||
|
| |||||||
Hong Kong – 2.8% | ||||||||
509,653 | AIA Group Ltd. (Financials) | 4,395,967 | ||||||
45,201 | ASM Pacific Technology Ltd. (Information Technology) | 476,837 | ||||||
93,086 | Bank of East Asia Ltd. (The) (Financials)(a) | 344,526 | ||||||
94,965 | CK Asset Holdings Ltd. (Real Estate) | 676,947 | ||||||
111,478 | CK Hutchison Holdings Ltd. (Industrials) | 1,284,662 | ||||||
38,145 | CK Infrastructure Holdings Ltd. (Utilities) | 278,959 | ||||||
86,343 | CLP Holdings Ltd. (Utilities) | 1,014,810 | ||||||
214,403 | Dairy Farm International Holdings Ltd. (Consumer Staples) | 1,987,516 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
110,639 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) | $ | 818,984 | |||||
93,085 | Hang Lung Group Ltd. (Real Estate) | 260,912 | ||||||
116,763 | Hang Lung Properties Ltd. (Real Estate) | 230,583 | ||||||
53,527 | Hang Seng Bank Ltd. (Financials) | 1,451,228 | ||||||
52,487 | Henderson Land Development Co. Ltd. (Real Estate) | 277,518 | ||||||
517,751 | HK Electric Investments & HK Electric Investments Ltd. (Utilities)(b) | 523,101 | ||||||
384,734 | HKT Trust & HKT Ltd. (Telecommunication Services) | 497,038 | ||||||
574,260 | Hong Kong & China Gas Co. Ltd. (Utilities) | 1,182,337 | ||||||
84,563 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 2,406,882 | ||||||
34,006 | Hongkong Land Holdings Ltd. (Real Estate) | 235,322 | ||||||
9,073 | Jardine Matheson Holdings Ltd. (Industrials) | 572,688 | ||||||
14,565 | Jardine Strategic Holdings Ltd. (Industrials) | 528,710 | ||||||
301,063 | Kerry Properties Ltd. (Real Estate) | 1,141,131 | ||||||
109,230 | Link REIT (Real Estate) | 1,088,278 | ||||||
14,023 | Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary) | 334,869 | ||||||
98,544 | MTR Corp. Ltd. (Industrials)(a) | 507,855 | ||||||
172,381 | New World Development Co. Ltd. (Real Estate) | 230,166 | ||||||
259,436 | NWS Holdings Ltd. (Industrials) | 462,092 | ||||||
2,601,173 | PCCW Ltd. (Telecommunication Services) | 1,381,963 | ||||||
42,244 | Power Assets Holdings Ltd. (Utilities) | 296,288 | ||||||
224,151 | Shangri-La Asia Ltd. (Consumer Discretionary) | 345,555 | ||||||
32,487 | Sun Hung Kai Properties Ltd. (Real Estate) | 482,200 | ||||||
91,938 | Swire Pacific Ltd., Class A (Real Estate) | 1,039,572 | ||||||
93,996 | Swire Properties Ltd. (Real Estate) | 369,450 | ||||||
143,186 | Techtronic Industries Co. Ltd. (Consumer Discretionary) | 875,655 | ||||||
2,300,804 | WH Group Ltd. (Consumer Staples)(b) | 1,735,372 | ||||||
37,812 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 250,750 | ||||||
141,038 | Wheelock & Co. Ltd. (Real Estate) | 884,980 | ||||||
|
| |||||||
30,871,703 | ||||||||
|
| |||||||
Ireland – 0.3% | ||||||||
7,025 | AerCap Holdings NV (Industrials)* | 400,214 | ||||||
34,179 | CRH PLC (Materials) | 1,137,741 | ||||||
38,953 | James Hardie Industries PLC CDI (Materials) | 596,376 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Ireland – (continued) | ||||||||
11,510 | Kerry Group PLC, Class A (Consumer Staples) | 1,315,753 | ||||||
5,567 | Smurfit Kappa Group PLC (Materials) | 227,868 | ||||||
|
| |||||||
3,677,952 | ||||||||
|
| |||||||
Israel – 1.0% | ||||||||
72,601 | Bank Hapoalim BM (Financials) | 545,002 | ||||||
205,779 | Bank Leumi Le-Israel BM (Financials) | 1,385,238 | ||||||
592,832 | Bezeq The Israeli Telecommunication Corp. Ltd. (Telecommunication Services) | 709,870 | ||||||
7,864 | Check Point Software Technologies Ltd. (Information Technology)* | 913,718 | ||||||
7,447 | Frutarom Industries Ltd. (Materials) | 761,376 | ||||||
31,358 | Mizrahi Tefahot Bank Ltd. (Financials) | 567,064 | ||||||
14,816 | Nice Ltd. (Information Technology)* | 1,709,063 | ||||||
181,257 | Teva Pharmaceutical Industries Ltd. ADR (Health Care) | 4,152,598 | ||||||
|
| |||||||
10,743,929 | ||||||||
|
| |||||||
Italy – 2.3% | ||||||||
71,068 | Assicurazioni Generali SpA (Financials) | 1,186,153 | ||||||
67,223 | Davide Campari-Milano SpA (Consumer Staples) | 596,381 | ||||||
293,863 | Enel SpA (Utilities) | 1,456,534 | ||||||
105,950 | Eni SpA (Energy) | 1,969,899 | ||||||
17,598 | Ferrari NV (Consumer Discretionary) | 2,307,563 | ||||||
868,151 | Intesa Sanpaolo SpA (Financials) | 2,148,974 | ||||||
50,720 | Luxottica Group SpA (Consumer Discretionary) | 3,370,805 | ||||||
64,031 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 597,192 | ||||||
54,073 | Moncler SpA (Consumer Discretionary) | 2,451,126 | ||||||
124,113 | Poste Italiane SpA (Financials)(b) | 957,697 | ||||||
85,262 | Prysmian SpA (Industrials) | 2,204,275 | ||||||
25,617 | Recordati SpA (Health Care) | 899,228 | ||||||
121,558 | Snam SpA (Energy) | 500,106 | ||||||
2,095,011 | Telecom Italia SpA (Telecommunication Services)* | 1,338,212 | ||||||
2,561,050 | Telecom Italia SpA-RSP (Telecommunication Services) | 1,427,017 | ||||||
105,510 | Terna Rete Elettrica Nazionale SpA (Utilities) | 555,616 | ||||||
84,367 | UniCredit SpA (Financials) | 1,220,534 | ||||||
|
| |||||||
25,187,312 | ||||||||
|
| |||||||
Japan – 22.3% | ||||||||
11,478 | ABC-Mart, Inc. (Consumer Discretionary) | 627,287 | ||||||
46,835 | Aeon Co. Ltd. (Consumer Staples)(a) | 1,016,444 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
16,870 | Ajinomoto Co., Inc. (Consumer Staples) | $ | 286,935 | |||||
66,964 | Alfresa Holdings Corp. (Health Care) | 1,683,083 | ||||||
16,376 | ANA Holdings, Inc. (Industrials) | 568,438 | ||||||
11,100 | Aozora Bank Ltd. (Financials) | 392,907 | ||||||
30,872 | Asahi Group Holdings Ltd. (Consumer Staples) | 1,397,363 | ||||||
61,001 | Asahi Kasei Corp. (Materials) | 896,709 | ||||||
47,941 | Asics Corp. (Consumer Discretionary) | 718,564 | ||||||
187,535 | Astellas Pharma, Inc. (Health Care) | 3,182,945 | ||||||
44,730 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 1,738,615 | ||||||
14,863 | Benesse Holdings, Inc. (Consumer Discretionary) | 465,788 | ||||||
29,896 | Bridgestone Corp. (Consumer Discretionary) | 1,103,525 | ||||||
75,229 | Brother Industries Ltd. (Information Technology) | 1,548,204 | ||||||
55,933 | Calbee, Inc. (Consumer Staples) | 1,783,137 | ||||||
67,991 | Canon, Inc. (Information Technology) | 2,184,713 | ||||||
21,911 | Casio Computer Co. Ltd. (Consumer Discretionary) | 352,718 | ||||||
5,116 | Central Japan Railway Co. (Industrials) | 1,029,567 | ||||||
55,947 | Chubu Electric Power Co., Inc. (Utilities) | 815,100 | ||||||
10,741 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 623,818 | ||||||
29,619 | Chugoku Electric Power Co., Inc. (The) (Utilities)(a) | 370,755 | ||||||
34,327 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 975,155 | ||||||
26,010 | CyberAgent, Inc. (Consumer Discretionary) | 1,482,466 | ||||||
15,501 | Dai Nippon Printing Co. Ltd. (Industrials) | 348,505 | ||||||
32,759 | Dai-ichi Life Holdings, Inc. (Financials) | 625,430 | ||||||
34,732 | Daiichi Sankyo Co. Ltd. (Health Care) | 1,358,772 | ||||||
10,435 | Daikin Industries Ltd. (Industrials) | 1,333,489 | ||||||
9,721 | Daito Trust Construction Co. Ltd. (Real Estate) | 1,459,662 | ||||||
23,249 | Daiwa House Industry Co. Ltd. (Real Estate) | 710,564 | ||||||
215 | Daiwa House REIT Investment Corp. REIT (Real Estate)(a) | 499,472 | ||||||
41,714 | Daiwa Securities Group, Inc. (Financials) | 250,694 | ||||||
22,971 | DeNA Co. Ltd. (Information Technology) | 398,163 | ||||||
14,491 | Denso Corp. (Consumer Discretionary) | 699,818 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
3,227 | Disco Corp. (Information Technology) | 578,552 | ||||||
8,053 | Don Quijote Holdings Co. Ltd. (Consumer Discretionary) | 392,174 | ||||||
6,578 | East Japan Railway Co. (Industrials) | 596,490 | ||||||
12,655 | Eisai Co. Ltd. (Health Care) | 1,148,120 | ||||||
23,013 | Electric Power Development Co. Ltd. (Utilities) | 610,373 | ||||||
7,189 | FamilyMart UNY Holdings Co. Ltd. (Consumer Staples)(a) | 628,231 | ||||||
3,150 | FANUC Corp. (Industrials) | 618,580 | ||||||
6,851 | Fast Retailing Co. Ltd. (Consumer Discretionary)(a) | 3,201,067 | ||||||
31,319 | Fuji Electric Co. Ltd. (Industrials) | 252,789 | ||||||
39,543 | FUJIFILM Holdings Corp. (Information Technology) | 1,675,723 | ||||||
271,956 | Fujitsu Ltd. (Information Technology) | 1,994,205 | ||||||
27,262 | Hakuhodo DY Holdings, Inc. (Consumer Discretionary) | 460,984 | ||||||
15,991 | Hamamatsu Photonics KK (Information Technology) | 644,630 | ||||||
13,255 | Hankyu Hanshin Holdings, Inc. (Industrials) | 473,969 | ||||||
8,462 | Hikari Tsushin, Inc. (Consumer Discretionary) | 1,603,342 | ||||||
6,448 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 472,181 | ||||||
246,564 | Hitachi Ltd. (Information Technology) | 1,613,223 | ||||||
118,270 | Honda Motor Co. Ltd. (Consumer Discretionary) | 3,511,249 | ||||||
3,047 | Hoshizaki Corp. (Industrials) | 289,628 | ||||||
48,459 | Hoya Corp. (Health Care) | 2,839,321 | ||||||
27,339 | Idemitsu Kosan Co. Ltd. (Energy) | 1,383,161 | ||||||
17,193 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 318,168 | ||||||
33,694 | Inpex Corp. (Energy) | 369,195 | ||||||
70,892 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 802,997 | ||||||
142,039 | ITOCHU Corp. (Industrials) | 2,489,541 | ||||||
22,031 | Japan Airlines Co. Ltd. (Industrials) | 795,727 | ||||||
9,340 | Japan Airport Terminal Co. Ltd. (Industrials) | 419,051 | ||||||
18,525 | Japan Exchange Group, Inc. (Financials) | 327,113 | ||||||
24,992 | Japan Post Bank Co. Ltd. (Financials) | 292,552 | ||||||
38,552 | Japan Post Holdings Co. Ltd. (Financials) | 458,932 | ||||||
135 | Japan Prime Realty Investment Corp. REIT (Real Estate) | 489,426 | ||||||
102 | Japan Real Estate Investment Corp. REIT (Real Estate) | 543,644 | ||||||
238 | Japan Retail Fund Investment Corp. REIT (Real Estate) | 431,420 | ||||||
|
|
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) | ||||||||
31,556 | Japan Tobacco, Inc. (Consumer Staples) | $ | 831,552 | |||||
20,749 | JGC Corp. (Industrials) | 418,779 | ||||||
260,078 | JXTG Holdings, Inc. (Energy) | 1,835,100 | ||||||
85,186 | Kajima Corp. (Industrials) | 614,590 | ||||||
137,305 | Kakaku.com, Inc. (Information Technology) | 2,543,396 | ||||||
24,580 | Kamigumi Co. Ltd. (Industrials) | 500,090 | ||||||
130,838 | Kansai Electric Power Co., Inc. (The) (Utilities) | 1,879,059 | ||||||
54,836 | Kao Corp. (Consumer Staples) | 4,265,324 | ||||||
41,092 | KDDI Corp. (Telecommunication Services) | 1,089,882 | ||||||
15,513 | Keihan Holdings Co. Ltd. (Industrials) | 570,799 | ||||||
13,791 | Keikyu Corp. (Industrials) | 239,043 | ||||||
7,390 | Keio Corp. (Industrials) | 367,217 | ||||||
9,755 | Keisei Electric Railway Co. Ltd. (Industrials) | 328,143 | ||||||
2,630 | Keyence Corp. (Information Technology) | 1,491,642 | ||||||
22,752 | Kikkoman Corp. (Consumer Staples) | 1,142,883 | ||||||
10,708 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 421,039 | ||||||
54,467 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,349,579 | ||||||
6,478 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 466,199 | ||||||
85,197 | Kobe Steel Ltd. (Materials) | 714,553 | ||||||
18,425 | Komatsu Ltd. (Industrials) | 525,242 | ||||||
4,517 | Konami Holdings Corp. (Information Technology) | 189,626 | ||||||
176,753 | Konica Minolta, Inc. (Information Technology) | 1,802,838 | ||||||
20,209 | Kose Corp. (Consumer Staples) | 3,736,164 | ||||||
23,445 | Kuraray Co. Ltd. (Materials) | 340,834 | ||||||
23,879 | Kyushu Electric Power Co., Inc. (Utilities) | 268,325 | ||||||
10,700 | Kyushu Railway Co. (Industrials) | 322,298 | ||||||
25,694 | Lawson, Inc. (Consumer Staples) | 1,510,798 | ||||||
30,294 | LINE Corp. (Information Technology)* | 1,398,794 | ||||||
96,211 | Lion Corp. (Consumer Staples) | 2,031,203 | ||||||
52,028 | M3, Inc. (Health Care) | 2,296,767 | ||||||
11,252 | Makita Corp. (Industrials) | 511,431 | ||||||
223,434 | Marubeni Corp. (Industrials) | 1,836,880 | ||||||
15,912 | Marui Group Co. Ltd. (Consumer Discretionary) | 352,293 | ||||||
12,395 | Maruichi Steel Tube Ltd. (Materials) | 380,619 | ||||||
161,886 | Mazda Motor Corp. (Consumer Discretionary) | 1,881,139 | ||||||
18,599 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 818,534 | ||||||
48,065 | Medipal Holdings Corp. (Health Care) | 971,400 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
30,972 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 2,061,355 | ||||||
53,153 | MISUMI Group, Inc. (Industrials) | 1,372,865 | ||||||
218,243 | Mitsubishi Chemical Holdings Corp. (Materials) | 1,960,319 | ||||||
87,892 | Mitsubishi Corp. (Industrials) | 2,513,465 | ||||||
60,163 | Mitsubishi Electric Corp. (Industrials) | 813,857 | ||||||
18,688 | Mitsubishi Estate Co. Ltd. (Real Estate) | 310,863 | ||||||
29,865 | Mitsubishi Heavy Industries Ltd. (Industrials) | 1,111,268 | ||||||
13,836 | Mitsubishi Tanabe Pharma Corp. (Health Care) | 231,213 | ||||||
431,601 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 2,610,975 | ||||||
219,664 | Mitsubishi UFJ Lease & Finance Co. Ltd. (Financials) | 1,238,130 | ||||||
115,448 | Mitsui & Co. Ltd. (Industrials) | 1,928,732 | ||||||
10,113 | Mitsui Fudosan Co. Ltd. (Real Estate) | 232,065 | ||||||
1,225,298 | Mizuho Financial Group, Inc. (Financials) | 2,155,888 | ||||||
10,216 | MS&AD Insurance Group Holdings, Inc. (Financials) | 314,629 | ||||||
4,410 | Murata Manufacturing Co. Ltd. (Information Technology) | 763,005 | ||||||
32,117 | Nagoya Railroad Co. Ltd. (Industrials) | 734,244 | ||||||
78,054 | NEC Corp. (Information Technology) | 2,161,030 | ||||||
40,633 | Nexon Co. Ltd. (Information Technology)* | 510,821 | ||||||
20,526 | NGK Spark Plug Co. Ltd. (Consumer Discretionary) | 584,950 | ||||||
8,046 | NH Foods Ltd. (Consumer Staples) | 294,238 | ||||||
8,107 | Nidec Corp. (Industrials) | 1,177,465 | ||||||
72,801 | Nikon Corp. (Consumer Discretionary) | 1,396,471 | ||||||
1,127 | Nintendo Co. Ltd. (Information Technology) | 408,173 | ||||||
102 | Nippon Building Fund, Inc. REIT (Real Estate) | 595,157 | ||||||
11,990 | Nippon Electric Glass Co. Ltd. (Information Technology) | 386,024 | ||||||
5,690 | Nippon Paint Holdings Co. Ltd. (Materials) | 225,270 | ||||||
240 | Nippon Prologis REIT, Inc. (Real Estate) | 468,594 | ||||||
47,398 | Nippon Telegraph & Telephone Corp. (Telecommunication Services) | 2,115,887 | ||||||
10,843 | Nissan Chemical Corp. (Materials) | 518,266 | ||||||
74,182 | Nissan Motor Co. Ltd. (Consumer Discretionary) | 695,759 | ||||||
28,017 | Nisshin Seifun Group, Inc. (Consumer Staples) | 561,679 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,951 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | $ | 508,388 | |||||
17,169 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 2,612,085 | ||||||
3,086 | Nitto Denko Corp. (Materials) | 240,123 | ||||||
54,205 | Nomura Holdings, Inc. (Financials) | 248,575 | ||||||
396 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 552,832 | ||||||
10,827 | Nomura Research Institute Ltd. (Information Technology) | 539,959 | ||||||
87,927 | NTT Data Corp. (Information Technology) | 1,132,342 | ||||||
65,178 | NTT DOCOMO, Inc. (Telecommunication Services) | 1,695,798 | ||||||
8,768 | Obic Co. Ltd. (Information Technology) | 825,521 | ||||||
17,411 | Odakyu Electric Railway Co. Ltd. (Industrials) | 377,315 | ||||||
126,683 | Oji Holdings Corp. (Materials) | 869,421 | ||||||
30,886 | Olympus Corp. (Health Care) | 1,260,397 | ||||||
25,322 | Omron Corp. (Information Technology) | 1,136,104 | ||||||
13,261 | Ono Pharmaceutical Co. Ltd. (Health Care) | 349,210 | ||||||
4,571 | Oracle Corp. Japan (Information Technology) | 384,610 | ||||||
12,685 | Oriental Land Co. Ltd. (Consumer Discretionary) | 1,361,906 | ||||||
63,284 | ORIX Corp. (Financials) | 1,019,872 | ||||||
34,531 | Osaka Gas Co. Ltd. (Utilities) | 646,337 | ||||||
14,233 | Otsuka Corp. (Information Technology) | 516,642 | ||||||
14,471 | Otsuka Holdings Co. Ltd. (Health Care) | 680,059 | ||||||
85,830 | Panasonic Corp. (Consumer Discretionary) | 1,026,771 | ||||||
11,592 | Park24 Co. Ltd. (Industrials) | 340,803 | ||||||
48,507 | Persol Holdings Co. Ltd. (Industrials) | 1,087,071 | ||||||
77,189 | Pola Orbis Holdings, Inc. (Consumer Staples) | 2,728,781 | ||||||
151,750 | Recruit Holdings Co. Ltd. (Industrials) | 4,635,228 | ||||||
120,547 | Resona Holdings, Inc. (Financials) | 684,787 | ||||||
3,267 | Rinnai Corp. (Consumer Discretionary) | 243,659 | ||||||
7,881 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 2,345,430 | ||||||
8,583 | Sankyo Co. Ltd. (Consumer Discretionary) | 329,356 | ||||||
39,492 | SBI Holdings, Inc. (Financials) | 1,091,608 | ||||||
7,588 | Secom Co. Ltd. (Industrials) | 625,804 | ||||||
33,224 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 536,929 | ||||||
39,720 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 692,060 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
20,297 | Sekisui House Ltd. (Consumer Discretionary) | 331,953 | ||||||
37,791 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 1,542,177 | ||||||
11,202 | SG Holdings Co. Ltd. (Industrials) | 265,591 | ||||||
28,003 | Shimadzu Corp. (Information Technology) | 832,122 | ||||||
7,232 | Shimamura Co. Ltd. (Consumer Discretionary) | 669,817 | ||||||
2,391 | Shimano, Inc. (Consumer Discretionary) | 369,588 | ||||||
5,129 | Shin-Etsu Chemical Co. Ltd. (Materials) | 482,210 | ||||||
26,216 | Shinsei Bank Ltd. (Financials) | 403,341 | ||||||
17,970 | Shionogi & Co. Ltd. (Health Care) | 1,046,258 | ||||||
72,241 | Shiseido Co. Ltd. (Consumer Staples) | 5,097,295 | ||||||
11,913 | Showa Denko KK (Materials) | 568,334 | ||||||
17,762 | Showa Shell Sekiyu KK (Energy) | 358,972 | ||||||
7,803 | SoftBank Group Corp. (Telecommunication Services) | 724,813 | ||||||
53,001 | Sony Corp. (Consumer Discretionary) | 3,034,228 | ||||||
10,943 | Sony Financial Holdings, Inc. (Financials) | 218,594 | ||||||
13,489 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 467,739 | ||||||
101,112 | Start Today Co. Ltd. (Consumer Discretionary) | 3,492,438 | ||||||
19,715 | Subaru Corp. (Consumer Discretionary) | 586,907 | ||||||
18,467 | SUMCO Corp. (Information Technology) | 330,419 | ||||||
118,315 | Sumitomo Chemical Co. Ltd. (Materials) | 673,281 | ||||||
110,715 | Sumitomo Corp. (Industrials) | 1,800,735 | ||||||
44,547 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 950,116 | ||||||
22,275 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 353,154 | ||||||
64,456 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 2,546,618 | ||||||
17,147 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 689,839 | ||||||
12,379 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 429,807 | ||||||
28,669 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 426,086 | ||||||
27,998 | Sundrug Co. Ltd. (Consumer Staples) | 1,007,458 | ||||||
27,693 | Suntory Beverage & Food Ltd. (Consumer Staples) | 1,137,590 | ||||||
48,319 | Suzuken Co. Ltd. (Health Care) | 2,200,577 | ||||||
14,460 | Suzuki Motor Corp. (Consumer Discretionary) | 942,831 | ||||||
29,511 | Sysmex Corp. (Health Care) | 2,565,595 | ||||||
|
|
58 | 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) | ||||||||
9,045 | Taiheiyo Cement Corp. (Materials) | $ | 274,079 | |||||
16,932 | Taisei Corp. (Industrials) | 758,913 | ||||||
5,377 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 583,840 | ||||||
21,942 | Taiyo Nippon Sanso Corp. (Materials) | 323,733 | ||||||
21,649 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 908,444 | ||||||
6,453 | TDK Corp. (Information Technology) | 726,861 | ||||||
27,853 | Teijin Ltd. (Materials) | 552,865 | ||||||
14,955 | Terumo Corp. (Health Care) | 826,750 | ||||||
17,449 | Tobu Railway Co. Ltd. (Industrials) | 487,820 | ||||||
10,605 | Toho Co. Ltd. (Consumer Discretionary) | 326,131 | ||||||
9,874 | Toho Gas Co. Ltd. (Utilities) | 331,701 | ||||||
35,865 | Tohoku Electric Power Co., Inc. (Utilities) | 450,880 | ||||||
25,505 | Tokio Marine Holdings, Inc. (Financials) | 1,204,578 | ||||||
7,084 | Tokyo Century Corp. (Financials) | 392,260 | ||||||
421,907 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 1,955,722 | ||||||
10,212 | Tokyo Electron Ltd. (Information Technology) | 1,738,301 | ||||||
13,664 | Tokyo Gas Co. Ltd. (Utilities) | 324,456 | ||||||
32,891 | Tokyu Corp. (Industrials) | 543,413 | ||||||
175,168 | Tokyu Fudosan Holdings Corp. (Real Estate) | 1,195,853 | ||||||
48,242 | Toppan Printing Co. Ltd. (Industrials) | 377,200 | ||||||
55,992 | Toray Industries, Inc. (Materials) | 420,981 | ||||||
128,780 | Toshiba Corp. (Industrials)* | 385,579 | ||||||
33,824 | Tosoh Corp. (Materials) | 532,594 | ||||||
9,622 | TOTO Ltd. (Industrials) | 407,841 | ||||||
11,382 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 420,339 | ||||||
9,681 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 242,014 | ||||||
69,162 | Toyota Motor Corp. (Consumer Discretionary) | 4,322,430 | ||||||
18,601 | Toyota Tsusho Corp. (Industrials) | 635,774 | ||||||
7,174 | Trend Micro, Inc. (Information Technology) | 452,884 | ||||||
9,806 | Tsuruha Holdings, Inc. (Consumer Staples) | 1,122,227 | ||||||
34,558 | Unicharm Corp. (Consumer Staples) | 1,131,935 | ||||||
346 | United Urban Investment Corp. REIT (Real Estate) | 546,997 | ||||||
18,296 | USS Co. Ltd. (Consumer Discretionary) | 345,674 | ||||||
10,438 | West Japan Railway Co. (Industrials) | 701,860 | ||||||
8,842 | Yakult Honsha Co. Ltd. (Consumer Staples) | 629,948 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
154,324 | Yamada Denki Co. Ltd. (Consumer Discretionary) | 766,853 | ||||||
28,828 | Yamaguchi Financial Group, Inc. (Financials) | 317,697 | ||||||
8,640 | Yamaha Corp. (Consumer Discretionary) | 413,748 | ||||||
16,461 | Yamato Holdings Co. Ltd. (Industrials) | 490,482 | ||||||
144,521 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 2,817,824 | ||||||
22,111 | Yaskawa Electric Corp. (Information Technology)(a) | 743,780 | ||||||
25,806 | Yokogawa Electric Corp. (Information Technology) | 530,386 | ||||||
34,081 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 717,673 | ||||||
|
| |||||||
243,604,860 | ||||||||
|
| |||||||
Luxembourg – 0.4% | ||||||||
85,802 | ArcelorMittal (Materials) | 2,589,606 | ||||||
19,153 | RTL Group SA (Consumer Discretionary)(a) | 1,439,579 | ||||||
12,341 | Tenaris SA (Energy) | 207,484 | ||||||
|
| |||||||
4,236,669 | ||||||||
|
| |||||||
Macau – 0.2% | ||||||||
53,688 | Sands China Ltd. (Consumer Discretionary) | 261,979 | ||||||
1,656,157 | SJM Holdings Ltd. (Consumer Discretionary) | 1,873,724 | ||||||
159,302 | Wynn Macau Ltd. (Consumer Discretionary) | 443,470 | ||||||
|
| |||||||
2,579,173 | ||||||||
|
| |||||||
Netherlands – 3.7% | ||||||||
27,129 | ABN AMRO Group NV (Financials)(b) | 736,402 | ||||||
249,993 | Aegon NV (Financials) | 1,502,618 | ||||||
8,904 | Akzo Nobel NV (Materials) | 834,171 | ||||||
13,105 | ASML Holding NV (Information Technology) | 2,678,099 | ||||||
24,935 | EXOR NV (Financials) | 1,624,084 | ||||||
28,324 | Heineken Holding NV (Consumer Staples) | 2,705,602 | ||||||
14,770 | Heineken NV (Consumer Staples) | 1,463,121 | ||||||
161,409 | ING Groep NV (Financials) | 2,195,374 | ||||||
161,138 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 3,929,665 | ||||||
10,645 | Koninklijke DSM NV (Materials) | 1,119,397 | ||||||
155,276 | Koninklijke KPN NV (Telecommunication Services) | 397,641 | ||||||
56,553 | Koninklijke Philips NV (Health Care) | 2,532,619 | ||||||
48,460 | NN Group NV (Financials) | 2,082,231 | ||||||
21,664 | NXP Semiconductors NV (Information Technology)* | 2,017,785 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Netherlands – (continued) | ||||||||
28,704 | Randstad NV (Industrials) | $ | 1,802,107 | |||||
181,503 | Royal Dutch Shell PLC, Class A (Energy) | 5,901,250 | ||||||
145,930 | Royal Dutch Shell PLC, Class B (Energy) | 4,818,629 | ||||||
36,263 | Wolters Kluwer NV (Industrials) | 2,303,682 | ||||||
|
| |||||||
40,644,477 | ||||||||
|
| |||||||
New Zealand – 0.2% | ||||||||
88,096 | a2 Milk Co. Ltd. (Consumer Staples)* | 737,660 | ||||||
84,111 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 914,687 | ||||||
108,354 | Meridian Energy Ltd. (Utilities) | 232,933 | ||||||
46,587 | Ryman Healthcare Ltd. (Health Care) | 435,529 | ||||||
|
| |||||||
2,320,809 | ||||||||
|
| |||||||
Norway – 0.7% | ||||||||
16,876 | Aker BP ASA (Energy) | 599,348 | ||||||
27,542 | DNB ASA (Financials) | 562,518 | ||||||
59,106 | Equinor ASA (Energy) | 1,520,287 | ||||||
34,489 | Gjensidige Forsikring ASA (Financials) | 578,618 | ||||||
55,664 | Marine Harvest ASA (Consumer Staples) | 1,205,775 | ||||||
135,384 | Norsk Hydro ASA (Materials) | 749,714 | ||||||
49,233 | Orkla ASA (Consumer Staples) | 406,218 | ||||||
54,949 | Schibsted ASA, Class B (Consumer Discretionary) | 1,793,808 | ||||||
34,010 | Telenor ASA (Telecommunication Services) | 642,972 | ||||||
|
| |||||||
8,059,258 | ||||||||
|
| |||||||
Portugal – 0.4% | ||||||||
554,025 | EDP – Energias de Portugal SA (Utilities) | 2,169,105 | ||||||
31,649 | Galp Energia SGPS SA (Energy) | 643,308 | ||||||
83,986 | Jeronimo Martins SGPS SA (Consumer Staples) | 1,261,047 | ||||||
|
| |||||||
4,073,460 | ||||||||
|
| |||||||
Singapore – 1.2% | ||||||||
168,310 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 336,608 | ||||||
217,859 | CapitaLand Commercial Trust REIT (Real Estate) | 281,457 | ||||||
183,302 | CapitaLand Mall Trust REIT (Real Estate) | 286,315 | ||||||
42,585 | City Developments Ltd. (Real Estate) | 288,449 | ||||||
138,061 | DBS Group Holdings Ltd. (Financials) | 2,514,231 | ||||||
42,955 | Jardine Cycle & Carriage Ltd. (Consumer Discretionary) | 1,017,087 | ||||||
56,708 | Keppel Corp. Ltd. (Industrials) | 270,285 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Singapore – (continued) | ||||||||
315,391 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 2,601,305 | ||||||
476,731 | Singapore Exchange Ltd. (Financials) | 2,578,429 | ||||||
166,095 | Singapore Telecommunications Ltd. (Telecommunication Services) | 391,582 | ||||||
177,536 | Suntec Real Estate Investment Trust REIT (Real Estate) | 242,321 | ||||||
89,155 | United Overseas Bank Ltd. (Financials) | 1,760,910 | ||||||
77,236 | UOL Group Ltd. (Real Estate) | 389,548 | ||||||
29,762 | Venture Corp. Ltd. (Information Technology) | 393,409 | ||||||
|
| |||||||
13,351,936 | ||||||||
|
| |||||||
South Africa – 0.6% | ||||||||
195,590 | Anglo American PLC (Materials) | 3,919,025 | ||||||
81,389 | Investec PLC (Financials) | 535,697 | ||||||
245,616 | Mediclinic International PLC (Health Care) | 1,574,169 | ||||||
|
| |||||||
6,028,891 | ||||||||
|
| |||||||
Spain – 2.4% | ||||||||
55,444 | ACS Actividades de Construccion y Servicios SA (Industrials) | 2,314,586 | ||||||
6,488 | Aena SME SA (Industrials)(b) | 1,151,190 | ||||||
49,750 | Amadeus IT Group SA (Information Technology) | 4,626,098 | ||||||
169,366 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 1,058,198 | ||||||
689,376 | Banco Santander SA (Financials) | 3,439,356 | ||||||
36,077 | Bankinter SA (Financials) | 321,701 | ||||||
19,552 | Enagas SA (Energy) | 544,832 | ||||||
21,192 | Endesa SA (Utilities) | 475,631 | ||||||
22,155 | Ferrovial SA (Industrials) | 480,103 | ||||||
7,597 | Grifols SA (Health Care) | 223,895 | ||||||
150,908 | Iberdrola SA (Utilities) | 1,127,584 | ||||||
98,153 | Industria de Diseno Textil SA (Consumer Discretionary) | 2,974,935 | ||||||
376,605 | Mapfre SA (Financials) | 1,112,538 | ||||||
30,241 | Naturgy Energy Group SA (Utilities) | 813,838 | ||||||
23,786 | Red Electrica Corp. SA (Utilities) | 500,918 | ||||||
194,272 | Repsol SA (Energy) | 3,744,276 | ||||||
124,549 | Telefonica SA (Telecommunication Services) | 1,012,505 | ||||||
|
| |||||||
25,922,184 | ||||||||
|
| |||||||
Sweden – 2.2% | ||||||||
25,170 | Alfa Laval AB (Industrials) | 675,226 | ||||||
30,302 | Assa Abloy AB, Class B (Industrials) | 618,215 | ||||||
44,268 | Atlas Copco AB, Class A (Industrials) | 1,263,146 | ||||||
17,983 | Atlas Copco AB, Class B (Industrials) | 475,928 | ||||||
34,345 | Boliden AB (Materials) | 899,933 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
42,194 | Electrolux AB, Series B (Consumer Discretionary) | $ | 942,114 | |||||
44,276 | Epiroc AB, Class A (Industrials)* | 460,378 | ||||||
13,810 | Essity AB, Class B (Consumer Staples) | 358,232 | ||||||
149,325 | Hennes & Mauritz AB, Class B (Consumer Discretionary)(a) | 2,013,892 | ||||||
13,299 | Hexagon AB, Class B (Information Technology) | 790,681 | ||||||
34,386 | Husqvarna AB, Class B (Consumer Discretionary) | 273,614 | ||||||
14,001 | ICA Gruppen AB (Consumer Staples)(a) | 426,783 | ||||||
18,183 | Industrivarden AB, Class C (Financials) | 388,778 | ||||||
17,003 | Investor AB, Class B (Financials) | 768,038 | ||||||
14,637 | Kinnevik AB, Class B (Financials) | 481,254 | ||||||
11,827 | L E Lundbergforetagen AB, Class B (Financials) | 397,666 | ||||||
17,649 | Lundin Petroleum AB (Energy) | 613,705 | ||||||
57,591 | Nordea Bank AB (Financials) | 622,779 | ||||||
58,509 | Sandvik AB (Industrials) | 1,024,946 | ||||||
98,028 | Securitas AB, Class B (Industrials) | 1,745,662 | ||||||
64,437 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 688,347 | ||||||
15,205 | Skanska AB, Class B (Industrials) | 285,745 | ||||||
14,903 | SKF AB, Class B (Industrials) | 286,676 | ||||||
46,991 | Svenska Handelsbanken AB, Class A (Financials) | 570,129 | ||||||
34,331 | Swedbank AB, Class A (Financials) | 799,614 | ||||||
39,041 | Swedish Match AB (Consumer Staples) | 2,089,121 | ||||||
34,665 | Tele2 AB, Class B (Telecommunication Services) | 427,979 | ||||||
222,123 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 1,875,408 | ||||||
137,836 | Telia Co. AB (Telecommunication Services) | 611,904 | ||||||
53,427 | Volvo AB, Class B (Industrials) | 921,009 | ||||||
|
| |||||||
23,796,902 | ||||||||
|
| |||||||
Switzerland – 8.1% | ||||||||
29,832 | ABB Ltd. (Industrials) | 704,851 | ||||||
16,485 | Adecco Group AG (Industrials) | 1,012,180 | ||||||
3,728 | Baloise Holding AG (Financials) | 574,369 | ||||||
827 | Barry Callebaut AG (Consumer Staples) | 1,477,671 | ||||||
220 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 1,641,299 | ||||||
15,670 | Cie Financiere Richemont SA (Consumer Discretionary) | 1,388,604 | ||||||
22,100 | Clariant AG (Materials)* | 553,471 | ||||||
71,324 | Coca-Cola HBC AG (Consumer Staples)* | 2,445,514 | ||||||
68,847 | Credit Suisse Group AG (Financials)* | 1,033,310 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
3,103 | Dufry AG (Consumer Discretionary)*(a) | 384,707 | ||||||
1,380 | EMS-Chemie Holding AG (Materials) | 873,291 | ||||||
47,675 | Ferguson PLC (Industrials) | 3,830,091 | ||||||
1,616 | Geberit AG (Industrials) | 736,566 | ||||||
449 | Givaudan SA (Materials) | 1,094,760 | ||||||
410,087 | Glencore PLC (Materials)* | 1,671,254 | ||||||
9,363 | Julius Baer Group Ltd. (Financials)* | 498,792 | ||||||
21,312 | Kuehne + Nagel International AG (Industrials) | 3,448,793 | ||||||
6,941 | LafargeHolcim Ltd. (Materials)* | 338,760 | ||||||
2,661 | Lonza Group AG (Health Care)* | 858,201 | ||||||
177,532 | Nestle SA (Consumer Staples) | 14,939,049 | ||||||
117,812 | Novartis AG (Health Care) | 9,791,881 | ||||||
7,520 | Pargesa Holding SA (Financials) | 612,346 | ||||||
5,380 | Partners Group Holding AG (Financials) | 4,233,461 | ||||||
41,491 | Roche Holding AG (Health Care) | 10,330,920 | ||||||
2,598 | Schindler Holding AG (Industrials) | 601,750 | ||||||
3,536 | Schindler Holding AG Participation Certificates (Industrials) | 845,335 | ||||||
961 | SGS SA (Industrials) | 2,536,897 | ||||||
12,018 | Sika AG (Materials) | 1,785,737 | ||||||
8,471 | Sonova Holding AG (Health Care) | 1,610,813 | ||||||
124,278 | STMicroelectronics NV (Information Technology) | 2,560,097 | ||||||
2,955 | Straumann Holding AG (Health Care) | 2,360,394 | ||||||
4,540 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 1,941,623 | ||||||
17,802 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 1,445,918 | ||||||
4,379 | Swiss Life Holding AG (Financials)* | 1,590,223 | ||||||
6,518 | Swiss Prime Site AG (Real Estate)* | 602,196 | ||||||
7,909 | Swiss Re AG (Financials) | 712,800 | ||||||
1,336 | Swisscom AG (Telecommunication Services) | 598,030 | ||||||
5,417 | Temenos AG (Information Technology)* | 980,224 | ||||||
106,164 | UBS Group AG (Financials)* | 1,661,454 | ||||||
3,898 | Vifor Pharma AG (Health Care) | 720,068 | ||||||
5,045 | Zurich Insurance Group AG (Financials) | 1,539,948 | ||||||
|
| |||||||
88,567,648 | ||||||||
|
| |||||||
United Arab Emirates – 0.1% | ||||||||
12,293 | NMC Health PLC (Health Care) | 626,970 | ||||||
|
| |||||||
United Kingdom – 12.5% | ||||||||
246,223 | 3i Group PLC (Financials) | 2,868,733 | ||||||
125,695 | Admiral Group PLC (Financials) | 3,398,138 | ||||||
26,896 | Ashtead Group PLC (Industrials) | 825,709 | ||||||
24,594 | Associated British Foods PLC (Consumer Staples) | 731,703 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
58,703 | AstraZeneca PLC (Health Care) | $ | 4,421,538 | |||||
508,932 | Auto Trader Group PLC (Information Technology)(b) | 2,970,725 | ||||||
127,957 | Aviva PLC (Financials) | 806,613 | ||||||
69,736 | BAE Systems PLC (Industrials) | 549,274 | ||||||
209,607 | Barclays PLC (Financials) | 478,671 | ||||||
144,941 | Barratt Developments PLC (Consumer Discretionary) | 1,021,058 | ||||||
25,361 | Berkeley Group Holdings PLC (Consumer Discretionary) | 1,200,840 | ||||||
801,484 | BP PLC (Energy) | 5,701,380 | ||||||
78,916 | British American Tobacco PLC (Consumer Staples) | 3,817,181 | ||||||
62,647 | British Land Co. PLC (The) REIT (Real Estate) | 517,540 | ||||||
167,053 | BT Group PLC (Telecommunication Services) | 471,926 | ||||||
20,002 | Bunzl PLC (Industrials) | 623,422 | ||||||
145,805 | Burberry Group PLC (Consumer Discretionary) | 4,237,443 | ||||||
272,303 | Centrica PLC (Utilities) | 507,176 | ||||||
91,026 | CNH Industrial NV (Industrials) | 1,090,860 | ||||||
18,349 | Coca-Cola European Partners PLC (Consumer Staples) | 782,401 | ||||||
33,715 | Compass Group PLC (Consumer Discretionary) | 726,772 | ||||||
18,021 | Croda International PLC (Materials) | 1,194,562 | ||||||
6,484 | DCC PLC (Industrials) | 586,138 | ||||||
93,272 | Diageo PLC (Consumer Staples) | 3,266,549 | ||||||
95,466 | Direct Line Insurance Group PLC (Financials) | 410,587 | ||||||
30,841 | easyJet PLC (Industrials) | 611,305 | ||||||
83,656 | Experian PLC (Industrials) | 2,087,651 | ||||||
207,733 | Fiat Chrysler Automobiles NV (Consumer Discretionary)* | 3,519,112 | ||||||
218,532 | GlaxoSmithKline PLC (Health Care) | 4,432,111 | ||||||
49,792 | GVC Holdings PLC (Consumer Discretionary) | 713,183 | ||||||
148,424 | Hargreaves Lansdown PLC (Financials) | 4,244,109 | ||||||
865,267 | HSBC Holdings PLC (Financials) | 7,522,653 | ||||||
49,873 | Imperial Brands PLC (Consumer Staples) | 1,778,727 | ||||||
82,679 | Informa PLC (Consumer Discretionary) | 819,290 | ||||||
32,041 | InterContinental Hotels Group PLC (Consumer Discretionary) | 1,980,233 | ||||||
252,389 | International Consolidated Airlines Group SA (Industrials) | 2,272,886 | ||||||
13,873 | Intertek Group PLC (Industrials) | 925,733 | ||||||
712,241 | J Sainsbury PLC (Consumer Staples) | 3,001,233 | ||||||
9,871 | Johnson Matthey PLC (Materials) | 448,531 | ||||||
379,841 | Kingfisher PLC (Consumer Discretionary) | 1,350,265 | ||||||
40,544 | Land Securities Group PLC REIT (Real Estate) | 482,968 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
540,706 | Legal & General Group PLC (Financials) | 1,787,176 | ||||||
1,706,035 | Lloyds Banking Group PLC (Financials) | 1,314,929 | ||||||
22,695 | London Stock Exchange Group PLC (Financials) | 1,363,979 | ||||||
456,961 | Marks & Spencer Group PLC (Consumer Discretionary) | 1,791,308 | ||||||
100,431 | Meggitt PLC (Industrials) | 702,540 | ||||||
104,274 | Merlin Entertainments PLC (Consumer Discretionary)(b) | 504,036 | ||||||
14,966 | Micro Focus International PLC (Information Technology) | 253,849 | ||||||
35,509 | Mondi PLC (Materials) | 989,978 | ||||||
81,133 | National Grid PLC (Utilities) | 854,166 | ||||||
32,130 | Next PLC (Consumer Discretionary) | 2,296,852 | ||||||
78,861 | Pearson PLC (Consumer Discretionary) | 940,331 | ||||||
21,183 | Persimmon PLC (Consumer Discretionary) | 669,868 | ||||||
119,402 | Prudential PLC (Financials) | 2,692,593 | ||||||
13,599 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,159,323 | ||||||
95,660 | RELX NV (Industrials)* | 2,123,611 | ||||||
74,700 | RELX PLC (Industrials) | 1,660,261 | ||||||
52,229 | Rolls-Royce Holdings PLC (Industrials)* | 682,240 | ||||||
92,053 | Royal Bank of Scotland Group PLC (Financials) | 288,705 | ||||||
541,997 | Royal Mail PLC (Industrials) | 3,155,982 | ||||||
81,547 | RSA Insurance Group PLC (Financials) | 669,437 | ||||||
290,581 | Sage Group PLC (The) (Information Technology) | 2,248,722 | ||||||
23,217 | Schroders PLC (Financials) | 927,921 | ||||||
164,390 | Segro PLC REIT (Real Estate) | 1,406,348 | ||||||
20,816 | Severn Trent PLC (Utilities) | 541,382 | ||||||
39,106 | Sky PLC (Consumer Discretionary) | 783,005 | ||||||
131,984 | Smith & Nephew PLC (Health Care) | 2,328,739 | ||||||
40,203 | Smiths Group PLC (Industrials) | 842,071 | ||||||
45,460 | SSE PLC (Utilities) | 740,355 | ||||||
25,915 | St James’s Place PLC (Financials) | 381,123 | ||||||
49,722 | Standard Chartered PLC (Financials) | 405,271 | ||||||
239,690 | Taylor Wimpey PLC (Consumer Discretionary) | 521,357 | ||||||
707,400 | Tesco PLC (Consumer Staples) | 2,266,427 | ||||||
87,173 | Unilever NV (Consumer Staples) | 5,025,139 | ||||||
83,712 | Unilever PLC (Consumer Staples) | 4,778,700 | ||||||
57,992 | United Utilities Group PLC (Utilities) | 558,982 | ||||||
1,013,402 | Vodafone Group PLC (Telecommunication Services) | 2,166,743 | ||||||
31,862 | Whitbread PLC (Consumer Discretionary) | 1,903,324 | ||||||
|
|
62 | 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) | ||||||||
711,205 | Wm Morrison Supermarkets PLC (Consumer Staples) | $ | 2,433,452 | |||||
69,844 | WPP PLC (Consumer Discretionary) | 1,160,619 | ||||||
|
| |||||||
136,717,773 | ||||||||
|
| |||||||
United States – 0.6% | ||||||||
112,041 | Bausch Health Cos., Inc. (Health Care)* | 2,589,759 | ||||||
16,922 | Carnival PLC (Consumer Discretionary) | 1,018,559 | ||||||
13,753 | QIAGEN NV (Health Care)* | 533,654 | ||||||
43,180 | Shire PLC (Health Care) | 2,524,701 | ||||||
|
| |||||||
6,666,673 | ||||||||
|
| |||||||
Zambia – 0.0% | ||||||||
26,595 | First Quantum Minerals Ltd. (Materials) | 333,878 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $1,000,069,171) | $ | 1,086,094,216 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.5% | ||||||||||
Germany – 0.5% | ||||||||||
2,676 | Bayerische Motoren Werke AG, (Consumer Discretionary) | 5.63 | % | $ | 224,952 | |||||
41,247 | FUCHS PETROLUB SE, (Materials) | 1.87 | 2,421,140 | |||||||
10,379 | Henkel AG & Co KGaA, (Consumer Staples) | 1.68 | 1,327,752 | |||||||
8,223 | Porsche Automobil Holding SE, (Consumer Discretionary) | 3.21 | 521,618 | |||||||
3,138 | Sartorius AG, (Health Care) | 0.35 | 571,026 | |||||||
3,669 | Volkswagen AG, (Consumer Discretionary) | 2.75 | 601,229 | |||||||
| ||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $5,357,770) | $ | 5,667,717 | ||||||||
|
Units | Description | Expiration Month | Value | |||||||
Right – 0.0% | ||||||||||
Sweden – 0.0% | ||||||||||
14,283 | Kinnevik AB (Financials)* | |||||||||
(Cost $0) | 12/19 | $ | — | |||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $1,005,426,941) |
| $ | 1,091,761,933 | |||||||
|
Shares | Distribution Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 1.1%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
12,382,605 | 1.879% | $ | 12,382,605 | |||
(Cost $12,382,605) |
| |||||
| ||||||
TOTAL INVESTMENTS – 100.9% |
| |||||
(Cost $1,017,809,546) | $ | 1,104,144,538 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)% | (9,682,549 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 1,094,461,989 | ||||
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. | |
(a) | All or a portion of security is on loan. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities may be deemed liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounts to $14,060,658, which represents approximately 1.3% of net assets as of August 31, 2018. | |
(c) | 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. | 63 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 98.5% | ||||||||
Consumer Discretionary – 19.9% | ||||||||
1,441 | ABC-Mart, Inc. | $ | 78,752 | |||||
1,229 | Aisin Seiki Co. Ltd. | 56,970 | ||||||
5,104 | Asics Corp. | 76,501 | ||||||
3,365 | Bandai Namco Holdings, Inc. | 130,795 | ||||||
2,188 | Benesse Holdings, Inc. | 68,569 | ||||||
8,890 | Bridgestone Corp. | 328,149 | ||||||
5,277 | Casio Computer Co. Ltd. | 84,948 | ||||||
2,826 | CyberAgent, Inc. | 161,071 | ||||||
4,538 | Denso Corp. | 219,155 | ||||||
1,291 | Dentsu, Inc. | 60,426 | ||||||
2,179 | Don Quijote Holdings Co. Ltd. | 106,115 | ||||||
732 | Fast Retailing Co. Ltd.(a) | 342,020 | ||||||
5,763 | Hakuhodo DY Holdings, Inc. | 97,449 | ||||||
1,320 | Hikari Tsushin, Inc. | 250,108 | ||||||
27,008 | Honda Motor Co. Ltd. | 801,825 | ||||||
3,294 | Iida Group Holdings Co. Ltd. | 60,958 | ||||||
20,194 | Isetan Mitsukoshi Holdings Ltd. | 228,738 | ||||||
3,493 | Isuzu Motors Ltd. | 50,622 | ||||||
1,073 | J Front Retailing Co. Ltd. | 15,289 | ||||||
1,380 | Koito Manufacturing Co. Ltd. | 85,499 | ||||||
2,734 | Marui Group Co. Ltd. | 60,531 | ||||||
35,945 | Mazda Motor Corp. | 417,686 | ||||||
3,585 | McDonald’s Holdings Co. Japan Ltd. | 157,774 | ||||||
6,882 | Mitsubishi Motors Corp. | 49,155 | ||||||
701 | NGK Spark Plug Co. Ltd. | 19,977 | ||||||
10,770 | Nikon Corp. | 206,591 | ||||||
17,126 | Nissan Motor Co. Ltd. | 160,626 | ||||||
1,658 | Nitori Holdings Co. Ltd. | 252,248 | ||||||
1,032 | NOK Corp. | 19,749 | ||||||
2,741 | Oriental Land Co. Ltd. | 294,283 | ||||||
28,536 | Panasonic Corp. | 341,372 | ||||||
4,270 | Rakuten, Inc. | 32,728 | ||||||
700 | Rinnai Corp. | 52,207 | ||||||
646 | Ryohin Keikaku Co. Ltd. | 192,253 | ||||||
1,169 | Sankyo Co. Ltd. | 44,858 | ||||||
7,442 | Sega Sammy Holdings, Inc. | 120,269 | ||||||
10,087 | Sekisui Chemical Co. Ltd. | 175,750 | ||||||
6,832 | Sekisui House Ltd. | 111,736 | ||||||
646 | Sharp Corp.(a) | 15,340 | ||||||
693 | Shimano, Inc. | 107,120 | ||||||
15,558 | Sony Corp. | 890,672 | ||||||
2,458 | Stanley Electric Co. Ltd. | 85,233 | ||||||
4,159 | Start Today Co. Ltd. | 143,653 | ||||||
6,994 | Subaru Corp. | 208,208 | ||||||
5,509 | Sumitomo Electric Industries Ltd. | 87,341 | ||||||
4,269 | Sumitomo Rubber Industries Ltd. | 63,447 | ||||||
4,868 | Suzuki Motor Corp. | 317,407 | ||||||
2,350 | Takashimaya Co. Ltd. | 38,021 | ||||||
1,292 | Toho Co. Ltd. | 39,732 | ||||||
1,194 | Toyoda Gosei Co. Ltd. | 29,849 | ||||||
693 | Toyota Industries Corp. | 39,311 | ||||||
29,674 | Toyota Motor Corp. | 1,854,541 | ||||||
2,544 | USS Co. Ltd. | 48,065 | ||||||
40,993 | Yamada Denki Co. Ltd. | 203,699 | ||||||
2,476 | Yamaha Corp. | 118,569 | ||||||
4,113 | Yamaha Motor Co. Ltd. | 104,490 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
3,664 | Yokohama Rubber Co. Ltd. (The) | 77,156 | ||||||
|
| |||||||
10,485,606 | ||||||||
|
| |||||||
Consumer Staples – 9.5% | ||||||||
10,599 | Aeon Co. Ltd.(a) | 230,027 | ||||||
7,183 | Ajinomoto Co., Inc. | 122,173 | ||||||
7,557 | Asahi Group Holdings Ltd. | 342,053 | ||||||
2,546 | Calbee, Inc. | 81,166 | ||||||
1,892 | FamilyMart UNY Holdings Co. Ltd. | 165,338 | ||||||
6,404 | Kao Corp. | 498,124 | ||||||
3,690 | Kikkoman Corp. | 185,357 | ||||||
18,011 | Kirin Holdings Co. Ltd. | 446,275 | ||||||
1,184 | Kose Corp. | 218,893 | ||||||
2,142 | Lawson, Inc. | 125,949 | ||||||
6,490 | Lion Corp. | 137,017 | ||||||
2,286 | MEIJI Holdings Co. Ltd. | 152,146 | ||||||
7,562 | Nisshin Seifun Group, Inc. | 151,601 | ||||||
1,958 | Nissin Foods Holdings Co. Ltd. | 125,195 | ||||||
5,504 | Pola Orbis Holdings, Inc. | 194,577 | ||||||
8,898 | Seven & i Holdings Co. Ltd. | 363,110 | ||||||
6,732 | Shiseido Co. Ltd. | 475,007 | ||||||
3,215 | Sundrug Co. Ltd. | 115,686 | ||||||
4,499 | Suntory Beverage & Food Ltd. | 184,813 | ||||||
2,928 | Toyo Suisan Kaisha Ltd. | 108,131 | ||||||
1,370 | Tsuruha Holdings, Inc. | 156,787 | ||||||
4,950 | Unicharm Corp. | 162,136 | ||||||
1,617 | Yakult Honsha Co. Ltd. | 115,203 | ||||||
8,745 | Yamazaki Baking Co. Ltd. | 170,507 | ||||||
|
| |||||||
5,027,271 | ||||||||
|
| |||||||
Energy – 2.5% | ||||||||
9,208 | Idemitsu Kosan Co. Ltd. | 465,860 | ||||||
11,272 | Inpex Corp. | 123,511 | ||||||
85,023 | JXTG Holdings, Inc. | 599,919 | ||||||
5,750 | Showa Shell Sekiyu KK | 116,208 | ||||||
|
| |||||||
1,305,498 | ||||||||
|
| |||||||
Financials – 10.4% | ||||||||
18,150 | Acom Co. Ltd.(a) | 74,312 | ||||||
2,032 | AEON Financial Service Co. Ltd. | 41,690 | ||||||
1,672 | Aozora Bank Ltd. | 59,184 | ||||||
964 | Bank of Kyoto Ltd. (The) | 48,772 | ||||||
3,213 | Chiba Bank Ltd. (The) | 21,152 | ||||||
3,045 | Concordia Financial Group Ltd. | 14,637 | ||||||
10,459 | Credit Saison Co. Ltd. | 173,554 | ||||||
19,495 | Dai-ichi Life Holdings, Inc. | 372,196 | ||||||
8,525 | Daiwa Securities Group, Inc. | 51,234 | ||||||
3,086 | Fukuoka Financial Group, Inc. | 17,338 | ||||||
8,147 | Japan Exchange Group, Inc. | 143,859 | ||||||
3,931 | Japan Post Bank Co. Ltd. | 46,016 | ||||||
15,873 | Japan Post Holdings Co. Ltd. | 188,956 | ||||||
10,779 | Mebuki Financial Group, Inc. | 38,300 | ||||||
137,297 | Mitsubishi UFJ Financial Group, Inc. | 830,580 | ||||||
28,514 | Mitsubishi UFJ Lease & Finance Co. Ltd. | 160,718 | ||||||
308,637 | Mizuho Financial Group, Inc. | 543,041 | ||||||
3,107 | MS&AD Insurance Group Holdings, Inc. | 95,688 | ||||||
|
|
64 | 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) | ||||||||
20,755 | Nomura Holdings, Inc. | $ | 95,179 | |||||
24,012 | ORIX Corp. | 386,972 | ||||||
19,524 | Resona Holdings, Inc. | 110,909 | ||||||
3,519 | SBI Holdings, Inc. | 97,270 | ||||||
17,057 | Seven Bank Ltd. | 53,224 | ||||||
7,304 | Shinsei Bank Ltd. | 112,374 | ||||||
2,736 | Shizuoka Bank Ltd. (The) | 24,230 | ||||||
4,671 | Sompo Holdings, Inc. | 199,840 | ||||||
1,061 | Sony Financial Holdings, Inc. | 21,194 | ||||||
19,600 | Sumitomo Mitsui Financial Group, Inc. | 774,384 | ||||||
3,683 | Sumitomo Mitsui Trust Holdings, Inc. | 148,170 | ||||||
3,372 | T&D Holdings, Inc. | 51,377 | ||||||
6,785 | Tokio Marine Holdings, Inc. | 320,450 | ||||||
2,163 | Tokyo Century Corp. | 119,771 | ||||||
3,752 | Yamaguchi Financial Group, Inc. | 41,349 | ||||||
|
| |||||||
5,477,920 | ||||||||
|
| |||||||
Health Care – 8.9% | ||||||||
7,475 | Alfresa Holdings Corp. | 187,878 | ||||||
29,803 | Astellas Pharma, Inc. | 505,833 | ||||||
3,282 | Chugai Pharmaceutical Co. Ltd. | 190,613 | ||||||
8,087 | Daiichi Sankyo Co. Ltd. | 316,376 | ||||||
3,390 | Eisai Co. Ltd. | 307,557 | ||||||
1,382 | Hisamitsu Pharmaceutical Co., Inc. | 101,203 | ||||||
6,125 | Hoya Corp. | 358,877 | ||||||
5,077 | Kyowa Hakko Kirin Co. Ltd. | 90,199 | ||||||
3,503 | M3, Inc. | 154,639 | ||||||
5,522 | Medipal Holdings Corp. | 111,600 | ||||||
2,676 | Mitsubishi Tanabe Pharma Corp. | 44,719 | ||||||
4,056 | Olympus Corp. | 165,517 | ||||||
3,175 | Ono Pharmaceutical Co. Ltd. | 83,609 | ||||||
3,735 | Otsuka Holdings Co. Ltd. | 175,525 | ||||||
5,025 | Santen Pharmaceutical Co. Ltd. | 77,583 | ||||||
4,379 | Shionogi & Co. Ltd. | 254,956 | ||||||
7,681 | Sumitomo Dainippon Pharma Co. Ltd. | 163,823 | ||||||
11,350 | Suzuken Co. Ltd. | 516,909 | ||||||
2,906 | Sysmex Corp. | 252,639 | ||||||
539 | Taisho Pharmaceutical Holdings Co. Ltd. | 58,525 | ||||||
8,500 | Takeda Pharmaceutical Co. Ltd. | 356,680 | ||||||
4,363 | Terumo Corp. | 241,198 | ||||||
|
| |||||||
4,716,458 | ||||||||
|
| |||||||
Industrials – 18.9% | ||||||||
1,135 | AGC, Inc. | 45,549 | ||||||
2,761 | Amada Holdings Co. Ltd. | 29,581 | ||||||
3,038 | ANA Holdings, Inc. | 105,454 | ||||||
1,612 | Central Japan Railway Co. | 324,406 | ||||||
2,204 | Dai Nippon Printing Co. Ltd. | 49,552 | ||||||
1,923 | Daifuku Co. Ltd. | 100,065 | ||||||
2,800 | Daikin Industries Ltd. | 357,812 | ||||||
3,082 | East Japan Railway Co. | 279,474 | ||||||
1,545 | FANUC Corp. | 303,399 | ||||||
5,791 | Fuji Electric Co. Ltd. | 46,742 | ||||||
2,244 | Hankyu Hanshin Holdings, Inc. | 80,240 | ||||||
942 | Hino Motors Ltd. | 9,940 | ||||||
3,612 | Hitachi Construction Machinery Co. Ltd. | 108,147 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,080 | Hoshizaki Corp. | 102,658 | ||||||
339 | IHI Corp. | 11,862 | ||||||
26,368 | ITOCHU Corp. | 462,156 | ||||||
3,964 | Japan Airlines Co. Ltd. | 143,174 | ||||||
1,370 | Japan Airport Terminal Co. Ltd. | 61,467 | ||||||
4,643 | JGC Corp. | 93,710 | ||||||
26,022 | Kajima Corp. | 187,740 | ||||||
3,497 | Kamigumi Co. Ltd. | 71,148 | ||||||
695 | Kawasaki Heavy Industries Ltd. | 19,054 | ||||||
1,346 | Keihan Holdings Co. Ltd. | 49,526 | ||||||
1,981 | Keikyu Corp. | 34,337 | ||||||
1,126 | Keio Corp. | 55,952 | ||||||
2,670 | Keisei Electric Railway Co. Ltd. | 89,815 | ||||||
1,892 | Kintetsu Group Holdings Co. Ltd. | 74,394 | ||||||
8,436 | Komatsu Ltd. | 240,485 | ||||||
7,270 | Kubota Corp. | 113,851 | ||||||
2,155 | Kurita Water Industries Ltd. | 64,134 | ||||||
1,894 | Kyushu Railway Co. | 57,050 | ||||||
3,816 | LIXIL Group Corp. | 74,988 | ||||||
2,515 | Makita Corp. | 114,313 | ||||||
62,546 | Marubeni Corp. | 514,199 | ||||||
3,034 | MINEBEA MITSUMI, Inc. | 57,076 | ||||||
6,198 | MISUMI Group, Inc. | 160,085 | ||||||
23,339 | Mitsubishi Corp. | 667,430 | ||||||
19,886 | Mitsubishi Electric Corp. | 269,008 | ||||||
11,146 | Mitsubishi Heavy Industries Ltd. | 414,740 | ||||||
34,007 | Mitsui & Co. Ltd. | 568,138 | ||||||
1,690 | Mitsui OSK Lines Ltd. | 45,540 | ||||||
756 | Nabtesco Corp. | 19,751 | ||||||
4,205 | Nagoya Railroad Co. Ltd. | 96,133 | ||||||
1,718 | NGK Insulators Ltd. | 28,043 | ||||||
2,392 | Nidec Corp. | 347,415 | ||||||
1,698 | Nippon Express Co. Ltd. | 106,580 | ||||||
661 | Nippon Yusen KK | 12,495 | ||||||
1,073 | NSK Ltd. | 12,202 | ||||||
5,776 | Obayashi Corp. | 54,226 | ||||||
2,276 | Odakyu Electric Railway Co. Ltd. | 49,323 | ||||||
2,785 | Park24 Co. Ltd. | 81,879 | ||||||
5,745 | Persol Holdings Co. Ltd. | 128,749 | ||||||
15,053 | Recruit Holdings Co. Ltd. | 459,796 | ||||||
1,351 | Secom Co. Ltd. | 111,421 | ||||||
1,523 | Seibu Holdings, Inc. | 27,511 | ||||||
2,661 | SG Holdings Co. Ltd. | 63,090 | ||||||
4,841 | Shimizu Corp. | 42,435 | ||||||
493 | SMC Corp. | 164,370 | ||||||
989 | Sohgo Security Services Co. Ltd. | 43,615 | ||||||
23,458 | Sumitomo Corp. | 381,535 | ||||||
1,480 | Sumitomo Heavy Industries Ltd. | 48,250 | ||||||
3,213 | Taisei Corp. | 144,011 | ||||||
309 | THK Co. Ltd. | 8,293 | ||||||
2,313 | Tobu Railway Co. Ltd. | 64,664 | ||||||
3,260 | Tokyu Corp. | 53,861 | ||||||
5,686 | Toppan Printing Co. Ltd. | 44,458 | ||||||
39,101 | Toshiba Corp.* | 117,072 | ||||||
3,148 | TOTO Ltd. | 133,432 | ||||||
8,468 | Toyota Tsusho Corp. | 289,433 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,927 | West Japan Railway Co. | $ | 129,573 | |||||
2,003 | Yamato Holdings Co. Ltd. | 59,683 | ||||||
|
| |||||||
9,981,690 | ||||||||
|
| |||||||
Information Technology – 13.4% | ||||||||
1,482 | Alps Electric Co. Ltd. | 44,640 | ||||||
6,955 | Brother Industries Ltd. | 143,133 | ||||||
13,543 | Canon, Inc. | 435,169 | ||||||
3,206 | DeNA Co. Ltd. | 55,571 | ||||||
730 | Disco Corp. | 130,878 | ||||||
6,029 | FUJIFILM Holdings Corp. | 255,492 | ||||||
41,905 | Fujitsu Ltd. | 307,282 | ||||||
2,706 | Hamamatsu Photonics KK | 109,084 | ||||||
339 | Hirose Electric Co. Ltd. | 40,417 | ||||||
537 | Hitachi High-Technologies Corp. | 21,139 | ||||||
81,517 | Hitachi Ltd. | 533,351 | ||||||
7,322 | Kakaku.com, Inc. | 135,631 | ||||||
1,184 | Keyence Corp. | 671,522 | ||||||
2,396 | Konami Holdings Corp. | 100,585 | ||||||
16,675 | Konica Minolta, Inc. | 170,081 | ||||||
1,542 | Kyocera Corp. | 97,483 | ||||||
2,002 | LINE Corp.* | 92,440 | ||||||
1,559 | Murata Manufacturing Co. Ltd. | 269,734 | ||||||
15,500 | NEC Corp. | 429,138 | ||||||
10,272 | Nexon Co. Ltd.* | 129,135 | ||||||
1,170 | Nintendo Co. Ltd. | 423,747 | ||||||
3,582 | Nippon Electric Glass Co. Ltd. | 115,324 | ||||||
1,826 | Nomura Research Institute Ltd. | 91,065 | ||||||
17,734 | NTT Data Corp. | 228,382 | ||||||
1,643 | Obic Co. Ltd. | 154,691 | ||||||
4,048 | Omron Corp. | 181,619 | ||||||
1,917 | Oracle Corp. Japan | 161,299 | ||||||
3,986 | Otsuka Corp. | 144,687 | ||||||
7,805 | Ricoh Co. Ltd. | 82,002 | ||||||
630 | Rohm Co. Ltd. | 56,986 | ||||||
6,390 | Seiko Epson Corp. | 109,549 | ||||||
5,228 | Shimadzu Corp. | 155,353 | ||||||
956 | TDK Corp. | 107,683 | ||||||
2,210 | Tokyo Electron Ltd. | 376,189 | ||||||
2,193 | Trend Micro, Inc. | 138,441 | ||||||
7,745 | Yahoo Japan Corp. | 26,682 | ||||||
5,848 | Yaskawa Electric Corp.(a) | 196,718 | ||||||
7,490 | Yokogawa Electric Corp. | 153,941 | ||||||
|
| |||||||
7,076,263 | ||||||||
|
| |||||||
Materials – 4.6% | ||||||||
1,866 | Air Water, Inc. | 33,522 | ||||||
14,507 | Asahi Kasei Corp. | 213,252 | ||||||
1,091 | Hitachi Chemical Co. Ltd. | 22,945 | ||||||
2,044 | JFE Holdings, Inc. | 44,821 | ||||||
3,942 | Kaneka Corp. | 36,084 | ||||||
1,571 | Kansai Paint Co. Ltd. | 31,127 | ||||||
32,251 | Kobe Steel Ltd. | 270,491 | ||||||
2,749 | Kuraray Co. Ltd. | 39,964 | ||||||
1,251 | Maruichi Steel Tube Ltd. | 38,415 | ||||||
34,925 | Mitsubishi Chemical Holdings Corp. | 313,706 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
1,553 | Mitsui Chemicals, Inc. | 40,252 | ||||||
573 | Nippon Paint Holdings Co. Ltd. | 22,685 | ||||||
2,669 | Nippon Steel & Sumitomo Metal Corp. | 53,808 | ||||||
2,534 | Nissan Chemical Corp. | 121,118 | ||||||
1,607 | Nitto Denko Corp. | 125,041 | ||||||
32,159 | Oji Holdings Corp. | 220,706 | ||||||
2,927 | Shin-Etsu Chemical Co. Ltd. | 275,186 | ||||||
29,036 | Sumitomo Chemical Co. Ltd. | 165,232 | ||||||
2,829 | Sumitomo Metal Mining Co. Ltd. | 91,591 | ||||||
612 | Taiheiyo Cement Corp. | 18,545 | ||||||
5,159 | Taiyo Nippon Sanso Corp. | 76,116 | ||||||
3,007 | Teijin Ltd. | 59,687 | ||||||
10,029 | Toray Industries, Inc. | 75,404 | ||||||
1,760 | Tosoh Corp. | 27,713 | ||||||
1,128 | Toyo Seikan Group Holdings Ltd. | 21,403 | ||||||
|
| |||||||
2,438,814 | ||||||||
|
| |||||||
Real Estate – 3.1% | ||||||||
2,465 | Aeon Mall Co. Ltd. | 41,326 | ||||||
1,514 | Daito Trust Construction Co. Ltd. | 227,336 | ||||||
7,506 | Daiwa House Industry Co. Ltd. | 229,407 | ||||||
21 | Daiwa House REIT Investment Corp. REIT(a) | 48,786 | ||||||
3,407 | Hulic Co. Ltd. | 32,323 | ||||||
14 | Japan Prime Realty Investment Corp. REIT | 50,755 | ||||||
11 | Japan Real Estate Investment Corp. REIT | 58,628 | ||||||
29 | Japan Retail Fund Investment Corp. REIT | 52,568 | ||||||
6,452 | Mitsubishi Estate Co. Ltd. | 107,325 | ||||||
5,889 | Mitsui Fudosan Co. Ltd. | 135,136 | ||||||
19 | Nippon Building Fund, Inc. REIT | 110,863 | ||||||
23 | Nippon Prologis REIT, Inc. REIT | 44,907 | ||||||
1,902 | Nomura Real Estate Holdings, Inc. | 41,321 | ||||||
59 | Nomura Real Estate Master Fund, Inc. REIT | 82,366 | ||||||
3,062 | Sumitomo Realty & Development Co. Ltd. | 106,315 | ||||||
2,407 | Tokyo Tatemono Co. Ltd. | 29,565 | ||||||
26,910 | Tokyu Fudosan Holdings Corp. | 183,712 | ||||||
36 | United Urban Investment Corp. REIT | 56,913 | ||||||
|
| |||||||
1,639,552 | ||||||||
|
| |||||||
Telecommunication Services – 3.9% | ||||||||
19,339 | KDDI Corp. | 512,928 | ||||||
10,629 | Nippon Telegraph & Telephone Corp. | 474,487 | ||||||
15,387 | NTT DOCOMO, Inc. | 400,338 | ||||||
7,339 | SoftBank Group Corp. | 681,713 | ||||||
|
| |||||||
2,069,466 | ||||||||
|
| |||||||
Utilities – 3.4% | ||||||||
13,119 | Chubu Electric Power Co., Inc. | 191,133 | ||||||
4,224 | Chugoku Electric Power Co., Inc. (The)(a) | 52,874 | ||||||
10,641 | Electric Power Development Co. Ltd. | 282,231 | ||||||
27,533 | Kansai Electric Power Co., Inc. (The) | 395,421 | ||||||
4,471 | Kyushu Electric Power Co., Inc. | 50,240 | ||||||
5,562 | Osaka Gas Co. Ltd. | 104,107 | ||||||
|
|
66 | 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) | ||||||||
2,299 | Toho Gas Co. Ltd. | $ | 77,231 | |||||
4,379 | Tohoku Electric Power Co., Inc. | 55,051 | ||||||
98,412 | Tokyo Electric Power Co. Holdings, Inc.* | 456,182 | ||||||
4,289 | Tokyo Gas Co. Ltd. | 101,844 | ||||||
|
| |||||||
1,766,314 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $42,976,122) | $ | 51,984,852 | ||||||
|
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.8%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
928,809 | 1.879% | 928,809 | ||||||
(Cost $928,809) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $43,904,931) | $ | 52,913,661 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (136,022 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 52,777,639 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Consumer Discretionary – 14.6% | ||||||||
52,248 | Amazon.com, Inc.* | $ | 105,160,072 | |||||
86,183 | Aramark | 3,540,398 | ||||||
14,951 | AutoZone, Inc.* | 11,465,623 | ||||||
211,146 | Best Buy Co., Inc. | 16,798,776 | ||||||
7,034 | Booking Holdings, Inc.* | 13,727,203 | ||||||
80,611 | Carnival Corp. | 4,956,770 | ||||||
2,830 | Charter Communications, Inc., Class A* | 878,432 | ||||||
368,761 | Comcast Corp., Class A | 13,640,469 | ||||||
37,508 | Darden Restaurants, Inc. | 4,352,428 | ||||||
98,020 | DISH Network Corp., Class A* | 3,465,007 | ||||||
78,003 | Dollar General Corp. | 8,403,263 | ||||||
68,697 | Dollar Tree, Inc.* | 5,530,795 | ||||||
45,338 | Domino’s Pizza, Inc. | 13,536,113 | ||||||
58,674 | DR Horton, Inc. | 2,611,580 | ||||||
26,905 | Expedia Group, Inc. | 3,511,103 | ||||||
1,147,139 | Ford Motor Co. | 10,874,878 | ||||||
26,802 | General Motors Co. | 966,212 | ||||||
63,496 | Genuine Parts Co. | 6,340,076 | ||||||
59,997 | Hasbro, Inc. | 5,958,302 | ||||||
61,225 | Hilton Worldwide Holdings, Inc. | 4,752,285 | ||||||
197,429 | Home Depot, Inc. (The) | 39,637,820 | ||||||
265,778 | Kohl’s Corp. | 21,025,698 | ||||||
130,873 | L Brands, Inc. | 3,458,973 | ||||||
50,579 | Las Vegas Sands Corp. | 3,308,878 | ||||||
52,471 | Lear Corp. | 8,510,796 | ||||||
31,976 | Lennar Corp., Class A | 1,652,200 | ||||||
39,584 | LKQ Corp.* | 1,366,440 | ||||||
182,916 | Lowe’s Cos., Inc. | 19,892,115 | ||||||
45,652 | Marriott International, Inc., Class A | 5,773,608 | ||||||
102,697 | McDonald’s Corp. | 16,660,534 | ||||||
4,309 | Mohawk Industries, Inc.* | 825,561 | ||||||
46,736 | Netflix, Inc.* | 17,183,892 | ||||||
246,823 | NIKE, Inc., Class B | 20,288,851 | ||||||
1,543 | NVR, Inc.* | 4,117,418 | ||||||
12,640 | Omnicom Group, Inc. | 876,205 | ||||||
34,984 | O’Reilly Automotive, Inc.* | 11,734,333 | ||||||
69,749 | PVH Corp. | 9,985,267 | ||||||
644,002 | Qurate Retail, Inc.* | 13,388,802 | ||||||
131,676 | Ross Stores, Inc. | 12,611,927 | ||||||
20,618 | Royal Caribbean Cruises Ltd. | 2,527,354 | ||||||
155,132 | Starbucks Corp. | 8,291,805 | ||||||
158,217 | Tapestry, Inc. | 8,020,020 | ||||||
267,574 | Target Corp. | 23,412,725 | ||||||
53,231 | Tiffany & Co. | 6,528,782 | ||||||
157,059 | TJX Cos., Inc. (The) | 17,271,778 | ||||||
84,274 | Twenty-First Century Fox, Inc., Class A | 3,826,040 | ||||||
31,711 | Ulta Beauty, Inc.* | 8,244,860 | ||||||
120,523 | VF Corp. | 11,103,784 | ||||||
321,577 | Viacom, Inc., Class B | 9,415,775 | ||||||
109,636 | Walt Disney Co. (The) | 12,281,425 | ||||||
90,664 | Wyndham Destinations, Inc. | 4,007,349 | ||||||
51,234 | Wyndham Hotels & Resorts, Inc. | 2,907,530 | ||||||
12,083 | Wynn Resorts Ltd. | 1,792,392 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
99,681 | Yum! Brands, Inc. | 8,661,282 | ||||||
|
| |||||||
581,062,004 | ||||||||
|
| |||||||
Consumer Staples – 8.4% | ||||||||
139,479 | Altria Group, Inc. | 8,162,311 | ||||||
89,664 | Archer-Daniels-Midland Co. | 4,519,066 | ||||||
162,352 | Brown-Forman Corp., Class B | 8,478,022 | ||||||
11,293 | Bunge Ltd. | 733,819 | ||||||
94,140 | Church & Dwight Co., Inc. | 5,326,441 | ||||||
85,162 | Clorox Co. (The) | 12,346,787 | ||||||
373,015 | Coca-Cola Co. (The) | 16,625,279 | ||||||
185,391 | Colgate-Palmolive Co. | 12,311,816 | ||||||
80,797 | Conagra Brands, Inc. | 2,969,290 | ||||||
28,371 | Constellation Brands, Inc., Class A | 5,906,842 | ||||||
85,902 | Costco Wholesale Corp. | 20,026,333 | ||||||
116,937 | Estee Lauder Cos., Inc. (The), Class A | 16,385,212 | ||||||
83,470 | General Mills, Inc. | 3,840,455 | ||||||
80,464 | Hershey Co. (The) | 8,088,241 | ||||||
96,274 | Hormel Foods Corp.(a) | 3,769,127 | ||||||
71,204 | Ingredion, Inc. | 7,196,588 | ||||||
57,358 | JM Smucker Co. (The) | 5,929,670 | ||||||
58,129 | Kellogg Co. | 4,173,081 | ||||||
138,142 | Keurig Dr Pepper, Inc. | 3,149,638 | ||||||
81,235 | Kimberly-Clark Corp. | 9,385,892 | ||||||
47,842 | Kraft Heinz Co. (The) | 2,787,753 | ||||||
367,700 | Kroger Co. (The) | 11,582,550 | ||||||
79,420 | Lamb Weston Holdings, Inc. | 5,368,792 | ||||||
25,743 | McCormick & Co., Inc. | 3,214,786 | ||||||
186,781 | Molson Coors Brewing Co., Class B | 12,465,764 | ||||||
76,442 | Mondelez International, Inc., Class A | 3,265,602 | ||||||
94,264 | Monster Beverage Corp.* | 5,739,735 | ||||||
210,470 | PepsiCo, Inc. | 23,574,745 | ||||||
183,970 | Philip Morris International, Inc. | 14,329,423 | ||||||
242,688 | Procter & Gamble Co. (The) | 20,130,970 | ||||||
198,407 | Sysco Corp. | 14,844,812 | ||||||
136,001 | Tyson Foods, Inc., Class A | 8,542,223 | ||||||
227,247 | Walgreens Boots Alliance, Inc. | 15,580,054 | ||||||
358,820 | Walmart, Inc. | 34,396,485 | ||||||
|
| |||||||
335,147,604 | ||||||||
|
| |||||||
Energy – 4.0% | ||||||||
44,911 | Anadarko Petroleum Corp. | 2,892,268 | ||||||
23,124 | Andeavor | 3,533,116 | ||||||
17,777 | Cheniere Energy, Inc.* | 1,189,815 | ||||||
157,750 | Chevron Corp. | 18,687,065 | ||||||
109,017 | ConocoPhillips | 8,005,118 | ||||||
18,563 | Devon Energy Corp. | 796,910 | ||||||
36,998 | EOG Resources, Inc. | 4,374,273 | ||||||
458,311 | Exxon Mobil Corp. | 36,742,793 | ||||||
21,858 | Hess Corp. | 1,471,918 | ||||||
182,766 | HollyFrontier Corp. | 13,619,722 | ||||||
88,327 | Kinder Morgan, Inc. | 1,563,388 | ||||||
103,847 | Marathon Oil Corp. | 2,233,749 | ||||||
230,003 | Marathon Petroleum Corp. | 18,926,947 | ||||||
|
|
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) | ||||||||
Energy – (continued) | ||||||||
53,884 | National Oilwell Varco, Inc. | $ | 2,536,320 | |||||
87,959 | Occidental Petroleum Corp. | 7,025,285 | ||||||
49,813 | ONEOK, Inc. | 3,283,175 | ||||||
56,001 | Phillips 66 | 6,636,678 | ||||||
48,585 | Schlumberger Ltd. | 3,068,629 | ||||||
175,734 | Valero Energy Corp. | 20,715,524 | ||||||
78,165 | Williams Cos., Inc. (The) | 2,312,902 | ||||||
|
| |||||||
159,615,595 | ||||||||
|
| |||||||
Financials – 11.8% | ||||||||
193,317 | Aflac, Inc. | 8,938,978 | ||||||
3,592 | Alleghany Corp. | 2,269,354 | ||||||
89,442 | Allstate Corp. (The) | 8,995,182 | ||||||
429,221 | Ally Financial, Inc. | 11,537,461 | ||||||
92,678 | American Express Co. | 9,822,015 | ||||||
54,017 | American International Group, Inc. | 2,872,084 | ||||||
14,119 | Ameriprise Financial, Inc. | 2,004,333 | ||||||
903,804 | Annaly Capital Management, Inc. REIT | 9,598,399 | ||||||
27,859 | Aon PLC | 4,055,156 | ||||||
92,475 | Arch Capital Group Ltd.* | 2,826,961 | ||||||
49,924 | Arthur J Gallagher & Co. | 3,601,517 | ||||||
1,163,437 | Bank of America Corp. | 35,985,106 | ||||||
74,121 | Bank of New York Mellon Corp. (The) | 3,865,410 | ||||||
67,705 | BB&T Corp. | 3,497,640 | ||||||
158,579 | Berkshire Hathaway, Inc., Class B* | 33,098,609 | ||||||
11,132 | BlackRock, Inc. | 5,332,896 | ||||||
55,553 | Capital One Financial Corp. | 5,504,747 | ||||||
39,411 | Cboe Global Markets, Inc. | 3,972,629 | ||||||
77,915 | Charles Schwab Corp. (The) | 3,957,303 | ||||||
31,117 | Chubb Ltd. | 4,208,263 | ||||||
33,166 | Cincinnati Financial Corp. | 2,542,837 | ||||||
146,779 | Citigroup, Inc. | 10,456,536 | ||||||
100,280 | Citizens Financial Group, Inc. | 4,127,525 | ||||||
45,611 | CME Group, Inc. | 7,969,610 | ||||||
14,353 | Comerica, Inc. | 1,399,130 | ||||||
59,786 | Discover Financial Services | 4,670,482 | ||||||
51,273 | E*TRADE Financial Corp.* | 3,017,929 | ||||||
3,865 | Everest Re Group Ltd. | 861,972 | ||||||
234,933 | Fifth Third Bancorp | 6,914,078 | ||||||
15,866 | First Republic Bank | 1,611,827 | ||||||
27,226 | Franklin Resources, Inc. | 864,153 | ||||||
53,844 | Hartford Financial Services Group, Inc. (The) | 2,712,122 | ||||||
74,904 | Huntington Bancshares, Inc. | 1,214,194 | ||||||
64,010 | Intercontinental Exchange, Inc. | 4,879,482 | ||||||
160,942 | Invesco Ltd. | 3,878,702 | ||||||
476,229 | JPMorgan Chase & Co. | 54,566,319 | ||||||
143,025 | KeyCorp | 3,013,537 | ||||||
47,302 | Lincoln National Corp. | 3,102,065 | ||||||
58,655 | Loews Corp. | 2,950,933 | ||||||
13,238 | M&T Bank Corp. | 2,345,112 | ||||||
2,950 | Markel Corp.* | 3,565,960 | ||||||
93,851 | Marsh & McLennan Cos., Inc. | 7,942,610 | ||||||
54,247 | MetLife, Inc. | 2,489,395 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
59,242 | Moody’s Corp. | 10,546,261 | ||||||
206,114 | Morgan Stanley | 10,064,547 | ||||||
50,515 | MSCI, Inc. | 9,105,834 | ||||||
47,462 | Nasdaq, Inc. | 4,529,773 | ||||||
29,268 | Northern Trust Corp. | 3,145,139 | ||||||
52,965 | PNC Financial Services Group, Inc. (The) | 7,602,596 | ||||||
60,585 | Principal Financial Group, Inc. | 3,343,686 | ||||||
133,229 | Progressive Corp. (The) | 8,996,954 | ||||||
74,208 | Prudential Financial, Inc. | 7,290,936 | ||||||
13,359 | Raymond James Financial, Inc. | 1,242,921 | ||||||
91,894 | Regions Financial Corp. | 1,788,257 | ||||||
35,619 | Reinsurance Group of America, Inc. | 5,088,174 | ||||||
79,625 | S&P Global, Inc. | 16,486,356 | ||||||
71,826 | SEI Investments Co. | 4,530,784 | ||||||
27,569 | State Street Corp. | 2,396,022 | ||||||
69,069 | SunTrust Banks, Inc. | 5,080,716 | ||||||
150,369 | Synchrony Financial | 4,762,186 | ||||||
95,178 | T Rowe Price Group, Inc. | 11,030,178 | ||||||
38,874 | TD Ameritrade Holding Corp. | 2,276,850 | ||||||
26,690 | Travelers Cos., Inc. (The) | 3,512,404 | ||||||
84,629 | Unum Group | 3,121,118 | ||||||
143,241 | US Bancorp | 7,750,771 | ||||||
514,645 | Wells Fargo & Co. | 30,096,440 | ||||||
14,952 | Willis Towers Watson PLC | 2,201,981 | ||||||
|
| |||||||
469,031,437 | ||||||||
|
| |||||||
Health Care – 14.8% | ||||||||
167,981 | Abbott Laboratories | 11,227,850 | ||||||
169,077 | AbbVie, Inc. | 16,228,010 | ||||||
23,722 | ABIOMED, Inc.* | 9,644,891 | ||||||
53,631 | Aetna, Inc. | 10,740,680 | ||||||
54,665 | Agilent Technologies, Inc. | 3,692,074 | ||||||
36,484 | Align Technology, Inc.* | 14,100,701 | ||||||
64,639 | Allergan PLC | 12,391,943 | ||||||
92,919 | Amgen, Inc. | 18,566,145 | ||||||
32,352 | Anthem, Inc. | 8,564,545 | ||||||
104,114 | Baxter International, Inc. | 7,742,958 | ||||||
30,313 | Becton Dickinson and Co. | 7,938,065 | ||||||
37,301 | Biogen, Inc.* | 13,185,531 | ||||||
141,100 | Boston Scientific Corp.* | 5,017,516 | ||||||
242,938 | Bristol-Myers Squibb Co. | 14,709,896 | ||||||
187,973 | Cardinal Health, Inc. | 9,810,311 | ||||||
75,710 | Celgene Corp.* | 7,150,810 | ||||||
80,507 | Centene Corp.* | 11,792,665 | ||||||
49,783 | Cerner Corp.* | 3,241,371 | ||||||
47,126 | Cigna Corp. | 8,875,711 | ||||||
4,165 | Cooper Cos., Inc. (The) | 1,065,324 | ||||||
175,855 | CVS Health Corp. | 13,231,330 | ||||||
57,578 | Danaher Corp. | 5,961,626 | ||||||
17,668 | DaVita, Inc.* | 1,224,216 | ||||||
16,482 | DENTSPLY SIRONA, Inc. | 657,961 | ||||||
65,578 | Edwards Lifesciences Corp.* | 9,458,971 | ||||||
140,189 | Eli Lilly & Co. | 14,810,968 | ||||||
155,744 | Express Scripts Holding Co.* | 13,708,587 | ||||||
202,632 | Gilead Sciences, Inc. | 15,345,321 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
20,092 | HCA Healthcare, Inc. | $ | 2,694,538 | |||||
81,535 | Henry Schein, Inc.* | 6,333,639 | ||||||
27,189 | Hologic, Inc.* | 1,081,035 | ||||||
35,760 | Humana, Inc. | 11,917,378 | ||||||
52,676 | IDEXX Laboratories, Inc.* | 13,381,811 | ||||||
22,799 | Illumina, Inc.* | 8,089,769 | ||||||
20,543 | Intuitive Surgical, Inc.* | 11,504,080 | ||||||
37,590 | IQVIA Holdings, Inc.* | 4,777,313 | ||||||
12,533 | Jazz Pharmaceuticals PLC* | 2,142,140 | ||||||
367,973 | Johnson & Johnson | 49,562,283 | ||||||
18,689 | Laboratory Corp. of America Holdings* | 3,230,767 | ||||||
45,913 | McKesson Corp. | 5,911,299 | ||||||
70,097 | Medtronic PLC | 6,758,052 | ||||||
277,964 | Merck & Co., Inc. | 19,065,551 | ||||||
18,758 | Mettler-Toledo International, Inc.* | 10,963,301 | ||||||
389,996 | Mylan NV* | 15,260,543 | ||||||
57,608 | Nektar Therapeutics* | 3,830,356 | ||||||
80,244 | Perrigo Co. PLC | 6,139,468 | ||||||
820,494 | Pfizer, Inc. | 34,066,911 | ||||||
35,306 | Quest Diagnostics, Inc. | 3,882,954 | ||||||
50,247 | ResMed, Inc. | 5,598,018 | ||||||
55,343 | Stryker Corp. | 9,376,765 | ||||||
7,136 | Teleflex, Inc. | 1,765,660 | ||||||
57,314 | Thermo Fisher Scientific, Inc. | 13,703,777 | ||||||
148,604 | UnitedHealth Group, Inc. | 39,894,230 | ||||||
10,022 | Universal Health Services, Inc., Class B | 1,304,464 | ||||||
48,693 | Varian Medical Systems, Inc.* | 5,454,590 | ||||||
31,899 | Vertex Pharmaceuticals, Inc.* | 5,882,176 | ||||||
20,344 | Waters Corp.* | 3,854,781 | ||||||
11,866 | Zimmer Biomet Holdings, Inc. | 1,466,994 | ||||||
132,662 | Zoetis, Inc. | 12,019,177 | ||||||
|
| |||||||
590,999,797 | ||||||||
|
| |||||||
Industrials – 9.5% | ||||||||
77,739 | 3M Co. | 16,396,710 | ||||||
53,901 | AMETEK, Inc. | 4,148,221 | ||||||
72,852 | Boeing Co. (The) | 24,972,937 | ||||||
59,917 | Caterpillar, Inc. | 8,319,475 | ||||||
129,162 | CH Robinson Worldwide, Inc. | 12,409,885 | ||||||
39,084 | Cintas Corp. | 8,339,353 | ||||||
57,195 | Copart, Inc.* | 3,678,210 | ||||||
8,484 | CoStar Group, Inc.* | 3,751,285 | ||||||
36,729 | CSX Corp. | 2,723,823 | ||||||
19,249 | Cummins, Inc. | 2,729,508 | ||||||
5,584 | Deere & Co. | 802,979 | ||||||
164,592 | Delta Air Lines, Inc. | 9,625,340 | ||||||
31,690 | Dover Corp. | 2,721,220 | ||||||
60,743 | Eaton Corp. PLC | 5,050,173 | ||||||
102,437 | Emerson Electric Co. | 7,859,991 | ||||||
6,345 | Equifax, Inc. | 850,040 | ||||||
35,743 | Expeditors International of Washington, Inc. | 2,619,247 | ||||||
170,272 | Fastenal Co. | 9,937,074 | ||||||
23,686 | FedEx Corp. | 5,778,200 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
69,416 | Fortive Corp. | 5,829,556 | ||||||
55,713 | Fortune Brands Home & Security, Inc. | 2,951,675 | ||||||
32,624 | General Dynamics Corp. | 6,309,482 | ||||||
480,134 | General Electric Co. | 6,212,934 | ||||||
49,403 | Harris Corp. | 8,028,482 | ||||||
71,340 | Honeywell International, Inc. | 11,347,340 | ||||||
14,618 | Huntington Ingalls Industries, Inc. | 3,573,662 | ||||||
33,573 | IDEX Corp. | 5,143,719 | ||||||
63,696 | IHS Markit Ltd.* | 3,503,280 | ||||||
55,118 | Illinois Tool Works, Inc. | 7,654,788 | ||||||
68,479 | Ingersoll-Rand PLC | 6,936,238 | ||||||
14,938 | JB Hunt Transport Services, Inc. | 1,803,763 | ||||||
56,547 | Johnson Controls International PLC | 2,135,780 | ||||||
57,763 | L3 Technologies, Inc. | 12,345,108 | ||||||
21,333 | Lockheed Martin Corp. | 6,835,307 | ||||||
91,009 | Masco Corp. | 3,455,612 | ||||||
181,092 | Nielsen Holdings PLC | 4,708,392 | ||||||
15,666 | Norfolk Southern Corp. | 2,723,377 | ||||||
29,853 | Northrop Grumman Corp. | 8,910,822 | ||||||
22,099 | Old Dominion Freight Line, Inc. | 3,367,888 | ||||||
15,375 | PACCAR, Inc. | 1,051,957 | ||||||
31,986 | Parker-Hannifin Corp. | 5,616,742 | ||||||
51,782 | Raytheon Co. | 10,327,402 | ||||||
69,857 | Republic Services, Inc. | 5,124,710 | ||||||
32,927 | Rockwell Automation, Inc. | 5,958,470 | ||||||
34,155 | Rockwell Collins, Inc. | 4,643,372 | ||||||
22,728 | Roper Technologies, Inc. | 6,781,353 | ||||||
96,890 | Southwest Airlines Co. | 5,939,357 | ||||||
35,100 | Spirit AeroSystems Holdings, Inc., Class A | 3,001,050 | ||||||
26,220 | Stanley Black & Decker, Inc. | 3,684,697 | ||||||
166,807 | Textron, Inc. | 11,514,687 | ||||||
9,094 | TransDigm Group, Inc.* | 3,182,900 | ||||||
57,301 | Union Pacific Corp. | 8,630,677 | ||||||
111,238 | United Continental Holdings, Inc.* | 9,724,426 | ||||||
28,245 | United Parcel Service, Inc., Class B | 3,470,746 | ||||||
16,493 | United Rentals, Inc.* | 2,570,764 | ||||||
62,687 | United Technologies Corp. | 8,255,878 | ||||||
37,598 | Verisk Analytics, Inc.* | 4,477,546 | ||||||
73,934 | Waste Management, Inc. | 6,720,601 | ||||||
36,846 | WW Grainger, Inc. | 13,046,063 | ||||||
27,291 | XPO Logistics, Inc.* | 2,906,492 | ||||||
65,939 | Xylem, Inc. | 5,005,429 | ||||||
|
| |||||||
378,126,195 | ||||||||
|
| |||||||
Information Technology – 27.6% | ||||||||
133,162 | Accenture PLC, Class A | 22,513,699 | ||||||
94,876 | Activision Blizzard, Inc. | 6,840,560 | ||||||
73,305 | Adobe Systems, Inc.* | 19,316,601 | ||||||
323,599 | Advanced Micro Devices, Inc.*(a) | 8,144,987 | ||||||
57,205 | Akamai Technologies, Inc.* | 4,298,384 | ||||||
28,498 | Alliance Data Systems Corp. | 6,799,053 | ||||||
37,627 | Alphabet, Inc., Class A* | 46,348,939 | ||||||
38,577 | Alphabet, Inc., Class C* | 46,994,116 | ||||||
124,812 | Amdocs Ltd. | 8,147,727 | ||||||
74,907 | Amphenol Corp., Class A | 7,084,704 | ||||||
|
|
70 | 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) | ||||||||
21,997 | Analog Devices, Inc. | $ | 2,174,403 | |||||
36,278 | ANSYS, Inc.* | 6,746,982 | ||||||
637,039 | Apple, Inc. | 145,009,188 | ||||||
161,815 | Applied Materials, Inc. | 6,961,281 | ||||||
12,993 | Arista Networks, Inc.* | 3,884,647 | ||||||
51,523 | Autodesk, Inc.* | 7,952,575 | ||||||
31,172 | Automatic Data Processing, Inc. | 4,574,491 | ||||||
9,448 | Broadcom, Inc. | 2,069,395 | ||||||
55,729 | Broadridge Financial Solutions, Inc. | 7,531,217 | ||||||
149,758 | CA, Inc. | 6,559,400 | ||||||
198,184 | Cadence Design Systems, Inc.* | 9,322,575 | ||||||
70,342 | CDK Global, Inc. | 4,383,713 | ||||||
69,271 | CDW Corp. | 6,065,369 | ||||||
523,370 | Cisco Systems, Inc. | 25,001,385 | ||||||
89,468 | Citrix Systems, Inc.* | 10,201,141 | ||||||
43,542 | Cognex Corp. | 2,342,560 | ||||||
106,297 | Cognizant Technology Solutions Corp., Class A | 8,336,874 | ||||||
43,222 | Corning, Inc. | 1,448,369 | ||||||
222,823 | DXC Technology Co. | 20,296,947 | ||||||
251,169 | eBay, Inc.* | 8,692,959 | ||||||
83,518 | Electronic Arts, Inc.* | 9,471,776 | ||||||
43,334 | F5 Networks, Inc.* | 8,195,326 | ||||||
314,817 | Facebook, Inc., Class A* | 55,322,791 | ||||||
77,407 | Fidelity National Information Services, Inc. | 8,373,115 | ||||||
125,924 | Fiserv, Inc.* | 10,082,735 | ||||||
10,508 | FleetCor Technologies, Inc.* | 2,245,980 | ||||||
26,647 | Gartner, Inc.* | 3,990,655 | ||||||
23,363 | Global Payments, Inc. | 2,910,563 | ||||||
55,575 | Hewlett Packard Enterprise Co. | 918,655 | ||||||
347,273 | HP, Inc. | 8,560,279 | ||||||
27,100 | IAC/InterActiveCorp* | 5,344,120 | ||||||
700,144 | Intel Corp. | 33,907,974 | ||||||
133,739 | International Business Machines Corp. | 19,590,089 | ||||||
95,342 | Intuit, Inc. | 20,924,709 | ||||||
22,108 | Keysight Technologies, Inc.* | 1,434,588 | ||||||
47,678 | KLA-Tencor Corp. | 5,540,660 | ||||||
46,066 | Lam Research Corp. | 7,973,564 | ||||||
50,776 | Leidos Holdings, Inc. | 3,593,418 | ||||||
101,964 | Mastercard, Inc., Class A | 21,979,360 | ||||||
42,945 | Maxim Integrated Products, Inc. | 2,596,884 | ||||||
33,894 | Microchip Technology, Inc. | 2,915,901 | ||||||
399,867 | Micron Technology, Inc.* | 21,001,015 | ||||||
1,039,800 | Microsoft Corp. | 116,800,734 | ||||||
47,586 | Motorola Solutions, Inc. | 6,108,139 | ||||||
95,439 | NetApp, Inc. | 8,285,060 | ||||||
82,652 | NVIDIA Corp. | 23,198,763 | ||||||
73,901 | ON Semiconductor Corp.* | 1,577,047 | ||||||
358,248 | Oracle Corp. | 17,403,688 | ||||||
17,804 | Palo Alto Networks, Inc.* | 4,115,395 | ||||||
93,622 | Paychex, Inc. | 6,857,812 | ||||||
103,323 | PayPal Holdings, Inc.* | 9,539,813 | ||||||
243,321 | Perspecta, Inc. | 5,659,646 | ||||||
41,516 | PTC, Inc.* | 4,149,109 | ||||||
15,148 | Qorvo, Inc.* | 1,213,203 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
33,832 | QUALCOMM, Inc. | 2,324,597 | ||||||
55,651 | Red Hat, Inc.* | 8,221,322 | ||||||
94,086 | salesforce.com, Inc.* | 14,365,051 | ||||||
127,300 | Seagate Technology PLC | 6,815,642 | ||||||
37,089 | ServiceNow, Inc.* | 7,282,796 | ||||||
71,311 | Skyworks Solutions, Inc. | 6,510,694 | ||||||
37,428 | Splunk, Inc.* | 4,796,398 | ||||||
66,958 | Square, Inc., Class A* | 5,935,157 | ||||||
23,127 | SS&C Technologies Holdings, Inc. | 1,372,356 | ||||||
96,923 | Symantec Corp. | 1,953,968 | ||||||
93,131 | Synopsys, Inc.* | 9,512,400 | ||||||
33,743 | Take-Two Interactive Software, Inc.* | 4,506,715 | ||||||
52,405 | TE Connectivity Ltd. | 4,804,490 | ||||||
201,815 | Texas Instruments, Inc. | 22,684,006 | ||||||
73,485 | Total System Services, Inc. | 7,138,333 | ||||||
23,063 | Trimble, Inc.* | 970,952 | ||||||
85,634 | Twitter, Inc.* | 3,012,604 | ||||||
55,067 | VeriSign, Inc.* | 8,734,177 | ||||||
177,020 | Visa, Inc., Class A | 26,002,468 | ||||||
20,039 | VMware, Inc., Class A* | 3,071,177 | ||||||
173,200 | Western Digital Corp. | 10,953,168 | ||||||
126,135 | Western Union Co. (The) | 2,386,474 | ||||||
48,240 | Worldpay, Inc., Class A* | 4,698,094 | ||||||
28,458 | Xilinx, Inc. | 2,214,886 | ||||||
|
| |||||||
1,098,094,732 | ||||||||
|
| |||||||
Materials – 1.8% | ||||||||
15,582 | Air Products & Chemicals, Inc. | 2,591,131 | ||||||
66,771 | Alcoa Corp.* | 2,982,661 | ||||||
53,163 | Ball Corp. | 2,226,466 | ||||||
19,803 | Celanese Corp., Series A | 2,313,584 | ||||||
136,094 | DowDuPont, Inc. | 9,544,272 | ||||||
96,231 | Eastman Chemical Co. | 9,337,294 | ||||||
25,463 | Ecolab, Inc. | 3,831,672 | ||||||
498,298 | Freeport-McMoRan, Inc. | 7,001,087 | ||||||
23,715 | International Flavors & Fragrances, Inc. | 3,089,827 | ||||||
28,518 | International Paper Co. | 1,458,411 | ||||||
13,619 | LyondellBasell Industries NV, Class A | 1,535,951 | ||||||
133,877 | Newmont Mining Corp. | 4,154,203 | ||||||
17,132 | Packaging Corp. of America | 1,883,149 | ||||||
27,338 | PPG Industries, Inc. | 3,021,943 | ||||||
24,952 | Praxair, Inc. | 3,947,157 | ||||||
17,942 | Sherwin-Williams Co. (The) | 8,174,016 | ||||||
58,733 | WestRock Co. | 3,235,014 | ||||||
|
| |||||||
70,327,838 | ||||||||
|
| |||||||
Real Estate – 2.3% | ||||||||
19,741 | Alexandria Real Estate Equities, Inc. REIT | 2,533,757 | ||||||
46,124 | American Tower Corp. REIT | 6,878,011 | ||||||
15,374 | AvalonBay Communities, Inc. REIT | 2,817,900 | ||||||
17,262 | Boston Properties, Inc. REIT | 2,251,828 | ||||||
145,750 | CBRE Group, Inc., Class A* | 7,114,058 | ||||||
50,262 | Crown Castle International Corp. REIT | 5,731,376 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
50,816 | Digital Realty Trust, Inc. REIT | $ | 6,315,412 | |||||
97,804 | Duke Realty Corp. REIT | 2,786,436 | ||||||
3,589 | Equinix, Inc. REIT | 1,565,271 | ||||||
33,148 | Equity Residential REIT | 2,245,777 | ||||||
12,701 | Essex Property Trust, Inc. REIT | 3,128,002 | ||||||
29,406 | Extra Space Storage, Inc. REIT | 2,711,527 | ||||||
12,025 | Federal Realty Investment Trust REIT | 1,570,585 | ||||||
33,412 | HCP, Inc. REIT | 903,126 | ||||||
296,758 | Host Hotels & Resorts, Inc. REIT | 6,389,200 | ||||||
18,669 | Mid-America Apartment Communities, Inc. REIT | 1,933,362 | ||||||
88,052 | Prologis, Inc. REIT | 5,915,333 | ||||||
14,494 | Public Storage REIT | 3,081,135 | ||||||
28,560 | Realty Income Corp. REIT | 1,672,759 | ||||||
22,868 | Regency Centers Corp. REIT | 1,509,974 | ||||||
23,364 | SBA Communications Corp. REIT* | 3,626,794 | ||||||
15,455 | Simon Property Group, Inc. REIT | 2,828,729 | ||||||
17,997 | SL Green Realty Corp. REIT | 1,878,887 | ||||||
57,080 | UDR, Inc. REIT | 2,281,488 | ||||||
72,059 | Ventas, Inc. REIT | 4,314,172 | ||||||
33,764 | Vornado Realty Trust REIT | 2,599,828 | ||||||
52,279 | Welltower, Inc. REIT | 3,487,532 | ||||||
54,070 | Weyerhaeuser Co. REIT | 1,876,770 | ||||||
|
| |||||||
91,949,029 | ||||||||
|
| |||||||
Telecommunication Services – 1.5% | ||||||||
823,210 | AT&T, Inc. | 26,293,328 | ||||||
44,078 | CenturyLink, Inc. | 941,506 | ||||||
96,031 | T-Mobile US, Inc.* | 6,341,887 | ||||||
465,568 | Verizon Communications, Inc. | 25,312,932 | ||||||
|
| |||||||
58,889,653 | ||||||||
|
| |||||||
Utilities – 3.4% | ||||||||
68,864 | Alliant Energy Corp. | 2,950,134 | ||||||
83,037 | Ameren Corp. | 5,250,429 | ||||||
87,223 | American Electric Power Co., Inc. | 6,256,506 | ||||||
46,467 | American Water Works Co., Inc. | 4,067,256 | ||||||
23,086 | Atmos Energy Corp. | 2,129,222 | ||||||
155,087 | CenterPoint Energy, Inc. | 4,309,868 | ||||||
92,327 | CMS Energy Corp. | 4,546,181 | ||||||
73,388 | Consolidated Edison, Inc. | 5,792,515 | ||||||
70,257 | Dominion Energy, Inc. | 4,972,088 | ||||||
50,754 | DTE Energy Co. | 5,640,800 | ||||||
80,225 | Duke Energy Corp. | 6,517,479 | ||||||
65,927 | Edison International | 4,333,382 | ||||||
71,157 | Entergy Corp. | 5,948,014 | ||||||
77,300 | Eversource Energy | 4,825,839 | ||||||
142,623 | Exelon Corp. | 6,234,051 | ||||||
180,565 | FirstEnergy Corp. | 6,749,520 | ||||||
75,781 | NextEra Energy, Inc. | 12,890,348 | ||||||
155,848 | NRG Energy, Inc. | 5,515,461 | ||||||
81,804 | PG&E Corp. | 3,777,709 | ||||||
45,325 | Pinnacle West Capital Corp. | 3,560,279 | ||||||
132,119 | PPL Corp. | 3,929,219 | ||||||
102,594 | Public Service Enterprise Group, Inc. | 5,370,796 | ||||||
24,339 | Sempra Energy | 2,825,271 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
118,986 | Southern Co. (The) | 5,209,207 | ||||||
88,825 | WEC Energy Group, Inc. | 6,002,793 | ||||||
127,311 | Xcel Energy, Inc. | 6,117,293 | ||||||
|
| |||||||
135,721,660 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $3,233,697,629) | $ | 3,968,965,544 | ||||||
|
| |||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
165,999 | 1.879% | $ | 165,999 | |||||
(Cost $165,999) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.7% | ||||||||
(Cost $3,233,863,628) | $ | 3,969,131,543 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | 11,165,146 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 3,980,296,689 | ||||||
|
|
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. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.1% | ||||||||
Consumer Discretionary – 13.5% | ||||||||
1,902 | 1-800-Flowers.com, Inc., Class A* | $ | 22,919 | |||||
1,782 | Aaron’s, Inc. | 88,601 | ||||||
1,669 | Abercrombie & Fitch Co., Class A | 36,167 | ||||||
812 | Acushnet Holdings Corp. | 21,965 | ||||||
1,505 | Adtalem Global Education, Inc.* | 72,014 | ||||||
1,317 | American Axle & Manufacturing Holdings, Inc.* | 23,324 | ||||||
2,907 | American Eagle Outfitters, Inc. | 75,466 | ||||||
1,357 | American Public Education, Inc.* | 47,156 | ||||||
440 | America’s Car-Mart, Inc.* | 36,718 | ||||||
259 | Asbury Automotive Group, Inc.* | 19,295 | ||||||
11,106 | Ascena Retail Group, Inc.* | 50,865 | ||||||
246 | At Home Group, Inc.* | 8,465 | ||||||
887 | AV Homes, Inc.* | 19,026 | ||||||
1,471 | Barnes & Noble, Inc. | 7,723 | ||||||
721 | Bassett Furniture Industries, Inc. | 16,835 | ||||||
2,223 | BBX Capital Corp. | 16,517 | ||||||
1,457 | Beazer Homes USA, Inc.* | 18,664 | ||||||
1,491 | Bed Bath & Beyond, Inc. | 26,749 | ||||||
1,840 | Big 5 Sporting Goods Corp. | 10,488 | ||||||
943 | Big Lots, Inc. | 40,596 | ||||||
2 | Biglari Holdings, Inc., Class A* | 1,916 | ||||||
55 | Biglari Holdings, Inc., Class B* | 10,865 | ||||||
154 | BJ’s Restaurants, Inc. | 11,658 | ||||||
677 | Bloomin’ Brands, Inc. | 13,066 | ||||||
868 | Bojangles’, Inc.* | 12,673 | ||||||
1,166 | Boot Barn Holdings, Inc.* | 34,898 | ||||||
417 | Boston Omaha Corp., Class A* | 10,825 | ||||||
1,420 | Boyd Gaming Corp. | 51,716 | ||||||
918 | Brinker International, Inc. | 40,649 | ||||||
752 | Buckle, Inc. (The)(a) | 19,364 | ||||||
1,106 | Caleres, Inc. | 44,771 | ||||||
1,653 | Callaway Golf Co. | 37,705 | ||||||
1,067 | Cambium Learning Group, Inc.* | 14,276 | ||||||
4,123 | Career Education Corp.* | 65,762 | ||||||
741 | Carriage Services, Inc. | 16,873 | ||||||
212 | Carvana Co.*(a) | 13,725 | ||||||
102 | Cavco Industries, Inc.* | 25,031 | ||||||
2,724 | Central European Media Enterprises Ltd., Class A (Czech Republic)* | 10,351 | ||||||
2,107 | Century Casinos, Inc.* | 16,856 | ||||||
604 | Century Communities, Inc.* | 17,667 | ||||||
825 | Cheesecake Factory, Inc. (The) | 43,865 | ||||||
3,024 | Chegg, Inc.* | 97,917 | ||||||
2,909 | Chico’s FAS, Inc. | 26,530 | ||||||
376 | Children’s Place, Inc. (The) | 52,922 | ||||||
265 | Churchill Downs, Inc. | 74,889 | ||||||
300 | Chuy’s Holdings, Inc.*(a) | 8,685 | ||||||
640 | Citi Trends, Inc. | 19,802 | ||||||
883 | Clarus Corp. | 9,139 | ||||||
579 | Conn’s, Inc.* | 23,739 | ||||||
681 | Cooper Tire & Rubber Co. | 19,647 | ||||||
393 | Cooper-Standard Holdings, Inc.* | 54,403 | ||||||
183 | Cracker Barrel Old Country Store, Inc.(a) | 27,283 | ||||||
3,133 | Crocs, Inc.* | 64,728 | ||||||
86 | Culp, Inc. | 2,180 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
35 | Daily Journal Corp.*(a) | 8,346 | ||||||
1,925 | Dana, Inc. | 37,672 | ||||||
401 | Dave & Buster’s Entertainment, Inc.* | 23,326 | ||||||
687 | Deckers Outdoor Corp.* | 83,704 | ||||||
890 | Del Frisco’s Restaurant Group, Inc.* | 8,410 | ||||||
1,382 | Del Taco Restaurants, Inc.* | 17,869 | ||||||
2,521 | Denny’s Corp.* | 37,991 | ||||||
249 | Dillard’s, Inc., Class A | 19,566 | ||||||
119 | Dine Brands Global, Inc. | 9,927 | ||||||
773 | Dorman Products, Inc.* | 62,598 | ||||||
1,928 | Drive Shack, Inc.* | 11,954 | ||||||
941 | DSW, Inc., Class A | 31,298 | ||||||
700 | Duluth Holdings, Inc., Class B* | 20,258 | ||||||
1,121 | El Pollo Loco Holdings, Inc.* | 13,340 | ||||||
610 | Eldorado Resorts, Inc.*(a) | 29,310 | ||||||
735 | Emerald Expositions Events, Inc. | 11,481 | ||||||
1,532 | Entercom Communications Corp., Class A | 12,026 | ||||||
2,095 | Entravision Communications Corp., Class A | 10,999 | ||||||
665 | Eros International PLC (India)* | 7,515 | ||||||
1,091 | Ethan Allen Interiors, Inc. | 24,275 | ||||||
843 | EW Scripps Co. (The), Class A | 12,367 | ||||||
1,884 | Express, Inc.* | 21,138 | ||||||
958 | Fiesta Restaurant Group, Inc.* | 27,542 | ||||||
831 | Five Below, Inc.* | 96,787 | ||||||
127 | Flexsteel Industries, Inc. | 4,531 | ||||||
2,786 | Fossil Group, Inc.* | 63,159 | ||||||
1,024 | Fox Factory Holding Corp.* | 67,635 | ||||||
2,630 | Francesca’s Holdings Corp.* | 16,516 | ||||||
714 | Gaia, Inc.* | 12,495 | ||||||
1,209 | GameStop Corp., Class A(a) | 16,043 | ||||||
2,950 | Gannett Co, Inc. | 30,326 | ||||||
635 | Genesco, Inc.* | 32,290 | ||||||
647 | Gentherm, Inc.* | 31,832 | ||||||
653 | G-III Apparel Group Ltd.* | 29,698 | ||||||
295 | Golden Entertainment, Inc.* | 8,558 | ||||||
2,218 | GoPro, Inc., Class A* | 14,217 | ||||||
1,132 | Gray Television, Inc.* | 19,753 | ||||||
868 | Green Brick Partners, Inc.* | 9,071 | ||||||
260 | Group 1 Automotive, Inc. | 20,043 | ||||||
6,543 | Groupon, Inc.* | 27,939 | ||||||
812 | Guess?, Inc. | 19,894 | ||||||
156 | Hamilton Beach Brands Holding Co., Class A | 3,611 | ||||||
867 | Haverty Furniture Cos, Inc. | 19,161 | ||||||
281 | Helen of Troy Ltd.* | 33,425 | ||||||
746 | Hemisphere Media Group, Inc.* | 10,220 | ||||||
1,070 | Hibbett Sports, Inc.*(a) | 21,989 | ||||||
267 | Hooker Furniture Corp. | 11,227 | ||||||
1,975 | Houghton Mifflin Harcourt Co.* | 12,739 | ||||||
495 | Hudson Ltd* | 10,197 | ||||||
1,354 | ILG, Inc. | 46,212 | ||||||
401 | Installed Building Products, Inc.* | 18,667 | ||||||
648 | International Speedway Corp., Class A | 28,609 | ||||||
566 | iRobot Corp.*(a) | 64,241 | ||||||
1,284 | J Alexander’s Holdings, Inc.* | 15,922 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,059 | J. Jill, Inc.* | $ | 6,396 | |||||
505 | Jack in the Box, Inc. | 45,773 | ||||||
3,331 | JC Penney Co., Inc.*(a) | 5,896 | ||||||
367 | Johnson Outdoors, Inc., Class A | 37,170 | ||||||
2,482 | K12, Inc.* | 41,102 | ||||||
1,747 | KB Home | 43,413 | ||||||
1,526 | Kirkland’s, Inc.* | 13,871 | ||||||
1,432 | La-Z-Boy, Inc. | 47,614 | ||||||
571 | LCI Industries | 53,074 | ||||||
162 | LGI Homes, Inc.*(a) | 9,331 | ||||||
345 | Liberty Expedia Holdings, Inc., Class A* | 15,922 | ||||||
433 | Liberty Latin America Ltd. (Chile)* | 8,500 | ||||||
448 | Liberty Media Corp. – Liberty Braves, Class A* | 11,953 | ||||||
644 | Liberty Media Corp. – Liberty Braves, Class C* | 17,111 | ||||||
892 | Liberty TripAdvisor Holdings, Inc., Class A* | 14,138 | ||||||
939 | Lifetime Brands, Inc. | 10,939 | ||||||
710 | Lindblad Expeditions Holdings, Inc.* | 10,785 | ||||||
242 | Lithia Motors, Inc., Class A | 20,909 | ||||||
646 | Lumber Liquidators Holdings, Inc.*(a) | 11,260 | ||||||
591 | M/I Homes, Inc.* | 15,313 | ||||||
513 | Malibu Boats, Inc., Class A* | 24,732 | ||||||
338 | Marcus Corp. (The) | 13,723 | ||||||
634 | Marine Products Corp. | 12,452 | ||||||
305 | Marriott Vacations Worldwide Corp. | 36,295 | ||||||
1,376 | MCBC Holdings, Inc.* | 37,936 | ||||||
343 | MDC Holdings, Inc. | 10,873 | ||||||
307 | Meredith Corp. | 15,857 | ||||||
352 | Meritage Homes Corp.* | 15,189 | ||||||
478 | Modine Manufacturing Co.* | 8,054 | ||||||
355 | Monarch Casino & Resort, Inc.* | 16,703 | ||||||
247 | Monro, Inc.(a) | 17,525 | ||||||
351 | Movado Group, Inc. | 14,953 | ||||||
1,732 | MSG Networks, Inc., Class A* | 42,088 | ||||||
247 | Murphy USA, Inc.* | 20,496 | ||||||
284 | Nathan’s Famous, Inc. | 25,191 | ||||||
2,051 | National CineMedia, Inc. | 18,664 | ||||||
251 | National Vision Holdings, Inc.* | 11,107 | ||||||
1,575 | Nautilus, Inc.* | 23,074 | ||||||
69 | New Home Co., Inc. (The)* | 606 | ||||||
2,180 | New Media Investment Group, Inc. | 34,662 | ||||||
2,950 | New York & Co., Inc.* | 13,423 | ||||||
2,954 | New York Times Co. (The), Class A | 68,828 | ||||||
531 | Nexstar Media Group, Inc., Class A | 43,542 | ||||||
824 | Nutrisystem, Inc. | 30,488 | ||||||
7,677 | Office Depot, Inc. | 25,718 | ||||||
658 | Ollie’s Bargain Outlet Holdings, Inc.* | 57,312 | ||||||
490 | Overstock.com, Inc.*(a) | 14,308 | ||||||
560 | Oxford Industries, Inc. | 52,130 | ||||||
777 | Papa John’s International, Inc. | 35,835 | ||||||
590 | Party City Holdco, Inc.* | 9,057 | ||||||
1,805 | Penn National Gaming, Inc.* | 62,200 | ||||||
434 | Perry Ellis International, Inc.* | 11,948 | ||||||
616 | PetMed Express, Inc. | 22,601 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
4,314 | Pier 1 Imports, Inc. | 7,938 | ||||||
1,650 | Pinnacle Entertainment, Inc.* | 56,496 | ||||||
863 | Planet Fitness, Inc., Class A* | 44,332 | ||||||
2,281 | Potbelly Corp.* | 30,908 | ||||||
627 | RCI Hospitality Holdings, Inc. | 20,334 | ||||||
748 | Reading International, Inc., Class A* | 12,043 | ||||||
261 | Red Robin Gourmet Burgers, Inc.* | 10,779 | ||||||
889 | Red Rock Resorts, Inc., Class A | 29,017 | ||||||
1,987 | Regis Corp.* | 42,502 | ||||||
2,462 | Rent-A-Center, Inc.* | 36,290 | ||||||
423 | RH*(a) | 67,257 | ||||||
314 | Rocky Brands, Inc. | 9,467 | ||||||
410 | Roku, Inc.* | 24,391 | ||||||
1,429 | Ruth’s Hospitality Group, Inc. | 44,013 | ||||||
127 | Saga Communications, Inc., Class A | 4,826 | ||||||
1,769 | Sally Beauty Holdings, Inc.*(a) | 27,243 | ||||||
1,145 | Scholastic Corp. | 48,136 | ||||||
848 | Scientific Games Corp.* | 25,694 | ||||||
885 | SeaWorld Entertainment, Inc.* | 25,948 | ||||||
168 | Shake Shack, Inc., Class A* | 10,156 | ||||||
155 | Shiloh Industries, Inc.* | 1,392 | ||||||
814 | Shoe Carnival, Inc. | 36,190 | ||||||
758 | Shutterfly, Inc.* | 58,881 | ||||||
494 | Signet Jewelers Ltd. | 31,715 | ||||||
1,060 | Sinclair Broadcast Group, Inc., Class A | 30,687 | ||||||
408 | Skyline Champion Corp. | 11,795 | ||||||
978 | Sleep Number Corp.* | 32,959 | ||||||
683 | Sonic Corp. | 24,492 | ||||||
675 | Sotheby’s* | 32,414 | ||||||
1,023 | Speedway Motorsports, Inc. | 18,301 | ||||||
1,678 | Sportsman’s Warehouse Holdings, Inc.* | 9,581 | ||||||
771 | Standard Motor Products, Inc. | 39,144 | ||||||
1,100 | Steven Madden Ltd. | 63,965 | ||||||
2,150 | Stoneridge, Inc.* | 64,350 | ||||||
1,092 | Strategic Education, Inc. | 151,537 | ||||||
608 | Sturm Ruger & Co., Inc.(a) | 39,794 | ||||||
1,448 | Tailored Brands, Inc. | 34,086 | ||||||
1,326 | Taylor Morrison Home Corp., Class A* | 25,804 | ||||||
1,397 | TEGNA, Inc. | 16,261 | ||||||
612 | Tenneco, Inc. | 26,187 | ||||||
597 | Texas Roadhouse, Inc. | 41,163 | ||||||
1,135 | Tile Shop Holdings, Inc. | 8,683 | ||||||
1,311 | Tilly’s, Inc., Class A | 30,835 | ||||||
591 | TopBuild Corp.* | 36,807 | ||||||
375 | Tower International, Inc. | 12,675 | ||||||
1,475 | Town Sports International Holdings, Inc.* | 13,496 | ||||||
1,872 | TRI Pointe Group, Inc.* | 27,125 | ||||||
623 | tronc, Inc.* | 10,280 | ||||||
645 | Tupperware Brands Corp. | 20,975 | ||||||
800 | Turtle Beach Corp.*(a) | 18,328 | ||||||
2,009 | Vera Bradley, Inc.* | 29,452 | ||||||
545 | Vista Outdoor, Inc.* | 10,066 | ||||||
805 | Weight Watchers International, Inc.* | 60,295 | ||||||
353 | Weyco Group, Inc. | 12,521 | ||||||
604 | William Lyon Homes, Class A* | 11,820 | ||||||
1,124 | Wingstop, Inc. | 75,252 | ||||||
|
|
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) | ||||||||
Consumer Discretionary – (continued) | ||||||||
215 | Winmark Corp. | $ | 32,078 | |||||
353 | Winnebago Industries, Inc. | 13,043 | ||||||
1,470 | Wolverine World Wide, Inc. | 57,595 | ||||||
1,301 | World Wrestling Entertainment, Inc., Class A | 113,720 | ||||||
1,893 | ZAGG, Inc.* | 30,667 | ||||||
1,299 | Zumiez, Inc.* | 40,464 | ||||||
|
| |||||||
6,338,533 | ||||||||
|
| |||||||
Consumer Staples – 2.7% | ||||||||
212 | Alico, Inc. | 6,848 | ||||||
569 | Alliance One International, Inc.*(a) | 10,071 | ||||||
354 | Boston Beer Co, Inc. (The), Class A* | 107,315 | ||||||
171 | Calavo Growers, Inc.(a) | 18,100 | ||||||
306 | Cal-Maine Foods, Inc. | 15,132 | ||||||
8,846 | Castle Brands, Inc.*(a) | 10,173 | ||||||
2,322 | Celsius Holdings, Inc.*(a) | 10,611 | ||||||
494 | Central Garden & Pet Co.* | 19,612 | ||||||
546 | Central Garden & Pet Co., Class A* | 19,836 | ||||||
673 | Chefs’ Warehouse, Inc. (The)* | 19,786 | ||||||
183 | Coca-Cola Bottling Co. Consolidated | 31,029 | ||||||
2,310 | Darling Ingredients, Inc.* | 45,692 | ||||||
4,324 | Dean Foods Co. | 32,949 | ||||||
389 | Edgewell Personal Care Co.* | 21,967 | ||||||
541 | Farmer Brothers Co.* | 15,689 | ||||||
654 | Fresh Del Monte Produce, Inc. | 24,486 | ||||||
1,285 | Freshpet, Inc.* | 47,738 | ||||||
2,310 | Hostess Brands, Inc.* | 27,166 | ||||||
824 | Ingles Markets, Inc., Class A | 29,623 | ||||||
307 | Inter Parfums, Inc. | 20,047 | ||||||
256 | J&J Snack Foods Corp. | 37,248 | ||||||
188 | John B Sanfilippo & Son, Inc. | 13,737 | ||||||
234 | Lancaster Colony Corp. | 36,567 | ||||||
975 | Landec Corp.* | 13,114 | ||||||
222 | Limoneira Co. | 6,849 | ||||||
439 | Medifast, Inc. | 100,421 | ||||||
182 | MGP Ingredients, Inc. | 14,034 | ||||||
527 | National Beverage Corp.*(a) | 62,102 | ||||||
732 | Natural Health Trends Corp. | 19,376 | ||||||
868 | Nature’s Sunshine Products, Inc.* | 7,812 | ||||||
154 | Oil-Dri Corp. of America | 6,260 | ||||||
1,766 | Performance Food Group Co.* | 58,455 | ||||||
128 | PriceSmart, Inc. | 11,117 | ||||||
12,098 | Rite Aid Corp.*(a) | 16,574 | ||||||
383 | Sanderson Farms, Inc. | 40,506 | ||||||
68 | Seneca Foods Corp., Class A* | 2,196 | ||||||
793 | SpartanNash Co. | 16,931 | ||||||
383 | Spectrum Brands Holdings, Inc. | 33,264 | ||||||
505 | Turning Point Brands, Inc. | 16,998 | ||||||
857 | United Natural Foods, Inc.* | 30,432 | ||||||
439 | Universal Corp. | 26,252 | ||||||
518 | USANA Health Sciences, Inc.* | 68,350 | ||||||
1,578 | Vector Group Ltd. | 24,506 | ||||||
793 | Village Super Market, Inc., Class A | 23,140 | ||||||
263 | WD-40 Co.(a) | 46,669 | ||||||
346 | Weis Markets, Inc. | 16,120 | ||||||
|
| |||||||
1,282,900 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Energy – 3.3% | ||||||||
7,369 | Abraxas Petroleum Corp.* | 16,580 | ||||||
186 | Adams Resources & Energy, Inc. | 8,537 | ||||||
2,466 | Amyris, Inc.* | 22,120 | ||||||
448 | Arch Coal, Inc., Class A | 39,724 | ||||||
1,669 | Archrock, Inc. | 21,113 | ||||||
976 | Basic Energy Services, Inc.* | 8,647 | ||||||
397 | Bonanza Creek Energy, Inc.* | 12,307 | ||||||
696 | Bristow Group, Inc.* | 7,628 | ||||||
617 | C&J Energy Services, Inc.* | 12,926 | ||||||
290 | Cactus, Inc., Class A* | 9,912 | ||||||
416 | California Resources Corp.* | 17,281 | ||||||
1,451 | Callon Petroleum Co.* | 16,396 | ||||||
1,120 | CARBO Ceramics, Inc.* | 9,688 | ||||||
845 | Carrizo Oil & Gas, Inc.* | 20,466 | ||||||
5,625 | Cloud Peak Energy, Inc.* | 13,275 | ||||||
451 | CONSOL Energy, Inc.* | 19,348 | ||||||
732 | Covia Holdings Corp.* | 8,294 | ||||||
503 | CVR Energy, Inc.(a) | 19,139 | ||||||
1,184 | Dawson Geophysical Co.* | 7,341 | ||||||
1,317 | Delek US Holdings, Inc. | 71,776 | ||||||
3,750 | Denbury Resources, Inc.* | 20,887 | ||||||
1,512 | Diamond Offshore Drilling, Inc.*(a) | 26,339 | ||||||
1,623 | Dorian LPG Ltd.*(a) | 12,367 | ||||||
729 | Dril-Quip, Inc.* | 38,382 | ||||||
1,172 | Era Group, Inc.* | 13,994 | ||||||
2,529 | Evolution Petroleum Corp. | 25,416 | ||||||
1,321 | Exterran Corp.* | 36,182 | ||||||
2,302 | FTS International, Inc.* | 25,391 | ||||||
518 | GasLog Ltd. (Monaco) | 8,702 | ||||||
595 | Golar LNG Ltd. (Bermuda) | 15,208 | ||||||
1,600 | Hallador Energy Co. | 9,776 | ||||||
1,255 | Helix Energy Solutions Group, Inc.* | 11,747 | ||||||
2,108 | HighPoint Resources Corp.* | 11,615 | ||||||
1,081 | ION Geophysical Corp.* | 19,404 | ||||||
1,564 | Keane Group, Inc.* | 19,206 | ||||||
2,664 | Laredo Petroleum, Inc.* | 22,085 | ||||||
863 | Mammoth Energy Services, Inc. | 23,715 | ||||||
998 | Matador Resources Co.* | 32,675 | ||||||
1,572 | Matrix Service Co.* | 32,855 | ||||||
1,512 | McDermott International, Inc.* | 29,242 | ||||||
131 | NACCO Industries, Inc., Class A | 4,605 | ||||||
214 | Natural Gas Services Group, Inc.* | 4,729 | ||||||
2,173 | Newpark Resources, Inc.* | 22,817 | ||||||
5,059 | Noble Corp. PLC* | 30,860 | ||||||
3,260 | Northern Oil and Gas, Inc.* | 11,247 | ||||||
1,858 | Oasis Petroleum, Inc.* | 25,009 | ||||||
615 | Ocean Rig UDW, Inc. (Cyprus)* | 16,654 | ||||||
1,200 | Oceaneering International, Inc.* | 33,924 | ||||||
800 | Oil States International, Inc.* | 27,080 | ||||||
4,524 | Overseas Shipholding Group, Inc., Class A* | 15,517 | ||||||
125 | Panhandle Oil and Gas, Inc., Class A | 2,331 | ||||||
992 | Par Pacific Holdings, Inc.* | 20,148 | ||||||
429 | PDC Energy, Inc.* | 22,604 | ||||||
1,334 | Peabody Energy Corp. | 55,108 | ||||||
112 | Penn Virginia Corp.* | 9,961 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
1,956 | Pioneer Energy Services Corp.* | $ | 6,259 | |||||
2,407 | Profire Energy, Inc.*(a) | 6,860 | ||||||
663 | ProPetro Holding Corp.* | 10,091 | ||||||
1,612 | Renewable Energy Group, Inc.* | 43,443 | ||||||
730 | Resolute Energy Corp.*(a) | 24,061 | ||||||
440 | REX American Resources Corp.* | 35,455 | ||||||
1,328 | RigNet, Inc.* | 21,646 | ||||||
1,021 | Ring Energy, Inc.* | 12,048 | ||||||
1,640 | Rowan Cos PLC, Class A* | 23,026 | ||||||
239 | SEACOR Holdings, Inc.* | 12,297 | ||||||
670 | Select Energy Services, Inc., Class A* | 9,146 | ||||||
369 | SemGroup Corp., Class A | 8,930 | ||||||
629 | Ship Finance International Ltd. (Norway) | 8,932 | ||||||
616 | Solaris Oilfield Infrastructure, Inc., Class A* | 10,608 | ||||||
1,732 | Southwestern Energy Co.* | 9,734 | ||||||
1,656 | SRC Energy, Inc.* | 15,417 | ||||||
951 | Superior Energy Services, Inc.* | 8,559 | ||||||
281 | Talos Energy, Inc.* | 9,700 | ||||||
1,132 | Teekay Corp. (Bermuda)(a) | 7,675 | ||||||
9,194 | Teekay Tankers Ltd., Class A (Bermuda)(a) | 9,930 | ||||||
845 | Tellurian, Inc.*(a) | 8,171 | ||||||
2,080 | TETRA Technologies, Inc.* | 9,547 | ||||||
319 | Tidewater, Inc.* | 10,208 | ||||||
16,210 | Ultra Petroleum Corp.* | 21,235 | ||||||
855 | Unit Corp.* | 22,478 | ||||||
713 | US Silica Holdings, Inc. | 15,108 | ||||||
9,347 | W&T Offshore, Inc.* | 63,279 | ||||||
377 | WildHorse Resource Development Corp.* | 8,196 | ||||||
396 | World Fuel Services Corp. | 11,100 | ||||||
|
| |||||||
1,563,419 | ||||||||
|
| |||||||
Financials – 19.8% | ||||||||
436 | 1st Constitution Bancorp | 9,221 | ||||||
350 | 1st Source Corp. | 19,596 | ||||||
930 | Access National Corp.(a) | 25,240 | ||||||
221 | ACNB Corp. | 7,912 | ||||||
1,795 | AG Mortgage Investment Trust, Inc. REIT | 33,746 | ||||||
328 | Allegiance Bancshares, Inc.* | 14,612 | ||||||
454 | Ambac Financial Group, Inc.* | 9,593 | ||||||
1,714 | American Equity Investment Life Holding Co. | 63,572 | ||||||
400 | American National Bankshares, Inc. | 16,460 | ||||||
832 | Ameris Bancorp | 41,309 | ||||||
465 | AMERISAFE, Inc. | 29,667 | ||||||
241 | Ames National Corp. | 7,290 | ||||||
1,349 | AmTrust Financial Services, Inc. | 19,614 | ||||||
4,318 | Anworth Mortgage Asset Corp. REIT | 21,072 | ||||||
2,229 | Apollo Commercial Real Estate Finance, Inc. REIT | 43,309 | ||||||
1,577 | Arbor Realty Trust, Inc. REIT(a) | 19,334 | ||||||
1,416 | Ares Commercial Real Estate Corp. REIT | 20,702 | ||||||
606 | Argo Group International Holdings Ltd. | 38,602 | ||||||
951 | Arlington Asset Investment Corp., Class A(a) | 9,672 | ||||||
2,116 | ARMOUR Residential REIT, Inc. REIT | 49,768 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
684 | Arrow Financial Corp. | 26,915 | ||||||
1,551 | Artisan Partners Asset Management, Inc., Class A | 51,416 | ||||||
270 | Associated Capital Group, Inc., Class A | 10,098 | ||||||
796 | Atlantic Capital Bancshares, Inc.* | 14,527 | ||||||
1,070 | B. Riley Financial, Inc. | 24,503 | ||||||
1,761 | Banc of California, Inc. | 35,484 | ||||||
616 | BancFirst Corp. | 39,301 | ||||||
720 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 14,882 | ||||||
814 | Bancorp, Inc. (The)* | 8,164 | ||||||
1,508 | BancorpSouth Bank | 52,478 | ||||||
1,139 | Bank of Commerce Holdings | 14,693 | ||||||
182 | Bank of Marin Bancorp | 16,043 | ||||||
1,919 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 101,400 | ||||||
859 | BankFinancial Corp. | 13,701 | ||||||
427 | Bankwell Financial Group, Inc. | 13,450 | ||||||
353 | Bar Harbor Bankshares | 10,396 | ||||||
963 | BCB Bancorp, Inc. | 14,301 | ||||||
671 | Beneficial Bancorp, Inc. | 11,810 | ||||||
810 | Berkshire Hills Bancorp, Inc. | 34,222 | ||||||
1,038 | Blackstone Mortgage Trust, Inc., Class A REIT | 35,354 | ||||||
1,696 | Blucora, Inc.* | 61,395 | ||||||
775 | Blue Hills Bancorp, Inc. | 17,825 | ||||||
2,253 | BofI Holding, Inc.* | 83,902 | ||||||
1,015 | Boston Private Financial Holdings, Inc. | 14,667 | ||||||
531 | Bridge Bancorp, Inc. | 18,585 | ||||||
1,779 | BrightSphere Investment Group PLC | 22,576 | ||||||
1,438 | Brookline Bancorp, Inc. | 26,100 | ||||||
546 | Bryn Mawr Bank Corp. | 26,645 | ||||||
441 | BSB Bancorp, Inc.* | 14,685 | ||||||
207 | C&F Financial Corp. | 12,896 | ||||||
471 | Cadence BanCorp | 13,306 | ||||||
154 | Cambridge Bancorp | 13,788 | ||||||
807 | Camden National Corp. | 36,912 | ||||||
662 | Cannae Holdings, Inc.* | 12,869 | ||||||
793 | Capital City Bank Group, Inc. | 19,444 | ||||||
1,130 | Capitol Federal Financial, Inc. | 14,927 | ||||||
558 | Capstar Financial Holdings, Inc. | 9,748 | ||||||
2,501 | Capstead Mortgage Corp. REIT | 21,008 | ||||||
506 | Carolina Financial Corp. | 20,822 | ||||||
1,464 | Cathay General Bancorp | 61,927 | ||||||
908 | CenterState Bank Corp. | 27,803 | ||||||
546 | Central Pacific Financial Corp. | 15,468 | ||||||
567 | Central Valley Community Bancorp | 12,253 | ||||||
209 | Century Bancorp, Inc., Class A | 14,891 | ||||||
1,071 | Charter Financial Corp. | 26,679 | ||||||
821 | Chemical Financial Corp. | 46,896 | ||||||
243 | Chemung Financial Corp. | 10,206 | ||||||
1,168 | Cherry Hill Mortgage Investment Corp. REIT | 21,725 | ||||||
452 | Citizens & Northern Corp. | 12,661 | ||||||
587 | City Holding Co. | 47,594 | ||||||
989 | Civista Bancshares, Inc. | 23,617 | ||||||
|
|
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) | ||||||||
474 | CNB Financial Corp. | $ | 14,613 | |||||
2,752 | CNO Financial Group, Inc. | 59,471 | ||||||
1,529 | CoBiz Financial, Inc. | 35,243 | ||||||
476 | Codorus Valley Bancorp, Inc. | 14,894 | ||||||
958 | Cohen & Steers, Inc. | 39,824 | ||||||
788 | Colony Credit Real Estate, Inc. REIT | 15,823 | ||||||
1,047 | Columbia Banking System, Inc. | 44,236 | ||||||
642 | Community Bank System, Inc. | 42,455 | ||||||
2,144 | Community Bankers Trust Corp.* | 19,403 | ||||||
267 | Community Financial Corp. (The) | 8,891 | ||||||
488 | Community Trust Bancorp, Inc. | 24,107 | ||||||
642 | ConnectOne Bancorp, Inc. | 15,825 | ||||||
362 | County Bancorp, Inc. | 9,043 | ||||||
1,190 | Crawford & Co., Class B | 10,377 | ||||||
788 | Curo Group Holdings Corp.* | 24,318 | ||||||
1,639 | Customers Bancorp, Inc.* | 40,483 | ||||||
1,700 | CVB Financial Corp. | 40,885 | ||||||
139 | Diamond Hill Investment Group, Inc. | 25,936 | ||||||
586 | Dime Community Bancshares, Inc. | 10,636 | ||||||
715 | Donegal Group, Inc., Class A | 10,332 | ||||||
495 | Donnelley Financial Solutions, Inc.* | 10,341 | ||||||
4,682 | Dynex Capital, Inc. REIT | 30,012 | ||||||
656 | Eagle Bancorp, Inc.* | 35,326 | ||||||
446 | EMC Insurance Group, Inc. | 11,453 | ||||||
1,057 | Employers Holdings, Inc. | 48,463 | ||||||
664 | Encore Capital Group, Inc.*(a) | 25,730 | ||||||
1,182 | Enova International, Inc.* | 39,242 | ||||||
205 | Enstar Group Ltd. (Bermuda)* | 43,768 | ||||||
641 | Entegra Financial Corp.* | 17,627 | ||||||
151 | Enterprise Bancorp, Inc. | 5,431 | ||||||
699 | Enterprise Financial Services Corp. | 39,354 | ||||||
355 | Equity Bancshares, Inc., Class A* | 14,409 | ||||||
345 | Esquire Financial Holdings, Inc.* | 8,970 | ||||||
656 | ESSA Bancorp, Inc. | 10,548 | ||||||
377 | Evans Bancorp, Inc. | 17,926 | ||||||
1,453 | EZCORP, Inc., Class A* | 16,128 | ||||||
421 | Farmers & Merchants Bancorp, Inc. | 19,151 | ||||||
826 | Farmers National Banc Corp. | 13,092 | ||||||
466 | FB Financial Corp. | 20,495 | ||||||
257 | FBL Financial Group, Inc., Class A | 20,907 | ||||||
1,034 | FCB Financial Holdings, Inc., Class A* | 53,561 | ||||||
797 | Federal Agricultural Mortgage Corp., Class C | 61,425 | ||||||
1,746 | Federated Investors, Inc., Class B | 40,437 | ||||||
1,085 | FGL Holdings* | 9,450 | ||||||
1,476 | Fidelity Southern Corp. | 35,867 | ||||||
803 | Financial Institutions, Inc. | 25,937 | ||||||
564 | First Bancorp, Inc. | 16,514 | ||||||
2,718 | First BanCorp. (Puerto Rico)* | 23,782 | ||||||
760 | First Bancorp/Southern Pines NC | 31,707 | ||||||
397 | First Bancshares, Inc. (The) | 16,297 | ||||||
690 | First Bank/Hamilton NJ | 9,867 | ||||||
909 | First Busey Corp. | 29,133 | ||||||
599 | First Business Financial Services, Inc. | 13,274 | ||||||
2,067 | First Commonwealth Financial Corp. | 34,622 | ||||||
383 | First Community Bancshares, Inc. | 12,857 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
576 | First Connecticut Bancorp, Inc. | 18,259 | ||||||
784 | First Defiance Financial Corp. | 25,080 | ||||||
2,468 | First Financial Bancorp | 77,495 | ||||||
1,252 | First Financial Bankshares, Inc. | 75,621 | ||||||
389 | First Financial Corp. | 20,014 | ||||||
642 | First Financial Northwest, Inc. | 11,209 | ||||||
1,045 | First Foundation, Inc.* | 16,908 | ||||||
434 | First Guaranty Bancshares, Inc. | 10,846 | ||||||
471 | First Internet Bancorp | 14,813 | ||||||
586 | First Interstate BancSystem, Inc., Class A | 27,220 | ||||||
799 | First Merchants Corp. | 38,448 | ||||||
437 | First Mid-Illinois Bancshares, Inc. | 17,956 | ||||||
1,277 | First Midwest Bancorp, Inc. | 34,709 | ||||||
850 | First Northwest Bancorp* | 14,229 | ||||||
852 | First of Long Island Corp. (The) | 18,574 | ||||||
532 | FirstCash, Inc. | 43,252 | ||||||
1,075 | Flagstar Bancorp, Inc.* | 35,529 | ||||||
1,418 | Flushing Financial Corp. | 36,755 | ||||||
467 | Franklin Financial Network, Inc.* | 18,050 | ||||||
321 | FS Bancorp, Inc. | 18,724 | ||||||
2,705 | Fulton Financial Corp. | 49,231 | ||||||
1,180 | GAIN Capital Holdings, Inc. | 8,697 | ||||||
73 | GAMCO Investors, Inc., Class A | 1,887 | ||||||
3,011 | Genworth Financial, Inc., Class A* | 14,001 | ||||||
951 | German American Bancorp, Inc. | 35,748 | ||||||
1,379 | Glacier Bancorp, Inc. | 62,993 | ||||||
302 | Global Indemnity Ltd. (Cayman Islands) | 11,908 | ||||||
441 | Granite Point Mortgage Trust, Inc. REIT | 8,441 | ||||||
1,217 | Great Ajax Corp. REIT | 16,600 | ||||||
603 | Great Southern Bancorp, Inc. | 35,758 | ||||||
843 | Great Western Bancorp, Inc. | 36,704 | ||||||
593 | Green Bancorp, Inc. | 14,232 | ||||||
716 | Green Dot Corp., Class A* | 61,340 | ||||||
890 | Guaranty Bancorp | 27,813 | ||||||
499 | Hallmark Financial Services, Inc.* | 5,604 | ||||||
785 | Hamilton Lane, Inc., Class A | 38,292 | ||||||
1,313 | Hancock Whitney Corp. | 67,685 | ||||||
916 | Hanmi Financial Corp. | 23,908 | ||||||
704 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 15,178 | ||||||
783 | HarborOne Bancorp, Inc.*(a) | 15,433 | ||||||
1,095 | Health Insurance Innovations, Inc., Class A* | 57,926 | ||||||
776 | Heartland Financial USA, Inc. | 47,181 | ||||||
1,711 | Heritage Commerce Corp. | 27,102 | ||||||
788 | Heritage Financial Corp. | 28,604 | ||||||
574 | Heritage Insurance Holdings, Inc. | 8,409 | ||||||
1,433 | Hilltop Holdings, Inc. | 29,735 | ||||||
116 | Hingham Institution for Savings | 25,173 | ||||||
355 | Home Bancorp, Inc. | 16,241 | ||||||
1,640 | Home BancShares, Inc. | 38,392 | ||||||
1,010 | HomeStreet, Inc.* | 29,745 | ||||||
560 | HomeTrust Bancshares, Inc.* | 16,128 | ||||||
1,618 | Hope Bancorp, Inc. | 28,331 | ||||||
814 | Horace Mann Educators Corp. | 37,688 | ||||||
885 | Horizon Bancorp, Inc. | 18,081 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
958 | Houlihan Lokey, Inc. | $ | 45,055 | |||||
571 | Howard Bancorp, Inc.* | 9,964 | ||||||
643 | IBERIABANK Corp. | 55,716 | ||||||
967 | Impac Mortgage Holdings, Inc.* | 7,233 | ||||||
359 | Independent Bank Corp. | 32,705 | ||||||
1,005 | Independent Bank Corp. | 25,075 | ||||||
263 | Independent Bank Group, Inc. | 18,213 | ||||||
902 | International Bancshares Corp. | 42,259 | ||||||
402 | INTL. FCStone, Inc.* | 22,416 | ||||||
4,158 | Invesco Mortgage Capital, Inc. REIT | 67,484 | ||||||
591 | Investar Holding Corp. | 16,223 | ||||||
420 | Investment Technology Group, Inc. | 9,190 | ||||||
3,215 | Investors Bancorp, Inc. | 41,152 | ||||||
113 | Investors Title Co. | 21,922 | ||||||
672 | James River Group Holdings Ltd. | 27,518 | ||||||
1,076 | Kearny Financial Corp. | 14,741 | ||||||
726 | Kemper Corp. | 59,060 | ||||||
906 | Kingstone Cos, Inc. | 16,806 | ||||||
268 | Kinsale Capital Group, Inc. | 16,286 | ||||||
758 | KKR Real Estate Finance Trust, Inc. | 16,070 | ||||||
1,589 | Ladder Capital Corp. REIT | 27,601 | ||||||
1,131 | Lakeland Bancorp, Inc. | 21,828 | ||||||
841 | Lakeland Financial Corp. | 41,436 | ||||||
313 | LCNB Corp. | 5,822 | ||||||
1,014 | LegacyTexas Financial Group, Inc. | 46,918 | ||||||
168 | LendingTree, Inc.*(a) | 42,563 | ||||||
1,038 | Live Oak Bancshares, Inc. | 31,400 | ||||||
1,911 | Macatawa Bank Corp. | 23,830 | ||||||
642 | Malvern Bancorp, Inc.* | 15,793 | ||||||
477 | Marlin Business Services Corp. | 13,642 | ||||||
1,378 | MB Financial, Inc. | 66,778 | ||||||
1,548 | MBT Financial Corp. | 16,951 | ||||||
513 | Mercantile Bank Corp. | 18,165 | ||||||
893 | Meridian Bancorp, Inc. | 15,985 | ||||||
430 | Meta Financial Group, Inc. | 37,238 | ||||||
193 | Middlefield Banc Corp. | 9,573 | ||||||
524 | Midland States Bancorp, Inc. | 18,041 | ||||||
917 | MidSouth Bancorp, Inc. | 14,076 | ||||||
432 | MidWestOne Financial Group, Inc. | 14,489 | ||||||
937 | Moelis & Co., Class A | 54,393 | ||||||
1,739 | MTGE Investment Corp. REIT | 34,084 | ||||||
243 | MutualFirst Financial, Inc. | 9,234 | ||||||
384 | National Bank Holdings Corp., Class A | 15,418 | ||||||
118 | National Bankshares, Inc. | 5,428 | ||||||
340 | National Commerce Corp.* | 14,960 | ||||||
911 | National General Holdings Corp. | 24,879 | ||||||
76 | National Western Life Group, Inc., Class A | 24,772 | ||||||
338 | Navigators Group, Inc. (The) | 23,660 | ||||||
718 | NBT Bancorp, Inc. | 29,065 | ||||||
487 | Nelnet, Inc., Class A | 28,076 | ||||||
5,059 | New York Mortgage Trust, Inc. REIT | 32,378 | ||||||
377 | NI Holdings, Inc.* | 6,364 | ||||||
420 | Nicolet Bankshares, Inc.* | 23,251 | ||||||
1,489 | NMI Holdings, Inc., Class A* | 32,162 | ||||||
732 | Northeast Bancorp | 15,958 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
572 | Northfield Bancorp, Inc. | 9,312 | ||||||
465 | Northrim BanCorp, Inc. | 20,716 | ||||||
1,010 | Northwest Bancshares, Inc. | 18,402 | ||||||
446 | Norwood Financial Corp. | 17,501 | ||||||
561 | OceanFirst Financial Corp. | 16,381 | ||||||
2,882 | Ocwen Financial Corp.* | 12,047 | ||||||
1,556 | OFG Bancorp (Puerto Rico) | 25,207 | ||||||
408 | Ohio Valley Banc Corp. | 17,197 | ||||||
566 | Old Line Bancshares, Inc. | 19,357 | ||||||
2,105 | Old National Bancorp | 42,732 | ||||||
1,090 | Old Second Bancorp, Inc. | 16,841 | ||||||
441 | Oppenheimer Holdings, Inc., Class A | 13,759 | ||||||
473 | Opus Bank | 13,410 | ||||||
1,578 | Orchid Island Capital, Inc. REIT | 12,529 | ||||||
1,452 | Oritani Financial Corp. | 23,522 | ||||||
991 | Pacific Mercantile Bancorp* | 10,009 | ||||||
507 | Pacific Premier Bancorp, Inc.* | 20,052 | ||||||
400 | Park National Corp. | 44,060 | ||||||
637 | Parke Bancorp, Inc. | 14,683 | ||||||
643 | PCSB Financial Corp. | 13,194 | ||||||
706 | Peapack Gladstone Financial Corp. | 23,587 | ||||||
301 | Penns Woods Bancorp, Inc. | 13,629 | ||||||
2,017 | PennyMac Financial Services, Inc., Class A | 42,660 | ||||||
1,890 | PennyMac Mortgage Investment Trust REIT | 37,762 | ||||||
465 | Peoples Bancorp of North Carolina, Inc. | 14,192 | ||||||
756 | Peoples Bancorp, Inc. | 27,110 | ||||||
370 | Peoples Financial Services Corp. | 17,013 | ||||||
700 | People’s Utah Bancorp | 25,305 | ||||||
130 | Piper Jaffray Cos | 10,010 | ||||||
552 | PJT Partners, Inc., Class A | 31,972 | ||||||
748 | PRA Group, Inc.* | 27,339 | ||||||
751 | Preferred Bank | 45,969 | ||||||
953 | Premier Financial Bancorp, Inc. | 18,584 | ||||||
1,112 | Primerica, Inc. | 135,942 | ||||||
259 | ProAssurance Corp. | 12,523 | ||||||
518 | Protective Insurance Corp., Class B | 12,173 | ||||||
1,229 | Provident Financial Services, Inc. | 31,008 | ||||||
810 | Prudential Bancorp, Inc. | 14,888 | ||||||
1,686 | Pzena Investment Management, Inc., Class A | 15,309 | ||||||
514 | QCR Holdings, Inc. | 22,359 | ||||||
4,146 | Radian Group, Inc. | 84,288 | ||||||
2,096 | Redwood Trust, Inc. REIT | 35,590 | ||||||
614 | Regional Management Corp.* | 20,465 | ||||||
419 | Reliant Bancorp, Inc. | 11,543 | ||||||
696 | Renasant Corp. | 32,496 | ||||||
554 | Republic Bancorp, Inc., Class A | 26,930 | ||||||
1,977 | Riverview Bancorp, Inc. | 19,473 | ||||||
710 | RLI Corp. | 54,649 | ||||||
755 | S&T Bancorp, Inc. | 35,228 | ||||||
714 | Safeguard Scientifics, Inc.* | 7,354 | ||||||
333 | Safety Insurance Group, Inc. | 32,201 | ||||||
829 | Sandy Spring Bancorp, Inc. | 32,331 | ||||||
307 | SB One Bancorp | 8,535 | ||||||
|
|
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) | ||||||||
Financials – (continued) | ||||||||
796 | Seacoast Banking Corp. of Florida* | $ | 25,170 | |||||
1,254 | Selective Insurance Group, Inc. | 80,507 | ||||||
1,529 | ServisFirst Bancshares, Inc.(a) | 65,900 | ||||||
861 | Shore Bancshares, Inc. | 16,178 | ||||||
864 | SI Financial Group, Inc. | 11,966 | ||||||
658 | Sierra Bancorp | 19,523 | ||||||
1,347 | Simmons First National Corp., Class A | 42,565 | ||||||
436 | SmartFinancial, Inc.* | 10,717 | ||||||
449 | South State Corp. | 37,020 | ||||||
563 | Southern First Bancshares, Inc.* | 23,421 | ||||||
605 | Southern Missouri Bancorp, Inc. | 24,200 | ||||||
866 | Southern National Bancorp of Virginia, Inc. | 15,198 | ||||||
606 | Southside Bancshares, Inc. | 21,574 | ||||||
331 | State Auto Financial Corp. | 10,390 | ||||||
622 | State Bank Financial Corp. | 20,265 | ||||||
624 | Stewart Information Services Corp. | 27,943 | ||||||
840 | Stifel Financial Corp. | 46,931 | ||||||
936 | Stock Yards Bancorp, Inc. | 36,223 | ||||||
372 | Summit Financial Group, Inc. | 9,374 | ||||||
1,045 | Sutherland Asset Management Corp. REIT | 17,922 | ||||||
583 | Territorial Bancorp, Inc. | 17,420 | ||||||
3,050 | Third Point Reinsurance Ltd. (Bermuda)* | 40,870 | ||||||
621 | Timberland Bancorp, Inc. | 22,052 | ||||||
290 | Tompkins Financial Corp. | 25,482 | ||||||
1,266 | Towne Bank/Portsmouth VA | 41,272 | ||||||
1,052 | TriCo Bancshares | 40,902 | ||||||
907 | TriState Capital Holdings, Inc.* | 26,983 | ||||||
771 | Triumph Bancorp, Inc.* | 32,729 | ||||||
433 | Trupanion, Inc.* | 16,536 | ||||||
2,123 | TrustCo Bank Corp. | 19,638 | ||||||
1,171 | Trustmark Corp. | 41,547 | ||||||
690 | UMB Financial Corp. | 51,916 | ||||||
1,053 | Union Bankshares Corp. | 43,805 | ||||||
639 | United Bankshares, Inc. | 25,177 | ||||||
928 | United Community Banks, Inc. | 28,156 | ||||||
1,132 | United Community Financial Corp. | 11,716 | ||||||
1,401 | United Financial Bancorp, Inc. | 24,896 | ||||||
304 | United Fire Group, Inc. | 15,057 | ||||||
752 | United Security Bancshares | 8,347 | ||||||
770 | Unity Bancorp, Inc. | 18,788 | ||||||
1,987 | Universal Insurance Holdings, Inc. | 88,620 | ||||||
628 | Univest Corp. of Pennsylvania | 17,898 | ||||||
4,521 | Valley National Bancorp | 54,478 | ||||||
457 | Veritex Holdings, Inc.* | 13,993 | ||||||
106 | Virtus Investment Partners, Inc. | 13,674 | ||||||
1,974 | Waddell & Reed Financial, Inc., Class A | �� | 39,519 | |||||
1,467 | Walker & Dunlop, Inc. | 79,952 | ||||||
1,635 | Washington Federal, Inc. | 55,754 | ||||||
621 | Washington Trust Bancorp, Inc. | 37,260 | ||||||
1,145 | Waterstone Financial, Inc. | 19,351 | ||||||
1,159 | WesBanco, Inc. | 57,197 | ||||||
992 | West Bancorporation, Inc. | 23,957 | ||||||
345 | Westamerica Bancorporation | 22,090 | ||||||
2,454 | Western Asset Mortgage Capital Corp. REIT | 27,313 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,429 | Western New England Bancorp, Inc. | 15,219 | ||||||
214 | Westwood Holdings Group, Inc. | 12,311 | ||||||
1,672 | WisdomTree Investments, Inc. | 13,744 | ||||||
22,903 | WMIH Corp.* | 34,584 | ||||||
269 | World Acceptance Corp.* | 31,906 | ||||||
523 | WSFS Financial Corp. | 25,522 | ||||||
|
| |||||||
9,314,272 | ||||||||
|
| |||||||
Health Care – 14.5% | ||||||||
1,060 | Abeona Therapeutics, Inc.*(a) | 16,324 | ||||||
2,694 | Acorda Therapeutics, Inc.* | 77,587 | ||||||
357 | Adamas Pharmaceuticals, Inc.* | 8,222 | ||||||
510 | Addus HomeCare Corp.* | 33,099 | ||||||
1,795 | ADMA Biologics, Inc.*(a) | 11,470 | ||||||
1,657 | Adverum Biotechnologies, Inc.* | 12,593 | ||||||
845 | Aeglea BioTherapeutics, Inc.* | 9,236 | ||||||
454 | Aimmune Therapeutics, Inc.* | 12,671 | ||||||
906 | Akorn, Inc.* | 14,215 | ||||||
276 | Albireo Pharma, Inc.* | 9,544 | ||||||
3,079 | Allscripts Healthcare Solutions, Inc.* | 44,984 | ||||||
2,481 | AMAG Pharmaceuticals, Inc.* | 60,536 | ||||||
1,023 | Amedisys, Inc.* | 127,885 | ||||||
768 | American Renal Associates Holdings, Inc.* | 16,858 | ||||||
893 | Amicus Therapeutics, Inc.* | 12,038 | ||||||
1,221 | AMN Healthcare Services, Inc.* | 71,184 | ||||||
870 | Amneal Pharmaceuticals, Inc.* | 20,097 | ||||||
1,123 | Amphastar Pharmaceuticals, Inc.* | 21,315 | ||||||
5,052 | Ampio Pharmaceuticals, Inc.* | 3,178 | ||||||
153 | AnaptysBio, Inc.* | 13,562 | ||||||
1,701 | AngioDynamics, Inc.* | 38,136 | ||||||
470 | ANI Pharmaceuticals, Inc.* | 27,354 | ||||||
398 | Apellis Pharmaceuticals, Inc.* | 7,705 | ||||||
456 | Apollo Medical Holdings, Inc.* | 6,954 | ||||||
1,361 | Arbutus Biopharma Corp. (Canada)* | 12,385 | ||||||
358 | Arena Pharmaceuticals, Inc.* | 13,905 | ||||||
1,840 | ArQule, Inc.* | 12,199 | ||||||
1,812 | Array BioPharma, Inc.* | 28,213 | ||||||
1,004 | Arrowhead Pharmaceuticals, Inc.*(a) | 14,819 | ||||||
333 | Assembly Biosciences, Inc.* | 13,320 | ||||||
5,754 | Assertio Therapeutics, Inc.* | 36,711 | ||||||
343 | Atara Biotherapeutics, Inc.* | 14,046 | ||||||
484 | Athenex, Inc.* | 7,952 | ||||||
784 | AtriCure, Inc.* | 27,087 | ||||||
32 | Atrion Corp. | 20,962 | ||||||
234 | Audentes Therapeutics, Inc.* | 8,518 | ||||||
982 | Avanos Medical, Inc.* | 70,802 | ||||||
4,050 | AVEO Pharmaceuticals, Inc.*(a) | 12,109 | ||||||
619 | AxoGen, Inc.* | 27,143 | ||||||
221 | Biohaven Pharmaceutical Holding Co Ltd* | 8,367 | ||||||
4,887 | BioScrip, Inc.* | 14,172 | ||||||
568 | BioTelemetry, Inc.* | 35,102 | ||||||
363 | Blueprint Medicines Corp.* | 27,831 | ||||||
2,296 | Brookdale Senior Living, Inc.* | 22,776 | ||||||
477 | Calithera Biosciences, Inc.* | 2,600 | ||||||
1,052 | Cambrex Corp.* | 70,905 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
822 | Capital Senior Living Corp.* | $ | 7,291 | |||||
1,434 | Cardiovascular Systems, Inc.* | 55,252 | ||||||
583 | CareDx, Inc.* | 14,173 | ||||||
1,529 | CASI Pharmaceuticals, Inc.* | 10,627 | ||||||
1,010 | Catalyst Biosciences, Inc.* | 11,039 | ||||||
3,372 | Catalyst Pharmaceuticals, Inc.* | 11,364 | ||||||
512 | Cellular Biomedicine Group, Inc.* | 10,880 | ||||||
1,314 | Cerus Corp.* | 10,223 | ||||||
2,228 | ChemoCentryx, Inc.* | 29,365 | ||||||
1,059 | Civitas Solutions, Inc.* | 16,944 | ||||||
596 | Codexis, Inc.* | 10,251 | ||||||
344 | Collegium Pharmaceutical, Inc.* | 5,882 | ||||||
3,348 | Community Health Systems, Inc.*(a) | 12,990 | ||||||
389 | Computer Programs & Systems, Inc.(a) | 10,620 | ||||||
1,387 | Concert Pharmaceuticals, Inc.* | 21,873 | ||||||
456 | CONMED Corp. | 36,676 | ||||||
6,029 | Corcept Therapeutics, Inc.* | 90,556 | ||||||
1,077 | Corium International, Inc.*(a) | 10,512 | ||||||
397 | CorVel Corp.* | 23,602 | ||||||
203 | Corvus Pharmaceuticals, Inc.* | 2,225 | ||||||
2,785 | Cross Country Healthcare, Inc.* | 27,878 | ||||||
513 | CryoLife, Inc.* | 17,801 | ||||||
640 | CryoPort, Inc.*(a) | 9,088 | ||||||
1,821 | CTI BioPharma Corp.* | 3,423 | ||||||
1,319 | Cutera, Inc.* | 44,846 | ||||||
658 | Cymabay Therapeutics, Inc.* | 8,969 | ||||||
1,128 | CytomX Therapeutics, Inc.* | 25,369 | ||||||
807 | CytoSorbents Corp.*(a) | 11,823 | ||||||
740 | Dicerna Pharmaceuticals, Inc.* | 11,729 | ||||||
1,187 | Diplomat Pharmacy, Inc.* | 24,523 | ||||||
577 | Dynavax Technologies Corp.* | 7,991 | ||||||
992 | Eagle Pharmaceuticals, Inc.* | 68,577 | ||||||
477 | Editas Medicine, Inc.*(a) | 15,660 | ||||||
440 | Eloxx Pharmaceuticals, Inc.* | 8,061 | ||||||
1,651 | Emergent BioSolutions, Inc.* | 102,362 | ||||||
233 | Enanta Pharmaceuticals, Inc.* | 21,187 | ||||||
4,355 | Endo International PLC* | 74,688 | ||||||
634 | Endocyte, Inc.* | 12,502 | ||||||
695 | Ensign Group, Inc. (The) | 27,154 | ||||||
4,107 | Enzo Biochem, Inc.* | 18,851 | ||||||
619 | Epizyme, Inc.* | 7,304 | ||||||
233 | Esperion Therapeutics, Inc.*(a) | 11,531 | ||||||
1,604 | Fate Therapeutics, Inc.* | 20,676 | ||||||
849 | Fennec Pharmaceuticals, Inc. (Canada)* | 8,082 | ||||||
336 | FibroGen, Inc.* | 20,546 | ||||||
343 | Flexion Therapeutics, Inc.*(a) | 7,855 | ||||||
485 | FONAR Corp.* | 12,707 | ||||||
195 | G1 Therapeutics, Inc.* | 11,833 | ||||||
1,906 | Genomic Health, Inc.* | 116,590 | ||||||
2,286 | Geron Corp.*(a) | 13,099 | ||||||
998 | Glaukos Corp.* | 68,233 | ||||||
303 | Global Blood Therapeutics, Inc.* | 14,832 | ||||||
1,420 | Globus Medical, Inc., Class A* | 75,643 | ||||||
595 | GlycoMimetics, Inc.* | 8,758 | ||||||
1,009 | Haemonetics Corp.* | 112,645 | ||||||
962 | Halozyme Therapeutics, Inc.* | 17,710 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
3,577 | Harvard Bioscience, Inc.* | 21,283 | ||||||
687 | HealthEquity, Inc.* | 64,722 | ||||||
474 | Heron Therapeutics, Inc.* | 18,273 | ||||||
399 | Heska Corp.* | 42,693 | ||||||
1,029 | HMS Holdings Corp.* | 32,979 | ||||||
4,246 | Horizon Pharma PLC* | 89,760 | ||||||
1,638 | ImmunoGen, Inc.* | 16,691 | ||||||
1,410 | Immunomedics, Inc.*(a) | 37,732 | ||||||
5,308 | Innoviva, Inc.* | 77,072 | ||||||
383 | Inogen, Inc.* | 101,461 | ||||||
2,393 | Insys Therapeutics, Inc.* | 22,375 | ||||||
739 | Integer Holdings Corp.* | 59,046 | ||||||
422 | Intellia Therapeutics, Inc.* | 13,052 | ||||||
1,809 | Intersect ENT, Inc.* | 53,004 | ||||||
451 | Intra-Cellular Therapies, Inc., Class A* | 9,895 | ||||||
522 | IntriCon Corp.* | 38,576 | ||||||
685 | Iovance Biotherapeutics, Inc.* | 12,124 | ||||||
521 | iRhythm Technologies, Inc.* | 48,500 | ||||||
945 | K2M Group Holdings, Inc.* | 25,836 | ||||||
493 | Karyopharm Therapeutics, Inc.* | 10,378 | ||||||
1,824 | Keryx Biopharmaceuticals, Inc.* | 6,220 | ||||||
1,151 | Kindred Biosciences, Inc.* | 17,150 | ||||||
841 | Kura Oncology, Inc.* | 17,240 | ||||||
301 | La Jolla Pharmaceutical Co.*(a) | 6,935 | ||||||
2,424 | Lannett Co., Inc.*(a) | 12,968 | ||||||
2,337 | Lantheus Holdings, Inc.* | 37,626 | ||||||
993 | LeMaitre Vascular, Inc. | 37,247 | ||||||
916 | LHC Group, Inc.* | 90,620 | ||||||
346 | LifePoint Health, Inc.* | 22,282 | ||||||
237 | Ligand Pharmaceuticals, Inc.* | 61,547 | ||||||
767 | LivaNova PLC* | 96,297 | ||||||
282 | Loxo Oncology, Inc.* | 47,652 | ||||||
3,042 | Luminex Corp. | 85,815 | ||||||
410 | MacroGenics, Inc.*(a) | 8,967 | ||||||
51 | Madrigal Pharmaceuticals, Inc.* | 12,200 | ||||||
419 | Magellan Health, Inc.* | 30,796 | ||||||
2,257 | Mallinckrodt PLC* | 77,776 | ||||||
1,316 | Marinus Pharmaceuticals, Inc.* | 9,396 | ||||||
838 | Medidata Solutions, Inc.* | 71,213 | ||||||
678 | Medpace Holdings, Inc.* | 40,538 | ||||||
1,254 | Meridian Bioscience, Inc. | 19,688 | ||||||
730 | Merit Medical Systems, Inc.* | 42,960 | ||||||
10,334 | MiMedx Group, Inc.*(a) | 54,770 | ||||||
187 | Mirati Therapeutics, Inc.*(a) | 10,575 | ||||||
1,060 | Momenta Pharmaceuticals, Inc.* | 28,090 | ||||||
408 | MyoKardia, Inc.* | 25,153 | ||||||
3,114 | Myriad Genetics, Inc.* | 155,046 | ||||||
2,215 | NanoString Technologies, Inc.* | 35,817 | ||||||
1,863 | Natera, Inc.* | 51,493 | ||||||
210 | National HealthCare Corp. | 16,185 | ||||||
765 | National Research Corp. | 29,950 | ||||||
489 | Natus Medical, Inc.* | 18,240 | ||||||
579 | Neogen Corp.* | 54,102 | ||||||
2,553 | NeoGenomics, Inc.* | 35,359 | ||||||
354 | Nevro Corp.* | 23,867 | ||||||
5,819 | Novavax, Inc.* | 9,078 | ||||||
|
|
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) | ||||||||
Health Care – (continued) | ||||||||
795 | Novocure Ltd.* | $ | 35,815 | |||||
897 | NuVasive, Inc.* | 62,960 | ||||||
1,328 | NxStage Medical, Inc.* | 37,636 | ||||||
1,342 | Nymox Pharmaceutical Corp. (Canada)*(a) | 3,516 | ||||||
1,244 | Omeros Corp.*(a) | 32,195 | ||||||
494 | Omnicell, Inc.* | 33,962 | ||||||
2,071 | OPKO Health, Inc.*(a) | 12,260 | ||||||
758 | OraSure Technologies, Inc.* | 12,136 | ||||||
923 | Orthofix Medical, Inc.* | 49,436 | ||||||
1,295 | Owens & Minor, Inc. | 21,989 | ||||||
747 | Oxford Immunotec Global PLC* | 10,996 | ||||||
651 | Pacira Pharmaceuticals, Inc.* | 30,695 | ||||||
19,952 | Palatin Technologies, Inc.* | 20,152 | ||||||
1,091 | Patterson Cos., Inc. | 24,602 | ||||||
15,113 | PDL BioPharma, Inc.* | 36,573 | ||||||
1,751 | Phibro Animal Health Corp., Class A | 82,647 | ||||||
4,284 | Pieris Pharmaceuticals, Inc.* | 23,733 | ||||||
1,247 | Prestige Brands Holdings, Inc.* | 48,009 | ||||||
300 | Providence Service Corp. (The)* | 20,142 | ||||||
312 | PTC Therapeutics, Inc.* | 13,023 | ||||||
3,016 | Quality Systems, Inc.* | 69,036 | ||||||
383 | Quidel Corp.* | 29,445 | ||||||
1,316 | R1 RCM, Inc.* | 13,121 | ||||||
3,193 | RadNet, Inc.* | 44,223 | ||||||
1,740 | Recro Pharma, Inc.* | 11,101 | ||||||
420 | REGENXBIO, Inc.* | 29,589 | ||||||
455 | Repligen Corp.* | 24,970 | ||||||
657 | Retrophin, Inc.* | 20,820 | ||||||
430 | Rocket Pharmaceuticals, Inc.* | 10,256 | ||||||
316 | RTI Surgical, Inc.* | 1,414 | ||||||
1,015 | Sangamo Therapeutics, Inc.* | 18,524 | ||||||
683 | Savara, Inc.* | 8,032 | ||||||
1,183 | SeaSpine Holdings Corp.* | 18,218 | ||||||
1,787 | Select Medical Holdings Corp.* | 35,383 | ||||||
2,048 | Senseonics Holdings, Inc.*(a) | 8,356 | ||||||
455 | Sientra, Inc.*(a) | 11,430 | ||||||
1,282 | SIGA Technologies, Inc.* | 10,551 | ||||||
1,089 | Simulations Plus, Inc. | 22,706 | ||||||
1,260 | Sorrento Therapeutics, Inc.*(a) | 6,993 | ||||||
184 | Spark Therapeutics, Inc.* | 11,336 | ||||||
469 | Spectrum Pharmaceuticals, Inc.* | 10,098 | ||||||
2,576 | STAAR Surgical Co.* | 122,875 | ||||||
690 | Stemline Therapeutics, Inc.* | 11,799 | ||||||
1,363 | Supernus Pharmaceuticals, Inc.* | 60,381 | ||||||
980 | Surgery Partners, Inc.*(a) | 17,003 | ||||||
431 | Surmodics, Inc.* | 33,941 | ||||||
1,231 | Syneos Health, Inc.* | 61,365 | ||||||
226 | Tabula Rasa HealthCare, Inc.* | 19,813 | ||||||
926 | Tactile Systems Technology, Inc.*(a) | 62,662 | ||||||
1,405 | Tandem Diabetes Care, Inc.* | 64,194 | ||||||
480 | Teladoc Health, Inc.* | 37,224 | ||||||
1,073 | Tenet Healthcare Corp.* | 36,182 | ||||||
665 | TG Therapeutics, Inc.* | 8,446 | ||||||
529 | Tivity Health, Inc.* | 18,198 | ||||||
867 | TransEnterix, Inc.*(a) | 5,029 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
1,525 | Triple-S Management Corp., Class B (Puerto Rico)* | 33,199 | ||||||
245 | US Physical Therapy, Inc. | 30,686 | ||||||
112 | Utah Medical Products, Inc. | 10,175 | ||||||
3,107 | Vanda Pharmaceuticals, Inc.* | 60,043 | ||||||
557 | Varex Imaging Corp.* | 17,490 | ||||||
2,360 | Veracyte, Inc.* | 29,830 | ||||||
1,072 | Verastem, Inc.* | 10,677 | ||||||
3,752 | Vericel Corp.* | 45,774 | ||||||
738 | Viking Therapeutics, Inc.* | 9,646 | ||||||
1,559 | Vital Therapies, Inc.*(a) | 12,550 | ||||||
1,060 | Vocera Communications, Inc.* | 35,150 | ||||||
429 | Voyager Therapeutics, Inc.* | 9,326 | ||||||
183 | WaVe Life Sciences Ltd.*(a) | 9,754 | ||||||
602 | Wright Medical Group NV*(a) | 17,446 | ||||||
863 | Xencor, Inc.* | 36,065 | ||||||
582 | XOMA Corp.* | 10,901 | ||||||
1,233 | Zafgen, Inc.* | 11,738 | ||||||
290 | Zogenix, Inc.*(a) | 14,007 | ||||||
|
| |||||||
6,839,500 | ||||||||
|
| |||||||
Industrials – 15.1% | ||||||||
1,323 | AAON, Inc. | 53,449 | ||||||
529 | AAR Corp. | 24,688 | ||||||
672 | ABM Industries, Inc. | 21,316 | ||||||
2,341 | Acacia Research Corp.* | 9,130 | ||||||
1,584 | ACCO Brands Corp. | 19,642 | ||||||
748 | Actuant Corp., Class A | 22,029 | ||||||
626 | Advanced Disposal Services, Inc.* | 16,702 | ||||||
785 | Advanced Drainage Systems, Inc. | 24,610 | ||||||
775 | Aegion Corp.* | 19,344 | ||||||
1,154 | Aerojet Rocketdyne Holdings, Inc.* | 40,517 | ||||||
256 | Aerovironment, Inc.* | 22,518 | ||||||
379 | Air Transport Services Group, Inc.* | 7,713 | ||||||
328 | Alamo Group, Inc. | 31,258 | ||||||
300 | Albany International Corp., Class A | 23,145 | ||||||
204 | Allegiant Travel Co. | 27,795 | ||||||
660 | Allied Motion Technologies, Inc. | 32,234 | ||||||
566 | Altra Industrial Motion Corp. | 22,102 | ||||||
214 | American Woodmark Corp.* | 18,179 | ||||||
836 | Apogee Enterprises, Inc. | 41,148 | ||||||
1,248 | Applied Industrial Technologies, Inc. | 96,158 | ||||||
1,010 | ArcBest Corp. | 48,581 | ||||||
1,129 | ASGN, Inc.* | 104,534 | ||||||
221 | Astec Industries, Inc. | 10,752 | ||||||
1,281 | Atkore International Group, Inc.* | 35,074 | ||||||
154 | Atlas Air Worldwide Holdings, Inc.* | 9,379 | ||||||
961 | Avis Budget Group, Inc.* | 29,897 | ||||||
1,700 | Axon Enterprise, Inc.* | 116,042 | ||||||
201 | AZZ, Inc. | 10,804 | ||||||
904 | Barnes Group, Inc. | 61,526 | ||||||
327 | Barrett Business Services, Inc. | 24,535 | ||||||
1,209 | Beacon Roofing Supply, Inc.* | 44,830 | ||||||
691 | BG Staffing, Inc. | 16,833 | ||||||
1,181 | Blue Bird Corp.* | 27,104 | ||||||
771 | BlueLinx Holdings, Inc.* | 27,702 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
2,918 | BMC Stock Holdings, Inc.* | $ | 65,655 | |||||
1,305 | Brady Corp., Class A | 52,787 | ||||||
521 | Briggs & Stratton Corp. | 10,503 | ||||||
625 | Brink’s Co. (The) | 46,937 | ||||||
3,392 | Builders FirstSource, Inc.* | 52,983 | ||||||
1,162 | Caesarstone Ltd. | 22,020 | ||||||
1,023 | Casella Waste Systems, Inc., Class A* | 29,033 | ||||||
2,005 | CBIZ, Inc.* | 47,919 | ||||||
60 | CECO Environmental Corp. | 506 | ||||||
528 | Chart Industries, Inc.* | 39,890 | ||||||
635 | Cimpress NV (Netherlands)* | 88,900 | ||||||
768 | Columbus McKinnon Corp. | 32,663 | ||||||
1,254 | Comfort Systems USA, Inc. | 71,980 | ||||||
1,651 | Commercial Vehicle Group, Inc.* | 16,114 | ||||||
741 | Continental Building Products, Inc.* | 27,639 | ||||||
2,379 | Costamare, Inc. (Monaco) | 16,724 | ||||||
1,052 | Covanta Holding Corp. | 18,568 | ||||||
280 | Covenant Transportation Group, Inc., Class A* | 8,364 | ||||||
541 | CRA International, Inc. | 30,924 | ||||||
308 | CSW Industrials, Inc.* | 17,248 | ||||||
401 | Cubic Corp. | 30,356 | ||||||
1,061 | Daseke, Inc.*(a) | 9,538 | ||||||
1,029 | Deluxe Corp. | 60,937 | ||||||
485 | DMC Global, Inc. | 19,036 | ||||||
523 | Douglas Dynamics, Inc. | 23,953 | ||||||
435 | Ducommun, Inc.* | 17,700 | ||||||
1,227 | DXP Enterprises, Inc.* | 56,307 | ||||||
524 | Dycom Industries, Inc.* | 43,969 | ||||||
553 | Eastern Co. (The) | 16,313 | ||||||
2,087 | Echo Global Logistics, Inc.* | 69,288 | ||||||
1,109 | EMCOR Group, Inc. | 88,831 | ||||||
372 | Encore Wire Corp. | 18,693 | ||||||
711 | EnerSys | 59,006 | ||||||
457 | Engility Holdings, Inc.* | 15,862 | ||||||
156 | Ennis, Inc. | 3,401 | ||||||
3,014 | Enphase Energy, Inc.*(a) | 14,738 | ||||||
290 | EnPro Industries, Inc. | 21,770 | ||||||
318 | EnviroStar, Inc. | 15,025 | ||||||
547 | ESCO Technologies, Inc. | 37,005 | ||||||
1,352 | Essendant, Inc. | 19,509 | ||||||
434 | Esterline Technologies Corp.* | 37,302 | ||||||
447 | Evoqua Water Technologies Corp.* | 8,663 | ||||||
535 | Exponent, Inc. | 28,007 | ||||||
809 | Federal Signal Corp. | 21,058 | ||||||
565 | Forrester Research, Inc. | 27,798 | ||||||
1,028 | Forward Air Corp. | 66,059 | ||||||
968 | Franklin Covey Co.* | 24,781 | ||||||
591 | Franklin Electric Co, Inc. | 28,900 | ||||||
718 | FreightCar America, Inc.* | 12,141 | ||||||
722 | FTI Consulting, Inc.* | 55,031 | ||||||
5,538 | FuelCell Energy, Inc.* | 6,479 | ||||||
247 | GATX Corp. | 20,859 | ||||||
727 | Genco Shipping & Trading Ltd.* | 9,982 | ||||||
458 | Gencor Industries, Inc.* | 5,908 | ||||||
928 | Generac Holdings, Inc.* | 51,495 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
770 | General Finance Corp.* | 10,511 | ||||||
527 | Gibraltar Industries, Inc.* | 23,926 | ||||||
420 | Global Brass & Copper Holdings, Inc. | 16,191 | ||||||
1,983 | GMS, Inc.* | 49,278 | ||||||
363 | Gorman-Rupp Co. (The) | 13,308 | ||||||
174 | Graham Corp. | 4,839 | ||||||
240 | Granite Construction, Inc. | 10,963 | ||||||
616 | Greenbrier Cos, Inc. (The) | 35,728 | ||||||
887 | H&E Equipment Services, Inc. | 30,876 | ||||||
1,231 | Harsco Corp.* | 34,776 | ||||||
1,285 | Hawaiian Holdings, Inc. | 53,328 | ||||||
120 | HC2 Holdings, Inc.* | 752 | ||||||
1,109 | Healthcare Services Group, Inc. | 45,702 | ||||||
482 | Heartland Express, Inc. | 9,857 | ||||||
246 | Heidrick & Struggles International, Inc. | 10,873 | ||||||
152 | Herc Holdings, Inc.* | 7,992 | ||||||
631 | Heritage-Crystal Clean, Inc.* | 14,702 | ||||||
1,698 | Herman Miller, Inc. | 65,033 | ||||||
504 | Hertz Global Holdings, Inc.* | 8,875 | ||||||
1,162 | Hillenbrand, Inc. | 59,436 | ||||||
1,012 | HNI Corp. | 44,629 | ||||||
923 | Hub Group, Inc., Class A* | 48,781 | ||||||
447 | Hurco Cos, Inc. | 19,176 | ||||||
456 | Huron Consulting Group, Inc.* | 22,572 | ||||||
240 | Hyster-Yale Materials Handling, Inc. | 14,808 | ||||||
599 | ICF International, Inc. | 48,908 | ||||||
849 | IES Holdings, Inc.* | 16,258 | ||||||
2,209 | InnerWorkings, Inc.* | 17,274 | ||||||
830 | Insperity, Inc. | 99,476 | ||||||
1,622 | Interface, Inc. | 38,198 | ||||||
496 | JELD-WEN Holding, Inc.* | 12,063 | ||||||
560 | John Bean Technologies Corp. | 66,248 | ||||||
405 | Kadant, Inc. | 40,925 | ||||||
795 | Kaman Corp. | 51,842 | ||||||
1,707 | KBR, Inc. | 35,813 | ||||||
1,053 | Kelly Services, Inc., Class A | 26,546 | ||||||
1,107 | Kennametal, Inc. | 45,210 | ||||||
1,110 | KeyW Holding Corp. (The)* | 9,446 | ||||||
1,758 | Kforce, Inc. | 73,924 | ||||||
2,955 | Kimball International, Inc., Class B | 51,624 | ||||||
925 | KLX, Inc.* | 68,302 | ||||||
1,012 | Knoll, Inc. | 23,822 | ||||||
680 | Korn/Ferry International | 45,648 | ||||||
951 | Kratos Defense & Security Solutions, Inc.*(a) | 12,705 | ||||||
642 | Lawson Products, Inc.* | 21,635 | ||||||
830 | LB Foster Co., Class A* | 18,883 | ||||||
203 | Lindsay Corp. | 19,441 | ||||||
898 | LSC Communications, Inc. | 10,983 | ||||||
395 | Lydall, Inc.* | 16,906 | ||||||
767 | Manitex International, Inc.* | 8,115 | ||||||
476 | Marten Transport Ltd. | 10,496 | ||||||
306 | Masonite International Corp.* | 20,487 | ||||||
840 | MasTec, Inc.* | 36,792 | ||||||
237 | Matson, Inc. | 8,854 | ||||||
406 | Matthews International Corp., Class A | 21,071 | ||||||
|
|
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) | ||||||||
Industrials – (continued) | ||||||||
692 | Maxar Technologies Ltd. | $ | 21,487 | |||||
237 | McGrath RentCorp | 13,746 | ||||||
1,491 | Meritor, Inc.* | 32,295 | ||||||
833 | Milacron Holdings Corp.* | 17,660 | ||||||
102 | Miller Industries, Inc. | 2,938 | ||||||
654 | Mistras Group, Inc.* | 14,918 | ||||||
425 | Mobile Mini, Inc. | 18,233 | ||||||
419 | Moog, Inc., Class A | 33,063 | ||||||
1,002 | MRC Global, Inc.* | 20,651 | ||||||
629 | MSA Safety, Inc. | 63,586 | ||||||
345 | Mueller Industries, Inc. | 11,030 | ||||||
223 | Multi-Color Corp. | 13,770 | ||||||
356 | MYR Group, Inc.* | 12,378 | ||||||
152 | National Presto Industries, Inc. | 20,155 | ||||||
942 | Navigant Consulting, Inc.* | 22,504 | ||||||
350 | Navistar International Corp.* | 15,250 | ||||||
1,809 | NCI Building Systems, Inc.* | 30,572 | ||||||
1,950 | Nexeo Solutions, Inc.* | 19,520 | ||||||
510 | Northwest Pipe Co.* | 9,211 | ||||||
1,278 | NOW, Inc.* | 21,969 | ||||||
741 | NV5 Global, Inc.* | 65,541 | ||||||
290 | Omega Flex, Inc. | 25,738 | ||||||
2,057 | Orion Group Holdings, Inc.* | 17,731 | ||||||
222 | PAM Transportation Services, Inc.* | 12,936 | ||||||
296 | Park-Ohio Holdings Corp. | 12,269 | ||||||
439 | Patrick Industries, Inc.* | 28,096 | ||||||
1,939 | PGT Innovations, Inc.* | 47,118 | ||||||
958 | PICO Holdings, Inc.* | 11,448 | ||||||
957 | Pitney Bowes, Inc. | 6,948 | ||||||
503 | Powell Industries, Inc. | 19,692 | ||||||
304 | Preformed Line Products Co. | 24,837 | ||||||
712 | Primoris Services Corp. | 17,843 | ||||||
578 | Proto Labs, Inc.* | 89,850 | ||||||
564 | Quad/Graphics, Inc. | 12,842 | ||||||
715 | Quanex Building Products Corp. | 11,726 | ||||||
3,729 | Radiant Logistics, Inc.* | 16,221 | ||||||
848 | Raven Industries, Inc. | 41,043 | ||||||
269 | RBC Bearings, Inc.* | 40,299 | ||||||
278 | Reis, Inc. | 6,408 | ||||||
2,355 | Resources Connection, Inc. | 38,975 | ||||||
1,207 | Rexnord Corp.* | 35,039 | ||||||
911 | Rush Enterprises, Inc., Class A | 39,137 | ||||||
459 | Rush Enterprises, Inc., Class B | 20,334 | ||||||
3,602 | Safe Bulkers, Inc. (Greece)* | 10,050 | ||||||
340 | Saia, Inc.* | 26,945 | ||||||
992 | Simpson Manufacturing Co., Inc. | 76,156 | ||||||
1,173 | SiteOne Landscape Supply, Inc.* | 106,004 | ||||||
584 | SkyWest, Inc. | 38,135 | ||||||
691 | SP Plus Corp.* | 26,880 | ||||||
957 | Spartan Motors, Inc. | 13,829 | ||||||
776 | Sparton Corp.* | 9,910 | ||||||
505 | SPX Corp.* | 17,165 | ||||||
603 | SPX FLOW, Inc.* | 28,908 | ||||||
222 | Standex International Corp. | 23,954 | ||||||
2,809 | Steelcase, Inc., Class A | 41,011 | ||||||
309 | Sterling Construction Co., Inc.* | 4,496 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
283 | Sun Hydraulics Corp. | 14,246 | ||||||
665 | Sunrun, Inc.* | 8,725 | ||||||
1,114 | Systemax, Inc. | 40,661 | ||||||
789 | Tennant Co. | 60,398 | ||||||
1,086 | Tetra Tech, Inc. | 75,803 | ||||||
968 | Titan Machinery, Inc.* | 17,482 | ||||||
354 | TPI Composites, Inc.* | 9,923 | ||||||
1,786 | Trex Co., Inc.* | 151,274 | ||||||
896 | TriMas Corp.* | 27,507 | ||||||
677 | TriNet Group, Inc.* | 39,990 | ||||||
337 | Triton International Ltd. (Bermuda) | 12,732 | ||||||
2,109 | TrueBlue, Inc.* | 61,794 | ||||||
554 | Tutor Perini Corp.* | 11,274 | ||||||
850 | Twin Disc, Inc.* | 21,718 | ||||||
264 | UniFirst Corp. | 48,893 | ||||||
1,204 | Universal Forest Products, Inc. | 45,102 | ||||||
149 | US Ecology, Inc. | 10,840 | ||||||
806 | USA Truck, Inc.* | 17,659 | ||||||
635 | Vectrus, Inc.* | 20,841 | ||||||
1,160 | Veritiv Corp.* | 55,390 | ||||||
507 | Viad Corp. | 31,231 | ||||||
1,533 | Vicor Corp.* | 95,736 | ||||||
248 | VSE Corp. | 9,568 | ||||||
1,479 | Wabash National Corp. | 26,977 | ||||||
221 | WageWorks, Inc.* | 11,824 | ||||||
667 | Watts Water Technologies, Inc., Class A | 54,994 | ||||||
591 | Werner Enterprises, Inc. | 21,897 | ||||||
836 | Wesco Aircraft Holdings, Inc.* | 10,157 | ||||||
763 | Willdan Group, Inc.* | 23,935 | ||||||
187 | Willis Lease Finance Corp.* | 6,410 | ||||||
510 | Woodward, Inc. | 41,086 | ||||||
|
| |||||||
7,085,651 | ||||||||
|
| |||||||
Information Technology – 15.2% | ||||||||
1,017 | 3D Systems Corp.*(a) | 20,696 | ||||||
2,086 | 8x8, Inc.* | 47,352 | ||||||
3,167 | A10 Networks, Inc.* | 22,074 | ||||||
304 | Acacia Communications, Inc.* | 12,394 | ||||||
1,086 | ACI Worldwide, Inc.* | 30,853 | ||||||
1,420 | Acxiom Corp.* | 64,880 | ||||||
1,844 | Adesto Technologies Corp.*(a) | 11,156 | ||||||
1,312 | ADTRAN, Inc. | 22,566 | ||||||
890 | Advanced Energy Industries, Inc.* | 53,026 | ||||||
3,187 | Aerohive Networks, Inc.* | 13,449 | ||||||
815 | Agilysys, Inc.* | 13,097 | ||||||
728 | Alarm.com Holdings, Inc.* | 40,979 | ||||||
254 | Altair Engineering, Inc., Class A* | 10,610 | ||||||
340 | Alteryx, Inc., Class A*(a) | 19,737 | ||||||
683 | Ambarella, Inc.* | 26,166 | ||||||
1,113 | American Software, Inc., Class A | 20,012 | ||||||
3,183 | Amkor Technology, Inc.* | 27,788 | ||||||
700 | Anixter International, Inc.* | 50,470 | ||||||
810 | Appfolio, Inc., Class A* | 69,174 | ||||||
390 | Applied Optoelectronics, Inc.*(a) | 16,130 | ||||||
808 | Apptio, Inc., Class A* | 31,350 | ||||||
1,441 | Aquantia Corp.* | 18,214 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,937 | Avaya Holdings Corp.* | $ | 45,248 | |||||
2,800 | Avid Technology, Inc.* | 16,576 | ||||||
1,106 | AVX Corp. | 23,392 | ||||||
507 | Axcelis Technologies, Inc.* | 10,241 | ||||||
740 | Badger Meter, Inc. | 40,663 | ||||||
546 | Bel Fuse, Inc., Class B | 15,643 | ||||||
482 | Belden, Inc. | 35,051 | ||||||
1,349 | Benchmark Electronics, Inc. | 34,872 | ||||||
485 | Blackbaud, Inc. | 50,717 | ||||||
187 | Blackline, Inc.* | 9,866 | ||||||
471 | Bottomline Technologies de, Inc.* | 31,072 | ||||||
2,515 | Box, Inc., Class A* | 61,768 | ||||||
2,854 | Brightcove, Inc.* | 23,403 | ||||||
1,127 | Brooks Automation, Inc. | 44,415 | ||||||
470 | Cabot Microelectronics Corp. | 52,983 | ||||||
533 | CACI International, Inc., Class A* | 103,935 | ||||||
531 | CalAmp Corp.* | 12,479 | ||||||
3,411 | Calix, Inc.* | 26,606 | ||||||
269 | Carbon Black, Inc.* | 6,814 | ||||||
1,042 | Carbonite, Inc.* | 43,295 | ||||||
365 | Cardlytics, Inc.* | 7,442 | ||||||
864 | Cardtronics PLC, Class A* | 30,318 | ||||||
1,088 | Care.com, Inc.* | 21,140 | ||||||
1,144 | Cargurus, Inc., Class A* | 56,422 | ||||||
440 | Cars.com, Inc.* | 11,840 | ||||||
1,243 | Casa Systems, Inc.* | 18,260 | ||||||
227 | Cass Information Systems, Inc. | 16,237 | ||||||
293 | CEVA, Inc.* | 8,966 | ||||||
1,456 | ChannelAdvisor Corp.* | 19,001 | ||||||
2,466 | Ciena Corp.* | 77,876 | ||||||
1,889 | Cirrus Logic, Inc.* | 83,022 | ||||||
605 | Cision Ltd* | 10,957 | ||||||
1,078 | Clearfield, Inc.*(a) | 14,715 | ||||||
1,147 | Cloudera, Inc.* | 17,217 | ||||||
657 | Cohu, Inc. | 17,332 | ||||||
953 | CommVault Systems, Inc.* | 66,377 | ||||||
644 | Comtech Telecommunications Corp. | 23,087 | ||||||
1,861 | Control4 Corp.* | 60,315 | ||||||
2,328 | Convergys Corp. | 57,571 | ||||||
703 | Cornerstone OnDemand, Inc.* | 39,762 | ||||||
509 | Coupa Software, Inc.* | 36,500 | ||||||
353 | Cray, Inc.* | 7,660 | ||||||
1,468 | Cree, Inc.* | 70,626 | ||||||
1,000 | CSG Systems International, Inc. | 37,350 | ||||||
610 | CTS Corp. | 22,540 | ||||||
2,350 | Daktronics, Inc. | 19,059 | ||||||
1,369 | Digi International, Inc.* | 18,413 | ||||||
1,239 | Diodes, Inc.* | 46,983 | ||||||
174 | Ebix, Inc. | 13,859 | ||||||
1,799 | eGain Corp.* | 25,726 | ||||||
1,387 | Electro Scientific Industries, Inc.* | 30,445 | ||||||
776 | Electronics For Imaging, Inc.* | 26,997 | ||||||
322 | Ellie Mae, Inc.* | 33,929 | ||||||
2,716 | Entegris, Inc. | 92,072 | ||||||
345 | Envestnet, Inc.* | 21,804 | ||||||
392 | ePlus, Inc.* | 40,631 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,322 | Etsy, Inc.* | 64,368 | ||||||
640 | Everbridge, Inc.* | 38,534 | ||||||
1,568 | Everi Holdings, Inc.* | 13,595 | ||||||
1,207 | EVERTEC, Inc. (Puerto Rico) | 29,028 | ||||||
1,789 | Exela Technologies, Inc.* | 10,698 | ||||||
563 | ExlService Holdings, Inc.* | 36,077 | ||||||
4,779 | Extreme Networks, Inc.* | 29,964 | ||||||
248 | Fabrinet (Thailand)* | 11,872 | ||||||
513 | FARO Technologies, Inc.* | 34,987 | ||||||
1,489 | Finisar Corp.* | 30,376 | ||||||
3,090 | Fitbit, Inc., Class A* | 18,602 | ||||||
1,842 | Five9, Inc.* | 88,508 | ||||||
505 | ForeScout Technologies, Inc.* | 18,215 | ||||||
1,295 | FormFactor, Inc.* | 20,008 | ||||||
4,298 | Glu Mobile, Inc.* | 33,095 | ||||||
455 | GTT Communications, Inc.*(a) | 19,588 | ||||||
2,021 | Hackett Group, Inc. (The) | 41,370 | ||||||
1,602 | Hortonworks, Inc.* | 35,757 | ||||||
639 | HubSpot, Inc.* | 91,824 | ||||||
626 | Ichor Holdings Ltd.*(a) | 16,232 | ||||||
635 | II-VI, Inc.* | 31,591 | ||||||
487 | Imperva, Inc.* | 22,962 | ||||||
1,068 | Impinj, Inc.*(a) | 22,941 | ||||||
925 | Infinera Corp.* | 8,279 | ||||||
3,234 | Information Services Group, Inc.* | 16,008 | ||||||
450 | Insight Enterprises, Inc.* | 24,813 | ||||||
1,236 | Instructure, Inc.*(a) | 50,614 | ||||||
2,097 | Integrated Device Technology, Inc.* | 89,102 | ||||||
508 | InterDigital, Inc. | 41,961 | ||||||
2,373 | Iteris, Inc.* | 12,221 | ||||||
571 | Itron, Inc.* | 37,914 | ||||||
616 | j2 Global, Inc. | 50,863 | ||||||
1,556 | KEMET Corp.* | 40,207 | ||||||
1,199 | Kimball Electronics, Inc.* | 23,740 | ||||||
1,333 | Knowles Corp.* | 24,167 | ||||||
1,556 | KVH Industries, Inc.* | 19,372 | ||||||
568 | Lattice Semiconductor Corp.* | 4,652 | ||||||
1,165 | Leaf Group Ltd.* | 12,873 | ||||||
1,462 | Liquidity Services, Inc.* | 10,526 | ||||||
1,919 | LivePerson, Inc.* | 51,621 | ||||||
598 | Lumentum Holdings, Inc.*(a) | 40,604 | ||||||
779 | ManTech International Corp., Class A | 51,663 | ||||||
1,351 | MAXIMUS, Inc. | 89,842 | ||||||
994 | MaxLinear, Inc.* | 19,164 | ||||||
320 | Maxwell Technologies, Inc.* | 1,142 | ||||||
5,950 | Meet Group, Inc. (The)* | 30,345 | ||||||
94 | Mesa Laboratories, Inc. | 18,871 | ||||||
780 | Methode Electronics, Inc. | 30,927 | ||||||
265 | MicroStrategy, Inc., Class A* | 39,485 | ||||||
1,267 | MINDBODY, Inc., Class A* | 47,006 | ||||||
1,636 | Mitek Systems, Inc.* | 11,861 | ||||||
4,407 | MobileIron, Inc.* | 21,594 | ||||||
835 | Model N, Inc.* | 14,195 | ||||||
422 | MTS Systems Corp. | 22,830 | ||||||
1,169 | Nanometrics, Inc.* | 51,214 | ||||||
1,185 | Napco Security Technologies, Inc.* | 17,894 | ||||||
|
|
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) | ||||||||
Information Technology – (continued) | ||||||||
571 | NETGEAR, Inc.* | $ | 40,455 | |||||
1,660 | NetScout Systems, Inc.* | 41,500 | ||||||
834 | New Relic, Inc.* | 85,702 | ||||||
1,601 | NIC, Inc. | 26,897 | ||||||
605 | Novanta, Inc.* | 46,343 | ||||||
155 | NVE Corp. | 17,620 | ||||||
2,240 | Oclaro, Inc.* | 21,370 | ||||||
963 | OneSpan, Inc.* | 18,056 | ||||||
316 | OSI Systems, Inc.* | 24,613 | ||||||
2,803 | Pandora Media, Inc.* | 25,900 | ||||||
1,160 | PAR Technology Corp.* | 29,789 | ||||||
468 | Park Electrochemical Corp. | 10,006 | ||||||
172 | Paylocity Holding Corp.* | 13,664 | ||||||
1,153 | PC Connection, Inc. | 45,774 | ||||||
1,592 | Perficient, Inc.* | 45,738 | ||||||
2,124 | Perspecta, Inc. | 49,404 | ||||||
1,548 | PFSweb, Inc.* | 13,328 | ||||||
1,314 | Photronics, Inc.* | 14,060 | ||||||
852 | Plantronics, Inc. | 57,271 | ||||||
815 | Plexus Corp.* | 51,581 | ||||||
474 | Power Integrations, Inc. | 34,768 | ||||||
638 | Presidio, Inc.* | 9,647 | ||||||
2,099 | PRGX Global, Inc.* | 20,045 | ||||||
1,054 | Progress Software Corp. | 43,140 | ||||||
514 | PROS Holdings, Inc.* | 18,956 | ||||||
662 | Q2 Holdings, Inc.* | 41,243 | ||||||
520 | QAD, Inc., Class A | 31,538 | ||||||
454 | Qualys, Inc.* | 41,337 | ||||||
956 | Quantenna Communications, Inc.* | 17,466 | ||||||
2,944 | QuinStreet, Inc.* | 44,661 | ||||||
1,038 | Quotient Technology, Inc.* | 15,518 | ||||||
3,333 | Rambus, Inc.* | 40,729 | ||||||
926 | Rapid7, Inc.* | 35,327 | ||||||
2,657 | Remark Holdings, Inc.*(a) | 9,353 | ||||||
4,104 | Ribbon Communications, Inc.* | 28,400 | ||||||
308 | Rogers Corp.* | 42,526 | ||||||
2,008 | Rosetta Stone, Inc.* | 31,726 | ||||||
1,315 | Rudolph Technologies, Inc.* | 36,557 | ||||||
337 | SailPoint Technologies Holding, Inc.* | 10,423 | ||||||
1,355 | Sanmina Corp.* | 41,734 | ||||||
643 | ScanSource, Inc.* | 26,138 | ||||||
896 | Science Applications International Corp. | 80,837 | ||||||
792 | Semtech Corp.* | 47,322 | ||||||
223 | ShotSpotter, Inc.* | 12,720 | ||||||
504 | Shutterstock, Inc. | 27,740 | ||||||
552 | Silicon Laboratories, Inc.* | 54,096 | ||||||
298 | SMART Global Holdings, Inc.* | 9,831 | ||||||
257 | SPS Commerce, Inc.* | 25,255 | ||||||
287 | Stamps.com, Inc.* | 71,305 | ||||||
449 | Stratasys Ltd.* | 11,203 | ||||||
1,276 | Sykes Enterprises, Inc.* | 38,586 | ||||||
1,041 | Synaptics, Inc.* | 50,239 | ||||||
241 | SYNNEX Corp. | 23,370 | ||||||
1,283 | Syntel, Inc.* | 52,269 | ||||||
438 | Tech Data Corp.* | 31,865 | ||||||
1,369 | TechTarget, Inc.* | 32,842 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
2,109 | Telaria, Inc.* | 8,668 | ||||||
474 | Telenav, Inc.* | 2,654 | ||||||
1,608 | TiVo Corp. | 21,949 | ||||||
309 | Trade Desk, Inc. (The), Class A* | 43,841 | ||||||
2,634 | Travelport Worldwide Ltd. | 48,913 | ||||||
2,310 | TrueCar, Inc.* | 29,707 | ||||||
729 | TTEC Holdings, Inc. | 19,100 | ||||||
2,149 | TTM Technologies, Inc.* | 40,186 | ||||||
203 | Tucows, Inc., Class A*(a) | 11,886 | ||||||
909 | Ultra Clean Holdings, Inc.* | 13,871 | ||||||
1,559 | Unisys Corp.* | 28,997 | ||||||
420 | Upland Software, Inc.* | 15,632 | ||||||
659 | USA Technologies, Inc.* | 10,709 | ||||||
1,069 | Varonis Systems, Inc.* | 78,999 | ||||||
1,121 | Verint Systems, Inc.* | 54,425 | ||||||
378 | ViaSat, Inc.*(a) | 23,746 | ||||||
1,786 | Viavi Solutions, Inc.* | 20,003 | ||||||
484 | Virtusa Corp.* | 28,198 | ||||||
2,905 | Vishay Intertechnology, Inc. | 69,139 | ||||||
738 | Vishay Precision Group, Inc.* | 31,955 | ||||||
1,167 | Web.com Group, Inc.* | 32,618 | ||||||
1,592 | Workiva, Inc.* | 58,665 | ||||||
3,332 | Xcerra Corp.* | 48,247 | ||||||
1,790 | XO Group, Inc.* | 53,807 | ||||||
842 | Xperi Corp. | 13,219 | ||||||
1,724 | Yelp, Inc.* | 81,235 | ||||||
1,562 | Yext, Inc.* | 38,831 | ||||||
3,532 | Zix Corp.* | 19,603 | ||||||
227 | Zscaler, Inc.*(a) | 9,713 | ||||||
|
| |||||||
7,149,724 | ||||||||
|
| |||||||
Materials – 4.1% | ||||||||
473 | AdvanSix, Inc.* | 16,006 | ||||||
2,091 | AgroFresh Solutions, Inc.* | 13,905 | ||||||
2,669 | AK Steel Holding Corp.*(a) | 11,850 | ||||||
763 | Allegheny Technologies, Inc.* | 20,624 | ||||||
1,373 | American Vanguard Corp. | 30,069 | ||||||
406 | Balchem Corp. | 45,021 | ||||||
1,457 | Boise Cascade Co. | 63,671 | ||||||
470 | Carpenter Technology Corp. | 28,045 | ||||||
570 | Century Aluminum Co.* | 7,193 | ||||||
478 | Chase Corp. | 59,248 | ||||||
4,253 | Cleveland-Cliffs, Inc.* | 42,743 | ||||||
1,772 | Coeur Mining, Inc.*(a) | 10,065 | ||||||
964 | Commercial Metals Co. | 20,822 | ||||||
213 | Compass Minerals International, Inc. | 13,323 | ||||||
1,313 | Ferro Corp.* | 28,820 | ||||||
904 | Forterra, Inc.* | 7,648 | ||||||
717 | FutureFuel Corp. | 10,633 | ||||||
1,341 | GCP Applied Technologies, Inc.* | 33,793 | ||||||
4,064 | Gold Resource Corp. | 20,970 | ||||||
357 | Greif, Inc., Class A | 19,699 | ||||||
62 | Greif, Inc., Class B | 3,525 | ||||||
229 | Haynes International, Inc. | 9,023 | ||||||
648 | HB Fuller Co. | 36,930 | ||||||
5,827 | Hecla Mining Co. | 16,549 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
1,023 | Ingevity Corp.* | $ | 103,333 | |||||
381 | Innophos Holdings, Inc. | 16,653 | ||||||
562 | Innospec, Inc. | 43,611 | ||||||
2,008 | Intrepid Potash, Inc.* | 6,827 | ||||||
215 | Kaiser Aluminum Corp. | 23,562 | ||||||
1,596 | KapStone Paper and Packaging Corp. | 54,823 | ||||||
750 | KMG Chemicals, Inc. | 58,110 | ||||||
264 | Koppers Holdings, Inc.* | 9,359 | ||||||
627 | Kraton Corp.* | 29,488 | ||||||
548 | Kronos Worldwide, Inc. | 11,031 | ||||||
3,150 | Louisiana-Pacific Corp. | 91,854 | ||||||
5,051 | Marrone Bio Innovations, Inc.* | 10,531 | ||||||
711 | Materion Corp. | 45,362 | ||||||
580 | Minerals Technologies, Inc. | 38,947 | ||||||
2,527 | Myers Industries, Inc. | 56,226 | ||||||
234 | Neenah, Inc. | 21,352 | ||||||
917 | Olympic Steel, Inc. | 20,211 | ||||||
1,745 | OMNOVA Solutions, Inc.* | 15,792 | ||||||
1,883 | PolyOne Corp. | 79,576 | ||||||
441 | Quaker Chemical Corp. | 79,442 | ||||||
802 | Rayonier Advanced Materials, Inc. | 16,762 | ||||||
1,594 | Ryerson Holding Corp.* | 16,578 | ||||||
834 | Schnitzer Steel Industries, Inc., Class A | 21,976 | ||||||
511 | Schweitzer-Mauduit International, Inc. | 20,793 | ||||||
634 | Sensient Technologies Corp. | 45,027 | ||||||
499 | Stepan Co. | 44,516 | ||||||
1,052 | Summit Materials, Inc., Class A* | 22,376 | ||||||
1,938 | SunCoke Energy, Inc.* | 21,628 | ||||||
446 | Synalloy Corp. | 10,236 | ||||||
655 | TimkenSteel Corp.*(a) | 9,177 | ||||||
703 | Trecora Resources* | 9,842 | ||||||
891 | Trinseo SA | 68,741 | ||||||
1,885 | Tronox Ltd., Class A | 30,518 | ||||||
644 | UFP Technologies, Inc.* | 22,701 | ||||||
196 | United States Lime & Minerals, Inc. | 14,874 | ||||||
375 | Universal Stainless & Alloy Products, Inc.* | 11,355 | ||||||
162 | US Concrete, Inc.*(a) | 7,808 | ||||||
2,521 | Valhi, Inc. | 8,319 | ||||||
1,012 | Verso Corp., Class A* | 31,767 | ||||||
2,205 | Warrior Met Coal, Inc. | 53,030 | ||||||
645 | Worthington Industries, Inc. | 30,044 | ||||||
|
| |||||||
1,904,333 | ||||||||
|
| |||||||
Real Estate – 6.9% | ||||||||
698 | Acadia Realty Trust REIT | 19,907 | ||||||
406 | Agree Realty Corp. REIT | 23,170 | ||||||
1,052 | Alexander & Baldwin, Inc. REIT | 24,690 | ||||||
40 | Alexander’s, Inc. REIT | 14,437 | ||||||
1,015 | Altisource Portfolio Solutions SA* | 36,692 | ||||||
427 | American Assets Trust, Inc. REIT | 16,866 | ||||||
716 | Armada Hoffler Properties, Inc. REIT | 11,162 | ||||||
3,804 | Ashford Hospitality Trust, Inc. REIT | 24,688 | ||||||
2,597 | Braemar Hotels & Resorts, Inc. REIT | 29,995 | ||||||
829 | BRT Apartments Corp. REIT | 10,669 | ||||||
1,415 | CareTrust REIT, Inc. REIT | 26,107 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
885 | CatchMark Timber Trust, Inc., Class A REIT | 11,098 | ||||||
4,084 | CBL & Associates Properties, Inc. REIT | 18,215 | ||||||
4,608 | Cedar Realty Trust, Inc. REIT | 20,598 | ||||||
1,533 | Chatham Lodging Trust REIT | 32,883 | ||||||
1,705 | Chesapeake Lodging Trust REIT | 56,112 | ||||||
811 | City Office REIT, Inc. REIT | 10,470 | ||||||
361 | Clipper Realty, Inc. REIT | 4,404 | ||||||
568 | Community Healthcare Trust, Inc. REIT | 17,625 | ||||||
351 | Consolidated-Tomoka Land Co. | 22,036 | ||||||
2,185 | CoreCivic, Inc. REIT | 56,570 | ||||||
620 | CorEnergy Infrastructure Trust, Inc. REIT(a) | 23,207 | ||||||
906 | CorePoint Lodging, Inc. REIT | 18,890 | ||||||
10,396 | Cousins Properties, Inc. REIT | 97,203 | ||||||
4,484 | DiamondRock Hospitality Co. REIT | 53,629 | ||||||
775 | Easterly Government Properties, Inc. REIT | 15,694 | ||||||
554 | EastGroup Properties, Inc. REIT | 53,888 | ||||||
463 | Education Realty Trust, Inc. REIT | 19,159 | ||||||
1,597 | First Industrial Realty Trust, Inc. REIT | 51,839 | ||||||
1,049 | Forestar Group, Inc.* | 26,959 | ||||||
1,448 | Four Corners Property Trust, Inc. REIT | 39,009 | ||||||
1,318 | Franklin Street Properties Corp. REIT | 11,295 | ||||||
1,375 | Front Yard Residential Corp. REIT | 16,803 | ||||||
355 | FRP Holdings, Inc.* | 23,181 | ||||||
2,229 | GEO Group, Inc. (The) REIT | 56,550 | ||||||
806 | Getty Realty Corp. REIT | 23,463 | ||||||
893 | Gladstone Commercial Corp. REIT | 17,780 | ||||||
525 | Global Net Lease, Inc. REIT | 11,387 | ||||||
979 | Government Properties Income Trust REIT | 16,555 | ||||||
2,140 | Gramercy Property Trust REIT | 58,529 | ||||||
1,482 | Healthcare Realty Trust, Inc. REIT | 45,883 | ||||||
1,269 | Hersha Hospitality Trust REIT | 29,948 | ||||||
939 | HFF, Inc., Class A | 42,640 | ||||||
1,704 | Independence Realty Trust, Inc. REIT | 17,602 | ||||||
675 | Industrial Logistics Properties Trust REIT | 16,247 | ||||||
1,813 | InfraREIT, Inc. REIT | 37,874 | ||||||
263 | Innovative Industrial Properties, Inc., Class A REIT | 11,940 | ||||||
1,840 | iStar, Inc. REIT | 20,590 | ||||||
619 | Jernigan Capital, Inc. REIT | 12,386 | ||||||
1,304 | Kennedy-Wilson Holdings, Inc. | 27,971 | ||||||
1,709 | Kite Realty Group Trust REIT | 29,873 | ||||||
2,909 | LaSalle Hotel Properties REIT | 102,135 | ||||||
1,917 | Lexington Realty Trust REIT | 17,905 | ||||||
591 | LTC Properties, Inc. REIT | 27,452 | ||||||
1,464 | Mack-Cali Realty Corp. REIT | 31,974 | ||||||
1,979 | Marcus & Millichap, Inc.* | 72,055 | ||||||
472 | Maui Land & Pineapple Co., Inc.* | 5,994 | ||||||
1,001 | MedEquities Realty Trust, Inc. REIT | 10,721 | ||||||
1,343 | Monmouth Real Estate Investment Corp. REIT | 23,355 | ||||||
644 | National Health Investors, Inc. REIT | 51,037 | ||||||
1,692 | National Storage Affiliates Trust REIT | 47,985 | ||||||
1,961 | New Senior Investment Group, Inc. REIT | 12,433 | ||||||
635 | Newmark Group, Inc., Class A | 8,160 | ||||||
|
|
86 | 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) | ||||||||
Real Estate – (continued) | ||||||||
666 | NexPoint Residential Trust, Inc. REIT | $ | 21,512 | |||||
1,290 | NorthStar Realty Europe Corp. REIT | 17,699 | ||||||
412 | One Liberty Properties, Inc. REIT | 11,861 | ||||||
1,428 | Pebblebrook Hotel Trust REIT | 55,135 | ||||||
2,685 | Pennsylvania Real Estate Investment Trust REIT | 27,387 | ||||||
1,892 | Physicians Realty Trust REIT | 33,091 | ||||||
817 | Piedmont Office Realty Trust, Inc., Class A REIT | 16,209 | ||||||
1,465 | PotlatchDeltic Corp. REIT | 70,760 | ||||||
1,303 | Preferred Apartment Communities, Inc., Class A REIT | 23,219 | ||||||
376 | PS Business Parks, Inc. REIT | 49,042 | ||||||
730 | QTS Realty Trust, Inc., Class A REIT | 33,383 | ||||||
2,273 | Ramco-Gershenson Properties Trust REIT | 31,731 | ||||||
1,001 | RE/MAX Holdings, Inc., Class A | 49,299 | ||||||
4,412 | Redfin Corp.*(a) | 87,402 | ||||||
750 | Retail Opportunity Investments Corp. REIT | 14,805 | ||||||
1,045 | Rexford Industrial Realty, Inc. REIT | 33,963 | ||||||
3,334 | RLJ Lodging Trust REIT | 73,048 | ||||||
700 | RMR Group, Inc. (The), Class A | 66,115 | ||||||
876 | Ryman Hospitality Properties, Inc. REIT | 77,727 | ||||||
3,344 | Sabra Health Care REIT, Inc. REIT | 78,852 | ||||||
185 | Saul Centers, Inc. REIT | 11,100 | ||||||
916 | Select Income REIT | 18,824 | ||||||
476 | Seritage Growth Properties, Class A REIT(a) | 24,504 | ||||||
557 | St Joe Co. (The)* | 9,580 | ||||||
1,299 | STAG Industrial, Inc. REIT | 37,502 | ||||||
3,015 | Summit Hotel Properties, Inc. REIT | 41,396 | ||||||
5,549 | Sunstone Hotel Investors, Inc. REIT | 93,112 | ||||||
942 | Tanger Factory Outlet Centers, Inc. REIT | 22,665 | ||||||
363 | Tejon Ranch Co.* | 8,069 | ||||||
861 | Terreno Realty Corp. REIT | 33,071 | ||||||
1,085 | Tier REIT, Inc. REIT | 25,866 | ||||||
1,036 | UMH Properties, Inc. REIT | 16,535 | ||||||
281 | Universal Health Realty Income Trust REIT | 21,426 | ||||||
1,162 | Urban Edge Properties REIT | 26,563 | ||||||
532 | Urstadt Biddle Properties, Inc., Class A REIT | 12,103 | ||||||
3,678 | Washington Prime Group, Inc. REIT | 28,468 | ||||||
983 | Washington Real Estate Investment Trust REIT | 31,023 | ||||||
756 | Whitestone REIT | 10,312 | ||||||
2,317 | Xenia Hotels & Resorts, Inc. REIT | 56,210 | ||||||
|
| |||||||
3,228,143 | ||||||||
|
| |||||||
Telecommunication Services – 0.7% | ||||||||
867 | Boingo Wireless, Inc.* | 28,680 | ||||||
1,249 | Cincinnati Bell, Inc.* | 16,237 | ||||||
728 | Cogent Communications Holdings, Inc. | 39,822 | ||||||
728 | Consolidated Communications Holdings, Inc. | 8,598 | ||||||
2,574 | Frontier Communications Corp. | 13,385 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Telecommunication Services – (continued) | ||||||||
525 | Intelsat S.A.* | 11,534 | ||||||
540 | Iridium Communications, Inc.* | 10,935 | ||||||
2,937 | NII Holdings, Inc.* | 16,859 | ||||||
968 | Ooma, Inc.* | 15,488 | ||||||
275 | Shenandoah Telecommunications Co. | 10,491 | ||||||
1,083 | Spok Holdings, Inc. | 16,624 | ||||||
10,261 | Vonage Holdings Corp.* | 145,501 | ||||||
1,299 | Windstream Holdings, Inc.* | 6,118 | ||||||
|
| |||||||
340,272 | ||||||||
|
| |||||||
Utilities – 3.3% | ||||||||
1,076 | ALLETE, Inc. | 80,786 | ||||||
1,033 | American States Water Co. | 62,424 | ||||||
1,111 | AquaVenture Holdings Ltd.* | 20,198 | ||||||
254 | Artesian Resources Corp., Class A | 9,126 | ||||||
11,302 | Atlantic Power Corp.* | 24,864 | ||||||
1,279 | Avista Corp. | 65,625 | ||||||
1,154 | Black Hills Corp. | 67,913 | ||||||
798 | Cadiz, Inc.*(a) | 7,661 | ||||||
763 | California Water Service Group | 31,397 | ||||||
406 | Chesapeake Utilities Corp. | 34,916 | ||||||
176 | Connecticut Water Service, Inc. | 12,058 | ||||||
1,455 | Consolidated Water Co. Ltd. (Cayman Islands) | 19,643 | ||||||
804 | El Paso Electric Co. | 49,285 | ||||||
953 | IDACORP, Inc. | 93,251 | ||||||
695 | MGE Energy, Inc. | 45,488 | ||||||
1,562 | New Jersey Resources Corp. | 71,227 | ||||||
512 | Northwest Natural Gas Co. | 33,229 | ||||||
942 | NorthWestern Corp. | 56,482 | ||||||
2,754 | NRG Yield, Inc., Class A | 54,226 | ||||||
3,207 | NRG Yield, Inc., Class C | 63,659 | ||||||
987 | ONE Gas, Inc. | 77,509 | ||||||
959 | Ormat Technologies, Inc. | 50,491 | ||||||
838 | Otter Tail Corp. | 40,140 | ||||||
1,437 | Pattern Energy Group, Inc., Class A | 29,286 | ||||||
1,653 | PNM Resources, Inc. | 64,384 | ||||||
1,817 | Portland General Electric Co. | 84,309 | ||||||
1,514 | Pure Cycle Corp.* | 17,033 | ||||||
520 | RGC Resources, Inc. | 14,004 | ||||||
376 | SJW Group | 21,774 | ||||||
1,356 | South Jersey Industries, Inc. | 44,992 | ||||||
949 | Southwest Gas Holdings, Inc. | 73,377 | ||||||
1,151 | Spark Energy, Inc., Class A | 10,129 | ||||||
870 | Spire, Inc. | 64,859 | ||||||
1,942 | TerraForm Power, Inc., Class A | 21,712 | ||||||
486 | Unitil Corp. | 24,567 | ||||||
388 | York Water Co. (The) | 11,679 | ||||||
|
| |||||||
1,553,703 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $42,760,128) | $ | 46,600,450 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Units | Description | Value | ||||||||||
Rights – 0.0% | ||||||||||||
Financials – 0.0% | ||||||||||||
153 | NewStar Financial, Inc. CVR*(b) | $ | 75 | |||||||||
|
| |||||||||||
Materials – 0.0% | ||||||||||||
562 | A Schulman, Inc. CVR* | 1,074 | ||||||||||
|
| |||||||||||
TOTAL RIGHTS | ||||||||||||
(Cost $1,270) | $ | 1,149 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $42,761,398) | $ | 46,601,599 | ||||||||||
|
| |||||||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 3.1%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
1,464,426 | 1.879% | $ | 1,464,426 | |||||
(Cost $1,464,426) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 102.2% | ||||||||
(Cost $44,225,824) | $ | 48,066,025 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (2.2)% | (1,051,925 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 47,014,100 | ||||||
|
|
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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CVR | —Contingent Value Right | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
August 31, 2018
ActiveBeta® Emerging Markets | ActiveBeta® Equity ETF | ActiveBeta® Equity ETF | ActiveBeta® Equity ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments at value (cost $1,429,723,675, $67,556,324, $1,005,426,941 and $42,976,122, respectively)(a) | $ | 1,686,710,949 | $ | 73,578,544 | $ | 1,091,761,933 | $ | 51,984,852 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 22,917,805 | 517,340 | 12,382,605 | 928,809 | ||||||||||||||
Cash | 2,317,960 | 620,082 | 1,233,378 | — | ||||||||||||||
Foreign currency, at value (cost $16,478,029, $16,355, $186,655, and $375,285, respectively) | 16,478,042 | 16,351 | 186,742 | 375,468 | ||||||||||||||
Receivables: | ||||||||||||||||||
Investments sold | 89,007,273 | 2,567,689 | 37,145,540 | 1,446,732 | ||||||||||||||
Dividends | 3,192,204 | 146,532 | 2,240,588 | 65,043 | ||||||||||||||
Foreign tax reclaims | 81,834 | 71,545 | 400,303 | 4,246 | ||||||||||||||
Securities lending income | 18,850 | 593 | 6,138 | 298 | ||||||||||||||
Reimbursement from advisor | 157,455 | — | — | — | ||||||||||||||
Other assets | 21,303 | — | — | — | ||||||||||||||
Total assets | 1,820,903,675 | 77,518,676 | 1,145,357,227 | 54,805,448 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | 22,917,805 | 517,340 | 12,382,605 | 928,809 | ||||||||||||||
Investments purchased | 104,368,769 | 3,022,261 | 38,285,407 | 361,347 | ||||||||||||||
Foreign capital gains tax | 4,068,963 | — | — | — | ||||||||||||||
Management fees | 573,793 | 15,602 | 227,226 | 11,024 | ||||||||||||||
Due to custodian | — | — | — | 726,629 | ||||||||||||||
Accrued expenses | 434,214 | — | — | — | ||||||||||||||
Total liabilities | 132,363,544 | 3,555,203 | 50,895,238 | 2,027,809 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 1,464,695,326 | 68,987,626 | 1,017,742,040 | 43,969,271 | ||||||||||||||
Undistributed (distributions in excess of) net investment income | 14,894,569 | 140,745 | 2,014,147 | (137,957 | ) | |||||||||||||
Accumulated net realized loss | (43,840,938 | ) | (1,187,671 | ) | (11,632,550 | ) | (63,669 | ) | ||||||||||
Net unrealized gain | 252,791,174 | 6,022,773 | 86,338,352 | 9,009,994 | ||||||||||||||
NET ASSETS | $ | 1,688,540,131 | $ | 73,963,473 | $ | 1,094,461,989 | $ | 52,777,639 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 51,200,000 | 2,400,000 | 37,200,000 | 1,600,000 | ||||||||||||||
Net asset value per share: | $32.98 | $30.82 | $29.42 | $32.99 |
(a) | Includes loaned securities having a market value of $22,006,472, $472,946, $11,561,127 and $887,807. |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities (continued)
August 31, 2018
ActiveBeta® Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||
Assets: | ||||||||||
Investments at value (cost $3,233,697,629 and $42,761,398, respectively)(a) | $ | 3,968,965,544 | $ | 46,601,599 | ||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 165,999 | 1,464,426 | ||||||||
Cash | 4,667,427 | 385,839 | ||||||||
Receivables: | ||||||||||
Dividends | 6,962,831 | 30,919 | ||||||||
Investments sold | 2,929,383 | — | ||||||||
Securities lending income | 147 | 3,277 | ||||||||
Total assets | 3,983,691,331 | 48,486,060 | ||||||||
Liabilities: | ||||||||||
Payables: | ||||||||||
Upon return of securities loaned | 165,999 | 1,464,426 | ||||||||
Fund shares redeemed | 2,937,358 | — | ||||||||
Management fees | 291,285 | 7,534 | ||||||||
Total liabilities | 3,394,642 | 1,471,960 | ||||||||
Net Assets: | ||||||||||
Paid-in capital | 3,275,976,651 | 43,424,995 | ||||||||
Undistributed net investment income | 12,889,916 | 79,481 | ||||||||
Accumulated net realized loss | (43,837,793 | ) | (330,577 | ) | ||||||
Net unrealized gain | 735,267,915 | 3,840,201 | ||||||||
NET ASSETS | $ | 3,980,296,689 | $ | 47,014,100 | ||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||
Shares outstanding no par value (unlimited shares authorized): | 67,752,500 | 950,000 | ||||||||
Net asset value per share: | $58.75 | $49.49 |
(a) | Includes loaned securities having a market value of $164,522 and $1,436,446. |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2018
ActiveBeta® Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Equity ETF | |||||||||||||||
Investment income: | ||||||||||||||||||
Dividends (net of foreign withholding taxes of $5,467,700, $282,001, $2,607,306 and $108,798, respectively) | $ | 45,586,095 | $ | 2,051,628 | $ | 23,279,724 | $ | 935,754 | ||||||||||
Securities lending income | 173,431 | 22,225 | 214,147 | 7,556 | ||||||||||||||
Total investment income | 45,759,526 | 2,073,853 | 23,493,871 | 943,310 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 6,932,741 | 147,863 | 2,051,340 | 115,723 | ||||||||||||||
Custody, accounting and administrative services | 1,416,002 | — | — | — | ||||||||||||||
Printing and mailing cost | 129,183 | — | — | — | ||||||||||||||
Professional fees | 116,927 | — | — | — | ||||||||||||||
Trustee fees | 72,252 | 10,979 | 37,960 | 10,558 | ||||||||||||||
Registration fees | 30,566 | — | — | — | ||||||||||||||
Other | 121,102 | 301 | 2,351 | 6 | ||||||||||||||
Total expenses | 8,818,773 | 159,143 | 2,091,651 | 126,287 | ||||||||||||||
Less — expense reductions | (1,021,164 | ) | — | — | — | |||||||||||||
Net expenses | 7,797,609 | 159,143 | 2,091,651 | 126,287 | ||||||||||||||
NET INVESTMENT INCOME | 37,961,917 | 1,914,710 | 21,402,220 | 817,023 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments unaffiliated | (29,703,479 | ) | (1,078,470 | ) | (9,132,985 | ) | 4,470 | |||||||||||
In-kind redemptions | 16,893,651 | — | 4,982,916 | — | ||||||||||||||
Foreign currency transactions | (811,482 | ) | (8,723 | ) | (82,422 | ) | (10,406 | ) | ||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments unaffiliated (including the effects of the foreign capital gains tax liability of $4,068,963, $—, $— and $—, respectively) | (38,157,755 | ) | 345,694 | 15,927,999 | 2,882,709 | |||||||||||||
Foreign currency translations | (120,861 | ) | (1,497 | ) | (17,332 | ) | 854 | |||||||||||
Net realized and unrealized gain (loss) | (51,899,926 | ) | (742,996 | ) | 11,678,176 | 2,877,627 | ||||||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (13,938,009 | ) | 1,171,714 | 33,080,396 | 3,694,650 |
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2018
ActiveBeta® Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||
Investment income: |
| |||||||||
Dividends (net of foreign withholding taxes of $— and $35, respectively) | $ | 55,745,666 | $ | 272,418 | ||||||
Securities lending income | 29,260 | 24,390 | ||||||||
Total investment income | 55,774,926 | 296,808 | ||||||||
Expenses: |
| |||||||||
Management fees | 2,573,611 | 31,994 | ||||||||
Trustee fees | 115,805 | 9,391 | ||||||||
Total expenses | 2,689,416 | 41,385 | ||||||||
NET INVESTMENT INCOME | 53,085,510 | 255,423 | ||||||||
Realized and unrealized gain (loss): |
| |||||||||
Net realized gain (loss) from: | ||||||||||
Investments unaffiliated | (27,075,850 | ) | (371,232 | ) | ||||||
In-kind redemptions | 65,843,448 | 929,046 | ||||||||
Net change in unrealized gain on: | ||||||||||
Investments unaffiliated | 499,540,105 | 4,040,567 | ||||||||
Net realized and unrealized gain | 538,307,703 | 4,598,381 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | 591,393,213 | 4,853,804 |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | |||||||||||||||||||||
For the Fiscal August 31, 2018 | For the Fiscal August 31, 2017 | For the Fiscal August 31, 2018 | For the Fiscal August 31, 2017 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 37,961,917 | $ | 23,113,439 | $ | 1,914,710 | $ | 935,931 | ||||||||||||||
Net realized gain (loss) | (13,621,310 | ) | 27,382,713 | (1,087,193 | ) | 360,990 | ||||||||||||||||
Net change in unrealized gain (loss) | (38,278,616 | ) | 191,701,572 | 344,197 | 4,561,723 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (13,938,009 | ) | 242,197,724 | 1,171,714 | 5,858,644 | |||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From net investment income | (32,143,026 | ) | (18,216,894 | ) | (1,905,353 | ) | (931,065 | ) | ||||||||||||||
Total distributions to shareholders | (32,143,026 | ) | (18,216,894 | ) | (1,905,353 | ) | (931,065 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 314,794,227 | 538,219,705 | 30,634,671 | 10,463,180 | ||||||||||||||||||
Cost of shares redeemed | (70,855,843 | ) | (134,905,814 | ) | — | (5,287,804 | ) | |||||||||||||||
Net increase in net assets resulting from share transactions | 243,938,384 | 403,313,891 | 30,634,671 | 5,175,376 | ||||||||||||||||||
TOTAL INCREASE | 197,857,349 | 627,294,721 | 29,901,032 | 10,102,955 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of year | $ | 1,490,682,782 | $ | 863,388,061 | $ | 44,062,441 | $ | 33,959,486 | ||||||||||||||
End of year | $ | 1,688,540,131 | $ | 1,490,682,782 | $ | 73,963,473 | $ | 44,062,441 | ||||||||||||||
Undistributed net investment income | $ | 14,894,569 | $ | 9,818,288 | $ | 140,745 | $ | 138,949 |
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||||||
For the Fiscal August 31, 2018 | For the Fiscal August 31, 2017 | For the Fiscal August 31, 2018 | For the Fiscal August 31, 2017 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 21,402,220 | $ | 10,777,194 | $ | 817,023 | $ | 593,857 | ||||||||||||||
Net realized loss | (4,232,491 | ) | (1,216,679 | ) | (5,936 | ) | (25,970 | ) | ||||||||||||||
Net change in unrealized gain | 15,910,667 | 62,998,276 | 2,883,563 | 4,328,379 | ||||||||||||||||||
Net increase in net assets resulting from operations | 33,080,396 | 72,558,791 | 3,694,650 | 4,896,266 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From net investment income | (21,486,236 | ) | (9,649,669 | ) | (918,018 | ) | (721,272 | ) | ||||||||||||||
Total distributions to shareholders | (21,486,236 | ) | (9,649,669 | ) | (918,018 | ) | (721,272 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 504,609,336 | 246,462,159 | 7,009,409 | 6,019,256 | ||||||||||||||||||
Cost of shares redeemed | (14,870,038 | ) | — | — | — | |||||||||||||||||
Net increase in net assets resulting from share transactions | 489,739,298 | 246,462,159 | 7,009,409 | 6,019,256 | ||||||||||||||||||
TOTAL INCREASE | 501,333,458 | 309,371,281 | 9,786,041 | 10,194,250 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of year | $ | 593,128,531 | $ | 283,757,250 | $ | 42,991,598 | $ | 32,797,348 | ||||||||||||||
End of year | $ | 1,094,461,989 | $ | 593,128,531 | $ | 52,777,639 | $ | 42,991,598 | ||||||||||||||
Undistributed (distributions in excess of) net investment income | $ | 2,014,147 | $ | 1,931,703 | $ | (137,957 | ) | $ | (85,057 | ) |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||||
For the Fiscal August 31, 2018 | For the Fiscal August 31, 2017 | For the Fiscal August 31, 2018 | For the Period June 28, 2017(1) August 31, 2017 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 53,085,510 | $ | 34,576,873 | $ | 255,423 | $ | 19,762 | ||||||||||||||
Net realized gain (loss) | 38,767,598 | (6,147,868 | ) | 557,814 | 227 | |||||||||||||||||
Net change in unrealized gain (loss) | 499,540,105 | 196,569,414 | 4,040,567 | (200,366 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 591,393,213 | 224,998,419 | 4,853,804 | (180,377 | ) | |||||||||||||||||
Distributions to shareholders: |
| |||||||||||||||||||||
From net investment income | (50,169,147 | ) | (28,028,221 | ) | (196,288 | ) | — | |||||||||||||||
Total distributions to shareholders | (50,169,147 | ) | (28,028,221 | ) | (196,288 | ) | — | |||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 1,249,627,575 | 1,088,221,008 | 41,173,190 | 12,076,307 | ||||||||||||||||||
Cost of shares redeemed | (207,045,304 | ) | (45,906,935 | ) | (10,712,536 | ) | — | |||||||||||||||
Net increase in net assets resulting from share transactions | 1,042,582,271 | 1,042,314,073 | 30,460,654 | 12,076,307 | ||||||||||||||||||
TOTAL INCREASE | 1,583,806,337 | 1,239,284,271 | 35,118,170 | 11,895,930 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 2,396,490,352 | $ | 1,157,206,081 | $ | 11,895,930 | $ | — | ||||||||||||||
End of period | $ | 3,980,296,689 | $ | 2,396,490,352 | $ | 47,014,100 | $ | 11,895,930 | ||||||||||||||
Undistributed net investment income | $ | 12,889,916 | $ | 9,973,553 | $ | 79,481 | $ | 19,762 |
(1) | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||
For the Fiscal Year Ended August 31, | For the Period September 25, 2015* to August 31, 2016 | |||||||||||||
2018 | 2017 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 33.73 | $ | 28.03 | $ | 25.00 | ||||||||
Net investment income(a) | 0.77 | 0.63 | 0.60 | |||||||||||
Net realized and unrealized gain (loss) | (0.84 | ) | 5.58 | 2.70 | ||||||||||
Total gain (loss) from investment operations | (0.07 | ) | 6.21 | 3.30 | ||||||||||
Distributions to shareholders from net investment income | (0.68 | ) | (0.51 | ) | (0.27 | ) | ||||||||
Net asset value, end of period | $ | 32.98 | $ | 33.73 | $ | 28.03 | ||||||||
Market price, end of period | $ | 32.87 | $ | 33.74 | $ | 28.01 | ||||||||
Total Return at Net Asset Value(b) | (0.28 | )% | 22.49 | % | 13.29 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 1,688,540 | $ | 1,490,683 | $ | 863,388 | ||||||||
Ratio of net expenses to average net assets | 0.45 | % | 0.45 | % | 0.45 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.51 | % | 0.53 | % | 0.58 | %(c) | ||||||||
Ratio of net investment income to average net assets | 2.19 | % | 2.13 | % | 2.52 | %(c) | ||||||||
Portfolio turnover rate(d) | 28 | % | 27 | % | 44 | % |
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® Europe Equity ETF | ||||||||||||||
For the Fiscal Year Ended August 31, | For the Period March 2, 2016* to August 31, 2016 | |||||||||||||
2018 | 2017 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 30.39 | $ | 26.12 | $ | 25.03 | ||||||||
Net investment income(a) | 0.95 | 0.75 | 0.60 | |||||||||||
Net realized and unrealized gain | 0.37 | 4.26 | 0.97 | |||||||||||
Total gain from investment operations | 1.32 | 5.01 | 1.57 | |||||||||||
Distributions to shareholders from net investment income | (0.89 | ) | (0.74 | ) | (0.48 | ) | ||||||||
Net asset value, end of period | $ | 30.82 | $ | 30.39 | $ | 26.12 | ||||||||
Market price, end of period | $ | 30.73 | $ | 30.54 | $ | 26.20 | ||||||||
Total Return at Net Asset Value(b) | 4.40 | % | 19.46 | % | 6.23 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 73,963 | $ | 44,062 | $ | 33,959 | ||||||||
Ratio of net expenses to average net assets | 0.25 | % | 0.25 | % | 0.25 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | % | 0.25 | % | 0.71 | %(c) | ||||||||
Ratio of net investment income to average net assets | 3.02 | % | 2.71 | % | 4.61 | %(c) | ||||||||
Portfolio turnover rate(d) | 23 | % | 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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. | 97 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® International Equity ETF | ||||||||||||||
For the Fiscal Year Ended August 31, | For the Period November 6, 2015* to August 31, 2016 | |||||||||||||
2018 | 2017 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 28.38 | $ | 24.67 | $ | 24.78 | ||||||||
Net investment income(a) | 0.76 | 0.69 | 0.59 | |||||||||||
Net realized and unrealized gain (loss) | 1.02 | 3.61 | (0.37 | ) | ||||||||||
Total gain from investment operations | 1.78 | 4.30 | 0.22 | |||||||||||
Distributions to shareholders from net investment income | (0.74 | ) | (0.59 | ) | (0.33 | ) | ||||||||
Net asset value, end of period | $ | 29.42 | $ | 28.38 | $ | 24.67 | ||||||||
Market price, end of period | $ | 29.45 | $ | 28.53 | $ | 24.78 | ||||||||
Total Return at Net Asset Value(b) | 6.30 | % | 17.66 | % | 0.90 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 1,094,462 | $ | 593,129 | $ | 283,757 | ||||||||
Ratio of net expenses to average net assets | 0.25 | % | 0.25 | % | 0.27 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | % | 0.25 | % | 0.62 | %(c) | ||||||||
Ratio of net investment income to average net assets | 2.56 | % | 2.64 | % | 3.02 | %(c) | ||||||||
Portfolio turnover rate(d) | 16 | % | 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. |
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® Japan Equity ETF | ||||||||||||||
For the Fiscal Year Ended August 31, | For the Period March 2, 2016* to August 31, 2016 | |||||||||||||
2018 | 2017 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 30.71 | $ | 27.33 | $ | 25.69 | ||||||||
Net investment income(a) | 0.54 | 0.48 | 0.24 | |||||||||||
Net realized and unrealized gain | 2.36 | 3.50 | 1.60 | |||||||||||
Total gain from investment operations | 2.90 | 3.98 | 1.84 | |||||||||||
Distributions to shareholders from net investment income | (0.62 | ) | (0.60 | ) | (0.20 | ) | ||||||||
Net asset value, end of period | $ | 32.99 | $ | 30.71 | $ | 27.33 | ||||||||
Market price, end of period | $ | 32.90 | $ | 30.79 | $ | 27.44 | ||||||||
Total Return at Net Asset Value(b) | 9.42 | % | 14.74 | % | 7.17 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 52,778 | $ | 42,992 | $ | 32,797 | ||||||||
Ratio of net expenses to average net assets | 0.25 | % | 0.25 | % | 0.25 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.25 | % | 0.25 | % | 0.73 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.62 | % | 1.68 | % | 1.81 | %(c) | ||||||||
Portfolio turnover rate(d) | 23 | % | 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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. | 99 |
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 Fiscal Year Ended August 31, | For the Period September 17, 2015* to August 31, 2016 | |||||||||||||
2018 | 2017 | |||||||||||||
Per Share Operating Performance: | ||||||||||||||
Net asset value, beginning of period | $ | 49.16 | $ | 43.83 | $ | 40.70 | ||||||||
Net investment income(a) | 0.96 | 0.97 | 0.85 | |||||||||||
Net realized and unrealized gain | 9.56 | 5.17 | 2.78 | |||||||||||
Total gain from investment operations | 10.52 | 6.14 | 3.63 | |||||||||||
Distributions to shareholders from net investment income | (0.93 | ) | (0.81 | ) | (0.50 | ) | ||||||||
Net asset value, end of period | $ | 58.75 | $ | 49.16 | $ | 43.83 | ||||||||
Market price, end of period | $ | 58.75 | $ | 49.15 | $ | 43.82 | ||||||||
Total Return at Net Asset Value(b) | 21.65 | % | 14.15 | % | 8.97 | % | ||||||||
Net assets, end of period (in 000’s) | $ | 3,980,297 | $ | 2,396,490 | $ | 1,157,206 | ||||||||
Ratio of net expenses to average net assets | 0.09 | % | 0.09 | % | 0.09 | %(c) | ||||||||
Ratio of total expenses to average net assets | 0.09 | % | 0.09 | % | 0.19 | %(c) | ||||||||
Ratio of net investment income to average net assets | 1.78 | % | 2.08 | % | 2.11 | %(c) | ||||||||
Portfolio turnover rate(d) | 16 | % | 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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. |
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||
For the Fiscal August 31, 2018 | 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) | 0.56 | 0.07 | ||||||||
Net realized and unrealized gain (loss) | 9.79 | (0.78 | ) | |||||||
Total gain (loss) from investment operations | 10.35 | (0.71 | ) | |||||||
Distributions to shareholders from net investment income | (0.51 | ) | — | |||||||
Net asset value, end of period | $ | 49.49 | $ | 39.65 | ||||||
Market price, end of period | $ | 49.55 | $ | 38.95 | ||||||
Total Return at Net Asset Value(b) | 26.28 | % | (1.76 | )% | ||||||
Net assets, end of period (in 000’s) | $ | 47,014 | $ | 11,896 | ||||||
Ratio of net expenses to average net assets | 0.20 | % | 0.20 | %(c) | ||||||
Ratio of total expenses to average net assets | 0.20 | % | 0.20 | %(c) | ||||||
Ratio of net investment income to average net assets | 1.24 | % | 0.96 | %(c) | ||||||
Portfolio turnover rate(d) | 27 | % | 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 year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. 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. | 101 |
GOLDMAN SACHS ACTIVEBETA® ETFS
August 31, 2018
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 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, if any. 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, each Fund is not
102
GOLDMAN SACHS ACTIVEBETA® ETFS
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 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.
E. Foreign Currency Translation — The accounting records and reporting currency of a Fund 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.
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.
103
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2018
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.
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 the 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 a 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 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.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2018:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 98,610,228 | $ | 5,281,797 | $ | — | ||||||
Asia | 1,290,580,635 | 61,922,599 | — | |||||||||
Europe | 37,038,968 | — | — | |||||||||
North America | 47,341,814 | — | — | |||||||||
South America | 112,520,257 | 33,414,651 | — | |||||||||
Securities Lending Reinvestment Vehicle | 22,917,805 | — | — | |||||||||
Total | $ | 1,609,009,707 | $ | 100,619,047 | $ | — |
104
GOLDMAN SACHS ACTIVEBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® EUROPE EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 644,711 | $ | — | $ | — | ||||||
Asia | 68,037 | — | — | |||||||||
Europe | 71,053,132 | 542,854 | — | |||||||||
North America | 644,807 | — | — | |||||||||
Oceania | 546,601 | — | — | |||||||||
South America | 41,003 | 37,399 | — | |||||||||
Securities Lending Reinvestment Vehicle | 517,340 | — | — | |||||||||
Total | $ | 73,515,631 | $ | 580,253 | $ | — | ||||||
ACTIVEBETA® INTERNATIONAL EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Africa | $ | 6,362,769 | $ | — | $ | — | ||||||
Asia | 302,853,473 | — | — | |||||||||
Europe | 604,926,865 | 5,667,717 | — | |||||||||
North America | 98,693,241 | — | — | |||||||||
Oceania | 72,392,892 | — | — | |||||||||
South America | 472,829 | 392,147 | — | |||||||||
Securities Lending Reinvestment Vehicle | 12,382,605 | — | — | |||||||||
Total | $ | 1,098,084,674 | $ | 6,059,864 | $ | — | ||||||
ACTIVEBETA® JAPAN EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 51,984,852 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 928,809 | — | — | |||||||||
Total | $ | 52,913,661 | $ | — | $ | — | ||||||
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 | $ | 3,968,965,544 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 165,999 | — | — | |||||||||
Total | $ | 3,969,131,543 | $ | — | $ | — |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2018
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 19,386 | $ | — | $ | — | ||||||
Europe | 160,314 | — | — | |||||||||
North America | 46,412,250 | 1,074 | 75 | |||||||||
South America | 8,500 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,464,426 | — | — | |||||||||
Total | $ | 48,064,876 | $ | 1,074 | $ | 75 |
(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.
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 fiscal year ended August 31, 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 | % |
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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the year ended August 31, 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 fiscal year ended August 31, 2018, these expense reimbursements amounted to $1,021,164.
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 Fiscal Year Ended August 31, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 9,000,000 | $ | 313,899,096 | 17,400,000 | $ | 537,396,840 | ||||||||||
Shares Redeemed | (2,000,000 | ) | (70,845,037 | ) | (4,000,000 | ) | (134,905,814 | ) | ||||||||
NET INCREASE IN SHARES | 7,000,000 | $ | 243,054,059 | 13,400,000 | $ | 402,491,026 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2018
5.CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® Europe Equity ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 950,000 | $ | 30,634,671 | 350,000 | $ | 10,463,180 | ||||||||||
Shares Redeemed | — | — | (200,000 | ) | (5,287,804 | ) | ||||||||||
NET INCREASE IN SHARES | 950,000 | $ | 30,634,671 | 150,000 | $ | 5,175,376 | ||||||||||
ActiveBeta® International Equity ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 16,800,000 | $ | 504,572,187 | 9,400,000 | $ | 246,447,741 | ||||||||||
Shares Redeemed | (500,000 | ) | (14,869,982 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 16,300,000 | $ | 489,702,205 | 9,400,000 | $ | 246,447,741 | ||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 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 Fiscal Year Ended August 31, 2018 | For the Fiscal Year Ended August 31, 2017 | |||||||||||||||
Shares Sold | 22,900,000 | $ | 1,249,627,522 | 23,400,000 | $ | 1,088,220,664 | ||||||||||
Shares Redeemed | (3,900,000 | ) | (207,045,304 | ) | (1,050,000 | ) | (45,906,935 | ) | ||||||||
NET INCREASE IN SHARES | 19,000,000 | $ | 1,042,582,218 | 22,350,000 | $ | 1,042,313,729 | ||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the period June 28, 2017* through August 31, 2017 | |||||||||||||||
Shares Sold | 900,000 | $ | 41,173,179 | 300,000 | $ | 12,076,307 | ||||||||||
Shares Redeemed | (250,000 | ) | (10,712,536 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 650,000 | $ | 30,460,643 | 300,000 | $ | 12,076,307 |
* | Commencement of operations. |
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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 year ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 692,058,692 | $ | 473,153,999 | ||||||
ActiveBeta® Europe Equity ETF | 16,018,591 | 14,648,507 | ||||||||
ActiveBeta® International Equity ETF | 156,219,085 | 132,449,762 | ||||||||
ActiveBeta® Japan Equity ETF | 11,678,629 | 12,371,580 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 488,633,494 | 470,337,057 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 5,582,300 | 5,618,675 |
The purchase and sales from in-kind creation and redemption transactions for the year ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 74,483,997 | $ | 45,077,059 | ||||||
ActiveBeta® Europe Equity ETF | 29,047,735 | — | ||||||||
ActiveBeta® International Equity ETF | 479,693,043 | 14,746,126 | ||||||||
ActiveBeta® Japan Equity ETF | 7,002,817 | — | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 1,240,406,878 | 206,323,857 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 40,838,708 | 10,593,133 |
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.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2018
7. SECURITIES LENDING (continued) |
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash 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 August 31, 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 fiscal year ended August 31, 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 fiscal year ended August 31, 2018:
Fund | Beginning value as of August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2018 | ||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 26,893,134 | $ | 200,170,248 | $ | (204,145,577 | ) | $ | 22,917,805 | |||||||||
ActiveBeta® Europe Equity ETF | 90,063 | 21,318,368 | (20,891,091 | ) | 517,340 | |||||||||||||
ActiveBeta® International Equity ETF | 6,961,512 | 180,511,493 | (175,090,400 | ) | 12,382,605 | |||||||||||||
ActiveBeta® Japan Equity ETF | 288,307 | 3,166,238 | (2,525,736 | ) | 928,809 | |||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 3,705,216 | 51,447,387 | (54,986,604 | ) | 165,999 | |||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 649,189 | 7,873,829 | (7,058,592 | ) | 1,464,426 |
8. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2018 was 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 | |||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||
Ordinary Income | $ | 32,143,026 | $ | 1,905,353 | $ | 21,486,236 | $ | 918,018 | $ | 50,169,147 | $ | 195,906 | ||||||||||||
Capital Gains | — | — | — | — | — | 382 | ||||||||||||||||||
Total taxable distributions | $ | 32,143,026 | $ | 1,905,353 | $ | 21,486,236 | $ | 918,018 | $ | 50,169,147 | $ | 196,288 |
110
GOLDMAN SACHS ACTIVEBETA® ETFS
8. TAX INFORMATION (continued) |
As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
Undistributed ordinary income — net | $ | 17,506,051 | $ | 272,242 | $ | 3,630,666 | $ | 87,747 | $ | 12,889,916 | $ | 78,704 | ||||||||||||
Undistributed long-term capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total undistributed earnings | $ | 17,506,051 | $ | 272,242 | $ | 3,630,666 | $ | 87,747 | $ | 12,889,916 | $ | 78,704 | ||||||||||||
Capital loss carryforwards: | ||||||||||||||||||||||||
Perpetual Short-Term | $ | (9,474,543 | ) | $ | (8,922 | ) | $ | (134,300 | ) | $ | (31,193 | ) | $ | (10,443,983 | ) | $ | (12,857 | ) | ||||||
Perpetual Long-Term | — | (58,657 | ) | — | — | (750,872 | ) | — | ||||||||||||||||
Timing differences (Post-October Capital Loss Deferral/Qualified Late Year Loss Deferral) | (29,028,472 | ) | (953,073 | ) | (5,934,865 | ) | (20,277 | ) | (15,211,669 | ) | (152,393 | ) | ||||||||||||
Unrealized gains (losses) — net | 244,841,769 | 5,724,257 | 79,158,448 | 8,772,091 | 717,836,646 | 3,675,651 | ||||||||||||||||||
Total accumulated earnings (losses) net | $ | 223,844,805 | $ | 4,975,847 | $ | 76,719,949 | $ | 8,808,368 | $ | 704,320,038 | $ | 3,589,105 |
As of August 31, 2018, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Markets | 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 | $ | 1,460,590,885 | $ | 68,372,180 | $ | 1,024,989,450 | $ | 44,142,834 | $ | 3,251,294,897 | $ | 44,390,374 | ||||||||||||
Gross unrealized gain | 311,362,705 | 8,269,585 | 110,769,038 | 9,422,232 | 767,471,985 | 4,972,440 | ||||||||||||||||||
Gross unrealized loss | (62,324,836 | ) | (2,545,881 | ) | (31,613,950 | ) | (651,405 | ) | (49,635,339 | ) | (1,296,789 | ) | ||||||||||||
Net unrealized gains (losses) | $ | 249,037,869 | $ | 5,723,704 | $ | 79,155,088 | $ | 8,770,827 | $ | 717,836,646 | $ | 3,675,651 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of underlying fund investments, partnership investments, and passive foreign investment company investments.
In order to present certain components of the Funds’ capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds’ accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemptions in-kind, differences in the tax treatment of foreign currency transactions, partnership investments, passive foreign investment company investments and underlying fund investments.
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 | |||||||||||||||||||
Paid-in Capital | $ | 16,165,924 | $ | — | $ | 4,666,671 | $ | — | $ | 65,029,179 | $ | 888,034 | ||||||||||||
Accumulated Net realized Gain (Loss) | (15,423,314 | ) | 7,561 | (4,833,131 | ) | (48,095 | ) | (65,029,179 | ) | (888,618 | ) | |||||||||||||
Undistributed Net Investment Income (Loss) | (742,610 | ) | (7,561 | ) | 166,460 | 48,095 | — | 584 |
111
GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2018
8. TAX INFORMATION (continued) |
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.
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, the Calculation Agent 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.
112
GOLDMAN SACHS ACTIVEBETA® ETFS
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 |
In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Funds’ fiscal years beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.
Other than noted above, 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.
113
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of
Goldman Sachs ETF Trust and Shareholders of 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, and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF:
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2018, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2018, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.
Fund | Statement of operations | Statements of changes in net assets | Financial highlights | |||
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 | For the year ended August 31, 2018 | For each of the two years in the period ended August 31, 2018 | For each of the periods indicated therein | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | For the year ended August 31, 2018 | For the year ended August 31, 2018 and for the period June 28, 2017 (commencement of operations) through August 31, 2017 |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2018
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Months ended 8/31/2018 (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 March 1, 2018 and held for the six months ended August 31, 2018, which represents a period of 184 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 | ||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 904.20 | $ | 2.16 | $ | 1,000 | $ | 995.50 | $ | 1.26 | $ | 1,000 | $ | 993.20 | $ | 1.26 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,022.94 | + | 2.29 | 1,000 | 1,023.95 | + | 1.28 | 1,000 | 1,023.95 | + | 1.28 | ||||||||||||||||||||||||
ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 964.60 | $ | 1.24 | $ | 1,000 | $ | 1,085.00 | $ | 0.47 | $ | 1,000 | $ | 1,172.20 | $ | 1.10 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,023.95 | + | 1.28 | 1,000 | 1,024.75 | + | 0.46 | 1,000 | 1,024.20 | + | 1.02 |
+ | 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 Fiscal year ended August 31, 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 |
115
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The 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 and Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (each, a “Fund” and together, the “Funds”) are investment portfolios of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.
The Management Agreement was approved for continuation until March 31, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on March 13-14, 2018 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about each Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track proprietary indices created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future.
Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the total return of each Fund (with the exception of Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF) to the performance of its respective proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding each Fund’s investment performance was provided for the one-year period ended December 31, 2017, or from inception to that date, to the extent that the Fund had not been in existence for that one-year period. The Trustees observed that each Fund’s investment performance was consistent with the investment objective of tracking its respective proprietary index.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rates payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as ETFs. The Trustees noted that no license fees would be payable to the Investment Adviser by the Funds for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds’ fee rates and expense ratios were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund’s management fees and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.
The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are
117
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® ETFs except Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Funds do not have fee breakpoints. The Trustees considered information previously provided regarding the amounts of assets in each Fund, the Funds’ recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or expected to be derived) by the Investment Adviser and its affiliates from their relationships with the Funds, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds 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 Funds; and (d) the possibility that the working relationship between the Investment Adviser and the Funds’ third party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain potential benefits as a result of their 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 Funds because of the reputation of the Goldman Sachs organization; and (c) the Funds’ access to certain affiliated distribution channels.
Conclusion
In connection with their consideration of the Management Agreement, 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until March 31, 2019.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited)
Background
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until March 31, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on March 13-14, 2018 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations; |
(g) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(h) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(i) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(j) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(k) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(l) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(m) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
119
GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing quantitative investment strategies and its expertise in developing “smart beta” products. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period through December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
Costs of Services Provided and Profitability
The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also reviewed the Fund’s total operating expense ratio (both gross and net of expense limitations). They compared the Fund’s fees and expenses to similar information for comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.
In addition, the Trustees considered the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level and acknowledged the permanent expense limitation agreement in place. The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (Unaudited) (continued)
Economies of Scale
The Trustees noted that the Fund does not have management fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or 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 more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives 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, 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 management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until March 31, 2019.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 64 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 59 | Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) | |||||
Linda A. Lang Age: 60 | Trustee | Since 2016 | Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016 - March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | WD-40 Company (a global consumer products company) | |||||
Michael Latham Age: 52 | Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | None | |||||
122
GOLDMAN SACHS ACTIVEBETA® ETFS
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 152 | None | |||||
* | This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018. |
2 | Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
123
GOLDMAN SACHS ACTIVEBETA® ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46 | Treasurer, Senior Vice President and Principal Financial Officer | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).
Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50 | Assistant Treasurer and Principal Accounting Officer | Since 2017 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Funds’ Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2018. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
124
GOLDMAN SACHS ACTIVEBETA® ETFS
Goldman Sachs ActiveBeta® ETFs — Tax Information (Unaudited)
From distributions paid during the year ended August 31, 2018, the total amount of income received by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.5357, $0.5657, $0.4329 and $0.4673 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF was 93.67%, 80.15%, 79.80% and 95.78%, respectively. The total amount of taxes paid by the ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF to foreign countries was $0.0802, $0.0660, $0.0431 and $0.0527 per share, respectively.
For the year ended August 31, 2018, 68.54%, 73.87%, 69.68%, 89.79%, 96.21%, and 74.44% of the dividends paid from net investment company taxable income by 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, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the year ended August 31, 2018, 94.20% and 76.98% of the dividends paid from net investment company taxable income by the ActiveBeta® U.S. Large Cap Equity ETF and ActiveBeta® U.S. Small Cap Equity ETF qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, ActiveBeta® U.S. Small Cap Equity ETF designates $382, or if different, the maximum amount allowable, as capital gain dividends paid during the year ended August 31, 2018.
125
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 $1.30 trillion in assets under supervision as of June 30, 2018, 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 JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Treasury 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 August 31, 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 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. 144627-OTU-854892 ACTBETAAR-18/32k
Goldman Sachs Funds
Annual Report | August 31, 2018 | |||
Equal Weight U.S. Large Cap Equity ETF |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
1 | ||||
2 | ||||
7 | ||||
12 | ||||
15 | ||||
16 | ||||
23 | ||||
24 |
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, 2018, the Index consisted of 499 securities with a market capitalization range of between approximately $4.4 billion and $1.1 trillion, and an average market capitalization of approximately $53.1 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 August 31, 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 August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 15.60% based on net asset value (“NAV”) and 15.65% based on market price.1 The Index returned 15.77%, 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 18.42% 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 $46.33 per share. The Fund’s market price on August 31, 2018 was $46.35 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 management, which may involve buying and selling securities based |
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. |
upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the S&P 500 Index. |
During the Reporting Period, the Index posted double-digit absolute gains but underperformed the S&P 500 Index. The Fund 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, information technology and real estate 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 energy, consumer staples and industrials 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 Index’s results during the Reporting Period? |
A | Relative to the S&P 500 Index, underweight positions in e-commerce retailing giant Amazon.com and information technology giants Apple and Microsoft detracted most (0.23%, 0.24% and 0.21% of Fund net assets as of August 31, 2018, respectively). Amazon.com posted a triple-digit gain within the Index during the Reporting Period, and Apple and Microsoft each 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, social media giant Facebook and tobacco company Philip Morris International contributed most positively (0.19%, 0.20% and 0.18% of Fund net assets as of August 31, 2018, respectively). General Electric and Philip Morris International each posted a double-digit negative return within the Index during the Reporting Period, and Facebook generated only a modestly positive 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?2 |
Sector Name | Fund3 | Solactive US Large Cap Equal Weight Index | S&P 500 Index | |||||||||||
Information Technology | 18.1 | % | 18.1 | % | 26.5 | % | ||||||||
Financials | 14.0 | 14.0 | 13.8 | |||||||||||
Health Care | 13.1 | 13.2 | 14.6 | |||||||||||
Industrials | 12.7 | 13.0 | 9.6 | |||||||||||
Consumer Discretionary | 12.3 | 12.6 | 12.9 | |||||||||||
Consumer Staples | 6.7 | 6.8 | 6.7 | |||||||||||
Energy | 5.9 | 5.9 | 5.9 | |||||||||||
Real Estate | 5.9 | 5.8 | 2.7 | |||||||||||
Utilities | 5.2 | 5.2 | 2.8 | |||||||||||
Materials | 4.6 | 4.6 | 2.5 | |||||||||||
Telecommunication Services | 0.8 | 0.8 | 1.9 |
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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Underlying sector allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.1% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | 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. |
3
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 46.35 | ||||
Net Asset Value (NAV)1 | $ | 46.33 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, Inc. (“Cboe 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 Cboe 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– August 31, 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 | 15.60 | % | 15.65 | % | 15.77 | % | 18.42 | % |
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 4:00 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 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 8/31/186 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Invesco S&P 500 Equal Weight ETF | 0.3 | % | Exchange Traded Fund | |||||
Square, Inc., Class A | 0.3 | Information Technology | ||||||
Advanced Micro Devices, Inc. | 0.3 | Information Technology | ||||||
Splunk, Inc. | 0.2 | Information Technology | ||||||
Alnylam Pharmaceuticals, Inc. | 0.2 | Health Care | ||||||
Nektar Therapeutics | 0.2 | Health Care | ||||||
Workday, Inc., Class A | 0.2 | Information Technology | ||||||
Autodesk, Inc. | 0.2 | Information Technology | ||||||
Apple, Inc. | 0.2 | Information Technology | ||||||
Broadridge Financial Solutions, Inc. | 0.2 | Information Technology |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
5
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on September 12, 2017 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Solactive US Large Cap Equal Weight Index (GTR) and the S&P 500 Index (Total Return, USD) are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 12, 2017 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | Since Inception | |||
Shares based on NAV (Commenced September 12, 2017) | 15.60%* | |||
|
|
|
* | Total return for periods of less than one year represents cumulative total return. |
6
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.3% | ||||||||
Consumer Discretionary – 12.3% | ||||||||
87 | Amazon.com, Inc.* | $ | 175,106 | |||||
3,722 | Aramark | 152,900 | ||||||
209 | AutoZone, Inc.* | 160,278 | ||||||
1,997 | Best Buy Co., Inc. | 158,881 | ||||||
72 | Booking Holdings, Inc.* | 140,512 | ||||||
3,254 | BorgWarner, Inc. | 142,428 | ||||||
2,003 | CarMax, Inc.* | 156,334 | ||||||
2,528 | Carnival Corp. | 155,447 | ||||||
2,848 | CBS Corp., Class B | 151,001 | ||||||
492 | Charter Communications, Inc., Class A* | 152,717 | ||||||
4,183 | Comcast Corp., Class A | 154,729 | ||||||
1,401 | Darden Restaurants, Inc. | 162,572 | ||||||
4,748 | DISH Network Corp., Class A* | 167,842 | ||||||
1,523 | Dollar General Corp. | 164,073 | ||||||
1,641 | Dollar Tree, Inc.* | 132,117 | ||||||
570 | Domino’s Pizza, Inc. | 170,179 | ||||||
3,423 | DR Horton, Inc. | 152,358 | ||||||
1,117 | Expedia Group, Inc. | 145,768 | ||||||
14,897 | Ford Motor Co. | 141,224 | ||||||
3,949 | General Motors Co. | 142,361 | ||||||
1,540 | Genuine Parts Co. | 153,769 | ||||||
1,503 | Hasbro, Inc. | 149,263 | ||||||
1,904 | Hilton Worldwide Holdings, Inc. | 147,788 | ||||||
758 | Home Depot, Inc. (The) | 152,184 | ||||||
6,642 | Interpublic Group of Cos., Inc. (The) | 155,091 | ||||||
2,027 | Kohl’s Corp. | 160,356 | ||||||
2,082 | Las Vegas Sands Corp. | 136,204 | ||||||
830 | Lear Corp. | 134,626 | ||||||
2,864 | Lennar Corp., Class A | 147,983 | ||||||
1,886 | Liberty Broadband Corp., Class C* | 152,936 | ||||||
4,464 | LKQ Corp.* | 154,097 | ||||||
1,506 | Lowe’s Cos., Inc. | 163,777 | ||||||
1,173 | Marriott International, Inc., Class A | 148,349 | ||||||
949 | McDonald’s Corp. | 153,956 | ||||||
4,774 | MGM Resorts International | 138,398 | ||||||
794 | Mohawk Industries, Inc.* | 152,122 | ||||||
441 | Netflix, Inc.* | 162,147 | ||||||
5,714 | Newell Brands, Inc. | 124,108 | ||||||
1,945 | NIKE, Inc., Class B | 159,879 | ||||||
2,993 | Norwegian Cruise Line Holdings Ltd.* | 160,455 | ||||||
56 | NVR, Inc.* | 149,433 | ||||||
2,174 | Omnicom Group, Inc. | 150,702 | ||||||
490 | O’Reilly Automotive, Inc.* | 164,356 | ||||||
975 | PVH Corp. | 139,581 | ||||||
7,031 | Qurate Retail, Inc.* | 146,174 | ||||||
1,712 | Ross Stores, Inc. | 163,975 | ||||||
1,327 | Royal Caribbean Cruises Ltd. | 162,664 | ||||||
2,858 | Starbucks Corp. | 152,760 | ||||||
3,172 | Tapestry, Inc. | 160,789 | ||||||
1,851 | Target Corp. | 161,963 | ||||||
503 | Tesla, Inc.*(a) | 151,735 | ||||||
1,088 | Tiffany & Co. | 133,443 | ||||||
1,540 | TJX Cos., Inc. (The) | 169,354 | ||||||
3,324 | Twenty-First Century Fox, Inc., Class A | 150,910 | ||||||
615 | Ulta Beauty, Inc.* | 159,900 | ||||||
1,623 | VF Corp. | 149,527 | ||||||
5,155 | Viacom, Inc., Class B | 150,938 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,318 | Walt Disney Co. (The) | 147,642 | ||||||
1,144 | Whirlpool Corp. | 142,977 | ||||||
3,248 | Wyndham Destinations, Inc. | 143,562 | ||||||
898 | Wynn Resorts Ltd. | 133,209 | ||||||
1,886 | Yum! Brands, Inc. | 163,875 | ||||||
|
| |||||||
9,435,784 | ||||||||
|
| |||||||
Consumer Staples – 6.7% | ||||||||
2,552 | Altria Group, Inc. | 149,343 | ||||||
3,102 | Archer-Daniels-Midland Co. | 156,341 | ||||||
2,810 | Brown-Forman Corp., Class B | 146,738 | ||||||
2,167 | Bunge Ltd. | 140,812 | ||||||
2,676 | Church & Dwight Co., Inc. | 151,408 | ||||||
1,108 | Clorox Co. (The) | 160,638 | ||||||
3,211 | Coca-Cola Co. (The) | 143,114 | ||||||
2,235 | Colgate-Palmolive Co. | 148,426 | ||||||
4,076 | Conagra Brands, Inc. | 149,793 | ||||||
712 | Constellation Brands, Inc., Class A | 148,238 | ||||||
686 | Costco Wholesale Corp. | 159,927 | ||||||
1,111 | Estee Lauder Cos., Inc. (The), Class A | 155,673 | ||||||
3,249 | General Mills, Inc. | 149,487 | ||||||
1,522 | Hershey Co. (The) | 152,992 | ||||||
4,161 | Hormel Foods Corp. | 162,903 | ||||||
1,478 | Ingredion, Inc. | 149,382 | ||||||
1,348 | JM Smucker Co. (The) | 139,356 | ||||||
2,105 | Kellogg Co. | 151,118 | ||||||
6,230 | Keurig Dr Pepper, Inc. | 142,044 | ||||||
1,319 | Kimberly-Clark Corp. | 152,397 | ||||||
2,486 | Kraft Heinz Co. (The) | 144,859 | ||||||
5,153 | Kroger Co. (The) | 162,320 | ||||||
2,130 | Lamb Weston Holdings, Inc. | 143,988 | ||||||
1,275 | McCormick & Co., Inc. | 159,222 | ||||||
2,233 | Molson Coors Brewing Co., Class B | 149,030 | ||||||
3,452 | Mondelez International, Inc., Class A | 147,469 | ||||||
2,493 | Monster Beverage Corp.* | 151,799 | ||||||
1,302 | PepsiCo, Inc. | 145,837 | ||||||
1,734 | Philip Morris International, Inc. | 135,061 | ||||||
1,849 | Procter & Gamble Co. (The) | 153,375 | ||||||
2,229 | Sysco Corp. | 166,774 | ||||||
2,593 | Tyson Foods, Inc., Class A | 162,866 | ||||||
2,208 | Walgreens Boots Alliance, Inc. | 151,381 | ||||||
1,678 | Walmart, Inc. | 160,853 | ||||||
|
| |||||||
5,144,964 | ||||||||
|
| |||||||
Energy – 5.9% | ||||||||
2,043 | Anadarko Petroleum Corp. | 131,569 | ||||||
996 | Andeavor | 152,179 | ||||||
3,253 | Apache Corp. | 142,579 | ||||||
4,328 | Baker Hughes a GE Co. | 142,694 | ||||||
6,381 | Cabot Oil & Gas Corp. | 152,059 | ||||||
2,356 | Cheniere Energy, Inc.* | 157,687 | ||||||
1,183 | Chevron Corp. | 140,138 | ||||||
1,515 | Cimarex Energy Co. | 127,987 | ||||||
1,023 | Concho Resources, Inc.* | 140,304 | ||||||
2,072 | ConocoPhillips | 152,147 | ||||||
3,323 | Devon Energy Corp. | 142,656 | ||||||
1,132 | Diamondback Energy, Inc. | 137,063 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 7 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
1,159 | EOG Resources, Inc. | $ | 137,029 | |||||
3,014 | EQT Corp. | 153,774 | ||||||
1,836 | Exxon Mobil Corp. | 147,192 | ||||||
3,527 | Halliburton Co. | 140,692 | ||||||
2,281 | Hess Corp. | 153,602 | ||||||
2,005 | HollyFrontier Corp. | 149,413 | ||||||
8,416 | Kinder Morgan, Inc. | 148,963 | ||||||
7,081 | Marathon Oil Corp. | 152,312 | ||||||
1,848 | Marathon Petroleum Corp. | 152,072 | ||||||
3,081 | National Oilwell Varco, Inc. | 145,023 | ||||||
4,144 | Noble Energy, Inc. | 123,160 | ||||||
1,782 | Occidental Petroleum Corp. | 142,328 | ||||||
2,126 | ONEOK, Inc. | 140,125 | ||||||
1,214 | Phillips 66 | 143,871 | ||||||
791 | Pioneer Natural Resources Co. | 138,188 | ||||||
2,215 | Schlumberger Ltd. | 139,899 | ||||||
2,925 | Targa Resources Corp. | 161,080 | ||||||
1,262 | Valero Energy Corp. | 148,765 | ||||||
5,030 | Williams Cos., Inc. (The) | 148,838 | ||||||
|
| |||||||
4,485,388 | ||||||||
|
| |||||||
Financials – 14.0% | ||||||||
933 | Affiliated Managers Group, Inc. | 136,302 | ||||||
3,216 | Aflac, Inc. | 148,708 | ||||||
237 | Alleghany Corp. | 149,732 | ||||||
1,575 | Allstate Corp. (The) | 158,398 | ||||||
5,584 | Ally Financial, Inc. | 150,098 | ||||||
1,504 | American Express Co. | 159,394 | ||||||
2,709 | American International Group, Inc. | 144,038 | ||||||
1,026 | Ameriprise Financial, Inc. | 145,651 | ||||||
13,956 | Annaly Capital Management, Inc. REIT | 148,213 | ||||||
1,043 | Aon PLC | 151,819 | ||||||
4,897 | Arch Capital Group Ltd.* | 149,701 | ||||||
2,097 | Arthur J Gallagher & Co. | 151,278 | ||||||
4,840 | Bank of America Corp. | 149,701 | ||||||
2,797 | Bank of New York Mellon Corp. (The) | 145,864 | ||||||
2,941 | BB&T Corp. | 151,932 | ||||||
757 | Berkshire Hathaway, Inc., Class B* | 158,001 | ||||||
297 | BlackRock, Inc. | 142,281 | ||||||
1,586 | Capital One Financial Corp. | 157,157 | ||||||
1,542 | Cboe Global Markets, Inc. | 155,434 | ||||||
2,929 | Charles Schwab Corp. (The) | 148,764 | ||||||
1,072 | Chubb Ltd. | 144,977 | ||||||
1,978 | Cincinnati Financial Corp. | 151,653 | ||||||
2,079 | Citigroup, Inc. | 148,108 | ||||||
3,757 | Citizens Financial Group, Inc. | 154,638 | ||||||
941 | CME Group, Inc. | 164,421 | ||||||
1,545 | Comerica, Inc. | 150,607 | ||||||
2,096 | Discover Financial Services | 163,740 | ||||||
2,500 | E*TRADE Financial Corp.* | 147,150 | ||||||
685 | Everest Re Group Ltd. | 152,769 | ||||||
5,055 | Fifth Third Bancorp | 148,769 | ||||||
1,514 | First Republic Bank | 153,807 | ||||||
4,356 | Franklin Resources, Inc. | 138,259 | ||||||
630 | Goldman Sachs Group, Inc. (The)(b) | 149,821 | ||||||
2,839 | Hartford Financial Services Group, Inc. (The) | 143,000 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
9,687 | Huntington Bancshares, Inc. | 157,026 | ||||||
2,026 | Intercontinental Exchange, Inc. | 154,442 | ||||||
5,537 | Invesco Ltd. | 133,442 | ||||||
1,303 | JPMorgan Chase & Co. | 149,298 | ||||||
7,163 | KeyCorp | 150,924 | ||||||
2,197 | Lincoln National Corp. | 144,079 | ||||||
2,950 | Loews Corp. | 148,414 | ||||||
862 | M&T Bank Corp. | 152,703 | ||||||
129 | Markel Corp.* | 155,935 | ||||||
1,796 | Marsh & McLennan Cos., Inc. | 151,995 | ||||||
3,268 | MetLife, Inc. | 149,969 | ||||||
875 | Moody’s Corp. | 155,767 | ||||||
2,959 | Morgan Stanley | 144,488 | ||||||
899 | MSCI, Inc. | 162,054 | ||||||
1,637 | Nasdaq, Inc. | 156,235 | ||||||
1,371 | Northern Trust Corp. | 147,328 | ||||||
1,031 | PNC Financial Services Group, Inc. (The) | 147,990 | ||||||
2,573 | Principal Financial Group, Inc. | 142,004 | ||||||
2,496 | Progressive Corp. (The) | 168,555 | ||||||
1,483 | Prudential Financial, Inc. | 145,705 | ||||||
1,636 | Raymond James Financial, Inc. | 152,213 | ||||||
8,031 | Regions Financial Corp. | 156,283 | ||||||
1,057 | Reinsurance Group of America, Inc. | 150,992 | ||||||
747 | S&P Global, Inc. | 154,666 | ||||||
2,496 | SEI Investments Co. | 157,448 | ||||||
1,698 | State Street Corp. | 147,573 | ||||||
2,074 | SunTrust Banks, Inc. | 152,563 | ||||||
488 | SVB Financial Group* | 157,502 | ||||||
5,163 | Synchrony Financial | 163,512 | ||||||
1,256 | T Rowe Price Group, Inc. | 145,558 | ||||||
2,612 | TD Ameritrade Holding Corp. | 152,985 | ||||||
1,149 | Travelers Cos., Inc. (The) | 151,208 | ||||||
3,771 | Unum Group | 139,074 | ||||||
2,823 | US Bancorp | 152,753 | ||||||
2,607 | Wells Fargo & Co. | 152,457 | ||||||
940 | Willis Towers Watson PLC | 138,434 | ||||||
2,892 | Zions Bancorporation | 154,115 | ||||||
|
| |||||||
10,711,874 | ||||||||
|
| |||||||
Health Care – 13.1% | ||||||||
2,282 | Abbott Laboratories | 152,529 | ||||||
1,621 | AbbVie, Inc. | 155,584 | ||||||
423 | ABIOMED, Inc.* | 171,983 | ||||||
794 | Aetna, Inc. | 159,014 | ||||||
2,269 | Agilent Technologies, Inc. | 153,248 | ||||||
1,125 | Alexion Pharmaceuticals, Inc.* | 137,520 | ||||||
421 | Align Technology, Inc.* | 162,712 | ||||||
813 | Allergan PLC | 155,860 | ||||||
1,574 | Alnylam Pharmaceuticals, Inc.* | 193,083 | ||||||
1,828 | AmerisourceBergen Corp. | 164,465 | ||||||
763 | Amgen, Inc. | 152,455 | ||||||
592 | Anthem, Inc. | 156,720 | ||||||
2,067 | Baxter International, Inc. | 153,723 | ||||||
597 | Becton Dickinson and Co. | 156,336 | ||||||
450 | Biogen, Inc.* | 159,070 | ||||||
1,487 | BioMarin Pharmaceutical, Inc.* | 148,670 | ||||||
4,460 | Boston Scientific Corp.* | 158,598 | ||||||
|
|
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) | ||||||||
Health Care – (continued) | ||||||||
2,543 | Bristol-Myers Squibb Co. | $ | 153,979 | |||||
2,994 | Cardinal Health, Inc. | 156,257 | ||||||
1,665 | Celgene Corp.* | 157,259 | ||||||
1,149 | Centene Corp.* | 168,305 | ||||||
2,412 | Cerner Corp.* | 157,045 | ||||||
832 | Cigna Corp. | 156,699 | ||||||
578 | Cooper Cos., Inc. (The) | 147,841 | ||||||
2,301 | CVS Health Corp. | 173,127 | ||||||
1,457 | Danaher Corp. | 150,858 | ||||||
2,132 | DaVita, Inc.* | 147,726 | ||||||
1,051 | Edwards Lifesciences Corp.* | 151,596 | ||||||
1,515 | Eli Lilly & Co. | 160,060 | ||||||
1,880 | Express Scripts Holding Co.* | 165,478 | ||||||
1,927 | Gilead Sciences, Inc. | 145,932 | ||||||
1,205 | HCA Healthcare, Inc. | 161,603 | ||||||
1,883 | Henry Schein, Inc.* | 146,271 | ||||||
3,486 | Hologic, Inc.* | 138,603 | ||||||
474 | Humana, Inc. | 157,965 | ||||||
614 | IDEXX Laboratories, Inc.* | 155,981 | ||||||
465 | Illumina, Inc.* | 164,996 | ||||||
2,244 | Incyte Corp.* | 165,854 | ||||||
295 | Intuitive Surgical, Inc.* | 165,200 | ||||||
1,226 | IQVIA Holdings, Inc.* | 155,812 | ||||||
863 | Jazz Pharmaceuticals PLC* | 147,504 | ||||||
1,128 | Johnson & Johnson | 151,930 | ||||||
854 | Laboratory Corp. of America Holdings* | 147,631 | ||||||
1,191 | McKesson Corp. | 153,341 | ||||||
1,659 | Medtronic PLC | 159,944 | ||||||
2,274 | Merck & Co., Inc. | 155,974 | ||||||
255 | Mettler-Toledo International, Inc.* | 149,037 | ||||||
4,015 | Mylan NV* | 157,107 | ||||||
2,851 | Nektar Therapeutics* | 189,563 | ||||||
1,856 | Perrigo Co. PLC | 142,003 | ||||||
3,755 | Pfizer, Inc. | 155,908 | ||||||
1,388 | Quest Diagnostics, Inc. | 152,652 | ||||||
405 | Regeneron Pharmaceuticals, Inc.* | 164,734 | ||||||
1,415 | ResMed, Inc. | 157,645 | ||||||
916 | Stryker Corp. | 155,198 | ||||||
551 | Teleflex, Inc. | 136,334 | ||||||
638 | Thermo Fisher Scientific, Inc. | 152,546 | ||||||
591 | UnitedHealth Group, Inc. | 158,660 | ||||||
1,222 | Universal Health Services, Inc., Class B | 159,056 | ||||||
1,296 | Varian Medical Systems, Inc.* | 145,178 | ||||||
855 | Vertex Pharmaceuticals, Inc.* | 157,662 | ||||||
758 | Waters Corp.* | 143,626 | ||||||
1,191 | Zimmer Biomet Holdings, Inc. | 147,243 | ||||||
1,733 | Zoetis, Inc. | 157,010 | ||||||
|
| |||||||
9,993,503 | ||||||||
|
| |||||||
Industrials – 12.7% | ||||||||
704 | 3M Co. | 148,488 | ||||||
3,788 | American Airlines Group, Inc. | 153,338 | ||||||
1,927 | AMETEK, Inc. | 148,302 | ||||||
6,915 | Arconic, Inc. | 154,758 | ||||||
422 | Boeing Co. (The) | 144,657 | ||||||
1,043 | Caterpillar, Inc. | 144,821 | ||||||
1,623 | CH Robinson Worldwide, Inc. | 155,938 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
731 | Cintas Corp. | 155,973 | ||||||
2,609 | Copart, Inc.* | 167,785 | ||||||
360 | CoStar Group, Inc.* | 159,178 | ||||||
2,116 | CSX Corp. | 156,923 | ||||||
1,051 | Cummins, Inc. | 149,032 | ||||||
1,039 | Deere & Co. | 149,408 | ||||||
2,753 | Delta Air Lines, Inc. | 160,995 | ||||||
1,807 | Dover Corp. | 155,167 | ||||||
1,804 | Eaton Corp. PLC | 149,985 | ||||||
2,073 | Emerson Electric Co. | 159,061 | ||||||
1,191 | Equifax, Inc. | 159,558 | ||||||
1,967 | Expeditors International of Washington, Inc. | 144,142 | ||||||
2,630 | Fastenal Co. | 153,487 | ||||||
612 | FedEx Corp. | 149,297 | ||||||
1,823 | Fortive Corp. | 153,096 | ||||||
2,586 | Fortune Brands Home & Security, Inc. | 137,006 | ||||||
751 | General Dynamics Corp. | 145,243 | ||||||
11,002 | General Electric Co. | 142,366 | ||||||
914 | Harris Corp. | 148,534 | ||||||
941 | Honeywell International, Inc. | 149,675 | ||||||
645 | Huntington Ingalls Industries, Inc. | 157,683 | ||||||
977 | IDEX Corp. | 149,686 | ||||||
2,822 | IHS Markit Ltd.* | 155,210 | ||||||
1,046 | Illinois Tool Works, Inc. | 145,268 | ||||||
1,519 | Ingersoll-Rand PLC | 153,860 | ||||||
1,249 | JB Hunt Transport Services, Inc. | 150,817 | ||||||
3,999 | Johnson Controls International PLC | 151,042 | ||||||
1,287 | Kansas City Southern | 149,241 | ||||||
697 | L3 Technologies, Inc. | 148,963 | ||||||
459 | Lockheed Martin Corp. | 147,068 | ||||||
3,715 | Masco Corp. | 141,059 | ||||||
6,359 | Nielsen Holdings PLC | 165,334 | ||||||
886 | Norfolk Southern Corp. | 154,022 | ||||||
497 | Northrop Grumman Corp. | 148,350 | ||||||
1,022 | Old Dominion Freight Line, Inc. | 155,753 | ||||||
2,276 | PACCAR, Inc. | 155,724 | ||||||
888 | Parker-Hannifin Corp. | 155,933 | ||||||
756 | Raytheon Co. | 150,777 | ||||||
2,067 | Republic Services, Inc. | 151,635 | ||||||
799 | Rockwell Automation, Inc. | 144,587 | ||||||
1,079 | Rockwell Collins, Inc. | 146,690 | ||||||
495 | Roper Technologies, Inc. | 147,693 | ||||||
2,573 | Southwest Airlines Co. | 157,725 | ||||||
1,609 | Spirit AeroSystems Holdings, Inc., Class A | 137,569 | ||||||
1,001 | Stanley Black & Decker, Inc. | 140,671 | ||||||
2,197 | Textron, Inc. | 151,659 | ||||||
398 | TransDigm Group, Inc.* | 139,300 | ||||||
997 | Union Pacific Corp. | 150,168 | ||||||
1,862 | United Continental Holdings, Inc.* | 162,776 | ||||||
1,249 | United Parcel Service, Inc., Class B | 153,477 | ||||||
1,009 | United Rentals, Inc.* | 157,273 | ||||||
1,106 | United Technologies Corp. | 145,660 | ||||||
1,352 | Verisk Analytics, Inc.* | 161,010 | ||||||
1,666 | Waste Management, Inc. | 151,439 | ||||||
431 | WW Grainger, Inc. | 152,604 | ||||||
|
|
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)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,505 | XPO Logistics, Inc.* | $ | 160,282 | |||||
1,967 | Xylem, Inc. | 149,315 | ||||||
|
| |||||||
9,693,536 | ||||||||
|
| |||||||
Information Technology – 18.1% | ||||||||
940 | Accenture PLC, Class A | 158,926 | ||||||
2,039 | Activision Blizzard, Inc. | 147,012 | ||||||
614 | Adobe Systems, Inc.* | 161,795 | ||||||
8,130 | Advanced Micro Devices, Inc.* | 204,632 | ||||||
1,986 | Akamai Technologies, Inc.* | 149,228 | ||||||
664 | Alliance Data Systems Corp. | 158,417 | ||||||
124 | Alphabet, Inc., Class A* | 152,743 | ||||||
2,213 | Amdocs Ltd. | 144,465 | ||||||
1,603 | Amphenol Corp., Class A | 151,612 | ||||||
1,555 | Analog Devices, Inc. | 153,712 | ||||||
887 | ANSYS, Inc.* | 164,964 | ||||||
787 | Apple, Inc. | 179,145 | ||||||
3,081 | Applied Materials, Inc. | 132,545 | ||||||
585 | Arista Networks, Inc.* | 174,903 | ||||||
1,163 | Autodesk, Inc.* | 179,509 | ||||||
1,111 | Automatic Data Processing, Inc. | 163,039 | ||||||
672 | Broadcom, Inc. | 147,188 | ||||||
1,323 | Broadridge Financial Solutions, Inc. | 178,790 | ||||||
3,385 | CA, Inc. | 148,263 | ||||||
3,394 | Cadence Design Systems, Inc.* | 159,654 | ||||||
2,396 | CDK Global, Inc. | 149,319 | ||||||
1,780 | CDW Corp. | 155,857 | ||||||
3,540 | Cisco Systems, Inc. | 169,106 | ||||||
1,359 | Citrix Systems, Inc.* | 154,953 | ||||||
2,871 | Cognex Corp. | 154,460 | ||||||
1,838 | Cognizant Technology Solutions Corp., Class A | 144,154 | ||||||
4,511 | Corning, Inc. | 151,164 | ||||||
1,766 | DXC Technology Co. | 160,865 | ||||||
4,471 | eBay, Inc.* | 154,741 | ||||||
1,163 | Electronic Arts, Inc.* | 131,896 | ||||||
874 | F5 Networks, Inc.* | 165,291 | ||||||
865 | Facebook, Inc., Class A* | 152,007 | ||||||
1,449 | Fidelity National Information Services, Inc. | 156,738 | ||||||
1,984 | Fiserv, Inc.* | 158,859 | ||||||
690 | FleetCor Technologies, Inc.* | 147,481 | ||||||
1,106 | Gartner, Inc.* | 165,635 | ||||||
1,327 | Global Payments, Inc. | 165,318 | ||||||
9,691 | Hewlett Packard Enterprise Co. | 160,192 | ||||||
6,481 | HP, Inc. | 159,757 | ||||||
722 | IAC/InterActiveCorp* | 142,378 | ||||||
3,113 | Intel Corp. | 150,763 | ||||||
1,031 | International Business Machines Corp. | 151,021 | ||||||
731 | Intuit, Inc. | 160,433 | ||||||
2,578 | Keysight Technologies, Inc.* | 167,286 | ||||||
1,282 | KLA-Tencor Corp. | 148,981 | ||||||
786 | Lam Research Corp. | 136,049 | ||||||
2,191 | Leidos Holdings, Inc. | 155,057 | ||||||
756 | Mastercard, Inc., Class A | 162,963 | ||||||
2,446 | Maxim Integrated Products, Inc. | 147,910 | ||||||
1,602 | Microchip Technology, Inc. | 137,820 | ||||||
2,833 | Micron Technology, Inc.* | 148,789 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,412 | Microsoft Corp. | 158,610 | ||||||
1,231 | Motorola Solutions, Inc. | 158,011 | ||||||
1,931 | NetApp, Inc. | 167,630 | ||||||
612 | NVIDIA Corp. | 171,776 | ||||||
6,777 | ON Semiconductor Corp.* | 144,621 | ||||||
3,135 | Oracle Corp. | 152,298 | ||||||
755 | Palo Alto Networks, Inc.* | 174,518 | ||||||
2,167 | Paychex, Inc. | 158,733 | ||||||
1,820 | PayPal Holdings, Inc.* | 168,041 | ||||||
1,626 | PTC, Inc.* | 162,502 | ||||||
1,871 | Qorvo, Inc.* | 149,848 | ||||||
2,340 | QUALCOMM, Inc. | 160,781 | ||||||
1,059 | Red Hat, Inc.* | 156,446 | ||||||
1,090 | salesforce.com, Inc.* | 166,421 | ||||||
2,836 | Seagate Technology PLC | 151,839 | ||||||
850 | ServiceNow, Inc.* | 166,906 | ||||||
1,582 | Skyworks Solutions, Inc. | 144,437 | ||||||
1,556 | Splunk, Inc.* | 199,401 | ||||||
2,311 | Square, Inc., Class A* | 204,847 | ||||||
2,820 | SS&C Technologies Holdings, Inc. | 167,339 | ||||||
7,397 | Symantec Corp. | 149,124 | ||||||
1,673 | Synopsys, Inc.* | 170,880 | ||||||
1,323 | Take-Two Interactive Software, Inc.* | 176,700 | ||||||
1,600 | TE Connectivity Ltd. | 146,688 | ||||||
1,346 | Texas Instruments, Inc. | 151,290 | ||||||
1,637 | Total System Services, Inc. | 159,018 | ||||||
4,241 | Trimble, Inc.* | 178,546 | ||||||
4,701 | Twitter, Inc.* | 165,381 | ||||||
1,029 | VeriSign, Inc.* | 163,210 | ||||||
1,093 | Visa, Inc., Class A | 160,551 | ||||||
1,033 | VMware, Inc., Class A* | 158,318 | ||||||
2,133 | Western Digital Corp. | 134,891 | ||||||
7,423 | Western Union Co. (The) | 140,443 | ||||||
1,207 | Workday, Inc., Class A* | 186,530 | ||||||
1,819 | Worldpay, Inc., Class A* | 177,152 | ||||||
2,074 | Xilinx, Inc. | 161,419 | ||||||
|
| |||||||
13,842,931 | ||||||||
|
| |||||||
Materials – 4.6% | ||||||||
914 | Air Products & Chemicals, Inc. | 151,989 | ||||||
1,589 | Albemarle Corp. | 151,781 | ||||||
3,461 | Alcoa Corp.* | 154,603 | ||||||
3,843 | Ball Corp. | 160,945 | ||||||
1,270 | Celanese Corp., Series A | 148,374 | ||||||
3,268 | Chemours Co. (The) | 142,485 | ||||||
2,176 | DowDuPont, Inc. | 152,603 | ||||||
1,445 | Eastman Chemical Co. | 140,208 | ||||||
1,062 | Ecolab, Inc. | 159,810 | ||||||
1,668 | FMC Corp. | 142,531 | ||||||
9,082 | Freeport-McMoRan, Inc. | 127,602 | ||||||
1,128 | International Flavors & Fragrances, Inc. | 146,967 | ||||||
2,788 | International Paper Co. | 142,578 | ||||||
1,351 | LyondellBasell Industries NV, Class A | 152,366 | ||||||
750 | Martin Marietta Materials, Inc. | 149,040 | ||||||
4,079 | Newmont Mining Corp. | 126,571 | ||||||
2,235 | Nucor Corp. | 139,688 | ||||||
1,326 | Packaging Corp. of America | 145,754 | ||||||
|
|
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) | ||||||||
Materials – (continued) | ||||||||
1,352 | PPG Industries, Inc. | $ | 149,450 | |||||
893 | Praxair, Inc. | 141,264 | ||||||
338 | Sherwin-Williams Co. (The) | 153,986 | ||||||
3,177 | Steel Dynamics, Inc. | 145,284 | ||||||
1,329 | Vulcan Materials Co. | 147,253 | ||||||
2,585 | WestRock Co. | 142,382 | ||||||
|
| |||||||
3,515,514 | ||||||||
|
| |||||||
Real Estate – 5.9% | ||||||||
1,178 | Alexandria Real Estate Equities, Inc. REIT | 151,196 | ||||||
1,014 | American Tower Corp. REIT | 151,208 | ||||||
848 | AvalonBay Communities, Inc. REIT | 155,430 | ||||||
1,193 | Boston Properties, Inc. REIT | 155,627 | ||||||
2,638 | Brookfield Property REIT, Inc., Class A REIT | 52,813 | ||||||
3,006 | CBRE Group, Inc., Class A* | 146,723 | ||||||
1,350 | Crown Castle International Corp. REIT | 153,940 | ||||||
1,230 | Digital Realty Trust, Inc. REIT | 152,864 | ||||||
5,143 | Duke Realty Corp. REIT | 146,524 | ||||||
339 | Equinix, Inc. REIT | 147,848 | ||||||
2,293 | Equity Residential REIT | 155,351 | ||||||
623 | Essex Property Trust, Inc. REIT | 153,432 | ||||||
1,591 | Extra Space Storage, Inc. REIT | 146,706 | ||||||
1,193 | Federal Realty Investment Trust REIT | 155,818 | ||||||
5,784 | HCP, Inc. REIT | 156,341 | ||||||
7,149 | Host Hotels & Resorts, Inc. REIT | 153,918 | ||||||
4,264 | Iron Mountain, Inc. REIT | 153,930 | ||||||
1,487 | Mid-America Apartment Communities, Inc. REIT | 153,994 | ||||||
2,279 | Prologis, Inc. REIT | 153,103 | ||||||
688 | Public Storage REIT | 146,255 | ||||||
2,685 | Realty Income Corp. REIT | 157,260 | ||||||
2,356 | Regency Centers Corp. REIT | 155,567 | ||||||
945 | SBA Communications Corp. REIT* | 146,692 | ||||||
851 | Simon Property Group, Inc. REIT | 155,759 | ||||||
1,187 | SL Green Realty Corp. REIT | 123,923 | ||||||
3,901 | UDR, Inc. REIT | 155,923 | ||||||
2,657 | Ventas, Inc. REIT | 159,075 | ||||||
2,082 | Vornado Realty Trust REIT | 160,314 | ||||||
2,393 | Welltower, Inc. REIT | 159,637 | ||||||
4,377 | Weyerhaeuser Co. REIT | 151,926 | ||||||
|
| |||||||
4,469,097 | ||||||||
|
| |||||||
Telecommunication Services – 0.8% | ||||||||
4,679 | AT&T, Inc. | 149,447 | ||||||
7,973 | CenturyLink, Inc. | 170,303 | ||||||
2,494 | T-Mobile US, Inc.* | 164,704 | ||||||
2,894 | Verizon Communications, Inc. | 157,347 | ||||||
|
| |||||||
641,801 | ||||||||
|
| |||||||
Utilities – 5.2% | ||||||||
3,485 | Alliant Energy Corp. | 149,297 | ||||||
2,410 | Ameren Corp. | 152,384 | ||||||
2,105 | American Electric Power Co., Inc. | 150,992 | ||||||
1,697 | American Water Works Co., Inc. | 148,538 | ||||||
1,632 | Atmos Energy Corp. | 150,519 | ||||||
5,260 | CenterPoint Energy, Inc. | 146,175 | ||||||
3,098 | CMS Energy Corp. | 152,546 | ||||||
1,899 | Consolidated Edison, Inc. | 149,888 | ||||||
2,085 | Dominion Energy, Inc. | 147,556 | ||||||
1,380 | DTE Energy Co. | 153,373 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
1,836 | Duke Energy Corp. | 149,157 | ||||||
2,247 | Edison International | 147,695 | ||||||
1,842 | Entergy Corp. | 153,973 | ||||||
2,466 | Eversource Energy | 153,952 | ||||||
3,524 | Exelon Corp. | 154,034 | ||||||
4,227 | FirstEnergy Corp. | 158,005 | ||||||
893 | NextEra Energy, Inc. | 151,899 | ||||||
4,731 | NRG Energy, Inc. | 167,430 | ||||||
3,473 | PG&E Corp. | 160,383 | ||||||
1,862 | Pinnacle West Capital Corp. | 146,260 | ||||||
5,200 | PPL Corp. | 154,648 | ||||||
2,902 | Public Service Enterprise Group, Inc. | 151,920 | ||||||
1,293 | Sempra Energy | 150,092 | ||||||
3,083 | Southern Co. (The) | 134,974 | ||||||
2,258 | WEC Energy Group, Inc. | 152,596 | ||||||
3,194 | Xcel Energy, Inc. | 153,472 | ||||||
|
| |||||||
3,941,758 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $71,718,878) | $ | 75,876,150 | ||||||
|
| |||||||
Exchange Traded Fund – 0.3% | ||||||||
2,342 | Invesco S&P 500 Equal Weight ETF | |||||||
(Cost $251,363) | $ | 250,852 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |||||||
(Cost $71,970,241) | $ | 76,127,002 | ||||||
|
|
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
61,541 | 1.879 | % | $ | 61,541 | ||||
(Cost $61,541) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 99.7% |
| |||||||
(Cost $72,031,782) |
| $ | 76,188,543 | |||||
| ||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
| 249,257 | ||||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 76,437,800 | |||||
|
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. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Assets and Liabilities
August 31, 2018
Equal Weight U.S. Large Cap Equity ETF | ||||||
Assets: | ||||||
Investments in unaffiliated issuers, at value (cost $71,818,227)(a) | $ | 75,977,181 | ||||
Investments in affiliated issuers, at value (cost $152,014) | 149,821 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 61,541 | |||||
Cash | 187,503 | |||||
Receivables: | ||||||
Fund shares sold | 4,632,560 | |||||
Dividends | 111,067 | |||||
Securities lending income | 141 | |||||
Total assets | 81,119,814 | |||||
Liabilities: | ||||||
Payables: | ||||||
Upon return of securities loaned | 61,541 | |||||
Investments purchased | 4,615,215 | |||||
Management fees | 5,258 | |||||
Total liabilities | 4,682,014 | |||||
Net Assets: | ||||||
Paid-in capital | 72,532,398 | |||||
Undistributed net investment income | 215,556 | |||||
Accumulated net realized gain | (466,915 | ) | ||||
Net unrealized gain | 4,156,761 | |||||
NET ASSETS | $ | 76,437,800 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 1,650,000 | |||||
Net asset value per share: | $46.33 |
(a) | Includes loaned securities having a market value of $60,030. |
12 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Operations
For the Period Ended August 31, 2018(a)
Equal Weight U.S. Large Cap Equity ETF | ||||||
Investment income: | ||||||
Dividends — unaffiliated issuers | $ | 652,782 | ||||
Dividends — affiliated issuers | 1,116 | |||||
Securities lending income | 1,133 | |||||
Total investment income | 655,031 | |||||
Expenses: | ||||||
Management fees | 23,042 | |||||
Trustee fees | 7,892 | |||||
Total expenses | 30,934 | |||||
NET INVESTMENT INCOME | 624,097 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments — unaffiliated issuers | (473,592 | ) | ||||
Investments — affiliated issuers | (788 | ) | ||||
In-kind redemptions — affiliated issuers | 1,357 | |||||
In-kind redemptions — unaffiliated issuers | 660,758 | |||||
Net unrealized gain (loss) on: | ||||||
Investments — unaffiliated | 4,158,954 | |||||
Investments — affiliated issuers | (2,193 | ) | ||||
Net realized and unrealized gain | 4,344,496 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 4,968,593 |
(a) | For the period September 12, 2017 (commencement of operations) through August 31, 2018. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Statement of Changes in Net Assets
Equal Weight U.S. Large Cap Equity ETF | ||||||
For the Period September 12, 2017(a) to August 31, 2018 | ||||||
From operations: | ||||||
Net investment income | $ | 624,097 | ||||
Net realized gain | 187,735 | |||||
Net change in unrealized gain | 4,156,761 | |||||
Net increase in net assets resulting from operations | 4,968,593 | |||||
Distributions to shareholders: | ||||||
From net investment income | (410,506 | ) | ||||
Total distributions to shareholders | (410,506 | ) | ||||
From share transactions: | ||||||
Proceeds from sales of shares | 80,491,449 | |||||
Cost of shares redeemed | (8,611,736 | ) | ||||
Net increase in net assets resulting from share transactions | 71,879,713 | |||||
TOTAL INCREASE | 76,437,800 | |||||
Net assets: | ||||||
Beginning of period | $ | — | ||||
End of period | $ | 76,437,800 | ||||
Undistributed net investment income | $ | 215,556 |
(a) | Commencement of operations. |
14 | The accompanying notes are an integral part of these financial statements. |
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 August 31, 2018 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.58 | ||||
Net investment income(a) | 0.77 | |||||
Net realized and unrealized gain | 5.52 | |||||
Total gain from investment operations | 6.29 | |||||
Distributions to shareholders from net investment income | (0.54 | ) | ||||
Net asset value, end of period | $ | 46.33 | ||||
Market price, end of period | $ | 46.35 | ||||
Total Return at Net Asset Value(b) | 15.60 | % | ||||
Net assets, end of period (in 000’s) | $ | 76,438 | ||||
Ratio of total expenses to average net assets | 0.09 | %(c) | ||||
Ratio of net investment income to average net assets | 1.82 | %(c) | ||||
Portfolio turnover rate(d) | 34 | % |
* | 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. | 15 |
GOLDMAN SACHS ETF TRUST
August 31, 2018
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 Cboe BZX Exchange, Inc. (“Cboe 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 NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. 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, if any. 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 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.
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GOLDMAN SACHS ETF TRUST
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 the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Exchange Traded Funds — Investments in exchange traded funds (“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 ETF’s accounting policies and investment holdings, please see the ETF’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
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 August 31, 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 August 31, 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 | $ | 76,127,002 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 61,541 | — | — | |||||||||
Total | $ | 76,188,543 | $ | — | $ | — |
(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 period ended August 31, 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 August 31, 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 August 31, 2018 | Shares as of August 31, 2018 | Dividend Income | ||||||||||||||||||||||
Equal Weight U.S. Large Cap Equity ETF | $— | $ | 178,970 | $ | (27,525 | ) | $ | 569 | $ | (2,193 | ) | $ | 149,821 | 630 | $ | 1,116 |
* | Commencement of operations. |
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GOLDMAN SACHS ETF TRUST
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 August 31, 2018, is as follows:
EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF | ||||||||
For the period September 12, 2017* through August 31, 2018 | ||||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares Sold | 1,850,000 | $ | 80,491,438 | |||||
Shares Redeemed | (200,000 | ) | $ | (8,611,736 | ) | |||
NET INCREASE IN SHARES | 1,650,000 | $ | 71,879,702 |
* | Commencement of operation. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | 11,947,528 | $ | 11,807,318 |
The purchase and sales from in-kind creation and redemption transactions for the period ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | 80,259,866 | $ | 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
19
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
7. SECURITIES LENDING (continued) |
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 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 August 31, 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 August 31, 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 August 31, 2018:
Beginning value as of September 12, 2017* | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2018 | |||||||||||
$ | — | $ | 2,495,888 | $ | (2,434,347 | ) | $ | 61,541 |
* | Commencement of operations. |
8. TAX INFORMATION |
The tax character of distributions paid during the period ended August 31, 2018 was as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||
Distributions paid from: | ||||
Ordinary Income* | $ | 408,419 | ||
Long-term capital gain | 2,087 | |||
Total taxable distributions | $ | 410,506 |
* | For tax purposes short-term capital gain distributions are considered ordinary income distributions. |
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GOLDMAN SACHS ETF TRUST
8. TAX INFORMATION (continued) |
As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:
Equal Weight U.S. Large Cap Equity ETF | ||||
Undistributed ordinary income — net | $ | 215,678 | ||
Total undistributed earnings | $ | 215,678 | ||
Unrealized gains (losses) — net | $ | 3,689,724 | ||
Total accumulated earnings (losses) net | $ | 3,905,402 |
As of August 31, 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 | $ | 72,498,819 | ||
Gross unrealized gain | 5,081,115 | |||
Gross unrealized loss | (1,391,391 | ) | ||
Net unrealized gains (losses) | $ | 3,689,724 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of underlying fund investments.
In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from redemptions in-kind, dividend redesignation and underlying fund investments.
Fund | Paid-in Capital | Accumulated Net Realized Gain (Loss) | Undistributed Net Investment Income (Loss) | |||||||||||
Equal Weight U.S. Large Cap Equity ETF | $ | 652,685 | $ | (654,650 | ) | $ | 1,965 |
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.
9. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Index Risk — Solactive AG (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 its 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
21
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
9. OTHER RISKS (continued) |
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.
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, 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 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 its 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 |
In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.
Other than noted above, 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.
22
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period September 12, 2017 (commencement of operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations, changes in its net assets, and the financial highlights for the period September 12, 2017 (commencement of operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2018
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
23
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 March 1, 2018 and held for the six months ended August 31, 2018, which represents a period of 184 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.
Equal Weight U.S. Large Cap Equity ETF | ||||||||||||
Beginning Account Value 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,074.50 | $ | 0.47 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,024.75 | + | $ | 0.46 |
+ | 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 August 31, 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 | % |
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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 64 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Chairman of the Board of Trustees —Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 59 | Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) | |||||
Linda A. Lang Age: 60 | Trustee | Since 2016 | Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | WD-40 Company (a global consumer products company) | |||||
Michael Latham Age: 52 | Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | None | |||||
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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018 -Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 152 | None | |||||
* | This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018. |
2 | Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
26
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46 | Treasurer, Senior Vice President and Principal Financial Officer | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).
Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50 | Assistant Treasurer and Principal Accounting Officer | Since 2017 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2018. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF — Tax Information (Unaudited)
For the year ended August 31, 2018, 75.81% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the year ended August 31, 2018, 84.59% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF qualify for the dividends received deduction available to corporations.
Pursuant to Section 852 of the Internal Revenue Code, the Equal Weight U.S. Large Cap Equity ETF designates $2,087 or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2018.
27
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 $1.30 trillion in assets under supervision as of June 30, 2018, 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 JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Treasury 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 August 31, 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 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.
The Fund is recently or newly organized and has limited operating history.
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. 144801-TMPL-10/2018-852634/EQWUSLCEAR-18/1.2k
Goldman Sachs Funds
Annual Report | August 31, 2018 | |||
Hedge Industry VIP ETF |
Goldman Sachs Hedge Industry VIP ETF
1 | ||||
3 | ||||
9 | ||||
10 | ||||
13 | ||||
14 | ||||
21 | ||||
22 |
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 August 31, 2018, the Index consisted of 50 securities with a market capitalization range of between approximately $3.1 billion and $882.3 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 12 months ended August 31, 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 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 12-month period ended August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 15.27% based on net asset value (“NAV”) and 15.24% based on market price. The Index returned 15.82%, 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 19.66% during the same period. |
The Fund had an NAV of $50.46 on August 31, 2017 and ended the Reporting Period with an NAV of $57.98 per share. The Fund’s market price on August 31, 2018 was $57.98 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. |
During the Reporting Period, the Index posted solid double-digit absolute gains but underperformed the S&P 500 Index. The Fund underperformed the S&P 500 Index during the Reporting Period, as measured by NAV. |
3
PORTFOLIO RESULTS
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, telecommunication services and health care 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 industrials, information technology and consumer staples 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 media company Liberty Broadband, branded online travel service provider Expedia Group and semiconductor company NXP Semiconductors detracted most (0.00%1, 0.00%1 and 2.00% of Fund net assets as of August 31, 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 (0.00%1, 2.13% and 0.00%1 of Fund net assets as of August 31, 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 | Fund3 | GS Hedge Fund VIP IndexTM | S&P 500 Index | |||||||||||
Information Technology | 36.5 | % | 36.6 | % | 26.5 | % | ||||||||
Consumer Discretionary | 19.9 | 19.9 | 12.9 | |||||||||||
Financials | 13.8 | 13.8 | 13.8 | |||||||||||
Health Care | 10.0 | 10.0 | 14.6 | |||||||||||
Industrials | 8.0 | 8.0 | 9.6 | |||||||||||
Telecommunication Services | 5.7 | 5.7 | 1.9 | |||||||||||
Energy | 2.1 | 2.1 | 5.9 | |||||||||||
Materials | 2.0 | 2.0 | 2.5 | |||||||||||
Consumer Staples | 1.8 | 1.8 | 6.7 | |||||||||||
Real Estate | 0.0 | 0.0 | 2.7 | |||||||||||
Utilities | 0.0 | 0.0 | 2.8 |
1 | Some weights are 0.00% at August 31, 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. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investment in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP IndexTM. |
4
FUND BASICS
Hedge Industry VIP ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 57.98 | ||||
Net Asset Value (NAV)1 | $ | 57.98 |
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– August 31, 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 | 15.27 | % | 15.24 | % | 15.82 | % | 19.66 | % |
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 last trade as of 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 6/30/18 | One Year | Since Inception | Inception Date | |||||||||
Shares (based on NAV) | 15.68 | % | 21.94 | % | 11/1/16 | |||||||
Shares (based on Market Price) | 15.53 | 22.02 | 11/1/16 |
5 | The Standardized Total Returns are average annual total returns or cumulative total returns (only if the performance period is one year or less) 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 8/31/187 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Autodesk, Inc. | 2.3 | % | Information Technology | United States | ||||||
Netflix, Inc. | 2.1 | Consumer Discretionary | United States | |||||||
Apple, Inc. | 2.1 | Information Technology | United States | |||||||
GoDaddy, Inc., Class A | 2.1 | Information Technology | United States | |||||||
Delta Air Lines, Inc. | 2.1 | Industrials | United States | |||||||
Booking Holdings, Inc. | 2.1 | Consumer Discretionary | United States | |||||||
Caesars Entertainment Corp. | 2.1 | Consumer Discretionary | United States | |||||||
Mastercard, Inc., Class A | 2.1 | Information Technology | United States | |||||||
Cheniere Energy, Inc. | 2.1 | Energy | United States | |||||||
PayPal Holdings, Inc. | 2.1 | Information Technology | United States |
7 | The top 10 holdings may not be representative of the Fund’s future investments. |
6
Performance Summary
August 31, 2018
The following graph shows the value, as of August 31, 2018, of a $10,000 investment made on November 1, 2016 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index and a market-cap based index against which the performance of the Fund is measured, the Goldman Sachs Hedge Fund VIP Index™ and the S&P 500 Index (Total Return, USD) are shown. This performance data represents past performance and should not be considered indicative of future performance, which will fluctuate with changes in market conditions. These performance fluctuations may cause an investor’s shares to be worth more or less than their original cost. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and 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 of Fund shares. In addition to the performance of constituents of the underlying index, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions.
Goldman Sachs Hedge Industry VIP ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 1, 2016 through August 31, 2018.
Average Annual Total Return through August 31, 2018 | 1 Year | Since Inception | ||||||
| ||||||||
Shares based on NAV (Commenced November 1, 2016) | 15.27% | 45.95% | ||||||
|
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
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Consumer Discretionary – 19.9% | ||||||||
1,122 | Amazon.com, Inc.* | $ | 2,258,261 | |||||
1,175 | Booking Holdings, Inc.* | 2,293,071 | ||||||
224,398 | Caesars Entertainment Corp.*(a) | 2,288,860 | ||||||
6,997 | Charter Communications, Inc., Class A* | 2,171,869 | ||||||
60,871 | Comcast Corp., Class A | 2,251,618 | ||||||
22,788 | Dollar Tree, Inc.* | 1,834,662 | ||||||
44,325 | GCI Liberty, Inc., Class A* | 2,175,471 | ||||||
59,509 | General Motors Co. | 2,145,300 | ||||||
6,383 | Netflix, Inc.* | 2,346,901 | ||||||
47,366 | Twenty-First Century Fox, Inc., Class A | 2,150,416 | ||||||
|
| |||||||
21,916,429 | ||||||||
|
| |||||||
Consumer Staples – 1.8% | ||||||||
9,712 | Constellation Brands, Inc., Class A | 2,022,038 | ||||||
|
| |||||||
Energy – 2.1% | ||||||||
33,925 | Cheniere Energy, Inc.* | 2,270,600 | ||||||
|
| |||||||
Financials – 13.8% | ||||||||
79,083 | Ally Financial, Inc. | 2,125,751 | ||||||
69,965 | Bank of America Corp. | 2,164,017 | ||||||
10,466 | Berkshire Hathaway, Inc., Class B* | 2,184,463 | ||||||
30,770 | Citigroup, Inc. | 2,192,055 | ||||||
18,789 | JPMorgan Chase & Co. | 2,152,844 | ||||||
37,097 | Wells Fargo & Co. | 2,169,433 | ||||||
38,222 | XL Group Ltd. (Bermuda) | 2,193,561 | ||||||
|
| |||||||
15,182,124 | ||||||||
|
| |||||||
Health Care – 10.0% | ||||||||
10,938 | Aetna, Inc. | 2,190,553 | ||||||
11,678 | Allergan PLC | 2,238,789 | ||||||
8,131 | Anthem, Inc. | 2,152,520 | ||||||
25,049 | Express Scripts Holding Co.* | 2,204,813 | ||||||
17,774 | IQVIA Holdings, Inc.* | 2,258,898 | ||||||
|
| |||||||
11,045,573 | ||||||||
|
| |||||||
Industrials – 8.0% | ||||||||
39,339 | Delta Air Lines, Inc. | 2,300,545 | ||||||
15,897 | Rockwell Collins, Inc. | 2,161,197 | ||||||
6,042 | TransDigm Group, Inc.* | 2,114,700 | ||||||
20,995 | XPO Logistics, Inc.* | 2,235,967 | ||||||
|
| |||||||
8,812,409 | ||||||||
|
| |||||||
Information Technology – 36.5% | ||||||||
8,413 | Adobe Systems, Inc.* | 2,216,910 | ||||||
12,486 | Alibaba Group Holding Ltd. ADR (China)* | 2,185,175 | ||||||
1,712 | Alphabet, Inc., Class A* | 2,108,841 | ||||||
10,270 | Apple, Inc. | 2,337,760 | ||||||
16,077 | Autodesk, Inc.* | 2,481,485 | ||||||
9,964 | Baidu, Inc. ADR (China)* | 2,256,647 | ||||||
22,709 | Dell Technologies, Inc., Class V* | 2,183,924 | ||||||
11,894 | Facebook, Inc., Class A* | 2,090,133 | ||||||
28,397 | GoDaddy, Inc., Class A* | 2,313,220 | ||||||
10,566 | Mastercard, Inc., Class A | 2,277,607 | ||||||
19,662 | Microsoft Corp. | 2,208,632 | ||||||
23,623 | NXP Semiconductors NV (Netherlands)* | 2,200,246 | ||||||
24,555 | PayPal Holdings, Inc.* | 2,267,163 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
14,697 | salesforce.com, Inc.* | 2,243,938 | ||||||
11,119 | Spotify Technology SA* | 2,107,273 | ||||||
16,687 | Take-Two Interactive Software, Inc.* | 2,228,716 | ||||||
15,304 | Visa, Inc., Class A | 2,248,004 | ||||||
23,194 | Worldpay, Inc., Class A* | 2,258,864 | ||||||
|
| |||||||
40,214,538 | ||||||||
|
| |||||||
Materials – 2.0% | ||||||||
31,886 | DowDuPont, Inc. | 2,236,165 | ||||||
|
| |||||||
Telecommunication Services – 5.7% | ||||||||
66,818 | AT&T, Inc. | 2,134,167 | ||||||
32,659 | T-Mobile US, Inc.* | 2,156,801 | ||||||
57,217 | Zayo Group Holdings, Inc.* | 1,983,141 | ||||||
|
| |||||||
6,274,109 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $99,354,749) | $ | 109,973,985 | ||||||
|
| |||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.9%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
977,928 | 1.879% | $ | 977,928 | |||||
(Cost $977,928) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.7% | ||||||||
(Cost $100,332,677) | $ | 110,951,913 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF | (797,373 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 110,154,540 | ||||||
|
|
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. |
| ||
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
August 31, 2018
Hedge Industry | ||||||
Assets: | ||||||
Investments at value (cost $99,354,749)(a) | $ | 109,973,985 | ||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 977,928 | |||||
Cash | 169,527 | |||||
Receivables: | ||||||
Dividends | 52,010 | |||||
Securities lending income | 107 | |||||
Total assets | 111,173,557 | |||||
Liabilities: | ||||||
Payables: | ||||||
Upon return of securities loaned | 977,928 | |||||
Management fees | 41,089 | |||||
Total liabilities | 1,019,017 | |||||
Net Assets: | ||||||
Paid-in capital | 102,453,130 | |||||
Undistributed net investment income | 141,853 | |||||
Accumulated net realized loss | (3,059,679 | ) | ||||
Net unrealized gain | 10,619,236 | |||||
NET ASSETS | $ | 110,154,540 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 1,900,000 | |||||
Net asset value per share: | $57.98 |
(a) | Includes loaned securities having a market value of $927,894. |
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement of Operations
For the Fiscal Year Ended August 31, 2018
Hedge Industry | ||||||
Investment income: | ||||||
Dividends | $ | 610,144 | ||||
Securities lending income | 665 | |||||
Total investment income | 610,809 | |||||
Expenses: | ||||||
Management fees | 350,385 | |||||
Trustee fees | 11,419 | |||||
Total expenses | 361,804 | |||||
NET INVESTMENT INCOME | 249,005 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized gain (loss) from: | ||||||
Investments | (2,793,298 | ) | ||||
In-kind redemptions | 7,248,440 | |||||
Net change in unrealized gain on: | ||||||
Investments | 6,929,279 | |||||
Net realized and unrealized gain | 11,384,421 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 11,633,426 |
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 | ||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period November 1, 2016(1) to | |||||||||
From operations: | ||||||||||
Net investment income | $ | 249,005 | $ | 210,026 | ||||||
Net realized gain | 4,455,142 | 3,093,684 | ||||||||
Net change in unrealized gain | 6,929,279 | 3,689,957 | ||||||||
Net increase in net assets resulting from operations | 11,633,426 | 6,993,667 | ||||||||
Distributions to shareholders: | ||||||||||
From net investment income | (211,522 | ) | (105,656 | ) | ||||||
Total distributions to shareholders | (211,522 | ) | (105,656 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 89,646,943 | 68,761,793 | ||||||||
Cost of shares redeemed | (36,323,817 | ) | (30,240,294 | ) | ||||||
Net increase in net assets resulting from share transactions | 53,323,126 | 38,521,499 | ||||||||
TOTAL INCREASE | 64,745,030 | 45,409,510 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 45,409,510 | $ | — | ||||||
End of period | $ | 110,154,540 | $ | 45,409,510 | ||||||
Undistributed net investment income | $ | 141,853 | $ | 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 Fiscal Year Ended August 31, 2018 | 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) | 0.17 | 0.32 | (b) | |||||||
Net realized and unrealized gain | 7.52 | 10.31 | ||||||||
Total gain from investment operations | 7.69 | 10.63 | ||||||||
Distributions to shareholders from net investment income | (0.17 | ) | (0.17 | ) | ||||||
Net asset value, end of period | $ | 57.98 | $ | 50.46 | ||||||
Market price, end of period | $ | 57.98 | $ | 50.48 | ||||||
Total Return at Net Asset Value(c) | 15.27 | % | 26.61 | % | ||||||
Net assets, end of period (in 000’s) | $ | 110,155 | $ | 45,410 | ||||||
Ratio of total expenses to average net assets | 0.45 | % | 0.45 | %(d) | ||||||
Ratio of net investment income to average net assets | 0.31 | % | 0.84 | %(b)(d) | ||||||
Portfolio turnover rate(e) | 129 | % | 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 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. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS ETF TRUST
August 31, 2018
1. ORGANIZATION |
Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is an open-end diversified management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.
The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP 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 NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. 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, if any. 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
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 the 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;
15
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
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 August 31, 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 August 31, 2018:
HEDGE INDUSTRY VIP ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 4,441,822 | $ | — | $ | — | ||||||
Europe | 2,200,246 | — | — | |||||||||
North America | 103,331,917 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 977,928 | — | — | |||||||||
Total | $ | 110,951,913 | $ | — | $ | — |
(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 fiscal year ended August 31, 2018, the unitary management fee rate 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 (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.
16
GOLDMAN SACHS ETF TRUST
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
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 Statements of Changes in Net Assets.
Share activity is as follows:
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2018 | For the Period November 1, 2016* to August 31, 2017 | |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 1,650,000 | $ | 89,646,943 | 1,550,000 | $ | 68,761,740 | ||||||||||
Shares Redeemed | (650,000 | ) | (36,323,817 | ) | (650,000 | ) | (30,240,294 | ) | ||||||||
NET INCREASE IN SHARES | 1,000,000 | $ | 53,323,126 | 900,000 | $ | 38,521,446 |
* | Commencement of operations. |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Hedge Industry VIP ETF | $ | 102,645,776 | $ | 102,078,484 |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
Goldman Sachs Hedge Industry VIP ETF | $ | 89,066,682 | $ | 36,228,003 |
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 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.
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
7. SECURITIES LENDING (continued) |
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 August 31, 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 fiscal year ended August 31, 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 fiscal year ended August 31, 2018:
Beginning August 31, 2017 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2018 | |||||||||||
— | $ | 8,105,682 | $ | 7,127,754 | $ | 977,928 |
8. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2018 was as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||
Distributions paid from: | ||||
Ordinary Income | $ | 211,522 | ||
Total taxable distributions | $ | 211,522 |
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GOLDMAN SACHS ETF TRUST
8. TAX INFORMATION (continued) |
As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||
Undistributed ordinary income — net | $ | 141,853 | ||
Total undistributed earnings | $ | 141,853 | ||
Capital loss carryforwards: | ||||
Perpetual Short-Term | $ | (185,212 | ) | |
Timing differences (Post-October Capital Loss Deferral) | (2,205,568 | ) | ||
Unrealized gains (losses) — net | 9,950,337 | |||
Total accumulated earnings (losses) net | $ | 7,701,410 |
As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Goldman Sachs Hedge Industry VIP ETF | ||||
Tax Cost | $ | 101,001,576 | ||
Gross unrealized gain | 11,294,235 | |||
Gross unrealized loss | (1,343,898 | ) | ||
Net unrealized gains (losses) on securities | $ | 9,950,337 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.
In order to present certain components of the Fund’s capital accounts on a tax-basis, certain reclassifications have been recorded to the Fund’s accounts. These reclassifications have no impact on the net asset value of the Fund and result primarily from redemptions in-kind.
Fund | Paid-in Capital | Accumulated Net Realized Gain (Loss) | ||||||||
Hedge Industry VIP ETF | $ | 7,198,909 | $ | (7,198,909 | ) |
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 its Index. In addition, because the Fund is not “actively” managed, unless a specific security is removed from its 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
19
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
9. OTHER RISKS (continued) |
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, the Calculation Agent 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 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 its 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 |
In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.
Other than noted above, 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
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of
Goldman Sachs Hedge Industry VIP ETF:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Hedge Industry VIP ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statement of operations for the year ended August 31, 2018 and the statements of changes in net assets and the financial highlights for the year ended August 31, 2018 and for the period November 1, 2016 (commencement of operations) through August 31, 2017, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year ended August 31, 2018 and for the period November 1, 2016 (commencement of operations) through August 31, 2017 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2018
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
21
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 March 1, 2018 and held for the six months ended August 31, 2018, which represents a period of 184 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 3/1/18 | Ending Account Value 8/31/18 | Expenses Paid* | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,052.30 | $ | 2.33 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,022.94 | + | $ | 2.29 |
+ | 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 August 31, 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 | % |
22
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited)
Background
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) is an investment portfolio of Goldman Sachs ETF Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.
The Management Agreement was approved for continuation until March 31, 2019 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on March 13-14, 2018 (the “Annual Meeting”).
The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:
(a) | the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about: |
(i) | the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams; |
(ii) | the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training); |
(iii) | trends in employee headcount; |
(iv) | the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and |
(v) | the parent company’s support of the Investment Adviser and its registered fund business, as expressed by the firm’s senior management; |
(b) | information on the investment performance of the Fund, including comparisons to the performance of similar exchange-traded funds (“ETFs”), as provided by a third-party fund data provider engaged as part of the contract review process (the “Outside Data Provider”), and information on general investment outlooks in the markets in which the Fund invests; |
(c) | the terms of the Management Agreement entered into by the Trust on behalf of the Fund; |
(d) | fee and expense information for the Fund, including: |
(i) | the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; |
(e) | with respect to the investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund; |
(f) | information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates; |
(g) | whether the Fund’s existing management fee schedule adequately addressed any economies of scale; |
(h) | a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund; |
(i) | a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser; |
(j) | portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers; |
(k) | the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and |
(l) | the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports. |
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GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)
The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.
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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Funds pay a single fee to the Investment Adviser, and the Investment Adviser pays all of the Funds’ ordinary operating expenses, excluding payments under each Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they noted that the Fund is a passively-managed ETF that seeks to track a proprietary index created by the Investment Adviser. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide 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 continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future.
Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the total return of the Fund to the performance of its proprietary index, a comparable market capitalization-weighted reference index, and a separate account composite with a comparable investment strategy. The information regarding the Fund’s investment performance was provided for the one-year period ended December 31, 2017. The Trustees observed that the Fund’s investment performance was consistent with the investment objective of tracking its proprietary index.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees noted that no license fees would be payable to the Investment Adviser by the Fund for use of the index created by the Investment Adviser. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.
The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be
24
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Hedge Industry VIP ETF (Unaudited) (continued)
allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC (“Goldman Sachs”) organization had audited the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology and profitability analysis calculations.
Economies of Scale
The Trustees noted that the Fund does not have fee breakpoints. The Trustees considered information previously provided regarding the amount of assets in the Fund, the Fund’s recent creation and redemption activity, and the costs of the services provided by the Investment Adviser and its affiliates.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived (or 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 more likely to do business with other areas of Goldman Sachs.
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives 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, 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 in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and/or reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until March 31, 2019.
25
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 64 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Chairman of the Board of Trustees —Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 59 | Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) | |||||
Linda A. Lang Age: 60 | Trustee | Since 2016 | Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | WD-40 Company (a global consumer products company) | |||||
Michael Latham Age: 52 | Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | None | |||||
26
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018 -Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 152 | None | |||||
* | This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018. |
2 | Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
27
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46 | Treasurer, Senior Vice President and Principal Financial Officer | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).
Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50 | Assistant Treasurer and Principal Accounting Officer | Since 2017 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2018. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
Goldman Sachs Hedge Industry VIP ETF — Tax Information (Unaudited)
For the year ended August 31, 2018, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the dividends received deduction available to corporations.
For the year ended August 31, 2018, 100% of the dividends paid from net investment company taxable income by the Goldman Sachs Hedge Industry VIP ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
28
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 $1.30 trillion in assets under supervision as of June 30, 2018, 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 JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Treasury 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, ITS AFFILIATES AND ANY OF THEIR CLIENTS MAY HOLD LONG OR SHORT POSITIONS IN SECURITIES HELD BY THE FUND OR IN RELATED DERIVATIVES, INCLUDING THOSE LINKED TO THE INDEX. 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 August 31, 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 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. 144803-TMPL-10/2018-852638 HEDVIPETFAR-18/1743
Goldman Sachs Funds
Annual Report | August 31, 2018 | |||
JUST U.S. Large Cap Equity ETF |
Goldman Sachs JUST U.S. Large Cap Equity ETF
1 | ||||
3 | ||||
8 | ||||
13 | ||||
16 | ||||
17 | ||||
24 | ||||
25 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs JUST U.S. Large Cap Equity ETF
Principal Investment Strategies
The Goldman Sachs JUST 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 JUST US Large Cap Diversified Index (the “Index”).
The Fund seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index.
The Index is designed to deliver exposure to equity securities of large capitalization U.S. issuers that engage in “just business behavior” based on rankings produced by JUST Capital Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of issuers in the Russell 1000® Index (the “Reference Index”) based on its quantitative performance assessment of seven issue areas: how they treat their workers, their customers, the communities they interact with, the environment, and their shareholders, their commitment to making quality and beneficial products, and job creation.
The Index Provider seeks to encourage greater accountability in the business community and drive positive change among large publicly-traded U.S. corporations by (a) defining business behaviors that the American public cares most about (through extensive qualitative and quantitative survey research), (b) developing metrics that correspond to these issues in accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded U.S. companies on the basis of these metrics, and (d) developing tools and products that allow investors to direct capital towards more “just” companies.
The Index is a market capitalization-weighted index that consists of the top-ranked 50% of companies in the Reference Index by industry, based on the most recent rankings by the Index Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such that the Index is industry neutral and matches the Reference Index’s industry weights, based on the Industry Classification Benchmark (“ICB”) industry classification.
As of May 10, 2018, the Index consisted of 437 securities with a market capitalization range of between approximately $1.8 billion and $927 billion. The Index is reconstituted annually in December and rebalanced in March, June and September on dates corresponding to the rebalance dates for the Reference Index. The components of the Index may change over time. The Index Provider determines whether an issuer is a U.S. issuer by reference to the index methodology of the Reference Index. FTSE Russell, which constructs the Reference Index, will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and trades in the U.S.; if any of these do not match, the Reference Index methodology provides for consideration of certain additional factors.
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 seeks to invest in the Index components in approximately the same weighting that such components have within the Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the Index in the approximate Index weight. In these circumstances, the Fund may purchase a sample of securities in the Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase
1
INVESTMENT PROCESS
securities not in the Fund’s Index that the Investment Adviser believes are appropriate to substitute for certain securities in such Index or utilize various combinations of other available investment techniques.
The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in accordance with the methodology and constituent list developed and provided by the Index Provider.
The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the Index is concentrated. The degree to which components of the Index represent certain sectors or industries may change over time.
The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).
For a complete overview of and more in-depth information about the Index Provider’s processes, please view its Full Ranking Methodology and Survey Research Appendices at https://justcapital.com/methodology/full-ranking-methodology/.
* * *
At the end of the Reporting Period, i.e., from Fund commencement on June 7, 2018 through August 31, 2018, we believed a focus on just business behavior via a data-driven approach may provide a suitable core U.S. equity allocation for investors seeking to encourage greater accountability in the business community through their investments. The Fund’s data-driven approach collects and analyzes data from a diverse range of sources, utilizing more than 120,000 data points across 85 unique metrics to score the performance of Russell 1000® Index companies. These companies are scored across a variety of issues, including worker treatment, customer concerns and environment impacts to provide broad market exposure.
2
Goldman Sachs JUST U.S. Large Cap Equity ETF
Investment Objective
The Goldman Sachs JUST 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 JUST US Large Cap Diversified Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the period from its commencement of operations on June 7, 2018 through August 31, 2018 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 5.11% based on net asset value (“NAV”) and 5.10% based on market price1. The Index returned 5.17%, and the Russell 1000® Index (Total Return, USD) (“Russell 1000® Index”), a market-cap based index against which the performance of the Fund is measured, returned 5.11% during the same period. |
The Fund had an NAV of $40.08 on the date of inception and ended the Reporting Period with an NAV of $42.13 per share. The Fund’s market price on August 31, 2018 was $42.13 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 Russell 1000® 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 Russell 1000® Index. |
During the Reporting Period, the Index posted solid absolute gains that modestly outperformed the Russell 1000® Index. The Fund closely tracked the Russell 1000® 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 information technology, consumer discretionary and health care sectors contributed most positively to the Index’s results relative to the Russell 1000® Index during the Reporting Period. Index constituents in the industrials, real estate and telecommunication services sectors detracted most from the Index’s results relative to the Russell 1000® 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 Russell 1000® Index, overweight positions in information technology giant Apple, e-commerce retailing leader Amazon.com and software behemoth Microsoft contributed most positively (4.71%, 4.61% and 3.58% of Fund net assets as of August 31, 2018, respectively). Each of these companies posted a double-digit positive return within the Index during the Reporting Period. |
Q | Which individual positions detracted from the Index’s results during the Reporting Period? |
A | Relative to the Russell 1000® Index, underweight positions in media company Comcast, medical equipment and device manufacturer Illumina and drug developer Vertex |
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. |
3
PORTFOLIO RESULTS
Pharmaceuticals detracted most (0.00%2, 0.00%2 and 0.00%2 of Fund net assets as of August 31, 2018, respectively). Each of these companies generated gains within the Russell 1000® Index but were not components of 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 Russell 1000® Index at the end of the Reporting Period?3 |
Sector Name | Fund4 | JUST US Large Cap Index | Russell | |||||||||||
Information Technology | 27.4 | % | 27.5 | % | 26.2 | % | ||||||||
Financials | 14.8 | 14.9 | 13.9 | |||||||||||
Health Care | 13.4 | 13.4 | 14.2 | |||||||||||
Consumer Discretionary | 12.7 | 12.8 | 13.0 | |||||||||||
Industrials | 10.2 | 10.2 | 9.9 | |||||||||||
Consumer Staples | 7.0 | 7.0 | 6.3 | |||||||||||
Energy | 5.7 | 5.7 | 5.7 | |||||||||||
Materials | 2.7 | 2.7 | 2.8 | |||||||||||
Utilities | 2.7 | 2.7 | 2.8 | |||||||||||
Telecommunication Services | 1.8 | 1.8 | 1.9 | |||||||||||
Real Estate | 1.2 | 1.2 | 3.4 |
2 | Some weights are 0.00% at August 31, 2018 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria. |
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 GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart 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 vehicle represented less than 0.05% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding. |
4 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index. |
4
FUND BASICS
Goldman Sachs JUST U.S. Large Cap Equity ETF
as of August 31, 2018
FUND SNAPSHOT |
| |||||
As of August 31, 2018 | ||||||
Market Price1 | $ | 42.13 | ||||
Net Asset Value (NAV)1 | $ | 42.13 |
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 |
| |||||||||||||||||
June 7, 2018– August 31, 2018 | Fund Total Return (based on NAV)2 | Fund Total Return (based on Market Price)2 | JUST US Large Cap Diversified Index3 | Russell 1000® Index4 | ||||||||||||||
Shares | 5.11 | % | 5.10 | % | 5.17 | % | 5.11 | % |
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. 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 | “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large 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 JUST US Large Cap Diversified Index. |
4 | The Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing. |
The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.
5
FUND BASICS
EXPENSE RATIOS5 |
| |||||
Expense Ratio | ||||||
Shares | 0.20 | % |
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 8/31/186 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 4.7 | % | Information Technology | |||||
Amazon.com, Inc. | 4.6 | Consumer Discretionary | ||||||
Microsoft Corp. | 3.6 | Information Technology | ||||||
JPMorgan Chase & Co. | 2.1 | Financials | ||||||
Facebook, Inc., Class A | 1.8 | Information Technology | ||||||
Johnson & Johnson | 1.7 | Health Care | ||||||
Bank of America Corp. | 1.6 | Financials | ||||||
Exxon Mobil Corp. | 1.6 | Energy | ||||||
Alphabet, Inc., Class C | 1.6 | Information Technology | ||||||
Alphabet, Inc., Class A | 1.5 | Information Technology |
6 | The top 10 holdings may not be representative of the Fund’s future investments. |
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.
7
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – 99.6% | ||||||||
Consumer Discretionary – 12.7% | ||||||||
6,246 | Amazon.com, Inc.* | $ | 12,571,387 | |||||
3,886 | Aptiv PLC | 342,007 | ||||||
3,748 | Aramark | 153,968 | ||||||
848 | AutoNation, Inc.* | 38,457 | ||||||
415 | AutoZone, Inc.* | 318,255 | ||||||
3,710 | Best Buy Co., Inc. | 295,168 | ||||||
740 | Booking Holdings, Inc.* | 1,444,147 | ||||||
3,072 | BorgWarner, Inc. | 134,461 | ||||||
2,730 | CarMax, Inc.* | 213,076 | ||||||
6,227 | Carnival Corp. | 382,898 | ||||||
2,359 | Discovery, Inc., Class A*(a) | 65,651 | ||||||
5,292 | Discovery, Inc., Class C* | 135,687 | ||||||
1,848 | Expedia Group, Inc. | 241,164 | ||||||
57,360 | Ford Motor Co. | 543,773 | ||||||
3,355 | Gap, Inc. (The) | 101,824 | ||||||
1,305 | Garmin Ltd. | 88,923 | ||||||
19,249 | General Motors Co. | 693,926 | ||||||
2,099 | Genuine Parts Co. | 209,585 | ||||||
3,208 | H&R Block, Inc. | 86,808 | ||||||
5,263 | Hanesbrands, Inc. | 92,313 | ||||||
1,677 | Hasbro, Inc. | 166,543 | ||||||
4,290 | Hilton Worldwide Holdings, Inc. | 332,990 | ||||||
670 | Hyatt Hotels Corp., Class A | 51,831 | ||||||
5,896 | Interpublic Group of Cos., Inc. (The) | 137,672 | ||||||
683 | John Wiley & Sons, Inc., Class A | 44,088 | ||||||
2,566 | Kohl’s Corp. | 202,996 | ||||||
3,563 | L Brands, Inc. | 94,170 | ||||||
5,483 | Las Vegas Sands Corp. | 358,698 | ||||||
975 | Lear Corp. | 158,145 | ||||||
4,157 | Lennar Corp., Class A | 214,792 | ||||||
230 | Lennar Corp., Class B | 9,701 | ||||||
2,115 | Live Nation Entertainment, Inc.* | 105,073 | ||||||
12,692 | Lowe’s Cos., Inc. | 1,380,255 | ||||||
1,444 | Lululemon Athletica, Inc.* | 223,719 | ||||||
4,694 | Macy’s, Inc. | 171,566 | ||||||
4,495 | Marriott International, Inc., Class A | 568,483 | ||||||
5,051 | Mattel, Inc.*(a) | 77,937 | ||||||
7,974 | MGM Resorts International | 231,166 | ||||||
6,405 | Netflix, Inc.* | 2,354,990 | ||||||
18,445 | NIKE, Inc., Class B | 1,516,179 | ||||||
1,806 | Nordstrom, Inc. | 113,507 | ||||||
3,457 | Omnicom Group, Inc. | 239,639 | ||||||
1,236 | O’Reilly Automotive, Inc.* | 414,579 | ||||||
543 | Penske Automotive Group, Inc. | 28,578 | ||||||
575 | Pool Corp. | 94,449 | ||||||
3,810 | PulteGroup, Inc. | 106,490 | ||||||
1,121 | PVH Corp. | 160,482 | ||||||
2,590 | Royal Caribbean Cruises Ltd. | 317,482 | ||||||
20,640 | Starbucks Corp. | 1,103,208 | ||||||
4,229 | Tapestry, Inc. | 214,368 | ||||||
8,241 | Target Corp. | 721,088 | ||||||
1,896 | Tiffany & Co. | 232,544 | ||||||
2,068 | Toll Brothers, Inc. | 74,924 | ||||||
1,870 | Tractor Supply Co. | 165,084 | ||||||
1,596 | TripAdvisor, Inc.*(a) | 86,679 | ||||||
875 | Ulta Beauty, Inc.* | 227,500 | ||||||
4,750 | VF Corp. | 437,618 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
157 | Viacom, Inc., Class A | 5,291 | ||||||
5,422 | Viacom, Inc., Class B | 158,756 | ||||||
436 | Visteon Corp.* | 48,130 | ||||||
22,906 | Walt Disney Co. (The) | 2,565,930 | ||||||
821 | Wayfair, Inc., Class A* | 110,975 | ||||||
1,018 | Whirlpool Corp. | 127,230 | ||||||
1,504 | Wyndham Destinations, Inc. | 66,477 | ||||||
1,504 | Wyndham Hotels & Resorts, Inc. | 85,352 | ||||||
1,577 | Wynn Resorts Ltd. | 233,932 | ||||||
|
| |||||||
34,694,764 | ||||||||
|
| |||||||
Consumer Staples – 7.0% | ||||||||
8,207 | Archer-Daniels-Midland Co. | 413,633 | ||||||
754 | Brown-Forman Corp., Class A | 39,691 | ||||||
4,502 | Brown-Forman Corp., Class B | 235,094 | ||||||
2,602 | Campbell Soup Co. | 102,649 | ||||||
1,903 | Clorox Co. (The) | 275,897 | ||||||
56,237 | Coca-Cola Co. (The) | 2,506,483 | ||||||
12,525 | Colgate-Palmolive Co. | 831,785 | ||||||
2,307 | Constellation Brands, Inc., Class A | 480,317 | ||||||
6,714 | Costco Wholesale Corp. | 1,565,235 | ||||||
3,198 | Estee Lauder Cos., Inc. (The), Class A | 448,104 | ||||||
8,714 | General Mills, Inc. | 400,931 | ||||||
2,061 | Hershey Co. (The) | 207,172 | ||||||
3,985 | Hormel Foods Corp. | 156,013 | ||||||
1,056 | Ingredion, Inc. | 106,730 | ||||||
1,614 | JM Smucker Co. (The) | 166,855 | ||||||
3,646 | Kellogg Co. | 261,746 | ||||||
5,122 | Kimberly-Clark Corp. | 591,796 | ||||||
1,786 | McCormick & Co., Inc. | 223,036 | ||||||
2,550 | Molson Coors Brewing Co., Class B | 170,187 | ||||||
21,290 | Mondelez International, Inc., Class A | 909,509 | ||||||
20,826 | PepsiCo, Inc. | 2,332,720 | ||||||
37,011 | Procter & Gamble Co. (The) | 3,070,062 | ||||||
7,313 | Sysco Corp. | 547,159 | ||||||
12,997 | Walgreens Boots Alliance, Inc. | 891,074 | ||||||
21,921 | Walmart, Inc. | 2,101,347 | ||||||
|
| |||||||
19,035,225 | ||||||||
|
| |||||||
Energy – 5.7% | ||||||||
1,795 | Andeavor | 274,258 | ||||||
3,074 | Antero Resources Corp.* | 56,900 | ||||||
990 | Apergy Corp.* | 44,768 | ||||||
5,304 | Baker Hughes a GE Co. | 174,873 | ||||||
2,660 | Cheniere Energy, Inc.* | 178,034 | ||||||
24,289 | Chevron Corp. | 2,877,275 | ||||||
1,201 | Cimarex Energy Co. | 101,460 | ||||||
2,480 | Concho Resources, Inc.* | 340,132 | ||||||
14,929 | ConocoPhillips | 1,096,236 | ||||||
1,110 | Continental Resources, Inc.* | 73,204 | ||||||
6,659 | Devon Energy Corp. | 285,871 | ||||||
7,367 | EOG Resources, Inc. | 871,000 | ||||||
54,030 | Exxon Mobil Corp. | 4,331,585 | ||||||
11,129 | Halliburton Co. | 443,936 | ||||||
1,350 | Helmerich & Payne, Inc. | 88,519 | ||||||
3,462 | Hess Corp. | 233,131 | ||||||
2,063 | HollyFrontier Corp. | 153,735 | ||||||
|
|
8 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
3,026 | Kosmos Energy Ltd. (Ghana)* | $ | 27,355 | |||||
10,844 | Marathon Oil Corp. | 233,254 | ||||||
4,869 | National Oilwell Varco, Inc. | 229,184 | ||||||
5,221 | ONEOK, Inc. | 344,116 | ||||||
5,362 | Phillips 66 | 635,451 | ||||||
3,011 | QEP Resources, Inc.* | 30,020 | ||||||
17,674 | Schlumberger Ltd. | 1,116,290 | ||||||
1,409 | SM Energy Co. | 42,397 | ||||||
5,486 | Valero Energy Corp. | 646,690 | ||||||
15,561 | Williams Cos., Inc. (The) | 460,450 | ||||||
5,053 | WPX Energy, Inc.* | 96,361 | ||||||
|
| |||||||
15,486,485 | ||||||||
|
| |||||||
Financials – 14.8% | ||||||||
11,333 | Aflac, Inc. | 524,038 | ||||||
219 | Alleghany Corp. | 138,360 | ||||||
5,204 | Allstate Corp. (The) | 523,366 | ||||||
9,792 | American Express Co. | 1,037,756 | ||||||
13,328 | American International Group, Inc. | 708,650 | ||||||
2,139 | Ameriprise Financial, Inc. | 303,652 | ||||||
3,618 | Aon PLC | 526,636 | ||||||
2,670 | Arthur J Gallagher & Co. | 192,614 | ||||||
1,632 | Assured Guaranty Ltd. | 66,488 | ||||||
140,191 | Bank of America Corp. | 4,336,108 | ||||||
614 | Bank of Hawaii Corp. | 51,042 | ||||||
13,862 | Bank of New York Mellon Corp. (The) | 722,903 | ||||||
11,546 | BB&T Corp. | 596,466 | ||||||
1,826 | BlackRock, Inc. | 874,764 | ||||||
7,184 | Capital One Financial Corp. | 711,863 | ||||||
17,818 | Charles Schwab Corp. (The) | 904,976 | ||||||
37,841 | Citigroup, Inc. | 2,695,793 | ||||||
5,034 | CME Group, Inc. | 879,591 | ||||||
422 | CNA Financial Corp. | 18,948 | ||||||
2,541 | Comerica, Inc. | 247,697 | ||||||
1,402 | Commerce Bancshares, Inc. | 99,626 | ||||||
844 | Cullen/Frost Bankers, Inc. | 93,591 | ||||||
5,163 | Discover Financial Services | 403,334 | ||||||
1,717 | Eaton Vance Corp. | 90,537 | ||||||
361 | Erie Indemnity Co., Class A | 44,594 | ||||||
579 | FactSet Research Systems, Inc. | 132,817 | ||||||
10,155 | Fifth Third Bancorp | 298,862 | ||||||
2,376 | First Republic Bank | 241,378 | ||||||
5,247 | Goldman Sachs Group, Inc. (The)(b) | 1,247,789 | ||||||
624 | Hanover Insurance Group, Inc. (The) | 76,434 | ||||||
5,294 | Hartford Financial Services Group, Inc. (The) | 266,659 | ||||||
16,235 | Huntington Bancshares, Inc. | 263,169 | ||||||
6,007 | Invesco Ltd. | 144,769 | ||||||
50,257 | JPMorgan Chase & Co. | 5,758,447 | ||||||
15,657 | KeyCorp | 329,893 | ||||||
1,242 | Legg Mason, Inc. | 38,750 | ||||||
3,234 | Lincoln National Corp. | 212,086 | ||||||
7,521 | Marsh & McLennan Cos., Inc. | 636,502 | ||||||
12,799 | MetLife, Inc. | 587,346 | ||||||
2,474 | Moody’s Corp. | 440,421 | ||||||
19,825 | Morgan Stanley | 968,055 | ||||||
278 | Morningstar, Inc. | 39,565 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,304 | MSCI, Inc. | 235,059 | ||||||
3,108 | Northern Trust Corp. | 333,986 | ||||||
6,960 | PNC Financial Services Group, Inc. (The) | 999,038 | ||||||
1,554 | Popular, Inc. (Puerto Rico) | 78,228 | ||||||
4,189 | Principal Financial Group, Inc. | 231,191 | ||||||
8,594 | Progressive Corp. (The) | 580,353 | ||||||
6,226 | Prudential Financial, Inc. | 611,704 | ||||||
1,949 | Raymond James Financial, Inc. | 181,335 | ||||||
16,636 | Regions Financial Corp. | 323,737 | ||||||
958 | Reinsurance Group of America, Inc. | 136,850 | ||||||
3,723 | S&P Global, Inc. | 770,847 | ||||||
801 | Signature Bank | 92,708 | ||||||
5,374 | State Street Corp. | 467,054 | ||||||
783 | SVB Financial Group* | 252,713 | ||||||
3,498 | T Rowe Price Group, Inc. | 405,383 | ||||||
735 | TFS Financial Corp.(a) | 11,348 | ||||||
3,999 | Travelers Cos., Inc. (The) | 526,268 | ||||||
3,104 | Unum Group | 114,476 | ||||||
22,806 | US Bancorp | 1,234,033 | ||||||
2,502 | Voya Financial, Inc. | 125,275 | ||||||
1,351 | Webster Financial Corp. | 88,328 | ||||||
65,156 | Wells Fargo & Co. | 3,810,323 | ||||||
1,403 | WR Berkley Corp. | 109,799 | ||||||
3,738 | XL Group Ltd. (Bermuda) | 214,524 | ||||||
|
| |||||||
40,410,895 | ||||||||
|
| |||||||
Health Care – 13.4% | ||||||||
21,911 | Abbott Laboratories | 1,464,531 | ||||||
20,338 | AbbVie, Inc. | 1,952,041 | ||||||
4,098 | Aetna, Inc. | 820,706 | ||||||
4,645 | Agilent Technologies, Inc. | 313,723 | ||||||
651 | Agios Pharmaceuticals, Inc.* | 52,549 | ||||||
8,481 | Amgen, Inc. | 1,694,589 | ||||||
3,274 | Anthem, Inc. | 866,726 | ||||||
6,407 | Baxter International, Inc. | 476,489 | ||||||
2,695 | Biogen, Inc.* | 952,656 | ||||||
20,948 | Bristol-Myers Squibb Co. | 1,268,401 | ||||||
4,767 | Cardinal Health, Inc. | 248,790 | ||||||
9,263 | Celgene Corp.* | 874,890 | ||||||
2,596 | Centene Corp.* | 380,262 | ||||||
3,025 | Cigna Corp. | 569,729 | ||||||
15,613 | CVS Health Corp. | 1,174,722 | ||||||
1,736 | DaVita, Inc.* | 120,287 | ||||||
2,861 | DENTSPLY SIRONA, Inc. | 114,211 | ||||||
2,684 | Edwards Lifesciences Corp.* | 387,140 | ||||||
12,336 | Eli Lilly & Co. | 1,303,298 | ||||||
16,577 | Gilead Sciences, Inc. | 1,255,376 | ||||||
3,549 | HCA Healthcare, Inc. | 475,956 | ||||||
1,965 | Henry Schein, Inc.* | 152,641 | ||||||
843 | Hill-Rom Holdings, Inc. | 81,999 | ||||||
1,763 | Humana, Inc. | 587,537 | ||||||
1,096 | IDEXX Laboratories, Inc.* | 278,428 | ||||||
2,247 | Incyte Corp.* | 166,076 | ||||||
34,384 | Johnson & Johnson | 4,631,181 | ||||||
3,163 | McKesson Corp. | 407,236 | ||||||
17,331 | Medtronic PLC | 1,670,882 | ||||||
34,488 | Merck & Co., Inc. | 2,365,532 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 9 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
355 | Mettler-Toledo International, Inc.* | $ | 207,483 | |||||
1,136 | Neurocrine Biosciences, Inc.* | 139,671 | ||||||
74,309 | Pfizer, Inc. | 3,085,310 | ||||||
1,020 | Regeneron Pharmaceuticals, Inc.* | 414,885 | ||||||
1,799 | ResMed, Inc. | 200,427 | ||||||
1,367 | Seattle Genetics, Inc.* | 104,931 | ||||||
494 | TESARO, Inc.* | 16,030 | ||||||
5,137 | Thermo Fisher Scientific, Inc. | 1,228,257 | ||||||
548 | United Therapeutics Corp.* | 67,399 | ||||||
12,241 | UnitedHealth Group, Inc. | 3,286,219 | ||||||
1,174 | Varian Medical Systems, Inc.* | 131,512 | ||||||
996 | Waters Corp.* | 188,722 | ||||||
569 | WellCare Health Plans, Inc.* | 172,162 | ||||||
939 | West Pharmaceutical Services, Inc. | 109,910 | ||||||
|
| |||||||
36,461,502 | ||||||||
|
| |||||||
Industrials – 10.1% | ||||||||
8,316 | 3M Co. | 1,754,011 | ||||||
961 | AGCO Corp. | 57,333 | ||||||
1,843 | Alaska Air Group, Inc. | 124,384 | ||||||
6,493 | American Airlines Group, Inc. | 262,837 | ||||||
2,047 | AO Smith Corp. | 118,890 | ||||||
6,230 | Arconic, Inc. | 139,427 | ||||||
7,919 | Boeing Co. (The) | 2,714,554 | ||||||
1,437 | BWX Technologies, Inc. | 88,117 | ||||||
8,367 | Caterpillar, Inc. | 1,161,758 | ||||||
3,110 | Copart, Inc.* | 200,004 | ||||||
12,002 | CSX Corp. | 890,068 | ||||||
2,198 | Cummins, Inc. | 311,676 | ||||||
4,665 | Deere & Co. | 670,827 | ||||||
9,947 | Delta Air Lines, Inc. | 581,700 | ||||||
2,180 | Dover Corp. | 187,197 | ||||||
568 | Dun & Bradstreet Corp. (The) | 81,179 | ||||||
6,295 | Eaton Corp. PLC | 523,366 | ||||||
9,046 | Emerson Electric Co. | 694,100 | ||||||
1,772 | Equifax, Inc. | 237,395 | ||||||
3,570 | FedEx Corp. | 870,901 | ||||||
2,021 | Fluor Corp. | 116,026 | ||||||
2,093 | Fortune Brands Home & Security, Inc. | 110,887 | ||||||
3,732 | General Dynamics Corp. | 721,769 | ||||||
124,286 | General Electric Co. | 1,608,261 | ||||||
2,380 | Graco, Inc. | 111,884 | ||||||
1,287 | Hexcel Corp. | 85,096 | ||||||
786 | Hubbell, Inc. | 99,319 | ||||||
625 | Huntington Ingalls Industries, Inc. | 152,794 | ||||||
1,101 | IDEX Corp. | 168,684 | ||||||
5,767 | IHS Markit Ltd.* | 317,185 | ||||||
4,885 | Illinois Tool Works, Inc. | 678,429 | ||||||
3,569 | Ingersoll-Rand PLC | 361,504 | ||||||
1,259 | ITT, Inc. | 74,419 | ||||||
1,899 | Jacobs Engineering Group, Inc. | 138,038 | ||||||
1,256 | JB Hunt Transport Services, Inc. | 151,662 | ||||||
13,314 | Johnson Controls International PLC | 502,870 | ||||||
528 | Lennox International, Inc. | 117,644 | ||||||
3,578 | Lockheed Martin Corp. | 1,146,427 | ||||||
948 | ManpowerGroup, Inc. | 88,856 | ||||||
4,455 | Masco Corp. | 169,156 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
643 | MSC Industrial Direct Co., Inc., Class A | 54,964 | ||||||
5,471 | Nielsen Holdings PLC | 142,246 | ||||||
4,073 | Norfolk Southern Corp. | 708,050 | ||||||
2,332 | Northrop Grumman Corp. | 696,079 | ||||||
951 | Old Dominion Freight Line, Inc. | 144,932 | ||||||
1,577 | Owens Corning | 89,290 | ||||||
1,907 | Parker-Hannifin Corp. | 334,869 | ||||||
4,140 | Raytheon Co. | 825,682 | ||||||
1,803 | Rockwell Automation, Inc. | 326,271 | ||||||
2,360 | Rockwell Collins, Inc. | 320,842 | ||||||
1,463 | Roper Technologies, Inc. | 436,515 | ||||||
750 | Ryder System, Inc. | 57,630 | ||||||
822 | Snap-on, Inc. | 145,313 | ||||||
8,267 | Southwest Airlines Co. | 506,767 | ||||||
2,272 | Stanley Black & Decker, Inc. | 319,284 | ||||||
981 | Terex Corp. | 38,014 | ||||||
989 | Timken Co. (The) | 48,115 | ||||||
11,112 | Union Pacific Corp. | 1,673,689 | ||||||
9,953 | United Parcel Service, Inc., Class B | 1,223,025 | ||||||
1,205 | United Rentals, Inc.* | 187,823 | ||||||
1,177 | USG Corp.* | 50,729 | ||||||
2,311 | Verisk Analytics, Inc.* | 275,217 | ||||||
659 | WW Grainger, Inc. | 233,332 | ||||||
2,581 | Xylem, Inc. | 195,924 | ||||||
|
| |||||||
27,625,236 | ||||||||
|
| |||||||
Information Technology – 27.4% | ||||||||
9,273 | Accenture PLC, Class A | 1,567,786 | ||||||
11,071 | Activision Blizzard, Inc. | 798,219 | ||||||
5,644 | Adobe Systems, Inc.* | 1,487,250 | ||||||
10,413 | Advanced Micro Devices, Inc.* | 262,095 | ||||||
1,899 | Akamai Technologies, Inc.* | 142,691 | ||||||
697 | Alliance Data Systems Corp. | 166,290 | ||||||
3,427 | Alphabet, Inc., Class A* | 4,221,379 | ||||||
3,491 | Alphabet, Inc., Class C* | 4,252,701 | ||||||
4,232 | Analog Devices, Inc. | 418,333 | ||||||
56,459 | Apple, Inc. | 12,851,762 | ||||||
12,047 | Applied Materials, Inc. | 518,262 | ||||||
1,254 | Arrow Electronics, Inc.* | 97,223 | ||||||
2,518 | Autodesk, Inc.* | 388,653 | ||||||
6,349 | Automatic Data Processing, Inc. | 931,716 | ||||||
1,691 | Avnet, Inc. | 81,844 | ||||||
2,041 | Booz Allen Hamilton Holding Corp. | 104,418 | ||||||
1,694 | Broadridge Financial Solutions, Inc. | 228,927 | ||||||
3,599 | CA, Inc. | 157,636 | ||||||
55,352 | Cisco Systems, Inc. | 2,644,165 | ||||||
1,551 | Citrix Systems, Inc.* | 176,845 | ||||||
6,698 | Cognizant Technology Solutions Corp., Class A | 525,324 | ||||||
931 | Dolby Laboratories, Inc., Class A | 65,347 | ||||||
14,360 | eBay, Inc.* | 497,000 | ||||||
4,424 | Electronic Arts, Inc.* | 501,726 | ||||||
703 | F5 Networks, Inc.* | 132,951 | ||||||
27,292 | Facebook, Inc., Class A* | 4,796,023 | ||||||
1,043 | First Solar, Inc.* | 54,319 | ||||||
5,902 | Fiserv, Inc.* | 472,573 | ||||||
1,016 | Gartner, Inc.* | 152,156 | ||||||
|
|
10 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
921 | Guidewire Software, Inc.* | $ | 92,625 | |||||
17,812 | Hewlett Packard Enterprise Co. | 294,432 | ||||||
53,546 | Intel Corp. | 2,593,233 | ||||||
10,548 | International Business Machines Corp. | 1,545,071 | ||||||
2,800 | Intuit, Inc. | 614,516 | ||||||
519 | IPG Photonics Corp.* | 91,074 | ||||||
2,408 | Jabil, Inc. | 71,180 | ||||||
1,106 | Jack Henry & Associates, Inc. | 175,235 | ||||||
3,958 | Juniper Networks, Inc. | 112,526 | ||||||
2,692 | Keysight Technologies, Inc.* | 174,684 | ||||||
1,789 | KLA-Tencor Corp. | 207,900 | ||||||
1,637 | Leidos Holdings, Inc. | 115,850 | ||||||
13,626 | Mastercard, Inc., Class A | 2,937,221 | ||||||
13,278 | Micron Technology, Inc.* | 697,361 | ||||||
86,993 | Microsoft Corp. | 9,771,924 | ||||||
1,857 | Motorola Solutions, Inc. | 238,365 | ||||||
1,589 | National Instruments Corp. | 75,875 | ||||||
3,079 | NetApp, Inc. | 267,288 | ||||||
6,682 | NVIDIA Corp. | 1,875,504 | ||||||
32,975 | Oracle Corp. | 1,601,926 | ||||||
4,625 | Paychex, Inc. | 338,781 | ||||||
17,128 | PayPal Holdings, Inc.* | 1,581,428 | ||||||
17,014 | QUALCOMM, Inc. | 1,169,032 | ||||||
3,665 | Sabre Corp. | 95,693 | ||||||
8,096 | salesforce.com, Inc.* | 1,236,097 | ||||||
3,283 | Square, Inc., Class A* | 291,005 | ||||||
7,094 | Symantec Corp. | 143,015 | ||||||
1,700 | Synopsys, Inc.* | 173,638 | ||||||
1,655 | Take-Two Interactive Software, Inc.* | 221,042 | ||||||
1,382 | Teradata Corp.* | 57,312 | ||||||
11,240 | Texas Instruments, Inc. | 1,263,376 | ||||||
2,592 | Total System Services, Inc. | 251,787 | ||||||
8,112 | Twitter, Inc.* | 285,380 | ||||||
339 | Ultimate Software Group, Inc. (The)* | 104,978 | ||||||
1,210 | VeriSign, Inc.* | 191,918 | ||||||
26,518 | Visa, Inc., Class A | 3,895,229 | ||||||
788 | VMware, Inc., Class A* | 120,769 | ||||||
3,434 | Western Digital Corp. | 217,166 | ||||||
591 | WEX, Inc.* | 112,420 | ||||||
1,661 | Workday, Inc., Class A* | 256,691 | ||||||
3,209 | Xerox Corp. | 89,403 | ||||||
2,918 | Xilinx, Inc. | 227,108 | ||||||
1,694 | Zillow Group, Inc., Class C* | 82,413 | ||||||
|
| |||||||
74,655,085 | ||||||||
|
| |||||||
Materials – 2.7% | ||||||||
2,993 | Air Products & Chemicals, Inc. | 497,706 | ||||||
1,503 | Albemarle Corp. | 143,567 | ||||||
891 | AptarGroup, Inc. | 93,297 | ||||||
846 | Ashland Global Holdings, Inc. | 71,233 | ||||||
1,198 | Avery Dennison Corp. | 126,006 | ||||||
4,952 | Ball Corp. | 207,390 | ||||||
1,303 | Bemis Co., Inc. | 64,212 | ||||||
1,848 | Celanese Corp., Series A | 215,902 | ||||||
1,859 | Crown Holdings, Inc.* | 79,584 | ||||||
848 | Domtar Corp. | 43,163 | ||||||
31,671 | DowDuPont, Inc. | 2,221,087 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Materials – (continued) | ||||||||
1,940 | Eastman Chemical Co. | 188,238 | ||||||
3,471 | Ecolab, Inc. | 522,316 | ||||||
19,722 | Freeport-McMoRan, Inc. | 277,094 | ||||||
2,967 | Huntsman Corp. | 90,464 | ||||||
1,074 | International Flavors & Fragrances, Inc. | 139,931 | ||||||
5,645 | International Paper Co. | 288,685 | ||||||
4,378 | LyondellBasell Industries NV, Class A | 493,751 | ||||||
105 | NewMarket Corp. | 42,109 | ||||||
2,328 | Owens-Illinois, Inc.* | 41,136 | ||||||
3,916 | Praxair, Inc. | 619,472 | ||||||
2,313 | Sealed Air Corp. | 92,774 | ||||||
1,204 | Sherwin-Williams Co. (The) | 548,518 | ||||||
1,411 | Sonoco Products Co. | 79,072 | ||||||
1,120 | Southern Copper Corp. (Peru) | 48,877 | ||||||
3,083 | Steel Dynamics, Inc. | 140,986 | ||||||
496 | Westlake Chemical Corp. | 46,907 | ||||||
|
| |||||||
7,423,477 | ||||||||
|
| |||||||
Real Estate – 1.2% | ||||||||
6,504 | American Tower Corp. REIT | 969,877 | ||||||
4,706 | CBRE Group, Inc., Class A* | 229,700 | ||||||
506 | CoreSite Realty Corp., Class A REIT | 58,934 | ||||||
6,143 | Crown Castle International Corp. REIT | 700,486 | ||||||
1,090 | EPR Properties REIT | 76,496 | ||||||
1,179 | Equinix, Inc. REIT | 514,197 | ||||||
1,808 | Extra Space Storage, Inc. REIT | 166,716 | ||||||
573 | Howard Hughes Corp. (The)* | 74,702 | ||||||
675 | Jones Lang Lasalle, Inc. | 102,951 | ||||||
1,877 | Realogy Holdings Corp. | 40,149 | ||||||
2,438 | Uniti Group, Inc. REIT | 50,759 | ||||||
11,221 | Weyerhaeuser Co. REIT | 389,481 | ||||||
|
| |||||||
3,374,448 | ||||||||
|
| |||||||
Telecommunication Services – 1.9% | ||||||||
75,937 | AT&T, Inc. | 2,425,428 | ||||||
6,709 | Sprint Corp.* | 40,992 | ||||||
3,198 | T-Mobile US, Inc.* | 211,196 | ||||||
43,143 | Verizon Communications, Inc. | 2,345,685 | ||||||
|
| |||||||
5,023,301 | ||||||||
|
| |||||||
Utilities – 2.7% | ||||||||
8,296 | American Electric Power Co., Inc. | 595,072 | ||||||
1,828 | Atmos Energy Corp. | 168,596 | ||||||
7,254 | CenterPoint Energy, Inc. | 201,589 | ||||||
4,731 | CMS Energy Corp. | 232,954 | ||||||
5,233 | Consolidated Edison, Inc. | 413,041 | ||||||
3,042 | DTE Energy Co. | 338,088 | ||||||
5,345 | Edison International | 351,327 | ||||||
3,042 | Entergy Corp. | 254,281 | ||||||
5,326 | Eversource Energy | 332,502 | ||||||
16,222 | Exelon Corp. | 709,064 | ||||||
1,362 | National Fuel Gas Co. | 75,632 | ||||||
7,920 | NextEra Energy, Inc. | 1,347,192 | ||||||
6,089 | NiSource, Inc. | 164,829 | ||||||
8,689 | PG&E Corp. | 401,258 | ||||||
11,771 | PPL Corp. | 350,069 | ||||||
8,483 | Public Service Enterprise Group, Inc. | 444,085 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 11 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2018
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
4,443 | Sempra Energy | $ | 515,743 | |||||
1,394 | Vectren Corp. | 99,253 | ||||||
8,551 | Xcel Energy, Inc. | 410,876 | ||||||
|
| |||||||
7,405,451 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | |||||||
(Cost $259,867,296) | $ | 271,595,869 | ||||||
|
| |||||||
Shares | Distribution Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.0%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | |||||||
75,906 | 1.879% | $ | 75,906 | |||||
(Cost $75,906) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.6% | ||||||||
(Cost $259,943,202) | $ | 271,671,775 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4% | 1,133,655 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 272,805,430 | ||||||
|
|
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. |
| ||
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 JUST U.S. LARGE CAP EQUITY ETF
Statement of Assets and Liabilities
August 31, 2018
Large Cap | ||||||
Assets: | ||||||
Investments in unaffiliated issuers, at value (cost $258,644,856)(a) | $ | 270,348,080 | ||||
Investments in affiliated issuers, at value (cost $1,222,440) | 1,247,789 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 75,906 | |||||
Cash | 747,252 | |||||
Receivables: | ||||||
Dividends | 507,575 | |||||
Securities lending income | 105 | |||||
Total assets | 272,926,707 | |||||
Liabilities: | ||||||
Payables: | ||||||
Upon return of securities loaned | 75,906 | |||||
Management fees | 45,371 | |||||
Total liabilities | 121,277 | |||||
Net Assets: | ||||||
Paid-in capital | 260,101,111 | |||||
Undistributed net investment income | 1,052,344 | |||||
Accumulated net realized loss | (76,598 | ) | ||||
Net unrealized gain | 11,728,573 | |||||
NET ASSETS | $ | 272,805,430 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 6,475,000 | |||||
Net asset value per share: | $ | 42.13 |
(a) | Includes loaned securities having a market value of $74,570. |
The accompanying notes are an integral part of these financial statements. | 13 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement of Operations
For the Period Ended August 31, 2018(a)
Large Cap | ||||||
Investment income: | ||||||
Dividends — unaffiliated issuers | $ | 1,163,515 | ||||
Dividends — affiliated issuers | 4,198 | |||||
Securities lending income | 254 | |||||
Total investment income | 1,167,967 | |||||
Expenses: | ||||||
Management fees | 111,885 | |||||
Trustee fees | 3,738 | |||||
Total expenses | 115,623 | |||||
NET INVESTMENT INCOME | 1,052,344 | |||||
Realized and unrealized gain (loss): | ||||||
Net realized loss from: | ||||||
Investments — unaffiliated issuers | (76,598 | ) | ||||
Net unrealized gain on: | ||||||
Investments — unaffiliated issuers | 11,703,224 | |||||
Investments — affiliated issuers | 25,349 | |||||
Net realized and unrealized gain | 11,651,975 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 12,704,319 |
(a) | For the period June 7, 2018 (commencement of operations) through August 31, 2018. |
14 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement of Changes in Net Assets
For the Period Ended August 31, 2018(a)
JUST U.S. Large Cap Equity ETF | ||||||
From operations: | ||||||
Net investment income | $ | 1,052,344 | ||||
Net realized loss | (76,598 | ) | ||||
Net unrealized gain | 11,728,573 | |||||
Net increase in net assets resulting from operations | 12,704,319 | |||||
From share transactions: | ||||||
Proceeds from sales of shares | 260,101,111 | |||||
Net increase in net assets resulting from share transactions | 260,101,111 | |||||
TOTAL INCREASE | 272,805,430 | |||||
Net assets: | ||||||
Beginning of period | $ | — | ||||
End of period | $ | 272,805,430 | ||||
Undistributed net investment income | $ | 1,052,344 |
(a) | For the period June 7, 2018 (commencement of operations) through August 31, 2018. |
The accompanying notes are an integral part of these financial statements. | 15 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Selected Data for a Share Outstanding Throughout the Period
JUST U.S. Large Cap Equity ETF | ||||||
For the Period August 31, 2018 | ||||||
Per Share Operating Performance: | ||||||
Net asset value, beginning of period | $ | 40.08 | ||||
Net investment income(a) | 0.17 | |||||
Net realized and unrealized gain | 1.88 | |||||
Total gain from investment operations | 2.05 | |||||
Net asset value, end of period | $ | 42.13 | ||||
Market price, end of period | $ | 42.13 | ||||
Total Return at Net Asset Value(b) | 5.11 | % | ||||
Net assets, end of period (in 000’s) | $ | 272,805 | ||||
Ratio of total expenses to average net assets | 0.20 | %(c) | ||||
Ratio of net investment income to average net assets | 1.84 | %(c) | ||||
Portfolio turnover rate(d) | 2 | % |
* | 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
August 31, 2018
1. ORGANIZATION |
Goldman Sachs JUST 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 JUST US Large Cap Diversified 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 NAV only in blocks of a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed principally in-kind for a basket of securities and a cash amount. 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, if any. 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 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.
17
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
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 the 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;
18
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 August 31, 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 August 31, 2018:
JUST 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 | $ | 271,519,637 | $ | — | $ | — | ||||||
South America | 48,877 | — | — | |||||||||
Africa | 27,355 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 75,906 | — | — | |||||||||
Total | $ | 271,671,775 | $ | — | $ | — |
(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 period August 31, 2018, the unitary management fee rate with GSAM was 0.20%.
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 August 31, 2018:
Beginning value as of June 7, | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation | Ending value as of | Shares as of August 31, 2018 | Dividend Income | |||||||
$— | $1,222,440 | $— | $— | $25,349 | $1,247,789 | 5,247 | $4,198 |
* | Commencement of operations. |
19
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
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 August 31, 2018, is as follows:
JUST U.S. Large Cap Equity ETF | ||||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity(1) | ||||||||
Shares Sold | 6,475,000 | $ | 260,101,111 | |||||
NET INCREASE IN SHARES | 6,475,000 | $ | 260,101,111 |
(1) | For the period June 7, 2018 (commencement of operations) through August 31, 2018 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
JUST U.S. Large Cap Equity ETF | $ | 9,912,769 | $ | 4,884,053 |
The purchase and sales from in-kind creation and redemption transactions for the period ended August 31, 2018, were as follows:
Fund | Purchases | Sales | ||||||||
JUST U.S. Large Cap Equity ETF | $ | 255,111,499 | $ | — |
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
20
GOLDMAN SACHS ETF TRUST
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% 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 August 31, 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 August 31, 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 August 31, 2018:
Beginning value as of June 7, 2018* | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2018 | |||||||||||
$ | — | $ | 1,232,753 | $ | (1,156,847 | ) | $ | 75,906 |
* | Commencement of operations. |
8. TAX INFORMATION |
There is no distribution paid during the period ended August 31, 2018.
As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:
JUST U.S. Large Cap Equity ETF | ||||
Undistributed ordinary income — net | $ | 1,052,344 | ||
Total undistributed earnings | $ | 1,052,344 | ||
Capital loss carryforwards: | ||||
Perpetual Short-term | $ | (9,850 | ) | |
Unrealized gains (losses) — net | $ | 11,661,825 | | |
Total accumulated earnings (losses) net | $ | 12,704,319 |
21
GOLDMAN SACHS ETF TRUST
Notes to Financial Statements (continued)
August 31, 2018
8. TAX INFORMATION (continued) |
As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
JUST U.S. Large Cap Equity ETF | ||||
Tax Cost | $ | 260,009,950 | ||
Gross unrealized gain | 16,987,040 | |||
Gross unrealized loss | (5,325,215 | ) | ||
Net unrealized gains | $ | 11,661,825 |
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.
9. OTHER RISKS |
The Fund’s risks include, but are not limited to, the following:
Index Risk — JUST Capital Foundation, Inc. (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 its 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, the Calculation Agent 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 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
22
GOLDMAN SACHS ETF TRUST
9. OTHER RISKS (continued) |
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 its 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 |
In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.
Other than noted above, 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.
23
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of
Goldman Sachs JUST U.S. Large Cap Equity ETF:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs JUST U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations, changes in its net assets, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2018
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
24
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 June 7, 2018 (commencement of operations) and held for the period ended August 31, 2018, which represents a period of 86 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.
JUST U.S. Large Cap Equity ETF* | ||||||||||||
Beginning Account Value 6/7/18 | Ending Account Value 8/31/18 | Expenses Paid** | ||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,051.10 | $ | 0.48 | ||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,011.31 | + | $ | 0.47 |
+ | 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 June 7, 2018. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 86/365, which represents a period of 86 days of a 365 day year (to reflect the Fund’s commencement of operation). |
** | The 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 August 31, 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 | ||||||||
JUST U.S. Large Cap Equity ETF | 0.20 | % |
25
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)
Background
The Goldman Sachs JUST 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 June 7, 2018. At a meeting held on March 13-14, 2018 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).
At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Fund was discussed.
In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.
Nature, Extent, and Quality of the Services Provided Under the Management Agreement
As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees 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 would seek to track an index developed and maintained by a third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would be providing services to the Fund. 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 exchange-traded funds and has extensive experience managing other types of registered investment companies.
Unitary Fee Structure and Profitability
The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund’s ordinary operating expenses. They noted that license fees would be payable by the Investment Adviser to Frank Russell Company for the use of its index and to JUST Capital Foundation, Inc. for use of certain trademarks and trade names. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses paid by the Fund.
The Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
26
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)
Economies of Scale
The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the Fund’s peer group.
Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (d) the possibility that the working relationship between the Investment Adviser and the Fund’s third party service providers may cause those service providers to be open to doing business with other areas of Goldman Sachs & Co. LLC (“Goldman Sachs”).
Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund 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, 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 in light of the services to be provided to it by the Investment Adviser, the Investment Adviser’s costs, and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund until March 14, 2020.
27
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
Lawrence W. Stranghoener Age: 64 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company).
Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Caroline Dorsa Age: 59 | Trustee | Since 2016 | Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene-editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company) | |||||
Linda A. Lang Age: 60 | Trustee | Since 2016 | Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | WD-40 Company (a global consumer products company) | |||||
Michael Latham Age: 52 | Trustee | Since 2015 | Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 32 | None | |||||
28
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee3 | Other Directorships Held by Trustee4 | |||||
James A. McNamara Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | 152 | None | |||||
* | This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
1 | Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018. |
2 | Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio. |
4 | This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act. |
Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.
29
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 55 | Trustee and President | Since 2014 | Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000– December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).
President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).
Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Scott M. McHugh 200 West Street New York, NY 10282 Age: 46 | Treasurer, Senior Vice President and Principal Financial Officer | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).
Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50 | Assistant Treasurer and Principal Accounting Officer | Since 2017 | Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010-October 2015).
Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC. | |||
* | Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550. |
1 | Information is provided as of August 31, 2018. |
2 | Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor. |
30
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 $1.30 trillion in assets under supervision as of June 30, 2018, 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 JUST U.S. Large Cap Equity ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF
|
INDEX DISCLAIMERS
Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).
No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.
No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST 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 JUST Index or the GS ETF.
Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index® and JUST Capital Index® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.
Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).
Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.
Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.
Without limiting any of the foregoing, 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 JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.
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 Fund is recently or newly organized and has limited operating history.
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 August 31, 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 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.
The Fund is recently or newly organized and has limited operating history.
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. 144631-OTU-854840 JUSTUSLCEETFAR-18/731
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 13(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. |
Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust to which this certified shareholder report relates.
2018 | 2017 | Description of Services Rendered | ||||||||||
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Audit Fees: | ||||||||||||
• PricewaterhouseCoopers LLP (“PwC”) | $ | 314,325 | $ | 212,675 | Financial Statement audits. | |||||||
Audit-Related Fees: | ||||||||||||
• PwC | $ | 9,797 | $ | 12,909 | ||||||||
Tax Fees: | ||||||||||||
• PwC | $ | 100,167 | $ | 47,752 | Tax compliance services provided in connection with the preparation and review of registrant’s tax returns. |
Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust’s service affiliates * that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
2018 | 2017 | Description of Services Rendered | ||||||||||
|
|
|
|
| ||||||||
Audit-Related Fees: | ||||||||||||
• PwC | $ | — | $ | — |
* | These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as “service affiliates”). |
Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust. The Audit and Non-Audit Services Pre-Approval Policy (the “Policy”) adopted by the Audit Committee of Goldman Sachs ETF Trust (“GS ETF”) sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission’s rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.
De Minimis Waiver. The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.
Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF Trust’s Investment Advisers. The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF, the Audit Committee will pre-approve those non-audit services provided to GS ETF’s investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF) where the engagement relates directly to the operations or financial reporting of GS ETF.
Item 4(e)(2) – 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF’s service affiliates listed in Table 2 were approved by GS ETF’s Audit Committee pursuant to the “de minimis” exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.
Item 4(f) – Not applicable.
Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2018 and August 31, 2017 were approximately $109,964 and $60,661 respectively. The aggregate non-audit fees billed to GS ETF’s adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2017 and December 31, 2016 were approximately $9.7 million and $11.4 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2017 and 2016 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF’s operations or financial reporting.
Item 4(h) — GS ETF’s Audit Committee has considered whether the provision of non-audit services to GS ETF’s investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors’ independence.
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 last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES |
Not applicable. |
ITEM 13. | 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. | ||
(a)(3) | Not applicable to open-end investment companies. | |||
(a)(4) | There was no change in the registrant’s independent public accountant for the period covered by this report. | |||
(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: | November 5, 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: | November 5, 2018 | |
By: | /s/ Scott McHugh | |
| ||
Scott McHugh | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | November 5, 2018 |