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, 2021
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Annual Report to Shareholders is filed herewith. |
Goldman Sachs Funds
Annual Report | August 31, 2021 | |||
Access Fixed Income ETFs | ||||
Access High Yield Corporate Bond ETF (GHYB) | ||||
Access Inflation Protected USD Bond ETF (GTIP) | ||||
Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) | ||||
Access Investment Grade Corporate Bond ETF (GIGB) | ||||
Access Treasury 0-1 Year ETF (GBIL) | ||||
Access U.S. Aggregate Bond ETF (GCOR) | ||||
Access Ultra Short Bond ETF (GSST) |
Goldman Sachs Access Fixed Income ETFs
∎ | ACCESS HIGH YIELD CORPORATE BOND ETF |
∎ | ACCESS INFLATION PROTECTED USD BOND ETF |
∎ | ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
∎ | ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
∎ | ACCESS TREASURY 0-1 YEAR ETF |
∎ | ACCESS U.S. AGGREGATE BOND ETF |
∎ | ACCESS ULTRA SHORT BOND ETF |
1 | ||||
9 | ||||
44 | ||||
102 | ||||
110 | ||||
110 | ||||
111 | ||||
112 | ||||
113 | ||||
114 | ||||
115 | ||||
116 | ||||
117 | ||||
131 | ||||
133 |
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 August 31, 2021, there were 983 constituents in the Index and the Index had a weighted average maturity of 6.1 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 constituent securities of the Reference Index. The Reference Index includes high yield corporate bonds issued by companies domiciled in the United States or Canada that have a minimum of one year to maturity and are rated 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) if neither fundamental factor described below is available, 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 and screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
The Goldman Sachs Access Inflation Protected USD 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 Treasury Inflation Protected USD Bond Index (the “Index”) is designed to track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. As of August 31, 2021, there were 39 issues in the Index and the Index had a weighted average maturity of 8.33 years and a weighted average duration of 7.73 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 U.S. sleeve of the FTSE World Inflation-Linked Securities Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”).
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INVESTMENT PROCESS
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 fixed-rate, sovereign bonds denominated in USD that are linked to an inflation index. Only constituents of the Reference Index that are U.S. Treasury Inflation-Protected Securities (“TIPS”), have a minimum of 1 year to maturity and a minimum issue size of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings) are included in the Universe.
Step 2
In the second step, the Index Provider screens the Universe to exclude securities that are unseasoned. The Index excludes “on the run” bonds, or the newest issues for each security term. The Index is constructed by weighting each constituent to match the weighted average real yield duration of the Universe.
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
The Goldman Sachs Access Investment Grade Corporate 1-5 Year 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 US Investment Grade Corporate Bond 1-5 Years 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”) with remaining maturities between one and five years that meet certain liquidity and fundamental screening criteria.
As of August 31, 2021, there were 1,979 constituents in the Index and the Index had a weighted average maturity of 3.50 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 Bond 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 Service, Inc. (“Moody’s”). Only corporate bond constituents of the Reference Index that have a minimum of $250 million outstanding, remaining maturities between one and five years, and from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of constituents of the Reference Index with remaining maturities between one and five years.
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, subject to certain exceptions. The Index Provider ranks each issuer based on the two
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fundamental factors, equally weighted. The Index is constructed by including the highest ranking eligible securities in each industry group and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.
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 that meet certain liquidity and fundamental screening criteria. As of August 31, 2021, there were 2,629 constituents in the Index and the Index had a weighted average maturity of 12.6 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. (the “Investment Adviser” or “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 Service 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 and screening out lowest ranking eligible securities.
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
The Goldman Sachs Access Treasury 0-1 Year ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index.
The FTSE US Treasury 0-1 Year Composite Select Index (the “Index”) is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. The Fund expects to invest 100% of its assets in (i) U.S. Treasury Securities with a maximum remaining maturity of 12 months and (ii) cash.
As of August 31, 2021, there were 88 issues in the Index and the Index had a weighted average maturity of 0.28 years. The Index includes publicly-issued U.S. Treasury Securities 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.
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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.
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
The Goldman Sachs Access U.S. Aggregate 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. To-Be-Announced (“TBA”) transactions representing securities included in the Fund’s underlying index are counted towards the Fund’s 80% investment policy.
The FTSE Goldman Sachs US Broad Bond Market Index (the “Index”) is a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States that meet certain liquidity and fundamental screening criteria. The Index consists of the following fixed income asset class sectors: U.S. Treasury Securities, corporate bonds, mortgage-backed securities, government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities. As of August 31, 2021, there were 7,711 constituents in the Index and the Index had a weighted average maturity of 13.79 years. In addition, as of August 31, 2021, the percentage breakdown of bonds included in the Index was as follows: U.S. Treasury securities (38.9%), corporate bonds (27.0%), mortgage-backed securities (26.7%), asset-backed securities (0.1%), government-sponsored securities (4.0%), non-U.S. sovereign and provincial securities (3.3%). 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®) 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 constituents of the Reference Index as described below. All constituents of the Reference Index must 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 Service, Inc. (“Moody’s”).
U.S. Treasury Securities: “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate bonds. U.S. Treasury Securities that are included in the Reference Index must have a minimum of $5 billion outstanding (before taking into account the Federal Reserve System Open Market Account (“SOMA”) holdings). Only fixed-rate U.S. Treasury Securities within the Reference Index are included in the Universe.
Corporate Bonds: Corporate bonds that are included in the Reference Index must have a minimum of $250 million outstanding. Only corporate bonds within the Reference Index from issuers with at least two eligible bonds outstanding are included in the Universe. A maturity bucketing process is used to approximate the average effective duration of the Reference Index.
Mortgage-Backed Securities: Mortgage-backed securities that are included in the Reference Index must have a minimum issuer size of $250 million. Only mortgage-backed securities within the Reference Index that have a minimum of $1 billion outstanding per origination year generic when the coupon has a minimum amount outstanding of $5 billion are included in the Universe.
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Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities that are included in the Reference Index must have a minimum of $1 billion, $500 million and $250 million outstanding, respectively. All government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Reference Index are included in the Universe, except for callable zero coupon bonds, bonds callable less than one year from the issue date, and bonds issued by supranational entities.
Step 2 - In the second step, the Index Provider applies specified fundamental screens to each type of constituents in the Universe as described below.
U.S. Treasury Securities: U.S. Treasury Securities within the Universe are screened to exclude securities that are “on-the-run” bonds, or the newest issues for each security term. The remaining U.S. Treasury Securities are divided into “maturity sectors” according to their weighted average maturities. The weight of each U.S. Treasury Security within its maturity sector is determined through an optimization process with the goal of maximizing projected one-month return net of transaction costs subject to a cap on volatility.
Corporate Bonds: Corporate bond issuers within the Universe are 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, subject to certain exceptions. 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 and screening out lowest ranking eligible securities. An issuer weight cap is applied to each Index constituent.
Mortgage-Backed Securities: Mortgage-backed securities within the Universe are grouped by issuer agency and are ranked within each issuer agency group based on “seasoning” (i.e., the length of time the security has been publicly traded). “Unseasoned” mortgage-backed securities (i.e., securities with less than six months of loan age) within each issuer agency group are removed from the Index. In addition, the most “negatively convex” mortgage-backed securities within each issuer agency group are removed from the Index (“negative convexity” refers to the tendency for a security’s price to fall when interest rates fall). The weights of the remaining mortgage-backed securities in the Index are determined according to their market capitalizations within the Reference Index, and the weight of each issuer agency group is adjusted to match the weighted average effective duration of such group within the Reference Index.
Government-Sponsored Securities, Non-U.S. Sovereign and Provincial Securities and Asset-Backed Securities: Government-sponsored securities, non-U.S. sovereign and provincial securities and asset-backed securities within the Universe are included in the Index in accordance with their market capitalizations.
ALL ABOVE FUNDS
Each of the FTSE Goldman Sachs High Yield Corporate Bond Index, FTSE Goldman Sachs Investment Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index and FTSE Goldman Sachs US Broad Bond Market Index is rebalanced (i) monthly on the last business day of each month, to account for changes in maturities, corporate actions or ratings migration, and (ii) quarterly, to account for updates to the constituent securities on the basis of the fundamental factors (as described above). The FTSE US Treasury 0-1 Year Composite Select Index is rebalanced monthly on the last day of the month. The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is rebalanced monthly on the last business day of the month to account for changes in maturities (i.e., removing securities with less than 1 year to maturity), new issues and duration to closely match the weighted average real yield duration of its Universe.
The Investment Adviser uses a representative sampling strategy to manage each Fund. “Representative sampling” is an indexing strategy in which each Fund invests in a representative sample of constituent securities that has a collective investment profile similar to that of its Index. The securities selected for investment by each Fund are expected to have, in the aggregate, investment characteristics, fundamental characteristics and liquidity measures similar to those of its Index. Each Fund may or may not hold all of the securities in its Index.
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Each of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF and Goldman Sachs Access U.S. Aggregate 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. Each of the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Inflation Protected USD 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 U.S. government, state and municipal governments and their agencies, authorities and instrumentalities are not deemed to be industries for this purpose.
At the end of each Fund’s Reporting Period, i.e. August 31, 2021, we continued to believe the Funds may provide investors with smoother performance and less volatility, as a smart beta approach should provide liquidity while minimizing exposure to factors historically associated with volatility and underperformance.*
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its Net Assets in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in U.S. Government Securities, obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. Shareholders will be provided with sixty days’ notice in the manner prescribed by the Securities and Exchange Commission (“SEC”) before any change in the Fund’s policy to invest at least 80% of its Net Assets in the particular type of investment suggested by its name.
The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one NRSRO (at least A-2, P-2, or F2 by Standard & Poor’s, Moody’s or Fitch, respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature.
The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations.
Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration.
The Fund is an actively managed ETF, which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index.
* | Smart beta refers to quantitative index-based strategies. Liquidity is the ability to buy or sell a given security without causing a substantial change in the price of the security. Volatility refers to the annualized standard deviation of returns. |
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The Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund’s principal investment strategies in attempting to respond to adverse market, political or other conditions. For temporary defensive purposes, the Fund may invest up to 100% of its total assets in U.S. Government Securities, commercial paper rated at least A-2 by Standard & Poor’s, P-2 by Moody’s, or having a comparable credit rating by another NRSRO (or if unrated, determined by the Investment Adviser to be of comparable credit quality), certificates of deposit, bankers’ acceptances, repurchase agreements, non-convertible preferred stocks and non-convertible corporate bonds with a remaining maturity of less than one year, certain ETFs and other investment companies and cash items. Cash items are not income-generating and, as a result, the Fund’s current yield may be adversely affected during periods when such positions are held. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances. When the Fund’s assets are invested in such instruments, the Fund may not be achieving its investment objective.
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE.
The Fund is managed to seek to generate current income and secondarily maintain an emphasis on preservation of capital and liquidity. The Investment Adviser follows a conservative, risk-managed investment process.
Global fixed income markets are constantly evolving and are highly diverse—with a large number of countries, currencies, sectors, issuers and securities. We believe that inefficiencies in these complex markets cause bond prices to diverge from their fair value. To capitalize on these inefficiencies and generate consistent risk-adjusted performance, we believe it is critical to:
• | Thoughtfully combine diversified sources of return by employing multiple strategies |
• | Take a global perspective to uncover relative value opportunities |
• | Employ focused specialist teams to identify short-term mispricings and incorporate long-term views |
• | Emphasize a risk-aware approach as we view risk management as both an offensive and defensive tool |
• | Build a strong team of skilled investors who excel on behalf of our clients |
* * *
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Changes to the Portfolio Management’s Team |
Effective April 1, 2021 (the “Effective Date”), Todd Henry serves as a portfolio manager for each Fund. In addition, on the Effective Date, Jason Singer no longer served as a portfolio manager for each Fund. David Westbrook continues to serve as a portfolio manager for each Fund, David Fishman continues to serve as a portfolio manager for the Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access Ultra Short Bond ETF, and Matthew Kaiser continued to serve as a portfolio manager for the Goldman Sachs Access Ultra Short Bond ETF until April 30, 2021. Effective April 30, 2021, Matthew Kaiser no longer served as a portfolio manager for the Goldman Sachs Access Ultra Short Bond ETF. David Fishman, Todd Henry and David Westbrook continue to serve as portfolio managers for the Goldman Sachs Access Ultra Short Bond ETF. By design, all investment decisions for the Goldman Sachs Access Ultra Short Bond ETF are performed within a co-lead or team structure, with multiple subject matter experts. This strategic decision made has been a cornerstone of our approach and helps to ensure continuity in the Goldman Sachs Access Ultra Short Bond ETF. |
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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 Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 7.05% based on net asset value (“NAV”) and 7.15% based on market price. The Index returned 7.29% during the same period. |
The Fund had an NAV of $49.29 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.40 per share. The Fund’s market price on August 31, 2021 was $50.38 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”), 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 but modestly underperformed 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 two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”) kept its monetary policy accommodative, with the targeted federal funds rate in a range of 0.00% to 0.25%, and announced the adoption of flexible average inflation targeting. (The Fed’s new inflation policy framework allows for an inflation rate moderately above 2% following periods when inflation has run persistently below 2%, seeking an average of 2% over time.) The U.S. Treasury yield curve, or spectrum of maturities, remained steep, meaning longer-term maturity yields were higher than shorter-term maturity yields, as the economy began to recover from the depths of the COVID-19 pandemic. |
Amid this backdrop, high yield corporate spreads tightened from 479 basis points to 289 basis points during the Reporting Period. (A basis point is 1/100th of a percentage point.) High yield corporate spreads tightened significantly — by 216 basis points — from the end of August 2020 through the first week of July 2021 to 263 basis points over duration-equivalent U.S. Treasuries, going well below pre-COVID-19 levels. A pick-up in economic activity owing to the swift roll-out of COVID-19 vaccinations and supportive Fed policy contributed to the strong performance of high yield corporate bonds. However, the market saw some weakness during the last few weeks of the Reporting Period caused, in our view, by the increased dominance of |
9
PORTFOLIO RESULTS
the COVID-19 Delta variant as well as by volatility in short-term interest rates, which tempered investor risk sentiment. |
Toward the end of the Reporting Period, Fed Chair Powell noted that substantial progress had been achieved on its labor market mandate, which is a sufficient condition for asset purchase tapering. At the end of the Reporting Period, we expected the Fed to announce plans to begin tapering its asset purchases in November 2021 and to conclude the process in 2022, followed by a rate hike in 2023, all contingent on “broad based and inclusive” labor market conditions. We maintained a constructive view on high yield credit at the end of the Reporting Period given the strong economic growth backdrop and what appeared to us to be a balanced technical, or supply/demand, environment and a benign default outlook. Furthermore, we expected corporate fundamentals to strengthen due to economic re-opening and ongoing infrastructure spending, along with an improved commodities backdrop, thereby creating an attractive scenario for the sector, in our view. That said, we were closely monitoring potential growth headwinds posed by the Delta variant of COVID-19 as well as by U.S. interest rate volatility. Overall, we believed the high yield credit sector offered attractive carry relative to other non-government bond fixed income sectors. (Carry in fixed income is the return of holding a bond to maturity by earning yield versus holding cash or bonds in other sectors.) |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 3.72 years, a weighted average maturity of 6.18 years and a weighted average coupon of 5.62% as of August 31, 2021. The Fund’s weighted average yield to maturity was 4.54% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 3.72%. |
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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. |
10
PORTFOLIO RESULTS
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
BBB | 0.23% | |||||
BB | 56.56% | |||||
B | 32.01% | |||||
CCC | 9.00% | |||||
CC | 0.15% | |||||
Not Rated | 0.88% | |||||
Cash | 1.17% |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 97.94% of the Fund’s assets invested in high yield corporate bonds at the end of the Reporting Period, approximately 86% was in industrials, 7% in financials and 5% in utilities.3 |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 99.12% allocated to high yield corporate bonds, 0.88% allocated to emerging market corporate bonds and 0.00% in cash, the Fund was 97.94% invested in high yield corporate bonds, 0.66% in emerging market corporate bonds and 1.17% in cash at the end of the Reporting Period. |
2 | The 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 rate 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 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
4 | 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. |
11
FUND BASICS
Access High Yield Corporate Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 50.38 | ||||
Net Asset Value (NAV)1 | $ | 50.40 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Sirius XM Radio, Inc., 4.00%, 07/15/28 | 0.8 | % | Broadcasting | |||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 | 0.7 | Transportation | ||||||
TransDigm, Inc., 6.25%, 03/15/26 | 0.6 | Aerospace & Defense | ||||||
EQT Corp., 3.90%, 10/01/27 | 0.5 | Energy | ||||||
Carnival Corp., 4.00%, 08/01/28 | 0.5 | Consumer Cyclical | ||||||
CCO Holdings LLC / CCO Holdings Capital Corp., 4.50%, 05/01/32 | 0.5 | Communications | ||||||
CSC Holdings LLC, 4.63%, 12/01/30 | 0.4 | Communications | ||||||
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 | 0.4 | Energy | ||||||
Occidental Petroleum Corp., 3.40%, 04/15/26 | 0.4 | Energy | ||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 5.88%, 08/15/27 | 0.4 | Communications |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance
INDUSTRY ALLOCATION AS OF 8/31/213 | ||||||
Sector Name | Fund | |||||
Telecommunication Services | 19.95 | % | ||||
Consumer, Cyclical | 19.15 | |||||
Consumer, Non-cyclical | 16.5 | |||||
Energy | 14.76 | |||||
Financials | 9.52 | |||||
Industrials | 6.76 | |||||
Materials | 4.25 | |||||
Information Technology | 3.78 | |||||
Utilities | 2.97 | |||||
Investment Company | 0.89 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
12
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced September 5, 2017) | 7.05% | 5.42% | ||
| ||||
Shares based on Market Price (Commenced September 5, 2017) | 7.15% | 5.42% | ||
| ||||
FTSE Goldman Sachs High Yield Corporate Bond Index | 7.29% | 5.59% | ||
|
* | 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 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. |
13
PORTFOLIO RESULTS
Goldman Sachs Access Inflation Protected USD Bond ETF
Investment Objective
The Goldman Sachs Access Inflation Protected USD Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Global Fixed Income Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 5.62% based on net asset value (“NAV”) and 5.58% based on market price. The Index returned 5.75% during the same period. |
The Fund had an NAV of $56.96 per share on August 31, 2020 and ended the Reporting Period with an NAV of $58.52 per share. The Fund’s market price on August 31, 2021 was $58.54 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 track the performance of inflation protected, fixed rate U.S. Treasury Securities denominated in U.S. dollars (“USD”) that meet certain screening criteria. “U.S. Treasury Securities” 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 Securities include U.S. Treasury notes, U.S. Treasury bills and U.S. Treasury floating rate 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 U.S. sleeve of the FTSE World Inflation-Linked Securities 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. |
During the Reporting Period, the Fund posted positive absolute returns that closely tracked the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
The performance of Treasury inflation protected securities (“TIPS”) was strong during the Reporting Period, helped by a combination of increasing measures of realized inflation, low levels of interest rates and interest rate volatility, and rising commodity prices. |
Two key drivers of return for the TIPS market are interest rates, given the sector’s longer duration profile, and inflation. During the Reporting Period, the yield on the 10-year U.S. Treasury rose by approximately 61 basis points to 1.31%. (A basis point is 1/100th of a percentage point.) The move in U.S. Treasuries reflected market expectations of increased growth on the back of economic re-opening following the depths of the COVID-19 pandemic. |
Inflation data and the outlook for inflation were more impactful to TIPS returns, offsetting the effect of rising interest rates and driving positive returns during the Reporting Period. Year-over-year Consumer Price Index readings moved notably higher — from an annualized rate of 1.3% to an annualized rate of 5.3% during the Reporting Period. We particularly saw inflation pressures increase within the supply chain, as producer prices, as measured by the U.S. Producer Price Index Final Demand year-over-year reading, increased from -0.3% to 8.3% during the Reporting |
14
PORTFOLIO RESULTS
Period. At the same time, U.S. employment increased during the Reporting Period, with unemployment rates declining from 8.4% to 5.2%, as people returned to work and demand for labor picked up. |
U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. Still, reflation appeared to be top of mind year-to-date through August 2021, with rising global government bond yields amid COVID-19 vaccine rollouts and U.S. fiscal stimulus. At the end of the Reporting Period, the outlook for TIPS’ performance appeared to hinge, in our view, on whether current pricing of inflation implied by TIPS’ valuations were high or low relative to future outcomes. Factors such as the path of economic re-opening as well as commodity and asset prices, will likely play a role in inflation outcomes. We expect inflation to remain somewhat anchored going forward. The risks to this view would be further meaningful increases in commodity prices, an accelerated re-opening of the economy and/or a more dovish path for Fed policy relative to expectations seen at the end of the Reporting Period. (Dovish tends to suggest lower interest rates; opposite of hawkish.) |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 7.83 years, a weighted average maturity of 8.23 years and a weighted average coupon of 0.56% as of August 31, 2021. The Fund’s weighted average yield to maturity was 1.14% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 7.73%. |
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. TIPS, the Fund was 99.41% invested in U.S. TIPS and 0.59% 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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index. |
15
FUND BASICS
Access Inflation Protected USD Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 58.54 | ||||
Net Asset Value (NAV)1 | $ | 58.52 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. 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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
U.S. Treasury Inflation Indexed Bond, 0.50%, 01/15/28 | 8.2 | % | Government | |||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/27 | 7.7 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/25 | 7.0 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 10/15/24 | 6.8 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 2.13%, 02/15/40 | 6.8 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/24 | 6.5 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.13%, 01/15/30 | 6.4 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.25%, 01/15/25 | 5.9 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.38%, 07/15/23 | 5.2 | Government | ||||||
U.S. Treasury Inflation Indexed Bond, 0.63%, 01/15/26 | 5.1 | Government |
2 | The holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
16
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on October 2, 2018 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Inflation Protected USD Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from October 2, 2018 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced October 2, 2018) | 5.62% | 7.82% | ||
| ||||
Shares based on Market Price (Commenced October 2, 2018) | 5.58% | 7.83% | ||
| ||||
FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index | 5.75% | 7.94% | ||
|
* | Total return for periods of less than one year represents cumulative total return. 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 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. |
17
PORTFOLIO RESULTS
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF
Investment Objective
The Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Investment Grade Corporate Bond 1-5 Years Index (the “Index”).
Portfolio Management Discussion and Analysis
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 1.10% based on net asset value (“NAV”) and 1.00% based on market price. The Index returned 1.34% during the same period. |
The Fund had an NAV of $50.21 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.28 per share. The Fund’s market price on August 31, 2021 was $50.30 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 a rules-based index that is designed to measure the performance of investment grade, corporate bonds denominated in U.S. dollars (“USD”) with remaining maturities between one and five years 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 Bond Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The 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. |
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 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 two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
The U.S. Federal Reserve (the “Fed”) has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. As the U.S. Treasury market saw yields fall at the short-term end of the maturity spectrum, lower front-end rates decreased the yield of the Fund during the Reporting Period. |
In June 2021, front-end rates moved slightly higher on the back of the Fed raising administered rates, i.e. reverse repurchase agreement and interest on excess reserves, by five basis points. (A basis point is 1/100th of a percentage point.) In July 2021, rates rallied, or moved lower, again amid concerns about the Delta variant of COVID-19 and its potential impact on global economic growth. Technical factors, such as investor positioning and low summer trading volumes, may have also contributed to the rally, in our view. |
18
PORTFOLIO RESULTS
During the Reporting Period, investment grade corporate spreads tightened by approximately 31 basis points, i.e. from approximately 82 basis points to approximately 51 basis points over U.S. Treasuries. |
U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. Further, at the end of the Reporting Period, we believed corporate credit was being supported by the then-current macroeconomic and technical, or supply/demand, backdrop, a scenario that may be increasingly important in the second half of 2021. Corporate credit was also exhibiting at the end of August 2021 attractive carry and roll, in our opinion. (Carry and roll refers to the yield earned through investing in longer-term interest rates combined with the capital gain that can be realized through the fall in yield experienced by holding a shortening asset against a backdrop of a normally upward-sloping yield curve.) We further believed investment grade spreads were likely to remain range-bound in the coming months, leaving income as the predominant driver of credit returns in the second half of 2021. In our view, the next phase may well be for growth to moderate but to remain positive and strong by historical standards. |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 2.76 years, a weighted average maturity of 3.28 years and a weighted average coupon of 3.07% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.95% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.74%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
AAA | 0.92 | % | ||||
AA | 5.39 | % | ||||
A | 30.78 | % | ||||
BBB | 60.29 | % | ||||
BB | 1.42 | % | ||||
Cash | 1.21 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 97.37% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 40.12% was in financials, 53.28% in industrials and 3.97% in utilities.3 |
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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. |
19
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 97.72% allocated to investment grade corporate bonds, 1.05% allocated to high yield corporate bonds, 0.13% allocated to quasi-government securities, 1.10% to emerging markets debt and 0.00% in cash, the Fund was 97.37% invested in investment grade corporate bonds, 1.42% in high yield corporate bonds, 0.00% in quasi-government securities, 0.00% in emerging markets debt and 1.21% in cash at the end of the Reporting Period. |
2 | The 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 rate 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 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
4 | 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 1-5 Years Index. |
20
FUND BASICS
Access Investment Grade Corporate 1-5 Year Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 50.30 | ||||
Net Asset Value (NAV)1 | $ | 50.28 |
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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
JPMorgan Chase & Co., 1.51%, 06/01/24 | 1.9 | % | Banks | |||||
Morgan Stanley, 3.74%, 04/24/24 | 1.2 | Banks | ||||||
Natwest Group PLC, 6.00%, 12/19/23 | 1.0 | Banks | ||||||
Citigroup, Inc., 1.68%, 05/15/24 | 1.0 | Banks | ||||||
Bank of America Corp., Series MTN, 1.20%, 10/24/26 | 1.0 | Banks | ||||||
Air Lease Corp., 3.50%, 01/15/22 | 1.0 | Financial Company | ||||||
Credit Suisse Group AG, 4.55%, 04/17/26 | 0.9 | Banks | ||||||
Cooperatieve Rabobank UA, Series MTN, 3.38%, 05/21/25 | 0.9 | Banks | ||||||
Wells Fargo & Co., 3.00%, 04/22/26 | 0.9 | Banks | ||||||
General Motors Financial Co., Inc., 5.20%, 03/20/23 | 0.9 | Consumer Cyclical |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/213 |
| |||||
Sector Name | Fund | |||||
Financials | 43.12 | % | ||||
Consumer, Non-cyclical | 13.13 | |||||
Consumer, Cyclical | 8.87 | |||||
Energy | 8.62 | |||||
Information Technology | 7.11 | |||||
Industrials | 6.18 | |||||
Telecommunication Services | 6.07 | |||||
Utilities | 3.94 | |||||
Materials | 1.07 | |||||
Investment Company | 1.00 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
21
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on July 7, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from July 7, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced July 7, 2020) | 1.10% | 1.57% | ||
| ||||
Shares based on Market Price (Commenced July 7, 2020) | 1.00% | 1.61% | ||
| ||||
FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index | 1.34% | 1.84% | ||
|
* | Total return for periods of less than one year represents cumulative total return. 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 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. |
22
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 Solutions Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 2.07% based on net asset value (“NAV”) and 1.82% based on market price. The Index returned 2.29% during the same period. |
The Fund had an NAV of $55.39 per share on August 31, 2020 and ended the Reporting Period with an NAV of $55.24 per share. The Fund’s market price on August 31, 2021 was $55.19 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”) and 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 positive absolute returns that modestly lagged 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 two primary factors — duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
During the Reporting Period, the U.S. Federal Reserve (the “Fed”) kept its monetary policy accommodative, with the targeted federal funds rate in a range of 0.00% to 0.25%, and announced the adoption of flexible average inflation targeting. The U.S. Treasury yield curve, or spectrum of maturities, remained steep, meaning longer-term maturity yields were higher than shorter-term maturity yields, as the economy began to recover from the depths of the COVID-19 pandemic. |
Fixed income markets generally remained focused on central bank reaction functions and the transitory-or-persistent inflation debate. Economic data released toward the end of the Reporting Period, particularly in the U.S., led to a recalibration in economic growth expectations from a V+ to a V shaped path given the moderation in data momentum following an initial burst of economic activity in the first quarter of 2021. The growth reassessment may also reflect, we believe, concerns around the dominance of the COVID-19 Delta variant and the sooner than consensus anticipated withdrawal of monetary policy support. Still, in our view, the macroeconomic environment and policy backdrop seen at the end of the Reporting Period favored exposure to non-U.S. government fixed income sectors. |
23
PORTFOLIO RESULTS
During the Reporting Period, investment grade corporate bond spreads, or yield differentials to duration-equivalent U.S. Treasuries, tightened from 40 basis points to 90 basis points, as measured by the Bloomberg Global Aggregate Corporate Index. (A basis point is 1/100th of a percentage point.) Spreads initially tightened toward the end of 2020 as a result of positive COVID-19 vaccination rollouts and signs of economic re-opening. However, spreads then widened marginally in the early part of 2021 due to uncertainty around new COVID-19 variants, global vaccination rollouts and discussions about Fed tapering of its asset purchases. Spreads then tightened again into the second calendar quarter and through the end of the Reporting Period. |
At the end of the Reporting Period, we expected liquidity, as provided by central banks, to remain abundant in the system. We also, however, anticipated central banks to reduce the level of accommodation, with expected asset purchase tapering possibly occurring toward the end of 2021. While discussion of an eventual withdrawal of policy accommodation may well generate some market volatility, we do not believe tapering is likely to be meaningfully disruptive to credit spreads, as, in our view, central banks are likely to take care to keep the markets informed. |
Further, at the end of the Reporting Period, we believed corporate credit was being supported by the then-current macroeconomic and technical, or supply/demand, backdrop, a scenario that may be increasingly important in the second half of 2021. Corporate credit was also exhibiting at the end of August 2021 attractive carry and roll, in our opinion. (Carry and roll refers to the yield earned through investing in longer-term interest rates combined with the capital gain that can be realized through the fall in yield experienced by holding a shortening asset against a backdrop of a normally upward-sloping yield curve.) We further believed investment grade spreads were likely to remain range-bound in the coming months, leaving income as the predominant driver of credit returns in the second half of 2021. In our view, the next phase may well be for economic growth to moderate but to remain positive and strong by historical standards. |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 8.49 years, a weighted average maturity of 12.47 years and a weighted average coupon of 3.86% as of August 31, 2021. The Fund’s weighted average yield to maturity was 2.03% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 1.86%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
AAA | 1.96 | % | ||||
AA | 8.00 | % | ||||
A | 32.47 | % | ||||
BBB | 55.77 | % | ||||
BB | 0.00 | % | ||||
Cash | 0.53 | % |
Q | What was the Fund’s industry allocation at the end of the Reporting Period? |
A | Of the approximately 96.28% of the Fund’s assets invested in investment grade corporate bonds at the end of the Reporting Period, approximately 31.11% was in financials, 63.90% in industrials and 1.28% in utilities.3 |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?4 |
A | While the Index was 96.59% allocated to investment grade corporate bonds, 1.23% allocated to high yield corporate bonds, 1.89% allocated to emerging market corporate bonds, 0.29% allocated to quasi-government securities and 0.00% in cash, the Fund was 96.28% invested in investment grade corporate bonds, 1.00% in high yield corporate bonds, 1.78% in emerging market corporate bonds, 0.40% in quasi-government securities and 0.53% 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 |
24
PORTFOLIO RESULTS
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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 | The 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 rate 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 | Industry classifications for securities may differ between the above section and the Fund Basics section due to differing classification methodologies. The classification methodology used for the above section is as set forth by GSAM. The Fund’s composition may differ over time. Consequently, the Fund’s overall industry allocations may differ from percentages contained in the above section. |
4 | 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. |
25
FUND BASICS
Access Investment Grade Corporate Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 55.19 | ||||
Net Asset Value (NAV)1 | $ | 55.24 |
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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
AbbVie, Inc., 4.05%, 11/21/39 | 0.3 | % | Consumer Noncyclical | United States | ||||||
Apple, Inc., 4.65%, 02/23/46 | 0.3 | Technology | United States | |||||||
Wells Fargo & Co., Series MTN, 2.88%, 10/30/30 | 0.3 | Banks | United States | |||||||
AbbVie, Inc., 3.60%, 05/14/25 | 0.3 | Consumer Noncyclical | United States | |||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 02/01/46 | 0.3 | Food and Beverage | Belgium | |||||||
Wells Fargo & Co., Series MTN, 5.01%, 04/04/51 | 0.3 | Banks | United States | |||||||
AT&T, Inc., 3.55%, 09/15/55 | 0.3 | Wireless | United States | |||||||
Bank of Montreal, 3.80%, 12/15/32 | 0.3 | Banks | Canada | |||||||
Ares Capital Corp., 4.20%, 06/10/24 | 0.3 | Financial Company | United States | |||||||
JPMorgan Chase & Co., 3.54%, 05/01/28 | 0.2 | Banks | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/213 |
| |||||
Sector Name | Fund | |||||
Financials | 32.93 | % | ||||
Consumer, Non-cyclical | 15.89 | |||||
Telecommunication Services | 14.27 | |||||
Information Technology | 10.97 | |||||
Energy | 10.8 | |||||
Industrials | 6.01 | |||||
Consumer, Cyclical | 4.58 | |||||
Materials | 2.03 | |||||
Utilities | 1.26 | |||||
Investment Company | 0.33 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
26
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced June 6, 2017) | 2.07% | 5.41% | ||
| ||||
Shares based on Market Price (Commenced June 6, 2017) | 1.82% | 5.39% | ||
| ||||
FTSE Goldman Sachs Investment Grade Corporate Bond Index | 2.29% | 5.63% | ||
|
* | 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 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. |
27
PORTFOLIO RESULTS
Goldman Sachs Access Treasury 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
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -0.03% based on net asset value (“NAV”) and -0.05% based on market price. The Index returned 0.10% during the same period. |
The Fund had an NAV of $100.44 on August 31, 2020 and ended the Reporting Period with an NAV of $100.09 per share. The Fund’s market price on August 31, 2021 was $100.08 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 Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities 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 negative absolute returns that modestly lagged the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
The Fund’s and the Index’s performance was largely reflective of the performance of front-end, or short-term, U.S. Treasury rates, which were primarily affected, in turn, by U.S. Federal Reserve (“Fed”) policy. The Fed has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. As the U.S. Treasury market saw yields fall at the short-term end of the maturity spectrum, lower front-end rates decreased the yield of the Fund during the Reporting Period. |
In June 2021, front-end rates moved slightly higher on the back of the Fed raising administered rates, i.e. reverse repurchase agreement and interest on excess reserves, by five basis points. (A basis point is 1/100th of a percentage point.) In July 2021, rates rallied, or moved lower, again amid concerns about the Delta variant of COVID-19 and its potential impact on global economic growth. Technical factors, such as investor positioning and low summer trading volumes, may have also contributed to the rally, in our view. However, since the Fund is an ultra-short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes. |
28
PORTFOLIO RESULTS
Toward the end of the Reporting Period, Fed Chair Powell noted that substantial progress had been achieved on its labor market mandate, which is a sufficient condition for asset purchase tapering. At the end of the Reporting Period, we expected the Fed to announce plans to begin tapering its asset purchases in November 2021 and to conclude the process in 2022, followed by a rate hike in 2023, all contingent on “broad based and inclusive” labor market conditions. Another factor that may influence the Fed’s future actions is inflation. U.S. core inflation, as measured by the Personal Consumption Expenditures (“PCE”) Price Index, the Fed’s preferred measure, rose 0.3% month-over-month in July 2021, down from a 0.5% increase in June 2021. Year-over-year, the core PCE inflation rate held steady at 3.6%. Purchasing Managers Index survey data reported at the end of the Reporting Period suggested that price pressures remained strong but not accelerating. A moderation in momentum from the rapid pace observed as countries re-opened was expected. However, at the end of the Reporting Period, we were looking for better clarity on price and labor market data, remaining alert to the potential for prolonged distortions due to the impact of the Delta variant of COVID-19. |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.37 years, a weighted average maturity of 0.37 years and a weighted average coupon of 0.47% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.06% on August 31, 2021. The 30-day net standardized yield of the Fund at the end of the Reporting Period was -0.06%. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
A | The Index was 100% allocated to U.S. Treasury securities as the end of the Reporting Period, and the Fund was 99.96% invested in U.S. Treasury securities at the end of the Reporting Period, with the remainder in cash. |
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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 | 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. |
29
FUND BASICS
Access Treasury 0-1 Year ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 100.08 | ||||
Net Asset Value (NAV)1 | $ | 100.09 |
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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 |
| |||||||
Holding | Maturity Date | % of Net Assets | ||||||
U.S. Cash Management Bill, 0.05% | 11/1/21 | 15.0 | % | |||||
U.S. Treasury Bill, 0.05% | 10/28/21 | 9.1 | ||||||
U.S. Treasury Bill, 0.05% | 12/30/21 | 8.5 | ||||||
U.S. Treasury Bill, 0.06% | 10/26/21 | 8.0 | ||||||
U.S. Treasury Note, 2.00% | 10/31/21 | 6.5 | ||||||
U.S. Treasury Bill, 0.05% | 1/27/22 | 5.1 | ||||||
U.S. Treasury Bill, 0.05% | 2/24/22 | 5.0 | ||||||
U.S. Treasury Note, 2.50% | 1/15/22 | 4.7 | ||||||
U.S. Treasury Bill, 0.06% | 7/14/22 | 3.8 | ||||||
U.S. Treasury Note, 2.88% | 11/15/21 | 3.7 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
30
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced September 6, 2016) | -0.03% | 1.14% | ||
| ||||
Shares based on Market Price (Commenced September 6, 2016) | -0.05% | 1.13% | ||
| ||||
FTSE US Treasury 0-1 Year Composite Select Index | 0.10% | 1.24% | ||
|
* | 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 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. |
31
PORTFOLIO RESULTS
Goldman Sachs U.S. Aggregate Bond ETF
Investment Objective
The Goldman Sachs Access U.S. Aggregate Bond ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market 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 8, 2020 through August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned -0.52% based on net asset value (“NAV”) and -0.55% based on market price. The Index returned -0.21% during the same period. |
The Fund had an NAV of $50.03 per share on the date of inception and ended the Reporting Period with an NAV of $49.40 per share. The Fund’s market price on August 31, 2021 was $49.38 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 a rules-based index that is designed to measure the performance of investment grade, U.S. dollar (“USD”)-denominated bonds issued in the United States 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®) Index (the “Reference Index”) using concepts developed with Goldman Sachs Asset Management, L.P. (“GSAM”). The Index is normally 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 corporate bond constituents of the Index on the basis of the fundamental 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. |
During the Reporting Period, the Fund posted negative absolute returns that modestly lagged the Index, as measured by NAV. The Fund is passively managed to the Index and aims to minimize tracking error to the Index. |
Overall, U.S. bond returns are driven by two primary factors—duration (whether interest rates are rising or falling) and spreads (a widening or tightening of the yield differential to duration-equivalent U.S. Treasuries). |
The U.S. Federal Reserve (the “Fed”) has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. Yields on 10-year U.S. Treasury bonds ended the Reporting Period at 1.31%, approximately 60 basis points higher than at the start of the Reporting Period. (A basis point is 1/100th of a percentage point.) |
The Fund had a duration of six to seven years during the Reporting Period, which made the Fund sensitive to moves in the U.S. Treasury yield curve, particularly moves in the five-year to 10-year segment of the maturity spectrum. During the Reporting Period, duration exposure was the biggest factor in |
32
PORTFOLIO RESULTS
returns, particularly during the first and second quarters of 2021. |
During the Reporting Period, investment grade corporate spreads ended August 2021 at approximately 86 basis points, tightening by approximately 42 basis points, and securitized credit spreads ended August 2021 at approximately 34 basis points, tightening by approximately 24 basis points. |
U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period to anchored inflation outcomes, in our view. At the same time, we remained alert at the end of the Reporting Period to cyclical inflation components, such as rents and the persistence of supply-chain issues. Despite corporate earnings being weak through most of the COVID-19 pandemic, investors continued to look through to a vaccine-led recovery. Still, reflation appeared to be top of mind year-to-date through August 2021, with rising global government bond yields amid COVID-19 vaccine rollouts and U.S. fiscal stimulus. |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 6.45 years, a weighted average maturity of 14.68 years and a weighted average coupon of 2.93% as of August 31, 2021. The Fund’s weighted average yield to maturity was 1.46% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.89%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
U.S. Treasuries | 41.12 | % | ||||
Agency Securities | 26.71 | % | ||||
AAA | 0.47 | % | ||||
AA | 3.63 | % | ||||
A | 11.25 | % | ||||
BBB | 15.82 | % | ||||
BB | 0.70 | % | ||||
B | 0.02 | % | ||||
Not Rated | 0.19 | % | ||||
Cash | 0.08 | % |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?3 |
A |
Sector | Fund | Index | ||||||||
U.S. Treasuries | 41.12 | % | 38.94 | % | ||||||
Quasi-Government Securities | 0.64 | % | 3.98 | % | ||||||
Asset-Backed Securities | 0.00 | % | 0.08 | % | ||||||
Commercial Mortgage-Backed Securities | 0.00 | % | 0.00 | % | ||||||
Residential Mortgage-Backed Securities | 26.71 | % | 26.71 | % | ||||||
Investment Grade Corporate Bonds | 26.18 | % | 26.70 | % | ||||||
High Yield Corporate Bonds | 0.65 | % | 0.33 | % | ||||||
Emerging Markets Debt | 4.63 | % | 3.27 | % | ||||||
Cash | 0.08 | % | 0.00 | % |
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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. |
33
PORTFOLIO RESULTS
2The | 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 rate 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. |
3The | Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the FTSE Goldman Sachs US Broad Bond Market Index. |
34
FUND BASICS
Access U.S. Aggregate Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 49.38 | ||||
Net Asset Value (NAV)1 | $ | 49.40 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 |
| |||||
Holding | % of Net Assets | |||||
U.S. Treasury Note, 2.13%, 05/31/26 | 6.7 | % | ||||
U.S. Treasury Note, 2.00%, 11/15/26 | 4.8 | |||||
Federal National Mortgage Association, 2.00%, 09/15/50 | 4.4 | |||||
Federal National Mortgage Association, 2.50%, 09/01/51 | 4.2 | |||||
U.S. Treasury Note, 2.00%, 02/15/25 | 3.7 | |||||
U.S. Treasury Note, 2.75%, 02/15/28 | 3.7 | |||||
U.S. Treasury Note, 2.50%, 01/31/25 | 3.5 | |||||
U.S. Treasury Note, 1.50%, 02/15/30 | 3.2 | |||||
U.S. Treasury Note, 2.88%, 08/15/28 | 3.0 | |||||
Federal National Mortgage Association, 3.00%, 09/15/51 | 2.9 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
INDUSTRY ALLOCATION AS OF 8/31/213 |
| |||||
Sector Name | Fund | |||||
U.S. Treasury Notes | 33.3 | % | ||||
Mortgage-Backed Securities | 27.2 | |||||
Investment Company | 23.4 | |||||
Corporate Obligations | 23.3 | |||||
U.S. Treasury Bonds | 7.7 | |||||
Foreign Corporate Debt | 4.9 | |||||
Foreign Debt Obligations | 3.1 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
35
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on September 8, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE Goldman Sachs US Broad Bond Market Index is shown. 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. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access U.S. Aggregate Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 8, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | Since Inception | |
Shares based on NAV (Commenced September 8, 2020) | -0.52% | |
| ||
Shares based on Market Price (Commenced September 8, 2020) | -0.55% | |
| ||
FTSE Goldman Sachs US Broad Bond Market Index | -0.21% | |
|
* | 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 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. |
36
PORTFOLIO RESULTS
Goldman Sachs Access Ultra Short Bond ETF
Investment Objective
The Goldman Sachs Access Ultra Short Bond ETF (the “Fund”) seeks to provide current income with preservation of capital.
Portfolio Management Discussion and Analysis
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 0.59% based on net asset value (“NAV”) and 0.58% based on market price. The Fund’s benchmark, the FTSE Three-Month U.S. Treasury Bill Index (the “Index”), returned 0.06% for the same period. |
The Fund had an NAV of $50.77 per share on August 31, 2020 and ended the Reporting Period with an NAV of $50.71 per share. The Fund’s market price on August 31, 2021 was $50.71 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in a broad range of U.S. dollar denominated bonds. The Fund primarily invests in obligations issued or guaranteed by the U.S. Government, its agencies, authorities, instrumentalities or sponsored enterprises (“U.S. Government Securities”), obligations of U.S. banks, corporate notes, commercial paper and other short-term obligations of U.S. companies, states, municipalities and other entities, fixed and floating rate mortgage-backed securities, asset-backed securities, collateralized loan obligations and repurchase agreements. The Fund may also invest in U.S. dollar-denominated obligations issued or guaranteed by foreign banks, companies and governments or their agencies, authorities, instrumentalities or sponsored enterprises. |
The Fund will generally focus its investments in securities of issuers that, at the time of purchase, have a short-term credit rating of at least investment grade by at least one nationally recognized statistical rating organization (“NRSRO”) (at least A-2, P-2, or F2 by Standard & Poor’s Ratings Services (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch Ratings, Inc. (“Fitch”), respectively), have a long-term credit rating of at least investment grade by at least one NRSRO (at least BBB-, Baa3, or BBB by Standard & Poor’s, Moody’s or Fitch, respectively) if such securities only maintain long-term ratings, or, if unrated, are determined by the Investment Adviser to be of comparable credit quality at the time of purchase. The Fund may also rely on the credit quality of a guarantee or demand feature in determining the credit quality of a security supported by the guarantee or demand feature. |
The Fund will concentrate its investments in the financial services group of industries. Therefore, under normal circumstances, the Fund will invest more than 25% of its total assets in securities issued by companies in the financial services group of industries and repurchase agreements secured by such obligations. |
Under normal circumstances, the Fund’s effective duration is expected to be one year or less. “Duration” is a measure of a debt security’s price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. In computing duration, the Fund will estimate the duration of obligations that are subject to prepayment or redemption by the issuer, taking into account the influence of interest rates on prepayments and coupon flows. This method of computing duration is known as “option-adjusted” duration. |
The Fund is an actively managed exchange-traded fund (“ETF”), which is a fund that trades like other publicly-traded securities. The Fund is not an index fund and does not seek to replicate the performance of a specified index. |
THE FUND IS NOT A MONEY MARKET FUND AND DOES NOT ATTEMPT TO MAINTAIN A STABLE NET ASSET VALUE. |
During the Reporting Period, the Fund posted positive absolute returns that outperformed the Index. The Fund, as |
37
PORTFOLIO RESULTS
an actively managed, broadly diversified portfolio of high quality short-term holdings across multiple spread, or non-U.S. Treasury, sectors, outperformed the Index during the Reporting Period due primarily to differences in credit risk profile and having a longer duration than that of the Index. |
Overall, short term bond returns are driven by two primary factors — short-term interest rates and sector yields. |
The U.S. Federal Reserve (the “Fed”) has kept the targeted federal funds rate low, i.e. a range of 0% to 0.25%, since the onset of the COVID-19 pandemic, but it has continued to monitor its schedule for rate hikes as widespread expectations for inflation rise. As the U.S. Treasury market saw yields fall at the short-term end of the maturity spectrum, lower front-end rates decreased the yield of the Fund during the Reporting Period. |
That said, since the Fund is an ultra-short bond fund, i.e. it maintains an effective duration of less than one year, its NAV has a low sensitivity to interest rate changes. As the fixed income yield curve remained rather flat during the Reporting Period, with little difference in yields between shorter-term and longer-term maturities, this reflected positively on the Fund on a relative value basis. |
During the Reporting Period, short-dated, i.e. maturities of one to three years, investment grade credit yields tightened by approximately 12 basis points, and securitized credit yields widened by approximately 33 basis points. (A basis point is 1/100th of a percentage point.) |
A broad diversified portfolio of high quality short-term holdings, across investment grade corporate credit, U.S. Treasuries, mortgage-backed securities and other securitized credit, helped the Fund achieve a high level of current income for investors while also providing reduced volatility as yields of various individual sectors fluctuated during the Reporting Period. |
U.S. economic growth remained on an improving, though no longer accelerating, path during the Reporting Period. Inflation was elevated due to the COVID-19 pandemic and policy distortions. Medium-term inflation signposts, such as spare capacity in the labor market and inflation expectations, pointed, at the end of the Reporting Period, to anchored inflation outcomes, in our view. At the same time, we remained alert at the end of the Reporting Period, to cyclical inflation components, such as rents and the persistence of supply-chain issues. Despite corporate earnings being weak through most of the COVID-19 pandemic, investors continued to look through to a vaccine-led recovery. Still, reflation appeared to be top of mind year-to-date through August 2021, with rising global government bond yields amid COVID-19 vaccine rollouts and U.S. fiscal stimulus. At the end of the Reporting Period, spreads for agency mortgage-backed securities, or yield differentials to duration-equivalent U.S. Treasuries, were tight on an outright basis and relative to investment grade corporate credit. |
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, weighted average yield to maturity and 30-day standardized yield at the end of the Reporting Period?1 |
A | The Fund had a weighted average duration of 0.70 years, a weighted average maturity of 9.70 years and a weighted average coupon of 1.35% as of August 31, 2021. The Fund’s weighted average yield to maturity was 0.81% on August 31, 2021. The 30-day standardized yield of the Fund at the end of the Reporting Period was 0.41%. |
Q | What was the Fund’s credit allocation at the end of the Reporting Period?2 |
A |
U.S. Treasuries | 0.00 | % | ||||
Agency Securities | 27.92 | % | ||||
AAA | 19.64 | % | ||||
AA | 3.45 | % | ||||
A | 20.76 | % | ||||
BBB | 14.97 | % | ||||
Not Rated | 4.29 | % | ||||
Cash | 8.95 | % |
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 securities, the Fund was 0.00% invested in U.S. Treasury securities, 18.20% in asset-backed securities, 27.92% in residential mortgage-backed securities, 39.03% in investment grade corporate bonds and 8.95% 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.) |
38
PORTFOLIO RESULTS
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. Yield to maturity is the annual return that a bond is expected to generate if it is held till its maturity given its coupon rate, payment frequency and current market price. Yield to maturity is essentially the internal rate of return of a bond, i.e. the discount rate at which the present value of a bond’s coupon payments and maturity value is equal to its current market price. 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 | The 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. |
39
FUND BASICS
Access Ultra Short Bond ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 50.71 | ||||
Net Asset Value (NAV)1 | $ | 50.71 |
1 | The Market Price is the price at which the Fund’s shares are trading on the Cboe BZX Exchange, 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 Cboe BZX Exchange, Inc. 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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 |
| |||||
Holding | % of Net Assets | |||||
FHLMC REMIC, 2.18%, 10/01/43 | 1.8 | % | ||||
FHLMC REMIC, Class AF, Series 2017-4719, 0.45%, 09/15/47 | 1.4 | |||||
FNMA REMIC, Class FD, Series 2014-28, 0.53%, 05/25/44 | 1.1 | |||||
FHLMC REMIC, Class FA, Series 2020-5031, 0.35%, 08/15/43 | 1.0 | |||||
FNMA REMIC, Class AF, Series 2006-110, 0.41%, 11/25/36 | 0.9 | |||||
Nationwide Building Society, 2.00%, 01/27/23 | 0.9 | |||||
GNMA, Class FB, Series 2019-56, 0.54%, 05/20/49 | 0.9 | |||||
Trysail CLO 2021-1 Ltd., Class A1, Series 2021-1A, 1.46%, 07/20/32 | 0.9 | |||||
Hayfin US Ltd., Class A, Series 2018-8A, 1.25%, 04/20/31 | 0.9 | |||||
FNMA REMIC, Class KF, Series 2019-6, 0.53%, 03/25/49 | 0.9 |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
SECTOR ALLOCATION AS OF 8/31/213 |
| |||||
Sector Name | Fund | |||||
Mortgage-Backed Securities | 28.76 | % | ||||
Asset- Backed Securities | 23.03 | |||||
Corporate Obligations | 20.62 | |||||
Foreign Corporate Debt | 18.69 | |||||
Investment Company | 7.79 | |||||
Certificate of Deposits | 1.48 |
3 | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the table may not sum to 100% due to the exclusion of other assets and liabilities. |
40
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on April 15, 2019 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of a broad-based securities market index, the FTSE 3 Month T-Bill Index is shown. 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. Certain factors may affect Fund performance including, but not limited to, Fund operating fees and expenses, portfolio turnover and creation and redemption in-kind transactions. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Access Ultra Short Bond ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from April 15, 2019 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||
Shares based on NAV (Commenced April 15, 2019) | 0.59% | 1.94% | ||
| ||||
Shares based on Market Price (Commenced April 15, 2019) | 0.58% | 1.94% | ||
| ||||
FTSE 3 Month T-Bill Index | 0.06% | 0.90% | ||
|
* | 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 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. |
41
FUND BASICS
Index Definitions and Industry Terms
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
Access High Yield Corporate Bond ETF
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.
Access Inflation Protected USD Bond ETF
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.
Access Investment Grade Corporate 1-5 Year Bond ETF
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.
Access Investment Grade Corporate Bond ETF
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
42
FUND BASICS
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.
Access Treasury 0-1 Year ETF
The Index is designed to measure the performance of U.S. Treasury Securities with a maximum remaining maturity of 12 months. “U.S. Treasury Securities” 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 Securities 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”). FTSE is not affiliated with the Fund or GSAM. The Index is determined, composed and calculated by FTSE without regard to the Fund. It is not possible to invest directly in an unmanaged index.
Access U.S. Aggregate Bond ETF
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.
Access Ultra Short Bond ETF
The FTSE 3 Month US T Bill Index is intended to track the daily performance of 3 month US Treasury bills. The index is designed to operate as a reference rate for a series of funds.
Goldman Sachs Access Ultra Short Bond ETF (GSST) does not attempt to track an index and takes a more active approach.
43
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 93.2% | ||||||||||||||
Advertising – 1.0% | ||||||||||||||
Clear Channel Worldwide Holdings, Inc.(a) | ||||||||||||||
$ | 500,000 | 5.125 | % | 08/15/27 | $ | 515,000 | ||||||||
Lamar Media Corp. | ||||||||||||||
214,000 | 3.750 | 02/15/28 | 220,420 | |||||||||||
421,000 | 4.000 | 02/15/30 | 435,209 | |||||||||||
Nielsen Finance LLC / Nielsen Finance Co.(a) | ||||||||||||||
380,000 | 5.625 | 10/01/28 | 400,900 | |||||||||||
400,000 | 5.875 | 10/01/30 | 429,000 | |||||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp.(a) | ||||||||||||||
400,000 | 6.250 | 06/15/25 | 424,500 | |||||||||||
|
| |||||||||||||
2,425,029 | ||||||||||||||
|
| |||||||||||||
Aerospace & Defense – 2.1% | ||||||||||||||
Howmet Aerospace, Inc. | ||||||||||||||
520,000 | 5.125 | 10/01/24 | 572,585 | |||||||||||
250,000 | 6.875 | 05/01/25 | 295,937 | |||||||||||
Spirit AeroSystems, Inc. | ||||||||||||||
200,000 | 4.600 | 06/15/28 | 196,000 | |||||||||||
TransDigm, Inc. | ||||||||||||||
340,000 | 8.000 | (a) | 12/15/25 | 363,817 | ||||||||||
1,401,000 | 6.250 | (a) | 03/15/26 | 1,476,304 | ||||||||||
518,000 | 6.375 | 06/15/26 | 537,749 | |||||||||||
70,000 | 7.500 | 03/15/27 | 74,287 | |||||||||||
460,000 | 5.500 | 11/15/27 | 472,075 | |||||||||||
300,000 | 4.625 | (a) | 01/15/29 | 297,750 | ||||||||||
Wolverine Escrow LLC(a) | ||||||||||||||
522,000 | 9.000 | 11/15/26 | 502,425 | |||||||||||
|
| |||||||||||||
4,788,929 | ||||||||||||||
|
| |||||||||||||
Agriculture – 0.7% | ||||||||||||||
JBS USA LUX SA / JBS USA Finance, Inc.(a) | ||||||||||||||
681,000 | 6.750 | 02/15/28 | 751,654 | |||||||||||
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(a) | ||||||||||||||
290,000 | 6.500 | 04/15/29 | 329,875 | |||||||||||
470,000 | 5.500 | 01/15/30 | 532,862 | |||||||||||
|
| |||||||||||||
1,614,391 | ||||||||||||||
|
| |||||||||||||
Banks – 0.6% | ||||||||||||||
CIT Group, Inc. | ||||||||||||||
232,000 | 5.000 | 08/01/23 | 250,560 | |||||||||||
100,000 | 5.250 | 03/07/25 | 112,750 | |||||||||||
315,000 | 6.125 | 03/09/28 | 387,843 | |||||||||||
Freedom Mortgage Corp.(a) | ||||||||||||||
374,000 | 8.125 | 11/15/24 | 380,545 | |||||||||||
193,000 | 8.250 | 04/15/25 | 196,619 | |||||||||||
160,000 | 7.625 | 05/01/26 | 161,000 | |||||||||||
|
| |||||||||||||
1,489,317 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 1.4% | ||||||||||||||
Axalta Coating Systems LLC(a) | ||||||||||||||
470,000 | 3.375 | 02/15/29 | 462,362 | |||||||||||
| Axalta Coating Systems LLC / Axalta Coating Systems Dutch | | ||||||||||||
150,000 | 4.750 | 06/15/27 | 157,688 | |||||||||||
CF Industries, Inc. | ||||||||||||||
180,000 | 3.450 | 06/01/23 | 189,338 | |||||||||||
270,000 | 5.150 | 03/15/34 | 335,946 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Basic Industry – (continued) | ||||||||||||||
Chemours Co. (The)(a) | ||||||||||||||
400,000 | 5.750 | 11/15/28 | 424,000 | |||||||||||
Olin Corp. | ||||||||||||||
200,000 | 5.625 | 08/01/29 | 221,250 | |||||||||||
230,000 | 5.000 | 02/01/30 | 247,825 | |||||||||||
SCIH Salt Holdings, Inc.(a) | ||||||||||||||
400,000 | 6.625 | 05/01/29 | 399,441 | |||||||||||
Tronox, Inc.(a) | ||||||||||||||
440,000 | 4.625 | 03/15/29 | 447,150 | |||||||||||
Valvoline, Inc.(a) | ||||||||||||||
350,000 | 4.250 | 02/15/30 | 364,875 | |||||||||||
|
| |||||||||||||
3,249,875 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 3.7% | ||||||||||||||
Diamond Sports Group LLC / Diamond Sports Finance Co.(a) | ||||||||||||||
600,000 | 5.375 | 08/15/26 | 400,500 | |||||||||||
800,000 | 6.625 | 08/15/27 | 348,000 | |||||||||||
Gray Television, Inc.(a) | ||||||||||||||
270,000 | 7.000 | 05/15/27 | 290,925 | |||||||||||
524,000 | 4.750 | 10/15/30 | 520,725 | |||||||||||
iHeartCommunications, Inc. | ||||||||||||||
320,000 | 8.375 | 05/01/27 | 340,400 | |||||||||||
711,000 | 4.750 | (a) | 01/15/28 | 737,663 | ||||||||||
Nexstar Media, Inc.(a) | ||||||||||||||
560,000 | 5.625 | 07/15/27 | 595,000 | |||||||||||
Scripps Escrow II, Inc.(a) | ||||||||||||||
370,000 | 5.375 | 01/15/31 | 365,375 | |||||||||||
Scripps Escrow, Inc.(a) | ||||||||||||||
170,000 | 5.875 | 07/15/27 | 175,100 | |||||||||||
Sinclair Television Group, Inc.(a) | ||||||||||||||
200,000 | 4.125 | 12/01/30 | 196,000 | |||||||||||
Sirius XM Radio, Inc.(a) | ||||||||||||||
200,000 | 5.000 | 08/01/27 | 209,750 | |||||||||||
1,700,000 | 4.000 | 07/15/28 | 1,740,375 | |||||||||||
250,000 | 3.875 | 09/01/31 | 248,750 | |||||||||||
TEGNA, Inc. | ||||||||||||||
230,000 | 4.625 | 03/15/28 | 239,200 | |||||||||||
470,000 | 5.000 | 09/15/29 | 497,025 | |||||||||||
Terrier Media Buyer, Inc.(a) | ||||||||||||||
340,000 | 8.875 | 12/15/27 | 362,950 | |||||||||||
Univision Communications, Inc.(a) | ||||||||||||||
277,000 | 5.125 | 02/15/25 | 282,886 | |||||||||||
425,000 | 6.625 | 06/01/27 | 460,062 | |||||||||||
500,000 | 4.500 | 05/01/29 | 508,438 | |||||||||||
|
| |||||||||||||
8,519,124 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.4% | ||||||||||||||
Jefferies Finance LLC / JFIN Co.-Issuer Corp.(a) | ||||||||||||||
470,000 | 5.000 | 08/15/28 | 483,839 | |||||||||||
| Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.(a) |
| ||||||||||||
480,000 | 4.750 | 06/15/29 | 493,200 | |||||||||||
|
| |||||||||||||
977,039 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.5% | ||||||||||||||
American Builders & Contractors Supply Co., Inc.(a) | ||||||||||||||
913,000 | 4.000 | 01/15/28 | 946,096 | |||||||||||
|
|
44 | 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) | ||||||||||||||
Building Materials – (continued) | ||||||||||||||
Builders FirstSource, Inc.(a) | ||||||||||||||
$ | 200,000 | 4.250 | % | 02/01/32 | $ | 206,500 | ||||||||
|
| |||||||||||||
1,152,596 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 3.2% | ||||||||||||||
Ball Corp. | ||||||||||||||
175,000 | 4.000 | 11/15/23 | 185,062 | |||||||||||
351,000 | 5.250 | 07/01/25 | 397,508 | |||||||||||
121,000 | 4.875 | 03/15/26 | 136,276 | |||||||||||
420,000 | 2.875 | 08/15/30 | 423,150 | |||||||||||
Covanta Holding Corp. | ||||||||||||||
175,000 | 5.875 | 07/01/25 | 181,590 | |||||||||||
216,000 | 6.000 | 01/01/27 | 224,107 | |||||||||||
370,000 | 5.000 | 09/01/30 | 382,788 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp V | ||||||||||||||
405,000 | 4.250 | 09/30/26 | 437,906 | |||||||||||
Crown Americas LLC / Crown Americas Capital Corp. VI | ||||||||||||||
210,000 | 4.750 | 02/01/26 | 217,372 | |||||||||||
Flex Acquisition Co., Inc.(a) | ||||||||||||||
130,000 | 6.875 | 01/15/25 | 131,374 | |||||||||||
307,000 | 7.875 | 07/15/26 | 320,097 | |||||||||||
Graham Packaging Co., Inc.(a) | ||||||||||||||
180,000 | 7.125 | 08/15/28 | 192,150 | |||||||||||
Herc Holdings, Inc.(a) | ||||||||||||||
560,000 | 5.500 | 07/15/27 | 592,200 | |||||||||||
LABL, Inc.(a) | ||||||||||||||
203,000 | 6.750 | 07/15/26 | 214,419 | |||||||||||
309,000 | 10.500 | 07/15/27 | 337,196 | |||||||||||
Madison IAQ LLC(a) | ||||||||||||||
250,000 | 5.875 | 06/30/29 | 255,937 | |||||||||||
Mauser Packaging Solutions Holding Co.(a) | ||||||||||||||
474,000 | 5.500 | 04/15/24 | 479,925 | |||||||||||
Owens-Brockway Glass Container, Inc.(a) | ||||||||||||||
200,000 | 5.875 | 08/15/23 | 213,500 | |||||||||||
Sealed Air Corp.(a) | ||||||||||||||
280,000 | 4.875 | 12/01/22 | 291,200 | |||||||||||
130,000 | 5.125 | 12/01/24 | 141,538 | |||||||||||
200,000 | 5.500 | 09/15/25 | 224,000 | |||||||||||
170,000 | 6.875 | 07/15/33 | 223,125 | |||||||||||
Sensata Technologies BV(a) | ||||||||||||||
336,000 | 4.875 | 10/15/23 | 360,360 | |||||||||||
299,000 | 5.000 | 10/01/25 | 334,880 | |||||||||||
Sensata Technologies, Inc.(a) | ||||||||||||||
420,000 | 3.750 | 02/15/31 | 423,675 | |||||||||||
|
| |||||||||||||
7,321,335 | ||||||||||||||
|
| |||||||||||||
Communications – 8.4% | ||||||||||||||
AMC Networks, Inc. | ||||||||||||||
88,000 | 5.000 | 04/01/24 | 89,320 | |||||||||||
440,000 | 4.750 | 08/01/25 | 451,275 | |||||||||||
Cable One, Inc.(a) | ||||||||||||||
225,000 | 4.000 | 11/15/30 | 227,250 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp.(a) | ||||||||||||||
197,000 | 4.000 | 03/01/23 | 197,862 | |||||||||||
359,000 | 5.750 | 02/15/26 | 369,321 | |||||||||||
509,000 | 5.500 | 05/01/26 | 525,861 | |||||||||||
490,000 | 5.125 | 05/01/27 | 512,662 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
443,000 | 5.000 | (a) | 02/01/28 | 465,150 | ||||||||||
300,000 | 5.375 | (a) | 06/01/29 | 328,125 | ||||||||||
780,000 | 4.750 | (a) | 03/01/30 | 824,362 | ||||||||||
726,000 | 4.500 | (a) | 08/15/30 | 761,393 | ||||||||||
755,000 | 4.250 | (a) | 02/01/31 | 775,763 | ||||||||||
1,030,000 | 4.500 | 05/01/32 | 1,076,994 | |||||||||||
CSC Holdings LLC | ||||||||||||||
636,000 | 5.250 | 06/01/24 | 686,483 | |||||||||||
550,000 | 5.500 | (a) | 04/15/27 | 576,125 | ||||||||||
200,000 | 5.375 | (a) | 02/01/28 | 212,500 | ||||||||||
200,000 | 7.500 | (a) | 04/01/28 | 220,000 | ||||||||||
240,000 | 6.500 | (a) | 02/01/29 | 266,100 | ||||||||||
864,000 | 5.750 | (a) | 01/15/30 | 915,840 | ||||||||||
1,024,000 | 4.625 | (a) | 12/01/30 | 1,008,640 | ||||||||||
425,000 | 3.375 | (a) | 02/15/31 | 406,406 | ||||||||||
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.(a) | ||||||||||||||
930,000 | 5.875 | 08/15/27 | 974,175 | |||||||||||
DISH DBS Corp. | ||||||||||||||
402,000 | 5.000 | 03/15/23 | 420,844 | |||||||||||
534,000 | 5.875 | 11/15/24 | 574,717 | |||||||||||
614,000 | 7.750 | 07/01/26 | 703,030 | |||||||||||
110,000 | 7.375 | 07/01/28 | 118,456 | |||||||||||
361,000 | 5.125 | (a) | 06/01/29 | 358,744 | ||||||||||
IHS Markit Ltd.(a) | ||||||||||||||
490,000 | 4.750 | 02/15/25 | 546,962 | |||||||||||
490,000 | 4.000 | 03/01/26 | 543,900 | |||||||||||
Lions Gate Capital Holdings LLC(a) | ||||||||||||||
200,000 | 5.500 | 04/15/29 | 203,500 | |||||||||||
Live Nation Entertainment, Inc.(a) | ||||||||||||||
500,000 | 4.750 | 10/15/27 | 510,625 | |||||||||||
Meredith Corp. | ||||||||||||||
210,000 | 6.875 | 02/01/26 | 218,006 | |||||||||||
Netflix, Inc. | ||||||||||||||
374,000 | 4.375 | 11/15/26 | 424,022 | |||||||||||
482,000 | 4.875 | 04/15/28 | 564,543 | |||||||||||
562,000 | 5.875 | 11/15/28 | 698,285 | |||||||||||
194,000 | 6.375 | 05/15/29 | 249,290 | |||||||||||
200,000 | 5.375 | (a) | 11/15/29 | 246,125 | ||||||||||
350,000 | 4.875 | (a) | 06/15/30 | 420,000 | ||||||||||
Radiate Holdco LLC / Radiate Finance, Inc.(a) | ||||||||||||||
350,000 | 6.500 | 09/15/28 | 360,500 | |||||||||||
WMG Acquisition Corp.(a) | ||||||||||||||
521,000 | 3.000 | 02/15/31 | 517,093 | |||||||||||
|
| |||||||||||||
19,550,249 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 16.5% | ||||||||||||||
ADT Security Corp. (The)(a) | ||||||||||||||
470,000 | 4.125 | 08/01/29 | 470,587 | |||||||||||
320,000 | 4.875 | 07/15/32 | 328,000 | |||||||||||
| AMC Entertainment Holdings, Inc.(a)(b) (PIK 12.000%, Cash | | ||||||||||||
425,000 | 12.000 | 06/15/26 | 384,625 | |||||||||||
American Axle & Manufacturing, Inc. | ||||||||||||||
420,000 | 6.875 | 07/01/28 | 453,075 | |||||||||||
230,000 | 5.000 | 10/01/29 | 230,575 | |||||||||||
APX Group, Inc.(a) | ||||||||||||||
330,000 | 6.750 | 02/15/27 | 354,750 | |||||||||||
250,000 | 5.750 | 07/15/29 | 251,250 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Bath & Body Works, Inc. | ||||||||||||||
$ | 500,000 | 5.250 | % | 02/01/28 | $ | 562,321 | ||||||||
350,000 | 6.625 | (a) | 10/01/30 | 407,547 | ||||||||||
400,000 | 6.875 | 11/01/35 | 516,004 | |||||||||||
Boyd Gaming Corp. | ||||||||||||||
180,000 | 4.750 | 12/01/27 | 186,044 | |||||||||||
410,000 | 4.750 | (a) | 06/15/31 | 423,837 | ||||||||||
Brink’s Co. (The)(a) | ||||||||||||||
284,000 | 5.500 | 07/15/25 | 299,620 | |||||||||||
Caesars Entertainment, Inc.(a) | ||||||||||||||
500,000 | 6.250 | 07/01/25 | 528,447 | |||||||||||
Carnival Corp.(a) | ||||||||||||||
380,000 | 11.500 | 04/01/23 | 427,090 | |||||||||||
490,000 | 7.625 | 03/01/26 | 520,012 | |||||||||||
450,000 | 5.750 | 03/01/27 | 460,688 | |||||||||||
1,120,000 | 4.000 | 08/01/28 | 1,125,600 | |||||||||||
Carvana Co.(a) | ||||||||||||||
460,000 | 5.500 | 04/15/27 | 477,250 | |||||||||||
| Cedar Fair LP / Canada’s Wonderland Co. / Magnum | | ||||||||||||
300,000 | 5.500 | 05/01/25 | 314,625 | |||||||||||
Century Communities, Inc.(a) | ||||||||||||||
300,000 | 3.875 | 08/15/29 | 305,250 | |||||||||||
Churchill Downs, Inc.(a) | ||||||||||||||
320,000 | 5.500 | 04/01/27 | 334,400 | |||||||||||
342,000 | 4.750 | 01/15/28 | 358,245 | |||||||||||
Clarios Global LP / Clarios US Finance Co.(a) | ||||||||||||||
346,000 | 6.250 | 05/15/26 | 366,760 | |||||||||||
555,000 | 8.500 | 05/15/27 | 592,768 | |||||||||||
Dana Financing Luxembourg Sarl(a) | ||||||||||||||
220,000 | 5.750 | 04/15/25 | 227,012 | |||||||||||
Dana, Inc. | ||||||||||||||
300,000 | 5.625 | 06/15/28 | 322,875 | |||||||||||
470,000 | 4.250 | 09/01/30 | 488,506 | |||||||||||
Diamond Resorts International, Inc.(a) | ||||||||||||||
104,000 | 7.750 | 09/01/23 | 105,951 | |||||||||||
Ford Motor Co. | ||||||||||||||
250,000 | 8.500 | 04/21/23 | 277,014 | |||||||||||
270,000 | 9.000 | 04/22/25 | 330,542 | |||||||||||
175,000 | 4.346 | 12/08/26 | 188,762 | |||||||||||
600,000 | 6.625 | 10/01/28 | 720,437 | |||||||||||
449,000 | 7.450 | 07/16/31 | 592,888 | |||||||||||
Ford Motor Credit Co. LLC | ||||||||||||||
670,000 | 3.087 | 01/09/23 | 683,431 | |||||||||||
500,000 | 4.375 | 08/06/23 | 523,456 | |||||||||||
380,000 | 5.584 | 03/18/24 | 411,552 | |||||||||||
500,000 | 5.125 | 06/16/25 | 549,460 | |||||||||||
200,000 | 4.134 | 08/04/25 | 214,287 | |||||||||||
200,000 | 4.542 | 08/01/26 | 218,227 | |||||||||||
400,000 | 4.271 | 01/09/27 | 430,514 | |||||||||||
400,000 | 3.815 | 11/02/27 | 421,647 | |||||||||||
420,000 | 5.113 | 05/03/29 | 477,039 | |||||||||||
Gap, Inc. (The)(a) | ||||||||||||||
250,000 | 8.625 | 05/15/25 | 272,955 | |||||||||||
300,000 | 8.875 | 05/15/27 | 345,793 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Goodyear Tire & Rubber Co. (The) | ||||||||||||||
648,000 | 4.875 | 03/15/27 | 697,410 | |||||||||||
400,000 | 5.250 | 04/30/31 | 428,000 | |||||||||||
Hanesbrands, Inc.(a) | ||||||||||||||
568,000 | 4.625 | 05/15/24 | 605,630 | |||||||||||
250,000 | 5.375 | 05/15/25 | 263,750 | |||||||||||
Hilton Domestic Operating Co., Inc.(a) | ||||||||||||||
200,000 | 4.000 | 05/01/31 | 207,273 | |||||||||||
200,000 | 3.625 | 02/15/32 | 200,358 | |||||||||||
| Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand | | ||||||||||||
200,000 | 5.000 | 06/01/29 | 203,500 | |||||||||||
IRB Holding Corp.(a) | ||||||||||||||
510,000 | 7.000 | 06/15/25 | 545,062 | |||||||||||
Iron Mountain, Inc.(a) | ||||||||||||||
301,000 | 4.875 | 09/15/27 | 314,921 | |||||||||||
382,000 | 5.250 | 03/15/28 | 402,055 | |||||||||||
620,000 | 5.250 | 07/15/30 | 663,400 | |||||||||||
699,000 | 4.500 | 02/15/31 | 719,970 | |||||||||||
Liberty Interactive LLC | ||||||||||||||
150,000 | 8.250 | 02/01/30 | 169,688 | |||||||||||
MGM Resorts International | ||||||||||||||
268,000 | 6.000 | 03/15/23 | 285,085 | |||||||||||
97,000 | 5.750 | 06/15/25 | 106,700 | |||||||||||
334,000 | 4.625 | 09/01/26 | 354,040 | |||||||||||
229,000 | 5.500 | 04/15/27 | 249,896 | |||||||||||
250,000 | 4.750 | 10/15/28 | 265,000 | |||||||||||
Michaels Cos., Inc. (The)(a) | ||||||||||||||
600,000 | 7.875 | 05/01/29 | 616,500 | |||||||||||
Mohegan Gaming & Entertainment(a) | ||||||||||||||
530,000 | 8.000 | 02/01/26 | 556,500 | |||||||||||
NCL Corp Ltd.(a) | ||||||||||||||
500,000 | 3.625 | 12/15/24 | 473,750 | |||||||||||
| Peninsula Pacific Entertainment LLC / Peninsula Pacific | | ||||||||||||
300,000 | 8.500 | 11/15/27 | 321,000 | |||||||||||
PetSmart, Inc. / PetSmart Finance Corp.(a) | ||||||||||||||
250,000 | 4.750 | 02/15/28 | 261,250 | |||||||||||
250,000 | 7.750 | 02/15/29 | 275,625 | |||||||||||
Picasso Finance Sub, Inc.(a) | ||||||||||||||
246,000 | 6.125 | 06/15/25 | 261,375 | |||||||||||
Prime Security Services Borrower LLC / Prime Finance, Inc.(a) | ||||||||||||||
739,000 | 3.375 | 08/31/27 | 712,211 | |||||||||||
490,000 | 6.250 | 01/15/28 | 508,988 | |||||||||||
QVC, Inc. | ||||||||||||||
250,000 | 4.375 | 03/15/23 | 261,934 | |||||||||||
100,000 | 4.450 | 02/15/25 | 106,798 | |||||||||||
250,000 | 4.750 | 02/15/27 | 268,783 | |||||||||||
Royal Caribbean Cruises Ltd. | ||||||||||||||
180,000 | 11.500 | (a) | 06/01/25 | 207,450 | ||||||||||
350,000 | 3.700 | 03/15/28 | 330,313 | |||||||||||
700,000 | 5.500 | (a) | 04/01/28 | 707,000 | ||||||||||
Scientific Games International, Inc.(a) | ||||||||||||||
380,000 | 5.000 | 10/15/25 | 391,162 | |||||||||||
310,000 | 8.250 | 03/15/26 | 331,700 | |||||||||||
145,000 | 7.000 | 05/15/28 | 156,419 | |||||||||||
270,000 | 7.250 | 11/15/29 | 302,400 | |||||||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Staples, Inc.(a) | ||||||||||||||
$ | 357,000 | 7.500 | % | 04/15/26 | $ | 361,463 | ||||||||
440,000 | 10.750 | 04/15/27 | 430,100 | |||||||||||
Taylor Morrison Communities, Inc.(a) | ||||||||||||||
400,000 | 5.125 | 08/01/30 | 437,000 | |||||||||||
Tenneco, Inc. | ||||||||||||||
100,000 | 5.000 | 07/15/26 | 100,250 | |||||||||||
470,000 | 5.125 | (a) | 04/15/29 | 488,800 | ||||||||||
Toll Brothers Finance Corp. | ||||||||||||||
283,000 | 4.375 | 04/15/23 | 295,912 | |||||||||||
332,000 | 4.350 | 02/15/28 | 370,875 | |||||||||||
Travel + Leisure Co.(a) | ||||||||||||||
360,000 | 6.625 | 07/31/26 | 408,494 | |||||||||||
VICI Properties LP / VICI Note Co., Inc.(a) | ||||||||||||||
285,000 | 4.250 | 12/01/26 | 299,524 | |||||||||||
250,000 | 3.750 | 02/15/27 | 260,000 | |||||||||||
493,000 | 4.625 | 12/01/29 | 536,123 | |||||||||||
400,000 | 4.125 | 08/15/30 | 428,500 | |||||||||||
William Carter Co. (The)(a) | ||||||||||||||
332,000 | 5.625 | 03/15/27 | 348,185 | |||||||||||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.(a) | ||||||||||||||
400,000 | 5.250 | 05/15/27 | 422,000 | |||||||||||
Yum! Brands, Inc. | ||||||||||||||
675,000 | 4.750 | (a) | 01/15/30 | 747,563 | ||||||||||
200,000 | 3.625 | 03/15/31 | 206,500 | |||||||||||
|
| |||||||||||||
38,355,903 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 3.2% | ||||||||||||||
| Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / | | ||||||||||||
250,000 | 3.500 | 03/15/29 | 253,750 | |||||||||||
250,000 | 4.875 | 02/15/30 | 273,437 | |||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp.(a) | ||||||||||||||
740,000 | 6.625 | 07/15/26 | 789,025 | |||||||||||
480,000 | 6.000 | 06/01/29 | 481,200 | |||||||||||
| Allied Universal Holdco LLC/Allied Universal Finance Corp./ | |||||||||||||
200,000 | 4.625 | 06/01/28 | 202,000 | |||||||||||
Avantor Funding, Inc.(a) | ||||||||||||||
500,000 | 4.625 | 07/15/28 | 528,750 | |||||||||||
| Change Healthcare Holdings LLC / Change Healthcare Finance, | | ||||||||||||
597,000 | 5.750 | 03/01/25 | 602,297 | |||||||||||
Envision Healthcare Corp.(a) | ||||||||||||||
270,000 | 8.750 | 10/15/26 | 230,175 | |||||||||||
Fresh Market, Inc. (The)(a) | ||||||||||||||
250,000 | 9.750 | 05/01/23 | 256,498 | |||||||||||
Hologic, Inc.(a) | ||||||||||||||
220,000 | 4.625 | 02/01/28 | 234,300 | |||||||||||
420,000 | 3.250 | 02/15/29 | 431,550 | |||||||||||
Jaguar Holding Co. II / PPD Development LP(a) | ||||||||||||||
482,000 | 5.000 | 06/15/28 | 521,163 | |||||||||||
MEDNAX, Inc.(a) | ||||||||||||||
480,000 | 6.250 | 01/15/27 | 508,200 | |||||||||||
Molina Healthcare, Inc. | ||||||||||||||
220,000 | 5.375 | 11/15/22 | 228,800 | |||||||||||
270,000 | 4.375 | (a) | 06/15/28 | 284,513 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV(a) | ||||||||||||||
500,000 | 4.125 | 04/30/28 | 516,250 | |||||||||||
| RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, | | ||||||||||||
520,000 | 9.750 | 12/01/26 | 555,750 | |||||||||||
Vector Group Ltd.(a) | ||||||||||||||
520,000 | 5.750 | 02/01/29 | 530,400 | |||||||||||
|
| |||||||||||||
7,428,058 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.5% | ||||||||||||||
Mattel, Inc.(a) | ||||||||||||||
418,000 | 5.875 | 12/15/27 | 458,232 | |||||||||||
Newell Brands, Inc. | ||||||||||||||
107,000 | 4.350 | 04/01/23 | 112,641 | |||||||||||
471,000 | 4.700 | 04/01/26 | 526,655 | |||||||||||
|
| |||||||||||||
1,097,528 | ||||||||||||||
|
| |||||||||||||
Distribution & Logistics – 0.4% | ||||||||||||||
IAA, Inc.(a) | ||||||||||||||
345,000 | 5.500 | 06/15/27 | 362,250 | |||||||||||
WESCO Distribution, Inc.(a) | ||||||||||||||
500,000 | 7.250 | 06/15/28 | 556,875 | |||||||||||
|
| |||||||||||||
919,125 | ||||||||||||||
|
| |||||||||||||
Distributors – 0.2% | ||||||||||||||
KAR Auction Services, Inc.(a) | ||||||||||||||
439,000 | 5.125 | 06/01/25 | 451,073 | |||||||||||
|
| |||||||||||||
Electric – 3.0% | ||||||||||||||
Calpine Corp.(a) | ||||||||||||||
500,000 | 4.625 | 02/01/29 | 501,489 | |||||||||||
476,000 | 5.000 | 02/01/31 | 488,372 | |||||||||||
411,000 | 3.750 | 03/01/31 | 404,321 | |||||||||||
Clearway Energy Operating LLC(a) | ||||||||||||||
450,000 | 3.750 | 02/15/31 | 459,000 | |||||||||||
FirstEnergy Corp. | ||||||||||||||
428,000 | 2.650 | 03/01/30 | 438,498 | |||||||||||
FirstEnergy Corp., Series B | ||||||||||||||
500,000 | 2.250 | 09/01/30 | 497,973 | |||||||||||
FirstEnergy Corp., Series C | ||||||||||||||
450,000 | 7.375 | 11/15/31 | 631,400 | |||||||||||
NextEra Energy Operating Partners LP(a) | ||||||||||||||
500,000 | 4.250 | 07/15/24 | 529,375 | |||||||||||
349,000 | 4.500 | 09/15/27 | 378,229 | |||||||||||
NRG Energy, Inc. | ||||||||||||||
193,000 | 6.625 | 01/15/27 | 199,875 | |||||||||||
521,000 | 5.250 | (a) | 06/15/29 | 567,890 | ||||||||||
PG&E Corp. | ||||||||||||||
350,000 | 5.000 | 07/01/28 | 349,125 | |||||||||||
380,000 | 5.250 | 07/01/30 | 375,725 | |||||||||||
Talen Energy Supply LLC(a) | ||||||||||||||
193,000 | 10.500 | 01/15/26 | 90,710 | |||||||||||
330,000 | 7.250 | 05/15/27 | 286,275 | |||||||||||
TerraForm Power Operating LLC(a) | ||||||||||||||
8,000 | 4.250 | 01/31/23 | 8,240 | |||||||||||
685,000 | 4.750 | 01/15/30 | 722,675 | |||||||||||
|
| |||||||||||||
6,929,172 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – 12.6% | ||||||||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp.(a) | ||||||||||||||
$ | 711,000 | 5.750 | % | 03/01/27 | $ | 735,885 | ||||||||
327,000 | 5.750 | 01/15/28 | 340,897 | |||||||||||
Antero Resources Corp. | ||||||||||||||
168,000 | 5.000 | 03/01/25 | 171,570 | |||||||||||
500,000 | 7.625 | (a) | 02/01/29 | 552,500 | ||||||||||
Apache Corp. | ||||||||||||||
500,000 | 4.625 | 11/15/25 | 542,500 | |||||||||||
Archrock Partners LP / Archrock Partners Finance Corp.(a) | ||||||||||||||
620,000 | 6.875 | 04/01/27 | 646,350 | |||||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp.(a) | ||||||||||||||
350,000 | 5.875 | 06/30/29 | 336,875 | |||||||||||
Buckeye Partners LP | ||||||||||||||
210,000 | 3.950 | 12/01/26 | 217,596 | |||||||||||
160,000 | 4.125 | 12/01/27 | 165,080 | |||||||||||
270,000 | 4.500 | (a) | 03/01/28 | 280,800 | ||||||||||
Callon Petroleum Co.(a) | ||||||||||||||
300,000 | 8.000 | 08/01/28 | 290,250 | |||||||||||
Cheniere Energy Partners LP | ||||||||||||||
754,000 | 5.625 | 10/01/26 | 778,976 | |||||||||||
667,000 | 4.500 | 10/01/29 | 718,276 | |||||||||||
Cheniere Energy, Inc. | ||||||||||||||
787,000 | 4.625 | 10/15/28 | 834,220 | |||||||||||
CNX Resources Corp.(a) | ||||||||||||||
440,000 | 6.000 | 01/15/29 | 458,700 | |||||||||||
Continental Resources, Inc. | ||||||||||||||
232,000 | 4.500 | 04/15/23 | 242,730 | |||||||||||
400,000 | 3.800 | 06/01/24 | 425,750 | |||||||||||
550,000 | 4.375 | 01/15/28 | 617,375 | |||||||||||
CrownRock LP / CrownRock Finance, Inc.(a) | ||||||||||||||
423,000 | 5.625 | 10/15/25 | 436,747 | |||||||||||
DCP Midstream Operating LP | ||||||||||||||
250,000 | 5.375 | 07/15/25 | 275,000 | |||||||||||
420,000 | 5.625 | 07/15/27 | 477,750 | |||||||||||
DT Midstream, Inc.(a) | ||||||||||||||
400,000 | 4.375 | 06/15/31 | 413,750 | |||||||||||
Endeavor Energy Resources LP / EER Finance, Inc.(a) | ||||||||||||||
481,000 | 5.500 | 01/30/26 | 498,436 | |||||||||||
400,000 | 5.750 | 01/30/28 | 423,000 | |||||||||||
EnLink Midstream LLC | ||||||||||||||
515,000 | 5.375 | 06/01/29 | 531,612 | |||||||||||
EnLink Midstream Partners LP | ||||||||||||||
528,000 | 4.850 | 07/15/26 | 546,187 | |||||||||||
EQT Corp. | ||||||||||||||
180,000 | 6.625 | 02/01/25 | 207,225 | |||||||||||
1,046,000 | 3.900 | 10/01/27 | 1,130,988 | |||||||||||
Hilcorp Energy I LP / Hilcorp Finance Co.(a) | ||||||||||||||
590,000 | 6.250 | 11/01/28 | 612,125 | |||||||||||
220,000 | 5.750 | 02/01/29 | 224,400 | |||||||||||
ITT Holdings LLC(a) | ||||||||||||||
380,000 | 6.500 | 08/01/29 | 388,550 | |||||||||||
Laredo Petroleum, Inc. | ||||||||||||||
410,000 | 10.125 | 01/15/28 | 432,550 | |||||||||||
Moss Creek Resources Holdings, Inc.(a) | ||||||||||||||
159,000 | 7.500 | 01/15/26 | 136,740 | |||||||||||
242,000 | 10.500 | 05/15/27 | 222,640 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Nabors Industries Ltd.(a) | ||||||||||||||
150,000 | 7.250 | 01/15/26 | 140,250 | |||||||||||
Nabors Industries, Inc. | ||||||||||||||
100,000 | 5.750 | 02/01/25 | 86,250 | |||||||||||
New Fortress Energy, Inc.(a) | ||||||||||||||
570,000 | 6.500 | 09/30/26 | 573,563 | |||||||||||
Occidental Petroleum Corp. | ||||||||||||||
500,000 | 6.950 | 07/01/24 | 563,601 | |||||||||||
300,000 | 2.900 | 08/15/24 | 304,376 | |||||||||||
964,000 | 3.400 | 04/15/26 | 993,527 | |||||||||||
170,000 | 6.375 | 09/01/28 | 202,087 | |||||||||||
400,000 | 3.500 | 08/15/29 | 415,770 | |||||||||||
267,000 | 8.875 | 07/15/30 | 366,457 | |||||||||||
550,000 | 6.625 | 09/01/30 | 686,125 | |||||||||||
400,000 | 6.125 | 01/01/31 | 485,544 | |||||||||||
150,000 | 7.500 | 05/01/31 | 197,203 | |||||||||||
170,000 | 7.875 | 09/15/31 | 226,723 | |||||||||||
PBF Holding Co. LLC / PBF Finance Corp. | ||||||||||||||
150,000 | 7.250 | 06/15/25 | 106,125 | |||||||||||
350,000 | 6.000 | 02/15/28 | 231,000 | |||||||||||
Range Resources Corp. | ||||||||||||||
244,000 | 4.875 | 05/15/25 | 253,760 | |||||||||||
170,000 | 9.250 | 02/01/26 | 187,000 | |||||||||||
430,000 | 8.250 | (a) | 01/15/29 | 478,375 | ||||||||||
SM Energy Co. | ||||||||||||||
300,000 | 10.000 | (a) | 01/15/25 | 334,500 | ||||||||||
100,000 | 6.750 | 09/15/26 | 101,000 | |||||||||||
100,000 | 6.625 | 01/15/27 | 101,000 | |||||||||||
Southwestern Energy Co. | ||||||||||||||
370,000 | 7.750 | 10/01/27 | 401,450 | |||||||||||
Sunoco LP / Sunoco Finance Corp. | ||||||||||||||
320,000 | 5.500 | 02/15/26 | 328,200 | |||||||||||
290,000 | 6.000 | 04/15/27 | 303,775 | |||||||||||
| Targa Resources Partners LP /Targa Resources Partners Finance Corp. |
| ||||||||||||
320,000 | 5.875 | 04/15/26 | 335,000 | |||||||||||
250,000 | 5.375 | 02/01/27 | 259,687 | |||||||||||
270,000 | 5.500 | 03/01/30 | 299,363 | |||||||||||
711,000 | 4.875 | 02/01/31 | 774,990 | |||||||||||
Transocean, Inc.(a) | ||||||||||||||
563,000 | 11.500 | 01/30/27 | 567,223 | |||||||||||
| USA Compression Partners LP / USA Compression Finance | | ||||||||||||
450,000 | 6.875 | 04/01/26 | 469,125 | |||||||||||
Venture Global Calcasieu Pass LLC(a) | ||||||||||||||
970,000 | 3.875 | 08/15/29 | 999,706 | |||||||||||
Weatherford International Ltd.(a) | ||||||||||||||
652,000 | 11.000 | 12/01/24 | 684,600 | |||||||||||
Western Midstream Operating LP | ||||||||||||||
597,000 | 4.650 | 07/01/26 | 644,760 | |||||||||||
670,000 | 5.300 | 02/01/30 | 750,400 | |||||||||||
|
| |||||||||||||
29,166,545 | ||||||||||||||
|
| |||||||||||||
Financial Company – 4.1% | ||||||||||||||
Ally Financial, Inc. | ||||||||||||||
320,000 | 5.750 | 11/20/25 | 367,059 | |||||||||||
|
|
48 | 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 – (continued) | ||||||||||||||
HUB International Ltd.(a) | ||||||||||||||
$ | 468,000 | 7.000 | % | 05/01/26 | $ | 485,550 | ||||||||
Icahn Enterprises LP / Icahn Enterprises Finance Corp. | ||||||||||||||
320,000 | 6.750 | 02/01/24 | 326,540 | |||||||||||
386,000 | 6.375 | 12/15/25 | 397,752 | |||||||||||
873,000 | 5.250 | 05/15/27 | 911,194 | |||||||||||
LD Holdings Group LLC(a) | ||||||||||||||
410,000 | 6.125 | 04/01/28 | 403,594 | |||||||||||
Midcap Financial Issuer Trust(a) | ||||||||||||||
300,000 | 6.500 | 05/01/28 | 313,687 | |||||||||||
Nationstar Mortgage Holdings, Inc.(a) | ||||||||||||||
400,000 | 6.000 | 01/15/27 | 423,000 | |||||||||||
470,000 | 5.500 | 08/15/28 | 485,675 | |||||||||||
Navient Corp. | ||||||||||||||
132,000 | 7.250 | 09/25/23 | 145,081 | |||||||||||
126,000 | 5.875 | 10/25/24 | 137,323 | |||||||||||
159,000 | 6.750 | 06/25/25 | 177,937 | |||||||||||
344,000 | 6.750 | 06/15/26 | 388,635 | |||||||||||
Navient Corp., MTN | ||||||||||||||
160,000 | 6.125 | 03/25/24 | 173,711 | |||||||||||
217,000 | 5.625 | 08/01/33 | 210,754 | |||||||||||
NFP Corp.(a) | ||||||||||||||
634,000 | 6.875 | 08/15/28 | 652,228 | |||||||||||
OneMain Finance Corp. | ||||||||||||||
92,000 | 5.625 | 03/15/23 | 97,002 | |||||||||||
310,000 | 6.125 | 03/15/24 | 334,413 | |||||||||||
164,000 | 6.875 | 03/15/25 | 186,345 | |||||||||||
442,000 | 7.125 | 03/15/26 | 518,245 | |||||||||||
340,000 | 6.625 | 01/15/28 | 394,400 | |||||||||||
427,000 | 5.375 | 11/15/29 | 468,099 | |||||||||||
Quicken Loans LLC / Quicken Loans Co.-Issuer, Inc.(a) | ||||||||||||||
520,000 | 3.875 | 03/01/31 | 533,468 | |||||||||||
Rocket Mortgage LLC(a) | ||||||||||||||
412,000 | 5.250 | 01/15/28 | 435,161 | |||||||||||
United Wholesale Mortgage LLC(a) | ||||||||||||||
550,000 | 5.500 | 04/15/29 | 543,813 | |||||||||||
|
| |||||||||||||
9,510,666 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.9% | ||||||||||||||
Aramark Services, Inc.(a) | ||||||||||||||
680,000 | 5.000 | 02/01/28 | 708,900 | |||||||||||
B&G Foods, Inc. | ||||||||||||||
445,000 | 5.250 | 09/15/27 | 463,913 | |||||||||||
Performance Food Group, Inc.(a) | ||||||||||||||
300,000 | 5.500 | 10/15/27 | 313,005 | |||||||||||
450,000 | 4.250 | 08/01/29 | 452,250 | |||||||||||
Pilgrim’s Pride Corp.(a) | ||||||||||||||
228,000 | 5.875 | 09/30/27 | 243,960 | |||||||||||
Post Holdings, Inc.(a) | ||||||||||||||
537,000 | 5.750 | 03/01/27 | 562,507 | |||||||||||
459,000 | 5.500 | 12/15/29 | 493,999 | |||||||||||
600,000 | 4.625 | 04/15/30 | 615,370 | |||||||||||
300,000 | 4.500 | 09/15/31 | 304,125 | |||||||||||
US Foods, Inc.(a) | ||||||||||||||
200,000 | 4.750 | 02/15/29 | 205,250 | |||||||||||
|
| |||||||||||||
4,363,279 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Hardware – 1.1% | ||||||||||||||
Avaya, Inc.(a) | ||||||||||||||
280,000 | 6.125 | 09/15/28 | 296,800 | |||||||||||
CommScope Technologies LLC(a) | ||||||||||||||
478,000 | 6.000 | 06/15/25 | 485,374 | |||||||||||
CommScope, Inc.(a) | ||||||||||||||
360,000 | 6.000 | 03/01/26 | 378,450 | |||||||||||
490,000 | 8.250 | 03/01/27 | 518,787 | |||||||||||
NCR Corp.(a) | ||||||||||||||
329,000 | 6.125 | 09/01/29 | 359,433 | |||||||||||
450,000 | 5.250 | 10/01/30 | 472,500 | |||||||||||
|
| |||||||||||||
2,511,344 | ||||||||||||||
|
| |||||||||||||
Healthcare – 4.4% | ||||||||||||||
Catalent Pharma Solutions, Inc.(a) | ||||||||||||||
500,000 | 3.125 | 02/15/29 | 493,750 | |||||||||||
Charles River Laboratories International, Inc.(a) | ||||||||||||||
250,000 | 4.250 | 05/01/28 | 262,500 | |||||||||||
CHS/Community Health Systems, Inc.(a) | ||||||||||||||
567,000 | 8.000 | 03/15/26 | 608,107 | |||||||||||
285,000 | 5.625 | 03/15/27 | 302,100 | |||||||||||
90,000 | 8.000 | 12/15/27 | 99,675 | |||||||||||
600,000 | 6.875 | 04/01/28 | 597,000 | |||||||||||
330,000 | 6.875 | 04/15/29 | 343,612 | |||||||||||
350,000 | 6.125 | 04/01/30 | 352,188 | |||||||||||
210,000 | 4.750 | 02/15/31 | 214,463 | |||||||||||
DaVita, Inc.(a) | ||||||||||||||
500,000 | 3.750 | 02/15/31 | 495,000 | |||||||||||
Encompass Health Corp. | ||||||||||||||
370,000 | 4.750 | 02/01/30 | 395,438 | |||||||||||
IQVIA, Inc.(a) | ||||||||||||||
600,000 | 5.000 | 05/15/27 | 628,500 | |||||||||||
Legacy LifePoint Health LLC(a) | ||||||||||||||
341,000 | 4.375 | 02/15/27 | 341,000 | |||||||||||
MPH Acquisition Holdings LLC(a) | ||||||||||||||
470,000 | 5.750 | 11/01/28 | 451,200 | |||||||||||
Select Medical Corp.(a) | ||||||||||||||
340,000 | 6.250 | 08/15/26 | 360,400 | |||||||||||
Service Corp. International | ||||||||||||||
125,000 | 4.625 | 12/15/27 | 132,656 | |||||||||||
500,000 | 3.375 | 08/15/30 | 504,375 | |||||||||||
Tenet Healthcare Corp. | ||||||||||||||
528,000 | 4.625 | 07/15/24 | 535,270 | |||||||||||
458,000 | 4.625 | (a) | 09/01/24 | 470,309 | ||||||||||
637,000 | 4.875 | (a) | 01/01/26 | 662,480 | ||||||||||
300,000 | 6.250 | (a) | 02/01/27 | 314,625 | ||||||||||
663,000 | 5.125 | (a) | 11/01/27 | 700,294 | ||||||||||
650,000 | 4.625 | (a) | 06/15/28 | 677,625 | ||||||||||
250,000 | 6.125 | (a) | 10/01/28 | 265,625 | ||||||||||
|
| |||||||||||||
10,208,192 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.5% | ||||||||||||||
Acrisure LLC / Acrisure Finance, Inc.(a) | ||||||||||||||
435,000 | 7.000 | 11/15/25 | 443,069 | |||||||||||
| Alliant Holdings Intermediate LLC / Alliant Holdings | | ||||||||||||
624,000 | 4.250 | 10/15/27 | 628,680 | |||||||||||
|
| |||||||||||||
1,071,749 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Metals – 0.8% | ||||||||||||||
Novelis Corp.(a) | ||||||||||||||
$ | 546,000 | 4.750 | % | 01/30/30 | $ | 582,855 | ||||||||
360,000 | 3.875 | 08/15/31 | 364,050 | |||||||||||
U.S. Steel Corp. | ||||||||||||||
646,000 | 6.875 | 03/01/29 | 707,370 | |||||||||||
United States Steel Corp. | ||||||||||||||
220,000 | 6.250 | 03/15/26 | 226,355 | |||||||||||
|
| |||||||||||||
1,880,630 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Cleveland-Cliffs, Inc.(a) | ||||||||||||||
200,000 | 9.875 | 10/17/25 | 233,500 | |||||||||||
|
| |||||||||||||
Mining – 0.9% | ||||||||||||||
Freeport-McMoRan, Inc. | ||||||||||||||
255,000 | 3.875 | 03/15/23 | 265,200 | |||||||||||
389,000 | 4.550 | 11/14/24 | 423,524 | |||||||||||
300,000 | 4.375 | 08/01/28 | 319,125 | |||||||||||
530,000 | 4.625 | 08/01/30 | 584,325 | |||||||||||
320,000 | 5.400 | 11/14/34 | 398,400 | |||||||||||
|
| |||||||||||||
1,990,574 | ||||||||||||||
|
| |||||||||||||
Natural Gas – 1.8% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. | ||||||||||||||
472,000 | 5.500 | 05/20/25 | 521,560 | |||||||||||
145,000 | 5.750 | 05/20/27 | 163,487 | |||||||||||
| Crestwood Midstream Partners LP / Crestwood Midstream | | ||||||||||||
470,000 | 5.625 | 05/01/27 | 475,875 | |||||||||||
458,000 | 6.000 | 02/01/29 | 470,595 | |||||||||||
Ferrellgas LP / Ferrellgas Finance Corp.(a) | ||||||||||||||
375,000 | 5.375 | 04/01/26 | 370,312 | |||||||||||
Genesis Energy LP / Genesis Energy Finance Corp. | ||||||||||||||
400,000 | 8.000 | 01/15/27 | 398,000 | |||||||||||
NuStar Logistics LP | ||||||||||||||
370,000 | 6.375 | 10/01/30 | 409,775 | |||||||||||
PBF Logistics LP / PBF Logistics Finance Corp. | ||||||||||||||
71,000 | 6.875 | 05/15/23 | 68,693 | |||||||||||
Rockies Express Pipeline LLC(a) | ||||||||||||||
200,000 | 4.950 | 07/15/29 | 209,000 | |||||||||||
Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(a) | ||||||||||||||
470,000 | 6.000 | 03/01/27 | 487,625 | |||||||||||
669,000 | 5.500 | 01/15/28 | 677,363 | |||||||||||
|
| |||||||||||||
4,252,285 | ||||||||||||||
|
| |||||||||||||
Pharmaceuticals – 2.6% | ||||||||||||||
Bausch Health Americas, Inc.(a) | ||||||||||||||
252,000 | 9.250 | 04/01/26 | 272,293 | |||||||||||
677,000 | 8.500 | 01/31/27 | 730,156 | |||||||||||
Bausch Health Cos., Inc.(a) | ||||||||||||||
525,000 | 6.125 | 04/15/25 | 537,454 | |||||||||||
417,000 | 5.500 | 11/01/25 | 427,568 | |||||||||||
472,000 | 9.000 | 12/15/25 | 502,838 | |||||||||||
306,000 | 5.750 | 08/15/27 | 320,980 | |||||||||||
491,000 | 7.000 | 01/15/28 | 510,142 | |||||||||||
717,000 | 6.250 | 02/15/29 | 714,611 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Pharmaceuticals – (continued) | ||||||||||||||
273,000 | 7.250 | (a) | 05/30/29 | 282,440 | ||||||||||
310,000 | 5.250 | (a) | 01/30/30 | 291,787 | ||||||||||
300,000 | 5.250 | (a) | 02/15/31 | 280,500 | ||||||||||
Endo Dac / Endo Finance LLC / Endo Finco, Inc.(a) | ||||||||||||||
300,000 | 9.500 | 07/31/27 | 292,500 | |||||||||||
266,000 | 6.000 | 06/30/28 | 162,260 | |||||||||||
Par Pharmaceutical, Inc.(a) | ||||||||||||||
616,000 | 7.500 | 04/01/27 | 625,240 | |||||||||||
|
| |||||||||||||
5,950,769 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 1.4% | ||||||||||||||
HAT Holdings I LLC / HAT Holdings II LLC(a) | ||||||||||||||
720,000 | 3.375 | 06/15/26 | 733,103 | |||||||||||
Howard Hughes Corp. (The)(a) | ||||||||||||||
300,000 | 4.375 | 02/01/31 | 304,125 | |||||||||||
iStar, Inc. | ||||||||||||||
370,000 | 4.750 | 10/01/24 | 393,446 | |||||||||||
Kennedy-Wilson, Inc. | ||||||||||||||
350,000 | 5.000 | 03/01/31 | 363,781 | |||||||||||
| Park Intermediate Holdings LLC / PK Domestic Property LLC / | | ||||||||||||
300,000 | 4.875 | 05/15/29 | 309,750 | |||||||||||
Realogy Group LLC / Realogy Co.-Issuer Corp.(a) | ||||||||||||||
340,000 | 4.875 | 06/01/23 | 354,450 | |||||||||||
150,000 | 9.375 | 04/01/27 | 166,312 | |||||||||||
Service Properties Trust | ||||||||||||||
320,000 | 4.950 | 10/01/29 | 316,645 | |||||||||||
370,000 | 4.375 | 02/15/30 | 356,001 | |||||||||||
|
| |||||||||||||
3,297,613 | ||||||||||||||
|
| |||||||||||||
Rental Equipment – 1.3% | ||||||||||||||
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.(a) | ||||||||||||||
517,000 | 5.375 | 03/01/29 | 545,435 | |||||||||||
H&E Equipment Services, Inc.(a) | ||||||||||||||
580,000 | 3.875 | 12/15/28 | 580,725 | |||||||||||
United Rentals North America, Inc. | ||||||||||||||
250,000 | 5.875 | 09/15/26 | 257,836 | |||||||||||
330,000 | 5.500 | 05/15/27 | 347,506 | |||||||||||
400,000 | 4.875 | 01/15/28 | 426,000 | |||||||||||
305,000 | 5.250 | 01/15/30 | 335,881 | |||||||||||
500,000 | 3.875 | 02/15/31 | 519,144 | |||||||||||
|
| |||||||||||||
3,012,527 | ||||||||||||||
|
| |||||||||||||
Software – 1.5% | ||||||||||||||
Banff Merger Sub, Inc.(a) | ||||||||||||||
536,000 | 9.750 | 09/01/26 | 562,262 | |||||||||||
Gartner, Inc.(a) | ||||||||||||||
393,000 | 4.500 | 07/01/28 | 418,054 | |||||||||||
500,000 | 3.625 | 06/15/29 | 516,875 | |||||||||||
MSCI, Inc.(a) | ||||||||||||||
530,000 | 4.000 | 11/15/29 | 570,413 | |||||||||||
500,000 | 3.625 | 09/01/30 | 528,750 | |||||||||||
300,000 | 3.875 | 02/15/31 | 321,750 | |||||||||||
SS&C Technologies, Inc.(a) | ||||||||||||||
640,000 | 5.500 | 09/30/27 | 681,600 | |||||||||||
|
| |||||||||||||
3,599,704 | ||||||||||||||
|
|
50 | 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) | ||||||||||||||
Technology – 3.5% | ||||||||||||||
Arches Buyer, Inc.(a) | ||||||||||||||
$ | 100,000 | 4.250 | % | 06/01/28 | $ | 101,625 | ||||||||
330,000 | 6.125 | 12/01/28 | 339,900 | |||||||||||
CDK Global, Inc. | ||||||||||||||
119,000 | 4.875 | 06/01/27 | 125,545 | |||||||||||
245,000 | 5.250 | (a) | 05/15/29 | 266,437 | ||||||||||
Dell International LLC / EMC Corp.(a) | ||||||||||||||
371,000 | 7.125 | 06/15/24 | 380,275 | |||||||||||
Diebold Nixdorf, Inc.(a) | ||||||||||||||
235,000 | 9.375 | 07/15/25 | 259,675 | |||||||||||
Imola Merger Corp.(a) | ||||||||||||||
690,000 | 4.750 | 05/15/29 | 715,013 | |||||||||||
Match Group Holdings II LLC(a) | ||||||||||||||
396,000 | 4.125 | 08/01/30 | 415,800 | |||||||||||
Microchip Technology, Inc. | ||||||||||||||
576,000 | 4.250 | 09/01/25 | 606,619 | |||||||||||
Rackspace Technology Global, Inc.(a) | ||||||||||||||
200,000 | 5.375 | 12/01/28 | 198,500 | |||||||||||
Seagate HDD Cayman | ||||||||||||||
610,000 | 4.750 | 06/01/23 | 650,413 | |||||||||||
350,000 | 3.375 | (a) | 07/15/31 | 347,375 | ||||||||||
308,000 | 5.750 | 12/01/34 | 364,595 | |||||||||||
Square, Inc.(a) | ||||||||||||||
200,000 | 3.500 | 06/01/31 | 208,000 | |||||||||||
Uber Technologies, Inc.(a) | ||||||||||||||
350,000 | 7.500 | 05/15/25 | 374,937 | |||||||||||
330,000 | 8.000 | 11/01/26 | 352,275 | |||||||||||
776,000 | 7.500 | 09/15/27 | 850,690 | |||||||||||
490,000 | 4.500 | 08/15/29 | 484,488 | |||||||||||
Verscend Escrow Corp.(a) | ||||||||||||||
273,000 | 9.750 | 08/15/26 | 288,362 | |||||||||||
Xerox Corp. | ||||||||||||||
180,000 | 4.375 | 03/15/23 | 188,592 | |||||||||||
Xerox Holdings Corp.(a) | ||||||||||||||
467,000 | 5.500 | 08/15/28 | 489,766 | |||||||||||
|
| |||||||||||||
8,008,882 | ||||||||||||||
|
| |||||||||||||
Transportation – 2.2% | ||||||||||||||
American Airlines, Inc.(a) | ||||||||||||||
500,000 | 11.750 | 07/15/25 | 622,128 | |||||||||||
American Airlines, Inc./Aadvantage Loyalty Ip Ltd.(a) | ||||||||||||||
500,000 | 5.750 | 04/20/29 | 545,636 | |||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd.(a) | ||||||||||||||
1,410,000 | 5.500 | 04/20/26 | 1,503,180 | |||||||||||
Fortress Transportation and Infrastructure Investors LLC(a) | ||||||||||||||
490,000 | 6.500 | 10/01/25 | 505,619 | |||||||||||
United Airlines, Inc.(a) | ||||||||||||||
400,000 | 4.375 | 04/15/26 | 416,174 | |||||||||||
849,000 | 4.625 | 04/15/29 | 884,855 | |||||||||||
XPO Logistics, Inc.(a) | ||||||||||||||
704,000 | 6.250 | 05/01/25 | 745,360 | |||||||||||
|
| |||||||||||||
5,222,952 | ||||||||||||||
|
| |||||||||||||
Wireless – 4.0% | ||||||||||||||
Ligado Networks LLC(a)(b) (PIK) | ||||||||||||||
700,472 | 15.500 | 11/01/23 | 676,831 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
SBA Communications Corp. | ||||||||||||||
200,000 | 4.875 | % | 09/01/24 | 203,375 | ||||||||||
496,000 | 3.875 | 02/15/27 | 515,145 | |||||||||||
350,000 | 3.125 | (a) | 02/01/29 | 345,625 | ||||||||||
Sprint Capital Corp. | ||||||||||||||
695,000 | 6.875 | 11/15/28 | 907,844 | |||||||||||
520,000 | 8.750 | 03/15/32 | 798,850 | |||||||||||
Sprint Communications, Inc. | ||||||||||||||
221,000 | 6.000 | 11/15/22 | 233,431 | |||||||||||
Sprint Corp. | ||||||||||||||
687,000 | 7.875 | 09/15/23 | 779,745 | |||||||||||
335,000 | 7.125 | 06/15/24 | 386,088 | |||||||||||
452,000 | 7.625 | 02/15/25 | 536,185 | |||||||||||
432,000 | 7.625 | 03/01/26 | 534,010 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
115,000 | 5.375 | 04/15/27 | 121,541 | |||||||||||
765,000 | 4.750 | 02/01/28 | 815,005 | |||||||||||
300,000 | 3.375 | (a) | 04/15/29 | 317,142 | ||||||||||
250,000 | 3.375 | 04/15/29 | 264,673 | |||||||||||
350,000 | 2.875 | 02/15/31 | 361,192 | |||||||||||
600,000 | 3.500 | (a) | 04/15/31 | 640,147 | ||||||||||
350,000 | 3.500 | 04/15/31 | 373,725 | |||||||||||
Viasat, Inc.(a) | ||||||||||||||
195,000 | 5.625 | 04/15/27 | 202,800 | |||||||||||
320,000 | 6.500 | 07/15/28 | 338,800 | |||||||||||
|
| |||||||||||||
9,352,154 | ||||||||||||||
|
| |||||||||||||
Wirelines – 2.7% | ||||||||||||||
Consolidated Communications, Inc.(a) | ||||||||||||||
100,000 | 6.500 | 10/01/28 | 109,875 | |||||||||||
Embarq Corp. | ||||||||||||||
400,000 | 7.995 | 06/01/36 | 421,500 | |||||||||||
Frontier Communications Holdings LLC(a) | ||||||||||||||
270,000 | 5.875 | 10/15/27 | 288,731 | |||||||||||
400,000 | 5.000 | 05/01/28 | 418,500 | |||||||||||
470,000 | 6.750 | 05/01/29 | 502,900 | |||||||||||
Level 3 Financing, Inc.(a) | ||||||||||||||
370,000 | 4.625 | 09/15/27 | 382,950 | |||||||||||
490,000 | 4.250 | 07/01/28 | 499,187 | |||||||||||
Lumen Technologies, Inc.(a) | ||||||||||||||
520,000 | 5.125 | 12/15/26 | 539,500 | |||||||||||
500,000 | 4.500 | 01/15/29 | 491,250 | |||||||||||
Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC(a) | ||||||||||||||
424,000 | 7.125 | 12/15/24 | 435,660 | |||||||||||
320,000 | 7.875 | 02/15/25 | 341,200 | |||||||||||
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(a) | ||||||||||||||
250,000 | 6.500 | 02/15/29 | 260,000 | |||||||||||
Windstream Escrow LLC / Windstream Escrow Finance Corp.(a) | ||||||||||||||
650,000 | 7.750 | 08/15/28 | 673,563 | |||||||||||
Zayo Group Holdings, Inc.(a) | ||||||||||||||
512,000 | 4.000 | 03/01/27 | 507,520 | |||||||||||
440,000 | 6.125 | 03/01/28 | 447,150 | |||||||||||
|
| |||||||||||||
6,319,486 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $210,585,055) | $ | 216,221,594 | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – 4.4% | ||||||||||||||
Aerospace & Defense – 0.6% | ||||||||||||||
Bombardier, Inc.(a) (Canada) | ||||||||||||||
$ | 250,000 | 7.500 | % | 03/15/25 | $ | 256,875 | ||||||||
420,000 | 7.125 | 06/15/26 | 443,363 | |||||||||||
690,000 | 7.875 | 04/15/27 | 723,637 | |||||||||||
|
| |||||||||||||
1,423,875 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.5% | ||||||||||||||
Methanex Corp. (Canada) | ||||||||||||||
440,000 | 5.250 | 12/15/29 | 481,436 | |||||||||||
NOVA Chemicals Corp.(a) (Canada) | ||||||||||||||
237,000 | 5.000 | 05/01/25 | 252,384 | |||||||||||
470,000 | 5.250 | 06/01/27 | 504,075 | |||||||||||
|
| |||||||||||||
1,237,895 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.2% | ||||||||||||||
GFL Environmental, Inc.(a) (Canada) | ||||||||||||||
500,000 | 3.500 | 09/01/28 | 500,625 | |||||||||||
|
| |||||||||||||
Communications – 0.3% | ||||||||||||||
Videotron Ltd.(a) (Canada) | ||||||||||||||
550,000 | 5.125 | 04/15/27 | 573,375 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.3% | ||||||||||||||
1011778 BC ULC / New Red Finance, Inc.(a) (Canada) | ||||||||||||||
379,000 | 3.875 | 01/15/28 | 384,685 | |||||||||||
477,000 | 4.375 | 01/15/28 | 486,540 | |||||||||||
350,000 | 3.500 | 02/15/29 | 349,562 | |||||||||||
420,000 | 4.000 | 10/15/30 | 418,950 | |||||||||||
| Brookfield Residential Properties, Inc. / Brookfield Residential | | ||||||||||||
400,000 | 6.250 | 09/15/27 | 423,094 | |||||||||||
Garda World Security Corp.(a) (Canada) | ||||||||||||||
150,000 | 4.625 | 02/15/27 | 150,375 | |||||||||||
305,000 | 9.500 | 11/01/27 | 333,243 | |||||||||||
Mattamy Group Corp.(a) (Canada) | ||||||||||||||
390,000 | 5.250 | 12/15/27 | 406,555 | |||||||||||
60,000 | 4.625 | 03/01/30 | 61,800 | |||||||||||
|
| |||||||||||||
3,014,804 | ||||||||||||||
|
| |||||||||||||
Energy – 0.2% | ||||||||||||||
MEG Energy Corp.(a) (Canada) | ||||||||||||||
237,000 | 6.500 | 01/15/25 | 245,887 | |||||||||||
250,000 | 7.125 | 02/01/27 | 265,000 | |||||||||||
|
| |||||||||||||
510,887 | ||||||||||||||
|
| |||||||||||||
Food – 0.1% | ||||||||||||||
NBM US Holdings, Inc.(a) (Brazil) | ||||||||||||||
200,000 | 7.000 | 05/14/26 | 213,000 | |||||||||||
|
| |||||||||||||
Mining – 0.6% | ||||||||||||||
First Quantum Minerals Ltd.(a) (Zambia) | ||||||||||||||
200,000 | 7.250 | 04/01/23 | 203,779 | |||||||||||
361,000 | 6.500 | 03/01/24 | 366,503 | |||||||||||
414,000 | 7.500 | 04/01/25 | 429,586 | |||||||||||
250,000 | 6.875 | 03/01/26 | 260,969 | |||||||||||
|
| |||||||||||||
1,260,837 | ||||||||||||||
|
|
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Natural Gas – 0.3% | ||||||||||||||
Parkland Corp.(a) (Canada) | ||||||||||||||
$ | 570,000 | 5.875 | % | 07/15/27 | $ | 608,606 | ||||||||
|
| |||||||||||||
Software – 0.3% | ||||||||||||||
Open Text Corp.(a) (Canada) | ||||||||||||||
390,000 | 5.875 | 06/01/26 | 403,170 | |||||||||||
Open Text Holdings, Inc.(a) (Canada) | ||||||||||||||
370,000 | 4.125 | 02/15/30 | 389,888 | |||||||||||
|
| |||||||||||||
793,058 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $9,864,126) | $ | 10,136,962 | ||||||||||||
|
|
Shares | Distribution Rate | Value | ||||||
Investment Company – 0.9%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
2,073,969 | 0.026% | $ | 2,073,969 | |||||
(Cost $2,073,969) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 98.5% | ||||||||
(Cost $222,523,150) | $ | 228,432,525 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES –1.5% | 3,401,761 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 231,834,286 | ||||||
|
|
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. | |
(b) | Pay-in-kind securities. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
REIT | —Real Estate Investment Trust | |
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
U.S. Treasury Inflation Indexed Bonds – 99.4% | ||||||||||||||
U.S. Treasury Inflation Indexed Bonds | ||||||||||||||
$ | 1,159,643 | 0.125 | % | 04/15/22 | $ | 1,178,924 | ||||||||
2,258,990 | 0.125 | 07/15/22 | 2,318,846 | |||||||||||
3,815,244 | 0.625 | 04/15/23 | 4,004,872 | |||||||||||
7,233,768 | 0.375 | 07/15/23 | 7,643,242 | |||||||||||
8,828,708 | 0.625 | 01/15/24 | 9,458,629 | |||||||||||
984,625 | 0.500 | 04/15/24 | 1,056,288 | |||||||||||
9,274,459 | 0.125 | 10/15/24 | 9,964,487 | |||||||||||
7,913,843 | 0.250 | 01/15/25 | 8,553,562 | |||||||||||
6,118,038 | 0.375 | 07/15/25 | 6,720,026 | |||||||||||
9,438,740 | 0.125 | 10/15/25 | 10,297,333 | |||||||||||
6,724,629 | 0.625 | 01/15/26 | 7,486,751 | |||||||||||
9,998,431 | 0.375 | 07/15/27 | 11,259,436 | |||||||||||
10,600,547 | 0.500 | 01/15/28 | 12,024,081 | |||||||||||
5,424,889 | 0.750 | 07/15/28 | 6,299,461 | |||||||||||
804,875 | 3.875 | 04/15/29 | 1,140,116 | |||||||||||
3,187,572 | 0.250 | 07/15/29 | 3,600,093 | |||||||||||
8,346,782 | 0.125 | 01/15/30 | 9,312,516 | |||||||||||
3,486,380 | 0.125 | 07/15/30 | 3,910,073 | |||||||||||
6,524,038 | 2.125 | 02/15/40 | 9,928,568 | |||||||||||
4,306,997 | 0.750 | 02/15/42 | 5,370,011 | |||||||||||
5,035,666 | 0.875 | 02/15/47 | 6,653,633 | |||||||||||
3,048,625 | 1.000 | 02/15/48 | 4,175,711 | |||||||||||
308,800 | 1.000 | 02/15/49 | 426,514 | |||||||||||
2,231,940 | 0.250 | 02/15/50 | 2,599,117 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY INFLATION INDEXED BONDS | ||||||||||||||
(Cost $142,408,096) | $ | 145,382,290 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 0.6%(a) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
809,851 | 0.026% | $ | 809,851 | |||||
(Cost $809,851) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.0% | ||||||||
(Cost $143,217,947) | $ | 146,192,141 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.0% | 119,317 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 146,311,458 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 77.8% | ||||||||||||||
Aerospace & Defense – 1.6% | ||||||||||||||
Boeing Co. (The) | ||||||||||||||
$ | 110,000 | 2.750 | % | 02/01/26 | $ | 114,851 | ||||||||
110,000 | 2.196 | 02/04/26 | 111,009 | |||||||||||
L3Harris Technologies, Inc. | ||||||||||||||
55,000 | 3.850 | 06/15/23 | 58,224 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
50,000 | 3.550 | 01/15/26 | 55,307 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
65,000 | 2.930 | 01/15/25 | 69,064 | |||||||||||
Precision Castparts Corp. | ||||||||||||||
55,000 | 3.250 | 06/15/25 | 59,651 | |||||||||||
|
| |||||||||||||
468,106 | ||||||||||||||
|
| |||||||||||||
Banks – 20.5% | ||||||||||||||
American Express Co. | ||||||||||||||
200,000 | 3.400 | 02/27/23 | 208,594 | |||||||||||
55,000 | 3.700 | 08/03/23 | 58,352 | |||||||||||
Bank of America Corp.(a) | ||||||||||||||
(3M USD LIBOR + 0.780%) | ||||||||||||||
210,000 | 3.550 | 03/05/24 | 219,621 | |||||||||||
Bank of America Corp., Series L | ||||||||||||||
192,000 | 3.950 | 04/21/25 | 210,072 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
75,000 | 4.000 | 01/22/25 | 82,065 | |||||||||||
(SOFR + 1.150%) | ||||||||||||||
170,000 | 1.319 | (a) | 06/19/26 | 170,665 | ||||||||||
(SOFR + 1.010%) | ||||||||||||||
300,000 | 1.197 | (a) | 10/24/26 | 298,918 | ||||||||||
Capital One Financial Corp. | ||||||||||||||
50,000 | 3.300 | 10/30/24 | 53,795 | |||||||||||
100,000 | 3.200 | 02/05/25 | 107,554 | |||||||||||
Charles Schwab Corp. (The) | ||||||||||||||
50,000 | 3.850 | 05/21/25 | 55,205 | |||||||||||
Citigroup, Inc. | ||||||||||||||
(SOFR + 1.667%) | ||||||||||||||
300,000 | 1.678 | (a) | 05/15/24 | 306,255 | ||||||||||
50,000 | 4.400 | 06/10/25 | 55,577 | |||||||||||
(SOFR + 2.842%) | ||||||||||||||
150,000 | 3.106 | (a) | 04/08/26 | 160,666 | ||||||||||
(SOFR + 0.765%) | ||||||||||||||
60,000 | 1.122 | (a) | 01/28/27 | 59,635 | ||||||||||
(SOFR + 0.770%) | ||||||||||||||
65,000 | 1.462 | (a) | 06/09/27 | 65,270 | ||||||||||
Fifth Third Bancorp | ||||||||||||||
50,000 | 3.650 | 01/25/24 | 53,567 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
170,000 | 4.000 | 05/15/25 | 188,166 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
(SOFR + 1.455%) | ||||||||||||||
550,000 | 1.514 | (a) | 06/01/24 | 560,286 | ||||||||||
50,000 | 3.875 | 09/10/24 | 54,473 | |||||||||||
(SOFR + 1.585%) | ||||||||||||||
150,000 | 2.005 | (a) | 03/13/26 | 154,478 | ||||||||||
(SOFR + 1.850%) | ||||||||||||||
100,000 | 2.083 | (a) | 04/22/26 | 103,225 | ||||||||||
(SOFR + 0.800%) | ||||||||||||||
50,000 | 1.045 | (a) | 11/19/26 | 49,631 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
(SOFR + 0.885%) | ||||||||||||||
80,000 | 1.578 | (a) | 04/22/27 | 80,681 | ||||||||||
Morgan Stanley(a) | ||||||||||||||
(3M USD LIBOR + 0.847%) | ||||||||||||||
340,000 | 3.737 | 04/24/24 | 358,031 | |||||||||||
(SOFR + 1.990%) | ||||||||||||||
150,000 | 2.188 | 04/28/26 | 155,738 | |||||||||||
(SOFR + 0.879%) | ||||||||||||||
80,000 | 1.593 | 05/04/27 | 80,939 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
70,000 | 3.125 | 01/23/23 | 72,742 | |||||||||||
Morgan Stanley(a), MTN | ||||||||||||||
(SOFR + 1.152%) | ||||||||||||||
250,000 | 2.720 | 07/22/25 | 262,435 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
75,000 | 3.900 | 04/29/24 | 81,205 | |||||||||||
70,000 | 2.200 | 11/01/24 | 73,469 | |||||||||||
Regions Financial Corp. | ||||||||||||||
90,000 | 2.250 | 05/18/25 | 94,018 | |||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
210,000 | 3.400 | 01/18/23 | 217,770 | |||||||||||
State Street Corp.(a) | ||||||||||||||
(SOFR + 2.690%) | ||||||||||||||
80,000 | 2.825 | 03/30/23 | 81,228 | |||||||||||
(SOFR + 2.600%) | ||||||||||||||
80,000 | 2.901 | 03/30/26 | 85,500 | |||||||||||
Synchrony Financial | ||||||||||||||
25,000 | 4.250 | 08/15/24 | 27,197 | |||||||||||
Truist Bank(a) | ||||||||||||||
(3M USD LIBOR + 0.735%) | ||||||||||||||
120,000 | 3.689 | 08/02/24 | 127,541 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
150,000 | 2.850 | 10/26/24 | 160,226 | |||||||||||
US Bank NA | ||||||||||||||
250,000 | 1.950 | 01/09/23 | 255,484 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
250,000 | 3.000 | 04/22/26 | 270,185 | |||||||||||
(SOFR + 2.000%) | ||||||||||||||
250,000 | 2.188 | (a) | 04/30/26 | 259,900 | ||||||||||
Wells Fargo & Co., MTN(a) | ||||||||||||||
(3M USD LIBOR + 0.750%) | ||||||||||||||
100,000 | 2.164 | 02/11/26 | 103,847 | |||||||||||
(3M USD LIBOR + 1.170%) | ||||||||||||||
65,000 | 3.196 | 06/17/27 | 70,428 | |||||||||||
|
| |||||||||||||
6,194,634 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 1.2% | ||||||||||||||
Celanese US Holdings LLC | ||||||||||||||
45,000 | 4.625 | 11/15/22 | 47,169 | |||||||||||
Linde, Inc. | ||||||||||||||
100,000 | 3.200 | 01/30/26 | 109,278 | |||||||||||
LYB International Finance BV | ||||||||||||||
112,000 | 4.000 | 07/15/23 | 119,255 | |||||||||||
Packaging Corp. of America | ||||||||||||||
80,000 | 4.500 | 11/01/23 | 86,023 | |||||||||||
|
| |||||||||||||
361,725 | ||||||||||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Broadcasting – 0.7% | ||||||||||||||
Fox Corp. | ||||||||||||||
$ | 195,000 | 4.030 | % | 01/25/24 | $ | 210,170 | ||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
BlackRock, Inc. | ||||||||||||||
50,000 | 3.500 | 03/18/24 | 53,912 | |||||||||||
Jefferies Financial Group, Inc. | ||||||||||||||
30,000 | 5.500 | 10/18/23 | 32,024 | |||||||||||
|
| |||||||||||||
85,936 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.3% | ||||||||||||||
Fortune Brands Home & Security, Inc. | ||||||||||||||
80,000 | 4.000 | 09/21/23 | 85,393 | |||||||||||
|
| |||||||||||||
Capital Goods – 2.9% | ||||||||||||||
Carrier Global Corp. | ||||||||||||||
35,000 | 2.242 | 02/15/25 | 36,503 | |||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
50,000 | 0.900 | 03/02/26 | 50,052 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
120,000 | 2.150 | 11/08/24 | 125,682 | |||||||||||
Deere & Co. | ||||||||||||||
50,000 | 2.750 | 04/15/25 | 53,242 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
110,000 | 2.800 | 03/06/23 | 114,227 | |||||||||||
Parker-Hannifin Corp. | ||||||||||||||
180,000 | 2.700 | 06/14/24 | 189,148 | |||||||||||
Republic Services, Inc. | ||||||||||||||
40,000 | 2.500 | 08/15/24 | 41,993 | |||||||||||
140,000 | 2.900 | 07/01/26 | 150,004 | |||||||||||
Waste Management, Inc. | ||||||||||||||
100,000 | 0.750 | 11/15/25 | 99,214 | |||||||||||
|
| |||||||||||||
860,065 | ||||||||||||||
|
| |||||||||||||
Communications – 2.2% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
50,000 | 4.908 | 07/23/25 | 56,591 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
75,000 | 4.500 | 02/01/24 | 81,478 | |||||||||||
Comcast Corp. | ||||||||||||||
130,000 | 3.700 | 04/15/24 | 140,400 | |||||||||||
90,000 | 3.150 | 03/01/26 | 97,816 | |||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
20,000 | 3.150 | 09/17/25 | 21,727 | |||||||||||
ViacomCBS, Inc. | ||||||||||||||
75,000 | 4.750 | 05/15/25 | 84,652 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
110,000 | 1.750 | 08/30/24 | 113,809 | |||||||||||
75,000 | 3.350 | 03/24/25 | 81,475 | |||||||||||
|
| |||||||||||||
677,948 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 8.5% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
140,000 | 1.000 | 05/12/26 | 140,609 | |||||||||||
American Honda Finance Corp., MTN | ||||||||||||||
50,000 | 1.200 | 07/08/25 | 50,474 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Aptiv PLC | ||||||||||||||
40,000 | 4.250 | 01/15/26 | 45,113 | |||||||||||
AutoNation, Inc. | ||||||||||||||
75,000 | 3.500 | 11/15/24 | 80,412 | |||||||||||
Dollar Tree, Inc. | ||||||||||||||
195,000 | 3.700 | 05/15/23 | 205,015 | |||||||||||
DR Horton, Inc. | ||||||||||||||
55,000 | 4.750 | 02/15/23 | 57,715 | |||||||||||
eBay, Inc. | ||||||||||||||
40,000 | 3.450 | 08/01/24 | 42,927 | |||||||||||
General Motors Co. | ||||||||||||||
50,000 | 6.125 | 10/01/25 | 58,961 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
250,000 | 5.200 | 03/20/23 | 266,957 | |||||||||||
50,000 | 5.100 | 01/17/24 | 54,812 | |||||||||||
150,000 | 1.250 | 01/08/26 | 149,002 | |||||||||||
Global Payments, Inc. | ||||||||||||||
50,000 | 4.000 | 06/01/23 | 52,868 | |||||||||||
100,000 | 1.200 | 03/01/26 | 99,553 | |||||||||||
Kohl’s Corp. | ||||||||||||||
75,000 | 9.500 | 05/15/25 | 95,480 | |||||||||||
Lennar Corp. | ||||||||||||||
75,000 | 4.750 | 05/30/25 | 83,847 | |||||||||||
Marriott International, Inc., Series EE | ||||||||||||||
25,000 | 5.750 | 05/01/25 | 28,764 | |||||||||||
NIKE, Inc. | ||||||||||||||
110,000 | 2.400 | 03/27/25 | 116,503 | |||||||||||
O’Reilly Automotive, Inc. | ||||||||||||||
100,000 | 3.550 | 03/15/26 | 110,556 | |||||||||||
PACCAR Financial Corp., MTN | ||||||||||||||
70,000 | 1.900 | 02/07/23 | 71,635 | |||||||||||
Ross Stores, Inc. | ||||||||||||||
40,000 | 4.600 | 04/15/25 | 44,790 | |||||||||||
Target Corp. | ||||||||||||||
110,000 | 3.500 | 07/01/24 | 119,217 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
150,000 | 1.800 | 02/13/25 | 154,795 | |||||||||||
VF Corp. | ||||||||||||||
190,000 | 2.400 | 04/23/25 | 198,990 | |||||||||||
Visa, Inc. | ||||||||||||||
100,000 | 3.150 | 12/14/25 | 109,378 | |||||||||||
Walmart, Inc. | ||||||||||||||
105,000 | 2.850 | 07/08/24 | 111,822 | |||||||||||
|
| |||||||||||||
2,550,195 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 6.4% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
170,000 | 2.300 | 11/21/22 | 173,897 | |||||||||||
100,000 | 2.600 | 11/21/24 | 105,659 | |||||||||||
125,000 | 3.600 | 05/14/25 | 135,970 | |||||||||||
Altria Group, Inc. | ||||||||||||||
70,000 | 4.000 | 01/31/24 | 75,679 | |||||||||||
75,000 | 3.800 | 02/14/24 | 80,377 | |||||||||||
Amgen, Inc. | ||||||||||||||
190,000 | 1.900 | 02/21/25 | 196,291 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Becton Dickinson and Co. | ||||||||||||||
$ | 46,000 | 3.363 | % | 06/06/24 | $ | 49,178 | ||||||||
75,000 | 3.734 | 12/15/24 | 81,457 | |||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
75,000 | 3.875 | 08/15/25 | 83,252 | |||||||||||
50,000 | 0.750 | 11/13/25 | 49,817 | |||||||||||
Equifax, Inc. | ||||||||||||||
60,000 | 2.600 | 12/01/24 | 63,107 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
80,000 | 3.700 | 04/01/24 | 85,768 | |||||||||||
50,000 | 3.650 | 03/01/26 | 55,127 | |||||||||||
Johnson & Johnson | ||||||||||||||
100,000 | 0.550 | 09/01/25 | 99,237 | |||||||||||
50,000 | 2.450 | 03/01/26 | 53,302 | |||||||||||
Laboratory Corp of America Holdings | ||||||||||||||
100,000 | 3.600 | 02/01/25 | 107,548 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
90,000 | 2.875 | 05/01/24 | 95,160 | |||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
60,000 | 4.133 | 03/25/25 | 66,264 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
210,000 | 3.800 | 11/18/24 | 228,063 | |||||||||||
Zimmer Biomet Holdings, Inc. | ||||||||||||||
50,000 | 3.550 | 04/01/25 | 54,083 | |||||||||||
|
| |||||||||||||
1,939,236 | ||||||||||||||
|
| |||||||||||||
Electric – 3.9% | ||||||||||||||
Dominion Energy, Inc. | ||||||||||||||
40,000 | 3.071 | 08/15/24 | 42,414 | |||||||||||
DTE Energy Co., Series F | ||||||||||||||
100,000 | 1.050 | 06/01/25 | 99,541 | |||||||||||
Duke Energy Carolinas LLC | ||||||||||||||
110,000 | 2.500 | 03/15/23 | 113,207 | |||||||||||
Entergy Corp. | ||||||||||||||
75,000 | 0.900 | 09/15/25 | 73,968 | |||||||||||
Exelon Corp. | ||||||||||||||
170,000 | 3.400 | 04/15/26 | 185,544 | |||||||||||
Georgia Power Co., Series A | ||||||||||||||
40,000 | 2.100 | 07/30/23 | 41,310 | |||||||||||
ITC Holdings Corp. | ||||||||||||||
60,000 | 2.700 | 11/15/22 | 61,542 | |||||||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||||||||
65,000 | 2.700 | 02/15/23 | 66,959 | |||||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||||||||
75,000 | 2.750 | 05/01/25 | 79,416 | |||||||||||
Public Service Co. of Colorado | ||||||||||||||
65,000 | 2.250 | 09/15/22 | 65,689 | |||||||||||
Puget Energy, Inc. | ||||||||||||||
60,000 | 3.650 | 05/15/25 | 64,682 | |||||||||||
Sempra Energy | ||||||||||||||
80,000 | 2.900 | 02/01/23 | 82,607 | |||||||||||
Southern Co. (The) | ||||||||||||||
165,000 | 2.950 | 07/01/23 | 172,007 | |||||||||||
Southwestern Electric Power Co., Series N | ||||||||||||||
40,000 | 1.650 | 03/15/26 | 40,455 | |||||||||||
|
| |||||||||||||
1,189,341 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – 6.8% | ||||||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
120,000 | 2.750 | 05/10/23 | 124,759 | |||||||||||
75,000 | 3.790 | 02/06/24 | 80,490 | |||||||||||
Chevron Corp. | ||||||||||||||
100,000 | 3.326 | 11/17/25 | 109,883 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
50,000 | 4.950 | 03/15/26 | 57,806 | |||||||||||
Energy Transfer LP | ||||||||||||||
125,000 | 4.750 | 01/15/26 | 140,029 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
50,000 | 3.750 | 02/15/25 | 54,407 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
100,000 | 3.043 | 03/01/26 | 108,505 | |||||||||||
Halliburton Co. | ||||||||||||||
100,000 | 3.500 | 08/01/23 | 105,375 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
75,000 | 4.150 | 02/01/24 | 80,367 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
50,000 | 4.300 | 06/01/25 | 55,477 | |||||||||||
Magellan Midstream Partners LP | ||||||||||||||
100,000 | 5.000 | 03/01/26 | 114,988 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
35,000 | 4.700 | 05/01/25 | 39,156 | |||||||||||
MPLX LP | ||||||||||||||
75,000 | 4.875 | 12/01/24 | 83,555 | |||||||||||
100,000 | 1.750 | 03/01/26 | 101,250 | |||||||||||
Pioneer Natural Resources Co. | ||||||||||||||
100,000 | 0.550 | 05/15/23 | 99,842 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
50,000 | 4.650 | 10/15/25 | 55,687 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
140,000 | 5.625 | 04/15/23 | 149,188 | |||||||||||
50,000 | 5.625 | 03/01/25 | 56,931 | |||||||||||
Spectra Energy Partners LP | ||||||||||||||
180,000 | 4.750 | 03/15/24 | 196,458 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||||||||
100,000 | 7.850 | 02/01/26 | 125,979 | |||||||||||
Valero Energy Corp. | ||||||||||||||
50,000 | 2.850 | 04/15/25 | 52,776 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
50,000 | 4.000 | 09/15/25 | 55,068 | |||||||||||
|
| |||||||||||||
2,047,976 | ||||||||||||||
|
| |||||||||||||
Financial Company – 3.0% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
285,000 | 3.500 | 01/15/22 | 288,223 | |||||||||||
50,000 | 1.875 | 08/15/26 | 50,134 | |||||||||||
Ally Financial, Inc. | ||||||||||||||
230,000 | 3.050 | 06/05/23 | 239,125 | |||||||||||
Ares Capital Corp. | ||||||||||||||
75,000 | 4.200 | 06/10/24 | 80,635 | |||||||||||
60,000 | 3.250 | 07/15/25 | 63,413 | |||||||||||
BGC Partners, Inc. | ||||||||||||||
65,000 | 5.375 | 07/24/23 | 70,092 | |||||||||||
60,000 | 3.750 | 10/01/24 | 63,797 | |||||||||||
Franklin Resources, Inc. | ||||||||||||||
45,000 | 2.800 | 09/15/22 | 46,194 | |||||||||||
|
| |||||||||||||
901,613 | ||||||||||||||
|
|
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – 1.4% | ||||||||||||||
Campbell Soup Co. | ||||||||||||||
$ | 55,000 | 2.500 | % | 08/02/22 | $ | 56,120 | ||||||||
Constellation Brands, Inc. | ||||||||||||||
55,000 | 4.250 | 05/01/23 | 58,307 | |||||||||||
General Mills, Inc. | ||||||||||||||
100,000 | 4.000 | 04/17/25 | 110,422 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
65,000 | 2.850 | 02/24/26 | 70,136 | |||||||||||
Sysco Corp. | ||||||||||||||
75,000 | 5.650 | 04/01/25 | 86,530 | |||||||||||
Tyson Foods, Inc. | ||||||||||||||
50,000 | 3.950 | 08/15/24 | 54,259 | |||||||||||
|
| |||||||||||||
435,774 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.7% | ||||||||||||||
Micron Technology, Inc. | ||||||||||||||
195,000 | 2.497 | 04/24/23 | 201,251 | |||||||||||
|
| |||||||||||||
Healthcare – 2.7% | ||||||||||||||
Anthem, Inc. | ||||||||||||||
100,000 | 2.950 | 12/01/22 | 103,051 | |||||||||||
Cigna Corp. | ||||||||||||||
75,000 | 4.125 | 11/15/25 | 83,878 | |||||||||||
CVS Health Corp. | ||||||||||||||
16,000 | 3.700 | 03/09/23 | 16,763 | |||||||||||
100,000 | 2.625 | 08/15/24 | 105,230 | |||||||||||
50,000 | 3.875 | 07/20/25 | 55,099 | |||||||||||
100,000 | 3.000 | 08/15/26 | 107,912 | |||||||||||
HCA, Inc. | ||||||||||||||
100,000 | 5.000 | 03/15/24 | 110,062 | |||||||||||
Quest Diagnostics, Inc. | ||||||||||||||
100,000 | 3.450 | 06/01/26 | 109,838 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
50,000 | 1.250 | 01/15/26 | 50,626 | |||||||||||
80,000 | 1.150 | 05/15/26 | 80,144 | |||||||||||
|
| |||||||||||||
822,603 | ||||||||||||||
|
| |||||||||||||
Insurance – 1.9% | ||||||||||||||
CNA Financial Corp. | ||||||||||||||
40,000 | 3.950 | 05/15/24 | 43,154 | |||||||||||
Equitable Holdings, Inc. | ||||||||||||||
26,000 | 3.900 | 04/20/23 | 27,390 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
190,000 | 4.050 | 10/15/23 | 202,837 | |||||||||||
MetLife, Inc., Series D | ||||||||||||||
120,000 | 4.368 | 09/15/23 | 129,604 | |||||||||||
Prudential Financial, Inc.(a) | ||||||||||||||
(3M USD LIBOR + 3.920%) | ||||||||||||||
30,000 | 5.625 | 06/15/43 | 31,926 | |||||||||||
Voya Financial, Inc. | ||||||||||||||
40,000 | 3.125 | 07/15/24 | 42,568 | |||||||||||
(3M USD LIBOR + 3.580%) | ||||||||||||||
80,000 | 5.650 | (a) | 05/15/53 | 85,111 | ||||||||||
|
| |||||||||||||
562,590 | ||||||||||||||
|
| |||||||||||||
Metals – 0.1% | ||||||||||||||
Nucor Corp. | ||||||||||||||
20,000 | 4.000 | 08/01/23 | 21,194 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – 1.2% | ||||||||||||||
Boston Properties LP | ||||||||||||||
190,000 | 3.125 | 09/01/23 | 198,684 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
20,000 | 5.250 | 06/01/25 | 22,421 | |||||||||||
80,000 | 5.375 | 04/15/26 | 91,798 | |||||||||||
Realty Income Corp. | ||||||||||||||
50,000 | 4.650 | 08/01/23 | 53,469 | |||||||||||
|
| |||||||||||||
366,372 | ||||||||||||||
|
| |||||||||||||
Software – 1.0% | ||||||||||||||
Oracle Corp. | ||||||||||||||
50,000 | 2.500 | 04/01/25 | 52,468 | |||||||||||
250,000 | 1.650 | 03/25/26 | 254,129 | |||||||||||
|
| |||||||||||||
306,597 | ||||||||||||||
|
| |||||||||||||
Technology – 5.9% | ||||||||||||||
Analog Devices, Inc. | ||||||||||||||
60,000 | 3.125 | 12/05/23 | 63,316 | |||||||||||
Apple, Inc. | ||||||||||||||
250,000 | 1.125 | 05/11/25 | 252,938 | |||||||||||
150,000 | 0.700 | 02/08/26 | 149,011 | |||||||||||
Broadcom, Inc. | ||||||||||||||
75,000 | 3.625 | 10/15/24 | 81,062 | |||||||||||
50,000 | 4.700 | 04/15/25 | 55,917 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
70,000 | 5.450 | 06/15/23 | 75,418 | |||||||||||
75,000 | 4.000 | 07/15/24 | 81,512 | |||||||||||
Fiserv, Inc. | ||||||||||||||
75,000 | 3.850 | 06/01/25 | 82,329 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
75,000 | 4.650 | 10/01/24 | 83,175 | |||||||||||
75,000 | 4.900 | 10/15/25 | 85,433 | |||||||||||
HP, Inc. | ||||||||||||||
60,000 | 2.200 | 06/17/25 | 62,204 | |||||||||||
Intel Corp. | ||||||||||||||
100,000 | 3.400 | 03/25/25 | 108,692 | |||||||||||
International Business Machines Corp. | ||||||||||||||
120,000 | 3.375 | 08/01/23 | 126,852 | |||||||||||
Microsoft Corp. | ||||||||||||||
120,000 | 2.125 | 11/15/22 | 122,745 | |||||||||||
PayPal Holdings, Inc. | ||||||||||||||
90,000 | 2.400 | 10/01/24 | 94,782 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
80,000 | 2.900 | 05/20/24 | 84,844 | |||||||||||
80,000 | 3.450 | 05/20/25 | 87,056 | |||||||||||
SYNNEX Corp.(b) | ||||||||||||||
40,000 | 1.750 | 08/09/26 | 39,790 | |||||||||||
Verisk Analytics, Inc. | ||||||||||||||
55,000 | 4.125 | 09/12/22 | 56,986 | |||||||||||
|
| |||||||||||||
1,794,062 | ||||||||||||||
|
| |||||||||||||
Transportation – 1.1% | ||||||||||||||
Ryder System, Inc., MTN | ||||||||||||||
65,000 | 3.400 | 03/01/23 | 67,702 | |||||||||||
Southwest Airlines Co. | ||||||||||||||
50,000 | 5.250 | 05/04/25 | 56,621 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – (continued) | ||||||||||||||
Union Pacific Corp. | ||||||||||||||
$ | 140,000 | 3.250 | % | 08/15/25 | $ | 151,954 | ||||||||
United Airlines Pass Through Trust, Class A, Series 20-1 | ||||||||||||||
46,374 | 5.875 | 10/15/27 | 51,504 | |||||||||||
|
| |||||||||||||
327,781 | ||||||||||||||
|
| |||||||||||||
Wireless – 3.5% | ||||||||||||||
American Tower Corp. | ||||||||||||||
220,000 | 5.000 | 02/15/24 | 242,461 | |||||||||||
AT&T, Inc. | ||||||||||||||
50,000 | 3.400 | 05/15/25 | 54,334 | |||||||||||
230,000 | 1.700 | 03/25/26 | 233,239 | |||||||||||
Crown Castle International Corp. | ||||||||||||||
195,000 | 3.200 | 09/01/24 | 208,308 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
75,000 | 1.500 | 02/15/26 | 75,546 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
200,000 | 0.850 | 11/20/25 | 197,820 | |||||||||||
50,000 | 1.450 | 03/20/26 | 50,533 | |||||||||||
|
| |||||||||||||
1,062,241 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $23,399,850) | $ | 23,472,803 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 20.3% | ||||||||||||||
Banks – 13.8% | ||||||||||||||
Banco Santander SA (Spain) | ||||||||||||||
200,000 | 2.746 | 05/28/25 | 210,740 | |||||||||||
Bank of Montreal(a) (Canada) | ||||||||||||||
(5 Year USD Swap + 1.280%) | ||||||||||||||
35,000 | 4.338 | 10/05/28 | 37,450 | |||||||||||
Bank of Montreal, Series E (Canada) | ||||||||||||||
60,000 | 3.300 | 02/05/24 | 64,018 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
210,000 | 2.000 | 11/15/22 | 214,470 | |||||||||||
Barclays PLC(a) (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.356%) | ||||||||||||||
240,000 | 4.338 | 05/16/24 | 254,816 | |||||||||||
Canadian Imperial Bank of Commerce(a) (Canada) | ||||||||||||||
(3M USD LIBOR + 0.785%) | ||||||||||||||
205,000 | 2.606 | 07/22/23 | 209,156 | |||||||||||
Cooperatieve Rabobank UA, MTN (Netherlands) | ||||||||||||||
250,000 | 3.375 | 05/21/25 | 273,449 | |||||||||||
Credit Suisse Group AG (Switzerland) | ||||||||||||||
250,000 | 4.550 | 04/17/26 | 282,861 | |||||||||||
Deutsche Bank AG(a) (Germany) | ||||||||||||||
(SOFR + 2.581%) | ||||||||||||||
150,000 | 3.961 | 11/26/25 | 163,022 | |||||||||||
Lloyds Banking Group PLC(a) (United Kingdom) | ||||||||||||||
(US 1 Year CMT T-Note + 1.100%) | ||||||||||||||
250,000 | 1.326 | 06/15/23 | 251,807 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
250,000 | 2.801 | 07/18/24 | 264,482 | |||||||||||
Mizuho Financial Group, Inc.(a) (Japan) | ||||||||||||||
(3M USD LIBOR + 0.830%) | ||||||||||||||
200,000 | 2.226 | 05/25/26 | 206,874 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Natwest Group PLC (United Kingdom) | ||||||||||||||
105,000 | 6.125 | 12/15/22 | 112,272 | |||||||||||
280,000 | 6.000 | 12/19/23 | 312,013 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
120,000 | 1.950 | 01/17/23 | 122,748 | |||||||||||
Royal Bank of Canada, MTN (Canada) | ||||||||||||||
210,000 | 1.150 | 06/10/25 | 210,770 | |||||||||||
Santander UK Group Holdings PLC(a) (United Kingdom) | ||||||||||||||
(US 1 Year CMT T-Note + 1.250%) | ||||||||||||||
250,000 | 1.532 | 08/21/26 | 251,489 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
250,000 | 1.474 | 07/08/25 | 253,509 | |||||||||||
100,000 | 2.632 | 07/14/26 | 106,658 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
90,000 | 3.250 | 03/11/24 | 96,196 | |||||||||||
Toronto-Dominion Bank (The), MTN (Canada) | ||||||||||||||
110,000 | 1.900 | 12/01/22 | 112,332 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
150,000 | 1.150 | 06/03/26 | 150,828 | |||||||||||
|
| |||||||||||||
4,161,960 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.1% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
25,000 | 4.000 | 04/01/24 | 26,970 | |||||||||||
|
| |||||||||||||
Communications – 0.3% | ||||||||||||||
WPP Finance 2010 (United Kingdom) | ||||||||||||||
75,000 | 3.750 | 09/19/24 | 81,603 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 0.8% | ||||||||||||||
Toyota Motor Corp. (Japan) | ||||||||||||||
125,000 | 3.419 | 07/20/23 | 132,353 | |||||||||||
100,000 | 1.339 | 03/25/26 | 101,292 | |||||||||||
|
| |||||||||||||
233,645 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.3% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
75,000 | 0.700 | 04/08/26 | 73,682 | |||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
40,000 | 3.222 | 08/15/24 | 42,401 | |||||||||||
Bayer US Finance II LLC(b) (Germany) | ||||||||||||||
75,000 | 3.375 | 07/15/24 | 79,652 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) | ||||||||||||||
100,000 | 3.000 | 06/01/24 | 106,410 | |||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
90,000 | 4.450 | 06/12/25 | 99,727 | |||||||||||
|
| |||||||||||||
401,872 | ||||||||||||||
|
| |||||||||||||
Energy – 1.8% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
75,000 | 2.750 | 05/10/23 | 77,974 | |||||||||||
75,000 | 3.814 | 02/10/24 | 80,879 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
100,000 | 3.800 | 09/15/23 | 105,000 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
100,000 | 2.375 | 04/06/25 | 104,732 | |||||||||||
50,000 | 3.250 | 05/11/25 | 54,233 | |||||||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Suncor Energy, Inc. (Canada) | ||||||||||||||
$ | 120,000 | 3.100 | % | 05/15/25 | $ | 128,027 | ||||||||
|
| |||||||||||||
550,845 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.5% | ||||||||||||||
| Aercap Ireland Capital Dac / Aercap Global Aviation Trust | | ||||||||||||
150,000 | 1.750 | 01/30/26 | 148,573 | |||||||||||
|
| |||||||||||||
Food and Beverage – 0.9% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
200,000 | 3.650 | 02/01/26 | 220,945 | |||||||||||
Diageo Investment Corp. (United Kingdom) | ||||||||||||||
60,000 | 8.000 | 09/15/22 | 64,816 | |||||||||||
|
| |||||||||||||
285,761 | ||||||||||||||
|
| |||||||||||||
Metals – 0.1% | ||||||||||||||
ArcelorMittal SA (Luxembourg) | ||||||||||||||
25,000 | 3.600 | 07/16/24 | 26,656 | |||||||||||
|
| |||||||||||||
Technology – 0.1% | ||||||||||||||
NXP BV / NXP Funding LLC(b) (China) | ||||||||||||||
30,000 | 4.875 | 03/01/24 | 32,855 | |||||||||||
|
| |||||||||||||
Transportation – 0.4% | ||||||||||||||
Canadian Pacific Railway Co. (Canada) | ||||||||||||||
100,000 | 2.900 | 02/01/25 | 105,922 | |||||||||||
|
| |||||||||||||
Wireless – 0.2% | ||||||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
60,000 | 4.125 | 05/30/25 | 66,718 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $6,099,517) | $ | 6,123,380 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 1.0%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
302,503 | 0.026% | $ | 302,503 | |||||
(Cost $302,503) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.1% | ||||||||
(Cost $29,801,870) | $ | 29,898,686 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | 269,000 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 30,167,686 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
(a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer.
|
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 81.3% | ||||||||||||||
Aerospace & Defense – 2.8% | ||||||||||||||
Boeing Co. (The) | ||||||||||||||
$ | 600,000 | 1.167 | % | 02/04/23 | $ | 601,665 | ||||||||
800,000 | 4.508 | 05/01/23 | 847,957 | |||||||||||
1,000,000 | 1.433 | 02/04/24 | 1,002,609 | |||||||||||
1,000,000 | 4.875 | 05/01/25 | 1,118,058 | |||||||||||
1,000,000 | 2.196 | 02/04/26 | 1,009,168 | |||||||||||
100,000 | 3.200 | 03/01/29 | 105,124 | |||||||||||
1,000,000 | 5.150 | 05/01/30 | 1,183,658 | |||||||||||
500,000 | 3.625 | 02/01/31 | 542,360 | |||||||||||
150,000 | 3.600 | 05/01/34 | 158,619 | |||||||||||
1,000,000 | 5.805 | 05/01/50 | 1,365,366 | |||||||||||
474,000 | 3.950 | 08/01/59 | 494,488 | |||||||||||
1,000,000 | 5.930 | 05/01/60 | 1,389,765 | |||||||||||
General Dynamics Corp. | ||||||||||||||
219,000 | 2.250 | 11/15/22 | 223,212 | |||||||||||
400,000 | 3.375 | 05/15/23 | 419,868 | |||||||||||
300,000 | 3.500 | 04/01/27 | 334,605 | |||||||||||
350,000 | 3.750 | 05/15/28 | 399,341 | |||||||||||
84,000 | 4.250 | 04/01/50 | 108,999 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
450,000 | 2.900 | 03/01/25 | 480,964 | |||||||||||
310,000 | 4.070 | 12/15/42 | 380,503 | |||||||||||
84,000 | 3.800 | 03/01/45 | 99,511 | |||||||||||
304,000 | 4.700 | 05/15/46 | 407,239 | |||||||||||
407,000 | 4.090 | 09/15/52 | 514,531 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
700,000 | 2.930 | 01/15/25 | 743,769 | |||||||||||
290,000 | 3.200 | 02/01/27 | 316,052 | |||||||||||
810,000 | 3.250 | 01/15/28 | 885,535 | |||||||||||
300,000 | 4.400 | 05/01/30 | 355,999 | |||||||||||
406,000 | 4.030 | 10/15/47 | 489,168 | |||||||||||
267,000 | 5.250 | 05/01/50 | 379,939 | |||||||||||
Raytheon Technologies Corp. | ||||||||||||||
1,100,000 | 3.950 | 08/16/25 | 1,219,711 | |||||||||||
100,000 | 3.125 | 05/04/27 | 108,966 | |||||||||||
300,000 | 4.125 | 11/16/28 | 345,404 | |||||||||||
620,000 | 6.125 | 07/15/38 | 885,984 | |||||||||||
243,000 | 4.450 | 11/16/38 | 297,330 | |||||||||||
500,000 | 4.500 | 06/01/42 | 624,220 | |||||||||||
100,000 | 4.150 | 05/15/45 | 119,789 | |||||||||||
296,000 | 3.750 | 11/01/46 | 337,108 | |||||||||||
304,000 | 4.350 | 04/15/47 | 377,034 | |||||||||||
292,000 | 4.625 | 11/16/48 | 378,279 | |||||||||||
592,000 | 3.125 | 07/01/50 | 616,927 | |||||||||||
|
| |||||||||||||
21,668,824 | ||||||||||||||
|
| |||||||||||||
Agriculture – 0.0% | ||||||||||||||
Archer-Daniels-Midland Co. | ||||||||||||||
92,000 | 3.250 | 03/27/30 | 102,423 | |||||||||||
|
| |||||||||||||
Banks – 20.1% | ||||||||||||||
American Express Co. | ||||||||||||||
240,000 | 3.400 | 02/22/24 | 256,204 | |||||||||||
1,200,000 | 3.000 | 10/30/24 | 1,284,161 | |||||||||||
857,000 | 4.200 | 11/06/25 | 973,049 | |||||||||||
320,000 | 3.125 | 05/20/26 | 349,498 | |||||||||||
305,000 | 4.050 | 12/03/42 | 371,420 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
American Express Credit Corp., MTN | ||||||||||||||
790,000 | 3.300 | 05/03/27 | 874,348 | |||||||||||
Bank of America Corp. | ||||||||||||||
100,000 | 4.100 | 07/24/23 | 107,182 | |||||||||||
(3M USD LIBOR + 0.790%) | ||||||||||||||
972,000 | 3.004 | (a) | 12/20/23 | 1,004,263 | ||||||||||
(3M USD LIBOR + 0.780%) | ||||||||||||||
693,000 | 3.550 | (a) | 03/05/24 | 724,750 | ||||||||||
(3M USD LIBOR + 0.810%) | ||||||||||||||
824,000 | 3.366 | (a) | 01/23/26 | 885,831 | ||||||||||
(SOFR + 0.960%) | ||||||||||||||
1,000,000 | 1.734 | (a) | 07/22/27 | 1,015,672 | ||||||||||
(3M USD LIBOR + 1.512%) | ||||||||||||||
604,000 | 3.705 | (a) | 04/24/28 | 669,951 | ||||||||||
(3M USD LIBOR + 1.040%) | ||||||||||||||
1,398,000 | 3.419 | (a) | 12/20/28 | 1,536,209 | ||||||||||
(SOFR + 2.150%) | ||||||||||||||
1,000,000 | 2.592 | (a) | 04/29/31 | 1,038,014 | ||||||||||
(SOFR + 1.320%) | ||||||||||||||
1,300,000 | 2.687 | (a) | 04/22/32 | 1,356,493 | ||||||||||
(SOFR + 1.220%) | ||||||||||||||
290,000 | 2.299 | (a) | 07/21/32 | 292,344 | ||||||||||
460,000 | 6.110 | 01/29/37 | 633,791 | |||||||||||
(3M USD LIBOR + 1.814%) | ||||||||||||||
390,000 | 4.244 | (a) | 04/24/38 | 464,333 | ||||||||||
370,000 | 7.750 | 05/14/38 | 587,251 | |||||||||||
(SOFR + 1.580%) | ||||||||||||||
700,000 | 3.311 | (a) | 04/22/42 | 755,240 | ||||||||||
Bank of America Corp., GMTN | ||||||||||||||
991,000 | 3.300 | 01/11/23 | 1,032,260 | |||||||||||
550,000 | 3.500 | 04/19/26 | 605,764 | |||||||||||
(3M USD LIBOR + 1.370%) | ||||||||||||||
540,000 | 3.593 | (a) | 07/21/28 | 597,082 | ||||||||||
Bank of America Corp., Series L | ||||||||||||||
275,000 | 3.950 | 04/21/25 | 300,884 | |||||||||||
408,000 | 4.183 | 11/25/27 | 459,140 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
550,000 | 2.503 | 10/21/22 | 551,543 | |||||||||||
740,000 | 4.000 | 04/01/24 | 804,342 | |||||||||||
(SOFR + 1.460%) | ||||||||||||||
119,000 | 1.486 | (a) | 05/19/24 | 121,000 | ||||||||||
(3M USD LIBOR + 0.940%) | ||||||||||||||
200,000 | 3.864 | (a) | 07/23/24 | 212,098 | ||||||||||
1,296,000 | 4.200 | 08/26/24 | 1,416,514 | |||||||||||
(SOFR + 0.740%) | ||||||||||||||
710,000 | 0.810 | (a) | 10/24/24 | 712,944 | ||||||||||
670,000 | 4.000 | 01/22/25 | 733,112 | |||||||||||
530,000 | 3.875 | 08/01/25 | 588,117 | |||||||||||
(3M USD LIBOR + 1.090%) | ||||||||||||||
800,000 | 3.093 | (a) | 10/01/25 | 852,528 | ||||||||||
(3M USD LIBOR + 0.870%) | ||||||||||||||
800,000 | 2.456 | (a) | 10/22/25 | 838,691 | ||||||||||
(3M USD LIBOR + 0.640%) | ||||||||||||||
70,000 | 2.015 | (a) | 02/13/26 | 72,094 | ||||||||||
200,000 | 4.450 | 03/03/26 | 225,410 | |||||||||||
|
|
60 | 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) | ||||||||||||||
(SOFR + 1.150%) | ||||||||||||||
$ | 70,000 | 1.319 | %(a) | 06/19/26 | $ | 70,274 | ||||||||
558,000 | 4.250 | 10/22/26 | 633,839 | |||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
570,000 | 3.559 | (a) | 04/23/27 | 626,223 | ||||||||||
780,000 | 3.248 | 10/21/27 | 852,173 | |||||||||||
(3M USD LIBOR + 1.575%) | ||||||||||||||
482,000 | 3.824 | (a) | 01/20/28 | 536,468 | ||||||||||
(3M USD LIBOR + 1.070%) | ||||||||||||||
150,000 | 3.970 | (a) | 03/05/29 | 168,966 | ||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
1,030,000 | 4.271 | (a) | 07/23/29 | 1,184,855 | ||||||||||
(3M USD LIBOR + 1.210%) | ||||||||||||||
570,000 | 3.974 | (a) | 02/07/30 | 646,584 | ||||||||||
(3M USD LIBOR + 1.180%) | ||||||||||||||
300,000 | 3.194 | (a) | 07/23/30 | 325,516 | ||||||||||
(3M USD LIBOR + 1.190%) | ||||||||||||||
317,000 | 2.884 | (a) | 10/22/30 | 336,146 | ||||||||||
(3M USD LIBOR + 0.990%) | ||||||||||||||
425,000 | 2.496 | (a) | 02/13/31 | 438,450 | ||||||||||
(SOFR + 1.530%) | ||||||||||||||
750,000 | 1.898 | (a) | 07/23/31 | 734,624 | ||||||||||
(SOFR + 1.370%) | ||||||||||||||
500,000 | 1.922 | (a) | 10/24/31 | 490,298 | ||||||||||
(3M USD LIBOR + 1.320%) | ||||||||||||||
360,000 | 4.078 | (a) | 04/23/40 | 423,203 | ||||||||||
(SOFR + 1.930%) | ||||||||||||||
900,000 | 2.676 | (a) | 06/19/41 | 888,878 | ||||||||||
248,000 | 5.875 | 02/07/42 | 362,465 | |||||||||||
364,000 | 5.000 | 01/21/44 | 487,298 | |||||||||||
(3M USD LIBOR + 1.990%) | ||||||||||||||
470,000 | 4.443 | (a) | 01/20/48 | 595,379 | ||||||||||
(3M USD LIBOR + 1.520%) | ||||||||||||||
718,000 | 4.330 | (a) | 03/15/50 | 902,228 | ||||||||||
(3M USD LIBOR + 3.150%) | ||||||||||||||
990,000 | 4.083 | (a) | 03/20/51 | 1,204,021 | ||||||||||
Bank of America Corp., Series N(a) (SOFR + 1.220%) | ||||||||||||||
500,000 | 2.651 | 03/11/32 | 518,376 | |||||||||||
Bank of New York Mellon Corp. (The), MTN | ||||||||||||||
300,000 | 0.350 | 12/07/23 | 300,185 | |||||||||||
(3M USD LIBOR + 1.069%) | ||||||||||||||
250,000 | 3.442 | (a) | 02/07/28 | 276,381 | ||||||||||
Capital One Bank USA NA | ||||||||||||||
250,000 | 3.375 | 02/15/23 | 260,546 | |||||||||||
Capital One Financial Corp. | ||||||||||||||
659,000 | 3.200 | 01/30/23 | 684,387 | |||||||||||
180,000 | 2.600 | 05/11/23 | 186,393 | |||||||||||
1,355,000 | 3.900 | 01/29/24 | 1,458,412 | |||||||||||
339,000 | 3.300 | 10/30/24 | 364,732 | |||||||||||
305,000 | 3.200 | 02/05/25 | 328,040 | |||||||||||
510,000 | 3.750 | 07/28/26 | 563,973 | |||||||||||
650,000 | 3.750 | 03/09/27 | 726,795 | |||||||||||
100,000 | 3.650 | 05/11/27 | 111,580 | |||||||||||
100,000 | 3.800 | 01/31/28 | 112,365 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
(SOFR + 1.337%) | ||||||||||||||
300,000 | 2.359 | %(a) | 07/29/32 | 298,799 | ||||||||||
Citibank NA | ||||||||||||||
1,130,000 | 3.650 | 01/23/24 | 1,211,681 | |||||||||||
Citigroup, Inc. | ||||||||||||||
220,000 | 2.700 | 10/27/22 | 225,833 | |||||||||||
660,000 | 3.500 | 05/15/23 | 693,683 | |||||||||||
510,000 | 3.875 | 10/25/23 | 548,542 | |||||||||||
(3M USD LIBOR + 1.023%) | ||||||||||||||
644,000 | 4.044 | (a) | 06/01/24 | 682,986 | ||||||||||
440,000 | 4.000 | 08/05/24 | 479,212 | |||||||||||
785,000 | 3.875 | 03/26/25 | 858,650 | |||||||||||
340,000 | 3.300 | 04/27/25 | 368,794 | |||||||||||
270,000 | 4.400 | 06/10/25 | 300,115 | |||||||||||
799,000 | 5.500 | 09/13/25 | 928,418 | |||||||||||
225,000 | 3.700 | 01/12/26 | 248,787 | |||||||||||
390,000 | 4.600 | 03/09/26 | 444,413 | |||||||||||
(SOFR + 2.842%) | ||||||||||||||
990,000 | 3.106 | (a) | 04/08/26 | 1,060,397 | ||||||||||
800,000 | 3.400 | 05/01/26 | 876,555 | |||||||||||
880,000 | 3.200 | 10/21/26 | 958,596 | |||||||||||
286,000 | 4.300 | 11/20/26 | 324,260 | |||||||||||
817,000 | 4.450 | 09/29/27 | 934,662 | |||||||||||
240,000 | 4.125 | 07/25/28 | 271,367 | |||||||||||
(3M USD LIBOR + 1.338%) | ||||||||||||||
575,000 | 3.980 | (a) | 03/20/30 | 653,948 | ||||||||||
(SOFR + 1.422%) | ||||||||||||||
1,160,000 | 2.976 | (a) | 11/05/30 | 1,235,715 | ||||||||||
(SOFR + 1.146%) | ||||||||||||||
500,000 | 2.666 | (a) | 01/29/31 | 520,720 | ||||||||||
(SOFR + 2.107%) | ||||||||||||||
1,150,000 | 2.572 | (a) | 06/03/31 | 1,185,257 | ||||||||||
(SOFR + 1.167%) | ||||||||||||||
500,000 | 2.561 | (a) | 05/01/32 | 516,093 | ||||||||||
240,000 | 6.625 | 06/15/32 | 328,838 | |||||||||||
360,000 | 8.125 | 07/15/39 | 623,245 | |||||||||||
480,000 | 6.675 | 09/13/43 | 747,645 | |||||||||||
150,000 | 5.300 | 05/06/44 | 203,253 | |||||||||||
371,000 | 4.650 | 07/30/45 | 483,587 | |||||||||||
790,000 | 4.750 | 05/18/46 | 1,018,575 | |||||||||||
(3M USD LIBOR + 1.839%) | ||||||||||||||
180,000 | 4.281 | (a) | 04/24/48 | 227,804 | ||||||||||
296,000 | 4.650 | 07/23/48 | 393,441 | |||||||||||
Discover Bank | ||||||||||||||
815,000 | 3.350 | 02/06/23 | 847,266 | |||||||||||
700,000 | 2.450 | 09/12/24 | 732,055 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
900,000 | 3.650 | 01/25/24 | 964,199 | |||||||||||
650,000 | 2.550 | 05/05/27 | 690,645 | |||||||||||
190,000 | 8.250 | 03/01/38 | 321,038 | |||||||||||
Fifth Third Bank NA | ||||||||||||||
560,000 | 3.850 | 03/15/26 | 622,999 | |||||||||||
Huntington Bancshares, Inc. | ||||||||||||||
1,040,000 | 2.625 | 08/06/24 | 1,095,332 | |||||||||||
400,000 | 2.550 | 02/04/30 | 421,573 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
JPMorgan Chase & Co. | ||||||||||||||
$ | 648,000 | 3.250 | % | 09/23/22 | $ | 669,231 | ||||||||
167,000 | 2.972 | 01/15/23 | 168,711 | |||||||||||
140,000 | 3.200 | 01/25/23 | 145,831 | |||||||||||
160,000 | 3.375 | 05/01/23 | 167,676 | |||||||||||
650,000 | 2.700 | 05/18/23 | 673,850 | |||||||||||
150,000 | 3.875 | 02/01/24 | 162,106 | |||||||||||
50,000 | 3.625 | 05/13/24 | 54,162 | |||||||||||
(3M USD LIBOR + 0.890%) | ||||||||||||||
450,000 | 3.797 | (a) | 07/23/24 | 477,497 | ||||||||||
515,000 | 3.875 | 09/10/24 | 561,076 | |||||||||||
(SOFR + 0.600%) | ||||||||||||||
200,000 | 0.653 | (a) | 09/16/24 | 200,486 | ||||||||||
(3M USD LIBOR + 1.000%) | ||||||||||||||
50,000 | 4.023 | (a) | 12/05/24 | 53,725 | ||||||||||
620,000 | 3.125 | 01/23/25 | 664,538 | |||||||||||
(3M USD LIBOR + 1.155%) | ||||||||||||||
340,000 | 3.220 | (a) | 03/01/25 | 360,952 | ||||||||||
600,000 | 3.900 | 07/15/25 | 660,488 | |||||||||||
(SOFR + 1.585%) | ||||||||||||||
170,000 | 2.005 | (a) | 03/13/26 | 175,075 | ||||||||||
990,000 | 3.300 | 04/01/26 | 1,079,872 | |||||||||||
(SOFR + 1.850%) | ||||||||||||||
1,240,000 | 2.083 | (a) | 04/22/26 | 1,279,993 | ||||||||||
950,000 | 3.200 | 06/15/26 | 1,033,855 | |||||||||||
460,000 | 4.125 | 12/15/26 | 522,365 | |||||||||||
(3M USD LIBOR + 1.245%) | ||||||||||||||
300,000 | 3.960 | (a) | 01/29/27 | 333,876 | ||||||||||
(SOFR + 0.885%) | ||||||||||||||
600,000 | 1.578 | (a) | 04/22/27 | 605,111 | ||||||||||
463,000 | 4.250 | 10/01/27 | 531,382 | |||||||||||
264,000 | 3.625 | 12/01/27 | 290,002 | |||||||||||
(3M USD LIBOR + 1.337%) | ||||||||||||||
415,000 | 3.782 | (a) | 02/01/28 | 461,557 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
1,650,000 | 3.540 | (a) | 05/01/28 | 1,820,449 | ||||||||||
(SOFR + 1.890%) | ||||||||||||||
550,000 | 2.182 | (a) | 06/01/28 | 568,118 | ||||||||||
(3M USD LIBOR + 0.945%) | ||||||||||||||
200,000 | 3.509 | (a) | 01/23/29 | 221,168 | ||||||||||
(3M USD LIBOR + 1.120%) | ||||||||||||||
518,000 | 4.005 | (a) | 04/23/29 | 588,480 | ||||||||||
(3M USD LIBOR + 1.330%) | ||||||||||||||
450,000 | 4.452 | (a) | 12/05/29 | 526,337 | ||||||||||
(3M USD LIBOR + 1.160%) | ||||||||||||||
1,136,000 | 3.702 | (a) | 05/06/30 | 1,272,400 | ||||||||||
(SOFR + 1.510%) | ||||||||||||||
715,000 | 2.739 | (a) | 10/15/30 | 753,769 | ||||||||||
(SOFR + 3.790%) | ||||||||||||||
1,000,000 | 4.493 | (a) | 03/24/31 | 1,188,584 | ||||||||||
(SOFR + 2.040%) | ||||||||||||||
500,000 | 2.522 | (a) | 04/22/31 | 518,457 | ||||||||||
(SOFR + 2.515%) | ||||||||||||||
600,000 | 2.956 | (a) | 05/13/31 | 634,763 | ||||||||||
(SOFR + 1.105%) | ||||||||||||||
250,000 | 1.764 | (a) | 11/19/31 | 242,315 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
(SOFR + 1.065%) | ||||||||||||||
600,000 | 1.953 | %(a) | 02/04/32 | 589,041 | ||||||||||
(SOFR + 1.250%) | ||||||||||||||
950,000 | 2.580 | (a) | 04/22/32 | 983,699 | ||||||||||
650,000 | 6.400 | 05/15/38 | 963,308 | |||||||||||
(3M USD LIBOR + 1.360%) | ||||||||||||||
985,000 | 3.882 | (a) | 07/24/38 | 1,148,020 | ||||||||||
147,000 | 5.500 | 10/15/40 | 204,138 | |||||||||||
(SOFR + 2.460%) | ||||||||||||||
250,000 | 3.109 | (a) | 04/22/41 | 263,405 | ||||||||||
126,000 | 5.600 | 07/15/41 | 177,140 | |||||||||||
450,000 | 5.400 | 01/06/42 | 626,479 | |||||||||||
(SOFR + 1.460%) | ||||||||||||||
100,000 | 3.157 | (a) | 04/22/42 | 106,171 | ||||||||||
10,000 | 5.625 | 08/16/43 | 14,124 | |||||||||||
250,000 | 4.850 | 02/01/44 | 332,999 | |||||||||||
230,000 | 4.950 | 06/01/45 | 306,996 | |||||||||||
(3M USD LIBOR + 1.580%) | ||||||||||||||
510,000 | 4.260 | (a) | 02/22/48 | 632,399 | ||||||||||
(3M USD LIBOR + 1.460%) | ||||||||||||||
304,000 | 4.032 | (a) | 07/24/48 | 364,863 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
1,130,000 | 3.964 | (a) | 11/15/48 | 1,345,937 | ||||||||||
(3M USD LIBOR + 1.220%) | ||||||||||||||
340,000 | 3.897 | (a) | 01/23/49 | 401,476 | ||||||||||
(SOFR + 2.440%) | ||||||||||||||
652,000 | 3.109 | (a) | 04/22/51 | 686,234 | ||||||||||
(SOFR + 1.580%) | ||||||||||||||
650,000 | 3.328 | (a) | 04/22/52 | 711,909 | ||||||||||
KeyCorp, MTN | ||||||||||||||
500,000 | 2.250 | 04/06/27 | 521,846 | |||||||||||
500,000 | 4.100 | 04/30/28 | 579,193 | |||||||||||
1,140,000 | 2.550 | 10/01/29 | 1,201,424 | |||||||||||
Morgan Stanley | ||||||||||||||
150,000 | 4.875 | 11/01/22 | 157,766 | |||||||||||
(3M USD LIBOR + 0.847%) | ||||||||||||||
1,210,000 | 3.737 | (a) | 04/24/24 | 1,274,169 | ||||||||||
1,290,000 | 5.000 | 11/24/25 | 1,482,274 | |||||||||||
(SOFR + 0.720%) | ||||||||||||||
500,000 | 0.985 | (a) | 12/10/26 | 493,699 | ||||||||||
360,000 | 3.625 | 01/20/27 | 400,998 | |||||||||||
586,000 | 3.950 | 04/23/27 | 658,324 | |||||||||||
290,000 | 7.250 | 04/01/32 | 424,464 | |||||||||||
(3M USD LIBOR + 1.455%) | ||||||||||||||
100,000 | 3.971 | (a) | 07/22/38 | 117,419 | ||||||||||
(SOFR + 1.485%) | ||||||||||||||
290,000 | 3.217 | (a) | 04/22/42 | 312,011 | ||||||||||
758,000 | 6.375 | 07/24/42 | 1,170,598 | |||||||||||
660,000 | 4.300 | 01/27/45 | 825,800 | |||||||||||
370,000 | 4.375 | 01/22/47 | 468,839 | |||||||||||
Morgan Stanley, Series F | ||||||||||||||
1,055,000 | 3.875 | 04/29/24 | 1,143,282 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
290,000 | 3.125 | 01/23/23 | 301,359 | |||||||||||
1,200,000 | 3.750 | 02/25/23 | 1,259,881 | |||||||||||
125,000 | 3.700 | 10/23/24 | 136,195 | |||||||||||
|
|
62 | 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) | ||||||||||||||
Morgan Stanley, GMTN – (continued) | ||||||||||||||
$ | 655,000 | 4.000 | % | 07/23/25 | $ | 725,887 | ||||||||
800,000 | 3.875 | 01/27/26 | 892,091 | |||||||||||
804,000 | 4.350 | 09/08/26 | 914,186 | |||||||||||
(3M USD LIBOR + 1.628%) | ||||||||||||||
990,000 | 4.431 | (a) | 01/23/30 | 1,155,552 | ||||||||||
(SOFR + 1.143%) | ||||||||||||||
1,160,000 | 2.699 | (a) | 01/22/31 | 1,215,770 | ||||||||||
(SOFR + 4.840%) | ||||||||||||||
685,000 | 5.597 | (a) | 03/24/51 | 1,042,113 | ||||||||||
Morgan Stanley, MTN | ||||||||||||||
1,144,000 | 4.100 | 05/22/23 | 1,213,737 | |||||||||||
(SOFR + 0.466%) | ||||||||||||||
70,000 | 0.560 | (a) | 11/10/23 | 70,134 | ||||||||||
(SOFR + 1.152%) | ||||||||||||||
500,000 | 2.720 | (a) | 07/22/25 | 524,870 | ||||||||||
1,015,000 | 3.125 | 07/27/26 | 1,101,026 | |||||||||||
(SOFR + 3.120%) | ||||||||||||||
380,000 | 3.622 | (a) | 04/01/31 | 426,385 | ||||||||||
(SOFR + 1.034%) | ||||||||||||||
201,000 | 1.794 | (a) | 02/13/32 | 194,900 | ||||||||||
(SOFR + 1.430%) | ||||||||||||||
500,000 | 2.802 | (a) | 01/25/52 | 500,828 | ||||||||||
PNC Bank NA | ||||||||||||||
250,000 | 3.500 | 06/08/23 | 263,531 | |||||||||||
860,000 | 3.100 | 10/25/27 | 945,956 | |||||||||||
760,000 | 2.700 | 10/22/29 | 811,742 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
100,000 | 3.900 | 04/29/24 | 108,274 | |||||||||||
900,000 | 2.600 | 07/23/26 | 963,616 | |||||||||||
290,000 | 3.150 | 05/19/27 | 319,167 | |||||||||||
100,000 | 3.450 | 04/23/29 | 111,748 | |||||||||||
410,000 | 2.550 | 01/22/30 | 431,884 | |||||||||||
(SOFR + 0.979%) | ||||||||||||||
500,000 | 2.307 | (a) | 04/23/32 | 515,522 | ||||||||||
Santander Holdings USA, Inc. | ||||||||||||||
70,000 | 3.400 | 01/18/23 | 72,590 | |||||||||||
1,500,000 | 3.500 | 06/07/24 | 1,601,568 | |||||||||||
State Street Corp. | ||||||||||||||
200,000 | 3.100 | 05/15/23 | 209,317 | |||||||||||
200,000 | 3.700 | 11/20/23 | 215,146 | |||||||||||
Synchrony Financial | ||||||||||||||
760,000 | 4.250 | 08/15/24 | 826,782 | |||||||||||
448,000 | 4.500 | 07/23/25 | 498,648 | |||||||||||
224,000 | 3.950 | 12/01/27 | 249,627 | |||||||||||
Truist Bank | ||||||||||||||
764,000 | 3.200 | 04/01/24 | 815,208 | |||||||||||
500,000 | 1.500 | 03/10/25 | 511,594 | |||||||||||
300,000 | 2.250 | 03/11/30 | 307,608 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
840,000 | 3.750 | 12/06/23 | 900,766 | |||||||||||
605,000 | 2.850 | 10/26/24 | 646,244 | |||||||||||
500,000 | 1.950 | 06/05/30 | 509,697 | |||||||||||
US Bancorp, MTN | ||||||||||||||
650,000 | 3.700 | 01/30/24 | 698,693 | |||||||||||
310,000 | 3.600 | 09/11/24 | 336,963 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
US Bancorp, MTN – (continued) | ||||||||||||||
455,000 | 3.100 | 04/27/26 | 495,782 | |||||||||||
705,000 | 3.900 | 04/26/28 | 813,495 | |||||||||||
800,000 | 3.000 | 07/30/29 | 871,420 | |||||||||||
US Bancorp, Series V | ||||||||||||||
50,000 | 2.375 | 07/22/26 | 53,174 | |||||||||||
US Bancorp, Series X | ||||||||||||||
775,000 | 3.150 | 04/27/27 | 855,500 | |||||||||||
US Bank NA | ||||||||||||||
250,000 | 2.850 | 01/23/23 | 258,614 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
100,000 | 3.069 | 01/24/23 | 101,135 | |||||||||||
220,000 | 4.125 | 08/15/23 | 235,510 | |||||||||||
350,000 | 3.000 | 04/22/26 | 378,259 | |||||||||||
1,300,000 | 3.000 | 10/23/26 | 1,405,398 | |||||||||||
(SOFR + 2.530%) | ||||||||||||||
1,545,000 | 3.068 | (a) | 04/30/41 | 1,626,021 | ||||||||||
500,000 | 5.375 | 11/02/43 | 675,931 | |||||||||||
92,000 | 3.900 | 05/01/45 | 110,357 | |||||||||||
Wells Fargo & Co., GMTN | ||||||||||||||
500,000 | 4.900 | 11/17/45 | 648,046 | |||||||||||
Wells Fargo & Co., MTN | ||||||||||||||
1,200,000 | 3.750 | 01/24/24 | 1,286,134 | |||||||||||
(SOFR + 1.600%) | ||||||||||||||
1,300,000 | 1.654 | (a) | 06/02/24 | 1,328,146 | ||||||||||
(SOFR + 1.087%) | ||||||||||||||
500,000 | 2.406 | (a) | 10/30/25 | 523,061 | ||||||||||
(3M USD LIBOR + 0.750%) | ||||||||||||||
700,000 | 2.164 | (a) | 02/11/26 | 726,929 | ||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
200,000 | 3.584 | (a) | 05/22/28 | 221,899 | ||||||||||
900,000 | 4.150 | 01/24/29 | 1,037,188 | |||||||||||
(SOFR + 1.432%) | ||||||||||||||
2,100,000 | 2.879 | (a) | 10/30/30 | 2,238,353 | ||||||||||
(SOFR + 1.262%) | ||||||||||||||
700,000 | 2.572 | (a) | 02/11/31 | 726,942 | ||||||||||
(SOFR + 4.032%) | ||||||||||||||
200,000 | 4.478 | (a) | 04/04/31 | 237,434 | ||||||||||
1,189,000 | 4.400 | 06/14/46 | 1,460,549 | |||||||||||
100,000 | 4.750 | 12/07/46 | 127,937 | |||||||||||
(SOFR + 4.502%) | ||||||||||||||
1,530,000 | 5.013 | (a) | 04/04/51 | 2,141,070 | ||||||||||
Wells Fargo Bank NA | ||||||||||||||
600,000 | 3.550 | 08/14/23 | 636,402 | |||||||||||
400,000 | 6.600 | 01/15/38 | 590,255 | |||||||||||
|
| |||||||||||||
155,769,005 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.9% | ||||||||||||||
CF Industries, Inc. | ||||||||||||||
300,000 | 4.950 | 06/01/43 | 371,625 | |||||||||||
Dow Chemical Co. (The) | ||||||||||||||
500,000 | 7.375 | 11/01/29 | 697,508 | |||||||||||
200,000 | 4.375 | 11/15/42 | 241,442 | |||||||||||
150,000 | 5.550 | 11/30/48 | 213,177 | |||||||||||
200,000 | 3.600 | 11/15/50 | 219,725 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Basic Industry – (continued) | ||||||||||||||
DuPont de Nemours, Inc. | ||||||||||||||
$ | 390,000 | 4.205 | % | 11/15/23 | $ | 419,860 | ||||||||
670,000 | 4.493 | 11/15/25 | 756,884 | |||||||||||
330,000 | 5.319 | 11/15/38 | 435,773 | |||||||||||
584,000 | 5.419 | 11/15/48 | 825,190 | |||||||||||
LYB International Finance BV | ||||||||||||||
220,000 | 4.875 | 03/15/44 | 279,093 | |||||||||||
LYB International Finance II BV | ||||||||||||||
200,000 | 3.500 | 03/02/27 | 220,146 | |||||||||||
LYB International Finance III LLC | ||||||||||||||
688,000 | 4.200 | 10/15/49 | 815,533 | |||||||||||
LyondellBasell Industries NV | ||||||||||||||
200,000 | 5.750 | 04/15/24 | 223,275 | |||||||||||
200,000 | 4.625 | 02/26/55 | 252,714 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
500,000 | 3.450 | 06/01/27 | 552,765 | |||||||||||
438,000 | 4.500 | 06/01/47 | 550,110 | |||||||||||
Weyerhaeuser Co. | ||||||||||||||
187,000 | 7.375 | 03/15/32 | 269,714 | |||||||||||
|
| |||||||||||||
7,344,534 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 0.6% | ||||||||||||||
Discovery Communications LLC | ||||||||||||||
158,000 | 2.950 | 03/20/23 | 163,574 | |||||||||||
355,000 | 3.950 | 03/20/28 | 396,572 | |||||||||||
320,000 | 4.125 | 05/15/29 | 361,334 | |||||||||||
643,000 | 5.200 | 09/20/47 | 809,521 | |||||||||||
365,000 | 4.000 | 09/15/55 | 390,168 | |||||||||||
Fox Corp. | ||||||||||||||
990,000 | 4.030 | 01/25/24 | 1,067,015 | |||||||||||
690,000 | 4.709 | 01/25/29 | 813,081 | |||||||||||
280,000 | 5.476 | 01/25/39 | 363,530 | |||||||||||
|
| |||||||||||||
4,364,795 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
750,000 | 1.850 | 09/15/32 | 724,426 | |||||||||||
700,000 | 3.000 | 09/15/60 | 697,481 | |||||||||||
Jefferies Financial Group, Inc. | ||||||||||||||
709,000 | 5.500 | 10/18/23 | 756,830 | |||||||||||
Jefferies Group LLC | ||||||||||||||
250,000 | 5.125 | 01/20/23 | 265,501 | |||||||||||
|
| |||||||||||||
2,444,238 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.1% | ||||||||||||||
Stanley Black & Decker, Inc. | ||||||||||||||
300,000 | 2.750 | 11/15/50 | 297,251 | |||||||||||
(US 5 Year CMT T-Note + 2.657%) | ||||||||||||||
467,000 | 4.000 | (a) | 03/15/60 | 500,104 | ||||||||||
|
| |||||||||||||
797,355 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 1.8% | ||||||||||||||
3M Co. | ||||||||||||||
100,000 | 2.000 | 02/14/25 | 104,039 | |||||||||||
350,000 | 2.875 | 10/15/27 | 382,643 | |||||||||||
394,000 | 3.250 | 08/26/49 | 432,632 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
3M Co., MTN | ||||||||||||||
310,000 | 4.000 | 09/14/48 | 383,070 | |||||||||||
Berry Global, Inc.(b) | ||||||||||||||
270,000 | 0.950 | 02/15/24 | 270,709 | |||||||||||
100,000 | 1.570 | 01/15/26 | 101,021 | |||||||||||
Carrier Global Corp. | ||||||||||||||
1,080,000 | 2.722 | 02/15/30 | 1,136,269 | |||||||||||
450,000 | 2.700 | 02/15/31 | 469,093 | |||||||||||
571,000 | 3.377 | 04/05/40 | 612,003 | |||||||||||
250,000 | 3.577 | 04/05/50 | 271,738 | |||||||||||
Caterpillar Financial Services Corp. | ||||||||||||||
350,000 | 0.650 | 07/07/23 | 351,953 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
220,000 | 1.950 | 11/18/22 | 224,569 | |||||||||||
Caterpillar, Inc. | ||||||||||||||
380,000 | 3.400 | 05/15/24 | 407,233 | |||||||||||
80,000 | 5.200 | 05/27/41 | 111,247 | |||||||||||
880,000 | 3.803 | 08/15/42 | 1,051,511 | |||||||||||
900,000 | 3.250 | 09/19/49 | 1,004,263 | |||||||||||
Deere & Co. | ||||||||||||||
320,000 | 3.900 | 06/09/42 | 389,245 | |||||||||||
Eaton Corp. | ||||||||||||||
1,060,000 | 2.750 | 11/02/22 | 1,089,840 | |||||||||||
100,000 | 4.150 | 11/02/42 | 121,459 | |||||||||||
General Electric Co., MTN | ||||||||||||||
250,000 | 6.750 | 03/15/32 | 347,578 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
300,000 | 2.300 | 08/15/24 | 315,623 | |||||||||||
865,000 | 2.500 | 11/01/26 | 922,811 | |||||||||||
100,000 | 2.700 | 08/15/29 | 107,587 | |||||||||||
Illinois Tool Works, Inc. | ||||||||||||||
315,000 | 2.650 | 11/15/26 | 338,601 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
190,000 | 2.800 | 03/06/23 | 197,302 | |||||||||||
Otis Worldwide Corp. | ||||||||||||||
300,000 | 2.565 | 02/15/30 | 313,989 | |||||||||||
Republic Services, Inc. | ||||||||||||||
420,000 | 3.950 | 05/15/28 | 478,566 | |||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||
800,000 | 3.450 | 11/15/26 | 859,427 | |||||||||||
700,000 | 4.950 | 09/15/28 | 816,893 | |||||||||||
|
| |||||||||||||
13,612,914 | ||||||||||||||
|
| |||||||||||||
Communications – 5.2% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
1,110,000 | 4.908 | 07/23/25 | 1,256,324 | |||||||||||
525,000 | 3.750 | 02/15/28 | 580,845 | |||||||||||
940,000 | 4.200 | 03/15/28 | 1,063,203 | |||||||||||
250,000 | 5.050 | 03/30/29 | 296,234 | |||||||||||
593,000 | 6.384 | 10/23/35 | 793,197 | |||||||||||
130,000 | 5.375 | 04/01/38 | 160,904 | |||||||||||
774,000 | 6.484 | 10/23/45 | 1,083,247 | |||||||||||
534,000 | 5.375 | 05/01/47 | 661,001 | |||||||||||
495,000 | 5.750 | 04/01/48 | 638,970 | |||||||||||
625,000 | 5.125 | 07/01/49 | 752,295 | |||||||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
$ | 190,000 | 3.700 | % | 04/01/51 | $ | 191,845 | ||||||||
500,000 | 3.850 | 04/01/61 | 498,496 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
298,000 | 4.500 | 02/01/24 | 323,739 | |||||||||||
Comcast Cable Communications Holdings, Inc. | ||||||||||||||
500,000 | 9.455 | 11/15/22 | 554,973 | |||||||||||
Comcast Corp. | ||||||||||||||
1,236,000 | 3.700 | 04/15/24 | 1,334,879 | |||||||||||
240,000 | 3.375 | 02/15/25 | 259,599 | |||||||||||
92,000 | 3.375 | 08/15/25 | 100,143 | |||||||||||
184,000 | 3.150 | 03/01/26 | 199,978 | |||||||||||
92,000 | 3.300 | 02/01/27 | 101,039 | |||||||||||
105,000 | 3.150 | 02/15/28 | 115,309 | |||||||||||
92,000 | 3.550 | 05/01/28 | 102,963 | |||||||||||
874,000 | 4.150 | 10/15/28 | 1,014,929 | |||||||||||
500,000 | 3.400 | 04/01/30 | 555,221 | |||||||||||
890,000 | 4.250 | 10/15/30 | 1,050,495 | |||||||||||
400,000 | 1.950 | 01/15/31 | 398,076 | |||||||||||
595,000 | 4.250 | 01/15/33 | 710,873 | |||||||||||
240,000 | 7.050 | 03/15/33 | 352,008 | |||||||||||
360,000 | 4.200 | 08/15/34 | 429,033 | |||||||||||
430,000 | 3.200 | 07/15/36 | 470,029 | |||||||||||
130,000 | 3.900 | 03/01/38 | 151,778 | |||||||||||
594,000 | 4.600 | 10/15/38 | 745,801 | |||||||||||
531,000 | 3.250 | 11/01/39 | 577,845 | |||||||||||
92,000 | 3.750 | 04/01/40 | 105,370 | |||||||||||
622,000 | 4.650 | 07/15/42 | 792,081 | |||||||||||
318,000 | 4.750 | 03/01/44 | 417,308 | |||||||||||
403,000 | 3.400 | 07/15/46 | 439,139 | |||||||||||
276,000 | 4.000 | 08/15/47 | 327,233 | |||||||||||
480,000 | 3.969 | 11/01/47 | 567,012 | |||||||||||
420,000 | 4.000 | 03/01/48 | 498,431 | |||||||||||
816,000 | 4.700 | 10/15/48 | 1,075,612 | |||||||||||
475,000 | 3.999 | 11/01/49 | 567,409 | |||||||||||
300,000 | 2.800 | 01/15/51 | 295,768 | |||||||||||
184,000 | 2.450 | 08/15/52 | 169,261 | |||||||||||
513,000 | 4.049 | 11/01/52 | 622,767 | |||||||||||
521,000 | 4.950 | 10/15/58 | 747,989 | |||||||||||
NBCUniversal Media LLC | ||||||||||||||
265,000 | 4.450 | 01/15/43 | 329,891 | |||||||||||
Omnicom Group, Inc. / Omnicom Capital, Inc. | ||||||||||||||
532,000 | 3.650 | 11/01/24 | 577,007 | |||||||||||
350,000 | 3.600 | 04/15/26 | 386,714 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
70,000 | 6.550 | 05/01/37 | 95,430 | |||||||||||
438,000 | 7.300 | 07/01/38 | 637,079 | |||||||||||
332,000 | 6.750 | 06/15/39 | 465,213 | |||||||||||
180,000 | 5.875 | 11/15/40 | 231,191 | |||||||||||
511,000 | 5.500 | 09/01/41 | 640,811 | |||||||||||
Time Warner Entertainment Co. LP | ||||||||||||||
1,005,000 | 8.375 | 03/15/23 | 1,124,288 | |||||||||||
582,000 | 8.375 | 07/15/33 | 880,387 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
190,000 | 4.125 | 06/01/44 | 232,631 | |||||||||||
TWDC Enterprises 18 Corp., MTN | ||||||||||||||
705,000 | 1.850 | 07/30/26 | 731,589 | |||||||||||
290,000 | 2.950 | 06/15/27 | 317,639 | |||||||||||
ViacomCBS, Inc. | ||||||||||||||
300,000 | 7.875 | 07/30/30 | 428,828 | |||||||||||
860,000 | 4.950 | 01/15/31 | 1,040,482 | |||||||||||
740,000 | 4.200 | 05/19/32 | 855,820 | |||||||||||
150,000 | 6.875 | 04/30/36 | 215,882 | |||||||||||
100,000 | 5.850 | 09/01/43 | 138,738 | |||||||||||
200,000 | 4.950 | 05/19/50 | 254,585 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
377,000 | 3.000 | 09/15/22 | 387,571 | |||||||||||
680,000 | 1.750 | 08/30/24 | 703,544 | |||||||||||
440,000 | 2.200 | 01/13/28 | 458,305 | |||||||||||
800,000 | 2.000 | 09/01/29 | 814,689 | |||||||||||
498,000 | 3.800 | 03/22/30 | 575,865 | |||||||||||
1,200,000 | 2.650 | 01/13/31 | 1,277,914 | |||||||||||
75,000 | 6.400 | 12/15/35 | 110,788 | |||||||||||
420,000 | 4.625 | 03/23/40 | 537,065 | |||||||||||
270,000 | 4.700 | 03/23/50 | 364,444 | |||||||||||
975,000 | 3.800 | 05/13/60 | 1,170,343 | |||||||||||
|
| |||||||||||||
40,135,384 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 6.6% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
817,000 | 2.400 | 02/22/23 | 841,676 | |||||||||||
800,000 | 0.450 | 05/12/24 | 800,140 | |||||||||||
230,000 | 2.800 | 08/22/24 | 244,849 | |||||||||||
228,000 | 3.800 | 12/05/24 | 250,106 | |||||||||||
100,000 | 0.800 | 06/03/25 | 100,270 | |||||||||||
18,000 | 5.200 | 12/03/25 | 21,053 | |||||||||||
200,000 | 1.200 | 06/03/27 | 200,602 | |||||||||||
30,000 | 3.150 | 08/22/27 | 33,170 | |||||||||||
450,000 | 1.500 | 06/03/30 | 441,800 | |||||||||||
420,000 | 4.800 | 12/05/34 | 544,224 | |||||||||||
775,000 | 3.875 | 08/22/37 | 925,825 | |||||||||||
400,000 | 2.875 | 05/12/41 | 420,841 | |||||||||||
494,000 | 4.950 | 12/05/44 | 680,705 | |||||||||||
1,145,000 | 4.050 | 08/22/47 | 1,417,996 | |||||||||||
744,000 | 2.500 | 06/03/50 | 714,283 | |||||||||||
530,000 | 4.250 | 08/22/57 | 691,300 | |||||||||||
300,000 | 2.700 | 06/03/60 | 291,763 | |||||||||||
400,000 | 3.250 | 05/12/61 | 435,283 | |||||||||||
American Honda Finance Corp., MTN | ||||||||||||||
50,000 | 2.050 | 01/10/23 | 51,186 | |||||||||||
470,000 | 0.875 | 07/07/23 | 473,761 | |||||||||||
450,000 | 2.150 | 09/10/24 | 469,119 | |||||||||||
Costco Wholesale Corp. | ||||||||||||||
400,000 | 3.000 | 05/18/27 | 439,871 | |||||||||||
200,000 | 1.375 | 06/20/27 | 202,264 | |||||||||||
940,000 | 1.750 | 04/20/32 | 937,365 | |||||||||||
Dollar Tree, Inc. | ||||||||||||||
665,000 | 4.000 | 05/15/25 | 729,803 | |||||||||||
290,000 | 4.200 | 05/15/28 | 330,456 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 65 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
eBay, Inc. | ||||||||||||||
$ | 700,000 | 2.750 | % | 01/30/23 | $ | 722,199 | ||||||||
50,000 | 3.450 | 08/01/24 | 53,659 | |||||||||||
100,000 | 3.600 | 06/05/27 | 111,569 | |||||||||||
208,000 | 2.700 | 03/11/30 | 217,496 | |||||||||||
General Motors Co. | ||||||||||||||
600,000 | 4.875 | 10/02/23 | 651,177 | |||||||||||
100,000 | 5.400 | 10/02/23 | 109,445 | |||||||||||
907,000 | 5.000 | 10/01/28 | 1,060,242 | |||||||||||
548,000 | 6.600 | 04/01/36 | 752,901 | |||||||||||
314,000 | 5.400 | 04/01/48 | 400,076 | |||||||||||
200,000 | 5.950 | 04/01/49 | 273,614 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
200,000 | 3.700 | 05/09/23 | 209,161 | |||||||||||
410,000 | 5.100 | 01/17/24 | 449,456 | |||||||||||
1,000,000 | 1.050 | 03/08/24 | 1,007,440 | |||||||||||
1,450,000 | 3.950 | 04/13/24 | 1,556,867 | |||||||||||
850,000 | 4.000 | 01/15/25 | 924,041 | |||||||||||
790,000 | 5.250 | 03/01/26 | 910,577 | |||||||||||
500,000 | 2.350 | 01/08/31 | 496,873 | |||||||||||
Global Payments, Inc. | ||||||||||||||
661,000 | 3.200 | 08/15/29 | 709,181 | |||||||||||
Marriott International, Inc., Series EE | ||||||||||||||
400,000 | 5.750 | 05/01/25 | 460,229 | |||||||||||
Marriott International, Inc., Series FF | ||||||||||||||
500,000 | 4.625 | 06/15/30 | 575,029 | |||||||||||
Marriott International, Inc., Series GG | ||||||||||||||
300,000 | 3.500 | 10/15/32 | 320,439 | |||||||||||
Marriott International, Inc., Series R | ||||||||||||||
200,000 | 3.125 | 06/15/26 | 213,377 | |||||||||||
Mastercard, Inc. | ||||||||||||||
210,000 | 2.000 | 03/03/25 | 219,325 | |||||||||||
243,000 | 2.950 | 11/21/26 | 265,836 | |||||||||||
880,000 | 3.350 | 03/26/30 | 995,136 | |||||||||||
512,000 | 3.650 | 06/01/49 | 605,454 | |||||||||||
300,000 | 3.850 | 03/26/50 | 366,475 | |||||||||||
McDonald’s Corp., MTN | ||||||||||||||
336,000 | 3.350 | 04/01/23 | 350,921 | |||||||||||
370,000 | 3.700 | 01/30/26 | 409,854 | |||||||||||
690,000 | 3.500 | 03/01/27 | 763,809 | |||||||||||
350,000 | 3.800 | 04/01/28 | 396,134 | |||||||||||
100,000 | 2.625 | 09/01/29 | 105,729 | |||||||||||
282,000 | 2.125 | 03/01/30 | 286,804 | |||||||||||
150,000 | 3.600 | 07/01/30 | 169,596 | |||||||||||
859,000 | 4.700 | 12/09/35 | 1,069,856 | |||||||||||
320,000 | 4.875 | 12/09/45 | 421,111 | |||||||||||
296,000 | 4.450 | 09/01/48 | 372,678 | |||||||||||
322,000 | 4.200 | 04/01/50 | 395,360 | |||||||||||
NIKE, Inc. | ||||||||||||||
200,000 | 2.400 | 03/27/25 | 211,824 | |||||||||||
280,000 | 2.375 | 11/01/26 | 297,732 | |||||||||||
250,000 | 3.250 | 03/27/40 | 278,767 | |||||||||||
140,000 | 3.875 | 11/01/45 | 171,524 | |||||||||||
414,000 | 3.375 | 03/27/50 | 476,206 | |||||||||||
Starbucks Corp. | ||||||||||||||
100,000 | 3.850 | 10/01/23 | 106,321 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Starbucks Corp. – (continued) | ||||||||||||||
100,000 | 4.000 | 11/15/28 | 115,480 | |||||||||||
600,000 | 3.550 | 08/15/29 | 674,023 | |||||||||||
500,000 | 4.450 | 08/15/49 | 630,213 | |||||||||||
Target Corp. | ||||||||||||||
450,000 | 3.500 | 07/01/24 | 487,707 | |||||||||||
265,000 | 2.350 | 02/15/30 | 278,817 | |||||||||||
629,000 | 4.000 | 07/01/42 | 791,350 | |||||||||||
Toyota Motor Credit Corp., GMTN | ||||||||||||||
460,000 | 3.450 | 09/20/23 | 489,011 | |||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
450,000 | 2.150 | 09/08/22 | 458,512 | |||||||||||
660,000 | 0.500 | 08/14/23 | 662,789 | |||||||||||
955,000 | 2.150 | 02/13/30 | 988,899 | |||||||||||
1,082,000 | 3.375 | 04/01/30 | 1,220,855 | |||||||||||
Visa, Inc. | ||||||||||||||
500,000 | 2.800 | 12/14/22 | 514,639 | |||||||||||
900,000 | 3.150 | 12/14/25 | 984,399 | |||||||||||
290,000 | 2.750 | 09/15/27 | 315,315 | |||||||||||
709,000 | 2.050 | 04/15/30 | 732,382 | |||||||||||
570,000 | 4.150 | 12/14/35 | 706,097 | |||||||||||
300,000 | 2.700 | 04/15/40 | 311,922 | |||||||||||
889,000 | 4.300 | 12/14/45 | 1,142,742 | |||||||||||
40,000 | 3.650 | 09/15/47 | 47,349 | |||||||||||
Walmart, Inc. | ||||||||||||||
138,000 | 2.350 | 12/15/22 | 141,543 | |||||||||||
207,000 | 2.550 | 04/11/23 | 213,621 | |||||||||||
510,000 | 3.400 | 06/26/23 | 537,848 | |||||||||||
200,000 | 2.650 | 12/15/24 | 213,186 | |||||||||||
184,000 | 3.050 | 07/08/26 | 201,597 | |||||||||||
1,276,000 | 3.700 | 06/26/28 | 1,457,823 | |||||||||||
325,000 | 3.250 | 07/08/29 | 365,417 | |||||||||||
680,000 | 5.250 | 09/01/35 | 934,767 | |||||||||||
395,000 | 6.500 | 08/15/37 | 604,049 | |||||||||||
530,000 | 3.950 | 06/28/38 | 641,968 | |||||||||||
92,000 | 3.625 | 12/15/47 | 109,531 | |||||||||||
672,000 | 4.050 | 06/29/48 | 854,987 | |||||||||||
46,000 | 2.950 | 09/24/49 | 49,659 | |||||||||||
|
| |||||||||||||
51,489,708 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 6.3% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
334,000 | 3.400 | 11/30/23 | 354,804 | |||||||||||
415,000 | 2.950 | 03/15/25 | 444,256 | |||||||||||
124,000 | 3.750 | 11/30/26 | 140,384 | |||||||||||
156,000 | 4.750 | 11/30/36 | 202,255 | |||||||||||
540,000 | 4.900 | 11/30/46 | 748,164 | |||||||||||
AbbVie, Inc. | ||||||||||||||
1,500,000 | 2.600 | 11/21/24 | 1,584,890 | |||||||||||
1,500,000 | 3.800 | 03/15/25 | 1,637,594 | |||||||||||
2,000,000 | 3.600 | 05/14/25 | 2,175,516 | |||||||||||
500,000 | 3.200 | 05/14/26 | 542,263 | |||||||||||
2,000,000 | 4.050 | 11/21/39 | 2,352,462 | |||||||||||
300,000 | 4.850 | 06/15/44 | 385,566 | |||||||||||
250,000 | 4.750 | 03/15/45 | 316,817 | |||||||||||
300,000 | 4.250 | 11/21/49 | 366,121 | |||||||||||
|
|
66 | 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 Noncyclical – (continued) | ||||||||||||||
Altria Group, Inc. | ||||||||||||||
$ | 250,000 | 4.000 | % | 01/31/24 | $ | 270,281 | ||||||||
800,000 | 2.350 | 05/06/25 | 834,317 | |||||||||||
800,000 | 4.800 | 02/14/29 | 929,538 | |||||||||||
70,000 | 2.450 | 02/04/32 | 68,334 | |||||||||||
100,000 | 5.800 | 02/14/39 | 125,355 | |||||||||||
500,000 | 3.400 | 02/04/41 | 480,731 | |||||||||||
100,000 | 4.250 | 08/09/42 | 106,030 | |||||||||||
310,000 | 5.375 | 01/31/44 | 372,860 | |||||||||||
614,000 | 3.875 | 09/16/46 | 619,898 | |||||||||||
520,000 | 5.950 | 02/14/49 | 676,212 | |||||||||||
70,000 | 3.700 | 02/04/51 | 67,970 | |||||||||||
150,000 | 4.000 | 02/04/61 | 147,718 | |||||||||||
Becton Dickinson and Co. | ||||||||||||||
182,000 | 3.363 | 06/06/24 | 194,574 | |||||||||||
326,000 | 3.734 | 12/15/24 | 354,066 | |||||||||||
350,000 | 3.700 | 06/06/27 | 390,099 | |||||||||||
200,000 | 2.823 | 05/20/30 | 211,912 | |||||||||||
300,000 | 4.685 | 12/15/44 | 382,355 | |||||||||||
420,000 | 4.669 | 06/06/47 | 532,538 | |||||||||||
Boston Scientific Corp. | ||||||||||||||
700,000 | 3.750 | 03/01/26 | 775,471 | |||||||||||
500,000 | 2.650 | 06/01/30 | 520,394 | |||||||||||
210,000 | 4.550 | 03/01/39 | 259,522 | |||||||||||
90,000 | 4.700 | 03/01/49 | 116,992 | |||||||||||
Eli Lilly & Co. | ||||||||||||||
690,000 | 3.950 | 03/15/49 | 854,622 | |||||||||||
392,000 | 4.150 | 03/15/59 | 511,298 | |||||||||||
92,000 | 2.500 | 09/15/60 | 86,775 | |||||||||||
Gilead Sciences, Inc. | ||||||||||||||
1,000,000 | 0.750 | 09/29/23 | 999,968 | |||||||||||
1,000,000 | 3.500 | 02/01/25 | 1,081,843 | |||||||||||
300,000 | 4.800 | 04/01/44 | 385,506 | |||||||||||
300,000 | 4.150 | 03/01/47 | 360,907 | |||||||||||
Johnson & Johnson | ||||||||||||||
148,200 | 2.625 | 01/15/25 | 157,450 | |||||||||||
166,000 | 2.450 | 03/01/26 | 176,963 | |||||||||||
115,000 | 2.950 | 03/03/27 | 125,960 | |||||||||||
300,000 | 0.950 | 09/01/27 | 296,888 | |||||||||||
360,000 | 4.375 | 12/05/33 | 451,887 | |||||||||||
1,093,000 | 3.550 | 03/01/36 | 1,286,253 | |||||||||||
540,000 | 3.625 | 03/03/37 | 635,932 | |||||||||||
250,000 | 5.950 | 08/15/37 | 366,936 | |||||||||||
245,000 | 3.400 | 01/15/38 | 281,987 | |||||||||||
46,000 | 2.100 | 09/01/40 | 44,509 | |||||||||||
158,000 | 3.700 | 03/01/46 | 191,346 | |||||||||||
795,000 | 3.750 | 03/03/47 | 973,480 | |||||||||||
Mylan, Inc. | ||||||||||||||
480,000 | 4.550 | 04/15/28 | 554,210 | |||||||||||
240,000 | 5.200 | 04/15/48 | 299,955 | |||||||||||
Pfizer, Inc. | ||||||||||||||
550,000 | 3.200 | 09/15/23 | 580,938 | |||||||||||
100,000 | 2.950 | 03/15/24 | 106,093 | |||||||||||
92,000 | 0.800 | 05/28/25 | 92,212 | |||||||||||
300,000 | 3.450 | 03/15/29 | 338,353 | |||||||||||
1,500,000 | 2.625 | 04/01/30 | 1,612,552 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Pfizer, Inc. – (continued) | ||||||||||||||
400,000 | 3.900 | 03/15/39 | 480,392 | |||||||||||
100,000 | 7.200 | 03/15/39 | 163,722 | |||||||||||
260,000 | 2.550 | 05/28/40 | 264,292 | |||||||||||
100,000 | 4.300 | 06/15/43 | 126,448 | |||||||||||
280,000 | 4.400 | 05/15/44 | 360,220 | |||||||||||
300,000 | 4.125 | 12/15/46 | 377,459 | |||||||||||
100,000 | 4.200 | 09/15/48 | 127,456 | |||||||||||
100,000 | 4.000 | 03/15/49 | 124,445 | |||||||||||
730,000 | 2.700 | 05/28/50 | 738,261 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
100,000 | 2.500 | 11/02/22 | 102,337 | |||||||||||
50,000 | 3.250 | 11/10/24 | 54,011 | |||||||||||
375,000 | 3.375 | 08/11/25 | 408,071 | |||||||||||
525,000 | 2.750 | 02/25/26 | 561,343 | |||||||||||
390,000 | 6.375 | 05/16/38 | 557,122 | |||||||||||
200,000 | 4.375 | 11/15/41 | 235,487 | |||||||||||
110,000 | 3.875 | 08/21/42 | 121,532 | |||||||||||
615,000 | 4.125 | 03/04/43 | 702,350 | |||||||||||
150,000 | 4.875 | 11/15/43 | 188,436 | |||||||||||
145,000 | 4.250 | 11/10/44 | 170,342 | |||||||||||
Regeneron Pharmaceuticals, Inc. | ||||||||||||||
484,000 | 2.800 | 09/15/50 | 464,805 | |||||||||||
Royalty Pharma PLC | ||||||||||||||
200,000 | 0.750 | 09/02/23 | 201,250 | |||||||||||
Shire Acquisitions Investments Ireland DAC | ||||||||||||||
1,050,000 | 2.875 | 09/23/23 | 1,096,961 | |||||||||||
800,000 | 3.200 | 09/23/26 | 869,615 | |||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
654,000 | 2.950 | 09/19/26 | 706,812 | |||||||||||
336,000 | 3.200 | 08/15/27 | 367,669 | |||||||||||
416,000 | 4.100 | 08/15/47 | 513,876 | |||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||
1,150,000 | 3.950 | 06/15/26 | 1,276,792 | |||||||||||
Viatris, Inc.(b) | ||||||||||||||
480,000 | 4.000 | 06/22/50 | 524,144 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
474,000 | 3.800 | 11/18/24 | 514,770 | |||||||||||
450,000 | 3.450 | 06/01/26 | 491,574 | |||||||||||
550,000 | 4.800 | 11/18/44 | 671,694 | |||||||||||
Wyeth LLC | ||||||||||||||
578,000 | 6.500 | 02/01/34 | 846,862 | |||||||||||
100,000 | 5.950 | 04/01/37 | 143,964 | |||||||||||
Zimmer Biomet Holdings, Inc. | ||||||||||||||
320,000 | 3.550 | 04/01/25 | 346,132 | |||||||||||
150,000 | 3.550 | 03/20/30 | 165,576 | |||||||||||
Zoetis, Inc. | ||||||||||||||
214,000 | 3.000 | 09/12/27 | 232,466 | |||||||||||
790,000 | 4.700 | 02/01/43 | 1,029,883 | |||||||||||
|
| |||||||||||||
48,871,653 | ||||||||||||||
|
| |||||||||||||
Electric – 1.3% | ||||||||||||||
Consolidated Edison Co. of New York, Inc. | ||||||||||||||
150,000 | 4.625 | 12/01/54 | 192,969 | |||||||||||
500,000 | 3.600 | 06/15/61 | 545,317 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 20B | ||||||||||||||
450,000 | 3.950 | 04/01/50 | 524,440 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Duke Energy Carolinas LLC | ||||||||||||||
$ | 150,000 | 3.200 | % | 08/15/49 | $ | 160,194 | ||||||||
Duke Energy Corp. | ||||||||||||||
500,000 | 3.750 | 04/15/24 | 536,908 | |||||||||||
390,000 | 2.650 | 09/01/26 | 415,189 | |||||||||||
100,000 | 2.450 | 06/01/30 | 102,296 | |||||||||||
552,000 | 3.750 | 09/01/46 | 602,200 | |||||||||||
Exelon Corp. | ||||||||||||||
92,000 | 4.050 | 04/15/30 | 105,370 | |||||||||||
392,000 | 4.700 | 04/15/50 | 503,795 | |||||||||||
Exelon Generation Co. LLC | ||||||||||||||
200,000 | 3.250 | 06/01/25 | 215,088 | |||||||||||
210,000 | 6.250 | 10/01/39 | 262,972 | |||||||||||
120,000 | 5.600 | 06/15/42 | 142,848 | |||||||||||
Georgia Power Co., Series A | ||||||||||||||
436,000 | 3.250 | 03/15/51 | 455,281 | |||||||||||
NiSource, Inc. | ||||||||||||||
100,000 | 0.950 | 08/15/25 | 99,443 | |||||||||||
192,000 | 3.600 | 05/01/30 | 213,249 | |||||||||||
500,000 | 1.700 | 02/15/31 | 479,873 | |||||||||||
100,000 | 3.950 | 03/30/48 | 116,511 | |||||||||||
Pacific Gas and Electric Co. | ||||||||||||||
600,000 | 2.100 | 08/01/27 | 581,016 | |||||||||||
650,000 | 3.300 | 12/01/27 | 667,258 | |||||||||||
Southern California Edison Co. | ||||||||||||||
500,000 | 4.000 | 04/01/47 | 537,418 | |||||||||||
200,000 | 3.650 | 02/01/50 | 205,957 | |||||||||||
Southern California Edison Co., Series C | ||||||||||||||
200,000 | 4.125 | 03/01/48 | 217,146 | |||||||||||
Southern Co. (The) | ||||||||||||||
240,000 | 2.950 | 07/01/23 | 250,192 | |||||||||||
1,050,000 | 3.250 | 07/01/26 | 1,138,363 | |||||||||||
430,000 | 4.400 | 07/01/46 | 521,556 | |||||||||||
|
| |||||||||||||
9,792,849 | ||||||||||||||
|
| |||||||||||||
Energy – 8.0% | ||||||||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
700,000 | 2.773 | 12/15/22 | 720,377 | |||||||||||
330,000 | 3.337 | 12/15/27 | 360,819 | |||||||||||
200,000 | 4.080 | 12/15/47 | 228,507 | |||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
270,000 | 2.750 | 05/10/23 | 280,707 | |||||||||||
510,000 | 3.790 | 02/06/24 | 547,335 | |||||||||||
150,000 | 3.224 | 04/14/24 | 159,342 | |||||||||||
100,000 | 3.194 | 04/06/25 | 107,567 | |||||||||||
239,000 | 3.796 | 09/21/25 | 264,088 | |||||||||||
500,000 | 3.410 | 02/11/26 | 546,975 | |||||||||||
410,000 | 3.119 | 05/04/26 | 445,114 | |||||||||||
860,000 | 3.017 | 01/16/27 | 931,972 | |||||||||||
720,000 | 4.234 | 11/06/28 | 833,202 | |||||||||||
650,000 | 3.633 | 04/06/30 | 732,517 | |||||||||||
400,000 | 1.749 | 08/10/30 | 393,416 | |||||||||||
925,000 | 3.000 | 02/24/50 | 918,960 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
500,000 | 7.000 | 06/30/24 | 568,062 | |||||||||||
535,000 | 5.875 | 03/31/25 | 608,897 | |||||||||||
1,274,000 | 5.125 | 06/30/27 | 1,483,414 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Chevron Corp. | ||||||||||||||
1,500,000 | 3.191 | 06/24/23 | 1,567,792 | |||||||||||
300,000 | 1.995 | 05/11/27 | 310,428 | |||||||||||
ConocoPhillips | ||||||||||||||
300,000 | 4.300 | (b) | 08/15/28 | 346,829 | ||||||||||
600,000 | 6.500 | 02/01/39 | 885,067 | |||||||||||
ConocoPhillips Co. | ||||||||||||||
500,000 | 4.950 | 03/15/26 | 578,064 | |||||||||||
100,000 | 6.950 | 04/15/29 | 135,815 | |||||||||||
300,000 | 4.300 | 11/15/44 | 366,405 | |||||||||||
Devon Energy Corp. | ||||||||||||||
100,000 | 5.600 | 07/15/41 | 125,250 | |||||||||||
205,000 | 4.750 | 05/15/42 | 235,237 | |||||||||||
100,000 | 5.000 | 06/15/45 | 118,875 | |||||||||||
Diamondback Energy, Inc. | ||||||||||||||
100,000 | 3.500 | 12/01/29 | 107,438 | |||||||||||
Energy Transfer LP | ||||||||||||||
100,000 | 4.250 | 03/15/23 | 104,316 | |||||||||||
100,000 | 4.500 | 04/15/24 | 108,506 | |||||||||||
600,000 | 4.050 | 03/15/25 | 649,756 | |||||||||||
1,540,000 | 2.900 | 05/15/25 | 1,619,788 | |||||||||||
200,000 | 4.750 | 01/15/26 | 224,046 | |||||||||||
200,000 | 5.500 | 06/01/27 | 236,149 | |||||||||||
100,000 | 4.000 | 10/01/27 | 110,953 | |||||||||||
200,000 | 4.950 | 06/15/28 | 231,710 | |||||||||||
100,000 | 5.250 | 04/15/29 | 118,008 | |||||||||||
100,000 | 3.750 | 05/15/30 | 108,698 | |||||||||||
100,000 | 6.500 | 02/01/42 | 131,750 | |||||||||||
201,000 | 5.300 | 04/15/47 | 237,807 | |||||||||||
828,000 | 5.400 | 10/01/47 | 997,350 | |||||||||||
412,000 | 6.000 | 06/15/48 | 525,079 | |||||||||||
201,000 | 6.250 | 04/15/49 | 268,180 | |||||||||||
400,000 | 5.000 | 05/15/50 | 469,891 | |||||||||||
Enterprise Products Operating LLC | ||||||||||||||
492,000 | 3.350 | 03/15/23 | 510,350 | |||||||||||
157,000 | 3.900 | 02/15/24 | 168,211 | |||||||||||
207,000 | 3.750 | 02/15/25 | 225,244 | |||||||||||
478,000 | 3.125 | 07/31/29 | 518,336 | |||||||||||
150,000 | 5.950 | 02/01/41 | 208,854 | |||||||||||
207,000 | 4.850 | 08/15/42 | 255,873 | |||||||||||
250,000 | 4.450 | 02/15/43 | 294,965 | |||||||||||
304,000 | 4.850 | 03/15/44 | 371,605 | |||||||||||
710,000 | 5.100 | 02/15/45 | 897,876 | |||||||||||
250,000 | 4.900 | 05/15/46 | 303,638 | |||||||||||
414,000 | 4.800 | 02/01/49 | 514,407 | |||||||||||
368,000 | 4.200 | 01/31/50 | 426,185 | |||||||||||
128,000 | 3.950 | 01/31/60 | 142,849 | |||||||||||
| Enterprise Products Operating LLC(a), Series E | |||||||||||||
164,000 | 5.250 | 08/16/77 | 171,790 | |||||||||||
EOG Resources, Inc. | ||||||||||||||
690,000 | 4.375 | 04/15/30 | 813,736 | |||||||||||
340,000 | 4.950 | 04/15/50 | 458,312 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
200,000 | 2.726 | 03/01/23 | 206,311 | |||||||||||
800,000 | 1.571 | 04/15/23 | 816,303 | |||||||||||
|
|
68 | 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) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Exxon Mobil Corp. – (continued) | ||||||||||||||
$ | 600,000 | 2.019 | % | 08/16/24 | $ | 625,319 | ||||||||
1,000,000 | 2.992 | 03/19/25 | 1,070,871 | |||||||||||
1,000,000 | 3.043 | 03/01/26 | 1,085,047 | |||||||||||
100,000 | 3.294 | 03/19/27 | 110,609 | |||||||||||
700,000 | 3.482 | 03/19/30 | 786,708 | |||||||||||
600,000 | 3.567 | 03/06/45 | 667,474 | |||||||||||
100,000 | 4.114 | 03/01/46 | 119,736 | |||||||||||
1,000,000 | 3.095 | 08/16/49 | 1,021,621 | |||||||||||
820,000 | 4.327 | 03/19/50 | 1,028,591 | |||||||||||
100,000 | 3.452 | 04/15/51 | 111,009 | |||||||||||
Halliburton Co. | ||||||||||||||
350,000 | 2.920 | 03/01/30 | 363,791 | |||||||||||
1,320,000 | 4.850 | 11/15/35 | 1,565,850 | |||||||||||
250,000 | 7.450 | 09/15/39 | 367,188 | |||||||||||
200,000 | 5.000 | 11/15/45 | 242,250 | |||||||||||
Hess Corp. | ||||||||||||||
290,000 | 4.300 | 04/01/27 | 322,443 | |||||||||||
148,000 | 6.000 | 01/15/40 | 187,035 | |||||||||||
388,000 | 5.600 | 02/15/41 | 485,485 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
600,000 | 5.500 | 03/01/44 | 763,045 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
200,000 | 3.150 | 01/15/23 | 207,158 | |||||||||||
800,000 | 5.300 | 12/01/34 | 996,864 | |||||||||||
500,000 | 5.050 | 02/15/46 | 616,894 | |||||||||||
100,000 | 3.600 | 02/15/51 | 103,099 | |||||||||||
Kinder Morgan, Inc., GMTN | ||||||||||||||
300,000 | 7.750 | 01/15/32 | 435,080 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
1,400,000 | 4.700 | 05/01/25 | 1,566,250 | |||||||||||
100,000 | 6.500 | 03/01/41 | 138,875 | |||||||||||
100,000 | 4.750 | 09/15/44 | 119,500 | |||||||||||
MPLX LP | ||||||||||||||
750,000 | 4.500 | 07/15/23 | 796,567 | |||||||||||
200,000 | 4.125 | 03/01/27 | 224,625 | |||||||||||
100,000 | 4.800 | 02/15/29 | 117,380 | |||||||||||
1,440,000 | 2.650 | 08/15/30 | 1,474,200 | |||||||||||
350,000 | 4.500 | 04/15/38 | 401,934 | |||||||||||
649,000 | 5.200 | 03/01/47 | 800,479 | |||||||||||
200,000 | 5.500 | 02/15/49 | 259,764 | |||||||||||
ONEOK Partners LP | ||||||||||||||
200,000 | 3.375 | 10/01/22 | 204,853 | |||||||||||
ONEOK, Inc. | ||||||||||||||
280,000 | 4.550 | 07/15/28 | 320,210 | |||||||||||
718,000 | 3.100 | 03/15/30 | 756,365 | |||||||||||
100,000 | 5.200 | 07/15/48 | 123,205 | |||||||||||
Phillips 66 | ||||||||||||||
1,000,000 | 0.900 | 02/15/24 | 1,000,066 | |||||||||||
390,000 | 4.650 | 11/15/34 | 461,644 | |||||||||||
200,000 | 4.875 | 11/15/44 | 251,820 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
914,000 | 4.650 | 10/15/25 | 1,017,967 | |||||||||||
240,000 | 4.500 | 12/15/26 | 269,399 | |||||||||||
414,000 | 3.550 | 12/15/29 | 439,631 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
100,000 | 5.625 | 04/15/23 | 106,562 | |||||||||||
600,000 | 5.750 | 05/15/24 | 669,375 | |||||||||||
500,000 | 5.625 | 03/01/25 | 569,313 | |||||||||||
486,000 | 5.000 | 03/15/27 | 562,545 | |||||||||||
140,000 | 4.200 | 03/15/28 | 157,675 | |||||||||||
932,000 | 4.500 | 05/15/30 | 1,080,538 | |||||||||||
Schlumberger Investment SA | ||||||||||||||
500,000 | 3.650 | 12/01/23 | 531,552 | |||||||||||
Spectra Energy Partners LP | ||||||||||||||
400,000 | 4.750 | 03/15/24 | 436,573 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||||||||
200,000 | 7.850 | 02/01/26 | 251,957 | |||||||||||
Valero Energy Corp. | ||||||||||||||
740,000 | 2.700 | 04/15/23 | 762,797 | |||||||||||
500,000 | 1.200 | 03/15/24 | 503,809 | |||||||||||
290,000 | 4.350 | 06/01/28 | 327,711 | |||||||||||
257,000 | 4.000 | 04/01/29 | 284,624 | |||||||||||
250,000 | 6.625 | 06/15/37 | 341,569 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
870,000 | 3.700 | 01/15/23 | 901,980 | |||||||||||
100,000 | 4.000 | 09/15/25 | 110,137 | |||||||||||
100,000 | 3.750 | 06/15/27 | 110,947 | |||||||||||
320,000 | 3.500 | 11/15/30 | 352,226 | |||||||||||
526,000 | 6.300 | 04/15/40 | 726,477 | |||||||||||
750,000 | 5.100 | 09/15/45 | 935,466 | |||||||||||
280,000 | 4.850 | 03/01/48 | 346,089 | |||||||||||
|
| |||||||||||||
62,453,126 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.6% | ||||||||||||||
Ally Financial, Inc. | ||||||||||||||
680,000 | 3.050 | 06/05/23 | 706,979 | |||||||||||
789,000 | 1.450 | 10/02/23 | 800,933 | |||||||||||
270,000 | 3.875 | 05/21/24 | 291,952 | |||||||||||
532,000 | 8.000 | 11/01/31 | 781,611 | |||||||||||
Ares Capital Corp. | ||||||||||||||
1,780,000 | 4.200 | 06/10/24 | 1,913,723 | |||||||||||
70,000 | 2.150 | 07/15/26 | 70,494 | |||||||||||
|
| |||||||||||||
4,565,692 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 2.9% | ||||||||||||||
Coca-Cola Co. (The) | ||||||||||||||
50,000 | 3.375 | 03/25/27 | 55,823 | |||||||||||
50,000 | 1.450 | 06/01/27 | 50,955 | |||||||||||
520,000 | 1.000 | 03/15/28 | 507,523 | |||||||||||
500,000 | 3.450 | 03/25/30 | 567,670 | |||||||||||
500,000 | 1.650 | 06/01/30 | 495,711 | |||||||||||
300,000 | 2.000 | 03/05/31 | 305,224 | |||||||||||
380,000 | 2.500 | 06/01/40 | 380,790 | |||||||||||
300,000 | 2.875 | 05/05/41 | 314,575 | |||||||||||
430,000 | 2.600 | 06/01/50 | 427,701 | |||||||||||
100,000 | 3.000 | 03/05/51 | 106,574 | |||||||||||
220,000 | 2.750 | 06/01/60 | 221,107 | |||||||||||
Conagra Brands, Inc. | ||||||||||||||
600,000 | 4.600 | 11/01/25 | 677,490 | |||||||||||
350,000 | 4.850 | 11/01/28 | 418,124 | |||||||||||
390,000 | 5.300 | 11/01/38 | 505,242 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 69 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
General Mills, Inc. | ||||||||||||||
$ | 200,000 | 3.700 | % | 10/17/23 | $ | 213,164 | ||||||||
500,000 | 4.000 | 04/17/25 | 552,109 | |||||||||||
470,000 | 4.200 | 04/17/28 | 542,080 | |||||||||||
Hormel Foods Corp. | ||||||||||||||
300,000 | 0.650 | 06/03/24 | 300,687 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
266,000 | 4.057 | 05/25/23 | 282,130 | |||||||||||
300,000 | 0.750 | 03/15/24 | 300,474 | |||||||||||
510,000 | 4.597 | 05/25/28 | 598,716 | |||||||||||
100,000 | 3.200 | 05/01/30 | 109,247 | |||||||||||
Kraft Heinz Foods Co. | ||||||||||||||
890,000 | 3.000 | 06/01/26 | 943,887 | |||||||||||
804,000 | 5.000 | 07/15/35 | 997,171 | |||||||||||
250,000 | 6.875 | 01/26/39 | 371,873 | |||||||||||
552,000 | 4.375 | 06/01/46 | 635,315 | |||||||||||
490,000 | 4.875 | 10/01/49 | 610,604 | |||||||||||
Molson Coors Beverage Co. | ||||||||||||||
1,270,000 | 3.000 | 07/15/26 | 1,364,622 | |||||||||||
690,000 | 5.000 | 05/01/42 | 856,482 | |||||||||||
150,000 | 4.200 | 07/15/46 | 169,439 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
50,000 | 2.750 | 03/01/23 | 51,864 | |||||||||||
140,000 | 2.250 | 03/19/25 | 147,130 | |||||||||||
120,000 | 2.750 | 04/30/25 | 128,322 | |||||||||||
216,000 | 2.850 | 02/24/26 | 233,066 | |||||||||||
222,000 | 2.375 | 10/06/26 | 237,564 | |||||||||||
100,000 | 3.000 | 10/15/27 | 110,259 | |||||||||||
96,000 | 2.625 | 07/29/29 | 103,216 | |||||||||||
210,000 | 2.750 | 03/19/30 | 227,704 | |||||||||||
100,000 | 1.400 | 02/25/31 | 98,145 | |||||||||||
545,000 | 4.450 | 04/14/46 | 712,810 | |||||||||||
720,000 | 3.450 | 10/06/46 | 820,154 | |||||||||||
330,000 | 4.000 | 05/02/47 | 408,228 | |||||||||||
300,000 | 3.375 | 07/29/49 | 341,228 | |||||||||||
240,000 | 3.625 | 03/19/50 | 285,850 | |||||||||||
618,000 | 3.875 | 03/19/60 | 780,389 | |||||||||||
Sysco Corp. | ||||||||||||||
604,000 | 3.300 | 07/15/26 | 656,578 | |||||||||||
635,000 | 3.250 | 07/15/27 | 690,764 | |||||||||||
365,000 | 5.950 | 04/01/30 | 470,756 | |||||||||||
270,000 | 6.600 | 04/01/50 | 433,260 | |||||||||||
Tyson Foods, Inc. | ||||||||||||||
120,000 | 3.950 | 08/15/24 | 130,221 | |||||||||||
342,000 | 4.000 | 03/01/26 | 381,503 | |||||||||||
500,000 | 3.550 | 06/02/27 | 557,270 | |||||||||||
110,000 | 4.550 | 06/02/47 | 137,661 | |||||||||||
300,000 | 5.100 | 09/28/48 | 411,643 | |||||||||||
|
| |||||||||||||
22,438,094 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.2% | ||||||||||||||
Micron Technology, Inc. | ||||||||||||||
99,000 | 2.497 | 04/24/23 | 102,174 | |||||||||||
733,000 | 4.185 | 02/15/27 | 831,955 | |||||||||||
400,000 | 4.663 | 02/15/30 | 470,000 | |||||||||||
|
| |||||||||||||
1,404,129 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – 3.4% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
312,000 | 2.750 | 11/15/22 | 319,161 | |||||||||||
200,000 | 2.800 | 06/15/23 | 207,688 | |||||||||||
250,000 | 3.500 | 11/15/24 | 268,934 | |||||||||||
410,000 | 6.625 | 06/15/36 | 596,864 | |||||||||||
268,000 | 3.875 | 08/15/47 | 305,569 | |||||||||||
Anthem, Inc. | ||||||||||||||
306,000 | 3.500 | 08/15/24 | 328,486 | |||||||||||
50,000 | 3.350 | 12/01/24 | 54,017 | |||||||||||
552,000 | 3.650 | 12/01/27 | 618,042 | |||||||||||
84,000 | 4.625 | 05/15/42 | 105,521 | |||||||||||
668,000 | 4.650 | 01/15/43 | 842,427 | |||||||||||
614,000 | 4.650 | 08/15/44 | 778,724 | |||||||||||
405,000 | 4.375 | 12/01/47 | 504,696 | |||||||||||
318,000 | 4.550 | 03/01/48 | 405,403 | |||||||||||
300,000 | 3.125 | 05/15/50 | 313,190 | |||||||||||
Cigna Corp. | ||||||||||||||
700,000 | 3.000 | 07/15/23 | 731,542 | |||||||||||
78,000 | 3.750 | 07/15/23 | 82,654 | |||||||||||
400,000 | 4.125 | 11/15/25 | 447,351 | |||||||||||
300,000 | 4.500 | 02/25/26 | 340,524 | |||||||||||
150,000 | 3.400 | 03/01/27 | 165,507 | |||||||||||
440,000 | 4.375 | 10/15/28 | 514,309 | |||||||||||
50,000 | 2.400 | 03/15/30 | 51,448 | |||||||||||
130,000 | 4.800 | 08/15/38 | 163,323 | |||||||||||
520,000 | 4.800 | 07/15/46 | 665,641 | |||||||||||
536,000 | 3.875 | 10/15/47 | 610,478 | |||||||||||
1,100,000 | 4.900 | 12/15/48 | 1,449,815 | |||||||||||
320,000 | 3.400 | 03/15/50 | 340,238 | |||||||||||
CVS Health Corp. | ||||||||||||||
442,000 | 2.750 | 12/01/22 | 452,793 | |||||||||||
294,000 | 3.700 | 03/09/23 | 308,024 | |||||||||||
520,000 | 2.625 | 08/15/24 | 547,195 | |||||||||||
154,000 | 4.100 | 03/25/25 | 169,947 | |||||||||||
400,000 | 3.875 | 07/20/25 | 440,793 | |||||||||||
100,000 | 2.875 | 06/01/26 | 107,506 | |||||||||||
400,000 | 3.000 | 08/15/26 | 431,647 | |||||||||||
530,000 | 3.625 | 04/01/27 | 587,904 | |||||||||||
725,000 | 4.300 | 03/25/28 | 837,104 | |||||||||||
730,000 | 3.250 | 08/15/29 | 795,436 | |||||||||||
1,320,000 | 4.780 | 03/25/38 | 1,637,775 | |||||||||||
350,000 | 4.125 | 04/01/40 | 409,422 | |||||||||||
350,000 | 2.700 | 08/21/40 | 343,311 | |||||||||||
240,000 | 5.300 | 12/05/43 | 321,329 | |||||||||||
728,000 | 5.125 | 07/20/45 | 964,371 | |||||||||||
950,000 | 5.050 | 03/25/48 | 1,261,296 | |||||||||||
HCA, Inc. | ||||||||||||||
470,000 | 4.750 | 05/01/23 | 501,431 | |||||||||||
516,000 | 5.000 | 03/15/24 | 567,922 | |||||||||||
520,000 | 5.250 | 04/15/25 | 594,100 | |||||||||||
600,000 | 5.250 | 06/15/26 | 694,500 | |||||||||||
555,000 | 4.500 | 02/15/27 | 629,578 | |||||||||||
404,000 | 4.125 | 06/15/29 | 458,540 | |||||||||||
500,000 | 3.500 | 09/01/30 | 538,125 | |||||||||||
295,000 | 5.125 | 06/15/39 | 374,281 | |||||||||||
345,000 | 5.500 | 06/15/47 | 457,988 | |||||||||||
|
|
70 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Healthcare – (continued) | ||||||||||||||
HCA, Inc. – (continued) | ||||||||||||||
$ | 350,000 | 5.250 | % | 06/15/49 | $ | 458,063 | ||||||||
|
| |||||||||||||
26,101,933 | ||||||||||||||
|
| |||||||||||||
Insurance – 1.1% | ||||||||||||||
American International Group, Inc. | ||||||||||||||
600,000 | 2.500 | 06/30/25 | 630,093 | |||||||||||
100,000 | 3.900 | 04/01/26 | 111,142 | |||||||||||
200,000 | 4.200 | 04/01/28 | 230,412 | |||||||||||
500,000 | 3.875 | 01/15/35 | 572,784 | |||||||||||
255,000 | 6.250 | 05/01/36 | 358,912 | |||||||||||
100,000 | 4.500 | 07/16/44 | 123,949 | |||||||||||
100,000 | 4.375 | 06/30/50 | 125,774 | |||||||||||
500,000 | 4.375 | 01/15/55 | 629,194 | |||||||||||
| American International Group, Inc.(a), Series A-9 | |||||||||||||
100,000 | 5.750 | 04/01/48 | 115,463 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
955,000 | 4.350 | 11/03/45 | 1,235,499 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
175,000 | 4.375 | 03/15/29 | 205,846 | |||||||||||
100,000 | 2.250 | 11/15/30 | 102,677 | |||||||||||
496,000 | 4.900 | 03/15/49 | 684,865 | |||||||||||
MetLife, Inc. | ||||||||||||||
500,000 | 3.600 | 04/10/24 | 539,078 | |||||||||||
300,000 | 6.400 | 12/15/36 | 383,064 | |||||||||||
Prudential Financial, Inc. (3M USD LIBOR + 3.920%) | ||||||||||||||
500,000 | 5.625 | (a) | 06/15/43 | 532,103 | ||||||||||
(3M USD LIBOR + 3.031%) | ||||||||||||||
100,000 | 5.375 | (a) | 05/15/45 | 110,594 | ||||||||||
(3M USD LIBOR + 2.380%) | ||||||||||||||
400,000 | 4.500 | (a) | 09/15/47 | 439,909 | ||||||||||
210,000 | 3.905 | 12/07/47 | 250,006 | |||||||||||
46,000 | 3.935 | 12/07/49 | 55,082 | |||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
300,000 | 5.700 | 12/14/36 | 416,546 | |||||||||||
480,000 | 4.350 | 02/25/50 | 614,359 | |||||||||||
350,000 | 3.700 | 03/13/51 | 408,855 | |||||||||||
|
| |||||||||||||
8,876,206 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Newmont Corp. | ||||||||||||||
310,000 | 4.875 | 03/15/42 | 397,334 | |||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.4% | ||||||||||||||
Alexandria Real Estate Equities, Inc. | ||||||||||||||
300,000 | 1.875 | 02/01/33 | 287,205 | |||||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
917,000 | 5.375 | 04/15/26 | 1,052,232 | |||||||||||
638,000 | 5.300 | 01/15/29 | 748,528 | |||||||||||
Simon Property Group LP | ||||||||||||||
100,000 | 3.250 | 11/30/26 | 109,117 | |||||||||||
500,000 | 3.250 | 09/13/49 | 512,749 | |||||||||||
100,000 | 3.800 | 07/15/50 | 112,030 | |||||||||||
Welltower, Inc. | ||||||||||||||
300,000 | 4.250 | 04/15/28 | 345,752 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Welltower, Inc. – (continued) | ||||||||||||||
50,000 | 3.100 | 01/15/30 | 53,535 | |||||||||||
|
| |||||||||||||
3,221,148 | ||||||||||||||
|
| |||||||||||||
Revenue – 0.4% | ||||||||||||||
Ascension Health | ||||||||||||||
200,000 | 3.945 | 11/15/46 | 250,511 | |||||||||||
Ascension Health, Series B | ||||||||||||||
300,000 | 2.532 | 11/15/29 | 318,895 | |||||||||||
CommonSpirit Health | ||||||||||||||
100,000 | 2.760 | 10/01/24 | 105,429 | |||||||||||
220,000 | 3.347 | 10/01/29 | 239,290 | |||||||||||
633,000 | 4.350 | 11/01/42 | 760,391 | |||||||||||
200,000 | 4.187 | 10/01/49 | 233,024 | |||||||||||
Kaiser Foundation Hospitals | ||||||||||||||
580,000 | 4.150 | 05/01/47 | 729,406 | |||||||||||
Kaiser Foundation Hospitals, Series 2019 | ||||||||||||||
430,000 | 3.266 | 11/01/49 | 481,043 | |||||||||||
|
| |||||||||||||
3,117,989 | ||||||||||||||
|
| |||||||||||||
Software – 2.1% | ||||||||||||||
Oracle Corp. | ||||||||||||||
800,000 | 2.500 | 10/15/22 | 819,254 | |||||||||||
265,000 | 2.625 | 02/15/23 | 273,070 | |||||||||||
200,000 | 3.625 | 07/15/23 | 211,772 | |||||||||||
220,000 | 2.400 | 09/15/23 | 228,104 | |||||||||||
660,000 | 3.400 | 07/08/24 | 706,336 | |||||||||||
40,000 | 2.950 | 11/15/24 | 42,603 | |||||||||||
900,000 | 2.500 | 04/01/25 | 944,429 | |||||||||||
230,000 | 2.950 | 05/15/25 | 244,647 | |||||||||||
823,000 | 2.650 | 07/15/26 | 871,129 | |||||||||||
80,000 | 3.250 | 11/15/27 | 87,250 | |||||||||||
100,000 | 2.300 | 03/25/28 | 103,086 | |||||||||||
900,000 | 2.950 | 04/01/30 | 955,613 | |||||||||||
444,000 | 4.300 | 07/08/34 | 516,405 | |||||||||||
866,000 | 3.850 | 07/15/36 | 960,780 | |||||||||||
245,000 | 3.800 | 11/15/37 | 268,344 | |||||||||||
796,000 | 6.500 | 04/15/38 | 1,133,748 | |||||||||||
400,000 | 3.600 | 04/01/40 | 424,752 | |||||||||||
418,000 | 5.375 | 07/15/40 | 541,524 | |||||||||||
340,000 | 3.650 | 03/25/41 | 364,120 | |||||||||||
754,000 | 4.125 | 05/15/45 | 846,029 | |||||||||||
300,000 | 4.000 | 07/15/46 | 330,483 | |||||||||||
410,000 | 4.000 | 11/15/47 | 452,280 | |||||||||||
850,000 | 3.600 | 04/01/50 | 890,601 | |||||||||||
600,000 | 3.950 | 03/25/51 | 663,390 | |||||||||||
250,000 | 4.375 | 05/15/55 | 294,641 | |||||||||||
1,095,000 | 3.850 | 04/01/60 | 1,179,228 | |||||||||||
537,000 | 4.100 | 03/25/61 | 605,746 | |||||||||||
salesforce.com, Inc. | ||||||||||||||
600,000 | 1.950 | 07/15/31 | 609,296 | |||||||||||
250,000 | 2.700 | 07/15/41 | 254,896 | |||||||||||
350,000 | 2.900 | 07/15/51 | 360,627 | |||||||||||
250,000 | 3.050 | 07/15/61 | 260,471 | |||||||||||
|
| |||||||||||||
16,444,654 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – 8.8% | ||||||||||||||
Activision Blizzard, Inc. | ||||||||||||||
$ | 800,000 | 3.400 | % | 09/15/26 | $ | 882,068 | ||||||||
Adobe, Inc. | ||||||||||||||
208,000 | 3.250 | 02/01/25 | 224,229 | |||||||||||
180,000 | 2.150 | 02/01/27 | 189,270 | |||||||||||
500,000 | 2.300 | 02/01/30 | 522,478 | |||||||||||
Alphabet, Inc. | ||||||||||||||
274,000 | 1.998 | 08/15/26 | 288,017 | |||||||||||
832,000 | 2.050 | 08/15/50 | 757,100 | |||||||||||
549,000 | 2.250 | 08/15/60 | 499,120 | |||||||||||
Apple, Inc. | ||||||||||||||
1,348,000 | 2.100 | 09/12/22 | 1,372,310 | |||||||||||
300,000 | 2.400 | 01/13/23 | 308,656 | |||||||||||
1,420,000 | 2.400 | 05/03/23 | 1,470,773 | |||||||||||
180,000 | 3.000 | 02/09/24 | 190,403 | |||||||||||
489,000 | 3.450 | 05/06/24 | 527,587 | |||||||||||
495,000 | 2.850 | 05/11/24 | 524,644 | |||||||||||
500,000 | 2.750 | 01/13/25 | 531,870 | |||||||||||
721,000 | 3.250 | 02/23/26 | 789,401 | |||||||||||
214,000 | 2.450 | 08/04/26 | 228,018 | |||||||||||
210,000 | 3.000 | 06/20/27 | 231,358 | |||||||||||
1,145,000 | 2.900 | 09/12/27 | 1,249,665 | |||||||||||
830,000 | 3.000 | 11/13/27 | 911,459 | |||||||||||
500,000 | 1.200 | 02/08/28 | 494,312 | |||||||||||
500,000 | 1.400 | 08/05/28 | 499,805 | |||||||||||
100,000 | 1.650 | 05/11/30 | 99,734 | |||||||||||
600,000 | 1.650 | 02/08/31 | 593,423 | |||||||||||
985,000 | 4.500 | 02/23/36 | 1,251,465 | |||||||||||
150,000 | 2.375 | 02/08/41 | 147,539 | |||||||||||
637,000 | 3.850 | 05/04/43 | 765,196 | |||||||||||
310,000 | 4.450 | 05/06/44 | 403,289 | |||||||||||
305,000 | 3.450 | 02/09/45 | 344,890 | |||||||||||
380,000 | 4.375 | 05/13/45 | 486,928 | |||||||||||
1,688,000 | 4.650 | 02/23/46 | 2,246,933 | |||||||||||
556,000 | 3.850 | 08/04/46 | 668,252 | |||||||||||
296,000 | 4.250 | 02/09/47 | 373,644 | |||||||||||
550,000 | 3.750 | 11/13/47 | 649,475 | |||||||||||
977,000 | 2.950 | 09/11/49 | 1,015,585 | |||||||||||
239,000 | 2.400 | 08/20/50 | 226,261 | |||||||||||
Applied Materials, Inc. | ||||||||||||||
300,000 | 3.300 | 04/01/27 | 331,900 | |||||||||||
150,000 | 1.750 | 06/01/30 | 149,381 | |||||||||||
200,000 | 4.350 | 04/01/47 | 256,941 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
100,000 | 3.625 | 01/15/24 | 106,320 | |||||||||||
1,019,000 | 3.875 | 01/15/27 | 1,125,322 | |||||||||||
210,000 | 3.500 | 01/15/28 | 228,670 | |||||||||||
Broadcom, Inc. | ||||||||||||||
500,000 | 3.150 | 11/15/25 | 535,201 | |||||||||||
310,000 | 4.250 | 04/15/26 | 345,390 | |||||||||||
431,000 | 3.459 | 09/15/26 | 468,800 | |||||||||||
470,000 | 4.750 | 04/15/29 | 546,192 | |||||||||||
986,000 | 5.000 | 04/15/30 | 1,168,815 | |||||||||||
760,000 | 4.150 | 11/15/30 | 854,785 | |||||||||||
600,000 | 2.450 | (b) | 02/15/31 | 593,920 | ||||||||||
590,000 | 4.300 | 11/15/32 | 675,027 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Broadcom, Inc. – (continued) | ||||||||||||||
425,000 | 3.419 | %(b) | 04/15/33 | 451,689 | ||||||||||
290,000 | 3.469 | (b) | 04/15/34 | 308,078 | ||||||||||
600,000 | 3.500 | (b) | 02/15/41 | 615,038 | ||||||||||
170,000 | 3.750 | (b) | 02/15/51 | 176,848 | ||||||||||
Cisco Systems, Inc. | ||||||||||||||
500,000 | 2.200 | 09/20/23 | 518,435 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
565,000 | 5.450 | 06/15/23 | 608,730 | |||||||||||
648,000 | 6.020 | 06/15/26 | 775,411 | |||||||||||
1,426,000 | 4.900 | 10/01/26 | 1,653,416 | |||||||||||
460,000 | 8.100 | 07/15/36 | 705,388 | |||||||||||
400,000 | 8.350 | 07/15/46 | 659,326 | |||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
250,000 | 0.600 | 03/01/24 | 249,938 | |||||||||||
500,000 | 1.650 | 03/01/28 | 500,422 | |||||||||||
Fiserv, Inc. | ||||||||||||||
100,000 | 3.800 | 10/01/23 | 106,636 | |||||||||||
400,000 | 2.750 | 07/01/24 | 422,500 | |||||||||||
500,000 | 3.200 | 07/01/26 | 543,770 | |||||||||||
500,000 | 3.500 | 07/01/29 | 549,912 | |||||||||||
400,000 | 4.400 | 07/01/49 | 490,218 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
300,000 | 2.250 | 04/01/23 | 307,761 | |||||||||||
300,000 | 4.450 | 10/02/23 | 322,873 | |||||||||||
300,000 | 6.350 | 10/15/45 | 415,495 | |||||||||||
HP, Inc. | ||||||||||||||
300,000 | 3.400 | 06/17/30 | 320,694 | |||||||||||
368,000 | 6.000 | 09/15/41 | 483,565 | |||||||||||
Intel Corp. | ||||||||||||||
300,000 | 2.700 | 12/15/22 | 309,478 | |||||||||||
300,000 | 2.875 | 05/11/24 | 318,166 | |||||||||||
503,000 | 3.700 | 07/29/25 | 553,698 | |||||||||||
120,000 | 2.600 | 05/19/26 | 128,613 | |||||||||||
755,000 | 3.150 | 05/11/27 | 832,719 | |||||||||||
821,000 | 2.450 | 11/15/29 | 867,061 | |||||||||||
354,000 | 4.600 | 03/25/40 | 450,303 | |||||||||||
300,000 | 4.800 | 10/01/41 | 393,043 | |||||||||||
290,000 | 4.100 | 05/19/46 | 349,902 | |||||||||||
320,000 | 4.100 | 05/11/47 | 387,439 | |||||||||||
295,000 | 3.734 | 12/08/47 | 337,679 | |||||||||||
670,000 | 3.250 | 11/15/49 | 715,034 | |||||||||||
525,000 | 4.750 | 03/25/50 | 703,952 | |||||||||||
50,000 | 3.100 | 02/15/60 | 51,070 | |||||||||||
100,000 | 4.950 | 03/25/60 | 140,970 | |||||||||||
International Business Machines Corp. | ||||||||||||||
100,000 | 2.875 | 11/09/22 | 103,061 | |||||||||||
300,000 | 3.375 | 08/01/23 | 317,129 | |||||||||||
145,000 | 3.625 | 02/12/24 | 155,771 | |||||||||||
1,260,000 | 3.300 | 05/15/26 | 1,387,932 | |||||||||||
300,000 | 1.700 | 05/15/27 | 305,844 | |||||||||||
1,150,000 | 1.950 | 05/15/30 | 1,154,640 | |||||||||||
540,000 | 4.150 | 05/15/39 | 648,847 | |||||||||||
427,000 | 4.000 | 06/20/42 | 506,729 | |||||||||||
300,000 | 2.950 | 05/15/50 | 304,889 | |||||||||||
|
|
72 | 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) | ||||||||||||||
Technology – (continued) | ||||||||||||||
KLA Corp. | ||||||||||||||
$ | 300,000 | 4.650 | % | 11/01/24 | $ | 332,883 | ||||||||
300,000 | 4.100 | 03/15/29 | 346,144 | |||||||||||
Lam Research Corp. | ||||||||||||||
515,000 | 4.000 | 03/15/29 | 598,226 | |||||||||||
280,000 | 1.900 | 06/15/30 | 282,855 | |||||||||||
220,000 | 4.875 | 03/15/49 | 304,436 | |||||||||||
Microsoft Corp. | ||||||||||||||
120,000 | 2.650 | 11/03/22 | 123,008 | |||||||||||
220,000 | 2.125 | 11/15/22 | 225,032 | |||||||||||
870,000 | 2.000 | 08/08/23 | 897,610 | |||||||||||
522,000 | 2.875 | 02/06/24 | 551,115 | |||||||||||
776,000 | 2.700 | 02/12/25 | 827,237 | |||||||||||
256,000 | 3.125 | 11/03/25 | 279,002 | |||||||||||
176,000 | 2.400 | 08/08/26 | 188,368 | |||||||||||
205,000 | 3.300 | 02/06/27 | 228,691 | |||||||||||
360,000 | 3.500 | 02/12/35 | 423,363 | |||||||||||
750,000 | 3.450 | 08/08/36 | 875,268 | |||||||||||
113,000 | 4.100 | 02/06/37 | 140,703 | |||||||||||
600,000 | 3.700 | 08/08/46 | 731,952 | |||||||||||
250,000 | 4.250 | 02/06/47 | 330,498 | |||||||||||
1,751,000 | 2.525 | 06/01/50 | 1,752,568 | |||||||||||
1,200,000 | 2.921 | 03/17/52 | 1,292,785 | |||||||||||
1,196,000 | 2.675 | 06/01/60 | 1,211,989 | |||||||||||
100,000 | 3.041 | 03/17/62 | 108,898 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
216,000 | 2.900 | 05/20/24 | 229,080 | |||||||||||
330,000 | 3.450 | 05/20/25 | 359,104 | |||||||||||
320,000 | 3.250 | 05/20/27 | 353,873 | |||||||||||
126,000 | 2.150 | 05/20/30 | 129,230 | |||||||||||
200,000 | 4.650 | 05/20/35 | 254,118 | |||||||||||
536,000 | 4.800 | 05/20/45 | 721,091 | |||||||||||
250,000 | 4.300 | 05/20/47 | 318,773 | |||||||||||
Texas Instruments, Inc. | ||||||||||||||
300,000 | 2.250 | 09/04/29 | 313,816 | |||||||||||
552,000 | 4.150 | 05/15/48 | 699,450 | |||||||||||
VMware, Inc. | ||||||||||||||
50,000 | 3.900 | 08/21/27 | 56,017 | |||||||||||
Western Digital Corp. | ||||||||||||||
1,000,000 | 4.750 | 02/15/26 | 1,121,250 | |||||||||||
|
| |||||||||||||
68,570,366 | ||||||||||||||
|
| |||||||||||||
Transportation – 1.4% | ||||||||||||||
CSX Corp. | ||||||||||||||
696,000 | 3.250 | 06/01/27 | 762,259 | |||||||||||
120,000 | 3.800 | 03/01/28 | 135,406 | |||||||||||
46,000 | 4.100 | 03/15/44 | 54,531 | |||||||||||
490,000 | 3.800 | 11/01/46 | 563,984 | |||||||||||
FedEx Corp. | ||||||||||||||
540,000 | 3.100 | 08/05/29 | 585,428 | |||||||||||
92,000 | 5.100 | 01/15/44 | 120,547 | |||||||||||
250,000 | 4.750 | 11/15/45 | 315,627 | |||||||||||
234,000 | 4.550 | 04/01/46 | 287,317 | |||||||||||
260,000 | 4.400 | 01/15/47 | 315,524 | |||||||||||
584,000 | 4.950 | 10/17/48 | 768,349 | |||||||||||
160,000 | 5.250 | 05/15/50 | 220,344 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – (continued) | ||||||||||||||
FedEx Corp. Pass Through Trust, Series 2020-1 | ||||||||||||||
47,326 | 1.875 | 02/20/34 | 47,667 | |||||||||||
Southwest Airlines Co. | ||||||||||||||
270,000 | 4.750 | 05/04/23 | 288,330 | |||||||||||
170,000 | 5.250 | 05/04/25 | 192,511 | |||||||||||
Union Pacific Corp. | ||||||||||||||
414,000 | 3.950 | 09/10/28 | 475,110 | |||||||||||
500,000 | 2.400 | 02/05/30 | 520,546 | |||||||||||
400,000 | 3.250 | 02/05/50 | 428,504 | |||||||||||
310,000 | 3.799 | 10/01/51 | 360,551 | |||||||||||
408,000 | 3.839 | 03/20/60 | 475,364 | |||||||||||
950,000 | 3.799 | (b) | 04/06/71 | 1,091,035 | ||||||||||
United Parcel Service, Inc. | ||||||||||||||
272,000 | 2.450 | 10/01/22 | 278,599 | |||||||||||
92,000 | 3.050 | 11/15/27 | 102,086 | |||||||||||
792,000 | 3.400 | 03/15/29 | 889,080 | |||||||||||
330,000 | 3.750 | 11/15/47 | 394,981 | |||||||||||
934,000 | 5.300 | 04/01/50 | 1,389,007 | |||||||||||
|
| |||||||||||||
11,062,687 | ||||||||||||||
|
| |||||||||||||
Wireless – 5.9% | ||||||||||||||
American Tower Corp. | ||||||||||||||
250,000 | 4.000 | 06/01/25 | 274,458 | |||||||||||
1,050,000 | 3.375 | 10/15/26 | 1,142,741 | |||||||||||
200,000 | 2.750 | 01/15/27 | 211,366 | |||||||||||
675,000 | 3.800 | 08/15/29 | 753,606 | |||||||||||
80,000 | 2.900 | 01/15/30 | 84,194 | |||||||||||
601,000 | 3.100 | 06/15/50 | 596,470 | |||||||||||
AT&T, Inc. | ||||||||||||||
230,000 | 2.625 | 12/01/22 | 235,408 | |||||||||||
880,000 | 4.125 | 02/17/26 | 986,127 | |||||||||||
915,000 | 3.800 | 02/15/27 | 1,021,683 | |||||||||||
900,000 | 4.250 | 03/01/27 | 1,025,671 | |||||||||||
339,000 | 2.300 | 06/01/27 | 352,726 | |||||||||||
75,000 | 1.650 | 02/01/28 | 75,134 | |||||||||||
660,000 | 4.100 | 02/15/28 | 753,796 | |||||||||||
715,000 | 4.350 | 03/01/29 | 828,978 | |||||||||||
997,000 | 4.300 | 02/15/30 | 1,162,069 | |||||||||||
595,000 | 2.750 | 06/01/31 | 624,891 | |||||||||||
1,000,000 | 2.250 | 02/01/32 | 993,063 | |||||||||||
500,000 | 2.550 | (b) | 12/01/33 | 502,040 | ||||||||||
435,000 | 4.500 | 05/15/35 | 515,649 | |||||||||||
551,000 | 5.250 | 03/01/37 | 698,323 | |||||||||||
140,000 | 4.850 | 03/01/39 | 171,602 | |||||||||||
90,000 | 5.350 | 09/01/40 | 116,950 | |||||||||||
450,000 | 4.300 | 12/15/42 | 518,471 | |||||||||||
330,000 | 4.350 | 06/15/45 | 382,709 | |||||||||||
435,000 | 4.750 | 05/15/46 | 533,392 | |||||||||||
250,000 | 5.650 | 02/15/47 | 341,721 | |||||||||||
545,000 | 4.500 | 03/09/48 | 646,085 | |||||||||||
317,000 | 4.550 | 03/09/49 | 381,436 | |||||||||||
335,000 | 5.150 | 02/15/50 | 435,211 | |||||||||||
470,000 | 3.650 | 06/01/51 | 498,776 | |||||||||||
100,000 | 3.300 | 02/01/52 | 100,080 | |||||||||||
1,350,000 | 3.500 | (b) | 09/15/53 | 1,388,042 | ||||||||||
2,072,000 | 3.550 | (b) | 09/15/55 | 2,136,191 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 73 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
AT&T, Inc. – (continued) | ||||||||||||||
$ | 300,000 | 3.800 | %(b) | 12/01/57 | $ | 320,451 | ||||||||
1,702,000 | 3.650 | (b) | 09/15/59 | 1,760,278 | ||||||||||
92,000 | 3.850 | 06/01/60 | 98,640 | |||||||||||
CC Holdings GS V LLC / Crown Castle GS III Corp. | ||||||||||||||
450,000 | 3.849 | 04/15/23 | 474,240 | |||||||||||
Crown Castle International Corp. | ||||||||||||||
60,000 | 3.150 | 07/15/23 | 62,877 | |||||||||||
510,000 | 4.450 | 02/15/26 | 573,631 | |||||||||||
200,000 | 3.700 | 06/15/26 | 220,450 | |||||||||||
130,000 | 3.650 | 09/01/27 | 144,103 | |||||||||||
300,000 | 3.300 | 07/01/30 | 323,822 | |||||||||||
390,000 | 2.250 | 01/15/31 | 388,052 | |||||||||||
390,000 | 2.100 | 04/01/31 | 383,015 | |||||||||||
100,000 | 3.250 | 01/15/51 | 101,111 | |||||||||||
T-Mobile USA, Inc. | ||||||||||||||
300,000 | 3.875 | 04/15/30 | 336,746 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
650,000 | 3.500 | 11/01/24 | 703,399 | |||||||||||
184,000 | 3.376 | 02/15/25 | 199,033 | |||||||||||
540,000 | 0.850 | 11/20/25 | 534,115 | |||||||||||
853,000 | 2.625 | 08/15/26 | 907,657 | |||||||||||
450,000 | 4.125 | 03/16/27 | 515,034 | |||||||||||
1,070,000 | 2.100 | 03/22/28 | 1,101,131 | |||||||||||
722,000 | 4.329 | 09/21/28 | 842,307 | |||||||||||
860,000 | 4.016 | 12/03/29 | 989,685 | |||||||||||
471,000 | 3.150 | 03/22/30 | 512,032 | |||||||||||
300,000 | 1.500 | 09/18/30 | 289,332 | |||||||||||
1,350,000 | 2.550 | 03/21/31 | 1,391,652 | |||||||||||
485,000 | 4.500 | 08/10/33 | 586,407 | |||||||||||
750,000 | 4.400 | 11/01/34 | 903,072 | |||||||||||
220,000 | 4.272 | 01/15/36 | 262,687 | |||||||||||
510,000 | 5.250 | 03/16/37 | 677,132 | |||||||||||
1,070,000 | 2.650 | 11/20/40 | 1,043,833 | |||||||||||
450,000 | 3.850 | 11/01/42 | 515,075 | |||||||||||
60,000 | 6.550 | 09/15/43 | 96,344 | |||||||||||
804,000 | 4.125 | 08/15/46 | 949,420 | |||||||||||
700,000 | 4.862 | 08/21/46 | 912,651 | |||||||||||
815,000 | 4.522 | 09/15/48 | 1,023,784 | |||||||||||
330,000 | 5.012 | 04/15/49 | 441,458 | |||||||||||
400,000 | 2.875 | 11/20/50 | 386,085 | |||||||||||
800,000 | 3.550 | 03/22/51 | 873,802 | |||||||||||
394,000 | 5.012 | 08/21/54 | 544,216 | |||||||||||
469,000 | 4.672 | 03/15/55 | 614,318 | |||||||||||
850,000 | 2.987 | 10/30/56 | 822,988 | |||||||||||
500,000 | 3.000 | 11/20/60 | 484,733 | |||||||||||
650,000 | 3.700 | 03/22/61 | 718,608 | |||||||||||
|
| |||||||||||||
45,518,465 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $610,606,525) | $ | 630,565,505 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 17.5% | ||||||||||||||
Banks – 8.5% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||||
$ | 1,000,000 | 0.875 | % | 09/18/23 | $ | 1,005,209 | ||||||||
200,000 | 1.125 | 09/18/25 | 199,169 | |||||||||||
Banco Santander SA (Spain) | ||||||||||||||
600,000 | 2.746 | 05/28/25 | 632,220 | |||||||||||
600,000 | 4.250 | 04/11/27 | 679,789 | |||||||||||
600,000 | 3.490 | 05/28/30 | 653,719 | |||||||||||
600,000 | 2.749 | 12/03/30 | 602,851 | |||||||||||
Bank of Montreal (Canada)(a) (5 Year USD Swap + 1.280%) | ||||||||||||||
100,000 | 4.338 | 10/05/28 | 107,000 | |||||||||||
(5 Year USD Swap + 1.432%) | ||||||||||||||
1,750,000 | 3.803 | 12/15/32 | 1,942,500 | |||||||||||
Bank of Montreal, MTN (Canada) | ||||||||||||||
190,000 | 2.350 | 09/11/22 | 194,161 | |||||||||||
210,000 | 2.550 | 11/06/22 | 215,310 | |||||||||||
Bank of Montreal, Series E (Canada) | ||||||||||||||
50,000 | 3.300 | 02/05/24 | 53,349 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
500,000 | 2.000 | 11/15/22 | 510,644 | |||||||||||
800,000 | 3.400 | 02/11/24 | 854,593 | |||||||||||
300,000 | 4.500 | 12/16/25 | 340,311 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
1,000,000 | 3.684 | 01/10/23 | 1,012,294 | |||||||||||
(3M USD LIBOR + 1.356%) | ||||||||||||||
1,100,000 | 4.338 | (a) | 05/16/24 | 1,167,906 | ||||||||||
890,000 | 3.650 | 03/16/25 | 965,482 | |||||||||||
1,035,000 | 4.375 | 01/12/26 | 1,165,367 | |||||||||||
(SOFR + 2.714%) | ||||||||||||||
200,000 | 2.852 | (a) | 05/07/26 | 211,487 | ||||||||||
210,000 | 5.200 | 05/12/26 | 241,792 | |||||||||||
350,000 | 4.836 | 05/09/28 | 396,396 | |||||||||||
(US 5 Year CMT T-Note + 2.900%) | ||||||||||||||
200,000 | 3.564 | 09/23/35 | 209,853 | |||||||||||
(US 1 Year CMT T-Note + 1.700%) | ||||||||||||||
500,000 | 3.811 | (a) | 03/10/42 | 544,420 | ||||||||||
330,000 | 5.250 | 08/17/45 | 448,344 | |||||||||||
600,000 | 4.950 | 01/10/47 | 793,093 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||||||||
1,160,000 | 3.500 | 09/13/23 | 1,233,739 | |||||||||||
450,000 | 3.100 | 04/02/24 | 477,840 | |||||||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||||||||
370,000 | 3.950 | 11/09/22 | 385,320 | |||||||||||
350,000 | 4.625 | 12/01/23 | 380,949 | |||||||||||
815,000 | 3.750 | 07/21/26 | 900,337 | |||||||||||
468,000 | 5.250 | 05/24/41 | 657,565 | |||||||||||
745,000 | 5.250 | 08/04/45 | 1,017,877 | |||||||||||
Deutsche Bank AG (Germany) | ||||||||||||||
530,000 | 3.300 | 11/16/22 | 547,330 | |||||||||||
950,000 | 3.950 | 02/27/23 | 995,707 | |||||||||||
130,000 | 3.700 | 05/30/24 | 139,033 | |||||||||||
(SOFR + 2.581%) | ||||||||||||||
800,000 | 3.961 | (a) | 11/26/25 | 869,448 | ||||||||||
(SOFR + 1.718%) | ||||||||||||||
300,000 | 3.035 | (a) | 05/28/32 | 310,611 | ||||||||||
|
|
74 | 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) | ||||||||||||||
Banks – (continued) | ||||||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
$ | 540,000 | 4.250 | % | 03/14/24 | $ | 582,360 | ||||||||
(3M USD LIBOR + 0.987%) | ||||||||||||||
800,000 | 3.950 | (a) | 05/18/24 | 846,171 | ||||||||||
400,000 | 4.250 | 08/18/25 | 443,142 | |||||||||||
(SOFR + 1.402%) | ||||||||||||||
550,000 | 2.633 | (a) | 11/07/25 | 576,186 | ||||||||||
750,000 | 4.300 | 03/08/26 | 844,519 | |||||||||||
1,390,000 | 3.900 | 05/25/26 | 1,543,635 | |||||||||||
(3M USD LIBOR + 1.348%) | ||||||||||||||
500,000 | 4.292 | (a) | 09/12/26 | 555,845 | ||||||||||
(3M USD LIBOR + 1.535%) | ||||||||||||||
700,000 | 4.583 | (a) | 06/19/29 | 808,667 | ||||||||||
1,080,000 | 4.950 | 03/31/30 | 1,305,818 | |||||||||||
(3M USD LIBOR + 1.610%) | ||||||||||||||
500,000 | 3.973 | (a) | 05/22/30 | 562,085 | ||||||||||
(SOFR + 2.387%) | ||||||||||||||
1,155,000 | 2.848 | (a) | 06/04/31 | 1,206,614 | ||||||||||
(SOFR + 1.947%) | ||||||||||||||
1,050,000 | 2.357 | (a) | 08/18/31 | 1,053,177 | ||||||||||
250,000 | 6.500 | 05/02/36 | 347,671 | |||||||||||
546,000 | 6.500 | 09/15/37 | 769,971 | |||||||||||
405,000 | 6.800 | 06/01/38 | 583,788 | |||||||||||
130,000 | 6.100 | 01/14/42 | 191,204 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
590,000 | 4.100 | 10/02/23 | 633,564 | |||||||||||
200,000 | 3.950 | 03/29/27 | 225,080 | |||||||||||
490,000 | 4.550 | 10/02/28 | 577,817 | |||||||||||
330,000 | 4.050 | 04/09/29 | 380,970 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
400,000 | 4.050 | 08/16/23 | 427,005 | |||||||||||
(3M USD LIBOR + 0.810%) | ||||||||||||||
1,000,000 | 2.907 | (a) | 11/07/23 | 1,027,506 | ||||||||||
1,000,000 | 4.375 | 03/22/28 | 1,153,918 | |||||||||||
290,000 | 4.344 | 01/09/48 | 348,288 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
690,000 | 3.407 | 03/07/24 | 737,366 | |||||||||||
600,000 | 2.193 | 02/25/25 | 624,383 | |||||||||||
850,000 | 3.850 | 03/01/26 | 949,216 | |||||||||||
830,000 | 3.677 | 02/22/27 | 928,265 | |||||||||||
150,000 | 3.287 | 07/25/27 | 166,080 | |||||||||||
474,000 | 3.961 | 03/02/28 | 539,041 | |||||||||||
100,000 | 3.741 | 03/07/29 | 112,857 | |||||||||||
500,000 | 3.195 | 07/18/29 | 545,808 | |||||||||||
640,000 | 2.559 | 02/25/30 | 665,561 | |||||||||||
200,000 | 2.048 | 07/17/30 | 200,122 | |||||||||||
200,000 | 3.751 | 07/18/39 | 230,971 | |||||||||||
Mizuho Financial Group, Inc. (Japan) | ||||||||||||||
640,000 | 2.601 | 09/11/22 | 655,288 | |||||||||||
(3M USD LIBOR + 0.830%) | ||||||||||||||
200,000 | 2.226 | (a) | 05/25/26 | 206,874 | ||||||||||
200,000 | 2.839 | 09/13/26 | 214,072 | |||||||||||
1,085,000 | 4.018 | 03/05/28 | 1,244,134 | |||||||||||
(SOFR + 1.772%) | ||||||||||||||
950,000 | 2.201 | (a) | 07/10/31 | 952,151 | ||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
National Australia Bank Ltd. (Australia) | ||||||||||||||
940,000 | 2.500 | 07/12/26 | 1,004,740 | |||||||||||
Natwest Group PLC (United Kingdom) | ||||||||||||||
57,000 | 6.125 | 12/15/22 | 60,948 | |||||||||||
(3M USD LIBOR + 1.550%) | ||||||||||||||
490,000 | 4.519 | (a) | 06/25/24 | 523,608 | ||||||||||
(3M USD LIBOR + 1.762%) | ||||||||||||||
885,000 | 4.269 | (a) | 03/22/25 | 957,260 | ||||||||||
(3M USD LIBOR + 1.754%) | ||||||||||||||
345,000 | 4.892 | (a) | 05/18/29 | 405,538 | ||||||||||
(US 5 Year CMT T-Note + 2.100%) | ||||||||||||||
600,000 | 3.754 | (a) | 11/01/29 | 638,639 | ||||||||||
(3M USD LIBOR + 1.905%) | ||||||||||||||
500,000 | 5.076 | (a) | 01/27/30 | 598,697 | ||||||||||
(3M USD LIBOR + 1.871%) | ||||||||||||||
370,000 | 4.445 | (a) | 05/08/30 | 428,827 | ||||||||||
(US 5 Year CMT T-Note + 2.350%) | ||||||||||||||
420,000 | 3.032 | (a) | 11/28/35 | 422,026 | ||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
370,000 | 1.600 | 04/17/23 | 376,706 | |||||||||||
1,100,000 | 3.700 | 10/05/23 | 1,174,626 | |||||||||||
300,000 | 4.650 | 01/27/26 | 343,120 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||||
200,000 | 3.571 | 01/10/23 | 202,334 | |||||||||||
(3M USD LIBOR + 1.570%) | ||||||||||||||
200,000 | 4.796 | (a) | 11/15/24 | 217,636 | ||||||||||
Santander UK PLC (United Kingdom) | ||||||||||||||
1,100,000 | 4.000 | 03/13/24 | 1,193,933 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
300,000 | 2.778 | 10/18/22 | 308,099 | |||||||||||
800,000 | 3.102 | 01/17/23 | 829,943 | |||||||||||
400,000 | 3.784 | 03/09/26 | 446,287 | |||||||||||
50,000 | 2.632 | 07/14/26 | 53,329 | |||||||||||
610,000 | 3.010 | 10/19/26 | 660,639 | |||||||||||
100,000 | 3.446 | 01/11/27 | 110,552 | |||||||||||
150,000 | 3.364 | 07/12/27 | 165,600 | |||||||||||
500,000 | 3.040 | 07/16/29 | 538,682 | |||||||||||
1,000,000 | 2.750 | 01/15/30 | 1,054,331 | |||||||||||
1,240,000 | 2.130 | 07/08/30 | 1,242,939 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
500,000 | 3.500 | 07/19/23 | 530,236 | |||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
100,000 | 3.300 | 02/26/24 | 106,940 | |||||||||||
100,000 | 2.350 | 02/19/25 | 105,295 | |||||||||||
500,000 | 2.850 | 05/13/26 | 542,562 | |||||||||||
100,000 | 3.350 | 03/08/27 | 111,271 | |||||||||||
100,000 | 3.400 | 01/25/28 | 112,158 | |||||||||||
(US 5 Year CMT T-Note + 2.000%) | ||||||||||||||
100,000 | 4.110 | (a) | 07/24/34 | 110,805 | ||||||||||
(US 5 Year CMT T-Note + 1.750%) | ||||||||||||||
300,000 | 2.668 | (a) | 11/15/35 | 297,755 | ||||||||||
600,000 | 4.421 | 07/24/39 | 720,236 | |||||||||||
100,000 | 2.963 | 11/16/40 | 99,621 | |||||||||||
|
| |||||||||||||
65,726,123 | ||||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 75 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Beverages – 0.1% | ||||||||||||||
Coca-Cola Femsa SAB de CV (Mexico) | ||||||||||||||
$ | 700,000 | 2.750 | % | 01/22/30 | $ | 733,776 | ||||||||
|
| |||||||||||||
Brokerage – 0.0% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
309,000 | 4.700 | 09/20/47 | 384,157 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.1% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
300,000 | 0.300 | 05/26/23 | 299,749 | |||||||||||
490,000 | 3.375 | 11/16/25 | 537,157 | |||||||||||
204,000 | 0.700 | 04/08/26 | 200,414 | |||||||||||
370,000 | 3.125 | 06/12/27 | 404,428 | |||||||||||
477,000 | 1.375 | 08/06/30 | 458,039 | |||||||||||
330,000 | 6.450 | 09/15/37 | 498,201 | |||||||||||
80,000 | 4.375 | 11/16/45 | 103,600 | |||||||||||
360,000 | 4.375 | 08/17/48 | 468,221 | |||||||||||
Novartis Capital Corp. (Switzerland) | ||||||||||||||
70,000 | 3.400 | 05/06/24 | 75,299 | |||||||||||
200,000 | 1.750 | 02/14/25 | 206,553 | |||||||||||
489,000 | 3.000 | 11/20/25 | 529,749 | |||||||||||
702,000 | 3.100 | 05/17/27 | 770,161 | |||||||||||
700,000 | 2.200 | 08/14/30 | 728,768 | |||||||||||
220,000 | 4.400 | 05/06/44 | 286,593 | |||||||||||
300,000 | 4.000 | 11/20/45 | 372,606 | |||||||||||
225,000 | 2.750 | 08/14/50 | 233,745 | |||||||||||
Takeda Pharmaceutical Co., Ltd. (Japan) | ||||||||||||||
200,000 | 4.400 | 11/26/23 | 216,249 | |||||||||||
500,000 | 5.000 | 11/26/28 | 605,265 | |||||||||||
750,000 | 2.050 | 03/31/30 | 749,372 | |||||||||||
750,000 | 3.175 | 07/09/50 | 781,068 | |||||||||||
|
| |||||||||||||
8,525,237 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Unilever Capital Corp. (United Kingdom) | ||||||||||||||
100,000 | 2.900 | 05/05/27 | 108,658 | |||||||||||
500,000 | 3.500 | 03/22/28 | 563,269 | |||||||||||
500,000 | 2.125 | 09/06/29 | 516,903 | |||||||||||
|
| |||||||||||||
1,188,830 | ||||||||||||||
|
| |||||||||||||
Energy – 2.5% | ||||||||||||||
BP Capital Markets PLC (United Kingdom) | ||||||||||||||
120,000 | 2.500 | 11/06/22 | 122,991 | |||||||||||
160,000 | 3.994 | 09/26/23 | 171,691 | |||||||||||
390,000 | 3.814 | 02/10/24 | 420,568 | |||||||||||
570,000 | 3.535 | 11/04/24 | 617,374 | |||||||||||
200,000 | 3.506 | 03/17/25 | 217,541 | |||||||||||
200,000 | 3.279 | 09/19/27 | 220,501 | |||||||||||
507,000 | 3.723 | 11/28/28 | 571,002 | |||||||||||
Canadian Natural Resources Ltd. (Canada) | ||||||||||||||
300,000 | 2.950 | 01/15/23 | 309,572 | |||||||||||
800,000 | 3.850 | 06/01/27 | 882,541 | |||||||||||
Canadian Natural Resources Ltd., GMTN (Canada) | ||||||||||||||
210,000 | 4.950 | 06/01/47 | 264,584 | |||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
240,000 | 5.375 | 07/15/25 | 271,200 | |||||||||||
100,000 | 4.400 | 04/15/29 | 112,375 | |||||||||||
777,000 | 6.750 | 11/15/39 | 1,052,004 | |||||||||||
452,000 | 5.400 | 06/15/47 | 558,612 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
320,000 | 4.000 | 10/01/23 | 339,912 | |||||||||||
782,000 | 3.125 | 11/15/29 | 840,094 | |||||||||||
(3M USD LIBOR + 3.641%) | ||||||||||||||
300,000 | 6.250 | (a) | 03/01/78 | 334,500 | ||||||||||
Equinor ASA (Norway) | ||||||||||||||
70,000 | 2.450 | 01/17/23 | 72,034 | |||||||||||
500,000 | 2.875 | 04/06/25 | 533,006 | |||||||||||
200,000 | 1.750 | 01/22/26 | 205,984 | |||||||||||
300,000 | 3.125 | 04/06/30 | 329,251 | |||||||||||
100,000 | 2.375 | 05/22/30 | 103,715 | |||||||||||
140,000 | 3.950 | 05/15/43 | 164,733 | |||||||||||
392,000 | 3.250 | 11/18/49 | 425,243 | |||||||||||
250,000 | 3.700 | 04/06/50 | 292,127 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
700,000 | 2.000 | 11/07/24 | 729,154 | |||||||||||
500,000 | 3.250 | 05/11/25 | 542,335 | |||||||||||
500,000 | 2.875 | 05/10/26 | 540,574 | |||||||||||
800,000 | 3.875 | 11/13/28 | 920,246 | |||||||||||
400,000 | 2.375 | 11/07/29 | 417,508 | |||||||||||
500,000 | 4.125 | 05/11/35 | 594,871 | |||||||||||
936,000 | 6.375 | 12/15/38 | 1,382,964 | |||||||||||
892,000 | 4.375 | 05/11/45 | 1,114,954 | |||||||||||
674,000 | 4.000 | 05/10/46 | 803,409 | |||||||||||
379,000 | 3.750 | 09/12/46 | 438,409 | |||||||||||
92,000 | 3.125 | 11/07/49 | 97,204 | |||||||||||
Suncor Energy, Inc. (Canada) | ||||||||||||||
434,000 | 4.000 | 11/15/47 | 488,887 | |||||||||||
100,000 | 3.750 | 03/04/51 | 109,431 | |||||||||||
TotalEnergies Capital International SA (France) | ||||||||||||||
300,000 | 3.750 | 04/10/24 | 324,755 | |||||||||||
500,000 | 2.829 | 01/10/30 | 537,713 | |||||||||||
500,000 | 2.986 | 06/29/41 | 519,438 | |||||||||||
100,000 | 3.127 | 05/29/50 | 103,102 | |||||||||||
TotalEnergies Capital SA (France) | ||||||||||||||
244,000 | 3.883 | 10/11/28 | 280,600 | |||||||||||
|
| |||||||||||||
19,378,709 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.1% | ||||||||||||||
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust | | ||||||||||||
500,000 | 3.150 | 02/15/24 | 523,077 | |||||||||||
500,000 | 3.500 | 01/15/25 | 528,374 | |||||||||||
|
| |||||||||||||
1,051,451 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.7% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
785,000 | 3.650 | 02/01/26 | 867,210 | |||||||||||
950,000 | 4.700 | 02/01/36 | 1,172,321 | |||||||||||
1,685,000 | 4.900 | 02/01/46 | 2,152,960 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
200,000 | 3.650 | 02/01/26 | 220,637 | |||||||||||
100,000 | 4.000 | 01/17/43 | 113,299 | |||||||||||
535,000 | 4.625 | 02/01/44 | 653,390 | |||||||||||
300,000 | 4.900 | 02/01/46 | 383,375 | |||||||||||
|
|
76 | 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) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
$ | 790,000 | 4.000 | % | 04/13/28 | $ | 899,266 | ||||||||
1,100,000 | 4.750 | 01/23/29 | 1,309,806 | |||||||||||
317,000 | 4.900 | 01/23/31 | 390,949 | |||||||||||
620,000 | 4.375 | 04/15/38 | 742,144 | |||||||||||
100,000 | 4.350 | 06/01/40 | 120,111 | |||||||||||
290,000 | 4.950 | 01/15/42 | 368,935 | |||||||||||
605,000 | 4.600 | 04/15/48 | 748,617 | |||||||||||
210,000 | 4.439 | 10/06/48 | 254,927 | |||||||||||
836,000 | 5.550 | 01/23/49 | 1,168,860 | |||||||||||
150,000 | 4.500 | 06/01/50 | 185,801 | |||||||||||
310,000 | 4.750 | 04/15/58 | 395,506 | |||||||||||
434,000 | 5.800 | 01/23/59 | 642,730 | |||||||||||
Diageo Capital PLC (United Kingdom) | ||||||||||||||
400,000 | 2.625 | 04/29/23 | 413,153 | |||||||||||
|
| |||||||||||||
13,203,997 | ||||||||||||||
|
| |||||||||||||
Forest Products & Paper – 0.1% | ||||||||||||||
Suzano Austria GmbH (Brazil) | ||||||||||||||
434,000 | 3.125 | 01/15/32 | 434,926 | |||||||||||
|
| |||||||||||||
Insurance – 0.0% | ||||||||||||||
| Manulife Financial Corp.(a) (Canada) | |||||||||||||
300,000 | 4.061 | 02/24/32 | 331,024 | |||||||||||
|
| |||||||||||||
Internet – 0.4% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
840,000 | 3.400 | 12/06/27 | 913,776 | |||||||||||
600,000 | 2.125 | 02/09/31 | 588,881 | |||||||||||
400,000 | 4.000 | 12/06/37 | 447,316 | |||||||||||
550,000 | 4.200 | 12/06/47 | 637,815 | |||||||||||
300,000 | 3.150 | 02/09/51 | 294,632 | |||||||||||
200,000 | 4.400 | 12/06/57 | 239,004 | |||||||||||
|
| |||||||||||||
3,121,424 | ||||||||||||||
|
| |||||||||||||
Media – 0.1% | ||||||||||||||
Grupo Televisa SAB (Mexico) | ||||||||||||||
200,000 | 5.000 | 05/13/45 | 248,122 | |||||||||||
200,000 | 6.125 | 01/31/46 | 285,112 | |||||||||||
200,000 | 5.250 | 05/24/49 | 267,452 | |||||||||||
|
| |||||||||||||
800,686 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.3% | ||||||||||||||
BHP Billiton Finance USA Ltd. (Australia) | ||||||||||||||
150,000 | 4.125 | 02/24/42 | 182,952 | |||||||||||
650,000 | 5.000 | 09/30/43 | 896,710 | |||||||||||
Rio Tinto Finance USA Ltd. (Australia) | ||||||||||||||
80,000 | 7.125 | 07/15/28 | 107,597 | |||||||||||
525,000 | 5.200 | 11/02/40 | 718,786 | |||||||||||
Rio Tinto Finance USA PLC (Australia) | ||||||||||||||
80,000 | 4.125 | 08/21/42 | 99,232 | |||||||||||
|
| |||||||||||||
2,005,277 | ||||||||||||||
|
| |||||||||||||
Mining – 0.7% | ||||||||||||||
Barrick Gold Corp. (Canada) | ||||||||||||||
405,000 | 5.250 | 04/01/42 | 535,002 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Mining – (continued) | ||||||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
50,000 | 5.700 | 05/30/41 | 69,291 | |||||||||||
170,000 | 5.750 | 05/01/43 | 238,582 | |||||||||||
Barrick PD Australia Finance Pty Ltd. (Canada) | ||||||||||||||
100,000 | 5.950 | 10/15/39 | 140,451 | |||||||||||
Southern Copper Corp. (Peru) | ||||||||||||||
741,000 | 7.500 | 07/27/35 | 1,078,128 | |||||||||||
331,000 | 6.750 | 04/16/40 | 473,320 | |||||||||||
386,000 | 5.250 | 11/08/42 | 496,025 | |||||||||||
291,000 | 5.875 | 04/23/45 | 405,926 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
930,000 | 6.250 | 08/10/26 | 1,119,488 | |||||||||||
350,000 | 6.875 | 11/21/36 | 492,406 | |||||||||||
552,000 | 6.875 | 11/10/39 | 793,500 | |||||||||||
|
| |||||||||||||
5,842,119 | ||||||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.3% | ||||||||||||||
Ecopetrol SA (Colombia) | ||||||||||||||
250,000 | 5.875 | 09/18/23 | 269,687 | |||||||||||
150,000 | 4.125 | 01/16/25 | 156,938 | |||||||||||
200,000 | 5.375 | 06/26/26 | 221,125 | |||||||||||
300,000 | 6.875 | 04/29/30 | 362,250 | |||||||||||
468,000 | 7.375 | 09/18/43 | 573,300 | |||||||||||
400,000 | 5.875 | 05/28/45 | 430,500 | |||||||||||
|
| |||||||||||||
2,013,800 | ||||||||||||||
|
| |||||||||||||
Technology – 0.1% | ||||||||||||||
NXP BV / NXP Funding LLC(b) (China) | ||||||||||||||
170,000 | 4.875 | 03/01/24 | 186,180 | |||||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc.(b) (China) | ||||||||||||||
500,000 | 3.400 | 05/01/30 | 547,897 | |||||||||||
|
| |||||||||||||
734,077 | ||||||||||||||
|
| |||||||||||||
Telecommunications – 0.2% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
266,000 | 2.875 | 05/07/30 | 281,184 | |||||||||||
640,000 | 6.125 | 03/30/40 | 921,960 | |||||||||||
470,000 | 4.375 | 04/22/49 | 588,875 | |||||||||||
|
| |||||||||||||
1,792,019 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.6% | ||||||||||||||
Rogers Communications, Inc. (Canada) | ||||||||||||||
70,000 | 4.100 | 10/01/23 | 74,538 | |||||||||||
500,000 | 4.350 | 05/01/49 | 588,278 | |||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
1,000,000 | 3.750 | 01/16/24 | 1,076,935 | |||||||||||
50,000 | 4.125 | 05/30/25 | 55,599 | |||||||||||
300,000 | 5.000 | 05/30/38 | 383,583 | |||||||||||
700,000 | 5.250 | 05/30/48 | 935,035 | |||||||||||
450,000 | 4.875 | 06/19/49 | 578,362 | |||||||||||
700,000 | 4.250 | 09/17/50 | 828,904 | |||||||||||
|
| |||||||||||||
4,521,234 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.5% | ||||||||||||||
Orange SA (France) | ||||||||||||||
930,000 | 9.000 | 03/01/31 | 1,473,431 | |||||||||||
260,000 | 5.375 | 01/13/42 | 355,713 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 77 |
GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Wirelines – (continued) | ||||||||||||||
Telefonica Emisiones SA (Spain) | ||||||||||||||
$ | 200,000 | 4.103 | % | 03/08/27 | $ | 225,763 | ||||||||
100,000 | 7.045 | 06/20/36 | 144,936 | |||||||||||
450,000 | 4.665 | 03/06/38 | 535,593 | |||||||||||
600,000 | 5.213 | 03/08/47 | 762,750 | |||||||||||
415,000 | 4.895 | 03/06/48 | 513,419 | |||||||||||
|
| |||||||||||||
4,011,605 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $131,772,683) | $ | 135,800,471 | ||||||||||||
|
| |||||||||||||
Shares | Dividend Rate | Value | ||||||||||||
Investment Company – 0.3%(c) | ||||||||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||||||||
2,549,254 | 0.026 | % | $ | 2,549,254 | ||||||||||
(Cost $2,549,254) | ||||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.1% | ||||||||||||||
(Cost $744,928,462) | $ | 768,915,230 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.9% | 7,202,943 | ||||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 776,118,173 | ||||||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CMT | —Constant Maturity Treasury Index | |
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
|
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate(a) | Maturity Date | Value | |||||||||||
U.S. Treasury Bills – 78.7% | ||||||||||||||
U.S. Cash Management Bill | ||||||||||||||
$ | 278,729,800 | 0.054 | % | 11/01/21 | $ | 278,703,752 | ||||||||
U.S. Treasury Bills | ||||||||||||||
148,096,200 | 0.056 | 10/26/21 | 148,084,622 | |||||||||||
480,000 | 0.042 | 10/28/21 | 479,961 | |||||||||||
920,000 | 0.043 | 10/28/21 | 919,926 | |||||||||||
4,000,000 | 0.045 | 10/28/21 | 3,999,676 | |||||||||||
58,804,300 | 0.048 | 10/28/21 | 58,799,535 | |||||||||||
168,074,700 | 0.051 | 10/28/21 | 168,061,082 | |||||||||||
4,328,500 | 0.031 | 12/30/21 | 4,327,839 | |||||||||||
252,000 | 0.033 | 12/30/21 | 251,962 | |||||||||||
200,000 | 0.043 | 12/30/21 | 199,969 | |||||||||||
11,440,000 | 0.045 | 12/30/21 | 11,438,252 | |||||||||||
2,620,000 | 0.046 | 12/30/21 | 2,619,600 | |||||||||||
1,170,000 | 0.047 | 12/30/21 | 1,169,821 | |||||||||||
157,644,000 | 0.049 | 12/30/21 | 157,619,918 | |||||||||||
3,640,000 | 0.050 | 12/30/21 | 3,639,444 | |||||||||||
4,328,000 | 0.051 | 12/30/21 | 4,327,339 | |||||||||||
560,000 | 0.053 | 12/30/21 | 559,914 | |||||||||||
55,275,500 | 0.084 | 12/30/21 | 55,267,056 | |||||||||||
4,180,000 | 0.046 | 01/27/22 | 4,179,377 | |||||||||||
1,540,000 | 0.047 | 01/27/22 | 1,539,770 | |||||||||||
94,737,400 | 0.051 | 01/27/22 | 94,723,272 | |||||||||||
1,760,000 | 0.052 | 01/27/22 | 1,759,738 | |||||||||||
168,000 | 0.033 | 02/24/22 | 167,962 | |||||||||||
336,000 | 0.041 | 02/24/22 | 335,924 | |||||||||||
392,000 | 0.043 | 02/24/22 | 391,912 | |||||||||||
3,668,000 | 0.046 | 02/24/22 | 3,667,173 | |||||||||||
92,815,600 | 0.048 | 02/24/22 | 92,794,679 | |||||||||||
45,192,700 | 0.049 | 02/24/22 | 45,182,514 | |||||||||||
784,000 | 0.050 | 02/24/22 | 783,823 | |||||||||||
672,000 | 0.051 | 02/24/22 | 671,849 | |||||||||||
198,000 | 0.030 | 03/24/22 | 197,951 | |||||||||||
1,056,000 | 0.041 | 03/24/22 | 1,055,738 | |||||||||||
38,572,300 | 0.043 | 03/24/22 | 38,562,714 | |||||||||||
3,366,000 | 0.045 | 03/24/22 | 3,365,164 | |||||||||||
297,000 | 0.046 | 03/24/22 | 296,926 | |||||||||||
429,000 | 0.048 | 03/24/22 | 428,893 | |||||||||||
65,000 | 0.049 | 03/24/22 | 64,984 | |||||||||||
924,000 | 0.050 | 03/24/22 | 923,770 | |||||||||||
15,435,600 | 0.057 | 03/24/22 | 15,431,764 | |||||||||||
260,000 | 0.058 | 03/24/22 | 259,935 | |||||||||||
61,645,800 | 0.024 | 04/21/22 | 61,628,320 | |||||||||||
300,000 | 0.038 | 04/21/22 | 299,915 | |||||||||||
1,600,000 | 0.046 | 04/21/22 | 1,599,546 | |||||||||||
1,400,000 | 0.047 | 04/21/22 | 1,399,603 | |||||||||||
22,244,100 | 0.048 | 04/21/22 | 22,237,793 | |||||||||||
450,000 | 0.050 | 04/21/22 | 449,872 | |||||||||||
1,300,000 | 0.051 | 04/21/22 | 1,299,631 | |||||||||||
3,800,000 | 0.052 | 04/21/22 | 3,798,923 | |||||||||||
200,000 | 0.056 | 04/21/22 | 199,943 | |||||||||||
26,505,400 | 0.039 | 05/19/22 | 26,496,570 | |||||||||||
90,000 | 0.046 | 05/19/22 | 89,970 | |||||||||||
1,140,000 | 0.055 | 05/19/22 | 1,139,620 | |||||||||||
150,000 | 0.057 | 05/19/22 | 149,950 | |||||||||||
640,000 | 0.056 | 06/16/22 | 639,718 | |||||||||||
560,000 | 0.061 | 06/16/22 | 559,753 | |||||||||||
|
| |||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
U.S. Treasury Bills – (continued) | ||||||||||||||
1,520,000 | 0.062 | 06/16/22 | 1,519,329 | |||||||||||
34,460,900 | 0.067 | 06/16/22 | 34,445,698 | |||||||||||
69,705,300 | 0.059 | 07/14/22 | 69,668,669 | |||||||||||
480,000 | 0.066 | 07/14/22 | 479,748 | |||||||||||
27,108,300 | 0.067 | 07/14/22 | 27,094,054 | |||||||||||
300,000 | 0.071 | 07/14/22 | 299,842 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BILLS | ||||||||||||||
(Cost $1,462,742,085) | $ | 1,462,751,967 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Notes – 21.0% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 119,566,500 | 2.000 | % | 10/31/21 | $ | 119,940,145 | ||||||||
67,508,700 | 2.875 | 11/15/21 | 67,889,755 | |||||||||||
85,839,500 | 2.500 | 01/15/22 | 86,619,097 | |||||||||||
16,310,200 | 2.500 | 02/15/22 | 16,491,460 | |||||||||||
41,168,900 | 1.750 | 05/31/22 | 41,685,119 | |||||||||||
27,456,100 | 1.750 | 06/15/22 | 27,821,824 | |||||||||||
29,329,300 | 1.500 | 08/15/22 | 29,729,141 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $390,147,186) | $ | 390,176,541 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS – 99.7% | ||||||||||||||
(Cost $1,852,889,271) | $ | 1,852,928,508 | ||||||||||||
|
| |||||||||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% | | 4,731,793 | |||||||||||
|
| |||||||||||||
NET ASSETS – 100.0% | $ | 1,857,660,301 | ||||||||||||
|
|
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. | 79 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
U.S. Treasury Notes – 33.3% | ||||||||||||||
U.S. Treasury Notes | ||||||||||||||
$ | 4,322,000 | 2.125 | % | 02/29/24 | $ | 4,519,068 | ||||||||
7,272,000 | 2.500 | 01/31/25 | 7,767,546 | |||||||||||
7,778,000 | 2.000 | 02/15/25 | 8,176,776 | |||||||||||
13,844,000 | 2.125 | 05/31/26 | 14,741,538 | |||||||||||
9,910,000 | 2.000 | 11/15/26 | 10,515,455 | |||||||||||
7,302,000 | 2.750 | 02/15/28 | 8,105,287 | |||||||||||
5,879,000 | 2.875 | 08/15/28 | 6,593,796 | |||||||||||
1,518,000 | 2.375 | 05/15/29 | 1,656,336 | |||||||||||
6,906,000 | 1.500 | 02/15/30 | 7,071,420 | |||||||||||
4,188,000 | 0.875 | 11/15/30 | 4,048,676 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY NOTES | ||||||||||||||
(Cost $73,763,364) | $ | 73,195,898 | ||||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – 27.2% | ||||||||||||||
Federal Home Loan Mortgage Corporation | ||||||||||||||
$ | 526,224 | 4.500 | % | 07/01/48 | $ | 572,801 | ||||||||
Federal National Mortgage Association | ||||||||||||||
1,000,000 | 1.750 | 07/02/24 | 1,038,994 | |||||||||||
1,200,000 | 1.500 | TBA-15yr | (a) | 1,218,937 | ||||||||||
2,200,000 | 2.000 | TBA-15yr | (a) | 2,277,000 | ||||||||||
1,600,000 | 2.500 | TBA-15yr | (a) | 1,673,750 | ||||||||||
1,000,000 | 3.000 | TBA-15yr | (a) | 1,050,312 | ||||||||||
400,000 | 3.500 | TBA-15yr | (a) | 426,688 | ||||||||||
129,347 | 4.500 | 06/01/48 | 139,813 | |||||||||||
64,579 | 5.000 | 12/01/48 | 70,699 | |||||||||||
87,398 | 4.500 | 08/01/49 | 94,602 | |||||||||||
270,230 | 5.000 | 12/01/49 | 296,717 | |||||||||||
60,687 | 4.500 | 01/01/50 | 65,505 | |||||||||||
256,352 | 4.500 | 03/01/50 | 277,523 | |||||||||||
185,107 | 5.000 | 04/01/50 | 202,472 | |||||||||||
9,500,000 | 2.000 | TBA-30yr | (a) | 9,634,336 | ||||||||||
210,172 | 4.500 | 10/01/50 | 228,004 | |||||||||||
2,400,000 | 1.500 | TBA-30yr | (a) | 2,359,313 | ||||||||||
8,900,000 | 2.500 | TBA-30yr | (a) | 9,244,180 | ||||||||||
3,300,000 | 4.000 | TBA-30yr | (a) | 3,534,094 | ||||||||||
300,000 | 4.500 | TBA-30yr | (a) | 324,398 | ||||||||||
200,000 | 5.000 | TBA-30yr | (a) | 219,156 | ||||||||||
6,100,000 | 3.000 | TBA-30yr | (a) | 6,381,172 | ||||||||||
4,600,000 | 3.500 | TBA-30yr | (a) | 4,866,656 | ||||||||||
Government National Mortgage Association | ||||||||||||||
65,231 | 5.000 | 05/20/49 | 69,721 | |||||||||||
526,383 | 3.000 | 09/20/49 | 550,398 | |||||||||||
225,304 | 4.500 | 03/20/50 | 239,624 | |||||||||||
111,951 | 5.000 | 05/20/50 | 122,163 | |||||||||||
404,515 | 4.000 | 09/20/50 | 430,429 | |||||||||||
1,000,000 | 3.000 | TBA-30yr | (a) | 1,043,984 | ||||||||||
1,000,000 | 2.500 | 08/20/51 | 1,038,350 | |||||||||||
1,500,000 | 2.000 | TBA-30yr | (a) | 1,531,289 | ||||||||||
1,500,000 | 2.500 | TBA-30yr | (a) | 1,555,430 | ||||||||||
2,900,000 | 3.500 | TBA-30yr | (a) | 3,052,250 | ||||||||||
1,000,000 | 4.000 | TBA-30yr | (a) | 1,058,594 | ||||||||||
600,000 | 4.500 | TBA-30yr | (a) | 637,922 | ||||||||||
2,100,000 | 3.000 | TBA-30yr | (a) | 2,196,141 | ||||||||||
|
| |||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $59,703,144) | $ | 59,723,417 | ||||||||||||
|
| |||||||||||||
Corporate Obligations – 23.3% | ||||||||||||||
Aerospace & Defense – 0.8% | ||||||||||||||
Boeing Co. (The) | ||||||||||||||
$ | 200,000 | 3.200 | 03/01/29 | $ | 210,248 | |||||||||
200,000 | 5.150 | 05/01/30 | 236,731 | |||||||||||
150,000 | 3.900 | 05/01/49 | 158,155 | |||||||||||
100,000 | 5.805 | 05/01/50 | 136,537 | |||||||||||
General Dynamics Corp. | ||||||||||||||
15,000 | 3.625 | 04/01/30 | 17,099 | |||||||||||
Hexcel Corp. | ||||||||||||||
40,000 | 4.200 | 02/15/27 | 43,584 | |||||||||||
Huntington Ingalls Industries, Inc. | ||||||||||||||
80,000 | 4.200 | 05/01/30 | 91,887 | |||||||||||
Lockheed Martin Corp. | ||||||||||||||
80,000 | 3.550 | 01/15/26 | 88,491 | |||||||||||
50,000 | 4.500 | 05/15/36 | 63,175 | |||||||||||
15,000 | 3.800 | 03/01/45 | 17,770 | |||||||||||
40,000 | 2.800 | 06/15/50 | 40,895 | |||||||||||
Northrop Grumman Corp. | ||||||||||||||
40,000 | 4.030 | 10/15/47 | 48,194 | |||||||||||
Northrop Grumman Systems Corp. | ||||||||||||||
100,000 | 7.875 | 03/01/26 | 128,139 | |||||||||||
Raytheon Technologies Corp. | ||||||||||||||
200,000 | 3.950 | 08/16/25 | 221,766 | |||||||||||
30,000 | 4.450 | 11/16/38 | 36,707 | |||||||||||
60,000 | 4.875 | 10/15/40 | 77,307 | |||||||||||
Textron, Inc. | ||||||||||||||
80,000 | 3.000 | 06/01/30 | 85,131 | |||||||||||
|
| |||||||||||||
1,701,816 | ||||||||||||||
|
| |||||||||||||
Banks – 3.9% | ||||||||||||||
American Express Co. | ||||||||||||||
80,000 | 3.625 | 12/05/24 | 87,177 | |||||||||||
Bank of America Corp. | ||||||||||||||
40,000 | 4.100 | 07/24/23 | 42,873 | |||||||||||
(3M USD LIBOR + 0.780%) | ||||||||||||||
100,000 | 3.550 | (b) | 03/05/24 | 104,581 | ||||||||||
(SOFR + 2.150%) | ||||||||||||||
180,000 | 2.592 | (b) | 04/29/31 | 186,843 | ||||||||||
100,000 | 7.750 | 05/14/38 | 158,716 | |||||||||||
Bank of America Corp., GMTN | ||||||||||||||
40,000 | 3.300 | 01/11/23 | 41,665 | |||||||||||
(3M USD LIBOR + 0.930%) | ||||||||||||||
100,000 | 2.816 | (b) | 07/21/23 | 102,053 | ||||||||||
Bank of America Corp., Series L | ||||||||||||||
73,000 | 4.750 | 04/21/45 | 93,013 | |||||||||||
Bank of America Corp., MTN | ||||||||||||||
40,000 | 4.125 | 01/22/24 | 43,400 | |||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
80,000 | 3.559 | (b) | 04/23/27 | 87,891 | ||||||||||
(3M USD LIBOR + 0.990%) | ||||||||||||||
200,000 | 2.496 | (b) | 02/13/31 | 206,329 | ||||||||||
(3M USD LIBOR + 3.150%) | ||||||||||||||
300,000 | 4.083 | (b) | 03/20/51 | 364,855 | ||||||||||
Capital One Financial Corp. | ||||||||||||||
25,000 | 3.900 | 01/29/24 | 26,908 | |||||||||||
120,000 | 4.200 | 10/29/25 | 133,901 | |||||||||||
|
|
80 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Citigroup, Inc. | ||||||||||||||
$ | 50,000 | 3.875 | % | 10/25/23 | $ | 53,778 | ||||||||
(SOFR + 0.686%) | ||||||||||||||
250,000 | 0.776 | (b) | 10/30/24 | 250,809 | ||||||||||
40,000 | 4.125 | 07/25/28 | 45,228 | |||||||||||
(3M USD LIBOR + 1.338%) | ||||||||||||||
40,000 | 3.980 | (b) | 03/20/30 | 45,492 | ||||||||||
(SOFR + 1.146%) | ||||||||||||||
150,000 | 2.666 | (b) | 01/29/31 | 156,216 | ||||||||||
(SOFR + 2.107%) | ||||||||||||||
200,000 | 2.572 | (b) | 06/03/31 | 206,132 | ||||||||||
40,000 | 6.000 | 10/31/33 | 53,561 | |||||||||||
80,000 | 5.875 | 01/30/42 | 116,367 | |||||||||||
15,000 | 4.750 | 05/18/46 | 19,340 | |||||||||||
60,000 | 4.650 | 07/23/48 | 79,751 | |||||||||||
Citizens Financial Group, Inc. | ||||||||||||||
40,000 | 2.638 | 09/30/32 | 40,761 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
25,000 | 4.300 | 01/16/24 | 27,033 | |||||||||||
JPMorgan Chase & Co. | ||||||||||||||
40,000 | 3.875 | 02/01/24 | 43,228 | |||||||||||
(3M USD LIBOR + 0.730%) | ||||||||||||||
80,000 | 3.559 | (b) | 04/23/24 | 84,031 | ||||||||||
(SOFR + 1.455%) | ||||||||||||||
50,000 | 1.514 | (b) | 06/01/24 | 50,935 | ||||||||||
(SOFR + 1.585%) | ||||||||||||||
40,000 | 2.005 | (b) | 03/13/26 | 41,194 | ||||||||||
80,000 | 4.250 | 10/01/27 | 91,816 | |||||||||||
(3M USD LIBOR + 1.337%) | ||||||||||||||
400,000 | 3.782 | (b) | 02/01/28 | 444,874 | ||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
50,000 | 3.540 | (b) | 05/01/28 | 55,165 | ||||||||||
(SOFR + 1.510%) | ||||||||||||||
90,000 | 2.739 | (b) | 10/15/30 | 94,880 | ||||||||||
(SOFR + 3.790%) | ||||||||||||||
360,000 | 4.493 | (b) | 03/24/31 | 427,890 | ||||||||||
(3M USD LIBOR + 1.360%) | ||||||||||||||
152,000 | 3.882 | (b) | 07/24/38 | 177,156 | ||||||||||
15,000 | 5.400 | 01/06/42 | 20,883 | |||||||||||
40,000 | 4.850 | 02/01/44 | 53,280 | |||||||||||
(3M USD LIBOR + 1.380%) | ||||||||||||||
40,000 | 3.964 | (b) | 11/15/48 | 47,644 | ||||||||||
(SOFR + 2.440%) | ||||||||||||||
60,000 | 3.109 | (b) | 04/22/51 | 63,150 | ||||||||||
KeyCorp, MTN | ||||||||||||||
120,000 | 4.100 | 04/30/28 | 139,006 | |||||||||||
80,000 | 2.550 | 10/01/29 | 84,311 | |||||||||||
Manufacturers & Traders Trust Co. | ||||||||||||||
280,000 | 3.400 | 08/17/27 | 309,484 | |||||||||||
Morgan Stanley | ||||||||||||||
80,000 | 4.300 | 01/27/45 | 100,097 | |||||||||||
75,000 | 4.375 | 01/22/47 | 95,035 | |||||||||||
Morgan Stanley, GMTN | ||||||||||||||
300,000 | 3.700 | 10/23/24 | 326,868 | |||||||||||
120,000 | 4.350 | 09/08/26 | 136,446 | |||||||||||
(SOFR + 1.143%) | ||||||||||||||
200,000 | 2.699 | (b) | 01/22/31 | 209,615 | ||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Northern Trust Corp. | ||||||||||||||
15,000 | 3.950 | 10/30/25 | 16,929 | |||||||||||
56,000 | 3.650 | 08/03/28 | 63,841 | |||||||||||
150,000 | 3.150 | 05/03/29 | 166,388 | |||||||||||
PNC Financial Services Group, Inc. (The) | ||||||||||||||
80,000 | 3.900 | 04/29/24 | 86,619 | |||||||||||
200,000 | 3.450 | 04/23/29 | 223,495 | |||||||||||
Truist Bank | ||||||||||||||
40,000 | 3.200 | 04/01/24 | 42,681 | |||||||||||
Truist Financial Corp., MTN | ||||||||||||||
100,000 | 3.050 | 06/20/22 | 102,028 | |||||||||||
80,000 | 3.875 | 03/19/29 | 91,504 | |||||||||||
US Bancorp | ||||||||||||||
15,000 | 2.400 | 07/30/24 | 15,782 | |||||||||||
US Bancorp, MTN | ||||||||||||||
40,000 | 2.950 | 07/15/22 | 40,908 | |||||||||||
80,000 | 3.900 | 04/26/28 | 92,311 | |||||||||||
80,000 | 3.000 | 07/30/29 | 87,142 | |||||||||||
40,000 | 1.375 | 07/22/30 | 38,769 | |||||||||||
US Bancorp, Series X | ||||||||||||||
150,000 | 3.150 | 04/27/27 | 165,581 | |||||||||||
Wells Fargo & Co. | ||||||||||||||
(SOFR + 2.530%) | ||||||||||||||
150,000 | 3.068 | (b) | 04/30/41 | 157,866 | ||||||||||
128,000 | 5.606 | 01/15/44 | 178,003 | |||||||||||
60,000 | 3.900 | 05/01/45 | 71,972 | |||||||||||
Wells Fargo & Co.(b), MTN | ||||||||||||||
(SOFR + 1.262%) | ||||||||||||||
400,000 | 2.572 | 02/11/31 | 415,396 | |||||||||||
(SOFR + 4.032%) | ||||||||||||||
340,000 | 4.478 | 04/04/31 | 403,637 | |||||||||||
(SOFR + 4.502%) | ||||||||||||||
140,000 | 5.013 | 04/04/51 | 195,915 | |||||||||||
|
| |||||||||||||
8,528,428 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.5% | ||||||||||||||
Albemarle Corp. | ||||||||||||||
80,000 | 4.150 | 12/01/24 | 87,351 | |||||||||||
Dow Chemical Co. (The) | ||||||||||||||
60,000 | 3.600 | 11/15/50 | 65,917 | |||||||||||
DuPont de Nemours, Inc. | ||||||||||||||
54,000 | 4.205 | 11/15/23 | 58,134 | |||||||||||
15,000 | 5.419 | 11/15/48 | 21,195 | |||||||||||
Ecolab, Inc. | ||||||||||||||
40,000 | 2.375 | 08/10/22 | 40,751 | |||||||||||
15,000 | 2.750 | (c) | 08/18/55 | 14,925 | ||||||||||
Georgia-Pacific LLC | ||||||||||||||
10,000 | 8.000 | 01/15/24 | 11,733 | |||||||||||
Huntsman International LLC | ||||||||||||||
70,000 | 4.500 | 05/01/29 | 80,379 | |||||||||||
International Paper Co. | ||||||||||||||
15,000 | 4.400 | 08/15/47 | 18,887 | |||||||||||
15,000 | 4.350 | 08/15/48 | 18,825 | |||||||||||
Linde, Inc. | ||||||||||||||
100,000 | 1.100 | 08/10/30 | 94,839 | |||||||||||
LYB International Finance III LLC | ||||||||||||||
80,000 | 3.625 | 04/01/51 | 86,950 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 81 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Basic Industry – (continued) | ||||||||||||||
Mosaic Co. (The) | ||||||||||||||
$ | 80,000 | 4.875 | % | 11/15/41 | $ | 95,383 | ||||||||
PPG Industries, Inc. | ||||||||||||||
15,000 | 3.750 | 03/15/28 | 16,987 | |||||||||||
Sherwin-Williams Co. (The) | ||||||||||||||
260,000 | 2.750 | 06/01/22 | 264,256 | |||||||||||
Westlake Chemical Corp. | ||||||||||||||
40,000 | 3.600 | 08/15/26 | 44,186 | |||||||||||
|
| |||||||||||||
1,020,698 | ||||||||||||||
|
| |||||||||||||
Broadcasting – 0.1% | ||||||||||||||
Discovery Communications LLC | ||||||||||||||
80,000 | 4.125 | 05/15/29 | 90,333 | |||||||||||
40,000 | 3.625 | 05/15/30 | 43,859 | |||||||||||
Fox Corp. | ||||||||||||||
40,000 | 4.030 | 01/25/24 | 43,112 | |||||||||||
40,000 | 4.709 | 01/25/29 | 47,135 | |||||||||||
40,000 | 5.576 | 01/25/49 | 55,193 | |||||||||||
|
| |||||||||||||
279,632 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.2% | ||||||||||||||
Affiliated Managers Group, Inc. | ||||||||||||||
130,000 | 3.300 | 06/15/30 | 141,224 | |||||||||||
BlackRock, Inc. | ||||||||||||||
15,000 | 3.500 | 03/18/24 | 16,174 | |||||||||||
15,000 | 3.250 | 04/30/29 | 16,753 | |||||||||||
15,000 | 2.400 | 04/30/30 | 15,763 | |||||||||||
15,000 | 1.900 | 01/28/31 | 15,111 | |||||||||||
E*TRADE Financial Corp. | ||||||||||||||
80,000 | 4.500 | 06/20/28 | 93,087 | |||||||||||
Jefferies Group LLC | ||||||||||||||
20,000 | 6.500 | 01/20/43 | 27,969 | |||||||||||
Jefferies Group LLC / Jefferies Group Capital Finance, Inc. | ||||||||||||||
40,000 | 4.150 | 01/23/30 | 45,369 | |||||||||||
|
| |||||||||||||
371,450 | ||||||||||||||
|
| |||||||||||||
Building Materials – 0.0% | ||||||||||||||
Mohawk Industries, Inc. | ||||||||||||||
120,000 | 3.850 | 02/01/23 | 124,697 | |||||||||||
|
| |||||||||||||
Capital Goods – 0.9% | ||||||||||||||
3M Co. | ||||||||||||||
220,000 | 3.250 | 08/26/49 | 241,571 | |||||||||||
Caterpillar Financial Services Corp., MTN | ||||||||||||||
60,000 | 2.850 | 06/01/22 | 61,211 | |||||||||||
25,000 | 1.900 | 09/06/22 | 25,429 | |||||||||||
Caterpillar, Inc. | ||||||||||||||
50,000 | 3.803 | 08/15/42 | 59,745 | |||||||||||
Cummins, Inc. | ||||||||||||||
60,000 | 0.750 | 09/01/25 | 59,633 | |||||||||||
Deere & Co. | ||||||||||||||
40,000 | 2.875 | 09/07/49 | 42,278 | |||||||||||
25,000 | 3.750 | 04/15/50 | 30,563 | |||||||||||
Eaton Corp. | ||||||||||||||
70,000 | 2.750 | 11/02/22 | 71,971 | |||||||||||
Emerson Electric Co. | ||||||||||||||
60,000 | 1.950 | 10/15/30 | 60,887 | |||||||||||
15,000 | 6.000 | 08/15/32 | 20,256 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Capital Goods – (continued) | ||||||||||||||
Fortive Corp. | ||||||||||||||
15,000 | 4.300 | 06/15/46 | 18,114 | |||||||||||
Honeywell International, Inc. | ||||||||||||||
100,000 | 2.700 | 08/15/29 | 107,586 | |||||||||||
188,000 | 1.950 | 06/01/30 | 192,141 | |||||||||||
Illinois Tool Works, Inc. | ||||||||||||||
15,000 | 3.900 | 09/01/42 | 17,964 | |||||||||||
John Deere Capital Corp., MTN | ||||||||||||||
80,000 | 2.450 | 01/09/30 | 84,730 | |||||||||||
Leggett & Platt, Inc. | ||||||||||||||
80,000 | 4.400 | 03/15/29 | 92,421 | |||||||||||
Lennox International, Inc. | ||||||||||||||
80,000 | 1.700 | 08/01/27 | 80,436 | |||||||||||
Otis Worldwide Corp. | ||||||||||||||
60,000 | 2.293 | 04/05/27 | 62,849 | |||||||||||
Parker-Hannifin Corp., MTN | ||||||||||||||
15,000 | 4.200 | 11/21/34 | 17,627 | |||||||||||
Republic Services, Inc. | ||||||||||||||
22,000 | 4.750 | 05/15/23 | 23,379 | |||||||||||
Rockwell Automation, Inc. | ||||||||||||||
15,000 | 4.200 | 03/01/49 | 19,140 | |||||||||||
Waste Connections, Inc. | ||||||||||||||
40,000 | 3.050 | 04/01/50 | 41,395 | |||||||||||
Waste Management, Inc. | ||||||||||||||
50,000 | 2.500 | 11/15/50 | 47,607 | |||||||||||
Westinghouse Air Brake Technologies Corp. | ||||||||||||||
70,000 | 4.400 | 03/15/24 | 75,503 | |||||||||||
100,000 | 3.200 | 06/15/25 | 106,662 | |||||||||||
108,000 | 3.450 | 11/15/26 | 116,023 | |||||||||||
75,000 | 4.950 | 09/15/28 | 87,524 | |||||||||||
WW Grainger, Inc. | ||||||||||||||
100,000 | 1.850 | 02/15/25 | 103,307 | |||||||||||
Xylem, Inc. | ||||||||||||||
15,000 | 3.250 | 11/01/26 | 16,442 | |||||||||||
|
| |||||||||||||
1,984,394 | ||||||||||||||
|
| |||||||||||||
Communications – 1.1% | ||||||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
55,000 | 4.464 | 07/23/22 | 56,595 | |||||||||||
40,000 | 3.750 | 02/15/28 | 44,255 | |||||||||||
342,000 | 4.200 | 03/15/28 | 386,825 | |||||||||||
40,000 | 2.800 | 04/01/31 | 41,005 | |||||||||||
40,000 | 6.484 | 10/23/45 | 55,982 | |||||||||||
40,000 | 5.375 | 05/01/47 | 49,513 | |||||||||||
40,000 | 5.125 | 07/01/49 | 48,147 | |||||||||||
40,000 | 6.834 | 10/23/55 | 59,871 | |||||||||||
| Charter Communications Operating LLC / Charter | | ||||||||||||
40,000 | 4.500 | 02/01/24 | 43,455 | |||||||||||
Comcast Corp. | ||||||||||||||
75,000 | 3.300 | 04/01/27 | 82,610 | |||||||||||
50,000 | 3.150 | 02/15/28 | 54,909 | |||||||||||
232,000 | 2.650 | 02/01/30 | 244,624 | |||||||||||
80,000 | 4.400 | 08/15/35 | 96,993 | |||||||||||
60,000 | 4.000 | 08/15/47 | 71,138 | |||||||||||
25,000 | 3.969 | 11/01/47 | 29,532 | |||||||||||
|
|
82 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – (continued) | ||||||||||||||
Comcast Corp. – (continued) | ||||||||||||||
$ | 75,000 | 4.000 | % | 03/01/48 | $ | 89,005 | ||||||||
40,000 | 3.999 | 11/01/49 | 47,782 | |||||||||||
80,000 | 2.800 | 01/15/51 | 78,871 | |||||||||||
15,000 | 2.450 | 08/15/52 | 13,798 | |||||||||||
Omnicom Group, Inc. | ||||||||||||||
80,000 | 4.200 | 06/01/30 | 92,624 | |||||||||||
Time Warner Cable LLC | ||||||||||||||
15,000 | 6.750 | 06/15/39 | 21,019 | |||||||||||
15,000 | 5.875 | 11/15/40 | 19,266 | |||||||||||
15,000 | 5.500 | 09/01/41 | 18,810 | |||||||||||
Time Warner Entertainment Co. LP | ||||||||||||||
40,000 | 8.375 | 03/15/23 | 44,748 | |||||||||||
15,000 | 8.375 | 07/15/33 | 22,690 | |||||||||||
TWDC Enterprises 18 Corp. | ||||||||||||||
15,000 | 4.375 | 08/16/41 | 18,577 | |||||||||||
TWDC Enterprises 18 Corp., GMTN | ||||||||||||||
15,000 | 4.125 | 06/01/44 | 18,366 | |||||||||||
ViacomCBS, Inc. | ||||||||||||||
80,000 | 3.875 | 04/01/24 | 85,651 | |||||||||||
80,000 | 4.000 | 01/15/26 | 88,672 | |||||||||||
11,000 | 6.875 | 04/30/36 | 15,831 | |||||||||||
15,000 | 4.900 | 08/15/44 | 18,538 | |||||||||||
Walt Disney Co. (The) | ||||||||||||||
60,000 | 3.000 | 09/15/22 | 61,682 | |||||||||||
80,000 | 2.000 | 09/01/29 | 81,469 | |||||||||||
80,000 | 3.800 | 03/22/30 | 92,508 | |||||||||||
90,000 | 3.500 | 05/13/40 | 101,399 | |||||||||||
15,000 | 4.750 | 09/15/44 | 19,869 | |||||||||||
50,000 | 3.600 | 01/13/51 | 58,067 | |||||||||||
|
| |||||||||||||
2,474,696 | ||||||||||||||
|
| |||||||||||||
Consumer Cyclical – 2.4% | ||||||||||||||
Amazon.com, Inc. | ||||||||||||||
40,000 | 0.400 | 06/03/23 | 40,120 | |||||||||||
40,000 | 3.800 | 12/05/24 | 43,878 | |||||||||||
200,000 | 3.150 | 08/22/27 | 221,134 | |||||||||||
100,000 | 2.100 | 05/12/31 | 102,649 | |||||||||||
80,000 | 4.050 | 08/22/47 | 99,074 | |||||||||||
15,000 | 2.500 | 06/03/50 | 14,401 | |||||||||||
50,000 | 2.700 | 06/03/60 | 48,627 | |||||||||||
American Honda Finance Corp., MTN | ||||||||||||||
100,000 | 2.200 | 06/27/22 | 101,577 | |||||||||||
Aptiv PLC | ||||||||||||||
40,000 | 4.250 | 01/15/26 | 45,113 | |||||||||||
BorgWarner, Inc. | ||||||||||||||
100,000 | 3.375 | 03/15/25 | 107,810 | |||||||||||
Costco Wholesale Corp. | ||||||||||||||
40,000 | 3.000 | 05/18/27 | 43,987 | |||||||||||
CyrusOne LP / CyrusOne Finance Corp. | ||||||||||||||
30,000 | 3.450 | 11/15/29 | 31,654 | |||||||||||
15,000 | 2.150 | 11/01/30 | 14,300 | |||||||||||
Dollar General Corp. | ||||||||||||||
180,000 | 3.500 | 04/03/30 | 200,862 | |||||||||||
DR Horton, Inc. | ||||||||||||||
80,000 | 2.500 | 10/15/24 | 83,845 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
DR Horton, Inc. – (continued) | ||||||||||||||
90,000 | 2.600 | 10/15/25 | 94,938 | |||||||||||
100,000 | 1.400 | 10/15/27 | 98,918 | |||||||||||
eBay, Inc. | ||||||||||||||
15,000 | 4.000 | 07/15/42 | 17,110 | |||||||||||
General Motors Co. | ||||||||||||||
100,000 | 5.400 | 10/02/23 | 109,444 | |||||||||||
15,000 | 6.750 | 04/01/46 | 21,859 | |||||||||||
40,000 | 5.950 | 04/01/49 | 54,723 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
120,000 | 3.150 | 06/30/22 | 122,425 | |||||||||||
40,000 | 5.200 | 03/20/23 | 42,713 | |||||||||||
90,000 | 3.700 | 05/09/23 | 94,123 | |||||||||||
100,000 | 4.250 | 05/15/23 | 105,997 | |||||||||||
50,000 | 1.700 | 08/18/23 | 51,052 | |||||||||||
25,000 | 1.050 | 03/08/24 | 25,186 | |||||||||||
80,000 | 2.900 | 02/26/25 | 84,630 | |||||||||||
80,000 | 3.850 | �� | 01/05/28 | 87,934 | ||||||||||
Global Payments, Inc. | ||||||||||||||
120,000 | 4.800 | 04/01/26 | 137,361 | |||||||||||
Home Depot, Inc. (The) | ||||||||||||||
40,000 | 2.625 | 06/01/22 | 40,654 | |||||||||||
90,000 | 3.350 | 09/15/25 | 98,459 | |||||||||||
40,000 | 2.950 | 06/15/29 | 43,798 | |||||||||||
130,000 | 4.200 | 04/01/43 | 160,611 | |||||||||||
Lowe’s Cos., Inc. | ||||||||||||||
40,000 | 3.650 | 04/05/29 | 44,945 | |||||||||||
100,000 | 1.700 | 10/15/30 | 97,088 | |||||||||||
30,000 | 3.000 | 10/15/50 | 30,254 | |||||||||||
Marriott International, Inc., Series EE | ||||||||||||||
50,000 | 5.750 | 05/01/25 | 57,529 | |||||||||||
Mastercard, Inc. | ||||||||||||||
60,000 | 2.000 | 03/03/25 | 62,664 | |||||||||||
15,000 | 3.300 | 03/26/27 | 16,658 | |||||||||||
McDonald’s Corp., MTN | ||||||||||||||
45,000 | 4.700 | 12/09/35 | 56,046 | |||||||||||
60,000 | 4.450 | 09/01/48 | 75,543 | |||||||||||
MDC Holdings, Inc. | ||||||||||||||
40,000 | 6.000 | 01/15/43 | 51,550 | |||||||||||
NIKE, Inc. | ||||||||||||||
100,000 | 2.250 | 05/01/23 | 102,913 | |||||||||||
20,000 | 3.375 | 03/27/50 | 23,005 | |||||||||||
NVR, Inc. | ||||||||||||||
80,000 | 3.000 | 05/15/30 | 84,903 | |||||||||||
O’Reilly Automotive, Inc. | ||||||||||||||
80,000 | 4.200 | 04/01/30 | 93,044 | |||||||||||
Starbucks Corp. | ||||||||||||||
250,000 | 3.800 | 08/15/25 | 276,157 | |||||||||||
Tapestry, Inc. | ||||||||||||||
100,000 | 4.250 | 04/01/25 | 108,392 | |||||||||||
140,000 | 4.125 | 07/15/27 | 153,075 | |||||||||||
Target Corp. | ||||||||||||||
120,000 | 3.500 | 07/01/24 | 130,055 | |||||||||||
172,000 | 4.000 | 07/01/42 | 216,395 | |||||||||||
15,000 | 3.900 | 11/15/47 | 18,966 | |||||||||||
Toyota Motor Credit Corp. | ||||||||||||||
40,000 | 3.650 | 01/08/29 | 45,812 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 83 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Cyclical – (continued) | ||||||||||||||
Toyota Motor Credit Corp., MTN | ||||||||||||||
$ | 76,000 | 0.350 | % | 10/14/22 | $ | 76,119 | ||||||||
80,000 | 3.375 | 04/01/30 | 90,266 | |||||||||||
Visa, Inc. | ||||||||||||||
50,000 | 0.750 | 08/15/27 | 49,151 | |||||||||||
15,000 | 2.750 | 09/15/27 | 16,309 | |||||||||||
40,000 | 4.300 | 12/14/45 | 51,417 | |||||||||||
Walmart, Inc. | ||||||||||||||
15,000 | 2.550 | 04/11/23 | 15,480 | |||||||||||
100,000 | 3.300 | 04/22/24 | 106,836 | |||||||||||
180,000 | 3.550 | 06/26/25 | 198,087 | |||||||||||
110,000 | 3.050 | 07/08/26 | 120,520 | |||||||||||
50,000 | 7.550 | 02/15/30 | 73,212 | |||||||||||
40,000 | 4.750 | 10/02/43 | 53,212 | |||||||||||
Western Union Co. (The) | ||||||||||||||
40,000 | 6.200 | 11/17/36 | 50,002 | |||||||||||
|
| |||||||||||||
5,336,571 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.7% | ||||||||||||||
Abbott Laboratories | ||||||||||||||
60,000 | 3.875 | 09/15/25 | 66,594 | |||||||||||
150,000 | 4.750 | 11/30/36 | 194,476 | |||||||||||
75,000 | 6.000 | 04/01/39 | 111,262 | |||||||||||
40,000 | 4.750 | 04/15/43 | 53,545 | |||||||||||
Agilent Technologies, Inc. | ||||||||||||||
100,000 | 2.750 | 09/15/29 | 105,172 | |||||||||||
Altria Group, Inc. | ||||||||||||||
115,000 | 3.400 | 05/06/30 | 123,356 | |||||||||||
40,000 | 4.500 | 05/02/43 | 43,529 | |||||||||||
40,000 | 5.375 | 01/31/44 | 48,111 | |||||||||||
15,000 | 4.450 | 05/06/50 | 16,389 | |||||||||||
Amgen, Inc. | ||||||||||||||
250,000 | 2.600 | 08/19/26 | 266,139 | |||||||||||
160,000 | 2.450 | 02/21/30 | 165,359 | |||||||||||
15,000 | 2.770 | 09/01/53 | 14,431 | |||||||||||
Becton Dickinson and Co. | ||||||||||||||
80,000 | 3.794 | 05/20/50 | 91,260 | |||||||||||
Bristol-Myers Squibb Co. | ||||||||||||||
350,000 | 0.750 | 11/13/25 | 348,720 | |||||||||||
132,000 | 2.350 | 11/13/40 | 128,365 | |||||||||||
150,000 | 5.000 | 08/15/45 | 206,593 | |||||||||||
Centene Corp. | ||||||||||||||
15,000 | 4.625 | 12/15/29 | 16,538 | |||||||||||
15,000 | 3.375 | 02/15/30 | 15,731 | |||||||||||
75,000 | 3.000 | 10/15/30 | 78,000 | |||||||||||
Eli Lilly & Co. | ||||||||||||||
15,000 | 3.100 | 05/15/27 | 16,421 | |||||||||||
250,000 | 3.375 | 03/15/29 | 281,808 | |||||||||||
15,000 | 4.150 | 03/15/59 | 19,565 | |||||||||||
Equifax, Inc. | ||||||||||||||
40,000 | 3.250 | 06/01/26 | 42,984 | |||||||||||
Johnson & Johnson | ||||||||||||||
76,000 | 0.550 | 09/01/25 | 75,420 | |||||||||||
15,000 | 0.950 | 09/01/27 | 14,844 | |||||||||||
90,000 | 2.900 | 01/15/28 | 98,435 | |||||||||||
25,000 | 3.625 | 03/03/37 | 29,441 | |||||||||||
35,000 | 3.700 | 03/01/46 | 42,387 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Consumer Noncyclical – (continued) | ||||||||||||||
Kroger Co. (The) | ||||||||||||||
15,000 | 4.450 | 02/01/47 | 18,277 | |||||||||||
Laboratory Corp. of America Holdings | ||||||||||||||
15,000 | 4.700 | 02/01/45 | 18,629 | |||||||||||
Mylan, Inc. | ||||||||||||||
40,000 | 5.400 | 11/29/43 | 50,087 | |||||||||||
Pfizer, Inc. | ||||||||||||||
40,000 | 0.800 | 05/28/25 | 40,092 | |||||||||||
260,000 | 4.000 | 12/15/36 | 315,469 | |||||||||||
10,000 | 4.100 | 09/15/38 | 12,228 | |||||||||||
40,000 | 2.700 | 05/28/50 | 40,453 | |||||||||||
Philip Morris International, Inc. | ||||||||||||||
40,000 | 3.250 | 11/10/24 | 43,209 | |||||||||||
15,000 | 4.375 | 11/15/41 | 17,661 | |||||||||||
15,000 | 4.875 | 11/15/43 | 18,843 | |||||||||||
10,000 | 4.250 | 11/10/44 | 11,748 | |||||||||||
Thermo Fisher Scientific, Inc. | ||||||||||||||
180,000 | 2.950 | 09/19/26 | 194,535 | |||||||||||
Utah Acquisition Sub, Inc. | ||||||||||||||
75,000 | 5.250 | 06/15/46 | 93,554 | |||||||||||
Viatris, Inc.(c) | ||||||||||||||
15,000 | 4.000 | 06/22/50 | 16,380 | |||||||||||
Walgreens Boots Alliance, Inc. | ||||||||||||||
40,000 | 4.800 | 11/18/44 | 48,851 | |||||||||||
15,000 | 4.650 | 06/01/46 | 17,915 | |||||||||||
Wyeth LLC | ||||||||||||||
10,000 | 6.500 | 02/01/34 | 14,652 | |||||||||||
|
| |||||||||||||
3,687,458 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.1% | ||||||||||||||
Colgate-Palmolive Co., MTN | ||||||||||||||
40,000 | 4.000 | 08/15/45 | 51,330 | |||||||||||
15,000 | 3.700 | 08/01/47 | 18,582 | |||||||||||
Procter & Gamble Co. (The) | ||||||||||||||
90,000 | 2.150 | 08/11/22 | 91,687 | |||||||||||
40,000 | 0.550 | 10/29/25 | 39,710 | |||||||||||
40,000 | 1.000 | 04/23/26 | 40,250 | |||||||||||
15,000 | 2.850 | 08/11/27 | 16,406 | |||||||||||
Whirlpool Corp., MTN | ||||||||||||||
15,000 | 5.150 | 03/01/43 | 19,448 | |||||||||||
|
| |||||||||||||
277,413 | ||||||||||||||
|
| |||||||||||||
Distributors – 0.0% | ||||||||||||||
PACCAR Financial Corp., MTN | ||||||||||||||
76,000 | 2.650 | 04/06/23 | 78,860 | |||||||||||
|
| |||||||||||||
Electric – 1.9% | ||||||||||||||
Alabama Power Co., Series 20-A | ||||||||||||||
15,000 | 1.450 | 09/15/30 | 14,502 | |||||||||||
American Electric Power Co., Inc. | ||||||||||||||
300,000 | 2.300 | 03/01/30 | 302,073 | |||||||||||
40,000 | 3.250 | 03/01/50 | 40,781 | |||||||||||
American Electric Power Co., Inc., Series J | ||||||||||||||
36,000 | 4.300 | 12/01/28 | 41,567 | |||||||||||
Berkshire Hathaway Energy Co. | ||||||||||||||
15,000 | 5.150 | 11/15/43 | 19,891 | |||||||||||
40,000 | 4.500 | 02/01/45 | 49,536 | |||||||||||
40,000 | 4.250 | 10/15/50 | 49,522 | |||||||||||
|
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Cleco Corporate Holdings LLC | ||||||||||||||
$ | 80,000 | 3.375 | % | 09/15/29 | $ | 83,639 | ||||||||
Cleco Power LLC | ||||||||||||||
15,000 | 6.000 | 12/01/40 | 21,030 | |||||||||||
Consolidated Edison Co. of New York, Inc. | ||||||||||||||
40,000 | 4.625 | 12/01/54 | 51,459 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 08-B | ||||||||||||||
10,000 | 6.750 | 04/01/38 | 14,835 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series 12-A | ||||||||||||||
40,000 | 4.200 | 03/15/42 | 47,364 | |||||||||||
Consolidated Edison Co. of New York, Inc., Series A | ||||||||||||||
15,000 | 4.125 | 05/15/49 | 17,849 | |||||||||||
Consumers Energy Co. | ||||||||||||||
15,000 | 4.350 | 04/15/49 | 19,458 | |||||||||||
Dominion Energy South Carolina, Inc. | ||||||||||||||
80,000 | 5.100 | 06/01/65 | 119,055 | |||||||||||
Dominion Energy, Inc. | ||||||||||||||
80,000 | 4.250 | 06/01/28 | 91,962 | |||||||||||
DTE Electric Co. | ||||||||||||||
15,000 | 3.700 | 03/15/45 | 17,382 | |||||||||||
DTE Electric Co., Series A | ||||||||||||||
40,000 | 4.000 | 04/01/43 | 48,177 | |||||||||||
DTE Energy Co., Series C | ||||||||||||||
60,000 | 2.529 | 10/01/24 | 62,930 | |||||||||||
Duke Energy Carolinas LLC | ||||||||||||||
50,000 | 3.950 | 03/15/48 | 59,469 | |||||||||||
Duke Energy Corp. | ||||||||||||||
80,000 | 2.400 | 08/15/22 | 81,426 | |||||||||||
300,000 | 3.750 | 09/01/46 | 327,282 | |||||||||||
Duke Energy Indiana LLC | ||||||||||||||
50,000 | 6.350 | 08/15/38 | 73,492 | |||||||||||
40,000 | 6.450 | 04/01/39 | 59,104 | |||||||||||
Duke Energy Progress LLC | ||||||||||||||
15,000 | 4.100 | 05/15/42 | 17,918 | |||||||||||
Eastern Gas Transmission & Storage, Inc.(c) | ||||||||||||||
15,000 | 4.600 | 12/15/44 | 18,249 | |||||||||||
Edison International | ||||||||||||||
315,000 | 5.750 | 06/15/27 | 360,471 | |||||||||||
Entergy Louisiana LLC | ||||||||||||||
152,000 | 3.100 | 06/15/41 | 160,328 | |||||||||||
15,000 | 4.200 | 04/01/50 | 18,577 | |||||||||||
Evergy Kansas Central, Inc. | ||||||||||||||
40,000 | 4.250 | 12/01/45 | 49,489 | |||||||||||
Evergy Metro, Inc., Series 2019 | ||||||||||||||
15,000 | 4.125 | 04/01/49 | 18,519 | |||||||||||
Eversource Energy | ||||||||||||||
60,000 | 3.450 | 01/15/50 | 64,968 | |||||||||||
Exelon Generation Co. LLC | ||||||||||||||
220,000 | 6.250 | 10/01/39 | 275,495 | |||||||||||
Florida Power & Light Co. | ||||||||||||||
15,000 | 3.125 | 12/01/25 | 16,255 | |||||||||||
80,000 | 4.950 | 06/01/35 | 105,634 | |||||||||||
15,000 | 4.125 | 02/01/42 | 18,488 | |||||||||||
Georgia Power Co., Series B | ||||||||||||||
400,000 | 2.650 | 09/15/29 | 421,331 | |||||||||||
15,000 | 3.700 | 01/30/50 | 16,559 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
Interstate Power and Light Co. | ||||||||||||||
40,000 | 3.500 | 09/30/49 | 44,495 | |||||||||||
Kentucky Utilities Co. | ||||||||||||||
40,000 | 3.300 | 06/01/50 | 43,104 | |||||||||||
MidAmerican Energy Co. | ||||||||||||||
15,000 | 3.150 | 04/15/50 | 16,021 | |||||||||||
National Rural Utilities Cooperative Finance Corp. | ||||||||||||||
40,000 | 2.400 | 03/15/30 | 41,477 | |||||||||||
NSTAR Electric Co. | ||||||||||||||
15,000 | 3.200 | 05/15/27 | 16,423 | |||||||||||
Ohio Power Co., Series D | ||||||||||||||
15,000 | 6.600 | 03/01/33 | 20,820 | |||||||||||
Oncor Electric Delivery Co. LLC | ||||||||||||||
76,000 | 3.800 | 06/01/49 | 91,135 | |||||||||||
15,000 | 5.350 | 10/01/52 | 22,674 | |||||||||||
PPL Capital Funding, Inc. | ||||||||||||||
25,000 | 5.000 | 03/15/44 | 33,363 | |||||||||||
PPL Electric Utilities Corp. | ||||||||||||||
40,000 | 4.125 | 06/15/44 | 48,953 | |||||||||||
Public Service Co. of Colorado, Series 36 | ||||||||||||||
60,000 | 2.700 | 01/15/51 | 60,784 | |||||||||||
Puget Sound Energy, Inc. | ||||||||||||||
55,000 | 4.223 | 06/15/48 | 68,587 | |||||||||||
Sempra Energy | ||||||||||||||
15,000 | 6.000 | 10/15/39 | 21,101 | |||||||||||
Southern Co. Gas Capital Corp. | ||||||||||||||
15,000 | 3.950 | 10/01/46 | 17,110 | |||||||||||
Union Electric Co. | ||||||||||||||
42,000 | 3.500 | 03/15/29 | 46,915 | |||||||||||
40,000 | 2.950 | 03/15/30 | 43,228 | |||||||||||
Virginia Electric and Power Co., Series B | ||||||||||||||
15,000 | 3.800 | 09/15/47 | 17,438 | |||||||||||
Virginia Electric and Power Co., Series C | ||||||||||||||
80,000 | 4.000 | 11/15/46 | 95,827 | |||||||||||
Virginia Electric And Power Co. | ||||||||||||||
50,000 | 4.000 | 01/15/43 | 59,156 | |||||||||||
Xcel Energy, Inc. | ||||||||||||||
40,000 | 3.500 | 12/01/49 | 43,770 | |||||||||||
|
| |||||||||||||
4,128,447 | ||||||||||||||
|
| |||||||||||||
Energy – 1.8% | ||||||||||||||
BP Capital Markets America, Inc. | ||||||||||||||
86,000 | 4.234 | 11/06/28 | 99,521 | |||||||||||
40,000 | 2.772 | 11/10/50 | 38,242 | |||||||||||
100,000 | 2.939 | 06/04/51 | 97,948 | |||||||||||
Cheniere Corpus Christi Holdings LLC | ||||||||||||||
80,000 | 5.875 | 03/31/25 | 91,050 | |||||||||||
40,000 | 5.125 | 06/30/27 | 46,575 | |||||||||||
ConocoPhillips(c) | ||||||||||||||
300,000 | 3.750 | 10/01/27 | 337,618 | |||||||||||
Devon Energy Corp.(c) | ||||||||||||||
9,000 | 4.500 | 01/15/30 | 9,878 | |||||||||||
Energy Transfer LP | ||||||||||||||
50,000 | 3.600 | 02/01/23 | 51,655 | |||||||||||
100,000 | 4.250 | 04/01/24 | 107,000 | |||||||||||
40,000 | 3.750 | 05/15/30 | 43,479 | |||||||||||
15,000 | 5.300 | 04/15/47 | 17,747 | |||||||||||
55,000 | 6.250 | 04/15/49 | 73,382 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Energy Transfer LP / Regency Energy Finance Corp. | ||||||||||||||
$ | 120,000 | 4.500 | % | 11/01/23 | $ | 128,025 | ||||||||
Enterprise Products Operating LLC | ||||||||||||||
160,000 | 4.850 | 08/15/42 | 197,776 | |||||||||||
60,000 | 4.200 | 01/31/50 | 69,487 | |||||||||||
15,000 | 3.950 | 01/31/60 | 16,740 | |||||||||||
Enterprise Products Operating LLC, Series D | ||||||||||||||
80,000 | 6.875 | 03/01/33 | 113,141 | |||||||||||
EOG Resources, Inc. | ||||||||||||||
60,000 | 3.900 | 04/01/35 | 68,800 | |||||||||||
Exxon Mobil Corp. | ||||||||||||||
200,000 | 2.275 | 08/16/26 | 210,912 | |||||||||||
200,000 | 4.227 | 03/19/40 | 242,262 | |||||||||||
Halliburton Co. | ||||||||||||||
50,000 | 5.000 | 11/15/45 | 60,563 | |||||||||||
Hess Corp. | ||||||||||||||
30,000 | 4.300 | 04/01/27 | 33,356 | |||||||||||
15,000 | 6.000 | 01/15/40 | 18,956 | |||||||||||
Kinder Morgan Energy Partners LP | ||||||||||||||
50,000 | 3.450 | 02/15/23 | 51,813 | |||||||||||
Kinder Morgan, Inc. | ||||||||||||||
56,000 | 2.000 | 02/15/31 | 54,751 | |||||||||||
200,000 | 5.200 | 03/01/48 | 253,908 | |||||||||||
Magellan Midstream Partners LP | ||||||||||||||
15,000 | 4.200 | 10/03/47 | 16,880 | |||||||||||
MPLX LP | ||||||||||||||
100,000 | 2.650 | 08/15/30 | 102,375 | |||||||||||
40,000 | 4.700 | 04/15/48 | 46,836 | |||||||||||
NOV, Inc. | ||||||||||||||
15,000 | 3.950 | 12/01/42 | 15,000 | |||||||||||
ONEOK Partners LP | ||||||||||||||
15,000 | 6.650 | 10/01/36 | 20,337 | |||||||||||
ONEOK, Inc. | ||||||||||||||
80,000 | 2.200 | 09/15/25 | 82,422 | |||||||||||
40,000 | 5.200 | 07/15/48 | 49,282 | |||||||||||
Ovintiv, Inc. | ||||||||||||||
40,000 | 7.375 | 11/01/31 | 53,702 | |||||||||||
Plains All American Pipeline LP / PAA Finance Corp. | ||||||||||||||
100,000 | 3.850 | 10/15/23 | 105,430 | |||||||||||
90,000 | 3.600 | 11/01/24 | 95,973 | |||||||||||
40,000 | 4.500 | 12/15/26 | 44,900 | |||||||||||
92,000 | 3.550 | 12/15/29 | 97,696 | |||||||||||
35,000 | 6.700 | 05/15/36 | 43,332 | |||||||||||
40,000 | 6.650 | 01/15/37 | 52,916 | |||||||||||
15,000 | 4.700 | 06/15/44 | 16,052 | |||||||||||
Sabine Pass Liquefaction LLC | ||||||||||||||
120,000 | 5.750 | 05/15/24 | 133,875 | |||||||||||
110,000 | 5.625 | 03/01/25 | 125,249 | |||||||||||
40,000 | 4.200 | 03/15/28 | 45,050 | |||||||||||
15,000 | 4.500 | 05/15/30 | 17,390 | |||||||||||
Schlumberger Investment SA | ||||||||||||||
50,000 | 3.650 | 12/01/23 | 53,155 | |||||||||||
Transcontinental Gas Pipe Line Co. LLC | ||||||||||||||
50,000 | 5.400 | 08/15/41 | 65,248 | |||||||||||
40,000 | 3.950 | 05/15/50 | 45,311 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Energy – (continued) | ||||||||||||||
Valero Energy Corp. | ||||||||||||||
15,000 | 4.900 | 03/15/45 | 18,329 | |||||||||||
Williams Cos., Inc. (The) | ||||||||||||||
15,000 | 6.300 | 04/15/40 | 20,717 | |||||||||||
|
| |||||||||||||
3,902,042 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.3% | ||||||||||||||
Aircastle Ltd. | ||||||||||||||
80,000 | 5.000 | 04/01/23 | 85,193 | |||||||||||
15,000 | 4.250 | 06/15/26 | 16,506 | |||||||||||
Ally Financial, Inc. | ||||||||||||||
205,000 | 5.125 | 09/30/24 | 229,608 | |||||||||||
80,000 | 8.000 | 11/01/31 | 117,535 | |||||||||||
60,000 | 8.000 | 11/01/31 | 85,383 | |||||||||||
Ares Capital Corp. | ||||||||||||||
80,000 | 3.250 | 07/15/25 | 84,551 | |||||||||||
40,000 | 3.875 | 01/15/26 | 43,008 | |||||||||||
|
| |||||||||||||
661,784 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.0% | ||||||||||||||
Campbell Soup Co. | ||||||||||||||
40,000 | 4.800 | 03/15/48 | 50,672 | |||||||||||
Coca-Cola Co. (The) | ||||||||||||||
155,000 | 1.750 | 09/06/24 | 161,370 | |||||||||||
Conagra Brands, Inc. | ||||||||||||||
80,000 | 4.600 | 11/01/25 | 90,332 | |||||||||||
Constellation Brands, Inc. | ||||||||||||||
40,000 | 3.150 | 08/01/29 | 43,177 | |||||||||||
General Mills, Inc. | ||||||||||||||
80,000 | 2.875 | 04/15/30 | 85,588 | |||||||||||
207,000 | 4.550 | 04/17/38 | 256,947 | |||||||||||
15,000 | 4.150 | 02/15/43 | 17,999 | |||||||||||
Hershey Co. (The) | ||||||||||||||
40,000 | 3.375 | 08/15/46 | 45,141 | |||||||||||
International Flavors & Fragrances, Inc. | ||||||||||||||
15,000 | 4.375 | 06/01/47 | 18,160 | |||||||||||
J M Smucker Co. (The) | ||||||||||||||
15,000 | 4.375 | 03/15/45 | 18,271 | |||||||||||
Kellogg Co. | ||||||||||||||
60,000 | 2.650 | 12/01/23 | 62,890 | |||||||||||
Keurig Dr Pepper, Inc. | ||||||||||||||
160,000 | 4.417 | 05/25/25 | 178,828 | |||||||||||
Kraft Heinz Foods Co. | ||||||||||||||
79,000 | 3.000 | 06/01/26 | 83,783 | |||||||||||
51,000 | 4.625 | 01/30/29 | 59,171 | |||||||||||
80,000 | 3.750 | 04/01/30 | 88,498 | |||||||||||
80,000 | 4.250 | 03/01/31 | 92,272 | |||||||||||
30,000 | 5.000 | 07/15/35 | 37,208 | |||||||||||
40,000 | 4.875 | 10/01/49 | 49,845 | |||||||||||
McCormick & Co., Inc. | ||||||||||||||
160,000 | 2.700 | 08/15/22 | 163,369 | |||||||||||
Molson Coors Beverage Co. | ||||||||||||||
120,000 | 4.200 | 07/15/46 | 135,551 | |||||||||||
PepsiCo, Inc. | ||||||||||||||
40,000 | 3.500 | 07/17/25 | 43,901 | |||||||||||
146,000 | 2.750 | 03/19/30 | 158,309 | |||||||||||
40,000 | 3.375 | 07/29/49 | 45,497 | |||||||||||
|
|
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Food and Beverage – (continued) | ||||||||||||||
Sysco Corp. | ||||||||||||||
$ | 80,000 | 2.400 | % | 02/15/30 | $ | 82,574 | ||||||||
Tyson Foods, Inc. | ||||||||||||||
40,000 | 3.550 | 06/02/27 | 44,582 | |||||||||||
|
| |||||||||||||
2,113,935 | ||||||||||||||
|
| |||||||||||||
Healthcare – 1.1% | ||||||||||||||
Aetna, Inc. | ||||||||||||||
40,000 | 4.750 | 03/15/44 | 50,043 | |||||||||||
Anthem, Inc. | ||||||||||||||
150,000 | 2.550 | 03/15/31 | 156,448 | |||||||||||
15,000 | 4.650 | 08/15/44 | 19,024 | |||||||||||
40,000 | 4.850 | 08/15/54 | 53,721 | |||||||||||
Cigna Corp. | ||||||||||||||
98,000 | 3.750 | 07/15/23 | 103,847 | |||||||||||
140,000 | 4.800 | 07/15/46 | 179,211 | |||||||||||
CVS Health Corp. | ||||||||||||||
200,000 | 3.250 | 08/15/29 | 217,928 | |||||||||||
76,000 | 1.750 | 08/21/30 | 73,955 | |||||||||||
70,000 | 5.050 | 03/25/48 | 92,937 | |||||||||||
100,000 | 4.250 | 04/01/50 | 121,669 | |||||||||||
Evernorth Health, Inc. | ||||||||||||||
120,000 | 4.500 | 02/25/26 | 136,173 | |||||||||||
HCA, Inc. | ||||||||||||||
150,000 | 4.750 | 05/01/23 | 160,031 | |||||||||||
40,000 | 5.375 | 02/01/25 | 45,000 | |||||||||||
40,000 | 5.250 | 04/15/25 | 45,700 | |||||||||||
40,000 | 5.875 | 02/15/26 | 46,400 | |||||||||||
46,000 | 5.250 | 06/15/26 | 53,245 | |||||||||||
40,000 | 4.500 | 02/15/27 | 45,375 | |||||||||||
75,000 | 4.125 | 06/15/29 | 85,125 | |||||||||||
40,000 | 5.500 | 06/15/47 | 53,100 | |||||||||||
MPT Operating Partnership LP / MPT Finance Corp. | ||||||||||||||
40,000 | 3.500 | 03/15/31 | 41,143 | |||||||||||
Quest Diagnostics, Inc. | ||||||||||||||
100,000 | 2.800 | 06/30/31 | 106,104 | |||||||||||
UnitedHealth Group, Inc. | ||||||||||||||
250,000 | 3.750 | 07/15/25 | 277,496 | |||||||||||
11,000 | 5.800 | 03/15/36 | 15,632 | |||||||||||
60,000 | 2.750 | 05/15/40 | 61,816 | |||||||||||
40,000 | 5.950 | 02/15/41 | 58,426 | |||||||||||
40,000 | 3.750 | 10/15/47 | 47,053 | |||||||||||
|
| |||||||||||||
2,346,602 | ||||||||||||||
|
| |||||||||||||
Insurance – 0.7% | ||||||||||||||
Aflac, Inc. | ||||||||||||||
15,000 | 3.625 | 11/15/24 | 16,415 | |||||||||||
Allstate Corp. (The) | ||||||||||||||
15,000 | 4.200 | 12/15/46 | 18,837 | |||||||||||
American International Group, Inc. | ||||||||||||||
100,000 | 3.900 | 04/01/26 | 111,142 | |||||||||||
Arch Capital Group Ltd. | ||||||||||||||
15,000 | 3.635 | 06/30/50 | 16,699 | |||||||||||
AXIS Specialty Finance LLC | ||||||||||||||
40,000 | 3.900 | 07/15/29 | 44,543 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Berkshire Hathaway Finance Corp. | ||||||||||||||
15,000 | 5.750 | 01/15/40 | 21,869 | |||||||||||
80,000 | 4.400 | 05/15/42 | 101,185 | |||||||||||
15,000 | 4.300 | 05/15/43 | 18,827 | |||||||||||
40,000 | 4.200 | 08/15/48 | 50,025 | |||||||||||
Berkshire Hathaway, Inc. | ||||||||||||||
120,000 | 2.750 | 03/15/23 | 124,034 | |||||||||||
15,000 | 4.500 | 02/11/43 | 19,289 | |||||||||||
Chubb INA Holdings, Inc. | ||||||||||||||
150,000 | 3.350 | 05/03/26 | 165,016 | |||||||||||
Cincinnati Financial Corp. | ||||||||||||||
80,000 | 6.920 | 05/15/28 | 105,663 | |||||||||||
CNO Financial Group, Inc. | ||||||||||||||
200,000 | 5.250 | 05/30/29 | 238,750 | |||||||||||
Hartford Financial Services Group, Inc. (The) | ||||||||||||||
30,000 | 3.600 | 08/19/49 | 33,736 | |||||||||||
Marsh & McLennan Cos., Inc. | ||||||||||||||
80,000 | 3.500 | 06/03/24 | 85,699 | |||||||||||
MetLife, Inc. | ||||||||||||||
15,000 | 4.125 | 08/13/42 | 18,215 | |||||||||||
80,000 | 4.600 | 05/13/46 | 106,103 | |||||||||||
Progressive Corp. (The) | ||||||||||||||
15,000 | 4.200 | 03/15/48 | 19,023 | |||||||||||
Prudential Financial, Inc. | ||||||||||||||
40,000 | 3.935 | 12/07/49 | 47,898 | |||||||||||
Prudential Financial, Inc., MTN | ||||||||||||||
15,000 | 6.625 | 06/21/40 | 23,031 | |||||||||||
15,000 | 4.350 | 02/25/50 | 19,199 | |||||||||||
60,000 | 3.700 | 03/13/51 | 70,089 | |||||||||||
Travelers Cos., Inc. (The) | ||||||||||||||
40,000 | 3.750 | 05/15/46 | 47,460 | |||||||||||
| Voya Financial, Inc.(b) | |||||||||||||
40,000 | 4.700 | 01/23/48 | 42,383 | |||||||||||
|
| |||||||||||||
1,565,130 | ||||||||||||||
|
| |||||||||||||
Metals – 0.1% | ||||||||||||||
Steel Dynamics, Inc. | ||||||||||||||
80,000 | 3.450 | 04/15/30 | 88,200 | |||||||||||
145,000 | 3.250 | 01/15/31 | 158,050 | |||||||||||
|
| |||||||||||||
246,250 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Newmont Corp. | ||||||||||||||
50,000 | 5.875 | 04/01/35 | 67,805 | |||||||||||
Reliance Steel & Aluminum Co. | ||||||||||||||
80,000 | 4.500 | 04/15/23 | 84,068 | |||||||||||
|
| |||||||||||||
151,873 | ||||||||||||||
|
| |||||||||||||
Other – 0.0% | ||||||||||||||
Yale University, Series 2020 | ||||||||||||||
80,000 | 2.402 | 04/15/50 | 79,451 | |||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.4% | ||||||||||||||
Duke Realty LP | ||||||||||||||
80,000 | 4.000 | 09/15/28 | 91,667 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
REITs and Real Estate – (continued) | ||||||||||||||
Equinix, Inc. | ||||||||||||||
$ | 25,000 | 2.950 | % | 09/15/51 | $ | 24,238 | ||||||||
GLP Capital LP / GLP Financing II, Inc. | ||||||||||||||
50,000 | 3.350 | 09/01/24 | 52,930 | |||||||||||
40,000 | 5.250 | 06/01/25 | 44,843 | |||||||||||
40,000 | 5.750 | 06/01/28 | 47,641 | |||||||||||
45,000 | 4.000 | 01/15/30 | 48,932 | |||||||||||
72,000 | 4.000 | 01/15/31 | 78,194 | |||||||||||
Kimco Realty Corp. | ||||||||||||||
40,000 | 3.400 | 11/01/22 | 41,122 | |||||||||||
Omega Healthcare Investors, Inc. | ||||||||||||||
40,000 | 3.625 | 10/01/29 | 42,722 | |||||||||||
Sabra Health Care LP | ||||||||||||||
85,000 | 5.125 | 08/15/26 | 95,884 | |||||||||||
Simon Property Group LP | ||||||||||||||
100,000 | 3.750 | 02/01/24 | 106,185 | |||||||||||
Welltower, Inc. | ||||||||||||||
200,000 | 4.250 | 04/15/28 | 230,501 | |||||||||||
|
| |||||||||||||
904,859 | ||||||||||||||
|
| |||||||||||||
Revenue – 0.0% | ||||||||||||||
California Institute of Technology | ||||||||||||||
15,000 | 3.650 | 09/01/19 | 17,768 | |||||||||||
Hackensack Meridian Health, Inc., Series 2020 | ||||||||||||||
15,000 | 2.675 | 09/01/41 | 15,006 | |||||||||||
University of Chicago (The), Series 20B | ||||||||||||||
40,000 | 2.761 | 04/01/45 | 41,950 | |||||||||||
|
| |||||||||||||
74,724 | ||||||||||||||
|
| |||||||||||||
Software – 0.5% | ||||||||||||||
Oracle Corp. | ||||||||||||||
300,000 | 2.950 | 11/15/24 | 319,526 | |||||||||||
100,000 | 2.950 | 04/01/30 | 106,179 | |||||||||||
110,000 | 2.875 | 03/25/31 | 115,662 | |||||||||||
160,000 | 6.125 | 07/08/39 | 220,554 | |||||||||||
20,000 | 5.375 | 07/15/40 | 25,910 | |||||||||||
100,000 | 3.600 | 04/01/50 | 104,777 | |||||||||||
50,000 | 4.375 | 05/15/55 | 58,928 | |||||||||||
15,000 | 3.850 | 04/01/60 | 16,154 | |||||||||||
salesforce.com, Inc. | ||||||||||||||
80,000 | 3.700 | 04/11/28 | 91,074 | |||||||||||
|
| |||||||||||||
1,058,764 | ||||||||||||||
|
| |||||||||||||
Technology – 2.1% | ||||||||||||||
Adobe, Inc. | ||||||||||||||
40,000 | 2.300 | 02/01/30 | 41,798 | |||||||||||
Alphabet, Inc. | ||||||||||||||
15,000 | 1.998 | 08/15/26 | 15,767 | |||||||||||
100,000 | 2.250 | 08/15/60 | 90,915 | |||||||||||
Apple, Inc. | ||||||||||||||
15,000 | 1.700 | 09/11/22 | 15,233 | |||||||||||
90,000 | 3.450 | 05/06/24 | 97,102 | |||||||||||
400,000 | 1.800 | 09/11/24 | 414,506 | |||||||||||
50,000 | 3.200 | 05/13/25 | 54,276 | |||||||||||
40,000 | 2.450 | 08/04/26 | 42,620 | |||||||||||
15,000 | 3.350 | 02/09/27 | 16,675 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Technology – (continued) | ||||||||||||||
Apple, Inc. – (continued) | ||||||||||||||
15,000 | 3.200 | 05/11/27 | 16,604 | |||||||||||
40,000 | 1.650 | 02/08/31 | 39,561 | |||||||||||
160,000 | 4.500 | 02/23/36 | 203,283 | |||||||||||
80,000 | 3.850 | 05/04/43 | 96,100 | |||||||||||
80,000 | 4.450 | 05/06/44 | 104,075 | |||||||||||
50,000 | 3.750 | 11/13/47 | 59,043 | |||||||||||
Applied Materials, Inc. | ||||||||||||||
256,000 | 3.300 | 04/01/27 | 283,221 | |||||||||||
Broadcom Corp. / Broadcom Cayman Finance Ltd. | ||||||||||||||
160,000 | 3.625 | 01/15/24 | 170,111 | |||||||||||
Broadcom, Inc. | ||||||||||||||
60,000 | 4.750 | 04/15/29 | 69,727 | |||||||||||
90,000 | 3.469 | (c) | 04/15/34 | 95,610 | ||||||||||
160,000 | 3.500 | (c) | 02/15/41 | 164,010 | ||||||||||
Corning, Inc. | ||||||||||||||
45,000 | 4.375 | 11/15/57 | 55,342 | |||||||||||
Dell International LLC / EMC Corp. | ||||||||||||||
100,000 | 5.450 | 06/15/23 | 107,740 | |||||||||||
100,000 | 6.020 | 06/15/26 | 119,662 | |||||||||||
HP, Inc. | ||||||||||||||
15,000 | 6.000 | 09/15/41 | 19,711 | |||||||||||
Intel Corp. | ||||||||||||||
120,000 | 2.875 | 05/11/24 | 127,266 | |||||||||||
200,000 | 3.700 | 07/29/25 | 220,159 | |||||||||||
80,000 | 3.734 | 12/08/47 | 91,574 | |||||||||||
International Business Machines Corp. | ||||||||||||||
15,000 | 5.875 | 11/29/32 | 20,537 | |||||||||||
150,000 | 4.150 | 05/15/39 | 180,235 | |||||||||||
250,000 | 4.000 | 06/20/42 | 296,680 | |||||||||||
Jabil, Inc. | ||||||||||||||
80,000 | 3.600 | 01/15/30 | 86,448 | |||||||||||
KLA Corp. | ||||||||||||||
60,000 | 3.300 | 03/01/50 | 65,447 | |||||||||||
Lam Research Corp. | ||||||||||||||
40,000 | 3.125 | 06/15/60 | 42,779 | |||||||||||
Microsoft Corp. | ||||||||||||||
40,000 | 2.000 | 08/08/23 | 41,270 | |||||||||||
40,000 | 3.300 | 02/06/27 | 44,623 | |||||||||||
15,000 | 3.500 | 02/12/35 | 17,640 | |||||||||||
220,000 | 4.250 | 02/06/47 | 290,838 | |||||||||||
200,000 | 4.000 | 02/12/55 | 256,152 | |||||||||||
20,000 | 2.675 | 06/01/60 | 20,267 | |||||||||||
PayPal Holdings, Inc. | ||||||||||||||
160,000 | 2.400 | 10/01/24 | 168,502 | |||||||||||
15,000 | 3.250 | 06/01/50 | 16,573 | |||||||||||
QUALCOMM, Inc. | ||||||||||||||
160,000 | 4.300 | 05/20/47 | 204,015 | |||||||||||
VMware, Inc. | ||||||||||||||
80,000 | 4.700 | 05/15/30 | 95,589 | |||||||||||
|
| |||||||||||||
4,679,286 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.5% | ||||||||||||||
Burlington Northern Santa Fe LLC | ||||||||||||||
50,000 | 5.750 | 05/01/40 | 70,951 | |||||||||||
25,000 | 5.150 | 09/01/43 | 34,316 | |||||||||||
|
|
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Transportation – (continued) | ||||||||||||||
$ | 40,000 | 3.900 | % | 08/01/46 | $ | 47,629 | ||||||||
40,000 | 4.125 | 06/15/47 | 49,269 | |||||||||||
40,000 | 4.150 | 12/15/48 | 49,908 | |||||||||||
CSX Corp. | ||||||||||||||
15,000 | 3.250 | 06/01/27 | 16,428 | |||||||||||
80,000 | 4.100 | 03/15/44 | 94,836 | |||||||||||
40,000 | 4.300 | 03/01/48 | 49,407 | |||||||||||
Delta Air Lines, Inc. | ||||||||||||||
50,000 | 4.375 | 04/19/28 | 53,479 | |||||||||||
FedEx Corp. | ||||||||||||||
40,000 | 3.900 | 02/01/35 | 46,093 | |||||||||||
40,000 | 4.400 | 01/15/47 | 48,542 | |||||||||||
40,000 | 4.950 | 10/17/48 | 52,627 | |||||||||||
Southwest Airlines Co. | ||||||||||||||
40,000 | 5.250 | 05/04/25 | 45,297 | |||||||||||
Union Pacific Corp. | ||||||||||||||
40,000 | 3.700 | 03/01/29 | 45,192 | |||||||||||
80,000 | 3.799 | 10/01/51 | 93,046 | |||||||||||
60,000 | 3.839 | 03/20/60 | 69,906 | |||||||||||
15,000 | 3.750 | 02/05/70 | 17,073 | |||||||||||
Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | ||||||||||||||
79,399 | 2.695 | 05/12/27 | 84,658 | |||||||||||
United Parcel Service, Inc. | ||||||||||||||
40,000 | 3.625 | 10/01/42 | 46,695 | |||||||||||
15,000 | 4.250 | 03/15/49 | 19,287 | |||||||||||
15,000 | 5.300 | 04/01/50 | 22,307 | |||||||||||
|
| |||||||||||||
1,056,946 | ||||||||||||||
|
| |||||||||||||
Water – 0.1% | ||||||||||||||
American Water Capital Corp. | ||||||||||||||
105,000 | 3.750 | 09/01/47 | 121,062 | |||||||||||
40,000 | 4.200 | 09/01/48 | 49,016 | |||||||||||
|
| |||||||||||||
170,078 | ||||||||||||||
|
| |||||||||||||
Wireless – 1.0% | ||||||||||||||
American Tower Corp. | ||||||||||||||
40,000 | 3.950 | 03/15/29 | 44,992 | |||||||||||
20,000 | 3.100 | 06/15/50 | 19,849 | |||||||||||
AT&T, Inc. | ||||||||||||||
50,000 | 0.900 | 03/25/24 | 50,124 | |||||||||||
320,000 | 2.750 | 06/01/31 | 336,076 | |||||||||||
400,000 | 3.500 | 06/01/41 | 423,603 | |||||||||||
300,000 | 3.500 | (c) | 09/15/53 | 308,454 | ||||||||||
CC Holdings GS V LLC / Crown Castle GS III Corp. | ||||||||||||||
50,000 | 3.849 | 04/15/23 | 52,693 | |||||||||||
Crown Castle International Corp. | ||||||||||||||
40,000 | 3.300 | 07/01/30 | 43,176 | |||||||||||
40,000 | 4.150 | 07/01/50 | 46,422 | |||||||||||
Verizon Communications, Inc. | ||||||||||||||
100,000 | 2.625 | 08/15/26 | 106,408 | |||||||||||
75,000 | 4.329 | 09/21/28 | 87,497 | |||||||||||
272,000 | 3.150 | 03/22/30 | 295,696 | |||||||||||
21,000 | 4.500 | 08/10/33 | 25,391 | |||||||||||
100,000 | 4.272 | 01/15/36 | 119,403 | |||||||||||
15,000 | 3.400 | 03/22/41 | 16,072 | |||||||||||
100,000 | 3.850 | 11/01/42 | 114,461 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Wireless – (continued) | ||||||||||||||
Verizon Communications, Inc. – (continued) | ||||||||||||||
80,000 | 5.500 | 03/16/47 | 113,492 | |||||||||||
40,000 | 4.522 | 09/15/48 | 50,247 | |||||||||||
40,000 | 4.000 | 03/22/50 | 46,831 | |||||||||||
|
| |||||||||||||
2,300,887 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $51,018,274) | $ | 51,307,171 | ||||||||||||
|
| |||||||||||||
U.S. Treasury Bonds – 7.7% | ||||||||||||||
U.S. Treasury Bonds | ||||||||||||||
$ | 4,180,000 | 4.375 | % | 02/15/38 | $ | 5,875,581 | ||||||||
3,453,000 | 3.875 | 08/15/40 | 4,652,678 | |||||||||||
2,465,000 | 2.500 | 02/15/45 | 2,748,261 | |||||||||||
1,044,000 | 2.500 | 05/15/46 | 1,167,930 | |||||||||||
2,477,000 | 2.000 | 02/15/50 | 2,519,665 | |||||||||||
|
| |||||||||||||
TOTAL U.S. TREASURY BONDS | ||||||||||||||
(Cost $17,500,038) | $ | 16,964,115 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 4.9% | ||||||||||||||
Banks – 1.5% | ||||||||||||||
Banco Bilbao Vizcaya Argentaria SA (Spain) | ||||||||||||||
$ | 200,000 | 0.875 | % | 09/18/23 | $ | 201,042 | ||||||||
200,000 | 1.125 | 09/18/25 | 199,169 | |||||||||||
Bank of Nova Scotia (The) (Canada) | ||||||||||||||
200,000 | 3.400 | 02/11/24 | 213,648 | |||||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
200,000 | 4.375 | 09/11/24 | 218,586 | |||||||||||
200,000 | 5.200 | 05/12/26 | 230,278 | |||||||||||
Canadian Imperial Bank of Commerce (Canada) | ||||||||||||||
90,000 | 3.500 | 09/13/23 | 95,721 | |||||||||||
Credit Suisse USA, Inc. (Switzerland) | ||||||||||||||
90,000 | 7.125 | 07/15/32 | 130,376 | |||||||||||
HSBC Holdings PLC (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.211%) | ||||||||||||||
350,000 | 3.803 | (b) | 03/11/25 | 375,299 | ||||||||||
200,000 | 6.500 | 09/15/37 | 282,041 | |||||||||||
Korea Development Bank (The) (South Korea) | ||||||||||||||
300,000 | 0.800 | 07/19/26 | 297,283 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
200,000 | 3.850 | 03/01/26 | 223,345 | |||||||||||
100,000 | 3.741 | 03/07/29 | 112,857 | |||||||||||
Natwest Group PLC (United Kingdom) | ||||||||||||||
100,000 | 6.000 | 12/19/23 | 111,433 | |||||||||||
Royal Bank of Canada, GMTN (Canada) | ||||||||||||||
40,000 | 1.600 | 04/17/23 | 40,725 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
120,000 | 3.010 | 10/19/26 | 129,962 | |||||||||||
Toronto-Dominion Bank (The)(b) (Canada) | ||||||||||||||
(5 Year USD Swap + 2.205%) | ||||||||||||||
185,000 | 3.625 | 09/15/31 | 205,812 | |||||||||||
Toronto-Dominion Bank (The), GMTN (Canada) | ||||||||||||||
40,000 | 3.500 | 07/19/23 | 42,419 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Westpac Banking Corp. (Australia) | ||||||||||||||
$ | 200,000 | 2.850 | % | 05/13/26 | $ | 217,025 | ||||||||
40,000 | 2.150 | 06/03/31 | 40,813 | |||||||||||
|
| |||||||||||||
3,367,834 | ||||||||||||||
|
| |||||||||||||
Basic Industry – 0.0% | ||||||||||||||
Syngenta Finance NV (Switzerland) | ||||||||||||||
20,000 | 3.125 | 03/28/22 | 20,275 | |||||||||||
|
| |||||||||||||
Brokerage – 0.0% | ||||||||||||||
Brookfield Finance, Inc. (Canada) | ||||||||||||||
50,000 | 4.350 | 04/15/30 | 58,481 | |||||||||||
15,000 | 3.500 | 03/30/51 | 15,919 | |||||||||||
|
| |||||||||||||
74,400 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.1% | ||||||||||||||
CNH Industrial NV (United Kingdom) | ||||||||||||||
80,000 | 4.500 | 08/15/23 | 85,847 | |||||||||||
|
| |||||||||||||
Consumer Noncyclical – 0.4% | ||||||||||||||
AstraZeneca PLC (United Kingdom) | ||||||||||||||
80,000 | 3.375 | 11/16/25 | 87,699 | |||||||||||
150,000 | 0.700 | 04/08/26 | 147,363 | |||||||||||
15,000 | 4.375 | 11/16/45 | 19,425 | |||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
80,000 | 5.282 | 04/02/50 | 94,083 | |||||||||||
Bayer US Finance II LLC(c) (Germany) | ||||||||||||||
100,000 | 3.375 | 07/15/24 | 106,203 | |||||||||||
15,000 | 4.200 | 07/15/34 | 16,943 | |||||||||||
GlaxoSmithKline Capital PLC (United Kingdom) | ||||||||||||||
100,000 | 3.000 | 06/01/24 | 106,411 | |||||||||||
GlaxoSmithKline Capital, Inc. (United Kingdom) | ||||||||||||||
150,000 | 6.375 | 05/15/38 | 226,314 | |||||||||||
20,000 | 4.200 | 03/18/43 | 24,995 | |||||||||||
Reynolds American, Inc. (United Kingdom) | ||||||||||||||
81,000 | 5.700 | 08/15/35 | 99,120 | |||||||||||
|
| |||||||||||||
928,556 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.0% | ||||||||||||||
Koninklijke Philips NV (Netherlands) | ||||||||||||||
15,000 | 6.875 | 03/11/38 | 22,769 | |||||||||||
|
| |||||||||||||
Energy – 0.5% | ||||||||||||||
Cenovus Energy, Inc. (Canada) | ||||||||||||||
50,000 | 5.250 | 06/15/37 | 59,726 | |||||||||||
Enbridge, Inc. (Canada) | ||||||||||||||
110,000 | 3.125 | 11/15/29 | 118,172 | |||||||||||
15,000 | 5.500 | 12/01/46 | 20,604 | |||||||||||
(3M USD LIBOR + 3.641%) | ||||||||||||||
15,000 | 6.250 | (b) | 03/01/78 | 16,725 | ||||||||||
Equinor ASA (Norway) | ||||||||||||||
300,000 | 3.125 | 04/06/30 | 329,251 | |||||||||||
Shell International Finance BV (Netherlands) | ||||||||||||||
40,000 | 2.000 | 11/07/24 | 41,666 | |||||||||||
15,000 | 3.250 | 05/11/25 | 16,270 | |||||||||||
312,000 | 4.000 | 05/10/46 | 371,904 | |||||||||||
TotalEnergies Capital International SA (France) | ||||||||||||||
100,000 | 3.127 | 05/29/50 | 103,102 | |||||||||||
|
| |||||||||||||
1,077,420 | ||||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Food and Beverage – 0.4% | ||||||||||||||
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, | | ||||||||||||
80,000 | 4.900 | 02/01/46 | 102,218 | |||||||||||
Anheuser-Busch InBev Finance, Inc. (Belgium) | ||||||||||||||
15,000 | 4.700 | 02/01/36 | 18,510 | |||||||||||
100,000 | 4.900 | 02/01/46 | 127,792 | |||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Belgium) | ||||||||||||||
300,000 | 3.500 | 06/01/30 | 334,510 | |||||||||||
46,000 | 4.375 | 04/15/38 | 55,062 | |||||||||||
40,000 | 4.600 | 04/15/48 | 49,496 | |||||||||||
40,000 | 5.550 | 01/23/49 | 55,926 | |||||||||||
40,000 | 4.750 | 04/15/58 | 51,033 | |||||||||||
|
| |||||||||||||
794,547 | ||||||||||||||
|
| |||||||||||||
Forest Products & Paper – 0.1% | ||||||||||||||
Suzano Austria GmbH (Brazil) | ||||||||||||||
200,000 | 5.000 | 01/15/30 | 228,086 | |||||||||||
|
| |||||||||||||
Internet – 0.2% | ||||||||||||||
Baidu, Inc. (China) | ||||||||||||||
200,000 | 3.075 | 04/07/25 | 211,996 | |||||||||||
Tencent Music Entertainment Group (China) | ||||||||||||||
300,000 | 2.000 | 09/03/30 | 290,481 | |||||||||||
|
| |||||||||||||
502,477 | ||||||||||||||
|
| |||||||||||||
Metals – 0.0% | ||||||||||||||
ArcelorMittal SA (Luxembourg) | ||||||||||||||
15,000 | 4.550 | 03/11/26 | 16,950 | |||||||||||
15,000 | 4.250 | 07/16/29 | 16,830 | |||||||||||
10,000 | 7.000 | 10/15/39 | 14,425 | |||||||||||
15,000 | 6.750 | 03/01/41 | 21,323 | |||||||||||
|
| |||||||||||||
69,528 | ||||||||||||||
|
| |||||||||||||
Metals and Mining – 0.1% | ||||||||||||||
Rio Tinto Finance USA Ltd. (Australia) | ||||||||||||||
200,000 | 3.750 | 06/15/25 | 220,151 | |||||||||||
|
| |||||||||||||
Mining – 0.3% | ||||||||||||||
Barrick North America Finance LLC (Canada) | ||||||||||||||
60,000 | 5.750 | 05/01/43 | 84,205 | |||||||||||
Southern Copper Corp. (Peru) | ||||||||||||||
55,000 | 3.875 | 04/23/25 | 59,903 | |||||||||||
Vale Overseas Ltd. (Brazil) | ||||||||||||||
230,000 | 6.250 | 08/10/26 | 276,863 | |||||||||||
115,000 | 3.750 | 07/08/30 | 122,454 | |||||||||||
|
| |||||||||||||
543,425 | ||||||||||||||
|
| |||||||||||||
Oil Company-Integrated – 0.7% | ||||||||||||||
Petroleos Mexicanos (Mexico) | ||||||||||||||
300,000 | 3.500 | 01/30/23 | 305,462 | |||||||||||
225,000 | 6.875 | 08/04/26 | 246,336 | |||||||||||
100,000 | 5.350 | 02/12/28 | 99,668 | |||||||||||
250,000 | 5.950 | 01/28/31 | 245,593 | |||||||||||
130,000 | 5.625 | 01/23/46 | 106,400 | |||||||||||
Saudi Arabian Oil Co.(c) (Saudi Arabia) | ||||||||||||||
200,000 | 2.875 | 04/16/24 | 209,372 | |||||||||||
300,000 | 2.250 | 11/24/30 | 298,125 | |||||||||||
|
| |||||||||||||
1,510,956 | ||||||||||||||
|
|
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Technology – 0.1% | ||||||||||||||
NXP BV / NXP Funding LLC(c) (China) | ||||||||||||||
$ | 40,000 | 5.350 | % | 03/01/26 | $ | 46,635 | ||||||||
NXP BV / NXP Funding LLC / NXP USA, Inc.(c) (China) | ||||||||||||||
120,000 | 3.400 | 05/01/30 | 131,495 | |||||||||||
|
| |||||||||||||
178,130 | ||||||||||||||
|
| |||||||||||||
Telecommunications – 0.2% | ||||||||||||||
America Movil SAB de CV (Mexico) | ||||||||||||||
280,000 | 3.625 | 04/22/29 | 307,670 | |||||||||||
200,000 | 2.875 | 05/07/30 | 211,417 | |||||||||||
|
| |||||||||||||
519,087 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.0% | ||||||||||||||
Canadian National Railway Co. (Canada) | ||||||||||||||
40,000 | 4.450 | 01/20/49 | 51,518 | |||||||||||
|
| |||||||||||||
Wireless – 0.2% | ||||||||||||||
Vodafone Group PLC (United Kingdom) | ||||||||||||||
80,000 | 2.500 | 09/26/22 | 81,737 | |||||||||||
250,000 | 4.125 | 05/30/25 | 277,993 | |||||||||||
50,000 | 5.250 | 05/30/48 | 66,788 | |||||||||||
|
| |||||||||||||
426,518 | ||||||||||||||
|
| |||||||||||||
Wirelines – 0.1% | ||||||||||||||
Bell Telephone Co of Canada or Bell Canada/The (Canada) | ||||||||||||||
80,000 | 4.300 | 07/29/49 | 97,800 | |||||||||||
Deutsche Telekom International Finance BV (Germany) | ||||||||||||||
15,000 | 8.750 | 06/15/30 | 22,579 | |||||||||||
|
| |||||||||||||
120,379 | ||||||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $10,630,990) | $ | 10,741,903 | ||||||||||||
|
| |||||||||||||
Foreign Debt Obligations – 3.1% | ||||||||||||||
Sovereign – 3.1% | ||||||||||||||
| Abu Dhabi Government International Bond(c) (United Arab | | ||||||||||||
$ | 200,000 | 0.750 | % | 09/02/23 | $ | 201,287 | ||||||||
400,000 | 2.125 | 09/30/24 | 417,817 | |||||||||||
200,000 | 2.500 | 04/16/25 | 212,405 | |||||||||||
200,000 | 2.700 | 09/02/70 | 182,933 | |||||||||||
China Government International Bond(c) (China) | ||||||||||||||
400,000 | 0.400 | 10/21/23 | 400,199 | |||||||||||
600,000 | 0.550 | 10/21/25 | 592,927 | |||||||||||
Colombia Government International Bond (Colombia) | ||||||||||||||
200,000 | 3.875 | 04/25/27 | 212,355 | |||||||||||
100,000 | 6.125 | 01/18/41 | 118,034 | |||||||||||
Hungary Government International Bond (Hungary) | ||||||||||||||
16,000 | 5.375 | 02/21/23 | 17,170 | |||||||||||
Indonesia Government International Bond (Indonesia) | ||||||||||||||
200,000 | 3.850 | 10/15/30 | 226,441 | |||||||||||
300,000 | 5.250 | 01/17/42 | 379,892 | |||||||||||
Landwirtschaftliche Rentenbank (Germany) | ||||||||||||||
15,000 | 3.125 | 11/14/23 | 15,909 | |||||||||||
Malaysia Sovereign Sukuk BHD(c) (Malaysia) | ||||||||||||||
300,000 | 3.043 | 04/22/25 | 321,617 | |||||||||||
|
| |||||||||||||
Foreign Debt Obligations – (continued) | ||||||||||||||
Sovereign – (continued) | ||||||||||||||
Mexico Government International Bond (Mexico) | ||||||||||||||
56,000 | 4.000 | 10/02/23 | 60,189 | |||||||||||
250,000 | 3.250 | 04/16/30 | 263,260 | |||||||||||
Panama Government International Bond (Panama) | ||||||||||||||
200,000 | 6.700 | 01/26/36 | 275,750 | |||||||||||
Perusahaan Penerbit SBSN Indonesia III(c) (Indonesia) | ||||||||||||||
400,000 | 4.550 | 03/29/26 | 455,000 | |||||||||||
200,000 | 2.800 | 06/23/30 | 208,750 | |||||||||||
Philippine Government International Bond (Philippines) | ||||||||||||||
200,000 | 3.750 | 01/14/29 | 228,417 | |||||||||||
Province of Alberta Canada (Canada) | ||||||||||||||
15,000 | 2.200 | 07/26/22 | 15,284 | |||||||||||
50,000 | 3.300 | 03/15/28 | 56,434 | |||||||||||
Province of British Columbia Canada (Canada) | ||||||||||||||
15,000 | 2.000 | 10/23/22 | 15,302 | |||||||||||
Province of Ontario Canada (Canada) | ||||||||||||||
30,000 | 1.050 | 05/21/27 | 29,837 | |||||||||||
30,000 | 1.600 | 02/25/31 | 29,790 | |||||||||||
Province of Quebec Canada (Canada) | ||||||||||||||
90,000 | 0.600 | 07/23/25 | 88,221 | |||||||||||
25,000 | 2.750 | 04/12/27 | 27,323 | |||||||||||
Qatar Government International Bond(c) (Qatar) | ||||||||||||||
280,000 | 3.400 | 04/16/25 | 303,631 | |||||||||||
200,000 | 4.817 | 03/14/49 | 260,384 | |||||||||||
Republic of Poland Government International Bond (Poland) | ||||||||||||||
30,000 | 3.250 | 04/06/26 | 33,119 | |||||||||||
Romanian Government International Bond(c) (Romania) | ||||||||||||||
16,000 | 3.000 | 02/14/31 | 16,683 | |||||||||||
Russian Foreign Bond – Eurobond(c) (Russia) | ||||||||||||||
200,000 | 5.250 | 06/23/47 | 260,250 | |||||||||||
Saudi Government International Bond (Saudi Arabia) | ||||||||||||||
300,000 | 2.900 | (c) | 10/22/25 | 321,026 | ||||||||||
500,000 | 4.625 | 10/04/47 | 600,417 | |||||||||||
Uruguay Government International Bond (Uruguay) | ||||||||||||||
15,000 | 4.375 | 01/23/31 | 17,756 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN DEBT OBLIGATIONS | ||||||||||||||
(Cost $6,862,436) | $ | 6,865,809 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Investment Company – 23.4%(d) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
51,438,327 | 0.026% | $ | 51,438,327 | |||||
(Cost $51,438,327) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 122.9% | ||||||||
(Cost $270,916,573) | $ | 270,236,640 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF ASSETS – (22.9)% | (50,406,871 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 219,829,769 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 91 |
GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF
Schedule of Investments (continued)
August 31, 2021
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $54,285,602 which represents approximately 24.7% of the Fund’s net assets as of August 31, 2021. | |
(b) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021. | |
(c) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
GMTN | — Global Medium Term Note | |
LIBOR | — London Interbank Offered Rate | |
LP | — Limited Partnership | |
MTN | — Medium Term Note | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
SOFR | — Secured Overnight Financing Rate | |
|
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – 28.8% | ||||||||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.803%) | ||||||||||||||
$ | 5,472,617 | 2.180 | % | 10/01/43 | $ | 5,778,680 | ||||||||
FHLMC REMIC(a) (12M USD LIBOR + 1.781%) | ||||||||||||||
1,182,991 | 2.146 | 10/01/44 | 1,247,287 | |||||||||||
| FHLMC REMIC Series 2003-2682, Class FB(a) (1M USD LIBOR | | ||||||||||||
229,334 | 0.996 | 10/15/33 | 234,389 | |||||||||||
| FHLMC REMIC Series 2003-2711, Class FA(a) (1M USD LIBOR | | ||||||||||||
272,977 | 1.096 | 11/15/33 | 280,020 | |||||||||||
| FHLMC REMIC Series 2005-3033, Class FG(a) (1M USD LIBOR | | ||||||||||||
693,526 | 0.446 | 09/15/35 | 698,435 | |||||||||||
| FHLMC REMIC Series 2007-3298, Class FC(a) (1M USD LIBOR | | ||||||||||||
239,480 | 0.516 | 04/15/37 | 241,315 | |||||||||||
| FHLMC REMIC Series 2007-3314, Class FC(a) (1M USD LIBOR | | ||||||||||||
31,941 | 0.496 | 12/15/36 | 32,221 | |||||||||||
| FHLMC REMIC Series 2007-3316, Class FB(a) (1M USD LIBOR | | ||||||||||||
809,486 | 0.396 | 08/15/35 | 813,878 | |||||||||||
| FHLMC REMIC Series 2007-3371, Class FA(a) (1M USD LIBOR | | ||||||||||||
147,581 | 0.696 | 09/15/37 | 150,037 | |||||||||||
| FHLMC REMIC Series 2009-3593, Class CF(a) (1M USD LIBOR | | ||||||||||||
1,751,820 | 0.696 | 02/15/36 | 1,779,933 | |||||||||||
| FHLMC REMIC Series 2011-3895, Class FM(a) (1M USD | | ||||||||||||
174,854 | 0.446 | 12/15/40 | 175,367 | |||||||||||
| FHLMC REMIC Series 2012-4040, Class FW(a) (1M USD | | ||||||||||||
545,642 | 0.466 | 05/15/32 | 547,779 | |||||||||||
| FHLMC REMIC Series 2012-4057, Class FE(a) (1M USD LIBOR | | ||||||||||||
1,150,148 | 0.546 | 06/15/42 | 1,162,168 | |||||||||||
| FHLMC REMIC Series 2012-4068, Class UF(a) (1M USD LIBOR | | ||||||||||||
277,920 | 0.596 | 06/15/42 | 280,838 | |||||||||||
| FHLMC REMIC Series 2012-4098, Class MF(a) (1M USD | | ||||||||||||
337,946 | 0.396 | 11/15/41 | 338,267 | |||||||||||
| FHLMC REMIC Series 2012-4126, Class GF(a) (1M USD LIBOR | | ||||||||||||
2,743,705 | 0.496 | 11/15/42 | 2,759,095 | |||||||||||
| FHLMC REMIC Series 2013-4203, Class QF(a) (1M USD LIBOR | | ||||||||||||
1,485,417 | 0.346 | 05/15/43 | 1,485,930 | |||||||||||
| FHLMC REMIC Series 2013-4248, Class FL(a) (1M USD LIBOR | | ||||||||||||
110,289 | 0.546 | 05/15/41 | 111,479 | |||||||||||
| FHLMC REMIC Series 2013-4263, Class FB(a) (1M USD LIBOR | | ||||||||||||
84,846 | 0.496 | 11/15/43 | 85,581 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FHLMC REMIC Series 2013-4272, Class FD(a) (1M USD LIBOR | | ||||||||||||
96,899 | 0.446 | 11/15/43 | 97,482 | |||||||||||
| FHLMC REMIC Series 2017-4678, Class AF(a) (1M USD LIBOR | | ||||||||||||
2,761,918 | 0.500 | 12/15/42 | 2,758,674 | |||||||||||
| FHLMC REMIC Series 2017-4719, Class AF(a) (1M USD LIBOR | | ||||||||||||
4,497,675 | 0.446 | 09/15/47 | 4,535,726 | |||||||||||
FHLMC REMIC Series 2018-4787, Class ZS | ||||||||||||||
1,481,287 | 5.000 | 07/01/48 | 1,625,083 | |||||||||||
| FHLMC REMIC Series 2018-4818, Class FC(a) (1M USD LIBOR | | ||||||||||||
344,817 | 0.396 | 04/15/48 | 345,191 | |||||||||||
| FHLMC REMIC Series 2018-4852, Class BF(a) (1M USD LIBOR | | ||||||||||||
2,218,620 | 0.496 | 12/15/48 | 2,236,684 | |||||||||||
| FHLMC REMIC Series 2019-4897, Class F(a) (1M USD LIBOR | | ||||||||||||
1,654,298 | 0.496 | 07/15/49 | 1,670,264 | |||||||||||
| FHLMC REMIC Series 2019-4903, Class F(a) (1M USD LIBOR | | ||||||||||||
297,015 | 0.546 | 09/15/48 | 299,689 | |||||||||||
| FHLMC REMIC Series 2019-4906, Class NF(a) (1M USD LIBOR | | ||||||||||||
2,430,481 | 0.500 | 03/15/38 | 2,445,954 | |||||||||||
| FHLMC REMIC Series 2019-4942, Class FA(a) (1M USD LIBOR | | ||||||||||||
1,828,724 | 0.584 | 01/25/50 | 1,844,306 | |||||||||||
| FHLMC REMIC Series 2020-5002, Class FJ(a) (1M USD LIBOR | | ||||||||||||
270,631 | 0.484 | 07/25/50 | 272,423 | |||||||||||
| FHLMC REMIC Series 2020-5031, Class FA(a) (SOFR + | | ||||||||||||
3,357,996 | 0.350 | 08/15/43 | 3,360,336 | |||||||||||
| FHLMC STRIPS Series 2006-239, Class F22(a) (1M USD LIBOR | | ||||||||||||
230,766 | 0.446 | 08/15/36 | 232,297 | |||||||||||
| FHLMC STRIPS Series 2006-239, Class F30(a) (1M USD LIBOR | | ||||||||||||
576,914 | 0.396 | 08/15/36 | 580,354 | |||||||||||
| FNMA REMIC Series 2004-54, Class FL(a) (1M USD LIBOR + | | ||||||||||||
155,842 | 0.484 | 07/25/34 | 156,906 | |||||||||||
| FNMA REMIC Series 2004-54, Class FN(a) (1M USD LIBOR + | | ||||||||||||
381,343 | 0.534 | 07/25/34 | 384,947 | |||||||||||
| FNMA REMIC Series 2005-120, Class FE(a) (1M USD LIBOR + | | ||||||||||||
553,359 | 0.604 | 01/25/36 | 561,140 | |||||||||||
| FNMA REMIC Series 2005-87, Class FE(a) (1M USD LIBOR + | | ||||||||||||
604,427 | 0.534 | 10/25/35 | 610,013 | |||||||||||
| FNMA REMIC Series 2006-110, Class AF(a) (1M USD LIBOR + | | ||||||||||||
3,095,976 | 0.414 | 11/25/36 | 3,115,124 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMIC Series 2006-16, Class FC(a) (1M USD LIBOR + | | ||||||||||||
$ | 160,457 | 0.384 | % | 03/25/36 | $ | 160,979 | ||||||||
| FNMA REMIC Series 2006-36, Class FB(a) (1M USD LIBOR + | | ||||||||||||
73,234 | 0.384 | 05/25/36 | 73,601 | |||||||||||
| FNMA REMIC Series 2006-42, Class PF(a) (1M USD LIBOR + | | ||||||||||||
136,214 | 0.494 | 06/25/36 | 137,362 | |||||||||||
| FNMA REMIC Series 2006-44, Class FP(a) (1M USD LIBOR + | | ||||||||||||
1,283,077 | 0.484 | 06/25/36 | 1,293,919 | |||||||||||
| FNMA REMIC Series 2006-61, Class FD(a) (1M USD LIBOR + | | ||||||||||||
250,482 | 0.444 | 07/25/36 | 252,244 | |||||||||||
| FNMA REMIC Series 2006-79, Class DF(a) (1M USD LIBOR + | | ||||||||||||
534,104 | 0.434 | 08/25/36 | 537,393 | |||||||||||
| FNMA REMIC Series 2006-88, Class AF(a) (1M USD LIBOR + | | ||||||||||||
455,727 | 0.544 | 09/25/36 | 460,911 | |||||||||||
| FNMA REMIC Series 2007-35, Class PF(a) (1M USD LIBOR + | | ||||||||||||
90,591 | 0.334 | 04/25/37 | 90,876 | |||||||||||
| FNMA REMIC Series 2007-67, Class FB(a) (1M USD LIBOR + | | ||||||||||||
378,366 | 0.404 | 07/25/37 | 380,436 | |||||||||||
| FNMA REMIC Series 2008-1, Class CF(a) (1M USD LIBOR + | | ||||||||||||
66,484 | 0.784 | 02/25/38 | 67,517 | |||||||||||
| FNMA REMIC Series 2009-110, Class FG(a) (1M USD LIBOR + | | ||||||||||||
305,775 | 0.834 | 01/25/40 | 311,083 | |||||||||||
| FNMA REMIC Series 2010-113, Class FA(a) (1M USD LIBOR + | | ||||||||||||
201,738 | 0.484 | 10/25/40 | 203,432 | |||||||||||
| FNMA REMIC Series 2010-116, Class FE(a) (1M USD LIBOR + | | ||||||||||||
243,159 | 0.484 | 10/25/40 | 245,243 | |||||||||||
| FNMA REMIC Series 2010-141, Class FB(a) (1M USD LIBOR + | | ||||||||||||
153,291 | 0.554 | 12/25/40 | 154,929 | |||||||||||
| FNMA REMIC Series 2010-15, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
472,990 | 1.014 | 06/25/36 | 482,804 | |||||||||||
| FNMA REMIC Series 2010-39, Class FE(a) (1M USD LIBOR + | | ||||||||||||
744,136 | 0.854 | 06/25/37 | 758,385 | |||||||||||
| FNMA REMIC Series 2010-39, Class FG(a) (1M USD LIBOR + | | ||||||||||||
331,784 | 1.004 | 03/25/36 | 340,628 | |||||||||||
| FNMA REMIC Series 2010-46, Class WF(a) (1M USD LIBOR + | | ||||||||||||
2,321,173 | 0.834 | 05/25/40 | 2,382,044 | |||||||||||
| FNMA REMIC Series 2010-49, Class FB(a) (1M USD LIBOR + | | ||||||||||||
222,799 | 0.834 | 05/25/40 | 227,475 | |||||||||||
|
| |||||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMIC Series 2010-59, Class FN(a) (1M USD LIBOR + | | ||||||||||||
2,822,683 | 0.814 | 06/25/40 | 2,876,195 | |||||||||||
| FNMA REMIC Series 2011-5, Class PF(a) (1M USD LIBOR + | | ||||||||||||
210,990 | 0.684 | 11/25/40 | 211,800 | |||||||||||
| FNMA REMIC Series 2011-53, Class FT(a) (1M USD LIBOR + | | ||||||||||||
217,321 | 0.664 | 06/25/41 | 220,815 | |||||||||||
| FNMA REMIC Series 2011-87, Class FJ(a) (1M USD LIBOR + | | ||||||||||||
235,327 | 0.634 | 09/25/41 | 238,948 | |||||||||||
| FNMA REMIC Series 2012-101, Class FC(a) (1M USD LIBOR + | | ||||||||||||
172,114 | 0.584 | 09/25/42 | 173,880 | |||||||||||
| FNMA REMIC Series 2012-14, Class BF(a) (1M USD LIBOR + | | ||||||||||||
1,129,758 | 0.684 | 03/25/42 | 1,150,062 | |||||||||||
| FNMA REMIC Series 2012-37, Class BF(a) (1M USD LIBOR + | | ||||||||||||
203,070 | 0.584 | 12/25/35 | 205,622 | |||||||||||
| FNMA REMIC Series 2013-10, Class KF(a) (1M USD LIBOR + | | ||||||||||||
135,704 | 0.384 | 02/25/43 | 136,173 | |||||||||||
| FNMA REMIC Series 2013-130, Class FB(a) (1M USD LIBOR + | | ||||||||||||
144,744 | 0.534 | 01/25/44 | 146,258 | |||||||||||
| FNMA REMIC Series 2013-19, Class DF(a) (1M USD LIBOR + | | ||||||||||||
1,070,289 | 0.384 | 09/25/41 | 1,072,196 | |||||||||||
| FNMA REMIC Series 2013-2, Class QF(a) (1M USD LIBOR + | | ||||||||||||
107,342 | 0.584 | 02/25/43 | 108,501 | |||||||||||
| FNMA REMIC Series 2014-17, Class FE(a) (1M USD LIBOR + | | ||||||||||||
1,239,202 | 0.634 | 04/25/44 | 1,257,266 | |||||||||||
| FNMA REMIC Series 2014-28, Class FD(a) (1M USD LIBOR + | | ||||||||||||
3,516,323 | 0.534 | 05/25/44 | 3,551,399 | |||||||||||
| FNMA REMIC Series 2014-47, Class AF(a) (1M USD LIBOR + | | ||||||||||||
508,088 | 0.450 | 08/25/44 | 506,609 | |||||||||||
| FNMA REMIC Series 2015-27, Class KF(a) (1M USD LIBOR + | | ||||||||||||
142,265 | 0.384 | 05/25/45 | 142,799 | |||||||||||
| FNMA REMIC Series 2015-87, Class BF(a) (1M USD LIBOR + | | ||||||||||||
548,395 | 0.384 | 12/25/45 | 550,655 | |||||||||||
| FNMA REMIC Series 2016-49, Class EF(a) (1M USD LIBOR + | | ||||||||||||
1,266,586 | 0.484 | 08/25/46 | 1,276,888 | |||||||||||
| FNMA REMIC Series 2017-16, Class FA(a) (1M USD LIBOR + | | ||||||||||||
1,043,580 | 0.534 | 03/25/47 | 1,052,992 | |||||||||||
| FNMA REMIC Series 2017-91, Class GF(a) (1M USD LIBOR + | | ||||||||||||
2,470,584 | 0.434 | 11/25/47 | 2,483,841 | |||||||||||
|
|
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Mortgage-Backed Securities – (continued) | ||||||||||||||
| FNMA REMIC Series 2018-15, Class JF(a) (1M USD LIBOR + | | ||||||||||||
$ | 1,380,349 | 0.384 | % | 03/25/48 | $ | 1,385,533 | ||||||||
FNMA REMIC Series 2018-3385, Class MA | ||||||||||||||
1,634,951 | 4.500 | 06/01/48 | 1,765,813 | |||||||||||
| FNMA REMIC Series 2019-41, Class FM(a) (1M USD LIBOR + | | ||||||||||||
1,992,094 | 0.534 | 08/25/49 | 2,003,828 | |||||||||||
| FNMA REMIC Series 2019-6, Class KF(a) (1M USD LIBOR + | | ||||||||||||
2,956,612 | 0.534 | 03/25/49 | 2,985,844 | |||||||||||
| FNMA REMIC Series 2020-6347, Class BM(a) (12M USD | | ||||||||||||
1,759,505 | 2.124 | 02/01/41 | 1,859,742 | |||||||||||
GNMA Series 2004-59, Class FP(a) (1M USD LIBOR + 0.300%) | ||||||||||||||
559,442 | 0.396 | 08/16/34 | 561,969 | |||||||||||
GNMA Series 2005-4, Class FA(a) (1M USD LIBOR + 0.370%) | ||||||||||||||
515,833 | 0.466 | 01/16/35 | 518,737 | |||||||||||
GNMA Series 2007-59, Class FA(a) (1M USD LIBOR + 0.500%) | ||||||||||||||
156,785 | 0.588 | 10/20/37 | 159,108 | |||||||||||
GNMA Series 2013-99, Class PF(a) (1M USD LIBOR + 0.300%) | ||||||||||||||
2,220,909 | 0.388 | 07/20/43 | 2,231,553 | |||||||||||
GNMA Series 2019-110, Class F(a) (1M USD LIBOR + 0.450%) | ||||||||||||||
2,940,945 | 0.538 | 09/20/49 | 2,965,184 | |||||||||||
GNMA Series 2019-56, Class FB(a) (1M USD LIBOR + 0.450%) | ||||||||||||||
2,984,000 | 0.538 | 05/20/49 | 3,024,277 | |||||||||||
GNMA Series 2019-58, Class FA(a) (1M USD LIBOR + 0.400%) | ||||||||||||||
1,619,542 | 0.488 | 05/20/49 | 1,630,552 | |||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | | ||||||||||||
627,013 | 2.713 | 08/15/49 | 651,232 | |||||||||||
| JPMBB Commercial Mortgage Securities Trust Series 2015-C31, | | ||||||||||||
588,222 | 3.540 | 08/15/48 | 618,932 | |||||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | | ||||||||||||
265,842 | 2.655 | 02/15/46 | 267,329 | |||||||||||
| Wells Fargo Commercial Mortgage Trust Series 2013-LC12, | | ||||||||||||
700,000 | 4.218 | 07/15/46 | 736,178 | |||||||||||
WFRBS Commercial Mortgage Trust Series 2012-C10, Class A3 | ||||||||||||||
537,000 | 2.875 | 12/15/45 | 548,451 | |||||||||||
|
| |||||||||||||
TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||||
(Cost $94,876,873) | $ | 95,173,714 | ||||||||||||
|
| |||||||||||||
Asset- Backed Securities – 23.0% | ||||||||||||||
| Access to Loans for Learning Student Loan Corp., Series 2010-I, | | ||||||||||||
$ | 827,364 | 0.913 | % | 04/25/37 | $ | 835,661 | ||||||||
| Access to Loans for Learning Student Loan Corp., Series 2012-1, | | ||||||||||||
24,966 | 0.784 | 07/25/36 | 24,886 | |||||||||||
| American Express Credit Account Master Trust, Series 2017-2, | | ||||||||||||
135,000 | 0.546 | 09/16/24 | 135,246 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| American Express Credit Account Master Trust, Series 2019-3, | | ||||||||||||
1,070,000 | 2.000 | 04/15/25 | 1,090,169 | |||||||||||
| Anchorage Capital CLO 4-R Ltd., Series 2018-4RA, Class A(a)(b) | | ||||||||||||
1,000,000 | 1.182 | 01/28/31 | 1,001,029 | |||||||||||
| Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR(a)(b) | | ||||||||||||
136,421 | 0.954 | 11/17/27 | 136,430 | |||||||||||
| Atrium XII, Series 2017-12A, Class AR(a)(b) (3M USD LIBOR + | | ||||||||||||
238,642 | 0.968 | 04/22/27 | 238,759 | |||||||||||
BA Credit Card Trust, Series 2021-A1, Class A1 | ||||||||||||||
500,000 | 0.440 | 09/15/26 | 499,713 | |||||||||||
| Barings CLO Ltd., Series 2018-3A, Class A1(a)(b) (3M USD | | ||||||||||||
500,000 | 1.084 | 07/20/29 | 499,921 | |||||||||||
| BlueMountain CLO Ltd., Series 2017-2A, Class A1R(a)(b) (3M | | ||||||||||||
980,386 | 1.318 | 10/22/30 | 980,849 | |||||||||||
| BlueMountain CLO Ltd., Series 2018-2A, Class A1R(a)(b) (3M | | ||||||||||||
420,220 | 1.064 | 07/18/27 | 420,348 | |||||||||||
| Brazos Higher Education Authority, Inc., Series 2010-1, | | ||||||||||||
50,951 | 1.029 | 05/25/29 | 50,966 | |||||||||||
| Brazos Higher Education Authority, Inc., Series 2011-1, | | ||||||||||||
837,319 | 0.929 | 02/25/30 | 840,679 | |||||||||||
| Brazos Higher Education Authority, Inc., Series 2011-2, | | ||||||||||||
52,935 | 0.975 | 07/25/29 | 53,062 | |||||||||||
| BX, Series 2021-MFM1, Class A(a)(b) (1M USD LIBOR + | | ||||||||||||
100,000 | 0.796 | 01/15/34 | 100,094 | |||||||||||
| BXHPP Trust, Series 2021-FILM, Class A(a)(b) (1M USD LIBOR | | ||||||||||||
1,850,000 | 0.746 | 08/15/36 | 1,851,331 | |||||||||||
| Capital One Multi-Asset Execution Trust, Series 2016-A7, | | ||||||||||||
300,000 | 0.606 | 09/16/24 | 300,317 | |||||||||||
CARDS II Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||||
1,125,000 | 0.602 | 04/15/27 | 1,127,738 | |||||||||||
| Carlyle US CLO Ltd., Series 2021-2A, Class A1R(a)(b) (3M USD | | ||||||||||||
2,000,000 | 1.184 | 07/20/31 | 2,000,546 | |||||||||||
Chase Issuance Trust, Series 2020-A1, Class A1 | ||||||||||||||
400,000 | 1.530 | 01/15/25 | 407,058 | |||||||||||
| CIFC Funding Ltd., Series 2017-3A, Class A1(a)(b) (3M USD | | ||||||||||||
2,350,000 | 1.354 | 07/20/30 | 2,351,231 | |||||||||||
| CIFC Funding Ltd., Series 2021-2A, Class AR(a)(b) (3M USD | | ||||||||||||
500,000 | 1.084 | 04/20/30 | 500,061 | |||||||||||
| CIM Retail Portfolio Trust, Series 2021-RETL, Class A(a)(b) (1M | | ||||||||||||
650,000 | 1.496 | 08/15/36 | 650,812 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC19, | | ||||||||||||
$ | 500,000 | 4.023 | % | 03/10/47 | $ | 534,871 | ||||||||
| Citigroup Commercial Mortgage Trust, Series 2014-GC21, | | ||||||||||||
600,000 | 3.855 | 05/10/47 | 644,642 | |||||||||||
COMM Mortgage Trust, Series 2013-CR12, Class A4 | ||||||||||||||
800,000 | 4.046 | 10/10/46 | 852,197 | |||||||||||
COMM Mortgage Trust, Series 2013-CR7, Class A4 | ||||||||||||||
427,573 | 3.213 | 03/10/46 | 442,330 | |||||||||||
COMM Mortgage Trust, Series 2013-CR8, Class A5(a) | ||||||||||||||
700,000 | 3.612 | 06/10/46 | 733,876 | |||||||||||
COMM Mortgage Trust, Series 2013-CR9, Class A4(a) | ||||||||||||||
322,746 | 4.388 | 07/10/45 | 341,046 | |||||||||||
COMM Mortgage Trust, Series 2015-CR24, Class ASB | ||||||||||||||
433,214 | 3.445 | 08/10/48 | 454,999 | |||||||||||
| COMM Mortgage Trust, Series 2021-LBA, Class A(a)(b) (1M USD | | ||||||||||||
900,000 | 0.786 | 03/15/38 | 900,559 | |||||||||||
DBJPM Mortgage Trust, Series 2016-C3, Class ASB | ||||||||||||||
364,991 | 2.756 | 08/10/49 | 380,304 | |||||||||||
| Discover Card Execution Note Trust, Series 2017-A7, Class A7(a) | | ||||||||||||
150,000 | 0.456 | 04/15/25 | 150,514 | |||||||||||
| Dryden XXV Senior Loan Fund, Series 2012-25A, | | ||||||||||||
214,776 | 1.026 | 10/15/27 | 214,805 | |||||||||||
| Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR(a)(b) | | ||||||||||||
245,968 | 1.026 | 04/15/29 | 245,595 | |||||||||||
| Edsouth Indenture No 10 LLC, Series 2015-2, Class A(a)(b) (1M | | ||||||||||||
144,983 | 1.084 | 12/25/56 | 146,108 | |||||||||||
| Edsouth Indenture No 2 LLC, Series 2012-1, Class A1(a)(b) (1M | | ||||||||||||
203,287 | 1.234 | 09/25/40 | 203,800 | |||||||||||
| Edsouth Indenture No 3 LLC, Series 2012-2, Class A(a)(b) (1M | | ||||||||||||
45,518 | 0.814 | 04/25/39 | 45,724 | |||||||||||
| Educational Funding of the South, Inc., Series 2011-1, Class A2(a) | | ||||||||||||
1,167,524 | 0.775 | 04/25/35 | 1,170,767 | |||||||||||
| EFS Volunteer LLC, Series 2010-1, Class A2(a)(b) (3M USD | | ||||||||||||
840,724 | 0.975 | 10/25/35 | 840,601 | |||||||||||
| Extended Stay America Trust, Series 2021-ESH, Class A(a)(b) (1M | | ||||||||||||
1,450,000 | 1.176 | 07/15/38 | 1,454,531 | |||||||||||
Ford Credit Auto Owner Trust, Series 2017-1, Class A(b) | ||||||||||||||
1,450,000 | 2.620 | 08/15/28 | 1,466,285 | |||||||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A(b) | ||||||||||||||
1,500,000 | 3.470 | 01/15/30 | 1,585,247 | |||||||||||
| Ford Credit Floorplan Master Owner Trust A, Series 2018-2, | | ||||||||||||
1,000,000 | 3.170 | 03/15/25 | 1,044,240 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Gallatin CLO VIII Ltd., Series 2017-1A, Class A(a)(b) (3M USD | | ||||||||||||
432,311 | 1.426 | 07/15/27 | 432,482 | |||||||||||
| GCO Education Loan Funding Trust, Series 2006-1, | | ||||||||||||
372,565 | 0.319 | 02/27/28 | 370,632 | |||||||||||
GMF Floorplan Owner Revolving Trust, Series 2020-2, Class A(b) | ||||||||||||||
1,000,000 | 0.690 | 10/15/25 | 1,004,300 | |||||||||||
| Goal Capital Funding Trust, Series 2010-1, Class A(a)(b) (3M USD | | ||||||||||||
324,504 | 0.829 | 08/25/48 | 326,015 | |||||||||||
| Great Wolf Trust, Series 2019-WOLF, Class A(a)(b) (1M USD | | ||||||||||||
750,000 | 1.130 | 12/15/36 | 750,001 | |||||||||||
| HalseyPoint CLO 3 Ltd., Series 2020-3A, Class A1A(a)(b) (3M | | ||||||||||||
500,000 | 1.579 | 11/30/32 | 502,403 | |||||||||||
| Hayfin US Ltd., Series 2018-8A, Class A(a)(b) (3M USD LIBOR + | | ||||||||||||
3,000,000 | 1.254 | 04/20/31 | 3,000,033 | |||||||||||
| Higher Education Funding I, Series 2014-1, Class A(a)(b) (3M | | ||||||||||||
1,343,637 | 1.179 | 05/25/34 | 1,349,796 | |||||||||||
Honda Auto Receivables Owner Trust, Series 2019-4, Class A3 | ||||||||||||||
932,162 | 1.830 | 01/18/24 | 941,054 | |||||||||||
| ICG US CLO Ltd., Series 2018-1A, Class A1R(a)(b) (3M USD | | ||||||||||||
885,407 | 1.274 | 10/19/28 | 885,561 | |||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, | | ||||||||||||
660,720 | 2.702 | 12/15/47 | 670,669 | |||||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust, | | ||||||||||||
821,089 | 3.994 | 01/15/46 | 855,028 | |||||||||||
| JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, | | ||||||||||||
450,533 | 3.566 | 02/15/47 | 464,175 | |||||||||||
| KKR Industrial Portfolio Trust, Series 2021-KDIP, Class A(a)(b) | | ||||||||||||
1,440,000 | 0.646 | 12/15/37 | 1,440,447 | |||||||||||
| KnowledgeWorks Foundation, Series 2010-1, Class A(a) (3M | | ||||||||||||
328,893 | 1.079 | 02/25/42 | 329,613 | |||||||||||
| LCM LP, Series 2021-15A, Class AR2(a)(b) (3M USD LIBOR + | | ||||||||||||
2,300,000 | 1.134 | 07/20/30 | 2,300,281 | |||||||||||
| LCM XX LP, Series 2018-20A, Class AR(a)(b) (3M USD LIBOR | | ||||||||||||
1,148,426 | 1.174 | 10/20/27 | 1,148,870 | |||||||||||
| Madison Park Funding Ltd., Series 2021-37A, Class AR(a)(b) (3M | | ||||||||||||
1,500,000 | 1.210 | 07/15/33 | 1,500,285 | |||||||||||
| Marathon CLO Ltd., Series 2021-1A, Class AANR(a)(b) (3M USD | | ||||||||||||
2,200,000 | 1.446 | 04/15/32 | 2,200,000 | |||||||||||
Master Credit Card Trust, Series 2021-1A, Class A(b) (Canada) | ||||||||||||||
1,400,000 | 0.530 | 11/21/25 | 1,400,383 | |||||||||||
|
|
96 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| Mercedes-Benz Auto Lease Trust 2021-B, Series 2021-B, | | ||||||||||||
$ | 850,000 | 0.400 | % | 11/15/24 | $ | 850,699 | ||||||||
| Navient Student Loan Trust, Series 2016-6A, Class A2(a)(b) (1M | | ||||||||||||
474,215 | 0.834 | 03/25/66 | 474,691 | |||||||||||
| Nelnet Student Loan Trust, Series 2014-2A, Class A2(a)(b) (1M | | ||||||||||||
512,622 | 0.684 | 03/25/30 | 513,567 | |||||||||||
| Nelnet Student Loan Trust, Series 2014-4A, Class A1(a)(b) (1M | | ||||||||||||
608,511 | 0.624 | 11/27/39 | 611,888 | |||||||||||
| Nelnet Student Loan Trust, Series 2016-1A, Class A(a)(b) (1M | | ||||||||||||
551,643 | 0.884 | 09/25/65 | 550,995 | |||||||||||
Nissan Auto Lease Trust, Series 2020-A, Class A3 | ||||||||||||||
144,039 | 1.840 | 01/17/23 | 145,019 | |||||||||||
| Northstar Education Finance, Inc., Series 2012-1, Class A(a)(b) | | ||||||||||||
128,085 | 0.784 | 12/26/31 | 128,672 | |||||||||||
| NorthStar Student Loan Trust III, Series 2016-1, Class A(a)(b) (1M | | ||||||||||||
2,065,563 | 1.334 | 05/27/36 | 2,075,931 | |||||||||||
| ONE PARK Mortgage Trust, Series 2021-PARK, Class A(a)(b) | | ||||||||||||
908,000 | 0.796 | 03/15/36 | 908,634 | |||||||||||
| OZLM Ltd., Series 2017-11A, Class A1R(a)(b) (3M USD LIBOR + | | ||||||||||||
247,297 | 1.379 | 10/30/30 | 247,411 | |||||||||||
| Pennsylvania Higher Education Assistance Agency, | | ||||||||||||
104,274 | 1.025 | 07/25/29 | 104,338 | |||||||||||
| Rhode Island Student Loan Authority, Series 2012-1, Class A1(a) | | ||||||||||||
1,039,142 | 0.986 | 07/01/31 | 1,042,993 | |||||||||||
| Rhode Island Student Loan Authority, Series 2014-1, Class A1(a) | | ||||||||||||
182,989 | 0.786 | 10/02/28 | 182,771 | |||||||||||
| Shackleton 2015-VIII CLO Ltd., Series 2017-8A, Class A2R(a)(b) | | ||||||||||||
351,588 | 1.054 | 10/20/27 | 351,636 | |||||||||||
| SLC Student Loan Trust, Series 2005-3, Class A3(a) (3M USD | | ||||||||||||
774,488 | 0.239 | 06/15/29 | 772,883 | |||||||||||
| SLC Student Loan Trust, Series 2005-5, Class A4(a) (3M USD | | ||||||||||||
844,906 | 0.265 | 10/25/28 | 840,791 | |||||||||||
| SLC Student Loan Trust, Series 2007-1, Class A4(a) (3M USD | | ||||||||||||
1,811,511 | 0.185 | 05/15/29 | 1,794,145 | |||||||||||
| SLC Student Loan Trust, Series 2010-1, Class A(a) (3M USD | | ||||||||||||
410,162 | 1.004 | 11/25/42 | 412,421 | |||||||||||
| SLM Student Loan Trust, Series 2003-11, Class A6(a)(b) (3M USD | | ||||||||||||
116,007 | 0.669 | 12/15/25 | 115,969 | |||||||||||
|
| |||||||||||||
Asset- Backed Securities – (continued) | ||||||||||||||
| SLM Student Loan Trust, Series 2003-14, Class A6(a) (3M USD | | ||||||||||||
188,819 | 0.425 | 07/25/25 | 187,957 | |||||||||||
| SLM Student Loan Trust, Series 2004-1, Class A4(a) (3M USD | | ||||||||||||
235,617 | 0.385 | 10/27/25 | 234,560 | |||||||||||
| SLM Student Loan Trust, Series 2005-7, Class A4(a) (3M USD | | ||||||||||||
250,393 | 0.275 | 10/25/29 | 248,585 | |||||||||||
| SLM Student Loan Trust, Series 2018-10, Class A7B(a)(b) (3M | | ||||||||||||
157,782 | 0.725 | 10/25/29 | 157,130 | |||||||||||
| SOUND POINT CLO Ltd., Series 2021-1A, Class AR(a)(b) (3M | | ||||||||||||
600,000 | 1.193 | 01/20/32 | 600,136 | |||||||||||
| South Carolina Student Loan Corp., Series 2014-1, Class A1(a) | | ||||||||||||
301,778 | 0.836 | 05/01/30 | 302,015 | |||||||||||
| STWD Trust, Series 2021-FLWR, Class A(a)(b) (1M USD LIBOR | | ||||||||||||
1,350,000 | 0.673 | 07/15/36 | 1,348,737 | |||||||||||
| TCW CLO AMR Ltd., Series 2021-1A, Class ASNR(a)(b) (3M | | ||||||||||||
1,100,000 | 1.345 | 08/16/34 | 1,100,113 | |||||||||||
| Tralee CLO II Ltd., Series 2017-1A, Class AR(a)(b) (3M USD | | ||||||||||||
610,316 | 1.454 | 07/20/29 | 610,210 | |||||||||||
| Trimaran Cavu 2021-1 Ltd., Series 2021-1A, Class A(a)(b) (3M | | ||||||||||||
1,000,000 | 1.348 | 04/23/32 | 1,000,127 | |||||||||||
| Trysail CLO 2021-1 Ltd., Series 2021-1A, Class A1(a)(b) (3M | | ||||||||||||
3,000,000 | 1.461 | 07/20/32 | 3,006,813 | |||||||||||
| UBS-Barclays Commercial Mortgage Trust, Series 2013-C5, | | ||||||||||||
206,878 | 2.687 | 03/10/46 | 209,991 | |||||||||||
| Utah State Board of Regents, Series 2016-1, Class A(a) (1M USD | | ||||||||||||
167,814 | 0.834 | 09/25/56 | 167,577 | |||||||||||
| Voya CLO 2019-2 Ltd., Series 2019-2A, Class A(a)(b) (3M USD | | ||||||||||||
700,000 | 1.404 | 07/20/32 | 700,085 | |||||||||||
| Voya CLO Ltd., Series 2015-1A, Class A1R(a)(b) (3M USD | | ||||||||||||
271,716 | 1.034 | 01/18/29 | 271,806 | |||||||||||
| Wellfleet CLO Ltd., Series 2019-1A, Class AR3(a)(b) (3M USD | | ||||||||||||
983,893 | 1.414 | 07/20/29 | 983,999 | |||||||||||
| Wells Fargo Commercial Mortgage Trust 2015-C31, | | ||||||||||||
118,145 | 3.487 | 11/15/48 | 124,587 | |||||||||||
| Zais CLO Ltd., Series 2021-15A, Class A1R(a)(b) (3M USD | | ||||||||||||
1,000,000 | 1.454 | 07/28/32 | 1,000,089 | |||||||||||
|
| |||||||||||||
TOTAL ASSET- BACKED SECURITIES | ||||||||||||||
(Cost $76,124,213) | $ | 76,201,946 | ||||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 97 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – 20.6% | ||||||||||||||
Banks – 5.3% | ||||||||||||||
Bank of America Corp.(a), GMTN | ||||||||||||||
(3M USD LIBOR + 0.930%) | ||||||||||||||
$ | 1,100,000 | 2.816 | % | 07/21/23 | $ | 1,123,552 | ||||||||
Bank of America Corp.(a), MTN | ||||||||||||||
(3M Bloomberg Short Term Bank Yield + 0.430%) | ||||||||||||||
2,000,000 | 0.529 | 05/28/24 | 2,001,060 | |||||||||||
BBVA USA | ||||||||||||||
1,000,000 | 2.875 | 06/29/22 | 1,019,539 | |||||||||||
Charles Schwab Corp. (The)(a) | ||||||||||||||
(SOFR + 0.500%) | ||||||||||||||
1,000,000 | 0.550 | 03/18/24 | 1,006,100 | |||||||||||
Citigroup, Inc.(a) | ||||||||||||||
(SOFR + 0.870%) | ||||||||||||||
740,000 | 0.920 | 11/04/22 | 740,864 | |||||||||||
(SOFR + 0.867%) | ||||||||||||||
935,000 | 2.312 | 11/04/22 | 938,134 | |||||||||||
(3M USD LIBOR + 0.722%) | ||||||||||||||
709,000 | 3.142 | 01/24/23 | 716,715 | |||||||||||
Discover Bank | ||||||||||||||
2,000,000 | 3.350 | 02/06/23 | 2,078,576 | |||||||||||
Fifth Third Bancorp | ||||||||||||||
600,000 | 2.600 | 06/15/22 | 609,987 | |||||||||||
Fifth Third Bank NA(a) | ||||||||||||||
(3M USD LIBOR + 0.640%) | ||||||||||||||
500,000 | 0.766 | 02/01/22 | 501,308 | |||||||||||
JPMorgan Chase & Co.(a) | ||||||||||||||
(3M USD LIBOR + 0.695%) | ||||||||||||||
2,807,000 | 3.207 | 04/01/23 | 2,854,297 | |||||||||||
Morgan Stanley(a), GMTN | ||||||||||||||
(SOFR + 0.700%) | ||||||||||||||
1,200,000 | 0.750 | 01/20/23 | 1,202,331 | |||||||||||
MUFG Union Bank NA | ||||||||||||||
300,000 | 3.150 | 04/01/22 | 304,419 | |||||||||||
500,000 | 2.100 | 12/09/22 | 510,783 | |||||||||||
Wells Fargo Bank NA(a) | ||||||||||||||
(3M USD LIBOR + 0.510%) | ||||||||||||||
750,000 | 0.648 | 10/22/21 | 750,228 | |||||||||||
(3M USD LIBOR + 0.650%) | ||||||||||||||
1,171,000 | 2.082 | 09/09/22 | 1,171,433 | |||||||||||
|
| |||||||||||||
17,529,326 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.7% | ||||||||||||||
Intercontinental Exchange, Inc. | ||||||||||||||
1,000,000 | 0.700 | 06/15/23 | 1,004,357 | |||||||||||
(3M USD LIBOR + 0.650%) | ||||||||||||||
1,200,000 | 0.769 | (a) | 06/15/23 | 1,200,133 | ||||||||||
|
| |||||||||||||
2,204,490 | ||||||||||||||
|
| |||||||||||||
Capital Goods – 0.3% | ||||||||||||||
3M Co. | ||||||||||||||
683,000 | 1.750 | 02/14/23 | 697,132 | |||||||||||
Roper Technologies, Inc. | ||||||||||||||
450,000 | 3.125 | 11/15/22 | 461,812 | |||||||||||
|
| |||||||||||||
1,158,944 | ||||||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Communications – 0.1% | ||||||||||||||
Moody’s Corp. | ||||||||||||||
400,000 | 4.500 | 09/01/22 | 412,098 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.1% | ||||||||||||||
7-Eleven, Inc.(b) | ||||||||||||||
(3M USD LIBOR + 0.450%) | ||||||||||||||
650,000 | 0.578 | (a) | 08/10/22 | 650,148 | ||||||||||
591,000 | 0.625 | 02/10/23 | 591,211 | |||||||||||
Dollar Tree, Inc. | ||||||||||||||
750,000 | 3.700 | 05/15/23 | 788,623 | |||||||||||
General Motors Financial Co., Inc. | ||||||||||||||
(3M USD LIBOR + 1.310%) | ||||||||||||||
900,000 | 1.457 | (a) | 06/30/22 | 907,320 | ||||||||||
300,000 | 3.700 | 05/09/23 | 313,602 | |||||||||||
Ralph Lauren Corp. | ||||||||||||||
400,000 | 1.700 | 06/15/22 | 404,469 | |||||||||||
|
| |||||||||||||
3,655,373 | ||||||||||||||
|
| |||||||||||||
Consumer Noncyclical – 1.3% | ||||||||||||||
AbbVie, Inc. | ||||||||||||||
(3M USD LIBOR + 0.460%) | ||||||||||||||
325,000 | 0.587 | (a) | 11/19/21 | 325,249 | ||||||||||
700,000 | 3.250 | 10/01/22 | 716,825 | |||||||||||
1,500,000 | 3.200 | 11/06/22 | 1,542,608 | |||||||||||
Biogen, Inc. | ||||||||||||||
1,079,000 | 3.625 | 09/15/22 | 1,115,436 | |||||||||||
Gilead Sciences, Inc.(a) | ||||||||||||||
(3M USD LIBOR + 0.520%) | ||||||||||||||
750,000 | 0.666 | 09/29/23 | 750,191 | |||||||||||
|
| |||||||||||||
4,450,309 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Clorox Co. (The) | ||||||||||||||
500,000 | 3.800 | 11/15/21 | 503,530 | |||||||||||
|
| |||||||||||||
Electric – 3.6% | ||||||||||||||
American Electric Power Co., Inc.(a), Series A | ||||||||||||||
(3M USD LIBOR + 0.480%) | ||||||||||||||
625,000 | 0.606 | 11/01/23 | 625,459 | |||||||||||
Atmos Energy Corp. | ||||||||||||||
(3M USD LIBOR + 0.380%) | ||||||||||||||
747,000 | 0.503 | (a) | 03/09/23 | 747,000 | ||||||||||
423,000 | 0.625 | 03/09/23 | 423,044 | |||||||||||
CenterPoint Energy Resources Corp. | ||||||||||||||
(3M USD LIBOR + 0.500%) | ||||||||||||||
1,250,000 | 0.620 | (a) | 03/02/23 | 1,249,033 | ||||||||||
900,000 | 0.700 | 03/02/23 | 900,090 | |||||||||||
CenterPoint Energy, Inc.(a) | ||||||||||||||
(SOFR + 0.650%) | ||||||||||||||
881,000 | 0.700 | 05/13/24 | 882,065 | |||||||||||
DTE Energy Co., Series H | ||||||||||||||
1,119,000 | 0.550 | 11/01/22 | 1,121,904 | |||||||||||
Duke Energy Corp.(a) | ||||||||||||||
(SOFR + 0.250%) | ||||||||||||||
850,000 | 0.296 | 06/10/23 | 849,701 | |||||||||||
Entergy Corp. | ||||||||||||||
580,000 | 4.000 | 07/15/22 | 594,781 | |||||||||||
|
|
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Electric – (continued) | ||||||||||||||
NextEra Energy Capital Holdings, Inc.(a) | ||||||||||||||
(3M USD LIBOR + 0.270%) | ||||||||||||||
$ | 1,245,000 | 0.401 | % | 02/22/23 | $ | 1,245,096 | ||||||||
(SOFR + 0.540%) | ||||||||||||||
500,000 | 0.590 | 03/01/23 | 501,682 | |||||||||||
OGE Energy Corp. | ||||||||||||||
226,000 | 0.703 | 05/26/23 | 225,954 | |||||||||||
Oklahoma Gas and Electric Co. | ||||||||||||||
522,000 | 0.553 | 05/26/23 | 522,113 | |||||||||||
PPL Electric Utilities Corp.(a) | ||||||||||||||
(SOFR + 0.330%) | ||||||||||||||
620,000 | 0.381 | 06/24/24 | 620,116 | |||||||||||
Southern Co. (The) | ||||||||||||||
1,500,000 | 2.950 | 07/01/23 | 1,562,443 | |||||||||||
|
| |||||||||||||
12,070,481 | ||||||||||||||
|
| |||||||||||||
Energy – 0.9% | ||||||||||||||
Baker Hughes a GE Co. LLC / Baker Hughes Co.-Obligor, Inc. | ||||||||||||||
500,000 | 2.773 | 12/15/22 | 514,926 | |||||||||||
Marathon Petroleum Corp. | ||||||||||||||
400,000 | 4.500 | 05/01/23 | 424,012 | |||||||||||
MPLX LP | ||||||||||||||
500,000 | 3.500 | 12/01/22 | 517,256 | |||||||||||
Pioneer Natural Resources Co. | ||||||||||||||
1,436,000 | 0.550 | 05/15/23 | 1,435,251 | |||||||||||
|
| |||||||||||||
2,891,445 | ||||||||||||||
|
| |||||||||||||
Financial Company – 0.8% | ||||||||||||||
Air Lease Corp. | ||||||||||||||
1,852,000 | 3.500 | 01/15/22 | 1,873,316 | |||||||||||
350,000 | 2.625 | 07/01/22 | 355,734 | |||||||||||
500,000 | 3.875 | 07/03/23 | 528,027 | |||||||||||
|
| |||||||||||||
2,757,077 | ||||||||||||||
|
| |||||||||||||
Healthcare – 1.3% | ||||||||||||||
AmerisourceBergen Corp. | ||||||||||||||
1,879,000 | 0.737 | 03/15/23 | 1,881,781 | |||||||||||
Cigna Corp. | ||||||||||||||
2,250,000 | 3.050 | 11/30/22 | 2,320,305 | |||||||||||
|
| |||||||||||||
4,202,086 | ||||||||||||||
|
| |||||||||||||
Insurance – 2.3% | ||||||||||||||
AIG Global Funding(a)(b) | ||||||||||||||
(SOFR + 0.380%) | ||||||||||||||
752,000 | 0.428 | 12/15/23 | 753,579 | |||||||||||
Athene Global Funding(a)(b) | ||||||||||||||
(3M USD LIBOR + 0.730%) | ||||||||||||||
1,500,000 | 0.865 | 01/08/24 | 1,507,439 | |||||||||||
Equitable Financial Life Global Funding(b) | ||||||||||||||
1,126,000 | 0.500 | 04/06/23 | 1,127,857 | |||||||||||
Guardian Life Global Funding(b) | ||||||||||||||
575,000 | 2.500 | 05/08/22 | 584,058 | |||||||||||
Jackson National Life Global Funding(a)(b) | ||||||||||||||
(SOFR + 0.600%) | ||||||||||||||
1,300,000 | 0.650 | 01/06/23 | 1,305,874 | |||||||||||
Markel Corp. | ||||||||||||||
600,000 | 4.900 | 07/01/22 | 621,391 | |||||||||||
|
| |||||||||||||
Corporate Obligations – (continued) | ||||||||||||||
Insurance – (continued) | ||||||||||||||
Principal Life Global Funding II(a)(b) | ||||||||||||||
(SOFR + 0.450%) | ||||||||||||||
353,000 | 0.500 | % | 04/12/24 | 353,864 | ||||||||||
(SOFR + 0.380%) | ||||||||||||||
563,000 | 0.430 | 08/23/24 | 564,685 | |||||||||||
Protective Life Global Funding(b) | ||||||||||||||
626,000 | 0.502 | 04/12/23 | 627,039 | |||||||||||
|
| |||||||||||||
7,445,786 | ||||||||||||||
|
| |||||||||||||
REITs and Real Estate – 0.4% | ||||||||||||||
Public Storage(a) (SOFR + 0.470%) | ||||||||||||||
1,385,000 | 0.520 | 04/23/24 | 1,385,797 | |||||||||||
|
| |||||||||||||
Technology – 0.7% | ||||||||||||||
Fidelity National Information Services, Inc. | ||||||||||||||
800,000 | 0.375 | 03/01/23 | 799,862 | |||||||||||
Hewlett Packard Enterprise Co. | ||||||||||||||
400,000 | 4.400 | 10/15/22 | 414,848 | |||||||||||
1,000,000 | 2.250 | 04/01/23 | 1,025,960 | |||||||||||
|
| |||||||||||||
2,240,670 | ||||||||||||||
|
| |||||||||||||
Transportation – 0.8% | ||||||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp.(b) | ||||||||||||||
1,390,000 | 4.250 | 01/17/23 | 1,459,956 | |||||||||||
Ryder System, Inc., MTN | ||||||||||||||
1,000,000 | 3.750 | 06/09/23 | 1,054,833 | |||||||||||
|
| |||||||||||||
2,514,789 | ||||||||||||||
|
| |||||||||||||
Wireless – 0.8% | ||||||||||||||
AT&T, Inc.(a) | ||||||||||||||
(SOFR + 0.640%) | ||||||||||||||
1,500,000 | 0.690 | 03/25/24 | 1,502,797 | |||||||||||
Verizon Communications, Inc.(a) | ||||||||||||||
(SOFR + 0.500%) | ||||||||||||||
1,300,000 | 0.550 | 03/22/24 | 1,307,347 | |||||||||||
|
| |||||||||||||
2,810,144 | ||||||||||||||
|
| |||||||||||||
TOTAL CORPORATE OBLIGATIONS | ||||||||||||||
(Cost $68,173,077) | $ | 68,232,345 | ||||||||||||
|
| |||||||||||||
Foreign Corporate Debt – 18.7% | ||||||||||||||
Aerospace & Defense – 0.1% | ||||||||||||||
BAE Systems PLC(b) (United Kingdom) | ||||||||||||||
$ | 410,000 | 4.750 | % | 10/11/21 | $ | 411,950 | ||||||||
|
| |||||||||||||
Banks – 12.8% | ||||||||||||||
Australia & New Zealand Banking Group Ltd. (Australia) | ||||||||||||||
600,000 | 2.550 | 11/23/21 | 603,233 | |||||||||||
Banco Santander SA(a) (Spain) | ||||||||||||||
(3M USD LIBOR + 1.090%) | ||||||||||||||
800,000 | 1.221 | 02/23/23 | 809,353 | |||||||||||
Bank of Montreal(a), MTN (Canada) | ||||||||||||||
(SOFR + 0.680%) | ||||||||||||||
1,450,000 | 0.726 | 03/10/23 | 1,460,981 | |||||||||||
Bank of Nova Scotia (The)(a) (Canada) | ||||||||||||||
(SOFR + 0.550%) | ||||||||||||||
1,200,000 | 0.598 | 09/15/23 | 1,207,756 | |||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 99 |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Schedule of Investments (continued)
August 31, 2021
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
Banque Federative du Credit Mutuel SA(b) (France) | ||||||||||||||
$ | 1,253,000 | 2.125 | % | 11/21/22 | $ | 1,281,565 | ||||||||
Barclays PLC (United Kingdom) | ||||||||||||||
1,000,000 | 3.684 | 01/10/23 | 1,011,702 | |||||||||||
(3M USD LIBOR + 1.400%) | ||||||||||||||
610,000 | 4.610 | (a) | 02/15/23 | 621,554 | ||||||||||
BPCE SA(a), MTN (France) | ||||||||||||||
(3M USD LIBOR + 0.880%) | ||||||||||||||
250,000 | 1.001 | 05/31/22 | 251,529 | |||||||||||
Canadian Imperial Bank of Commerce(a) (Canada) | ||||||||||||||
(SOFR + 0.800%) | ||||||||||||||
1,395,000 | 0.850 | 03/17/23 | 1,408,289 | |||||||||||
Commonwealth Bank of Australia(b) (Australia) | ||||||||||||||
900,000 | 2.750 | 03/10/22 | 911,984 | |||||||||||
Cooperatieve Rabobank UA (Netherlands) | ||||||||||||||
900,000 | 3.875 | 02/08/22 | 914,524 | |||||||||||
Deutsche Bank NY (Germany) | ||||||||||||||
976,000 | 0.720 | 11/08/21 | 977,035 | |||||||||||
DNB Bank ASA(a)(b) (Norway) | ||||||||||||||
(3M USD LIBOR + 0.620%) | ||||||||||||||
850,000 | 0.740 | 12/02/22 | 855,680 | |||||||||||
Federation des Caisses Desjardins du Quebec(a)(b) (Canada) | ||||||||||||||
(SOFR + 0.430%) | ||||||||||||||
1,500,000 | 0.481 | 05/21/24 | 1,503,928 | |||||||||||
HSBC Holdings PLC(a) (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.055%) | ||||||||||||||
1,373,000 | 3.262 | 03/13/23 | 1,394,099 | |||||||||||
ING Groep NV (Netherlands) | ||||||||||||||
(3M USD LIBOR + 1.150%) | ||||||||||||||
200,000 | 1.296 | (a) | 03/29/22 | 201,219 | ||||||||||
750,000 | 3.150 | 03/29/22 | 762,539 | |||||||||||
Intesa Sanpaolo SpA(b) (Italy) | ||||||||||||||
800,000 | 3.125 | 07/14/22 | 818,286 | |||||||||||
500,000 | 3.375 | 01/12/23 | 518,260 | |||||||||||
Lloyds Banking Group PLC (United Kingdom) | ||||||||||||||
750,000 | 4.050 | 08/16/23 | 800,810 | |||||||||||
Macquarie Bank Ltd.(b) (Australia) | ||||||||||||||
400,000 | 2.100 | 10/17/22 | 408,373 | |||||||||||
Mitsubishi UFJ Financial Group, Inc. (Japan) | ||||||||||||||
(3M USD LIBOR + 1.060%) | ||||||||||||||
400,000 | 1.179 | (a) | 09/13/21 | 400,131 | ||||||||||
600,000 | 2.190 | 09/13/21 | 600,363 | |||||||||||
Mizuho Bank Ltd.(b) (Japan) | ||||||||||||||
1,175,000 | 2.950 | 10/17/22 | 1,209,952 | |||||||||||
Mizuho Financial Group, Inc.(a) (Japan) | ||||||||||||||
(3M USD LIBOR + 1.140%) | ||||||||||||||
410,000 | 1.259 | 09/13/21 | 410,143 | |||||||||||
(3M USD LIBOR + 0.940%) | ||||||||||||||
600,000 | 1.061 | 02/28/22 | 602,543 | |||||||||||
MUFG Bank Ltd.(b) (Japan) | ||||||||||||||
800,000 | 2.850 | 09/08/21 | 800,346 | |||||||||||
National Australia Bank Ltd.(a)(b) (Australia) | ||||||||||||||
(3M USD LIBOR + 0.890%) | ||||||||||||||
250,000 | 1.009 | 01/10/22 | 250,777 | |||||||||||
|
| |||||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Banks – (continued) | ||||||||||||||
National Bank of Canada(a), MTN (Canada) | ||||||||||||||
(SOFR + 0.300%) | ||||||||||||||
2,000,000 | 0.350 | 05/16/23 | 2,001,319 | |||||||||||
Nationwide Building Society(b) (United Kingdom) | ||||||||||||||
3,000,000 | 2.000 | 01/27/23 | 3,071,412 | |||||||||||
Natwest Group PLC(a) (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.480%) | ||||||||||||||
546,000 | 3.498 | 05/15/23 | 557,596 | |||||||||||
NatWest Markets PLC(b) (United Kingdom) | ||||||||||||||
1,500,000 | 3.625 | 09/29/22 | 1,554,223 | |||||||||||
1,000,000 | 2.375 | 05/21/23 | 1,033,919 | |||||||||||
Royal Bank of Canada(a), MTN (Canada) | ||||||||||||||
(SOFR + 0.450%) | ||||||||||||||
800,000 | 0.500 | 10/26/23 | 804,293 | |||||||||||
Santander UK Group Holdings PLC (United Kingdom) | ||||||||||||||
750,000 | 3.571 | 01/10/23 | 758,412 | |||||||||||
Standard Chartered PLC(a)(b) (United Kingdom) | ||||||||||||||
(3M USD LIBOR + 1.150%) | ||||||||||||||
1,200,000 | 4.247 | 01/20/23 | 1,217,286 | |||||||||||
(SOFR + 1.250%) | ||||||||||||||
1,750,000 | 1.300 | 10/14/23 | 1,766,853 | |||||||||||
Sumitomo Mitsui Banking Corp.(b) (Japan) | ||||||||||||||
500,000 | 3.950 | 01/12/22 | 506,710 | |||||||||||
Sumitomo Mitsui Financial Group, Inc. (Japan) | ||||||||||||||
530,000 | 2.784 | 07/12/22 | 541,749 | |||||||||||
(3M USD LIBOR + 0.740%) | ||||||||||||||
1,020,000 | 0.874 | (a) | 01/17/23 | 1,027,725 | ||||||||||
Swedbank AB(b) (Sweden) | ||||||||||||||
700,000 | 1.300 | 06/02/23 | 710,893 | |||||||||||
Toronto-Dominion Bank (The)(a), MTN (Canada) | ||||||||||||||
(SOFR + 0.480%) | ||||||||||||||
1,000,000 | 0.530 | 01/27/23 | 1,004,817 | |||||||||||
UBS AG/London(a)(b) (Switzerland) | ||||||||||||||
(SOFR + 0.360%) | ||||||||||||||
1,550,000 | 0.410 | 02/09/24 | 1,558,303 | |||||||||||
(SOFR + 0.450%) | ||||||||||||||
1,144,000 | 0.500 | 08/09/24 | 1,149,465 | |||||||||||
|
| |||||||||||||
42,261,929 | ||||||||||||||
|
| |||||||||||||
Brokerage – 0.3% | ||||||||||||||
Daiwa Securities Group, Inc.(b) (Japan) | ||||||||||||||
894,000 | 3.129 | 04/19/22 | 909,953 | |||||||||||
|
| |||||||||||||
Capital Goods – 0.2% | ||||||||||||||
| Siemens Financieringsmaatschappij NV(a)(b) (Germany) (SOFR + | | ||||||||||||
620,000 | 0.480 | 03/11/24 | 623,868 | |||||||||||
|
| |||||||||||||
Consumer Cyclical – 1.7% | ||||||||||||||
BMW US Capital LLC(a)(b) (Germany) | ||||||||||||||
(SOFR + 0.530%) | ||||||||||||||
1,040,000 | 0.580 | 04/01/24 | 1,050,414 | |||||||||||
Daimler Finance North America LLC(b) (Germany) | ||||||||||||||
1,400,000 | 2.850 | 01/06/22 | 1,412,470 | |||||||||||
1,000,000 | 1.750 | 03/10/23 | 1,019,187 | |||||||||||
Volkswagen Group of America Finance LLC(b) (Germany) | ||||||||||||||
1,993,000 | 0.750 | 11/23/22 | 2,000,214 | |||||||||||
|
| |||||||||||||
5,482,285 | ||||||||||||||
|
|
100 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS ULTRA SHORT BOND ETF
Principal Amount | Interest Rate | Maturity Date | Value | |||||||||||
Foreign Corporate Debt – (continued) | ||||||||||||||
Consumer Noncyclical – 0.5% | ||||||||||||||
BAT Capital Corp. (United Kingdom) | ||||||||||||||
$ | 700,000 | 2.764 | % | 08/15/22 | $ | 714,770 | ||||||||
BAT International Finance PLC(b) (United Kingdom) | ||||||||||||||
430,000 | 3.250 | 06/07/22 | 438,811 | |||||||||||
Bayer US Finance LLC(b) (Germany) | ||||||||||||||
665,000 | 3.000 | 10/08/21 | 666,795 | |||||||||||
|
| |||||||||||||
1,820,376 | ||||||||||||||
|
| |||||||||||||
Consumer Products – 0.2% | ||||||||||||||
Reckitt Benckiser Treasury Services PLC(b) (United Kingdom) | ||||||||||||||
500,000 | 2.375 | 06/24/22 | 507,904 | |||||||||||
|
| |||||||||||||
Energy – 0.3% | ||||||||||||||
Enbridge, Inc.(a) (Canada) | ||||||||||||||
(3M USD LIBOR + 0.500%) | ||||||||||||||
550,000 | 0.625 | 02/18/22 | 550,839 | |||||||||||
(SOFR + 0.400%) | ||||||||||||||
401,000 | 0.450 | 02/17/23 | 401,693 | |||||||||||
|
| |||||||||||||
952,532 | ||||||||||||||
|
| |||||||||||||
Food and Beverage – 1.4% | ||||||||||||||
Coca-Cola Europacific Partners PLC(b) (United Kingdom) | ||||||||||||||
1,917,000 | 0.500 | 05/05/23 | 1,915,196 | |||||||||||
Danone SA(b) (France) | ||||||||||||||
1,216,000 | 3.000 | 06/15/22 | 1,241,580 | |||||||||||
Heineken NV(b) (Netherlands) | ||||||||||||||
298,000 | 2.750 | 04/01/23 | 308,143 | |||||||||||
Suntory Holdings Ltd.(b) (Japan) | ||||||||||||||
1,000,000 | 2.550 | 06/28/22 | 1,015,639 | |||||||||||
|
| |||||||||||||
4,480,558 | ||||||||||||||
|
| |||||||||||||
Hardware – 0.3% | ||||||||||||||
Panasonic Corp.(b) (Japan) | ||||||||||||||
1,000,000 | 2.536 | 07/19/22 | 1,016,387 | |||||||||||
|
| |||||||||||||
Internet – 0.1% | ||||||||||||||
Alibaba Group Holding Ltd. (China) | ||||||||||||||
500,000 | 3.125 | 11/28/21 | 501,112 | |||||||||||
|
| |||||||||||||
Metals and Mining – 0.2% | ||||||||||||||
Glencore Finance Canada Ltd.(b) (Switzerland) | ||||||||||||||
400,000 | 4.950 | 11/15/21 | 403,592 | |||||||||||
366,000 | 4.250 | 10/25/22 | 381,137 | |||||||||||
|
| |||||||||||||
784,729 | ||||||||||||||
|
| |||||||||||||
Mining – 0.3% | ||||||||||||||
Anglo American Capital PLC(b) (South Africa) | ||||||||||||||
1,040,000 | 4.125 | 09/27/22 | 1,077,950 | |||||||||||
|
| |||||||||||||
Wireless – 0.3% | ||||||||||||||
NTT Finance Corp.(b) (Japan) | ||||||||||||||
1,007,000 | 0.373 | 03/03/23 | 1,007,075 | |||||||||||
|
| |||||||||||||
TOTAL FOREIGN CORPORATE DEBT | ||||||||||||||
(Cost $61,707,546) | $ | 61,838,608 | ||||||||||||
|
| |||||||||||||
Certificates of Deposit – 1.5% | ||||||||||||||
Bank of China Ltd.(c) (China) | ||||||||||||||
1,000,000 | 0.397 | 11/19/21 | 999,560 | |||||||||||
| Bayerische Landesbank(c) (3M USD LIBOR + 0.470%) | | ||||||||||||
500,000 | 0.588 | 02/03/22 | 500,820 | |||||||||||
Credit Suisse AG(c) (Switzerland) | ||||||||||||||
2,000,000 | 0.590 | 03/17/23 | 2,002,421 | |||||||||||
National Bank Of Kuwait SAKP(b)(c) (Kuwait) | ||||||||||||||
1,400,000 | 0.260 | 11/29/21 | 1,400,098 | |||||||||||
|
| |||||||||||||
TOTAL CERTIFICATES OF DEPOSIT | ||||||||||||||
(Cost $4,899,142) | $ | 4,902,899 | ||||||||||||
|
|
Shares | Dividend Rate | Value | ||||||||
Investment Company – 7.8%(d) | ||||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||||
25,760,750 | 0.026 | % | $ | 25,760,750 | ||||||
(Cost $25,760,750) | ||||||||||
|
| |||||||||
TOTAL INVESTMENTS – 100.4% | ||||||||||
(Cost $331,541,601) | $ | 332,110,262 | ||||||||
|
| |||||||||
| LIABILITIES IN EXCESS OF ASSETS – (0.4)% | | (1,236,755 | ) | ||||||
|
| |||||||||
NET ASSETS – 100.0% | $ | 330,873,507 | ||||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
(a) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2021. | |
(b) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(c) | 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. | |
(d) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
GMTN | —Global Medium Term Note | |
LIBOR | —London Interbank Offered Rate | |
LP | —Limited Partnership | |
MTN | —Medium Term Note | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SOFR | —Secured Overnight Financing Rate | |
|
The accompanying notes are an integral part of these financial statements. | 101 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities
August 31, 2021
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||||||||
Assets: |
| |||||||||||||||||
Investments in unaffiliated issuers, at value (cost $220,449,181, $142,408,096, $29,499,367 and $742,379,208, respectively) | $ | 226,358,556 | $ | 145,382,290 | $ | 29,596,183 | $ | 766,365,976 | ||||||||||
Investments in affiliated issuers, at value (cost $2,073,969, $809,851, $302,503 and $2,549,254, respectively) | 2,073,969 | 809,851 | 302,503 | 2,549,254 | ||||||||||||||
Cash | 390,111 | 50,030 | 54,579 | 6,314,017 | ||||||||||||||
Receivables: | ||||||||||||||||||
Fund shares sold | 27,716,250 | — | 2,514,194 | — | ||||||||||||||
Dividends and interest | 3,112,818 | 86,158 | 224,139 | 7,641,866 | ||||||||||||||
Reimbursement from investment adviser | 114 | 49 | 12 | 124 | ||||||||||||||
Investments sold | — | — | — | 76,722,105 | ||||||||||||||
Total assets | 259,651,818 | 146,328,378 | 32,691,610 | 859,593,342 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 27,732,375 | — | 2,518,837 | 6,019,126 | ||||||||||||||
Management fees | 58,541 | 14,210 | 3,295 | 92,027 | ||||||||||||||
Fund shares redeemed | 19,597 | — | 688 | 77,335,619 | ||||||||||||||
Accrued expenses | 7,019 | 2,710 | 1,104 | 28,397 | ||||||||||||||
Total liabilities | 27,817,532 | 16,920 | 2,523,924 | 83,475,169 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 226,831,889 | 142,536,538 | 30,071,514 | 751,446,921 | ||||||||||||||
Total distributable earnings | 5,002,397 | 3,774,920 | 96,172 | 24,671,252 | ||||||||||||||
NET ASSETS | $ | 231,834,286 | $ | 146,311,458 | $ | 30,167,686 | $ | 776,118,173 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 4,600,000 | 2,500,000 | 600,000 | 14,050,000 | ||||||||||||||
Net asset value per share: | $50.40 | $58.52 | $50.28 | $55.24 |
102 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Assets and Liabilities (continued)
August 31, 2021
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||||
Assets: |
| |||||||||||||
Investments in unaffiliated issuers, at value (cost $1,852,889,271, $219,478,246 and $305,780,851, respectively) | $ | 1,852,928,508 | $ | 218,798,313 | $ | 306,349,512 | ||||||||
Investments in affiliated issuers, at value (cost $–, $51,438,327 and $25,760,750, respectively) | — | 51,438,327 | 25,760,750 | |||||||||||
Cash | 3,044,382 | 3,319,198 | 253,933 | |||||||||||
Receivables: | ||||||||||||||
Investments sold | 618,981,232 | 4,158,486 | 25,062 | |||||||||||
Dividends and interest | 1,990,555 | 879,854 | 731,944 | |||||||||||
Reimbursement from investment adviser | 31,766 | 6,855 | 14,528 | |||||||||||
Total assets | 2,476,976,443 | 278,601,033 | 333,135,729 | |||||||||||
Liabilities: | ||||||||||||||
Payables: | ||||||||||||||
Investments purchased | 618,999,112 | 58,739,149 | 2,200,000 | |||||||||||
Management fees | 222,360 | 25,651 | 54,400 | |||||||||||
Accrued expenses | 94,670 | 6,464 | 7,822 | |||||||||||
Total liabilities | 619,316,142 | 58,771,264 | 2,262,222 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital | 1,858,467,317 | 220,591,725 | 330,376,160 | |||||||||||
Total distributable earnings (loss) | (807,016 | ) | (761,956 | ) | 497,347 | |||||||||
NET ASSETS | $ | 1,857,660,301 | $ | 219,829,769 | $ | 330,873,507 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 18,560,000 | 4,450,000 | 6,525,000 | |||||||||||
Net asset value per share: | $100.09 | $49.40 | $50.71 |
The accompanying notes are an integral part of these financial statements. | 103 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2021
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||||||||
Investment income: |
| |||||||||||||||||
Interest | $ | 8,753,913 | $ | 3,446,020 | $ | 267,123 | $ | 17,884,772 | ||||||||||
Dividends from Affiliated Underlying Funds | 355 | 24 | 18 | 590 | ||||||||||||||
Total investment income | 8,754,268 | 3,446,044 | 267,141 | 17,885,362 | ||||||||||||||
Expenses: |
| |||||||||||||||||
Management fees | 610,329 | 76,937 | 34,830 | 1,012,153 | ||||||||||||||
Shareholder meeting expense | 7,019 | 2,710 | 1,104 | 28,397 | ||||||||||||||
Trustee fees | 5,523 | 4,306 | 3,883 | 11,403 | ||||||||||||||
Total expenses | 622,871 | 83,953 | 39,817 | 1,051,953 | ||||||||||||||
Less — expense reductions | (1,537 | ) | (121 | ) | (89 | ) | (2,694 | ) | ||||||||||
Net expenses | 621,334 | 83,832 | 39,728 | 1,049,259 | ||||||||||||||
NET INVESTMENT INCOME | 8,132,934 | 3,362,212 | 227,413 | 16,836,103 | ||||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | 448,781 | (116,024 | ) | 17,658 | (365,367 | ) | ||||||||||||
In-kind redemptions | 1,769,651 | 705,164 | 45,316 | 17,280,913 | ||||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | 2,202,441 | 1,158,564 | 10,754 | (19,284,757 | ) | |||||||||||||
Net realized and unrealized gain (loss) | 4,420,873 | 1,747,704 | 73,728 | (2,369,211 | ) | |||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 12,553,807 | $ | 5,109,916 | $ | 301,141 | $ | 14,466,892 |
104 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2021
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF* | Access Ultra Short Bond ETF | ||||||||||||
Investment income: |
| |||||||||||||
Interest | $ | 2,476,949 | $ | 1,390,827 | $ | 1,671,263 | ||||||||
Dividends from Affiliated Underlying Funds | — | 9,999 | 2,444 | |||||||||||
Total investment income | 2,476,949 | 1,400,826 | 1,673,707 | |||||||||||
Expenses: |
| |||||||||||||
Management fees | 3,212,835 | 217,342 | 468,679 | |||||||||||
Shareholder meeting expense | 94,670 | 6,464 | 7,822 | |||||||||||
Trustee fees | 31,232 | 4,560 | 5,935 | |||||||||||
Total expenses | 3,338,737 | 228,366 | 482,436 | |||||||||||
Less — expense reductions | (472,958 | ) | (40,978 | ) | (105,727 | ) | ||||||||
Net expenses | 2,865,779 | 187,388 | 376,709 | |||||||||||
NET INVESTMENT INCOME (LOSS) | (388,830 | ) | 1,213,438 | 1,296,998 | ||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investments — unaffiliated issuers | 442,218 | (24,105 | ) | 188,583 | ||||||||||
In-kind redemptions | 389,130 | 55,111 | — | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers | (973,717 | ) | (679,933 | ) | (199,281 | ) | ||||||||
Net realized and unrealized loss | (142,369 | ) | (648,927 | ) | (10,698 | ) | ||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $ | (531,199 | ) | $ | 564,511 | $ | 1,286,300 |
* | For the period September 8, 2020 (commencement of operations) through August 31, 2021. |
The accompanying notes are an integral part of these financial statements. | 105 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 8,132,934 | $ | 4,104,515 | $ | 3,362,212 | $ | 111,908 | ||||||||||||||
Net realized gain (loss) | 2,218,432 | (2,460,045 | ) | 589,140 | 474,881 | |||||||||||||||||
Net change in unrealized gain | 2,202,441 | 2,696,332 | 1,158,564 | 1,423,412 | ||||||||||||||||||
Net increase in net assets resulting from operations | 12,553,807 | 4,340,802 | 5,109,916 | 2,010,201 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (8,366,688 | ) | (3,924,025 | ) | (2,396,273 | ) | (181,025 | ) | ||||||||||||||
From return of capital | — | — | — | (2,030 | ) | |||||||||||||||||
Total distributions to shareholders | (8,366,688 | ) | (3,924,025 | ) | (2,396,273 | ) | (183,055 | ) | ||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | 139,703,025 | 106,526,874 | 122,145,094 | 28,412,564 | ||||||||||||||||||
Cost of shares redeemed | (62,403,184 | ) | (33,198,256 | ) | (9,877,024 | ) | (6,876,076 | ) | ||||||||||||||
Net increase in net assets resulting from share transactions | 77,299,841 | 73,328,618 | 112,268,070 | 21,536,488 | ||||||||||||||||||
TOTAL INCREASE | 81,486,960 | 73,745,395 | 114,981,713 | 23,363,634 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of year | $ | 150,347,326 | $ | 76,601,931 | $ | 31,329,745 | $ | 7,966,111 | ||||||||||||||
End of year | $ | 231,834,286 | $ | 150,347,326 | $ | 146,311,458 | $ | 31,329,745 |
106 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Period July 7, 2020* to August 31, 2020 | For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 227,413 | $ | 25,688 | $ | 16,836,103 | $ | 15,735,216 | ||||||||||||||
Net realized gain | 62,974 | 4,949 | 16,915,546 | 6,650,329 | ||||||||||||||||||
Net change in unrealized gain (loss) | 10,754 | 86,062 | (19,284,757 | ) | 11,236,182 | |||||||||||||||||
Net increase in net assets resulting from operations | 301,141 | 116,699 | 14,466,892 | 33,621,727 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (264,880 | ) | (11,472 | ) | (17,024,132 | ) | (15,896,442 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 5,036,236 | 27,512,139 | 567,153,110 | 353,704,682 | ||||||||||||||||||
Cost of shares redeemed | (2,522,177 | ) | — | (431,055,691 | ) | (254,900,515 | ) | |||||||||||||||
Net increase in net assets resulting from share transactions | 2,514,059 | 27,512,139 | 136,097,419 | 98,804,167 | ||||||||||||||||||
TOTAL INCREASE | 2,550,320 | 27,617,366 | 133,540,179 | 116,529,452 | ||||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 27,617,366 | $ | — | $ | 642,577,994 | $ | 526,048,542 | ||||||||||||||
End of period | $ | 30,167,686 | $ | 27,617,366 | $ | 776,118,173 | $ | 642,577,994 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 107 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | |||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Period September 8, 2020* to August 31, 2021 | ||||||||||||||||
From operations: | ||||||||||||||||||
Net investment income (loss) | $ | (388,830 | ) | $ | 37,953,075 | $ | 1,213,438 | |||||||||||
Net realized gain | 831,348 | 12,889,230 | 31,006 | |||||||||||||||
Net change in unrealized loss | (973,717 | ) | (2,300,783 | ) | (679,933 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from operations | (531,199 | ) | 48,541,522 | 564,511 | ||||||||||||||
Distributions to shareholders: | ||||||||||||||||||
From distributable earnings | (8,240,322 | ) | (45,661,342 | ) | (1,271,774 | ) | ||||||||||||
From return of capital | (1,363,154 | ) | — | — | ||||||||||||||
Total distributions to shareholders | (9,603,476 | ) | (45,661,342 | ) | (1,271,774 | ) | ||||||||||||
From share transactions: | ||||||||||||||||||
Proceeds from sales of shares | 382,587,046 | 1,673,288,926 | 235,354,179 | |||||||||||||||
Cost of shares redeemed | (1,560,188,346 | ) | (1,804,799,190 | ) | (14,817,147 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (1,177,601,300 | ) | (131,510,264 | ) | 220,537,032 | |||||||||||||
TOTAL INCREASE (DECREASE) | (1,187,735,975 | ) | (128,630,084 | ) | 219,829,769 | |||||||||||||
Net assets: | ||||||||||||||||||
Beginning of period | $ | 3,045,396,276 | $ | 3,174,026,360 | $ | — | ||||||||||||
End of period | $ | 1,857,660,301 | $ | 3,045,396,276 | $ | 219,829,769 |
* | Commencement of operations. |
108 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Statements of Changes in Net Assets (continued)
Access Ultra Short Bond ETF | ||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 1,296,998 | $ | 1,115,850 | ||||||
Net realized gain (loss) | 188,583 | (46,343 | ) | |||||||
Net change in unrealized gain (loss) | (199,281 | ) | 697,031 | |||||||
Net increase in net assets resulting from operations | 1,286,300 | 1,766,538 | ||||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (1,622,329 | ) | (1,046,869 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 209,360,754 | 146,532,435 | ||||||||
Cost of shares redeemed | (27,915,904 | ) | (12,635,582 | ) | ||||||
Net increase in net assets resulting from share transactions | 181,444,850 | 133,896,853 | ||||||||
TOTAL INCREASE | 181,108,821 | 134,616,522 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 149,764,686 | $ | 15,148,164 | ||||||
End of period | $ | 330,873,507 | $ | 149,764,686 |
The accompanying notes are an integral part of these financial statements. | 109 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
110 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term 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. | 111 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
112 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term 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. | 113 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
114 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term 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. | 115 |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
116 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
August 31, 2021
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 Inflation Protected USD Bond ETF (“Access Inflation Protected USD Bond ETF”) | Diversified | |||
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (“Access Investment Grade Corporate 1-5 Year 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 (“Access Treasury 0-1 Year ETF”) | Diversified | |||
Goldman Sachs Access U.S. Aggregate Bond ETF (“Access U.S. Aggregate Bond ETF”)* | Diversified | |||
Goldman Sachs Access Ultra Short Bond ETF (“Access Ultra Short Bond ETF”) | Diversified |
* | Commencement of operations on September 8, 2020. |
The investment objective of each Fund (except the Access Ultra Short Bond ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The Access Ultra Short Bond ETF seeks to provide current income with preservation of capital.
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 Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Access Inflation Protected USD Bond ETF and Access Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe BZX”). 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
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
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Notes to Financial Statements (continued)
August 31, 2021
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 and/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 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 distributable earnings 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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).
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:
Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 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 per share 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2021:
ACCESS HIGH YIELD CORPORATE BOND ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 216,221,594 | $ | — | ||||||
Foreign Corporate Debt | — | 10,136,962 | — | |||||||||
Investment Company | 2,073,969 | — | — | |||||||||
Total | $ | 2,073,969 | $ | 226,358,556 | $ | — |
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Notes to Financial Statements (continued)
August 31, 2021
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS INFLATION PROTECTED USD BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Inflation Indexed Bonds | $ | 145,382,290 | $ | — | $ | — | ||||||
Investment Company | 809,851 | — | — | |||||||||
Total | $ | 146,192,141 | $ | — | $ | — | ||||||
ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 23,472,803 | $ | — | ||||||
Foreign Corporate Debt | — | 6,123,380 | — | |||||||||
Investment Company | 302,503 | — | — | |||||||||
Total | $ | 302,503 | $ | 29,596,183 | $ | — | ||||||
ACCESS INVESTMENT GRADE CORPORATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Corporate Obligations | $ | — | $ | 630,565,505 | $ | — | ||||||
Foreign Corporate Debt | — | 135,800,471 | — | |||||||||
Investment Company | 2,549,254 | — | — | |||||||||
Total | $ | 2,549,254 | $ | 766,365,976 | $ | — | ||||||
ACCESS TREASURY 0-1 YEAR ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income | ||||||||||||
U.S. Treasury Bills | $ | 1,462,751,967 | $ | — | $ | — | ||||||
U.S. Treasury Notes | 390,176,541 | — | — | |||||||||
Total | $ | 1,852,928,508 | $ | — | $ | — |
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACCESS U.S. AGGREGATE BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
U.S. Treasury Notes | $ | 73,195,898 | $ | — | $ | — | ||||||
Mortgage-Backed Securities | — | 59,723,417 | — | |||||||||
Corporate Obligations | — | 51,307,171 | — | |||||||||
U.S. Treasury Bonds | 16,964,115 | — | — | |||||||||
Foreign Corporate Debt | — | 10,741,903 | — | |||||||||
Foreign Debt Obligations | — | 6,865,809 | — | |||||||||
Investment Company | 51,438,327 | — | — | |||||||||
Total | $ | 141,598,340 | $ | 128,638,300 | $ | — | ||||||
ACCESS ULTRA SHORT BOND ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Fixed Income |
| |||||||||||
Mortgage-Backed Securities | $ | — | $ | 95,173,714 | $ | — | ||||||
Asset- Backed Securities | — | 76,201,946 | — | |||||||||
Corporate Obligations | — | 68,232,345 | — | |||||||||
Foreign Corporate Debt | — | 61,838,608 | — | |||||||||
Investment Company | 25,760,750 | — | — | |||||||||
Certificates of Deposit | — | 4,902,899 | — | |||||||||
Total | $ | 25,760,750 | $ | 306,349,512 | $ | — |
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.
The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. 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.
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Notes to Financial Statements (continued)
August 31, 2021
4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the year ended August 31, 2021, contractual and effective net unitary management fees 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 Inflation Protected USD Bond ETF | 0.12 | % | 0.12 | % | ||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 0.14 | % | 0.14 | % | ||||||
Access Investment Grade Corporate Bond ETF | 0.14 | % | 0.14 | % | ||||||
Access Treasury 0-1 Year ETF | 0.14 | % | 0.12 | % | ||||||
Access U.S. Aggregate Bond ETF | 0.14 | % | 0.11 | % | ||||||
Access Ultra Short Bond ETF | 0.20 | % | 0.16 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% and 0.16% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively. These arrangements will remain in effect through at least December 29, 2021 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. For the year ended August 31, 2021, GSAM waived $472,958 and $94,923 of the Funds’ management fees for the Access Treasury 0-1 Year ETF and the Access Ultra Short Bond ETF, respectively.
The Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Ultra Short Bond ETF and Access U.S. Aggregate 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 year ended August 31, 2021, the management fee waived by GSAM for each Fund was as follows:
Fund | Management Fee Waived | |||||
Access High Yield Corporate Bond ETF | $ | 1,537 | ||||
Access Inflation Protected USD Bond ETF | 121 | |||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 89 | |||||
Access Investment Grade Corporate Bond ETF | 2,694 | |||||
Access U.S. Aggregate Bond ETF | 40,978 | |||||
Access Ultra Short Bond ETF | 10,804 |
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4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Other Transactions with Affiliates — The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund for the year ended August 31, 2021:
Fund | Beginning value as of August 31, 2020 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2021 | Shares as of August 31, 2021 | Dividend Income | ||||||||||||||||||
Access High Yield Corporate Bond ETF | $ | 1,754,115 | $ | 50,342,355 | $ | (50,022,501 | ) | $ | 2,073,969 | 2,073,969 | $ | 355 | ||||||||||||
Access Inflation Protected USD Bond ETF | — | 3,112,623 | (2,302,772 | ) | 809,851 | 809,851 | 24 | |||||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | 684,558 | 2,914,470 | (3,296,525 | ) | 302,503 | 302,503 | 18 | |||||||||||||||||
Access Investment Grade Corporate Bond ETF | 6,635,197 | 64,210,058 | (68,296,001 | ) | 2,549,254 | 2,549,254 | 590 | |||||||||||||||||
Access U.S. Aggregate Bond ETF* | — | 90,037,043 | (38,598,716 | ) | 51,438,327 | 51,438,327 | 9,999 | |||||||||||||||||
Access Ultra Short Bond ETF | 3,705,115 | 209,364,354 | (187,308,719 | ) | 25,760,750 | 25,760,750 | 2,444 |
* | Commencement of operations on September 8, 2020. |
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:
Access High Yield Corporate Bond ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,800,000 | $ | 139,660,429 | 2,200,000 | $ | 106,518,573 | ||||||||||
Shares Redeemed | (1,250,000 | ) | (62,218,811 | ) | (700,000 | ) | (33,025,220 | ) | ||||||||
NET INCREASE IN SHARES | 1,550,000 | $ | 77,441,618 | 1,500,000 | $ | 73,493,353 |
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Notes to Financial Statements (continued)
August 31, 2021
5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs Access Inflation Protected USD Bond ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 2,125,000 | $ | 122,145,094 | 525,000 | $ | 28,411,888 | ||||||||||
Shares Redeemed | (175,000 | ) | (9,875,297 | ) | (125,000 | ) | (6,876,076 | ) | ||||||||
NET INCREASE IN SHARES | 1,950,000 | $ | 112,269,797 | 400,000 | $ | 21,535,812 |
Access Investment Grade Corporate 1-5 Year Bond ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Period July 7, 2020* through August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 100,000 | $ | 5,036,236 | 550,000 | $ | 27,483,763 | ||||||||||
Shares Redeemed | (50,000 | ) | (2,519,551 | ) | — | — | ||||||||||
NET INCREASE IN SHARES | 50,000 | $ | 2,516,685 | 550,000 | $ | 27,483,763 |
* | Commencement of operations. |
Access Investment Grade Corporate Bond ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 10,300,000 | $ | 567,048,496 | 6,550,000 | $ | 353,363,901 | ||||||||||
Shares Redeemed | (7,850,000 | ) | (430,357,739 | ) | (4,900,000 | ) | (254,691,742 | ) | ||||||||
NET INCREASE IN SHARES | 2,450,000 | $ | 136,690,757 | 1,650,000 | $ | 98,672,159 |
Access Treasury 0-1 Year ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 3,820,000 | $ | 382,587,046 | 16,650,000 | $ | 1,673,288,926 | ||||||||||
Shares Redeemed | (15,580,000 | ) | (1,560,188,346 | ) | (17,950,000 | ) | (1,804,798,807 | ) | ||||||||
NET DECREASE IN SHARES | (11,760,000 | ) | $ | (1,177,601,300 | ) | (1,300,000 | ) | $ | (131,509,881 | ) |
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5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Access U.S. Aggregate Bond ETF | ||||||||
For the Period September 8, 2020* through August 31, 2021 | ||||||||
|
| |||||||
Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares Sold | 4,750,000 | $ | 235,376,922 | |||||
Shares Redeemed | (300,000 | ) | (14,751,161 | ) | ||||
NET INCREASE IN SHARES | 4,450,000 | $ | 220,625,761 |
* | Commencement of operations. |
Access Ultra Short Bond ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 4,125,000 | $ | 209,360,754 | 2,900,000 | $ | 146,532,435 | ||||||||||
Shares Redeemed | (550,000 | ) | (27,915,904 | ) | (250,000 | ) | (12,635,581 | ) | ||||||||
NET INCREASE IN SHARES | 3,575,000 | $ | 181,444,850 | 2,650,000 | $ | 133,896,854 |
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales and maturities of long-term securities for the year ended August 31, 2021, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short term securities):
Fund | Purchases of U.S. Government and Agency Obligations | Purchases (Excluding U.S. Government and Agency Obligations) | Sales and Maturities of U.S. Government and Agency Obligations | Sales and Maturities (Excluding U.S. Government and Agency Obligations) | ||||||||||||||
Access High Yield Corporate Bond ETF | $ | — | $ | 177,362,263 | $ | — | $ | 40,668,467 | ||||||||||
Access Inflation Protected USD Bond ETF | 41,349,492 | — | 38,256,408 | — | ||||||||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | 14,430,515 | — | 8,861,242 | ||||||||||||||
Access Investment Grade Corporate Bond ETF | — | 648,620,868 | — | 76,707,991 | ||||||||||||||
Access U.S. Aggregate Bond ETF | 971,230,843 | 86,695,257 | 813,206,626 | 12,774,625 | ||||||||||||||
Access Ultra Short Bond ETF | 78,614,681 | 191,531,790 | 37,602,146 | 70,570,221 |
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Notes to Financial Statements (continued)
August 31, 2021
6. PORTFOLIO SECURITIES TRANSACTIONS (continued) |
The purchases and sales from in-kind creation and redemption transactions for the year ended August 31, 2021, were as follows (With the exceptions of Access Treasury 0-1 Year ETF and Access Ultra Short Bond ETF which did not have in-kind creation or redemption transactions):
Fund | Purchases | Sales | ||||||||
Access High Yield Corporate Bond ETF | $ | — | $ | 60,003,334 | ||||||
Access Inflation Protected USD Bond ETF | 116,368,989 | 9,877,649 | ||||||||
Access Investment Grade Corporate 1-5 Year Bond ETF | — | 2,491,803 | ||||||||
Access Investment Grade Corporate Bond ETF | — | 427,230,586 | ||||||||
Access U.S. Aggregate Bond ETF | — | 10,747,658 |
7. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2021 was as follows:
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||||||
Ordinary Income | $ | 8,366,688 | $ | 2,396,273 | $ | 264,880 | $ | 17,024,132 | $ | 8,240,322 | $ | 1,271,774 | $ | 1,622,329 | ||||||||||||||
Total taxable distributions | $ | 8,366,688 | $ | 2,396,273 | $ | 264,880 | $ | 17,024,132 | $ | 8,240,322 | $ | 1,271,774 | $ | 1,622,329 | ||||||||||||||
Return of Capital | $ | — | $ | — | $ | — | $ | — | $ | 1,363,154 | $ | — | $ | — |
The tax character of distributions paid during the fiscal year ended August 31, 2020 was as follows:
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access 1-5 Year | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access Ultra Short Bond ETF | |||||||||||||||||||
Distributions paid from: | ||||||||||||||||||||||||
Ordinary Income | $ | 3,924,025 | $ | 170,530 | $ | 11,472 | $ | 15,896,442 | $ | 45,661,342 | $ | 1,046,869 | ||||||||||||
Long-term Capital Gain | — | 10,495 | — | — | — | — | ||||||||||||||||||
Total taxable distributions | $ | 3,924,025 | $ | 181,025 | $ | 11,472 | $ | 15,896,442 | $ | 45,661,342 | $ | 1,046,869 | ||||||||||||
Return of Capital | $ | — | $ | 2,030 | $ | — | $ | — | $ | — | $ | — |
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7. TAX INFORMATION (continued) |
As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:
Access High Yield Corporate Bond ETF | Access Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||||||||||||||
Undistributed ordinary income — net | $ | 795,173 | $ | 965,932 | $ | 29,000 | $ | 1,441,399 | $ | — | $ | 167,290 | $ | 293,336 | ||||||||||||||
Undistributed long-term capital gains | — | — | — | — | — | — | — | |||||||||||||||||||||
Total undistributed earnings | $ | 795,173 | $ | 965,932 | $ | 29,000 | $ | 1,441,399 | $ | — | $ | 167,290 | $ | 293,336 | ||||||||||||||
Capital loss carryforwards:(1) | ||||||||||||||||||||||||||||
Perpetual Short-Term | $ | (1,330,910 | ) | $ | — | $ | — | $ | (373,495 | ) | $ | — | $ | (223,794 | ) | $ | (287,255 | ) | ||||||||||
Timing differences (Qualified Late Year Loss Deferral) | — | — | — | — | (846,253 | ) | — | — | ||||||||||||||||||||
Unrealized gains (losses) — net | 5,538,134 | 2,808,988 | 67,172 | 23,603,348 | 39,237 | (705,452 | ) | 491,266 | ||||||||||||||||||||
Total accumulated earnings (losses) net | $ | 5,002,397 | $ | 3,774,920 | $ | 96,172 | $ | 24,671,252 | $ | (807,016 | ) | $ | (761,956 | ) | $ | 497,347 |
(1) | The Access High Yield Corporate Bond ETF utilized $264,723 of capital losses in the current fiscal year. |
As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Access Corporate | Access Bond ETF | Access Bond ETF | Access Corporate Bonds ETF | Access Treasury 0-1 Year ETF | Access U.S. Aggregate | Access Ultra Short Bond ETF | ||||||||||||||||||||||
Tax Cost | $ | 222,894,391 | $ | 143,383,153 | $ | 29,831,514 | $ | 745,311,882 | $ | 1,852,889,271 | $ | 270,942,092 | $ | 331,618,996 | ||||||||||||||
Gross unrealized gain | 6,529,731 | 2,984,388 | 116,087 | 26,948,987 | 56,991 | 1,258,546 | 798,724 | |||||||||||||||||||||
Gross unrealized loss | (991,597 | ) | (175,400 | ) | (48,915 | ) | (3,345,639 | ) | (17,754 | ) | (1,963,998 | ) | (307,458 | ) | ||||||||||||||
Net unrealized gains (losses) on securities | $ | 5,538,134 | $ | 2,808,988 | $ | 67,172 | $ | 23,603,348 | $ | 39,237 | $ | (705,452 | ) | $ | 491,266 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of market discount accretion and premium amortization, and inflation protected securities.
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Notes to Financial Statements (continued)
August 31, 2021
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 redemptions utilized as distributions and redemption in-kind transactions.
Fund | Paid-in Capital | Total Distributable Earnings | ||||||||
Access High Yield Corporate Bond ETF | $ | 1,768,345 | $ | (1,768,345 | ) | |||||
Access Inflation Protected USD Bond ETF | $ | 732,462 | $ | (732,462 | ) | |||||
Access Investment Grade Corporate 1-5 Year Bond ETF | $ | 45,316 | $ | (45,316 | ) | |||||
Access Investment Grade Corporate Bond ETF | $ | 17,251,117 | $ | (17,251,117 | ) | |||||
Access Treasury 0-1 Year ETF | $ | 388,854 | $ | (388,854 | ) | |||||
Access U.S. Aggregate Bond ETF | $ | 54,693 | $ | (54,693 | ) | |||||
Access Ultra Short Bond ETF | $ | — | $ | — |
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 Funds’ 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:
Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.
On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.
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; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the United States or other governments, or problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.
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8. OTHER RISKS (continued) |
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 interest 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 (each Fund except the Access Ultra Short Bond ETF) — FTSE Fixed Income LLC (the “Index Provider”) constructs each Fund’s Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not “actively” managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security’s issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund’s ability to adjust its exposure to the required levels in order to track the Index. A Fund also does 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. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund’s portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. 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 Investment Grade Corporate Bond 1-5 Years Index and FTSE Goldman Sachs US Broad Bond Market Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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.
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 or without significant dilution to remaining investors’ interests 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. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. 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. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.
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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. 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.
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Notes to Financial Statements (continued)
August 31, 2021
8. OTHER RISKS (continued) |
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 (except the Access Ultra Short Bond ETF) trading individually or in the aggregate at any point in time.
Tracking Error Risk (each Fund except the Access Ultra Short Bond ETF) — 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.
10. OTHER MATTERS |
New Accounting Standards — In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.
Other — Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
11. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
130
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 Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF, and Goldman Sachs Access Ultra Short Bond 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 indicated in the table below (seven of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, 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, 2021, 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, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, and Goldman Sachs Access Ultra Short Bond ETF | For the year ended August 31, 2021 | For the two years ended August 31, 2021 | For each of the periods indicated therein | |||
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | For the year ended August 31, 2021 | For the year ended August 31, 2021 and for the period July 7, 2020 (commencement of operations) through August 31, 2020 | ||||
Goldman Sachs Access U.S. Aggregate Bond ETF | For the period September 8, 2020 (commencement of operations) through August 31, 2021 |
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, 2021 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2021
We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.
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Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on March 16-17, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the efficiency of the arbitrage function during the Reporting Period (including during the stressed market conditions caused by the COVID-19 pandemic). The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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Fund Expenses — Six Month Period Ended 8/31/2021 (Unaudited)
As a shareholder you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of a Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the entire six months ended August 31, 2021, 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 a 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 a 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 Inflation Protected USD Bond ETF | Access Investment Grade Corporate 1-5 Year Bond ETF | Access Investment Grade Corporate Bond ETF | Access Treasury 0-1 Year ETF | Access U.S. Aggregate Bond ETF | Access Ultra Short Bond ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,030.74 | $ | 1.78 | $ | 1,000 | $ | 1,060.60 | $ | 0.66 | $ | 1,000 | $ | 1,006.44 | $ | 0.75 | $ | 1,000 | $ | 1,034.01 | $ | 0.76 | $ | 1,000 | $ | 999.60 | $ | 0.65 | $ | 1,000 | $ | 1,017.87 | $ | 0.65 | $ | 1,000 | $ | 1,001.61 | $ | 0.81 | ||||||||||||||||||||||||||||||||||||||||||
Hypothetical 5% return | $ | 1,000 | $ | 1,023.46 | + | $ | 1.77 | $ | 1,000 | $ | 1,024.56 | + | $ | 0.65 | $ | 1,000 | $ | 1,024.46 | + | $ | 0.75 | $ | 1,000 | $ | 1,024.46 | + | $ | 0.75 | $ | 1,000 | $ | 1,024.55 | + | $ | 0.66 | $ | 1,000 | $ | 1,024.56 | + | $ | 0.65 | $ | 1,000 | $ | 1,024.40 | + | $ | 0.82 |
+ | 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, 2021. 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 Inflation Protected USD Bond ETF | 0.12 | |||
Access Investment Grade Corporate 1-5 Year Bond ETF | 0.14 | |||
Access Investment Grade Corporate Bond ETF | 0.14 | |||
Access Treasury 0-1 Year ETF | 0.12 | |||
Access U.S. Aggregate Bond ETF | 0.11 | |||
Access Ultra Short Bond ETF | 0.16 |
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Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | 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: 67 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Linda A. Lang Age: 63 | Trustee | Since 2016 | Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); 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 and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | None | |||||
Michael Latham Age: 55 | Trustee | Since 2015 | Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
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Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | 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: 58 | President and Trustee | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund | 166 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns 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, 2021. |
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 or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2021, Goldman Sachs ETF Trust consisted of 36 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
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): 1-800-621-2550.
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GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and Length of Time Served2 | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 58 | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); 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 Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017));Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | 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, 2021. |
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, 2021, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF were designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.
Pursuant to Section 871(k) of the Internal Revenue Code, the Access Investment Grade Corporate 1-5 Year Bond ETF and Access Treasury 0-1 Year ETF designate $4,658 and $7,782,899, respectively, as short-term capital gain dividends paid during the fiscal year ended August 31, 2021.
Pursuant to Section 852 of the Internal Revenue Code, the Access Inflation Protected USD Bond ETF designate $13,836, or if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2021.
For the fiscal year ended August 31, 2021, the Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access Ultra Short Bond ETF, designate 100%, 100%, 99.87%, 100%, 7.17%, 98.70% and 91.56% respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.
136
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Goldman Sachs Access Treasury 0-1 Year ETF
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 www.gs.com. Our compensation policy framework 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 2020 were M. Michele Burns (Chair), Drew G. Faust, 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 an independent remuneration consultant in 2020.
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 or other objectives for purposes of determining year-end variable remuneration nor do we set an initial remuneration pool that is
137
GOLDMAN SACHS ACCESS FIXED INCOME ETFS
Goldman Sachs Access Treasury 0-1 Year ETF (continued)
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 performance review 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 performance review 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, 2020:
Total remuneration for the financial year ending December 31, 2020 paid by the AIFM to 15 staff in respect of the management of the assets of the Fund | US$102,749, made up of: •US$48,820fixed remuneration •US$53,929variable remuneration | |
Which includes: | ||
(a) Remuneration paid by the AIFM to senior management | US$63,200 | |
(b) Remuneration paid by the AIFM to other staff members whose actions have a material impact on the risk profile of the Fund | US$39,549 |
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, 2020, there have been no material changes to the information listed in Article 23 of the Directive.
138
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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, 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. Goldman Sachs Asset Management 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 High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Access U.S. Aggregate Bond ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF
|
INDEX DISCLAIMERS
The Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF and Goldman Sachs Access U.S. Aggregate Bond ETF (the “Funds”) have been developed solely by GSAM. The Funds are 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, FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index, FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index, FTSE Goldman Sachs Investment Grade Corporate Bond Index, FTSE US Treasury 0-1 Year Composite Select Index, FTSE Goldman Sachs US Broad Bond Market Index, and FTSE Goldman Sachs US Treasury Index (each, an “Index” and collectively, the “Indexes”) vest in the relevant LSE Group company which owns each Index. FTSE® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license.
Each 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 Funds. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from the Funds or the suitability of any Index for the purpose to which it is being put by GSAM.
TRUSTEES Lawrence W. Stranghoener, Chairman Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer 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/ETFs 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 during the most recent 12-month period ended June 30 is 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 will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2021 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.
A Fund may be 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.
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. Ordinary brokerage commissions apply.
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.
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.
© 2021 Goldman Sachs. All rights reserved. 256203-OTU-10/2021 ACFIETFAR-21
Goldman Sachs Funds
Annual Report | August 31, 2021 | |||
Goldman Sachs ActiveBeta® ETFs | ||||
ActiveBeta® Emerging Markets Equity ETF (GEM) | ||||
ActiveBeta® Europe Equity ETF (GSEU) | ||||
ActiveBeta® International Equity ETF (GSIE) | ||||
ActiveBeta® Japan Equity ETF (GSJY) | ||||
ActiveBeta® U.S. Large Cap Equity ETF (GSLC) | ||||
ActiveBeta® U.S. Small Cap Equity ETF (GSSC) |
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 |
1 | ||||
3 | ||||
32 | ||||
86 | ||||
93 | ||||
93 | ||||
94 | ||||
95 | ||||
96 | ||||
97 | ||||
98 | ||||
99 | ||||
114 | ||||
116 |
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 Index incorporates the ActiveBeta® Turnover Minimization Technique, which seeks to reduce turnover within each Index.
* * *
1
INVESTMENT PROCESS
At the end of the Reporting Period, i.e. the 12 months ended August 31, 2021, we continued to believe in the existence and persistence of certain equity common factors. We further believed that in capturing common factors, investment efficiency (risk-adjusted returns) can be improved by enhancing the informational efficiency and diversification of individual common factor portfolios. Additionally, we advocate the pursuit of factor diversification strategies, which combine individual common factor portfolios, as such strategies tend to dominate individual factors. A passive capture of informationally-efficient and diversified common factor strategies potentially delivers attractive after-cost information ratios.
2
PORTFOLIO RESULTS
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF
Investment Objective
The Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs ActiveBeta® Emerging Markets Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning for the 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 20.49% based on net asset value (“NAV”) and 19.96% based on market price. The Index returned 21.15%, 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 21.12% during the same period. |
The Fund had an NAV of $33.28 per share on August 31, 2020 and ended the Reporting Period with an NAV of $39.33 per share. The Fund’s market price on August 31, 2021 was $39.16 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 compares 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 double-digit positive absolute returns but underperformed the MSCI Emerging Markets Index, as measured by NAV. Amongst underlying factors, Quality detracted from results during the Reporting Period. Value contributed most positively to relative results during the Reporting Period, followed by Low Volatility and Momentum. Quality refers to sustainable profitability over time. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. Low Volatility is a relatively low degree of fluctuation in a company’s share price over time. Momentum is whether a company’s share price is trending up or down. |
Q | Which sectors and countries contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most? |
A | Index constituents in the health care, consumer staples and financials sectors detracted most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Index constituents in the information technology, consumer discretionary and real estate sectors contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. |
3
PORTFOLIO RESULTS
From a country perspective, Index constituents in South Korea, Brazil and Russia detracted the most from the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. Conversely, Index constituents in Taiwan, China and South Africa contributed most positively to the Index’s results relative to the MSCI Emerging Markets Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the MSCI Emerging Markets Index, an overweight position in Chinese condiments producer Yihai International Holding and underweight positions in Chinese auto manufacturers BYD and NIO detracted most (0.10%, 0.10% and 0.19% of Fund net assets as of August 31, 2021, respectively). Yihai International Holding posted a double-digit negative return within the Index during the Reporting Period; BYD generated a robust double-digit gain within the Index during the Reporting Period; and NIO delivered a triple-digit gain 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 MSCI Emerging Markets Index, underweight positions in Chinese e-commerce retailer Alibaba Group Holdings and Chinese multi-media company Tencent Holdings and an overweight position in Taiwanese freight by ship transportation provider Evergreen Marine Corp. Taiwan contributed most positively (3.04%, 3.61% and 0.35% of Fund net assets as of August 31, 2021, respectively). Alibaba Group Holdings and Tencent Holdings each produced a negative return within the Index during the Reporting Period. Evergreen Marine Corp. Taiwan 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS Markets | MSCI Emerging Markets Index | |||||||||||
Consumer Discretionary | 13.05 | % | 13.09 | % | 15.22 | % | ||||||||
Consumer Staples | 11.19 | 11.70 | 5.76 | |||||||||||
Energy | 3.95 | 3.84 | 5.28 | |||||||||||
Financials | 17.52 | 16.58 | 19.20 | |||||||||||
Health Care | 4.91 | 4.79 | 4.74 | |||||||||||
Industrials | 3.78 | 4.02 | 4.98 | |||||||||||
Information Technology | 21.71 | 22.33 | 21.31 | |||||||||||
Materials | 9.14 | 9.11 | 8.91 | |||||||||||
Real Estate | 1.19 | 1.11 | 1.80 | |||||||||||
Communication Services | 10.29 | 10.78 | 10.62 | |||||||||||
Utilities | 2.71 | 2.64 | 2.18 |
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 MSCI. 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 0.6% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. |
4
PORTFOLIO RESULTS
Q | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Country Name | Fund2 | GS ActiveBeta® Emerging Markets Equity Index | MSCI Emerging Markets Index | |||||||||||
Taiwan | 15.69 | % | 16.12 | % | 14.82 | % | ||||||||
China | 32.78 | 32.55 | 33.94 | |||||||||||
South Africa | 4.10 | 3.95 | 3.23 | |||||||||||
Thailand | 1.56 | 1.53 | 1.72 | |||||||||||
Peru | 0.00 | 0.00 | 0.17 | |||||||||||
Argentina | 0.25 | 0.31 | 0.18 | |||||||||||
Colombia | 0.05 | 0.00 | 0.16 | |||||||||||
Pakistan | 0.00 | 0.00 | 0.02 | |||||||||||
Greece | 0.29 | 0.29 | 0.18 | |||||||||||
Chile | 0.48 | 0.37 | 0.45 | |||||||||||
Philippines | 0.22 | 0.22 | 0.63 | |||||||||||
Czech Republic | 0.11 | 0.05 | 0.12 | |||||||||||
Kuwait | 0.40 | 0.39 | 0.57 | |||||||||||
United Arab Emirates | 0.66 | 0.56 | 0.77 | |||||||||||
Turkey | 0.31 | 0.28 | 0.29 | |||||||||||
Qatar | 0.84 | 0.87 | 0.70 | |||||||||||
Poland | 0.87 | 0.81 | 0.78 | |||||||||||
Hungary | 0.18 | 0.06 | 0.26 | |||||||||||
Egypt | 0.19 | 0.21 | 0.08 | |||||||||||
Saudi Arabia | 2.82 | 2.91 | 3.16 | |||||||||||
Mexico | 2.14 | 2.17 | 1.97 | |||||||||||
Indonesia | 1.15 | 1.15 | 1.23 | |||||||||||
Malaysia | 0.54 | 0.73 | 1.34 | |||||||||||
India | 11.12 | 11.42 | 11.66 | |||||||||||
Russia | 3.77 | 3.84 | 3.57 | |||||||||||
Brazil | 4.87 | 5.12 | 5.00 | |||||||||||
Korea | 14.07 | 14.10 | 13.00 |
1 | Country 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 country 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 country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.6% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. |
5
FUND BASICS
ActiveBeta® Emerging Markets Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 39.16 | ||||
Net Asset Value (NAV)1 | $ | 39.33 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.0 | % | Information Technology | Taiwan | ||||||
Tencent Holdings Ltd. | 3.6 | Communication Services | China | |||||||
Samsung Electronics Co. Ltd. | 3.6 | Information Technology | South Korea | |||||||
Alibaba Group Holding Ltd. | 3.1 | Consumer Discretionary | China | |||||||
Infosys Ltd. | 1.0 | Information Technology | India | |||||||
Meituan, Class B | 1.0 | Consumer Discretionary | China | |||||||
Vale SA | 0.8 | Materials | Brazil | |||||||
Samsung Electronics Co. Ltd., 4.28% | 0.8 | Information Technology | South Korea | |||||||
Tata Consultancy Services Ltd. | 0.7 | Information Technology | India | |||||||
China Construction Bank Corp., Class H | 0.7 | Financials | China |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
6
ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
ActiveBeta® Emerging Markets Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from September 25, 2015 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Five Years | Since Inception | |||||||
Shares based on NAV (Commenced September 25, 2015) | 20.49% | 9.31% | 10.07% | |||||||
| ||||||||||
Shares based on Market Price (Commenced September 25, 2015) | 19.96% | 9.24% | 10.00% | |||||||
| ||||||||||
Goldman Sachs ActiveBeta® Emerging Markets Equity Index | 21.15% | 9.58% | 10.38% | |||||||
| ||||||||||
MSCI Emerging Markets Index (net, unhedged) | 21.12% | 10.40% | 11.40% | |||||||
|
* | 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. |
7
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 30.45% based on net asset value (“NAV”) and 30.81% based on market price. The Index returned 30.87%, 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 29.18% during the same period. |
The Fund had an NAV of $29.85 per share on August 31, 2020 and ended the Reporting Period with an NAV of $37.99 per share. The Fund’s market price on August 31, 2021 was $38.05 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index is 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 compares 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 double-digit positive absolute returns that outperformed the MSCI Europe Index, as measured by NAV. Amongst underlying factors, Value contributed most positively to relative results during the Reporting Period, followed by Quality. Low Volatility and Momentum detracted from relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. 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. |
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, materials and consumer staples sectors contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Index constituents in the information technology, communication services and financials sectors detracted most from the Index’s results relative to the MSCI Europe Index during the Reporting Period. |
From a country perspective, Index constituents in Germany, Switzerland and the U.K. contributed most positively to the Index’s results relative to the MSCI Europe Index during the Reporting Period. Conversely, Index constituents in Spain, the Netherlands and Finland detracted the most from the |
8
PORTFOLIO RESULTS
Index’s results relative to the MSCI Europe 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 Europe Index, overweight positions in Luxembourg-based steel producer ArcelorMittal, Switzerland-based freight transporter Kuehne + Nagel International and Denmark-based integrated transport and logistics company AP Moller-Maersk contributed most positively (0.64%, 0.82% and 0.39% of Fund net assets as of August 31, 2021, respectively). ArcelorMittal generated a triple-digit gain within the Index during the Reporting Period, while Kuehne + Nagel International and AP Moller-Maersk each posted a robust double-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the MSCI Europe Index, overweight positions in France-based digital services provider Atos and France-based drug manufacturer Ipsen and an underweight position in Netherlands-based semiconductor producer ASML Holding detracted most (0.63%, 0.46% and 2.34% of Fund net assets as of August 31, 2021, respectively). Atos and Ipsen each posted a negative return during the Reporting Period, while ASML Holding generated a 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index and reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® | MSCI Europe Index | |||||||||||
Consumer Discretionary | 13.21 | % | 13.38 | % | 11.73 | % | ||||||||
Consumer Staples | 13.44 | 13.28 | 12.38 | |||||||||||
Energy | 2.63 | 2.27 | 4.14 | |||||||||||
Financials | 12.72 | 12.56 | 15.46 | |||||||||||
Health Care | 15.56 | 15.70 | 14.63 | |||||||||||
Industrials | 16.42 | 16.41 | 14.99 | |||||||||||
Information Technology | 8.18 | 8.09 | 8.97 | |||||||||||
Materials | 8.46 | 8.27 | 8.21 | |||||||||||
Real Estate | 0.77 | 0.87 | 1.37 | |||||||||||
Communication Services | 4.04 | 4.77 | 3.84 | |||||||||||
Utilities | 4.02 | 4.40 | 4.27 |
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 MSCI. 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 0.9% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
2 | 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. |
9
PORTFOLIO RESULTS
Q | What was the Fund’s country positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Country Name | Fund2 | GS ActiveBeta® | MSCI Europe Index | |||||||||||
Germany | 15.12 | % | 15.55 | % | 14.33 | % | ||||||||
Switzerland | 14.57 | 14.61 | 15.35 | |||||||||||
UK | 20.38 | 20.36 | 21.91 | |||||||||||
Sweden | 5.86 | 5.77 | 5.79 | |||||||||||
Austria | 1.03 | 1.12 | 0.31 | |||||||||||
Denmark | 4.53 | 4.70 | 4.20 | |||||||||||
Norway | 0.96 | 1.35 | 0.95 | |||||||||||
Portugal | 0.50 | 0.62 | 0.29 | |||||||||||
France | 18.92 | 18.63 | 17.60 | |||||||||||
Ireland | 0.73 | 0.81 | 1.14 | |||||||||||
Belgium | 1.14 | 1.04 | 1.40 | |||||||||||
Italy | 3.64 | 4.04 | 3.77 | |||||||||||
Finland | 1.45 | 1.54 | 1.68 | |||||||||||
Netherlands | 7.19 | 6.85 | 7.61 | |||||||||||
Spain | 3.41 | 3.01 | 3.65 |
1 | Country 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 country 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 country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 0.9% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
2 | 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. |
10
FUND BASICS
ActiveBeta® Europe Equity ETF
as of August 31, 2021
FUND SNAPSHOT | ||||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 38.05 | ||||
Net Asset Value (NAV)1 | $ | 37.99 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 2.8 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 2.4 | Health Care | Switzerland | |||||||
ASML Holding NV | 2.3 | Information Technology | Netherlands | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.5 | Consumer Discretionary | France | |||||||
Novo Nordisk A/S, Class B | 1.5 | Health Care | Denmark | |||||||
Novartis AG | 1.5 | Health Care | Switzerland | |||||||
L’Oreal SA | 1.2 | Consumer Staples | France | |||||||
AstraZeneca PLC | 1.1 | Health Care | United Kingdom | |||||||
SAP SE | 1.1 | Information Technology | Germany | |||||||
Unilever PLC | 1.0 | Consumer Staples | United Kingdom |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
11
ACTIVEBETA® EUROPE EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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 (net, unhedged, USD), respectively, are shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
ActiveBeta® Europe Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Five Years | Since Inception | |||||||
Shares based on NAV (Commenced March 2, 2016) | 30.45% | 10.94% | 11.11% | |||||||
| ||||||||||
Shares based on Market Price (Commenced March 2, 2016) | 30.81% | 10.91% | 11.14% | |||||||
| ||||||||||
Goldman Sachs ActiveBeta® Europe Equity Index | 30.87% | 11.05% | 11.20% | |||||||
| ||||||||||
MSCI Europe Index (net, unhedged, USD) | 29.18% | 10.10% | 10.33% | |||||||
|
* | 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 4:00 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. |
12
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 27.12% based on net asset value (“NAV”) and 27.47% based on market price. The Index returned 27.26%, 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 26.57% during the same period. |
The Fund had an NAV of $28.72 per share on August 31, 2020 and ended the Reporting Period with an NAV of $35.76 per share. The Fund’s market price on August 31, 2021 was $35.75 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 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 compares 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 double-digit positive absolute returns that outperformed the MSCI World ex USA Index, as measured by NAV. Amongst underlying factors, Value and Quality contributed positively to relative results, while Momentum and Low Volatility detracted from relative results during the Reporting Period. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. 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. |
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 industrials, materials and consumer discretionary 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 information technology, financials and consumer staples 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 Switzerland, Canada and the U.K. contributed most positively to the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. Conversely, |
13
PORTFOLIO RESULTS
Index constituents in Japan, the Netherlands and Spain detracted the most from the Fund’s results relative to the MSCI World ex USA Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the MSCI World ex USA Index, overweight positions in Luxembourg-based steel producer ArcelorMittal, Denmark-based integrated transport and logistics company AP Moller-Maersk and Canada-based engineering services provider WSP Global contributed most positively (0.43%, 0.31% and 0.54% of Fund net assets as of August 31, 2021, respectively). ArcelorMittal generated a triple-digit gain within the Index during the Reporting Period, and AP Moller-Maersk and WSP Global each posted a robust double-digit gain within the Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the MSCI World ex USA Index, an underweight position in Netherlands-based semiconductor producer ASML Holding and overweight positions in France-based digital services provider Atos and Australia-based utilities company AGL Energy detracted most (1.19%, 0.45% and 0.08% of Fund net assets as of August 31, 2021, respectively). ASML Holding posted a triple-digit gain within the Index during the Reporting Period. Atos and AGL Energy each 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, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® International Equity Index | MSCI World ex USA Index | |||||||||||
Consumer Discretionary | 12.43 | % | 12.46 | % | 11.76 | % | ||||||||
Consumer Staples | 12.98 | 13.00 | 9.61 | |||||||||||
Energy | 2.45 | 2.27 | 4.02 | |||||||||||
Financials | 15.68 | 15.41 | 18.70 | |||||||||||
Health Care | 12.28 | 12.33 | 11.64 | |||||||||||
Industrials | 15.61 | 15.94 | 15.27 | |||||||||||
Information Technology | 9.85 | 10.10 | 10.18 | |||||||||||
Materials | 7.96 | 7.50 | 8.13 | |||||||||||
Real Estate | 1.79 | 1.89 | 2.74 | |||||||||||
Communication Services | 4.76 | 5.17 | 4.45 | |||||||||||
Utilities | 3.63 | 3.94 | 3.50 |
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 MSCI. 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 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. |
14
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® International Equity Index | MSCI World ex USA Index | |||||||||||
Switzerland | 8.25 | % | 8.45 | % | 9.00 | % | ||||||||
Canada | 10.45 | 10.33 | 9.99 | |||||||||||
UK | 12.20 | 12.27 | 12.84 | |||||||||||
Denmark | 2.90 | 3.08 | 2.46 | |||||||||||
Germany | 8.76 | 8.92 | 8.40 | |||||||||||
Austria | 0.65 | 0.66 | 0.18 | |||||||||||
Sweden | 3.28 | 3.32 | 3.39 | |||||||||||
Hong Kong | 2.83 | 2.82 | 2.75 | |||||||||||
Norway | 0.56 | 0.81 | 0.56 | |||||||||||
France | 11.60 | 11.50 | 10.31 | |||||||||||
Portugal | 0.30 | 0.34 | 0.17 | |||||||||||
Italy | 2.15 | 2.49 | 2.21 | |||||||||||
Singapore | 1.04 | 1.10 | 0.92 | |||||||||||
Ireland | 0.44 | 0.51 | 0.67 | |||||||||||
Belgium | 0.67 | 0.52 | 0.82 | |||||||||||
Finland | 0.76 | 0.89 | 0.98 | |||||||||||
New Zealand | 0.23 | 0.27 | 0.22 | |||||||||||
Israel | 0.70 | 0.76 | 0.55 | |||||||||||
Australia | 5.81 | 5.68 | 6.29 | |||||||||||
Spain | 1.91 | 1.71 | 2.14 | |||||||||||
Netherlands | 4.00 | 3.75 | 4.46 | |||||||||||
Japan | 19.92 | 19.81 | 20.69 |
1 | Country 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 country 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 country allocation of exchange-traded funds held by the Fund are not reflected in the chart above. Investments in the securities lending vehicle represented 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. |
15
FUND BASICS
ActiveBeta® International Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 35.75 | ||||
Net Asset Value (NAV)1 | $ | 35.76 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Nestle SA | 1.6 | % | Consumer Staples | Switzerland | ||||||
Roche Holding AG | 1.3 | Health Care | Switzerland | |||||||
ASML Holding NV | 1.2 | Information Technology | Netherlands | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.0 | Consumer Discretionary | France | |||||||
Novo Nordisk A/S, Class B | 0.8 | Health Care | Denmark | |||||||
Novartis AG | 0.8 | Health Care | Switzerland | |||||||
L’Oreal SA | 0.7 | Consumer Staples | France | |||||||
Royal Bank of Canada | 0.6 | Financials | Canada | |||||||
Deutsche Post AG | 0.6 | Industrials | Germany | |||||||
AstraZeneca PLC | 0.6 | Health Care | United Kingdom |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
16
ACTIVEBETA® INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
ActiveBeta® International Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2015 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Five Years | Since Inception | |||||||
Shares based on NAV (Commenced November 6, 2015) | 27.12% | 10.30% | 8.95% | |||||||
| ||||||||||
Shares based on Market Price (Commenced November 6, 2015) | 27.47% | 10.19% | 8.94% | |||||||
| ||||||||||
Goldman Sachs ActiveBeta® International Equity Index | 27.26% | 10.39% | 9.04% | |||||||
| ||||||||||
MSCI World ex USA Index (net, unhedged, USD) | 26.57% | 9.77% | 8.34% | |||||||
|
* | 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 4:00 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. |
17
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 18.02% based on net asset value (“NAV”) and 17.86% based on market price. The Index returned 17.88%, 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 19.96% during the same period. |
The Fund had an NAV of $32.60 per share on August 31, 2020 and ended the Reporting Period with an NAV of $37.91 per share. The Fund’s market price on August 31, 2021 was $37.75 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 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 compares 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 double-digit positive absolute returns but underperformed the MSCI Japan Index, as measured by NAV. Amongst underlying factors, Low Volatility and Momentum detracted most from results relative to the MSCI Japan Index, followed by Quality. Value contributed positively to results relative to the MSCI Japan Index. 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. 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. |
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 staples, consumer discretionary and financials sectors detracted most from results relative to the MSCI Japan Index during the Reporting Period. Conversely, Index constituents in the industrials, information technology and communication services sectors contributed most positively to the Index’s results relative to the MSCI Japan Index during the Reporting Period. |
18
PORTFOLIO RESULTS
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the MSCI Japan Index, an overweight position in home appliance retailer Yamada Holdings and underweight positions in steel products manufacturer Nippon Steel and sensor and measuring instrument manufacturer Keyence detracted most (0.80%, 0.24% and 2.26% of Fund net assets as of August 31, 2021, respectively). Yamada Holdings posted a double-digit negative return within the Index during the Reporting Period; Nippon Steel generated a triple-digit gain within the Index during the Reporting Period; and Keyence delivered a double-digit positive 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 MSCI Japan Index, overweight positions in marine transportation services and transportation management solutions provider Nippon Yusen; office automation equipment, electronic devices and photographic instruments manufacturer Ricoh; and chemical products manufacturer Mitsubishi Chemical Holdings contributed most positively (0.72%, 0.67% and 0.76% of Fund net assets as of August 31, 2021, respectively). Nippon Yusen posted a robust triple-digit gain within the Index during the Reporting Period. Ricoh and Mitsubishi Chemical Holdings each generated a double-digit 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index and the reference index at the end of the Reporting Period?1 |
Sector Name | Fund2 | GS ActiveBeta® | MSCI Japan Index | |||||||||||
Consumer Discretionary | 18.19 | % | 17.92 | % | 18.83 | % | ||||||||
Consumer Staples | 8.77 | 8.80 | 7.11 | |||||||||||
Energy | 0.78 | 1.19 | 0.60 | |||||||||||
Financials | 7.39 | 7.70 | 8.85 | |||||||||||
Health Care | 10.08 | 10.39 | 10.32 | |||||||||||
Industrials | 20.04 | 20.29 | 22.22 | |||||||||||
Information Technology | 16.41 | 16.06 | 14.54 | |||||||||||
Materials | 4.93 | 4.52 | 5.00 | |||||||||||
Real Estate | 3.13 | 2.69 | 3.52 | |||||||||||
Communication Services | 8.53 | 8.96 | 8.00 | |||||||||||
Utilities | 1.60 | % | 1.46 | 1.00 |
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 MSCI. 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 0.5% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
2 | 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. |
19
FUND BASICS
ActiveBeta® Japan Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 37.75 | ||||
Net Asset Value (NAV)1 | $ | 37.91 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Toyota Motor Corp. | 3.5 | % | Consumer Discretionary | |||||
Sony Group Corp. | 2.7 | Consumer Discretionary | ||||||
Keyence Corp. | 2.3 | Information Technology | ||||||
Tokyo Electron Ltd. | 1.6 | Information Technology | ||||||
Recruit Holdings Co. Ltd. | 1.6 | Industrials | ||||||
Honda Motor Co. Ltd. | 1.4 | Consumer Discretionary | ||||||
SoftBank Group Corp. | 1.3 | Communication Services | ||||||
Hoya Corp. | 1.3 | Health Care | ||||||
Nintendo Co. Ltd. | 1.3 | Communication Services | ||||||
Fujitsu Ltd. | 1.3 | Information Technology |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
20
ACTIVEBETA® JAPAN EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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 (Unhedged, USD), respectively, are shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
ActiveBeta® Japan Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from March 2, 2016 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Five Years | Since Inception | |||||||
Shares based on NAV (Commenced March 2, 2016) | 18.02% | 9.13% | 9.63% | |||||||
| ||||||||||
Shares based on Market Price (Commenced March 2, 2016) | 17.86% | 8.97% | 9.56% | |||||||
| ||||||||||
Goldman Sachs ActiveBeta® Japan Equity Index | 17.88% | 8.95% | 9.44% | |||||||
| ||||||||||
MSCI Japan Index (Unhedged, USD) | 19.96% | 9.10% | 10.06% | |||||||
|
* | 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 4:00 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. |
21
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 30.21% based on net asset value (“NAV”) and 30.32% based on market price. The Index returned 30.33%, 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 31.17% during the same period. |
The Fund had an NAV of $70.70 on August 31, 2020 and ended the Reporting Period with an NAV of $90.95 per share. The Fund’s market price on August 31, 2021 was $90.91 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 compares 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 robust double-digit positive absolute returns but underperformed the S&P 500 Index, as measured by NAV. Amongst underlying factors, Low Volatility and Momentum detracted most from relative returns, followed by Quality. Value contributed positively to relative returns. 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. 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. |
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 financials, consumer staples and utilities 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 consumer discretionary, health care and information technology, which contributed positively to the Index’s results relative to the S&P 500 Index during the Reporting Period. |
22
PORTFOLIO RESULTS
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500 Index, underweight positions in search engine Google parent company Alphabet and diversified financial services company Wells Fargo & Company and an overweight position in utilities company Vistra detracted most (3.79%, 0.27% and 0.00%1 of Fund net assets as of August 31, 2021, respectively). Alphabet and Wells Fargo & Company each generated a robust double-digit gain within the Index during the Reporting Period. Vistra posted 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, underweight positions in electric vehicle manufacturer Tesla and e-commerce retailing behemoth Amazon.com and an overweight position in clinical stage biotechnology company Moderna contributed most positively (0.72%, 3.28% and 0.23% of Fund net assets as of August 31, 2021, respectively). Tesla posted a positive return within the Index but only modestly outperformed the Index during the Reporting Period, while Amazon.com posted a positive return within the Index that underperformed the Index during the Reporting Period. Moderna 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
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 ActiveBeta® | S&P 500 Index | |||||||||||
Consumer Discretionary | 14.06 | % | 14.24 | % | 11.93 | % | ||||||||
Consumer Staples | 7.64 | 7.65 | 5.76 | |||||||||||
Energy | 0.93 | 0.94 | 2.41 | |||||||||||
Financials | 9.04 | 9.06 | 11.17 | |||||||||||
Health Care | 14.41 | 14.44 | 13.39 | |||||||||||
Industrials | 8.10 | 8.12 | 8.24 | |||||||||||
Information Technology | 28.97 | 29.04 | 27.95 | |||||||||||
Materials | 1.90 | 1.90 | 2.56 | |||||||||||
Real Estate | 2.24 | 2.24 | 2.63 | |||||||||||
Communication Services | 10.57 | 10.60 | 11.47 | |||||||||||
Utilities | 1.77 | 1.78 | 2.50 |
1 | Some weights are 0.00% at August 31, 2021 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 | 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, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. Large Cap Equity Index. |
23
FUND BASICS
ActiveBeta® U.S. Large Cap Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 90.91 | ||||
Net Asset Value (NAV)1 | $ | 90.95 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 5.2 | % | Information Technology | |||||
Microsoft Corp. | 5.0 | Information Technology | ||||||
Amazon.com, Inc. | 3.3 | Consumer Discretionary | ||||||
Facebook, Inc., Class A | 2.1 | Communication Services | ||||||
Alphabet, Inc., Class A | 1.9 | Communication Services | ||||||
Alphabet, Inc., Class C | 1.9 | Communication Services | ||||||
NVIDIA Corp. | 1.1 | Information Technology | ||||||
Johnson & Johnson | 1.1 | Health Care | ||||||
Home Depot, Inc. (The) | 1.0 | Consumer Discretionary | ||||||
Berkshire Hathaway, Inc., Class B | 0.9 | Financials |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
24
ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Five Years | Since Inception | |||||||
Shares based on NAV (Commenced September 17, 2015) | 30.21% | 17.67% | 16.29% | |||||||
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Shares based on Market Price (Commenced September 17, 2015) | 30.32% | 17.67% | 16.29% | |||||||
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Goldman Sachs ActiveBeta® U.S. Large Cap Equity Index | 30.33% | 17.80% | 16.42% | |||||||
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S&P 500 Index (Total Return, USD) | 31.17% | 18.01% | 17.01% | |||||||
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* | 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 4:00 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. |
25
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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 50.45% based on net asset value (“NAV”) and 50.17% based on market price. The Index returned 50.93%, 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 47.08% during the same period. |
The Fund had an NAV of $43.57 on August 31, 2020 and ended the Reporting Period with an NAV of $64.97 per share. The Fund’s market price on August 31, 2021 was $64.94 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 compares 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 double-digit positive absolute returns that outperformed the Russell 2000® Index, as measured by NAV. Amongst underlying factors, Value contributed most positively to relative returns, followed by Quality and Low Volatility. Momentum detracted from relative returns. Value refers to how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow. 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. |
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 health care, information technology and consumer discretionary sectors contributed most positively to the Index’s results relative to the Russell 2000® Index during the Reporting Period. Partially offsetting these positive contributors were Index constituents in the communication services, energy and materials sectors, which detracted from the Index’s results relative to the Russell 2000® Index during the Reporting Period. |
26
PORTFOLIO RESULTS
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 specialty electronic game and personal computer entertainment software retailer GameStop, stem/progenitor cell products developer Vericel and chiropractic clinics franchisor Joint contributed most positively (0.00%1, 0.24% and 0.23% of Fund net assets as of August 31, 2021, respectively). GameStop posted a quadruple-digit gain within the Index during the Reporting Period. Vericel and Joint each generated a robust triple-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the Russell 2000® Index, underweight positions in movie theater operator AMC Entertainment Holdings, biotechnology company Intellia Therapeutics and precision cardiovascular medicine company MyoKardia detracted most (0.27%, 0.14% and 0.00%1 of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit or 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 does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index and the Russell 2000® Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | GS ActiveBeta® | Russell 2000® Index | |||||||||||
Consumer Discretionary | 13.02 | % | 13.23 | % | 11.64 | % | ||||||||
Consumer Staples | 3.35 | 3.49 | 3.21 | |||||||||||
Energy | 2.89 | 2.94 | 3.82 | |||||||||||
Financials | 16.47 | 16.65 | 15.28 | |||||||||||
Health Care | 16.34 | 16.56 | 20.54 | |||||||||||
Industrials | 15.79 | 15.97 | 14.68 | |||||||||||
Information Technology | 14.93 | 15.09 | 14.04 | |||||||||||
Materials | 3.69 | 3.73 | 3.84 | |||||||||||
Real Estate | 6.53 | 6.60 | 7.00 | |||||||||||
Communication Services | 2.70 | 2.78 | 3.41 | |||||||||||
Utilities | 2.91 | 2.95 | 2.52 |
1 | Some weights are 0.00% at August 31, 2021 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 | 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 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 1.2% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding or due to the presence of cash. |
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. |
27
FUND BASICS
ActiveBeta® U.S. Small Cap Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
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As of August 31, 2021 | ||||||
Market Price1 | $ | 64.94 | ||||
Net Asset Value (NAV)1 | $ | 64.97 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Crocs, Inc. | 0.4 | % | Consumer Discretionary | |||||
Lattice Semiconductor Corp. | 0.4 | Information Technology | ||||||
Synaptics, Inc. | 0.3 | Information Technology | ||||||
eXp World Holdings, Inc. | 0.3 | Real Estate | ||||||
STAAR Surgical Co. | 0.3 | Health Care | ||||||
Perficient, Inc. | 0.3 | Information Technology | ||||||
AMC Entertainment Holdings, Inc., Class A | 0.3 | Communication Services | ||||||
Wingstop, Inc. | 0.3 | Consumer Discretionary | ||||||
EMCOR Group, Inc. | 0.3 | Industrials | ||||||
Alkermes PLC | 0.3 | Health Care |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
28
ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Since Inception | ||||
Shares based on NAV (Commenced June 28, 2017) | 50.45% | 13.35% | ||||
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Shares based on Market Price (Commenced June 28, 2017) | 50.17% | 13.33% | ||||
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Goldman Sachs ActiveBeta® U.S. Small Cap Equity Index | 50.93% | 13.52% | ||||
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Russell 2000® Index | 47.08% | 13.26% | ||||
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* | 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 4:00 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. |
29
FUND BASICS
Index Definitions and Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
The Goldman Sachs ActiveBeta® Emerging Markets Equity Index is designed to deliver exposure to equity securities of emerging market issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
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 Goldman Sachs ActiveBeta® Europe Equity 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 and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
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 Goldman Sachs ActiveBeta® International Equity Index is designed to deliver exposure to equity securities of developed markets issuers outside of the United States. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
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 Goldman Sachs ActiveBeta® Japan Equity Index is designed to deliver exposure to equity securities of Japanese issuers. The Index seeks to capture common sources of active equity returns, including value (i.e., how attractively a stock is priced relative to its “fundamentals,” such as book value and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
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 Goldman Sachs ActiveBeta® U.S. Large Cap Equity 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 and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
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 Goldman Sachs ActiveBeta® U.S. Small Cap Equity 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 and free cash flow), momentum (i.e., whether a company’s share price is trending up or down), quality (i.e., profitability) and low volatility (i.e., a relatively low degree of fluctuation in a company’s share price over time). The Index is reconstituted and rebalanced quarterly. It is not possible to invest directly in an unmanaged index.
30
FUND BASICS
Index Definitions and Industry Terms (continued)
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.
31
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 97.2% | ||||||||
Argentina – 0.1% | ||||||||
354,406 | YPF SA ADR (Energy)* | $ | 1,846,455 | |||||
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Brazil – 3.6% | ||||||||
782,458 | Ambev SA (Consumer Staples) | 2,613,517 | ||||||
211,834 | Atacadao SA (Consumer Staples) | 751,001 | ||||||
709,152 | B3 SA – Brasil Bolsa Balcao (Financials) | 1,948,954 | ||||||
429,256 | Banco Bradesco SA (Financials) | 1,671,898 | ||||||
116,646 | Banco Inter SA (Financials) | 1,544,556 | ||||||
675,826 | BB Seguridade Participacoes SA (Financials) | 2,516,089 | ||||||
330,443 | Cia Siderurgica Nacional SA (Materials) | 2,250,050 | ||||||
289,482 | CPFL Energia SA (Utilities) | 1,642,050 | ||||||
182,045 | Energisa SA (Utilities) | 1,577,744 | ||||||
132,935 | Engie Brasil Energia SA (Utilities) | 975,029 | ||||||
367,649 | Equatorial Energia SA (Utilities) | 1,827,635 | ||||||
148,930 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 428,211 | ||||||
165,847 | Klabin SA (Materials)* | 852,308 | ||||||
142,238 | Lojas Renner SA (Consumer Discretionary) | 1,057,432 | ||||||
623,855 | Magazine Luiza SA (Consumer Discretionary) | 2,222,679 | ||||||
200,829 | Natura & Co. Holding SA (Consumer Staples)* | 2,024,942 | ||||||
578,088 | Petroleo Brasileiro SA (Energy) | 3,152,663 | ||||||
627,364 | Raia Drogasil SA (Consumer Staples) | 3,132,194 | ||||||
158,895 | Suzano SA (Materials)* | 1,893,251 | ||||||
236,341 | Telefonica Brasil SA (Communication Services) | 2,018,770 | ||||||
603,339 | Vale SA (Materials) | 11,629,439 | ||||||
277,465 | WEG SA (Industrials) | 1,927,251 | ||||||
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49,657,663 | ||||||||
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Chile – 0.5% | ||||||||
952,167 | Cencosud SA (Consumer Staples) | 1,793,875 | ||||||
277,612 | Cia Cervecerias Unidas SA (Consumer Staples) | 2,797,793 | ||||||
63,700 | Empresas COPEC SA (Energy) | 591,750 | ||||||
7,078,800 | Enel Americas SA (Utilities) | 993,288 | ||||||
9,959,364 | Enel Chile SA (Utilities) | 507,639 | ||||||
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6,684,345 | ||||||||
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China – 33.1% | ||||||||
66,815 | 360 DigiTech, Inc. ADR (Financials)* | 1,523,382 | ||||||
1,339,626 | 3SBio, Inc. (Health Care)*(a) | 1,493,382 | ||||||
384,707 | Agile Group Holdings Ltd. (Real Estate) | 441,228 | ||||||
3,182,826 | Agricultural Bank of China Ltd., Class A (Financials) | 1,460,193 | ||||||
4,993,591 | Agricultural Bank of China Ltd., Class H (Financials) | 1,675,799 | ||||||
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87,151 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 570,020 | ||||||
21,639 | Airtac International Group (Industrials) | 659,785 | ||||||
1,998,311 | Alibaba Group Holding Ltd. (Consumer Discretionary)* | 42,523,542 | ||||||
74,000 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 458,314 | ||||||
164,465 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 890,274 | ||||||
199,871 | ANTA Sports Products Ltd. (Consumer Discretionary) | 4,111,858 | ||||||
18,728 | Autohome, Inc. ADR (Communication Services) | 828,901 | ||||||
1,112,000 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 682,505 | ||||||
32,690 | Baidu, Inc. ADR (Communication Services)* | 5,132,984 | ||||||
2,134,777 | Bank of Beijing Co. Ltd., Class A (Financials) | 1,435,978 | ||||||
3,424,223 | Bank of China Ltd., Class A (Financials) | 1,608,090 | ||||||
10,585,963 | Bank of China Ltd., Class H (Financials) | 3,715,877 | ||||||
2,264,802 | Bank of Communications Co. Ltd., Class A (Financials) | 1,551,523 | ||||||
2,793,468 | Bank of Communications Co. Ltd., Class H (Financials) | 1,605,534 | ||||||
1,544,016 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 1,538,751 | ||||||
712,817 | Bank of Nanjing Co. Ltd., Class A (Financials) | 1,036,302 | ||||||
1,168,601 | Bank of Shanghai Co. Ltd., Class A (Financials) | 1,305,892 | ||||||
30,950 | Baozun, Inc. ADR (Consumer Discretionary)* | 745,276 | ||||||
1,702,783 | BBMG Corp., Class A (Materials) | 715,211 | ||||||
2,036 | BeiGene Ltd. ADR (Health Care)* | 627,699 | ||||||
627,571 | Beijing Enterprises Holdings Ltd. (Utilities) | 2,162,549 | ||||||
1,426,256 | Beijing Enterprises Water Group Ltd. (Utilities)* | 588,669 | ||||||
473,400 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 556,164 | ||||||
30,600 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care) | 1,103,108 | ||||||
38,022 | Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 900,459 | ||||||
767,800 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 565,259 | ||||||
84,444 | BGI Genomics Co. Ltd., Class A (Health Care) | 1,227,527 | ||||||
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32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
14,694 | Bilibili, Inc. ADR (Communication Services)* | $ | 1,178,900 | |||||
984,800 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 805,329 | ||||||
32,397 | BYD Co. Ltd., Class A (Consumer Discretionary) | 1,390,882 | ||||||
66,197 | BYD Co. Ltd., Class H (Consumer Discretionary) | 2,241,932 | ||||||
195,500 | By-health Co. Ltd., Class A (Consumer Staples) | 762,062 | ||||||
148,682 | C&S Paper Co. Ltd., Class A (Consumer Staples) | 422,402 | ||||||
14,471 | Changchun High & New Technology Industry Group, Inc., Class A (Health Care) | 572,470 | ||||||
470,900 | Changjiang Securities Co. Ltd., Class A (Financials) | 545,929 | ||||||
2,926,276 | China Bohai Bank Co. Ltd., Class H (Financials)(a) | 1,188,970 | ||||||
4,408,956 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 782,318 | ||||||
3,162,099 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1,455,549 | ||||||
1,355,769 | China Communications Services Corp. Ltd., Class H (Industrials) | 721,696 | ||||||
250,900 | China Conch Venture Holdings Ltd. (Industrials) | 1,025,879 | ||||||
1,364,364 | China Construction Bank Corp., Class A (Financials) | 1,237,063 | ||||||
13,095,676 | China Construction Bank Corp., Class H (Financials) | 9,463,082 | ||||||
954,715 | China Everbright Bank Co. Ltd., Class A (Financials) | 495,706 | ||||||
2,898,833 | China Everbright Bank Co. Ltd., Class H (Financials) | 1,039,910 | ||||||
954,924 | China Everbright Environment Group Ltd. (Industrials) | 660,571 | ||||||
703,900 | China Everbright Ltd. (Financials) | 884,248 | ||||||
605,170 | China Feihe Ltd. (Consumer Staples)(a) | 1,095,591 | ||||||
341,900 | China Galaxy Securities Co. Ltd., Class A (Financials) | 545,281 | ||||||
1,237,400 | China Galaxy Securities Co. Ltd., Class H (Financials) | 695,280 | ||||||
156,600 | China Gas Holdings Ltd. (Utilities) | 454,053 | ||||||
554,167 | China Hongqiao Group Ltd. (Materials) | 826,546 | ||||||
1,541,317 | China Jinmao Holdings Group Ltd. (Real Estate) | 501,396 | ||||||
727,190 | China Life Insurance Co. Ltd., Class H (Financials) | 1,217,383 | ||||||
514,747 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 1,049,700 | ||||||
1,377,297 | China Medical System Holdings Ltd. (Health Care) | 2,698,864 | ||||||
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627,300 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 3,770,728 | ||||||
234,508 | China Merchants Bank Co. Ltd., Class A (Financials) | 1,779,528 | ||||||
607,294 | China Merchants Bank Co. Ltd., Class H (Financials) | 5,016,958 | ||||||
343,232 | China Merchants Port Holdings Co. Ltd. (Industrials) | 578,133 | ||||||
317,357 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 489,906 | ||||||
2,012,575 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 1,238,364 | ||||||
3,416,812 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1,427,818 | ||||||
1,044,430 | China National Building Material Co. Ltd., Class H (Materials) | 1,428,859 | ||||||
237,173 | China Overseas Land & Investment Ltd. (Real Estate) | 545,867 | ||||||
2,039,769 | China Petroleum & Chemical Corp., Class A (Energy) | 1,346,779 | ||||||
3,376,424 | China Petroleum & Chemical Corp., Class H (Energy) | 1,636,691 | ||||||
2,287,913 | China Power International Development Ltd. (Utilities) | 923,714 | ||||||
674,311 | China Railway Group Ltd., Class A (Industrials) | 588,402 | ||||||
1,066,269 | China Railway Group Ltd., Class H (Industrials) | 511,380 | ||||||
197,481 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 1,625,076 | ||||||
549,072 | China Resources Cement Holdings Ltd. (Materials) | 538,669 | ||||||
93,775 | China Resources Gas Group Ltd. (Utilities) | 569,112 | ||||||
151,287 | China Resources Land Ltd. (Real Estate) | 563,143 | ||||||
3,545,036 | China Resources Pharmaceutical Group Ltd. (Health Care)(a) | 1,846,052 | ||||||
437,520 | China Resources Power Holdings Co. Ltd. (Utilities) | 1,075,608 | ||||||
199,951 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 866,186 | ||||||
185,300 | China Shenhua Energy Co. Ltd., Class A (Energy) | 574,396 | ||||||
858,867 | China Shenhua Energy Co. Ltd., Class H (Energy) | 1,901,636 | ||||||
62,626 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 2,215,885 | ||||||
13,308,262 | China Tower Corp. Ltd., Class H (Communication Services)(a) | 1,745,379 | ||||||
1,496,900 | China United Network Communications Ltd., Class A (Communication Services) | 972,103 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31 , 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
138,524 | China Vanke Co. Ltd., Class A (Real Estate) | $ | 425,105 | |||||
167,325 | China Vanke Co. Ltd., Class H (Real Estate) | 451,802 | ||||||
390,218 | China Yangtze Power Co. Ltd., Class A (Utilities) | 1,169,686 | ||||||
2,311,694 | China Zheshang Bank Co. Ltd., Class A (Financials) | 1,271,933 | ||||||
72,025 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples)* | 1,564,523 | ||||||
861,748 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 519,560 | ||||||
1,278,509 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 489,878 | ||||||
40,993 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 1,124,575 | ||||||
1,250,034 | CITIC Ltd. (Industrials) | 1,555,842 | ||||||
141,700 | CITIC Securities Co. Ltd., Class A (Financials) | 563,989 | ||||||
213,400 | CITIC Securities Co. Ltd., Class H (Financials) | 540,541 | ||||||
11,700 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 897,393 | ||||||
303,495 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)* | 975,587 | ||||||
559,933 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)* | 1,058,332 | ||||||
446,407 | Country Garden Holdings Co. Ltd. (Real Estate) | 493,626 | ||||||
2,549,309 | CSPC Pharmaceutical Group Ltd. (Health Care) | 3,235,251 | ||||||
286,600 | Daan Gene Co. Ltd., Class A (Health Care) | 831,993 | ||||||
1,516,661 | Dali Foods Group Co. Ltd. (Consumer Staples)(a) | 850,244 | ||||||
11,645 | Daqo New Energy Corp. ADR (Information Technology)* | 713,955 | ||||||
506,700 | DHC Software Co. Ltd., Class A (Information Technology) | 600,783 | ||||||
133,519 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 711,260 | ||||||
997,500 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 1,092,750 | ||||||
72,600 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 1,650,604 | ||||||
142,929 | ENN Energy Holdings Ltd. (Utilities) | 2,828,312 | ||||||
526,053 | Far East Horizon Ltd. (Financials)(b) | 597,930 | ||||||
486,365 | Financial Street Holdings Co. Ltd., Class A (Real Estate) | 489,229 | ||||||
|
| |||||||
644,500 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 718,220 | ||||||
371,020 | Fosun International Ltd. (Industrials) | 469,419 | ||||||
294,800 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 524,536 | ||||||
72,700 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 539,729 | ||||||
30,300 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 698,150 | ||||||
421,582 | Gaotu Techedu, Inc. ADR (Consumer Discretionary)*(b) | 1,214,156 | ||||||
13,000 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 738,675 | ||||||
239,322 | GF Securities Co. Ltd., Class A (Financials) | 704,390 | ||||||
266,750 | Giant Network Group Co. Ltd., Class A (Communication Services) | 417,985 | ||||||
133,549 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 1,368,608 | ||||||
454,578 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 2,092,473 | ||||||
819,400 | Greenland Holdings Corp. Ltd., Class A (Real Estate) | 565,147 | ||||||
394,310 | Guangdong Investment Ltd. (Utilities) | 547,558 | ||||||
49,071 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 1,228,448 | ||||||
264,384 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,207,184 | ||||||
322,200 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | 558,806 | ||||||
67,700 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,106,998 | ||||||
849,704 | Guangzhou R&F Properties Co. Ltd., Class H (Real Estate) | 725,444 | ||||||
58,940 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 1,244,299 | ||||||
52,919 | Guangzhou Wondfo Biotech Co. Ltd., Class A (Health Care) | 349,485 | ||||||
292,600 | Guosen Securities Co. Ltd., Class A (Financials) | 553,273 | ||||||
211,003 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 580,814 | ||||||
447,000 | Guoyuan Securities Co. Ltd., Class A (Financials) | 545,240 | ||||||
|
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
378,438 | Haidilao International Holding Ltd. (Consumer Discretionary)(a)(b) | $ | 1,542,490 | |||||
186,900 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 704,118 | ||||||
156,907 | Haitian International Holdings Ltd. (Industrials) | 601,211 | ||||||
318,833 | Haitong Securities Co. Ltd., Class A (Financials) | 628,079 | ||||||
602,400 | Haitong Securities Co. Ltd., Class H (Financials) | 556,906 | ||||||
60,870 | Hang Zhou Great Star Industrial Co. Ltd., Class A (Consumer Discretionary)* | 315,577 | ||||||
49,924 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 1,176,139 | ||||||
131,494 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Industrials) | 725,540 | ||||||
86,387 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 477,994 | ||||||
151,290 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)(a) | 413,369 | ||||||
241,600 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 543,338 | ||||||
101,821 | Hello Group, Inc. ADR (Communication Services) | 1,337,928 | ||||||
87,545 | Hengan International Group Co. Ltd. (Consumer Staples) | 507,664 | ||||||
1,428,352 | Hesteel Co. Ltd., Class A (Materials) | 690,710 | ||||||
57,373 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 1,028,926 | ||||||
190,412 | Hopson Development Holdings Ltd. (Real Estate) | 741,832 | ||||||
1,042,546 | Huadian Power International Corp. Ltd., Class A (Utilities) | 625,334 | ||||||
132,300 | Huadong Medicine Co. Ltd., Class A (Health Care) | 630,537 | ||||||
222,200 | Huatai Securities Co. Ltd., Class A (Financials) | 564,110 | ||||||
386,650 | Huatai Securities Co. Ltd., Class H (Financials)(a) | 554,818 | ||||||
359,600 | Huaxi Securities Co. Ltd., Class A (Financials) | 540,626 | ||||||
1,557,573 | Huaxia Bank Co. Ltd., Class A (Financials) | 1,351,892 | ||||||
201,300 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 723,831 | ||||||
2,140,058 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 1,532,404 | ||||||
8,211,540 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 4,582,291 | ||||||
|
| |||||||
584,521 | Industrial Bank Co. Ltd., Class A (Financials) | 1,676,013 | ||||||
118,225 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 623,192 | ||||||
71,895 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 1,138,486 | ||||||
57,900 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 439,545 | ||||||
118,035 | JD.com, Inc. ADR (Consumer Discretionary)* | 9,272,830 | ||||||
228,035 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 1,144,416 | ||||||
480,627 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 498,712 | ||||||
291,143 | Jiangsu Hengrui Medicine Co. Ltd., Class A (Health Care) | 2,039,625 | ||||||
235,758 | Jilin Aodong Pharmaceutical Group Co. Ltd., Class A (Health Care) | 580,991 | ||||||
19,209 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 623,667 | ||||||
202,200 | Jiumaojiu International Holdings Ltd. (Consumer Discretionary)(a) | 678,563 | ||||||
254,872 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | 436,111 | ||||||
383,002 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 898,143 | ||||||
156,621 | Joyoung Co. Ltd., Class A (Consumer Discretionary) | 510,742 | ||||||
18,146 | JOYY, Inc. ADR (Communication Services) | 1,148,642 | ||||||
1,220,214 | Kaisa Group Holdings Ltd. (Real Estate)* | 406,354 | ||||||
425,377 | Kingboard Holdings Ltd. (Information Technology) | 2,092,058 | ||||||
108,882 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 396,197 | ||||||
99,160 | Kuaishou Technology (Communication Services)*(a)(b) | 1,077,362 | ||||||
2,099,038 | Kunlun Energy Co. Ltd. (Utilities) | 2,223,903 | ||||||
12,294 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 2,968,700 | ||||||
2,583,232 | Lenovo Group Ltd. (Information Technology) | 2,863,117 | ||||||
502,204 | Li Ning Co. Ltd. (Consumer Discretionary) | 6,747,841 | ||||||
396,077 | Longfor Group Holdings Ltd. (Real Estate)(a) | 1,716,239 | ||||||
69,206 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 959,574 | ||||||
17,959 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 473,191 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS ACTIVEBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31 , 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
425,709 | Meituan, Class B (Consumer Discretionary)*(a) | $ | 13,629,519 | |||||
1,265,519 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 982,680 | ||||||
70,002 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 716,077 | ||||||
60,354 | NetEase, Inc. ADR (Communication Services) | 5,879,687 | ||||||
191,300 | New China Life Insurance Co. Ltd., Class H (Financials) | 563,273 | ||||||
149,953 | New Oriental Education & Technology Group, Inc. ADR (Consumer Discretionary)* | 338,894 | ||||||
67,748 | NIO, Inc. ADR (Consumer Discretionary)* | 2,663,174 | ||||||
314,908 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 1,666,180 | ||||||
413,100 | Northeast Securities Co. Ltd., Class A (Financials) | 546,788 | ||||||
225,846 | Offcn Education Technology Co. Ltd., Class A (Consumer Discretionary)* | 367,892 | ||||||
820,780 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 577,548 | ||||||
591,820 | People’s Insurance Co. Group of China Ltd. (The), Class A (Financials) | 471,475 | ||||||
1,605,184 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 495,341 | ||||||
3,047,511 | PetroChina Co. Ltd., Class A (Energy) | 2,333,339 | ||||||
5,136,865 | PetroChina Co. Ltd., Class H (Energy) | 2,252,272 | ||||||
21,447 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 639,886 | ||||||
2,055,733 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 1,858,191 | ||||||
44,003 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 4,401,180 | ||||||
138,441 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 1,070,708 | ||||||
915,223 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 7,107,751 | ||||||
277,363 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 489,641 | ||||||
1,566,736 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 1,248,144 | ||||||
1,955,670 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 1,410,674 | ||||||
935,011 | Power Construction Corp. of China Ltd., Class A (Industrials) | 899,941 | ||||||
41,100 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 1,001,319 | ||||||
|
| |||||||
898,600 | Qingdao Rural Commercial Bank Corp., Class A (Financials) | 544,564 | ||||||
570,454 | RiseSun Real Estate Development Co. Ltd., Class A (Real Estate) | 419,972 | ||||||
112,970 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 326,724 | ||||||
510,557 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 1,528,822 | ||||||
393,160 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 605,705 | ||||||
14,285 | Sangfor Technologies, Inc., Class A (Information Technology) | 603,105 | ||||||
405,900 | SDIC Capital Co. Ltd., Class A (Financials) | 586,957 | ||||||
584,637 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 820,956 | ||||||
233,138 | Shandong Buchang Pharmaceuticals Co. Ltd., Class A (Health Care) | 681,130 | ||||||
199,400 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 556,293 | ||||||
94,898 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 440,073 | ||||||
42,517 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 472,287 | ||||||
1,242,474 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 533,424 | ||||||
760,545 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 658,935 | ||||||
204,468 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 488,353 | ||||||
164,864 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 490,606 | ||||||
893,774 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 1,774,367 | ||||||
1,136,430 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 1,594,032 | ||||||
492,309 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 529,545 | ||||||
528,656 | Shanxi Securities Co. Ltd., Class A (Financials) | 536,686 | ||||||
915,454 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 1,434,476 | ||||||
31,273 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 1,345,146 | ||||||
602,600 | Shenergy Co. Ltd., Class A (Utilities) | 608,017 | ||||||
775,200 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 564,699 | ||||||
358,350 | Shenzhen International Holdings Ltd. (Industrials) | 467,212 | ||||||
|
|
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) | ||||||||
1,626,986 | Shenzhen Investment Ltd. (Real Estate) | $ | 483,241 | |||||
11,800 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 599,876 | ||||||
1,433,445 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 1,497,430 | ||||||
49,340 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 1,075,953 | ||||||
235,803 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care) | 624,958 | ||||||
460,251 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 811,788 | ||||||
69,542 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1,253,739 | ||||||
17,640 | Silergy Corp. (Information Technology) | 2,533,321 | ||||||
975,211 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 512,394 | ||||||
278,362 | Sinopharm Group Co. Ltd., Class H (Health Care) | 715,112 | ||||||
894,700 | Sinotrans Ltd., Class A (Industrials) | 689,191 | ||||||
242,202 | Sinotruk Hong Kong Ltd. (Industrials) | 477,095 | ||||||
26,515 | Skshu Paint Co. Ltd., Class A (Materials) | 598,766 | ||||||
201,715 | Smoore International Holdings Ltd. (Consumer Staples)(a) | 1,080,243 | ||||||
684,400 | Southwest Securities Co. Ltd., Class A (Financials) | 544,168 | ||||||
2,073,700 | Sun Art Retail Group Ltd. (Consumer Staples) | 1,255,843 | ||||||
239,957 | Sunac China Holdings Ltd. (Real Estate) | 613,981 | ||||||
56,443 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 1,375,907 | ||||||
1,002,782 | Suning.com Co. Ltd., Class A (Consumer Discretionary)* | 820,628 | ||||||
39,500 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 1,194,546 | ||||||
12,051 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 1,451,686 | ||||||
275,419 | Tangshan Jidong Cement Co. Ltd., Class A (Materials) | 542,130 | ||||||
817,312 | Tencent Holdings Ltd. (Communication Services) | 50,568,707 | ||||||
39,430 | Tencent Music Entertainment Group ADR (Communication Services)* | 348,561 | ||||||
795,400 | Tianfeng Securities Co. Ltd., Class A (Financials)* | 533,801 | ||||||
|
| |||||||
1,234,574 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 2,196,957 | ||||||
320,021 | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care) | 519,811 | ||||||
1,341,433 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 1,773,089 | ||||||
12,490 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 380,820 | ||||||
736,009 | Uni-President China Holdings Ltd. (Consumer Staples) | 697,459 | ||||||
161,720 | Vipshop Holdings Ltd. ADR (Consumer Discretionary)* | 2,391,839 | ||||||
39,210 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 648,436 | ||||||
1,996,900 | Want Want China Holdings Ltd. (Consumer Staples) | 1,358,252 | ||||||
254,257 | Weichai Power Co. Ltd., Class H (Industrials) | 641,417 | ||||||
154,385 | Weifu High-Technology Group Co. Ltd., Class A (Consumer Discretionary) | 554,178 | ||||||
264,967 | Wens Foodstuffs Group Co. Ltd., Class A (Consumer Staples) | 533,055 | ||||||
235,770 | Wharf Holdings Ltd. (The) (Real Estate) | 797,283 | ||||||
431,285 | Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) | 1,139,710 | ||||||
31,702 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 991,007 | ||||||
238,101 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 3,686,006 | ||||||
30,400 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 1,517,079 | ||||||
451,811 | Xiamen C & D, Inc., Class A (Industrials) | 544,806 | ||||||
1,070,388 | Xiaomi Corp., Class B (Information Technology)*(a) | 3,440,722 | ||||||
388,317 | Xinyi Solar Holdings Ltd. (Information Technology) | 938,669 | ||||||
307,480 | Yadea Group Holdings Ltd. (Consumer Discretionary)(a) | 546,378 | ||||||
845,800 | Yango Group Co. Ltd., Class A (Real Estate) | 582,045 | ||||||
247,257 | Yihai International Holding Ltd. (Consumer Staples)* | 1,335,261 | ||||||
100,010 | Yixintang Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 466,259 | ||||||
647,868 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples) | 382,575 | ||||||
496,280 | Youngor Group Co. Ltd., Class A (Real Estate) | 496,895 | ||||||
|
|
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 , 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
826,638 | Yuexiu Property Co. Ltd. (Real Estate) | $ | 774,839 | |||||
100,260 | Yum China Holdings, Inc. (Consumer Discretionary) | 6,172,006 | ||||||
5,768 | Zai Lab Ltd. ADR (Health Care)* | 833,476 | ||||||
9,902 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 532,624 | ||||||
670,632 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 588,081 | ||||||
158,270 | Zhejiang Satellite Petrochemical Co. Ltd., Class A (Materials) | 1,028,068 | ||||||
374,900 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 549,683 | ||||||
74,298 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | 561,841 | ||||||
324,980 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 995,289 | ||||||
54,592 | Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd., Class A (Health Care) | 433,470 | ||||||
882,089 | Zhenro Properties Group Ltd. (Real Estate)(b) | 514,916 | ||||||
232,508 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 1,943,209 | ||||||
341,635 | Zijin Mining Group Co. Ltd., Class A (Materials) | 588,277 | ||||||
774,742 | Zijin Mining Group Co. Ltd., Class H (Materials) | 1,103,736 | ||||||
13,086 | ZTO Express Cayman, Inc. ADR (Industrials) | 369,156 | ||||||
|
| |||||||
459,288,401 | ||||||||
|
| |||||||
Czech Republic – 0.1% | ||||||||
30,960 | CEZ AS (Utilities) | 975,720 | ||||||
14,200 | Komercni banka AS (Financials)* | 545,796 | ||||||
|
| |||||||
1,521,516 | ||||||||
|
| |||||||
Egypt – 0.2% | ||||||||
877,400 | Commercial International Bank Egypt SAE (Financials)* | 2,615,434 | ||||||
|
| |||||||
Greece – 0.3% | ||||||||
203,469 | Hellenic Telecommunications Organization SA (Communication Services) | 4,002,685 | ||||||
|
| |||||||
Hong Kong – 0.2% | ||||||||
283,065 | Kingboard Laminates Holdings Ltd. (Information Technology) | 556,860 | ||||||
2,742,354 | Sino Biopharmaceutical Ltd. (Health Care) | 2,295,476 | ||||||
|
| |||||||
2,852,336 | ||||||||
|
| |||||||
Hungary – 0.2% | ||||||||
110,530 | MOL Hungarian Oil & Gas PLC (Energy) | 905,807 | ||||||
18,700 | OTP Bank Nyrt (Financials)* | 1,128,504 | ||||||
18,100 | Richter Gedeon Nyrt (Health Care) | 542,170 | ||||||
|
| |||||||
2,576,481 | ||||||||
|
| |||||||
India – 11.2% | ||||||||
89,058 | Adani Green Energy Ltd. (Utilities)* | 1,303,224 | ||||||
79,076 | Asian Paints Ltd. (Materials) | 3,467,451 | ||||||
185,277 | Aurobindo Pharma Ltd. (Health Care) | 1,845,728 | ||||||
29,501 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | 1,598,063 | ||||||
55,775 | Axis Bank Ltd. (Financials)* | 600,857 | ||||||
10,315 | Bajaj Finance Ltd. (Financials) | 1,063,113 | ||||||
167,009 | Berger Paints India Ltd. (Materials) | 1,877,629 | ||||||
174,193 | Biocon Ltd. (Health Care)* | 856,202 | ||||||
57,135 | Britannia Industries Ltd. (Consumer Staples) | 3,128,407 | ||||||
192,114 | Cipla Ltd. (Health Care) | 2,494,068 | ||||||
131,398 | Colgate-Palmolive India Ltd. (Consumer Staples) | 3,047,580 | ||||||
225,070 | Dabur India Ltd. (Consumer Staples) | 1,915,981 | ||||||
50,846 | Divi’s Laboratories Ltd. (Health Care) | 3,603,148 | ||||||
44,000 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 2,835,026 | ||||||
37,595 | Grasim Industries Ltd. (Materials) | 772,627 | ||||||
140,387 | Havells India Ltd. (Industrials) | 2,439,118 | ||||||
473,145 | HCL Technologies Ltd. (Information Technology) | 7,662,217 | ||||||
47,966 | HDFC Asset Management Co. Ltd. (Financials)(a) | 2,019,818 | ||||||
164,079 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 1,613,090 | ||||||
192,250 | Hindalco Industries Ltd. (Materials) | 1,233,170 | ||||||
96,496 | Hindustan Unilever Ltd. (Consumer Staples) | 3,600,517 | ||||||
193,165 | Housing Development Finance Corp. Ltd. (Financials) | 7,404,339 | ||||||
411,297 | ICICI Bank Ltd. (Financials) | 4,050,859 | ||||||
50,762 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 1,108,723 | ||||||
1,577,706 | Indian Oil Corp. Ltd. (Energy) | 2,395,490 | ||||||
11,644 | Info Edge India Ltd. (Communication Services) | 986,026 | ||||||
602,969 | Infosys Ltd. (Information Technology) | 14,093,572 | ||||||
521,637 | ITC Ltd. (Consumer Staples) | 1,509,734 | ||||||
60,575 | JSW Steel Ltd. (Materials) | 570,508 | ||||||
|
|
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) | ||||||||
47,558 | Jubilant Foodworks Ltd. (Consumer Discretionary) | $ | 2,602,393 | |||||
56,089 | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | 4,081,362 | ||||||
64,355 | Larsen & Toubro Ltd. (Industrials) | 1,474,019 | ||||||
140,392 | Lupin Ltd. (Health Care) | 1,841,927 | ||||||
126,200 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 1,371,290 | ||||||
431,762 | Marico Ltd. (Consumer Staples) | 3,219,845 | ||||||
65,796 | Muthoot Finance Ltd. (Financials) | 1,364,451 | ||||||
12,743 | Nestle India Ltd. (Consumer Staples) | 3,397,973 | ||||||
6,171 | Page Industries Ltd. (Consumer Discretionary) | 2,662,479 | ||||||
42,007 | PI Industries Ltd. (Materials) | 1,952,837 | ||||||
87,225 | Pidilite Industries Ltd. (Materials) | 2,724,426 | ||||||
822,228 | Power Grid Corp. of India Ltd. (Utilities) | 1,974,834 | ||||||
356,820 | REC Ltd. (Financials) | 741,425 | ||||||
272,599 | Reliance Industries Ltd. (Energy) | 8,431,592 | ||||||
105,314 | SBI Life Insurance Co. Ltd. (Financials)(a) | 1,719,543 | ||||||
68,885 | Siemens Ltd. (Industrials) | 2,144,085 | ||||||
194,231 | Tata Consultancy Services Ltd. (Information Technology) | 10,073,567 | ||||||
180,016 | Tata Consumer Products Ltd. (Consumer Staples) | 2,132,724 | ||||||
706,208 | Tata Motors Ltd. (Consumer Discretionary)* | 2,779,078 | ||||||
156,784 | Tata Steel Ltd. (Materials) | 3,114,420 | ||||||
299,738 | Tech Mahindra Ltd. (Information Technology) | 5,943,440 | ||||||
38,721 | Torrent Pharmaceuticals Ltd. (Health Care) | 1,647,277 | ||||||
23,513 | UltraTech Cement Ltd. (Materials) | 2,522,541 | ||||||
191,700 | Vedanta Ltd. (Materials) | 795,079 | ||||||
434,606 | Wipro Ltd. (Information Technology) | 3,815,508 | ||||||
|
| |||||||
155,624,400 | ||||||||
|
| |||||||
Indonesia – 1.2% | ||||||||
6,973,418 | Aneka Tambang Tbk (Materials) | 1,168,552 | ||||||
4,515,352 | Astra International Tbk PT (Consumer Discretionary) | 1,654,178 | ||||||
897,420 | Bank Central Asia Tbk PT (Financials) | 2,060,684 | ||||||
665,486 | Gudang Garam Tbk PT (Consumer Staples) | 1,543,274 | ||||||
3,348,942 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples)* | 1,978,253 | ||||||
3,437,028 | Indofood Sukses Makmur Tbk PT (Consumer Staples)* | 1,488,074 | ||||||
13,362,392 | Kalbe Farma Tbk PT (Health Care) | 1,260,117 | ||||||
|
| |||||||
5,398,919 | Merdeka Copper Gold Tbk PT (Materials)* | 1,067,481 | ||||||
10,665,893 | Telkom Indonesia Persero Tbk PT (Communication Services) | 2,542,614 | ||||||
4,595,605 | Unilever Indonesia Tbk PT (Consumer Staples) | 1,304,975 | ||||||
|
| |||||||
16,068,202 | ||||||||
|
| |||||||
Kuwait – 0.4% | ||||||||
1,004,576 | Kuwait Finance House KSCP (Financials) | 2,758,576 | ||||||
933,245 | National Bank of Kuwait SAKP (Financials) | 2,903,981 | ||||||
|
| |||||||
5,662,557 | ||||||||
|
| |||||||
Luxembourg – 0.1% | ||||||||
47,510 | Reinet Investments SCA (Financials)* | 923,169 | ||||||
|
| |||||||
Mexico – 2.1% | ||||||||
6,742,520 | America Movil SAB de CV, Series L (Communication Services) | 6,651,844 | ||||||
603,721 | Becle SAB de CV (Consumer Staples) | 1,542,178 | ||||||
3,436,591 | Cemex SAB de CV, Series CPO (Materials)* | 2,829,599 | ||||||
386,718 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 3,374,604 | ||||||
209,538 | Gruma SAB de CV, Class B (Consumer Staples) | 2,398,350 | ||||||
1,315,174 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 3,335,270 | ||||||
374,313 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 2,476,430 | ||||||
563,559 | Grupo Mexico SAB de CV, Series B (Materials) | 2,630,851 | ||||||
1,312,892 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 4,681,717 | ||||||
|
| |||||||
29,920,843 | ||||||||
|
| |||||||
Philippines – 0.2% | ||||||||
42,579 | Globe Telecom, Inc. (Communication Services) | 2,327,937 | ||||||
27,105 | PLDT, Inc. (Communication Services) | 798,168 | ||||||
|
| |||||||
3,126,105 | ||||||||
|
| |||||||
Poland – 0.9% | ||||||||
17,155 | CD Projekt SA (Communication Services)(b) | 758,641 | ||||||
45,423 | Dino Polska SA (Consumer Staples)*(a) | 3,850,895 | ||||||
25,609 | KGHM Polska Miedz SA (Materials) | 1,192,563 | ||||||
|
|
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 , 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Poland – (continued) | ||||||||
200 | LPP SA (Consumer Discretionary) | $ | 729,210 | |||||
829,890 | PGE Polska Grupa Energetyczna SA (Utilities)* | 2,187,001 | ||||||
400,665 | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy) | 659,264 | ||||||
51,800 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 568,896 | ||||||
215,672 | Powszechny Zaklad Ubezpieczen SA (Financials)* | 2,286,952 | ||||||
|
| |||||||
12,233,422 | ||||||||
|
| |||||||
Qatar – 0.8% | ||||||||
2,189,855 | Masraf Al Rayan QSC (Financials) | 2,736,567 | ||||||
768,215 | Ooredoo QPSC (Communication Services) | 1,458,575 | ||||||
636,855 | Qatar International Islamic Bank QSC (Financials) | 1,679,156 | ||||||
381,382 | Qatar Islamic Bank (Financials) | 1,916,861 | ||||||
765,932 | Qatar National Bank QPSC (Financials) | 4,032,660 | ||||||
|
| |||||||
11,823,819 | ||||||||
|
| |||||||
Romania – 0.1% | ||||||||
136,447 | NEPI Rockcastle PLC (Real Estate) | 989,418 | ||||||
|
| |||||||
Russia – 3.7% | ||||||||
1,247,060 | Gazprom PJSC (Energy) | 5,209,236 | ||||||
35,428,584 | Inter RAO UES PJSC (Utilities) | 2,232,032 | ||||||
61,726 | LUKOIL PJSC (Energy) | 5,276,774 | ||||||
11,851 | MMC Norilsk Nickel PJSC (Materials) | 3,891,924 | ||||||
818,223 | Moscow Exchange MICEX-RTS PJSC (Financials) | 2,047,540 | ||||||
832,922 | Novolipetsk Steel PJSC (Materials) | 2,807,224 | ||||||
127,782 | PhosAgro PJSC GDR (Materials) | 2,517,305 | ||||||
73,275 | Polymetal International PLC (Materials) | 1,463,599 | ||||||
11,135 | Polyus PJSC (Materials) | 2,007,477 | ||||||
89,382 | Rosneft Oil Co. PJSC (Energy) | 651,526 | ||||||
1,648,308 | Sberbank of Russia PJSC (Financials) | 7,401,577 | ||||||
150,923 | Severstal PAO (Materials) | 3,541,215 | ||||||
3,336,114 | Surgutneftegas PJSC (Energy) | 1,540,183 | ||||||
275,229 | Tatneft PJSC (Energy) | 1,820,581 | ||||||
29,249 | TCS Group Holding PLC GDR (Financials) | 2,595,652 | ||||||
792,270,900 | VTB Bank PJSC (Financials) | 573,124 | ||||||
68,882 | X5 Retail Group NV GDR (Consumer Staples) | 2,294,186 | ||||||
41,198 | Yandex NV, Class A (Communication Services)* | 3,142,849 | ||||||
|
| |||||||
51,014,004 | ||||||||
|
| |||||||
Saudi Arabia – 2.8% | ||||||||
68,996 | Abdullah Al Othaim Markets Co. (Consumer Staples) | 2,119,161 | ||||||
86,034 | Advanced Petrochemical Co. (Materials) | 1,642,369 | ||||||
186,027 | Al Rajhi Bank (Financials) | 6,001,351 | ||||||
37,096 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 1,651,700 | ||||||
219,662 | Etihad Etisalat Co. (Communication Services) | 1,874,099 | ||||||
300,609 | Sahara International Petrochemical Co. (Materials) | 2,668,910 | ||||||
405,252 | Saudi Arabian Oil Co. (Energy)(a) | 3,797,853 | ||||||
84,965 | Saudi Basic Industries Corp. (Materials) | 2,786,332 | ||||||
283,977 | Saudi Electricity Co. (Utilities) | 2,066,967 | ||||||
214,288 | Saudi Industrial Investment Group (Materials) | 2,051,068 | ||||||
557,195 | Saudi Kayan Petrochemical Co. (Materials)* | 2,766,143 | ||||||
328,009 | Saudi National Bank (The) (Financials) | 5,317,127 | ||||||
95,517 | Saudi Telecom Co. (Communication Services) | 3,437,970 | ||||||
122,889 | Savola Group (The) (Consumer Staples) | 1,315,486 | ||||||
|
| |||||||
39,496,536 | ||||||||
|
| |||||||
South Africa – 3.6% | ||||||||
174,073 | Absa Group Ltd. (Financials)* | 1,901,987 | ||||||
83,431 | African Rainbow Minerals Ltd. (Materials) | 1,494,894 | ||||||
168,605 | Aspen Pharmacare Holdings Ltd. (Health Care)* | 2,285,871 | ||||||
99,003 | Bid Corp. Ltd. (Consumer Staples)* | 2,189,359 | ||||||
50,300 | Bidvest Group Ltd. (The) (Industrials) | 712,859 | ||||||
5,500 | Capitec Bank Holdings Ltd. (Financials) | 721,559 | ||||||
103,082 | Clicks Group Ltd. (Consumer Staples) | 2,156,135 | ||||||
633,611 | FirstRand Ltd. (Financials) | 2,710,970 | ||||||
221,133 | Gold Fields Ltd. (Materials) | 2,086,431 | ||||||
218,568 | Impala Platinum Holdings Ltd. (Materials) | 3,368,047 | ||||||
61,008 | Kumba Iron Ore Ltd. (Materials)(b) | 2,754,112 | ||||||
157,592 | Mr Price Group Ltd. (Consumer Discretionary) | 2,374,175 | ||||||
310,399 | MTN Group Ltd. (Communication Services)* | 2,863,439 | ||||||
381,528 | MultiChoice Group (Communication Services)(b) | 3,030,596 | ||||||
5,441 | Naspers Ltd., Class N (Consumer Discretionary) | 932,850 | ||||||
159,989 | Nedbank Group Ltd. (Financials)* | 2,046,178 | ||||||
|
|
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 Africa – (continued) | ||||||||
307,480 | Rand Merchant Investment Holdings Ltd. (Financials) | $ | 673,416 | |||||
107,833 | Remgro Ltd. (Financials) | 900,609 | ||||||
191,127 | Sanlam Ltd. (Financials) | 851,450 | ||||||
251,338 | Shoprite Holdings Ltd. (Consumer Staples) | 3,194,503 | ||||||
590,014 | Sibanye Stillwater Ltd. (Materials) | 2,402,477 | ||||||
161,218 | SPAR Group Ltd. (The) (Consumer Staples) | 2,314,116 | ||||||
221,927 | Standard Bank Group Ltd. (Financials) | 2,281,560 | ||||||
117,427 | Tiger Brands Ltd. (Consumer Staples) | 1,509,463 | ||||||
175,684 | Vodacom Group Ltd. (Communication Services) | 1,744,695 | ||||||
|
| |||||||
49,501,751 | ||||||||
|
| |||||||
South Korea – 13.2% | ||||||||
17,329 | Amorepacific Corp. (Consumer Staples) | 3,400,188 | ||||||
45,043 | AMOREPACIFIC Group (Consumer Staples) | 2,245,449 | ||||||
11,403 | BGF retail Co. Ltd. (Consumer Staples) | 1,755,518 | ||||||
4,660 | Celltrion, Inc. (Health Care)* | 1,177,610 | ||||||
107,759 | Cheil Worldwide, Inc. (Communication Services) | 2,146,908 | ||||||
5,843 | CJ CheilJedang Corp. (Consumer Staples) | 2,285,394 | ||||||
7,355 | CJ Corp. (Industrials) | 643,868 | ||||||
13,885 | CJ ENM Co. Ltd. (Consumer Discretionary) | 1,833,450 | ||||||
9,592 | CJ Logistics Corp. (Industrials)* | 1,414,664 | ||||||
33,568 | Coway Co. Ltd. (Consumer Discretionary) | 2,264,020 | ||||||
19,695 | E-MART, Inc. (Consumer Staples) | 3,040,584 | ||||||
21,200 | Fila Holdings Corp. (Consumer Discretionary) | 820,975 | ||||||
18,285 | GS Engineering & Construction Corp. (Industrials) | 705,726 | ||||||
50,569 | GS Holdings Corp. (Energy) | 1,853,622 | ||||||
60,813 | Hana Financial Group, Inc. (Financials) | 2,362,867 | ||||||
42,932 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 1,725,500 | ||||||
37,798 | Hanwha Solutions Corp. (Materials)* | 1,328,448 | ||||||
19,205 | HMM Co. Ltd. (Industrials)* | 695,683 | ||||||
29,932 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 2,318,249 | ||||||
15,015 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 718,731 | ||||||
7,718 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1,847,208 | ||||||
|
| |||||||
9,968 | Hyundai Motor Co. (Consumer Discretionary) | 1,826,901 | ||||||
23,190 | Hyundai Steel Co. (Materials) | 1,020,044 | ||||||
184,303 | Industrial Bank of Korea (Financials) | 1,637,260 | ||||||
37,505 | Kakao Corp. (Communication Services) | 5,013,821 | ||||||
43,387 | Kangwon Land, Inc. (Consumer Discretionary)* | 1,036,543 | ||||||
58,900 | KB Financial Group, Inc. (Financials) | 2,687,317 | ||||||
57,983 | Kia Corp. (Consumer Discretionary) | 4,255,771 | ||||||
68,209 | Korea Electric Power Corp. (Utilities)(b) | 1,411,890 | ||||||
6,800 | Korea Investment Holdings Co. Ltd. (Financials) | 558,920 | ||||||
6,700 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 684,764 | ||||||
2,379 | Korea Zinc Co. Ltd. (Materials) | 1,091,576 | ||||||
27,600 | Korean Air Lines Co. Ltd. (Industrials)* | 745,077 | ||||||
22,689 | KT&G Corp. (Consumer Staples) | 1,596,811 | ||||||
7,008 | Kumho Petrochemical Co. Ltd. (Materials)(b) | 1,175,606 | ||||||
4,216 | LG Chem Ltd. (Materials) | 2,756,245 | ||||||
35,687 | LG Electronics, Inc. (Consumer Discretionary) | 4,370,653 | ||||||
3,316 | LG Household & Health Care Ltd. (Consumer Staples) | 4,178,426 | ||||||
200,258 | LG Uplus Corp. (Communication Services) | 2,426,689 | ||||||
2,860 | Lotte Chemical Corp. (Materials) | 616,672 | ||||||
18,383 | Lotte Shopping Co. Ltd. (Consumer Discretionary)(b) | 1,704,405 | ||||||
440,058 | Meritz Securities Co. Ltd. (Financials) | 2,034,336 | ||||||
14,005 | NAVER Corp. (Communication Services) | 5,302,682 | ||||||
4,415 | NCSoft Corp. (Communication Services) | 2,513,174 | ||||||
49,000 | NH Investment & Securities Co. Ltd. (Financials) | 559,964 | ||||||
22,048 | Orion Corp. (Consumer Staples) | 2,405,513 | ||||||
26,800 | Pearl Abyss Corp. (Communication Services)* | 2,179,689 | ||||||
12,292 | POSCO (Materials) | 3,572,732 | ||||||
28,547 | S-1 Corp. (Industrials) | 2,021,397 | ||||||
1,218 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 1,013,731 | ||||||
15,905 | Samsung C&T Corp. (Industrials) | 1,824,456 | ||||||
15,140 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 2,409,185 | ||||||
748,815 | Samsung Electronics Co. Ltd. (Information Technology) | 49,535,651 | ||||||
|
|
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 , 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
11,663 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | $ | 2,273,352 | |||||
5,008 | Samsung SDI Co. Ltd. (Information Technology) | 3,425,196 | ||||||
12,641 | Samsung SDS Co. Ltd. (Information Technology) | 1,880,696 | ||||||
50,613 | Samsung Securities Co. Ltd. (Financials) | 2,158,621 | ||||||
42,372 | Seegene, Inc. (Health Care) | 2,404,655 | ||||||
64,633 | Shinhan Financial Group Co. Ltd. (Financials) | 2,165,675 | ||||||
6,891 | Shinsegae, Inc. (Consumer Discretionary) | 1,598,757 | ||||||
85,950 | SK Hynix, Inc. (Information Technology) | 7,894,842 | ||||||
14,363 | SK Telecom Co. Ltd. (Communication Services) | 3,691,556 | ||||||
157,079 | Woori Financial Group, Inc. (Financials) | 1,524,118 | ||||||
24,186 | Yuhan Corp. (Health Care) | 1,303,743 | ||||||
|
| |||||||
183,073,774 | ||||||||
|
| |||||||
Taiwan – 15.6% | ||||||||
241,035 | Accton Technology Corp. (Information Technology) | 2,439,617 | ||||||
2,560,800 | Acer, Inc. (Information Technology) | 2,328,546 | ||||||
191,592 | Advantech Co. Ltd. (Information Technology) | 2,668,537 | ||||||
814,973 | ASE Technology Holding Co. Ltd. (Information Technology)* | 3,778,809 | ||||||
1,166,189 | Asia Cement Corp. (Materials) | 1,889,400 | ||||||
271,778 | Asustek Computer, Inc. (Information Technology) | 3,177,371 | ||||||
221,999 | Catcher Technology Co. Ltd. (Information Technology) | 1,337,754 | ||||||
1,557,440 | Cathay Financial Holding Co. Ltd. (Financials) | 3,349,394 | ||||||
370,923 | Chailease Holding Co. Ltd. (Financials) | 3,566,889 | ||||||
401,200 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 539,257 | ||||||
�� | 5,566,034 | China Development Financial Holding Corp. (Financials) | 2,851,956 | |||||
2,469,484 | China Steel Corp. (Materials) | 3,399,456 | ||||||
461,580 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1,865,407 | ||||||
1,623,469 | Compal Electronics, Inc. (Information Technology) | 1,341,492 | ||||||
3,090,784 | CTBC Financial Holding Co. Ltd. (Financials) | 2,565,105 | ||||||
403,547 | Delta Electronics, Inc. (Information Technology) | 3,938,855 | ||||||
938,682 | E.Sun Financial Holding Co. Ltd. (Financials) | 900,967 | ||||||
|
| |||||||
1,010,701 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 4,959,869 | ||||||
285,348 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 2,224,012 | ||||||
392,423 | Formosa Plastics Corp. (Materials) | 1,451,399 | ||||||
755,246 | Foxconn Technology Co. Ltd. (Information Technology) | 1,806,802 | ||||||
1,292,177 | Fubon Financial Holding Co. Ltd. (Financials) | 3,963,233 | ||||||
53,122 | Globalwafers Co. Ltd. (Information Technology) | 1,667,640 | ||||||
1,819,435 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 7,287,325 | ||||||
935,612 | Inventec Corp. (Information Technology) | 820,372 | ||||||
10,735 | Largan Precision Co. Ltd. (Information Technology) | 1,038,115 | ||||||
1,270,763 | Lite-On Technology Corp. (Information Technology) | 2,806,239 | ||||||
275,389 | MediaTek, Inc. (Information Technology) | 8,953,235 | ||||||
1,353,448 | Mega Financial Holding Co. Ltd. (Financials) | 1,601,858 | ||||||
433,851 | Micro-Star International Co. Ltd. (Information Technology) | 2,042,959 | ||||||
321,000 | Nan Ya Plastics Corp. (Materials) | 1,037,819 | ||||||
57,568 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 875,563 | ||||||
569,942 | Nanya Technology Corp. (Information Technology) | 1,365,549 | ||||||
142,990 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 2,136,066 | ||||||
228,813 | Novatek Microelectronics Corp. (Information Technology) | 3,707,112 | ||||||
380,111 | Pegatron Corp. (Information Technology) | 888,780 | ||||||
1,548,818 | Pou Chen Corp. (Consumer Discretionary) | 1,841,469 | ||||||
530,594 | Powertech Technology, Inc. (Information Technology) | 2,153,890 | ||||||
393,752 | President Chain Store Corp. (Consumer Staples)* | 4,056,370 | ||||||
387,276 | Quanta Computer, Inc. (Information Technology) | 1,095,583 | ||||||
225,824 | Realtek Semiconductor Corp. (Information Technology) | 4,514,280 | ||||||
2,204,087 | SinoPac Financial Holdings Co. Ltd. (Financials) | 1,133,319 | ||||||
696,455 | Synnex Technology International Corp. (Information Technology) | 1,352,023 | ||||||
2,748,581 | Taishin Financial Holding Co. Ltd. (Financials)* | 1,919,102 | ||||||
962,527 | Taiwan Cement Corp. (Materials) | 1,682,733 | ||||||
206,568 | Taiwan Mobile Co. Ltd. (Communication Services) | 752,823 | ||||||
|
|
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) | ||||||||
Taiwan – (continued) | ||||||||
3,773,536 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | $ | 83,603,699 | |||||
170,979 | Unimicron Technology Corp. (Information Technology) | 910,004 | ||||||
1,628,749 | Uni-President Enterprises Corp. (Consumer Staples)* | 4,249,140 | ||||||
2,579,359 | United Microelectronics Corp. (Information Technology) | 5,872,862 | ||||||
284,454 | Vanguard International Semiconductor Corp. (Information Technology) | 1,519,086 | ||||||
1,539,989 | Winbond Electronics Corp. (Information Technology) | 1,639,262 | ||||||
811,716 | WPG Holdings Ltd. (Information Technology) | 1,417,614 | ||||||
365,000 | Yang Ming Marine Transport Corp. (Industrials)* | 1,758,259 | ||||||
2,739,319 | Yuanta Financial Holding Co. Ltd. (Financials) | 2,471,105 | ||||||
|
| |||||||
216,515,382 | ||||||||
|
| |||||||
Tanzania – 0.1% | ||||||||
84,902 | AngloGold Ashanti Ltd. (Materials) | 1,431,624 | ||||||
|
| |||||||
Thailand – 1.6% | ||||||||
383,716 | Advanced Info Service PCL NVDR (Communication Services) | 2,238,070 | ||||||
1,180,100 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 856,723 | ||||||
2,602,600 | Charoen Pokphand Foods PCL NVDR (Consumer Staples)(b) | 2,180,104 | ||||||
978,477 | CP ALL PCL NVDR (Consumer Staples) | 1,973,195 | ||||||
136,100 | Delta Electronics Thailand PCL NVDR (Information Technology)(b) | 2,465,909 | ||||||
103,800 | Electricity Generating PCL NVDR (Utilities) | 582,884 | ||||||
646,000 | Intouch Holdings PCL NVDR (Communication Services) | 1,713,581 | ||||||
773,300 | Krungthai Card PCL NVDR (Financials) | 1,589,424 | ||||||
1,054,200 | Muangthai Capital PCL NVDR (Financials) | 2,117,721 | ||||||
1,094,100 | PTT PCL NVDR (Energy) | 1,298,358 | ||||||
147,900 | Siam Cement PCL (The) NVDR (Materials) | 1,973,071 | ||||||
879,500 | Sri Trang Gloves Thailand PCL NVDR (Health Care) | 1,009,587 | ||||||
2,894,000 | Thai Union Group PCL NVDR (Consumer Staples) | 1,786,725 | ||||||
|
| |||||||
21,785,352 | ||||||||
|
| |||||||
Turkey – 0.3% | ||||||||
334,629 | BIM Birlesik Magazalar AS (Consumer Staples) | 2,891,706 | ||||||
533,707 | KOC Holding AS (Industrials) | 1,478,936 | ||||||
|
| |||||||
4,370,642 | ||||||||
|
| |||||||
United Arab Emirates – 0.7% | ||||||||
947,772 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 1,166,282 | ||||||
484,100 | Aldar Properties PJSC (Real Estate) | 546,946 | ||||||
812,000 | Emaar Properties PJSC (Real Estate) | 928,467 | ||||||
471,433 | Emirates NBD Bank PJSC (Financials) | 1,777,588 | ||||||
404,210 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 2,597,051 | ||||||
477,700 | First Abu Dhabi Bank PJSC (Financials) | 2,210,882 | ||||||
|
| |||||||
9,227,216 | ||||||||
|
| |||||||
United States – 0.3% | ||||||||
5,010 | Globant SA (Information Technology)* | 1,614,623 | ||||||
542,078 | JBS SA (Consumer Staples) | 3,300,401 | ||||||
|
| |||||||
4,915,024 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $992,360,525) | $ | 1,348,748,556 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 2.3% | ||||||||||||
Brazil – 1.1% | ||||||||||||
758,229 | Banco Bradesco SA (Financials) | 4.98 | % | $ | 3,428,622 | |||||||
174,203 | Bradespar SA (Materials) | 9.69 | 2,148,806 | |||||||||
217,800 | Cia Energetica de Minas Gerais (Utilities) | 6.27 | 574,753 | |||||||||
649,944 | Itau Unibanco Holding SA (Financials) | 2.26 | 3,927,936 | |||||||||
756,218 | Itausa SA (Financials) | 2.69 | 1,707,549 | |||||||||
633,190 | Petroleo Brasileiro SA (Energy) | 8.89 | 3,362,881 | |||||||||
|
| |||||||||||
15,150,547 | ||||||||||||
|
| |||||||||||
Colombia – 0.1% | ||||||||||||
87,900 | Bancolombia SA (Financials) | 2.26 | 733,455 | |||||||||
|
| |||||||||||
Russia – 0.1% | ||||||||||||
3,187,355 | Surgutneftegas PJSC (Energy) | 17.44 | 1,682,995 | |||||||||
|
|
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 , 2021
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) | ||||||||||||
South Korea – 1.0% | ||||||||||||
5,603 | LG Household & Health Care Ltd. (Consumer Staples) | 1.61 | % | $ | 3,319,902 | |||||||
173,700 | Samsung Electronics Co. Ltd. (Information Technology) | 4.28 | 10,606,719 | |||||||||
|
| |||||||||||
13,926,621 | ||||||||||||
|
| |||||||||||
| TOTAL PREFERRED STOCKS (Cost $20,647,438) | $ | 31,493,618 | |||||||||
|
|
Shares | Description | Value | ||||
Exchange-Traded Fund – 0.5% | ||||||
United States – 0.5% | ||||||
283,864 iShares MSCI Malaysia ETF(b) | ||||||
(Cost $8,548,753) | $ | 7,533,750 | ||||
| ||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | ||||||
(Cost $1,021,556,716) | $ | 1,387,775,924 | ||||
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.6%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
8,722,462 | 0.026% | $ | 8,722,462 | |||||
(Cost $8,722,462) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.6% | ||||||||
(Cost $1,030,279,178) | $ | 1,396,498,386 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.6)% | (8,208,956 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 1,388,289,430 | ||||||
|
|
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) | Exempt from registration under Rule 144A of the Securities Act of 1933. | |
(b) | All or a portion of security is on loan. | |
(c) | Represents an affiliated issuer. | |
|
Investment Abbreviations: | ||
ADR—American Depositary Receipt | ||
GDR—Global Depositary Receipt | ||
NVDR—Non-Voting Depository Receipt | ||
PLC—Public Limited Company | ||
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 98.3% | ||||||||
Australia – 1.5% | ||||||||
2,065 | BHP Group PLC (Materials) | $ | 64,157 | |||||
20,312 | Glencore PLC (Materials)* | 91,523 | ||||||
2,149 | Rio Tinto PLC (Materials) | 159,176 | ||||||
|
| |||||||
314,856 | ||||||||
|
| |||||||
Austria – 1.1% | ||||||||
104 | Erste Group Bank AG (Financials) | 4,157 | ||||||
690 | Mondi PLC (Materials) | 19,040 | ||||||
353 | OMV AG (Energy) | 19,556 | ||||||
1,830 | Raiffeisen Bank International AG (Financials) | 43,939 | ||||||
206 | Verbund AG (Utilities) | 22,554 | ||||||
2,758 | voestalpine AG (Materials) | 125,018 | ||||||
|
| |||||||
234,264 | ||||||||
|
| |||||||
Belgium – 1.1% | ||||||||
262 | Ageas SA/NV (Financials) | 13,098 | ||||||
613 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 37,621 | ||||||
76 | Elia Group SA/NV (Utilities) | 9,546 | ||||||
999 | Etablissements Franz Colruyt NV (Consumer Staples) | 55,885 | ||||||
142 | Groupe Bruxelles Lambert SA (Financials) | 16,276 | ||||||
70 | Sofina SA (Financials) | 30,937 | ||||||
104 | Solvay SA (Materials) | 13,621 | ||||||
401 | UCB SA (Health Care) | 45,859 | ||||||
91 | Umicore SA (Materials) | 5,988 | ||||||
|
| |||||||
228,831 | ||||||||
|
| |||||||
Brazil – 0.1% | ||||||||
389 | Yara International ASA (Materials) | 19,510 | ||||||
|
| |||||||
Chile – 0.1% | ||||||||
1,494 | Antofagasta PLC (Materials) | 29,937 | ||||||
|
| |||||||
China – 0.2% | ||||||||
425 | Prosus NV (Consumer Discretionary)* | 37,577 | ||||||
|
| |||||||
Denmark – 4.5% | ||||||||
277 | Ambu A/S, Class B (Health Care) | 8,754 | ||||||
30 | AP Moller – Maersk A/S, Class A (Industrials) | 81,192 | ||||||
31 | AP Moller – Maersk A/S, Class B (Industrials) | 87,934 | ||||||
225 | Carlsberg AS, Class B (Consumer Staples) | 39,269 | ||||||
141 | Chr Hansen Holding A/S (Materials) | 13,008 | ||||||
420 | Coloplast A/S, Class B (Health Care) | 72,735 | ||||||
1,987 | Danske Bank A/S (Financials) | 33,386 | ||||||
284 | Demant A/S (Health Care)* | 16,094 | ||||||
251 | DSV PANALPINA A/S (Industrials) | 63,947 | ||||||
91 | Genmab A/S (Health Care)* | 43,074 | ||||||
176 | GN Store Nord AS (Health Care) | 13,239 | ||||||
3,159 | Novo Nordisk A/S, Class B (Health Care) | 314,754 | ||||||
347 | Novozymes A/S, Class B (Materials) | 28,025 | ||||||
57 | Orsted AS (Utilities)(a) | 9,057 | ||||||
473 | Pandora A/S (Consumer Discretionary) | 56,611 | ||||||
36 | ROCKWOOL International A/S, Class B (Industrials) | 19,046 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Denmark – (continued) | ||||||||
763 | Tryg A/S (Financials) | 18,888 | ||||||
608 | Vestas Wind Systems A/S (Industrials) | 24,543 | ||||||
|
| |||||||
943,556 | ||||||||
|
| |||||||
Finland – 1.6% | ||||||||
419 | Elisa OYJ (Communication Services) | 26,828 | ||||||
671 | Fortum OYJ (Utilities) | 20,372 | ||||||
944 | Kesko OYJ, Class B (Consumer Staples) | 38,957 | ||||||
297 | Kone OYJ, Class B (Industrials) | 24,626 | ||||||
180 | Neste OYJ (Energy) | 10,951 | ||||||
6,716 | Nokia OYJ (Information Technology)* | 40,274 | ||||||
2,340 | Nordea Bank Abp (Financials) | 27,472 | ||||||
1,955 | Orion OYJ, Class B (Health Care) | 79,688 | ||||||
264 | Sampo OYJ, Class A (Financials) | 13,631 | ||||||
972 | Stora Enso OYJ, Class R (Materials) | 19,018 | ||||||
493 | UPM-Kymmene OYJ (Materials) | 20,037 | ||||||
560 | Wartsila OYJ Abp (Industrials) | 7,936 | ||||||
|
| |||||||
329,790 | ||||||||
|
| |||||||
France – 17.1% | ||||||||
539 | Air Liquide SA (Materials) | 96,597 | ||||||
383 | Airbus SE (Industrials)* | 52,309 | ||||||
202 | Alstom SA (Industrials) | 8,680 | ||||||
119 | Amundi SA (Financials)(a) | 11,259 | ||||||
150 | Arkema SA (Materials) | 19,902 | ||||||
2,547 | Atos SE (Information Technology) | 132,170 | ||||||
869 | AXA SA (Financials) | 24,394 | ||||||
409 | BioMerieux (Health Care) | 50,139 | ||||||
1,473 | BNP Paribas SA (Financials) | 93,426 | ||||||
16,465 | Bollore SA (Communication Services) | 97,375 | ||||||
656 | Bouygues SA (Industrials) | 27,436 | ||||||
972 | Bureau Veritas SA (Industrials) | 32,253 | ||||||
414 | Capgemini SE (Information Technology) | 92,927 | ||||||
3,847 | Carrefour SA (Consumer Staples) | 76,519 | ||||||
1,566 | Cie de Saint-Gobain (Industrials) | 113,485 | ||||||
212 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 34,298 | ||||||
2,556 | CNP Assurances (Financials) | 43,735 | ||||||
2,404 | Credit Agricole SA (Financials) | 34,650 | ||||||
1,140 | Danone SA (Consumer Staples) | 83,259 | ||||||
5 | Dassault Aviation SA (Industrials) | 5,637 | ||||||
920 | Dassault Systemes SE (Information Technology) | 52,460 | ||||||
255 | Edenred (Information Technology) | 14,449 | ||||||
708 | Eiffage SA (Industrials) | 73,563 | ||||||
415 | Electricite de France SA (Utilities) | 5,621 | ||||||
3,578 | Engie SA (Utilities) | 51,241 | ||||||
373 | EssilorLuxottica SA (Consumer Discretionary) | 73,206 | ||||||
186 | Eurazeo SE (Financials) | 19,124 | ||||||
49 | Gecina SA REIT (Real Estate) | 7,609 | ||||||
553 | Getlink SE (Industrials) | 8,888 | ||||||
98 | Hermes International (Consumer Discretionary) | 143,969 | ||||||
965 | Ipsen SA (Health Care) | 96,462 | ||||||
98 | Kering (Consumer Discretionary) | 77,971 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
2,421 | La Francaise des Jeux SAEM (Consumer Discretionary)(a) | $ | 125,203 | |||||
514 | Legrand SA (Industrials) | 58,806 | ||||||
527 | L’Oreal SA (Consumer Staples) | 246,537 | ||||||
436 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 322,599 | ||||||
2,202 | Orange SA (Communication Services) | 25,006 | ||||||
34 | Orpea SA (Health Care) | 4,278 | ||||||
266 | Pernod Ricard SA (Consumer Staples) | 55,876 | ||||||
1,165 | Publicis Groupe SA (Communication Services) | 76,352 | ||||||
145 | Remy Cointreau SA (Consumer Staples)* | 28,550 | ||||||
773 | Renault SA (Consumer Discretionary)* | 28,698 | ||||||
198 | Safran SA (Industrials) | 24,836 | ||||||
1,825 | Sanofi (Health Care) | 188,762 | ||||||
128 | Sartorius Stedim Biotech (Health Care) | 77,604 | ||||||
581 | SCOR SE (Financials) | 17,825 | ||||||
206 | SEB SA (Consumer Discretionary) | 32,391 | ||||||
1,917 | Societe Generale SA (Financials) | 60,307 | ||||||
2,388 | Suez SA (Utilities) | 55,392 | ||||||
122 | Teleperformance (Industrials) | 53,919 | ||||||
125 | Thales SA (Industrials) | 12,681 | ||||||
3,311 | TotalEnergies SE (Energy) | 145,962 | ||||||
348 | Ubisoft Entertainment SA (Communication Services)* | 22,150 | ||||||
1,128 | Veolia Environnement SA (Utilities) | 38,681 | ||||||
599 | Vinci SA (Industrials) | 64,267 | ||||||
746 | Vivendi SE (Communication Services)(b) | 28,462 | ||||||
67 | Wendel SE (Financials) | 9,720 | ||||||
203 | Worldline SA (Information Technology)*(a) | 18,037 | ||||||
|
| |||||||
3,577,914 | ||||||||
|
| |||||||
Germany – 13.7% | ||||||||
440 | adidas AG (Consumer Discretionary) | 156,053 | ||||||
434 | Allianz SE (Financials) | 101,940 | ||||||
692 | Aroundtown SA (Real Estate) | 5,298 | ||||||
721 | BASF SE (Materials) | 55,764 | ||||||
1,061 | Bayer AG (Health Care) | 59,047 | ||||||
634 | Bayerische Motoren Werke AG (Consumer Discretionary) | 60,149 | ||||||
237 | Bechtle AG (Information Technology) | 17,127 | ||||||
427 | Beiersdorf AG (Consumer Staples) | 51,791 | ||||||
638 | Brenntag SE (Industrials) | 64,347 | ||||||
197 | Carl Zeiss Meditec AG (Health Care)(b) | 43,510 | ||||||
57 | Continental AG (Consumer Discretionary)* | 7,659 | ||||||
374 | Covestro AG (Materials)(a) | 24,238 | ||||||
1,365 | Daimler AG (Consumer Discretionary) | 115,080 | ||||||
3,735 | Deutsche Bank AG (Financials)* | 46,418 | ||||||
190 | Deutsche Boerse AG (Financials) | 32,768 | ||||||
2,745 | Deutsche Post AG (Industrials) | 193,059 | ||||||
3,226 | Deutsche Telekom AG (Communication Services) | 68,577 | ||||||
321 | Deutsche Wohnen SE (Real Estate) | 19,916 | ||||||
2,722 | E.ON SE (Utilities) | 35,917 | ||||||
412 | Evonik Industries AG (Materials) | 13,910 | ||||||
769 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 59,041 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
1,173 | Fresenius SE & Co. KGaA (Health Care) | 60,995 | ||||||
272 | GEA Group AG (Industrials) | 12,558 | ||||||
56 | Hannover Rueck SE (Financials) | 10,309 | ||||||
1,052 | HeidelbergCement AG (Materials) | 91,399 | ||||||
1,324 | HelloFresh SE (Consumer Discretionary)* | 142,663 | ||||||
184 | Henkel AG & Co. KGaA (Consumer Staples) | 16,551 | ||||||
1,069 | Infineon Technologies AG (Information Technology) | 45,510 | ||||||
199 | KION Group AG (Industrials) | 21,288 | ||||||
394 | Knorr-Bremse AG (Industrials) | 47,277 | ||||||
110 | LEG Immobilien SE (Real Estate) | 17,530 | ||||||
381 | Merck KGaA (Health Care) | 90,490 | ||||||
42 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 12,268 | ||||||
919 | Nemetschek SE (Information Technology) | 90,063 | ||||||
760 | Puma SE (Consumer Discretionary) | 92,226 | ||||||
61 | Rational AG (Industrials) | 69,746 | ||||||
2,005 | RWE AG (Utilities) | 78,318 | ||||||
1,480 | SAP SE (Information Technology) | 222,681 | ||||||
223 | Scout24 AG (Communication Services)(a) | 18,743 | ||||||
905 | Siemens AG (Industrials) | 150,460 | ||||||
1,078 | Siemens Energy AG (Industrials)* | 31,279 | ||||||
589 | Siemens Healthineers AG (Health Care)(a) | 40,952 | ||||||
217 | Symrise AG (Materials) | 30,893 | ||||||
2,833 | Telefonica Deutschland Holding AG (Communication Services) | 7,949 | ||||||
1,047 | Uniper SE (Utilities) | 41,564 | ||||||
198 | Volkswagen AG (Consumer Discretionary) | 66,192 | ||||||
346 | Vonovia SE (Real Estate) | 23,346 | ||||||
960 | Zalando SE (Consumer Discretionary)*(a)(b) | 106,297 | ||||||
|
| |||||||
2,871,156 | ||||||||
|
| |||||||
Ireland – 0.7% | ||||||||
938 | CRH PLC (Materials) | 49,871 | ||||||
64 | Flutter Entertainment PLC (Consumer Discretionary)* | 12,447 | ||||||
217 | Kerry Group PLC, Class A (Consumer Staples) | 31,815 | ||||||
278 | Kingspan Group PLC (Industrials) | 31,760 | ||||||
463 | Smurfit Kappa Group PLC (Materials) | 26,551 | ||||||
|
| |||||||
152,444 | ||||||||
|
| |||||||
Italy – 3.4% | ||||||||
254 | Amplifon SpA (Health Care) | 13,277 | ||||||
1,763 | Assicurazioni Generali SpA (Financials) | 35,941 | ||||||
718 | Atlantia SpA (Industrials)* | 13,455 | ||||||
1,632 | Davide Campari-Milano NV (Consumer Staples) | 22,559 | ||||||
299 | DiaSorin SpA (Health Care) | 68,208 | ||||||
11,192 | Enel SpA (Utilities) | 101,954 | ||||||
763 | Eni SpA (Energy) | 9,416 | ||||||
265 | Ferrari NV (Consumer Discretionary) | 57,465 | ||||||
1,498 | FinecoBank Banca Fineco SpA (Financials)* | 27,612 | ||||||
|
|
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 – (continued) | ||||||||
1,131 | Infrastrutture Wireless Italiane SpA (Communication Services)(a) | $ | 13,444 | |||||
10,628 | Intesa Sanpaolo SpA (Financials) | 30,079 | ||||||
1,324 | Moncler SpA (Consumer Discretionary) | 84,710 | ||||||
208 | Nexi SpA (Information Technology)*(a) | 4,332 | ||||||
2,550 | Poste Italiane SpA (Financials)(a) | 34,572 | ||||||
576 | Prysmian SpA (Industrials) | 21,670 | ||||||
613 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 40,204 | ||||||
3,539 | Snam SpA (Utilities) | 20,905 | ||||||
86,393 | Telecom Italia SpA (Communication Services) | 39,090 | ||||||
85,862 | Telecom Italia SpA-RSP (Communication Services) | 41,444 | ||||||
2,509 | Terna – Rete Elettrica Nazionale (Utilities) | 19,832 | ||||||
|
| |||||||
700,169 | ||||||||
|
| |||||||
Jordan – 0.2% | ||||||||
1,058 | Hikma Pharmaceuticals PLC (Health Care) | 36,955 | ||||||
|
| |||||||
Luxembourg – 0.8% | ||||||||
3,973 | ArcelorMittal (Materials) | 133,170 | ||||||
274 | Eurofins Scientific SE (Health Care) | 38,839 | ||||||
|
| |||||||
172,009 | ||||||||
|
| |||||||
Netherlands – 7.6% | ||||||||
24 | Adyen NV (Information Technology)*(a) | 77,470 | ||||||
7,208 | Aegon NV (Financials) | 35,685 | ||||||
299 | Akzo Nobel NV (Materials) | 36,848 | ||||||
27 | Argenx SE (Health Care)* | 9,109 | ||||||
86 | ASM International NV (Information Technology) | 33,359 | ||||||
587 | ASML Holding NV (Information Technology) | 488,165 | ||||||
331 | Heineken Holding NV (Consumer Staples) | 30,672 | ||||||
273 | Heineken NV (Consumer Staples)(b) | 29,874 | ||||||
3,061 | ING Groep NV (Financials) | 42,276 | ||||||
615 | JDE Peet’s NV (Consumer Staples)(b) | 21,126 | ||||||
4,933 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 166,368 | ||||||
276 | Koninklijke DSM NV (Materials) | 58,726 | ||||||
4,435 | Koninklijke KPN NV (Communication Services) | 14,209 | ||||||
1,990 | Koninklijke Philips NV (Health Care) | 91,709 | ||||||
397 | Koninklijke Vopak NV (Energy) | 17,185 | ||||||
1,154 | NN Group NV (Financials) | 59,898 | ||||||
1,147 | Randstad NV (Industrials) | 84,353 | ||||||
5,065 | Royal Dutch Shell PLC, Class A (Energy) | 99,793 | ||||||
4,720 | Royal Dutch Shell PLC, Class B (Energy) | 92,956 | ||||||
775 | Wolters Kluwer NV (Industrials) | 89,124 | ||||||
|
| |||||||
1,578,905 | ||||||||
|
| |||||||
Norway – 0.9% | ||||||||
496 | DNB Bank ASA (Financials) | 10,461 | ||||||
433 | Equinor ASA (Energy) | 9,189 | ||||||
2,076 | Gjensidige Forsikring ASA (Financials) | 48,482 | ||||||
519 | Mowi ASA (Consumer Staples) | 13,885 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
7,720 | Norsk Hydro ASA (Materials) | 53,226 | ||||||
2,267 | Orkla ASA (Consumer Staples) | 20,229 | ||||||
89 | Schibsted ASA, Class A (Communication Services) | 4,744 | ||||||
1,106 | Telenor ASA (Communication Services) | 19,356 | ||||||
|
| |||||||
179,572 | ||||||||
|
| |||||||
Poland – 0.2% | ||||||||
2,347 | InPost SA (Industrials)* | 45,713 | ||||||
|
| |||||||
Portugal – 0.5% | ||||||||
1,542 | EDP – Energias de Portugal SA (Utilities) | 8,468 | ||||||
4,130 | Jeronimo Martins SGPS SA (Consumer Staples) | 87,511 | ||||||
|
| |||||||
95,979 | ||||||||
|
| |||||||
Russia – 0.4% | ||||||||
710 | Coca-Cola HBC AG (Consumer Staples)* | 25,689 | ||||||
7,124 | Evraz PLC (Materials) | 57,885 | ||||||
|
| |||||||
83,574 | ||||||||
|
| |||||||
Saudi Arabia – 0.1% | ||||||||
149 | Delivery Hero SE (Consumer Discretionary)*(a) | 21,564 | ||||||
|
| |||||||
South Africa – 0.2% | ||||||||
1,166 | Anglo American PLC (Materials) | 49,248 | ||||||
|
| |||||||
Spain – 3.4% | ||||||||
3,183 | ACS Actividades de Construccion y Servicios SA (Industrials) | 85,894 | ||||||
341 | Amadeus IT Group SA (Information Technology)* | 20,819 | ||||||
9,366 | Banco Bilbao Vizcaya Argentaria SA (Financials)* | 61,328 | ||||||
12,655 | Banco Santander SA (Financials)* | 46,720 | ||||||
12,440 | CaixaBank SA (Financials) | 38,650 | ||||||
542 | Cellnex Telecom SA (Communication Services)*(a) | 37,109 | ||||||
326 | EDP Renovaveis SA (Utilities) | 8,666 | ||||||
806 | Enagas SA (Utilities) | 18,330 | ||||||
986 | Endesa SA (Utilities) | 23,697 | ||||||
539 | Ferrovial SA (Industrials) | 15,601 | ||||||
982 | Grifols SA (Health Care) | 23,984 | ||||||
8,822 | Iberdrola SA (Utilities) | 109,294 | ||||||
2,182 | Industria de Diseno Textil SA (Consumer Discretionary) | 74,465 | ||||||
495 | Naturgy Energy Group SA (Utilities) | 12,738 | ||||||
987 | Red Electrica Corp. SA (Utilities) | 19,679 | ||||||
7,311 | Repsol SA (Energy) | 83,757 | ||||||
7,659 | Telefonica SA (Communication Services) | 37,805 | ||||||
|
| |||||||
718,536 | ||||||||
|
| |||||||
Sweden – 5.7% | ||||||||
413 | Alfa Laval AB (Industrials) | 16,733 | ||||||
893 | Assa Abloy AB, Class B (Industrials) | 28,510 | ||||||
819 | Atlas Copco AB, Class A (Industrials) | 56,163 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
326 | Atlas Copco AB, Class B (Industrials) | $ | 18,839 | |||||
289 | Boliden AB (Materials) | 10,066 | ||||||
1,166 | Electrolux AB, Series B (Consumer Discretionary) | 29,505 | ||||||
1,252 | Epiroc AB, Class A (Industrials) | 27,443 | ||||||
674 | Epiroc AB, Class B (Industrials) | 12,792 | ||||||
1,459 | EQT AB (Financials) | 74,262 | ||||||
510 | Essity AB, Class B (Consumer Staples) | 16,341 | ||||||
236 | Evolution AB (Consumer Discretionary)(a) | 37,984 | ||||||
203 | Fastighets AB Balder, Class B (Real Estate)* | 14,494 | ||||||
1,970 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)* | 39,443 | ||||||
2,740 | Hexagon AB, Class B (Information Technology) | 47,418 | ||||||
2,267 | Husqvarna AB, Class B (Consumer Discretionary) | 30,376 | ||||||
196 | ICA Gruppen AB (Consumer Staples) | 9,740 | ||||||
792 | Industrivarden AB, Class A (Financials) | 29,118 | ||||||
704 | Industrivarden AB, Class C (Financials) | 24,513 | ||||||
794 | Investment AB Latour, Class B (Industrials) | 27,601 | ||||||
3,574 | Investor AB, Class B (Financials) | 85,392 | ||||||
1,982 | Kinnevik AB, Class B (Financials)* | 77,572 | ||||||
343 | L E Lundbergforetagen AB, Class B (Financials) | 21,870 | ||||||
2,655 | Nibe Industrier AB, Class B (Industrials) | 36,973 | ||||||
1,465 | Sandvik AB (Industrials) | 37,309 | ||||||
2,135 | Securitas AB, Class B (Industrials) | 35,404 | ||||||
968 | Sinch AB (Information Technology)*(a) | 21,694 | ||||||
845 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 11,337 | ||||||
1,707 | Skanska AB, Class B (Industrials) | 49,104 | ||||||
259 | SKF AB, Class B (Industrials) | 6,596 | ||||||
1,085 | Svenska Cellulosa AB SCA, Class B (Materials) | 19,122 | ||||||
811 | Svenska Handelsbanken AB, Class A (Financials) | 9,112 | ||||||
698 | Swedbank AB, Class A (Financials) | 13,463 | ||||||
10,360 | Swedish Match AB (Consumer Staples) | 95,557 | ||||||
930 | Tele2 AB, Class B (Communication Services) | 13,925 | ||||||
4,696 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 55,611 | ||||||
3,371 | Telia Co. AB (Communication Services) | 14,454 | ||||||
342 | Volvo AB, Class A (Industrials) | 7,914 | ||||||
1,340 | Volvo AB, Class B (Industrials) | 30,269 | ||||||
|
| |||||||
1,194,019 | ||||||||
|
| |||||||
Switzerland – 14.7% | ||||||||
1,953 | ABB Ltd. (Industrials) | 72,317 | ||||||
488 | Adecco Group AG (Industrials) | 27,158 | ||||||
219 | Alcon, Inc. (Health Care) | 18,035 | ||||||
80 | Baloise Holding AG (Financials) | 12,759 | ||||||
196 | Banque Cantonale Vaudoise (Financials) | 16,625 | ||||||
11 | Barry Callebaut AG (Consumer Staples) | 28,027 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
6 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 70,542 | ||||||
623 | Cie Financiere Richemont SA (Consumer Discretionary) | 68,689 | ||||||
451 | Clariant AG (Materials)* | 9,492 | ||||||
2,322 | Credit Suisse Group AG (Financials) | 24,623 | ||||||
32 | EMS-Chemie Holding AG (Materials) | 34,671 | ||||||
66 | Geberit AG (Industrials) | 55,132 | ||||||
13 | Givaudan SA (Materials) | 65,209 | ||||||
707 | Holcim Ltd. (Materials)* | 40,288 | ||||||
96 | Julius Baer Group Ltd. (Financials) | 6,560 | ||||||
465 | Kuehne + Nagel International AG (Industrials) | 170,102 | ||||||
712 | Logitech International SA (Information Technology) | 72,782 | ||||||
90 | Lonza Group AG (Health Care) | 76,142 | ||||||
4,631 | Nestle SA (Consumer Staples) | 585,112 | ||||||
3,318 | Novartis AG (Health Care) | 307,116 | ||||||
82 | Partners Group Holding AG (Financials) | 145,372 | ||||||
138 | Roche Holding AG-BR (Health Care) | 61,765 | ||||||
1,241 | Roche Holding AG-Genussschein (Health Care) | 498,202 | ||||||
56 | Schindler Holding AG (Industrials) | 17,459 | ||||||
75 | Schindler Holding AG Participation Certificates (Industrials) | 24,218 | ||||||
32 | SGS SA (Industrials) | 100,536 | ||||||
180 | Sika AG (Materials) | 64,863 | ||||||
24 | Sonova Holding AG (Health Care) | 9,248 | ||||||
1,164 | STMicroelectronics NV (Information Technology) | 51,822 | ||||||
40 | Straumann Holding AG (Health Care) | 77,288 | ||||||
107 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 30,159 | ||||||
552 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 30,340 | ||||||
29 | Swiss Life Holding AG (Financials) | 15,120 | ||||||
183 | Swiss Prime Site AG (Real Estate) | 19,568 | ||||||
41 | Swisscom AG (Communication Services) | 24,053 | ||||||
5,089 | UBS Group AG (Financials) | 84,886 | ||||||
78 | Vifor Pharma AG (Health Care) | 11,103 | ||||||
108 | Zurich Insurance Group AG (Financials) | 47,395 | ||||||
|
| |||||||
3,074,778 | ||||||||
|
| |||||||
United Kingdom – 16.5% | ||||||||
1,264 | 3i Group PLC (Financials) | 23,267 | ||||||
7,256 | Abrdn PLC (Financials) | 26,513 | ||||||
3,328 | Admiral Group PLC (Financials) | 165,390 | ||||||
717 | Ashtead Group PLC (Industrials) | 56,147 | ||||||
813 | Associated British Foods PLC (Consumer Staples) | 22,154 | ||||||
1,928 | AstraZeneca PLC (Health Care) | 225,911 | ||||||
9,328 | Auto Trader Group PLC (Communication Services)(a) | 80,749 | ||||||
165 | AVEVA Group PLC (Information Technology) | 9,392 | ||||||
14,184 | Aviva PLC (Financials) | 78,883 | ||||||
3,129 | BAE Systems PLC (Industrials) | 24,477 | ||||||
|
|
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) | ||||||||
16,043 | Barclays PLC (Financials) | $ | 40,824 | |||||
2,592 | Barratt Developments PLC (Consumer Discretionary) | 26,362 | ||||||
172 | Berkeley Group Holdings PLC (Consumer Discretionary) | 11,426 | ||||||
11,803 | BP PLC (Energy) | 48,236 | ||||||
2,950 | British American Tobacco PLC (Consumer Staples) | 110,796 | ||||||
7,316 | BT Group PLC (Communication Services)* | 17,097 | ||||||
780 | Bunzl PLC (Industrials) | 28,297 | ||||||
3,402 | Burberry Group PLC (Consumer Discretionary) | 87,062 | ||||||
2,906 | CNH Industrial NV (Industrials) | 48,025 | ||||||
549 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 31,699 | ||||||
451 | Compass Group PLC (Consumer Discretionary)* | 9,314 | ||||||
395 | Croda International PLC (Materials) | 49,730 | ||||||
255 | DCC PLC (Industrials) | 21,688 | ||||||
3,087 | Diageo PLC (Consumer Staples) | 148,442 | ||||||
3,423 | Direct Line Insurance Group PLC (Financials) | 14,557 | ||||||
1,082 | Entain PLC (Consumer Discretionary)* | 28,784 | ||||||
1,336 | Experian PLC (Industrials) | 58,911 | ||||||
8,100 | GlaxoSmithKline PLC (Health Care) | 162,978 | ||||||
597 | Halma PLC (Information Technology) | 24,673 | ||||||
3,961 | Hargreaves Lansdown PLC (Financials) | 82,233 | ||||||
12,234 | HSBC Holdings PLC (Financials) | 65,025 | ||||||
2,379 | Imperial Brands PLC (Consumer Staples) | 50,470 | ||||||
197 | Intertek Group PLC (Industrials) | 14,288 | ||||||
33,651 | J Sainsbury PLC (Consumer Staples) | 140,789 | ||||||
7,541 | JD Sports Fashion PLC (Consumer Discretionary) | 104,769 | ||||||
652 | Johnson Matthey PLC (Materials) | 26,372 | ||||||
55 | Just Eat Takeaway.com NV (Consumer Discretionary)*(a) | 4,981 | ||||||
15,366 | Kingfisher PLC (Consumer Discretionary) | 74,080 | ||||||
7,082 | Legal & General Group PLC (Financials) | 26,335 | ||||||
122,709 | Lloyds Banking Group PLC (Financials) | 73,927 | ||||||
127 | London Stock Exchange Group PLC (Financials) | 13,906 | ||||||
2,541 | M&G PLC (Financials) | 7,204 | ||||||
13,650 | Melrose Industries PLC (Industrials) | 31,511 | ||||||
3,880 | National Grid PLC (Utilities) | 50,264 | ||||||
5,440 | Natwest Group PLC (Financials) | 15,954 | ||||||
491 | Next PLC (Consumer Discretionary) | 53,451 | ||||||
503 | Ocado Group PLC (Consumer Staples)* | 13,935 | ||||||
1,468 | Pearson PLC (Communication Services)(b) | 15,508 | ||||||
195 | Persimmon PLC (Consumer Discretionary) | 7,890 | ||||||
2,215 | Phoenix Group Holdings PLC (Financials) | 19,004 | ||||||
722 | Prudential PLC (Financials) | 15,054 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
744 | Reckitt Benckiser Group PLC (Consumer Staples) | 56,716 | ||||||
2,540 | RELX PLC (Industrials) | 76,276 | ||||||
2,870 | Rentokil Initial PLC (Industrials) | 22,925 | ||||||
6,868 | Sage Group PLC (The) (Information Technology) | 70,153 | ||||||
321 | Schroders PLC (Financials) | 16,699 | ||||||
2,923 | Segro PLC REIT (Real Estate) | 51,653 | ||||||
653 | Severn Trent PLC (Utilities) | 24,822 | ||||||
1,733 | Smith & Nephew PLC (Health Care) | 33,271 | ||||||
286 | Smiths Group PLC (Industrials) | 5,678 | ||||||
190 | Spirax-Sarco Engineering PLC (Industrials) | 42,126 | ||||||
1,118 | SSE PLC (Utilities) | 25,118 | ||||||
2,513 | St James’s Place PLC (Financials) | 55,682 | ||||||
742 | Standard Chartered PLC (Financials) | 4,644 | ||||||
1,674 | Taylor Wimpey PLC (Consumer Discretionary) | 4,214 | ||||||
8,783 | Tesco PLC (Consumer Staples) | 30,842 | ||||||
3,561 | Unilever PLC (Consumer Staples) | 198,288 | ||||||
1,760 | United Utilities Group PLC (Utilities) | 25,615 | ||||||
35,828 | Vodafone Group PLC (Communication Services) | 60,136 | ||||||
1,195 | Wm Morrison Supermarkets PLC (Consumer Staples) | 4,769 | ||||||
2,746 | WPP PLC (Communication Services) | 37,172 | ||||||
|
| |||||||
3,435,533 | ||||||||
|
| |||||||
United States – 2.0% | ||||||||
1,164 | Ferguson PLC (Industrials) | 168,285 | ||||||
616 | QIAGEN NV (Health Care)* | 34,082 | ||||||
784 | Schneider Electric SE (Industrials) | 140,024 | ||||||
2,764 | Stellantis NV (Consumer Discretionary) | 55,245 | ||||||
130 | Swiss Re AG (Financials) | 11,958 | ||||||
1,002 | Tenaris SA (Energy) | 10,096 | ||||||
419,690 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $16,194,403) | $ | 20,546,079 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 1.1% | ||||||||||||
Germany – 1.1% | ||||||||||||
485 | Bayerische Motoren Werke AG (Consumer Discretionary) | 2.77 | % | $ | 40,591 | |||||||
719 | FUCHS PETROLUB SE (Materials) | 2.29 | 36,377 | |||||||||
193 | Henkel AG & Co. KGaA (Consumer Staples) | 2.25 | 18,850 | |||||||||
168 | Porsche Automobil Holding SE (Consumer Discretionary) | 2.55 | 17,008 | |||||||||
59 | Sartorius AG (Health Care) | 0.12 | 38,863 | |||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS ACTIVEBETA® EUROPE EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) | ||||||||||||
Germany – (continued) | ||||||||||||
299 | Volkswagen AG (Consumer Discretionary) | 2.42 | % | $ | 71,050 | |||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $188,411) | $ | 222,739 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $16,382,814) | $ | 20,768,818 | ||||||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.9%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
184,641 | 0.026% | $ | 184,641 | |||||
(Cost $184,641) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $16,567,455) | $ | 20,953,459 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (60,239 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 20,893,220 | ||||||
|
|
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. | |
(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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||||||
MSCI Europe Index | 2 | 09/17/21 | $ | 64,661 | $ | 1,940 |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.0% | ||||||||
Australia – 6.4% | ||||||||
503,651 | AGL Energy Ltd. (Utilities)(a) | $ | 2,374,202 | |||||
38,248 | Ampol Ltd. (Energy) | 770,400 | ||||||
150,648 | APA Group (Utilities) | 1,010,728 | ||||||
69,040 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 2,304,411 | ||||||
27,330 | ASX Ltd. (Financials) | 1,753,129 | ||||||
340,132 | Aurizon Holdings Ltd. (Industrials) | 939,653 | ||||||
1,147,539 | AusNet Services Ltd. (Utilities) | 1,622,843 | ||||||
320,047 | Australia & New Zealand Banking Group Ltd. (Financials) | 6,514,291 | ||||||
510,138 | BHP Group Ltd. (Materials) | 17,004,973 | ||||||
168,932 | BHP Group PLC (Materials) | 5,248,523 | ||||||
369,928 | BlueScope Steel Ltd. (Materials) | 6,813,118 | ||||||
194,470 | Brambles Ltd. (Industrials) | 1,721,175 | ||||||
27,206 | Cochlear Ltd. (Health Care) | 4,636,833 | ||||||
541,972 | Coles Group Ltd. (Consumer Staples) | 7,161,491 | ||||||
221,032 | Commonwealth Bank of Australia (Financials) | 16,173,507 | ||||||
62,697 | Computershare Ltd. (Information Technology) | 756,065 | ||||||
43,440 | CSL Ltd. (Health Care) | 9,903,509 | ||||||
188,695 | Dexus REIT (Real Estate) | 1,467,338 | ||||||
20,532 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 2,352,011 | ||||||
216,610 | Endeavour Group Ltd. (Consumer Staples)* | 1,155,659 | ||||||
318,838 | Fortescue Metals Group Ltd. (Materials) | 4,893,477 | ||||||
1,695,103 | Glencore PLC (Materials)* | 7,637,869 | ||||||
212,901 | Goodman Group REIT (Real Estate) | 3,598,997 | ||||||
181,978 | Insurance Australia Group Ltd. (Financials) | 696,913 | ||||||
43,455 | Macquarie Group Ltd. (Financials) | 5,295,509 | ||||||
117,365 | Magellan Financial Group Ltd. (Financials) | 3,717,540 | ||||||
725,537 | Medibank Pvt Ltd. (Financials) | 1,882,418 | ||||||
298,726 | National Australia Bank Ltd. (Financials) | 6,054,121 | ||||||
58,199 | Newcrest Mining Ltd. (Materials) | 1,052,309 | ||||||
96,051 | Northern Star Resources Ltd. (Materials) | 685,141 | ||||||
257,565 | Origin Energy Ltd. (Utilities) | 837,674 | ||||||
13,873 | Ramsay Health Care Ltd. (Health Care) | 698,583 | ||||||
35,648 | REA Group Ltd. (Communication Services) | 3,999,187 | ||||||
136,604 | Reece Ltd. (Industrials) | 2,084,597 | ||||||
70,941 | Rio Tinto Ltd. (Materials) | 5,810,000 | ||||||
165,176 | Rio Tinto PLC (Materials) | 12,234,552 | ||||||
205,844 | Santos Ltd. (Energy) | 910,168 | ||||||
33,761 | SEEK Ltd. (Communication Services) | 802,899 | ||||||
79,562 | Sonic Healthcare Ltd. (Health Care) | 2,523,618 | ||||||
1,606,437 | South32 Ltd. (Materials) | 3,686,562 | ||||||
250,071 | Stockland REIT (Real Estate) | 844,371 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
277,442 | Suncorp Group Ltd. (Financials) | 2,530,550 | ||||||
760,759 | Telstra Corp. Ltd. (Communication Services) | 2,135,043 | ||||||
139,553 | Transurban Group (Industrials) | 1,449,311 | ||||||
100,925 | Washington H Soul Pattinson & Co. Ltd. (Energy)(a) | 2,642,120 | ||||||
232,241 | Wesfarmers Ltd. (Consumer Discretionary) | 10,175,512 | ||||||
305,396 | Westpac Banking Corp. (Financials) | 5,762,989 | ||||||
45,278 | Woodside Petroleum Ltd. (Energy) | 644,952 | ||||||
371,265 | Woolworths Group Ltd. (Consumer Staples) | 11,328,403 | ||||||
|
| |||||||
198,299,244 | ||||||||
|
| |||||||
Austria – 0.7% | ||||||||
68,091 | Mondi PLC (Materials) | 1,878,891 | ||||||
50,833 | OMV AG (Energy) | 2,816,071 | ||||||
215,572 | Raiffeisen Bank International AG (Financials) | 5,175,957 | ||||||
25,326 | Verbund AG (Utilities) | 2,772,860 | ||||||
208,570 | voestalpine AG (Materials) | 9,454,323 | ||||||
|
| |||||||
22,098,102 | ||||||||
|
| |||||||
Belgium – 0.7% | ||||||||
44,655 | Ageas SA/NV (Financials) | 2,232,394 | ||||||
65,303 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 4,007,747 | ||||||
8,229 | Elia Group SA/NV (Utilities) | 1,033,561 | ||||||
79,835 | Etablissements Franz Colruyt NV (Consumer Staples) | 4,466,089 | ||||||
13,166 | Groupe Bruxelles Lambert SA (Financials) | 1,509,108 | ||||||
5,266 | Sofina SA (Financials) | 2,327,363 | ||||||
11,615 | Solvay SA (Materials) | 1,521,227 | ||||||
31,916 | UCB SA (Health Care) | 3,649,976 | ||||||
|
| |||||||
20,747,465 | ||||||||
|
| |||||||
Brazil – 0.0% | ||||||||
21,828 | Yara International ASA (Materials) | 1,094,741 | ||||||
|
| |||||||
Canada – 10.3% | ||||||||
80,303 | Algonquin Power & Utilities Corp. (Utilities) | 1,244,914 | ||||||
152,642 | Alimentation Couche-Tard, Inc., Class B (Consumer Staples) | 6,158,105 | ||||||
67,521 | AltaGas Ltd. (Utilities) | 1,350,260 | ||||||
58,364 | Atco Ltd., Class I (Utilities) | 1,960,631 | ||||||
252,328 | B2Gold Corp. (Materials) | 974,448 | ||||||
66,081 | Bank of Montreal (Financials) | 6,566,004 | ||||||
131,415 | Bank of Nova Scotia (The) (Financials) | 8,127,315 | ||||||
139,227 | Barrick Gold Corp. (Materials) | 2,794,126 | ||||||
33,080 | BCE, Inc. (Communication Services) | 1,722,521 | ||||||
162,530 | BlackBerry Ltd. (Information Technology)* | 1,849,548 | ||||||
67,829 | Brookfield Asset Management, Inc., Class A (Financials) | 3,767,592 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
53,684 | Cameco Corp. (Energy) | $ | 990,285 | |||||
25,935 | Canadian Apartment Properties REIT (Real Estate) | 1,254,214 | ||||||
54,744 | Canadian Imperial Bank of Commerce (Financials) | 6,287,773 | ||||||
33,170 | Canadian National Railway Co. (Industrials) | 3,895,405 | ||||||
120,261 | Canadian Natural Resources Ltd. (Energy) | 3,973,329 | ||||||
61,321 | Canadian Pacific Railway Ltd. (Industrials) | 4,206,796 | ||||||
27,098 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 4,117,292 | ||||||
45,150 | Canadian Utilities Ltd., Class A (Utilities) | 1,275,912 | ||||||
26,168 | CCL Industries, Inc., Class B (Materials) | 1,491,409 | ||||||
277,395 | Cenovus Energy, Inc. (Energy) | 2,298,362 | ||||||
65,055 | CGI, Inc. (Information Technology)* | 5,805,090 | ||||||
10,201 | Constellation Software, Inc. (Information Technology) | 17,260,852 | ||||||
133,331 | Dollarama, Inc. (Consumer Discretionary) | 6,070,140 | ||||||
34,342 | Emera, Inc. (Utilities) | 1,618,652 | ||||||
418,233 | Empire Co. Ltd., Class A (Consumer Staples) | 13,503,665 | ||||||
78,457 | Enbridge, Inc. (Energy) | 3,082,649 | ||||||
16,554 | Fairfax Financial Holdings Ltd. (Financials) | 7,316,039 | ||||||
19,498 | FirstService Corp. (Real Estate) | 3,615,535 | ||||||
42,887 | Fortis, Inc. (Utilities) | 1,961,673 | ||||||
5,321 | Franco-Nevada Corp. (Materials) | 775,001 | ||||||
92,448 | George Weston Ltd. (Consumer Staples) | 9,949,692 | ||||||
52,946 | GFL Environmental, Inc. (Industrials) | 1,862,422 | ||||||
17,279 | Gildan Activewear, Inc. (Consumer Discretionary) | 663,183 | ||||||
86,653 | Great-West Lifeco, Inc. (Financials) | 2,676,427 | ||||||
89,677 | Hydro One Ltd. (Utilities)(b) | 2,228,353 | ||||||
105,947 | iA Financial Corp., Inc. (Financials) | 5,865,589 | ||||||
40,591 | IGM Financial, Inc. (Financials) | 1,477,934 | ||||||
160,010 | Imperial Oil Ltd. (Energy) | 4,228,017 | ||||||
21,799 | Intact Financial Corp. (Financials) | 2,964,209 | ||||||
197,223 | Ivanhoe Mines Ltd., Class A (Materials)* | 1,588,834 | ||||||
284,211 | Kinross Gold Corp. (Materials) | 1,707,088 | ||||||
24,768 | Kirkland Lake Gold Ltd. (Materials) | 986,094 | ||||||
12,832 | Lightspeed Commerce, Inc. (Information Technology)* | 1,422,269 | ||||||
184,674 | Loblaw Cos. Ltd. (Consumer Staples) | 12,990,679 | ||||||
72,610 | Magna International, Inc. (Consumer Discretionary) | 5,724,793 | ||||||
378,781 | Manulife Financial Corp. (Financials) | 7,364,895 | ||||||
56,267 | Metro, Inc. (Consumer Staples) | 2,861,774 | ||||||
62,057 | National Bank of Canada (Financials) | 4,917,808 | ||||||
55,266 | Northland Power, Inc. (Utilities) | 1,825,508 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Canada – (continued) | ||||||||
82,107 | Nutrien Ltd. (Materials) | 4,983,664 | ||||||
60,001 | Onex Corp. (Financials) | 4,197,435 | ||||||
30,844 | Open Text Corp. (Information Technology) | 1,689,323 | ||||||
51,094 | Parkland Corp. (Energy) | 1,523,136 | ||||||
204,630 | Power Corp. of Canada (Financials) | 7,050,679 | ||||||
42,796 | Quebecor, Inc., Class B (Communication Services) | 1,066,132 | ||||||
41,713 | Ritchie Bros Auctioneers, Inc. (Industrials) | 2,609,435 | ||||||
23,782 | Rogers Communications, Inc., Class B (Communication Services) | 1,209,755 | ||||||
185,801 | Royal Bank of Canada (Financials) | 19,055,759 | ||||||
105,881 | Saputo, Inc. (Consumer Staples) | 2,973,701 | ||||||
10,354 | Shopify, Inc., Class A (Information Technology)* | 15,785,948 | ||||||
82,489 | Sun Life Financial, Inc. (Financials)(a) | 4,240,482 | ||||||
82,362 | Suncor Energy, Inc. (Energy) | 1,535,590 | ||||||
21,327 | TC Energy Corp. (Energy) | 1,010,950 | ||||||
42,543 | Teck Resources Ltd., Class B (Materials) | 957,819 | ||||||
63,855 | TELUS Corp. (Communication Services) | 1,468,971 | ||||||
27,694 | Thomson Reuters Corp. (Industrials) | 3,230,839 | ||||||
17,525 | TMX Group Ltd. (Financials) | 1,924,955 | ||||||
30,265 | Toromont Industries Ltd. (Industrials) | 2,540,665 | ||||||
215,683 | Toronto-Dominion Bank (The) (Financials) | 13,984,021 | ||||||
94,150 | West Fraser Timber Co. Ltd. (Materials) | 7,258,413 | ||||||
128,668 | WSP Global, Inc. (Industrials) | 16,773,220 | ||||||
279,269 | Yamana Gold, Inc. (Materials) | 1,230,980 | ||||||
|
| |||||||
318,922,977 | ||||||||
|
| |||||||
Chile – 0.1% | ||||||||
165,977 | Antofagasta PLC (Materials) | 3,325,881 | ||||||
101,502 | Lundin Mining Corp. (Materials) | 819,310 | ||||||
|
| |||||||
4,145,191 | ||||||||
|
| |||||||
China – 0.4% | ||||||||
1,369,024 | BOC Hong Kong Holdings Ltd. (Financials) | 4,154,238 | ||||||
1,090,755 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 2,210,303 | ||||||
32,707 | Futu Holdings Ltd. ADR (Financials)*(a) | 3,113,379 | ||||||
20,511 | Prosus NV (Consumer Discretionary)* | 1,813,494 | ||||||
292,192 | SITC International Holdings Co. Ltd. (Industrials) | 1,273,610 | ||||||
203,317 | Wilmar International Ltd. (Consumer Staples) | 625,777 | ||||||
|
| |||||||
13,190,801 | ||||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Denmark – 2.9% | ||||||||
21,346 | Ambu A/S, Class B (Health Care) | $ | 674,617 | |||||
3,599 | AP Moller – Maersk A/S, Class A (Industrials) | 9,740,383 | ||||||
3,589 | AP Moller – Maersk A/S, Class B (Industrials) | 10,180,469 | ||||||
20,154 | Carlsberg AS, Class B (Consumer Staples) | 3,517,436 | ||||||
12,268 | Chr Hansen Holding A/S (Materials) | 1,131,799 | ||||||
45,437 | Coloplast A/S, Class B (Health Care) | 7,868,722 | ||||||
151,643 | Danske Bank A/S (Financials) | 2,547,904 | ||||||
46,596 | Demant A/S (Health Care)* | 2,640,503 | ||||||
26,622 | DSV PANALPINA A/S (Industrials) | 6,782,433 | ||||||
6,747 | Genmab A/S (Health Care)* | 3,193,656 | ||||||
17,540 | GN Store Nord AS (Health Care) | 1,319,429 | ||||||
261,524 | Novo Nordisk A/S, Class B (Health Care) | 26,057,543 | ||||||
33,429 | Novozymes A/S, Class B (Materials) | 2,699,854 | ||||||
4,652 | Orsted AS (Utilities)(b) | 739,169 | ||||||
45,675 | Pandora A/S (Consumer Discretionary) | 5,466,630 | ||||||
3,986 | ROCKWOOL International A/S, Class B (Industrials) | 2,108,834 | ||||||
69,885 | Tryg A/S (Financials) | 1,729,972 | ||||||
32,132 | Vestas Wind Systems A/S (Industrials) | 1,297,042 | ||||||
|
| |||||||
89,696,395 | ||||||||
|
| |||||||
Finland – 0.8% | ||||||||
26,880 | Elisa OYJ (Communication Services) | 1,721,061 | ||||||
97,883 | Fortum OYJ (Utilities) | 2,971,841 | ||||||
71,093 | Kesko OYJ, Class B (Consumer Staples) | 2,933,902 | ||||||
20,367 | Kone OYJ, Class B (Industrials) | 1,688,725 | ||||||
852,002 | Nokia OYJ (Information Technology)* | 5,109,186 | ||||||
168,051 | Nordea Bank Abp (Financials) | 1,972,963 | ||||||
146,913 | Orion OYJ, Class B (Health Care) | 5,988,309 | ||||||
17,649 | Sampo OYJ, Class A (Financials) | 911,268 | ||||||
46,546 | Stora Enso OYJ, Class R (Materials) | 910,717 | ||||||
30,092 | UPM-Kymmene OYJ (Materials) | 1,223,025 | ||||||
|
| |||||||
25,430,997 | ||||||||
|
| |||||||
France – 10.5% | ||||||||
37,121 | Air Liquide SA (Materials) | 6,652,671 | ||||||
24,925 | Airbus SE (Industrials)* | 3,404,207 | ||||||
18,725 | Alstom SA (Industrials) | 804,583 | ||||||
7,207 | Amundi SA (Financials)(b) | 681,876 | ||||||
17,123 | Arkema SA (Materials) | 2,271,923 | ||||||
266,431 | Atos SE (Information Technology) | 13,825,785 | ||||||
113,720 | AXA SA (Financials) | 3,192,244 | ||||||
36,072 | BioMerieux (Health Care) | 4,422,055 | ||||||
121,621 | BNP Paribas SA (Financials) | 7,713,878 | ||||||
1,387,827 | Bollore SA (Communication Services) | 8,207,680 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
70,698 | Bouygues SA (Industrials) | 2,956,825 | ||||||
63,204 | Bureau Veritas SA (Industrials) | 2,097,263 | ||||||
46,307 | Capgemini SE (Information Technology) | 10,394,183 | ||||||
344,535 | Carrefour SA (Consumer Staples) | 6,852,998 | ||||||
143,102 | Cie de Saint-Gobain (Industrials) | 10,370,286 | ||||||
14,766 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 2,388,852 | ||||||
210,284 | CNP Assurances (Financials) | 3,598,088 | ||||||
204,383 | Credit Agricole SA (Financials) | 2,945,831 | ||||||
89,166 | Danone SA (Consumer Staples) | 6,512,186 | ||||||
106,390 | Dassault Systemes SE (Information Technology) | 6,066,529 | ||||||
23,204 | Edenred (Information Technology) | 1,314,775 | ||||||
68,469 | Eiffage SA (Industrials) | 7,114,145 | ||||||
403,348 | Engie SA (Utilities) | 5,776,432 | ||||||
33,965 | EssilorLuxottica SA (Consumer Discretionary) | 6,666,022 | ||||||
11,940 | Eurazeo SE (Financials) | 1,227,637 | ||||||
49,354 | Getlink SE (Industrials) | 793,209 | ||||||
10,363 | Hermes International (Consumer Discretionary) | 15,223,965 | ||||||
97,884 | Ipsen SA (Health Care) | 9,784,529 | ||||||
8,839 | Kering (Consumer Discretionary) | 7,032,511 | ||||||
184,509 | La Francaise des Jeux SAEM (Consumer Discretionary)(b) | 9,541,973 | ||||||
35,892 | Legrand SA (Industrials) | 4,106,373 | ||||||
48,999 | L’Oreal SA (Consumer Staples) | 22,922,325 | ||||||
39,553 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 29,265,489 | ||||||
175,254 | Orange SA (Communication Services) | 1,990,171 | ||||||
15,169 | Pernod Ricard SA (Consumer Staples) | 3,186,415 | ||||||
112,007 | Publicis Groupe SA (Communication Services) | 7,340,776 | ||||||
14,606 | Remy Cointreau SA (Consumer Staples)* | 2,875,906 | ||||||
76,984 | Renault SA (Consumer Discretionary)* | 2,858,041 | ||||||
11,543 | Safran SA (Industrials) | 1,447,891 | ||||||
148,348 | Sanofi (Health Care) | 15,343,778 | ||||||
13,435 | Sartorius Stedim Biotech (Health Care) | 8,145,356 | ||||||
72,848 | SCOR SE (Financials) | 2,234,968 | ||||||
34,789 | SEB SA (Consumer Discretionary) | 5,470,078 | ||||||
138,966 | Societe Generale SA (Financials) | 4,371,728 | ||||||
288,772 | Suez SA (Utilities) | 6,698,306 | ||||||
12,109 | Teleperformance (Industrials) | 5,351,697 | ||||||
16,376 | Thales SA (Industrials) | 1,661,310 | ||||||
239,105 | TotalEnergies SE (Energy) | 10,540,677 | ||||||
55,857 | Ubisoft Entertainment SA (Communication Services)* | 3,555,289 | ||||||
113,992 | Veolia Environnement SA (Utilities) | 3,909,020 | ||||||
64,111 | Vinci SA (Industrials) | 6,878,536 | ||||||
56,907 | Vivendi SE (Communication Services)(a) | 2,171,123 | ||||||
5,816 | Wendel SE (Financials) | 843,769 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
21,770 | Worldline SA (Information Technology)*(b) | $ | 1,934,317 | |||||
|
| |||||||
324,938,480 | ||||||||
|
| |||||||
Germany – 7.9% | ||||||||
37,372 | adidas AG (Consumer Discretionary) | 13,254,579 | ||||||
43,565 | Allianz SE (Financials) | 10,232,801 | ||||||
43,107 | BASF SE (Materials) | 3,334,027 | ||||||
85,381 | Bayer AG (Health Care) | 4,751,648 | ||||||
47,727 | Bayerische Motoren Werke AG (Consumer Discretionary) | 4,527,990 | ||||||
18,453 | Bechtle AG (Information Technology) | 1,333,545 | ||||||
49,682 | Beiersdorf AG (Consumer Staples) | 6,025,988 | ||||||
52,919 | Brenntag SE (Industrials) | 5,337,283 | ||||||
8,778 | Carl Zeiss Meditec AG (Health Care) | 1,938,727 | ||||||
8,740 | Continental AG (Consumer Discretionary)* | 1,174,296 | ||||||
31,370 | Covestro AG (Materials)(b) | 2,032,985 | ||||||
110,890 | Daimler AG (Consumer Discretionary) | 9,348,880 | ||||||
387,322 | Deutsche Bank AG (Financials)* | 4,813,549 | ||||||
24,733 | Deutsche Boerse AG (Financials) | 4,265,544 | ||||||
253,550 | Deutsche Post AG (Industrials) | 17,832,469 | ||||||
188,653 | Deutsche Telekom AG (Communication Services) | 4,010,297 | ||||||
29,305 | Deutsche Wohnen SE (Real Estate) | 1,818,212 | ||||||
173,553 | E.ON SE (Utilities) | 2,290,043 | ||||||
31,073 | Evonik Industries AG (Materials) | 1,049,051 | ||||||
77,175 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 5,925,221 | ||||||
137,721 | Fresenius SE & Co. KGaA (Health Care) | 7,161,326 | ||||||
20,727 | GEA Group AG (Industrials) | 956,911 | ||||||
4,861 | Hannover Rueck SE (Financials) | 894,867 | ||||||
70,385 | HeidelbergCement AG (Materials) | 6,115,125 | ||||||
109,106 | HelloFresh SE (Consumer Discretionary)* | 11,756,327 | ||||||
22,862 | Henkel AG & Co. KGaA (Consumer Staples) | 2,056,443 | ||||||
77,389 | Infineon Technologies AG (Information Technology) | 3,294,675 | ||||||
21,737 | KION Group AG (Industrials) | 2,325,257 | ||||||
31,531 | Knorr-Bremse AG (Industrials) | 3,783,489 | ||||||
9,211 | LEG Immobilien SE (Real Estate) | 1,467,871 | ||||||
42,290 | Merck KGaA (Health Care) | 10,044,146 | ||||||
3,575 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 1,044,265 | ||||||
63,068 | Nemetschek SE (Information Technology) | 6,180,721 | ||||||
72,477 | Puma SE (Consumer Discretionary) | 8,795,098 | ||||||
4,176 | Rational AG (Industrials) | 4,774,769 | ||||||
190,301 | RWE AG (Utilities) | 7,433,361 | ||||||
116,464 | SAP SE (Information Technology) | 17,523,183 | ||||||
19,938 | Scout24 AG (Communication Services)(b) | 1,675,749 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
60,872 | Siemens AG (Industrials) | 10,120,244 | ||||||
139,506 | Siemens Energy AG (Industrials)* | 4,047,829 | ||||||
44,090 | Siemens Healthineers AG (Health Care)(b) | 3,065,510 | ||||||
20,608 | Symrise AG (Materials) | 2,933,800 | ||||||
282,115 | Telefonica Deutschland Holding AG (Communication Services) | 791,594 | ||||||
104,746 | Uniper SE (Utilities) | 4,158,261 | ||||||
15,252 | Volkswagen AG (Consumer Discretionary)(a) | 5,098,793 | ||||||
30,527 | Vonovia SE (Real Estate) | 2,059,794 | ||||||
89,001 | Zalando SE (Consumer Discretionary)*(b) | 9,854,738 | ||||||
|
| |||||||
244,711,281 | ||||||||
|
| |||||||
Hong Kong – 2.3% | ||||||||
1,181,755 | AIA Group Ltd. (Financials) | 14,123,593 | ||||||
335,540 | CK Asset Holdings Ltd. (Real Estate) | 2,187,362 | ||||||
103,685 | CK Infrastructure Holdings Ltd. (Utilities) | 629,921 | ||||||
123,096 | CLP Holdings Ltd. (Utilities) | 1,230,588 | ||||||
125,599 | Hang Seng Bank Ltd. (Financials) | 2,247,987 | ||||||
135,478 | Henderson Land Development Co. Ltd. (Real Estate) | 613,168 | ||||||
1,214,899 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 1,209,065 | ||||||
1,062,313 | HKT Trust & HKT Ltd. (Communication Services) | 1,447,860 | ||||||
824,143 | Hong Kong & China Gas Co. Ltd. (Utilities) | 1,326,708 | ||||||
203,618 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 12,849,584 | ||||||
341,005 | Hongkong Land Holdings Ltd. (Real Estate) | 1,432,221 | ||||||
26,000 | Jardine Matheson Holdings Ltd. (Industrials) | 1,412,320 | ||||||
116,277 | Link REIT (Real Estate) | 1,069,724 | ||||||
181,622 | MTR Corp. Ltd. (Industrials) | 1,022,848 | ||||||
175,294 | Power Assets Holdings Ltd. (Utilities) | 1,101,032 | ||||||
124,191 | Sun Hung Kai Properties Ltd. (Real Estate) | 1,750,125 | ||||||
1,036,623 | Swire Pacific Ltd., Class A (Real Estate) | 7,024,248 | ||||||
335,989 | Techtronic Industries Co. Ltd. (Industrials) | 7,452,166 | ||||||
9,587,504 | WH Group Ltd. (Consumer Staples)(a)(b) | 8,321,041 | ||||||
659,599 | Xinyi Glass Holdings Ltd. (Industrials) | 2,773,295 | ||||||
|
| |||||||
71,224,856 | ||||||||
|
| |||||||
Ireland – 0.4% | ||||||||
80,280 | CRH PLC (Materials) | 4,268,282 | ||||||
13,922 | Kerry Group PLC, Class A (Consumer Staples) | 2,041,130 | ||||||
|
|
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Ireland – (continued) | ||||||||
21,162 | Kingspan Group PLC (Industrials) | $ | 2,417,629 | |||||
84,428 | Smurfit Kappa Group PLC (Materials) | 4,841,628 | ||||||
|
| |||||||
13,568,669 | ||||||||
|
| |||||||
Israel – 0.7% | ||||||||
170,594 | Bank Hapoalim BM (Financials) | 1,469,118 | ||||||
177,620 | Bank Leumi Le-Israel BM (Financials) | 1,469,194 | ||||||
18,453 | Check Point Software Technologies Ltd. (Information Technology)* | 2,318,250 | ||||||
4,901 | Elbit Systems Ltd. (Industrials) | 713,638 | ||||||
238,736 | ICL Group Ltd. (Materials) | 1,690,806 | ||||||
203,138 | Israel Discount Bank Ltd., Class A (Financials)* | 1,050,643 | ||||||
23,082 | Mizrahi Tefahot Bank Ltd. (Financials) | 768,740 | ||||||
17,004 | Nice Ltd. (Information Technology)* | 4,966,787 | ||||||
384,370 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)* | 3,620,765 | ||||||
12,584 | Wix.com Ltd. (Information Technology)* | 2,794,655 | ||||||
|
| |||||||
20,862,596 | ||||||||
|
| |||||||
Italy – 2.0% | ||||||||
19,239 | Amplifon SpA (Health Care) | 1,005,628 | ||||||
133,971 | Assicurazioni Generali SpA (Financials) | 2,731,181 | ||||||
72,382 | Atlantia SpA (Industrials)* | 1,356,412 | ||||||
125,474 | Davide Campari-Milano NV (Consumer Staples) | 1,734,435 | ||||||
24,224 | DiaSorin SpA (Health Care) | 5,526,024 | ||||||
608,312 | Enel SpA (Utilities) | 5,541,435 | ||||||
66,985 | Eni SpA (Energy) | 826,623 | ||||||
25,318 | Ferrari NV (Consumer Discretionary) | 5,490,172 | ||||||
166,511 | FinecoBank Banca Fineco SpA (Financials)* | 3,069,250 | ||||||
104,954 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 1,247,601 | ||||||
671,617 | Intesa Sanpaolo SpA (Financials) | 1,900,762 | ||||||
139,390 | Moncler SpA (Consumer Discretionary) | 8,918,222 | ||||||
291,517 | Poste Italiane SpA (Financials)(b) | 3,952,230 | ||||||
68,490 | Prysmian SpA (Industrials) | 2,576,657 | ||||||
73,186 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 4,799,960 | ||||||
278,696 | Snam SpA (Utilities) | 1,646,249 | ||||||
7,675,363 | Telecom Italia SpA (Communication Services) | 3,472,843 | ||||||
6,015,362 | Telecom Italia SpA-RSP (Communication Services) | 2,903,530 | ||||||
215,498 | Terna – Rete Elettrica Nazionale (Utilities) | 1,703,358 | ||||||
|
| |||||||
60,402,572 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – 19.9% | ||||||||
26,979 | ABC-Mart, Inc. (Consumer Discretionary) | 1,446,444 | ||||||
52,199 | Advantest Corp. (Information Technology) | 4,523,343 | ||||||
103,488 | Aeon Co. Ltd. (Consumer Staples)(a) | 2,750,166 | ||||||
30,312 | AGC, Inc. (Industrials) | 1,467,867 | ||||||
49,642 | Aisin Corp. (Consumer Discretionary) | 1,900,097 | ||||||
39,565 | Ajinomoto Co., Inc. (Consumer Staples) | 1,168,295 | ||||||
72,403 | Asahi Group Holdings Ltd. (Consumer Staples) | 3,370,371 | ||||||
37,490 | Asahi Intecc Co. Ltd. (Health Care) | 1,136,371 | ||||||
439,812 | Astellas Pharma, Inc. (Health Care) | 7,434,288 | ||||||
34,550 | Azbil Corp. (Information Technology) | 1,501,695 | ||||||
60,103 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 4,180,293 | ||||||
70,114 | Bridgestone Corp. (Consumer Discretionary) | 3,231,907 | ||||||
191,483 | Brother Industries Ltd. (Information Technology) | 3,935,633 | ||||||
97,923 | Canon, Inc. (Information Technology) | 2,327,744 | ||||||
104,534 | Capcom Co. Ltd. (Communication Services) | 2,921,167 | ||||||
610,489 | Chubu Electric Power Co., Inc. (Utilities) | 7,385,216 | ||||||
92,486 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 3,626,704 | ||||||
14,879 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 2,638,293 | ||||||
312,316 | CyberAgent, Inc. (Communication Services) | 5,745,409 | ||||||
35,925 | Dai-ichi Life Holdings, Inc. (Financials) | 709,442 | ||||||
142,201 | Daiichi Sankyo Co. Ltd. (Health Care) | 3,384,166 | ||||||
19,648 | Daikin Industries Ltd. (Industrials) | 4,901,269 | ||||||
40,565 | Daito Trust Construction Co. Ltd. (Real Estate) | 4,460,451 | ||||||
26,231 | Daiwa House Industry Co. Ltd. (Real Estate) | 801,304 | ||||||
434 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 1,285,882 | ||||||
113,553 | Daiwa Securities Group, Inc. (Financials) | 643,426 | ||||||
38,107 | Denso Corp. (Consumer Discretionary) | 2,674,358 | ||||||
103,027 | Dentsu Group, Inc. (Communication Services) | 3,826,235 | ||||||
2,432 | Disco Corp. (Information Technology) | 709,499 | ||||||
49,070 | Eisai Co. Ltd. (Health Care) | 4,058,347 | ||||||
453,484 | ENEOS Holdings, Inc. (Energy) | 1,758,871 | ||||||
9,226 | FANUC Corp. (Industrials) | 2,014,671 | ||||||
7,722 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 5,097,392 | ||||||
83,405 | FUJIFILM Holdings Corp. (Information Technology) | 6,884,367 | ||||||
63,780 | Fujitsu Ltd. (Information Technology) | 11,785,309 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
1,022 | GLP J REIT (Real Estate) | $ | 1,857,759 | |||||
79,362 | Hakuhodo DY Holdings, Inc. (Communication Services) | 1,250,461 | ||||||
22,433 | Hamamatsu Photonics KK (Information Technology) | 1,310,940 | ||||||
22,211 | Hankyu Hanshin Holdings, Inc. (Industrials) | 666,168 | ||||||
355,118 | Hino Motors Ltd. (Industrials) | 3,080,534 | ||||||
5,370 | Hirose Electric Co. Ltd. (Information Technology) | 895,978 | ||||||
133,499 | Hitachi Ltd. (Industrials) | 7,394,333 | ||||||
46,312 | Hitachi Metals Ltd. (Materials)* | 895,804 | ||||||
279,173 | Honda Motor Co. Ltd. (Consumer Discretionary) | 8,492,592 | ||||||
97,570 | Hoya Corp. (Health Care) | 15,790,958 | ||||||
26,305 | Ibiden Co. Ltd. (Information Technology) | 1,422,280 | ||||||
41,907 | Idemitsu Kosan Co. Ltd. (Energy) | 1,006,287 | ||||||
193,634 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 4,928,096 | ||||||
426,068 | Inpex Corp. (Energy) | 2,939,737 | ||||||
90,416 | Ito En Ltd. (Consumer Staples) | 5,728,157 | ||||||
267,687 | ITOCHU Corp. (Industrials) | 8,067,647 | ||||||
36,515 | Itochu Techno-Solutions Corp. (Information Technology) | 1,131,746 | ||||||
59,379 | Japan Exchange Group, Inc. (Financials) | 1,415,562 | ||||||
800 | Japan Metropolitan Fund Invest REIT (Real Estate) | 778,445 | ||||||
85,576 | Japan Post Bank Co. Ltd. (Financials) | 750,134 | ||||||
405,708 | Japan Post Holdings Co. Ltd. (Financials)* | 3,487,257 | ||||||
151,106 | Japan Post Insurance Co. Ltd. (Financials) | 2,744,006 | ||||||
231 | Japan Real Estate Investment Corp. REIT (Real Estate) | 1,431,922 | ||||||
94,083 | Japan Tobacco, Inc. (Consumer Staples) | 1,826,252 | ||||||
52,024 | JSR Corp. (Materials) | 1,806,586 | ||||||
279,496 | Kajima Corp. (Industrials) | 3,620,270 | ||||||
146,820 | Kakaku.com, Inc. (Communication Services) | 4,583,949 | ||||||
72,988 | Kansai Electric Power Co., Inc. (The) (Utilities) | 734,132 | ||||||
68,276 | Kao Corp. (Consumer Staples) | 4,130,369 | ||||||
212,819 | KDDI Corp. (Communication Services) | 6,528,309 | ||||||
13,462 | Keyence Corp. (Information Technology) | 8,103,423 | ||||||
58,135 | Kikkoman Corp. (Consumer Staples)(a) | 4,370,973 | ||||||
107,265 | Kirin Holdings Co. Ltd. (Consumer Staples) | 1,946,900 | ||||||
15,192 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 1,190,635 | ||||||
36,337 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 1,556,213 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
32,465 | Komatsu Ltd. (Industrials) | 786,802 | ||||||
12,078 | Konami Holdings Corp. (Communication Services) | 767,381 | ||||||
41,997 | Kose Corp. (Consumer Staples) | 5,084,290 | ||||||
42,790 | Kubota Corp. (Industrials) | 885,908 | ||||||
36,552 | Kurita Water Industries Ltd. (Industrials) | 1,716,806 | ||||||
21,991 | Kyocera Corp. (Information Technology) | 1,370,384 | ||||||
35,887 | Kyowa Kirin Co. Ltd. (Health Care) | 1,174,347 | ||||||
13,334 | Lasertec Corp. (Information Technology) | 2,921,440 | ||||||
79,303 | Lawson, Inc. (Consumer Staples)(a) | 3,825,832 | ||||||
194,716 | Lion Corp. (Consumer Staples) | 3,319,708 | ||||||
72,701 | Lixil Corp. (Industrials) | 2,120,942 | ||||||
50,170 | M3, Inc. (Health Care) | 3,379,830 | ||||||
480,882 | Marubeni Corp. (Industrials) | 3,832,699 | ||||||
255,106 | Mazda Motor Corp. (Consumer Discretionary)* | 2,217,606 | ||||||
28,446 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary)(a) | 1,359,380 | ||||||
71,598 | Medipal Holdings Corp. (Health Care) | 1,370,568 | ||||||
51,010 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 3,138,791 | ||||||
124,656 | MISUMI Group, Inc. (Industrials) | 4,952,880 | ||||||
511,827 | Mitsubishi Chemical Holdings Corp. (Materials) | 4,499,568 | ||||||
206,126 | Mitsubishi Corp. (Industrials) | 6,212,299 | ||||||
141,095 | Mitsubishi Electric Corp. (Industrials) | 1,933,538 | ||||||
41,695 | Mitsubishi Estate Co. Ltd. (Real Estate) | 653,169 | ||||||
41,857 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 790,581 | ||||||
129,226 | Mitsubishi HC Capital, Inc. (Financials) | 692,828 | ||||||
835,473 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 4,520,345 | ||||||
237,919 | Mitsui & Co. Ltd. (Industrials) | 5,260,379 | ||||||
33,059 | Mitsui Chemicals, Inc. (Materials) | 1,143,494 | ||||||
140,783 | Mizuho Financial Group, Inc. (Financials) | 1,977,318 | ||||||
276,177 | MonotaRO Co. Ltd. (Industrials) | 6,116,317 | ||||||
33,567 | MS&AD Insurance Group Holdings, Inc. (Financials) | 1,086,207 | ||||||
51,528 | Murata Manufacturing Co. Ltd. (Information Technology) | 4,277,115 | ||||||
140,726 | NEC Corp. (Information Technology) | 7,403,935 | ||||||
40,206 | Nexon Co. Ltd. (Communication Services) | 735,609 | ||||||
24,929 | NH Foods Ltd. (Consumer Staples) | 967,797 | ||||||
37,777 | Nidec Corp. (Industrials) | 4,339,575 | ||||||
50,468 | Nihon M&A Center, Inc. (Industrials) | 1,511,376 | ||||||
10,536 | Nintendo Co. Ltd. (Communication Services) | 5,073,315 | ||||||
111 | Nippon Building Fund, Inc. REIT (Real Estate) | 722,419 | ||||||
|
|
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) | ||||||||
11,277 | Nippon Express Co. Ltd. (Industrials) | $ | 768,840 | |||||
476 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 1,717,950 | ||||||
366,440 | Nippon Telegraph & Telephone Corp. (Communication Services) | 9,793,081 | ||||||
110,775 | Nippon Yusen KK (Industrials) | 8,943,876 | ||||||
19,407 | Nissan Chemical Corp. (Materials) | 1,089,943 | ||||||
335,313 | Nissan Motor Co. Ltd. (Consumer Discretionary)* | 1,765,689 | ||||||
38,224 | Nisshin Seifun Group, Inc. (Consumer Staples) | 627,672 | ||||||
15,751 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 1,227,276 | ||||||
36,972 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 6,925,940 | ||||||
25,190 | Nitto Denko Corp. (Materials) | 1,916,880 | ||||||
54,030 | Nomura Research Institute Ltd. (Information Technology) | 2,033,625 | ||||||
169,387 | NTT Data Corp. (Information Technology) | 3,054,393 | ||||||
104,676 | Obayashi Corp. (Industrials) | 863,248 | ||||||
4,725 | Obic Co. Ltd. (Information Technology) | 901,045 | ||||||
236,375 | Olympus Corp. (Health Care) | 4,973,428 | ||||||
49,367 | Omron Corp. (Information Technology) | 4,664,386 | ||||||
62,330 | Ono Pharmaceutical Co. Ltd. (Health Care) | 1,500,096 | ||||||
11,369 | Oriental Land Co. Ltd. (Consumer Discretionary) | 1,724,081 | ||||||
75,637 | ORIX Corp. (Financials) | 1,412,428 | ||||||
428 | Orix JREIT, Inc. REIT (Real Estate) | 763,980 | ||||||
52,573 | Osaka Gas Co. Ltd. (Utilities) | 987,239 | ||||||
19,650 | Otsuka Corp. (Information Technology) | 1,019,525 | ||||||
39,603 | Otsuka Holdings Co. Ltd. (Health Care) | 1,687,435 | ||||||
44,040 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 840,632 | ||||||
335,370 | Panasonic Corp. (Consumer Discretionary) | 4,005,147 | ||||||
158,900 | Persol Holdings Co. Ltd. (Industrials) | 3,720,106 | ||||||
81,568 | Pigeon Corp. (Consumer Staples) | 2,364,774 | ||||||
181,024 | Pola Orbis Holdings, Inc. (Consumer Staples)(a) | 3,961,239 | ||||||
237,382 | Recruit Holdings Co. Ltd. (Industrials) | 14,044,994 | ||||||
380,612 | Renesas Electronics Corp. (Information Technology)* | 4,119,312 | ||||||
282,711 | Resona Holdings, Inc. (Financials) | 1,095,486 | ||||||
545,752 | Ricoh Co. Ltd. (Information Technology) | 5,563,829 | ||||||
9,598 | Rinnai Corp. (Consumer Discretionary) | 1,033,537 | ||||||
134,986 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 2,897,296 | ||||||
14,499 | Secom Co. Ltd. (Industrials) | 1,101,349 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
74,424 | Seiko Epson Corp. (Information Technology) | 1,388,760 | ||||||
73,220 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 1,255,657 | ||||||
73,992 | Sekisui House Ltd. (Consumer Discretionary) | 1,477,011 | ||||||
102,566 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 4,495,315 | ||||||
28,262 | SG Holdings Co. Ltd. (Industrials) | 769,706 | ||||||
50,202 | Shimadzu Corp. (Information Technology) | 2,255,114 | ||||||
7,926 | Shimano, Inc. (Consumer Discretionary) | 2,330,328 | ||||||
25,215 | Shin-Etsu Chemical Co. Ltd. (Materials) | 4,178,400 | ||||||
21,169 | Shionogi & Co. Ltd. (Health Care) | 1,339,586 | ||||||
130,378 | Shiseido Co. Ltd. (Consumer Staples) | 8,655,077 | ||||||
79,211 | Shizuoka Bank Ltd. (The) (Financials) | 621,517 | ||||||
2,518 | SMC Corp. (Industrials) | 1,616,095 | ||||||
292,824 | SoftBank Corp. (Communication Services) | 3,927,509 | ||||||
71,604 | SoftBank Group Corp. (Communication Services) | 4,028,621 | ||||||
16,082 | Sohgo Security Services Co. Ltd. (Industrials) | 729,736 | ||||||
15,228 | Sompo Holdings, Inc. (Financials) | 669,222 | ||||||
118,321 | Sony Group Corp. (Consumer Discretionary) | 12,234,904 | ||||||
28,243 | Square Enix Holdings Co. Ltd. (Communication Services) | 1,647,894 | ||||||
44,276 | Subaru Corp. (Consumer Discretionary) | 820,754 | ||||||
39,956 | SUMCO Corp. (Information Technology) | 844,873 | ||||||
855,416 | Sumitomo Chemical Co. Ltd. (Materials) | 4,344,822 | ||||||
388,489 | Sumitomo Corp. (Industrials) | 5,497,052 | ||||||
221,861 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 3,982,431 | ||||||
52,241 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 699,257 | ||||||
19,776 | Sumitomo Metal Mining Co. Ltd. (Materials) | 760,366 | ||||||
151,165 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 5,230,094 | ||||||
40,214 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 1,317,040 | ||||||
64,946 | Suntory Beverage & Food Ltd. (Consumer Staples) | 2,604,106 | ||||||
59,332 | Sysmex Corp. (Health Care) | 6,761,666 | ||||||
27,168 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 1,587,644 | ||||||
145,697 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 4,879,112 | ||||||
12,001 | TDK Corp. (Information Technology) | 1,263,896 | ||||||
45,673 | Terumo Corp. (Health Care) | 1,911,149 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
24,886 | Toho Co. Ltd. (Communication Services) | $ | 1,078,257 | |||||
23,156 | Toho Gas Co. Ltd. (Utilities) | 1,081,288 | ||||||
115,530 | Tohoku Electric Power Co., Inc. (Utilities) | 885,457 | ||||||
32,886 | Tokio Marine Holdings, Inc. (Financials) | 1,609,576 | ||||||
23,949 | Tokyo Electron Ltd. (Information Technology) | 10,298,114 | ||||||
118,654 | Tokyo Gas Co. Ltd. (Utilities) | 2,285,380 | ||||||
37,580 | TOPPAN, Inc. (Industrials) | 646,516 | ||||||
248,754 | Toray Industries, Inc. (Materials) | 1,679,644 | ||||||
30,202 | Toshiba Corp. (Industrials) | 1,312,712 | ||||||
22,565 | TOTO Ltd. (Industrials) | 1,230,333 | ||||||
33,201 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 1,376,575 | ||||||
14,267 | Toyota Industries Corp. (Consumer Discretionary) | 1,206,448 | ||||||
133,139 | Toyota Motor Corp. (Consumer Discretionary) | 11,624,516 | ||||||
76,941 | Toyota Tsusho Corp. (Industrials) | 3,407,227 | ||||||
24,300 | Trend Micro, Inc. (Information Technology) | 1,333,779 | ||||||
33,498 | Tsuruha Holdings, Inc. (Consumer Staples) | 4,223,078 | ||||||
49,528 | Unicharm Corp. (Consumer Staples) | 2,210,862 | ||||||
597 | United Urban Investment Corp. REIT (Real Estate) | 845,560 | ||||||
42,909 | USS Co. Ltd. (Consumer Discretionary) | 711,244 | ||||||
143,266 | Welcia Holdings Co. Ltd. (Consumer Staples) | 5,066,343 | ||||||
16,544 | Yakult Honsha Co. Ltd. (Consumer Staples) | 954,751 | ||||||
1,219,381 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 5,250,020 | ||||||
142,854 | Yamato Holdings Co. Ltd. (Industrials) | 3,640,918 | ||||||
17,233 | Yaskawa Electric Corp. (Industrials) | 843,924 | ||||||
60,520 | Yokogawa Electric Corp. (Information Technology) | 949,171 | ||||||
139,560 | Z Holdings Corp. (Communication Services) | 910,837 | ||||||
237,131 | ZOZO, Inc. (Consumer Discretionary) | 9,054,838 | ||||||
|
| |||||||
616,645,723 | ||||||||
|
| |||||||
Jordan – 0.1% | ||||||||
83,976 | Hikma Pharmaceuticals PLC (Health Care) | 2,933,217 | ||||||
|
| |||||||
Luxembourg – 0.6% | ||||||||
392,741 | ArcelorMittal (Materials) | 13,164,231 | ||||||
30,195 | Eurofins Scientific SE (Health Care) | 4,280,092 | ||||||
|
| |||||||
17,444,323 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Netherlands – 4.2% | ||||||||
1,823 | Adyen NV (Information Technology)*(b) | 5,884,533 | ||||||
614,623 | Aegon NV (Financials) | 3,042,879 | ||||||
18,589 | Akzo Nobel NV (Materials) | 2,290,888 | ||||||
6,950 | ASM International NV (Information Technology) | 2,695,875 | ||||||
44,180 | ASML Holding NV (Information Technology) | 36,741,263 | ||||||
43,616 | Heineken Holding NV (Consumer Staples) | 4,041,689 | ||||||
23,343 | Heineken NV (Consumer Staples)(a) | 2,554,370 | ||||||
356,839 | ING Groep NV (Financials) | 4,928,396 | ||||||
83,924 | JDE Peet’s NV (Consumer Staples)(a) | 2,882,880 | ||||||
413,015 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 13,929,112 | ||||||
22,790 | Koninklijke DSM NV (Materials) | 4,849,165 | ||||||
364,712 | Koninklijke KPN NV (Communication Services) | 1,168,442 | ||||||
160,727 | Koninklijke Philips NV (Health Care) | 7,407,063 | ||||||
32,933 | Koninklijke Vopak NV (Energy) | 1,425,573 | ||||||
90,346 | NN Group NV (Financials) | 4,689,351 | ||||||
81,595 | Randstad NV (Industrials) | 6,000,659 | ||||||
447,231 | Royal Dutch Shell PLC, Class A (Energy) | 8,811,524 | ||||||
382,962 | Royal Dutch Shell PLC, Class B (Energy) | 7,542,108 | ||||||
85,174 | Wolters Kluwer NV (Industrials) | 9,794,957 | ||||||
|
| |||||||
130,680,727 | ||||||||
|
| |||||||
New Zealand – 0.4% | ||||||||
206,950 | a2 Milk Co. Ltd. (The) (Consumer Staples)* | 878,341 | ||||||
158,043 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 3,681,997 | ||||||
249,987 | Mercury NZ Ltd. (Utilities) | 1,170,090 | ||||||
444,171 | Spark New Zealand Ltd. (Communication Services) | 1,524,070 | ||||||
34,588 | Xero Ltd. (Information Technology)* | 3,837,803 | ||||||
|
| |||||||
11,092,301 | ||||||||
|
| |||||||
Norway – 0.5% | ||||||||
45,492 | DNB Bank ASA (Financials) | 959,448 | ||||||
40,160 | Equinor ASA (Energy) | 852,253 | ||||||
207,503 | Gjensidige Forsikring ASA (Financials) | 4,845,912 | ||||||
51,154 | Mowi ASA (Consumer Staples) | 1,368,557 | ||||||
822,931 | Norsk Hydro ASA (Materials) | 5,673,789 | ||||||
115,760 | Orkla ASA (Consumer Staples) | 1,032,955 | ||||||
79,964 | Telenor ASA (Communication Services) | 1,399,428 | ||||||
|
| |||||||
16,132,342 | ||||||||
|
| |||||||
Poland – 0.1% | ||||||||
180,696 | InPost SA (Industrials)* | 3,519,491 | ||||||
|
|
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Portugal – 0.3% | ||||||||
156,162 | EDP – Energias de Portugal SA (Utilities) | $ | 857,556 | |||||
347,676 | Jeronimo Martins SGPS SA (Consumer Staples) | 7,366,930 | ||||||
|
| |||||||
8,224,486 | ||||||||
|
| |||||||
Russia – 0.3% | ||||||||
85,458 | Coca-Cola HBC AG (Consumer Staples)* | 3,092,009 | ||||||
555,024 | Evraz PLC (Materials) | 4,509,782 | ||||||
|
| |||||||
7,601,791 | ||||||||
|
| |||||||
Saudi Arabia – 0.1% | ||||||||
15,301 | Delivery Hero SE (Consumer Discretionary)*(b) | 2,214,408 | ||||||
|
| |||||||
Singapore – 0.9% | ||||||||
236,561 | CapitaLand Ltd. (Real Estate) | 703,475 | ||||||
323,920 | DBS Group Holdings Ltd. (Financials) | 7,217,220 | ||||||
576,125 | Mapletree Logistics Trust REIT (Real Estate) | 869,477 | ||||||
739,972 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 6,287,919 | ||||||
1,118,510 | Singapore Exchange Ltd. (Financials) | 8,232,287 | ||||||
389,686 | Singapore Telecommunications Ltd. (Communication Services) | 672,122 | ||||||
209,177 | United Overseas Bank Ltd. (Financials) | 3,977,955 | ||||||
69,879 | Venture Corp. Ltd. (Information Technology) | 995,377 | ||||||
|
| |||||||
28,955,832 | ||||||||
|
| |||||||
South Africa – 0.2% | ||||||||
117,456 | Anglo American PLC (Materials) | 4,961,003 | ||||||
|
| |||||||
Spain – 1.9% | ||||||||
283,224 | ACS Actividades de Construccion y Servicios SA (Industrials) | 7,642,820 | ||||||
598,786 | Banco Bilbao Vizcaya Argentaria SA (Financials)* | 3,920,823 | ||||||
1,107,655 | Banco Santander SA (Financials)* | 4,089,302 | ||||||
1,130,895 | CaixaBank SA (Financials) | 3,513,626 | ||||||
54,396 | Cellnex Telecom SA (Communication Services)*(b) | 3,724,280 | ||||||
35,462 | EDP Renovaveis SA (Utilities) | 942,712 | ||||||
82,636 | Enagas SA (Utilities) | 1,879,255 | ||||||
81,713 | Endesa SA (Utilities) | 1,963,886 | ||||||
45,912 | Ferrovial SA (Industrials) | 1,328,905 | ||||||
105,341 | Grifols SA (Health Care) | 2,572,796 | ||||||
674,217 | Iberdrola SA (Utilities) | 8,352,751 | ||||||
203,326 | Industria de Diseno Textil SA (Consumer Discretionary) | 6,938,864 | ||||||
57,873 | Naturgy Energy Group SA (Utilities) | 1,489,292 | ||||||
82,148 | Red Electrica Corp. SA (Utilities) | 1,637,850 | ||||||
643,510 | Repsol SA (Energy) | 7,372,219 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
535,313 | Telefonica SA (Communication Services) | 2,642,331 | ||||||
|
| |||||||
60,011,712 | ||||||||
|
| |||||||
Sweden – 3.2% | ||||||||
24,395 | Alfa Laval AB (Industrials) | 988,378 | ||||||
66,162 | Assa Abloy AB, Class B (Industrials) | 2,112,307 | ||||||
82,717 | Atlas Copco AB, Class A (Industrials) | 5,672,362 | ||||||
34,105 | Atlas Copco AB, Class B (Industrials) | 1,970,819 | ||||||
21,401 | Boliden AB (Materials) | 745,436 | ||||||
118,620 | Electrolux AB, Series B (Consumer Discretionary) | 3,001,665 | ||||||
104,024 | Epiroc AB, Class A (Industrials) | 2,280,095 | ||||||
45,334 | Epiroc AB, Class B (Industrials) | 860,379 | ||||||
106,932 | EQT AB (Financials) | 5,442,749 | ||||||
43,426 | Essity AB, Class B (Consumer Staples) | 1,391,458 | ||||||
24,754 | Evolution AB (Consumer Discretionary)(b) | 3,984,183 | ||||||
10,731 | Fastighets AB Balder, Class B (Real Estate)* | 766,194 | ||||||
175,763 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)* | 3,519,065 | ||||||
190,998 | Hexagon AB, Class B (Information Technology) | 3,305,401 | ||||||
226,831 | Husqvarna AB, Class B (Consumer Discretionary) | 3,039,328 | ||||||
32,895 | ICA Gruppen AB (Consumer Staples) | 1,634,726 | ||||||
56,320 | Industrivarden AB, Class A (Financials) | 2,070,605 | ||||||
50,653 | Industrivarden AB, Class C (Financials) | 1,763,750 | ||||||
58,683 | Investment AB Latour, Class B (Industrials) | 2,039,960 | ||||||
275,342 | Investor AB, Class B (Financials) | 6,578,642 | ||||||
126,109 | Kinnevik AB, Class B (Financials)* | 4,935,662 | ||||||
19,538 | L E Lundbergforetagen AB, Class B (Financials) | 1,245,742 | ||||||
203,200 | Nibe Industrier AB, Class B (Industrials) | 2,829,720 | ||||||
92,906 | Sandvik AB (Industrials) | 2,366,032 | ||||||
180,843 | Securitas AB, Class B (Industrials) | 2,998,820 | ||||||
98,177 | Sinch AB (Information Technology)*(b) | 2,200,236 | ||||||
108,693 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 1,458,274 | ||||||
219,406 | Skanska AB, Class B (Industrials) | 6,311,448 | ||||||
91,313 | Svenska Cellulosa AB SCA, Class B (Materials) | 1,609,326 | ||||||
72,998 | Svenska Handelsbanken AB, Class A (Financials) | 820,173 | ||||||
58,715 | Swedbank AB, Class A (Financials) | 1,132,479 | ||||||
917,251 | Swedish Match AB (Consumer Staples) | 8,460,414 | ||||||
94,421 | Tele2 AB, Class B (Communication Services) | 1,413,804 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 59 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
407,784 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | $ | 4,829,030 | |||||
323,841 | Telia Co. AB (Communication Services) | 1,388,535 | ||||||
112,213 | Volvo AB, Class B (Industrials) | 2,534,799 | ||||||
|
| |||||||
99,701,996 | ||||||||
|
| |||||||
Switzerland – 8.4% | ||||||||
154,772 | ABB Ltd. (Industrials) | 5,730,982 | ||||||
47,727 | Adecco Group AG (Industrials) | 2,656,102 | ||||||
20,782 | Alcon, Inc. (Health Care) | 1,711,472 | ||||||
7,298 | Baloise Holding AG (Financials) | �� | 1,163,952 | |||||
16,611 | Banque Cantonale Vaudoise (Financials) | 1,408,957 | ||||||
728 | Barry Callebaut AG (Consumer Staples) | 1,854,868 | ||||||
366 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | 4,303,062 | ||||||
44,976 | Cie Financiere Richemont SA (Consumer Discretionary) | 4,958,873 | ||||||
86,968 | Credit Suisse Group AG (Financials) | 922,228 | ||||||
2,874 | EMS-Chemie Holding AG (Materials) | 3,113,853 | ||||||
4,704 | Geberit AG (Industrials) | 3,929,372 | ||||||
1,152 | Givaudan SA (Materials) | 5,778,549 | ||||||
71,545 | Holcim Ltd. (Materials)* | 4,076,905 | ||||||
40,192 | Kuehne + Nagel International AG (Industrials) | 14,702,625 | ||||||
56,530 | Logitech International SA (Information Technology) | 5,778,581 | ||||||
7,495 | Lonza Group AG (Health Care) | 6,340,948 | ||||||
392,877 | Nestle SA (Consumer Staples) | 49,638,758 | ||||||
276,888 | Novartis AG (Health Care) | 25,628,878 | ||||||
8,309 | Partners Group Holding AG (Financials) | 14,730,436 | ||||||
10,421 | Roche Holding AG-BR (Health Care)(a) | 4,664,167 | ||||||
103,449 | Roche Holding AG-Genussschein (Health Care) | 41,529,796 | ||||||
6,107 | Schindler Holding AG (Industrials) | 1,904,000 | ||||||
8,310 | Schindler Holding AG Participation Certificates (Industrials) | 2,683,367 | ||||||
2,355 | SGS SA (Industrials) | 7,398,821 | ||||||
15,444 | Sika AG (Materials) | 5,565,269 | ||||||
4,464 | Sonova Holding AG (Health Care) | 1,720,203 | ||||||
133,680 | STMicroelectronics NV (Information Technology) | 5,951,520 | ||||||
4,430 | Straumann Holding AG (Health Care) | 8,559,686 | ||||||
11,831 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 3,334,713 | ||||||
53,327 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 2,931,078 | ||||||
2,492 | Swiss Life Holding AG (Financials) | 1,299,251 | ||||||
16,990 | Swiss Prime Site AG (Real Estate) | 1,816,681 | ||||||
3,140 | Swisscom AG (Communication Services) | 1,842,078 | ||||||
358,228 | UBS Group AG (Financials) | 5,975,355 | ||||||
6,531 | Vifor Pharma AG (Health Care) | 929,690 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
9,172 | Zurich Insurance Group AG (Financials) | 4,025,047 | ||||||
|
| |||||||
260,560,123 | ||||||||
|
| |||||||
Taiwan – 0.1% | ||||||||
7,430 | Sea Ltd. ADR (Communication Services)* | 2,513,718 | ||||||
|
| |||||||
United Kingdom – 10.2% | ||||||||
134,214 | 3i Group PLC (Financials) | 2,470,524 | ||||||
742,491 | Abrdn PLC (Financials) | 2,713,021 | ||||||
295,176 | Admiral Group PLC (Financials) | 14,669,184 | ||||||
71,281 | Ashtead Group PLC (Industrials) | 5,581,918 | ||||||
107,868 | Associated British Foods PLC (Consumer Staples) | 2,939,377 | ||||||
149,702 | AstraZeneca PLC (Health Care) | 17,541,175 | ||||||
1,012,991 | Auto Trader Group PLC (Communication Services)(b) | 8,769,073 | ||||||
15,510 | AVEVA Group PLC (Information Technology) | 882,856 | ||||||
1,119,668 | Aviva PLC (Financials) | 6,226,952 | ||||||
246,102 | BAE Systems PLC (Industrials) | 1,925,159 | ||||||
1,389,545 | Barclays PLC (Financials) | 3,535,957 | ||||||
290,267 | Barratt Developments PLC (Consumer Discretionary) | 2,952,158 | ||||||
20,315 | Berkeley Group Holdings PLC (Consumer Discretionary) | 1,349,558 | ||||||
1,257,709 | BP PLC (Energy) | 5,139,974 | ||||||
291,916 | British American Tobacco PLC (Consumer Staples) | 10,963,744 | ||||||
518,739 | BT Group PLC (Communication Services)* | 1,212,227 | ||||||
69,796 | Bunzl PLC (Industrials) | 2,532,056 | ||||||
315,238 | Burberry Group PLC (Consumer Discretionary) | 8,067,374 | ||||||
774,426 | CK Hutchison Holdings Ltd. (Industrials) | 5,650,855 | ||||||
291,303 | CNH Industrial NV (Industrials) | 4,814,158 | ||||||
62,498 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 3,608,635 | ||||||
43,031 | Compass Group PLC (Consumer Discretionary)* | 888,618 | ||||||
41,313 | Croda International PLC (Materials) | 5,201,281 | ||||||
36,314 | DCC PLC (Industrials) | 3,088,588 | ||||||
182,360 | Diageo PLC (Consumer Staples) | 8,768,997 | ||||||
224,190 | Direct Line Insurance Group PLC (Financials) | 953,393 | ||||||
184,549 | Entain PLC (Consumer Discretionary)* | 4,909,542 | ||||||
115,203 | Experian PLC (Industrials) | 5,079,883 | ||||||
652,230 | GlaxoSmithKline PLC (Health Care) | 13,123,376 | ||||||
53,916 | Halma PLC (Information Technology) | 2,228,283 | ||||||
348,552 | Hargreaves Lansdown PLC (Financials) | 7,236,196 | ||||||
752,678 | HSBC Holdings PLC (Financials) | 4,000,543 | ||||||
|
|
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
224,518 | Imperial Brands PLC (Consumer Staples) | $ | 4,763,127 | |||||
23,352 | Intertek Group PLC (Industrials) | 1,693,683 | ||||||
2,967,140 | J Sainsbury PLC (Consumer Staples) | 12,413,923 | ||||||
643,893 | JD Sports Fashion PLC (Consumer Discretionary) | 8,945,764 | ||||||
81,161 | Johnson Matthey PLC (Materials) | 3,282,800 | ||||||
7,541 | Just Eat Takeaway.com NV (Consumer Discretionary)*(b) | 682,944 | ||||||
1,172,452 | Kingfisher PLC (Consumer Discretionary) | 5,652,397 | ||||||
961,540 | Legal & General Group PLC (Financials) | 3,575,610 | ||||||
10,361,171 | Lloyds Banking Group PLC (Financials) | 6,242,125 | ||||||
11,515 | London Stock Exchange Group PLC (Financials) | 1,260,829 | ||||||
1,367,074 | Melrose Industries PLC (Industrials) | 3,155,921 | ||||||
221,530 | National Grid PLC (Utilities) | 2,869,842 | ||||||
557,197 | Natwest Group PLC (Financials) | 1,634,141 | ||||||
62,322 | Next PLC (Consumer Discretionary) | 6,784,460 | ||||||
38,393 | Ocado Group PLC (Consumer Staples)* | 1,063,637 | ||||||
185,193 | Pearson PLC (Communication Services) | 1,956,397 | ||||||
203,632 | Phoenix Group Holdings PLC (Financials) | 1,747,070 | ||||||
50,405 | Prudential PLC (Financials) | 1,050,954 | ||||||
63,485 | Reckitt Benckiser Group PLC (Consumer Staples) | 4,839,494 | ||||||
226,632 | RELX PLC (Industrials) | 6,805,710 | ||||||
216,930 | Rentokil Initial PLC (Industrials) | 1,732,784 | ||||||
682,390 | Sage Group PLC (The) (Information Technology) | 6,970,293 | ||||||
45,470 | Schroders PLC (Financials) | 2,365,452 | ||||||
329,350 | Segro PLC REIT (Real Estate) | 5,819,962 | ||||||
65,511 | Severn Trent PLC (Utilities) | 2,490,206 | ||||||
193,184 | Smith & Nephew PLC (Health Care) | 3,708,880 | ||||||
16,245 | Spirax-Sarco Engineering PLC (Industrials) | 3,601,743 | ||||||
66,496 | SSE PLC (Utilities) | 1,493,985 | ||||||
235,630 | St James’s Place PLC (Financials) | 5,221,002 | ||||||
201,666 | Standard Chartered PLC (Financials) | 1,262,265 | ||||||
495,940 | Taylor Wimpey PLC (Consumer Discretionary) | 1,248,361 | ||||||
761,618 | Tesco PLC (Consumer Staples) | 2,674,424 | ||||||
261,736 | Unilever PLC (Consumer Staples) | 14,574,269 | ||||||
122,907 | United Utilities Group PLC (Utilities) | 1,788,770 | ||||||
3,131,356 | Vodafone Group PLC (Communication Services) | 5,255,902 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
335,950 | WPP PLC (Communication Services) | 4,547,687 | ||||||
|
| |||||||
314,201,448 | ||||||||
|
| |||||||
United States – 1.4% | ||||||||
57,550 | Bausch Health Cos., Inc. (Health Care)* | 1,674,149 | ||||||
17,310 | Brookfield Renewable Corp., Class A (Utilities) | 757,385 | ||||||
4,973 | CyberArk Software Ltd. (Information Technology)* | 835,166 | ||||||
111,959 | Ferguson PLC (Industrials) | 16,186,483 | ||||||
77,782 | James Hardie Industries PLC CDI (Materials) | 3,015,163 | ||||||
50,146 | QIAGEN NV (Health Care)* | 2,774,461 | ||||||
61,091 | Schneider Electric SE (Industrials) | 10,910,974 | ||||||
225,954 | Stellantis NV (Consumer Discretionary) | 4,516,226 | ||||||
10,518 | Swiss Re AG (Financials) | 967,465 | ||||||
122,919 | Tenaris SA (Energy) | 1,238,571 | ||||||
|
| |||||||
42,876,043 | ||||||||
|
| |||||||
Zambia – 0.1% | ||||||||
67,359 | First Quantum Minerals Ltd. (Materials) | 1,400,858 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,445,659,053) | $ | 3,061,005,909 | ||||||
|
|
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – 0.7% | ||||||||||||
Germany – 0.7% | ||||||||||||
38,393 | Bayerische Motoren Werke AG (Consumer Discretionary) | 2.77 | % | $ | 3,213,258 | |||||||
96,690 | FUCHS PETROLUB SE (Materials) | 2.29 | 4,891,940 | |||||||||
24,356 | Henkel AG & Co. KGaA (Consumer Staples) | 2.25 | 2,378,860 | |||||||||
8,598 | Porsche Automobil Holding SE (Consumer Discretionary) | 2.55 | 870,422 | |||||||||
7,385 | Sartorius AG (Health Care) | 0.12 | 4,864,431 | |||||||||
22,677 | Volkswagen AG (Consumer Discretionary) | 2.42 | 5,388,610 | |||||||||
|
| |||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||
(Cost $18,003,910) | $ | 21,607,521 | ||||||||||
|
| |||||||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||||||
(Cost $2,463,662,963) | $ | 3,082,613,430 | ||||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 61 |
GOLDMAN SACHS ACTIVEBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.2%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
37,762,053 | 0.026% | $ | 37,762,053 | |||||
(Cost $37,762,053) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.9% | ||||||||
(Cost $2,501,425,016) | $ | 3,120,375,483 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.9)% | (27,139,998 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 3,093,235,485 | ||||||
|
|
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. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | – American Depositary Receipt | |
PLC | – Public Limited Company | |
REIT | – Real Estate Investment Trust | |
|
62 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 8.5% | ||||||||
1,935 | Capcom Co. Ltd. | $ | 54,073 | |||||
3,614 | CyberAgent, Inc. | 66,484 | ||||||
712 | Dentsu Group, Inc. | 26,442 | ||||||
2,376 | Hakuhodo DY Holdings, Inc. | 37,437 | ||||||
970 | Kakaku.com, Inc. | 30,285 | ||||||
6,031 | KDDI Corp. | 185,003 | ||||||
792 | Koei Tecmo Holdings Co. Ltd. | 33,919 | ||||||
438 | Konami Holdings Corp. | 27,829 | ||||||
1,717 | Nexon Co. Ltd. | 31,414 | ||||||
411 | Nintendo Co. Ltd. | 197,906 | ||||||
6,528 | Nippon Telegraph & Telephone Corp. | 174,460 | ||||||
9,263 | SoftBank Corp. | 124,240 | ||||||
3,609 | SoftBank Group Corp. | 203,052 | ||||||
752 | Square Enix Holdings Co. Ltd. | 43,877 | ||||||
418 | Toho Co. Ltd. | 18,111 | ||||||
5,952 | Z Holdings Corp. | 38,846 | ||||||
|
| |||||||
1,293,378 | ||||||||
|
| |||||||
Consumer Discretionary – 18.2% | ||||||||
491 | ABC-Mart, Inc. | 26,324 | ||||||
1,408 | Aisin Corp. | 53,893 | ||||||
806 | Bandai Namco Holdings, Inc. | 56,059 | ||||||
1,780 | Bridgestone Corp. | 82,049 | ||||||
849 | Casio Computer Co. Ltd. | 13,130 | ||||||
1,184 | Denso Corp. | 83,093 | ||||||
190 | Fast Retailing Co. Ltd. | 125,421 | ||||||
88 | Hikari Tsushin, Inc. | 15,436 | ||||||
6,748 | Honda Motor Co. Ltd. | 205,278 | ||||||
4,274 | Iida Group Holdings Co. Ltd. | 108,776 | ||||||
536 | Isuzu Motors Ltd. | 6,791 | ||||||
223 | Koito Manufacturing Co. Ltd. | 13,661 | ||||||
7,835 | Mazda Motor Corp.* | 68,109 | ||||||
531 | McDonald’s Holdings Co. Japan Ltd. | 25,375 | ||||||
467 | Mercari, Inc.* | 23,125 | ||||||
11,620 | Nissan Motor Co. Ltd.* | 61,188 | ||||||
334 | Nitori Holdings Co. Ltd. | 62,568 | ||||||
307 | Oriental Land Co. Ltd. | 46,556 | ||||||
1,732 | Pan Pacific International Holdings Corp. | 33,060 | ||||||
11,237 | Panasonic Corp. | 134,198 | ||||||
1,155 | Rakuten Group, Inc. | 12,111 | ||||||
180 | Rinnai Corp. | 19,383 | ||||||
1,535 | Ryohin Keikaku Co. Ltd. | 32,947 | ||||||
1,687 | Sekisui Chemical Co. Ltd. | 28,931 | ||||||
1,231 | Sekisui House Ltd. | 24,573 | ||||||
438 | Sharp Corp. | 5,793 | ||||||
236 | Shimano, Inc. | 69,386 | ||||||
3,997 | Sony Group Corp. | 413,307 | ||||||
332 | Stanley Electric Co. Ltd. | 8,305 | ||||||
1,612 | Subaru Corp. | 29,882 | ||||||
1,251 | Sumitomo Electric Industries Ltd. | 16,745 | ||||||
696 | Suzuki Motor Corp. | 30,131 | ||||||
607 | Toyota Industries Corp. | 51,329 | ||||||
6,148 | Toyota Motor Corp. | 536,789 | ||||||
765 | USS Co. Ltd. | 12,680 | ||||||
28,252 | Yamada Holdings Co. Ltd. | 121,638 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
409 | Yamaha Corp. | 24,162 | ||||||
995 | Yamaha Motor Co. Ltd. | 25,360 | ||||||
1,320 | ZOZO, Inc. | 50,404 | ||||||
|
| |||||||
2,757,946 | ||||||||
|
| |||||||
Consumer Staples – 8.8% | ||||||||
2,895 | Aeon Co. Ltd.(a) | 76,934 | ||||||
1,882 | Ajinomoto Co., Inc. | 55,573 | ||||||
1,424 | Asahi Group Holdings Ltd. | 66,287 | ||||||
188 | Cosmos Pharmaceutical Corp. | 33,336 | ||||||
636 | Ito En Ltd. | 40,293 | ||||||
3,928 | Japan Tobacco, Inc. | 76,247 | ||||||
1,614 | Kao Corp. | 97,639 | ||||||
642 | Kikkoman Corp.(a) | 48,270 | ||||||
2,896 | Kirin Holdings Co. Ltd. | 52,563 | ||||||
387 | Kobayashi Pharmaceutical Co. Ltd. | 30,330 | ||||||
424 | Kobe Bussan Co. Ltd. | 16,518 | ||||||
311 | Kose Corp. | 37,651 | ||||||
855 | Lawson, Inc. | 41,248 | ||||||
1,640 | Lion Corp. | 27,960 | ||||||
664 | MEIJI Holdings Co. Ltd. | 40,858 | ||||||
553 | NH Foods Ltd. | 21,469 | ||||||
1,103 | Nisshin Seifun Group, Inc. | 18,112 | ||||||
431 | Nissin Foods Holdings Co. Ltd. | 33,582 | ||||||
881 | Pigeon Corp. | 25,541 | ||||||
1,290 | Pola Orbis Holdings, Inc.(a) | 28,228 | ||||||
2,852 | Seven & i Holdings Co. Ltd. | 124,999 | ||||||
1,220 | Shiseido Co. Ltd. | 80,989 | ||||||
1,097 | Suntory Beverage & Food Ltd. | 43,986 | ||||||
762 | Toyo Suisan Kaisha Ltd. | 31,594 | ||||||
367 | Tsuruha Holdings, Inc. | 46,268 | ||||||
1,358 | Unicharm Corp. | 60,619 | ||||||
1,345 | Welcia Holdings Co. Ltd. | 47,564 | ||||||
440 | Yakult Honsha Co. Ltd. | 25,392 | ||||||
|
| |||||||
1,330,050 | ||||||||
|
| |||||||
Energy – 0.8% | ||||||||
13,032 | ENEOS Holdings, Inc. | 50,546 | ||||||
527 | Idemitsu Kosan Co. Ltd. | 12,654 | ||||||
7,888 | Inpex Corp. | 54,425 | ||||||
|
| |||||||
117,625 | ||||||||
|
| |||||||
Financials – 7.4% | ||||||||
5,741 | Acom Co. Ltd. | 22,209 | ||||||
1,127 | Chiba Bank Ltd. (The) | 7,048 | ||||||
1,916 | Concordia Financial Group Ltd. | 7,447 | ||||||
4,719 | Dai-ichi Life Holdings, Inc. | 93,190 | ||||||
2,521 | Daiwa Securities Group, Inc. | 14,285 | ||||||
2,075 | Japan Exchange Group, Inc. | 49,467 | ||||||
1,520 | Japan Post Bank Co. Ltd. | 13,324 | ||||||
11,787 | Japan Post Holdings Co. Ltd.* | 101,315 | ||||||
4,755 | Japan Post Insurance Co. Ltd. | 86,348 | ||||||
1,998 | Mitsubishi HC Capital, Inc. | 10,712 | ||||||
32,812 | Mitsubishi UFJ Financial Group, Inc. | 177,530 | ||||||
5,893 | Mizuho Financial Group, Inc. | 82,768 | ||||||
916 | MS&AD Insurance Group Holdings, Inc. | 29,641 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 63 |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
5,006 | Nomura Holdings, Inc. | $ | 24,315 | |||||
2,672 | ORIX Corp. | 49,896 | ||||||
4,384 | Resona Holdings, Inc. | 16,988 | ||||||
1,048 | SBI Holdings, Inc. | 25,470 | ||||||
1,674 | Shizuoka Bank Ltd. (The) | 13,135 | ||||||
1,023 | Sompo Holdings, Inc. | 44,958 | ||||||
3,896 | Sumitomo Mitsui Financial Group, Inc. | 134,796 | ||||||
910 | Sumitomo Mitsui Trust Holdings, Inc. | 29,803 | ||||||
1,114 | T&D Holdings, Inc. | 13,537 | ||||||
1,412 | Tokio Marine Holdings, Inc. | 69,109 | ||||||
66 | Tokyo Century Corp. | 3,779 | ||||||
|
| |||||||
1,121,070 | ||||||||
|
| |||||||
Health Care – 10.1% | ||||||||
1,192 | Asahi Intecc Co. Ltd. | 36,131 | ||||||
8,261 | Astellas Pharma, Inc. | 139,639 | ||||||
2,257 | Chugai Pharmaceutical Co. Ltd. | 88,505 | ||||||
5,199 | Daiichi Sankyo Co. Ltd. | 123,728 | ||||||
864 | Eisai Co. Ltd. | 71,457 | ||||||
277 | Hisamitsu Pharmaceutical Co., Inc. | 11,119 | ||||||
1,227 | Hoya Corp. | 198,581 | ||||||
1,283 | Kyowa Kirin Co. Ltd. | 41,984 | ||||||
1,380 | M3, Inc. | 92,967 | ||||||
910 | Medipal Holdings Corp. | 17,420 | ||||||
305 | Nippon Shinyaku Co. Ltd. | 24,792 | ||||||
3,756 | Olympus Corp. | 79,028 | ||||||
1,873 | Ono Pharmaceutical Co. Ltd. | 45,078 | ||||||
1,781 | Otsuka Holdings Co. Ltd. | 75,886 | ||||||
551 | PeptiDream, Inc.* | 19,460 | ||||||
1,878 | Santen Pharmaceutical Co. Ltd. | 28,035 | ||||||
941 | Shionogi & Co. Ltd. | 59,547 | ||||||
1,941 | Sumitomo Dainippon Pharma Co. Ltd. | 34,841 | ||||||
780 | Sysmex Corp. | 88,891 | ||||||
356 | Taisho Pharmaceutical Holdings Co. Ltd. | 20,804 | ||||||
4,922 | Takeda Pharmaceutical Co. Ltd. | 164,828 | ||||||
1,575 | Terumo Corp. | 65,905 | ||||||
|
| |||||||
1,528,626 | ||||||||
|
| |||||||
Industrials – 20.0% | ||||||||
962 | AGC, Inc. | 46,585 | ||||||
308 | ANA Holdings, Inc.* | 7,305 | ||||||
216 | Central Japan Railway Co. | 31,704 | ||||||
564 | Dai Nippon Printing Co. Ltd. | 13,430 | ||||||
163 | Daifuku Co. Ltd. | 14,422 | ||||||
706 | Daikin Industries Ltd. | 176,114 | ||||||
553 | East Japan Railway Co. | 37,405 | ||||||
353 | FANUC Corp. | 77,084 | ||||||
518 | Fuji Electric Co. Ltd. | 22,467 | ||||||
647 | Hankyu Hanshin Holdings, Inc. | 19,405 | ||||||
77 | Harmonic Drive Systems, Inc. | 4,268 | ||||||
7,146 | Hino Motors Ltd. | 61,989 | ||||||
147 | Hitachi Construction Machinery Co. Ltd. | 4,222 | ||||||
3,266 | Hitachi Ltd. | 180,899 | ||||||
172 | Hoshizaki Corp. | 16,173 | ||||||
4,462 | ITOCHU Corp. | 134,477 | ||||||
385 | Japan Airlines Co. Ltd.* | 8,204 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
7,197 | Kajima Corp. | 93,222 | ||||||
161 | Keio Corp. | 8,676 | ||||||
264 | Keisei Electric Railway Co. Ltd. | 8,134 | ||||||
361 | Kintetsu Group Holdings Co. Ltd.* | 12,355 | ||||||
1,844 | Komatsu Ltd. | 44,690 | ||||||
2,276 | Kubota Corp. | 47,121 | ||||||
817 | Kurita Water Industries Ltd. | 38,374 | ||||||
1,708 | Lixil Corp. | 49,828 | ||||||
441 | Makita Corp. | 25,370 | ||||||
8,046 | Marubeni Corp. | 64,128 | ||||||
1,559 | MINEBEA MITSUMI, Inc. | 40,202 | ||||||
1,435 | MISUMI Group, Inc. | 57,016 | ||||||
5,954 | Mitsubishi Corp. | 179,444 | ||||||
4,799 | Mitsubishi Electric Corp. | 65,765 | ||||||
332 | Mitsubishi Heavy Industries Ltd. | 8,791 | ||||||
7,506 | Mitsui & Co. Ltd. | 165,957 | ||||||
475 | Miura Co. Ltd. | 21,359 | ||||||
2,101 | MonotaRO Co. Ltd. | 46,530 | ||||||
257 | Nabtesco Corp. | 10,200 | ||||||
426 | NGK Insulators Ltd. | 7,077 | ||||||
1,181 | Nidec Corp. | 135,666 | ||||||
1,440 | Nihon M&A Center, Inc. | 43,124 | ||||||
270 | Nippon Express Co. Ltd. | 18,408 | ||||||
1,353 | Nippon Yusen KK | 109,240 | ||||||
1,517 | Obayashi Corp. | 12,510 | ||||||
389 | Odakyu Electric Railway Co. Ltd. | 9,079 | ||||||
1,448 | Persol Holdings Co. Ltd. | 33,900 | ||||||
4,025 | Recruit Holdings Co. Ltd. | 238,144 | ||||||
440 | Secom Co. Ltd. | 33,423 | ||||||
1,413 | SG Holdings Co. Ltd. | 38,483 | ||||||
1,183 | Shimizu Corp. | 8,507 | ||||||
119 | SMC Corp. | 76,376 | ||||||
296 | Sohgo Security Services Co. Ltd. | 13,431 | ||||||
9,086 | Sumitomo Corp. | 128,565 | ||||||
372 | Taisei Corp. | 11,665 | ||||||
181 | THK Co. Ltd. | 4,206 | ||||||
583 | Tobu Railway Co. Ltd. | 15,236 | ||||||
1,275 | Tokyu Corp. | 17,583 | ||||||
614 | TOPPAN, Inc. | 10,563 | ||||||
749 | Toshiba Corp. | 32,555 | ||||||
655 | TOTO Ltd. | 35,713 | ||||||
1,167 | Toyota Tsusho Corp. | 51,679 | ||||||
317 | West Japan Railway Co. | 17,359 | ||||||
|
| |||||||
2,213 | Yamato Holdings Co. Ltd. | 56,403 | ||||||
768 | Yaskawa Electric Corp. | 37,610 | ||||||
|
| |||||||
3,039,820 | ||||||||
|
| |||||||
Information Technology – 16.4% | ||||||||
1,049 | Advantest Corp. | 90,902 | ||||||
847 | Azbil Corp. | 36,814 | ||||||
2,039 | Brother Industries Ltd. | 41,908 | ||||||
3,677 | Canon, Inc. | 87,407 | ||||||
129 | Disco Corp. | 37,634 | ||||||
1,615 | FUJIFILM Holdings Corp. | 133,304 | ||||||
1,035 | Fujitsu Ltd. | 191,248 | ||||||
63 | GMO Payment Gateway, Inc. | 8,298 | ||||||
|
|
64 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® JAPAN EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
702 | Hamamatsu Photonics KK | $ | 41,024 | |||||
202 | Hirose Electric Co. Ltd. | 33,703 | ||||||
535 | Ibiden Co. Ltd. | 28,927 | ||||||
920 | Itochu Techno-Solutions Corp. | 28,515 | ||||||
569 | Keyence Corp. | 342,508 | ||||||
896 | Kyocera Corp. | 55,835 | ||||||
352 | Lasertec Corp. | 77,122 | ||||||
1,848 | Murata Manufacturing Co. Ltd. | 153,394 | ||||||
2,209 | NEC Corp. | 116,221 | ||||||
1,761 | Nomura Research Institute Ltd. | 66,282 | ||||||
3,561 | NTT Data Corp. | 64,212 | ||||||
138 | Obic Co. Ltd. | 26,316 | ||||||
840 | Omron Corp. | 79,367 | ||||||
296 | Oracle Corp. Japan | 24,357 | ||||||
696 | Otsuka Corp. | 36,111 | ||||||
5,109 | Renesas Electronics Corp.* | 55,294 | ||||||
9,943 | Ricoh Co. Ltd. | 101,367 | ||||||
344 | Rohm Co. Ltd. | 33,254 | ||||||
158 | SCSK Corp. | 9,995 | ||||||
2,016 | Seiko Epson Corp. | 37,619 | ||||||
1,092 | Shimadzu Corp. | 49,054 | ||||||
1,520 | SUMCO Corp. | 32,141 | ||||||
375 | TDK Corp. | 39,493 | ||||||
1,053 | TIS, Inc. | 29,809 | ||||||
557 | Tokyo Electron Ltd. | 239,511 | ||||||
705 | Trend Micro, Inc. | 38,696 | ||||||
1,336 | Yokogawa Electric Corp. | 20,953 | ||||||
|
| |||||||
2,488,595 | ||||||||
|
| |||||||
Materials – 4.9% | ||||||||
2,654 | Asahi Kasei Corp. | 27,444 | ||||||
1,356 | Hitachi Metals Ltd.* | 26,229 | ||||||
1,196 | JFE Holdings, Inc. | 19,433 | ||||||
1,285 | JSR Corp. | 44,623 | ||||||
563 | Kansai Paint Co. Ltd. | 14,611 | ||||||
13,010 | Mitsubishi Chemical Holdings Corp. | 114,373 | ||||||
603 | Mitsubishi Gas Chemical Co., Inc. | 11,389 | ||||||
1,059 | Mitsui Chemicals, Inc. | 36,630 | ||||||
562 | Nippon Paint Holdings Co. Ltd. | 7,003 | ||||||
1,786 | Nippon Steel Corp. | 36,546 | ||||||
551 | Nissan Chemical Corp. | 30,945 | ||||||
593 | Nitto Denko Corp. | 45,125 | ||||||
2,186 | Oji Holdings Corp. | 11,461 | ||||||
848 | Shin-Etsu Chemical Co. Ltd. | 140,523 | ||||||
25,431 | Sumitomo Chemical Co. Ltd. | 129,169 | ||||||
545 | Sumitomo Metal Mining Co. Ltd. | 20,955 | ||||||
3,320 | Toray Industries, Inc. | 22,417 | ||||||
444 | Tosoh Corp. | 8,075 | ||||||
|
| |||||||
746,951 | ||||||||
|
| |||||||
Real Estate – 3.1% | ||||||||
432 | Daito Trust Construction Co. Ltd. | 47,502 | ||||||
1,728 | Daiwa House Industry Co. Ltd. | 52,787 | ||||||
10 | Daiwa House REIT Investment Corp. REIT | 29,629 | ||||||
18 | GLP J REIT | 32,720 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
498 | Hulic Co. Ltd. | 5,848 | ||||||
35 | Japan Metropolitan Fund Invest REIT | 34,057 | ||||||
4 | Japan Real Estate Investment Corp. REIT | 24,795 | ||||||
2,496 | Mitsubishi Estate Co. Ltd. | 39,101 | ||||||
1,420 | Mitsui Fudosan Co. Ltd. | 32,624 | ||||||
2 | Nippon Building Fund, Inc. REIT | 13,016 | ||||||
5 | Nippon Prologis REIT, Inc. REIT | 18,046 | ||||||
1,093 | Nomura Real Estate Holdings, Inc. | 28,006 | ||||||
22 | Nomura Real Estate Master Fund, Inc. REIT | 33,983 | ||||||
17 | Orix JREIT, Inc. REIT | 30,345 | ||||||
513 | Sumitomo Realty & Development Co. Ltd. | 16,586 | ||||||
25 | United Urban Investment Corp. REIT | 35,409 | ||||||
|
| |||||||
474,454 | ||||||||
|
| |||||||
Utilities – 1.6% | ||||||||
11,415 | Chubu Electric Power Co., Inc. | 138,090 | ||||||
1,062 | Kansai Electric Power Co., Inc. (The) | 10,682 | ||||||
1,131 | Osaka Gas Co. Ltd. | 21,238 | ||||||
449 | Toho Gas Co. Ltd. | 20,966 | ||||||
1,628 | Tohoku Electric Power Co., Inc. | 12,478 | ||||||
1,739 | Tokyo Gas Co. Ltd. | 33,495 | ||||||
|
| |||||||
236,949 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $12,760,901) | $ | 15,135,464 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.5%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
82,494 | 0.026% | $ | 82,494 | |||||
(Cost $82,494) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.3% | ||||||||
(Cost $12,843,395) | $ | 15,217,958 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.3)% | (55,057 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 15,162,901 | ||||||
|
|
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. | 65 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Communication Services – 10.6% | ||||||||
278,492 | Activision Blizzard, Inc. | $ | 22,939,386 | |||||
91,252 | Alphabet, Inc., Class A* | 264,078,725 | ||||||
88,619 | Alphabet, Inc., Class C* | 257,813,940 | ||||||
1,864,786 | AT&T, Inc. | 51,132,432 | ||||||
54,564 | Charter Communications, Inc., Class A* | 44,560,236 | ||||||
1,264,550 | Comcast Corp., Class A | 76,732,894 | ||||||
189,127 | Electronic Arts, Inc. | 27,463,132 | ||||||
768,153 | Facebook, Inc., Class A* | 291,421,885 | ||||||
22,512 | IAC/InterActiveCorp* | 2,972,710 | ||||||
74,803 | Liberty Broadband Corp., Class C* | 14,311,310 | ||||||
2,110,285 | Lumen Technologies, Inc. | 25,956,505 | ||||||
203,231 | Match Group, Inc.* | 27,932,069 | ||||||
62,951 | Netflix, Inc.* | 35,831,080 | ||||||
460,414 | Omnicom Group, Inc. | 33,711,513 | ||||||
386,088 | Pinterest, Inc., Class A* | 21,454,910 | ||||||
54,972 | ROBLOX Corp., Class A* | 4,510,453 | ||||||
61,474 | Roku, Inc.* | 21,663,438 | ||||||
284,679 | Snap, Inc., Class A* | 21,666,919 | ||||||
85,209 | Take-Two Interactive Software, Inc.* | 13,737,395 | ||||||
118,721 | T-Mobile US, Inc.* | 16,267,151 | ||||||
251,356 | Twitter, Inc.* | 16,212,462 | ||||||
662,760 | Verizon Communications, Inc. | 36,451,800 | ||||||
1,570,570 | ViacomCBS, Inc., Class B | 65,100,126 | ||||||
68,049 | Vimeo, Inc.* | 2,594,028 | ||||||
327,668 | Walt Disney Co. (The)* | 59,406,208 | ||||||
|
| |||||||
1,455,922,707 | ||||||||
|
| |||||||
Consumer Discretionary – 14.2% | ||||||||
96,177 | Advance Auto Parts, Inc. | 19,509,504 | ||||||
130,055 | Amazon.com, Inc.* | 451,393,593 | ||||||
33,885 | AutoZone, Inc.* | 52,492,948 | ||||||
330,920 | Bath & Body Works, Inc. | 22,330,482 | ||||||
378,420 | Best Buy Co., Inc. | 44,089,714 | ||||||
4,426 | Booking Holdings, Inc.* | 10,178,339 | ||||||
64,395 | Burlington Stores, Inc.* | 19,285,659 | ||||||
142,504 | Caesars Entertainment, Inc.* | 14,482,681 | ||||||
48,937 | CarMax, Inc.* | 6,127,402 | ||||||
6,811 | Chipotle Mexican Grill, Inc.* | 12,963,581 | ||||||
149,749 | Darden Restaurants, Inc. | 22,559,687 | ||||||
176,658 | Dollar General Corp. | 39,378,835 | ||||||
246,915 | Dollar Tree, Inc.* | 22,355,684 | ||||||
90,386 | Domino’s Pizza, Inc. | 46,719,620 | ||||||
80,298 | D.R. Horton, Inc. | 7,678,095 | ||||||
454,285 | eBay, Inc. | 34,861,831 | ||||||
118,966 | Etsy, Inc.* | 25,727,587 | ||||||
38,048 | Expedia Group, Inc.* | 5,497,936 | ||||||
5,384,648 | Ford Motor Co.* | 70,161,963 | ||||||
127,972 | Garmin Ltd. | 22,322,156 | ||||||
319,627 | General Motors Co.* | 15,664,919 | ||||||
202,590 | Genuine Parts Co. | 24,754,472 | ||||||
56,985 | Hasbro, Inc. | 5,602,195 | ||||||
54,291 | Hilton Worldwide Holdings, Inc.* | 6,778,774 | ||||||
407,783 | Home Depot, Inc. (The) | 133,010,659 | ||||||
296,317 | Lennar Corp., Class A | 31,797,777 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
371,301 | Lowe’s Cos., Inc. | 75,704,561 | ||||||
41,418 | Marriott International, Inc., Class A* | 5,597,228 | ||||||
107,363 | McDonald’s Corp. | 25,494,418 | ||||||
253,322 | MGM Resorts International | 10,796,584 | ||||||
536,621 | NIKE, Inc., Class B | 88,402,944 | ||||||
1,515 | NVR, Inc.* | 7,847,609 | ||||||
79,233 | O’Reilly Automotive, Inc.* | 47,070,741 | ||||||
147,894 | Peloton Interactive, Inc., Class A* | 14,817,500 | ||||||
72,711 | Pool Corp. | 35,941,047 | ||||||
498,859 | PulteGroup, Inc. | 26,868,546 | ||||||
79,425 | Ross Stores, Inc. | 9,403,920 | ||||||
242,253 | Starbucks Corp. | 28,462,305 | ||||||
934,293 | Stellantis NV | 18,704,546 | ||||||
414,813 | Target Corp. | 102,450,515 | ||||||
134,616 | Tesla, Inc.* | 99,039,684 | ||||||
401,034 | TJX Cos., Inc. (The) | 29,163,192 | ||||||
177,611 | Tractor Supply Co. | 34,500,937 | ||||||
71,904 | Ulta Beauty, Inc.* | 27,849,138 | ||||||
207,019 | VF Corp. | 15,830,743 | ||||||
99,702 | Victoria’s Secret & Co.* | 6,610,243 | ||||||
89,532 | Wayfair, Inc., Class A* | 25,136,109 | ||||||
76,678 | Whirlpool Corp. | 16,986,477 | ||||||
266,509 | Yum! Brands, Inc. | 34,920,674 | ||||||
|
| |||||||
1,955,325,754 | ||||||||
|
| |||||||
Consumer Staples – 7.6% | ||||||||
517,661 | Altria Group, Inc. | 26,002,112 | ||||||
280,541 | Archer-Daniels-Midland Co. | 16,832,460 | ||||||
256,221 | Brown-Forman Corp., Class B | 17,991,839 | ||||||
181,651 | Church & Dwight Co., Inc. | 15,196,923 | ||||||
192,905 | Clorox Co. (The) | 32,417,685 | ||||||
624,059 | Coca-Cola Co. (The) | 35,140,762 | ||||||
433,517 | Colgate-Palmolive Co. | 33,792,650 | ||||||
361,515 | Conagra Brands, Inc. | 11,973,377 | ||||||
23,166 | Constellation Brands, Inc., Class A | 4,891,269 | ||||||
175,241 | Costco Wholesale Corp. | 79,820,523 | ||||||
199,226 | Estee Lauder Cos., Inc. (The), Class A | 67,834,461 | ||||||
207,268 | General Mills, Inc. | 11,982,163 | ||||||
182,198 | Hershey Co. (The) | 32,376,585 | ||||||
176,950 | Hormel Foods Corp. | 8,058,303 | ||||||
173,934 | J M Smucker Co. (The) | 21,510,418 | ||||||
131,653 | Kellogg Co. | 8,312,570 | ||||||
381,768 | Keurig Dr Pepper, Inc. | 13,617,665 | ||||||
184,029 | Kimberly-Clark Corp. | 25,361,037 | ||||||
975,176 | Kraft Heinz Co. (The) | 35,096,584 | ||||||
1,536,007 | Kroger Co. (The) | 70,702,402 | ||||||
139,251 | McCormick & Co., Inc. | 12,015,969 | ||||||
256,429 | Mondelez International, Inc., Class A | 15,916,548 | ||||||
260,754 | Monster Beverage Corp.* | 25,441,768 | ||||||
436,896 | PepsiCo, Inc. | 68,326,165 | ||||||
544,859 | Philip Morris International, Inc. | 56,120,477 | ||||||
607,188 | Procter & Gamble Co. (The) | 86,457,499 | ||||||
259,049 | Sysco Corp. | 20,633,253 | ||||||
|
|
66 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
555,922 | Tyson Foods, Inc., Class A | $ | 43,650,995 | |||||
963,208 | Walgreens Boots Alliance, Inc. | 48,882,806 | ||||||
710,234 | Walmart, Inc. | 105,185,655 | ||||||
|
| |||||||
1,051,542,923 | ||||||||
|
| |||||||
Energy – 0.9% | ||||||||
101,446 | Cheniere Energy, Inc.* | 8,872,467 | ||||||
226,404 | Chevron Corp. | 21,909,115 | ||||||
47,067 | ConocoPhillips | 2,613,630 | ||||||
129,580 | EOG Resources, Inc. | 8,749,242 | ||||||
443,288 | Exxon Mobil Corp. | 24,168,062 | ||||||
705,522 | Halliburton Co. | 14,096,329 | ||||||
1,011,254 | Kinder Morgan, Inc. | 16,453,103 | ||||||
73,783 | Marathon Petroleum Corp. | 4,373,118 | ||||||
149,255 | ONEOK, Inc. | 7,838,873 | ||||||
140,916 | Schlumberger NV | 3,951,285 | ||||||
49,203 | Valero Energy Corp. | 3,262,651 | ||||||
494,046 | Williams Cos., Inc. (The) | 12,197,996 | ||||||
|
| |||||||
128,485,871 | ||||||||
|
| |||||||
Financials – 9.1% | ||||||||
168,659 | Aflac, Inc. | 9,559,592 | ||||||
173,404 | Allstate Corp. (The) | 23,458,093 | ||||||
524,246 | Ally Financial, Inc. | 27,732,613 | ||||||
78,045 | American Express Co. | 12,952,348 | ||||||
56,126 | American International Group, Inc. | 3,062,235 | ||||||
32,048 | Ameriprise Financial, Inc. | 8,746,220 | ||||||
80,692 | Aon PLC, Class A | 23,147,307 | ||||||
138,922 | Arthur J Gallagher & Co. | 19,951,978 | ||||||
1,463,401 | Bank of America Corp. | 61,096,992 | ||||||
457,547 | Bank of New York Mellon Corp. (The) | 25,265,745 | ||||||
439,654 | Berkshire Hathaway, Inc., Class B* | 125,639,924 | ||||||
25,871 | BlackRock, Inc. | 24,403,856 | ||||||
349,783 | Blackstone, Inc. | 43,978,217 | ||||||
197,901 | Capital One Financial Corp. | 32,845,629 | ||||||
338,457 | Charles Schwab Corp. (The) | 24,656,592 | ||||||
65,694 | Chubb Ltd. | 12,082,440 | ||||||
57,340 | Cincinnati Financial Corp. | 7,075,756 | ||||||
572,458 | Citigroup, Inc. | 41,165,455 | ||||||
438,279 | Citizens Financial Group, Inc. | 19,192,237 | ||||||
39,596 | CME Group, Inc. | 7,987,305 | ||||||
51,264 | Coinbase Global, Inc., Class A*(a) | 13,277,376 | ||||||
113,535 | Discover Financial Services | 14,557,458 | ||||||
420,971 | Fifth Third Bancorp | 16,358,933 | ||||||
67,490 | First Republic Bank | 13,426,461 | ||||||
209,128 | Hartford Financial Services Group, Inc. (The) | 14,057,584 | ||||||
121,471 | Intercontinental Exchange, Inc. | 14,519,429 | ||||||
714,642 | JPMorgan Chase & Co. | 114,306,988 | ||||||
323,957 | KeyCorp | 6,582,806 | ||||||
230,988 | KKR & Co., Inc. | 14,850,219 | ||||||
2,359 | Markel Corp.* | 2,996,520 | ||||||
25,097 | MarketAxess Holdings, Inc. | 11,944,164 | ||||||
186,307 | Marsh & McLennan Cos., Inc. | 29,287,460 | ||||||
327,444 | MetLife, Inc. | 20,301,528 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
134,180 | Moody’s Corp. | 51,091,719 | ||||||
466,821 | Morgan Stanley | 48,750,117 | ||||||
12,457 | MSCI, Inc. | 7,904,963 | ||||||
67,860 | Nasdaq, Inc. | 13,285,631 | ||||||
33,621 | Northern Trust Corp. | 3,984,761 | ||||||
102,023 | PNC Financial Services Group, Inc. (The) | 19,496,595 | ||||||
137,220 | Principal Financial Group, Inc. | 9,167,668 | ||||||
232,823 | Progressive Corp. (The) | 22,430,168 | ||||||
49,300 | Prudential Financial, Inc. | 5,219,884 | ||||||
99,957 | Raymond James Financial, Inc. | 13,983,984 | ||||||
217,563 | Regions Financial Corp. | 4,444,812 | ||||||
98,665 | S&P Global, Inc. | 43,789,500 | ||||||
150,020 | State Street Corp. | 13,938,358 | ||||||
20,938 | SVB Financial Group* | 11,714,811 | ||||||
638,318 | Synchrony Financial | 31,756,320 | ||||||
156,029 | T. Rowe Price Group, Inc. | 34,930,212 | ||||||
68,678 | Travelers Cos., Inc. (The) | 10,968,563 | ||||||
48,583 | Truist Financial Corp. | 2,772,146 | ||||||
169,709 | US Bancorp | 9,739,600 | ||||||
800,831 | Wells Fargo & Co. | 36,597,977 | ||||||
36,183 | Willis Towers Watson PLC | 7,986,312 | ||||||
|
| |||||||
1,244,421,561 | ||||||||
|
| |||||||
Health Care – 14.4% | ||||||||
53,989 | 10X Genomics, Inc., Class A* | 9,497,745 | ||||||
380,557 | Abbott Laboratories | 48,090,988 | ||||||
549,846 | AbbVie, Inc. | 66,410,400 | ||||||
52,046 | ABIOMED, Inc.* | 18,942,662 | ||||||
142,931 | Agilent Technologies, Inc. | 25,080,103 | ||||||
44,001 | Align Technology, Inc.* | 31,196,709 | ||||||
42,731 | AmerisourceBergen Corp. | 5,222,155 | ||||||
210,417 | Amgen, Inc. | 47,455,346 | ||||||
102,589 | Anthem, Inc. | 38,484,212 | ||||||
147,808 | Avantor, Inc.* | 5,829,547 | ||||||
176,661 | Baxter International, Inc. | 13,465,101 | ||||||
46,114 | Becton Dickinson and Co. | 11,606,894 | ||||||
109,486 | Biogen, Inc.* | 37,105,900 | ||||||
19,140 | Bio-Rad Laboratories, Inc., Class A* | 15,404,255 | ||||||
197,262 | Boston Scientific Corp.* | 8,906,379 | ||||||
820,893 | Bristol-Myers Squibb Co. | 54,884,906 | ||||||
58,564 | Cardinal Health, Inc. | 3,074,024 | ||||||
25,245 | Catalent, Inc.* | 3,292,958 | ||||||
523,549 | Centene Corp.* | 32,973,116 | ||||||
308,174 | Cerner Corp. | 23,529,085 | ||||||
40,556 | Charles River Laboratories International, Inc.* | 18,001,186 | ||||||
208,231 | Cigna Corp. | 44,072,091 | ||||||
21,403 | Cooper Cos., Inc. (The) | 9,646,546 | ||||||
802,127 | CVS Health Corp. | 69,295,752 | ||||||
150,885 | Danaher Corp. | 48,910,882 | ||||||
24,549 | Dexcom, Inc.* | 12,996,732 | ||||||
393,739 | Edwards Lifesciences Corp.* | 46,138,336 | ||||||
293,349 | Eli Lilly & Co. | 75,769,113 | ||||||
458,985 | Gilead Sciences, Inc. | 33,404,928 | ||||||
54,129 | HCA Healthcare, Inc. | 13,693,554 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 67 |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
185,934 | Hologic, Inc.* | $ | 14,716,676 | |||||
50,477 | Humana, Inc. | 20,464,385 | ||||||
88,466 | IDEXX Laboratories, Inc.* | 59,604,852 | ||||||
16,425 | Illumina, Inc.* | 7,508,853 | ||||||
210,442 | Incyte Corp.* | 16,096,709 | ||||||
35,654 | Insulet Corp.* | 10,618,118 | ||||||
19,640 | Intuitive Surgical, Inc.* | 20,691,918 | ||||||
67,258 | IQVIA Holdings, Inc.* | 17,468,920 | ||||||
833,608 | Johnson & Johnson | 144,322,553 | ||||||
86,901 | Laboratory Corp. of America Holdings* | 26,364,025 | ||||||
78,616 | Masimo Corp.* | 21,347,389 | ||||||
42,669 | McKesson Corp. | 8,710,450 | ||||||
143,635 | Medtronic PLC | 19,172,400 | ||||||
685,304 | Merck & Co., Inc. | 52,281,842 | ||||||
35,931 | Mettler-Toledo International, Inc.* | 55,794,735 | ||||||
85,453 | Moderna, Inc.* | 32,189,291 | ||||||
28,681 | Molina Healthcare, Inc.* | 7,708,592 | ||||||
15,514 | Novavax, Inc.* | 3,700,710 | ||||||
104,984 | PerkinElmer, Inc. | 19,401,043 | ||||||
1,317,699 | Pfizer, Inc. | 60,706,393 | ||||||
98,579 | Quest Diagnostics, Inc. | 15,065,829 | ||||||
30,596 | Regeneron Pharmaceuticals, Inc.* | 20,603,346 | ||||||
113,839 | ResMed, Inc. | 33,073,645 | ||||||
122,282 | Seagen, Inc.* | 20,494,463 | ||||||
55,456 | STERIS PLC | 11,923,595 | ||||||
76,174 | Stryker Corp. | 21,107,815 | ||||||
9,339 | Teleflex, Inc. | 3,693,201 | ||||||
129,897 | Thermo Fisher Scientific, Inc. | 72,086,340 | ||||||
267,625 | UnitedHealth Group, Inc. | 111,404,259 | ||||||
42,221 | Veeva Systems, Inc., Class A* | 14,016,528 | ||||||
112,924 | Vertex Pharmaceuticals, Inc.* | 22,617,548 | ||||||
3,836,797 | Viatris, Inc. | 56,132,340 | ||||||
63,449 | Waters Corp.* | 26,269,155 | ||||||
55,567 | West Pharmaceutical Services, Inc. | 25,095,169 | ||||||
31,054 | Zimmer Biomet Holdings, Inc. | 4,672,074 | ||||||
169,384 | Zoetis, Inc. | 34,649,191 | ||||||
|
| |||||||
1,984,155,957 | ||||||||
|
| |||||||
Industrials – 8.0% | ||||||||
165,211 | 3M Co. | 32,173,190 | ||||||
122,089 | AMETEK, Inc. | 16,600,441 | ||||||
558,692 | Carrier Global Corp. | 32,180,659 | ||||||
130,105 | Caterpillar, Inc. | 27,435,241 | ||||||
292,495 | C.H. Robinson Worldwide, Inc. | 26,342,100 | ||||||
72,926 | Cintas Corp. | 28,861,923 | ||||||
107,577 | Copart, Inc.* | 15,525,513 | ||||||
50,316 | CoStar Group, Inc.* | 4,263,778 | ||||||
266,487 | CSX Corp. | 8,668,822 | ||||||
106,118 | Cummins, Inc. | 25,041,726 | ||||||
78,457 | Deere & Co. | 29,659,100 | ||||||
83,099 | Dover Corp. | 14,489,142 | ||||||
148,870 | Eaton Corp. PLC | 25,063,753 | ||||||
231,994 | Emerson Electric Co. | 24,475,367 | ||||||
27,103 | Equifax, Inc. | 7,379,063 | ||||||
128,452 | Expeditors International of Washington, Inc. | 16,010,257 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
771,400 | Fastenal Co. | 43,082,690 | ||||||
126,355 | FedEx Corp. | 33,571,260 | ||||||
157,308 | Fortive Corp. | 11,620,342 | ||||||
45,488 | Generac Holdings, Inc.* | 19,877,346 | ||||||
60,711 | General Dynamics Corp. | 12,161,020 | ||||||
211,190 | General Electric Co. | 22,261,538 | ||||||
124,031 | Honeywell International, Inc. | 28,764,029 | ||||||
47,601 | IDEX Corp. | 10,662,624 | ||||||
78,635 | IHS Markit Ltd. | 9,483,381 | ||||||
118,943 | Illinois Tool Works, Inc. | 27,697,067 | ||||||
147,438 | Jacobs Engineering Group, Inc. | 19,898,232 | ||||||
89,094 | J.B. Hunt Transport Services, Inc. | 15,805,276 | ||||||
368,030 | Johnson Controls International PLC | 27,528,644 | ||||||
48,261 | Kansas City Southern | 13,545,415 | ||||||
50,820 | L3Harris Technologies, Inc. | 11,841,568 | ||||||
254,860 | Leidos Holdings, Inc. | 25,004,315 | ||||||
53,420 | Lockheed Martin Corp. | 19,220,516 | ||||||
253,897 | Masco Corp. | 15,416,626 | ||||||
45,428 | Norfolk Southern Corp. | 11,517,815 | ||||||
60,755 | Northrop Grumman Corp. | 22,339,613 | ||||||
55,463 | Old Dominion Freight Line, Inc. | 16,013,277 | ||||||
85,569 | Otis Worldwide Corp. | 7,891,173 | ||||||
69,786 | PACCAR, Inc. | 5,713,380 | ||||||
66,233 | Parker-Hannifin Corp. | 19,649,344 | ||||||
158,370 | Raytheon Technologies Corp. | 13,423,441 | ||||||
109,669 | Republic Services, Inc. | 13,613,213 | ||||||
70,248 | Rockwell Automation, Inc. | 22,862,212 | ||||||
26,726 | Roper Technologies, Inc. | 12,916,141 | ||||||
168,566 | Southwest Airlines Co.* | 8,391,215 | ||||||
38,805 | Stanley Black & Decker, Inc. | 7,499,842 | ||||||
131,244 | Trane Technologies PLC | 26,051,934 | ||||||
27,292 | TransUnion | 3,316,797 | ||||||
94,402 | Union Pacific Corp. | 20,470,130 | ||||||
176,036 | United Parcel Service, Inc., Class B | 34,437,923 | ||||||
108,429 | United Rentals, Inc.* | 38,237,487 | ||||||
48,023 | Verisk Analytics, Inc. | 9,689,120 | ||||||
112,044 | Waste Management, Inc. | 17,379,145 | ||||||
395,954 | Westinghouse Air Brake Technologies Corp. | 35,552,710 | ||||||
83,497 | W.W. Grainger, Inc. | 36,212,649 | ||||||
138,231 | Xylem, Inc. | 18,842,268 | ||||||
|
| |||||||
1,103,632,793 | ||||||||
|
| |||||||
Information Technology – 29.1% | ||||||||
301,549 | Accenture PLC, Class A | 101,489,331 | ||||||
166,091 | Adobe, Inc.* | 110,234,597 | ||||||
509,524 | Advanced Micro Devices, Inc.* | 56,414,497 | ||||||
129,635 | Akamai Technologies, Inc.* | 14,681,164 | ||||||
192,872 | Amphenol Corp., Class A | 14,779,781 | ||||||
173,337 | Analog Devices, Inc. | 28,245,264 | ||||||
16,483 | ANSYS, Inc.* | 6,022,229 | ||||||
4,714,961 | Apple, Inc. | 715,872,529 | ||||||
366,506 | Applied Materials, Inc. | 49,525,956 | ||||||
29,354 | Arista Networks, Inc.* | 10,847,184 | ||||||
120,965 | Autodesk, Inc.* | 37,510,037 | ||||||
|
|
68 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. LARGE CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
114,827 | Automatic Data Processing, Inc. | $ | 24,003,436 | |||||
113,027 | Broadcom, Inc. | 56,198,155 | ||||||
97,160 | Broadridge Financial Solutions, Inc. | 16,732,895 | ||||||
288,367 | Cadence Design Systems, Inc.* | 47,142,237 | ||||||
156,956 | CDW Corp. | 31,486,943 | ||||||
1,185,589 | Cisco Systems, Inc. | 69,973,463 | ||||||
211,635 | Citrix Systems, Inc. | 21,770,892 | ||||||
69,268 | Cloudflare, Inc., Class A* | 8,363,418 | ||||||
317,943 | Cognizant Technology Solutions Corp., Class A | 24,262,230 | ||||||
328,223 | Corning, Inc. | 13,125,638 | ||||||
77,008 | Crowdstrike Holdings, Inc., Class A* | 21,639,248 | ||||||
212,730 | Dell Technologies, Inc., Class C* | 20,732,666 | ||||||
100,330 | DocuSign, Inc.* | 29,721,759 | ||||||
79,475 | Enphase Energy, Inc.* | 13,807,192 | ||||||
60,883 | Entegris, Inc. | 7,314,484 | ||||||
29,428 | EPAM Systems, Inc.* | 18,622,333 | ||||||
29,393 | Fair Isaac Corp.* | 13,513,138 | ||||||
197,733 | Fidelity National Information Services, Inc. | 25,264,345 | ||||||
212,646 | Fiserv, Inc.* | 25,047,572 | ||||||
31,571 | FleetCor Technologies, Inc.* | 8,312,013 | ||||||
126,291 | Fortinet, Inc.* | 39,799,346 | ||||||
76,894 | Gartner, Inc.* | 23,740,254 | ||||||
83,753 | Global Payments, Inc. | 13,621,588 | ||||||
54,234 | GoDaddy, Inc., Class A* | 3,975,895 | ||||||
2,778,935 | Hewlett Packard Enterprise Co. | 42,962,335 | ||||||
786,643 | HP, Inc. | 23,394,763 | ||||||
28,477 | HubSpot, Inc.* | 19,491,652 | ||||||
1,604,725 | Intel Corp. | 86,751,433 | ||||||
321,650 | International Business Machines Corp. | 45,140,361 | ||||||
114,992 | Intuit, Inc. | 65,098,121 | ||||||
79,033 | Jack Henry & Associates, Inc. | 13,939,841 | ||||||
96,625 | Keysight Technologies, Inc.* | 17,332,592 | ||||||
53,819 | KLA Corp. | 18,296,307 | ||||||
78,901 | Lam Research Corp. | 47,720,903 | ||||||
204,155 | Mastercard, Inc., Class A | 70,684,586 | ||||||
89,709 | Microchip Technology, Inc. | 14,116,608 | ||||||
315,117 | Micron Technology, Inc.* | 23,224,123 | ||||||
2,300,779 | Microsoft Corp. | 694,559,164 | ||||||
30,244 | MongoDB, Inc.* | 11,850,507 | ||||||
19,779 | Monolithic Power Systems, Inc. | 9,789,220 | ||||||
107,818 | Motorola Solutions, Inc. | 26,331,312 | ||||||
216,141 | NetApp, Inc. | 19,221,419 | ||||||
190,388 | Nuance Communications, Inc.* | 10,480,859 | ||||||
663,771 | NVIDIA Corp. | 148,585,138 | ||||||
327,115 | ON Semiconductor Corp.* | 14,510,821 | ||||||
811,534 | Oracle Corp. | 72,332,025 | ||||||
47,731 | Palo Alto Networks, Inc.* | 22,005,900 | ||||||
173,917 | Paychex, Inc. | 19,908,279 | ||||||
235,469 | PayPal Holdings, Inc.* | 67,970,482 | ||||||
141,323 | Qorvo, Inc.* | 26,572,964 | ||||||
287,200 | QUALCOMM, Inc. | 42,129,368 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
73,722 | RingCentral, Inc., Class A* | 18,597,112 | ||||||
231,376 | salesforce.com, Inc.* | 61,377,112 | ||||||
252,417 | Seagate Technology Holdings PLC | 22,109,205 | ||||||
66,517 | ServiceNow, Inc.* | 42,813,002 | ||||||
154,665 | Skyworks Solutions, Inc. | 28,374,841 | ||||||
15,726 | Snowflake, Inc., Class A* | 4,786,208 | ||||||
51,480 | Splunk, Inc.* | 7,869,748 | ||||||
62,532 | Square, Inc., Class A* | 16,762,953 | ||||||
347,676 | SS&C Technologies Holdings, Inc. | 26,305,166 | ||||||
129,356 | Synopsys, Inc.* | 42,977,237 | ||||||
108,419 | TE Connectivity Ltd. | 16,286,702 | ||||||
26,754 | Teledyne Technologies, Inc.* | 12,397,269 | ||||||
163,400 | Teradyne, Inc. | 19,843,296 | ||||||
357,836 | Texas Instruments, Inc. | 68,314,471 | ||||||
31,941 | Trade Desk, Inc. (The), Class A* | 2,556,877 | ||||||
100,495 | Trimble, Inc.* | 9,468,639 | ||||||
8,315 | Twilio, Inc., Class A* | 2,968,122 | ||||||
19,902 | Tyler Technologies, Inc.* | 9,666,401 | ||||||
124,702 | VeriSign, Inc.* | 26,968,055 | ||||||
386,108 | Visa, Inc., Class A | 88,457,343 | ||||||
86,130 | VMware, Inc., Class A*(a) | 12,822,173 | ||||||
40,413 | Workday, Inc., Class A* | 11,039,215 | ||||||
86,262 | Xilinx, Inc. | 13,421,505 | ||||||
24,127 | Zebra Technologies Corp., Class A* | 14,166,651 | ||||||
38,715 | Zendesk, Inc.* | 4,785,174 | ||||||
63,765 | Zoom Video Communications, Inc., Class A* | 18,459,967 | ||||||
|
| |||||||
4,001,789,236 | ||||||||
|
| |||||||
Materials – 1.9% | ||||||||
29,911 | Air Products and Chemicals, Inc. | 8,061,314 | ||||||
59,370 | Albemarle Corp. | 14,055,254 | ||||||
62,378 | Avery Dennison Corp. | 14,059,377 | ||||||
85,595 | Ball Corp. | 8,213,696 | ||||||
48,084 | Celanese Corp. | 7,626,122 | ||||||
220,002 | Corteva, Inc. | 9,673,488 | ||||||
158,945 | Dow, Inc. | 9,997,640 | ||||||
101,364 | DuPont de Nemours, Inc. | 7,502,963 | ||||||
88,088 | Eastman Chemical Co. | 9,968,038 | ||||||
34,065 | Ecolab, Inc. | 7,676,888 | ||||||
440,154 | Freeport-McMoRan, Inc. | 16,017,204 | ||||||
22,215 | International Flavors & Fragrances, Inc. | 3,365,573 | ||||||
368,915 | International Paper Co. | 22,168,102 | ||||||
37,870 | LyondellBasell Industries NV, Class A | 3,800,255 | ||||||
21,484 | Martin Marietta Materials, Inc. | 8,190,775 | ||||||
76,155 | Newmont Corp. | 4,416,228 | ||||||
184,364 | Nucor Corp. | 21,673,832 | ||||||
39,948 | Packaging Corp. of America | 6,060,112 | ||||||
61,941 | PPG Industries, Inc. | 9,882,687 | ||||||
101,216 | Sherwin-Williams Co. (The) | 30,736,263 | ||||||
737,306 | Westrock Co. | 38,369,404 | ||||||
|
| |||||||
261,515,215 | ||||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – 2.2% | ||||||||
58,933 | Alexandria Real Estate Equities, Inc. REIT | $ | 12,162,003 | |||||
42,276 | American Tower Corp. REIT | 12,351,779 | ||||||
28,945 | AvalonBay Communities, Inc. REIT | 6,645,193 | ||||||
53,263 | Boston Properties, Inc. REIT | 6,018,186 | ||||||
461,530 | CBRE Group, Inc., Class A* | 44,445,339 | ||||||
64,114 | Crown Castle International Corp. REIT | 12,482,355 | ||||||
122,490 | Digital Realty Trust, Inc. REIT | 20,077,336 | ||||||
109,862 | Duke Realty Corp. REIT | 5,768,854 | ||||||
11,187 | Equinix, Inc. REIT | 9,435,675 | ||||||
110,976 | Equity Residential REIT | 9,329,752 | ||||||
12,521 | Essex Property Trust, Inc. REIT | 4,141,195 | ||||||
103,024 | Extra Space Storage, Inc. REIT | 19,256,216 | ||||||
117,346 | Invitation Homes, Inc. REIT | 4,832,308 | ||||||
152,869 | Medical Properties Trust, Inc. REIT | 3,130,757 | ||||||
82,883 | Mid-America Apartment Communities, Inc. REIT | 15,944,203 | ||||||
140,374 | Prologis, Inc. REIT | 18,902,763 | ||||||
76,803 | Public Storage REIT | 24,854,219 | ||||||
81,280 | Realty Income Corp. REIT | 5,870,042 | ||||||
26,312 | SBA Communications Corp. REIT | 9,445,219 | ||||||
48,650 | Simon Property Group, Inc. REIT | 6,540,992 | ||||||
106,393 | Sun Communities, Inc. REIT | 21,437,125 | ||||||
163,285 | Ventas, Inc. REIT | 9,134,163 | ||||||
260,871 | VICI Properties, Inc. REIT | 8,063,523 | ||||||
322,455 | Weyerhaeuser Co. REIT | 11,608,380 | ||||||
76,114 | W.P. Carey, Inc. REIT | 5,946,026 | ||||||
|
| |||||||
307,823,603 | ||||||||
|
| |||||||
Utilities – 1.8% | ||||||||
485,293 | AES Corp. (The) | 11,583,944 | ||||||
136,185 | Alliant Energy Corp. | 8,278,686 | ||||||
73,912 | Ameren Corp. | 6,483,561 | ||||||
101,567 | American Electric Power Co., Inc. | 9,097,356 | ||||||
49,815 | American Water Works Co., Inc. | 9,078,784 | ||||||
65,469 | Atmos Energy Corp. | 6,383,882 | ||||||
129,543 | CenterPoint Energy, Inc. | 3,250,234 | ||||||
123,933 | CMS Energy Corp. | 7,947,823 | ||||||
136,623 | Consolidated Edison, Inc. | 10,308,205 | ||||||
154,294 | Dominion Energy, Inc. | 12,010,245 | ||||||
74,551 | DTE Energy Co. | 8,971,467 | ||||||
158,340 | Duke Energy Corp. | 16,571,864 | ||||||
83,612 | Edison International | 4,836,118 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
41,781 | Entergy Corp. | 4,621,396 | ||||||
117,323 | Evergy, Inc. | 8,030,759 | ||||||
103,851 | Eversource Energy | 9,422,401 | ||||||
340,138 | Exelon Corp. | 16,673,565 | ||||||
172,277 | FirstEnergy Corp. | 6,696,407 | ||||||
316,719 | NextEra Energy, Inc. | 26,601,229 | ||||||
182,354 | PPL Corp. | 5,352,090 | ||||||
188,492 | Public Service Enterprise Group, Inc. | 12,052,179 | ||||||
62,732 | Sempra Energy | 8,303,208 | ||||||
142,601 | Southern Co. (The) | 9,373,164 | ||||||
99,779 | WEC Energy Group, Inc. | 9,427,120 | ||||||
188,267 | Xcel Energy, Inc. | 12,943,356 | ||||||
|
| |||||||
244,299,043 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $9,052,894,866) | $ | 13,738,914,663 | ||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
9,566,002 | 0.026% | $ | 9,566,002 | |||||
(Cost $9,566,002) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.9% | ||||||||
(Cost $9,062,460,868) | $ | 13,748,480,665 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1% | 21,366,813 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 13,769,847,478 | ||||||
|
|
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 | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
S&P 500 E-Mini Index | 37 | 09/17/21 | $ | 7,864,253 | $ | 498,672 |
70 | 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, 2021
Shares | Description | Value | ||||||
Common Stocks – 98.9% | ||||||||
Communication Services – 2.7% | ||||||||
6,949 | Advantage Solutions, Inc.* | $ | 60,526 | |||||
23,607 | AMC Entertainment Holdings, Inc., Class A*(a) | 1,112,598 | ||||||
2,945 | AMC Networks, Inc., Class A* | 139,976 | ||||||
1,618 | Bandwidth, Inc., Class A* | 166,492 | ||||||
2,026 | Cardlytics, Inc.* | 183,920 | ||||||
15,797 | Cargurus, Inc.* | 479,913 | ||||||
15,733 | Cars.com, Inc.* | 200,124 | ||||||
1,976 | Chicken Soup For The Soul Entertainment, Inc.*(a) | 47,938 | ||||||
8,166 | Cincinnati Bell, Inc.* | 126,491 | ||||||
5,126 | Cinemark Holdings, Inc.* | 91,397 | ||||||
5,522 | Cogent Communications Holdings, Inc. | 400,787 | ||||||
23,751 | Consolidated Communications Holdings, Inc.* | 220,172 | ||||||
38 | Daily Journal Corp.* | 12,920 | ||||||
33,518 | Entercom Communications Corp.* | 118,989 | ||||||
5,367 | Eventbrite, Inc., Class A* | 94,889 | ||||||
9,837 | EverQuote, Inc., Class A* | 193,690 | ||||||
11,112 | EW Scripps Co. (The), Class A | 206,016 | ||||||
29,439 | Fluent, Inc.* | 80,074 | ||||||
4,772 | fuboTV, Inc.*(a) | 139,104 | ||||||
14,861 | Gannett Co., Inc.* | 94,367 | ||||||
7,677 | Gogo, Inc.* | 103,256 | ||||||
11,768 | Gray Television, Inc. | 267,604 | ||||||
1,451 | Hemisphere Media Group, Inc.* | 17,876 | ||||||
10,922 | IDT Corp., Class B* | 474,889 | ||||||
5,850 | iHeartMedia, Inc., Class A* | 145,548 | ||||||
3,793 | IMAX Corp.* | 59,588 | ||||||
7,565 | Iridium Communications, Inc.* | 336,718 | ||||||
9,475 | John Wiley & Sons, Inc., Class A | 550,497 | ||||||
8,632 | Liberty Latin America Ltd., Class A (Chile)* | 123,092 | ||||||
17,032 | Liberty Latin America Ltd., Class C (Chile)* | 245,090 | ||||||
3,392 | Liberty Media Corp.-Liberty Braves, Class A* | 88,192 | ||||||
3,158 | Liberty Media Corp.-Liberty Braves, Class C* | 81,634 | ||||||
4,071 | Lions Gate Entertainment Corp., Class A* | 52,597 | ||||||
7,259 | Lions Gate Entertainment Corp., Class B* | 85,366 | ||||||
4,562 | Magnite, Inc.* | 132,389 | ||||||
3,872 | MediaAlpha, Inc., Class A* | 85,881 | ||||||
8,705 | Meredith Corp.* | 374,402 | ||||||
14,768 | Ooma, Inc.* | 280,592 | ||||||
18,238 | ORBCOMM, Inc.* | 209,555 | ||||||
8,588 | QuinStreet, Inc.* | 153,811 | ||||||
8,692 | Scholastic Corp. | 288,922 | ||||||
4,236 | Shenandoah Telecommunications Co. | 126,360 | ||||||
3,958 | Sinclair Broadcast Group, Inc., Class A | 118,780 | ||||||
25,618 | Stagwell, Inc.* | 178,814 | ||||||
6,261 | TechTarget, Inc.* | 529,555 | ||||||
26,100 | TEGNA, Inc. | 462,492 | ||||||
8,181 | Telephone and Data Systems, Inc. | 166,238 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Communication Services – (continued) | ||||||||
4,393 | Thryv Holdings, Inc.* | 136,139 | ||||||
66,848 | TrueCar, Inc.* | 280,762 | ||||||
3,856 | United States Cellular Corp.* | 123,199 | ||||||
4,730 | WideOpenWest, Inc.* | 100,371 | ||||||
15,325 | Yelp, Inc.* | 590,166 | ||||||
|
| |||||||
11,140,758 | ||||||||
|
| |||||||
Consumer Discretionary – 13.0% | ||||||||
14,436 | 1-800-Flowers.com, Inc., Class A* | 458,487 | ||||||
8,498 | 2U, Inc.* | 314,681 | ||||||
6,758 | Aaron’s Co., Inc. (The) | 179,222 | ||||||
15,891 | Abercrombie & Fitch Co., Class A* | 568,262 | ||||||
6,384 | Academy Sports & Outdoors, Inc.* | 282,620 | ||||||
7,050 | Acushnet Holdings Corp. | 352,218 | ||||||
5,136 | Adient PLC* | 202,050 | ||||||
11,519 | Adtalem Global Education, Inc.* | 426,203 | ||||||
2,306 | America’s Car-Mart, Inc.* | 298,235 | ||||||
13,599 | American Axle & Manufacturing Holdings, Inc.* | 120,623 | ||||||
12,813 | American Eagle Outfitters, Inc. | 391,053 | ||||||
2,385 | American Outdoor Brands, Inc.* | 66,375 | ||||||
10,308 | American Public Education, Inc.* | 271,100 | ||||||
10,523 | AMMO, Inc.* | 77,344 | ||||||
8,733 | Arko Corp.* | 90,299 | ||||||
3,148 | Asbury Automotive Group, Inc.* | 586,284 | ||||||
5,212 | Aterian, Inc.*(a) | 31,064 | ||||||
1,943 | Bally’s Corp.* | 97,616 | ||||||
8,489 | Barnes & Noble Education, Inc.* | 69,270 | ||||||
5,952 | Bassett Furniture Industries, Inc. | 127,909 | ||||||
14,346 | Beazer Homes USA, Inc.* | 268,414 | ||||||
17,580 | Bed Bath & Beyond, Inc.* | 484,153 | ||||||
7,824 | Big 5 Sporting Goods Corp.(a) | 217,507 | ||||||
7,926 | Big Lots, Inc. | 385,679 | ||||||
3,171 | BJ’s Restaurants, Inc.* | 135,592 | ||||||
8,506 | Bloomin’ Brands, Inc.* | 227,876 | ||||||
4,431 | Bluegreen Vacations Holding Corp.* | 101,426 | ||||||
3,394 | Boot Barn Holdings, Inc.* | 303,016 | ||||||
5,123 | Brinker International, Inc.* | 272,902 | ||||||
7,215 | Buckle, Inc. (The) | 279,437 | ||||||
11,009 | Caleres, Inc. | 270,711 | ||||||
10,273 | Callaway Golf Co.* | 288,260 | ||||||
3,922 | Camping World Holdings, Inc., Class A | 156,645 | ||||||
15,011 | CarParts.com, Inc.* | 259,240 | ||||||
5,626 | �� | Carriage Services, Inc. | 260,090 | |||||
13,968 | Casper Sleep, Inc.* | 69,561 | ||||||
786 | Cavco Industries, Inc.* | 200,823 | ||||||
5,837 | Century Casinos, Inc.* | 78,041 | ||||||
3,071 | Century Communities, Inc. | 215,277 | ||||||
3,793 | Cheesecake Factory, Inc. (The)* | 176,943 | ||||||
14,985 | Chico’s FAS, Inc.* | 77,472 | ||||||
3,164 | Children’s Place, Inc. (The)* | 274,762 | ||||||
3,302 | Chuy’s Holdings, Inc.* | 106,523 | ||||||
4,860 | Citi Trends, Inc.* | 418,640 | ||||||
6,737 | Clarus Corp. | 182,505 | ||||||
4,716 | Conn’s, Inc.* | 116,014 | ||||||
13,102 | Container Store Group, Inc. (The)* | 151,983 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 71 |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
7,510 | Core-Mark Holding Co., Inc. | $ | 345,460 | |||||
5,715 | Coursera, Inc.* | 219,856 | ||||||
984 | Cracker Barrel Old Country Store, Inc. | 141,283 | ||||||
11,321 | Crocs, Inc.* | 1,616,865 | ||||||
17,751 | Dana, Inc. | 412,888 | ||||||
2,831 | Dave & Buster’s Entertainment, Inc.* | 105,936 | ||||||
18,024 | Del Taco Restaurants, Inc. | 158,611 | ||||||
4,897 | Designer Brands, Inc., Class A* | 71,007 | ||||||
3,932 | Dillard’s, Inc., Class A(a) | 748,889 | ||||||
1,327 | Dine Brands Global, Inc.* | 109,769 | ||||||
5,872 | Dorman Products, Inc.* | 551,146 | ||||||
7,331 | Duluth Holdings, Inc., Class B* | 114,070 | ||||||
8,523 | El Pollo Loco Holdings, Inc.* | 154,607 | ||||||
13,808 | Ethan Allen Interiors, Inc. | 331,668 | ||||||
8,973 | Everi Holdings, Inc.* | 204,136 | ||||||
11,991 | Fiesta Restaurant Group, Inc.* | 144,012 | ||||||
4,663 | Fisker, Inc.*(a) | 65,049 | ||||||
1,865 | Flexsteel Industries, Inc. | 65,126 | ||||||
28,845 | Fossil Group, Inc.* | 386,523 | ||||||
4,596 | Fox Factory Holding Corp.* | 706,267 | ||||||
3,149 | Franchise Group, Inc. | 109,365 | ||||||
8,143 | Full House Resorts, Inc.* | 69,867 | ||||||
13,829 | Funko, Inc., Class A* | 275,750 | ||||||
6,640 | Genesco, Inc.* | 411,879 | ||||||
7,778 | Gentherm, Inc.* | 667,508 | ||||||
4,950 | G-III Apparel Group Ltd.* | 153,104 | ||||||
1,837 | Golden Entertainment, Inc.* | 87,662 | ||||||
25,040 | Goodyear Tire & Rubber Co. (The)* | 396,634 | ||||||
22,047 | GoPro, Inc., Class A* | 219,809 | ||||||
586 | Graham Holdings Co., Class B | 361,451 | ||||||
4,688 | Green Brick Partners, Inc.* | 117,153 | ||||||
2,813 | Group 1 Automotive, Inc. | 465,383 | ||||||
4,705 | Groupon, Inc.* | 116,543 | ||||||
6,160 | Guess?, Inc. | 149,010 | ||||||
11,265 | Haverty Furniture Cos., Inc. | 401,372 | ||||||
2,907 | Helen of Troy Ltd.* | 695,325 | ||||||
8,127 | Hibbett, Inc. | 777,673 | ||||||
4,737 | Hilton Grand Vacations, Inc.* | 206,960 | ||||||
31,941 | Houghton Mifflin Harcourt Co.* | 430,245 | ||||||
766 | Hovnanian Enterprises, Inc., Class A* | 83,272 | ||||||
3,053 | Installed Building Products, Inc. | 379,122 | ||||||
9,595 | International Game Technology PLC* | 206,197 | ||||||
4,742 | iRobot Corp.* | 384,671 | ||||||
2,594 | Jack in the Box, Inc. | 274,860 | ||||||
5,266 | JOANN, Inc.(a) | 72,197 | ||||||
2,790 | Johnson Outdoors, Inc., Class A | 320,264 | ||||||
13,267 | KB Home | 570,879 | ||||||
5,544 | Kirkland’s, Inc.* | 106,001 | ||||||
7,634 | Kontoor Brands, Inc. | 411,931 | ||||||
6,548 | Lands’ End, Inc.* | 221,650 | ||||||
2,689 | Latham Group, Inc.* | 59,077 | ||||||
16,724 | Laureate Education, Inc., Class A* | 266,413 | ||||||
10,877 | La-Z-Boy, Inc. | 380,804 | ||||||
4,992 | Lazydays Holdings, Inc.* | 122,653 | ||||||
4,654 | LCI Industries | 659,286 | ||||||
1,361 | LGI Homes, Inc.* | 218,209 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
5,606 | Lifetime Brands, Inc. | 102,870 | ||||||
3,792 | Liquidity Services, Inc.* | 92,525 | ||||||
3,023 | Lovesac Co. (The)* | 170,981 | ||||||
7,364 | Lumber Liquidators Holdings, Inc.* | 153,613 | ||||||
5,336 | M/I Homes, Inc.* | 343,585 | ||||||
34,871 | Macy’s, Inc.* | 780,762 | ||||||
3,900 | Malibu Boats, Inc., Class A* | 279,240 | ||||||
3,558 | Marine Products Corp. | 50,452 | ||||||
6,029 | MarineMax, Inc.* | 293,130 | ||||||
10,459 | MasterCraft Boat Holdings, Inc.* | 260,848 | ||||||
5,061 | MDC Holdings, Inc. | 264,437 | ||||||
5,084 | Meritage Homes Corp.* | 567,069 | ||||||
10,169 | Modine Manufacturing Co.* | 126,502 | ||||||
2,699 | Monarch Casino & Resort, Inc.* | 171,036 | ||||||
2,221 | Monro, Inc. | 126,397 | ||||||
4,034 | Movado Group, Inc. | 145,789 | ||||||
4,532 | Murphy USA, Inc. | 703,729 | ||||||
1,934 | Nathan’s Famous, Inc. | 127,702 | ||||||
5,290 | National Vision Holdings, Inc.* | 317,294 | ||||||
15,806 | Nautilus, Inc.* | 180,188 | ||||||
6,750 | ODP Corp. (The)* | 318,398 | ||||||
7,525 | ONE Group Hospitality, Inc. (The)* | 83,904 | ||||||
5,436 | Overstock.com, Inc.* | 392,207 | ||||||
4,657 | Oxford Industries, Inc. | 420,527 | ||||||
6,789 | Papa John’s International, Inc. | 865,801 | ||||||
8,411 | Party City Holdco, Inc.* | 57,279 | ||||||
4,305 | Patrick Industries, Inc. | 351,331 | ||||||
37,558 | Perdoceo Education Corp.* | 412,387 | ||||||
5,792 | PetMed Express, Inc. | 159,512 | ||||||
2,196 | PLBY Group, Inc.* | 54,571 | ||||||
8,297 | Purple Innovation, Inc.* | 202,447 | ||||||
7,893 | Quotient Technology, Inc.* | 57,303 | ||||||
2,414 | RCI Hospitality Holdings, Inc. | 155,969 | ||||||
3,839 | Red Robin Gourmet Burgers, Inc.* | 93,979 | ||||||
4,124 | Red Rock Resorts, Inc., Class A* | 193,044 | ||||||
15,490 | Rent-A-Center, Inc. | 977,109 | ||||||
3,983 | Revolve Group, Inc.* | 228,863 | ||||||
1,474 | Rocky Brands, Inc. | 73,228 | ||||||
3,562 | Ruth’s Hospitality Group, Inc.* | 72,985 | ||||||
17,583 | Sally Beauty Holdings, Inc.* | 326,868 | ||||||
6,120 | Scientific Games Corp.* | 442,782 | ||||||
3,430 | SeaWorld Entertainment, Inc.* | 168,722 | ||||||
1,668 | Shake Shack, Inc., Class A* | 144,699 | ||||||
12,004 | Shoe Carnival, Inc. | 459,513 | ||||||
5,376 | Shutterstock, Inc. | 619,638 | ||||||
5,819 | Signet Jewelers Ltd. | 460,865 | ||||||
4,962 | Skyline Champion Corp.* | 311,217 | ||||||
6,724 | Sleep Number Corp.* | 622,037 | ||||||
13,826 | Smith & Wesson Brands, Inc. | 333,621 | ||||||
2,869 | Sonic Automotive, Inc., Class A | 144,999 | ||||||
17,271 | Sonos, Inc.* | 686,177 | ||||||
13,156 | Sportsman’s Warehouse Holdings, Inc.* | 233,387 | ||||||
2,186 | Stamps.com, Inc.* | 718,975 | ||||||
8,597 | Standard Motor Products, Inc. | 368,725 | ||||||
12,544 | Steven Madden Ltd. | 507,656 | ||||||
8,847 | Stitch Fix, Inc., Class A* | 370,778 | ||||||
|
|
72 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
12,746 | Stoneridge, Inc.* | $ | 296,982 | |||||
2,957 | Strategic Education, Inc. | 231,474 | ||||||
16,243 | Stride, Inc.* | 556,160 | ||||||
5,166 | Sturm Ruger & Co., Inc. | 403,930 | ||||||
17,313 | Taylor Morrison Home Corp.* | 486,322 | ||||||
5,886 | Tenneco, Inc., Class A* | 91,822 | ||||||
6,448 | Texas Roadhouse, Inc. | 612,560 | ||||||
2,846 | TravelCenters of America, Inc.* | 119,447 | ||||||
16,370 | Tri Pointe Homes, Inc.* | 389,115 | ||||||
19,294 | Tupperware Brands Corp.* | 460,548 | ||||||
4,759 | Unifi, Inc.* | 110,599 | ||||||
4,448 | Urban Outfitters, Inc.* | 146,873 | ||||||
14,676 | Vera Bradley, Inc.* | 168,187 | ||||||
6,684 | Vista Outdoor, Inc.* | 273,041 | ||||||
1,771 | Visteon Corp.* | 187,159 | ||||||
7,425 | Vivint Smart Home, Inc.* | 90,585 | ||||||
5,938 | VOXX International Corp.* | 62,171 | ||||||
5,066 | Vuzix Corp.*(a) | 67,023 | ||||||
6,222 | Wingstop, Inc. | 1,069,748 | ||||||
1,637 | Winmark Corp. | 343,164 | ||||||
3,402 | Winnebago Industries, Inc. | 236,847 | ||||||
9,958 | Wolverine World Wide, Inc. | 357,094 | ||||||
5,915 | Workhorse Group, Inc.*(a) | 58,026 | ||||||
16,697 | WW International, Inc.* | 361,490 | ||||||
3,982 | XPEL, Inc.* | 302,552 | ||||||
8,628 | Zumiez, Inc.* | 346,759 | ||||||
|
| |||||||
53,673,084 | ||||||||
|
| |||||||
Consumer Staples – 3.4% | ||||||||
18,105 | 22nd Century Group, Inc.*(a) | 64,635 | ||||||
2,696 | Andersons, Inc. (The) | 81,904 | ||||||
7,900 | B&G Foods, Inc.(a) | 239,844 | ||||||
6,639 | Beauty Health Co. (The)* | 170,689 | ||||||
6,964 | BellRing Brands, Inc., Class A* | 235,174 | ||||||
18,488 | BJ’s Wholesale Club Holdings, Inc.* | 1,047,530 | ||||||
1,298 | Calavo Growers, Inc. | 60,902 | ||||||
2,800 | Cal-Maine Foods, Inc. | 101,248 | ||||||
9,938 | Celsius Holdings, Inc.* | 812,531 | ||||||
3,755 | Central Garden & Pet Co.* | 172,918 | ||||||
5,295 | Central Garden & Pet Co., Class A* | 220,643 | ||||||
2,994 | Chefs’ Warehouse, Inc. (The)* | 90,509 | ||||||
1,628 | Coca-Cola Consolidated, Inc. | 661,228 | ||||||
6,352 | Edgewell Personal Care Co. | 268,690 | ||||||
4,830 | elf Beauty, Inc.* | 149,488 | ||||||
3,391 | Energizer Holdings, Inc. | 133,402 | ||||||
6,133 | Fresh Del Monte Produce, Inc. | 201,653 | ||||||
21,967 | Hostess Brands, Inc.* | 350,593 | ||||||
7,084 | Ingles Markets, Inc., Class A | 480,933 | ||||||
2,802 | Inter Parfums, Inc. | 203,257 | ||||||
1,262 | J & J Snack Foods Corp. | 206,665 | ||||||
3,226 | John B. Sanfilippo & Son, Inc. | 274,178 | ||||||
2,506 | Lancaster Colony Corp. | 444,163 | ||||||
7,403 | Landec Corp.* | 80,174 | ||||||
2,633 | Medifast, Inc. | 600,061 | ||||||
1,395 | MGP Ingredients, Inc. | 91,093 | ||||||
9,675 | National Beverage Corp.(a) | 450,371 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
1,691 | Nature’s Sunshine Products, Inc. | 28,950 | ||||||
50,609 | NewAge, Inc.* | 89,072 | ||||||
7,584 | Nu Skin Enterprises, Inc., Class A | 383,902 | ||||||
15,019 | Performance Food Group Co.* | 754,254 | ||||||
1,818 | PriceSmart, Inc. | 153,821 | ||||||
23,784 | Primo Water Corp. | 422,404 | ||||||
13,327 | Rite Aid Corp.* | 236,421 | ||||||
2,207 | Sanderson Farms, Inc. | 433,676 | ||||||
6,264 | Simply Good Foods Co. (The)* | 223,124 | ||||||
12,889 | SpartanNash Co. | 277,114 | ||||||
13,968 | Sprouts Farmers Market, Inc.* | 347,803 | ||||||
6,757 | TreeHouse Foods, Inc.* | 253,185 | ||||||
3,835 | Turning Point Brands, Inc. | 190,830 | ||||||
12,281 | United Natural Foods, Inc.* | 451,941 | ||||||
4,632 | Universal Corp. | 234,379 | ||||||
3,933 | USANA Health Sciences, Inc.* | 381,619 | ||||||
5,419 | Utz Brands, Inc. | 105,237 | ||||||
25,723 | Vector Group Ltd. | 386,359 | ||||||
5,781 | Village Super Market, Inc., Class A | 129,437 | ||||||
6,770 | Vital Farms, Inc.* | 121,725 | ||||||
2,156 | WD-40 Co. | 516,642 | ||||||
4,115 | Weis Markets, Inc. | 234,349 | ||||||
|
| |||||||
14,250,720 | ||||||||
|
| |||||||
Energy – 2.9% | ||||||||
6,185 | Aemetis, Inc.* | 68,777 | ||||||
48,575 | Alto Ingredients, Inc.* | 247,247 | ||||||
1,174 | Altus Midstream Co., Class A | 76,521 | ||||||
25,413 | Antero Resources Corp.* | 348,666 | ||||||
1,499 | Arch Resources, Inc.* | 113,459 | ||||||
30,999 | Archrock, Inc. | 238,072 | ||||||
14,672 | Aspen Aerogels, Inc.* | 641,900 | ||||||
3,367 | Bonanza Creek Energy, Inc. | 130,909 | ||||||
3,614 | Bristow Group, Inc.* | 114,058 | ||||||
8,419 | Cactus, Inc., Class A | 315,797 | ||||||
2,492 | California Resources Corp.* | 85,301 | ||||||
1,517 | Callon Petroleum Co.* | 51,836 | ||||||
11,885 | Centennial Resource Development, Inc., Class A* | 60,614 | ||||||
16,918 | ChampionX Corp.* | 394,697 | ||||||
9,328 | Chesapeake Energy Corp. | 520,596 | ||||||
21,214 | Clean Energy Fuels Corp.* | 168,227 | ||||||
11,678 | CNX Resources Corp.* | 132,662 | ||||||
12,701 | Comstock Resources, Inc.* | 75,063 | ||||||
7,050 | CONSOL Energy, Inc.* | 160,952 | ||||||
2,905 | Denbury, Inc.* | 204,309 | ||||||
59,393 | DHT Holdings, Inc. | 328,443 | ||||||
7,400 | DMC Global, Inc.* | 297,258 | ||||||
12,315 | Dorian LPG Ltd. | 162,804 | ||||||
18,304 | Energy Fuels, Inc.*(a) | 99,025 | ||||||
25,537 | Equitrans Midstream Corp. | 222,938 | ||||||
10,778 | Frontline Ltd. (Norway)(a) | 77,817 | ||||||
10,318 | Gevo, Inc.*(a) | 64,281 | ||||||
6,205 | Golar LNG Ltd. (Cameroon)* | 69,806 | ||||||
3,109 | Green Plains, Inc.* | 109,126 | ||||||
23,795 | Helix Energy Solutions Group, Inc.* | 89,469 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – (continued) | ||||||||
3,692 | Helmerich & Payne, Inc. | $ | 99,389 | |||||
8,593 | International Seaways, Inc. | 147,800 | ||||||
23,245 | Kosmos Energy Ltd. (Ghana)* | 54,858 | ||||||
1,086 | Laredo Petroleum, Inc.* | 58,677 | ||||||
8,167 | Liberty Oilfield Services, Inc., Class A* | 83,467 | ||||||
38,372 | Magnolia Oil & Gas Corp., Class A | 601,673 | ||||||
8,427 | Matador Resources Co. | 242,276 | ||||||
2,161 | Nabors Industries Ltd.* | 182,259 | ||||||
6,580 | National Energy Services Reunited Corp.* | 74,683 | ||||||
22,010 | Newpark Resources, Inc.* | 57,666 | ||||||
27,948 | NexTier Oilfield Solutions, Inc.* | 100,613 | ||||||
32,857 | Nordic American Tankers Ltd.(a) | 77,871 | ||||||
808 | Oasis Petroleum, Inc. | 69,965 | ||||||
10,806 | Oceaneering International, Inc.* | 132,914 | ||||||
18,690 | Oil States International, Inc.* | 109,523 | ||||||
20,643 | Ovintiv, Inc. | 562,728 | ||||||
9,428 | Patterson-UTI Energy, Inc. | 73,161 | ||||||
9,665 | PDC Energy, Inc. | 403,514 | ||||||
34,360 | ProPetro Holding Corp.* | 265,946 | ||||||
13,572 | Range Resources Corp.* | 198,423 | ||||||
12,163 | Renewable Energy Group, Inc.* | 588,932 | ||||||
1,296 | REX American Resources Corp.* | 109,849 | ||||||
1,600 | Riley Exploration Permian, Inc. | 32,320 | ||||||
41,139 | RPC, Inc.* | 157,562 | ||||||
3,744 | Scorpio Tankers, Inc. (Monaco) | 60,690 | ||||||
15,104 | SFL Corp. Ltd. (Norway) | 121,285 | ||||||
6,604 | SM Energy Co. | 126,136 | ||||||
17,206 | Solaris Oilfield Infrastructure, Inc., Class A | 127,841 | ||||||
31,098 | Southwestern Energy Co.* | 141,496 | ||||||
21,316 | Teekay Corp. (Bermuda)* | 64,587 | ||||||
5,657 | Teekay Tankers Ltd., Class A (Bermuda)* | 64,773 | ||||||
29,668 | Tellurian, Inc.* | 94,641 | ||||||
20,363 | TETRA Technologies, Inc.* | 65,976 | ||||||
31,222 | Uranium Energy Corp.*(a) | 78,367 | ||||||
51,676 | Ur-Energy, Inc.* | 67,179 | ||||||
9,536 | US Silica Holdings, Inc.* | 83,726 | ||||||
61,792 | W&T Offshore, Inc.* | 201,442 | ||||||
2,268 | Whiting Petroleum Corp.* | 106,483 | ||||||
10,281 | World Fuel Services Corp. | 332,693 | ||||||
|
| |||||||
11,894,014 | ||||||||
|
| |||||||
Financials – 16.5% | ||||||||
2,657 | 1st Source Corp. | 124,879 | ||||||
2,503 | Allegiance Bancshares, Inc. | 93,037 | ||||||
5,314 | Altabancorp | 220,637 | ||||||
2,391 | A-Mark Precious Metals, Inc. | 115,987 | ||||||
14,796 | American Equity Investment Life Holding Co. | 468,885 | ||||||
3,038 | American National Bankshares, Inc. | 103,839 | ||||||
1,367 | American National Group, Inc. | 263,148 | ||||||
9,093 | Ameris Bancorp | 447,739 | ||||||
5,502 | AMERISAFE, Inc. | 316,640 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
9,265 | Apollo Commercial Real Estate Finance, Inc. REIT | 144,071 | ||||||
14,894 | Arbor Realty Trust, Inc. REIT | 272,262 | ||||||
10,768 | Ares Commercial Real Estate Corp. REIT | 169,919 | ||||||
2,644 | Argo Group International Holdings Ltd. | 139,868 | ||||||
14,369 | ARMOUR Residential REIT, Inc. REIT | 156,047 | ||||||
5,683 | Arrow Financial Corp. | 209,419 | ||||||
12,906 | Artisan Partners Asset Management, Inc., Class A | 670,596 | ||||||
12,041 | Associated Banc-Corp. | 248,285 | ||||||
6,046 | Atlantic Capital Bancshares, Inc.* | 146,495 | ||||||
7,751 | Atlantic Union Bankshares Corp. | 286,787 | ||||||
17,113 | Axos Financial, Inc.* | 829,638 | ||||||
5,461 | B. Riley Financial, Inc. | 357,914 | ||||||
4,681 | BancFirst Corp. | 264,757 | ||||||
5,525 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) | 94,257 | ||||||
10,348 | Bancorp, Inc. (The)* | 255,182 | ||||||
11,452 | BancorpSouth Bank | 335,887 | ||||||
1,741 | Bank First Corp. | 123,611 | ||||||
2,756 | Bank of Marin Bancorp | 99,767 | ||||||
14,584 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 485,793 | ||||||
5,315 | BankUnited, Inc. | 223,389 | ||||||
4,087 | Banner Corp. | 233,776 | ||||||
862 | Bar Harbor Bankshares | 23,619 | ||||||
2,925 | Berkshire Hills Bancorp, Inc. | 74,968 | ||||||
21,265 | BGC Partners, Inc., Class A | 109,515 | ||||||
10,745 | Blackstone Mortgage Trust, Inc., Class A REIT | 352,543 | ||||||
5,176 | Blue Ridge Bankshares, Inc. | 91,874 | ||||||
22,117 | Brightsphere Investment Group, Inc. | 601,361 | ||||||
8,348 | Broadmark Realty Capital, Inc. REIT | 87,738 | ||||||
10,925 | Brookline Bancorp, Inc. | 163,547 | ||||||
3,059 | BRP Group, Inc., Class A* | 115,171 | ||||||
4,144 | Bryn Mawr Bank Corp. | 169,075 | ||||||
18,131 | Cadence BanCorp | 389,998 | ||||||
1,171 | Cambridge Bancorp | 100,402 | ||||||
6,129 | Camden National Corp. | 286,040 | ||||||
14,908 | Cannae Holdings, Inc.* | 475,863 | ||||||
6,024 | Capital City Bank Group, Inc. | 139,697 | ||||||
11,247 | Capitol Federal Financial, Inc. | 129,790 | ||||||
21,871 | Capstead Mortgage Corp. REIT | 150,691 | ||||||
11,952 | Cathay General Bancorp | 475,451 | ||||||
5,209 | Central Pacific Financial Corp. | 131,840 | ||||||
1,586 | Century Bancorp, Inc., Class A | 181,327 | ||||||
25,551 | Chimera Investment Corp. REIT | 391,441 | ||||||
7,829 | CIT Group, Inc. | 433,883 | ||||||
2,058 | Citizens & Northern Corp. | 51,635 | ||||||
4,459 | City Holding Co. | 347,356 | ||||||
7,518 | Civista Bancshares, Inc. | 176,823 | ||||||
5,125 | CNB Financial Corp. | 125,973 | ||||||
17,748 | CNO Financial Group, Inc. | 434,116 | ||||||
6,303 | Cohen & Steers, Inc. | 552,836 | ||||||
7,948 | Columbia Banking System, Inc. | 288,989 | ||||||
4,809 | Columbia Financial, Inc.* | 86,706 | ||||||
|
|
74 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
5,900 | Community Bank System, Inc. | $ | 436,600 | |||||
3,710 | Community Trust Bancorp, Inc. | 154,559 | ||||||
4,869 | ConnectOne Bancorp, Inc. | 139,302 | ||||||
9,147 | Cowen, Inc., Class A | 329,658 | ||||||
3,298 | Crawford & Co., Class A | 32,881 | ||||||
6,942 | Curo Group Holdings Corp. | 113,641 | ||||||
10,349 | Customers Bancorp, Inc.* | 428,552 | ||||||
12,913 | CVB Financial Corp. | 262,909 | ||||||
1,281 | Diamond Hill Investment Group, Inc. | 234,461 | ||||||
5,166 | Dime Community Bancshares, Inc. | 170,478 | ||||||
2,774 | Donegal Group, Inc., Class A | 41,776 | ||||||
7,256 | Donnelley Financial Solutions, Inc.* | 241,988 | ||||||
14,019 | Dynex Capital, Inc. REIT | 248,977 | ||||||
6,346 | Eagle Bancorp, Inc. | 366,164 | ||||||
7,444 | Eastern Bankshares, Inc. | 147,242 | ||||||
1,626 | eHealth, Inc.* | 62,845 | ||||||
10,179 | Ellington Financial, Inc. REIT | 188,515 | ||||||
7,765 | Employers Holdings, Inc. | 319,685 | ||||||
8,586 | Encore Capital Group, Inc.* | 422,517 | ||||||
12,272 | Enova International, Inc.* | 404,731 | ||||||
2,295 | Enstar Group Ltd.* | 529,388 | ||||||
4,306 | Enterprise Financial Services Corp. | 193,382 | ||||||
15,874 | Essent Group Ltd. | 747,348 | ||||||
8,477 | Farmers National Banc Corp. | 132,241 | ||||||
6,408 | FB Financial Corp. | 263,946 | ||||||
6,057 | Federal Agricultural Mortgage Corp., Class C | 592,980 | ||||||
17,266 | Federated Hermes, Inc. | 584,109 | ||||||
6,103 | Financial Institutions, Inc. | 193,831 | ||||||
20,545 | First BanCorp. (Puerto Rico) | 261,538 | ||||||
4,284 | First Bancorp, Inc. (The) | 127,192 | ||||||
3,014 | First Bancshares, Inc. (The) | 122,127 | ||||||
5,773 | First BankCorp | 241,081 | ||||||
6,909 | First Busey Corp. | 163,743 | ||||||
15,691 | First Commonwealth Financial Corp. | 212,142 | ||||||
721 | First Community Bankshares, Inc. | 22,524 | ||||||
13,952 | First Financial Bancorp | 328,012 | ||||||
17,900 | First Financial Bankshares, Inc. | 852,398 | ||||||
2,951 | First Financial Corp. | 119,309 | ||||||
7,948 | First Foundation, Inc. | 190,990 | ||||||
3,576 | First Internet Bancorp | 106,279 | ||||||
4,453 | First Interstate BancSystem, Inc., Class A | 196,199 | ||||||
9,641 | First Merchants Corp. | 396,727 | ||||||
3,329 | First Mid Bancshares, Inc. | 136,156 | ||||||
9,704 | First Midwest Bancorp, Inc. | 181,756 | ||||||
6,481 | First of Long Island Corp. (The) | 137,397 | ||||||
3,906 | FirstCash, Inc. | 334,705 | ||||||
12,716 | Flagstar Bancorp, Inc. | 628,933 | ||||||
9,202 | Flushing Financial Corp. | 211,002 | ||||||
2,496 | Focus Financial Partners, Inc., Class A* | 129,493 | ||||||
4,882 | FS Bancorp, Inc. | 166,818 | ||||||
22,380 | Fulton Financial Corp. | 354,723 | ||||||
60,316 | Genworth Financial, Inc., Class A* | 226,185 | ||||||
7,225 | German American Bancorp, Inc. | 269,926 | ||||||
10,486 | Glacier Bancorp, Inc. | 558,484 | ||||||
1,209 | Goosehead Insurance, Inc., Class A | 177,457 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
5,363 | Granite Point Mortgage Trust, Inc. REIT | 73,795 | ||||||
9,232 | Great Ajax Corp. REIT | 130,448 | ||||||
4,581 | Great Southern Bancorp, Inc. | 249,527 | ||||||
2,396 | Great Western Bancorp, Inc. | 74,180 | ||||||
3,128 | Green Dot Corp., Class A* | 163,407 | ||||||
9,971 | Greenhill & Co., Inc. | 146,973 | ||||||
5,953 | Hamilton Lane, Inc., Class A | 512,375 | ||||||
5,174 | Hancock Whitney Corp. | 237,797 | ||||||
6,948 | Hanmi Financial Corp. | 133,957 | ||||||
5,958 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 359,684 | ||||||
10,657 | HarborOne Bancorp, Inc. | 150,583 | ||||||
1,747 | HCI Group, Inc. | 195,070 | ||||||
5,888 | Heartland Financial USA, Inc. | 276,913 | ||||||
13,007 | Heritage Commerce Corp. | 146,589 | ||||||
4,489 | Heritage Financial Corp. | 114,245 | ||||||
14,756 | Hilltop Holdings, Inc. | 493,883 | ||||||
885 | Hingham Institution For Savings (The) | 287,183 | ||||||
2,694 | Home Bancorp, Inc. | 100,810 | ||||||
20,634 | Home BancShares, Inc. | 457,043 | ||||||
6,613 | HomeStreet, Inc. | 270,141 | ||||||
4,241 | HomeTrust Bancshares, Inc. | 117,985 | ||||||
16,471 | Hope Bancorp, Inc. | 227,135 | ||||||
8,019 | Horace Mann Educators Corp. | 328,779 | ||||||
9,250 | Horizon Bancorp, Inc. | 165,113 | ||||||
7,272 | Houlihan Lokey, Inc. | 655,934 | ||||||
389 | Howard Bancorp, Inc.* | 7,741 | ||||||
9,514 | Independent Bank Corp. | 199,223 | ||||||
4,031 | Independent Bank Corp. | 309,178 | ||||||
4,580 | Independent Bank Group, Inc. | 322,569 | ||||||
7,595 | International Bancshares Corp. | 318,079 | ||||||
24,412 | Investors Bancorp, Inc. | 349,336 | ||||||
855 | Investors Title Co. | 164,040 | ||||||
2,347 | James River Group Holdings Ltd. | 86,346 | ||||||
8,159 | Kearny Financial Corp. | 103,538 | ||||||
3,112 | Kinsale Capital Group, Inc. | 565,917 | ||||||
5,768 | KKR Real Estate Finance Trust, Inc. REIT | 123,031 | ||||||
8,585 | Lakeland Bancorp, Inc. | 144,915 | ||||||
6,545 | Lakeland Financial Corp. | 434,653 | ||||||
4,297 | LendingClub Corp.* | 133,465 | ||||||
5,802 | Live Oak Bancshares, Inc. | 355,140 | ||||||
14,516 | Macatawa Bank Corp. | 119,176 | ||||||
22,938 | Maiden Holdings Ltd.* | 71,796 | ||||||
11,613 | MBIA, Inc.* | 129,949 | ||||||
5,113 | Mercantile Bank Corp. | 159,526 | ||||||
6,786 | Meridian Bancorp, Inc. | 141,013 | ||||||
8,148 | Meta Financial Group, Inc. | 400,800 | ||||||
45,613 | MFA Financial, Inc. REIT | 218,942 | ||||||
3,985 | Midland States Bancorp, Inc. | 100,821 | ||||||
3,280 | MidWestOne Financial Group, Inc. | 96,301 | ||||||
8,650 | Moelis & Co., Class A | 535,868 | ||||||
25,330 | Mr Cooper Group, Inc.* | 984,830 | ||||||
3,970 | National Bank Holdings Corp., Class A | 148,875 | ||||||
576 | National Western Life Group, Inc., Class A | 127,676 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
32,975 | Navient Corp. | $ | 765,350 | |||||
6,230 | NBT Bancorp, Inc. | 223,408 | ||||||
3,704 | Nelnet, Inc., Class A | 299,580 | ||||||
44,027 | New York Mortgage Trust, Inc. REIT | 194,599 | ||||||
286 | NI Holdings, Inc.* | 5,583 | ||||||
3,202 | Nicolet Bankshares, Inc.* | 244,665 | ||||||
12,345 | NMI Holdings, Inc., Class A* | 278,627 | ||||||
3,522 | Northrim BanCorp, Inc. | 147,818 | ||||||
12,060 | Northwest Bancshares, Inc. | 157,021 | ||||||
6,042 | OceanFirst Financial Corp. | 128,453 | ||||||
2,664 | Ocwen Financial Corp.* | 75,391 | ||||||
9,456 | OFG Bancorp (Puerto Rico) | 225,147 | ||||||
19,419 | Old National Bancorp | 323,521 | ||||||
11,446 | Old Second Bancorp, Inc. | 134,605 | ||||||
5,371 | Open Lending Corp., Class A* | 198,566 | ||||||
3,354 | Oppenheimer Holdings, Inc., Class A | 156,263 | ||||||
14,927 | Orchid Island Capital, Inc. REIT | 74,934 | ||||||
1,977 | Origin Bancorp, Inc. | 81,354 | ||||||
5,756 | Pacific Premier Bancorp, Inc. | 230,010 | ||||||
3,045 | Park National Corp. | 356,996 | ||||||
4,510 | PCSB Financial Corp. | 82,217 | ||||||
5,367 | Peapack-Gladstone Financial Corp. | 178,775 | ||||||
12,139 | PennyMac Financial Services, Inc. | 807,850 | ||||||
14,354 | PennyMac Mortgage Investment Trust REIT | 278,611 | ||||||
5,754 | Peoples Bancorp, Inc. | 179,755 | ||||||
2,807 | Peoples Financial Services Corp. | 129,375 | ||||||
1,803 | Piper Sandler Cos. | 257,685 | ||||||
4,785 | PJT Partners, Inc., Class A | 377,919 | ||||||
5,674 | PRA Group, Inc.* | 238,308 | ||||||
5,702 | Preferred Bank | 364,301 | ||||||
7,227 | Premier Financial Bancorp, Inc. | 130,158 | ||||||
5,440 | Premier Financial Corp. | 165,376 | ||||||
6,583 | Primis Financial Corp. | 98,679 | ||||||
5,156 | ProAssurance Corp. | 131,478 | ||||||
6,167 | PROG Holdings, Inc. | 291,822 | ||||||
9,340 | Provident Financial Services, Inc. | 206,134 | ||||||
11,471 | Pzena Investment Management, Inc., Class A | 125,149 | ||||||
3,914 | QCR Holdings, Inc. | 203,332 | ||||||
29,216 | Radian Group, Inc. | 690,374 | ||||||
7,521 | Ready Capital Corp. REIT | 115,147 | ||||||
19,851 | Redwood Trust, Inc. REIT | 247,542 | ||||||
4,654 | Regional Management Corp. | 276,587 | ||||||
6,154 | Renasant Corp. | 216,005 | ||||||
4,216 | Republic Bancorp, Inc., Class A | 211,348 | ||||||
4,541 | RLI Corp. | 496,013 | ||||||
5,772 | S&T Bancorp, Inc. | 172,006 | ||||||
3,477 | Safety Insurance Group, Inc. | 282,715 | ||||||
6,292 | Sandy Spring Bancorp, Inc. | 274,142 | ||||||
3,265 | Sculptor Capital Management, Inc. | 92,400 | ||||||
6,050 | Seacoast Banking Corp. of Florida | 193,237 | ||||||
9,004 | Selective Insurance Group, Inc. | 752,464 | ||||||
7,823 | Selectquote, Inc.* | 74,710 | ||||||
11,617 | ServisFirst Bancshares, Inc. | 852,920 | ||||||
4,991 | Sierra Bancorp | 126,871 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,305 | Silvergate Capital Corp., Class A* | 147,439 | ||||||
10,226 | Simmons First National Corp., Class A | 297,065 | ||||||
17,398 | SiriusPoint Ltd. (Bermuda)* | 170,674 | ||||||
1,634 | SmartFinancial, Inc. | 40,817 | ||||||
4,284 | South State Corp. | 293,797 | ||||||
4,278 | Southern First Bancshares, Inc.* | 218,092 | ||||||
4,597 | Southern Missouri Bancorp, Inc. | 207,417 | ||||||
4,603 | Southside Bancshares, Inc. | 173,487 | ||||||
7,042 | StepStone Group, Inc., Class A | 337,101 | ||||||
7,235 | Stewart Information Services Corp. | 455,443 | ||||||
7,113 | Stock Yards Bancorp, Inc. | 366,889 | ||||||
4,411 | StoneX Group, Inc.* | 307,403 | ||||||
938 | Summit Financial Group, Inc. | 22,456 | ||||||
3,959 | Texas Capital Bancshares, Inc.* | 269,172 | ||||||
2,590 | Tompkins Financial Corp. | 206,138 | ||||||
9,627 | Towne Bank | 293,335 | ||||||
6,373 | TPG RE Finance Trust, Inc. REIT | 80,300 | ||||||
6,304 | TriCo Bancshares | 249,323 | ||||||
8,337 | TriState Capital Holdings, Inc.* | 168,491 | ||||||
4,769 | Triumph Bancorp, Inc.* | 392,107 | ||||||
1,958 | Trupanion, Inc.* | 179,314 | ||||||
4,017 | TrustCo Bank Corp. | 128,906 | ||||||
8,898 | Trustmark Corp. | 281,355 | ||||||
36,871 | Two Harbors Investment Corp. REIT | 243,349 | ||||||
5,674 | UMB Financial Corp. | 519,625 | ||||||
11,207 | United Bankshares, Inc. | 407,150 | ||||||
12,571 | United Community Banks, Inc. | 379,267 | ||||||
8,946 | Universal Insurance Holdings, Inc. | 127,391 | ||||||
4,772 | Univest Financial Corp. | 129,226 | ||||||
48,565 | Valley National Bancorp | 633,288 | ||||||
7,027 | Veritex Holdings, Inc. | 252,480 | ||||||
1,715 | Virtus Investment Partners, Inc. | 536,281 | ||||||
8,316 | Walker & Dunlop, Inc. | 923,492 | ||||||
10,306 | Washington Federal, Inc. | 343,190 | ||||||
4,722 | Washington Trust Bancorp, Inc. | 251,494 | ||||||
11,632 | Waterstone Financial, Inc. | 235,897 | ||||||
8,081 | WesBanco, Inc. | 274,754 | ||||||
9,015 | West BanCorp, Inc. | 275,769 | ||||||
3,629 | Westamerica BanCorp | 205,909 | ||||||
1,666 | World Acceptance Corp.* | 316,323 | ||||||
4,996 | WSFS Financial Corp. | 226,868 | ||||||
|
| |||||||
67,994,644 | ||||||||
|
| |||||||
Health Care – 16.4% | ||||||||
4,400 | 1Life Healthcare, Inc.* | 107,844 | ||||||
18,786 | ACADIA Pharmaceuticals, Inc.* | 328,943 | ||||||
1,524 | Accolade, Inc.* | 72,207 | ||||||
22,226 | Accuray, Inc.* | 90,460 | ||||||
4,559 | Aclaris Therapeutics, Inc.* | 73,901 | ||||||
7,144 | AdaptHealth Corp.* | 171,742 | ||||||
2,521 | Addus HomeCare Corp.* | 226,688 | ||||||
12,143 | Affimed NV (Germany)* | 85,487 | ||||||
1,998 | Agios Pharmaceuticals, Inc.* | 89,271 | ||||||
102,520 | Akebia Therapeutics, Inc.* | 301,409 | ||||||
6,851 | Aldeyra Therapeutics, Inc.* | 65,016 | ||||||
33,980 | Alkermes PLC* | 1,062,215 | ||||||
|
|
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) | ||||||||
Health Care – (continued) | ||||||||
1,351 | Allakos, Inc.* | $ | 120,455 | |||||
26,390 | Allscripts Healthcare Solutions, Inc.* | 405,350 | ||||||
22,879 | Alphatec Holdings, Inc.* | 331,288 | ||||||
6,157 | American Well Corp., Class A* | 65,941 | ||||||
9,268 | AMN Healthcare Services, Inc.* | 1,052,103 | ||||||
63,893 | Amneal Pharmaceuticals, Inc.* | 360,357 | ||||||
16,613 | Amphastar Pharmaceuticals, Inc.* | 326,612 | ||||||
44,371 | Ampio Pharmaceuticals, Inc.* | 72,768 | ||||||
5,711 | Anavex Life Sciences Corp.* | 111,307 | ||||||
10,883 | AngioDynamics, Inc.* | 307,989 | ||||||
6,639 | ANI Pharmaceuticals, Inc.* | 201,361 | ||||||
5,991 | Anika Therapeutics, Inc.* | 258,392 | ||||||
81,148 | Antares Pharma, Inc.* | 319,723 | ||||||
2,591 | Apellis Pharmaceuticals, Inc.* | 170,617 | ||||||
2,297 | Apollo Medical Holdings, Inc.* | 174,365 | ||||||
3,026 | Apyx Medical Corp.* | 35,737 | ||||||
7,701 | Arcus Biosciences, Inc.* | 224,638 | ||||||
3,282 | Arena Pharmaceuticals, Inc.* | 173,683 | ||||||
9,257 | Arrowhead Pharmaceuticals, Inc.* | 621,330 | ||||||
26,507 | Asensus Surgical, Inc.* | 58,315 | ||||||
12,695 | Atea Pharmaceuticals, Inc.* | 377,295 | ||||||
5,010 | AtriCure, Inc.* | 368,836 | ||||||
168 | Atrion Corp. | 116,602 | ||||||
2,536 | Avanos Medical, Inc.* | 83,688 | ||||||
9,407 | Avid Bioservices, Inc.* | 228,026 | ||||||
2,214 | Axonics, Inc.* | 166,006 | ||||||
1,943 | Beam Therapeutics, Inc.* | 215,518 | ||||||
13,605 | BioCryst Pharmaceuticals, Inc.* | 216,592 | ||||||
62,512 | BioDelivery Sciences International, Inc.* | 241,296 | ||||||
2,523 | Biohaven Pharmaceutical Holding Co. Ltd.* | 331,119 | ||||||
2,817 | BioLife Solutions, Inc.* | 164,400 | ||||||
16,965 | Bionano Genomics, Inc.*(a) | 98,906 | ||||||
6,660 | Blueprint Medicines Corp.* | 621,178 | ||||||
6,222 | Bridgebio Pharma, Inc.* | 311,784 | ||||||
40,914 | Brookdale Senior Living, Inc.* | 298,672 | ||||||
7,319 | Cara Therapeutics, Inc.* | 115,494 | ||||||
11,198 | Cardiovascular Systems, Inc.* | 400,776 | ||||||
2,877 | CareDx, Inc.* | 210,827 | ||||||
1,604 | Cassava Sciences, Inc.*(a) | 91,187 | ||||||
2,081 | Castle Biosciences, Inc.* | 159,675 | ||||||
81,114 | Castlight Health, Inc., Class B* | 146,816 | ||||||
65,953 | Catalyst Pharmaceuticals, Inc.* | 363,401 | ||||||
3,024 | Celcuity, Inc. *(a) | 66,528 | ||||||
2,890 | Celldex Therapeutics, Inc.* | 152,159 | ||||||
17,287 | Cerus Corp.* | 111,501 | ||||||
21,064 | ChromaDex Corp.* | 179,676 | ||||||
19,298 | Citius Pharmaceuticals, Inc.*(a) | 43,421 | ||||||
4,342 | ClearPoint Neuro, Inc.* | 81,934 | ||||||
20,914 | Coherus Biosciences, Inc.* | 334,206 | ||||||
23,907 | Collegium Pharmaceutical, Inc.* | 490,811 | ||||||
18,681 | Community Health Systems, Inc.* | 229,963 | ||||||
9,575 | Computer Programs and Systems, Inc.* | 340,583 | ||||||
3,471 | CONMED Corp. | 455,881 | ||||||
45,954 | Corcept Therapeutics, Inc.* | 977,901 | ||||||
2,530 | CorVel Corp.* | 416,969 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
9,621 | Covetrus, Inc.* | 217,338 | ||||||
24,383 | Cross Country Healthcare, Inc.* | 530,330 | ||||||
3,898 | CryoLife, Inc.* | 102,284 | ||||||
2,015 | CryoPort, Inc.* | 128,094 | ||||||
10,729 | Curis, Inc.* | 94,952 | ||||||
11,949 | Cutera, Inc.* | 594,343 | ||||||
4,552 | Cytokinetics, Inc.* | 150,079 | ||||||
27,930 | CytomX Therapeutics, Inc.* | 143,002 | ||||||
17,705 | CytoSorbents Corp.* | 169,437 | ||||||
3,950 | DarioHealth Corp.* | 53,286 | ||||||
7,607 | Denali Therapeutics, Inc.* | 404,692 | ||||||
2,351 | DermTech, Inc.* | 87,457 | ||||||
4,467 | Dicerna Pharmaceuticals, Inc.* | 91,931 | ||||||
87,357 | Durect Corp.* | 121,426 | ||||||
7,430 | Eagle Pharmaceuticals, Inc.* | 396,539 | ||||||
14,204 | Emergent BioSolutions, Inc.* | 895,988 | ||||||
3,177 | Enanta Pharmaceuticals, Inc.* | 181,724 | ||||||
80,169 | Endo International PLC* | 183,587 | ||||||
6,851 | Ensign Group, Inc. (The) | 559,521 | ||||||
8,220 | Evolent Health, Inc., Class A* | 201,883 | ||||||
4,548 | Fate Therapeutics, Inc.* | 333,141 | ||||||
5,423 | FibroGen, Inc.* | 63,070 | ||||||
19,647 | Flexion Therapeutics, Inc.* | 117,489 | ||||||
38,115 | Fluidigm Corp.* | 274,809 | ||||||
2,113 | Forte Biosciences, Inc.* | 62,164 | ||||||
7,222 | Fulgent Genetics, Inc.*(a) | 658,935 | ||||||
2,518 | Glaukos Corp.* | 150,148 | ||||||
1,934 | Haemonetics Corp.* | 121,359 | ||||||
12,935 | Halozyme Therapeutics, Inc.* | 543,141 | ||||||
8,290 | Hanger, Inc.* | 197,965 | ||||||
6,150 | Harmony Biosciences Holdings, Inc.* | 208,424 | ||||||
26,152 | Harvard Bioscience, Inc.* | 216,016 | ||||||
3,217 | Health Catalyst, Inc.* | 175,680 | ||||||
5,685 | HealthEquity, Inc.* | 364,806 | ||||||
6,605 | HealthStream, Inc.* | 200,726 | ||||||
1,234 | Heska Corp.* | 327,380 | ||||||
14,391 | iCAD, Inc.* | 173,555 | ||||||
3,817 | Ideaya Biosciences, Inc.* | 89,700 | ||||||
4,723 | Inari Medical, Inc.* | 386,625 | ||||||
24,520 | Infinity Pharmaceuticals, Inc.* | 86,801 | ||||||
10,401 | InfuSystem Holdings, Inc.* | 148,214 | ||||||
11,194 | Innovage Holding Corp.* | 168,246 | ||||||
42,976 | Innoviva, Inc.* | 655,814 | ||||||
2,912 | Inogen, Inc.* | 172,361 | ||||||
8,793 | Inotiv, Inc.* | 228,882 | ||||||
5,550 | Inovalon Holdings, Inc., Class A* | 226,718 | ||||||
3,006 | Inspire Medical Systems, Inc.* | 672,021 | ||||||
4,737 | Integer Holdings Corp.* | 467,968 | ||||||
3,655 | Intellia Therapeutics, Inc.* | 586,737 | ||||||
22,613 | Intersect ENT, Inc.* | 615,300 | ||||||
12,141 | Invacare Corp.* | 102,713 | ||||||
5,927 | Invitae Corp.* | 175,617 | ||||||
4,548 | iRhythm Technologies, Inc.* | 217,394 | ||||||
56,539 | Ironwood Pharmaceuticals, Inc.* | 740,661 | ||||||
9,297 | Joint Corp. (The)* | 949,874 | ||||||
855 | Karuna Therapeutics, Inc.* | 101,660 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
33,149 | Karyopharm Therapeutics, Inc.* | $ | 192,264 | |||||
5,803 | KemPharm, Inc.* | 53,968 | ||||||
1,835 | Kodiak Sciences, Inc.* | 172,820 | ||||||
4,201 | Kura Oncology, Inc.* | 77,550 | ||||||
1,715 | Kymera Therapeutics, Inc.* | 106,570 | ||||||
9,665 | Lantheus Holdings, Inc.* | 254,866 | ||||||
7,535 | LeMaitre Vascular, Inc. | 426,632 | ||||||
4,677 | LHC Group, Inc.* | 873,477 | ||||||
1,770 | Ligand Pharmaceuticals, Inc.* | 234,171 | ||||||
30,464 | Lineage Cell Therapeutics, Inc.* | 76,769 | ||||||
4,316 | LivaNova PLC* | 356,890 | ||||||
950 | Madrigal Pharmaceuticals, Inc.* | 78,613 | ||||||
5,072 | Magellan Health, Inc.* | 479,913 | ||||||
21,157 | MannKind Corp.*(a) | 101,554 | ||||||
10,593 | MEDNAX, Inc.* | 340,141 | ||||||
5,147 | Medpace Holdings, Inc.* | 938,555 | ||||||
43,871 | MEI Pharma, Inc.* | 122,839 | ||||||
17,844 | Meridian Bioscience, Inc.* | 361,163 | ||||||
5,537 | Merit Medical Systems, Inc.* | 397,390 | ||||||
623 | Mesa Laboratories, Inc. | 166,291 | ||||||
46,908 | MiMedx Group, Inc.*(a) | 692,362 | ||||||
22,683 | Mind Medicine MindMed, Inc. (Canada)* | 65,554 | ||||||
719 | Misonix, Inc.* | 18,263 | ||||||
2,792 | ModivCare, Inc.* | 550,750 | ||||||
27,538 | Myriad Genetics, Inc.* | 985,310 | ||||||
4,055 | NanoString Technologies, Inc.* | 236,001 | ||||||
3,704 | National HealthCare Corp. | 273,540 | ||||||
5,805 | National Research Corp. | 313,470 | ||||||
11,486 | Natus Medical, Inc.* | 304,609 | ||||||
9,535 | Neogen Corp.* | 417,442 | ||||||
14,640 | NeoGenomics, Inc.* | 711,797 | ||||||
4,847 | Neuronetics, Inc.* | 32,572 | ||||||
3,873 | Nevro Corp.* | 472,506 | ||||||
25,841 | NextGen Healthcare, Inc.* | 394,334 | ||||||
8,399 | NuVasive, Inc.* | 521,914 | ||||||
11,035 | Ocugen, Inc.* | 83,756 | ||||||
5,788 | Omnicell, Inc.* | 898,703 | ||||||
5,412 | Ontrak, Inc.*(a) | 65,593 | ||||||
76,435 | OPKO Health, Inc.* | 295,039 | ||||||
3,479 | OptimizeRx Corp.* | 230,240 | ||||||
12,449 | Option Care Health, Inc.* | 333,011 | ||||||
6,057 | Oramed Pharmaceuticals, Inc. (Israel)* | 119,202 | ||||||
25,902 | Organogenesis Holdings, Inc.* | 441,888 | ||||||
5,736 | Ortho Clinical Diagnostics Holdings PLC* | 117,244 | ||||||
11,328 | Orthofix Medical, Inc.* | 480,307 | ||||||
2,393 | Outset Medical, Inc.* | 117,951 | ||||||
23,365 | Owens & Minor, Inc. | 871,047 | ||||||
14,849 | Pacific Biosciences of California, Inc.* | 464,922 | ||||||
11,156 | Pacira BioSciences, Inc.* | 661,439 | ||||||
14,860 | Patterson Cos., Inc. | 455,310 | ||||||
19,315 | PAVmed, Inc.* | 141,000 | ||||||
2,492 | Pennant Group, Inc. (The)* | 76,180 | ||||||
4,071 | Personalis, Inc.* | 86,224 | ||||||
2,292 | PetIQ, Inc.* | 59,477 | ||||||
13,885 | Phibro Animal Health Corp., Class A | 337,267 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
2,751 | Phreesia, Inc.* | 196,834 | ||||||
2,058 | Portage Biotech, Inc. (Canada)* | 41,798 | ||||||
12,665 | Prestige Consumer Healthcare, Inc.* | 726,844 | ||||||
3,276 | Progyny, Inc.* | 183,030 | ||||||
2,743 | Protagonist Therapeutics, Inc.* | 133,036 | ||||||
1,653 | Prothena Corp. PLC (Ireland)* | 110,949 | ||||||
5,292 | PTC Therapeutics, Inc.* | 230,996 | ||||||
21,698 | Puma Biotechnology, Inc.* | 164,254 | ||||||
1,687 | Quanterix Corp.* | 86,121 | ||||||
10,011 | R1 RCM, Inc.* | 197,417 | ||||||
31,800 | Radius Health, Inc.* | 440,748 | ||||||
13,330 | RadNet, Inc.* | 418,695 | ||||||
9,547 | Retractable Technologies, Inc.*(a) | 122,965 | ||||||
2,700 | Revance Therapeutics, Inc.* | 72,306 | ||||||
2,462 | REVOLUTION Medicines, Inc.* | 71,620 | ||||||
3,265 | Rubius Therapeutics, Inc.* | 70,916 | ||||||
18,654 | Sangamo Therapeutics, Inc.* | 184,861 | ||||||
8,984 | SeaSpine Holdings Corp.* | 150,752 | ||||||
15,601 | Select Medical Holdings Corp. | 539,327 | ||||||
16,940 | Selecta Biosciences, Inc.* | 73,520 | ||||||
25,277 | Senseonics Holdings, Inc.*(a) | 101,361 | ||||||
19,581 | Sesen Bio, Inc.* | 18,561 | ||||||
7,552 | Sharps Compliance Corp.* | 67,892 | ||||||
1,721 | Shockwave Medical, Inc.* | 368,655 | ||||||
3,109 | SI-BONE, Inc.* | 75,891 | ||||||
3,811 | Silk Road Medical, Inc.* | 225,916 | ||||||
3,629 | Soliton, Inc.* | 76,318 | ||||||
12,094 | Sorrento Therapeutics, Inc.*(a) | 108,846 | ||||||
1,792 | SpringWorks Therapeutics, Inc.* | 134,579 | ||||||
8,474 | STAAR Surgical Co.* | 1,308,979 | ||||||
24,330 | Stereotaxis, Inc.* | 171,770 | ||||||
23,685 | Supernus Pharmaceuticals, Inc.* | 652,048 | ||||||
22,594 | Surface Oncology, Inc.* | 143,020 | ||||||
6,363 | Surgery Partners, Inc.* | 313,060 | ||||||
4,676 | Surmodics, Inc.* | 280,887 | ||||||
5,631 | Sutro Biopharma, Inc.* | 122,305 | ||||||
7,960 | Tactile Systems Technology, Inc.* | 354,061 | ||||||
12,660 | Tenet Healthcare Corp.* | 953,931 | ||||||
4,957 | TG Therapeutics, Inc.* | 134,186 | ||||||
81,397 | TherapeuticsMD, Inc.* | 64,711 | ||||||
29,897 | Tivity Health, Inc.* | 695,105 | ||||||
16,379 | Translate Bio, Inc.* | 612,575 | ||||||
13,277 | Travere Therapeutics, Inc.* | 289,837 | ||||||
9,933 | Triple-S Management Corp. (Puerto Rico)* | 352,622 | ||||||
1,890 | Turning Point Therapeutics, Inc.* | 145,568 | ||||||
1,725 | Twist Bioscience Corp.* | 195,287 | ||||||
1,861 | US Physical Therapy, Inc. | 218,481 | ||||||
475 | Utah Medical Products, Inc. | 42,085 | ||||||
37,222 | Vanda Pharmaceuticals, Inc.* | 623,096 | ||||||
4,994 | Vapotherm, Inc.* | 138,084 | ||||||
7,122 | Varex Imaging Corp.* | 207,749 | ||||||
19,798 | Vaxart, Inc.*(a) | 177,192 | ||||||
8,576 | Veracyte, Inc.* | 412,591 | ||||||
18,519 | Vericel Corp.* | 1,003,174 | ||||||
14,228 | ViewRay, Inc.* | 85,937 | ||||||
|
|
78 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
29,477 | VistaGen Therapeutics, Inc.* | $ | 89,610 | |||||
4,796 | Vocera Communications, Inc.* | 232,558 | ||||||
5,551 | Xencor, Inc.* | 188,012 | ||||||
781 | XOMA Corp.* | 24,305 | ||||||
11,922 | Zynex, Inc.*(a) | 159,874 | ||||||
|
| |||||||
67,493,516 | ||||||||
|
| |||||||
Industrials – 15.8% | ||||||||
8,389 | AAON, Inc. | 571,375 | ||||||
3,273 | AAR Corp.* | 110,791 | ||||||
8,729 | ABM Industries, Inc. | 432,260 | ||||||
19,543 | ACCO Brands Corp. | 183,118 | ||||||
3,021 | Aerojet Rocketdyne Holdings, Inc. | 125,432 | ||||||
1,708 | AeroVironment, Inc.* | 174,831 | ||||||
16,235 | AgEagle Aerial Systems, Inc.* | 57,472 | ||||||
4,210 | Air Transport Services Group, Inc.* | 115,312 | ||||||
2,199 | Alamo Group, Inc. | 340,867 | ||||||
3,005 | Albany International Corp., Class A | 235,382 | ||||||
994 | Allegiant Travel Co.* | 191,285 | ||||||
7,525 | Allied Motion Technologies, Inc. | 260,064 | ||||||
8,354 | Altra Industrial Motion Corp. | 489,210 | ||||||
3,331 | Ameresco, Inc., Class A* | 230,339 | ||||||
2,344 | American Woodmark Corp.* | 165,158 | ||||||
18,277 | API Group Corp.*(b) | 423,844 | ||||||
7,257 | Apogee Enterprises, Inc. | 311,906 | ||||||
9,483 | Applied Industrial Technologies, Inc. | 842,185 | ||||||
7,669 | ArcBest Corp. | 511,752 | ||||||
6,886 | Arcosa, Inc. | 349,946 | ||||||
2,336 | Argan, Inc. | 108,157 | ||||||
7,873 | Array Technologies, Inc.* | 150,138 | ||||||
8,571 | ASGN, Inc.* | 961,580 | ||||||
5,044 | Astec Industries, Inc. | 308,390 | ||||||
2,011 | Astronics Corp.* | 26,867 | ||||||
10,522 | Atkore, Inc.* | 976,126 | ||||||
4,573 | Atlas Air Worldwide Holdings, Inc.* | 334,606 | ||||||
9,146 | Atlas Technical Consultants, Inc.* | 92,557 | ||||||
3,901 | Avis Budget Group, Inc.* | 354,016 | ||||||
3,574 | AZZ, Inc. | 191,388 | ||||||
15,745 | Babcock & Wilcox Enterprises, Inc.* | 114,938 | ||||||
5,121 | Barnes Group, Inc. | 244,118 | ||||||
1,822 | Barrett Business Services, Inc. | 141,205 | ||||||
8,547 | Beacon Roofing Supply, Inc.* | 440,000 | ||||||
2,104 | Blink Charging Co.*(a) | 68,233 | ||||||
6,961 | Bloom Energy Corp., Class A* | 149,105 | ||||||
8,964 | Blue Bird Corp.* | 194,071 | ||||||
6,094 | BlueLinx Holdings, Inc.* | 350,771 | ||||||
13,013 | Boise Cascade Co. | 752,802 | ||||||
9,923 | Brady Corp., Class A | 529,194 | ||||||
6,494 | BrightView Holdings, Inc.* | 99,553 | ||||||
3,565 | Brink’s Co. (The) | 278,640 | ||||||
3,271 | Byrna Technologies, Inc.* | 95,775 | ||||||
8,823 | Caesarstone Ltd. | 114,699 | ||||||
2,804 | CAI International, Inc. | 156,940 | ||||||
3,745 | Casella Waste Systems, Inc., Class A* | 277,093 | ||||||
10,056 | CBIZ, Inc.* | 343,010 | ||||||
4,009 | Chart Industries, Inc.* | 755,215 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,817 | Cimpress PLC (Ireland)* | 457,519 | ||||||
5,832 | Columbus McKinnon Corp. | 268,564 | ||||||
9,519 | Comfort Systems USA, Inc. | 723,254 | ||||||
7,385 | Commercial Vehicle Group, Inc.* | 77,616 | ||||||
24,248 | CoreCivic, Inc.* | 235,691 | ||||||
20,685 | Cornerstone Building Brands, Inc.* | 343,785 | ||||||
13,356 | Costamare, Inc. (Monaco) | 192,059 | ||||||
7,994 | Covanta Holding Corp. | 160,280 | ||||||
3,223 | CRA International, Inc. | 299,707 | ||||||
3,048 | CSW Industrials, Inc. | 404,744 | ||||||
11,623 | Deluxe Corp. | 445,742 | ||||||
2,355 | Douglas Dynamics, Inc. | 93,588 | ||||||
1,811 | Ducommun, Inc.* | 95,440 | ||||||
10,926 | DXP Enterprises, Inc.* | 327,561 | ||||||
2,833 | Dycom Industries, Inc.* | 213,410 | ||||||
1,549 | Eagle Bulk Shipping, Inc.* | 76,505 | ||||||
17,899 | Echo Global Logistics, Inc.* | 588,519 | ||||||
8,785 | EMCOR Group, Inc. | 1,067,377 | ||||||
2,717 | Encore Wire Corp. | 230,972 | ||||||
15,911 | Energy Recovery, Inc.* | 325,062 | ||||||
5,680 | Enerpac Tool Group Corp. | 142,909 | ||||||
5,393 | EnerSys | 456,194 | ||||||
5,165 | Ennis, Inc. | 100,253 | ||||||
3,116 | EnPro Industries, Inc. | 266,449 | ||||||
2,437 | ESCO Technologies, Inc. | 219,622 | ||||||
10,149 | Evoqua Water Technologies Corp.* | 394,999 | ||||||
2,166 | Exponent, Inc. | 253,205 | ||||||
6,140 | Federal Signal Corp. | 249,468 | ||||||
4,296 | Forrester Research, Inc.* | 204,275 | ||||||
7,316 | Forward Air Corp. | 645,052 | ||||||
8,469 | Franklin Covey Co.* | 368,147 | ||||||
8,286 | Franklin Electric Co., Inc. | 704,144 | ||||||
4,274 | Frontier Group Holdings, Inc.* | 65,520 | ||||||
20,922 | FuelCell Energy, Inc.*(a) | 130,553 | ||||||
2,138 | GATX Corp. | 196,012 | ||||||
4,323 | Genco Shipping & Trading Ltd. | 84,255 | ||||||
4,784 | Gibraltar Industries, Inc.* | 357,173 | ||||||
8,652 | Global Industrial Co. | 333,015 | ||||||
17,815 | GMS, Inc.* | 880,239 | ||||||
2,761 | Gorman-Rupp Co. (The) | 96,828 | ||||||
32,490 | GrafTech International Ltd. | 359,664 | ||||||
3,370 | Granite Construction, Inc. | 136,620 | ||||||
11,769 | Great Lakes Dredge & Dock Corp.* | 177,830 | ||||||
4,043 | Greenbrier Cos., Inc. (The) | 178,296 | ||||||
6,310 | Griffon Corp. | 152,702 | ||||||
8,108 | H&E Equipment Services, Inc. | 276,077 | ||||||
8,417 | Healthcare Services Group, Inc. | 220,189 | ||||||
5,222 | Heartland Express, Inc. | 87,625 | ||||||
2,830 | Heidrick & Struggles International, Inc. | 122,313 | ||||||
2,387 | Helios Technologies, Inc. | 194,827 | ||||||
2,518 | Herc Holdings, Inc.* | 330,991 | ||||||
4,797 | Heritage-Crystal Clean, Inc.* | 141,703 | ||||||
17,188 | Herman Miller, Inc. | 722,412 | ||||||
9,966 | Hillenbrand, Inc. | 462,622 | ||||||
12,053 | HNI Corp. | 456,688 | ||||||
8,481 | Hub Group, Inc., Class A* | 595,366 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
4,181 | Huron Consulting Group, Inc.* | $ | 206,416 | |||||
3,763 | HyreCar, Inc.* | 42,296 | ||||||
1,821 | Hyster-Yale Materials Handling, Inc. | 106,729 | ||||||
4,544 | ICF International, Inc. | 425,591 | ||||||
5,823 | IES Holdings, Inc.* | 284,745 | ||||||
6,307 | Insperity, Inc. | 695,914 | ||||||
2,884 | Insteel Industries, Inc. | 106,708 | ||||||
16,356 | Interface, Inc. | 235,199 | ||||||
6,718 | JELD-WEN Holding, Inc.* | 185,014 | ||||||
4,253 | John Bean Technologies Corp. | 620,470 | ||||||
3,082 | Kadant, Inc. | 644,508 | ||||||
1,669 | Kaman Corp. | 65,224 | ||||||
8,280 | KAR Auction Services, Inc.* | 140,015 | ||||||
20,706 | KBR, Inc. | 806,292 | ||||||
11,727 | Kelly Services, Inc., Class A | 227,973 | ||||||
7,299 | Kennametal, Inc. | 271,377 | ||||||
13,951 | Kforce, Inc. | 815,017 | ||||||
22,545 | Kimball International, Inc., Class B | 281,136 | ||||||
7,355 | Korn Ferry | 519,925 | ||||||
7,216 | Kratos Defense & Security Solutions, Inc.* | 178,379 | ||||||
3,165 | Lawson Products, Inc.* | 166,954 | ||||||
1,436 | Lindsay Corp. | 236,581 | ||||||
5,675 | Lydall, Inc.* | 351,736 | ||||||
4,368 | Macquarie Infrastructure Corp. | 174,065 | ||||||
3,535 | Manitowoc Co., Inc. (The)* | 85,724 | ||||||
3,880 | ManTech International Corp., Class A | 307,180 | ||||||
5,433 | Marten Transport Ltd. | 84,700 | ||||||
3,432 | Masonite International Corp.* | 410,742 | ||||||
11,945 | Matrix Service Co.* | 134,740 | ||||||
4,767 | Matson, Inc. | 377,403 | ||||||
4,970 | Matthews International Corp., Class A | 184,039 | ||||||
6,490 | Maxar Technologies, Inc. | 206,317 | ||||||
1,800 | McGrath RentCorp | 125,604 | ||||||
8,444 | Meritor, Inc.* | 200,292 | ||||||
14,850 | Mesa Air Group, Inc.* | 118,503 | ||||||
2,077 | Miller Industries, Inc. | 77,306 | ||||||
10,141 | Mistras Group, Inc.* | 107,596 | ||||||
3,191 | Moog, Inc., Class A | 253,493 | ||||||
19,774 | MRC Global, Inc.* | 162,147 | ||||||
7,726 | Mueller Industries, Inc. | 344,657 | ||||||
11,955 | Mueller Water Products, Inc., Class A | 198,692 | ||||||
3,971 | MYR Group, Inc.* | 413,024 | ||||||
817 | National Presto Industries, Inc. | 68,252 | ||||||
3,869 | Northwest Pipe Co.* | 100,284 | ||||||
46,341 | NOW, Inc.* | 355,899 | ||||||
4,882 | NV5 Global, Inc.* | 515,783 | ||||||
2,081 | Omega Flex, Inc. | 316,312 | ||||||
1,294 | PAM Transportation Services, Inc.* | 45,251 | ||||||
2,899 | Park-Ohio Holdings Corp. | 74,736 | ||||||
6,414 | Parsons Corp.* | 227,248 | ||||||
14,722 | PGT Innovations, Inc.* | 312,548 | ||||||
18,495 | Pitney Bowes, Inc. | 138,158 | ||||||
3,812 | Powell Industries, Inc. | 96,444 | ||||||
2,003 | Preformed Line Products Co. | 140,450 | ||||||
7,166 | Primoris Services Corp. | 184,166 | ||||||
3,418 | Proto Labs, Inc.* | 253,479 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
10,663 | Quanex Building Products Corp. | 251,220 | ||||||
26,658 | Radiant Logistics, Inc.* | 182,607 | ||||||
7,998 | Raven Industries, Inc.* | 466,683 | ||||||
1,652 | RBC Bearings, Inc.* | 382,471 | ||||||
12,248 | Resideo Technologies, Inc.* | 394,875 | ||||||
20,692 | Resources Connection, Inc. | 326,934 | ||||||
8,180 | REV Group, Inc. | 133,007 | ||||||
11,384 | Rexnord Corp. | 691,692 | ||||||
12,430 | RR Donnelley & Sons Co.* | 61,031 | ||||||
8,937 | Rush Enterprises, Inc., Class A | 394,122 | ||||||
4,459 | Rush Enterprises, Inc., Class B | 189,017 | ||||||
21,047 | Safe Bulkers, Inc. (Greece)* | 85,030 | ||||||
2,585 | Saia, Inc.* | 620,736 | ||||||
9,552 | Shyft Group, Inc. (The) | 420,383 | ||||||
7,937 | Simpson Manufacturing Co., Inc. | 898,072 | ||||||
4,941 | SkyWest, Inc.* | 230,498 | ||||||
5,247 | SP Plus Corp.* | 169,950 | ||||||
3,601 | Spirit Airlines, Inc.* | 88,332 | ||||||
5,722 | SPX Corp.* | 357,511 | ||||||
6,861 | SPX FLOW, Inc. | 552,516 | ||||||
1,681 | Standex International Corp. | 166,822 | ||||||
23,231 | Steelcase, Inc., Class A | 327,325 | ||||||
4,920 | Stem, Inc.* | 122,951 | ||||||
5,681 | Sterling Construction Co., Inc.* | 131,004 | ||||||
2,021 | Sun Country Airlines Holdings, Inc.* | 65,460 | ||||||
17,897 | Team, Inc.* | 80,179 | ||||||
5,504 | Tennant Co. | 407,186 | ||||||
7,778 | Terex Corp. | 397,067 | ||||||
5,796 | Tetra Tech, Inc. | 833,697 | ||||||
6,664 | Textainer Group Holdings Ltd. (China)* | 221,378 | ||||||
9,618 | Titan International, Inc.* | 79,926 | ||||||
8,664 | Titan Machinery, Inc.* | 248,830 | ||||||
2,340 | TPI Composites, Inc.* | 84,965 | ||||||
4,805 | Transcat, Inc.* | 325,587 | ||||||
6,799 | TriMas Corp.* | 218,316 | ||||||
4,436 | TriNet Group, Inc.* | 408,467 | ||||||
3,018 | Trinity Industries, Inc. | 87,613 | ||||||
7,083 | Triton International Ltd. (Bermuda) | 387,582 | ||||||
17,841 | TrueBlue, Inc.* | 487,595 | ||||||
12,005 | Tutor Perini Corp.* | 173,112 | ||||||
10,676 | UFP Industries, Inc. | 801,554 | ||||||
2,002 | UniFirst Corp. | 458,598 | ||||||
12,515 | Upwork, Inc.* | 559,546 | ||||||
2,182 | US Ecology, Inc.* | 78,225 | ||||||
4,819 | Vectrus, Inc.* | 242,444 | ||||||
8,710 | Veritiv Corp.* | 781,026 | ||||||
5,628 | Vicor Corp.* | 694,326 | ||||||
11,236 | Wabash National Corp. | 174,607 | ||||||
5,393 | Watts Water Technologies, Inc., Class A | 925,277 | ||||||
4,999 | Welbilt, Inc.* | 116,977 | ||||||
6,514 | Werner Enterprises, Inc. | 307,200 | ||||||
5,199 | WESCO International, Inc.* | 608,387 | ||||||
5,796 | Willdan Group, Inc.* | 219,147 | ||||||
15,620 | WillScot Mobile Mini Holdings Corp.* | 462,352 | ||||||
12,564 | Yellow Corp.* | 76,515 | ||||||
|
| |||||||
65,190,711 | ||||||||
|
|
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) | ||||||||
Information Technology – 15.0% | ||||||||
15,022 | 3D Systems Corp.* | $ | 457,270 | |||||
17,423 | 8x8, Inc.* | 420,765 | ||||||
37,116 | A10 Networks, Inc.* | 515,541 | ||||||
13,538 | ACI Worldwide, Inc.* | 436,330 | ||||||
12,548 | ADTRAN, Inc. | 259,242 | ||||||
4,872 | Advanced Energy Industries, Inc. | 439,357 | ||||||
7,593 | Agilysys, Inc.* | 431,510 | ||||||
7,017 | Alarm.com Holdings, Inc.* | 591,744 | ||||||
5,840 | Alpha & Omega Semiconductor Ltd.* | 169,652 | ||||||
6,929 | Altair Engineering, Inc., Class A* | 512,677 | ||||||
3,763 | Ambarella, Inc.* | 389,734 | ||||||
8,462 | American Software, Inc., Class A | 214,681 | ||||||
27,609 | Amkor Technology, Inc. | 758,419 | ||||||
3,638 | Appfolio, Inc., Class A* | 429,648 | ||||||
6,054 | Appian Corp.* | 648,989 | ||||||
2,306 | Asana, Inc., Class A* | 174,218 | ||||||
19,687 | Avaya Holdings Corp.* | 397,087 | ||||||
2,262 | Aviat Networks, Inc.* | 80,165 | ||||||
18,250 | Avid Technology, Inc.* | 471,033 | ||||||
8,156 | Axcelis Technologies, Inc.* | 405,435 | ||||||
7,883 | AXT, Inc.* | 73,391 | ||||||
5,623 | Badger Meter, Inc. | 602,167 | ||||||
4,235 | Belden, Inc. | 242,454 | ||||||
7,778 | Benchmark Electronics, Inc. | 210,239 | ||||||
14,422 | Benefitfocus, Inc.* | 174,074 | ||||||
5,335 | BigCommerce Holdings, Inc.Series 1* | 317,646 | ||||||
4,531 | Blackbaud, Inc.* | 315,765 | ||||||
3,349 | Blackline, Inc.* | 365,376 | ||||||
1,069 | BM Technologies, Inc.*(c) | 10,412 | ||||||
5,261 | Bottomline Technologies DE, Inc.* | 222,382 | ||||||
22,316 | Box, Inc., Class A* | 575,307 | ||||||
21,693 | Brightcove, Inc.* | 246,433 | ||||||
16,763 | Calix, Inc.* | 781,156 | ||||||
6,007 | Cambium Networks Corp.* | 225,082 | ||||||
11,789 | Casa Systems, Inc.* | 82,995 | ||||||
3,351 | Cass Information Systems, Inc. | 151,063 | ||||||
3,564 | Cerence, Inc.* | 386,480 | ||||||
3,983 | CEVA, Inc.* | 192,180 | ||||||
18,620 | ChannelAdvisor Corp.* | 477,044 | ||||||
4,756 | Cleanspark, Inc.*(a) | 65,633 | ||||||
7,741 | Clearfield, Inc.* | 350,745 | ||||||
18,838 | Cloudera, Inc.* | 300,089 | ||||||
2,653 | CMC Materials, Inc. | 351,841 | ||||||
8,021 | Cohu, Inc.* | 286,189 | ||||||
8,542 | CommVault Systems, Inc.* | 691,646 | ||||||
3,762 | Comtech Telecommunications Corp. | 96,006 | ||||||
40,771 | Conduent, Inc.* | 297,628 | ||||||
6,994 | Cornerstone OnDemand, Inc.* | 400,756 | ||||||
4,765 | Corsair Gaming, Inc.*(a) | 137,947 | ||||||
8,480 | CSG Systems International, Inc. | 408,821 | ||||||
4,642 | CTS Corp. | 162,841 | ||||||
24,093 | Daktronics, Inc.* | 146,726 | ||||||
12,713 | Diebold Nixdorf, Inc.* | 138,317 | ||||||
10,391 | Digi International, Inc.* | 228,394 | ||||||
14,407 | Digital Turbine, Inc.* | 842,089 | ||||||
9,410 | Diodes, Inc.* | 911,170 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
6,225 | Domo, Inc., Class B* | 557,138 | ||||||
5,868 | DSP Group, Inc.* | 128,509 | ||||||
7,271 | Ebix, Inc. | 209,259 | ||||||
4,550 | EchoStar Corp., Class A* | 122,850 | ||||||
13,381 | eGain Corp.* | 157,628 | ||||||
8,076 | EMCORE Corp.* | 60,409 | ||||||
4,269 | Envestnet, Inc.* | 340,965 | ||||||
2,970 | ePlus, Inc.* | 321,413 | ||||||
9,394 | EVERTEC, Inc. (Puerto Rico) | 434,473 | ||||||
4,724 | ExlService Holdings, Inc.* | 581,713 | ||||||
52,192 | Extreme Networks, Inc.* | 565,239 | ||||||
5,141 | Fabrinet (Thailand)* | 529,626 | ||||||
3,905 | FARO Technologies, Inc.* | 269,211 | ||||||
13,597 | FormFactor, Inc.* | 528,651 | ||||||
6,498 | GreenBox POS*(a) | 63,356 | ||||||
15,350 | Hackett Group, Inc. (The) | 300,860 | ||||||
17,665 | Harmonic, Inc.* | 163,225 | ||||||
2,940 | I3 Verticals, Inc., Class A* | 84,995 | ||||||
6,894 | Ichor Holdings Ltd.* | 305,473 | ||||||
9,886 | Identiv, Inc.* | 175,575 | ||||||
8,362 | II-VI, Inc.* | 526,639 | ||||||
8,118 | Impinj, Inc.* | 473,198 | ||||||
13,095 | Infinera Corp.* | 110,915 | ||||||
17,048 | Inseego Corp.*(a) | 143,203 | ||||||
5,872 | Insight Enterprises, Inc.* | 604,170 | ||||||
3,381 | Intelligent Systems Corp.* | 130,473 | ||||||
3,143 | InterDigital, Inc. | 226,642 | ||||||
18,021 | Iteris, Inc.* | 102,720 | ||||||
3,383 | Itron, Inc.* | 284,206 | ||||||
6,620 | J2 Global, Inc.* | 911,574 | ||||||
9,102 | Kimball Electronics, Inc.* | 219,995 | ||||||
10,132 | Knowles Corp.* | 202,640 | ||||||
9,653 | Kopin Corp.* | 56,760 | ||||||
7,886 | Kulicke & Soffa Industries, Inc. (Singapore) | 553,518 | ||||||
10,298 | KVH Industries, Inc.* | 108,850 | ||||||
23,973 | Lattice Semiconductor Corp.* | 1,489,203 | ||||||
35,360 | Limelight Networks, Inc.* | 95,472 | ||||||
8,238 | LivePerson, Inc.* | 528,056 | ||||||
3,835 | LiveRamp Holdings, Inc.* | 187,915 | ||||||
20,687 | Luna Innovations, Inc.* | 222,799 | ||||||
3,915 | MACOM Technology Solutions Holdings, Inc.* | 237,680 | ||||||
5,228 | Marathon Digital Holdings, Inc.* | 212,205 | ||||||
10,653 | Maximus, Inc. | 927,770 | ||||||
7,545 | MaxLinear, Inc.* | 394,075 | ||||||
4,114 | Meta Materials, Inc.* | 19,130 | ||||||
5,936 | Methode Electronics, Inc. | 276,440 | ||||||
790 | MicroStrategy, Inc., Class A*(a) | 548,497 | ||||||
7,936 | MicroVision, Inc.*(a) | 116,897 | ||||||
6,858 | Mimecast Ltd.* | 478,757 | ||||||
20,600 | Mitek Systems, Inc.* | 460,822 | ||||||
7,870 | Model N, Inc.* | 266,872 | ||||||
12,953 | Momentive Global, Inc.* | 254,008 | ||||||
19,058 | MoneyGram International, Inc.* | 171,331 | ||||||
8,331 | Napco Security Technologies, Inc.* | 325,992 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
33,703 | NeoPhotonics Corp.* | $ | 314,786 | |||||
5,406 | NETGEAR, Inc.* | 193,156 | ||||||
12,612 | NetScout Systems, Inc.* | 345,821 | ||||||
4,602 | Novanta, Inc.* | 705,118 | ||||||
10,331 | OneSpan, Inc.* | 199,078 | ||||||
8,887 | Onto Innovation, Inc.* | 658,793 | ||||||
2,713 | OSI Systems, Inc.* | 268,424 | ||||||
1,867 | PagerDuty, Inc.* | 79,908 | ||||||
2,945 | PAR Technology Corp.* | 200,054 | ||||||
7,525 | PC Connection, Inc. | 364,285 | ||||||
9,363 | Perficient, Inc.* | 1,116,257 | ||||||
18,871 | Photronics, Inc.* | 284,386 | ||||||
3,645 | Ping Identity Holding Corp.* | 94,588 | ||||||
5,799 | Plantronics, Inc.* | 172,694 | ||||||
4,387 | Plexus Corp.* | 402,858 | ||||||
7,654 | Power Integrations, Inc. | 831,531 | ||||||
8,807 | Progress Software Corp. | 410,054 | ||||||
3,907 | PROS Holdings, Inc.* | 168,939 | ||||||
3,408 | Q2 Holdings, Inc.* | 300,211 | ||||||
3,953 | QAD, Inc., Class A | 343,951 | ||||||
4,847 | Qualys, Inc.* | 568,941 | ||||||
31,440 | Quantum Corp.* | 196,186 | ||||||
7,808 | Rackspace Technology, Inc.* | 109,078 | ||||||
17,028 | Rambus, Inc.* | 405,266 | ||||||
5,745 | Rapid7, Inc.* | 698,132 | ||||||
7,654 | Rekor Systems, Inc.* | 83,582 | ||||||
4,515 | Repay Holdings Corp.* | 103,890 | ||||||
31,185 | Ribbon Communications, Inc.* | 203,638 | ||||||
4,473 | Riot Blockchain, Inc.* | 166,932 | ||||||
1,208 | Rogers Corp.* | 256,591 | ||||||
5,534 | Sailpoint Technologies Holdings, Inc.* | 259,323 | ||||||
10,293 | Sanmina Corp.* | 406,368 | ||||||
6,469 | Sapiens International Corp. NV (Israel) | 184,625 | ||||||
6,244 | ScanSource, Inc.* | 222,162 | ||||||
6,205 | SecureWorks Corp., Class A* | 126,954 | ||||||
8,168 | Semtech Corp.* | 571,107 | ||||||
3,697 | ShotSpotter, Inc.* | 147,252 | ||||||
4,755 | Silicon Laboratories, Inc.* | 749,483 | ||||||
1,394 | SiTime Corp.* | 296,699 | ||||||
9,646 | SMART Global Holdings, Inc.* | 467,445 | ||||||
22,932 | Smith Micro Software, Inc.* | 114,431 | ||||||
2,915 | Sprout Social, Inc., Class A* | 354,464 | ||||||
5,654 | SPS Commerce, Inc.* | 766,287 | ||||||
4,239 | SunPower Corp.* | 91,350 | ||||||
5,846 | Super Micro Computer, Inc.* | 213,613 | ||||||
7,497 | Synaptics, Inc.* | 1,422,781 | ||||||
7,769 | Tenable Holdings, Inc.* | 344,711 | ||||||
5,526 | TTEC Holdings, Inc. | 582,772 | ||||||
18,487 | TTM Technologies, Inc.* | 258,818 | ||||||
1,338 | Tucows, Inc., Class A* | 99,159 | ||||||
8,796 | Turtle Beach Corp.* | 249,894 | ||||||
11,338 | Ultra Clean Holdings, Inc.* | 524,269 | ||||||
5,207 | Unisys Corp.* | 126,061 | ||||||
2,079 | Upland Software, Inc.* | 81,039 | ||||||
13,843 | Varonis Systems, Inc.* | 955,305 | ||||||
7,400 | Veeco Instruments, Inc.* | 168,646 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
9,183 | Verint Systems, Inc.* | 409,929 | ||||||
10,533 | Verra Mobility Corp.* | 163,367 | ||||||
27,260 | Viavi Solutions, Inc.* | 444,065 | ||||||
17,773 | Vishay Intertechnology, Inc. | 390,473 | ||||||
5,611 | Vishay Precision Group, Inc.* | 209,683 | ||||||
58,324 | Vonage Holdings Corp.* | 822,368 | ||||||
5,461 | Workiva, Inc.* | 766,014 | ||||||
21,818 | Xperi Holding Corp. | 466,251 | ||||||
15,730 | Yext, Inc.* | 212,670 | ||||||
17,114 | Zix Corp.* | 132,462 | ||||||
14,179 | Zuora, Inc., Class A* | 240,759 | ||||||
|
| |||||||
61,732,160 | ||||||||
|
| |||||||
Materials – 3.7% | ||||||||
5,499 | AdvanSix, Inc.* | 200,713 | ||||||
12,585 | Allegheny Technologies, Inc.* | 224,768 | ||||||
10,435 | American Vanguard Corp. | 159,968 | ||||||
42,586 | Amyris, Inc.* | 640,919 | ||||||
6,234 | Arconic Corp.* | 215,011 | ||||||
12,037 | Avient Corp. | 627,007 | ||||||
3,077 | Balchem Corp. | 432,072 | ||||||
6,306 | Cabot Corp. | 336,740 | ||||||
4,837 | Carpenter Technology Corp. | 161,314 | ||||||
3,638 | Chase Corp. | 416,551 | ||||||
3,422 | Clearwater Paper Corp.* | 111,181 | ||||||
15,359 | Coeur Mining, Inc.* | 108,281 | ||||||
19,401 | Commercial Metals Co. | 632,861 | ||||||
2,110 | Compass Minerals International, Inc. | 141,222 | ||||||
10,512 | Constellium SE* | 212,553 | ||||||
3,514 | Danimer Scientific, Inc.* | 68,663 | ||||||
4,584 | Domtar Corp.* | 251,341 | ||||||
6,850 | Ferro Corp.* | 142,480 | ||||||
6,384 | Forterra, Inc.* | 147,087 | ||||||
12,992 | GCP Applied Technologies, Inc.* | 309,729 | ||||||
7,882 | Glatfelter Corp. | 124,536 | ||||||
3,369 | Greif, Inc., Class A | 213,325 | ||||||
6,173 | HB Fuller Co. | 417,110 | ||||||
27,328 | Hecla Mining Co. | 168,067 | ||||||
5,121 | Ingevity Corp.* | 411,677 | ||||||
5,001 | Innospec, Inc. | 468,094 | ||||||
2,747 | Intrepid Potash, Inc.* | 85,184 | ||||||
1,936 | Kaiser Aluminum Corp. | 244,439 | ||||||
3,553 | Koppers Holdings, Inc.* | 116,894 | ||||||
7,188 | Kraton Corp.* | 302,759 | ||||||
8,163 | Livent Corp.* | 203,014 | ||||||
5,394 | Materion Corp. | 393,924 | ||||||
4,404 | Minerals Technologies, Inc. | 346,331 | ||||||
5,174 | MP Materials Corp.*(a) | 173,691 | ||||||
22,840 | Myers Industries, Inc. | 520,752 | ||||||
1,785 | Neenah, Inc. | 89,946 | ||||||
14,805 | Novagold Resources, Inc. (Canada)* | 107,040 | ||||||
9,138 | O-I Glass, Inc.* | 138,258 | ||||||
6,367 | Olympic Steel, Inc. | 173,564 | ||||||
17,105 | Orion Engineered Carbons SA (Germany)* | 302,245 | ||||||
830 | Quaker Chemical Corp. | 215,070 | ||||||
|
|
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) | ||||||||
Materials – (continued) | ||||||||
3,542 | Ranpak Holdings Corp.* | $ | 108,739 | |||||
11,731 | Rayonier Advanced Materials, Inc.* | 82,821 | ||||||
11,162 | Ryerson Holding Corp. | 258,400 | ||||||
10,189 | Schnitzer Steel Industries, Inc., Class A | 482,042 | ||||||
4,596 | Schweitzer-Mauduit International, Inc. | 175,889 | ||||||
5,751 | Sensient Technologies Corp. | 499,474 | ||||||
3,793 | Stepan Co. | 445,905 | ||||||
10,770 | Summit Materials, Inc., Class A* | 362,626 | ||||||
22,886 | SunCoke Energy, Inc. | 159,058 | ||||||
8,607 | TimkenSteel Corp.* | 117,744 | ||||||
6,618 | Tredegar Corp. | 87,887 | ||||||
3,904 | Trinseo SA | 202,735 | ||||||
14,306 | Tronox Holdings PLC, Class A | 302,286 | ||||||
4,704 | UFP Technologies, Inc.* | 329,233 | ||||||
1,405 | United States Lime & Minerals, Inc. | 205,256 | ||||||
6,178 | Verso Corp., Class A | 117,691 | ||||||
9,758 | Warrior Met Coal, Inc. | 218,482 | ||||||
4,903 | Worthington Industries, Inc. | 284,129 | ||||||
1,831 | Zymergen, Inc.*(a) | 24,023 | ||||||
|
| |||||||
15,220,801 | ||||||||
|
| |||||||
Real Estate – 6.6% | ||||||||
5,308 | Acadia Realty Trust REIT | 112,636 | ||||||
5,597 | Agree Realty Corp. REIT | 417,256 | ||||||
17,475 | Alexander & Baldwin, Inc. REIT | 364,878 | ||||||
386 | Alexander’s, Inc. REIT | 102,792 | ||||||
5,879 | American Assets Trust, Inc. REIT | 234,102 | ||||||
15,542 | American Finance Trust, Inc. REIT | 133,972 | ||||||
54,619 | Apartment Investment and Management Co., Class A REIT | 392,164 | ||||||
10,751 | Apple Hospitality REIT, Inc. REIT | 158,900 | ||||||
13,801 | Brandywine Realty Trust REIT | 191,558 | ||||||
8,616 | Broadstone Net Lease, Inc. REIT | 236,078 | ||||||
6,386 | BRT Apartments Corp. REIT | 124,016 | ||||||
11,965 | CareTrust REIT, Inc. REIT | 263,110 | ||||||
1,858 | Centerspace REIT | 187,992 | ||||||
11,761 | Chatham Lodging Trust REIT* | 141,132 | ||||||
5,786 | Columbia Property Trust, Inc. REIT | 96,742 | ||||||
4,319 | Community Healthcare Trust, Inc. REIT | 209,515 | ||||||
26,728 | CorePoint Lodging, Inc. REIT* | 386,487 | ||||||
8,110 | Corporate Office Properties Trust REIT | 228,540 | ||||||
2,665 | CTO Realty Growth, Inc. REIT | 149,480 | ||||||
28,511 | Cushman & Wakefield PLC* | 517,190 | ||||||
26,050 | DigitalBridge Group, Inc. REIT* | 179,745 | ||||||
53,511 | Diversified Healthcare Trust REIT | 200,666 | ||||||
8,395 | Easterly Government Properties, Inc. REIT | 179,401 | ||||||
4,216 | EastGroup Properties, Inc. REIT | 759,976 | ||||||
11,559 | Empire State Realty Trust, Inc., Class A REIT | 118,711 | ||||||
4,861 | Equity Commonwealth REIT | 128,039 | ||||||
8,266 | Essential Properties Realty Trust, Inc. REIT | 267,901 | ||||||
29,307 | eXp World Holdings, Inc. | 1,343,726 | ||||||
8,059 | Farmland Partners, Inc. REIT | 98,723 | ||||||
7,969 | Forestar Group, Inc.* | 165,676 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
10,993 | Four Corners Property Trust, Inc. REIT | 314,510 | ||||||
22,986 | Franklin Street Properties Corp. REIT | 110,333 | ||||||
2,693 | FRP Holdings, Inc.* | 155,386 | ||||||
43,310 | GEO Group, Inc. (The) REIT | 335,652 | ||||||
6,117 | Getty Realty Corp. REIT | 193,481 | ||||||
8,185 | Gladstone Commercial Corp. REIT | 185,227 | ||||||
4,426 | Gladstone Land Corp. REIT | 104,232 | ||||||
6,878 | Global Medical REIT, Inc. REIT | 106,059 | ||||||
8,657 | Global Net Lease, Inc. REIT | 147,169 | ||||||
15,391 | Healthcare Realty Trust, Inc. REIT | 462,192 | ||||||
21,937 | Hersha Hospitality Trust REIT* | 205,769 | ||||||
15,923 | Independence Realty Trust, Inc. REIT | 326,103 | ||||||
9,458 | Industrial Logistics Properties Trust REIT | 259,433 | ||||||
1,991 | Innovative Industrial Properties, Inc. REIT | 489,607 | ||||||
13,974 | iStar, Inc. REIT | 369,612 | ||||||
12,827 | Kennedy-Wilson Holdings, Inc. | 282,066 | ||||||
14,978 | Kite Realty Group Trust REIT | 303,454 | ||||||
27,387 | Lexington Realty Trust REIT | 370,546 | ||||||
5,142 | LTC Properties, Inc. REIT | 177,450 | ||||||
9,921 | Macerich Co. (The) REIT | 169,451 | ||||||
17,231 | Mack-Cali Realty Corp. REIT* | 308,090 | ||||||
16,125 | Marcus & Millichap, Inc.* | 632,422 | ||||||
12,358 | Monmouth Real Estate Investment Corp. REIT | 234,555 | ||||||
4,891 | National Health Investors, Inc. REIT | 292,580 | ||||||
12,846 | National Storage Affiliates Trust REIT | 735,433 | ||||||
27,398 | New Senior Investment Group, Inc. REIT | 239,185 | ||||||
23,005 | Newmark Group, Inc., Class A | 313,328 | ||||||
5,061 | NexPoint Residential Trust, Inc. REIT | 327,902 | ||||||
9,537 | Office Properties Income Trust REIT | 253,017 | ||||||
92 | One Liberty Properties, Inc. REIT | 2,929 | ||||||
8,691 | Outfront Media, Inc. REIT* | 215,189 | ||||||
21,154 | Paramount Group, Inc. REIT | 187,424 | ||||||
8,109 | Pebblebrook Hotel Trust REIT | 178,641 | ||||||
22,495 | Physicians Realty Trust REIT | 416,382 | ||||||
19,675 | Piedmont Office Realty Trust, Inc., Class A REIT | 350,609 | ||||||
4,629 | Plymouth Industrial REIT, Inc. REIT | 109,059 | ||||||
8,184 | Postal Realty Trust, Inc., Class A REIT | 159,997 | ||||||
11,128 | PotlatchDeltic Corp. REIT | 578,100 | ||||||
14,200 | Preferred Apartment Communities, Inc. REIT | 177,216 | ||||||
2,854 | PS Business Parks, Inc. REIT | 448,734 | ||||||
6,390 | QTS Realty Trust, Inc., Class A REIT | 498,292 | ||||||
10,650 | RE/MAX Holdings, Inc., Class A | 356,669 | ||||||
48,807 | Realogy Holdings Corp.* | 856,563 | ||||||
17,041 | Redfin Corp.* | 827,681 | ||||||
14,444 | Retail Opportunity Investments Corp. REIT | 261,148 | ||||||
12,012 | Retail Properties of America, Inc., Class A REIT | 158,799 | ||||||
9,715 | Retail Value, Inc. REIT | 242,875 | ||||||
6,824 | RLJ Lodging Trust REIT | 98,470 | ||||||
7,966 | RMR Group, Inc. (The), Class A | 369,144 | ||||||
17,267 | RPT Realty REIT | 223,435 | ||||||
|
|
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, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
3,097 | Ryman Hospitality Properties, Inc. REIT* | $ | 257,268 | |||||
25,403 | Sabra Health Care REIT, Inc. REIT | 406,448 | ||||||
1,239 | Safehold, Inc. REIT | 111,027 | ||||||
14,013 | Service Properties Trust REIT | 160,169 | ||||||
13,178 | SITE Centers Corp. REIT | 212,298 | ||||||
4,224 | St Joe Co. (The) | 195,444 | ||||||
15,748 | STAG Industrial, Inc. REIT | 665,353 | ||||||
13,414 | Sunstone Hotel Investors, Inc. REIT* | 155,468 | ||||||
15,705 | Tanger Factory Outlet Centers, Inc. REIT | 262,588 | ||||||
7,298 | Terreno Realty Corp. REIT | 487,579 | ||||||
7,870 | UMH Properties, Inc. REIT | 186,519 | ||||||
31,297 | Uniti Group, Inc. REIT | 409,052 | ||||||
2,156 | Universal Health Realty Income Trust REIT | 127,700 | ||||||
8,826 | Urban Edge Properties REIT | 167,164 | ||||||
7,478 | Washington Real Estate Investment Trust REIT | 187,997 | ||||||
11,293 | Whitestone REIT | 110,784 | ||||||
6,973 | Xenia Hotels & Resorts, Inc. REIT* | 121,470 | ||||||
|
| |||||||
27,437,032 | ||||||||
|
| |||||||
Utilities – 2.9% | ||||||||
8,179 | ALLETE, Inc. | 551,428 | ||||||
7,842 | American States Water Co. | 723,111 | ||||||
1,208 | Artesian Resources Corp., Class A | 47,607 | ||||||
9,716 | Avista Corp. | 406,615 | ||||||
8,776 | Black Hills Corp. | 617,216 | ||||||
7,657 | Brookfield Infrastructure Corp., Class A (Canada)(a) | 486,985 | ||||||
6,513 | Cadiz, Inc.* | 87,535 | ||||||
6,390 | California Water Service Group | 406,084 | ||||||
3,270 | Chesapeake Utilities Corp. | 427,389 | ||||||
20,927 | Clearway Energy, Inc., Class A | 622,369 | ||||||
24,360 | Clearway Energy, Inc., Class C | 764,660 | ||||||
5,280 | MGE Energy, Inc. | 425,251 | ||||||
2,215 | Middlesex Water Co. | 242,343 | ||||||
11,861 | New Jersey Resources Corp. | 442,890 | ||||||
3,885 | Northwest Natural Holding Co. | 199,883 | ||||||
7,738 | NorthWestern Corp. | 492,137 | ||||||
7,508 | ONE Gas, Inc. | 539,225 | ||||||
7,279 | Ormat Technologies, Inc. | 517,755 | ||||||
6,938 | Otter Tail Corp. | 380,688 | ||||||
12,561 | PNM Resources, Inc. | 621,770 | ||||||
13,917 | Portland General Electric Co. | 714,638 | ||||||
13,076 | Pure Cycle Corp.* | 195,486 | ||||||
3,797 | SJW Group | 263,246 | ||||||
10,302 | South Jersey Industries, Inc. | 255,593 | ||||||
7,546 | Southwest Gas Holdings, Inc. | 530,559 | ||||||
6,616 | Spire, Inc. | 441,287 | ||||||
4,741 | Sunnova Energy International, Inc.* | 171,624 | ||||||
3,690 | Unitil Corp. | 183,024 | ||||||
8,144 | Via Renewables, Inc. | 91,213 | ||||||
3,514 | York Water Co. (The) | 181,217 | ||||||
|
| |||||||
12,030,828 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $334,663,717) | $ | 408,058,268 | ||||||
|
| |||||||
Units | Description | Value | ||||||
Right – 0.0% | ||||||||
Financials – 0.0% | ||||||||
153 | NewStar Financial, Inc. CVR*(d) | |||||||
(Cost $13) | $ | 0 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $334,663,730) | $ | 408,058,268 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.2%(e) | ||||||||
| Goldman Sachs Financial Square Government | |||||||
5,108,816 | 0.026% | $ | 5,108,816 | |||||
(Cost $5,108,816) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 100.1% | ||||||||
(Cost $339,772,546) | $ | 413,167,084 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | (623,943 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 412,543,141 | ||||||
|
|
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. | |
(c) | Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on sale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered and the registration statement is effective. Disposal of these securities may involve time consuming negotiations and prompt sale at an acceptable price may be difficult. Total market value of restricted securities amounts to $10,412, which represents approximately 0.0% of net assets as of August 31, 2021. See additional details below: |
Security | Date(s) of Purchase | Cost | ||||||||
BM Technologies Inc. | 12/17/20 | $ | 13,363 |
(d) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(e) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
CVR | — Contingent Value Right | |
PLC | — Public Limited Company | |
REIT | — Real Estate Investment Trust | |
|
84 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® U.S. SMALL CAP EQUITY ETF
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
E-Mini Russell 2000 Index | 30 | 09/17/21 | $3,356,144 | $ | 50,656 |
The accompanying notes are an integral part of these financial statements. | 85 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities
August 31, 2021
ActiveBeta® Markets Equity | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||
Assets: |
| |||||||||||||||||
Investments at value (cost $1,021,556,716, $16,382,814, $2,463,662,963 and $12,760,901, respectively)(a) | $ | 1,387,775,924 | $ | 20,768,818 | $ | 3,082,613,430 | $ | 15,135,464 | ||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 8,722,462 | 184,641 | 37,762,053 | 82,494 | ||||||||||||||
Cash | 30,632,155 | 44,858 | 3,025,950 | 10,656 | ||||||||||||||
Foreign currency, at value (cost $72,487, $—, $122,088 and $224, respectively) | 72,791 | — | 121,761 | 224 | ||||||||||||||
Receivables: | ||||||||||||||||||
Investments sold | 41,872,512 | 916,101 | 152,621,042 | 615,157 | ||||||||||||||
Dividends | 2,349,911 | 45,691 | 7,111,776 | 21,861 | ||||||||||||||
Collateral on futures contracts | 627,287 | 5,049 | — | — | ||||||||||||||
Securities lending income | 79,816 | 103 | 11,928 | 2 | ||||||||||||||
Reimbursement from investment adviser | 65,119 | — | — | — | ||||||||||||||
Foreign tax reclaims | 30,813 | 79,514 | 2,808,781 | 7,360 | ||||||||||||||
Other assets | 10,941 | — | — | — | ||||||||||||||
Total assets | 1,472,239,731 | 22,044,775 | 3,286,076,721 | 15,873,218 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Variation margin on futures contracts | — | 382 | — | — | ||||||||||||||
Payables: | ||||||||||||||||||
Investments purchased | 64,719,712 | 960,726 | 154,237,125 | 623,965 | ||||||||||||||
Upon return of securities loaned | 8,722,462 | 184,641 | 37,762,053 | 82,494 | ||||||||||||||
Foreign capital gains tax | 8,266,711 | — | — | — | ||||||||||||||
Management fees | 460,792 | 4,424 | 640,194 | 3,169 | ||||||||||||||
Foreign bank overdraft (cost $—, $365, $— and $—, respectively) | — | 367 | — | — | ||||||||||||||
Accrued expenses | 1,780,624 | 1,015 | 201,864 | 689 | ||||||||||||||
Total liabilities | 83,950,301 | 1,151,555 | 192,841,236 | 710,317 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 1,045,273,268 | 19,545,722 | 2,579,936,916 | 13,637,976 | ||||||||||||||
Total distributable earnings | 343,016,162 | 1,347,498 | 513,298,569 | 1,524,925 | ||||||||||||||
NET ASSETS | $ | 1,388,289,430 | $ | 20,893,220 | $ | 3,093,235,485 | $ | 15,162,901 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 35,300,000 | 550,000 | 86,500,000 | 400,000 | ||||||||||||||
Net asset value per share: | $39.33 | $37.99 | $35.76 | $37.91 |
(a) | Includes loaned securities having a market value of $7,117,388, $173,873, $34,668,517 and $78,589 for ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® Japan Equity ETF, respectively. |
86 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Assets and Liabilities (continued)
August 31, 2021
ActiveBeta® U.S. ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||
Assets: |
| |||||||
Investments at value (cost $9,052,894,866 and $334,663,730, respectively)(a) | $13,738,914,663 | $ | 408,058,268 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 9,566,002 | 5,108,816 | ||||||
Cash | 16,264,256 | 4,055,608 | ||||||
Variation margin on futures contracts | — | 6,900 | ||||||
Receivables: | ||||||||
Fund shares sold | 22,774,736 | — | ||||||
Dividends | 15,449,133 | 281,714 | ||||||
Collateral on futures contracts | 468,050 | 214,500 | ||||||
Securities lending income | 25,290 | 4,412 | ||||||
Total assets | 13,803,462,130 | 417,730,218 | ||||||
Liabilities: | ||||||||
Variation margin on futures contracts | 8,695 | — | ||||||
Payables: | ||||||||
Investments purchased | 22,726,093 | — | ||||||
Upon return of securities loaned | 9,566,002 | 5,108,816 | ||||||
Management fees | 1,043,180 | 67,096 | ||||||
Accrued expenses | 270,682 | 11,165 | ||||||
Total liabilities | 33,614,652 | 5,187,077 | ||||||
Net Assets: | ||||||||
Paid-in capital | 9,543,811,081 | 347,683,294 | ||||||
Total distributable earnings | 4,226,036,397 | 64,859,847 | ||||||
NET ASSETS | $13,769,847,478 | $ | 412,543,141 | |||||
SHARES ISSUED AND OUTSTANDING | ||||||||
Shares outstanding no par value (unlimited shares authorized): | 151,402,500 | 6,350,000 | ||||||
Net asset value per share: | $90.95 | $64.97 |
(a) | Includes loaned securities having a market value of $9,322,545 and $5,033,988 for ActiveBeta® U.S. Large Cap Equity ETF and ActiveBeta® U.S. Small Cap Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 87 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2021
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||
Investment income: | ||||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,928,599, $72,326, $6,455,813 and $61,757, respectively) | $ | 35,403,726 | $ | 448,280 | $ | 53,348,866 | $ | 400,020 | ||||||||||
Securities lending income — unaffiliated issuer | 273,974 | 3,795 | 390,985 | 1,903 | ||||||||||||||
Non cash dividend income | — | 55,759 | 4,880,629 | — | ||||||||||||||
Total investment income | 35,677,700 | 507,834 | 58,620,480 | 401,923 | ||||||||||||||
Expenses: | ||||||||||||||||||
Management fees | 6,437,086 | 42,808 | 5,697,446 | 49,169 | ||||||||||||||
Custody, accounting and administrative services | 1,447,938 | — | — | — | ||||||||||||||
Printing and mailing costs | 165,119 | — | — | — | ||||||||||||||
Professional fees | 109,890 | — | — | — | ||||||||||||||
Shareholder meeting expense | 61,663 | 747 | 91,711 | 689 | ||||||||||||||
Trustee fees | 18,356 | 3,874 | 27,095 | 3,915 | ||||||||||||||
Other | 19,596 | — | — | — | ||||||||||||||
Total expenses | 8,259,648 | 47,429 | 5,816,252 | 53,773 | ||||||||||||||
Less — expense reductions | (956,263 | ) | — | — | — | |||||||||||||
Net expenses | 7,303,385 | 47,429 | 5,816,252 | 53,773 | ||||||||||||||
NET INVESTMENT INCOME | 28,374,315 | 460,405 | 52,804,228 | 348,150 | ||||||||||||||
Realized and unrealized gain (loss): | ||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | 145,421,767 | 274,054 | 5,232,219 | (59,008 | ) | |||||||||||||
In-kind redemptions | 154,147,137 | — | — | 1,951,191 | ||||||||||||||
Futures | (183,710 | ) | 8,096 | 1,424,037 | 22,121 | |||||||||||||
Foreign currency transactions | 120,773 | (2,596 | ) | (382,334 | ) | (3,404 | ) | |||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $8,266,711, $—, $— and $—, respectively) | (6,555,931 | ) | 4,206,343 | 477,625,019 | 1,175,273 | |||||||||||||
Futures | — | 1,940 | — | (4,057 | ) | |||||||||||||
Foreign currency translations | 65,524 | (1,388 | ) | (167,610 | ) | (469 | ) | |||||||||||
Net realized and unrealized gain | 293,015,560 | 4,486,449 | 483,731,331 | 3,081,647 | ||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 321,389,875 | $ | 4,946,854 | $ | 536,535,559 | $ | 3,429,797 |
88 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2021
ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||
Investment income: | ||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $— and $16,769, respectively) | $ | 156,006,991 | $ | 3,253,104 | ||||||
Securities lending income — unaffiliated issuer | 111,489 | 129,578 | ||||||||
Total investment income | 156,118,480 | 3,382,682 | ||||||||
Expenses: | ||||||||||
Management fees | 10,565,110 | 603,778 | ||||||||
Shareholder meeting expense | 270,682 | 11,165 | ||||||||
Trustee fees | 126,475 | 6,680 | ||||||||
Total expenses | 10,962,267 | 621,623 | ||||||||
NET INVESTMENT INCOME | 145,156,213 | 2,761,059 | ||||||||
Realized and unrealized gain (loss): | ||||||||||
Net realized gain (loss) from: | ||||||||||
Investments — unaffiliated issuers | (47,270,252 | ) | (938,162 | ) | ||||||
In-kind redemptions | 792,128,651 | 31,298,694 | ||||||||
Futures | 1,330,122 | 580,785 | ||||||||
Net change in unrealized gain (loss) on: | ||||||||||
Investments — unaffiliated issuers | 2,324,377,818 | 65,021,134 | ||||||||
Futures | 498,672 | (77,590 | ) | |||||||
Net realized and unrealized gain | 3,071,065,011 | 95,884,861 | ||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 3,216,221,224 | $ | 98,645,920 |
The accompanying notes are an integral part of these financial statements. | 89 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 28,374,315 | $ | 43,988,398 | $ | 460,405 | $ | 348,546 | ||||||||||||||
Net realized gain (loss) | 299,505,967 | (40,335,493 | ) | 279,554 | (1,962,467 | ) | ||||||||||||||||
Net change in unrealized gain (loss) | (6,490,407 | ) | 146,795,035 | 4,206,895 | 2,044,102 | |||||||||||||||||
Net increase in net assets resulting from operations | 321,389,875 | 150,447,940 | 4,946,854 | 430,181 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (31,408,924 | ) | (44,088,214 | ) | (469,425 | ) | (340,708 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 267,346,093 | 148,065,074 | — | — | ||||||||||||||||||
Cost of shares redeemed | (879,514,184 | ) | (243,149,316 | ) | — | (2,258,165 | ) | |||||||||||||||
Net decrease in net assets resulting from share transactions | (612,168,091 | ) | (95,084,242 | ) | — | (2,258,165 | ) | |||||||||||||||
TOTAL INCREASE (DECREASE) | (322,187,140 | ) | 11,275,484 | 4,477,429 | (2,168,692 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of year | $ | 1,710,476,570 | $ | 1,699,201,086 | $ | 16,415,791 | $ | 18,584,483 | ||||||||||||||
End of year | $ | 1,388,289,430 | $ | 1,710,476,570 | $ | 20,893,220 | $ | 16,415,791 |
90 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Statements of Changes in Net Assets (continued)
ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 52,804,228 | $ | 33,497,128 | $ | 348,150 | $ | 409,965 | ||||||||||||||
Net realized gain (loss) | 6,273,922 | (71,514,669 | ) | 1,910,900 | 388,178 | |||||||||||||||||
Net change in unrealized gain | 477,457,409 | 96,323,217 | 1,170,747 | 1,212,417 | ||||||||||||||||||
Net increase in net assets resulting from operations | 536,535,559 | 58,305,676 | 3,429,797 | 2,010,560 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (47,566,749 | ) | (34,855,286 | ) | (325,392 | ) | (482,484 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 860,704,407 | 319,433,538 | — | — | ||||||||||||||||||
Cost of shares redeemed | — | (144,922,933 | ) | (7,502,475 | ) | (6,435,562 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | 860,704,407 | 174,510,605 | (7,502,475 | ) | (6,435,562 | ) | ||||||||||||||||
TOTAL INCREASE (DECREASE) | 1,349,673,217 | 197,960,995 | (4,398,070 | ) | (4,907,486 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of year | $ | 1,743,562,268 | $ | 1,545,601,273 | $ | 19,560,971 | $ | 24,468,457 | ||||||||||||||
End of year | $ | 3,093,235,485 | $ | 1,743,562,268 | $ | 15,162,901 | $ | 19,560,971 |
The accompanying notes are an integral part of these financial statements. | 91 |
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 Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||||||
From operations: | ||||||||||||||||||||||
Net investment income | $ | 145,156,213 | $ | 131,490,181 | $ | 2,761,059 | $ | 1,182,340 | ||||||||||||||
Net realized gain (loss) | 746,188,521 | (144,906,256 | ) | 30,941,317 | (1,417,613 | ) | ||||||||||||||||
Net change in unrealized gain | 2,324,876,490 | 1,648,452,208 | 64,943,544 | 8,670,193 | ||||||||||||||||||
Net increase in net assets resulting from operations | 3,216,221,224 | 1,635,036,133 | 98,645,920 | 8,434,920 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (138,466,225 | ) | (130,496,243 | ) | (2,434,684 | ) | (1,215,722 | ) | ||||||||||||||
From share transactions: | ||||||||||||||||||||||
Proceeds from sales of shares | 1,810,335,563 | 2,860,908,951 | 224,466,695 | 74,558,334 | ||||||||||||||||||
Cost of shares redeemed | (1,546,137,807 | ) | (543,604,251 | ) | (60,618,621 | ) | (25,692,998 | ) | ||||||||||||||
Net increase in net assets resulting from share transactions | 264,197,756 | 2,317,304,700 | 163,848,074 | 48,865,336 | ||||||||||||||||||
TOTAL INCREASE | 3,341,952,755 | 3,821,844,590 | 260,059,310 | 56,084,534 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||
Beginning of year | $ | 10,427,894,723 | $ | 6,606,050,133 | $ | 152,483,831 | $ | 96,399,297 | ||||||||||||||
End of year | $ | 13,769,847,478 | $ | 10,427,894,723 | $ | 412,543,141 | $ | 152,483,831 |
92 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Selected Data for a Share Outstanding Throughout Each Period
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.03 per share and 0.09% of average net assets. |
(c) | 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. |
(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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 93 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(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. |
(c) | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
94 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(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. |
(c) | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
The accompanying notes are an integral part of these financial statements. | 95 |
GOLDMAN SACHS ACTIVEBETA® ETFS
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
(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. |
(c) | 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 and short-term 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
(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. |
(c) | 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 and short-term 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
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
(f) | Less than 0.5% |
98 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS ACTIVEBETA® ETFS
August 31, 2021
1. ORGANIZATION |
Goldman Sachs ETF Trust (the “Trust”) is an open-end management investment company, registered under the Investment Company Act of 1940, as amended (the “Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”) along with their respective diversification status under the Act:
Fund | Diversification Classification | |||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (“ActiveBeta® Emerging Markets Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® Europe Equity ETF (“ActiveBeta® Europe Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® International Equity ETF (“ActiveBeta® International Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® Japan Equity ETF (“ActiveBeta® Japan Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (“ActiveBeta® U.S. Large Cap Equity ETF”) | Diversified | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (“ActiveBeta® U.S. Small Cap Equity ETF”) | Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to the Funds pursuant to management agreements (each, an “Agreement” and together, the “Agreements”) 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. These reclaims if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered if any, are reflected as other income in the Statements of Operations. 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 and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.
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Notes to Financial Statements (continued)
August 31, 2021
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.
D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. For each fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid at least 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 distributable earnings 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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).
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the 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:
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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. 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. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
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Notes to Financial Statements (continued)
August 31, 2021
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2021:
ACTIVEBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 53,548,810 | $ | — | $ | — | ||||||
Asia | 1,150,736,230 | 44,802,110 | — | |||||||||
Europe | 22,246,690 | — | — | |||||||||
North America | 42,369,618 | — | — | |||||||||
South America | 58,188,464 | 15,884,002 | — | |||||||||
Securities Lending Reinvestment Vehicle | 8,722,462 | — | — | |||||||||
Total | $ | 1,335,812,274 | $ | 60,686,112 | $ | — | ||||||
ACTIVEBETA® EUROPE EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 49,248 | $ | — | $ | — | ||||||
Asia | 179,670 | — | — | |||||||||
Europe | 19,533,168 | 222,739 | — | |||||||||
North America | 419,690 | — | — | |||||||||
Oceania | 314,856 | — | — | |||||||||
South America | 49,447 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 184,641 | — | — | |||||||||
Total | $ | 20,730,720 | $ | 222,739 | $ | — |
(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. |
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
ACTIVEBETA® EUROPE EQUITY ETF (continued) |
| |||||||||||
Derivative Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 1,940 | $ | — | $ | — | ||||||
ACTIVEBETA® INTERNATIONAL EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | �� | |||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 6,361,862 | $ | — | $ | — | ||||||
Asia | 766,142,941 | — | — | |||||||||
Europe | 1,712,070,609 | 21,607,521 | — | |||||||||
North America | 358,783,858 | 3,015,163 | — | |||||||||
Oceania | 209,391,544 | — | — | |||||||||
South America | 5,239,932 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 37,762,053 | — | — | |||||||||
Total | $ | 3,095,752,799 | $ | 24,622,684 | $ | — | ||||||
ACTIVEBETA® JAPAN EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 15,135,464 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 82,494 | — | — | |||||||||
Total | $ | 15,217,958 | $ | — | $ | — | ||||||
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 | $ | 13,738,914,663 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 9,566,002 | — | — | |||||||||
Total | $ | 13,748,480,665 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 498,672 | $ | — | $ | — |
(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. |
(b) | Amount shown represents unrealized gain at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
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Notes to Financial Statements (continued)
August 31, 2021
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) |
| |||||||||||
Africa | $ | 124,664 | $ | — | $ | — | ||||||
Asia | 1,608,349 | — | — | |||||||||
Europe | 1,493,082 | — | — | |||||||||
North America | 404,463,990 | — | — | |||||||||
South America | 368,183 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 5,108,816 | — | — | |||||||||
Total | $ | 413,167,084 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 50,656 | $ | — | $ | — |
(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. |
(b) | Amount shown represents unrealized gain at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Risk | Fund | Statement of Assets and Liabilities | Assets (Liabilities)(a) | |||||||
Equity | Goldman Sachs ActiveBeta® Europe Equity ETF | Variation Margin on Futures Contracts | $ | 1,940 | ||||||
Equity | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | Variation Margin on Futures Contracts | 498,672 | |||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | Variation Margin on Futures Contracts | 50,656 |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2021 is reported within the Statements of Assets and Liabilities. |
The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and
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GOLDMAN SACHS ACTIVEBETA® ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Risk | Fund | Net Realized Gain (Loss) from Futures Contracts | Net Change in Contracts | |||||||||
Equity | Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | $ | (183,710 | ) | $ | — | ||||||
Equity | Goldman Sachs ActiveBeta® Europe Equity ETF | 8,096 | 1,940 | |||||||||
Equity | Goldman Sachs ActiveBeta® International Equity ETF | 1,424,037 | — | |||||||||
Equity | Goldman Sachs ActiveBeta® Japan Equity ETF | 22,121 | (4,057 | ) | ||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | 1,330,122 | 498,672 | |||||||||
Equity | Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | 580,785 | (77,590 | ) |
For the fiscal year ended August 31, 2021, the relevant values for each derivative type was as follows:
Fund | Average Number of Contracts(a) | |||
Goldman Sachs ActiveBeta® Emerging Markets Equity ETF | 123 | |||
Goldman Sachs ActiveBeta® Europe Equity ETF | 3 | |||
Goldman Sachs ActiveBeta® International Equity ETF | 65 | |||
Goldman Sachs ActiveBeta® Japan Equity ETF | 14 | |||
Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF | 73 | |||
Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF | 19 | |||
(a) Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2021. |
5. AGREEMENTS AND AFFILIATED TRANSACTIONS |
A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.
As compensation for the services rendered pursuant to the Agreements, 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 Goldman Sachs 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.
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Notes to Financial Statements (continued)
August 31, 2021
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
For the fiscal year ended August 31, 2021, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta® Emerging Markets Equity ETF:
Fund | Unitary Management Fee | |||
ActiveBeta® Europe Equity ETF | 0.25% | |||
ActiveBeta® International Equity ETF | 0.25% | |||
ActiveBeta® Japan Equity ETF | 0.25% | |||
ActiveBeta® U.S. Large Cap Equity ETF | 0.09% | |||
ActiveBeta® U.S. Small Cap Equity ETF | 0.20% |
For the fiscal year ended August 31, 2021, 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 reduce or 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 Fund is 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, 2021, these expense reimbursements amounted to $956,263.
6. 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.
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6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Share activity is as follows:
ActiveBeta® Emerging Markets Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 6,800,000 | $ | 265,763,520 | 4,400,000 | $ | 147,064,435 | ||||||||||
Shares Redeemed | (22,900,000 | ) | (879,193,841 | ) | (7,600,000 | ) | (242,809,605 | ) | ||||||||
NET DECREASE IN SHARES | (16,100,000 | ) | $ | (613,430,321 | ) | (3,200,000 | ) | $ | (95,745,170 | ) | ||||||
ActiveBeta® Europe Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Redeemed | — | — | (100,000 | ) | (2,258,165 | ) | ||||||||||
NET DECREASE IN SHARES | — | $ | — | (100,000 | ) | $ | (2,258,165 | ) | ||||||||
ActiveBeta® International Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 25,800,000 | $ | 860,606,084 | 11,200,000 | $ | 319,392,338 | ||||||||||
Shares Redeemed | — | — | (6,300,000 | ) | (144,922,584 | ) | ||||||||||
NET INCREASE IN SHARES | 25,800,000 | $ | 860,606,084 | 4,900,000 | $ | 174,469,754 | ||||||||||
ActiveBeta® Japan Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | — | $ | — | ||||||||||
Shares Redeemed | (200,000 | ) | (7,502,453 | ) | (200,000 | ) | (6,435,562 | ) | ||||||||
NET DECREASE IN SHARES | (200,000 | ) | $ | (7,502,453 | ) | (200,000 | ) | $ | (6,435,562 | ) |
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Notes to Financial Statements (continued)
August 31, 2021
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
ActiveBeta® U.S. Large Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 22,700,000 | $ | 1,810,334,871 | 44,400,000 | $ | 2,860,908,861 | ||||||||||
Shares Redeemed | (18,800,000 | ) | (1,546,137,808 | ) | (8,700,000 | ) | (543,604,251 | ) | ||||||||
NET INCREASE IN SHARES | 3,900,000 | $ | 264,197,063 | 35,700,000 | $ | 2,317,304,610 | ||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 3,800,000 | $ | 224,465,356 | 1,900,000 | $ | 74,558,334 | ||||||||||
Shares Redeemed | (950,000 | ) | (60,618,621 | ) | (650,000 | ) | (25,692,998 | ) | ||||||||
NET INCREASE IN SHARES | 2,850,000 | $ | 163,846,735 | 1,250,000 | $ | 48,865,336 |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 725,320,406 | $ | 1,003,478,248 | ||||||
ActiveBeta® Europe Equity ETF | 3,573,178 | 3,617,763 | ||||||||
ActiveBeta® International Equity ETF | 529,069,737 | 481,221,685 | ||||||||
ActiveBeta® Japan Equity ETF | 4,404,190 | 4,349,145 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 1,856,191,238 | 1,837,936,809 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 92,591,971 | 75,835,200 |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 53,011,183 | $ | 401,035,055 | ||||||
ActiveBeta® Europe Equity ETF | — | — | ||||||||
ActiveBeta® International Equity ETF | 813,760,516 | — | ||||||||
ActiveBeta® Japan Equity ETF | — | 7,447,175 | ||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 1,772,416,150 | 1,525,296,560 | ||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 206,804,571 | 60,211,314 |
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8. 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% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
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, 2021, 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, 2021:
Fund | Beginning value as of August 31, 2020 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2021 | ||||||||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 4,333,286 | $ | 126,431,034 | $ | (122,041,858 | ) | $ | 8,722,462 | |||||||||
ActiveBeta® Europe Equity ETF | 62,772 | 4,003,034 | (3,881,165 | ) | 184,641 | |||||||||||||
ActiveBeta® International Equity ETF | 24,830,933 | 405,448,164 | (392,517,044 | ) | 37,762,053 | |||||||||||||
ActiveBeta® Japan Equity ETF | 999,602 | 3,037,967 | (3,955,075 | ) | 82,494 | |||||||||||||
ActiveBeta® U.S. Large Cap Equity ETF | 9,557,821 | 144,441,914 | (144,433,733 | ) | 9,566,002 | |||||||||||||
ActiveBeta® U.S. Small Cap Equity ETF | 2,901,792 | 56,127,128 | (53,920,104 | ) | 5,108,816 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
9. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2021 and August 31, 2020 were as follows:
Fiscal Year Ended August 31, 2021 | ||||||||||||||||||||||||
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 | $ | 31,408,924 | $ | 469,425 | $ | 47,566,749 | $ | 325,392 | $ | 138,466,225 | $ | 2,434,684 | ||||||||||||
Total taxable distributions | $ | 31,408,924 | $ | 469,425 | $ | 47,566,749 | $ | 325,392 | $ | 138,466,225 | $ | 2,434,684 |
Fiscal Year Ended August 31, 2020 | ||||||||||||||||||||||||
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 | $ | 44,088,214 | $ | 340,708 | $ | 34,855,286 | $ | 482,484 | $ | 130,496,243 | $ | 1,215,722 | ||||||||||||
Total taxable distributions | $ | 44,088,214 | $ | 340,708 | $ | 34,855,286 | $ | 482,484 | $ | 130,496,243 | $ | 1,215,722 |
As of August 31, 2021, 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 | $ | 22,216,622 | $ | 121,997 | $ | 14,748,586 | $ | 21,355 | $ | 27,831,938 | $ | 480,589 | ||||||||||||
Total undistributed earnings | $ | 22,216,622 | $ | 121,997 | $ | 14,748,586 | $ | 21,355 | $ | 27,831,938 | $ | 480,589 | ||||||||||||
Capital loss carryforwards(1): | ||||||||||||||||||||||||
Perpetual Short-Term | $ | (18,538,046 | ) | $ | (912,925 | ) | $ | (32,881,357 | ) | $ | (352,828 | ) | $ | (205,544,786 | ) | $ | (583,066 | ) | ||||||
Perpetual Long-Term | — | (2,111,682 | ) | (70,851,919 | ) | (447,827 | ) | (219,683,202 | ) | (3,381,690 | ) | |||||||||||||
Unrealized gains (losses) — net | 339,337,586 | 4,250,108 | 602,283,259 | 2,304,225 | 4,623,432,447 | 68,344,014 | ||||||||||||||||||
Total accumulated earnings (losses) net | $ | 343,016,162 | $ | 1,347,498 | $ | 513,298,569 | $ | 1,524,925 | $ | 4,226,036,397 | $ | 64,859,847 |
(1) | ActiveBeta® Emerging Markets Equity ETF, ActiveBeta® Europe Equity ETF, ActiveBeta® International Equity ETF and ActiveBeta® U.S. Small Cap Equity ETF utilized $143,461,683, $286,397, $8,417,558, and $1,782,802, respectively of capital losses in the current fiscal year. |
As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
ActiveBeta® Emerging Markets Equity ETF | ActiveBeta® Europe Equity ETF | ActiveBeta® International Equity ETF | ActiveBeta® Japan Equity ETF | ActiveBeta® U.S. Large Cap Equity ETF | ActiveBeta® U.S. Small Cap Equity ETF | |||||||||||||||||||
Tax Cost | $ | 1,048,909,057 | $ | 16,706,828 | $ | 2,517,996,448 | $ | 12,913,683 | $ | 9,125,546,890 | $ | 344,873,726 | ||||||||||||
Gross unrealized gain | 423,914,247 | 5,465,492 | 684,595,090 | 3,024,984 | 4,731,858,421 | 85,390,108 | ||||||||||||||||||
Gross unrealized loss | (84,576,661 | ) | (1,215,384 | ) | (82,311,831 | ) | (720,759 | ) | (108,425,974 | ) | (17,046,094 | ) | ||||||||||||
Net unrealized gains (losses) | $ | 339,337,586 | $ | 4,250,108 | $ | 602,283,259 | $ | 2,304,225 | $ | 4,623,432,447 | $ | 68,344,014 |
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GOLDMAN SACHS ACTIVEBETA® ETFS
9. TAX INFORMATION (continued) |
The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, differences in the tax treatment of partnership investments, and passive foreign investment company investments.
In order to present 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 redemption in-kind transactions.
Fund | Paid-in Capital | Total Distributable Earnings | ||||||||
ActiveBeta® Emerging Markets Equity ETF | $ | 148,976,398 | $ | (148,976,398 | ) | |||||
ActiveBeta® Europe Equity ETF | — | — | ||||||||
ActiveBeta® International Equity ETF | — | — | ||||||||
ActiveBeta® Japan Equity ETF | 1,871,757 | (1,871,757 | ) | |||||||
ActiveBeta® U.S. Large Cap Equity ETF | 786,273,095 | (786,273,095 | ) | |||||||
ActiveBeta® U.S. Small Cap Equity ETF | 30,671,779 | (30,671,779 | ) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
10. OTHER RISKS (continued) |
Foreign Custody Risk — A Fund invests in foreign securities, and as such 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. Furthermore, the index providers for the reference indices upon which the Funds’ Indeces are based may delay or change a scheduled rebalancing or reconstitution of an index or the implementation of certain rules at their sole discretion. In such circumstances, a Fund, in replicating the composition of an index, may have more or less exposure to a particular sector or individual company than had the index been constructed in accordance with its stated methodology.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments.
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.
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GOLDMAN SACHS ACTIVEBETA® ETFS
10. OTHER RISKS (continued) |
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.
11. 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.
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
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 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 (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, the statements of changes in net assets for each of the two years in the period ended August 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
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, 2021 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2021
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
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on March 16-17, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the efficiency of the arbitrage function during the Reporting Period (including during the stressed market conditions caused by the COVID-19 pandemic). The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS ACTIVEBETA® ETFS
Fund Expenses — Six Month period ended 8/31/2021 (Unaudited)
As a shareholder you incur ongoing costs, including 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 Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the six months ended August 31, 2021, which represents a period of 184 days of a 365 day year.
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 a 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 a 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 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,008.27 | $ | 2.28 | $ | 1,000 | $ | 1,164.90 | $ | 1.36 | $ | 1,000 | $ | 1,127.54 | $ | 1.34 | ||||||||||||||||||
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 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,027.61 | $ | 1.28 | $ | 1,000 | $ | 1,197.51 | $ | 0.50 | $ | 1,000 | $ | 1,067.72 | $ | 1.04 | ||||||||||||||||||
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 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 fiscal year ended August 31, 2021. 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 |
116
GOLDMAN SACHS ACTIVEBETA® ETFS
Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and Length of | 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: 67 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Linda A. Lang Age: 63 | Trustee | Since 2016 | Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); 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 and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | None | |||||
Michael Latham Age: 55 | Trustee | Since 2015 | Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | FinTech Evolution Acquisition Group (a special purpose acquisition company) | |||||
117
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: 58 | President and Trustee | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund | 166 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns 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, 2021. |
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 or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2021, Goldman Sachs ETF Trust consisted of 36 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
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.
118
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: 58 | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); 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 Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | 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, 2021. |
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 ActiveBeta ETFs — Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2021, 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 $1.0260, $0.5974, $0.5039 and $0.7341 and 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 85.39%, 83.11%, 91.25% and 83.18%, 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 $0.1207, $0.0606, $0.0560 and $0.0983 per share, respectively.
For the fiscal year ended August 31, 2021, 44.66%, 67.11%, 54.09%, 28.30%, 98.86%, and 89.36% 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 Active Beta® 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 fiscal year ended August 31, 2021, 99.23% and 97.84% of the dividends paid from net investment company taxable income by the ActiveBeta® U.S. Large Cap Equity and Active Beta® U.S. Small Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.
For the year ended August 31, 2021, 1.14% and 9.14% of the dividend paid from net investment company taxable income by the ActiveBeta® U.S. Large Cap Equity and Active Beta® U.S. Small Cap Equity ETF, respectively, qualifies as section 199A dividends.
119
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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 U.S. Aggregate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity 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 Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Treasurer, Principal Financial Officer 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/ETFs 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 during the most recent 12-month period ended June 30 is 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 will file their portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2021 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.
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. Ordinary brokerage commissions apply. 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.
ActiveBeta® is a registered trademark of GSAM.
© 2021 Goldman Sachs. All rights reserved. 256148-OTU-10/2021 ACTBETAAR-21
Goldman Sachs Funds
Annual Report | August 31, 2021 | |||
Goldman Sachs Equity ETFs | ||||
Equal Weight U.S. Large Cap Equity ETF (GSEW) | ||||
Future Planet Equity ETF (GSFP) | ||||
Hedge Industry VIP ETF (GVIP) | ||||
Innovate Equity ETF (GINN) | ||||
JUST U.S. Large Cap Equity ETF (JUST) |
Goldman Sachs Equity ETFs
∎ | EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF |
∎ | FUTURE PLANET EQUITY ETF |
∎ | HEDGE INDUSTRY VIP ETF |
∎ | INNOVATE EQUITY ETF |
∎ | JUST U.S. LARGE CAP EQUITY ETF |
1 | ||||
8 | ||||
29 | ||||
49 | ||||
56 | ||||
56 | ||||
57 | ||||
58 | ||||
59 | ||||
60 | ||||
61 | ||||
75 | ||||
76 |
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, 2021, the Index consisted of 498 securities with a market capitalization range of between approximately $6.8 billion and $2,206.9 billion, and an average market capitalization of approximately $65.9 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. the 12 months ended August 31, 2021, 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
INVESTMENT PROCESS
Goldman Sachs Future Planet Equity ETF
Principal Investment Strategies
The Goldman Sachs Future Planet Equity ETF (the “Fund”) seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in equity investments in U.S. and non-U.S. companies that Goldman Sachs Asset Management, L.P. (“GSAM”) believes are associated, at the time the investment is first added to the Fund’s portfolio, with seeking to address environmental problems. Securities or other instruments that provide exposure (directly or indirectly) to such companies are treated as such investments for purposes of this policy. The Fund intends to invest in companies that GSAM believes are aligned with the key themes associated with seeking to address environmental problems, which include, but are not limited to, clean energy, resource efficiency, sustainable consumption, the circular economy and water sustainability (the “Key Themes”).
GSAM considers a company aligned to the Key Themes if it believes the company provides, invests in or helps create products, services or technologies consistent with one or more of the Key Themes as described below.
The Key Themes are:
Clean Energy — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to solar energy, wind energy, bioenergy, energy storage, grid services and carbon sequestration.
Resource Efficiency — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to electric and autonomous vehicles, sustainable manufacturing, logistics and smart cities.
Sustainable Consumption — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to agriculture, food, tourism and fashion.
Circular Economy — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to recycling and reuse, waste management and single-use substitution.
Water Sustainability — Companies that provide, invest in or help create products, services or technologies in areas including but not limited to water treatment, water distribution and desalination.
The Key Themes and related areas of investment may change over time at GSAM’S sole discretion without prior notice to shareholders. In addition, the Fund is permitted to make investments that are not aligned with the Key Themes.
Alignment with these Key Themes is generally assessed at or around the time of the Fund’s initial purchase by taking into account, among other factors, contribution of the Key Themes to the companies’ revenues, earnings, capital expenditure, intrinsic value, future growth, corporate strategy or other relevant metrics to the industries in which the companies operate. GSAM’s assessment may be based on company disclosure, third-party research or subjective criteria including GSAM’S own research, forecasts and expectations based on, among other things, engagement with the companies. A company in which the Fund invests may not currently or in the future derive any revenue from its efforts to address environmental problems.
In addition, in selecting investments, GSAM will not seek to allocate a specified portion of the Fund’s portfolio to each particular Key Theme, and the allocation of the Fund’s investments across the Key Themes will vary over time based on GSAM’s fundamental view of the companies aligned with each Key Theme. The Fund may not allocate its investments to each Key Theme at all times and an investment may be aligned with multiple Key Themes at the same time.
When creating the investment universe, GSAM generally focuses on “what” each issuer is creating or producing and may not emphasize “how” the issuer is creating or producing services, products or technologies. Accordingly, GSAM may determine that an issuer is aligned with one or more of the Key Themes, even when the issuer’s profile reflects negative, or a mixture of positive and negative, environmental, social and corporate governance characteristics.
* * *
At the end of the Reporting Period, i.e., the period since the Fund’s inception on July 13, 2021 through August 31, 2021, we believed that companies showing meaningful alignment to one or more of the five Key Themes were likely to benefit from secular growth tailwinds in the decades ahead. The Key Themes were underpinned, in our view, by powerful economic drivers, and we expected the investment opportunity to grow over time as companies keep innovating and scaling up innovative technologies. That said, we acknowledged the potential risk of technological failure or redundancy and the risk of changes to the operating environment. In managing the Fund, we intended to continue following our disciplined process of stock-level due diligence, portfolio construction and risk management. We planned to remain highly focused on understanding the fundamental drivers of the companies in which we consider investing and expected to invest in them only if we have conviction that their business models can be successful over the long term. Additionally, we intended to maintain balanced and diversified allocations across Key Themes, market capitalizations, regions and sectors to avoid concentrated risk exposures.
2
INVESTMENT PROCESS
Goldman Sachs Hedge Industry VIP ETF
Principal Investment Strategies
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to achieve its investment objective by investing at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index, in depositary receipts representing securities included in its underlying index and in underlying stocks in respect of depositary receipts included in its underlying index. The Goldman Sachs Hedge Fund VIP IndexTM (the “Index”) is designed to deliver exposure to equity securities whose performance is expected to influence the long portfolios of hedge funds. Such equity securities are defined as those that appear most frequently among the top ten equity holdings of U.S. hedge fund managers that select their investments based upon fundamental analysis. Goldman Sachs Asset Management, L.P. (the “Index Provider”) is the provider of the Index, which is constructed in accordance with a rules-based methodology.
Hedge fund managers report their U.S. equity holdings, which are made public 45 days after the end of each calendar quarter. The Index is reconstituted and rebalanced on a quarterly basis once the information has been fully disseminated. The construction of the Index involves accessing the identifiers and share counts of U.S. equity holdings disclosed by hedge fund managers in their quarterly 13F filings with the Securities and Exchange Commission (“SEC”). The Index is constructed to then apply share prices at the time of data collection to the numbers of shares listed in each 13F disclosure filing to calculate the dollar market value of each reported position. U.S. hedge fund managers that select their investments based upon fundamental analysis are assumed to be U.S. hedge fund managers with no fewer than 10 and no more than 200 distinct U.S. equity positions, as reported in the hedge fund managers’ most recent Form 13F filings. Managers with less than $10 million of disclosed equity assets are excluded.
The equity positions are then ranked within each individual hedge fund manager’s portfolio by descending market value. The approximately 50 stocks that appear most frequently in the top 10 holdings of this universe then become the Index constituents. Constituents are equal dollar-weighted at each rebalance. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.
The Index does not include hedge funds (i.e., unlisted, privately offered funds) and is not designed to approximate the performance of any hedge fund manager, hedge fund or group of hedge fund managers or hedge funds. The Index should not be considered a hedge fund replication strategy. As of August 31, 2021, the Index consisted of 50 securities with a market capitalization range of between approximately $3.6 billion and $2,206.9 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.
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, 2021, 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 funds and identifying stocks that appear among top holdings the most frequently. Through an efficient implementation, we believe investors are able to access top hedge fund long equity ideas and gain exposure to evolving U.S. market themes.
3
INVESTMENT PROCESS
Goldman Sachs Innovate Equity ETF
On November 6, 2020, Goldman Sachs Asset Management L.P. (“GSAM”) completed the reorganization of the Goldman Sachs Thematic ETFs into the Goldman Sachs Innovate Equity ETF. As a result of the reorganization, the five themes represented by these Thematic ETFs — the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF — were combined on an equal-weighted basis in the Goldman Sachs Innovate Equity ETF.
Principal Investment Strategies
The Goldman Sachs Innovate 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, 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 Solactive Innovative Global Equity Index (the “Index”) is designed to deliver exposure to companies that may benefit from technological innovation and the resulting changes in the economy across five key themes (the “Key Themes”) that are potential drivers of changes in the economy. Each Key Theme is divided into multiple sub-themes (the “Sub-Themes”). The Key Themes are:
Data-Driven World Theme — Companies that are positioned to potentially benefit from the unprecedented proliferation of data, capitalizing on data storage, security and analysis as well as artificial intelligence and machine learning.
Finance Reimagined Theme — Companies that are positioned to potentially benefit from the evolving financial landscape, from the digitization of traditional financial services to the development of blockchain technology.
Human Evolution Theme — Companies that are positioned to potentially benefit from advances in medical treatment and technology, from robotic surgery and precision medicine to gene therapy and care for an older population.
Manufacturing Revolution Theme — Companies that are positioned to potentially benefit from the technology-driven transformation of the manufacturing industry, including the emergence of new processes, products and energy sources.
New Age Consumer Theme — Companies that are positioned to potentially benefit from structural shifts in the way we consume goods and services due to changes in demographics, technology and consumer preferences.
The Index is comprised entirely of securities that compose the Solactive Data Driven World Index, the Solactive Finance Reimagined Index, the Solactive Human Evolution Index, the Solactive Manufacturing Revolution Index, and the Solactive New Age Consumer Index (the “Solactive Thematic Indexes”), which are designed to provide exposure to the Data Driven World Theme, the Finance Reimagined Theme, the Human Evolution Theme, the Manufacturing Revolution Theme and the New Age Consumer Theme, respectively. The weight of each index constituent within the Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.
Solactive AG (the “Index Provider”) determines the components of each Solactive Thematic Index in accordance with a rules-based methodology that involves four steps. The following index methodology applies to each Solactive Thematic Index.
Step 1
In the first step, the Index Provider defines a universe of potential index constituents (the “Universe”). The Universe is comprised of companies that meet all the below criteria:
∎ | The company’s primary listing must be on a regulated stock exchange approved by the Index Provider; |
∎ | The company’s stock must have an average daily trading volume over the most recent 1-month period (“ADTV”) of at least $1,000,000 in U.S. dollars; |
∎ | The company must have a total market capitalization of at least $500,000,000 in U.S. dollars; and |
∎ | The company must not be classified as within certain industries by the FactSet Industries and Economic Sectors classification in order to minimize non-theme-relevant exposures in the Index. |
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INVESTMENT PROCESS
Step 2
In the second step, the Index Provider screens publicly available information, such as financial news, business profiles and company publications, using keywords that describe the Key Theme and its proprietary natural language processing algorithm to identify companies within the Universe that have or are expected to have significant exposure to a Sub-Theme. In addition, additional company and/or third-party information is screened in order to verify a company’s relevance to at least one of the Sub-Themes. Securities of issuers whose relevance to at least one of the Sub-Themes cannot be verified is removed from the Universe.
Step 3
In the third step, each company identified in Step 2 is assigned a thematic relevance score with respect to each Sub-Theme. For each Sub-Theme, the Index Provider identifies 50 companies with the highest thematic relevance scores. The Index Provider then combines the thematic relevance scores for all Sub-Themes of each company identified to calculate such company’s overall score. The top 100 companies with the highest overall scores are included in the Solactive Thematic Index. In addition, certain buffer rules are applied to prevent excessive turnover.
Step 4
In the fourth step, the Index Provider calculates a thematic beta for each index constituent, which is a quantitative measurement of the exposure of the index constituents to the applicable Key Theme. Index constituents are then weighted according to a function of its market capitalization and thematic beta, subject to specified minimum and maximum weights.
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.
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. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued.
The Index is normally rebalanced quarterly on the third Friday of each January, April, July and October.
* * *
At the end of the Reporting Period, i.e., the period since the Fund’s inception on November 6, 2020 through August 31, 2021, the pace of technological innovation continued to cause significant disruption across industries as new entrants and business models emerged and incumbents faced the threat of being dislodged. In our view, the Fund presented an attractive long-term opportunity given that its underlying secular growth Key Themes and Sub-Themes were still in the early innings of their potential value. Although the Fund’s growth style and its exposure to the emerging markets may lead to short-term volatility, we remained confident overall in the long-term strength of these Key Themes and Sub-Themes at the end of the Reporting Period.
5
INVESTMENT PROCESS
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 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 August 31, 2021, the Index consisted of 446 securities with a market capitalization range of between approximately $1.7 billion and $2,206.9 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 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).
6
INVESTMENT PROCESS
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. the 12 months ended August 31, 2021, 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.
7
PORTFOLIO RESULTS
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 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 39.56% based on net asset value (“NAV”) and 39.29% based on market price. The Index returned 39.73%, 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 31.17% during the same period. |
The Fund had an NAV of $50.86 on August 31, 2020 and ended the Reporting Period with an NAV of $70.00 per share. The Fund’s market price on August 31, 2021 was $69.99 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 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 a robust double-digit positive absolute return that outperformed the S&P 500® Index. The Fund also outperformed 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 information technology, consumer discretionary and health care sectors contributed most positively to the Index’s results relative to the S&P 500® Index. Partially offsetting these positive contributors were Index constituents in the communication services, utilities and consumer staples sectors, which detracted from the Index’s results relative to the S&P 500® Index during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period? |
A | Relative to the S&P 500® Index, underweight positions in e-commerce retailing behemoth Amazon.com and information technology giant Apple and an overweight position in clinical stage biotechnology company Moderna contributed most positively (0.20%, 0.20% and 0.18% of Fund net assets as of August 31, 2021, respectively). Amazon.com and Apple posted gains within the Index but underperformed the Index during the Reporting Period. Moderna delivered a triple-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500® Index, underweight positions in search engine Google parent company Alphabet, three-dimensional graphics processors and related software developer NVIDIA and banking institution JPMorgan Chase |
8
PORTFOLIO RESULTS
detracted most (0.21%, 0.22% and 0.21% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit 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 cash. |
Q | What was the Fund’s sector positioning relative to the Index and the S&P 500® Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | Solactive US Large Cap Equal Weight Index | S&P 500® Index | |||||||||||
Information Technology | 20.25 | % | 20.24 | % | 27.95 | % | ||||||||
Health Care | 14.61 | 14.70 | 13.39 | |||||||||||
Industrials | 13.06 | 12.98 | 8.24 | |||||||||||
Financials | 11.94 | 11.91 | 11.17 | |||||||||||
Consumer Discretionary | 10.21 | 10.59 | 11.93 | |||||||||||
Consumer Staples | 6.07 | 6.04 | 5.76 | |||||||||||
Real Estate | 5.62 | �� | 5.58 | 2.63 | ||||||||||
Utilities | 5.29 | 5.20 | 2.50 | |||||||||||
Materials | 4.73 | 4.90 | 2.56 | |||||||||||
Communication Services | 4.59 | 4.72 | 11.47 | |||||||||||
Energy | 3.11 | 3.13 | 2.41 |
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 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 1.27% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
2 | 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. |
9
FUND BASICS
Equal Weight U.S. Large Cap Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 69.99 | ||||
Net Asset Value (NAV)1 | $ | 70.00 |
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/ETFs. |
TOP TEN HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Invesco S&P 500 Equal Weight ETF | 0.9 | % | Exchange-Traded Fund | |||||
Analog Devices, Inc. | 0.4 | Information Technology | ||||||
Ball Corp. | 0.2 | Materials | ||||||
DraftKings, Inc., Class A | 0.2 | Consumer Discretionary | ||||||
Datadog, Inc., Class A | 0.2 | Information Technology | ||||||
Palantir Technologies, Inc., Class A | 0.2 | Information Technology | ||||||
HubSpot, Inc. | 0.2 | Information Technology | ||||||
Unity Software, Inc. | 0.2 | Information Technology | ||||||
Workday, Inc., Class A | 0.2 | Information Technology | ||||||
Caesars Entertainment, Inc. | 0.2 | Consumer Discretionary |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
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GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year | Since Inception | ||||
Shares based on NAV (Commenced September 12, 2017) | 39.56% | 16.56% | ||||
| ||||||
Shares based on Market Price (Commenced September 12, 2017) | 39.29% | 16.55% | ||||
| ||||||
Solactive US Large Cap Equal Weight Index (GTR) | 39.73% | 16.75% | ||||
| ||||||
S&P 500® Index (TR, unhedged, USD) | 31.17% | 18.30% | ||||
|
* | 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. |
11
PORTFOLIO RESULTS
Goldman Sachs Future Planet Equity ETF
Investment Objective
The Goldman Sachs Future Planet Equity ETF (the “Fund”) seeks long-term capital appreciation.
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since its inception on July 13, 2021 through August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 5.74% based on net asset value (“NAV”) and 5.92% based on market price. The Fund’s benchmark index, the MSCI All Country World Index (ACWI) (Net, USD, Unhedged) (the “MSCI ACWI Index”), returned 2.25% during the same period. |
The Fund had an NAV of $39.89 per share on July 13, 2021 and ended the Reporting Period with an NAV of $42.18 per share. The Fund’s market price on August 31, 2021 was $42.25 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund is an actively managed exchange-traded fund (“ETF”) that seeks long-term capital appreciation by investing in companies that may be associated, at the time a given investment is first added to the Fund’s portfolio, with seeking to address environmental problems, which include, but are not limited to, Clean Energy, Resource Efficiency, Sustainable Consumption, the Circular Economy and Water Sustainability (the “Key Themes”). Additionally, as part of its investment process, the Goldman Sachs Fundamental Equity Team divides these Key Themes into multiple sub-themes. |
During the Reporting Period, the Fund generated positive absolute returns and outperformed the MSCI ACWI Index. All five of the Key Themes added to relative returns, with Resource Efficiency and Clean Energy contributing most positively. Within the Key Themes, the smart cities and water treatment sub-themes added most to relative returns, while the grid services and wind sub-themes detracted most from performance. |
From a country perspective, the Fund’s investments in the U.S. and Japan contributed most positively to relative performance, while positions in Taiwan and Italy detracted most from results. |
Q | Which individual stock positions contributed most positively to the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI ACWI Index, the Fund benefited most from overweight positions in Daikin Industries, a Japanese multinational air conditioner manufacturing company; Albemarle, a U.S. fine chemicals manufacturer; and Aalberts N.V., a Netherlands-based maker of piping systems, surface technologies, hydronic flow control, advanced mechatronics and fluid control technologies (3.73%, 1.97% and 1.92% of Fund net assets as of August 31, 2021, respectively). Each of these stocks recorded a double-digit positive return within the MSCI ACWI Index during the Reporting Period. |
Q | Which individual stock positions detracted most from the Fund’s relative returns during the Reporting Period? |
A | Relative to the MSCI ACWI Index, the Fund’s overweights in Delta Electronics, a Taiwanese electronics manufacturing company; Itron, a U.S. technology company that offers products and services on energy and water resource management; and Contemporary Amperex Technology, a Chinese battery manufacturer (2.92%, 1.68% and 1.72% of Fund net assets as of August 31, 2021, respectively) detracted most from relative performance during the Reporting Period. Delta Electronics generated a single-digit loss within the MSCI ACWI Index during the Reporting Period, while Itron and Contemporary Amperex Technology posted a double-digit negative return within the MSCI ACWI Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ derivatives as a source of alpha generation, although it may use them to equitize excess cash. |
12
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the MSCI ACWI Index at the end of the Reporting Period?1 |
Sector Name | Fund | MSCI ACWI Index | ||||||||
Industrials | 31.32 | % | 9.74 | % | ||||||
Materials | 25.06 | 4.86 | ||||||||
Information Technology | 19.53 | 22.67 | ||||||||
Utilities | 11.44 | 2.71 | ||||||||
Health Care | 3.27 | 11.84 | ||||||||
Consumer Discretionary | 3.23 | 12.14 | ||||||||
Consumer Staples | 3.04 | 6.78 | ||||||||
Energy | 1.83 | 3.08 | ||||||||
Communication Services | 0.00 | 9.43 | ||||||||
Real Estate | 0.00 | 2.65 | ||||||||
Financials | 0.00 | 14.10 |
Q | What was the Fund’s country positioning relative to the MSCI ACWI Index at the end of the Reporting Period?1 |
Country Name | Fund | MSCI ACWI Index | ||||||||
U.S. | 39.29 | % | 59.58 | % | ||||||
Japan | 11.34 | 5.84 | ||||||||
Denmark | 5.95 | 0.69 | ||||||||
China | 5.11 | 4.05 | ||||||||
Netherlands | 5.04 | 1.35 | ||||||||
U.K. | 4.53 | 3.68 | ||||||||
France | 3.94 | 2.91 | ||||||||
Italy | 3.62 | 0.62 | ||||||||
Germany | 2.94 | 2.37 | ||||||||
Taiwan | 2.92 | 1.77 | ||||||||
Spain | 2.91 | 0.60 | ||||||||
Ireland | 2.31 | 0.19 | ||||||||
Norway | 2.21 | 0.16 | ||||||||
Switzerland | 2.07 | 2.54 | ||||||||
Belgium | 1.87 | 0.25 | ||||||||
Finland | 1.83 | 0.28 | ||||||||
Sweden | 0.67 | 0.96 | ||||||||
Australia | 0.18 | 1.77 |
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 country and 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. Investments in the securities lending vehicle represented 1.83% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
13
FUND BASICS
Goldman Sachs Future Planet Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 42.25 | ||||
Net Asset Value (NAV)1 | $ | 42.18 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Ecolab, Inc. | 4.0 | % | Materials | United States | ||||||
Daikin Industries Ltd. | 3.8 | Industrials | Japan | |||||||
Enel SpA | 3.7 | Utilities | Italy | |||||||
Ball Corp. | 3.4 | Materials | United States | |||||||
Xylem, Inc. | 3.3 | Industrials | United States | |||||||
Danaher Corp. | 3.3 | Health Care | United States | |||||||
Koninklijke DSM NV | 3.2 | Materials | Netherlands | |||||||
Schneider Electric SE | 3.0 | Industrials | United States | |||||||
Infineon Technologies AG | 3.0 | Information Technology | Germany | |||||||
Delta Electronics, Inc. | 3.0 | Information Technology | Taiwan |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
14
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Performance Summary
August 31, 2021
Average Annual Total Return through August 31, 2021* | Since Inception | |
Shares based on NAV (Commenced July 13, 2021) | 5.74% | |
| ||
Shares based on Market Price (Commenced July 13, 2021) | 5.92% | |
|
* | Total return for periods of less than one year represents cumulative total return. 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 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 of less than one full year are not annualized. |
The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
15
PORTFOLIO RESULTS
Goldman Sachs Hedge Industry VIP ETF
Investment Objective
The Goldman Sachs Hedge Industry VIP ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Goldman Sachs Hedge Fund VIP 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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 30.00% based on net asset value (“NAV”) and 29.83% based on market price. The Index returned 30.63%, 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 31.17% during the same period. |
The Fund had an NAV of $79.37 on August 31, 2020 and ended the Reporting Period with an NAV of $103.18 per share. The Fund’s market price on August 31, 2021 was $103.21 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period?1 |
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 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 a robust double-digit positive absolute return but underperformed the S&P 500® Index. The Fund also underperformed the S&P 500® Index during the Reporting Period, as measured by NAV. |
16
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 information technology, industrials and materials 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 communication services, health care and consumer staples sectors, which contributed positively to the Index’s results relative to the S&P 500® Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the S&P 500® Index, overweight positions in Chinese e-commerce retailer Alibaba Group Holdings, ride hailing services provider Uber Technologies and cloud-based web platform provider GoDaddy detracted most (1.83%, 1.89% and 2.09% of Fund net assets as of August 31, 2021, respectively). Each of these holdings 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 information technology software and services provider Sea, social networking site operator Pinterest and resort and casino chain operator Caesars Entertainment contributed most positively (2.34%, 0.00%1 and 0.00%1 of Fund net assets as of August 31, 2021, respectively). Sea posted a triple-digit gain within the Index during the Reporting Period, and Pinterest and Caesars Entertainment each generated a double-digit 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 | GS Hedge Fund VIP IndexTM | S&P 500® Index | |||||||||||
Information Technology | 41.67 | % | 42.89 | % | 27.95 | % | ||||||||
Communication Services | 18.67 | 18.32 | 11.47 | |||||||||||
Consumer Discretionary | 17.49 | 17.17 | 11.93 | |||||||||||
Industrials | 7.89 | 7.75 | 8.24 | |||||||||||
Health Care | 6.26 | 6.14 | 13.39 | |||||||||||
Financials | 5.86 | 5.75 | 11.17 | |||||||||||
Utilities | 2.01 | 1.97 | 2.50 | |||||||||||
Consumer Staples | 0.00 | 0.00 | 5.76 | |||||||||||
Energy | 0.00 | 0.00 | 2.41 | |||||||||||
Materials | 0.00 | 0.00 | 2.56 | |||||||||||
Real Estate | 0.00 | 0.00 | 2.63 |
1 | Some weights are 0.00% at August 31, 2021 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. |
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). Figures above may not sum to 100% due to rounding due to the presence of cash. |
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 Index®. |
17
FUND BASICS
Hedge Industry VIP ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 103.21 | ||||
Net Asset Value (NAV)1 | $ | 103.18 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Palo Alto Networks, Inc. | 2.5 | % | Information Technology | United States | ||||||
Sea Ltd. ADR | 2.3 | Communication Services | Taiwan | |||||||
NVIDIA Corp. | 2.3 | Information Technology | United States | |||||||
Xilinx, Inc. | 2.2 | Information Technology | United States | |||||||
Bath & Body Works, Inc. | 2.2 | Consumer Discretionary | United States | |||||||
United Therapeutics Corp. | 2.2 | Health Care | United States | |||||||
salesforce.com, Inc. | 2.1 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.1 | Consumer Discretionary | United States | |||||||
Fiserv, Inc. | 2.1 | Information Technology | United States | |||||||
Alphabet, Inc., Class A | 2.1 | Communication Services | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
18
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, 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. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
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, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||||
Shares based on NAV (Commenced November 1, 2016) | 30.00% | 22.17% | ||||
| ||||||
Shares based on Market Price (Commenced November 1, 2016) | 29.83% | 22.18% | ||||
| ||||||
Goldman Sachs Hedge Fund VIP Index™ | 30.63% | 22.76% | ||||
| ||||||
S&P 500® Index (Total Return, USD) | 31.17% | 19.30% | ||||
|
* | 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 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. |
19
PORTFOLIO RESULTS
Goldman Sachs Innovate Equity ETF
Investment Objective
The Goldman Sachs Innovate Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index (the “Index”).
Portfolio Management Discussion and Analysis
Below, the Goldman Sachs Fundamental Equity Team discusses the Fund’s performance and positioning for the period since inception on November 6, 2020 through August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 26.80% based on net asset value (“NAV”) and 27.02% based on market price. The Index returned 27.38% during the same period. |
The Fund had an NAV of $50.03 per share on November 6, 2020 and ended the Reporting Period with an NAV of $63.23 per share. The Fund’s market price on August 31, 2021 was $63.34 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. |
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. Also, unlike many investment companies, the Fund does not attempt to outperform the Index and does not seek temporary defensive positions when markets decline or appear overvalued. |
During the Reporting Period, the Fund generated positive absolute returns that closely tracked the Index, as measured by NAV. All five of the Key Themes contributed positively to the Index’s performance. |
Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
A | During the Reporting Period, the Index benefited most from positions in Alphabet, a U.S.-based technology conglomerate; NVIDIA, a U.S-based designer and manufacturer of computer graphics processors, chipsets and related multimedia software; and Moderna, a U.S.-based pharmaceutical and biotechnology company (2.09%, 2.16% and 0.48% of Fund net assets as of August 31, 2021, respectively). Alphabet and NVIDIA each posted a robust double-digit positive return within the Index during the Reporting Period, while Moderna recorded a strong triple-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the least to the Index’s returns during the Reporting Period? |
A | Positions in Alibaba Group, a Chinese multinational technology company; Tencent Holdings, a China-based multinational technology conglomerate; and Gaotu Techdue, a China-based holding company principally involved in the provision of technology-driven education services (1.59%, 1.27% and 0.00%1 of Fund net assets as of August 31, 2021, respectively) contributed the least to Index returns. Each of these holdings posted a double-digit negative return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | During the Reporting Period, the Fund did not invest in derivatives or similar instruments. The Fund does not employ |
1 | Some weights are 0.00% at August 31, 2021 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. |
20
PORTFOLIO RESULTS
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 at the end of the Reporting Period?2 |
Sector Name | Fund3 | Index | ||||||||
Information Technology | 33.71 | % | 33.71 | % | ||||||
Health Care | 18.82 | 18.82 | ||||||||
Consumer Discretionary | 17.25 | 17.25 | ||||||||
Communication Services | 13.25 | 13.25 | ||||||||
Industrials | 7.00 | 7.00 | ||||||||
Financials | 6.58 | 6.58 | ||||||||
Utilities | 1.51 | 1.51 | ||||||||
Consumer Staples | 0.74 | 0.74 | ||||||||
Real Estate | 0.52 | 0.52 | ||||||||
Energy | 0.18 | 0.18 | ||||||||
Materials | 0.08 | 0.08 |
Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?2 |
Country Name | Fund3 | Index | ||||||||
U.S. | 71.57 | % | 71.57 | % | ||||||
China | 7.26 | 7.26 | ||||||||
Japan | 4.05 | 4.05 | ||||||||
Germany | 2.95 | 2.95 | ||||||||
United Kingdom | 2.19 | 2.19 | ||||||||
Hong Kong | 1.71 | 1.71 | ||||||||
France | 1.59 | 1.59 | ||||||||
Canada | 1.55 | 1.55 | ||||||||
Netherlands | 1.15 | 1.15 | ||||||||
Switzerland | 1.12 | 1.12 | ||||||||
Korea | 1.12 | 1.12 | ||||||||
Argentina | 0.67 | 0.67 | ||||||||
Taiwan | 0.60 | 0.60 | ||||||||
Singapore | 0.58 | 0.58 | ||||||||
Australia | 0.46 | 0.46 | ||||||||
Israel | 0.25 | 0.25 | ||||||||
Finland | 0.25 | 0.25 | ||||||||
Belgium | 0.20 | 0.20 | ||||||||
Sweden | 0.20 | 0.20 | ||||||||
Cyprus | 0.08 | 0.08 | ||||||||
United Arab Emirates | 0.06 | 0.06 | ||||||||
Turkey | 0.04 | 0.04 | ||||||||
Spain | 0.00 | 0.00 |
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 Solactive. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. Investments in the securities lending vehicle represented 2.64% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive Innovative Global Equity Index. |
21
FUND BASICS
Goldman Sachs Innovate Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 63.34 | ||||
Net Asset Value (NAV)1 | $ | 63.23 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
NVIDIA Corp. | 2.2 | % | Information Technology | United States | ||||||
Alphabet, Inc., Class A | 2.1 | Communication Services | United States | |||||||
Facebook, Inc., Class A | 2.1 | Communication Services | United States | |||||||
Microsoft Corp. | 2.1 | Information Technology | United States | |||||||
Apple, Inc. | 2.0 | Information Technology | United States | |||||||
Amazon.com, Inc. | 2.0 | Consumer Discretionary | United States | |||||||
Tesla, Inc. | 1.8 | Consumer Discretionary | United States | |||||||
Alibaba Group Holding Ltd. ADR | 1.6 | Consumer Discretionary | China | |||||||
Tencent Holdings Ltd. | 1.3 | Communication Services | China | |||||||
Intel Corp. | 0.9 | Information Technology | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
22
GOLDMAN SACHS INNOVATE EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on November 6, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive Innovative Global Equity Index (Net Total Return, USD), a market cap- based index against which the performance of the Fund is measured, is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs Innovate Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from November 6, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | Since Inception | |
Shares based on NAV (Commenced November 6, 2020) | 26.80% | |
| ||
Shares based on Market Price (Commenced November 6, 2020) | 27.02% | |
| ||
Solactive Innovative Global Equity Index (Net Total Return, USD) | 27.38% | |
|
* | Total return for periods of less than one year represents cumulative total return. 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 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 of less than one full year are not annualized. |
23
PORTFOLIO RESULTS
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 12-month period ended August 31, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 30.61% based on net asset value (“NAV”) and 30.76% based on market price. The Index returned 30.90%, 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 32.25% during the same period. |
The Fund had an NAV of $50.92 on August 31, 2020 and ended the Reporting Period with an NAV of $65.65 per share. The Fund’s market price on August 31, 2021 was $65.68 per share. |
Q | What key factors were responsible for the Fund’s performance during the Reporting Period? |
A | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Index. The Fund’s performance reflects Fund expenses, including management fees and brokerage expenses. The Fund’s relative performance also reflects the impact of any cash held in the Fund as well as any other differences between the Fund’s holdings and the constituents of the Index. The Index is unmanaged, and Index returns do not reflect fees and expenses, which would reduce returns. |
The Index’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 robust double-digit positive absolute returns but underperformed the Russell 1000® Index. The Fund also underperformed 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 and industrials sectors detracted most from the Index’s results relative to the Russell 1000® Index during the Reporting Period. Index constituents in the consumer staples and health care sectors contributed most positively to the Index’s results relative to the Russell 1000® Index during the Reporting Period. |
Q | Which individual stock positions detracted the most from the Index’s results during the Reporting Period? |
A | Relative to the Russell 1000® Index, positions in information technology giant Apple, diversified industrial conglomerate General Electric and financial services company Wells Fargo & Company, each rather neutral in weighting, detracted most (6.46%, 0.37% and 0.62% of Fund net assets as of August 31, 2021, respectively). Apple and Wells Fargo & Company each generated a double-digit gain within the Index during the Reporting Period, while General Electric posted a triple-digit gain 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, positions in health care equipment and supplies company Abbott Laboratories, household and personal products consumer staples company Procter & Gamble and U.S. bank Bank of America, each |
24
PORTFOLIO RESULTS
rather neutral in weighting, contributed most positively (0.63%, 1.31% and 1.03% of Fund net assets as of August 31, 2021, respectively). Abbott Laboratories and Bank of America each generated a double-digit gain within the Index during the Reporting Period, while Procter & Gamble posted a single-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 Russell 1000® Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | JUST US Large Cap Diversified Index | Russell 1000® Index | |||||||||||
Information Technology | 29.26 | % | 29.27 | % | 28.14 | % | ||||||||
Health Care | 12.96 | 12.95 | 13.27 | |||||||||||
Communication Services | 11.73 | 11.72 | 10.83 | |||||||||||
Financials | 11.60 | 11.60 | 11.37 | |||||||||||
Consumer Discretionary | 11.11 | 11.10 | 11.99 | |||||||||||
Industrials | 7.68 | 7.68 | 8.80 | |||||||||||
Consumer Staples | 6.24 | 6.23 | 5.41 | |||||||||||
Energy | 2.46 | 2.46 | 2.29 | |||||||||||
Utilities | 2.43 | 2.43 | 2.40 | |||||||||||
Real Estate | 2.34 | 2.35 | 3.16 | |||||||||||
Materials | 2.19 | 2.19 | 2.34 |
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 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 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 0.10% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
2 | 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. |
25
FUND BASICS
Goldman Sachs JUST U.S. Large Cap Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 65.68 | ||||
Net Asset Value (NAV)1 | $ | 65.65 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||
Holding | % of Net Assets | Line of Business | ||||||
Apple, Inc. | 6.4 | % | Information Technology | |||||
Microsoft Corp. | 6.2 | Information Technology | ||||||
Amazon.com, Inc. | 4.4 | Consumer Discretionary | ||||||
Facebook, Inc., Class A | 2.5 | Communication Services | ||||||
Alphabet, Inc., Class A | 2.4 | Communication Services | ||||||
Alphabet, Inc., Class C | 2.2 | Communication Services | ||||||
JPMorgan Chase & Co. | 1.6 | Financials | ||||||
NVIDIA Corp. | 1.5 | Information Technology | ||||||
Johnson & Johnson | 1.3 | Health Care | ||||||
Procter & Gamble Co. (The) | 1.3 | Consumer Staples |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
26
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on June 7, 2018 (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 JUST US Large Cap Diversified Index and the Russell 1000® Index (Total Return, USD) are shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
Goldman Sachs JUST U.S. Large Cap Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from June 7, 2018 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | 1 Year Return | Since Inception | ||||
Shares based on NAV (Commenced June 7, 2018) | 30.61% | 18.41% | ||||
| ||||||
Shares based on Market Price (Commenced June 7, 2018) | 30.76% | 18.42% | ||||
| ||||||
JUST US Large Cap Diversified Index | 30.90% | 18.70% | ||||
| ||||||
Russell 1000® Index | 32.25% | 18.77% | ||||
|
* | 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. |
27
FUND BASICS
Index Definitions and Industry Terms
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF
Solactive US Large Cap Equal Weight Index (GTR) 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. It is not possible to invest directly in an index.
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 index.
Goldman Sachs Future Planet Equity ETF
MSCI All Country World Investable Market Index captures large, mid and small cap representation across 23 developed markets and 26 emerging markets countries.
Goldman Sachs Hedge Industry VIP ETF
The S&P 500® Index is the Standard & Poor’s 500 Composite Index of 500 stocks, an unmanaged index of common stock prices.
The Goldman Sachs Hedge Fund VIP IndexTM 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.
Goldman Sachs Innovate Equity ETF
The Solactive Innovative Global Equity Index is comprised of the securities that compose the five Solactive Thematic Indexes, which include companies from the “Data-Driven World”, “Finance Reimagined”, “Human Evolution”, “Manufacturing Revolution”, and “New Age Consumer” themes. The weight of each index constituent within the Solactive Innovate Global Equity Index is equal to the average weight of such index constituent across the Solactive Thematic Indexes, subject to specified minimum and maximum weights.
Goldman Sachs JUST U.S. Large Cap Equity ETF
“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.
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.
28
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 98.8% | ||||||||
Communication Services – 4.6% | ||||||||
20,552 | Activision Blizzard, Inc. | $ | 1,692,868 | |||||
625 | Alphabet, Inc., Class A* | 1,808,719 | ||||||
59,907 | AT&T, Inc. | 1,642,650 | ||||||
2,189 | Charter Communications, Inc., Class A* | 1,787,669 | ||||||
29,056 | Comcast Corp., Class A | 1,763,118 | ||||||
12,061 | Electronic Arts, Inc. | 1,751,378 | ||||||
4,691 | Facebook, Inc., Class A* | 1,779,672 | ||||||
12,565 | IAC/InterActiveCorp* | 1,659,208 | ||||||
9,283 | Liberty Broadband Corp., Class C * | 1,776,024 | ||||||
142,835 | Lumen Technologies, Inc. | 1,756,870 | ||||||
11,250 | Match Group, Inc.* | 1,546,200 | ||||||
3,275 | Netflix, Inc.* | 1,864,097 | ||||||
23,144 | Omnicom Group, Inc. | 1,694,604 | ||||||
28,162 | Pinterest, Inc., Class A* | 1,564,962 | ||||||
20,821 | ROBLOX Corp., Class A* | 1,708,363 | ||||||
4,035 | Roku, Inc.* | 1,421,934 | ||||||
22,859 | Snap, Inc., Class A* | 1,739,798 | ||||||
10,477 | Take-Two Interactive Software, Inc.* | 1,689,102 | ||||||
11,756 | T-Mobile US, Inc.* | 1,610,807 | ||||||
24,466 | Twitter, Inc.* | 1,578,057 | ||||||
30,220 | Verizon Communications, Inc. | 1,662,100 | ||||||
43,366 | ViacomCBS, Inc., Class B | 1,797,521 | ||||||
9,767 | Walt Disney Co. (The)* | 1,770,757 | ||||||
|
| |||||||
39,066,478 | ||||||||
|
| |||||||
Consumer Discretionary – 10.3% | ||||||||
7,943 | Advance Auto Parts, Inc. | 1,611,238 | ||||||
500 | Amazon.com, Inc.* | 1,735,395 | ||||||
1,023 | AutoZone, Inc.* | 1,584,780 | ||||||
26,215 | Bath & Body Works, Inc. | 1,768,988 | ||||||
14,720 | Best Buy Co., Inc. | 1,715,027 | ||||||
788 | Booking Holdings, Inc.* | 1,812,140 | ||||||
4,951 | Burlington Stores, Inc.* | 1,482,775 | ||||||
19,390 | Caesars Entertainment, Inc.* | 1,970,606 | ||||||
12,227 | CarMax, Inc.* | 1,530,943 | ||||||
78,090 | Carnival Corp.* | 1,885,093 | ||||||
5,081 | Carvana Co.* | 1,666,873 | ||||||
892 | Chipotle Mexican Grill, Inc.* | 1,697,770 | ||||||
11,330 | Darden Restaurants, Inc. | 1,706,864 | ||||||
7,166 | Dollar General Corp. | 1,597,373 | ||||||
17,111 | Dollar Tree, Inc.* | 1,549,230 | ||||||
3,125 | Domino’s Pizza, Inc. | 1,615,281 | ||||||
17,367 | D.R. Horton, Inc. | 1,660,633 | ||||||
34,260 | DraftKings, Inc., Class A* | 2,031,275 | ||||||
24,459 | eBay, Inc. | 1,876,984 | ||||||
8,267 | Etsy, Inc.* | 1,787,821 | ||||||
10,855 | Expedia Group, Inc.* | 1,568,548 | ||||||
123,232 | Ford Motor Co.* | 1,605,713 | ||||||
10,387 | Garmin Ltd. | 1,811,804 | ||||||
31,545 | General Motors Co.* | 1,546,020 | ||||||
13,332 | Genuine Parts Co. | 1,629,037 | ||||||
16,797 | Hasbro, Inc. | 1,651,313 | ||||||
13,432 | Hilton Worldwide Holdings, Inc.* | 1,677,120 | ||||||
5,088 | Home Depot, Inc. (The) | 1,659,604 | ||||||
15,787 | Lennar Corp., Class A | 1,694,103 | ||||||
8,764 | Lowe’s Cos., Inc. | 1,786,892 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
12,084 | Marriott International, Inc., Class A* | 1,633,032 | ||||||
7,177 | McDonald’s Corp. | 1,704,250 | ||||||
44,296 | MGM Resorts International | 1,887,896 | ||||||
9,791 | NIKE, Inc., Class B | 1,612,969 | ||||||
316 | NVR, Inc.* | 1,636,861 | ||||||
2,778 | O’Reilly Automotive, Inc.* | 1,650,354 | ||||||
14,148 | Peloton Interactive, Inc., Class A* | 1,417,488 | ||||||
3,457 | Pool Corp. | 1,708,795 | ||||||
30,888 | PulteGroup, Inc. | 1,663,628 | ||||||
13,821 | Ross Stores, Inc. | 1,636,406 | ||||||
23,126 | Royal Caribbean Cruises Ltd.* | 1,913,214 | ||||||
14,246 | Starbucks Corp. | 1,673,763 | ||||||
81,444 | Stellantis NV | 1,630,509 | ||||||
6,411 | Target Corp. | 1,583,389 | ||||||
2,344 | Tesla, Inc.* | 1,724,528 | ||||||
24,508 | TJX Cos., Inc. (The) | 1,782,222 | ||||||
9,088 | Tractor Supply Co. | 1,765,344 | ||||||
4,827 | Ulta Beauty, Inc.* | 1,869,545 | ||||||
20,894 | VF Corp. | 1,597,764 | ||||||
6,888 | Wayfair, Inc., Class A* | 1,933,806 | ||||||
7,520 | Whirlpool Corp. | 1,665,906 | ||||||
12,609 | Yum! Brands, Inc. | 1,652,157 | ||||||
|
| |||||||
88,261,069 | ||||||||
|
| |||||||
Consumer Staples – 6.0% | ||||||||
35,703 | Altria Group, Inc. | 1,793,362 | ||||||
28,461 | Archer-Daniels-Midland Co. | 1,707,660 | ||||||
23,923 | Brown-Forman Corp., Class B | 1,679,873 | ||||||
20,142 | Church & Dwight Co., Inc. | 1,685,080 | ||||||
10,140 | Clorox Co. (The) | 1,704,027 | ||||||
29,887 | Coca-Cola Co. (The) | 1,682,937 | ||||||
21,531 | Colgate-Palmolive Co. | 1,678,341 | ||||||
51,623 | Conagra Brands, Inc. | 1,709,754 | ||||||
7,626 | Constellation Brands, Inc., Class A | 1,610,154 | ||||||
3,873 | Costco Wholesale Corp. | 1,764,113 | ||||||
5,150 | Estee Lauder Cos., Inc. (The), Class A | 1,753,523 | ||||||
28,941 | General Mills, Inc. | 1,673,079 | ||||||
9,397 | Hershey Co. (The) | 1,669,847 | ||||||
36,904 | Hormel Foods Corp. | 1,680,608 | ||||||
12,852 | J M Smucker Co. (The) | 1,589,407 | ||||||
26,901 | Kellogg Co. | 1,698,529 | ||||||
48,945 | Keurig Dr Pepper, Inc. | 1,745,868 | ||||||
12,574 | Kimberly-Clark Corp. | 1,732,823 | ||||||
44,831 | Kraft Heinz Co. (The) | 1,613,468 | ||||||
40,042 | Kroger Co. (The) | 1,843,133 | ||||||
20,266 | McCormick & Co., Inc. | 1,748,753 | ||||||
26,972 | Mondelez International, Inc., Class A | 1,674,152 | ||||||
18,219 | Monster Beverage Corp.* | 1,777,628 | ||||||
10,877 | PepsiCo, Inc. | 1,701,054 | ||||||
16,893 | Philip Morris International, Inc. | 1,739,979 | ||||||
11,763 | Procter & Gamble Co. (The) | 1,674,934 | ||||||
23,383 | Sysco Corp. | 1,862,456 | ||||||
23,806 | Tyson Foods, Inc., Class A | 1,869,247 | ||||||
35,808 | Walgreens Boots Alliance, Inc. | 1,817,256 | ||||||
11,741 | Walmart, Inc. | 1,738,842 | ||||||
|
| |||||||
51,619,887 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Energy – 3.1% | ||||||||
19,506 | Cheniere Energy, Inc.* | $ | 1,705,995 | |||||
16,629 | Chevron Corp. | 1,609,188 | ||||||
30,047 | ConocoPhillips | 1,668,510 | ||||||
23,346 | EOG Resources, Inc. | 1,576,322 | ||||||
29,244 | Exxon Mobil Corp. | 1,594,383 | ||||||
85,658 | Halliburton Co. | 1,711,447 | ||||||
23,057 | Hess Corp. | 1,585,169 | ||||||
96,619 | Kinder Morgan, Inc. | 1,571,991 | ||||||
30,393 | Marathon Petroleum Corp. | 1,801,393 | ||||||
63,324 | Occidental Petroleum Corp. | 1,626,793 | ||||||
31,981 | ONEOK, Inc. | 1,679,642 | ||||||
23,082 | Phillips 66 | 1,640,899 | ||||||
11,107 | Pioneer Natural Resources Co. | 1,662,385 | ||||||
59,391 | Schlumberger NV | 1,665,324 | ||||||
25,141 | Valero Energy Corp. | 1,667,100 | ||||||
66,540 | Williams Cos., Inc. (The) | 1,642,872 | ||||||
|
| |||||||
26,409,413 | ||||||||
|
| |||||||
Financials – 11.8% | ||||||||
30,371 | Aflac, Inc. | 1,721,428 | ||||||
12,911 | Allstate Corp. (The) | 1,746,600 | ||||||
32,969 | Ally Financial, Inc. | 1,744,060 | ||||||
9,902 | American Express Co. | 1,643,336 | ||||||
35,392 | American International Group, Inc. | 1,930,988 | ||||||
6,480 | Ameriprise Financial, Inc. | 1,768,457 | ||||||
6,424 | Aon PLC, Class A | 1,842,789 | ||||||
42,136 | Arch Capital Group Ltd.* | 1,731,790 | ||||||
12,199 | Arthur J Gallagher & Co. | 1,752,020 | ||||||
43,367 | Bank of America Corp. | 1,810,572 | ||||||
32,279 | Bank of New York Mellon Corp. (The) | 1,782,446 | ||||||
5,983 | Berkshire Hathaway, Inc., Class B* | 1,709,762 | ||||||
1,898 | BlackRock, Inc. | 1,790,364 | ||||||
14,502 | Blackstone, Inc. | 1,823,337 | ||||||
10,259 | Capital One Financial Corp. | 1,702,686 | ||||||
24,561 | Charles Schwab Corp. (The) | 1,789,269 | ||||||
9,779 | Chubb Ltd. | 1,798,554 | ||||||
14,348 | Cincinnati Financial Corp. | 1,770,543 | ||||||
24,279 | Citigroup, Inc. | 1,745,903 | ||||||
39,370 | Citizens Financial Group, Inc. | 1,724,012 | ||||||
8,028 | CME Group, Inc. | 1,619,408 | ||||||
7,119 | Coinbase Global, Inc., Class A* | 1,843,821 | ||||||
13,128 | Discover Financial Services | 1,683,272 | ||||||
45,512 | Fifth Third Bancorp | 1,768,596 | ||||||
8,510 | First Republic Bank | 1,692,979 | ||||||
4,399 | Goldman Sachs Group, Inc. (The)(a) | 1,819,030 | ||||||
25,915 | Hartford Financial Services Group, Inc. (The) | 1,742,006 | ||||||
116,336 | Huntington Bancshares, Inc. | 1,806,698 | ||||||
14,136 | Intercontinental Exchange, Inc. | 1,689,676 | ||||||
10,971 | JPMorgan Chase & Co. | 1,754,811 | ||||||
83,961 | KeyCorp | 1,706,088 | ||||||
25,585 | KKR & Co., Inc. | 1,644,860 | ||||||
12,405 | M&T Bank Corp. | 1,736,824 | ||||||
1,383 | Markel Corp.* | 1,756,756 | ||||||
3,458 | MarketAxess Holdings, Inc. | 1,645,731 | ||||||
11,206 | Marsh & McLennan Cos., Inc. | 1,761,583 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
29,121 | MetLife, Inc. | 1,805,502 | ||||||
4,401 | Moody’s Corp. | 1,675,769 | ||||||
17,262 | Morgan Stanley | 1,802,671 | ||||||
2,691 | MSCI, Inc. | 1,707,655 | ||||||
8,850 | Nasdaq, Inc. | 1,732,653 | ||||||
15,005 | Northern Trust Corp. | 1,778,393 | ||||||
9,001 | PNC Financial Services Group, Inc. (The) | 1,720,091 | ||||||
26,781 | Principal Financial Group, Inc. | 1,789,239 | ||||||
17,567 | Progressive Corp. (The) | 1,692,405 | ||||||
16,553 | Prudential Financial, Inc. | 1,752,632 | ||||||
12,986 | Raymond James Financial, Inc. | 1,816,741 | ||||||
85,846 | Regions Financial Corp. | 1,753,834 | ||||||
3,804 | S&P Global, Inc. | 1,688,291 | ||||||
19,170 | State Street Corp. | 1,781,085 | ||||||
3,034 | SVB Financial Group* | 1,697,523 | ||||||
35,184 | Synchrony Financial | 1,750,404 | ||||||
7,998 | T. Rowe Price Group, Inc. | 1,790,512 | ||||||
11,189 | Travelers Cos., Inc. (The) | 1,786,995 | ||||||
30,378 | Truist Financial Corp. | 1,733,369 | ||||||
30,216 | US Bancorp | 1,734,096 | ||||||
35,879 | Wells Fargo & Co. | 1,639,670 | ||||||
8,050 | Willis Towers Watson PLC | 1,776,796 | ||||||
|
| |||||||
101,407,381 | ||||||||
|
| |||||||
Health Care – 14.5% | ||||||||
9,117 | 10X Genomics, Inc., Class A* | 1,603,863 | ||||||
13,798 | Abbott Laboratories | 1,743,653 | ||||||
14,449 | AbbVie, Inc. | 1,745,150 | ||||||
5,094 | ABIOMED, Inc.* | 1,854,012 | ||||||
10,913 | Agilent Technologies, Inc. | 1,914,904 | ||||||
2,386 | Align Technology, Inc.* | 1,691,674 | ||||||
9,256 | Alnylam Pharmaceuticals, Inc.* | 1,864,436 | ||||||
13,076 | AmerisourceBergen Corp. | 1,598,018 | ||||||
7,274 | Amgen, Inc. | 1,640,505 | ||||||
4,238 | Anthem, Inc. | 1,589,801 | ||||||
44,495 | Avantor, Inc.* | 1,754,883 | ||||||
22,256 | Baxter International, Inc. | 1,696,352 | ||||||
6,601 | Becton Dickinson and Co. | 1,661,472 | ||||||
4,960 | Biogen, Inc.* | 1,680,994 | ||||||
21,781 | BioMarin Pharmaceutical, Inc.* | 1,834,178 | ||||||
2,232 | Bio-Rad Laboratories, Inc., Class A* | 1,796,358 | ||||||
3,468 | Bio-Techne Corp. | 1,731,018 | ||||||
37,697 | Boston Scientific Corp.* | 1,702,020 | ||||||
24,309 | Bristol-Myers Squibb Co. | 1,625,300 | ||||||
28,103 | Cardinal Health, Inc. | 1,475,126 | ||||||
13,687 | Catalent, Inc.* | 1,785,332 | ||||||
24,323 | Centene Corp.* | 1,531,863 | ||||||
20,814 | Cerner Corp. | 1,589,149 | ||||||
4,095 | Charles River Laboratories International, Inc.* | 1,817,607 | ||||||
7,234 | Cigna Corp. | 1,531,076 | ||||||
4,009 | Cooper Cos., Inc. (The) | 1,806,896 | ||||||
20,263 | CVS Health Corp. | 1,750,521 | ||||||
5,526 | Danaher Corp. | 1,791,308 | ||||||
26,024 | DENTSPLY SIRONA, Inc. | 1,605,681 | ||||||
3,254 | Dexcom, Inc.* | 1,722,733 | ||||||
|
|
30 | 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) | ||||||||
14,743 | Edwards Lifesciences Corp.* | $ | 1,727,585 | |||||
45,946 | Elanco Animal Health, Inc.* | 1,533,677 | ||||||
6,321 | Eli Lilly & Co. | 1,632,651 | ||||||
15,888 | Exact Sciences Corp.* | 1,658,389 | ||||||
24,190 | Gilead Sciences, Inc. | 1,760,548 | ||||||
6,696 | HCA Healthcare, Inc. | 1,693,954 | ||||||
21,983 | Hologic, Inc.* | 1,739,954 | ||||||
15,417 | Horizon Therapeutics PLC* | 1,666,424 | ||||||
3,959 | Humana, Inc. | 1,605,058 | ||||||
2,414 | IDEXX Laboratories, Inc.* | 1,626,457 | ||||||
3,369 | Illumina, Inc.* | 1,540,172 | ||||||
21,564 | Incyte Corp.* | 1,649,430 | ||||||
6,051 | Insulet Corp.* | 1,802,048 | ||||||
1,687 | Intuitive Surgical, Inc.* | 1,777,356 | ||||||
6,787 | IQVIA Holdings, Inc.* | 1,762,788 | ||||||
9,656 | Johnson & Johnson | 1,671,743 | ||||||
5,561 | Laboratory Corp. of America Holdings* | 1,687,096 | ||||||
6,081 | Masimo Corp.* | 1,651,235 | ||||||
8,042 | McKesson Corp. | 1,641,694 | ||||||
13,022 | Medtronic PLC | 1,738,177 | ||||||
22,143 | Merck & Co., Inc. | 1,689,289 | ||||||
1,122 | Mettler-Toledo International, Inc.* | 1,742,275 | ||||||
4,069 | Moderna, Inc.* | 1,532,752 | ||||||
6,017 | Molina Healthcare, Inc.* | 1,617,189 | ||||||
7,493 | Novavax, Inc.* | 1,787,380 | ||||||
9,098 | PerkinElmer, Inc. | 1,681,310 | ||||||
37,007 | Pfizer, Inc. | 1,704,912 | ||||||
11,378 | Quest Diagnostics, Inc. | 1,738,900 | ||||||
2,830 | Regeneron Pharmaceuticals, Inc.* | 1,905,722 | ||||||
6,139 | ResMed, Inc. | 1,783,564 | ||||||
10,448 | Seagen, Inc.* | 1,751,085 | ||||||
7,750 | STERIS PLC | 1,666,327 | ||||||
6,342 | Stryker Corp. | 1,757,368 | ||||||
4,456 | Teleflex, Inc. | 1,762,170 | ||||||
3,128 | Thermo Fisher Scientific, Inc. | 1,735,884 | ||||||
3,983 | UnitedHealth Group, Inc. | 1,658,003 | ||||||
4,976 | Veeva Systems, Inc., Class A* | 1,651,932 | ||||||
8,370 | Vertex Pharmaceuticals, Inc.* | 1,676,427 | ||||||
119,376 | Viatris, Inc. | 1,746,471 | ||||||
4,277 | Waters Corp.* | 1,770,764 | ||||||
3,989 | West Pharmaceutical Services, Inc. | 1,801,512 | ||||||
11,335 | Zimmer Biomet Holdings, Inc. | 1,705,351 | ||||||
8,184 | Zoetis, Inc. | 1,674,119 | ||||||
|
| |||||||
124,243,025 | ||||||||
|
| |||||||
Industrials – 12.7% | ||||||||
8,485 | 3M Co. | 1,652,369 | ||||||
12,201 | AMETEK, Inc. | 1,658,970 | ||||||
7,329 | Boeing Co. (The)* | 1,608,716 | ||||||
29,337 | Carrier Global Corp. | 1,689,811 | ||||||
8,090 | Caterpillar, Inc. | 1,705,938 | ||||||
18,561 | C.H. Robinson Worldwide, Inc. | 1,671,604 | ||||||
4,339 | Cintas Corp. | 1,717,246 | ||||||
11,387 | Copart, Inc.* | 1,643,372 | ||||||
19,461 | CoStar Group, Inc.* | 1,649,125 | ||||||
52,464 | CSX Corp. | 1,706,654 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
7,180 | Cummins, Inc. | 1,694,336 | ||||||
4,628 | Deere & Co. | 1,749,523 | ||||||
43,042 | Delta Air Lines, Inc.* | 1,740,619 | ||||||
10,019 | Dover Corp. | 1,746,913 | ||||||
10,359 | Eaton Corp. PLC | 1,744,041 | ||||||
16,665 | Emerson Electric Co. | 1,758,158 | ||||||
6,557 | Equifax, Inc. | 1,785,209 | ||||||
13,345 | Expeditors International of Washington, Inc. | 1,663,321 | ||||||
30,387 | Fastenal Co. | 1,697,114 | ||||||
6,049 | FedEx Corp. | 1,607,159 | ||||||
22,725 | Fortive Corp. | 1,678,696 | ||||||
16,859 | Fortune Brands Home & Security, Inc. | 1,641,561 | ||||||
4,207 | Generac Holdings, Inc.* | 1,838,375 | ||||||
8,582 | General Dynamics Corp. | 1,719,060 | ||||||
16,423 | General Electric Co. | 1,731,148 | ||||||
7,318 | Honeywell International, Inc. | 1,697,117 | ||||||
7,412 | IDEX Corp. | 1,660,288 | ||||||
14,421 | IHS Markit Ltd. | 1,739,173 | ||||||
7,357 | Illinois Tool Works, Inc. | 1,713,151 | ||||||
32,965 | Ingersoll Rand, Inc.* | 1,747,804 | ||||||
13,024 | Jacobs Engineering Group, Inc. | 1,757,719 | ||||||
9,963 | J.B. Hunt Transport Services, Inc. | 1,767,436 | ||||||
23,379 | Johnson Controls International PLC | 1,748,749 | ||||||
6,374 | Kansas City Southern | 1,788,991 | ||||||
7,343 | L3Harris Technologies, Inc. | 1,710,992 | ||||||
17,483 | Leidos Holdings, Inc. | 1,715,257 | ||||||
4,644 | Lockheed Martin Corp. | 1,670,911 | ||||||
32,889 | Lyft, Inc., Class A* | 1,565,845 | ||||||
28,108 | Masco Corp. | 1,706,718 | ||||||
6,592 | Norfolk Southern Corp. | 1,671,336 | ||||||
4,700 | Northrop Grumman Corp. | 1,728,190 | ||||||
6,199 | Old Dominion Freight Line, Inc. | 1,789,775 | ||||||
18,481 | Otis Worldwide Corp. | 1,704,318 | ||||||
20,622 | PACCAR, Inc. | 1,688,323 | ||||||
5,478 | Parker-Hannifin Corp. | 1,625,158 | ||||||
19,412 | Raytheon Technologies Corp. | 1,645,361 | ||||||
14,103 | Republic Services, Inc. | 1,750,605 | ||||||
5,396 | Rockwell Automation, Inc. | 1,756,128 | ||||||
3,430 | Roper Technologies, Inc. | 1,657,650 | ||||||
33,870 | Southwest Airlines Co.* | 1,686,049 | ||||||
8,547 | Stanley Black & Decker, Inc. | 1,651,879 | ||||||
8,441 | Trane Technologies PLC | 1,675,539 | ||||||
2,714 | TransDigm Group, Inc.* | 1,648,674 | ||||||
14,119 | TransUnion | 1,715,882 | ||||||
40,068 | Uber Technologies, Inc.* | 1,568,262 | ||||||
7,692 | Union Pacific Corp. | 1,667,933 | ||||||
36,366 | United Airlines Holdings, Inc.* | 1,691,383 | ||||||
8,763 | United Parcel Service, Inc., Class B | 1,714,306 | ||||||
5,096 | United Rentals, Inc.* | 1,797,104 | ||||||
9,024 | Verisk Analytics, Inc. | 1,820,682 | ||||||
11,262 | Waste Management, Inc. | 1,746,849 | ||||||
19,603 | Westinghouse Air Brake Technologies Corp. | 1,760,153 | ||||||
3,832 | W.W. Grainger, Inc. | 1,661,938 | ||||||
13,269 | Xylem, Inc. | 1,808,697 | ||||||
|
| |||||||
109,121,363 | ||||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – 20.3% | ||||||||
5,306 | Accenture PLC, Class A | $ | 1,785,787 | |||||
2,711 | Adobe, Inc.* | 1,799,291 | ||||||
14,206 | Advanced Micro Devices, Inc.* | 1,572,888 | ||||||
15,013 | Akamai Technologies, Inc.* | 1,700,222 | ||||||
22,894 | Amphenol Corp., Class A | 1,754,367 | ||||||
20,476 | Analog Devices, Inc. | 3,336,564 | ||||||
4,525 | ANSYS, Inc.* | 1,653,254 | ||||||
11,452 | Apple, Inc. | 1,738,757 | ||||||
11,709 | Applied Materials, Inc. | 1,582,237 | ||||||
4,431 | Arista Networks, Inc.* | 1,637,387 | ||||||
5,140 | Autodesk, Inc.* | 1,593,863 | ||||||
7,908 | Automatic Data Processing, Inc. | 1,653,088 | ||||||
3,449 | Broadcom, Inc. | 1,714,877 | ||||||
9,700 | Broadridge Financial Solutions, Inc. | 1,670,534 | ||||||
11,225 | Cadence Design Systems, Inc.* | 1,835,063 | ||||||
8,980 | CDW Corp. | 1,801,478 | ||||||
17,069 | Ceridian HCM Holding, Inc.* | 1,917,702 | ||||||
30,172 | Cisco Systems, Inc. | 1,780,751 | ||||||
14,034 | Cloudflare, Inc., Class A* | 1,694,465 | ||||||
18,708 | Cognex Corp. | 1,657,903 | ||||||
22,715 | Cognizant Technology Solutions Corp., Class A | 1,733,382 | ||||||
40,420 | Corning, Inc. | 1,616,396 | ||||||
7,871 | Coupa Software, Inc.* | 1,926,900 | ||||||
6,481 | Crowdstrike Holdings, Inc., Class A* | 1,821,161 | ||||||
14,710 | Datadog, Inc., Class A* | 2,027,038 | ||||||
17,238 | Dell Technologies, Inc., Class C * | 1,680,016 | ||||||
5,701 | DocuSign, Inc.* | 1,688,864 | ||||||
8,737 | Enphase Energy, Inc.* | 1,517,879 | ||||||
13,407 | Entegris, Inc. | 1,610,717 | ||||||
2,946 | EPAM Systems, Inc.* | 1,864,258 | ||||||
3,337 | Fair Isaac Corp.* | 1,534,152 | ||||||
12,993 | Fidelity National Information Services, Inc. | 1,660,116 | ||||||
15,573 | Fiserv, Inc.* | 1,834,344 | ||||||
6,754 | FleetCor Technologies, Inc.* | 1,778,193 | ||||||
5,590 | Fortinet, Inc.* | 1,761,633 | ||||||
5,700 | Gartner, Inc.* | 1,759,818 | ||||||
10,150 | Global Payments, Inc. | 1,650,796 | ||||||
20,156 | GoDaddy, Inc., Class A* | 1,477,636 | ||||||
113,956 | Hewlett Packard Enterprise Co. | 1,761,760 | ||||||
57,270 | HP, Inc. | 1,703,210 | ||||||
2,895 | HubSpot, Inc.* | 1,981,541 | ||||||
31,125 | Intel Corp. | 1,682,618 | ||||||
11,735 | International Business Machines Corp. | 1,646,890 | ||||||
3,167 | Intuit, Inc. | 1,792,870 | ||||||
9,649 | Jack Henry & Associates, Inc. | 1,701,891 | ||||||
10,045 | Keysight Technologies, Inc.* | 1,801,872 | ||||||
4,771 | KLA Corp. | 1,621,949 | ||||||
2,586 | Lam Research Corp. | 1,564,065 | ||||||
27,045 | Marvell Technology, Inc. | 1,654,884 | ||||||
4,586 | Mastercard, Inc., Class A | 1,587,811 | ||||||
11,317 | Microchip Technology, Inc. | 1,780,843 | ||||||
20,372 | Micron Technology, Inc.* | 1,501,416 | ||||||
5,881 | Microsoft Corp. | 1,775,356 | ||||||
4,644 | MongoDB, Inc.* | 1,819,659 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
3,628 | Monolithic Power Systems, Inc. | 1,795,606 | ||||||
7,541 | Motorola Solutions, Inc. | 1,841,663 | ||||||
20,597 | NetApp, Inc. | 1,831,691 | ||||||
30,800 | Nuance Communications, Inc.* | 1,695,540 | ||||||
8,361 | NVIDIA Corp. | 1,871,610 | ||||||
6,877 | Okta, Inc.* | 1,812,777 | ||||||
36,620 | ON Semiconductor Corp.* | 1,624,463 | ||||||
18,730 | Oracle Corp. | 1,669,405 | ||||||
75,285 | Palantir Technologies, Inc., Class A* | 1,983,007 | ||||||
4,182 | Palo Alto Networks, Inc.* | 1,928,069 | ||||||
14,718 | Paychex, Inc. | 1,684,770 | ||||||
3,856 | Paycom Software, Inc.* | 1,885,198 | ||||||
6,161 | PayPal Holdings, Inc.* | 1,778,434 | ||||||
12,640 | PTC, Inc.* | 1,664,182 | ||||||
8,536 | Qorvo, Inc.* | 1,605,024 | ||||||
11,338 | QUALCOMM, Inc. | 1,663,171 | ||||||
6,539 | RingCentral, Inc., Class A* | 1,649,528 | ||||||
6,991 | salesforce.com, Inc.* | 1,854,503 | ||||||
18,682 | Seagate Technology Holdings PLC | 1,636,356 | ||||||
2,879 | ServiceNow, Inc.* | 1,853,040 | ||||||
8,983 | Skyworks Solutions, Inc. | 1,648,021 | ||||||
6,181 | Snowflake, Inc., Class A* | 1,881,187 | ||||||
11,981 | Splunk, Inc.* | 1,831,536 | ||||||
6,345 | Square, Inc., Class A* | 1,700,904 | ||||||
21,965 | SS&C Technologies Holdings, Inc. | 1,661,872 | ||||||
5,807 | Synopsys, Inc.* | 1,929,318 | ||||||
11,279 | TE Connectivity Ltd. | 1,694,331 | ||||||
3,709 | Teledyne Technologies, Inc.* | 1,718,676 | ||||||
13,125 | Teradyne, Inc. | 1,593,900 | ||||||
8,770 | Texas Instruments, Inc. | 1,674,281 | ||||||
19,842 | Trade Desk, Inc. (The), Class A* | 1,588,352 | ||||||
19,354 | Trimble, Inc.* | 1,823,534 | ||||||
4,529 | Twilio, Inc., Class A* | 1,616,672 | ||||||
3,437 | Tyler Technologies, Inc.* | 1,669,351 | ||||||
27,463 | UiPath, Inc., Class A*(b) | 1,735,662 | ||||||
15,584 | Unity Software, Inc.* | 1,975,272 | ||||||
7,916 | VeriSign, Inc.* | 1,711,914 | ||||||
7,111 | Visa, Inc., Class A | 1,629,130 | ||||||
10,753 | VMware, Inc., Class A*(b) | 1,600,799 | ||||||
25,466 | Western Digital Corp.* | 1,609,451 | ||||||
7,219 | Workday, Inc., Class A* | 1,971,942 | ||||||
11,983 | Xilinx, Inc. | 1,864,435 | ||||||
2,999 | Zebra Technologies Corp., Class A* | 1,760,923 | ||||||
13,283 | Zendesk, Inc.* | 1,641,779 | ||||||
4,352 | Zoom Video Communications, Inc., Class A* | 1,259,904 | ||||||
6,864 | Zscaler, Inc.* | 1,910,526 | ||||||
|
| |||||||
174,234,121 | ||||||||
|
| |||||||
Materials – 4.7% | ||||||||
5,825 | Air Products and Chemicals, Inc. | 1,569,896 | ||||||
8,013 | Albemarle Corp. | 1,896,998 | ||||||
7,915 | Avery Dennison Corp. | 1,783,962 | ||||||
21,313 | Ball Corp. | 2,045,195 | ||||||
10,920 | Celanese Corp. | 1,731,912 | ||||||
39,483 | Corteva, Inc. | 1,736,068 | ||||||
|
|
32 | 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) | ||||||||
17,187 | Crown Holdings, Inc. | $ | 1,886,961 | |||||
27,195 | Dow, Inc. | 1,710,565 | ||||||
22,392 | DuPont de Nemours, Inc. | 1,657,456 | ||||||
15,183 | Eastman Chemical Co. | 1,718,108 | ||||||
7,724 | Ecolab, Inc. | 1,740,681 | ||||||
46,307 | Freeport-McMoRan, Inc. | 1,685,112 | ||||||
11,249 | International Flavors & Fragrances, Inc. | 1,704,223 | ||||||
28,968 | International Paper Co. | 1,740,687 | ||||||
16,919 | LyondellBasell Industries NV, Class A | 1,697,822 | ||||||
4,578 | Martin Marietta Materials, Inc. | 1,745,362 | ||||||
26,933 | Newmont Corp. | 1,561,845 | ||||||
15,816 | Nucor Corp. | 1,859,329 | ||||||
12,137 | Packaging Corp. of America | 1,841,183 | ||||||
10,222 | PPG Industries, Inc. | 1,630,920 | ||||||
5,682 | Sherwin-Williams Co. (The) | 1,725,453 | ||||||
9,323 | Vulcan Materials Co. | 1,733,425 | ||||||
34,282 | Westrock Co. | 1,784,035 | ||||||
|
| |||||||
40,187,198 | ||||||||
|
| |||||||
Real Estate – 5.6% | ||||||||
8,233 | Alexandria Real Estate Equities, Inc. REIT | 1,699,044 | ||||||
5,943 | American Tower Corp. REIT | 1,736,366 | ||||||
7,376 | AvalonBay Communities, Inc. REIT | 1,693,382 | ||||||
14,507 | Boston Properties, Inc. REIT | 1,639,146 | ||||||
17,232 | CBRE Group, Inc., Class A* | 1,659,442 | ||||||
8,683 | Crown Castle International Corp. REIT | 1,690,493 | ||||||
10,842 | Digital Realty Trust, Inc. REIT | 1,777,112 | ||||||
33,274 | Duke Realty Corp. REIT | 1,747,218 | ||||||
2,044 | Equinix, Inc. REIT | 1,724,012 | ||||||
19,963 | Equity Residential REIT | 1,678,289 | ||||||
5,164 | Essex Property Trust, Inc. REIT | 1,707,941 | ||||||
9,537 | Extra Space Storage, Inc. REIT | 1,782,561 | ||||||
45,069 | Healthpeak Properties, Inc. REIT | 1,622,484 | ||||||
41,611 | Invitation Homes, Inc. REIT | 1,713,541 | ||||||
82,465 | Medical Properties Trust, Inc. REIT | 1,688,883 | ||||||
8,815 | Mid-America Apartment Communities, Inc. REIT | 1,695,741 | ||||||
13,027 | Prologis, Inc. REIT | 1,754,216 | ||||||
5,454 | Public Storage REIT | 1,764,969 | ||||||
23,837 | Realty Income Corp. REIT | 1,721,508 | ||||||
4,893 | SBA Communications Corp. REIT | 1,756,440 | ||||||
12,799 | Simon Property Group, Inc. REIT | 1,720,825 | ||||||
8,581 | Sun Communities, Inc. REIT | 1,728,986 | ||||||
30,582 | UDR, Inc. REIT | 1,652,040 | ||||||
28,424 | Ventas, Inc. REIT | 1,590,039 | ||||||
55,959 | VICI Properties, Inc. REIT | 1,729,693 | ||||||
19,445 | Welltower, Inc. REIT | 1,702,021 | ||||||
48,719 | Weyerhaeuser Co. REIT | 1,753,884 | ||||||
�� | 21,108 | W.P. Carey, Inc. REIT | 1,648,957 | |||||
|
| |||||||
47,779,233 | ||||||||
|
| |||||||
Utilities – 5.2% | ||||||||
70,957 | AES Corp. (The) | 1,693,744 | ||||||
28,401 | Alliant Energy Corp. | 1,726,497 | ||||||
19,911 | Ameren Corp. | 1,746,593 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
19,041 | American Electric Power Co., Inc. | $ | 1,705,502 | |||||
9,649 | American Water Works Co., Inc. | 1,758,530 | ||||||
17,065 | Atmos Energy Corp. | 1,664,008 | ||||||
66,165 | CenterPoint Energy, Inc. | 1,660,080 | ||||||
26,801 | CMS Energy Corp. | 1,718,748 | ||||||
22,642 | Consolidated Edison, Inc. | 1,708,339 | ||||||
22,493 | Dominion Energy, Inc. | 1,750,855 | ||||||
14,376 | DTE Energy Co. | 1,730,008 | ||||||
15,902 | Duke Energy Corp. | 1,664,303 | ||||||
30,712 | Edison International | 1,776,382 | ||||||
16,325 | Entergy Corp. | 1,805,708 | ||||||
25,546 | Evergy, Inc. | 1,748,624 | ||||||
19,312 | Eversource Energy | 1,752,178 | ||||||
36,001 | Exelon Corp. | 1,764,769 | ||||||
44,358 | FirstEnergy Corp. | 1,724,196 | ||||||
21,276 | NextEra Energy, Inc. | 1,786,971 | ||||||
194,782 | PG&E Corp.* | 1,786,151 | ||||||
59,391 | PPL Corp. | 1,743,126 | ||||||
26,787 | Public Service Enterprise Group, Inc. | 1,712,761 | ||||||
12,934 | Sempra Energy | 1,711,944 | ||||||
26,515 | Southern Co. (The) | 1,742,831 | ||||||
17,808 | WEC Energy Group, Inc. | 1,682,500 | ||||||
24,671 | Xcel Energy, Inc. | 1,696,131 | ||||||
|
| |||||||
44,961,479 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $689,981,718) | $ | 847,290,647 | ||||||
|
| |||||||
Exchange-Traded Fund – 0.9% | ||||||||
49,428 | Invesco S&P 500 Equal Weight ETF(b) | |||||||
(Cost $7,679,666) | $ | 7,725,597 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $697,661,384) | $ | 855,016,244 | ||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.3%(a) | ||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||
10,902,108 | 0.026% | $ | 10,902,108 | |||||
(Cost $10,902,108) |
| |||||||
| ||||||||
TOTAL INVESTMENTS – 101.0% |
| |||||||
(Cost $708,563,492) |
| $ | 865,918,352 | |||||
| ||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)% |
| (8,414,297 | ) | |||||
| ||||||||
NET ASSETS – 100.0% |
| $ | 857,504,055 | |||||
|
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
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) | Represents an affiliated issuer. | |
(b) | All or a portion of security is on loan. |
| ||
Investment Abbreviations: | ||
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.8% | ||||||||
Australia – 0.2% | ||||||||
132,024 | Carbon Revolution Ltd. (Consumer Discretionary)* | $ | 109,998 | |||||
|
| |||||||
Belgium – 1.9% | ||||||||
17,243 | Umicore SA (Materials) | 1,134,561 | ||||||
|
| |||||||
China – 5.1% | ||||||||
13,500 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 1,035,453 | ||||||
561,142 | Xinyi Solar Holdings Ltd. (Information Technology) | 1,356,435 | ||||||
16,658 | XPeng, Inc. ADR (Consumer Discretionary)* | 707,965 | ||||||
|
| |||||||
3,099,853 | ||||||||
|
| |||||||
Denmark – 6.0% | ||||||||
11,970 | Chr. Hansen Holding A/S (Materials) | 1,104,306 | ||||||
15,752 | Novozymes A/S, Class B (Materials) | 1,272,192 | ||||||
7,809 | Orsted AS (Utilities)(a) | 1,240,793 | ||||||
|
| |||||||
3,617,291 | ||||||||
|
| |||||||
Finland – 1.8% | ||||||||
18,298 | Neste OYJ (Energy) | 1,113,258 | ||||||
|
| |||||||
France – 1.0% | ||||||||
12,498 | Imerys SA (Materials) | 578,328 | ||||||
|
| |||||||
Germany – 3.0% | ||||||||
41,919 | Infineon Technologies AG (Information Technology) | 1,784,616 | ||||||
|
| |||||||
Ireland – 2.3% | ||||||||
12,312 | Kingspan Group PLC (Industrials) | 1,406,573 | ||||||
|
| |||||||
Italy – 3.7% | ||||||||
241,638 | Enel SpA (Utilities) | 2,201,211 | ||||||
|
| |||||||
Japan – 11.5% | ||||||||
9,120 | Daikin Industries Ltd. (Industrials) | 2,275,019 | ||||||
15,918 | Horiba Ltd. (Information Technology) | 1,140,312 | ||||||
2,280 | Keyence Corp. (Information Technology) | 1,372,441 | ||||||
22,744 | Kurita Water Industries Ltd. (Industrials) | 1,068,260 | ||||||
9,120 | Nidec Corp. (Industrials) | 1,047,646 | ||||||
|
| |||||||
6,903,678 | ||||||||
|
| |||||||
Netherlands – 5.2% | ||||||||
18,672 | Aalberts NV (Industrials) | 1,165,989 | ||||||
8,892 | Koninklijke DSM NV (Materials) | 1,892,007 | ||||||
12,369 | Pryme BV (Industrials)*(a) | 65,359 | ||||||
|
| |||||||
3,123,355 | ||||||||
|
| |||||||
Norway – 2.1% | ||||||||
303,542 | Aker Carbon Capture ASA (Industrials)* | 785,586 | ||||||
744,248 | Aker Offshore Wind AS (Industrials)* | 418,916 | ||||||
45,164 | Circa Group AS (Materials)* | 76,265 | ||||||
|
| |||||||
1,280,767 | ||||||||
|
| |||||||
Spain – 2.9% | ||||||||
142,577 | Iberdrola SA (Utilities) | 1,766,362 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Sweden – 0.7% | ||||||||
15,390 | Re:NewCell AB (Materials)* | 407,970 | ||||||
|
| |||||||
Switzerland – 2.1% | ||||||||
34,001 | ABB Ltd. (Industrials) | 1,259,008 | ||||||
|
| |||||||
Taiwan – 2.9% | ||||||||
182,080 | Delta Electronics, Inc. (Information Technology) | 1,777,208 | ||||||
|
| |||||||
United Kingdom – 2.7% | ||||||||
263,704 | DS Smith PLC (Materials) | 1,605,570 | ||||||
|
| |||||||
United States – 44.7% | ||||||||
5,060 | Albemarle Corp. (Materials) | 1,197,904 | ||||||
7,525 | Aptiv PLC (Consumer Discretionary)* | 1,145,230 | ||||||
21,048 | Ball Corp. (Materials) | 2,019,766 | ||||||
5,871 | Beyond Meat, Inc. (Consumer Staples)*(b) | 702,406 | ||||||
9,973 | Cree, Inc. (Information Technology)* | 847,506 | ||||||
6,156 | Danaher Corp. (Health Care) | 1,995,529 | ||||||
16,433 | Danimer Scientific, Inc. (Materials)* | 321,101 | ||||||
8,550 | Darling Ingredients, Inc. (Consumer Staples)* | 636,975 | ||||||
3,948 | DocuSign, Inc. (Information Technology)* | 1,169,556 | ||||||
10,676 | Ecolab, Inc. (Materials) | 2,405,943 | ||||||
12,142 | Itron, Inc. (Information Technology)* | 1,020,049 | ||||||
20,805 | NextEra Energy, Inc. (Utilities) | 1,747,412 | ||||||
33,260 | Nuvve Holding Corp. (Industrials)* | 337,922 | ||||||
10,147 | Schneider Electric SE (Industrials) | 1,812,277 | ||||||
196,483 | Smart Wires Technology Ltd. SDR (Industrials)* | 814,258 | ||||||
4,845 | SolarEdge Technologies, Inc. (Information Technology)* | 1,403,984 | ||||||
24,126 | Tattooed Chef, Inc. (Consumer Staples)*(b) | 510,747 | ||||||
6,042 | Trane Technologies PLC (Industrials) | 1,199,337 | ||||||
8,864 | Waste Connections, Inc. (Industrials) | 1,145,317 | ||||||
7,710 | Waste Management, Inc. (Industrials) | 1,195,898 | ||||||
23,237 | Westrock Co. (Materials) | 1,209,254 | ||||||
14,707 | Xylem, Inc. (Industrials) | 2,004,711 | ||||||
|
| |||||||
26,843,082 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $57,080,199) | $ | 60,012,689 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Dividend Rate | Value | ||||
Securities Lending Reinvestment Vehicle – 1.8%(c) | ||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||
1,099,446 | 0.026% | $ | 1,099,446 | |||
(Cost $1,099,446) | ||||||
| ||||||
TOTAL INVESTMENTS – 101.6% |
| |||||
(Cost $58,179,645) | $ | 61,112,135 | ||||
| ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (1.6)% | (1,007,207 | ) | ||||
| ||||||
NET ASSETS – 100.0% | $ | 60,104,928 | ||||
|
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. | |
(b) | All or a portion of security is on loan. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
SDR | —Swedish Depositary Receipt | |
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 101.9% | ||||||||
Communication Services – 18.7% | ||||||||
1,609 | Alphabet, Inc., Class A* | $ | 4,656,366 | |||||
5,687 | Charter Communications, Inc., Class A* | 4,644,345 | ||||||
12,141 | Facebook, Inc., Class A* | 4,606,053 | ||||||
149,843 | Frontier Communications Parent, Inc.* | 4,412,876 | ||||||
23,970 | Liberty Broadband Corp., Class C * | 4,585,940 | ||||||
15,320 | Sea Ltd. ADR (Taiwan)* | 5,183,062 | ||||||
31,623 | T-Mobile US, Inc.* | 4,332,984 | ||||||
69,776 | Twitter, Inc.* | 4,500,552 | ||||||
24,850 | Walt Disney Co. (The)* | 4,505,305 | ||||||
|
| |||||||
41,427,483 | ||||||||
|
| |||||||
Consumer Discretionary – 17.5% | ||||||||
24,357 | Alibaba Group Holding Ltd. ADR (China)* | 4,067,375 | ||||||
1,349 | Amazon.com, Inc.* | 4,682,096 | ||||||
71,826 | Bath & Body Works, Inc. | 4,846,818 | ||||||
12,311 | Carvana Co.* | 4,038,747 | ||||||
30,875 | Expedia Group, Inc.* | 4,461,438 | ||||||
84,048 | General Motors Co.* | 4,119,192 | ||||||
11,847 | Lithia Motors, Inc. | 3,924,911 | ||||||
2,479 | MercadoLibre, Inc. (Argentina)* | 4,629,409 | ||||||
40,458 | Peloton Interactive, Inc., Class A* | 4,053,487 | ||||||
|
| |||||||
38,823,473 | ||||||||
|
| |||||||
Financials – 5.8% | ||||||||
15,375 | Berkshire Hathaway, Inc., Class B* | 4,393,714 | ||||||
90,070 | Wells Fargo & Co. | 4,116,199 | ||||||
20,342 | Willis Towers Watson PLC | 4,489,886 | ||||||
|
| |||||||
12,999,799 | ||||||||
|
| |||||||
Health Care – 6.3% | ||||||||
13,960 | Danaher Corp. | 4,525,273 | ||||||
18,068 | HCA Healthcare, Inc. | 4,570,843 | ||||||
22,311 | United Therapeutics Corp.* | 4,794,188 | ||||||
|
| |||||||
13,890,304 | ||||||||
|
| |||||||
Industrials – 7.9% | ||||||||
86,280 | Builders FirstSource, Inc.* | 4,597,861 | ||||||
36,988 | IHS Markit Ltd. | 4,460,753 | ||||||
15,196 | Kansas City Southern | 4,265,061 | ||||||
107,237 | Uber Technologies, Inc.* | 4,197,256 | ||||||
|
| |||||||
17,520,931 | ||||||||
|
| |||||||
Information Technology – 43.7% | ||||||||
6,987 | Adobe, Inc.* | 4,637,272 | ||||||
41,406 | Advanced Micro Devices, Inc.* | 4,584,472 | ||||||
28,034 | Analog Devices, Inc. | 4,568,140 | ||||||
29,449 | Apple, Inc. | 4,471,242 | ||||||
33,456 | Fidelity National Information Services, Inc. | 4,274,673 | ||||||
39,615 | Fiserv, Inc.* | 4,666,251 | ||||||
63,332 | GoDaddy, Inc., Class A* | 4,642,869 | ||||||
12,241 | Mastercard, Inc., Class A | 4,238,201 | ||||||
62,743 | Micron Technology, Inc.* | 4,624,159 | ||||||
15,106 | Microsoft Corp. | 4,560,199 | ||||||
81,270 | Nuance Communications, Inc.* | 4,473,914 | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
22,307 | NVIDIA Corp. | 4,993,422 | ||||||
12,018 | Palo Alto Networks, Inc.* | 5,540,779 | ||||||
15,992 | PayPal Holdings, Inc.* | 4,616,251 | ||||||
24,953 | Proofpoint, Inc.* | 4,391,728 | ||||||
17,859 | salesforce.com, Inc.* | 4,737,457 | ||||||
2,989 | Shopify, Inc., Class A (Canada)* | 4,557,567 | ||||||
16,896 | Square, Inc., Class A* | 4,529,311 | ||||||
12,840 | Twilio, Inc., Class A* | 4,583,366 | ||||||
18,909 | Visa, Inc., Class A | 4,332,052 | ||||||
31,200 | Xilinx, Inc. | 4,854,408 | ||||||
|
| |||||||
96,877,733 | ||||||||
|
| |||||||
Utilities – 2.0% | ||||||||
485,316 | PG&E Corp.* | 4,450,348 | ||||||
|
| |||||||
TOTAL INVESTMENTS – 101.9% | ||||||||
(Cost $194,000,470) | $ | 225,990,071 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (1.9)% | (4,155,601 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 221,834,470 | ||||||
|
|
The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | ||
* | Non-income producing security. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 13.3% | ||||||||
16,260 | Activision Blizzard, Inc. | $ | 1,339,336 | |||||
3,152 | AfreecaTV Co. Ltd. (South Korea) | 416,751 | ||||||
3,568 | Alphabet, Inc., Class A* | 10,325,614 | ||||||
27,555 | AMC Entertainment Holdings, Inc., Class A*(a) | 1,298,667 | ||||||
18,326 | Baidu, Inc. ADR (China)* | 2,877,548 | ||||||
12,962 | Bilibili, Inc. ADR (China)* | 1,039,941 | ||||||
32,577 | Comcast Corp., Class A | 1,976,772 | ||||||
8,863 | CTS Eventim AG & Co. KGaA (Germany)* | 571,452 | ||||||
10,088 | Electronic Arts, Inc. | 1,464,878 | ||||||
66,861 | Enthusiast Gaming Holdings, Inc. (Canada)* | 298,869 | ||||||
13,443 | Eventbrite, Inc., Class A* | 237,672 | ||||||
26,650 | Facebook, Inc., Class A* | 10,110,477 | ||||||
37,056 | Gree, Inc. (Japan) | 218,909 | ||||||
41,092 | Hello Group, Inc. ADR (China) | 539,949 | ||||||
31,775 | HUYA, Inc. ADR (China)* | 339,675 | ||||||
5,954 | IAC/InterActiveCorp* | 786,226 | ||||||
60,248 | iQIYI, Inc. ADR (China)* | 545,847 | ||||||
11,474 | JOYY, Inc. ADR (China) | 726,304 | ||||||
112,787 | Kuaishou Technology (China)*(a)(b) | 1,225,418 | ||||||
10,341 | Live Nation Entertainment, Inc.* | 896,565 | ||||||
5,827 | Madison Square Garden Entertainment Corp.* | 467,267 | ||||||
2,558 | Madison Square Garden Sports Corp.* | 462,435 | ||||||
9,374 | Mail.Ru Group Ltd. GDR (Russia)* | 188,605 | ||||||
10,775 | Mixi, Inc. (Japan) | 248,043 | ||||||
18,772 | NetEase, Inc. ADR (China) | 1,828,768 | ||||||
4,374 | Netflix, Inc.* | 2,489,637 | ||||||
70,107 | Rightmove PLC (United Kingdom) | 676,744 | ||||||
6,680 | Scout24 AG (Germany)(b) | 561,441 | ||||||
6,302 | Sea Ltd. ADR (Taiwan)* | 2,132,093 | ||||||
18,537 | Snap, Inc., Class A* | 1,410,851 | ||||||
17,223 | Sohu.com Ltd. ADR (China)* | 403,018 | ||||||
4,180 | Spotify Technology SA* | 979,541 | ||||||
35,337 | TELUS Corp. (Canada) | 812,920 | ||||||
101,342 | Tencent Holdings Ltd. (China) | 6,270,230 | ||||||
75,234 | Tencent Music Entertainment Group ADR (China)* | 665,069 | ||||||
12,884 | TripAdvisor, Inc.* | 450,940 | ||||||
39,010 | Turkcell Iletisim Hizmetleri AS ADR (Turkey) | 194,660 | ||||||
14,792 | Twitter, Inc.* | 954,084 | ||||||
7,496 | Ubisoft Entertainment SA (France)* | 477,119 | ||||||
15,781 | Walt Disney Co. (The)* | 2,861,095 | ||||||
18,659 | Warner Music Group Corp., Class A | 709,042 | ||||||
12,284 | Weibo Corp. ADR (China)* | 620,588 | ||||||
10,710 | World Wrestling Entertainment, Inc., Class A | 558,098 | ||||||
29,890 | Yalla Group Ltd. ADR (United Arab Emirates)*(a) | 303,682 | ||||||
7,105 | Zillow Group, Inc., Class A* | 679,238 | ||||||
91,728 | Zynga, Inc., Class A* | 811,793 | ||||||
|
| |||||||
65,453,871 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – 17.2% | ||||||||
10,827 | 2U, Inc.* | 400,924 | ||||||
3,074 | adidas AG (Germany) | 1,090,243 | ||||||
6,023 | Airbnb, Inc., Class A* | 933,505 | ||||||
46,939 | Alibaba Group Holding Ltd. ADR (China)* | 7,838,344 | ||||||
2,896 | Amazon.com, Inc.* | 10,051,408 | ||||||
54,904 | ANTA Sports Products Ltd. (China) | 1,129,516 | ||||||
10,367 | Aptiv PLC* | 1,577,754 | ||||||
12,354 | Bandai Namco Holdings, Inc. (Japan) | 859,247 | ||||||
15,067 | Baozun, Inc. ADR (China)* | 362,813 | ||||||
475 | Booking Holdings, Inc.* | 1,092,343 | ||||||
15,501 | BorgWarner, Inc. | 661,583 | ||||||
62,682 | Canoo, Inc.*(a) | 451,937 | ||||||
7,126 | Chegg, Inc.* | 593,026 | ||||||
6,375 | Chewy, Inc., Class A* | 561,765 | ||||||
4,746 | Columbia Sportswear Co. | 484,139 | ||||||
8,442 | Continental AG (Germany)* | 1,134,257 | ||||||
18,496 | Dana, Inc. | 430,217 | ||||||
7,004 | Dick’s Sporting Goods, Inc.(a) | 986,233 | ||||||
14,068 | eBay, Inc. | 1,079,578 | ||||||
4,933 | Etsy, Inc.* | 1,066,811 | ||||||
21,026 | Everi Holdings, Inc.* | 478,341 | ||||||
4,459 | Expedia Group, Inc.* | 644,326 | ||||||
13,255 | Farfetch Ltd., Class A (United Kingdom)* | 554,854 | ||||||
128,236 | Ford Motor Co.* | 1,670,915 | ||||||
12,108 | GameStop Corp., Class A* | 2,642,450 | ||||||
38,940 | General Motors Co.* | 1,908,449 | ||||||
8,288 | Hyundai Motor Co. (South Korea) | 1,518,996 | ||||||
7,134 | iRobot Corp.* | 578,710 | ||||||
54,966 | JD Sports Fashion PLC (United Kingdom) | 763,656 | ||||||
19,987 | JD.com, Inc. ADR (China)* | 1,570,179 | ||||||
14,857 | Jumia Technologies AG ADR (Germany)* | 297,289 | ||||||
8,367 | Just Eat Takeaway.com NV (United Kingdom)*(b) | 757,750 | ||||||
13,021 | Kia Corp. (South Korea) | 955,701 | ||||||
491,633 | Koolearn Technology Holding Ltd. (China)*(a)(b) | 272,450 | ||||||
17,698 | Las Vegas Sands Corp.* | 789,508 | ||||||
69,526 | Li Ning Co. Ltd. (China) | 934,183 | ||||||
2,632 | Lululemon Athletica, Inc.* | 1,053,247 | ||||||
40,374 | Luminar Technologies, Inc.*(a) | 701,700 | ||||||
1,762 | MercadoLibre, Inc. (Argentina)* | 3,290,447 | ||||||
23,380 | MGM Resorts International | 996,456 | ||||||
202,773 | New Oriental Education & Technology Group, Inc. ADR (China)* | 458,267 | ||||||
385,749 | Nexteer Automotive Group Ltd. (China) | 434,487 | ||||||
11,110 | NIKE, Inc., Class B | 1,830,261 | ||||||
43,640 | NIO, Inc. ADR (China)* | 1,715,488 | ||||||
11,492 | Overstock.com, Inc.* | 829,148 | ||||||
9,323 | Peloton Interactive, Inc., Class A* | 934,071 | ||||||
15,389 | Pinduoduo, Inc. ADR (China)* | 1,539,208 | ||||||
6,711 | Planet Fitness, Inc., Class A* | 545,604 | ||||||
55,027 | Qurate Retail, Inc.Series A | 606,948 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
34,927 | Sharp Corp. (Japan) | $ | 461,942 | |||||
8,624 | Skechers USA, Inc., Class A* | 434,908 | ||||||
16,852 | Sony Group Corp. (Japan) | 1,742,570 | ||||||
12,159 | Stride, Inc.* | 416,324 | ||||||
75,247 | TAL Education Group ADR (China)* | 400,314 | ||||||
12,350 | Tesla, Inc.* | 9,086,142 | ||||||
30,694 | TI Fluid Systems PLC (China)(b) | 129,051 | ||||||
42,373 | TomTom NV (Netherlands)* | 339,380 | ||||||
30,920 | Toyota Motor Corp. (Japan) | 2,699,660 | ||||||
94,936 | TUI AG (Germany)*(a) | 413,133 | ||||||
34,104 | Under Armour, Inc., Class A* | 789,167 | ||||||
18,104 | Veoneer, Inc. (Sweden)* | 648,123 | ||||||
33,021 | Workhorse Group, Inc.*(a) | 323,936 | ||||||
36,286 | XPeng, Inc. ADR (China)* | 1,542,155 | ||||||
31,149 | Yamaha Motor Co. Ltd. (Japan) | 793,894 | ||||||
6,567 | Zalando SE (Germany)*(b) | 727,139 | ||||||
|
| |||||||
85,006,570 | ||||||||
|
| |||||||
Consumer Staples – 0.7% | ||||||||
5,227 | Beyond Meat, Inc.*(a) | 625,358 | ||||||
7,106 | Church & Dwight Co., Inc. | 594,488 | ||||||
16,541 | Walmart, Inc. | 2,449,722 | ||||||
|
| |||||||
3,669,568 | ||||||||
|
| |||||||
Energy – 0.2% | ||||||||
1,435,049 | China Suntien Green Energy Corp. Ltd., Class H (China) | 909,666 | ||||||
|
| |||||||
Financials – 6.6% | ||||||||
46,813 | 3i Group PLC (United Kingdom) | 861,703 | ||||||
3,208 | Ameriprise Financial, Inc. | 875,495 | ||||||
14,752 | Apollo Global Management, Inc. | 881,875 | ||||||
7,832 | Ares Management Corp., Class A | 604,474 | ||||||
4,651 | B. Riley Financial, Inc. | 304,827 | ||||||
51,376 | BGC Partners, Inc., Class A | 264,586 | ||||||
2,281 | BlackRock, Inc. | 2,151,644 | ||||||
14,361 | Blackstone, Inc. | 1,805,609 | ||||||
16,839 | Charles Schwab Corp. (The) | 1,226,721 | ||||||
20,881 | CI Financial Corp. (Canada) | 404,681 | ||||||
5,482 | Coinbase Global, Inc., Class A* | 1,419,838 | ||||||
6,909 | Cowen, Inc., Class A | 249,000 | ||||||
9,348 | Discover Financial Services | 1,198,601 | ||||||
6,385 | DWS Group GmbH & Co. KGaA (Germany)(b) | 269,680 | ||||||
4,761 | Eurazeo SE (France) | 489,512 | ||||||
4,415 | Evercore, Inc., Class A | 616,511 | ||||||
3,792 | flatexDEGIRO AG (Germany)* | 393,911 | ||||||
18,313 | Galaxy Digital Holdings Ltd.* | 304,335 | ||||||
5,470 | Goldman Sachs Group, Inc. (The)(c) | 2,261,900 | ||||||
10,655 | Green Dot Corp., Class A* | 556,617 | ||||||
22,790 | Hargreaves Lansdown PLC (United Kingdom) | 473,137 | ||||||
10,066 | Interactive Brokers Group, Inc., Class A | 650,666 | ||||||
14,242 | Intercontinental Exchange, Inc. | 1,702,346 | ||||||
26,222 | Invesco Ltd. | 663,941 | ||||||
20,204 | KKR & Co., Inc. | 1,298,915 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
11,099 | Lazard Ltd., Class A | 526,093 | ||||||
43,067 | Monex Group, Inc. (Japan) | 230,114 | ||||||
2,575 | Morningstar, Inc. | 690,074 | ||||||
2,301 | MSCI, Inc. | 1,460,169 | ||||||
6,059 | Oppenheimer Holdings, Inc., Class A | 282,289 | ||||||
39,432 | Owl Rock Capital Corp. | 575,707 | ||||||
4,370 | PJT Partners, Inc., Class A | 345,143 | ||||||
16,957 | Plus500 Ltd. (Israel) | 348,773 | ||||||
4,479 | S&P Global, Inc. | 1,987,870 | ||||||
10,781 | Sculptor Capital Management, Inc. | 305,102 | ||||||
80,224 | TP ICAP Group PLC (United Kingdom) | 224,405 | ||||||
8,451 | Tradeweb Markets, Inc., Class A | 735,321 | ||||||
20,778 | Up Fintech Holding Ltd. ADR (China)*(a) | 286,321 | ||||||
362,411 | Value Partners Group Ltd. (Hong Kong) | 198,043 | ||||||
11,727 | Vinci Partners Investments Ltd., Class A (Brazil) | 165,937 | ||||||
1,032 | Virtus Investment Partners, Inc. | 322,706 | ||||||
10,121 | WealthNavi, Inc. (Japan)* | 350,541 | ||||||
64,338 | WisdomTree Investments, Inc. | 405,973 | ||||||
16,046 | XP, Inc., Class A (Brazil)* | 780,638 | ||||||
69,735 | Zip Co. Ltd. (Australia)*(a) | 348,097 | ||||||
|
| |||||||
32,499,841 | ||||||||
|
| |||||||
Health Care – 18.9% | ||||||||
4,224 | 10X Genomics, Inc., Class A* | 743,086 | ||||||
589,550 | 3SBio, Inc. (China)*(b) | 657,216 | ||||||
22,576 | Abbott Laboratories | 2,852,929 | ||||||
19,116 | AbbVie, Inc. | 2,308,830 | ||||||
2,245 | ABIOMED, Inc.* | 817,090 | ||||||
22,118 | AdaptHealth Corp.* | 531,717 | ||||||
17,665 | Adaptive Biotechnologies Corp.* | 641,593 | ||||||
54,323 | Agenus, Inc.* | 335,173 | ||||||
7,035 | Agilent Technologies, Inc. | 1,234,431 | ||||||
658,627 | Alibaba Health Information Technology Ltd. (China) * | 1,080,584 | ||||||
20,958 | Allscripts Healthcare Solutions, Inc.* | 321,915 | ||||||
8,377 | Amgen, Inc. | 1,889,265 | ||||||
281,778 | Asensus Surgical, Inc.* | 619,912 | ||||||
19,867 | AstraZeneca PLC (United Kingdom) | 2,327,895 | ||||||
75,396 | Bionano Genomics, Inc.*(a) | 439,559 | ||||||
5,480 | BioNTech SE ADR (Germany)* | 1,803,961 | ||||||
2,002 | Bio-Techne Corp. | 999,278 | ||||||
12,240 | Bluebird Bio, Inc.* | 223,992 | ||||||
24,039 | Boston Scientific Corp.* | 1,085,361 | ||||||
32,169 | Bristol-Myers Squibb Co. | 2,150,819 | ||||||
24,214 | Burning Rock Biotech Ltd. ADR (China)* | 451,107 | ||||||
7,656 | Castle Biosciences, Inc.* | 587,445 | ||||||
10,439 | Cerner Corp. | 797,018 | ||||||
21,811 | Change Healthcare, Inc.* | 476,134 | ||||||
5,351 | CompuGroup Medical SE & Co. KgaA (Germany) | 499,010 | ||||||
7,374 | CRISPR Therapeutics AG (Switzerland)* | 921,381 | ||||||
2,983 | Dexcom, Inc.* | 1,579,260 | ||||||
11,470 | Editas Medicine, Inc.* | 729,377 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
10,324 | Edwards Lifesciences Corp.* | $ | 1,209,766 | |||||
10,205 | Eli Lilly & Co. | 2,635,849 | ||||||
10,964 | Exact Sciences Corp.* | 1,144,422 | ||||||
8,617 | Galapagos NV (Belgium)* | 511,750 | ||||||
33,997 | Genetron Holdings Ltd. ADR (China)* | 451,820 | ||||||
23,786 | Gilead Sciences, Inc. | 1,731,145 | ||||||
6,291 | Globus Medical, Inc., Class A* | 513,346 | ||||||
9,246 | Guardant Health, Inc.* | 1,176,738 | ||||||
5,096 | Hill-Rom Holdings, Inc. | 741,876 | ||||||
8,698 | Horizon Therapeutics PLC* | 940,167 | ||||||
17,774 | Humanigen, Inc.* | 294,693 | ||||||
3,833 | Illumina, Inc.* | 1,752,294 | ||||||
8,666 | I-Mab ADR (China)* | 614,593 | ||||||
1,468,396 | Imugene Ltd. (Australia)* | 445,368 | ||||||
3,864 | Insulet Corp.* | 1,150,738 | ||||||
5,573 | Intellia Therapeutics, Inc.* | 894,634 | ||||||
2,029 | Intuitive Surgical, Inc.* | 2,137,673 | ||||||
16,286 | Invitae Corp.* | 482,554 | ||||||
15,293 | Ionis Pharmaceuticals, Inc.* | 608,050 | ||||||
7,751 | iRhythm Technologies, Inc.* | 370,498 | ||||||
20,203 | Johnson & Johnson | 3,497,745 | ||||||
33,615 | Koninklijke Philips NV (Netherlands) | 1,549,139 | ||||||
10,813 | Maravai LifeSciences Holdings, Inc., Class A* | 639,913 | ||||||
3,841 | Masimo Corp.* | 1,042,985 | ||||||
20,097 | Medtronic PLC | 2,682,548 | ||||||
29,371 | Merck & Co., Inc. | 2,240,714 | ||||||
231,159 | Mesoblast Ltd. (Australia)* | 281,289 | ||||||
6,294 | Moderna, Inc.* | 2,370,887 | ||||||
18,026 | Myriad Genetics, Inc.* | 644,970 | ||||||
24,934 | Nektar Therapeutics* | 385,978 | ||||||
16,621 | NextGen Healthcare, Inc.* | 253,636 | ||||||
5,949 | NuVasive, Inc.* | 369,671 | ||||||
33,028 | Ono Pharmaceutical Co. Ltd. (Japan) | 794,885 | ||||||
4,925 | OptimizeRx Corp.* | 325,936 | ||||||
48,899 | PAVmed, Inc.* | 356,963 | ||||||
66,750 | Pfizer, Inc. | 3,075,172 | ||||||
9,937 | PMV Pharmaceuticals, Inc.* | 301,588 | ||||||
11,688 | Prelude Therapeutics, Inc.* | 417,145 | ||||||
11,993 | Pulmonx Corp.* | 481,999 | ||||||
14,283 | QIAGEN NV* | 797,277 | ||||||
2,601 | Regeneron Pharmaceuticals, Inc.* | 1,751,513 | ||||||
8,698 | Renalytix PLC ADR* | 242,848 | ||||||
13,882 | Repare Therapeutics, Inc. (Canada)* | 471,988 | ||||||
31,497 | ResMed, Inc. CDI | 925,157 | ||||||
8,512 | Roche Holding AG (Switzerland) | 3,417,158 | ||||||
24,739 | Sana Biotechnology, Inc.*(a) | 593,489 | ||||||
43,461 | Sangamo Therapeutics, Inc.* | 430,699 | ||||||
19,363 | Sanofi (France) | 2,002,734 | ||||||
6,033 | Sarepta Therapeutics, Inc.* | 471,298 | ||||||
18,515 | SeaSpine Holdings Corp.* | 310,682 | ||||||
5,655 | Seegene, Inc. (South Korea) | 320,927 | ||||||
142,946 | Senseonics Holdings, Inc.*(a) | 573,213 | ||||||
83,448 | Shanghai Junshi Biosciences Co. Ltd., Class H (China)*(b) | 472,103 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
9,504 | SI-BONE, Inc.* | 231,993 | ||||||
44,845 | Smith & Nephew PLC (United Kingdom) | 860,965 | ||||||
6,906 | Stryker Corp. | 1,913,653 | ||||||
19,388 | Takara Bio, Inc. (Japan) | 562,086 | ||||||
7,324 | Tandem Diabetes Care, Inc.* | 821,533 | ||||||
16,602 | Taysha Gene Therapies, Inc.* | 330,048 | ||||||
6,716 | Teladoc Health, Inc.* | 969,925 | ||||||
22,405 | Theravance Biopharma, Inc.* | 185,962 | ||||||
2,929 | Thermo Fisher Scientific, Inc. | 1,625,449 | ||||||
8,277 | Vertex Pharmaceuticals, Inc.* | 1,657,800 | ||||||
58,608 | Well Health Technologies Corp. (Canada)* | 370,576 | ||||||
|
| |||||||
92,937,551 | ||||||||
|
| |||||||
Industrials – 7.0% | ||||||||
57,386 | ABB Ltd. (Switzerland) | 2,124,920 | ||||||
6,911 | AeroVironment, Inc.* | 707,410 | ||||||
4,060 | Alfen Beheer BV (Netherlands)*(b) | 435,650 | ||||||
6,368 | ASGN, Inc.* | 714,426 | ||||||
10,244 | Barnes Group, Inc. | 488,331 | ||||||
15,009 | Blink Charging Co.*(a) | 486,742 | ||||||
8,071 | Booz Allen Hamilton Holding Corp. | 661,096 | ||||||
2,050 | CACI International, Inc., Class A* | 527,957 | ||||||
7,262 | Daihen Corp. (Japan) | 316,961 | ||||||
59,038 | Desktop Metal, Inc., Class A* | 490,015 | ||||||
7,681 | FANUC Corp. (Japan) | 1,677,291 | ||||||
4,130 | FedEx Corp. | 1,097,300 | ||||||
2,518 | FTI Consulting, Inc.* | 351,790 | ||||||
24,148 | General Electric Co. | 2,545,441 | ||||||
11,217 | Hyundai Heavy Industries Holdings Co. Ltd. (South Korea) | 631,739 | ||||||
310,704 | Ideanomics, Inc.*(a) | 779,867 | ||||||
25,453 | Kawasaki Heavy Industries Ltd. (Japan)* | 542,608 | ||||||
27,918 | Kratos Defense & Security Solutions, Inc.* | 690,133 | ||||||
6,459 | Leidos Holdings, Inc. | 633,692 | ||||||
12,817 | LIG Nex1 Co. Ltd. (South Korea) | 575,933 | ||||||
18,578 | Lyft, Inc., Class A* | 884,499 | ||||||
73,629 | Mitsubishi Electric Corp. (Japan) | 1,008,997 | ||||||
9,001 | Moog, Inc., Class A | 715,039 | ||||||
13,005 | Nabtesco Corp. (Japan) | 516,128 | ||||||
16,437 | Nidec Corp. (Japan) | 1,888,175 | ||||||
65,597 | Nikola Corp.*(a) | 684,177 | ||||||
36,469 | Nordex SE (Germany)* | 683,200 | ||||||
13,870 | Parsons Corp.* | 491,414 | ||||||
30,856 | Pitney Bowes, Inc. | 230,494 | ||||||
7,820 | Proto Labs, Inc.* | 579,931 | ||||||
29,377 | RADA Electronic Industries Ltd. (Israel)* | 335,192 | ||||||
3,558 | Rockwell Automation, Inc. | 1,157,951 | ||||||
11,412 | Shibaura Machine Co. Ltd. (Japan) | 272,990 | ||||||
46,090 | Siemens Energy AG (Germany)* | 1,337,322 | ||||||
15,726 | Sunrun, Inc.* | 695,875 | ||||||
11,580 | Textron, Inc. | 841,519 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
6,665 | Thales SA (France) | $ | 676,150 | |||||
30,326 | Uber Technologies, Inc.* | 1,186,960 | ||||||
5,600 | Verisk Analytics, Inc. | 1,129,856 | ||||||
19,232 | Virgin Galactic Holdings, Inc.* | 521,380 | ||||||
474,628 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China) | 906,861 | ||||||
138,177 | Xinte Energy Co. Ltd., Class H (China) | 387,312 | ||||||
19,443 | Yaskawa Electric Corp. (Japan) | 952,151 | ||||||
|
| |||||||
34,562,875 | ||||||||
|
| |||||||
Information Technology – 33.7% | ||||||||
25,129 | 3D Systems Corp.* | 764,927 | ||||||
18,616 | ACI Worldwide, Inc.* | 599,994 | ||||||
3,628 | Adobe, Inc.* | 2,407,904 | ||||||
12,119 | Advanced Micro Devices, Inc.* | 1,341,816 | ||||||
554 | Adyen NV (Netherlands)*(b) | 1,788,278 | ||||||
9,018 | Affirm Holdings, Inc.* | 868,794 | ||||||
3,803 | Ahnlab, Inc. (South Korea) | 221,072 | ||||||
5,517 | Akamai Technologies, Inc.* | 624,800 | ||||||
6,011 | Alliance Data Systems Corp. | 589,739 | ||||||
7,471 | Altair Engineering, Inc., Class A* | 552,779 | ||||||
8,002 | Ambarella, Inc.* | 828,767 | ||||||
10,434 | Amphenol Corp., Class A | 799,557 | ||||||
26,702 | Appen Ltd. (Australia) | 209,593 | ||||||
66,289 | Apple, Inc. | 10,064,659 | ||||||
2,460 | Arista Networks, Inc.* | 909,044 | ||||||
2,693 | Atlassian Corp. PLC, Class A* | 988,493 | ||||||
12,637 | Atos SE (France) | 655,766 | ||||||
4,684 | Autodesk, Inc.* | 1,452,462 | ||||||
73,239 | Avast PLC(b) | 602,554 | ||||||
26,803 | BASE, Inc. (Japan)* | 279,106 | ||||||
7,983 | Belden, Inc. | 457,027 | ||||||
20,773 | Bentley Systems, Inc., Class B | 1,339,651 | ||||||
10,442 | BigCommerce Holdings, Inc.Series 1* | 621,717 | ||||||
23,481 | Bit Digital, Inc. (China)*(a) | 301,026 | ||||||
55,272 | Bitfarms Ltd. (Canada)* | 324,988 | ||||||
68,120 | BlackBerry Ltd. (Canada)* | 777,249 | ||||||
3,514 | Broadcom, Inc. | 1,747,196 | ||||||
7,497 | Brooks Automation, Inc. | 636,945 | ||||||
10,795 | C3.ai, Inc., Class A* | 556,374 | ||||||
12,360 | Canadian Solar, Inc. (Canada)* | 456,949 | ||||||
8,227 | CEVA, Inc.* | 396,953 | ||||||
8,125 | Ciena Corp.* | 464,181 | ||||||
42,964 | Cisco Systems, Inc. | 2,535,735 | ||||||
23,856 | Cloudera, Inc.* | 380,026 | ||||||
12,435 | Cognex Corp. | 1,101,990 | ||||||
35,648 | Converge Technology Solutions Corp. (Canada)* | 337,678 | ||||||
18,375 | Corning, Inc. | 734,816 | ||||||
2,660 | Coupa Software, Inc.* | 651,195 | ||||||
5,456 | Crowdstrike Holdings, Inc., Class A* | 1,533,136 | ||||||
4,394 | CyberArk Software Ltd.* | 737,928 | ||||||
26,190 | Dassault Systemes SE (France) | 1,493,396 | ||||||
11,534 | Digi International, Inc.* | 253,517 | ||||||
8,888 | Digital Garage, Inc. (Japan) | 406,942 | ||||||
4,644 | Docebo, Inc. (Canada)* | 389,557 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
4,237 | DocuSign, Inc.* | 1,255,169 | ||||||
13,741 | Edenred (France) | 778,587 | ||||||
5,460 | Euronet Worldwide, Inc.* | 727,436 | ||||||
8,267 | EVERTEC, Inc. (Puerto Rico) | 382,349 | ||||||
1,376 | Fair Isaac Corp.* | 632,602 | ||||||
4,536 | FARO Technologies, Inc.* | 312,712 | ||||||
8,004 | Fidelity National Information Services, Inc. | 1,022,671 | ||||||
31,488 | FireEye, Inc.* | 572,767 | ||||||
6,520 | First Solar, Inc.* | 612,880 | ||||||
14,908 | Fiserv, Inc.* | 1,756,013 | ||||||
3,636 | FleetCor Technologies, Inc.* | 957,286 | ||||||
4,462 | Fortinet, Inc.* | 1,406,155 | ||||||
6,440 | Global Payments, Inc. | 1,047,402 | ||||||
5,256 | Guidewire Software, Inc.* | 622,626 | ||||||
39,698 | Hewlett Packard Enterprise Co. | 613,731 | ||||||
43,478 | HP, Inc. | 1,293,036 | ||||||
36,481 | Infineon Technologies AG (Germany) | 1,553,102 | ||||||
18,071 | Infocom Corp. (Japan) | 406,458 | ||||||
39,364 | Innoviz Technologies Ltd. (Israel)* | 296,805 | ||||||
41,932 | Inseego Corp.*(a) | 352,229 | ||||||
84,726 | Intel Corp. | 4,580,288 | ||||||
�� | 6,917 | InterDigital, Inc. | 498,785 | |||||
21,432 | International Business Machines Corp. | 3,007,767 | ||||||
2,593 | Intuit, Inc. | 1,467,923 | ||||||
3,214 | IPG Photonics Corp.* | 548,565 | ||||||
3,834 | Jack Henry & Associates, Inc. | 676,241 | ||||||
25,719 | Juniper Networks, Inc. | 745,337 | ||||||
16,111 | Kainos Group PLC (United Kingdom) | 435,030 | ||||||
2,887 | Keyence Corp. (Japan) | 1,737,824 | ||||||
4,595 | Keysight Technologies, Inc.* | 824,251 | ||||||
97,181 | Learning Technologies Group PLC (United Kingdom) | 306,009 | ||||||
15,857 | Marathon Digital Holdings, Inc.*(a) | 643,636 | ||||||
20,372 | Marvell Technology, Inc. | 1,246,563 | ||||||
8,276 | Mastercard, Inc., Class A | 2,865,399 | ||||||
21,936 | Materialise NV ADR (Belgium)* | 483,908 | ||||||
22,989 | Maxeon Solar Technologies Ltd.*(a) | 392,192 | ||||||
18,000 | McAfee Corp., Class A | 478,080 | ||||||
13,984 | Medallia, Inc.* | 472,240 | ||||||
33,468 | Microsoft Corp. | 10,103,320 | ||||||
737 | MicroStrategy, Inc., Class A*(a) | 511,699 | ||||||
7,151 | Mimecast Ltd.* | 499,211 | ||||||
7,680 | Nemetschek SE (Germany) | 752,647 | ||||||
9,127 | NETGEAR, Inc.* | 326,108 | ||||||
14,335 | NetScout Systems, Inc.* | 393,066 | ||||||
530,002 | Newborn Town, Inc. (China)* | 331,194 | ||||||
3,076 | Nice Ltd. ADR (Israel)* | 894,193 | ||||||
203,393 | Nokia OYJ ADR (Finland)* | 1,212,222 | ||||||
4,354 | Northern Data AG (Germany)* | 378,280 | ||||||
3,370 | Novanta, Inc.* | 516,351 | ||||||
47,567 | NVIDIA Corp. | 10,647,873 | ||||||
3,872 | NXP Semiconductors NV (China) | 832,983 | ||||||
4,559 | Okta, Inc.* | 1,201,752 | ||||||
97,540 | OneConnect Financial Technology Co. Ltd. ADR (China)* | 458,438 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS INNOVATE EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
12,918 | Open Text Corp. (Canada) | $ | 708,294 | |||||
17,494 | Oracle Corp. | 1,559,240 | ||||||
3,970 | OSI Systems, Inc.* | 392,792 | ||||||
14,957 | Pagseguro Digital Ltd., Class A (Brazil)* | 889,493 | ||||||
2,983 | Palo Alto Networks, Inc.* | 1,375,282 | ||||||
201,999 | PAX Global Technology Ltd. (Hong Kong) | 249,338 | ||||||
10,857 | PayPal Holdings, Inc.* | 3,133,982 | ||||||
17,961 | Ping Identity Holding Corp.* | 466,088 | ||||||
4,328 | Proofpoint, Inc.* | 761,728 | ||||||
5,348 | PTC, Inc.* | 704,118 | ||||||
5,555 | Q2 Holdings, Inc.* | 489,340 | ||||||
24,049 | QIWI PLC ADR (Russia) | 229,908 | ||||||
2,932 | Qorvo, Inc.* | 551,304 | ||||||
14,760 | QUALCOMM, Inc. | 2,165,144 | ||||||
1,408,591 | Razer, Inc.*(b) | 358,607 | ||||||
20,058 | Repay Holdings Corp.* | 461,535 | ||||||
17,093 | Riot Blockchain, Inc.*(a) | 637,911 | ||||||
2,401 | Rogers Corp.* | 509,996 | ||||||
10,191 | S&T AG (Austria)(a) | 233,742 | ||||||
30,073 | Sabre Corp.* | 337,720 | ||||||
14,445 | salesforce.com, Inc.* | 3,831,825 | ||||||
3,244 | Samsung SDS Co. Ltd. (South Korea) | 482,634 | ||||||
11,482 | SAP SE (Germany) | 1,727,583 | ||||||
37,703 | Seiko Epson Corp. (Japan) | 703,542 | ||||||
5,556 | Semtech Corp.* | 388,475 | ||||||
2,436 | ServiceNow, Inc.* | 1,567,907 | ||||||
5,974 | Shift4 Payments, Inc., Class A* | 512,032 | ||||||
1,089 | Shopify, Inc., Class A (Canada)* | 1,660,485 | ||||||
11,726 | Sierra Wireless, Inc. (Canada)* | 191,837 | ||||||
4,335 | Silicon Laboratories, Inc.* | 683,283 | ||||||
6,244 | Skyworks Solutions, Inc. | 1,145,524 | ||||||
11,393 | Software AG (Germany) | 577,225 | ||||||
23,840 | SolarWinds Corp. | 406,949 | ||||||
4,360 | Sprout Social, Inc., Class A* | 530,176 | ||||||
11,939 | Square, Inc., Class A* | 3,200,488 | ||||||
13,778 | SS&C Technologies Holdings, Inc. | 1,042,443 | ||||||
29,129 | STMicroelectronics NV (Switzerland) | 1,296,842 | ||||||
15,734 | StoneCo Ltd., Class A (Brazil)* | 732,260 | ||||||
26,481 | Stratasys Ltd.* | 557,690 | ||||||
22,848 | SunPower Corp.* | 492,374 | ||||||
24,863 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2,958,946 | ||||||
14,245 | Telos Corp.* | 470,085 | ||||||
38,281 | TELUS International CDA, Inc. (Philippines)* | 1,280,117 | ||||||
9,990 | Tenable Holdings, Inc.* | 443,256 | ||||||
15,878 | Teradyne, Inc. | 1,928,224 | ||||||
35,160 | Tuya, Inc. ADR (China)* | 366,719 | ||||||
81,487 | Velodyne Lidar, Inc.*(a) | 537,814 | ||||||
7,616 | Verint Systems, Inc.* | 339,978 | ||||||
13,280 | Veritone, Inc.* | 277,154 | ||||||
8,355 | Viasat, Inc.* | 431,452 | ||||||
13,231 | Visa, Inc., Class A | 3,031,222 | ||||||
4,964 | VMware, Inc., Class A*(a) | 738,991 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
2,909 | WEX, Inc.* | 534,005 | ||||||
4,604 | Xilinx, Inc. | 716,336 | ||||||
13,014 | Yokowo Co. Ltd. (Japan) | 315,814 | ||||||
2,489 | Zoom Video Communications, Inc., Class A* | 720,565 | ||||||
3,520 | Zscaler, Inc.* | 979,757 | ||||||
|
| |||||||
166,275,238 | ||||||||
|
| |||||||
Materials – 0.1% | ||||||||
1,671 | SK Chemicals Co. Ltd. (South Korea) | 389,124 | ||||||
|
| |||||||
Real Estate – 0.5% | ||||||||
3,140 | CoreSite Realty Corp. REIT | 465,882 | ||||||
6,351 | Digital Realty Trust, Inc. REIT | 1,040,992 | ||||||
1,281 | Equinix, Inc. REIT | 1,080,460 | ||||||
|
| |||||||
2,587,334 | ||||||||
|
| |||||||
Utilities – 1.5% | ||||||||
12,088 | Atlantica Sustainable Infrastructure PLC (Spain) | 454,630 | ||||||
22,621 | Avangrid, Inc. | 1,236,238 | ||||||
870,435 | Beijing Jingneng Clean Energy Co. Ltd., Class H (China) | 223,838 | ||||||
21,349 | Brookfield Renewable Corp., Class A(a) | 935,300 | ||||||
16,285 | Brookfield Renewable Partners LP (Canada) | 658,797 | ||||||
13,968 | Dominion Energy, Inc. | 1,087,269 | ||||||
1,398,565 | Huaneng Power International, Inc., Class H (China) | 674,345 | ||||||
33,504 | Innergex Renewable Energy, Inc. (Canada) | 533,190 | ||||||
19,703 | NextEra Energy, Inc. | 1,654,855 | ||||||
|
| |||||||
7,458,462 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $410,557,846) | $ | 491,750,100 | ||||||
|
| |||||||
Closed-End Fund – 0.1% | ||||||||
231,091 | Greencoat UK Wind PLC/Funds | |||||||
(Cost $411,698) | $ | 413,451 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $410,969,544) | $ | 492,163,551 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 2.6%(c) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
13,009,276 | 0.026% | $ | 13,009,276 | |||||
(Cost $13,009,276) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 102.4% | ||||||||
(Cost $423,978,820) | $ | 505,172,827 | ||||||
|
| |||||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (2.4)% | (11,988,480 | ) | |||||
|
| |||||||
NET ASSETS – 100.0% | $ | 493,184,347 | ||||||
|
|
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. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
GDR | —Global Depositary Receipt | |
LP | —Limited Partnership | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.7% | ||||||||
Communication Services – 11.7% | ||||||||
2,145 | Alphabet, Inc., Class A* | $ | 6,207,523 | |||||
2,027 | Alphabet, Inc., Class C* | 5,897,029 | ||||||
46,387 | AT&T, Inc. | 1,271,932 | ||||||
40 | Cable One, Inc. | 83,984 | ||||||
1,001 | Charter Communications, Inc., Class A* | 817,477 | ||||||
34,764 | Comcast Corp., Class A | 2,109,480 | ||||||
1,186 | Discovery, Inc., Class A*(a) | 34,204 | ||||||
2,402 | Discovery, Inc., Class C* | 66,271 | ||||||
2,847 | Electronic Arts, Inc. | 413,413 | ||||||
17,085 | Facebook, Inc., Class A* | 6,481,707 | ||||||
2,987 | Interpublic Group of Cos., Inc. (The) | 111,206 | ||||||
3,289 | Netflix, Inc.* | 1,872,066 | ||||||
1,257 | New York Times Co. (The), Class A | 63,830 | ||||||
1,622 | Omnicom Group, Inc. | 118,763 | ||||||
3,827 | T-Mobile US, Inc.* | 524,376 | ||||||
5,567 | Twitter, Inc.* | 359,071 | ||||||
26,910 | Verizon Communications, Inc. | 1,480,050 | ||||||
60 | ViacomCBS, Inc., Class A | 2,759 | ||||||
4,442 | ViacomCBS, Inc., Class B | 184,121 | ||||||
13,840 | Walt Disney Co. (The)* | 2,509,192 | ||||||
509 | Zillow Group, Inc., Class A* | 48,660 | ||||||
1,408 | Zillow Group, Inc., Class C* | 134,844 | ||||||
9,913 | Zynga, Inc., Class A* | 87,730 | ||||||
|
| |||||||
30,879,688 | ||||||||
|
| |||||||
Consumer Discretionary – 11.1% | ||||||||
3,311 | Amazon.com, Inc.* | 11,491,786 | ||||||
2,681 | Aptiv PLC* | 408,021 | ||||||
167 | AutoZone, Inc.* | 258,708 | ||||||
1,794 | Bath & Body Works, Inc. | 121,059 | ||||||
1,905 | Best Buy Co., Inc. | 221,951 | ||||||
313 | Booking Holdings, Inc.* | 719,797 | ||||||
664 | Brunswick Corp. | 64,322 | ||||||
1,243 | CarMax, Inc.* | 155,636 | ||||||
6,484 | Carnival Corp.* | 156,524 | ||||||
212 | Chipotle Mexican Grill, Inc.* | 403,506 | ||||||
393 | Columbia Sportswear Co. | 40,090 | ||||||
989 | Darden Restaurants, Inc. | 148,993 | ||||||
479 | Dick’s Sporting Goods, Inc.(a) | 67,448 | ||||||
1,821 | Dollar General Corp. | 405,919 | ||||||
5,188 | eBay, Inc. | 398,127 | ||||||
964 | Etsy, Inc.* | 208,475 | ||||||
1,077 | Expedia Group, Inc.* | 155,626 | ||||||
38,862 | Ford Motor Co.* | 506,372 | ||||||
1,535 | Gap, Inc. (The) | 41,030 | ||||||
1,500 | Garmin Ltd. | 261,645 | ||||||
13,657 | General Motors Co.* | 669,330 | ||||||
348 | Grand Canyon Education, Inc.* | 31,021 | ||||||
1,270 | Hasbro, Inc. | 124,854 | ||||||
2,087 | Hilton Worldwide Holdings, Inc.* | 260,583 | ||||||
8,197 | Home Depot, Inc. (The) | 2,673,697 | ||||||
309 | Hyatt Hotels Corp., Class A* | 22,739 | ||||||
1,189 | Kohl’s Corp. | 68,249 | ||||||
2,521 | Las Vegas Sands Corp.* | 112,462 | ||||||
597 | Lear Corp. | 95,484 | ||||||
5,470 | Lowe’s Cos., Inc. | 1,115,278 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
1,132 | Lululemon Athletica, Inc.* | 452,992 | ||||||
2,073 | Marriott International, Inc., Class A* | 280,145 | ||||||
3,105 | MGM Resorts International | 132,335 | ||||||
3,771 | Newell Brands, Inc. | 95,821 | ||||||
12,306 | NIKE, Inc., Class B | 2,027,290 | ||||||
840 | Nordstrom, Inc.* | 24,032 | ||||||
384 | Pool Corp. | 189,811 | ||||||
2,599 | PulteGroup, Inc. | 139,982 | ||||||
702 | PVH Corp.* | 73,563 | ||||||
2,832 | Qurate Retail, Inc.Series A | 31,237 | ||||||
470 | Ralph Lauren Corp. | 54,581 | ||||||
1,667 | Royal Caribbean Cruises Ltd.* | 137,911 | ||||||
1,247 | Service Corp. International | 78,262 | ||||||
8,983 | Starbucks Corp. | 1,055,413 | ||||||
2,768 | Tapestry, Inc.* | 111,606 | ||||||
3,792 | Target Corp. | 936,548 | ||||||
9,191 | TJX Cos., Inc. (The) | 668,369 | ||||||
873 | Tractor Supply Co. | 169,580 | ||||||
645 | Travel + Leisure Co. | 35,320 | ||||||
412 | Ulta Beauty, Inc.* | 159,572 | ||||||
1,963 | Under Armour, Inc., Class C* | 39,378 | ||||||
3,214 | VF Corp. | 245,775 | ||||||
599 | Victoria’s Secret & Co.* | 39,714 | ||||||
576 | Wayfair, Inc., Class A* | 161,712 | ||||||
609 | Whirlpool Corp. | 134,912 | ||||||
804 | Wynn Resorts Ltd.* | 81,759 | ||||||
2,271 | Yum! Brands, Inc. | 297,569 | ||||||
|
| |||||||
29,263,921 | ||||||||
|
| |||||||
Consumer Staples – 6.2% | ||||||||
5,525 | Archer-Daniels-Midland Co. | 331,500 | ||||||
453 | Brown-Forman Corp., Class A | 29,989 | ||||||
1,818 | Brown-Forman Corp., Class B | 127,660 | ||||||
1,361 | Bunge Ltd. | 103,041 | ||||||
1,936 | Campbell Soup Co. | 80,789 | ||||||
2,435 | Church & Dwight Co., Inc. | 203,712 | ||||||
1,237 | Clorox Co. (The) | 207,878 | ||||||
38,575 | Coca-Cola Co. (The) | 2,172,158 | ||||||
8,296 | Colgate-Palmolive Co. | 646,673 | ||||||
4,650 | Conagra Brands, Inc. | 154,008 | ||||||
3,370 | Costco Wholesale Corp. | 1,535,001 | ||||||
6,062 | General Mills, Inc. | 350,444 | ||||||
1,452 | Hershey Co. (The) | 258,020 | ||||||
2,804 | Hormel Foods Corp. | 127,694 | ||||||
664 | Ingredion, Inc. | 58,339 | ||||||
1,056 | J M Smucker Co. (The) | 130,596 | ||||||
2,501 | Kellogg Co. | 157,913 | ||||||
3,349 | Kimberly-Clark Corp. | 461,526 | ||||||
6,591 | Kraft Heinz Co. (The) | 237,210 | ||||||
5,692 | Kroger Co. (The) | 262,003 | ||||||
2,474 | McCormick & Co., Inc. | 213,481 | ||||||
13,852 | Mondelez International, Inc., Class A | 859,794 | ||||||
13,725 | PepsiCo, Inc. | 2,146,453 | ||||||
24,188 | Procter & Gamble Co. (The) | 3,444,129 | ||||||
2,852 | Tyson Foods, Inc., Class A | 223,939 | ||||||
5,466 | Walgreens Boots Alliance, Inc. | 277,400 | ||||||
|
|
44 | 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) | ||||||||
Consumer Staples – (continued) | ||||||||
10,935 | Walmart, Inc. | $ | 1,619,474 | |||||
|
| |||||||
16,420,824 | ||||||||
|
| |||||||
Energy – 2.5% | ||||||||
3,043 | APA Corp. | 59,278 | ||||||
5,947 | Baker Hughes Co. | 135,473 | ||||||
1,891 | Cheniere Energy, Inc.* | 165,387 | ||||||
15,623 | Chevron Corp. | 1,511,838 | ||||||
10,903 | ConocoPhillips | 605,444 | ||||||
5,440 | Devon Energy Corp. | 160,752 | ||||||
1,020 | DT Midstream, Inc.* | 47,399 | ||||||
34,196 | Exxon Mobil Corp. | 1,864,366 | ||||||
2,238 | Hess Corp. | 153,862 | ||||||
6,322 | Marathon Oil Corp. | 74,283 | ||||||
5,262 | Marathon Petroleum Corp. | 311,879 | ||||||
6,817 | Occidental Petroleum Corp. | 175,129 | ||||||
3,578 | ONEOK, Inc. | 187,916 | ||||||
3,533 | Phillips 66 | 251,161 | ||||||
11,292 | Schlumberger NV | 316,628 | ||||||
3,292 | Valero Energy Corp. | 218,292 | ||||||
9,809 | Williams Cos., Inc. (The) | 242,184 | ||||||
|
| |||||||
6,481,271 | ||||||||
|
| |||||||
Financials – 11.6% | ||||||||
355 | Affiliated Managers Group, Inc. | 60,389 | ||||||
5,764 | Aflac, Inc. | 326,704 | ||||||
2,563 | Allstate Corp. (The) | 346,723 | ||||||
3,180 | Ally Financial, Inc. | 168,222 | ||||||
5,599 | American Express Co. | 929,210 | ||||||
7,371 | American International Group, Inc. | 402,162 | ||||||
999 | Ameriprise Financial, Inc. | 272,637 | ||||||
1,921 | Aon PLC, Class A | 551,058 | ||||||
1,737 | Arthur J Gallagher & Co. | 249,468 | ||||||
517 | Assurant, Inc. | 87,947 | ||||||
663 | Axis Capital Holdings Ltd. | 33,926 | ||||||
64,769 | Bank of America Corp. | 2,704,106 | ||||||
341 | Bank of Hawaii Corp. | 28,579 | ||||||
6,886 | Bank of New York Mellon Corp. (The) | 380,245 | ||||||
1,230 | BlackRock, Inc. | 1,160,247 | ||||||
264 | BOK Financial Corp. | 23,245 | ||||||
3,849 | Capital One Financial Corp. | 638,819 | ||||||
13,474 | Charles Schwab Corp. (The) | 981,581 | ||||||
3,845 | Chubb Ltd. | 707,172 | ||||||
17,750 | Citigroup, Inc. | 1,276,403 | ||||||
1,194 | Comerica, Inc. | 88,249 | ||||||
915 | Commerce Bancshares, Inc. | 64,709 | ||||||
3,288 | Equitable Holdings, Inc. | 101,961 | ||||||
213 | Erie Indemnity Co., Class A | 37,720 | ||||||
290 | FactSet Research Systems, Inc. | 110,264 | ||||||
6,018 | Fifth Third Bancorp | 233,859 | ||||||
915 | First American Financial Corp. | 64,535 | ||||||
4,694 | First Horizon Corp. | 76,935 | ||||||
1,502 | First Republic Bank | 298,808 | ||||||
2,731 | FNB Corp. | 31,898 | ||||||
2,837 | Goldman Sachs Group, Inc. (The)(b) | 1,173,128 | ||||||
307 | Hanover Insurance Group, Inc. (The) | 43,382 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
3,061 | Hartford Financial Services Group, Inc. (The) | 205,760 | ||||||
12,576 | Huntington Bancshares, Inc. | 195,305 | ||||||
4,777 | Intercontinental Exchange, Inc. | 570,995 | ||||||
2,862 | Invesco Ltd. | 72,466 | ||||||
25,830 | JPMorgan Chase & Co. | 4,131,509 | ||||||
8,302 | KeyCorp | 168,697 | ||||||
871 | Lazard Ltd., Class A | 41,285 | ||||||
1,625 | Lincoln National Corp. | 111,556 | ||||||
681 | LPL Financial Holdings, Inc. | 100,686 | ||||||
4,362 | Marsh & McLennan Cos., Inc. | 685,706 | ||||||
6,364 | MetLife, Inc. | 394,568 | ||||||
1,395 | Moody’s Corp. | 531,174 | ||||||
11,924 | Morgan Stanley | 1,245,223 | ||||||
177 | Morningstar, Inc. | 47,434 | ||||||
687 | MSCI, Inc. | 435,956 | ||||||
979 | Nasdaq, Inc. | 191,669 | ||||||
1,762 | Northern Trust Corp. | 208,832 | ||||||
3,646 | PNC Financial Services Group, Inc. (The) | 696,751 | ||||||
2,303 | Principal Financial Group, Inc. | 153,863 | ||||||
5,015 | Progressive Corp. (The) | 483,145 | ||||||
3,384 | Prudential Financial, Inc. | 358,298 | ||||||
8,247 | Regions Financial Corp. | 168,486 | ||||||
584 | Reinsurance Group of America, Inc. | 67,639 | ||||||
2,068 | S&P Global, Inc. | 917,820 | ||||||
2,760 | SLM Corp. | 51,750 | ||||||
2,985 | State Street Corp. | 277,336 | ||||||
465 | SVB Financial Group* | 260,168 | ||||||
4,979 | Synchrony Financial | 247,705 | ||||||
1,933 | T. Rowe Price Group, Inc. | 432,741 | ||||||
2,154 | Travelers Cos., Inc. (The) | 344,015 | ||||||
11,536 | Truist Financial Corp. | 658,244 | ||||||
1,888 | Umpqua Holdings Corp. | 36,759 | ||||||
1,749 | Unum Group | 46,558 | ||||||
11,529 | US Bancorp | 661,649 | ||||||
1,030 | Voya Financial, Inc. | 66,929 | ||||||
35,531 | Wells Fargo & Co. | 1,623,767 | ||||||
|
| |||||||
30,546,735 | ||||||||
|
| |||||||
Health Care – 12.9% | ||||||||
13,127 | Abbott Laboratories | 1,658,859 | ||||||
13,350 | AbbVie, Inc. | 1,612,413 | ||||||
2,601 | Agilent Technologies, Inc. | 456,397 | ||||||
596 | Align Technology, Inc.* | 422,564 | ||||||
4,343 | Amgen, Inc. | 979,477 | ||||||
1,848 | Anthem, Inc. | 693,240 | ||||||
3,799 | Baxter International, Inc. | 289,560 | ||||||
2,186 | Becton Dickinson and Co. | 550,216 | ||||||
1,132 | Biogen, Inc.* | 383,646 | ||||||
1,379 | BioMarin Pharmaceutical, Inc.* | 116,126 | ||||||
293 | Bio-Techne Corp. | 146,248 | ||||||
10,719 | Boston Scientific Corp.* | 483,963 | ||||||
16,880 | Bristol-Myers Squibb Co. | 1,128,597 | ||||||
1,228 | Catalent, Inc.* | 160,180 | ||||||
4,368 | Centene Corp.* | 275,097 | ||||||
2,153 | Cerner Corp. | 164,382 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
2,577 | Cigna Corp. | $ | 545,422 | |||||
364 | Cooper Cos., Inc. (The) | 164,058 | ||||||
10,031 | CVS Health Corp. | 866,578 | ||||||
4,668 | Edwards Lifesciences Corp.* | 546,996 | ||||||
6,406 | Eli Lilly & Co. | 1,654,606 | ||||||
739 | Encompass Health Corp. | 57,975 | ||||||
1,288 | Exact Sciences Corp.* | 134,441 | ||||||
9,486 | Gilead Sciences, Inc. | 690,391 | ||||||
1,964 | HCA Healthcare, Inc. | 496,853 | ||||||
1,065 | Henry Schein, Inc.* | 80,503 | ||||||
1,915 | Hologic, Inc.* | 151,572 | ||||||
974 | Humana, Inc. | 394,879 | ||||||
639 | IDEXX Laboratories, Inc.* | 430,533 | ||||||
1,103 | Illumina, Inc.* | 504,248 | ||||||
1,396 | Incyte Corp.* | 106,780 | ||||||
895 | Intuitive Surgical, Inc.* | 942,936 | ||||||
19,911 | Johnson & Johnson | 3,447,191 | ||||||
375 | Masimo Corp.* | 101,828 | ||||||
1,217 | McKesson Corp. | 248,438 | ||||||
10,145 | Medtronic PLC | 1,354,155 | ||||||
19,143 | Merck & Co., Inc. | 1,460,419 | ||||||
195 | Mettler-Toledo International, Inc.* | 302,802 | ||||||
1,915 | Organon & Co. | 64,899 | ||||||
42,182 | Pfizer, Inc. | 1,943,325 | ||||||
983 | Quest Diagnostics, Inc. | 150,232 | ||||||
759 | Regeneron Pharmaceuticals, Inc.* | 511,111 | ||||||
1,088 | ResMed, Inc. | 316,097 | ||||||
385 | Sage Therapeutics, Inc.* | 17,791 | ||||||
1,005 | Seagen, Inc.* | 168,438 | ||||||
747 | STERIS PLC | 160,612 | ||||||
2,632 | Stryker Corp. | 729,327 | ||||||
352 | Teleflex, Inc. | 139,202 | ||||||
2,966 | Thermo Fisher Scientific, Inc. | 1,645,982 | ||||||
7,107 | UnitedHealth Group, Inc. | 2,958,431 | ||||||
1,956 | Vertex Pharmaceuticals, Inc.* | 391,767 | ||||||
3,586 | Zoetis, Inc. | 733,552 | ||||||
|
| |||||||
34,135,335 | ||||||||
|
| |||||||
Industrials – 7.6% | ||||||||
4,952 | 3M Co. | 964,353 | ||||||
1,192 | AECOM* | 78,148 | ||||||
930 | Alaska Air Group, Inc.* | 53,326 | ||||||
769 | Allegion PLC | 110,728 | ||||||
4,859 | American Airlines Group, Inc.* | 96,889 | ||||||
409 | Armstrong World Industries, Inc. | 42,507 | ||||||
4,580 | Boeing Co. (The)* | 1,005,310 | ||||||
1,159 | Booz Allen Hamilton Holding Corp. | 94,934 | ||||||
812 | BWX Technologies, Inc. | 46,633 | ||||||
4,689 | Caterpillar, Inc. | 988,769 | ||||||
1,251 | Cummins, Inc. | 295,211 | ||||||
2,413 | Deere & Co. | 912,186 | ||||||
4,865 | Delta Air Lines, Inc.* | 196,741 | ||||||
3,406 | Eaton Corp. PLC | 573,434 | ||||||
5,106 | Emerson Electric Co. | 538,683 | ||||||
2,103 | FedEx Corp. | 558,746 | ||||||
1,112 | Flowserve Corp. | 43,223 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
1,179 | Fortune Brands Home & Security, Inc. | 114,799 | ||||||
2,149 | General Dynamics Corp. | 430,466 | ||||||
9,353 | General Electric Co. | 985,900 | ||||||
1,436 | Graco, Inc. | 112,611 | ||||||
789 | GXO Logistics, Inc.* | 64,532 | ||||||
5,948 | Honeywell International, Inc. | 1,379,401 | ||||||
3,351 | Howmet Aerospace, Inc. | 106,394 | ||||||
336 | Huntington Ingalls Industries, Inc. | 68,601 | ||||||
2,693 | Illinois Tool Works, Inc. | 627,092 | ||||||
1,106 | Jacobs Engineering Group, Inc. | 149,266 | ||||||
716 | J.B. Hunt Transport Services, Inc. | 127,018 | ||||||
2,410 | JetBlue Airways Corp.* | 36,463 | ||||||
6,123 | Johnson Controls International PLC | 458,000 | ||||||
292 | Lennox International, Inc. | 97,873 | ||||||
2,119 | Lockheed Martin Corp. | 762,416 | ||||||
465 | ManpowerGroup, Inc. | 56,460 | ||||||
473 | Mercury Systems, Inc.* | 23,830 | ||||||
2,722 | Nielsen Holdings PLC | 58,414 | ||||||
496 | Nordson Corp. | 118,346 | ||||||
1,291 | Northrop Grumman Corp. | 474,701 | ||||||
586 | Oshkosh Corp. | 67,144 | ||||||
893 | Owens Corning | 85,326 | ||||||
1,415 | Pentair PLC | 109,181 | ||||||
12,971 | Raytheon Technologies Corp. | 1,099,422 | ||||||
1,796 | Republic Services, Inc. | 222,938 | ||||||
992 | Rockwell Automation, Inc. | 322,846 | ||||||
448 | Ryder System, Inc. | 35,612 | ||||||
457 | Snap-on, Inc. | 102,802 | ||||||
4,499 | Southwest Airlines Co.* | 223,960 | ||||||
1,383 | Stanley Black & Decker, Inc. | 267,292 | ||||||
920 | Toro Co. (The) | 101,145 | ||||||
2,043 | Trane Technologies PLC | 405,536 | ||||||
5,684 | Union Pacific Corp. | 1,232,519 | ||||||
2,460 | United Airlines Holdings, Inc.* | 114,415 | ||||||
6,191 | United Parcel Service, Inc., Class B | 1,211,145 | ||||||
619 | United Rentals, Inc.* | 218,290 | ||||||
1,388 | Univar Solutions, Inc.* | 32,771 | ||||||
1,355 | Verisk Analytics, Inc. | 273,385 | ||||||
3,609 | Waste Management, Inc. | 559,792 | ||||||
490 | Woodward, Inc. | 59,261 | ||||||
394 | W.W. Grainger, Inc. | 170,878 | ||||||
789 | XPO Logistics, Inc.* | 68,572 | ||||||
1,533 | Xylem, Inc. | 208,963 | ||||||
|
| |||||||
20,045,599 | ||||||||
|
| |||||||
Information Technology – 29.2% | ||||||||
5,444 | Accenture PLC, Class A | 1,832,233 | ||||||
3,408 | Adobe, Inc.* | 2,261,890 | ||||||
8,642 | Advanced Micro Devices, Inc.* | 956,842 | ||||||
1,146 | Akamai Technologies, Inc.* | 129,784 | ||||||
427 | Alliance Data Systems Corp. | 41,893 | ||||||
3,829 | Analog Devices, Inc. | 623,936 | ||||||
112,086 | Apple, Inc. | 17,018,017 | ||||||
6,538 | Applied Materials, Inc. | 883,480 | ||||||
388 | Arista Networks, Inc.* | 143,378 | ||||||
628 | Arrow Electronics, Inc.* | 76,126 | ||||||
|
|
46 | 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) | ||||||||
1,573 | Autodesk, Inc.* | $ | 487,772 | |||||
3,642 | Automatic Data Processing, Inc. | 761,324 | ||||||
846 | Avnet, Inc. | 34,229 | ||||||
991 | Broadridge Financial Solutions, Inc. | 170,670 | ||||||
997 | CDW Corp. | 200,008 | ||||||
1,100 | Ciena Corp.* | 62,843 | ||||||
30,167 | Cisco Systems, Inc. | 1,780,456 | ||||||
880 | Citrix Systems, Inc. | 90,526 | ||||||
1,956 | Dell Technologies, Inc., Class C* | 190,632 | ||||||
1,358 | DocuSign, Inc.* | 402,294 | ||||||
2,170 | Dropbox, Inc., Class A* | 68,811 | ||||||
1,808 | DXC Technology Co.* | 66,390 | ||||||
487 | Elastic NV* | 77,701 | ||||||
427 | F5 Networks, Inc.* | 86,924 | ||||||
5,302 | Fidelity National Information Services, Inc. | 677,437 | ||||||
853 | First Solar, Inc.* | 80,182 | ||||||
5,120 | Fiserv, Inc.* | 603,085 | ||||||
956 | Fortinet, Inc.* | 301,274 | ||||||
2,511 | Global Payments, Inc. | 408,389 | ||||||
1,194 | GoDaddy, Inc., Class A* | 87,532 | ||||||
9,274 | Hewlett Packard Enterprise Co. | 143,376 | ||||||
8,895 | HP, Inc. | 264,537 | ||||||
318 | HubSpot, Inc.* | 217,661 | ||||||
28,855 | Intel Corp. | 1,559,901 | ||||||
6,382 | International Business Machines Corp. | 895,650 | ||||||
1,820 | Intuit, Inc. | 1,030,320 | ||||||
1,241 | Jabil, Inc. | 76,669 | ||||||
632 | Jack Henry & Associates, Inc. | 111,472 | ||||||
2,311 | Juniper Networks, Inc. | 66,973 | ||||||
1,586 | Keysight Technologies, Inc.* | 284,497 | ||||||
1,095 | KLA Corp. | 372,256 | ||||||
1,015 | Lam Research Corp. | 613,892 | ||||||
203 | Littelfuse, Inc. | 57,936 | ||||||
7,517 | Mastercard, Inc., Class A | 2,602,611 | ||||||
8,000 | Micron Technology, Inc.* | 589,600 | ||||||
53,803 | Microsoft Corp. | 16,242,050 | ||||||
1,183 | Motorola Solutions, Inc. | 288,912 | ||||||
937 | National Instruments Corp. | 39,185 | ||||||
1,588 | NetApp, Inc. | 141,221 | ||||||
388 | New Relic, Inc.* | 31,028 | ||||||
3,917 | NortonLifeLock, Inc. | 104,035 | ||||||
17,084 | NVIDIA Corp. | 3,824,253 | ||||||
12,426 | Oracle Corp. | 1,107,529 | ||||||
678 | Palo Alto Networks, Inc.* | 312,585 | ||||||
360 | Paycom Software, Inc.* | 176,004 | ||||||
320 | Paylocity Holding Corp.* | 86,144 | ||||||
10,055 | PayPal Holdings, Inc.* | 2,902,476 | ||||||
292 | Pegasystems, Inc. | 40,188 | ||||||
1,902 | Pure Storage, Inc., Class A* | 49,129 | ||||||
8,053 | QUALCOMM, Inc. | 1,181,295 | ||||||
576 | RingCentral, Inc., Class A* | 145,302 | ||||||
6,322 | salesforce.com, Inc.* | 1,677,037 | ||||||
1,409 | ServiceNow, Inc.* | 906,889 | ||||||
1,167 | Splunk, Inc.* | 178,399 | ||||||
3,344 | Square, Inc., Class A* | 896,426 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,084 | Synopsys, Inc.* | 360,148 | ||||||
390 | Teledyne Technologies, Inc.* | 180,718 | ||||||
777 | Teradata Corp.* | 42,494 | ||||||
1,183 | Teradyne, Inc. | 143,663 | ||||||
6,594 | Texas Instruments, Inc. | 1,258,861 | ||||||
2,139 | Trimble, Inc.* | 201,537 | ||||||
1,154 | Twilio, Inc., Class A* | 411,932 | ||||||
288 | Tyler Technologies, Inc.* | 139,882 | ||||||
701 | VeriSign, Inc.* | 151,598 | ||||||
14,537 | Visa, Inc., Class A | 3,330,427 | ||||||
576 | VMware, Inc., Class A*(a) | 85,749 | ||||||
3,491 | Western Union Co. (The) | 75,545 | ||||||
1,316 | Workday, Inc., Class A* | 359,479 | ||||||
1,093 | Xerox Holdings Corp. | 24,603 | ||||||
1,755 | Xilinx, Inc. | 273,060 | ||||||
456 | Zebra Technologies Corp., Class A* | 267,750 | ||||||
837 | Zendesk, Inc.* | 103,453 | ||||||
|
| |||||||
77,234,395 | ||||||||
|
| |||||||
Materials – 2.2% | ||||||||
1,831 | Air Products and Chemicals, Inc. | 493,473 | ||||||
963 | Albemarle Corp. | 227,981 | ||||||
558 | AptarGroup, Inc. | 75,218 | ||||||
456 | Ashland Global Holdings, Inc. | 41,546 | ||||||
705 | Avery Dennison Corp. | 158,900 | ||||||
2,748 | Ball Corp. | 263,698 | ||||||
1,153 | Berry Global Group, Inc.* | 77,447 | ||||||
935 | Celanese Corp. | 148,291 | ||||||
1,771 | CF Industries Holdings, Inc. | 80,439 | ||||||
6,195 | Dow, Inc. | 389,665 | ||||||
1,125 | Eastman Chemical Co. | 127,305 | ||||||
2,073 | Ecolab, Inc. | 467,171 | ||||||
12,128 | Freeport-McMoRan, Inc. | 441,338 | ||||||
2,065 | International Flavors & Fragrances, Inc. | 312,847 | ||||||
3,242 | International Paper Co. | 194,812 | ||||||
2,181 | LyondellBasell Industries NV, Class A | 218,863 | ||||||
530 | Martin Marietta Materials, Inc. | 202,063 | ||||||
6,645 | Newmont Corp. | 385,344 | ||||||
2,474 | Nucor Corp. | 290,843 | ||||||
801 | Packaging Corp. of America | 121,512 | ||||||
2,087 | Sherwin-Williams Co. (The) | 633,759 | ||||||
856 | Sonoco Products Co. | 55,897 | ||||||
1,498 | Valvoline, Inc. | 45,180 | ||||||
1,130 | Vulcan Materials Co. | 210,101 | ||||||
2,227 | Westrock Co. | 115,893 | ||||||
|
| |||||||
5,779,586 | ||||||||
|
| |||||||
Real Estate – 2.3% | ||||||||
3,876 | American Tower Corp. REIT | 1,132,451 | ||||||
1,194 | AvalonBay Communities, Inc. REIT | 274,119 | ||||||
1,337 | Boston Properties, Inc. REIT | 151,068 | ||||||
810 | Camden Property Trust REIT | 121,532 | ||||||
2,866 | CBRE Group, Inc., Class A* | 275,996 | ||||||
3,700 | Crown Castle International Corp. REIT | 720,353 | ||||||
2,409 | Digital Realty Trust, Inc. REIT | 394,859 | ||||||
1,428 | Douglas Emmett, Inc. REIT | 47,138 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Real Estate – (continued) | ||||||||
769 | Equinix, Inc. REIT | $ | 648,613 | |||||
1,489 | Equity LifeStyle Properties, Inc. REIT | 126,669 | ||||||
3,188 | Equity Residential REIT | 268,015 | ||||||
553 | Essex Property Trust, Inc. REIT | 182,899 | ||||||
1,125 | Extra Space Storage, Inc. REIT | 210,274 | ||||||
1,065 | JBG SMITH Properties REIT | 32,088 | ||||||
440 | Jones Lang LaSalle, Inc.* | 106,669 | ||||||
3,541 | Kimco Realty Corp. REIT | 77,158 | ||||||
6,328 | Prologis, Inc. REIT | 852,129 | ||||||
2,535 | UDR, Inc. REIT | 136,941 | ||||||
3,216 | Ventas, Inc. REIT | 179,903 | ||||||
6,430 | Weyerhaeuser Co. REIT | 231,480 | ||||||
|
| |||||||
6,170,354 | ||||||||
|
| |||||||
Utilities – 2.4% | ||||||||
2,649 | Alliant Energy Corp. | 161,033 | ||||||
2,699 | Ameren Corp. | 236,756 | ||||||
5,307 | American Electric Power Co., Inc. | 475,348 | ||||||
606 | Avangrid, Inc. | 33,118 | ||||||
3,063 | CMS Energy Corp. | 196,430 | ||||||
3,643 | Consolidated Edison, Inc. | 274,865 | ||||||
8,544 | Dominion Energy, Inc. | 665,065 | ||||||
2,047 | DTE Energy Co. | 246,336 | ||||||
8,164 | Duke Energy Corp. | 854,444 | ||||||
3,955 | Edison International | 228,757 | ||||||
3,641 | Eversource Energy | 330,348 | ||||||
10,350 | Exelon Corp. | 507,357 | ||||||
1,707 | MDU Resources Group, Inc. | 54,914 | ||||||
2,578 | NRG Energy, Inc. | 117,737 | ||||||
5,345 | Public Service Enterprise Group, Inc. | 341,759 | ||||||
3,347 | Sempra Energy | 443,009 | ||||||
11,223 | Southern Co. (The) | 737,688 | ||||||
5,078 | Vistra Corp. | 96,939 | ||||||
5,705 | Xcel Energy, Inc. | 392,219 | ||||||
|
| |||||||
6,394,122 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $184,311,338) | $ | 263,351,830 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
185,290 | 0.026% | $ | 185,290 | |||||
(Cost $185,290) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.8% | ||||||||
(Cost $184,496,628) | $ | 263,537,120 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2% | 702,718 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 264,239,838 | ||||||
|
|
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 | |
|
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities
August 31, 2021
Equal Weight U.S. Large Cap Equity ETF | Future Planet Equity ETF | Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||||
Assets: | ||||||||||||||||||
Investments in unaffiliated issuers, at value (cost $696,523,162, $57,080,199, $194,000,470 and $409,853,785, respectively)(a) | $ | 853,197,214 | $ | 60,012,689 | $ | 225,990,071 | $ | 489,901,651 | ||||||||||
Investments in affiliated issuers, at value (cost $1,138,222, $—, $— and $1,115,759, respectively) | 1,819,030 | — | — | 2,261,900 | ||||||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 10,902,108 | 1,099,446 | — | 13,009,276 | ||||||||||||||
Cash | 1,491,632 | 103,782 | 340,394 | 697,673 | ||||||||||||||
Foreign currency, at value (cost $—, $—, $— and $146,990, respectively) | — | — | — | 147,256 | ||||||||||||||
Receivables: | ||||||||||||||||||
Fund shares sold | 7,005,155 | — | — | — | ||||||||||||||
Dividends | 1,060,129 | 29,905 | 57,244 | 329,266 | ||||||||||||||
Securities lending income | 2,997 | 3,167 | — | 28,642 | ||||||||||||||
Foreign tax reclaims | — | 749 | — | 31,900 | ||||||||||||||
Total assets | 875,478,265 | 61,249,738 | 226,387,709 | 506,407,564 | ||||||||||||||
Liabilities: | ||||||||||||||||||
Payables: | ||||||||||||||||||
Upon return of securities loaned | 10,902,108 | 1,099,446 | — | 13,009,276 | ||||||||||||||
Investments purchased | 6,989,131 | — | 4,462,451 | 56 | ||||||||||||||
Management fees | 63,199 | 34,330 | 83,822 | 205,214 | ||||||||||||||
Foreign bank overdraft (cost $—, $9,354, $— and $—, respectively) | — | 9,349 | — | — | ||||||||||||||
Accrued expenses | 19,772 | 1,685 | 6,966 | 8,671 | ||||||||||||||
Total liabilities | 17,974,210 | 1,144,810 | 4,553,239 | 13,223,217 | ||||||||||||||
Net Assets: | ||||||||||||||||||
Paid-in capital | 708,476,334 | 57,110,086 | 199,122,557 | 414,928,623 | ||||||||||||||
Total distributable earnings | 149,027,721 | 2,994,842 | 22,711,913 | 78,255,724 | ||||||||||||||
NET ASSETS | $ | 857,504,055 | $ | 60,104,928 | $ | 221,834,470 | $ | 493,184,347 | ||||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 12,250,000 | 1,425,000 | 2,150,000 | 7,800,000 | ||||||||||||||
Net asset value per share: | $70.00 | $42.18 | $103.18 | $63.23 |
(a) | Includes loaned securities having a market value of $10,636,000, $1,076,570 and $12,841,537 for Equal Weight U.S. Large Cap Equity ETF, Future Planet Equity ETF and Innovate Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS EQUITY ETFS
Statements of Assets and Liabilities (continued)
August 31, 2021
JUST U.S. Large Cap Equity ETF | ||||||
Assets: |
| |||||
Investments in unaffiliated issuers, at value (cost $183,633,406, respectively)(a) | $ | 262,178,702 | ||||
Investments in affiliated issuers, at value (cost $677,932, respectively) | 1,173,128 | |||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 185,290 | |||||
Cash | 595,559 | |||||
Receivables: | ||||||
Dividends | 343,717 | |||||
Securities lending income | 232 | |||||
Total assets | 264,476,628 | |||||
Liabilities: | ||||||
Payables: | ||||||
Upon return of securities loaned | 185,290 | |||||
Management fees | 43,795 | |||||
Accrued expenses | 7,705 | |||||
Total liabilities | 236,790 | |||||
Net Assets: | ||||||
Paid-in capital | 192,038,735 | |||||
Total distributable earnings | 72,201,103 | |||||
NET ASSETS | $ | 264,239,838 | ||||
SHARES ISSUED AND OUTSTANDING | ||||||
Shares outstanding no par value (unlimited shares authorized): | 4,025,000 | |||||
Net asset value per share: | $65.65 |
(a) | Includes loaned securities having a market value of $181,571. |
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2021
Equal Weight U.S. Large Cap Equity ETF | Future Planet Equity ETF* | Hedge Industry VIP ETF | Innovate Equity ETF** | |||||||||||||||
Investment income: |
| |||||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—, $21,112, $— and $187,078, respectively) | $ | 8,899,334 | $ | 66,326 | $ | 630,525 | $ | 3,161,138 | ||||||||||
Dividends — affiliated issuers | 23,992 | — | — | 31,579 | ||||||||||||||
Securities lending income — unaffiliated issuer | 18,068 | 3,362 | 33,806 | 239,323 | ||||||||||||||
Total investment income | 8,941,394 | 69,688 | 664,331 | 3,432,040 | ||||||||||||||
Expenses: |
| |||||||||||||||||
Management fees | 533,924 | 43,181 | 791,080 | 1,696,394 | ||||||||||||||
Shareholder meeting expense | 19,772 | 1,685 | 6,966 | 8,671 | ||||||||||||||
Trustee fees | 9,468 | — | 5,416 | 5,900 | ||||||||||||||
Total expenses | 563,164 | 44,866 | 803,462 | 1,710,965 | ||||||||||||||
NET INVESTMENT INCOME (LOSS) | 8,378,230 | 24,822 | (139,131 | ) | 1,721,075 | |||||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments — unaffiliated issuers | 2,070,317 | 39,026 | 2,930,308 | (3,426,515 | ) | |||||||||||||
Investments — affiliated issuers | 44,322 | — | — | 34,951 | ||||||||||||||
In-kind redemptions — unaffiliated issuers | 69,051,556 | — | 36,610,618 | 34,639,097 | ||||||||||||||
In-kind redemptions — affiliated issuers | 185,257 | — | — | 73,728 | ||||||||||||||
Foreign currency transactions | — | (1,525 | ) | — | (55,895 | ) | ||||||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||||||
Investments — unaffiliated issuers | $ | 114,479,845 | 2,932,490 | 4,820,604 | 80,047,866 | |||||||||||||
Investments — affiliated issuers | 656,958 | — | — | 1,146,141 | ||||||||||||||
Foreign currency translations | — | 29 | — | (100 | ) | |||||||||||||
Net realized and unrealized gain | $ | 186,488,255 | 2,970,020 | 44,361,530 | 112,459,273 | |||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 194,866,485 | $ | 2,994,842 | $ | 44,222,399 | $ | 114,180,348 |
* | For the period July 13, 2021 (commencement of operations) through August 31, 2021. |
** | For the period November 6, 2020 (commencement of operations) through August 31, 2021. |
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS EQUITY ETFS
Statements of Operations (continued)
For the Fiscal Year Ended August 31, 2021
JUST U.S. Large Cap Equity ETF | ||||||
Investment income: |
| |||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $—) | $ | 3,031,916 | ||||
Dividends — affiliated issuers | 15,393 | |||||
Securities lending income — unaffiliated issuer | 1,338 | |||||
Total investment income | 3,048,647 | |||||
Expenses: | ||||||
Management fees | 403,094 | |||||
Shareholder meeting expense | 7,705 | |||||
Trustee fees | 5,729 | |||||
Total expenses | 416,528 | |||||
NET INVESTMENT INCOME | 2,632,119 | |||||
Realized and unrealized gain (loss): |
| |||||
Net realized gain (loss) from: | ||||||
Investments — unaffiliated issuers | (1,205,858 | ) | ||||
Investments — affiliated issuers | 798 | |||||
In-kind redemptions — unaffiliated issuers | 5,353,550 | |||||
In-kind redemptions — affiliated issuers | 12,064 | |||||
Net change in unrealized gain (loss) on: | ||||||
Investments — unaffiliated issuers | 49,602,315 | |||||
Investments — affiliated issuers | 523,895 | |||||
Net realized and unrealized gain | 54,286,764 | |||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 56,918,883 |
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets
Equal Weight U.S. Large Cap Equity ETF | Future Planet Equity ETF | |||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Period July 13, 2021* to August 31, 2021 | ||||||||||||
From operations: | ||||||||||||||
Net investment income | $ | 8,378,230 | $ | 4,498,022 | $ | 24,822 | ||||||||
Net realized gain (loss) | 71,351,452 | (8,657,941 | ) | 37,501 | ||||||||||
Net change in unrealized gain | 115,136,803 | 35,075,172 | 2,932,519 | |||||||||||
Net increase in net assets resulting from operations | 194,866,485 | 30,915,253 | 2,994,842 | |||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | (7,590,615 | ) | (4,152,895 | ) | — | |||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 557,025,332 | 156,356,207 | 57,110,086 | |||||||||||
Cost of shares redeemed | (207,230,194 | ) | (31,674,529 | ) | — | |||||||||
Net increase in net assets resulting from share transactions | 349,795,138 | 124,681,678 | 57,110,086 | |||||||||||
TOTAL INCREASE | 537,071,008 | 151,444,036 | 60,104,928 | |||||||||||
Net assets: | ||||||||||||||
Beginning of period | $ | 320,433,047 | $ | 168,989,011 | $ | — | ||||||||
End of period | $ | 857,504,055 | $ | 320,433,047 | $ | 60,104,928 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS EQUITY ETFS
Statements of Changes in Net Assets (continued)
Hedge Industry VIP ETF | Innovate Equity ETF | |||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | For the Period November 6, 2020* to August 31, 2021 | ||||||||||||
From operations: | ||||||||||||||
Net investment income (loss) | $ | (139,131 | ) | $ | 228,898 | $ | 1,721,075 | |||||||
Net realized gain | 39,540,926 | 9,179,771 | 31,265,366 | |||||||||||
Net change in unrealized gain | 4,820,604 | 22,564,797 | 81,193,907 | |||||||||||
Net increase in net assets resulting from operations | 44,222,399 | 31,973,466 | 114,180,348 | |||||||||||
Distributions to shareholders: | ||||||||||||||
From distributable earnings | (935 | ) | (329,128 | ) | (1,407,971 | ) | ||||||||
From return of capital | — | (6,291 | ) | — | ||||||||||
Total distributions to shareholders | (935 | ) | (335,419 | ) | (1,407,971 | ) | ||||||||
From share transactions: | ||||||||||||||
Proceeds from sales of shares | 171,549,598 | 60,238,984 | 471,161,712 | |||||||||||
Cost of shares redeemed | (109,021,786 | ) | (56,399,720 | ) | (90,749,742 | ) | ||||||||
Net increase in net assets resulting from share transactions | 62,527,812 | 3,839,264 | 380,411,970 | |||||||||||
TOTAL INCREASE | 106,749,276 | 35,477,311 | 493,184,347 | |||||||||||
Net assets: | ||||||||||||||
Beginning of period | $ | 115,085,194 | $ | 79,607,883 | $ | — | ||||||||
End of period | $ | 221,834,470 | $ | 115,085,194 | $ | 493,184,347 |
* | Commencement of operations. |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
JUST U.S. Large Cap Equity ETF | ||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||
From operations: | ||||||||||
Net investment income | $ | 2,632,119 | $ | 2,111,991 | ||||||
Net realized gain | 4,160,554 | 5,650,053 | ||||||||
Net change in unrealized gain | 50,126,210 | 23,643,251 | ||||||||
Net increase in net assets resulting from operations | 56,918,883 | 31,405,295 | ||||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (2,492,618 | ) | (2,180,884 | ) | ||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 72,087,463 | 46,857,228 | ||||||||
Cost of shares redeemed | (15,027,884 | ) | (52,602,473 | ) | ||||||
Net increase (decrease) in net assets resulting from share transactions | 57,059,579 | (5,745,245 | ) | |||||||
TOTAL INCREASE | 111,485,844 | 23,479,166 | ||||||||
Net assets: | ||||||||||
Beginning of year | $ | 152,753,994 | $ | 129,274,828 | ||||||
End of year | $ | 264,239,838 | $ | 152,753,994 |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS FUTURE PLANET EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period
* | 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 and short-term 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. | 57 |
GOLDMAN SACHS HEDGE INDUSTRY VIP ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | Commencement of operations. |
(a) | Calculated based on the average shares outstanding methodology. |
(b) | Reflects income recognized from non-recurring special dividends which amounted to $0.07 per share and 0.11% of average net assets. |
(c) | Reflects income recognized from non-recurring special dividends which amounted to $0.11 per share and 0.24% of average net assets. |
(d) | Amount is less than $0.005 per share. |
(e) | 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. |
(f) | Annualized. |
(g) | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS INNOVATE EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout The Period
* | 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 and short-term 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. | 59 |
GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS EQUITY ETFS
August 31, 2021
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 Equal Weight U.S. Large Cap Equity ETF | Diversified | |
Goldman Sachs Future Planet Equity ETF* | Non-Diversified | |
Goldman Sachs Hedge Industry VIP ETF | Diversified | |
Goldman Sachs Innovate Equity ETF** | Diversified | |
Goldman Sachs JUST U.S. Large Cap Equity ETF | Diversified |
* | The Goldman Sachs Future Planet Equity ETF commenced operations on July 13, 2021. |
** | The Goldman Sachs Innovate Equity ETF commenced operations following a reorganization at the close of business on November 6, 2020 of the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF into the Fund. The reorganization was completed via an in-kind transaction amounting to $307,712,384 in net assets. |
The investment objective of each Fund (except the Goldman Sachs Future Planet Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index. The investment objective of the Goldman Sachs Future Planet Equity ETF is to seek long-term growth of capital.
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” and together, the “Agreements”) with the Trust. Each Fund is an exchange traded fund (“ETF”). Shares of the Goldman Sachs Future Planet Equity ETF, Goldman Sachs Hedged Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”), and shares of the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF are traded on the Cboe BZX Exchange, Inc. (“Cboe”). 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment
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GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2021
2. SIGNIFICANT ACCOUNTING POLICIES (continued) |
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 and/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 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 distributable earnings 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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;
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s assumptions in determining fair value measurement).
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:
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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. 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. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
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GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2021
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments classified in the fair value hierarchy as of August 31, 2021:
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 | $ | 855,016,244 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 10,902,108 | — | — | |||||||||
Total | $ | 865,918,352 | $ | — | $ | — | ||||||
FUTURE PLANET EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 11,780,739 | $ | — | $ | — | ||||||
Europe | 21,278,870 | — | — | |||||||||
North America | 26,028,824 | 814,258 | — | |||||||||
Oceania | 109,998 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,099,446 | — | — | |||||||||
Total | $ | 60,297,877 | $ | 814,258 | $ | — | ||||||
HEDGE INDUSTRY VIP ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 9,250,437 | $ | — | $ | — | ||||||
North America | 207,718,497 | 4,391,728 | — | |||||||||
South America | 4,629,409 | — | — | |||||||||
Total | $ | 221,598,343 | $ | 4,391,728 | $ | — | ||||||
INNOVATE EQUITY ETF | ||||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) | ||||||||||||
Asia | $ | 79,736,441 | $ | 188,605 | $ | — | ||||||
Europe | 45,003,410 | — | — | |||||||||
North America | 357,991,637 | 1,686,885 | — | |||||||||
Oceania | 1,284,347 | — | — | |||||||||
South America | 5,858,775 | — | — | |||||||||
Closed-End Fund | 413,451 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 13,009,276 | — | — | |||||||||
Total | $ | 503,297,337 | $ | 1,875,490 | $ | — |
(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. |
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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
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 | $ | 263,351,830 | $ | — | $ | — | ||||||
Securities Lending Reinvestment Vehicle | 185,290 | — | — | |||||||||
Total | $ | 263,537,120 | $ | — | $ | — |
(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.
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 a 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, 2021, contractual and effective net unitary management fee rates with GSAM for each Fund were at the following rates:
Fund | Unitary Management Fee | |||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | 0.09% | |||
Goldman Sachs Future Planet Equity ETF | 0.75% | |||
Goldman Sachs Hedge Industry VIP ETF | 0.45% | |||
Goldman Sachs Innovate Equity ETF | 0.50% | |||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 0.20% |
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Notes to Financial Statements (continued)
August 31, 2021
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 Group, Inc. for the fiscal year ended August 31, 2021:
Fund | Beginning value as of August 31, 2020 | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation | Ending value as of August 31, 2021 | Shares as of August 31, 2021 | Dividend Income | ||||||||||||||||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 632,434 | $ | 1,364,380 | $ | (1,064,321 | ) | $ | 229,579 | $ | 656,958 | $ | 1,819,030 | 4,399 | $ | 23,992 | ||||||||||||||||
Goldman Sachs Innovate Equity ETF | — | 1,928,460 | (921,380 | ) | 108,679 | 1,146,141 | 2,261,900 | 5,470 | 31,579 | |||||||||||||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 455,221 | 275,164 | (94,014 | ) | 12,862 | 523,895 | 1,173,128 | 2,837 | 15,393 |
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:
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | ||||||||||||||||
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For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
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Shares | Dollars | Shares | Dollars | |||||||||||||
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Fund Share Activity | ||||||||||||||||
Shares Sold | 9,300,000 | $ | 557,024,513 | 3,400,000 | $ | 156,356,177 | ||||||||||
Shares Redeemed | (3,350,000 | ) | (207,230,194 | ) | (750,000 | ) | (31,674,529 | ) | ||||||||
NET INCREASE IN SHARES | 5,950,000 | $ | 349,794,319 | 2,650,000 | $ | 124,681,648 |
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5. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
Goldman Sachs Future Planet Equity ETF | ||||||||
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For the period July 13, 2021* through August 31, 2021 | ||||||||
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Shares | Dollars | |||||||
|
| |||||||
Fund Share Activity | ||||||||
Shares Sold | 1,425,000 | $ | 57,104,470 | |||||
Shares Redeemed | — | — | ||||||
NET INCREASE IN SHARES | 1,425,000 | $ | 57,104,470 |
Goldman Sachs Hedge Industry VIP ETF | ||||||||||||||||
|
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For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
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Shares | Dollars | Shares | Dollars | |||||||||||||
|
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Fund Share Activity | ||||||||||||||||
Shares Sold | 1,850,000 | $ | 171,549,598 | 900,000 | $ | 60,238,946 | ||||||||||
Shares Redeemed | (1,150,000 | ) | (109,021,786 | ) | (850,000 | ) | (56,399,720 | ) | ||||||||
NET INCREASE IN SHARES | 700,000 | $ | 62,527,812 | 50,000 | $ | 3,839,226 |
Goldman Sachs Innovate Equity ETF | ||||||||
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For the period November 6, 2020* through August 31, 2021 | ||||||||
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Shares | Dollars | |||||||
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Fund Share Activity | ||||||||
Shares Sold | 9,350,000 | $ | 471,141,230 | |||||
Shares Redeemed | (1,550,000 | ) | (90,747,684 | ) | ||||
NET INCREASE IN SHARES | 7,800,000 | $ | 380,393,546 |
Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
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For the Fiscal Year Ended August 31, 2021 | For the Fiscal Year Ended August 31, 2020 | |||||||||||||||
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Shares | Dollars | Shares | Dollars | |||||||||||||
|
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Fund Share Activity | ||||||||||||||||
Shares Sold | 1,300,000 | $ | 72,087,463 | 1,075,000 | $ | 46,857,228 | ||||||||||
Shares Redeemed | (275,000 | ) | (15,027,884 | ) | (1,150,000 | ) | (52,602,473 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES | 1,025,000 | $ | 57,059,579 | (75,000 | ) | $ | (5,745,245 | ) | ||||||||
* Commencement of operations |
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Notes to Financial Statements (continued)
August 31, 2021
6. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 267,128,978 | $ | 252,871,488 | ||||
Goldman Sachs Future Planet Equity ETF* | 4,624,917 | 792,590 | ||||||
Goldman Sachs Hedge Industry VIP ETF | 241,388,545 | 237,315,469 | ||||||
Goldman Sachs Innovate Equity ETF** | 164,665,982 | 156,210,259 | ||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 22,684,648 | 22,076,509 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 535,706,681 | $ | 200,357,992 | ||||
Goldman Sachs Future Planet Equity ETF* | 53,208,846 | — | ||||||
Goldman Sachs Hedge Industry VIP ETF | 171,275,770 | 108,614,970 | ||||||
Goldman Sachs Innovate Equity ETF** | 461,908,842 | 90,438,676 | ||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 71,932,418 | 15,012,173 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
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 invested 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 Funds whole. These remedies include purchasing replacement securities by applying
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7. SECURITIES LENDING (continued) |
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’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
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, 2021, 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, 2021:
Fund | Beginning value as of August 31, 2020 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2021 | ||||||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 695,187 | $ | 35,966,010 | $ | (25,759,089 | ) | $ | 10,902,108 | |||||||||
Goldman Sachs Future Planet Equity ETF* | — | 1,495,043 | (395,597 | ) | 1,099,446 | |||||||||||||
Goldman Sachs Hedge Industry VIP ETF | — | 7,884,803 | (7,884,803 | ) | — | |||||||||||||
Goldman Sachs Innovate Equity ETF** | — | 67,339,957 | (54,330,681 | ) | 13,009,276 | |||||||||||||
Goldman Sachs JUST U.S. Large Cap Equity ETF | 76,274 | 2,226,170 | (2,117,154 | ) | 185,290 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
8. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2021 and August 31, 2020 were as follows:
Fiscal Year Ended August 31, 2021 | ||||||||||||||||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | Goldman Sachs Future Planet Equity ETF* | Goldman Sachs Hedge Industry VIP ETF | Goldman Sachs Innovate Equity ETF** | Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
Distributions paid from: | ||||||||||||||||||||
Ordinary Income | $ | 7,590,615 | $ | — | $ | 935 | $ | 1,407,971 | $ | 2,492,618 | ||||||||||
Total taxable distributions | $ | 7,590,615 | $ | — | $ | 935 | $ | 1,407,971 | $ | 2,492,618 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
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Notes to Financial Statements (continued)
August 31, 2021
8. TAX INFORMATION (continued) |
Fiscal Year Ended August 31, 2020 | ||||||||||||
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 | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | 4,152,895 | $ | 329,128 | $ | 2,180,884 | ||||||
Return of Capital | — | 6,291 | — | |||||||||
Total taxable distributions | $ | 4,152,895 | $ | 335,419 | $ | 2,180,884 |
As of August 31, 2021, the components of accumulated earnings (losses) on a tax basis were as follows:
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | Goldman Sachs Future Planet Equity ETF* | Goldman Sachs Hedge Industry VIP ETF | Goldman Sachs Innovate Equity ETF**,*** | Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
Undistributed ordinary income — net | $ | 1,789,118 | $ | 67,724 | $ | — | $ | 1,316,381 | $ | 493,780 | ||||||||||
Capital loss carryforwards:(1) | ||||||||||||||||||||
Perpetual Short-Term | $ | — | $ | — | $ | (7,410,259 | ) | $ | (221,190 | ) | $ | (4,021,812 | ) | |||||||
Perpetual Long-Term | — | — | (893,031 | ) | (470,331 | ) | (1,377,563 | ) | ||||||||||||
Timing differences (Qualified Late Year Loss Deferral) | — | — | (72,888 | ) | — | — | ||||||||||||||
Unrealized gains (losses) — net | 147,238,603 | 2,927,118 | 31,088,091 | 77,630,864 | 77,106,698 | |||||||||||||||
Total accumulated earnings (losses) net | $ | 149,027,721 | $ | 2,994,842 | $ | 22,711,913 | $ | 78,255,724 | $ | 72,201,103 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
*** | The capital loss carryforwards of the Goldman Sachs Innovate Equity ETF were acquired in a tax-free reorganization on November 6, 2020. |
(1) | The Goldman Sachs Hedge Industry VIP ETF utilized $3,394,405 of capital losses in the current fiscal year. |
As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | Goldman Sachs Future Planet Equity ETF* | Goldman Sachs Hedge Industry VIP ETF | Goldman Sachs Innovate Equity ETF** | Goldman Sachs JUST U.S. Large Cap Equity ETF | ||||||||||||||||
Tax Cost | $ | 718,679,749 | $ | 58,185,046 | $ | 194,901,980 | $ | 427,541,863 | $ | 186,430,422 | ||||||||||
Gross unrealized gain | 155,744,738 | 3,682,874 | 36,236,737 | 99,170,737 | 80,757,065 | |||||||||||||||
Gross unrealized loss | (8,506,135 | ) | (755,756 | ) | (5,148,646 | ) | (21,539,873 | ) | (3,650,367 | ) | ||||||||||
Net unrealized gains (losses) on securities | $ | 147,238,603 | $ | 2,927,118 | $ | 31,088,091 | $ | 77,630,864 | $ | 77,106,698 |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
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, partnership investments, passive foreign investment company investments, and real estate investment trust investments.
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8. 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 net asset value of the Funds’ and result primarily from redemption in-kind transactions and merger adjustments.
Fund | Paid-in Capital | Total Distributable Earnings | ||||||
Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $ | 63,856,557 | $ | (63,856,557 | ) | |||
Goldman Sachs Future Planet Equity ETF* | $ | — | $ | — | ||||
Goldman Sachs Hedge Industry VIP ETF | $ | 36,043,534 | $ | (36,043,534 | ) | |||
Goldman Sachs Innovate Equity ETF** | $ | 34,516,653 | $ | (34,516,653 | ) | |||
Goldman Sachs JUST U.S. Large Cap Equity ETF | $ | 4,950,308 | $ | (4,950,308 | ) |
* | Commenced operations on July 13, 2021. |
** | Commenced operations on November 6, 2020. |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.
9. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections, less stringent accounting, corporate governance, financial reporting and disclosure standards, and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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, or economically tied to, 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 (each Fund except the Future Planet Equity ETF) — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the “Index Providers”) construct the respective 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
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GOLDMAN SACHS EQUITY ETFS
Notes to Financial Statements (continued)
August 31, 2021
9. OTHER RISKS (continued) |
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 Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do 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 Providers 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 Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.
Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an ETF, the Funds 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 Funds. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.
Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. 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 (except the Future Planet Equity ETF) trading individually or in the aggregate at any point in time.
Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.
Tracking Error Risk (each Fund except the Future Planet Equity ETF) — 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.
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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. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
Mergers and Reorganizations — Pursuant to an Agreement and Plan of Reorganization (a “Reorganization Agreement”) between each of the Goldman Sachs Data-Driven World ETF, the Goldman Sachs Finance Reimagined ETF, the Goldman Sachs Human Evolution ETF, the Goldman Sachs Manufacturing Revolution ETF and the Goldman Sachs New Age Consumer ETF (each, an “Acquired Fund”) and the Goldman Sachs Innovate Equity ETF (the “Survivor Fund”), as of the close of business on November 6, 2020, all of the assets and liabilities of each Acquired Fund were transferred to the Survivor Fund in exchange for shares of the Survivor Fund having an aggregate NAV equal to the NAV of such Acquired Fund as of the time of valuation specified in the applicable Reorganization Agreement, which were then distributed to shareholders of record of such Acquired Fund in a tax-free exchange (the “Reorganization”) as follows:
Acquired Fund | Exchanged Shares of Survivor Fund Issued | Value of Exchanged Shares | Acquired Fund’s Shares Outstanding as of November 6, 2020 | |||||||||
Goldman Sachs Data-Driven World ETF | 1,125,509 | $ | 56,314,330 | 775,000 | ||||||||
Goldman Sachs Finance Reimagined ETF | 1,036,579 | $ | 51,864,763 | 775,000 | ||||||||
Goldman Sachs Human Evolution ETF | 1,297,941 | $ | 64,941,875 | 950,000 | ||||||||
Goldman Sachs Manufacturing Revolution ETF | 1,049,187 | $ | 52,495,591 | 675,000 | ||||||||
Goldman Sachs New Age Consumer ETF | 1,640,783 | $ | 82,095,825 | 900,000 |
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Notes to Financial Statements (continued)
August 31, 2021
11. OTHER MATTERS (continued) |
The following chart shows each Acquired Fund’s aggregate net assets (immediately before the Reorganization) and unrealized appreciation:
Acquired Fund | Acquired Fund’s Aggregate Net Assets before Reorganization | Acquired Fund’s Unrealized Appreciation(1) | ||||||
Goldman Sachs Data-Driven World ETF | $ | 56,314,330 | $ | 4,966,257 | ||||
Goldman Sachs Finance Reimagined ETF | $ | 51,864,763 | $ | 2,935,042 | ||||
Goldman Sachs Human Evolution ETF | $ | 64,941,875 | $ | 3,087,984 | ||||
Goldman Sachs Manufacturing Revolution ETF | $ | 52,495,591 | $ | 4,562,462 | ||||
Goldman Sachs New Age Consumer ETF | $ | 82,095,825 | $ | 7,776,145 |
(1) | The Survivor Fund has elected to carry forward the assets of each Acquired Fund at the Acquired Fund’s historical cost basis for purposes of measuring unrealized appreciation and future realized gain or loss of those acquired assets. |
The Survivor Fund’s aggregate net assets (immediately before and after the completion of the Reorganization) were $0 and $307,712,384, respectively.
Assuming the Reorganization had been completed on September 1, 2020, the Survivor Fund’s pro-forma results of operations for the year ended August 31, 2021 would have been as follows:
Net investment income/loss | $ | 1,841,326 | ||
Net realized and unrealized gain/loss on investment | $ | 151,080,488 | ||
Net increase/decrease in net assets from operations | $ | 152,921,814 |
Because the combined Survivor Fund has been managed as a single integrated fund since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of each Acquired Fund that have been included in the Survivor Fund’s Statement of Operations since November 6, 2020.
12. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date other than noted above have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
74
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, Goldman Sachs Future Planet Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, and Goldman Sachs JUST U.S. Large 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 indicated in the table below (five of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, 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, 2021, 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 Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, and Goldman Sachs JUST U.S. Large Cap Equity ETF | For the year ended August 31, 2021 | For the two years ended August 31, 2021 | For each of the periods indicated therein | |||
Goldman Sachs Innovate Equity ETF | For the period November 6, 2020 (commencement of operations) through August 31, 2021 | |||||
Goldman Sachs Future Planet Equity ETF | For the period July 13, 2021 (commencement of operations) through August 31, 2021 |
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, 2021 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2021
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 EQUITY ETFS
Fund Expenses — For the Six Months ended 8/31/2021 (Unaudited)
As a shareholder you incur ongoing costs, including 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 Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
Except with respect to the Future Planet Equity fund, which commenced operations on July 13, 2021, the example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the six months ended August 31, 2021, 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 a 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 a 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 | Future Planet Equity ETF | Hedge Industry VIP ETF | Innovate Equity ETF | JUST U.S. Large Cap Equity ETF | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid** | Beginning Account Value 7/13/21 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid** | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid** | Beginning Account Value 3/1/21 | Ending Account Value 8/31/21 | Expenses Paid** | ||||||||||||||||||||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 1,179.93 | $ | 0.49 | $ | 1,000 | $ | 1,041.74 | $ | 1.05 | $ | 1,000 | $ | 1,080.19 | $ | 2.36 | $ | 1,000 | $ | 1,096.18 | $ | 2.64 | $ | 1,000 | $ | 1,190.75 | $ | 1.10 | ||||||||||||||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,024.75 | + | 0.46 | 1,000 | 1,005.82 | + | 1.03 | 1,000 | 1,022.94 | + | 2.29 | 1,000 | 1,022.68 | + | 2.55 | 1,000 | 1,024.20 | + | 1.02 |
+ | Hypothetical expenses are based on each Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses. |
* | The Fund commenced operations on July 13, 2021. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 50/365, which represents a period of 50 days of a 365 day year (to reflect the Fund’s commencement of operation). |
** | 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, 2021. 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 | % | ||
Future Planet Equity ETF | 0.75 | |||
Hedge Industry VIP ETF | 0.45 | |||
Innovate Equity ETF | 0.50 | |||
JUST U.S. Large Cap Equity ETF | 0.20 |
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Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on March 16-17, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the efficiency of the arbitrage function during the Reporting Period (including during the stressed market conditions caused by the COVID-19 pandemic). The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Future Planet Equity ETF (Unaudited)
Background
The Goldman Sachs Future Planet Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the “Trust”) that commenced investment operations on July 13, 2021. At a meeting held on March 17, 2021 (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”) on behalf of the Fund.
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”); 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 and other regulatory requirements related to the approval of registered fund investment management agreements 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 to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the significant resources that the Investment Adviser devotes to risk management and the control environment in which the Fund would operate, the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees considered that under the Management Agreement, the Fund pays a single management 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 and 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 an actively-managed ETF that seeks long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience in managing fundamental equity investment strategies. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Fund. They also considered that although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.
Unitary Fee Structure and Profitability
The Trustees considered the contractual management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management 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 to be rendered by the Investment Adviser to the Fund, which would include both advisory and administrative services 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 unitary management fee rate and projected expense ratio were prepared by the Investment Adviser and a third-party provider of mutual
78
GOLDMAN SACHS EQUITY ETFS
Statement Regarding Basis for Initial Approval of Management Agreement for the Goldman Sachs Future Planet Equity ETF (Unaudited) (continued)
fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s unitary management fee rate and projected expense ratio 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 to be paid by the Fund. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.
Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees 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 as stated above, 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 & 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 due to 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 management fee to be 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 for an initial two-year period from its effective date.
79
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited)
Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and Length of Time Served2 | 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: 67 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Linda A. Lang Age: 63 | Trustee | Since 2016 | Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016–2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004–2019); 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 and Energy Renaissance Fund (February 2016 -March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | None | |||||
Michael Latham Age: 55 | Trustee | Since 2015 | Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021–Present). Formerly, Mr. Latham 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
80
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Office and Length of Time Served2 | 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: 58 | President and Trustee | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund | 166 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns 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, 2021. |
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 or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2021, Goldman Sachs ETF Trust consisted of 36 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
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.
81
GOLDMAN SACHS EQUITY ETFS
Trustees and Officers (Unaudited) (continued)
Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and Length of Time Served2 | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 58 | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); 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 Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | 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, 2021. |
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 ETF Trust — Equity ETFs — Tax Information (Unaudited)
For the fiscal year ended August 31, 2021, 89.64%, 100%, 73.58%, and 100% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, and JUST U.S. Large Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.
For the fiscal year ended August 31, 2021, 86.93%, 100%, 100%, and 100% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, and JUST U.S. Large Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the fiscal year ended August 31, 2021, 0.62% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF qualify as section 199A dividends.
82
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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, 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. Goldman Sachs Asset Management 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 U.S. Aggregate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity 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.
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 ITS 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.
The Goldman Sachs Innovate 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 Innovative Global Equity Index (“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 Innovate 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 Innovate 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 Innovate 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.
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 Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer 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/ETFs 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 is 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 will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2021 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. Ordinary brokerage commissions apply.
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.
©2021 Goldman Sachs. All rights reserved. 256144-OTU-10/2021 EQTYETFAR-21
Goldman Sachs Funds
Annual Report | August 31, 2021 | |||
Goldman Sachs MarketBeta® ETFs | ||||
MarketBeta® Emerging Markets Equity ETF (GSEE) | ||||
MarketBeta® International Equity ETF (GSID) | ||||
MarketBeta® U.S. Equity ETF (GSUS) |
Goldman Sachs MarketBeta® ETFs
∎ | MarketBeta® Emerging Markets Equity ETF |
∎ | MarketBeta® International Equity ETF |
∎ | MarketBeta® U.S. Equity ETF |
1 | ||||
3 | ||||
16 | ||||
55 | ||||
59 | ||||
60 | ||||
61 | ||||
62 | ||||
74 | ||||
76 |
NOT FDIC-INSURED | May Lose Value | No Bank Guarantee |
Goldman Sachs MarketBeta® Equity ETFs
Principal Investment Strategies
The investment objective of each of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. 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.
MarketBeta® Emerging Markets Equity ETF
The Solactive GBS Emerging Markets Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in emerging markets. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2021, the Index consisted of 1,561 securities with a market capitalization range of between approximately $25.5 million and $1,874.3 billion from issuers in the following emerging market countries: Argentina, Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, South Korea, Taiwan, Thailand, Turkey and the United Arab Emirates. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region 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, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in an emerging market country if it is organized under the laws of the emerging market country and it is primarily listed in the emerging market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.
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.
MarketBeta® International Equity ETF
The Solactive GBS Developed Markets ex North America Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization issuers covering approximately the largest 85% of the free-float market capitalization in developed markets excluding North America. It is calculated as a net total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2021, the Index consisted of 1,018 securities with a market capitalization range of between approximately $580.0 million and $373.5 billion from issuers in the following developed market countries: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. The components of the Index may change over time. The percentage of the portfolio exposed to any asset class, country or geographic region 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, country or geographic region at all times. Solactive AG (“Solactive” or the “Index Provider”) will generally deem an issuer to be located in a developed market country if it is organized under the laws of the developed market country and it is primarily listed in the developed market country; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.
1
INVESTMENT PROCESS
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.
MarketBeta® U.S. Equity ETF
The Solactive GBS United States Large & Mid Cap Index (the “Index”) consists of equity securities of large and mid-capitalization equity issuers covering approximately the largest 85% of the free-float market capitalization in the United States. It is calculated as a total return index in U.S. dollars and weighted by free-float market capitalization.
As of August 31, 2021, the Index consisted of 529 securities with a market capitalization range of between approximately $4.5 billion and $2,509.8 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. Solactive AG (“Solactive” or the “Index Provider”) will deem an issuer to be a U.S. issuer if it is organized under the laws of the U.S. and it is primarily listed in the U.S.; in the event that these factors point to more than one country, the Index methodology provides for consideration of certain additional factors. The Index is reconstituted on a semi-annual basis in May and November. 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.
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.
All Above Funds
Each Fund seeks to invest in the respective Index components in approximately the same weighting that such components have within the respective Index at the applicable time. However, under various circumstances, it may not be possible or practicable to purchase all of the securities in the respective Index in the approximate respective Index weight. In these circumstances, the Fund may purchase a sample of securities in the respective Index. There may also be instances in which the Investment Adviser may choose to underweight or overweight a security in each Fund’s Index, purchase securities not in each 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.
Each Index is owned and calculated by Solactive.
Each Fund is classified as “diversified” under the Investment Company Act of 1940, as amended (the “Investment Company Act”). However, each Fund may become “non-diversified” solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the respective Index. A non-diversified fund may invest a larger percentage of its assets in fewer issuers than diversified funds.
Each Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to the extent that the respective Index is concentrated. The degree to which components of the respective Index represent certain sectors or industries may change over time.
* * *
At the end of the Reporting Period, i.e. August 31, 2021, we maintained conviction in our principal investment strategies, as each Fund continues to seek to provide efficient and diversified access to approximately 85% of the broad equity market represented by each respective Index in one portfolio.
2
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® Emerging Markets Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® Emerging Markets Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap 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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 19.35% based on net asset value (“NAV”) and 18.81% based on market price. The Index returned 19.63% during the same period. |
The Fund had an NAV of $48.15 per share on August 31, 2020 and ended the Reporting Period with an NAV of $55.68 per share. The Fund’s market price on August 31, 2021 was $55.72 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. |
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 Index. |
Q | Which sectors and countries contributed most to the Index’s performance during the Reporting Period, and which contributed least? |
A | Index constituents in the information technology, financials and materials sectors contributed most positively to the Index’s results during the Reporting Period. Index constituents in the consumer discretionary, real estate and communication services sectors contributed least to the Index’s results during the Reporting Period. |
From a country perspective, Index constituents in Taiwan, South Korea and India contributed most to the Index’s results during the Reporting Period. Conversely, Index constituents in China, Hong Kong and Peru contributed least to the Index’s results during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
A | Positions in Taiwan-based information technology company Taiwan Semiconductor Manufacturing, South Korea-based information technology company Samsung Electronics and Brazil-based materials company Vale contributed most positively (7.17%, 4.17% and 1.03% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a robust double-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
A | Positions in China-based consumer discretionary company Alibaba Group Holding, China-based real estate company KE Holdings and China-based communication services company Tencent Holdings contributed least (4.15%, 0.00%1 and 4.94% of Fund net assets as of August 31, 2021, respectively). Alibaba Group Holding and KE Holdings each posted a double-digit negative return within the Index during the Reporting Period. Tencent Holdings generated a single-digit negative return within the Index during the Reporting Period. |
1 | Some weights are 0.00% at August 31, 2021 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
PORTFOLIO RESULTS
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, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | Solactive Index | ||||||||
Information Technology | 20.73 | % | 20.46 | % | ||||||
Financials | 19.72 | 19.86 | ||||||||
Consumer Discretionary | 15.18 | 15.14 | ||||||||
Communication Services | 11.06 | 10.73 | ||||||||
Materials | 9.05 | 8.77 | ||||||||
Consumer Staples | 5.86 | 5.85 | ||||||||
Energy | 5.51 | 5.32 | ||||||||
Industrials | 5.29 | 5.52 | ||||||||
Health Care | 4.31 | 4.44 | ||||||||
Real Estate | 1.21 | 1.73 | ||||||||
Utilities | 1.99 | 2.18 |
Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?2 |
Country Name | Fund3 | Solactive Index | ||||||||
Cayman Islands | 19.99 | % | 21.39 | % | ||||||
Taiwan | 15.77 | 14.72 | ||||||||
Korea | 12.71 | 12.70 | ||||||||
China | 9.76 | 11.01 | ||||||||
India | 13.18 | 12.42 | ||||||||
Brazil | 5.40 | 5.21 | ||||||||
South Africa | 3.35 | 3.18 | ||||||||
Saudi Arabia | 3.53 | 3.24 | ||||||||
Russia | 2.99 | 2.96 | ||||||||
Thailand | 1.63 | 1.93 | ||||||||
Mexico | 2.18 | 2.02 | ||||||||
Indonesia | 1.41 | 1.39 | ||||||||
Hong Kong | 0.90 | 0.91 | ||||||||
Malaysia | 1.13 | 1.05 | ||||||||
Qatar | 0.81 | 0.74 | ||||||||
United Arab Emirates | 1.11 | 1.02 | ||||||||
Philippines | 0.74 | 0.67 | ||||||||
Turkey | 0.56 | 0.59 | ||||||||
Kuwait | 0.61 | 0.57 | ||||||||
Chile | 0.44 | 0.50 | ||||||||
Bermuda | 0.19 | 0.31 | ||||||||
Netherlands | 0.32 | 0.29 | ||||||||
Greece | 0.26 | 0.26 | ||||||||
Hungary | 0.29 | 0.26 | ||||||||
Colombia | 0.19 | 0.17 | ||||||||
Egypt | 0.10 | 0.10 | ||||||||
Luxembourg | 0.05 | 0.05 | ||||||||
Czech Republic | 0.13 | 0.12 | ||||||||
Jersey | 0.09 | 0.10 | ||||||||
Pakistan | 0.05 | 0.05 | ||||||||
Argentina | 0.04 | 0.04 | ||||||||
Singapore | 0.02 | 0.02 | ||||||||
Panama | 0.00 | 0.01 | ||||||||
Peru | 0.00 | 0.00 | ||||||||
Virgin Islands, British | 0.00 | 0.01 | ||||||||
Cyprus | 0.00 | 0.00 | ||||||||
Australia | 0.00 | 0.00 |
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 Solactive. 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. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 1.57% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Emerging Markets Large & Mid Cap Index. |
4
FUND BASICS
MarketBeta® Emerging Markets Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 55.72 | ||||
Net Asset Value (NAV)1 | $ | 55.68 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.6 | % | Information Technology | Taiwan | ||||||
Tencent Holdings Ltd. | 4.5 | Communication Services | China | |||||||
Samsung Electronics Co. Ltd. | 3.8 | Information Technology | South Korea | |||||||
Alibaba Group Holding Ltd. ADR | 3.8 | Consumer Discretionary | China | |||||||
Meituan, Class B | 1.6 | Consumer Discretionary | China | |||||||
iShares MSCI Malaysia ETF | 1.0 | Exchange-Traded Fund | United States | |||||||
Reliance Industries Ltd. | 1.0 | Energy | India | |||||||
Infosys Ltd. | 1.0 | Information Technology | India | |||||||
Vale SA | 1.0 | Materials | Brazil | |||||||
Naspers Ltd., Class N | 0.9 | Consumer Discretionary | South Africa |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
5
MARKETBETA® EMERGING MARKETS EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS Emerging Markets Large & Mid Cap Index, is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
MarketBeta® Emerging Markets Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Since Inception | ||||
Shares based on NAV (Commenced May 12, 2020) | 19.35% | 33.01% | ||||
| ||||||
Shares based on Market Price (Commenced May 12, 2020) | 18.81% | 33.03% | ||||
| ||||||
Solactive GBS Emerging Markets Large & Mid Cap Index | 19.63% | 33.68% | ||||
|
* | 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. |
6
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® International Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® International Small Cap Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap 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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 26.20% based on net asset value (“NAV”) and 26.50% based on market price. The Index returned 26.32% during the same period. |
The Fund had an NAV of $46.79 per share on August 31, 2020 and ended the Reporting Period with an NAV of $57.61 per share. The Fund’s market price on August 31, 2021 was $57.80 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. |
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 Index. |
Q | Which sectors and countries contributed most positively to the Index’s performance during the Reporting Period, and which contributed least? |
A | Index constituents in the financials, industrials and information technology sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the utilities, real estate and energy sectors contributed least to the Index’s results during the Reporting Period. |
From a country perspective, Index constituents in Japan, the U.K. and France contributed most to the Fund’s results during the Reporting Period. Index constituents in Faroe Islands, Portugal and the Isle of Man contributed least to the Fund’s results during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
A | Positions in Netherlands-based information technology company ASML Holding, France-based consumer discretionary company LVMH Moet Hennessy Louis Vuitton and Denmark-based health care company Novo Nordisk contributed most (1.95%, 1.09% and 0.92% of Fund net assets as of August 31, 2021, respectively). ASML Holding generated a triple-digit positive return within the Index during the Reporting Period. LVMH Moet Hennessy Louis Vuitton and Novo Nordisk each posted a robust double-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
A | Positions in U.K. consumer staples firm Reckitt Benckiser Group, Germany-based information technology company SAP and Japan-based health care company Daiichi Sankyo contributed least (0.31%, 0.86% and 0.25% of Fund net assets as of August 31, 2021, respectively). Reckitt Benckiser Group and Daiichi Sankyo each posted a double-digit negative return within the Index during the Reporting Period. SAP generated a single-digit negative return within the Index during the Reporting Period. |
7
PORTFOLIO RESULTS
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, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?1 |
Sector Name | Fund2 | Solactive Index | ||||||||
Financials | 16.87 | % | 16.83 | % | ||||||
Industrials | 16.56 | 16.59 | ||||||||
Health Care | 12.48 | 12.52 | ||||||||
Consumer Discretionary | 12.10 | 12.35 | ||||||||
Consumer Staples | 9.71 | 9.71 | ||||||||
Information Technology | 9.80 | 9.77 | ||||||||
Materials | 7.98 | 7.96 | ||||||||
Communication Services | 4.82 | 4.84 | ||||||||
Utilities | 3.40 | 3.41 | ||||||||
Energy | 3.05 | 3.04 | ||||||||
Real Estate | 2.98 | 2.99 |
Q | What was the Fund’s country positioning relative to the Index at the end of the Reporting Period?1 |
Country Name | Fund2 | Solactive Index | ||||||||
Japan | 24.28 | % | 24.25 | % | ||||||
UK | 13.48 | 13.45 | ||||||||
France | 9.17 | 9.18 | ||||||||
Switzerland | 8.67 | 8.49 | ||||||||
Germany | 8.37 | 8.35 | ||||||||
Australia | 7.00 | 7.00 | ||||||||
Netherlands | 5.55 | 5.94 | ||||||||
Sweden | 4.02 | 4.00 | ||||||||
Hong Kong | 2.46 | 2.47 | ||||||||
Spain | 2.41 | 2.45 | ||||||||
Denmark | 2.52 | 2.52 | ||||||||
Italy | 1.97 | 1.96 | ||||||||
Finland | 1.35 | 1.35 | ||||||||
Singapore | 1.18 | 1.18 | ||||||||
Ireland | 1.12 | 1.12 | ||||||||
Belgium | 0.93 | 0.94 | ||||||||
Norway | 0.84 | 0.85 | ||||||||
Cayman Islands | 0.75 | 0.77 | ||||||||
Israel | 0.89 | 0.88 | ||||||||
Jersey | 0.87 | 0.87 | ||||||||
New Zealand | 0.44 | 0.45 | ||||||||
Bermuda | 0.25 | 0.29 | ||||||||
Austria | 0.37 | 0.36 | ||||||||
Poland | 0.27 | 0.28 | ||||||||
Luxembourg | 0.35 | 0.35 | ||||||||
Portugal | 0.15 | 0.14 | ||||||||
Isle of Man | 0.09 | 0.09 | ||||||||
Faroe Islands | 0.02 | 0.02 |
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 Solactive. 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. Country classification in this listing is based on the country of incorporation rather than being based on country of domicile or country of highest revenue. Investments in the securities lending vehicle represented 0.32% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
2 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS Developed Markets ex North America Large & Mid Cap Index. |
8
FUND BASICS
MarketBeta® International Equity ETF
as of August 31, 2021
FUND SNAPSHOT | ||||||
As of August 31, 2021 | ||||||
Market Price1 | $ | 57.80 | ||||
Net Asset Value (NAV)1 | $ | 57.61 |
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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
ASML Holding NV | 1.9 | % | Information Technology | Netherlands | ||||||
Nestle SA | 1.9 | Consumer Staples | Switzerland | |||||||
Roche Holding AG | 1.6 | Health Care | Switzerland | |||||||
Novartis AG | 1.2 | Health Care | Switzerland | |||||||
Toyota Motor Corp. | 1.1 | Consumer Discretionary | Japan | |||||||
LVMH Moet Hennessy Louis Vuitton SE | 1.1 | Consumer Discretionary | France | |||||||
Novo Nordisk A/S, Class B | 0.9 | Health Care | Denmark | |||||||
SAP SE | 0.9 | Information Technology | Germany | |||||||
AstraZeneca PLC | 0.8 | Health Care | United Kingdom | |||||||
AIA Group Ltd. | 0.8 | Financials | Hong Kong |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
9
MARKETBETA® INTERNATIONAL EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS Developed Markets ex North America Large & Mid Cap Index, is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
MarketBeta® International Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Since Inception | ||||
Shares based on NAV (Commenced May 12, 2020) | 26.20% | 34.45% | ||||
| ||||||
Shares based on Market Price (Commenced May 12, 2020) | 26.50% | 34.77% | ||||
| ||||||
Solactive GBS Developed Markets ex North America Large & Mid Cap Index | 26.32% | 34.48% | ||||
|
* | 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. |
10
PORTFOLIO RESULTS
Goldman Sachs MarketBeta® U.S. Equity ETF
Investment Objective
The Goldman Sachs MarketBeta® U.S. Equity ETF (the “Fund”) seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap 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, 2021 (the “Reporting Period”).
Q | How did the Fund perform during the Reporting Period? |
A | During the Reporting Period, the Fund returned 31.60% based on net asset value (“NAV”) and 31.45% based on market price. The Index returned 31.71% during the same period. |
The Fund had an NAV of $48.62 per share on August 31, 2020 and ended the Reporting Period with an NAV of $63.07 per share. The Fund’s market price on August 31, 2021 was $63.09 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. |
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 Index. |
Q | Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which contributed least? |
A | Index constituents in the information technology, financials and communication services sectors contributed most to the Index’s results during the Reporting Period. Index constituents in the utilities, materials and real estate sectors contributed least to the Index’s results during the Reporting Period. |
Q | Which individual stock positions contributed the most to the Index’s returns during the Reporting Period? |
A | Positions in communication services company Alphabet, software leader Microsoft and information technology giant Apple contributed most (4.23%, 5.69% and 6.42% of Fund net assets as of August 31, 2021, respectively). Each of these holdings posted a double-digit positive return within the Index during the Reporting Period. |
Q | Which individual stock positions contributed the least to the Index’s results during the Reporting Period? |
A | Positions in pharmaceuticals company Vertex Pharmaceuticals, payment services provider Fidelity National Information Services and biotechnology medicines company Amgen contributed least (0.00%1, 0.20% and 0.33% of Fund net assets as of August 31, 2021, respectively). Each of these holdings generated a negative return within the Index during the Reporting Period. |
Q | How did the Fund use derivatives and similar instruments during the Reporting Period? |
A | The Fund does not employ derivatives as a source of alpha generation, although it did use index futures to equitize excess cash. The use of futures was not material to the performance of the Fund during the Reporting Period. |
1 | Some weights are 0.00% at August 31, 2021 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. |
11
PORTFOLIO RESULTS
Q | What was the Fund’s sector positioning relative to the Index at the end of the Reporting Period?2 |
Sector Name | Fund3 | Solactive Index | ||||||||
Information Technology | 29.37 | % | 29.37 | % | ||||||
Health Care | 12.99 | 13.09 | ||||||||
Consumer Discretionary | 12.11 | 12.13 | ||||||||
Communication Services | 11.72 | 11.69 | ||||||||
Financials | 10.69 | 10.66 | ||||||||
Industrials | 7.91 | 7.89 | ||||||||
Consumer Staples | 5.64 | 5.63 | ||||||||
Utilities | 2.40 | 2.39 | ||||||||
Materials | 2.37 | 2.37 | ||||||||
Real Estate | 2.55 | 2.55 | ||||||||
Energy | 2.24 | 2.23 |
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 Solactive. 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 0.12% of the Fund’s net assets as of August 31, 2021. Figures above may not sum to 100% due to rounding due to the presence of cash. |
3 | The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the Solactive GBS United States Large & Mid Cap Index. |
12
FUND BASICS
MarketBeta® U.S. Equity ETF
as of August 31, 2021
FUND SNAPSHOT |
| |||||
As of August 31, 2020 | ||||||
Market Price1 | $ | 63.09 | | |||
Net Asset Value (NAV)1 | $ | 63.07 |
1 | The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of 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/ETFs. |
TOP 10 HOLDINGS AS OF 8/31/212 | ||||||||||
Holding | % of Net Assets | Line of Business | Country | |||||||
Apple, Inc. | 6.4 | % | Information Technology | United States | ||||||
Microsoft Corp. | 5.7 | Information Technology | United States | |||||||
Amazon.com, Inc. | 3.8 | Consumer Discretionary | United States | |||||||
Facebook, Inc., Class A | 2.3 | Communication Services | United States | |||||||
Alphabet, Inc., Class A | 2.2 | Communication Services | United States | |||||||
Alphabet, Inc., Class C | 2.0 | Communication Services | United States | |||||||
Tesla, Inc. | 1.4 | Consumer Discretionary | United States | |||||||
NVIDIA Corp. | 1.4 | Information Technology | United States | |||||||
JPMorgan Chase & Co. | 1.2 | Financials | United States | |||||||
Johnson & Johnson | 1.2 | Health Care | United States |
2 | The top 10 holdings may not be representative of the Fund’s future investments. |
For more information about the Fund, please refer to www.GSAMFUNDS.com/ETFs. There, you can learn more about the Fund’s investment strategies, holdings, and performance.
13
MARKETBETA® U.S. EQUITY ETF
Performance Summary
August 31, 2021
The following graph shows the value, as of August 31, 2021, of a $10,000 investment made on May 12, 2020 (commencement of operations) in Shares at NAV. For comparative purposes, the performance of the Fund’s underlying index, the Solactive GBS United States Large & Mid Cap Index, is shown. 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. The returns set forth below represent past performance. Past performance does not guarantee future results. The Fund’s NAV and investment return may fluctuate. These fluctuations may cause an investor’s shares to be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted below. Please visit our web site at www.GSAMFUNDS.com/ETFs to obtain the most recent month-end returns.
MarketBeta® U.S. Equity ETF’s Lifetime Performance |
Performance of a $10,000 Investment, with distributions reinvested, from May 12, 2020 through August 31, 2021.
Average Annual Total Return through August 31, 2021* | One Year | Since Inception | ||||
Shares based on NAV (Commenced May 12, 2020) | 31.60% | 45.60% | ||||
| ||||||
Shares based on Market Price (Commenced May 12, 2020) | 31.45% | 45.64% | ||||
| ||||||
Solactive GBS United States Large & Mid Cap Index | 31.71% | 45.76% | ||||
|
* | 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. |
14
FUND BASICS
Index Definitions and Industry Terms
Book Value: The total value of the company’s assets that shareholders would theoretically receive if a company were liquidated.
Free Cash Flow: A measure of financial performance calculated as operating cash flow minus capital expenditures.
Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.
The Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Large & Mid Cap Index, and Solactive GBS United States Large & Mid Cap Index (the, “Solactive Indexes”) are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. Neither publication of the Solactive Indexes by Solactive AG nor the licensing of the Solactive Indexes or Index trade mark for the purpose of use in connection with a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.
15
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 89.1% | ||||||||
Argentina – 0.0% | ||||||||
328 | Grupo Financiero Galicia SA ADR (Financials) | $ | 3,536 | |||||
235 | Pampa Energia SA ADR (Utilities)* | 4,279 | ||||||
918 | YPF SA ADR (Energy)* | 4,783 | ||||||
|
| |||||||
12,598 | ||||||||
|
| |||||||
Brazil – 4.0% | ||||||||
527 | Adecoagro SA (Consumer Staples)* | 4,927 | ||||||
19,494 | Ambev SA (Consumer Staples) | 65,113 | ||||||
1,840 | Atacadao SA (Consumer Staples) | 6,523 | ||||||
26,987 | B3 SA – Brasil Bolsa Balcao (Financials) | 74,168 | ||||||
6,295 | Banco Bradesco SA (Financials) | 24,518 | ||||||
6,571 | Banco BTG Pactual SA (Financials) | 36,272 | ||||||
3,849 | Banco do Brasil SA (Financials) | 22,878 | ||||||
1,542 | Banco Santander Brasil SA (Financials) | 12,632 | ||||||
3,022 | BB Seguridade Participacoes SA (Financials) | 11,251 | ||||||
2,439 | BRF SA (Consumer Staples)* | 11,157 | ||||||
4,995 | CCR SA (Industrials) | 11,952 | ||||||
1,812 | Centrais Eletricas Brasileiras SA (Utilities) | 13,319 | ||||||
1,021 | Cia Energetica de Minas Gerais (Utilities) | 3,329 | ||||||
2,877 | Cia Siderurgica Nacional SA (Materials) | 19,590 | ||||||
3,778 | Cosan SA (Energy) | 16,272 | ||||||
894 | CPFL Energia SA (Utilities) | 5,071 | ||||||
1,129 | Energisa SA (Utilities) | 9,785 | ||||||
4,342 | Eneva SA (Utilities)* | 13,290 | ||||||
778 | Engie Brasil Energia SA (Utilities) | 5,706 | ||||||
3,689 | Equatorial Energia SA (Utilities) | 18,339 | ||||||
5,731 | Hapvida Participacoes e Investimentos SA (Health Care)(a) | 16,478 | ||||||
1,808 | Hypera SA (Health Care) | 12,562 | ||||||
2,016 | Itau Unibanco Holding SA (Financials) | 11,274 | ||||||
3,585 | Klabin SA (Materials)* | 18,424 | ||||||
2,660 | Localiza Rent a Car SA (Industrials) | 28,816 | ||||||
3,970 | Lojas Renner SA (Consumer Discretionary) | 29,514 | ||||||
12,005 | Magazine Luiza SA (Consumer Discretionary) | 42,772 | ||||||
1,319 | Multiplan Empreendimentos Imobiliarios SA (Real Estate) | 5,436 | ||||||
3,921 | Natura & Co. Holding SA (Consumer Staples)* | 39,535 | ||||||
1,079 | Neoenergia SA (Utilities) | 3,503 | ||||||
2,420 | Notre Dame Intermedica Participacoes SA (Health Care) | 37,787 | ||||||
892 | Pagseguro Digital Ltd., Class A (Information Technology)* | 53,047 | ||||||
3,260 | Petrobras Distribuidora SA (Consumer Discretionary) | 17,314 | ||||||
16,331 | Petroleo Brasileiro SA (Energy) | 89,063 | ||||||
446 | Porto Seguro SA (Financials) | 4,980 | ||||||
5,136 | Raia Drogasil SA (Consumer Staples) | 25,642 | ||||||
3,427 | Rede D’Or Sao Luiz SA (Health Care)(a) | 46,068 | ||||||
5,633 | Rumo SA (Industrials)* | 20,597 | ||||||
3,530 | Sendas Distribuidora SA (Consumer Staples) | 11,591 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Brazil – (continued) | ||||||||
920 | StoneCo Ltd., Class A (Information Technology)* | 42,817 | ||||||
3,522 | Suzano SA (Materials)* | 41,965 | ||||||
1,977 | Telefonica Brasil SA (Communication Services) | 16,887 | ||||||
3,620 | TIM SA (Communication Services) | 8,810 | ||||||
3,539 | Ultrapar Participacoes SA (Energy) | 9,982 | ||||||
17,784 | Vale SA (Materials) | 342,789 | ||||||
6,712 | WEG SA (Industrials) | 46,621 | ||||||
657 | XP, Inc., Class A (Financials)* | 31,963 | ||||||
|
| |||||||
1,442,329 | ||||||||
|
| |||||||
Chile – 0.3% | ||||||||
193,627 | Banco de Chile (Financials) | 18,894 | ||||||
269 | Banco de Credito e Inversiones SA (Financials) | 11,636 | ||||||
276,927 | Banco Santander Chile (Financials) | 14,612 | ||||||
5,992 | Cencosud SA (Consumer Staples) | 11,289 | ||||||
559 | Cia Cervecerias Unidas SA (Consumer Staples) | 5,634 | ||||||
34,455 | Colbun SA (Utilities) | 5,695 | ||||||
4,755 | Empresas CMPC SA (Materials) | 10,547 | ||||||
1,764 | Empresas COPEC SA (Energy) | 16,387 | ||||||
3,401 | Falabella SA (Consumer Discretionary) | 13,451 | ||||||
|
| |||||||
108,145 | ||||||||
|
| |||||||
China – 27.7% | ||||||||
153 | 51job, Inc. ADR (Industrials)* | 11,750 | ||||||
2,920 | AAC Technologies Holdings, Inc. (Information Technology) | 16,276 | ||||||
716 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 7,555 | ||||||
4,387 | Agile Group Holdings Ltd. (Real Estate) | 5,032 | ||||||
20,354 | Agricultural Bank of China Ltd., Class A (Financials) | 9,338 | ||||||
126,657 | Agricultural Bank of China Ltd., Class H (Financials) | 42,505 | ||||||
1,408 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 9,209 | ||||||
1,753 | Air China Ltd., Class A (Industrials)* | 1,967 | ||||||
8,122 | Air China Ltd., Class H (Industrials)* | 5,451 | ||||||
506 | Airtac International Group (Industrials) | 15,428 | ||||||
8,260 | Alibaba Group Holding Ltd. ADR (Consumer Discretionary)* | 1,379,337 | ||||||
4,025 | Aluminum Corp. of China Ltd., Class A (Materials)* | 4,866 | ||||||
16,858 | Aluminum Corp. of China Ltd., Class H (Materials)* | 12,225 | ||||||
1,493 | Angang Steel Co. Ltd., Class A (Materials) | 1,319 | ||||||
6,320 | Angang Steel Co. Ltd., Class H (Materials) | 4,835 | ||||||
262 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 1,627 | ||||||
264 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 8,675 | ||||||
|
|
16 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
130 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | $ | 997 | |||||
5,005 | ANTA Sports Products Ltd. (Consumer Discretionary) | 102,966 | ||||||
65 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 3,526 | ||||||
341 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 1,675 | ||||||
1,056 | AVIC Electromechanical Systems Co. Ltd., Class A (Industrials) | 2,291 | ||||||
2,727 | AVIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 1,674 | ||||||
1,257 | Baidu, Inc. ADR (Communication Services)* | 197,374 | ||||||
6,042 | Bank of Beijing Co. Ltd., Class A (Financials) | 4,064 | ||||||
1,104 | Bank of Chengdu Co. Ltd., Class A (Financials) | 2,072 | ||||||
9,777 | Bank of China Ltd., Class A (Financials) | 4,591 | ||||||
370,682 | Bank of China Ltd., Class H (Financials) | 130,117 | ||||||
10,544 | Bank of Communications Co. Ltd., Class A (Financials) | 7,223 | ||||||
32,525 | Bank of Communications Co. Ltd., Class H (Financials) | 18,694 | ||||||
1,639 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 3,401 | ||||||
3,870 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 3,857 | ||||||
2,840 | Bank of Nanjing Co. Ltd., Class A (Financials) | 4,129 | ||||||
1,614 | Bank of Ningbo Co. Ltd., Class A (Financials) | 8,080 | ||||||
4,060 | Bank of Shanghai Co. Ltd., Class A (Financials) | 4,537 | ||||||
1,499 | Bank of Zhengzhou Co. Ltd., Class A (Financials)* | 795 | ||||||
4,495 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 7,099 | ||||||
325 | BeiGene Ltd. ADR (Health Care)* | 100,198 | ||||||
2,147 | Beijing Enterprises Holdings Ltd. (Utilities) | 7,398 | ||||||
18,219 | Beijing Enterprises Water Group Ltd. (Utilities)* | 7,520 | ||||||
483 | Beijing New Building Materials PLC, Class A (Industrials) | 2,478 | ||||||
390 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 1,875 | ||||||
65 | BGI Genomics Co. Ltd., Class A (Health Care) | 945 | ||||||
1,069 | Bilibili, Inc. ADR (Communication Services)* | 85,766 | ||||||
16,043 | BOC Hong Kong Holdings Ltd. (Financials) | 48,682 | ||||||
600 | BOC International China Co. Ltd., Class A (Financials) | 1,386 | ||||||
11,022 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 9,942 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
14,036 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary)* | 5,418 | ||||||
487 | BYD Co. Ltd., Class A (Consumer Discretionary) | 20,908 | ||||||
3,642 | BYD Co. Ltd., Class H (Consumer Discretionary) | 123,346 | ||||||
454 | By-health Co. Ltd., Class A (Consumer Staples) | 1,770 | ||||||
1,104 | Caitong Securities Co. Ltd., Class A (Financials) | 1,776 | ||||||
341 | CanSino Biologics, Inc., Class H (Health Care)*(a) | 13,478 | ||||||
1,688 | Changjiang Securities Co. Ltd., Class A (Financials) | 1,957 | ||||||
519 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 3,025 | ||||||
39,215 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 6,958 | ||||||
1,428 | China CITIC Bank Corp. Ltd., Class A (Financials) | 1,016 | ||||||
42,657 | China CITIC Bank Corp. Ltd., Class H (Financials) | 19,635 | ||||||
1,039 | China Coal Energy Co. Ltd., Class A (Energy) | 1,374 | ||||||
9,972 | China Coal Energy Co. Ltd., Class H (Energy) | 7,129 | ||||||
2,922 | China Construction Bank Corp., Class A (Financials) | 2,649 | ||||||
411,210 | China Construction Bank Corp., Class H (Financials) | 297,145 | ||||||
2,532 | China Eastern Airlines Corp. Ltd., Class A (Industrials)* | 1,844 | ||||||
7,517 | China Eastern Airlines Corp. Ltd., Class H (Industrials)* | 2,880 | ||||||
11,173 | China Everbright Bank Co. Ltd., Class A (Financials) | 5,801 | ||||||
15,611 | China Everbright Environment Group Ltd. (Industrials) | 10,799 | ||||||
1,039 | China Galaxy Securities Co. Ltd., Class A (Financials) | 1,657 | ||||||
16,406 | China Galaxy Securities Co. Ltd., Class H (Financials) | 9,218 | ||||||
909 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology) | 2,070 | ||||||
12,023 | China Hongqiao Group Ltd. (Materials) | 17,932 | ||||||
31,929 | China Huarong Asset Management Co. Ltd., Class H (Financials)*(a)(b) | 4,187 | ||||||
300 | China International Capital Corp. Ltd., Class A (Financials) | 2,512 | ||||||
6,203 | China International Capital Corp. Ltd., Class H (Financials)(a) | 14,420 | ||||||
454 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 1,290 | ||||||
1,314 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 2,879 | ||||||
1,187 | China Jushi Co. Ltd., Class A (Materials) | 3,229 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 17 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
584 | China Life Insurance Co. Ltd., Class A (Financials) | $ | 2,610 | |||||
1,573 | China Literature Ltd. (Communication Services)*(a) | 13,207 | ||||||
14,212 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 28,982 | ||||||
13,419 | China Mengniu Dairy Co. Ltd. (Consumer Staples)* | 80,662 | ||||||
5,441 | China Merchants Bank Co. Ltd., Class A (Financials) | 41,288 | ||||||
18,232 | China Merchants Bank Co. Ltd., Class H (Financials) | 150,618 | ||||||
5,968 | China Merchants Port Holdings Co. Ltd. (Industrials) | 10,052 | ||||||
2,094 | China Merchants Securities Co. Ltd., Class A (Financials) | 5,894 | ||||||
2,196 | China Merchants Securities Co. Ltd., Class H (Financials)(a) | 3,321 | ||||||
4,248 | China Molybdenum Co. Ltd., Class A (Materials) | 5,149 | ||||||
16,254 | China Molybdenum Co. Ltd., Class H (Materials) | 12,707 | ||||||
17,321 | China National Building Material Co. Ltd., Class H (Materials) | 23,696 | ||||||
976 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 8,778 | ||||||
21,511 | China Overseas Land & Investment Ltd. (Real Estate) | 49,509 | ||||||
1,839 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 7,496 | ||||||
11,422 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 32,163 | ||||||
6,483 | China Petroleum & Chemical Corp., Class A (Energy) | 4,280 | ||||||
110,644 | China Petroleum & Chemical Corp., Class H (Energy) | 53,634 | ||||||
5,426 | China Railway Group Ltd., Class A (Industrials) | 4,735 | ||||||
6,379 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | 52,493 | ||||||
3,991 | China Resources Gas Group Ltd. (Utilities) | 24,221 | ||||||
12,904 | China Resources Land Ltd. (Real Estate) | 48,033 | ||||||
7,964 | China Resources Power Holdings Co. Ltd. (Utilities) | 19,579 | ||||||
1,634 | China Shenhua Energy Co. Ltd., Class A (Energy) | 5,065 | ||||||
15,121 | China Shenhua Energy Co. Ltd., Class H (Energy) | 33,480 | ||||||
2,207 | China Southern Airlines Co. Ltd., Class A (Industrials)* | 1,970 | ||||||
7,341 | China Southern Airlines Co. Ltd., Class H (Industrials)* | 4,276 | ||||||
6,414 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 9,369 | ||||||
522 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 18,470 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
2,612 | China Vanke Co. Ltd., Class A (Real Estate) | 8,016 | ||||||
8,478 | China Vanke Co. Ltd., Class H (Real Estate) | 22,892 | ||||||
4,893 | China Yangtze Power Co. Ltd., Class A (Utilities) | 14,667 | ||||||
4,397 | China Zheshang Bank Co. Ltd., Class A (Financials) | 2,419 | ||||||
81 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples)* | 1,759 | ||||||
3,018 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 9,645 | ||||||
430 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 11,796 | ||||||
16,560 | CIFI Holdings Group Co. Ltd. (Real Estate) | 11,157 | ||||||
28,484 | CITIC Ltd. (Industrials) | 35,452 | ||||||
200 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 790 | ||||||
2,860 | CITIC Securities Co. Ltd., Class A (Financials) | 11,383 | ||||||
8,473 | CITIC Securities Co. Ltd., Class H (Financials) | 21,462 | ||||||
626 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 48,014 | ||||||
3,341 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials)* | 10,740 | ||||||
15,017 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials)*(c) | 28,384 | ||||||
7,745 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 59,004 | ||||||
4,071 | CSC Financial Co. Ltd., Class H (Financials)(a) | 4,460 | ||||||
187 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1,320 | ||||||
1,493 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 629 | ||||||
12,692 | Datang International Power Generation Co. Ltd., Class H (Utilities) | 2,187 | ||||||
195 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 1,039 | ||||||
844 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 2,071 | ||||||
1,643 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 2,252 | ||||||
12,784 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 14,005 | ||||||
844 | Dongxing Securities Co. Ltd., Class A (Financials) | 1,453 | ||||||
2,776 | East Money Information Co. Ltd., Class A (Financials) | 13,316 | ||||||
100 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 2,274 | ||||||
3,369 | ENN Energy Holdings Ltd. (Utilities) | 66,667 | ||||||
500 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 1,586 | ||||||
|
|
18 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
493 | Eve Energy Co. Ltd., Class A (Industrials) | $ | 7,794 | |||||
1,168 | Everbright Securities Co. Ltd., Class A (Financials) | 2,878 | ||||||
1,234 | Everbright Securities Co. Ltd., Class H (Financials)(a) | 984 | ||||||
1,181 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 2,367 | ||||||
519 | FAW Jiefang Group Co. Ltd., Class A (Consumer Discretionary) | 899 | ||||||
244 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 2,218 | ||||||
1,841 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 10,747 | ||||||
3,943 | �� | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 4,394 | |||||
537 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 7,905 | ||||||
1,947 | Founder Securities Co. Ltd., Class A (Financials) | 2,574 | ||||||
2,252 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 4,007 | ||||||
100 | Fu Jian Anjoy Foods Co. Ltd., Class A (Consumer Staples) | 2,422 | ||||||
325 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 891 | ||||||
484 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 3,593 | ||||||
2,568 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)(a) | 15,816 | ||||||
300 | Ganfeng Lithium Co. Ltd., Class A (Materials) | 10,229 | ||||||
1,065 | Ganfeng Lithium Co. Ltd., Class H (Materials)(a) | 24,539 | ||||||
1,363 | Gemdale Corp., Class A (Real Estate) | 2,205 | ||||||
1,691 | GF Securities Co. Ltd., Class A (Financials) | 4,977 | ||||||
5,913 | GF Securities Co. Ltd., Class H (Financials) | 10,522 | ||||||
182 | Gigadevice Semiconductor Beijing, Inc., Class A (Information Technology) | 4,317 | ||||||
874 | GoerTek, Inc., Class A (Information Technology) | 6,304 | ||||||
100 | Gongniu Group Co. Ltd., Class A (Industrials) | 2,733 | ||||||
300 | Gotion High-tech Co. Ltd., Class A (Industrials)* | 2,499 | ||||||
584 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 5,985 | ||||||
13,571 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | 62,469 | ||||||
454 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 4,521 | ||||||
100 | Guangdong Kinlong Hardware Products Co. Ltd., Class A (Industrials) | 2,503 | ||||||
436 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 1,249 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
12,563 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary) | 12,648 | ||||||
390 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 1,781 | ||||||
1,063 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 2,714 | ||||||
81 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1,324 | ||||||
195 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 2,630 | ||||||
200 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 4,222 | ||||||
526 | Guangzhou Yuexiu Financial Holdings Group Co. Ltd., Class A (Financials) | 678 | ||||||
1,233 | Guosen Securities Co. Ltd., Class A (Financials) | 2,331 | ||||||
2,148 | Guotai Junan Securities Co. Ltd., Class A (Financials) | 5,913 | ||||||
3,946 | Guotai Junan Securities Co. Ltd., Class H (Financials)(a) | 5,520 | ||||||
1,201 | Guoyuan Securities Co. Ltd., Class A (Financials) | 1,465 | ||||||
1,695 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 7,109 | ||||||
2,792 | Haitong Securities Co. Ltd., Class A (Financials) | 5,500 | ||||||
13,475 | Haitong Securities Co. Ltd., Class H (Financials) | 12,457 | ||||||
253 | Han’s Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 1,759 | ||||||
194 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 4,570 | ||||||
260 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 1,439 | ||||||
215 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 4,468 | ||||||
546 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)(a) | 9,688 | ||||||
1,399 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 5,681 | ||||||
1,097 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 1,993 | ||||||
3,246 | Hesteel Co. Ltd., Class A (Materials) | 1,570 | ||||||
130 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 2,331 | ||||||
3,377 | Hua Hong Semiconductor Ltd. (Information Technology)*(a) | 19,887 | ||||||
2,467 | Huadian Power International Corp. Ltd., Class A (Utilities) | 1,480 | ||||||
8,437 | Huadian Power International Corp. Ltd., Class H (Utilities) | 2,864 | ||||||
419 | Huadong Medicine Co. Ltd., Class A (Health Care) | 1,997 | ||||||
800 | Huafon Chemical Co. Ltd., Class A (Materials) | 1,722 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 19 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
519 | Hualan Biological Engineering, Inc., Class A (Health Care) | $ | 2,367 | |||||
1,493 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 1,340 | ||||||
2,077 | Huaneng Power International, Inc., Class A (Utilities) | 1,787 | ||||||
18,339 | Huaneng Power International, Inc., Class H (Utilities) | 8,843 | ||||||
779 | Huaxi Securities Co. Ltd., Class A (Financials) | 1,171 | ||||||
3,059 | Huaxia Bank Co. Ltd., Class A (Financials) | 2,655 | ||||||
901 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 3,240 | ||||||
651 | Huazhu Group Ltd. ADR (Consumer Discretionary)* | 31,437 | ||||||
1,800 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 2,176 | ||||||
354 | Hundsun Technologies, Inc., Class A (Information Technology) | 2,719 | ||||||
598 | Iflytek Co. Ltd., Class A (Information Technology) | 4,855 | ||||||
14,818 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 10,611 | ||||||
346,338 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | 193,267 | ||||||
5,580 | Industrial Bank Co. Ltd., Class A (Financials) | 16,000 | ||||||
2,077 | Industrial Securities Co. Ltd., Class A (Financials) | 3,200 | ||||||
12,246 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials)* | 7,137 | ||||||
2,467 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 2,222 | ||||||
1,634 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | 8,613 | ||||||
3,686 | Innovent Biologics, Inc. (Health Care)*(a) | 29,716 | ||||||
100 | Intco Medical Technology Co. Ltd., Class A (Health Care) | 1,584 | ||||||
262 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 3,159 | ||||||
215 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1,632 | ||||||
200 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 2,133 | ||||||
500 | JCET Group Co. Ltd., Class A (Information Technology) | 2,646 | ||||||
7,042 | JD Logistics, Inc. (Industrials)*(a) | 30,423 | ||||||
4,069 | JD.com, Inc. ADR (Consumer Discretionary)* | 319,661 | ||||||
500 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials) | 2,509 | ||||||
192 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 2,826 | ||||||
325 | Jiangsu King’s Luck Brewery JSC Ltd., Class A (Consumer Staples) | 2,117 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
360 | Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (Consumer Staples) | 9,348 | ||||||
260 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 1,319 | ||||||
584 | Jiangxi Copper Co. Ltd., Class A (Materials) | 2,401 | ||||||
4,843 | Jiangxi Copper Co. Ltd., Class H (Materials) | 9,851 | ||||||
100 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 3,247 | ||||||
12,385 | Kingdee International Software Group Co. Ltd. (Information Technology)* | 45,066 | ||||||
568 | Kuang-Chi Technologies Co. Ltd., Class A (Consumer Discretionary)* | 2,012 | ||||||
16,445 | Kunlun Energy Co. Ltd. (Utilities) | 17,423 | ||||||
314 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 75,823 | ||||||
619 | LB Group Co. Ltd., Class A (Materials) | 3,598 | ||||||
4,930 | Legend Holdings Corp., Class H (Information Technology)(a) | 7,949 | ||||||
27,272 | Lenovo Group Ltd. (Information Technology) | 30,227 | ||||||
1,278 | Lens Technology Co. Ltd., Class A (Information Technology) | 4,675 | ||||||
9,834 | Li Ning Co. Ltd. (Consumer Discretionary) | 132,134 | ||||||
130 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 794 | ||||||
7,513 | Longfor Group Holdings Ltd. (Real Estate)(a) | 32,555 | ||||||
1,454 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | 20,160 | ||||||
1,880 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 9,866 | ||||||
393 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 10,355 | ||||||
454 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 3,223 | ||||||
100 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 5,874 | ||||||
17,630 | Meituan, Class B (Consumer Discretionary)*(a) | 564,443 | ||||||
5,518 | Metallurgical Corp. of China Ltd., Class A (Industrials) | 4,285 | ||||||
12,853 | Metallurgical Corp. of China Ltd., Class H (Industrials) | 5,123 | ||||||
3,173 | Microport Scientific Corp. (Health Care) | 19,644 | ||||||
900 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 9,206 | ||||||
1,414 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 9,273 | ||||||
1,012 | NARI Technology Co. Ltd., Class A (Industrials) | 5,491 | ||||||
130 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 7,170 | ||||||
1,692 | NetEase, Inc. ADR (Communication Services) | 164,835 | ||||||
|
|
20 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
419 | New China Life Insurance Co. Ltd., Class A (Financials) | $ | 2,638 | |||||
325 | Ninestar Corp., Class A (Information Technology) | 1,775 | ||||||
244 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 1,356 | ||||||
1,588 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 938 | ||||||
750 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 1,867 | ||||||
6,004 | NIO, Inc. ADR (Consumer Discretionary)* | 236,017 | ||||||
7,761 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)(a) | 41,063 | ||||||
91 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 2,179 | ||||||
1,817 | Orient Securities Co. Ltd., Class A (Financials) | 4,216 | ||||||
3,628 | Orient Securities Co. Ltd., Class H (Financials)(a) | 3,569 | ||||||
36,720 | People’s Insurance Co. Group of China Ltd. (The), Class H (Financials) | 11,331 | ||||||
4,672 | PetroChina Co. Ltd., Class A (Energy) | 3,577 | ||||||
93,157 | PetroChina Co. Ltd., Class H (Energy) | 40,845 | ||||||
165 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 4,923 | ||||||
551 | Pharmaron Beijing Co. Ltd., Class H (Health Care)(a) | 12,228 | ||||||
30,889 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 27,921 | ||||||
1,754 | Pinduoduo, Inc. ADR (Consumer Discretionary)* | 175,435 | ||||||
5,213 | Ping An Bank Co. Ltd., Class A (Financials) | 14,382 | ||||||
7,206 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 5,741 | ||||||
57,342 | Postal Savings Bank of China Co. Ltd., Class H (Financials)(a) | 41,362 | ||||||
4,220 | Power Construction Corp. of China Ltd., Class A (Industrials) | 4,062 | ||||||
286 | Red Star Macalline Group Corp. Ltd., Class A (Real Estate)* | 449 | ||||||
1,972 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 5,703 | ||||||
1,503 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 4,501 | ||||||
1,233 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 6,939 | ||||||
65 | Sangfor Technologies, Inc., Class A (Information Technology) | 2,744 | ||||||
2,279 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 9,265 | ||||||
1,381 | SDIC Capital Co. Ltd., Class A (Financials) | 1,997 | ||||||
1,806 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 2,536 | ||||||
8,768 | Seazen Group Ltd. (Real Estate)* | 7,779 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
534 | Seazen Holdings Co. Ltd., Class A (Real Estate) | 2,782 | ||||||
1,044 | SF Holding Co. Ltd., Class A (Industrials) | 9,324 | ||||||
2,262 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 4,807 | ||||||
520 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 2,935 | ||||||
10,554 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 17,370 | ||||||
240 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | 2,666 | ||||||
846 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 9,218 | ||||||
2,767 | Shanghai Electric Group Co. Ltd., Class A (Industrials) | 2,097 | ||||||
584 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 5,730 | ||||||
2,149 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 13,788 | ||||||
2,532 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 2,194 | ||||||
200 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)* | 1,737 | ||||||
612 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | 1,462 | ||||||
384 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 680 | ||||||
260 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 2,777 | ||||||
584 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 1,738 | ||||||
3,423 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 6,796 | ||||||
7,885 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 11,060 | ||||||
113 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 2,680 | ||||||
1,168 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 1,845 | ||||||
1,104 | Shanxi Meijin Energy Co. Ltd., Class A (Energy)* | 2,380 | ||||||
1,753 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials) | 2,747 | ||||||
273 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 11,743 | ||||||
5,767 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | 4,201 | ||||||
3,457 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)(a) | 840 | ||||||
900 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 1,092 | ||||||
736 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | 8,101 | ||||||
195 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care)* | 3,659 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 21 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
260 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | $ | 13,218 | |||||
2,203 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Consumer Discretionary) | 2,301 | ||||||
3,512 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 76,586 | ||||||
794 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 1,400 | ||||||
390 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 1,100 | ||||||
909 | Sinolink Securities Co. Ltd., Class A (Financials) | 1,548 | ||||||
1,623 | Sinopec Oilfield Service Corp., Class A (Energy)* | 543 | ||||||
6,006 | Sinopharm Group Co. Ltd., Class H (Health Care) | 15,429 | ||||||
934 | Sinotrans Ltd., Class A (Industrials) | 719 | ||||||
9,388 | Sinotrans Ltd., Class H (Industrials) | 3,826 | ||||||
1,168 | SooChow Securities Co. Ltd., Class A (Financials) | 1,713 | ||||||
260 | Spring Airlines Co. Ltd., Class A (Industrials)* | 2,143 | ||||||
400 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 9,751 | ||||||
2,972 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 89,878 | ||||||
406 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 2,474 | ||||||
779 | Suzhou Gold Mantis Construction Decoration Co. Ltd., Class A (Industrials) | 857 | ||||||
1,104 | TBEA Co. Ltd., Class A (Industrials) | 4,197 | ||||||
3,769 | TCL Technology Group Corp., Class A (Consumer Discretionary) | 4,165 | ||||||
26,531 | Tencent Holdings Ltd. (Communication Services) | 1,641,525 | ||||||
100 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1,837 | ||||||
844 | Tianjin Zhonghuan Semiconductor Co. Ltd., Class A (Information Technology) | 7,064 | ||||||
584 | Tianma Microelectronics Co. Ltd., Class A (Information Technology) | 1,281 | ||||||
8,219 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 14,626 | ||||||
182 | Toly Bread Co. Ltd., Class A (Consumer Staples) | 767 | ||||||
3,318 | Tongcheng-Elong Holdings Ltd. (Consumer Discretionary)* | 7,722 | ||||||
600 | Tongkun Group Co. Ltd., Class A (Materials) | 2,223 | ||||||
1,209 | Tongwei Co. Ltd., Class A (Consumer Staples) | 11,430 | ||||||
65 | Topchoice Medical Corp., Class A (Health Care)* | 2,368 | ||||||
10,360 | Topsports International Holdings Ltd. (Consumer Discretionary)(a) | 13,694 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
4,175 | TravelSky Technology Ltd., Class H (Information Technology) | 7,827 | ||||||
2,715 | Trip.com Group Ltd. ADR (Consumer Discretionary)* | 82,780 | ||||||
195 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 2,609 | ||||||
2,411 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 19,747 | ||||||
162 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 5,617 | ||||||
454 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 5,467 | ||||||
843 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 13,941 | ||||||
20,066 | Want Want China Holdings Ltd. (Consumer Staples) | 13,649 | ||||||
287 | Weibo Corp. ADR (Communication Services)* | 14,499 | ||||||
1,712 | Weichai Power Co. Ltd., Class A (Industrials) | 5,325 | ||||||
8,699 | Weichai Power Co. Ltd., Class H (Industrials) | 21,945 | ||||||
1,039 | Western Securities Co. Ltd., Class A (Financials) | 1,312 | ||||||
195 | Will Semiconductor Co. Ltd., Class A (Information Technology) | 7,317 | ||||||
325 | Wingtech Technology Co. Ltd., Class A (Information Technology) | 6,012 | ||||||
463 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology) | 1,966 | ||||||
1,043 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 32,604 | ||||||
687 | WuXi AppTec Co. Ltd., Class A (Health Care) | 14,140 | ||||||
1,509 | WuXi AppTec Co. Ltd., Class H (Health Care)(a) | 30,074 | ||||||
15,475 | Wuxi Biologics Cayman, Inc. (Health Care)*(a) | 239,566 | ||||||
395 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Information Technology) | 4,567 | ||||||
2,402 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 2,427 | ||||||
1,039 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 2,350 | ||||||
3,685 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (Industrials) | 7,041 | ||||||
18,719 | Xinyi Solar Holdings Ltd. (Information Technology) | 45,249 | ||||||
2,566 | XPeng, Inc. ADR (Consumer Discretionary)* | 109,055 | ||||||
649 | Yanzhou Coal Mining Co. Ltd., Class A (Energy) | 2,568 | ||||||
6,042 | Yanzhou Coal Mining Co. Ltd., Class H (Energy) | 10,550 | ||||||
195 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 2,599 | ||||||
|
|
22 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
218 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | $ | 1,752 | |||||
300 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 3,143 | ||||||
828 | Yonyou Network Technology Co. Ltd., Class A (Information Technology) | 4,299 | ||||||
287 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 3,945 | ||||||
195 | Yunnan Energy New Material Co. Ltd., Class A (Materials) | 8,535 | ||||||
649 | Yutong Bus Co. Ltd., Class A (Industrials) | 1,237 | ||||||
416 | Zai Lab Ltd. ADR (Health Care)* | 60,112 | ||||||
130 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | 6,993 | ||||||
549 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 5,356 | ||||||
909 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 3,243 | ||||||
6,829 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 5,988 | ||||||
325 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Materials) | 7,063 | ||||||
974 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 2,043 | ||||||
692 | Zhejiang NHU Co. Ltd., Class A (Health Care) | 3,086 | ||||||
1,026 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 4,015 | ||||||
454 | Zhejiang Semir Garment Co. Ltd., Class A (Consumer Discretionary) | 666 | ||||||
1,022 | Zheshang Securities Co. Ltd., Class A (Financials)* | 1,964 | ||||||
2,434 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 20,342 | ||||||
2,450 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials)* | 14,759 | ||||||
5,302 | Zijin Mining Group Co. Ltd., Class A (Materials) | 9,130 | ||||||
25,595 | Zijin Mining Group Co. Ltd., Class H (Materials) | 36,464 | ||||||
1,868 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 2,281 | ||||||
7,059 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 6,726 | ||||||
3,382 | ZTE Corp., Class H (Information Technology) | 11,893 | ||||||
|
| |||||||
10,021,333 | ||||||||
|
| |||||||
Colombia – 0.1% | ||||||||
1,015 | Bancolombia SA (Financials) | 8,380 | ||||||
16,220 | Ecopetrol SA (Energy) | 11,392 | ||||||
11,978 | Grupo Energia Bogota SA ESP (Utilities) | 8,578 | ||||||
1,903 | Interconexion Electrica SA ESP (Utilities) | 11,480 | ||||||
|
| |||||||
39,830 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Czech Republic – 0.1% | ||||||||
716 | CEZ AS (Utilities) | 22,565 | ||||||
332 | Komercni banka AS (Financials)* | 12,761 | ||||||
2,157 | Moneta Money Bank AS (Financials)*(a) | 8,747 | ||||||
|
| |||||||
44,073 | ||||||||
|
| |||||||
Egypt – 0.1% | ||||||||
8,762 | Commercial International Bank Egypt SAE (Financials)* | 26,119 | ||||||
4,647 | Eastern Co. SAE (Consumer Staples) | 3,484 | ||||||
4,876 | Fawry for Banking & Payment Technology Services SAE (Information Technology)* | 5,059 | ||||||
|
| |||||||
34,662 | ||||||||
|
| |||||||
Greece – 0.2% | ||||||||
11,341 | Eurobank Ergasias Services and Holdings SA (Financials)* | 10,804 | ||||||
986 | Hellenic Telecommunications Organization SA (Communication Services) | 19,397 | ||||||
498 | JUMBO SA (Consumer Discretionary) | 7,819 | ||||||
408 | LAMDA Development SA (Real Estate)* | 3,995 | ||||||
309 | Motor Oil Hellas Corinth Refineries SA (Energy)* | 5,107 | ||||||
470 | Mytilineos SA (Industrials) | 8,821 | ||||||
2,441 | National Bank of Greece SA (Financials)* | 7,382 | ||||||
874 | OPAP SA (Consumer Discretionary) | 13,701 | ||||||
508 | Public Power Corp. SA (Utilities)* | 6,015 | ||||||
248 | Terna Energy SA (Utilities) | 3,548 | ||||||
|
| |||||||
86,589 | ||||||||
|
| |||||||
Hong Kong – 0.0% | ||||||||
602 | Orient Overseas International Ltd. (Industrials) | 15,496 | ||||||
|
| |||||||
Hungary – 0.3% | ||||||||
2,114 | MOL Hungarian Oil & Gas PLC (Energy) | 17,324 | ||||||
975 | OTP Bank Nyrt (Financials)* | 58,839 | ||||||
621 | Richter Gedeon Nyrt (Health Care) | 18,602 | ||||||
|
| |||||||
94,765 | ||||||||
|
| |||||||
India – 12.1% | ||||||||
198 | ABB India Ltd. (Industrials) | 5,141 | ||||||
371 | ACC Ltd. (Materials) | 12,263 | ||||||
1,234 | Adani Enterprises Ltd. (Industrials) | 26,834 | ||||||
1,727 | Adani Green Energy Ltd. (Utilities)* | 25,272 | ||||||
3,043 | Adani Ports & Special Economic Zone Ltd. (Industrials) | 31,190 | ||||||
120 | Alkem Laboratories Ltd. (Health Care) | 6,375 | ||||||
2,707 | Ambuja Cements Ltd. (Materials) | 15,612 | ||||||
549 | Apollo Hospitals Enterprise Ltd. (Health Care) | 37,370 | ||||||
8,321 | Ashok Leyland Ltd. (Industrials) | 13,990 | ||||||
2,702 | Asian Paints Ltd. (Materials) | 118,482 | ||||||
685 | AU Small Finance Bank Ltd. (Financials)*(a) | 10,609 | ||||||
1,197 | Aurobindo Pharma Ltd. (Health Care) | 11,924 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 23 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
1,072 | Avenue Supermarts Ltd. (Consumer Staples)*(a) | $ | 58,070 | |||||
10,055 | Axis Bank Ltd. (Financials)* | 108,321 | ||||||
311 | Bajaj Auto Ltd. (Consumer Discretionary) | 15,880 | ||||||
1,141 | Bajaj Finance Ltd. (Financials) | 117,597 | ||||||
171 | Bajaj Finserv Ltd. (Financials) | 40,166 | ||||||
127 | Bajaj Holdings & Investment Ltd. (Financials) | 7,579 | ||||||
3,300 | Bandhan Bank Ltd. (Financials)(a) | 12,882 | ||||||
4,401 | Bank of Baroda (Financials)* | 4,663 | ||||||
1,222 | Berger Paints India Ltd. (Materials) | 13,739 | ||||||
5,075 | Bharat Electronics Ltd. (Industrials) | 12,975 | ||||||
3,639 | Bharat Petroleum Corp. Ltd. (Energy) | 23,509 | ||||||
10,404 | Bharti Airtel Ltd. (Communication Services)* | 94,631 | ||||||
1,942 | Biocon Ltd. (Health Care)* | 9,545 | ||||||
32 | Bosch Ltd. (Consumer Discretionary) | 6,075 | ||||||
531 | Britannia Industries Ltd. (Consumer Staples) | 29,075 | ||||||
976 | Cadila Healthcare Ltd. (Health Care) | 7,408 | ||||||
2,118 | Cipla Ltd. (Health Care) | 27,496 | ||||||
5,982 | Coal India Ltd. (Energy) | 11,950 | ||||||
511 | Colgate-Palmolive India Ltd. (Consumer Staples) | 11,852 | ||||||
1,045 | Container Corp. Of India Ltd. (Industrials) | 9,727 | ||||||
2,525 | Dabur India Ltd. (Consumer Staples) | 21,495 | ||||||
554 | Divi’s Laboratories Ltd. (Health Care) | 39,259 | ||||||
2,830 | DLF Ltd. (Real Estate) | 12,426 | ||||||
517 | Dr. Reddy’s Laboratories Ltd. (Health Care) | 33,312 | ||||||
559 | Eicher Motors Ltd. (Consumer Discretionary) | 20,514 | ||||||
4,200 | Embassy Office Parks REIT (Real Estate) | 20,572 | ||||||
8,108 | GAIL India Ltd. (Utilities) | 16,231 | ||||||
214 | Gland Pharma Ltd. (Health Care)*(a) | 11,414 | ||||||
1,665 | Godrej Consumer Products Ltd. (Consumer Staples)* | 25,070 | ||||||
433 | Godrej Properties Ltd. (Real Estate)* | 8,831 | ||||||
1,583 | Grasim Industries Ltd. (Materials) | 32,533 | ||||||
773 | Gujarat Gas Ltd. (Utilities) | 7,653 | ||||||
982 | Havells India Ltd. (Industrials) | 17,062 | ||||||
4,591 | HCL Technologies Ltd. (Information Technology) | 74,348 | ||||||
202 | HDFC Asset Management Co. Ltd. (Financials)(a) | 8,506 | ||||||
4,109 | HDFC Life Insurance Co. Ltd. (Financials)(a) | 40,396 | ||||||
580 | Hero MotoCorp Ltd. (Consumer Discretionary) | 21,782 | ||||||
5,365 | Hindalco Industries Ltd. (Materials) | 34,413 | ||||||
155 | Hindustan Aeronautics Ltd. (Industrials) | 2,921 | ||||||
2,614 | Hindustan Petroleum Corp. Ltd. (Energy) | 9,545 | ||||||
3,606 | Hindustan Unilever Ltd. (Consumer Staples) | 134,549 | ||||||
10 | Honeywell Automation India Ltd. (Information Technology) | 5,425 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
6,923 | Housing Development Finance Corp. Ltd. (Financials) | 265,370 | ||||||
22,716 | ICICI Bank Ltd. (Financials) | 223,730 | ||||||
974 | ICICI Lombard General Insurance Co. Ltd. (Financials)(a) | 21,274 | ||||||
2,969 | ICICI Prudential Life Insurance Co. Ltd. (Financials)(a) | 26,804 | ||||||
7,222 | Indian Oil Corp. Ltd. (Energy) | 10,965 | ||||||
1,266 | Indraprastha Gas Ltd. (Utilities) | 9,465 | ||||||
3,014 | Indus Towers Ltd. (Communication Services) | 8,890 | ||||||
311 | Info Edge India Ltd. (Communication Services) | 26,336 | ||||||
14,710 | Infosys Ltd. (Information Technology) | 343,826 | ||||||
440 | InterGlobe Aviation Ltd. (Industrials)*(a) | 11,476 | ||||||
13,226 | ITC Ltd. (Consumer Staples) | 38,279 | ||||||
4,184 | JSW Steel Ltd. (Materials) | 39,406 | ||||||
308 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 16,854 | ||||||
616 | Kansai Nerolac Paints Ltd. (Materials) | 5,227 | ||||||
4,833 | Kotak Mahindra Bank Ltd. (Financials) | 116,093 | ||||||
188 | Larsen & Toubro Infotech Ltd. (Information Technology)(a) | 13,680 | ||||||
3,051 | Larsen & Toubro Ltd. (Industrials) | 69,882 | ||||||
940 | Lupin Ltd. (Health Care) | 12,333 | ||||||
4,721 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 51,298 | ||||||
2,091 | Marico Ltd. (Consumer Staples) | 15,594 | ||||||
584 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 54,763 | ||||||
233 | Mindtree Ltd. (Information Technology) | 11,576 | ||||||
5,408 | Motherson Sumi Systems Ltd. (Consumer Discretionary)* | 16,193 | ||||||
353 | Mphasis Ltd. (Information Technology)* | 14,013 | ||||||
12 | MRF Ltd. (Consumer Discretionary) | 13,107 | ||||||
477 | Muthoot Finance Ltd. (Financials) | 9,892 | ||||||
151 | Nestle India Ltd. (Consumer Staples) | 40,265 | ||||||
11,218 | NHPC Ltd. (Utilities) | 4,141 | ||||||
2,394 | NMDC Ltd. (Materials) | 5,051 | ||||||
16,303 | NTPC Ltd. (Utilities) | 25,892 | ||||||
10,371 | Oil & Natural Gas Corp. Ltd. (Energy) | 17,125 | ||||||
77 | Oracle Financial Services Software Ltd. (Information Technology) | 4,957 | ||||||
25 | Page Industries Ltd. (Consumer Discretionary) | 10,786 | ||||||
3,237 | Petronet LNG Ltd. (Energy) | 10,091 | ||||||
343 | PI Industries Ltd. (Materials) | 15,945 | ||||||
621 | Pidilite Industries Ltd. (Materials) | 19,397 | ||||||
417 | Piramal Enterprises Ltd. (Financials) | 14,888 | ||||||
4,535 | Power Finance Corp. Ltd. (Financials) | 8,016 | ||||||
11,625 | Power Grid Corp. of India Ltd. (Utilities) | 27,921 | ||||||
9,039 | Punjab National Bank (Financials)* | 4,538 | ||||||
3,833 | REC Ltd. (Financials) | 7,964 | ||||||
11,519 | Reliance Industries Ltd. (Energy) | 356,287 | ||||||
964 | SBI Cards & Payment Services Ltd. (Financials)* | 15,060 | ||||||
|
|
24 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
India – (continued) | ||||||||
1,870 | SBI Life Insurance Co. Ltd. (Financials)(a) | $ | 30,533 | |||||
44 | Shree Cement Ltd. (Materials) | 17,048 | ||||||
804 | Shriram Transport Finance Co. Ltd. (Financials) | 14,897 | ||||||
276 | Siemens Ltd. (Industrials) | 8,591 | ||||||
113 | SRF Ltd. (Materials) | 15,694 | ||||||
7,991 | State Bank of India (Financials) | 46,633 | ||||||
4,578 | Steel Authority of India Ltd. (Materials) | 7,625 | ||||||
4,672 | Sun Pharmaceutical Industries Ltd. (Health Care) | 50,814 | ||||||
3,914 | Tata Consultancy Services Ltd. (Information Technology) | 202,995 | ||||||
2,840 | Tata Consumer Products Ltd. (Consumer Staples) | 33,647 | ||||||
6,969 | Tata Motors Ltd. (Consumer Discretionary)* | 27,424 | ||||||
1,970 | Tata Motors Ltd., Class A (Consumer Discretionary)* | 3,685 | ||||||
6,482 | Tata Power Co. Ltd. (The) (Utilities) | 11,458 | ||||||
2,866 | Tata Steel Ltd. (Materials) | 56,931 | ||||||
2,584 | Tech Mahindra Ltd. (Information Technology) | 51,238 | ||||||
1,572 | Titan Co. Ltd. (Consumer Discretionary) | 41,376 | ||||||
217 | Torrent Pharmaceuticals Ltd. (Health Care) | 9,232 | ||||||
483 | UltraTech Cement Ltd. (Materials) | 51,818 | ||||||
313 | United Breweries Ltd. (Consumer Staples) | 6,324 | ||||||
1,336 | United Spirits Ltd. (Consumer Staples)* | 13,087 | ||||||
2,172 | UPL Ltd. (Materials) | 22,052 | ||||||
5,295 | Vedanta Ltd. (Materials) | 21,961 | ||||||
1,002 | Voltas Ltd. (Industrials) | 13,668 | ||||||
5,633 | Wipro Ltd. (Information Technology) | 49,453 | ||||||
|
| |||||||
4,379,293 | ||||||||
|
| |||||||
Indonesia – 1.3% | ||||||||
61,965 | Adaro Energy Tbk PT (Energy) | 5,474 | ||||||
90,273 | Astra International Tbk PT (Consumer Discretionary) | 33,071 | ||||||
7,759 | Bank Aladin Syariah Tbk PT (Financials)* | 1,823 | ||||||
49,051 | Bank Central Asia Tbk PT (Financials) | 112,633 | ||||||
28,307 | Bank Jago Tbk PT (Financials)* | 30,118 | ||||||
79,291 | Bank Mandiri Persero Tbk PT (Financials) | 33,912 | ||||||
33,383 | Bank Negara Indonesia Persero Tbk PT (Financials) | 12,639 | ||||||
236,288 | Bank Rakyat Indonesia Persero Tbk PT (Financials) | 65,109 | ||||||
151,787 | Bank Syariah Indonesia Tbk PT (Financials)* | 23,626 | ||||||
7,349 | Chandra Asri Petrochemical Tbk PT (Materials) | 4,045 | ||||||
32,645 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) | 14,649 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Indonesia – (continued) | ||||||||
80,571 | Elang Mahkota Teknologi Tbk PT (Communication Services)* | 12,259 | ||||||
11,449 | Indah Kiat Pulp & Paper Tbk PT (Materials) | 6,342 | ||||||
8,076 | Indocement Tunggal Prakarsa Tbk PT (Materials) | 6,370 | ||||||
19,623 | Indofood Sukses Makmur Tbk PT (Consumer Staples)* | 8,496 | ||||||
89,322 | Kalbe Farma Tbk PT (Health Care) | 8,423 | ||||||
48,301 | Merdeka Copper Gold Tbk PT (Materials)* | 9,550 | ||||||
107,747 | Sarana Menara Nusantara Tbk PT (Communication Services) | 10,123 | ||||||
13,011 | Semen Indonesia Persero Tbk PT (Materials) | 8,438 | ||||||
212,471 | Telkom Indonesia Persero Tbk PT (Communication Services) | 50,650 | ||||||
6,746 | United Tractors Tbk PT (Energy) | 9,495 | ||||||
|
| |||||||
467,245 | ||||||||
|
| |||||||
Kuwait – 0.6% | ||||||||
4,933 | Agility Public Warehousing Co. KSC (Industrials) | 16,383 | ||||||
4,321 | Boubyan Bank KSCP (Financials)* | 11,248 | ||||||
19,146 | Kuwait Finance House KSCP (Financials) | 52,575 | ||||||
15,130 | Mobile Telecommunications Co. KSCP (Communication Services) | 30,733 | ||||||
29,784 | National Bank of Kuwait SAKP (Financials) | 92,679 | ||||||
|
| |||||||
203,618 | ||||||||
|
| |||||||
Luxembourg – 0.0% | ||||||||
678 | Reinet Investments SCA (Financials)* | 13,174 | ||||||
|
| |||||||
Mexico – 2.0% | ||||||||
21,979 | Alfa SAB de CV, Class A (Industrials) | 15,465 | ||||||
132,554 | America Movil SAB de CV, Series L (Communication Services) | 130,771 | ||||||
1,975 | Arca Continental SAB de CV (Consumer Staples) | 12,750 | ||||||
2,611 | Becle SAB de CV (Consumer Staples) | 6,670 | ||||||
65,200 | Cemex SAB de CV, Series CPO (Materials)* | 53,684 | ||||||
2,214 | Coca-Cola Femsa SAB de CV (Consumer Staples) | 12,846 | ||||||
940 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) | 4,177 | ||||||
13,277 | Fibra Uno Administracion SA de CV REIT (Real Estate) | 15,139 | ||||||
9,580 | Fomento Economico Mexicano SAB de CV (Consumer Staples) | 83,598 | ||||||
2,625 | GMexico Transportes SAB de CV (Industrials)(a) | 4,083 | ||||||
892 | Gruma SAB de CV, Class B (Consumer Staples) | 10,210 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 25 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Mexico – (continued) | ||||||||
1,586 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials)* | $ | 18,510 | |||||
545 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials)* | 9,802 | ||||||
6,068 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | 15,388 | ||||||
1,956 | Grupo Carso SAB de CV, Series A1 (Industrials) | 6,664 | ||||||
266 | Grupo Elektra SAB DE CV (Financials) | 21,242 | ||||||
12,782 | Grupo Financiero Banorte SAB de CV, Class O (Financials) | 84,565 | ||||||
8,978 | Grupo Financiero Inbursa SAB de CV, Class O (Financials)* | 8,615 | ||||||
13,732 | Grupo Mexico SAB de CV, Series B (Materials) | 64,105 | ||||||
11,249 | Grupo Televisa SAB, Series CPO (Communication Services) | 29,717 | ||||||
555 | Industrias Penoles SAB de CV (Materials)* | 7,882 | ||||||
7,171 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) | 12,693 | ||||||
4,597 | Orbia Advance Corp. SAB de CV (Materials) | 13,154 | ||||||
22,826 | Wal-Mart de Mexico SAB de CV (Consumer Staples) | 81,396 | ||||||
|
| |||||||
723,126 | ||||||||
|
| |||||||
Pakistan – 0.1% | ||||||||
1,352 | DG Khan Cement Co. Ltd. (Materials)* | 869 | ||||||
1,535 | Engro Corp. Ltd. (Materials) | 2,713 | ||||||
1,335 | Engro Polymer & Chemicals Ltd. (Materials) | 505 | ||||||
4,801 | Hub Power Co. Ltd. (The) (Utilities) | 2,309 | ||||||
801 | Lucky Cement Ltd. (Materials)* | 3,999 | ||||||
2,201 | Maple Leaf Cement Factory Ltd. (Materials)* | 573 | ||||||
1,329 | Pakistan State Oil Co. Ltd. (Energy) | 1,731 | ||||||
538 | Searle Co. Ltd. (The) (Health Care) | 738 | ||||||
1,825 | TRG Pakistan (Industrials) | 1,764 | ||||||
2,156 | United Bank Ltd. (Financials) | 1,567 | ||||||
|
| |||||||
16,768 | ||||||||
|
| |||||||
Philippines – 0.7% | ||||||||
10,083 | Aboitiz Equity Ventures, Inc. (Industrials) | 8,725 | ||||||
1,124 | Ayala Corp. (Industrials) | 17,905 | ||||||
26,380 | Ayala Land, Inc. (Real Estate) | 17,896 | ||||||
8,082 | Bank of the Philippine Islands (Financials) | 13,516 | ||||||
7,852 | BDO Unibank, Inc. (Financials) | 17,345 | ||||||
141 | Globe Telecom, Inc. (Communication Services) | 7,709 | ||||||
3,661 | International Container Terminal Services, Inc. (Industrials) | 13,695 | ||||||
12,574 | JG Summit Holdings, Inc. (Industrials) | 16,403 | ||||||
1,984 | Jollibee Foods Corp. (Consumer Discretionary) | 8,048 | ||||||
1,126 | Manila Electric Co. (Utilities) | 6,383 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Philippines – (continued) | ||||||||
8,054 | Metropolitan Bank & Trust Co. (Financials) | 7,317 | ||||||
31,861 | Monde Nissin Corp. (Consumer Staples)*(a) | 10,785 | ||||||
387 | PLDT, Inc. (Communication Services) | 11,396 | ||||||
2,136 | SM Investments Corp. (Industrials) | 43,321 | ||||||
46,724 | SM Prime Holdings, Inc. (Real Estate) | 31,932 | ||||||
3,947 | Universal Robina Corp. (Consumer Staples) | 11,964 | ||||||
|
| |||||||
244,340 | ||||||||
|
| |||||||
Qatar – 0.8% | ||||||||
8,879 | Commercial Bank PSQC (The) (Financials) | 14,724 | ||||||
13,272 | Industries Qatar QSC (Industrials) | 46,840 | ||||||
16,453 | Masraf Al Rayan QSC (Financials) | 20,561 | ||||||
19,432 | Mesaieed Petrochemical Holding Co. (Materials) | 10,674 | ||||||
4,466 | Ooredoo QPSC (Communication Services) | 8,479 | ||||||
1,880 | Qatar Electricity & Water Co. QSC (Utilities) | 8,571 | ||||||
2,181 | Qatar Fuel QSC (Energy) | 10,962 | ||||||
12,154 | Qatar Gas Transport Co. Ltd. (Energy) | 10,332 | ||||||
3,321 | Qatar International Islamic Bank QSC (Financials) | 8,756 | ||||||
5,184 | Qatar Islamic Bank (Financials) | 26,055 | ||||||
19,682 | Qatar National Bank QPSC (Financials) | 103,627 | ||||||
|
| |||||||
269,581 | ||||||||
|
| |||||||
Russia – 3.0% | ||||||||
13,839 | Alrosa PJSC (Materials) | 27,548 | ||||||
801 | Gazprom Neft PJSC (Energy) | 4,660 | ||||||
52,100 | Gazprom PJSC (Energy) | 217,633 | ||||||
1,695 | LUKOIL PJSC (Energy) | 144,901 | ||||||
272 | MMC Norilsk Nickel PJSC (Materials) | 89,326 | ||||||
4,966 | Mobile TeleSystems PJSC (Communication Services) | 22,306 | ||||||
3,327 | Novatek PJSC (Energy) | 78,772 | ||||||
5,553 | Novolipetsk Steel PJSC (Materials) | 18,715 | ||||||
1,506 | Polymetal International PLC (Materials) | 30,081 | ||||||
134 | Polyus PJSC (Materials) | 24,158 | ||||||
5,475 | Rosneft Oil Co. PJSC (Energy) | 39,909 | ||||||
47,840 | Sberbank of Russia PJSC (Financials) | 214,821 | ||||||
1,055 | Severstal PAO (Materials) | 24,754 | ||||||
6,835 | Tatneft PJSC (Energy) | 45,212 | ||||||
7,081 | United Co RUSAL International PJSC (Materials)* | 5,113 | ||||||
1,386 | Yandex NV, Class A (Communication Services)* | 105,733 | ||||||
|
| |||||||
1,093,642 | ||||||||
|
| |||||||
Saudi Arabia – 3.2% | ||||||||
475 | Advanced Petrochemical Co. (Materials) | 9,068 | ||||||
5,430 | Al Rajhi Bank (Financials) | 175,175 | ||||||
4,388 | Alinma Bank (Financials) | 26,791 | ||||||
1,101 | Almarai Co. JSC (Consumer Staples) | 17,026 | ||||||
2,496 | Arab National Bank (Financials) | 15,226 | ||||||
|
|
26 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Saudi Arabia – (continued) | ||||||||
780 | Arabian Centres Co. Ltd. (Real Estate) | $ | 5,199 | |||||
1,619 | Bank AlBilad (Financials)* | 18,453 | ||||||
2,644 | Banque Saudi Fransi (Financials) | 28,550 | ||||||
109 | BinDawood Holding Co. (Consumer Staples) | 3,139 | ||||||
257 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 11,443 | ||||||
2,369 | Dar Al Arkan Real Estate Development Co. (Real Estate)* | 6,442 | ||||||
380 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 18,601 | ||||||
1,689 | Etihad Etisalat Co. (Communication Services) | 14,410 | ||||||
263 | Jarir Marketing Co. (Consumer Discretionary) | 15,188 | ||||||
213 | Mouwasat Medical Services Co. (Health Care) | 11,131 | ||||||
1,467 | National Industrialization Co. (Materials)* | 8,167 | ||||||
538 | National Petrochemical Co. (Materials) | 6,813 | ||||||
979 | Rabigh Refining & Petrochemical Co. (Energy)* | 6,426 | ||||||
6,581 | Riyad Bank (Financials) | 47,199 | ||||||
899 | SABIC Agri-Nutrients Co. (Materials) | 30,057 | ||||||
1,609 | Sahara International Petrochemical Co. (Materials) | 14,285 | ||||||
1,808 | Saudi Arabian Mining Co. (Materials)* | 35,093 | ||||||
15,602 | Saudi Arabian Oil Co. (Energy)(a) | 146,215 | ||||||
3,983 | Saudi Basic Industries Corp. (Materials) | 130,618 | ||||||
3,924 | Saudi British Bank (The) (Financials) | 36,042 | ||||||
3,503 | Saudi Electricity Co. (Utilities) | 25,497 | ||||||
987 | Saudi Industrial Investment Group (Materials) | 9,447 | ||||||
3,291 | Saudi Kayan Petrochemical Co. (Materials)* | 16,338 | ||||||
9,727 | Saudi National Bank (The) (Financials) | 157,678 | ||||||
2,660 | Saudi Telecom Co. (Communication Services) | 95,742 | ||||||
1,171 | Savola Group (The) (Consumer Staples) | 12,535 | ||||||
1,042 | Yanbu National Petrochemical Co. (Materials) | 18,836 | ||||||
|
| |||||||
1,172,830 | ||||||||
|
| |||||||
Singapore – 0.0% | ||||||||
931 | BOC Aviation Ltd. (Industrials)(a) | 6,979 | ||||||
|
| |||||||
South Africa – 3.1% | ||||||||
2,670 | Absa Group Ltd. (Financials)* | 29,173 | ||||||
357 | African Rainbow Minerals Ltd. (Materials) | 6,397 | ||||||
184 | Anglo American Platinum Ltd. (Materials)(c) | 20,969 | ||||||
1,521 | Aspen Pharmacare Holdings Ltd. (Health Care)* | 20,621 | ||||||
1,428 | Bid Corp. Ltd. (Consumer Staples)* | 31,579 | ||||||
1,474 | Bidvest Group Ltd. (The) (Industrials) | 20,890 | ||||||
272 | Capitec Bank Holdings Ltd. (Financials) | 35,684 | ||||||
1,087 | Clicks Group Ltd. (Consumer Staples) | 22,737 | ||||||
1,520 | Discovery Ltd. (Financials)* | 13,531 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Africa – (continued) | ||||||||
1,330 | Exxaro Resources Ltd. (Energy) | 16,965 | ||||||
16,626 | FirstRand Ltd. (Financials) | 71,136 | ||||||
3,119 | Gold Fields Ltd. (Materials) | 29,428 | ||||||
3,428 | Impala Platinum Holdings Ltd. (Materials) | 52,824 | ||||||
214 | Kumba Iron Ore Ltd. (Materials) | 9,661 | ||||||
7,424 | MTN Group Ltd. (Communication Services)* | 68,487 | ||||||
1,502 | MultiChoice Group (Communication Services) | 11,931 | ||||||
1,886 | Naspers Ltd., Class N (Consumer Discretionary)(c) | 323,352 | ||||||
1,786 | Nedbank Group Ltd. (Financials)* | 22,842 | ||||||
1,204 | Northam Platinum Ltd. (Materials)* | 16,646 | ||||||
21,081 | Old Mutual Ltd. (Financials) | 22,385 | ||||||
3,753 | Pepkor Holdings Ltd. (Consumer Discretionary)*(a) | 5,973 | ||||||
2,674 | Rand Merchant Investment Holdings Ltd. (Financials) | 5,856 | ||||||
2,106 | Remgro Ltd. (Financials) | 17,589 | ||||||
7,411 | Sanlam Ltd. (Financials) | 33,015 | ||||||
1,965 | Sasol Ltd. (Materials)* | 30,429 | ||||||
1,872 | Shoprite Holdings Ltd. (Consumer Staples) | 23,793 | ||||||
12,354 | Sibanye Stillwater Ltd. (Materials) | 50,304 | ||||||
5,737 | Standard Bank Group Ltd. (Financials) | 58,980 | ||||||
2,278 | Vodacom Group Ltd. (Communication Services) | 22,623 | ||||||
4,104 | Woolworths Holdings Ltd. (Consumer Discretionary)* | 18,059 | ||||||
|
| |||||||
1,113,859 | ||||||||
|
| |||||||
South Korea – 11.6% | ||||||||
114 | Amorepacific Corp. (Consumer Staples) | 22,368 | ||||||
132 | AMOREPACIFIC Group (Consumer Staples) | 6,580 | ||||||
35 | BGF retail Co. Ltd. (Consumer Staples) | 5,388 | ||||||
1,035 | BNK Financial Group, Inc. (Financials) | 6,927 | ||||||
370 | Celltrion Healthcare Co. Ltd. (Health Care)* | 39,475 | ||||||
73 | Celltrion Pharm, Inc. (Health Care)* | 10,886 | ||||||
362 | Celltrion, Inc. (Health Care)* | 91,480 | ||||||
248 | Cheil Worldwide, Inc. (Communication Services) | 4,941 | ||||||
27 | CJ CheilJedang Corp. (Consumer Staples) | 10,561 | ||||||
59 | CJ Corp. (Industrials) | 5,165 | ||||||
45 | CJ ENM Co. Ltd. (Consumer Discretionary) | 5,942 | ||||||
33 | CJ Logistics Corp. (Industrials)* | 4,867 | ||||||
211 | Coway Co. Ltd. (Consumer Discretionary) | 14,231 | ||||||
82 | CS Wind Corp. (Industrials) | 5,651 | ||||||
733 | Daewoo Engineering & Construction Co. Ltd. (Industrials)* | 4,647 | ||||||
212 | Daewoo Shipbuilding & Marine Engineering Co. Ltd. (Industrials)* | 5,129 | ||||||
181 | DB Insurance Co. Ltd. (Financials) | 9,164 | ||||||
67 | DL E&C Co. Ltd. (Industrials)* | 8,148 | ||||||
227 | Dongsuh Cos., Inc. (Consumer Staples) | 5,658 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 27 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
175 | Doosan Bobcat, Inc. (Industrials)* | $ | 6,543 | |||||
32 | Doosan Co. Ltd. (Industrials) | 2,470 | ||||||
133 | Doosan Fuel Cell Co. Ltd. (Industrials)* | 6,298 | ||||||
1,195 | Doosan Heavy Industries & Construction Co. Ltd. (Industrials)* | 21,541 | ||||||
185 | Doosan Infracore Co. Ltd. (Industrials)* | 1,883 | ||||||
46 | Ecopro BM Co. Ltd. (Industrials) | 12,711 | ||||||
64 | E-MART, Inc. (Consumer Staples) | 9,880 | ||||||
194 | Fila Holdings Corp. (Consumer Discretionary) | 7,513 | ||||||
240 | GS Engineering & Construction Corp. (Industrials) | 9,263 | ||||||
303 | GS Holdings Corp. (Energy) | 11,107 | ||||||
1,157 | Hana Financial Group, Inc. (Financials) | 44,955 | ||||||
295 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 11,856 | ||||||
23 | Hanmi Pharm Co. Ltd. (Health Care) | 6,130 | ||||||
94 | Hanmi Science Co. Ltd. (Health Care) | 5,951 | ||||||
583 | Hanon Systems (Consumer Discretionary) | 8,271 | ||||||
33 | Hansol Chemical Co. Ltd. (Materials) | 8,268 | ||||||
43 | Hanssem Co. Ltd. (Consumer Discretionary) | 4,302 | ||||||
130 | Hanwha Aerospace Co. Ltd. (Industrials) | 5,707 | ||||||
170 | Hanwha Corp. (Industrials) | 5,102 | ||||||
1,675 | Hanwha Life Insurance Co. Ltd. (Financials) | 4,818 | ||||||
455 | Hanwha Solutions Corp. (Materials)* | 15,991 | ||||||
147 | HDC Hyundai Development Co.-Engineering & Construction, Class E (Industrials) | 3,791 | ||||||
114 | Hite Jinro Co. Ltd. (Consumer Staples) | 3,279 | ||||||
1,164 | HMM Co. Ltd. (Industrials)* | 42,165 | ||||||
140 | Hotel Shilla Co. Ltd. (Consumer Discretionary) | 10,843 | ||||||
29 | Hugel, Inc. (Health Care)* | 4,877 | ||||||
75 | HYBE Co. Ltd. (Communication Services)* | 18,727 | ||||||
59 | Hyundai Department Store Co. Ltd. (Consumer Discretionary) | 4,112 | ||||||
95 | Hyundai Elevator Co. Ltd. (Industrials) | 4,113 | ||||||
268 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 12,828 | ||||||
68 | Hyundai Glovis Co. Ltd. (Industrials) | 11,378 | ||||||
167 | Hyundai Heavy Industries Holdings Co. Ltd. (Industrials) | 9,405 | ||||||
247 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials) | 5,454 | ||||||
88 | Hyundai Mipo Dockyard Co. Ltd. (Industrials)* | 5,791 | ||||||
242 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 57,920 | ||||||
513 | Hyundai Motor Co. (Consumer Discretionary) | 94,021 | ||||||
324 | Hyundai Steel Co. (Materials) | 14,252 | ||||||
86 | Iljin Materials Co. Ltd. (Information Technology) | 5,615 | ||||||
1,010 | Industrial Bank of Korea (Financials) | 8,972 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
1,026 | Kakao Corp. (Communication Services) | 137,160 | ||||||
151 | Kakao Games Corp. (Communication Services)* | 10,575 | ||||||
512 | Kangwon Land, Inc. (Consumer Discretionary)* | 12,232 | ||||||
1,404 | KB Financial Group, Inc. (Financials) | 64,058 | ||||||
18 | KCC Corp. (Materials) | 5,589 | ||||||
76 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | 2,465 | ||||||
956 | Kia Corp. (Consumer Discretionary) | 70,167 | ||||||
54 | KIWOOM Securities Co. Ltd. (Financials) | 5,496 | ||||||
297 | Korea Aerospace Industries Ltd. (Industrials) | 8,415 | ||||||
1,150 | Korea Electric Power Corp. (Utilities) | 23,804 | ||||||
132 | Korea Gas Corp. (Utilities)* | 4,121 | ||||||
151 | Korea Investment Holdings Co. Ltd. (Financials) | 12,411 | ||||||
160 | Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials)* | 16,353 | ||||||
40 | Korea Zinc Co. Ltd. (Materials) | 18,353 | ||||||
778 | Korean Air Lines Co. Ltd. (Industrials)* | 21,002 | ||||||
286 | KT Corp. (Communication Services) | 8,091 | ||||||
437 | KT&G Corp. (Consumer Staples) | 30,755 | ||||||
66 | Kumho Petrochemical Co. Ltd. (Materials) | 11,072 | ||||||
43 | LEENO Industrial, Inc. (Information Technology) | 6,609 | ||||||
178 | LG Chem Ltd. (Materials) | 116,369 | ||||||
402 | LG Corp. (Industrials) | 33,042 | ||||||
892 | LG Display Co. Ltd. (Information Technology)* | 15,771 | ||||||
404 | LG Electronics, Inc. (Consumer Discretionary) | 49,479 | ||||||
36 | LG Household & Health Care Ltd. (Consumer Staples) | 45,363 | ||||||
52 | LG Innotek Co. Ltd. (Information Technology) | 9,642 | ||||||
958 | LG Uplus Corp. (Communication Services) | 11,609 | ||||||
54 | Lotte Chemical Corp. (Materials) | 11,643 | ||||||
133 | Lotte Corp. (Industrials) | 4,072 | ||||||
45 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 4,172 | ||||||
79 | LS Corp. (Industrials) | 4,538 | ||||||
122 | Mando Corp. (Consumer Discretionary)* | 6,387 | ||||||
21 | Medytox, Inc. (Health Care) | 3,307 | ||||||
181 | Meritz Fire & Marine Insurance Co. Ltd. (Financials) | 4,145 | ||||||
1,161 | Meritz Securities Co. Ltd. (Financials) | 5,367 | ||||||
1,043 | Mirae Asset Securities Co. Ltd. (Financials) | 7,934 | ||||||
534 | NAVER Corp. (Communication Services) | 202,187 | ||||||
61 | NCSoft Corp. (Communication Services) | 34,723 | ||||||
75 | Netmarble Corp. (Communication Services)(a) | 8,344 | ||||||
525 | NH Investment & Securities Co. Ltd. (Financials) | 6,000 | ||||||
13 | NongShim Co. Ltd. (Consumer Staples) | 3,347 | ||||||
75 | OCI Co. Ltd. (Materials)* | 8,215 | ||||||
|
|
28 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
South Korea – (continued) | ||||||||
90 | Orion Corp. (Consumer Staples) | $ | 9,819 | |||||
926 | Pan Ocean Co. Ltd. (Industrials) | 6,637 | ||||||
127 | Pearl Abyss Corp. (Communication Services)* | 10,329 | ||||||
290 | POSCO (Materials) | 84,290 | ||||||
120 | POSCO Chemical Co. Ltd. (Materials) | 16,094 | ||||||
185 | Posco International Corp. (Industrials) | 3,630 | ||||||
83 | S-1 Corp. (Industrials) | 5,877 | ||||||
58 | Samsung Biologics Co. Ltd. (Health Care)*(a) | 48,273 | ||||||
313 | Samsung C&T Corp. (Industrials) | 35,904 | ||||||
111 | Samsung Card Co. Ltd. (Financials) | 3,265 | ||||||
206 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 32,780 | ||||||
20,956 | Samsung Electronics Co. Ltd. (Information Technology) | 1,386,282 | ||||||
620 | Samsung Engineering Co. Ltd. (Industrials)* | 11,951 | ||||||
125 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 24,365 | ||||||
1,964 | Samsung Heavy Industries Co. Ltd. (Industrials)* | 10,672 | ||||||
283 | Samsung Life Insurance Co. Ltd. (Financials) | 18,184 | ||||||
200 | Samsung SDI Co. Ltd. (Information Technology) | 136,789 | ||||||
126 | Samsung SDS Co. Ltd. (Information Technology) | 18,746 | ||||||
223 | Samsung Securities Co. Ltd. (Financials) | 9,511 | ||||||
175 | Seegene, Inc. (Health Care) | 9,931 | ||||||
1,963 | Shinhan Financial Group Co. Ltd. (Financials) | 65,775 | ||||||
26 | Shinsegae, Inc. (Consumer Discretionary) | 6,032 | ||||||
90 | SK Bioscience Co. Ltd. (Health Care)* | 24,335 | ||||||
2,063 | SK Hynix, Inc. (Information Technology) | 189,495 | ||||||
95 | SK IE Technology Co. Ltd. (Materials)*(a) | 17,002 | ||||||
185 | SK Innovation Co. Ltd. (Energy)* | 39,810 | ||||||
13 | SK Materials Co. Ltd. (Materials) | 4,535 | ||||||
525 | SK Networks Co. Ltd. (Industrials) | 2,518 | ||||||
76 | SK Telecom Co. Ltd. (Communication Services) | 19,533 | ||||||
121 | SK, Inc. (Industrials) | 27,499 | ||||||
143 | S-Oil Corp. (Energy) | 11,729 | ||||||
51 | Solus Advanced Materials Co. Ltd. (Information Technology) | 2,727 | ||||||
21 | Soulbrain Co. Ltd./New (Materials) | 5,131 | ||||||
432 | SSANGYONG C&E Co. Ltd. (Materials) | 3,141 | ||||||
52 | Studio Dragon Corp. (Communication Services)* | 3,902 | ||||||
1,841 | Woori Financial Group, Inc. (Financials) | 17,863 | ||||||
166 | Yuhan Corp. (Health Care) | 8,948 | ||||||
|
| |||||||
4,192,999 | ||||||||
|
| |||||||
Taiwan – 14.7% | ||||||||
2,081 | Accton Technology Corp. (Information Technology) | 21,063 | ||||||
12,905 | Acer, Inc. (Information Technology) | 11,735 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
1,736 | Advantech Co. Ltd. (Information Technology) | 24,179 | ||||||
10,588 | ASE Technology Holding Co. Ltd. (Information Technology)* | 49,094 | ||||||
9,038 | Asia Cement Corp. (Materials) | 14,643 | ||||||
113 | ASMedia Technology, Inc. (Information Technology) | 8,461 | ||||||
2,716 | Asustek Computer, Inc. (Information Technology) | 31,753 | ||||||
36,312 | AU Optronics Corp. (Information Technology) | 23,061 | ||||||
33,162 | Cathay Financial Holding Co. Ltd. (Financials) | 71,317 | ||||||
5,712 | Chailease Holding Co. Ltd. (Financials) | 54,928 | ||||||
23,616 | Chang Hwa Commercial Bank Ltd. (Financials) | 14,060 | ||||||
7,227 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 9,714 | ||||||
2,590 | Chicony Electronics Co. Ltd. (Information Technology) | 7,336 | ||||||
11,528 | China Airlines Ltd. (Industrials)* | 7,175 | ||||||
63,635 | China Development Financial Holding Corp. (Financials) | 32,606 | ||||||
9,868 | China Life Insurance Co. Ltd. (Financials) | 10,290 | ||||||
50,516 | China Steel Corp. (Materials) | 69,540 | ||||||
1,630 | Chroma ATE, Inc. (Information Technology) | 10,557 | ||||||
16,850 | Chunghwa Telecom Co. Ltd. (Communication Services) | 68,097 | ||||||
18,532 | Compal Electronics, Inc. (Information Technology) | 15,313 | ||||||
80,351 | CTBC Financial Holding Co. Ltd. (Financials) | 66,685 | ||||||
8,197 | Delta Electronics, Inc. (Information Technology) | 80,008 | ||||||
800 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 16,079 | ||||||
52,595 | E.Sun Financial Holding Co. Ltd. (Financials) | 50,482 | ||||||
9,230 | Eva Airways Corp. (Industrials) | 6,395 | ||||||
11,098 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 54,462 | ||||||
13,289 | Far Eastern New Century Corp. (Industrials) | 14,409 | ||||||
7,148 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 15,888 | ||||||
1,874 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 14,606 | ||||||
45,059 | First Financial Holding Co. Ltd. (Financials) | 37,233 | ||||||
14,624 | Formosa Chemicals & Fibre Corp. (Materials) | 44,378 | ||||||
5,083 | Formosa Petrochemical Corp. (Energy) | 17,938 | ||||||
20,645 | Formosa Plastics Corp. (Materials) | 76,357 | ||||||
325 | Formosa Sumco Technology Corp. (Information Technology) | 2,181 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 29 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
3,350 | Formosa Taffeta Co. Ltd. (Consumer Discretionary) | $ | 3,771 | |||||
4,062 | Foxconn Technology Co. Ltd. (Information Technology) | 9,718 | ||||||
26,200 | Fubon Financial Holding Co. Ltd. (Financials) | 80,358 | ||||||
1,009 | General Interface Solution Holding Ltd. (Information Technology) | 3,914 | ||||||
1,316 | Giant Manufacturing Co. Ltd. (Consumer Discretionary) | 15,908 | ||||||
906 | Globalwafers Co. Ltd. (Information Technology) | 28,442 | ||||||
4,287 | Highwealth Construction Corp. (Real Estate) | 7,456 | ||||||
1,116 | Hiwin Technologies Corp. (Industrials) | 13,128 | ||||||
52,377 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 209,784 | ||||||
1,281 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 26,948 | ||||||
41,647 | Hua Nan Financial Holdings Co. Ltd. (Financials)* | 31,408 | ||||||
38,847 | Innolux Corp. (Information Technology) | 24,180 | ||||||
11,202 | Inventec Corp. (Information Technology) | 9,822 | ||||||
9,104 | Lite-On Technology Corp. (Information Technology) | 20,104 | ||||||
7,770 | Macronix International Co. Ltd. (Information Technology)* | 11,299 | ||||||
6,418 | MediaTek, Inc. (Information Technology) | 208,657 | ||||||
44,276 | Mega Financial Holding Co. Ltd. (Financials) | 52,402 | ||||||
894 | Merida Industry Co. Ltd. (Consumer Discretionary) | 10,290 | ||||||
2,983 | Micro-Star International Co. Ltd. (Information Technology) | 14,047 | ||||||
266 | momo.com, Inc. (Consumer Discretionary) | 16,461 | ||||||
20,904 | Nan Ya Plastics Corp. (Materials) | 67,584 | ||||||
953 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 14,494 | ||||||
4,970 | Nanya Technology Corp. (Information Technology) | 11,908 | ||||||
602 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 8,993 | ||||||
2,376 | Novatek Microelectronics Corp. (Information Technology) | 38,495 | ||||||
7,709 | Pegatron Corp. (Information Technology) | 18,025 | ||||||
651 | Phison Electronics Corp. (Information Technology) | 10,030 | ||||||
9,982 | Pou Chen Corp. (Consumer Discretionary) | 11,868 | ||||||
15,095 | Powerchip Semiconductor Manufacturing Corp. (Information Technology) | 36,603 | ||||||
2,926 | Powertech Technology, Inc. (Information Technology) | 11,878 | ||||||
2,347 | President Chain Store Corp. (Consumer Staples)* | 24,178 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
11,639 | Quanta Computer, Inc. (Information Technology) | 32,926 | ||||||
1,946 | Realtek Semiconductor Corp. (Information Technology) | 38,901 | ||||||
3,757 | Ruentex Development Co. Ltd. (Real Estate) | 9,395 | ||||||
1,656 | Ruentex Industries Ltd. (Consumer Discretionary) | 6,633 | ||||||
17,799 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 28,901 | ||||||
50,848 | Shin Kong Financial Holding Co. Ltd. (Financials) | 17,430 | ||||||
158 | Silicon Motion Technology Corp. ADR (Information Technology) | 11,796 | ||||||
2,262 | Sino-American Silicon Products, Inc. (Information Technology) | 15,753 | ||||||
44,510 | SinoPac Financial Holdings Co. Ltd. (Financials) | 22,887 | ||||||
5,644 | Synnex Technology International Corp. (Information Technology) | 10,957 | ||||||
47,433 | Taishin Financial Holding Co. Ltd. (Financials)* | 33,118 | ||||||
23,904 | Taiwan Business Bank (Financials)* | 8,358 | ||||||
23,425 | Taiwan Cement Corp. (Materials) | 40,953 | ||||||
39,546 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 31,893 | ||||||
3,227 | Taiwan Fertilizer Co. Ltd. (Materials) | 6,579 | ||||||
9,318 | Taiwan High Speed Rail Corp. (Industrials) | 10,154 | ||||||
7,320 | Taiwan Mobile Co. Ltd. (Communication Services) | 26,677 | ||||||
107,604 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 2,383,995 | ||||||
8,957 | Tatung Co. Ltd. (Industrials)* | 9,874 | ||||||
7,513 | Teco Electric and Machinery Co. Ltd. (Industrials) | 8,458 | ||||||
2,062 | Tripod Technology Corp. (Information Technology) | 8,519 | ||||||
5,286 | Unimicron Technology Corp. (Information Technology) | 28,134 | ||||||
20,542 | Uni-President Enterprises Corp. (Consumer Staples)* | 53,591 | ||||||
49,722 | United Microelectronics Corp. (Information Technology) | 113,210 | ||||||
4,008 | Vanguard International Semiconductor Corp. (Information Technology) | 21,404 | ||||||
276 | Voltronic Power Technology Corp. (Industrials) | 12,349 | ||||||
11,924 | Walsin Lihwa Corp. (Industrials) | 11,552 | ||||||
1,347 | Walsin Technology Corp. (Information Technology)* | 8,773 | ||||||
2,305 | Wan Hai Lines Ltd. (Industrials)* | 20,627 | ||||||
1,390 | Win Semiconductors Corp. (Information Technology) | 16,577 | ||||||
12,105 | Winbond Electronics Corp. (Information Technology) | 12,885 | ||||||
|
|
30 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Taiwan – (continued) | ||||||||
11,809 | Wistron Corp. (Information Technology) | $ | 11,675 | |||||
323 | Wiwynn Corp. (Information Technology) | 11,305 | ||||||
6,848 | WPG Holdings Ltd. (Information Technology) | 11,960 | ||||||
1,609 | Yageo Corp. (Information Technology) | 27,839 | ||||||
7,090 | Yang Ming Marine Transport Corp. (Industrials)* | 34,154 | ||||||
50,641 | Yuanta Financial Holding Co. Ltd. (Financials) | 45,683 | ||||||
2,195 | Yulon Motor Co. Ltd. (Consumer Discretionary) | 2,998 | ||||||
|
| |||||||
5,313,049 | ||||||||
|
| |||||||
Thailand – 1.5% | ||||||||
4,574 | Advanced Info Service PCL NVDR (Communication Services) | 26,678 | ||||||
35,817 | Asset World Corp. PCL NVDR (Consumer Discretionary)* | 4,823 | ||||||
3,875 | B Grimm Power PCL NVDR (Utilities) | 5,560 | ||||||
4,512 | Bangkok Bank PCL NVDR (Financials) | 15,958 | ||||||
23,301 | Bangkok Dusit Medical Services PCL NVDR (Health Care) | 16,916 | ||||||
3,200 | Banpu Power PCL NVDR (Utilities) | 1,896 | ||||||
1,996 | Bumrungrad Hospital PCL NVDR (Health Care) | 8,236 | ||||||
1,698 | Carabao Group PCL NVDR (Consumer Staples) | 7,375 | ||||||
7,284 | Central Pattana PCL NVDR (Real Estate) | 12,147 | ||||||
23,105 | CP ALL PCL NVDR (Consumer Staples) | 46,593 | ||||||
8,855 | Energy Absolute PCL NVDR (Utilities) | 17,994 | ||||||
163 | Fabrinet (Information Technology)* | 16,792 | ||||||
2,914 | Global Power Synergy PCL NVDR (Utilities) | 7,526 | ||||||
21,167 | Gulf Energy Development PCL NVDR (Utilities) | 27,417 | ||||||
8,941 | Indorama Ventures PCL NVDR (Materials) | 12,136 | ||||||
8,722 | Intouch Holdings PCL NVDR (Communication Services) | 23,136 | ||||||
49,279 | IRPC PCL NVDR (Energy) | 6,085 | ||||||
7,451 | Kasikornbank PCL NVDR (Financials) | 28,433 | ||||||
2,826 | KCE Electronics PCL NVDR (Information Technology) | 6,707 | ||||||
19,459 | Krung Thai Bank PCL NVDR (Financials) | 6,762 | ||||||
4,624 | Krungthai Card PCL NVDR (Financials) | 9,504 | ||||||
24,330 | Land & Houses PCL NVDR (Real Estate) | 6,152 | ||||||
13,392 | Minor International PCL NVDR (Consumer Discretionary)* | 13,607 | ||||||
3,048 | Muangthai Capital PCL NVDR (Financials) | 6,123 | ||||||
5,851 | PTT Exploration & Production PCL NVDR (Energy) | 20,240 | ||||||
9,167 | PTT Global Chemical PCL NVDR (Materials) | 18,202 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Thailand – (continued) | ||||||||
45,024 | PTT PCL NVDR (Energy) | 53,430 | ||||||
5,091 | SCG Packaging PCL NVDR (Materials) | 11,056 | ||||||
1,935 | Siam Cement PCL (The) NVDR (Materials) | 25,814 | ||||||
8,517 | Siam Commercial Bank PCL (The) NVDR (Financials) | 28,141 | ||||||
6,833 | Siam Global House PCL NVDR (Consumer Discretionary) | 4,600 | ||||||
3,463 | Srisawad Corp. PCL NVDR (Financials) | 7,709 | ||||||
36,276 | Thai Beverage PCL (Consumer Staples) | 18,339 | ||||||
4,217 | Thai Oil PCL NVDR (Energy) | 6,509 | ||||||
12,623 | Thai Union Group PCL NVDR (Consumer Staples) | 7,793 | ||||||
2,261 | Tisco Financial Group PCL NVDR (Financials) | 6,594 | ||||||
191,574 | TMBThanachart Bank PCL NVDR (Financials) | 6,360 | ||||||
81,318 | True Corp. PCL NVDR (Communication Services) | 8,376 | ||||||
|
| |||||||
557,719 | ||||||||
|
| |||||||
Turkey – 0.5% | ||||||||
279 | AG Anadolu Grubu Holding AS (Industrials) | 809 | ||||||
603 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 1,414 | ||||||
611 | Aksa Enerji Uretim AS (Utilities)* | 1,061 | ||||||
637 | Alarko Holding AS (Industrials) | 682 | ||||||
929 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 2,451 | ||||||
310 | Anadolu Hayat Emeklilik AS (Financials) | 351 | ||||||
1,182 | Arcelik AS (Consumer Discretionary) | 4,566 | ||||||
2,802 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 5,355 | ||||||
390 | Aygaz AS (Utilities) | 707 | ||||||
1,529 | Bera Holding AS (Industrials)* | 1,799 | ||||||
2,027 | BIM Birlesik Magazalar AS (Consumer Staples) | 17,516 | ||||||
141 | Biotrend Cevre VE Enerji Yatirimlari AS (Utilities)* | 495 | ||||||
126 | Borusan Mannesmann Boru Sanayi ve Ticaret AS (Materials)* | 399 | ||||||
188 | Brisa Bridgestone Sabanci Sanayi ve Ticaret AS (Consumer Discretionary) | 496 | ||||||
316 | Coca-Cola Icecek AS (Consumer Staples) | 3,327 | ||||||
4,537 | Dogan Sirketler Grubu Holding AS (Industrials) | 1,402 | ||||||
87 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 465 | ||||||
5 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 741 | ||||||
9,169 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 2,029 | ||||||
1,220 | Enerjisa Enerji AS (Utilities)(a) | 1,629 | ||||||
7,499 | Enka Insaat ve Sanayi AS (Industrials) | 9,894 | ||||||
5,571 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 12,583 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 31 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
158 | Fenerbahce Futbol AS (Communication Services)* | $ | 650 | |||||
281 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 5,806 | ||||||
260 | Gubre Fabrikalari TAS (Materials)* | 1,621 | ||||||
5,922 | Haci Omer Sabanci Holding AS (Financials) | 7,486 | ||||||
1,795 | Izmir Demir Celik Sanayi AS (Materials)* | 572 | ||||||
881 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)* | 725 | ||||||
192 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)* | 156 | ||||||
3,579 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)* | 3,349 | ||||||
4,874 | KOC Holding AS (Industrials) | 13,506 | ||||||
252 | Kordsa Teknik Tekstil AS (Consumer Discretionary)* | 710 | ||||||
218 | Koza Altin Isletmeleri AS (Materials)* | 2,711 | ||||||
896 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)* | 1,713 | ||||||
296 | Logo Yazilim Sanayi Ve Ticaret AS (Information Technology) | 1,410 | ||||||
303 | Migros Ticaret AS (Consumer Staples)* | 1,270 | ||||||
661 | MLP Saglik Hizmetleri AS (Health Care)*(a) | 2,016 | ||||||
315 | Nurol Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 619 | ||||||
33 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials) | 1,321 | ||||||
1,207 | Oyak Cimento Fabrikalari AS (Materials)* | 990 | ||||||
185 | Pegasus Hava Tasimaciligi AS (Industrials)* | 1,571 | ||||||
5,915 | Petkim Petrokimya Holding AS (Materials)* | 4,410 | ||||||
762 | Sasa Polyester Sanayi AS (Materials)* | 2,518 | ||||||
1,384 | Sinpas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 701 | ||||||
1,357 | Sok Marketler Ticaret AS (Consumer Staples) | 2,016 | ||||||
892 | TAV Havalimanlari Holding AS (Industrials)* | 2,523 | ||||||
584 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 2,951 | ||||||
712 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)* | 360 | ||||||
3,344 | Turk Hava Yollari AO (Industrials)* | 5,100 | ||||||
64 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 1,326 | ||||||
5,314 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 10,475 | ||||||
9,430 | Turkiye Garanti Bankasi AS (Financials) | 11,206 | ||||||
7,370 | Turkiye Is Bankasi AS, Class C (Financials) | 5,097 | ||||||
585 | Turkiye Petrol Rafinerileri AS (Energy)* | 7,156 | ||||||
5,566 | Turkiye Sinai Kalkinma Bankasi AS (Financials) | 884 | ||||||
5,930 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 6,347 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Turkey – (continued) | ||||||||
356 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary) | 1,228 | ||||||
12,081 | Yapi ve Kredi Bankasi AS (Financials) | 3,836 | ||||||
3,941 | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate)* | 754 | ||||||
|
| |||||||
187,261 | ||||||||
|
| |||||||
United Arab Emirates – 1.0% | ||||||||
12,396 | Abu Dhabi Commercial Bank PJSC (Financials) | 25,344 | ||||||
12,783 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | 15,730 | ||||||
17,249 | Aldar Properties PJSC (Real Estate) | 19,488 | ||||||
8,104 | Dubai Islamic Bank PJSC (Financials) | 11,252 | ||||||
9,527 | Emaar Malls PJSC (Real Estate)* | 5,343 | ||||||
15,707 | Emaar Properties PJSC (Real Estate) | 17,960 | ||||||
4,090 | Emirates Integrated Telecommunications Co. PJSC (Communication Services) | 7,382 | ||||||
11,005 | Emirates NBD Bank PJSC (Financials) | 41,496 | ||||||
7,787 | Emirates Telecommunications Group Co. PJSC (Communication Services) | 50,032 | ||||||
19,423 | First Abu Dhabi Bank PJSC (Financials) | 89,893 | ||||||
2,127 | International Holding Co. PJSC (Consumer Staples)* | 85,123 | ||||||
|
| |||||||
369,043 | ||||||||
|
| |||||||
United States – 0.1% | ||||||||
4,115 | JBS SA (Consumer Staples) | 25,054 | ||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $21,571,962) | $ | 32,249,400 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 1.7% | ||||||||||
Brazil – 1.3% | ||||||||||
828 | Alpargatas SA (Consumer Discretionary)* | 0.00 | % | $ | 9,699 | |||||
21,019 | Banco Bradesco SA (Financials) | 4.98 | 95,045 | |||||||
990 | Bradespar SA (Materials) | 9.69 | 12,212 | |||||||
833 | Braskem SA, Class A (Materials)* | 0.00 | 10,737 | |||||||
1,088 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 5.47 | 8,027 | |||||||
4,908 | Cia Energetica de Minas Gerais (Utilities) | 6.27 | 12,952 | |||||||
5,045 | Gerdau SA (Materials) | 4.83 | 27,908 | |||||||
21,373 | Itau Unibanco Holding SA (Financials) | 2.26 | 129,168 | |||||||
20,051 | Itausa SA (Financials) | 2.69 | 45,275 | |||||||
20,244 | Petroleo Brasileiro SA (Energy) | 8.89 | 107,516 | |||||||
|
| |||||||||
458,539 | ||||||||||
|
32 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Shares | Description | Rate | Value | |||||||||
Preferred Stocks – (continued) | ||||||||||||
Chile – 0.1% | ||||||||||||
1,882 | | Embotelladora Andina SA, Class B (Consumer Staples) | | 6.22 | % | $ | 4,466 | |||||
627 | | Sociedad Quimica y Minera de Chile SA, Class B (Materials) | | 1.19 | 32,753 | |||||||
|
| |||||||||||
37,219 | ||||||||||||
| ||||||||||||
Colombia – 0.1% | ||||||||||||
2,004 | Bancolombia SA (Financials) | 2.26 | 16,722 | |||||||||
17,098 | | Grupo Aval Acciones y Valores SA (Financials) | |
| 5.09 |
| 5,089 | |||||
|
| |||||||||||
21,811 | ||||||||||||
| ||||||||||||
Russia – 0.1% | ||||||||||||
4,477 | | Sberbank of Russia PJSC (Financials) | | 5.98 | 18,948 | |||||||
34,482 | Surgutneftegas PJSC (Energy) | 17.44 | 18,207 | |||||||||
|
| |||||||||||
37,155 | ||||||||||||
| ||||||||||||
South Korea – 0.1% | ||||||||||||
50 | | Amorepacific Corp. (Consumer Staples) | | 1.00 | 3,428 | |||||||
7 | | CJ CheilJedang Corp. (Consumer Staples) | | 2.01 | 1,217 | |||||||
65 | | Doosan Fuel Cell Co. Ltd. (Industrials)* | | 0.00 | 905 | |||||||
3 | | Hotel Shilla Co. Ltd. (Consumer Discretionary) | | 0.27 | 240 | |||||||
159 | | Hyundai Motor Co. (Consumer Discretionary) | | 4.13 | 13,617 | |||||||
11 | | Hyundai Motor Co. (Consumer Discretionary) | | 4.19 | 911 | |||||||
100 | | Hyundai Motor Co. (Consumer Discretionary) | | 4.06 | 8,840 | |||||||
28 | | Korea Investment Holdings Co. Ltd. (Financials) | | 4.33 | 1,722 | |||||||
34 | LG Chem Ltd. (Materials) | 3.03 | 10,146 | |||||||||
83 | | LG Electronics, Inc. (Consumer Discretionary) | | 1.81 | 5,004 | |||||||
676 | | Mirae Asset Securities Co. Ltd. (Financials) | | 4.22 | 2,769 | |||||||
84 | | NH Investment & Securities Co. Ltd. (Financials) | | 6.28 | 862 | |||||||
14 | | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | | 1.43 | 1,226 | |||||||
13 | | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | | 5.07 | 1,929 | |||||||
1 | | Samsung Heavy Industries Co. Ltd. (Industrials)* | | 0.00 | 222 | |||||||
7 | | Samsung SDI Co. Ltd. (Information Technology) | | 0.25 | 2,587 | |||||||
6 | SK Innovation Co. Ltd. (Energy)* | 0.00 | 800 | |||||||||
3 | SK, Inc. (Industrials) | 3.08 | 634 | |||||||||
|
| |||||||||||
57,059 | ||||||||||||
| ||||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||||
(Cost $371,220) |
| $ | 611,783 | |||||||||
| ||||||||||||
Units | Description | Expiration Month | Value | |||||||||
Warrants – 0.0% | ||||||||||||
Thailand – 0.0% | ||||||||||||
1,703 | BTS Group Holdings PCL (Industrials)* | 09/21 | $ | — | ||||||||
3,407 | BTS Group Holdings PCL (Industrials)* | 09/21 | — | |||||||||
6,814 | BTS Group Holdings PCL (Industrials)* | 11/26 | — | |||||||||
| ||||||||||||
TOTAL WARRANTS |
| |||||||||||
(Cost $0) | $ | — | ||||||||||
| ||||||||||||
Right – 0.0% | ||||||||||||
Indonesia – 0.0% | ||||||||||||
1,563 | Chandra Asri Petrochemical Tbk PT (Materials)* | |||||||||||
(Cost $0) | 09/21 | $ | 413 | |||||||||
|
Shares | Description | Value | ||||||
Exchange-Traded Fund – 1.0% | ||||||||
United States – 1.0% | ||||||||
14,181 | iShares MSCI Malaysia ETF(c) | |||||||
(Cost $334,500) | $ | 376,364 | ||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $22,277,682) | $ | 33,237,960 | ||||||
|
| |||||||
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 1.6%(d) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
568,867 | 0.026% | $ | 568,867 | |||||
(Cost $568,867) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 93.4% | ||||||||
(Cost $22,846,549) | $ | 33,806,827 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 6.6% | 2,384,629 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 36,191,456 | ||||||
|
|
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. | |
(b) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. | |
(c) | All or a portion of security is on loan. | |
(d) | Represents an affiliated issuer. |
The accompanying notes are an integral part of these financial statements. | 33 |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
NVDR | —Non-Voting Depository Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS – At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
MSCI Emerging Markets Index | 46 | 09/17/21 | $ | 2,825,169 | $ | 162,991 |
34 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 98.8% | ||||||||
Australia – 8.1% | ||||||||
4,467 | Afterpay Ltd. (Information Technology)* | $ | 439,397 | |||||
51,969 | Alumina Ltd. (Materials) | 67,607 | ||||||
67,984 | AMP Ltd. (Financials) | 54,655 | ||||||
4,772 | Ampol Ltd. (Energy) | 96,119 | ||||||
23,810 | APA Group (Utilities) | 159,746 | ||||||
11,996 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 400,401 | ||||||
3,851 | ASX Ltd. (Financials) | 247,029 | ||||||
36,038 | Aurizon Holdings Ltd. (Industrials) | 99,559 | ||||||
38,212 | AusNet Services Ltd. (Utilities) | 54,039 | ||||||
53,644 | Australia & New Zealand Banking Group Ltd. (Financials) | 1,091,879 | ||||||
59,025 | BHP Group Ltd. (Materials) | 1,967,543 | ||||||
41,314 | BHP Group PLC (Materials) | 1,283,578 | ||||||
10,126 | BlueScope Steel Ltd. (Materials) | 186,495 | ||||||
22,235 | Boral Ltd. (Materials)* | 99,128 | ||||||
29,005 | Brambles Ltd. (Industrials) | 256,711 | ||||||
1,344 | CIMIC Group Ltd. (Industrials) | 20,775 | ||||||
1,318 | Cochlear Ltd. (Health Care) | 224,632 | ||||||
25,379 | Coles Group Ltd. (Consumer Staples) | 335,352 | ||||||
35,346 | Commonwealth Bank of Australia (Financials) | 2,586,362 | ||||||
10,619 | Computershare Ltd. (Information Technology) | 128,055 | ||||||
8,744 | Crown Resorts Ltd. (Consumer Discretionary)* | 59,496 | ||||||
9,110 | CSL Ltd. (Health Care) | 2,076,910 | ||||||
21,664 | Dexus REIT (Real Estate) | 168,465 | ||||||
1,189 | Domino’s Pizza Enterprises Ltd. (Consumer Discretionary) | 136,204 | ||||||
2,471 | EBOS Group Ltd. (Health Care) | 62,507 | ||||||
25,454 | Endeavour Group Ltd. (Consumer Staples)* | 135,802 | ||||||
33,562 | Evolution Mining Ltd. (Materials) | 95,908 | ||||||
35,229 | Fortescue Metals Group Ltd. (Materials) | 540,689 | ||||||
243,438 | Glencore PLC (Materials)* | 1,096,894 | ||||||
35,951 | Goodman Group REIT (Real Estate) | 607,736 | ||||||
38,210 | GPT Group (The) REIT (Real Estate) | 135,440 | ||||||
49,712 | Insurance Australia Group Ltd. (Financials) | 190,380 | ||||||
13,877 | Lendlease Corp. Ltd. (Real Estate) | 121,096 | ||||||
7,034 | Macquarie Group Ltd. (Financials) | 857,177 | ||||||
2,879 | Magellan Financial Group Ltd. (Financials) | 91,192 | ||||||
55,449 | Medibank Pvt Ltd. (Financials) | 143,863 | ||||||
3,290 | Mineral Resources Ltd. (Materials) | 132,031 | ||||||
79,263 | Mirvac Group REIT (Real Estate) | 180,740 | ||||||
66,267 | National Australia Bank Ltd. (Financials) | 1,342,998 | ||||||
16,409 | Newcrest Mining Ltd. (Materials) | 296,695 | ||||||
23,217 | Northern Star Resources Ltd. (Materials) | 165,609 | ||||||
35,671 | Oil Search Ltd. (Energy) | 97,502 | ||||||
8,089 | Orica Ltd. (Materials) | 77,859 | ||||||
35,539 | Origin Energy Ltd. (Utilities) | 115,583 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Australia – (continued) | ||||||||
6,227 | OZ Minerals Ltd. (Materials) | 107,267 | ||||||
37,855 | Qantas Airways Ltd. (Industrials)* | 140,822 | ||||||
29,589 | QBE Insurance Group Ltd. (Financials) | 255,825 | ||||||
3,734 | Ramsay Health Care Ltd. (Health Care) | 188,028 | ||||||
1,154 | REA Group Ltd. (Communication Services) | 129,462 | ||||||
5,813 | Reece Ltd. (Industrials) | 88,707 | ||||||
7,396 | Rio Tinto Ltd. (Materials) | 605,725 | ||||||
21,405 | Rio Tinto PLC (Materials) | 1,585,464 | ||||||
42,023 | Santos Ltd. (Energy) | 185,811 | ||||||
104,075 | Scentre Group REIT (Real Estate) | 216,780 | ||||||
6,547 | SEEK Ltd. (Communication Services) | 155,700 | ||||||
3,395 | Seven Group Holdings Ltd. (Industrials) | 52,726 | ||||||
9,484 | Sonic Healthcare Ltd. (Health Care) | 300,822 | ||||||
90,361 | South32 Ltd. (Materials) | 207,367 | ||||||
44,416 | Stockland REIT (Real Estate) | 149,972 | ||||||
25,735 | Suncorp Group Ltd. (Financials) | 234,729 | ||||||
54,141 | Sydney Airport (Industrials)* | 315,364 | ||||||
44,529 | Tabcorp Holdings Ltd. (Consumer Discretionary) | 155,886 | ||||||
236,848 | Telstra Corp. Ltd. (Communication Services) | 664,705 | ||||||
7,333 | TPG Telecom Ltd. (Communication Services) | 33,013 | ||||||
54,936 | Transurban Group (Industrials) | 570,531 | ||||||
14,515 | Treasury Wine Estates Ltd. (Consumer Staples) | 133,983 | ||||||
74,725 | Vicinity Centres REIT (Real Estate) | 94,480 | ||||||
1,899 | Washington H Soul Pattinson & Co. Ltd. (Energy)(a) | 49,714 | ||||||
22,651 | Wesfarmers Ltd. (Consumer Discretionary) | 992,441 | ||||||
72,207 | Westpac Banking Corp. (Financials) | 1,362,585 | ||||||
2,968 | WiseTech Global Ltd. (Information Technology) | 104,857 | ||||||
19,318 | Woodside Petroleum Ltd. (Energy) | 275,171 | ||||||
25,382 | Woolworths Group Ltd. (Consumer Staples) | 774,481 | ||||||
|
| |||||||
28,860,256 | ||||||||
|
| |||||||
Austria – 0.4% | ||||||||
5,262 | ams AG (Information Technology)* | 107,015 | ||||||
1,457 | ANDRITZ AG (Industrials) | 83,691 | ||||||
1,773 | BAWAG Group AG (Financials)*(b) | 106,531 | ||||||
1,464 | CA Immobilien Anlagen AG (Real Estate) | 63,683 | ||||||
5,956 | Erste Group Bank AG (Financials) | 238,062 | ||||||
281 | Mayr Melnhof Karton AG (Materials) | 59,243 | ||||||
9,754 | Mondi PLC (Materials) | 269,150 | ||||||
642 | Oesterreichische Post AG (Industrials) | 29,443 | ||||||
2,883 | OMV AG (Energy) | 159,714 | ||||||
2,736 | Raiffeisen Bank International AG (Financials) | 65,692 | ||||||
2,753 | Telekom Austria AG (Communication Services)* | 24,438 | ||||||
1,334 | Verbund AG (Utilities) | 146,055 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 35 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Austria – (continued) | ||||||||
736 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | $ | 21,329 | |||||
2,245 | voestalpine AG (Materials) | 101,764 | ||||||
2,263 | Wienerberger AG (Materials) | 88,796 | ||||||
|
| |||||||
1,564,606 | ||||||||
|
| |||||||
Belgium – 0.9% | ||||||||
445 | Ackermans & van Haaren NV (Financials) | 81,947 | ||||||
3,559 | Ageas SA/NV (Financials) | 177,922 | ||||||
17,033 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 1,045,342 | ||||||
444 | D’ieteren Group (Consumer Discretionary) | 69,394 | ||||||
579 | Elia Group SA/NV (Utilities) | 72,722 | ||||||
1,088 | Etablissements Franz Colruyt NV (Consumer Staples) | 60,864 | ||||||
2,106 | Groupe Bruxelles Lambert SA (Financials) | 241,393 | ||||||
5,632 | KBC Group NV (Financials) | 474,289 | ||||||
2,870 | Proximus SADP (Communication Services)(a) | 56,256 | ||||||
303 | Sofina SA (Financials) | 133,914 | ||||||
1,431 | Solvay SA (Materials) | 187,419 | ||||||
862 | Telenet Group Holding NV (Communication Services) | 32,785 | ||||||
2,348 | UCB SA (Health Care) | 268,522 | ||||||
3,923 | Umicore SA (Materials) | 258,127 | ||||||
2,840 | Warehouses De Pauw CVA REIT (Real Estate) | 130,545 | ||||||
|
| |||||||
3,291,441 | ||||||||
|
| |||||||
Brazil – 0.1% | ||||||||
3,266 | Yara International ASA (Materials) | 163,800 | ||||||
|
| |||||||
Chile – 0.1% | ||||||||
6,985 | Antofagasta PLC (Materials) | 139,967 | ||||||
|
| |||||||
China – 0.9% | ||||||||
34,155 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)(b) | 85,460 | ||||||
12,855 | BYD Electronic International Co. Ltd. (Information Technology) | 58,677 | ||||||
44,720 | China Gas Holdings Ltd. (Utilities) | 129,663 | ||||||
35,278 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 71,487 | ||||||
169,431 | CSPC Pharmaceutical Group Ltd. (Health Care) | 215,020 | ||||||
34,893 | ESR Cayman Ltd. (Real Estate)*(b) | 106,330 | ||||||
46,227 | Fosun International Ltd. (Industrials) | 58,487 | ||||||
115,430 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 417,055 | ||||||
5,520 | NXP Semiconductors NV (Information Technology) | 1,187,518 | ||||||
8,482 | Prosus NV (Consumer Discretionary)* | 749,942 | ||||||
27,256 | Wharf Holdings Ltd. (The) (Real Estate) | 92,169 | ||||||
36,833 | Wilmar International Ltd. (Consumer Staples) | 113,366 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
China – (continued) | ||||||||
54,047 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) | 65,896 | ||||||
|
| |||||||
3,351,070 | ||||||||
|
| |||||||
Colombia – 0.0% | ||||||||
2,046 | Millicom International Cellular SA SDR (Communication Services)* | 77,187 | ||||||
|
| |||||||
Denmark – 2.5% | ||||||||
3,402 | Ambu A/S, Class B (Health Care) | 107,517 | ||||||
61 | AP Moller – Maersk A/S, Class A (Industrials) | 165,091 | ||||||
69 | AP Moller – Maersk A/S, Class B (Industrials) | 195,724 | ||||||
1,916 | Carlsberg AS, Class B (Consumer Staples) | 334,396 | ||||||
2,075 | Chr Hansen Holding A/S (Materials) | 191,432 | ||||||
2,490 | Coloplast A/S, Class B (Health Care) | 431,215 | ||||||
13,608 | Danske Bank A/S (Financials) | 228,641 | ||||||
1,970 | Demant A/S (Health Care)* | 111,636 | ||||||
4,430 | DSV PANALPINA A/S (Industrials) | 1,128,622 | ||||||
1,300 | Genmab A/S (Health Care)* | 615,348 | ||||||
2,590 | GN Store Nord AS (Health Care) | 194,830 | ||||||
1,245 | H Lundbeck A/S (Health Care) | 36,768 | ||||||
32,880 | Novo Nordisk A/S, Class B (Health Care) | 3,276,074 | ||||||
4,093 | Novozymes A/S, Class B (Materials) | 330,566 | ||||||
3,591 | Orsted AS (Utilities)(b) | 570,584 | ||||||
9,933 | Tryg A/S (Financials) | 245,887 | ||||||
19,433 | Vestas Wind Systems A/S (Industrials) | 784,433 | ||||||
|
| |||||||
8,948,764 | ||||||||
|
| |||||||
Faroe Islands – 0.0% | ||||||||
1,006 | Bakkafrost P/F (Consumer Staples) | 88,312 | ||||||
|
| |||||||
Finland – 1.4% | ||||||||
2,877 | Elisa OYJ (Communication Services) | 184,207 | ||||||
8,445 | Fortum OYJ (Utilities) | 256,400 | ||||||
1,822 | Huhtamaki OYJ (Materials) | 97,237 | ||||||
5,312 | Kesko OYJ, Class B (Consumer Staples) | 219,218 | ||||||
7,289 | Kone OYJ, Class B (Industrials) | 604,366 | ||||||
13,916 | Metso Outotec OYJ (Industrials) | 148,567 | ||||||
9,291 | Neste OYJ (Energy) | 565,268 | ||||||
105,941 | Nokia OYJ (Information Technology)* | 635,295 | ||||||
63,518 | Nordea Bank Abp (Financials) | 745,074 | ||||||
2,011 | Orion OYJ, Class B (Health Care) | 81,970 | ||||||
8,535 | Sampo OYJ, Class A (Financials) | 440,686 | ||||||
11,646 | Stora Enso OYJ, Class R (Materials) | 227,865 | ||||||
10,595 | UPM-Kymmene OYJ (Materials) | 430,611 | ||||||
10,874 | Wartsila OYJ Abp (Industrials) | 154,099 | ||||||
|
| |||||||
4,790,863 | ||||||||
|
| |||||||
France – 9.1% | ||||||||
5,548 | Adevinta ASA (Communication Services)* | 111,529 | ||||||
667 | Aeroports de Paris (Industrials)* | 78,295 | ||||||
9,515 | Air Liquide SA (Materials) | 1,705,239 | ||||||
|
|
36 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
France – (continued) | ||||||||
11,693 | Airbus SE (Industrials)* | $ | 1,597,007 | |||||
7,419 | Alstom SA (Industrials) | 318,782 | ||||||
1,217 | Amundi SA (Financials)(b) | 115,144 | ||||||
45,348 | AXA SA (Financials) | 1,272,968 | ||||||
820 | BioMerieux (Health Care) | 100,524 | ||||||
22,909 | BNP Paribas SA (Financials) | 1,453,016 | ||||||
18,176 | Bollore SA (Communication Services) | 107,494 | ||||||
6,026 | Bouygues SA (Industrials) | 252,027 | ||||||
3,186 | Capgemini SE (Information Technology) | 715,137 | ||||||
12,522 | Carrefour SA (Consumer Staples) | 249,070 | ||||||
9,616 | Cie de Saint-Gobain (Industrials) | 696,850 | ||||||
3,274 | Cie Generale des Etablissements Michelin (Consumer Discretionary) | 529,670 | ||||||
29,732 | Credit Agricole SA (Financials) | 428,536 | ||||||
13,215 | Danone SA (Consumer Staples) | 965,150 | ||||||
13,535 | Dassault Systemes SE (Information Technology) | 771,787 | ||||||
11,238 | Electricite de France SA (Utilities) | 152,226 | ||||||
35,136 | Engie SA (Utilities) | 503,190 | ||||||
6,007 | EssilorLuxottica SA (Consumer Discretionary) | 1,178,943 | ||||||
666 | Hermes International (Consumer Discretionary) | 978,400 | ||||||
1,470 | Kering (Consumer Discretionary) | 1,169,566 | ||||||
4,235 | L’Oreal SA (Consumer Staples) | 1,981,184 | ||||||
5,280 | Legrand SA (Industrials) | 604,080 | ||||||
5,238 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 3,875,626 | ||||||
40,085 | Orange SA (Communication Services) | 455,202 | ||||||
3,532 | Pernod Ricard SA (Consumer Staples) | 741,935 | ||||||
7,619 | Safran SA (Industrials) | 955,686 | ||||||
21,851 | Sanofi (Health Care) | 2,260,070 | ||||||
477 | Sartorius Stedim Biotech (Health Care) | 289,195 | ||||||
16,691 | Societe Generale SA (Financials) | 525,082 | ||||||
1,587 | Sodexo SA (Consumer Discretionary)* | 131,174 | ||||||
1,157 | Teleperformance (Industrials) | 511,348 | ||||||
2,129 | Thales SA (Industrials) | 215,982 | ||||||
53,076 | TotalEnergies SE (Energy) | 2,339,796 | ||||||
10,979 | Vinci SA (Industrials) | 1,177,948 | ||||||
13,658 | Vivendi SE (Communication Services)(a) | 521,082 | ||||||
4,559 | Worldline SA (Information Technology)*(b) | 405,078 | ||||||
|
| |||||||
32,441,018 | ||||||||
|
| |||||||
Germany – 7.6% | ||||||||
3,607 | adidas AG (Consumer Discretionary) | 1,279,280 | ||||||
8,276 | Allianz SE (Financials) | 1,943,915 | ||||||
18,464 | BASF SE (Materials) | 1,428,062 | ||||||
19,750 | Bayer AG (Health Care) | 1,099,133 | ||||||
6,418 | Bayerische Motoren Werke AG (Consumer Discretionary) | 608,893 | ||||||
1,984 | Beiersdorf AG (Consumer Staples) | 240,642 | ||||||
1,703 | BioNTech SE ADR (Health Care)* | 568,313 | ||||||
2,171 | Continental AG (Consumer Discretionary)* | 291,693 | ||||||
3,765 | Covestro AG (Materials)(b) | 243,997 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Germany – (continued) | ||||||||
16,838 | Daimler AG (Consumer Discretionary) | 1,419,573 | ||||||
37,936 | Deutsche Bank AG (Financials)* | 471,460 | ||||||
3,686 | Deutsche Boerse AG (Financials) | 635,701 | ||||||
19,786 | Deutsche Post AG (Industrials) | 1,391,573 | ||||||
65,185 | Deutsche Telekom AG (Communication Services) | 1,385,672 | ||||||
5,583 | Deutsche Wohnen SE (Real Estate) | 346,394 | ||||||
42,848 | E.ON SE (Utilities) | 565,382 | ||||||
3,561 | Evonik Industries AG (Materials) | 120,222 | ||||||
3,993 | Fresenius Medical Care AG & Co. KGaA (Health Care) | 306,568 | ||||||
7,860 | Fresenius SE & Co. KGaA (Health Care) | 408,711 | ||||||
1,207 | Hannover Rueck SE (Financials) | 222,198 | ||||||
490 | Hapag-Lloyd AG (Industrials)(b) | 111,635 | ||||||
2,970 | HeidelbergCement AG (Materials) | 258,037 | ||||||
2,036 | Henkel AG & Co. KGaA (Consumer Staples) | 183,139 | ||||||
24,154 | Infineon Technologies AG (Information Technology) | 1,028,306 | ||||||
1,336 | Knorr-Bremse AG (Industrials) | 160,310 | ||||||
2,598 | Merck KGaA (Health Care) | 617,042 | ||||||
1,073 | MTU Aero Engines AG (Industrials) | 246,168 | ||||||
2,816 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials) | 822,560 | ||||||
12,566 | RWE AG (Utilities) | 490,841 | ||||||
20,239 | SAP SE (Information Technology) | 3,045,162 | ||||||
16,230 | Siemens AG (Industrials) | 2,698,310 | ||||||
8,034 | Siemens Energy AG (Industrials)* | 233,110 | ||||||
5,571 | Siemens Healthineers AG (Health Care)(b) | 387,343 | ||||||
2,498 | Symrise AG (Materials) | 355,621 | ||||||
1,069 | Talanx AG (Financials) | 48,558 | ||||||
15,846 | Telefonica Deutschland Holding AG (Communication Services) | 44,463 | ||||||
577 | Volkswagen AG (Consumer Discretionary) | 192,893 | ||||||
11,564 | Vonovia SE (Real Estate) | 780,275 | ||||||
4,497 | Zalando SE (Consumer Discretionary)*(a)(b) | 497,935 | ||||||
|
| |||||||
27,179,090 | ||||||||
|
| |||||||
Hong Kong – 2.7% | ||||||||
243,006 | AIA Group Ltd. (Financials) | 2,904,255 | ||||||
6,171 | ASM Pacific Technology Ltd. (Information Technology) | 73,474 | ||||||
26,282 | Bank of East Asia Ltd. (The) (Financials) | 44,066 | ||||||
19,525 | Cathay Pacific Airways Ltd. (Industrials)*(a) | 16,394 | ||||||
39,808 | CK Asset Holdings Ltd. (Real Estate) | 259,506 | ||||||
12,261 | CK Infrastructure Holdings Ltd. (Utilities) | 74,490 | ||||||
37,974 | CLP Holdings Ltd. (Utilities) | 379,625 | ||||||
6,078 | Dairy Farm International Holdings Ltd. (Consumer Staples) | 21,455 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 37 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Hong Kong – (continued) | ||||||||
36,917 | Hang Lung Properties Ltd. (Real Estate) | $ | 88,669 | |||||
14,550 | Hang Seng Bank Ltd. (Financials) | 260,418 | ||||||
26,522 | Henderson Land Development Co. Ltd. (Real Estate) | 120,038 | ||||||
45,724 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) | 45,504 | ||||||
68,791 | HKT Trust & HKT Ltd. (Communication Services) | 93,757 | ||||||
218,177 | Hong Kong & China Gas Co. Ltd. (Utilities) | 351,222 | ||||||
25,473 | Hong Kong Exchanges & Clearing Ltd. (Financials) | 1,607,507 | ||||||
23,370 | Hongkong Land Holdings Ltd. (Real Estate) | 98,154 | ||||||
4,727 | Jardine Matheson Holdings Ltd. (Industrials) | 256,771 | ||||||
41,812 | Link REIT (Real Estate) | 384,662 | ||||||
9,196 | Melco Resorts & Entertainment Ltd. ADR (Consumer Discretionary)* | 126,537 | ||||||
31,194 | MTR Corp. Ltd. (Industrials) | 175,676 | ||||||
28,167 | New World Development Co. Ltd. (Real Estate) | 132,553 | ||||||
27,601 | Power Assets Holdings Ltd. (Utilities) | 173,364 | ||||||
201,552 | Sino Biopharmaceutical Ltd. (Health Care) | 168,708 | ||||||
63,862 | Sino Land Co. Ltd. (Real Estate) | 94,101 | ||||||
28,983 | Sun Hung Kai Properties Ltd. (Real Estate) | 408,434 | ||||||
9,450 | Swire Pacific Ltd., Class A (Real Estate) | 64,034 | ||||||
17,455 | Swire Pacific Ltd., Class B (Real Estate) | 18,965 | ||||||
21,248 | Swire Properties Ltd. (Real Estate) | 57,509 | ||||||
27,510 | Techtronic Industries Co. Ltd. (Industrials) | 610,166 | ||||||
191,190 | WH Group Ltd. (Consumer Staples)(b) | 165,935 | ||||||
29,747 | Wharf Real Estate Investment Co. Ltd. (Real Estate) | 147,447 | ||||||
34,548 | Xinyi Glass Holdings Ltd. (Industrials) | 145,258 | ||||||
|
| |||||||
9,568,654 | ||||||||
|
| |||||||
Ireland – 1.0% | ||||||||
2,547 | AerCap Holdings NV (Industrials)* | 137,360 | ||||||
15,829 | AIB Group PLC (Financials)* | 47,741 | ||||||
15,722 | CRH PLC (Materials) | 835,899 | ||||||
3,483 | Flutter Entertainment PLC (Consumer Discretionary)* | 677,370 | ||||||
1,584 | ICON PLC (Health Care)* | 405,140 | ||||||
3,137 | Kerry Group PLC, Class A (Consumer Staples) | 459,921 | ||||||
3,055 | Kingspan Group PLC (Industrials) | 349,015 | ||||||
3,946 | Ryanair Holdings PLC ADR (Industrials)* | 424,984 | ||||||
5,174 | Smurfit Kappa Group PLC (Materials) | 296,709 | ||||||
|
| |||||||
3,634,139 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Israel – 0.9% | ||||||||
1,317 | Airport City Ltd. (Real Estate)* | 24,139 | ||||||
2,943 | Alony Hetz Properties & Investments Ltd. (Real Estate) | 43,450 | ||||||
3,540 | Amot Investments Ltd. (Real Estate) | 25,149 | ||||||
769 | Ashtrom Group Ltd. (Industrials) | 16,802 | ||||||
738 | Azrieli Group Ltd. (Real Estate) | 69,060 | ||||||
21,583 | Bank Hapoalim BM (Financials) | 185,868 | ||||||
26,849 | Bank Leumi Le-Israel BM (Financials) | 222,083 | ||||||
41,137 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services)* | 48,921 | ||||||
233 | Big Shopping Centers Ltd. (Real Estate)* | 34,262 | ||||||
1,987 | Check Point Software Technologies Ltd. (Information Technology)* | 249,627 | ||||||
420 | Elbit Systems Ltd. (Industrials) | 61,156 | ||||||
4,498 | Energix-Renewable Energies Ltd. (Utilities) | 18,603 | ||||||
1,046 | First International Bank Of Israel Ltd. (The) (Financials) | 37,840 | ||||||
499 | Fiverr International Ltd. (Consumer Discretionary)* | 89,576 | ||||||
302 | Global-e Online Ltd. (Consumer Discretionary)* | 23,846 | ||||||
2,315 | Harel Insurance Investments & Financial Services Ltd. (Financials) | 22,762 | ||||||
13,623 | ICL Group Ltd. (Materials) | 96,483 | ||||||
73 | Israel Corp. Ltd. (The) (Materials)* | 22,182 | ||||||
22,516 | Israel Discount Bank Ltd., Class A (Financials)* | 116,454 | ||||||
946 | JFrog Ltd. (Information Technology)* | 36,364 | ||||||
931 | Kornit Digital Ltd. (Industrials)* | 121,374 | ||||||
647 | Matrix IT Ltd. (Information Technology) | 17,683 | ||||||
961 | Maytronics Ltd. (Consumer Discretionary) | 22,062 | ||||||
426 | Melisron Ltd. (Real Estate)*(a) | 34,439 | ||||||
13,423 | Mivne Real Estate KD Ltd. (Real Estate) | 45,459 | ||||||
2,895 | Mizrahi Tefahot Bank Ltd. (Financials) | 96,417 | ||||||
5,021 | Nano Dimension Ltd. ADR (Information Technology)*(a) | 32,134 | ||||||
622 | Nano-X Imaging Ltd. (Health Care)*(a) | 15,339 | ||||||
1,171 | Nice Ltd. (Information Technology)* | 342,044 | ||||||
529 | Nova Ltd. (Information Technology)* | 53,152 | ||||||
1,570 | OPC Energy Ltd. (Utilities)*(a) | 14,569 | ||||||
2,927 | Phoenix Holdings Ltd. (The) (Financials) | 31,282 | ||||||
1,949 | Plus500 Ltd. (Financials) | 40,087 | ||||||
604 | Sapiens International Corp. NV (Information Technology) | 17,381 | ||||||
2,855 | Shapir Engineering and Industry Ltd. (Industrials) | 22,804 | ||||||
4,447 | Shikun & Binui Ltd. (Industrials)* | 25,957 | ||||||
5,357 | Shufersal Ltd. (Consumer Staples) | 44,244 | ||||||
1,000 | Strauss Group Ltd. (Consumer Staples) | 28,938 | ||||||
21,923 | Teva Pharmaceutical Industries Ltd. (Health Care)* | 210,214 | ||||||
2,179 | Tower Semiconductor Ltd. (Information Technology)* | 64,219 | ||||||
1,082 | Wix.com Ltd. (Information Technology)* | 240,291 | ||||||
|
|
38 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Israel – (continued) | ||||||||
1,209 | ZIM Integrated Shipping Services Ltd. (Industrials) | $ | 58,395 | |||||
|
| |||||||
3,023,111 | ||||||||
|
| |||||||
Italy – 2.1% | ||||||||
31,636 | A2A SpA (Utilities) | 69,461 | ||||||
2,499 | Amplifon SpA (Health Care) | 130,623 | ||||||
23,374 | Assicurazioni Generali SpA (Financials) | 476,511 | ||||||
9,311 | Atlantia SpA (Industrials)* | 174,485 | ||||||
4,283 | Banca Mediolanum SpA (Financials) | 44,441 | ||||||
2,144 | Buzzi Unicem SpA (Materials) | 56,894 | ||||||
10,730 | Davide Campari-Milano NV (Consumer Staples) | 148,321 | ||||||
234 | DiaSorin SpA (Health Care) | 53,381 | ||||||
156,178 | Enel SpA (Utilities) | 1,422,708 | ||||||
49,086 | Eni SpA (Energy) | 605,742 | ||||||
2,252 | Ferrari NV (Consumer Discretionary) | 488,343 | ||||||
12,308 | FinecoBank Banca Fineco SpA (Financials)* | 226,870 | ||||||
17,165 | Hera SpA (Utilities) | 74,221 | ||||||
7,103 | Infrastrutture Wireless Italiane SpA (Communication Services)(b) | 84,434 | ||||||
344,785 | Intesa Sanpaolo SpA (Financials) | 975,786 | ||||||
7,935 | Leonardo SpA (Industrials)* | 64,613 | ||||||
14,288 | Mediobanca Banca di Credito Finanziario SpA (Financials)* | 168,325 | ||||||
4,266 | Moncler SpA (Consumer Discretionary) | 272,940 | ||||||
18,273 | Nexi SpA (Information Technology)*(b) | 380,609 | ||||||
7,891 | Pirelli & C SpA (Consumer Discretionary)(b) | 47,264 | ||||||
9,322 | Poste Italiane SpA (Financials)(b) | 126,383 | ||||||
10,346 | PRADA SpA (Consumer Discretionary) | 61,193 | ||||||
5,090 | Prysmian SpA (Industrials) | 191,490 | ||||||
1,910 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 125,269 | ||||||
38,319 | Snam SpA (Utilities) | 226,349 | ||||||
200,811 | Telecom Italia SpA (Communication Services) | 90,860 | ||||||
121,172 | Telecom Italia SpA-RSP (Communication Services) | 58,488 | ||||||
28,345 | Terna – Rete Elettrica Nazionale (Utilities) | 224,047 | ||||||
41,933 | UniCredit SpA (Financials) | 523,114 | ||||||
8,888 | UnipolSai Assicurazioni SpA (Financials) | 25,558 | ||||||
|
| |||||||
7,618,723 | ||||||||
|
| |||||||
Japan – 24.1% | ||||||||
624 | ABC-Mart, Inc. (Consumer Discretionary) | 33,455 | ||||||
6,325 | Acom Co. Ltd. (Financials) | 24,469 | ||||||
3,928 | Advantest Corp. (Information Technology) | 340,384 | ||||||
13,526 | Aeon Co. Ltd. (Consumer Staples) | 359,450 | ||||||
2,104 | AEON Financial Service Co. Ltd. (Financials) | 24,801 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
1,853 | Aeon Mall Co. Ltd. (Real Estate) | 28,303 | ||||||
3,685 | AGC, Inc. (Industrials) | 178,447 | ||||||
3,799 | Air Water, Inc. (Materials) | 61,346 | ||||||
3,099 | Aisin Corp. (Consumer Discretionary) | 118,617 | ||||||
10,921 | Ajinomoto Co., Inc. (Consumer Staples) | 322,481 | ||||||
3,543 | Alfresa Holdings Corp. (Health Care) | 56,147 | ||||||
4,074 | Alps Alpine Co. Ltd. (Information Technology) | 42,794 | ||||||
6,814 | Amada Co. Ltd. (Industrials) | 69,219 | ||||||
8,844 | ANA Holdings, Inc. (Industrials)* | 209,749 | ||||||
8,550 | Asahi Group Holdings Ltd. (Consumer Staples) | 398,004 | ||||||
4,254 | Asahi Intecc Co. Ltd. (Health Care) | 128,944 | ||||||
26,581 | Asahi Kasei Corp. (Materials) | 274,859 | ||||||
36,961 | Astellas Pharma, Inc. (Health Care) | 624,764 | ||||||
2,753 | Azbil Corp. (Information Technology) | 119,657 | ||||||
3,872 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 269,306 | ||||||
1,544 | Benesse Holdings, Inc. (Consumer Discretionary) | 33,421 | ||||||
11,498 | Bridgestone Corp. (Consumer Discretionary) | 530,001 | ||||||
4,970 | Brother Industries Ltd. (Information Technology) | 102,151 | ||||||
1,674 | Calbee, Inc. (Consumer Staples) | 41,538 | ||||||
20,517 | Canon, Inc. (Information Technology) | 487,713 | ||||||
3,301 | Capcom Co. Ltd. (Communication Services) | 92,245 | ||||||
4,299 | Casio Computer Co. Ltd. (Consumer Discretionary) | 66,485 | ||||||
3,419 | Central Japan Railway Co. (Industrials) | 501,833 | ||||||
13,725 | Chiba Bank Ltd. (The) (Financials) | 85,828 | ||||||
14,659 | Chubu Electric Power Co., Inc. (Utilities) | 177,333 | ||||||
12,668 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 496,757 | ||||||
6,294 | Chugoku Electric Power Co., Inc. (The) (Utilities) | 58,781 | ||||||
2,414 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 33,707 | ||||||
21,802 | Concordia Financial Group Ltd. (Financials) | 84,739 | ||||||
375 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 66,494 | ||||||
8,095 | CyberAgent, Inc. (Communication Services) | 148,917 | ||||||
4,573 | Dai Nippon Printing Co. Ltd. (Industrials) | 108,893 | ||||||
5,678 | Daicel Corp. (Materials) | 45,792 | ||||||
2,264 | Daifuku Co. Ltd. (Industrials) | 200,310 | ||||||
20,889 | Dai-ichi Life Holdings, Inc. (Financials) | 412,513 | ||||||
37,744 | Daiichi Sankyo Co. Ltd. (Health Care) | 898,249 | ||||||
5,265 | Daikin Industries Ltd. (Industrials) | 1,313,374 | ||||||
1,295 | Daito Trust Construction Co. Ltd. (Real Estate) | 142,396 | ||||||
12,032 | Daiwa House Industry Co. Ltd. (Real Estate) | 367,553 | ||||||
40 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 118,514 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 39 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
28,858 | Daiwa Securities Group, Inc. (Financials) | $ | 163,518 | |||||
8,830 | Denso Corp. (Consumer Discretionary) | 619,691 | ||||||
4,399 | Dentsu Group, Inc. (Communication Services) | 163,371 | ||||||
1,626 | DIC Corp. (Materials) | 46,844 | ||||||
568 | Disco Corp. (Information Technology) | 165,705 | ||||||
6,468 | East Japan Railway Co. (Industrials) | 437,500 | ||||||
1,889 | Ebara Corp. (Industrials) | 94,226 | ||||||
5,443 | Eisai Co. Ltd. (Health Care) | 450,165 | ||||||
3,336 | Electric Power Development Co. Ltd. (Utilities) | 49,922 | ||||||
62,647 | ENEOS Holdings, Inc. (Energy) | 242,981 | ||||||
980 | Ezaki Glico Co. Ltd. (Consumer Staples) | 37,109 | ||||||
3,827 | FANUC Corp. (Industrials) | 835,697 | ||||||
1,096 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 723,484 | ||||||
2,213 | Food & Life Cos. Ltd. (Consumer Discretionary) | 95,280 | ||||||
2,586 | Fuji Electric Co. Ltd. (Industrials) | 112,164 | ||||||
3,371 | Fuji Media Holdings, Inc. (Communication Services) | 35,103 | ||||||
7,563 | FUJIFILM Holdings Corp. (Information Technology) | 624,261 | ||||||
3,702 | Fujitsu Ltd. (Information Technology) | 684,058 | ||||||
3,519 | Fukuoka Financial Group, Inc. (Financials) | 65,120 | ||||||
81 | GLP J REIT (Real Estate) | 147,239 | ||||||
871 | GMO Payment Gateway, Inc. (Information Technology) | 114,722 | ||||||
4,418 | Hakuhodo DY Holdings, Inc. (Communication Services) | 69,612 | ||||||
2,832 | Hamamatsu Photonics KK (Information Technology) | 165,496 | ||||||
4,633 | Hankyu Hanshin Holdings, Inc. (Industrials) | 138,956 | ||||||
719 | Harmonic Drive Systems, Inc. (Industrials) | 39,857 | ||||||
5,112 | Haseko Corp. (Consumer Discretionary) | 70,915 | ||||||
413 | Hikari Tsushin, Inc. (Consumer Discretionary) | 72,442 | ||||||
5,361 | Hino Motors Ltd. (Industrials) | 46,505 | ||||||
620 | Hirose Electric Co. Ltd. (Information Technology) | 103,446 | ||||||
1,356 | Hisamitsu Pharmaceutical Co., Inc. (Health Care) | 54,433 | ||||||
2,067 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 59,361 | ||||||
18,932 | Hitachi Ltd. (Industrials) | 1,048,618 | ||||||
3,981 | Hitachi Metals Ltd. (Materials)* | 77,004 | ||||||
32,707 | Honda Motor Co. Ltd. (Consumer Discretionary) | 994,964 | ||||||
1,110 | Hoshizaki Corp. (Industrials) | 104,372 | ||||||
7,307 | Hoya Corp. (Health Care) | 1,182,582 | ||||||
6,555 | Hulic Co. Ltd. (Real Estate) | 76,970 | ||||||
2,261 | Ibiden Co. Ltd. (Information Technology) | 122,250 | ||||||
4,142 | Idemitsu Kosan Co. Ltd. (Energy) | 99,459 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
2,620 | IHI Corp. (Industrials)* | 58,333 | ||||||
2,965 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 75,461 | ||||||
20,146 | Inpex Corp. (Energy) | 139,001 | ||||||
6,644 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 44,632 | ||||||
11,314 | Isuzu Motors Ltd. (Consumer Discretionary) | 143,356 | ||||||
1,114 | Ito En Ltd. (Consumer Staples) | 70,576 | ||||||
29,509 | ITOCHU Corp. (Industrials) | 889,353 | ||||||
1,858 | Itochu Techno-Solutions Corp. (Information Technology) | 57,587 | ||||||
813 | Izumi Co. Ltd. (Consumer Discretionary) | 26,530 | ||||||
4,912 | J Front Retailing Co. Ltd. (Consumer Discretionary) | 42,521 | ||||||
8,528 | Japan Airlines Co. Ltd. (Industrials)* | 181,723 | ||||||
10,620 | Japan Exchange Group, Inc. (Financials) | 253,175 | ||||||
139 | Japan Metropolitan Fund Invest REIT (Real Estate) | 135,255 | ||||||
8,111 | Japan Post Bank Co. Ltd. (Financials) | 71,099 | ||||||
22,690 | Japan Post Holdings Co. Ltd. (Financials)* | 195,032 | ||||||
3,971 | Japan Post Insurance Co. Ltd. (Financials) | 72,111 | ||||||
22,113 | Japan Tobacco, Inc. (Consumer Staples) | 429,237 | ||||||
9,723 | JFE Holdings, Inc. (Materials) | 157,979 | ||||||
4,494 | JGC Holdings Corp. (Industrials) | 37,798 | ||||||
4,069 | JSR Corp. (Materials) | 141,300 | ||||||
4,574 | JTEKT Corp. (Consumer Discretionary) | 41,427 | ||||||
8,799 | Kajima Corp. (Industrials) | 113,972 | ||||||
2,588 | Kakaku.com, Inc. (Communication Services) | 80,801 | ||||||
14,796 | Kansai Electric Power Co., Inc. (The) (Utilities) | 148,822 | ||||||
4,375 | Kansai Paint Co. Ltd. (Materials) | 113,537 | ||||||
9,372 | Kao Corp. (Consumer Staples) | 566,961 | ||||||
3,004 | Kawasaki Heavy Industries Ltd. (Industrials)* | 64,039 | ||||||
31,076 | KDDI Corp. (Communication Services) | 953,269 | ||||||
4,631 | Keikyu Corp. (Industrials) | 56,570 | ||||||
2,201 | Keio Corp. (Industrials) | 118,605 | ||||||
2,995 | Keisei Electric Railway Co. Ltd. (Industrials) | 92,282 | ||||||
2,088 | Kewpie Corp. (Consumer Staples) | 51,506 | ||||||
3,763 | Keyence Corp. (Information Technology) | 2,265,130 | ||||||
2,989 | Kikkoman Corp. (Consumer Staples) | 224,733 | ||||||
3,650 | Kintetsu Group Holdings Co. Ltd. (Industrials)* | 124,923 | ||||||
15,113 | Kirin Holdings Co. Ltd. (Consumer Staples) | 274,307 | ||||||
991 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 77,667 | ||||||
2,407 | Kobe Bussan Co. Ltd. (Consumer Staples) | 93,774 | ||||||
1,103 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 47,238 | ||||||
|
|
40 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
2,456 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | $ | 150,454 | |||||
18,830 | Komatsu Ltd. (Industrials) | 456,352 | ||||||
1,878 | Konami Holdings Corp. (Communication Services) | 119,319 | ||||||
645 | Kose Corp. (Consumer Staples) | 78,086 | ||||||
23,222 | Kubota Corp. (Industrials) | 480,780 | ||||||
6,691 | Kuraray Co. Ltd. (Materials) | 63,036 | ||||||
2,193 | Kurita Water Industries Ltd. (Industrials) | 103,003 | ||||||
6,560 | Kyocera Corp. (Information Technology) | 408,791 | ||||||
4,970 | Kyowa Kirin Co. Ltd. (Health Care) | 162,636 | ||||||
9,021 | Kyushu Electric Power Co., Inc. (Utilities) | 68,975 | ||||||
2,759 | Kyushu Railway Co. (Industrials) | 62,558 | ||||||
1,541 | Lasertec Corp. (Information Technology) | 337,629 | ||||||
904 | Lawson, Inc. (Consumer Staples) | 43,612 | ||||||
5,032 | Lion Corp. (Consumer Staples) | 85,790 | ||||||
5,508 | Lixil Corp. (Industrials) | 160,688 | ||||||
8,191 | M3, Inc. (Health Care) | 551,808 | ||||||
970 | Mabuchi Motor Co. Ltd. (Industrials) | 33,993 | ||||||
4,849 | Makita Corp. (Industrials) | 278,952 | ||||||
33,790 | Marubeni Corp. (Industrials) | 269,311 | ||||||
3,971 | Marui Group Co. Ltd. (Consumer Discretionary) | 70,918 | ||||||
1,643 | Matsumotokiyoshi Holdings Co. Ltd. (Consumer Staples) | 76,273 | ||||||
11,590 | Mazda Motor Corp. (Consumer Discretionary)* | 100,750 | ||||||
1,637 | McDonald’s Holdings Co. Japan Ltd. (Consumer Discretionary) | 78,229 | ||||||
20,579 | Mebuki Financial Group, Inc. (Financials) | 46,081 | ||||||
3,395 | Medipal Holdings Corp. (Health Care) | 64,989 | ||||||
2,592 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 159,493 | ||||||
1,896 | Mercari, Inc. (Consumer Discretionary)* | 93,885 | ||||||
7,613 | MINEBEA MITSUMI, Inc. (Industrials) | 196,319 | ||||||
5,639 | MISUMI Group, Inc. (Industrials) | 224,051 | ||||||
27,776 | Mitsubishi Chemical Holdings Corp. (Materials) | 244,184 | ||||||
27,236 | Mitsubishi Corp. (Industrials) | 820,848 | ||||||
39,336 | Mitsubishi Electric Corp. (Industrials) | 539,053 | ||||||
23,898 | Mitsubishi Estate Co. Ltd. (Real Estate) | 374,372 | ||||||
3,793 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 71,641 | ||||||
13,281 | Mitsubishi HC Capital, Inc. (Financials) | 71,204 | ||||||
6,079 | Mitsubishi Heavy Industries Ltd. (Industrials) | 160,967 | ||||||
2,364 | Mitsubishi Materials Corp. (Materials) | 48,545 | ||||||
12,982 | Mitsubishi Motors Corp. (Consumer Discretionary)* | 33,205 | ||||||
231,041 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 1,250,052 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
30,236 | Mitsui & Co. Ltd. (Industrials) | 668,517 | ||||||
3,542 | Mitsui Chemicals, Inc. (Materials) | 122,516 | ||||||
17,866 | Mitsui Fudosan Co. Ltd. (Real Estate) | 410,466 | ||||||
2,278 | Mitsui OSK Lines Ltd. (Industrials)(a) | 176,252 | ||||||
1,939 | Miura Co. Ltd. (Industrials) | 87,190 | ||||||
47,175 | Mizuho Financial Group, Inc. (Financials) | 662,580 | ||||||
4,889 | MonotaRO Co. Ltd. (Industrials) | 108,274 | ||||||
9,355 | MS&AD Insurance Group Holdings, Inc. (Financials) | 302,722 | ||||||
12,510 | Murata Manufacturing Co. Ltd. (Information Technology) | 1,038,401 | ||||||
2,150 | Nabtesco Corp. (Industrials) | 85,327 | ||||||
5,032 | NEC Corp. (Information Technology) | 264,746 | ||||||
9,123 | Nexon Co. Ltd. (Communication Services) | 166,915 | ||||||
6,066 | NGK Insulators Ltd. (Industrials) | 100,769 | ||||||
3,817 | NGK Spark Plug Co. Ltd. (Consumer Discretionary) | 58,787 | ||||||
2,036 | NH Foods Ltd. (Consumer Staples) | 79,042 | ||||||
2,471 | Nichirei Corp. (Consumer Staples) | 63,068 | ||||||
10,112 | Nidec Corp. (Industrials) | 1,161,601 | ||||||
5,924 | Nihon M&A Center, Inc. (Industrials) | 177,407 | ||||||
6,417 | Nikon Corp. (Consumer Discretionary) | 67,698 | ||||||
2,353 | Nintendo Co. Ltd. (Communication Services) | 1,133,021 | ||||||
70 | Nippon Building Fund, Inc. REIT (Real Estate) | 455,580 | ||||||
1,670 | Nippon Express Co. Ltd. (Industrials) | 113,857 | ||||||
19,384 | Nippon Paint Holdings Co. Ltd. (Materials) | 241,550 | ||||||
41 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 147,975 | ||||||
3,532 | Nippon Sanso Holdings Corp. (Materials) | 85,840 | ||||||
1,256 | Nippon Shinyaku Co. Ltd. (Health Care) | 102,094 | ||||||
17,387 | Nippon Steel Corp. (Materials) | 355,780 | ||||||
45,725 | Nippon Telegraph & Telephone Corp. (Communication Services) | 1,221,997 | ||||||
2,790 | Nippon Television Holdings, Inc. (Communication Services) | 29,688 | ||||||
3,231 | Nippon Yusen KK (Industrials) | 260,868 | ||||||
2,543 | Nissan Chemical Corp. (Materials) | 142,821 | ||||||
44,438 | Nissan Motor Co. Ltd. (Consumer Discretionary)* | 234,001 | ||||||
4,868 | Nisshin Seifun Group, Inc. (Consumer Staples) | 79,937 | ||||||
1,368 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 106,591 | ||||||
1,632 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 305,721 | ||||||
2,930 | Nitto Denko Corp. (Materials) | 222,964 | ||||||
60,375 | Nomura Holdings, Inc. (Financials) | 293,247 | ||||||
2,035 | Nomura Real Estate Holdings, Inc. (Real Estate) | 52,144 | ||||||
83 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 128,210 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 41 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
7,691 | Nomura Research Institute Ltd. (Information Technology) | $ | 289,480 | |||||
9,461 | NSK Ltd. (Industrials) | 66,484 | ||||||
12,606 | NTT Data Corp. (Information Technology) | 227,312 | ||||||
12,542 | Obayashi Corp. (Industrials) | 103,432 | ||||||
346 | OBIC Business Consultants Co. Ltd. (Information Technology) | 16,251 | ||||||
1,278 | Obic Co. Ltd. (Information Technology) | 243,711 | ||||||
6,847 | Odakyu Electric Railway Co. Ltd. (Industrials) | 159,801 | ||||||
17,108 | Oji Holdings Corp. (Materials) | 89,698 | ||||||
24,087 | Olympus Corp. (Health Care) | 506,800 | ||||||
3,834 | Omron Corp. (Information Technology) | 362,251 | ||||||
8,028 | Ono Pharmaceutical Co. Ltd. (Health Care) | 193,210 | ||||||
1,530 | Open House Co. Ltd. (Consumer Discretionary) | 74,648 | ||||||
671 | Oracle Corp. Japan (Information Technology) | 55,214 | ||||||
3,992 | Oriental Land Co. Ltd. (Consumer Discretionary) | 605,377 | ||||||
24,324 | ORIX Corp. (Financials) | 454,221 | ||||||
55 | Orix JREIT, Inc. REIT (Real Estate) | 98,175 | ||||||
8,056 | Osaka Gas Co. Ltd. (Utilities) | 151,279 | ||||||
2,190 | Otsuka Corp. (Information Technology) | 113,626 | ||||||
8,022 | Otsuka Holdings Co. Ltd. (Health Care) | 341,808 | ||||||
8,362 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 159,613 | ||||||
43,135 | Panasonic Corp. (Consumer Discretionary) | 515,139 | ||||||
2,190 | Park24 Co. Ltd. (Industrials)* | 42,321 | ||||||
1,942 | PeptiDream, Inc. (Health Care)* | 68,587 | ||||||
3,560 | Persol Holdings Co. Ltd. (Industrials) | 83,345 | ||||||
2,315 | Pigeon Corp. (Consumer Staples) | 67,115 | ||||||
1,661 | Pola Orbis Holdings, Inc. (Consumer Staples) | 36,347 | ||||||
17,519 | Rakuten Group, Inc. (Consumer Discretionary) | 183,705 | ||||||
27,596 | Recruit Holdings Co. Ltd. (Industrials) | 1,632,751 | ||||||
22,412 | Renesas Electronics Corp. (Information Technology)* | 242,562 | ||||||
47,690 | Resona Holdings, Inc. (Financials) | 184,795 | ||||||
13,410 | Ricoh Co. Ltd. (Information Technology) | 136,712 | ||||||
707 | Rinnai Corp. (Consumer Discretionary) | 76,132 | ||||||
1,710 | Rohm Co. Ltd. (Information Technology) | 165,303 | ||||||
4,885 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 104,850 | ||||||
7,555 | Santen Pharmaceutical Co. Ltd. (Health Care) | 112,782 | ||||||
4,815 | SBI Holdings, Inc. (Financials) | 117,022 | ||||||
866 | SCREEN Holdings Co. Ltd. (Information Technology) | 74,413 | ||||||
960 | SCSK Corp. (Information Technology) | 60,732 | ||||||
4,215 | Secom Co. Ltd. (Industrials) | 320,173 | ||||||
3,458 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 46,774 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
4,509 | Seibu Holdings, Inc. (Industrials)* | 54,423 | ||||||
5,757 | Seiko Epson Corp. (Information Technology) | 107,426 | ||||||
7,923 | Sekisui Chemical Co. Ltd. (Consumer Discretionary) | 135,872 | ||||||
11,858 | Sekisui House Ltd. (Consumer Discretionary) | 236,707 | ||||||
15,032 | Seven & i Holdings Co. Ltd. (Consumer Staples) | 658,830 | ||||||
12,110 | Seven Bank Ltd. (Financials) | 27,668 | ||||||
8,565 | SG Holdings Co. Ltd. (Industrials) | 233,265 | ||||||
5,734 | Sharp Corp. (Consumer Discretionary) | 75,837 | ||||||
5,637 | Shimadzu Corp. (Information Technology) | 253,219 | ||||||
473 | Shimamura Co. Ltd. (Consumer Discretionary) | 41,763 | ||||||
1,618 | Shimano, Inc. (Consumer Discretionary) | 475,709 | ||||||
11,698 | Shimizu Corp. (Industrials) | 84,120 | ||||||
8,148 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1,350,212 | ||||||
4,344 | Shinsei Bank Ltd. (Financials) | 53,974 | ||||||
5,949 | Shionogi & Co. Ltd. (Health Care) | 376,456 | ||||||
7,955 | Shiseido Co. Ltd. (Consumer Staples) | 528,089 | ||||||
10,289 | Shizuoka Bank Ltd. (The) (Financials) | 80,731 | ||||||
2,869 | Showa Denko KK (Materials) | 63,904 | ||||||
1,249 | SMC Corp. (Industrials) | 801,629 | ||||||
55,664 | SoftBank Corp. (Communication Services) | 746,595 | ||||||
22,914 | SoftBank Group Corp. (Communication Services) | 1,289,199 | ||||||
1,426 | Sohgo Security Services Co. Ltd. (Industrials) | 64,706 | ||||||
21,004 | Sojitz Corp. (Industrials) | 61,754 | ||||||
6,469 | Sompo Holdings, Inc. (Financials) | 284,292 | ||||||
24,858 | Sony Group Corp. (Consumer Discretionary) | 2,570,425 | ||||||
1,792 | Square Enix Holdings Co. Ltd. (Communication Services) | 104,558 | ||||||
2,944 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 73,640 | ||||||
12,187 | Subaru Corp. (Consumer Discretionary) | 225,913 | ||||||
721 | Sugi Holdings Co. Ltd. (Consumer Staples) | 55,785 | ||||||
5,271 | SUMCO Corp. (Information Technology) | 111,456 | ||||||
32,096 | Sumitomo Chemical Co. Ltd. (Materials) | 163,022 | ||||||
23,320 | Sumitomo Corp. (Industrials) | 329,974 | ||||||
3,377 | Sumitomo Dainippon Pharma Co. Ltd. (Health Care) | 60,618 | ||||||
14,918 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 199,681 | ||||||
2,312 | Sumitomo Heavy Industries Ltd. (Industrials) | 60,609 | ||||||
4,862 | Sumitomo Metal Mining Co. Ltd. (Materials) | 186,939 | ||||||
25,876 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 895,273 | ||||||
5,887 | Sumitomo Mitsui Trust Holdings, Inc. (Financials) | 192,804 | ||||||
|
|
42 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
6,626 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | $ | 214,232 | |||||
3,579 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 42,970 | ||||||
1,358 | Sundrug Co. Ltd. (Consumer Staples) | 45,180 | ||||||
2,514 | Suntory Beverage & Food Ltd. (Consumer Staples) | 100,803 | ||||||
1,265 | Suzuken Co. Ltd. (Health Care) | 37,653 | ||||||
8,146 | Suzuki Motor Corp. (Consumer Discretionary) | 352,652 | ||||||
3,053 | Sysmex Corp. (Health Care) | 347,930 | ||||||
9,925 | T&D Holdings, Inc. (Financials) | 120,607 | ||||||
2,343 | Taiheiyo Cement Corp. (Materials) | 53,787 | ||||||
3,728 | Taisei Corp. (Industrials) | 116,903 | ||||||
760 | Taisho Pharmaceutical Holdings Co. Ltd. (Health Care) | 44,413 | ||||||
2,466 | Taiyo Yuden Co. Ltd. (Information Technology) | 140,068 | ||||||
31,285 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1,047,674 | ||||||
2,068 | TBS Holdings, Inc. (Communication Services) | 30,288 | ||||||
2,530 | TDK Corp. (Information Technology) | 266,449 | ||||||
3,640 | Teijin Ltd. (Materials) | 52,450 | ||||||
14,304 | Terumo Corp. (Health Care) | 598,539 | ||||||
2,415 | THK Co. Ltd. (Industrials) | 56,121 | ||||||
4,557 | TIS, Inc. (Information Technology) | 129,003 | ||||||
3,919 | Tobu Railway Co. Ltd. (Industrials) | 102,416 | ||||||
2,134 | Toho Co. Ltd. (Communication Services) | 92,462 | ||||||
1,809 | Toho Gas Co. Ltd. (Utilities) | 84,473 | ||||||
9,510 | Tohoku Electric Power Co., Inc. (Utilities) | 72,887 | ||||||
12,803 | Tokio Marine Holdings, Inc. (Financials) | 626,631 | ||||||
724 | Tokyo Century Corp. (Financials) | 41,452 | ||||||
30,004 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)* | 78,929 | ||||||
2,986 | Tokyo Electron Ltd. (Information Technology) | 1,283,985 | ||||||
8,343 | Tokyo Gas Co. Ltd. (Utilities) | 160,693 | ||||||
11,961 | Tokyu Corp. (Industrials) | 164,945 | ||||||
12,168 | Tokyu Fudosan Holdings Corp. (Real Estate) | 70,554 | ||||||
5,535 | TOPPAN, Inc. (Industrials) | 95,223 | ||||||
30,093 | Toray Industries, Inc. (Materials) | 203,195 | ||||||
8,478 | Toshiba Corp. (Industrials) | 368,491 | ||||||
5,647 | Tosoh Corp. (Materials) | 102,701 | ||||||
3,118 | TOTO Ltd. (Industrials) | 170,006 | ||||||
1,757 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 72,848 | ||||||
1,373 | Toyoda Gosei Co. Ltd. (Consumer Discretionary) | 29,245 | ||||||
1,466 | Toyota Boshoku Corp. (Consumer Discretionary) | 27,636 | ||||||
3,102 | Toyota Industries Corp. (Consumer Discretionary) | 262,312 | ||||||
45,085 | Toyota Motor Corp. (Consumer Discretionary) | 3,936,422 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Japan – (continued) | ||||||||
4,518 | Toyota Tsusho Corp. (Industrials) | 200,073 | ||||||
2,659 | Trend Micro, Inc. (Information Technology) | 145,947 | ||||||
758 | Tsuruha Holdings, Inc. (Consumer Staples) | 95,561 | ||||||
8,009 | Unicharm Corp. (Consumer Staples) | 357,511 | ||||||
57 | United Urban Investment Corp. REIT (Real Estate) | 80,732 | ||||||
4,044 | USS Co. Ltd. (Consumer Discretionary) | 67,032 | ||||||
1,843 | Welcia Holdings Co. Ltd. (Consumer Staples) | 65,174 | ||||||
3,354 | West Japan Railway Co. (Industrials) | 183,667 | ||||||
418 | Workman Co. Ltd. (Consumer Discretionary) | 26,786 | ||||||
2,574 | Yakult Honsha Co. Ltd. (Consumer Staples) | 148,545 | ||||||
13,819 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 59,497 | ||||||
3,334 | Yamaha Corp. (Consumer Discretionary) | 196,957 | ||||||
5,898 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 150,322 | ||||||
6,387 | Yamato Holdings Co. Ltd. (Industrials) | 162,785 | ||||||
2,559 | Yamazaki Baking Co. Ltd. (Consumer Staples) | 42,044 | ||||||
5,003 | Yaskawa Electric Corp. (Industrials) | 245,004 | ||||||
5,170 | Yokogawa Electric Corp. (Information Technology) | 81,084 | ||||||
2,633 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) | 44,986 | ||||||
52,595 | Z Holdings Corp. (Communication Services) | 343,261 | ||||||
2,191 | ZOZO, Inc. (Consumer Discretionary) | 83,663 | ||||||
|
| |||||||
86,151,640 | ||||||||
|
| |||||||
Jordan – 0.0% | ||||||||
2,865 | Hikma Pharmaceuticals PLC (Health Care) | 100,072 | ||||||
|
| |||||||
Luxembourg – 0.2% | ||||||||
14,213 | ArcelorMittal (Materials) | 476,403 | ||||||
2,545 | Eurofins Scientific SE (Health Care) | 360,750 | ||||||
|
| |||||||
837,153 | ||||||||
|
| |||||||
Macau – 0.1% | ||||||||
43,122 | Galaxy Entertainment Group Ltd. (Consumer Discretionary)* | 276,396 | ||||||
16,549 | MGM China Holdings Ltd. (Consumer Discretionary)* | 16,576 | ||||||
49,143 | Sands China Ltd. (Consumer Discretionary)* | 157,652 | ||||||
39,092 | SJM Holdings Ltd. (Consumer Discretionary)* | 34,029 | ||||||
|
| |||||||
484,653 | ||||||||
|
| |||||||
Mexico – 0.0% | ||||||||
3,721 | Fresnillo PLC (Materials) | 43,734 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 43 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Netherlands – 5.1% | ||||||||
8,906 | ABN AMRO Bank NV (Financials)*(b) | $ | 124,286 | |||||
516 | Adyen NV (Information Technology)*(b) | 1,665,616 | ||||||
3,413 | Akzo Nobel NV (Materials) | 420,614 | ||||||
8,306 | ASML Holding NV (Information Technology) | 6,907,491 | ||||||
2,098 | EXOR NV (Financials) | 174,847 | ||||||
1,741 | HAL Trust (Financials) | 310,741 | ||||||
2,042 | Heineken Holding NV (Consumer Staples) | 189,222 | ||||||
4,782 | Heineken NV (Consumer Staples) | 523,283 | ||||||
78,480 | ING Groep NV (Financials) | 1,083,907 | ||||||
1,525 | JDE Peet’s NV (Consumer Staples)(a) | 52,385 | ||||||
21,021 | Koninklijke Ahold Delhaize NV (Consumer Staples) | 708,942 | ||||||
3,466 | Koninklijke DSM NV (Materials) | 737,482 | ||||||
65,921 | Koninklijke KPN NV (Communication Services) | 211,194 | ||||||
18,242 | Koninklijke Philips NV (Health Care) | 840,678 | ||||||
5,636 | NN Group NV (Financials) | 292,533 | ||||||
2,350 | Randstad NV (Industrials) | 172,824 | ||||||
82,433 | Royal Dutch Shell PLC, Class A (Energy) | 1,624,128 | ||||||
74,503 | Royal Dutch Shell PLC, Class B (Energy) | 1,467,273 | ||||||
5,305 | Wolters Kluwer NV (Industrials) | 610,072 | ||||||
|
| |||||||
18,117,518 | ||||||||
|
| |||||||
New Zealand – 0.4% | ||||||||
24,355 | Auckland International Airport Ltd. (Industrials)* | 123,596 | ||||||
9,015 | Chorus Ltd. (Communication Services) | 44,607 | ||||||
15,641 | Contact Energy Ltd. (Utilities) | 89,723 | ||||||
11,535 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 268,736 | ||||||
15,391 | Fletcher Building Ltd. (Industrials) | 81,139 | ||||||
10,365 | Genesis Energy Ltd. (Utilities) | 24,731 | ||||||
21,132 | Goodman Property Trust REIT (Real Estate) | 38,820 | ||||||
13,930 | Infratil Ltd. (Utilities) | 73,290 | ||||||
1,632 | Mainfreight Ltd. (Industrials) | 107,976 | ||||||
12,274 | Mercury NZ Ltd. (Utilities) | 57,450 | ||||||
23,057 | Meridian Energy Ltd. (Utilities) | 85,200 | ||||||
7,705 | Ryman Healthcare Ltd. (Health Care) | 83,951 | ||||||
37,332 | Spark New Zealand Ltd. (Communication Services) | 128,096 | ||||||
2,570 | Xero Ltd. (Information Technology)* | 285,161 | ||||||
|
| |||||||
1,492,476 | ||||||||
|
| |||||||
Norway – 0.8% | ||||||||
449 | Aker ASA, Class A (Financials) | 32,391 | ||||||
2,178 | Aker BP ASA (Energy) | 56,793 | ||||||
1,747 | Austevoll Seafood ASA (Consumer Staples) | 22,416 | ||||||
17,736 | DNB Bank ASA (Financials) | 374,061 | ||||||
2,074 | Entra ASA (Real Estate)(b) | 46,910 | ||||||
21,305 | Equinor ASA (Energy) | 452,123 | ||||||
3,733 | Gjensidige Forsikring ASA (Financials) | 87,178 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Norway – (continued) | ||||||||
1,754 | Kongsberg Gruppen ASA (Industrials) | 48,840 | ||||||
5,691 | Leroy Seafood Group ASA (Consumer Staples) | 50,181 | ||||||
9,009 | Mowi ASA (Consumer Staples) | 241,024 | ||||||
29,213 | NEL ASA (Industrials)* | 47,937 | ||||||
3,318 | Nordic Semiconductor ASA (Information Technology)* | 107,864 | ||||||
26,945 | Norsk Hydro ASA (Materials) | 185,775 | ||||||
14,974 | Orkla ASA (Consumer Staples) | 133,617 | ||||||
1,131 | Salmar ASA (Consumer Staples) | 75,717 | ||||||
2,293 | Scatec ASA (Utilities)(b) | 47,360 | ||||||
1,408 | Schibsted ASA, Class A (Communication Services) | 75,047 | ||||||
1,854 | Schibsted ASA, Class B (Communication Services) | 86,169 | ||||||
3,604 | SpareBank 1 SR-Bank ASA (Financials) | 48,562 | ||||||
9,190 | Storebrand ASA (Financials) | 81,519 | ||||||
12,894 | Telenor ASA (Communication Services) | 225,654 | ||||||
2,340 | TGS ASA (Energy) | 25,939 | ||||||
2,340 | TOMRA Systems ASA (Industrials) | 143,647 | ||||||
|
| |||||||
2,696,724 | ||||||||
|
| |||||||
Poland – 0.3% | ||||||||
7,795 | Allegro.eu SA (Consumer Discretionary)*(b) | 144,568 | ||||||
3,230 | Bank Pekao SA (Financials)* | 90,435 | ||||||
4,001 | Cyfrowy Polsat SA (Communication Services) | 38,204 | ||||||
969 | Dino Polska SA (Consumer Staples)*(b) | 82,150 | ||||||
4,194 | InPost SA (Industrials)* | 81,688 | ||||||
2,756 | KGHM Polska Miedz SA (Materials) | 128,342 | ||||||
262 | mBank SA (Financials)* | 25,387 | ||||||
16,090 | PGE Polska Grupa Energetyczna SA (Utilities)* | 42,402 | ||||||
6,260 | Polski Koncern Naftowy ORLEN SA (Energy) | 121,479 | ||||||
32,816 | Polskie Gornictwo Naftowe i Gazownictwo SA (Energy) | 53,996 | ||||||
17,814 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials)* | 195,643 | ||||||
11,478 | Powszechny Zaklad Ubezpieczen SA (Financials)* | 121,711 | ||||||
673 | Santander Bank Polska SA (Financials)* | 53,084 | ||||||
|
| |||||||
1,179,089 | ||||||||
|
| |||||||
Portugal – 0.2% | ||||||||
55,243 | EDP – Energias de Portugal SA (Utilities) | 303,364 | ||||||
10,554 | Galp Energia SGPS SA (Energy) | 108,065 | ||||||
4,934 | Jeronimo Martins SGPS SA (Consumer Staples) | 104,547 | ||||||
|
| |||||||
515,976 | ||||||||
|
| |||||||
Russia – 0.0% | ||||||||
11,621 | Evraz PLC (Materials) | 94,425 | ||||||
|
|
44 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Saudi Arabia – 0.1% | ||||||||
3,157 | Delivery Hero SE (Consumer Discretionary)*(b) | $ | 456,891 | |||||
|
| |||||||
Singapore – 1.1% | ||||||||
66,546 | Ascendas Real Estate Investment Trust REIT (Real Estate) | 150,398 | ||||||
90,341 | CapitaLand Integrated Commercial Trust REIT (Real Estate) | 138,356 | ||||||
50,578 | CapitaLand Ltd. (Real Estate) | 150,407 | ||||||
11,624 | City Developments Ltd. (Real Estate) | 59,109 | ||||||
43,630 | ComfortDelGro Corp. Ltd. (Industrials) | 52,547 | ||||||
36,122 | DBS Group Holdings Ltd. (Financials) | 804,830 | ||||||
52,892 | Frasers Logistics & Commercial Trust REIT (Real Estate) | 58,983 | ||||||
114,679 | Genting Singapore Ltd. (Consumer Discretionary) | 65,221 | ||||||
1,918 | Jardine Cycle & Carriage Ltd. (Consumer Discretionary) | 27,706 | ||||||
29,024 | Keppel Corp. Ltd. (Industrials) | 112,203 | ||||||
26,053 | Keppel DC REIT (Real Estate) | 48,422 | ||||||
45,073 | Mapletree Commercial Trust REIT (Real Estate) | 68,023 | ||||||
41,391 | Mapletree Industrial Trust REIT (Real Estate) | 89,853 | ||||||
59,181 | Mapletree Logistics Trust REIT (Real Estate) | 89,315 | ||||||
17,657 | Olam International Ltd. (Consumer Staples) | 21,003 | ||||||
80,544 | Oversea-Chinese Banking Corp. Ltd. (Financials) | 684,423 | ||||||
13,485 | SATS Ltd. (Industrials)* | 40,803 | ||||||
26,188 | Singapore Airlines Ltd. (Industrials)* | 98,514 | ||||||
16,411 | Singapore Exchange Ltd. (Financials) | 120,786 | ||||||
30,773 | Singapore Technologies Engineering Ltd. (Industrials) | 86,478 | ||||||
159,911 | Singapore Telecommunications Ltd. (Communication Services) | 275,811 | ||||||
32,516 | Suntec Real Estate Investment Trust REIT (Real Estate) | 35,777 | ||||||
31,419 | United Overseas Bank Ltd. (Financials) | 597,501 | ||||||
10,752 | UOL Group Ltd. (Real Estate) | 55,954 | ||||||
5,452 | Venture Corp. Ltd. (Information Technology) | 77,660 | ||||||
|
| |||||||
4,010,083 | ||||||||
|
| |||||||
South Africa – 0.3% | ||||||||
23,323 | Anglo American PLC (Materials) | 985,096 | ||||||
2,345 | Thungela Resources Ltd. (Energy)* | 9,795 | ||||||
|
| |||||||
994,891 | ||||||||
|
| |||||||
Spain – 2.4% | ||||||||
4,585 | ACS Actividades de Construccion y Servicios SA (Industrials)(a) | 123,727 | ||||||
1,388 | Aena SME SA (Industrials)*(b) | 221,520 | ||||||
9,037 | Amadeus IT Group SA (Information Technology)* | 551,735 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Spain – (continued) | ||||||||
132,797 | Banco Bilbao Vizcaya Argentaria SA (Financials)* | 869,549 | ||||||
344,941 | Banco Santander SA (Financials)* | 1,273,472 | ||||||
87,167 | CaixaBank SA (Financials) | 270,823 | ||||||
11,462 | Cellnex Telecom SA (Communication Services)*(b) | 784,758 | ||||||
4,832 | EDP Renovaveis SA (Utilities) | 128,453 | ||||||
6,391 | Endesa SA (Utilities) | 153,601 | ||||||
9,441 | Ferrovial SA (Industrials) | 273,266 | ||||||
5,943 | Grifols SA (Health Care) | 145,149 | ||||||
122,483 | Iberdrola SA (Utilities) | 1,517,419 | ||||||
22,290 | Industria de Diseno Textil SA (Consumer Discretionary) | 760,686 | ||||||
19,360 | Mapfre SA (Financials) | 41,730 | ||||||
9,507 | Naturgy Energy Group SA (Utilities) | 244,651 | ||||||
8,660 | Red Electrica Corp. SA (Utilities) | 172,661 | ||||||
26,392 | Repsol SA (Energy) | 302,354 | ||||||
4,498 | Siemens Gamesa Renewable Energy SA (Industrials)* | 133,326 | ||||||
101,777 | Telefonica SA (Communication Services) | 502,376 | ||||||
|
| |||||||
8,471,256 | ||||||||
|
| |||||||
Sweden – 4.0% | ||||||||
3,475 | AAK AB (Consumer Staples) | 83,027 | ||||||
5,962 | Alfa Laval AB (Industrials) | 241,554 | ||||||
19,549 | Assa Abloy AB, Class B (Industrials) | 624,127 | ||||||
12,691 | Atlas Copco AB, Class A (Industrials) | 870,292 | ||||||
7,492 | Atlas Copco AB, Class B (Industrials) | 432,939 | ||||||
2,167 | Avanza Bank Holding AB (Financials) | 83,182 | ||||||
2,114 | Axfood AB (Consumer Staples) | 55,868 | ||||||
4,427 | Beijer Ref AB (Industrials) | 101,570 | ||||||
5,398 | Boliden AB (Materials) | 188,022 | ||||||
4,198 | Castellum AB (Real Estate) | 122,121 | ||||||
5,046 | Electrolux AB, Series B (Consumer Discretionary) | 127,688 | ||||||
7,262 | Elekta AB, Class B (Health Care)(a) | 90,915 | ||||||
6,090 | Embracer Group AB (Communication Services)* | 138,033 | ||||||
12,479 | Epiroc AB, Class A (Industrials) | 273,526 | ||||||
7,490 | Epiroc AB, Class B (Industrials) | 142,150 | ||||||
6,344 | EQT AB (Financials) | 322,904 | ||||||
12,124 | Essity AB, Class B (Consumer Staples) | 388,478 | ||||||
3,424 | Evolution AB (Consumer Discretionary)(b) | 551,096 | ||||||
5,240 | Fabege AB (Real Estate) | 94,899 | ||||||
1,995 | Fastighets AB Balder, Class B (Real Estate)* | 142,443 | ||||||
3,934 | Getinge AB, Class B (Health Care) | 161,210 | ||||||
14,352 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)* | 287,351 | ||||||
39,317 | Hexagon AB, Class B (Information Technology) | 680,418 | ||||||
1,817 | Holmen AB, Class B (Materials) | 92,231 | ||||||
8,236 | Husqvarna AB, Class B (Consumer Discretionary) | 110,355 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 45 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Sweden – (continued) | ||||||||
1,818 | ICA Gruppen AB (Consumer Staples) | $ | 90,346 | |||||
2,500 | Industrivarden AB, Class A (Financials) | 91,913 | ||||||
3,155 | Industrivarden AB, Class C (Financials) | 109,858 | ||||||
5,098 | Indutrade AB (Industrials) | 168,189 | ||||||
2,475 | Investment AB Latour, Class B (Industrials) | 86,037 | ||||||
10,374 | Investor AB, Class A (Financials) | 248,583 | ||||||
36,588 | Investor AB, Class B (Financials) | 874,183 | ||||||
4,844 | Kinnevik AB, Class B (Financials)* | 189,585 | ||||||
1,475 | L E Lundbergforetagen AB, Class B (Financials) | 94,046 | ||||||
3,948 | Lifco AB, Class B (Industrials) | 116,722 | ||||||
3,723 | Lundin Energy AB (Energy) | 113,604 | ||||||
32,244 | Nibe Industrier AB, Class B (Industrials) | 449,023 | ||||||
1,535 | Saab AB, Class B (Industrials) | 45,702 | ||||||
1,282 | Sagax AB, Class B (Real Estate) | 47,756 | ||||||
21,471 | Sandvik AB (Industrials) | 546,801 | ||||||
6,221 | Securitas AB, Class B (Industrials) | 103,159 | ||||||
10,111 | Sinch AB (Information Technology)*(b) | 226,597 | ||||||
29,272 | Skandinaviska Enskilda Banken AB, Class A (Financials) | 392,726 | ||||||
7,486 | Skanska AB, Class B (Industrials) | 215,343 | ||||||
8,559 | SKF AB, Class B (Industrials) | 217,972 | ||||||
4,476 | SSAB AB, Class A (Materials)* | 24,342 | ||||||
12,038 | SSAB AB, Class B (Materials)* | 57,175 | ||||||
11,433 | Svenska Cellulosa AB SCA, Class B (Materials) | 201,498 | ||||||
29,326 | Svenska Handelsbanken AB, Class A (Financials) | 329,494 | ||||||
701 | Svenska Handelsbanken AB, Class B (Financials) | 8,569 | ||||||
3,951 | Sweco AB, Class B (Industrials) | 69,199 | ||||||
21,831 | Swedbank AB, Class A (Financials) | 421,071 | ||||||
30,869 | Swedish Match AB (Consumer Staples) | 284,725 | ||||||
3,389 | Swedish Orphan Biovitrum AB (Health Care)* | 73,734 | ||||||
9,038 | Tele2 AB, Class B (Communication Services) | 135,330 | ||||||
58,897 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) | 697,466 | ||||||
43,750 | Telia Co. AB (Communication Services) | 187,587 | ||||||
4,886 | Trelleborg AB, Class B (Industrials) | 118,606 | ||||||
3,775 | Volvo AB, Class A (Industrials) | 87,354 | ||||||
29,620 | Volvo AB, Class B (Industrials) | 669,091 | ||||||
2,855 | Wallenstam AB, Class B (Real Estate) | 48,814 | ||||||
|
| |||||||
14,248,599 | ||||||||
|
| |||||||
Switzerland – 8.5% | ||||||||
33,012 | ABB Ltd. (Industrials) | 1,222,386 | ||||||
10,044 | Alcon, Inc. (Health Care) | 827,159 | ||||||
9,041 | Cie Financiere Richemont SA (Consumer Discretionary) | 996,825 | ||||||
49,302 | Credit Suisse Group AG (Financials) | 522,810 | ||||||
695 | Geberit AG (Industrials) | 580,551 | ||||||
160 | Givaudan SA (Materials) | 802,576 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Switzerland – (continued) | ||||||||
9,969 | Holcim Ltd. (Materials)* | 568,072 | ||||||
1,114 | Kuehne + Nagel International AG (Industrials) | 407,512 | ||||||
1,492 | Lonza Group AG (Health Care) | 1,262,267 | ||||||
53,227 | Nestle SA (Consumer Staples) | 6,725,062 | ||||||
47,077 | Novartis AG (Health Care) | 4,357,468 | ||||||
440 | Partners Group Holding AG (Financials) | 780,045 | ||||||
14,119 | Roche Holding AG (Health Care) | 5,668,099 | ||||||
534 | Roche Holding AG (Health Care) | 239,005 | ||||||
388 | Schindler Holding AG (Industrials) | 120,968 | ||||||
808 | Schindler Holding AG Participation Certificates (Industrials) | 260,910 | ||||||
107 | SGS SA (Industrials) | 336,167 | ||||||
2,692 | Sika AG (Materials) | 970,066 | ||||||
13,117 | STMicroelectronics NV (Information Technology) | 583,436 | ||||||
566 | Swatch Group AG (The) – Bearer (Consumer Discretionary) | 159,534 | ||||||
1,027 | Swatch Group AG (The) – Registered (Consumer Discretionary) | 56,448 | ||||||
510 | Swisscom AG (Communication Services) | 299,191 | ||||||
69,819 | UBS Group AG (Financials) | 1,164,603 | ||||||
3,019 | Zurich Insurance Group AG (Financials) | 1,324,860 | ||||||
|
| |||||||
30,236,020 | ||||||||
|
| |||||||
United Kingdom – 12.1% | ||||||||
19,558 | 3i Group PLC (Financials) | 360,011 | ||||||
43,907 | Abrdn PLC (Financials) | 160,434 | ||||||
5,247 | Admiral Group PLC (Financials) | 260,757 | ||||||
6,968 | Allfunds Group PLC (Financials)* | 125,536 | ||||||
8,995 | Ashtead Group PLC (Industrials) | 704,386 | ||||||
1,399 | ASOS PLC (Consumer Discretionary)* | 74,782 | ||||||
7,261 | Associated British Foods PLC (Consumer Staples) | 197,860 | ||||||
25,338 | AstraZeneca PLC (Health Care) | 2,968,954 | ||||||
19,262 | Auto Trader Group PLC (Communication Services)(b) | 166,744 | ||||||
2,238 | AVEVA Group PLC (Information Technology) | 127,391 | ||||||
78,171 | Aviva PLC (Financials) | 434,742 | ||||||
64,857 | BAE Systems PLC (Industrials) | 507,351 | ||||||
341,293 | Barclays PLC (Financials) | 868,484 | ||||||
20,528 | Barratt Developments PLC (Consumer Discretionary) | 208,780 | ||||||
2,346 | Berkeley Group Holdings PLC (Consumer Discretionary) | 155,849 | ||||||
374,440 | BP PLC (Energy) | 1,530,252 | ||||||
46,117 | British American Tobacco PLC (Consumer Staples) | 1,732,056 | ||||||
16,953 | British Land Co. PLC (The) REIT (Real Estate) | 123,704 | ||||||
151,006 | BT Group PLC (Communication Services)* | 352,882 | ||||||
6,798 | Bunzl PLC (Industrials) | 246,618 | ||||||
8,131 | Burberry Group PLC (Consumer Discretionary) | 208,083 | ||||||
|
|
46 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
53,587 | CK Hutchison Holdings Ltd. (Industrials) | $ | 391,015 | |||||
8,256 | Clarivate PLC (Industrials)* | 207,969 | ||||||
19,836 | CNH Industrial NV (Industrials) | 327,816 | ||||||
3,018 | Coca-Cola Europacific Partners PLC (Consumer Staples) | 174,259 | ||||||
35,838 | Compass Group PLC (Consumer Discretionary)* | 740,077 | ||||||
32,146 | ConvaTec Group PLC (Health Care)(b) | 99,719 | ||||||
2,799 | Croda International PLC (Materials) | 352,392 | ||||||
1,924 | DCC PLC (Industrials) | 163,641 | ||||||
46,959 | Diageo PLC (Consumer Staples) | 2,258,079 | ||||||
27,097 | Direct Line Insurance Group PLC (Financials) | 115,233 | ||||||
27,335 | DS Smith PLC (Materials) | 166,430 | ||||||
6,849 | easyJet PLC (Industrials)* | 75,030 | ||||||
11,667 | Entain PLC (Consumer Discretionary)* | 310,376 | ||||||
18,491 | Experian PLC (Industrials) | 815,362 | ||||||
5,664 | Farfetch Ltd., Class A (Consumer Discretionary)* | 237,095 | ||||||
101,125 | GlaxoSmithKline PLC (Health Care) | 2,034,714 | ||||||
7,597 | Halma PLC (Information Technology) | 313,975 | ||||||
7,082 | Hargreaves Lansdown PLC (Financials) | 147,028 | ||||||
410,527 | HSBC Holdings PLC (Financials) | 2,181,983 | ||||||
19,016 | Imperial Brands PLC (Consumer Staples) | 403,422 | ||||||
30,300 | Informa PLC (Communication Services)* | 221,429 | ||||||
3,538 | InterContinental Hotels Group PLC (Consumer Discretionary)* | 225,589 | ||||||
5,833 | Intermediate Capital Group PLC (Financials) | 176,448 | ||||||
3,251 | Intertek Group PLC (Industrials) | 235,790 | ||||||
73,184 | ITV PLC (Communication Services)* | 116,633 | ||||||
38,271 | J Sainsbury PLC (Consumer Staples) | 160,118 | ||||||
9,946 | JD Sports Fashion PLC (Consumer Discretionary) | 138,182 | ||||||
3,906 | Johnson Matthey PLC (Materials) | 157,990 | ||||||
3,890 | Just Eat Takeaway.com NV (Consumer Discretionary)*(b) | 352,294 | ||||||
42,623 | Kingfisher PLC (Consumer Discretionary) | 205,486 | ||||||
14,960 | Land Securities Group PLC REIT (Real Estate) | 145,974 | ||||||
119,990 | Legal & General Group PLC (Financials) | 446,198 | ||||||
3,105 | Liberty Global PLC, Class A (Communication Services)* | 89,238 | ||||||
6,881 | Liberty Global PLC, Class C (Communication Services)* | 199,411 | ||||||
1,425,502 | Lloyds Banking Group PLC (Financials) | 858,799 | ||||||
9,674 | London Stock Exchange Group PLC (Financials) | 1,059,250 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
United Kingdom – (continued) | ||||||||
52,496 | M&G PLC (Financials) | 148,830 | ||||||
86,729 | Melrose Industries PLC (Industrials) | 200,216 | ||||||
71,447 | National Grid PLC (Utilities) | 925,570 | ||||||
105,414 | Natwest Group PLC (Financials) | 309,157 | ||||||
2,456 | Next PLC (Consumer Discretionary) | 267,364 | ||||||
10,209 | Ocado Group PLC (Consumer Staples)* | 282,829 | ||||||
15,190 | Pearson PLC (Communication Services) | 160,469 | ||||||
6,363 | Persimmon PLC (Consumer Discretionary) | 257,458 | ||||||
14,062 | Phoenix Group Holdings PLC (Financials) | 120,646 | ||||||
52,508 | Prudential PLC (Financials) | 1,094,802 | ||||||
14,326 | Reckitt Benckiser Group PLC (Consumer Staples) | 1,092,078 | ||||||
38,839 | RELX PLC (Industrials) | 1,166,327 | ||||||
37,331 | Rentokil Initial PLC (Industrials) | 298,191 | ||||||
17,168 | Rightmove PLC (Communication Services) | 165,723 | ||||||
166,661 | Rolls-Royce Holdings PLC (Industrials)* | 263,451 | ||||||
21,309 | Sage Group PLC (The) (Information Technology) | 217,661 | ||||||
979 | Schroders PLC (Financials) | 35,031 | ||||||
2,724 | Schroders PLC (Financials) | 141,709 | ||||||
24,076 | Segro PLC REIT (Real Estate) | 425,448 | ||||||
5,012 | Severn Trent PLC (Utilities) | 190,516 | ||||||
17,660 | Smith & Nephew PLC (Health Care) | 339,049 | ||||||
7,996 | Smiths Group PLC (Industrials) | 158,740 | ||||||
1,477 | Spirax-Sarco Engineering PLC (Industrials) | 327,471 | ||||||
20,958 | SSE PLC (Utilities) | 470,869 | ||||||
10,818 | St James’s Place PLC (Financials) | 239,701 | ||||||
62,648 | Standard Chartered PLC (Financials) | 392,125 | ||||||
71,613 | Taylor Wimpey PLC (Consumer Discretionary) | 180,261 | ||||||
155,410 | Tesco PLC (Consumer Staples) | 545,723 | ||||||
15,649 | THG PLC (Consumer Discretionary)* | 132,560 | ||||||
51,514 | Unilever PLC (Consumer Staples) | 2,868,459 | ||||||
13,765 | United Utilities Group PLC (Utilities) | 200,334 | ||||||
559,917 | Vodafone Group PLC (Communication Services) | 939,807 | ||||||
5,234 | Weir Group PLC (The) (Industrials)* | 126,166 | ||||||
4,077 | Whitbread PLC (Consumer Discretionary)* | 180,000 | ||||||
48,549 | Wm Morrison Supermarkets PLC (Consumer Staples) | 193,765 | ||||||
24,084 | WPP PLC (Communication Services) | 326,020 | ||||||
|
| |||||||
43,204,626 | ||||||||
|
| |||||||
United States – 1.3% | ||||||||
13,032 | Avast PLC (Information Technology)(b) | 107,217 | ||||||
3,155 | Carnival PLC (Consumer Discretionary)* | 68,179 | ||||||
799 | CyberArk Software Ltd. (Information Technology)* | 134,184 | ||||||
4,470 | Ferguson PLC (Industrials) | 646,251 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 47 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
United States – (continued) | ||||||||
8,442 | James Hardie Industries PLC CDI (Materials) | $ | 327,248 | |||||
13,048 | JS Global Lifestyle Co. Ltd. (Consumer Discretionary)(b) | 32,749 | ||||||
10,770 | Schneider Electric SE (Industrials) | 1,923,543 | ||||||
41,731 | Stellantis NV (Consumer Discretionary) | 834,093 | ||||||
5,790 | Swiss Re AG (Financials) | 532,575 | ||||||
9,409 | Tenaris SA (Energy) | 94,808 | ||||||
|
| |||||||
4,700,847 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $281,297,026) | $ | 352,777,674 | ||||||
|
|
Shares | Description | Rate | Value | |||||||
Preferred Stocks – 0.6% | ||||||||||
Germany – 0.6% | ||||||||||
1,150 | Bayerische Motoren Werke AG (Consumer Discretionary) | 2.77 | % | $ | 96,248 | |||||
3,508 | Henkel AG & Co. KGaA (Consumer Staples) | 2.25 | 342,628 | |||||||
3,078 | Porsche Automobil Holding SE (Consumer Discretionary) | 2.55 | 311,602 | |||||||
685 | Sartorius AG (Health Care) | 0.12 | 451,203 | |||||||
3,680 | Volkswagen AG (Consumer Discretionary) | 2.42 | 874,458 | |||||||
|
| |||||||||
2,076,139 | ||||||||||
| ||||||||||
Spain – 0.0% | ||||||||||
5,278 | Grifols SA, Class B (Health Care) | 4.34 | 76,385 | |||||||
| ||||||||||
TOTAL PREFERRED STOCKS |
| |||||||||
(Cost $1,547,738) | $ | 2,152,524 | ||||||||
| ||||||||||
TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
| |||||||||
(Cost $282,844,764) | $ | 354,930,198 | ||||||||
| ||||||||||
Shares | Dividend Rate | Value | ||||||||
Securities Lending Reinvestment Vehicle – 0.3%(c) | ||||||||||
Goldman Sachs Financial Square Government Fund – Institutional Shares |
| |||||||||
1,129,562 | 0.026% | $ | 1,129,562 | |||||||
(Cost $1,129,562) | ||||||||||
| ||||||||||
TOTAL INVESTMENTS – 99.7% |
| |||||||||
(Cost $283,974,326) | $ | 356,059,760 | ||||||||
| ||||||||||
OTHER ASSETS IN EXCESS OF LIABILITIES – 0.3% |
| 1,132,250 | ||||||||
| ||||||||||
NET ASSETS – 100.0% |
| $ | 357,192,010 | |||||||
|
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. | |
(c) | Represents an affiliated issuer. |
| ||
Investment Abbreviations: | ||
ADR | —American Depositary Receipt | |
PLC | —Public Limited Company | |
REIT | —Real Estate Investment Trust | |
SDR | —Swedish Depositary Receipt | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
MSCI EAFE Index | 17 | 09/17/21 | $ | 1,984,295 | $ | 14,480 |
48 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – 99.5% | ||||||||
Communication Services – 11.7% | ||||||||
8,329 | Activision Blizzard, Inc. | $ | 686,060 | |||||
3,217 | Alphabet, Inc., Class A* | 9,309,837 | ||||||
3,002 | Alphabet, Inc., Class C* | 8,733,538 | ||||||
2,352 | Altice USA, Inc., Class A* | 64,539 | ||||||
77,255 | AT&T, Inc. | 2,118,332 | ||||||
1,332 | Charter Communications, Inc., Class A* | 1,087,791 | ||||||
49,352 | Comcast Corp., Class A | 2,994,679 | ||||||
1,755 | Discovery, Inc., Class A*(a) | 50,614 | ||||||
3,412 | Discovery, Inc., Class C* | 94,137 | ||||||
2,722 | DISH Network Corp., Class A* | 118,652 | ||||||
3,080 | Electronic Arts, Inc. | 447,247 | ||||||
25,822 | Facebook, Inc., Class A* | 9,796,350 | ||||||
3,505 | Fox Corp., Class A | 131,227 | ||||||
1,636 | Fox Corp., Class B | 56,655 | ||||||
838 | IAC/InterActiveCorp* | 110,658 | ||||||
261 | Liberty Broadband Corp., Class A* | 48,486 | ||||||
1,640 | Liberty Broadband Corp., Class C* | 313,765 | ||||||
865 | Liberty Media Corp.-Liberty SiriusXM, Class A* | 42,818 | ||||||
1,748 | Liberty Media Corp.-Liberty SiriusXM, Class C* | 86,264 | ||||||
11,866 | Lumen Technologies, Inc. | 145,952 | ||||||
2,749 | Match Group, Inc.* | 377,823 | ||||||
4,731 | Netflix, Inc.* | 2,692,838 | ||||||
2,309 | Omnicom Group, Inc. | 169,065 | ||||||
5,884 | Pinterest, Inc., Class A* | 326,974 | ||||||
1,245 | Roku, Inc.* | 438,738 | ||||||
714 | Sea Ltd. ADR (Taiwan)* | 241,560 | ||||||
9,443 | Sirius XM Holdings, Inc. | 59,208 | ||||||
12,202 | Snap, Inc., Class A* | 928,694 | ||||||
1,251 | Spotify Technology SA* | 293,159 | ||||||
1,240 | Take-Two Interactive Software, Inc.* | 199,913 | ||||||
6,347 | T-Mobile US, Inc.* | 869,666 | ||||||
8,418 | Twitter, Inc.* | 542,961 | ||||||
43,125 | Verizon Communications, Inc. | 2,371,875 | ||||||
100 | ViacomCBS, Inc., Class A | 4,598 | ||||||
6,181 | ViacomCBS, Inc., Class B | 256,202 | ||||||
1,493 | Vimeo, Inc.* | 56,913 | ||||||
19,670 | Walt Disney Co. (The)* | 3,566,171 | ||||||
472 | Zillow Group, Inc., Class A* | 45,123 | ||||||
1,770 | Zillow Group, Inc., Class C* | 169,513 | ||||||
|
| |||||||
50,048,595 | ||||||||
|
| |||||||
Consumer Discretionary – 12.1% | ||||||||
705 | Advance Auto Parts, Inc. | 143,009 | ||||||
1,501 | Airbnb, Inc., Class A* | 232,640 | ||||||
4,686 | Amazon.com, Inc.* | 16,264,122 | ||||||
2,909 | Aptiv PLC* | 442,721 | ||||||
233 | AutoZone, Inc.* | 360,952 | ||||||
2,434 | Best Buy Co., Inc. | 283,585 | ||||||
443 | Booking Holdings, Inc.* | 1,018,754 | ||||||
716 | Burlington Stores, Inc.* | 214,435 | ||||||
1,759 | CarMax, Inc.* | 220,244 | ||||||
9,174 | Carnival Corp.* | 221,460 | ||||||
865 | Carvana Co.* | 283,772 | ||||||
876 | Chewy, Inc., Class A* | 77,193 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Consumer Discretionary – (continued) | ||||||||
300 | Chipotle Mexican Grill, Inc.* | 570,999 | ||||||
5,877 | Coupang, Inc. (South Korea)*(a) | 176,075 | ||||||
1,412 | Darden Restaurants, Inc. | 212,718 | ||||||
2,553 | Dollar General Corp. | 569,089 | ||||||
2,480 | Dollar Tree, Inc.* | 224,539 | ||||||
418 | Domino’s Pizza, Inc. | 216,060 | ||||||
1,399 | DoorDash, Inc., Class A* | 267,769 | ||||||
3,587 | D.R. Horton, Inc. | 342,989 | ||||||
3,019 | DraftKings, Inc., Class A* | 178,997 | ||||||
7,103 | eBay, Inc. | 545,084 | ||||||
1,368 | Etsy, Inc.* | 295,844 | ||||||
1,523 | Expedia Group, Inc.* | 220,074 | ||||||
42,399 | Ford Motor Co.* | 552,459 | ||||||
1,644 | Garmin Ltd. | 286,763 | ||||||
14,223 | General Motors Co.* | 697,069 | ||||||
1,552 | Genuine Parts Co. | 189,639 | ||||||
1,393 | Hasbro, Inc. | 136,946 | ||||||
2,964 | Hilton Worldwide Holdings, Inc.* | 370,085 | ||||||
11,512 | Home Depot, Inc. (The) | 3,754,984 | ||||||
2,927 | Lennar Corp., Class A | 314,096 | ||||||
170 | Lennar Corp., Class B | 14,878 | ||||||
2,806 | LKQ Corp.* | 147,848 | ||||||
7,631 | Lowe’s Cos., Inc. | 1,555,885 | ||||||
1,298 | Lululemon Athletica, Inc.* | 519,421 | ||||||
2,858 | Marriott International, Inc., Class A* | 386,230 | ||||||
8,081 | McDonald’s Corp. | 1,918,914 | ||||||
516 | MercadoLibre, Inc. (Argentina)* | 963,604 | ||||||
4,424 | MGM Resorts International | 188,551 | ||||||
617 | Mohawk Industries, Inc.* | 122,018 | ||||||
4,108 | Newell Brands, Inc. | 104,384 | ||||||
13,632 | NIKE, Inc., Class B | 2,245,736 | ||||||
37 | NVR, Inc.* | 191,658 | ||||||
745 | O’Reilly Automotive, Inc.* | 442,590 | ||||||
2,839 | Peloton Interactive, Inc., Class A* | 284,439 | ||||||
2,755 | PulteGroup, Inc. | 148,384 | ||||||
3,797 | Ross Stores, Inc. | 449,565 | ||||||
2,339 | Royal Caribbean Cruises Ltd.* | 193,506 | ||||||
12,740 | Starbucks Corp. | 1,496,823 | ||||||
5,342 | Target Corp. | 1,319,367 | ||||||
8,384 | Tesla, Inc.* | 6,168,277 | ||||||
12,106 | TJX Cos., Inc. (The) | 880,348 | ||||||
1,241 | Tractor Supply Co. | 241,064 | ||||||
582 | Ulta Beauty, Inc.* | 225,414 | ||||||
431 | Vail Resorts, Inc.* | 131,390 | ||||||
3,811 | VF Corp. | 291,427 | ||||||
803 | Wayfair, Inc., Class A* | 225,442 | ||||||
676 | Whirlpool Corp. | 149,754 | ||||||
1,137 | Wynn Resorts Ltd.* | 115,622 | ||||||
4,354 | Yum China Holdings, Inc. (China) | 268,032 | ||||||
3,222 | Yum! Brands, Inc. | 422,179 | ||||||
|
| |||||||
51,697,915 | ||||||||
|
| |||||||
Consumer Staples – 5.6% | ||||||||
20,023 | Altria Group, Inc. | 1,005,755 | ||||||
6,019 | Archer-Daniels-Midland Co. | 361,140 | ||||||
409 | Brown-Forman Corp., Class A | 27,076 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 49 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Consumer Staples – (continued) | ||||||||
3,272 | Brown-Forman Corp., Class B | $ | 229,760 | |||||
2,192 | Campbell Soup Co. | 91,472 | ||||||
2,651 | Church & Dwight Co., Inc. | 221,783 | ||||||
1,343 | Clorox Co. (The) | 225,691 | ||||||
41,856 | Coca-Cola Co. (The) | 2,356,911 | ||||||
9,137 | Colgate-Palmolive Co. | 712,229 | ||||||
5,092 | Conagra Brands, Inc. | 168,647 | ||||||
1,694 | Constellation Brands, Inc., Class A | 357,671 | ||||||
4,777 | Costco Wholesale Corp. | 2,175,876 | ||||||
2,334 | Estee Lauder Cos., Inc. (The), Class A | 794,704 | ||||||
6,558 | General Mills, Inc. | 379,118 | ||||||
1,580 | Hershey Co. (The) | 280,766 | ||||||
3,029 | Hormel Foods Corp. | 137,941 | ||||||
1,134 | J M Smucker Co. (The) | 140,242 | ||||||
2,766 | Kellogg Co. | 174,645 | ||||||
7,862 | Keurig Dr Pepper, Inc. | 280,438 | ||||||
3,643 | Kimberly-Clark Corp. | 502,042 | ||||||
7,145 | Kraft Heinz Co. (The) | 257,149 | ||||||
7,472 | Kroger Co. (The) | 343,936 | ||||||
2,671 | McCormick & Co., Inc. | 230,481 | ||||||
2,006 | Molson Coors Beverage Co., Class B | 95,345 | ||||||
15,074 | Mondelez International, Inc., Class A | 935,643 | ||||||
4,021 | Monster Beverage Corp.* | 392,329 | ||||||
14,941 | PepsiCo, Inc. | 2,336,623 | ||||||
16,844 | Philip Morris International, Inc. | 1,734,932 | ||||||
26,291 | Procter & Gamble Co. (The) | 3,743,575 | ||||||
5,199 | Sysco Corp. | 414,100 | ||||||
3,147 | Tyson Foods, Inc., Class A | 247,102 | ||||||
7,739 | Walgreens Boots Alliance, Inc. | 392,754 | ||||||
15,751 | Walmart, Inc. | 2,332,723 | ||||||
|
| |||||||
24,080,599 | ||||||||
|
| |||||||
Energy – 2.2% | ||||||||
7,787 | Baker Hughes Co. | 177,388 | ||||||
2,539 | Cheniere Energy, Inc.* | 222,061 | ||||||
20,677 | Chevron Corp. | 2,000,913 | ||||||
14,597 | ConocoPhillips | 810,571 | ||||||
1,050 | DT Midstream, Inc.* | 48,793 | ||||||
6,303 | EOG Resources, Inc. | 425,579 | ||||||
45,729 | Exxon Mobil Corp. | 2,493,145 | ||||||
8,934 | Halliburton Co. | 178,501 | ||||||
2,982 | Hess Corp. | 205,012 | ||||||
21,465 | Kinder Morgan, Inc. | 349,236 | ||||||
7,025 | Marathon Petroleum Corp. | 416,372 | ||||||
9,451 | Occidental Petroleum Corp. | 242,796 | ||||||
4,794 | ONEOK, Inc. | 251,781 | ||||||
4,729 | Phillips 66 | 336,185 | ||||||
2,361 | Pioneer Natural Resources Co. | 353,371 | ||||||
15,117 | Schlumberger NV | 423,881 | ||||||
4,475 | Valero Energy Corp. | 296,737 | ||||||
13,126 | Williams Cos., Inc. (The) | 324,081 | ||||||
|
| |||||||
9,556,403 | ||||||||
|
| |||||||
Financials – 10.6% | ||||||||
6,738 | Aflac, Inc. | 381,910 | ||||||
146 | Alleghany Corp.* | 98,797 | ||||||
3,164 | Allstate Corp. (The) | 428,026 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
3,970 | Ally Financial, Inc. | 210,013 | ||||||
6,540 | American Express Co. | 1,085,378 | ||||||
9,287 | American International Group, Inc. | 506,699 | ||||||
1,251 | Ameriprise Financial, Inc. | 341,410 | ||||||
15,093 | Annaly Capital Management, Inc. REIT | 131,158 | ||||||
2,339 | Aon PLC, Class A | 670,966 | ||||||
2,282 | Apollo Global Management, Inc. | 136,418 | ||||||
4,231 | Arch Capital Group Ltd.* | 173,894 | ||||||
2,212 | Arthur J Gallagher & Co. | 317,687 | ||||||
81,548 | Bank of America Corp. | 3,404,629 | ||||||
8,680 | Bank of New York Mellon Corp. (The) | 479,310 | ||||||
13,944 | Berkshire Hathaway, Inc., Class B* | 3,984,777 | ||||||
1,527 | BlackRock, Inc. | 1,440,404 | ||||||
7,341 | Blackstone, Inc. | 922,984 | ||||||
4,837 | Capital One Financial Corp. | 802,797 | ||||||
1,149 | Cboe Global Markets, Inc. | 144,946 | ||||||
16,349 | Charles Schwab Corp. (The) | 1,191,025 | ||||||
4,196 | Chubb Ltd. | 771,728 | ||||||
1,674 | Cincinnati Financial Corp. | 206,572 | ||||||
22,325 | Citigroup, Inc. | 1,605,391 | ||||||
4,590 | Citizens Financial Group, Inc. | 200,996 | ||||||
3,811 | CME Group, Inc. | 768,755 | ||||||
3,251 | Discover Financial Services | 416,843 | ||||||
427 | Everest Re Group Ltd. | 113,112 | ||||||
2,985 | Fidelity National Financial, Inc. | 145,758 | ||||||
7,571 | Fifth Third Bancorp | 294,209 | ||||||
1,893 | First Republic Bank | 376,593 | ||||||
3,175 | Franklin Resources, Inc. | 102,997 | ||||||
1,021 | Globe Life, Inc. | 98,087 | ||||||
3,664 | Goldman Sachs Group, Inc. (The)(b) | 1,515,100 | ||||||
3,855 | Hartford Financial Services Group, Inc. (The) | 259,133 | ||||||
15,751 | Huntington Bancshares, Inc. | 244,613 | ||||||
873 | Interactive Brokers Group, Inc., Class A | 56,431 | ||||||
6,033 | Intercontinental Exchange, Inc. | 721,124 | ||||||
32,491 | JPMorgan Chase & Co. | 5,196,935 | ||||||
10,458 | KeyCorp | 212,507 | ||||||
6,047 | KKR & Co., Inc. | 388,762 | ||||||
2,403 | Loews Corp. | 134,256 | ||||||
1,385 | M&T Bank Corp. | 193,914 | ||||||
145 | Markel Corp.* | 184,186 | ||||||
5,449 | Marsh & McLennan Cos., Inc. | 856,583 | ||||||
7,322 | MetLife, Inc. | 453,964 | ||||||
1,753 | Moody’s Corp. | 667,490 | ||||||
15,955 | Morgan Stanley | 1,666,181 | ||||||
864 | MSCI, Inc. | 548,277 | ||||||
1,235 | Nasdaq, Inc. | 241,788 | ||||||
2,119 | Northern Trust Corp. | 251,144 | ||||||
4,574 | PNC Financial Services Group, Inc. (The) | 874,091 | ||||||
2,930 | Principal Financial Group, Inc. | 195,753 | ||||||
6,322 | Progressive Corp. (The) | 609,061 | ||||||
4,263 | Prudential Financial, Inc. | 451,366 | ||||||
1,332 | Raymond James Financial, Inc. | 186,347 | ||||||
10,384 | Regions Financial Corp. | 212,145 | ||||||
1,456 | Rocket Cos., Inc., Class A | 25,262 | ||||||
2,605 | S&P Global, Inc. | 1,156,151 | ||||||
|
|
50 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Financials – (continued) | ||||||||
1,392 | SEI Investments Co. | $ | 87,432 | |||||
3,549 | State Street Corp. | 329,738 | ||||||
605 | SVB Financial Group* | 338,497 | ||||||
6,274 | Synchrony Financial | 312,132 | ||||||
2,418 | T. Rowe Price Group, Inc. | 541,318 | ||||||
2,712 | Travelers Cos., Inc. (The) | 433,134 | ||||||
14,490 | Truist Financial Corp. | 826,799 | ||||||
14,434 | US Bancorp | 828,367 | ||||||
1,460 | W R Berkley Corp. | 109,953 | ||||||
44,699 | Wells Fargo & Co. | 2,042,744 | ||||||
1,384 | Willis Towers Watson PLC | 305,476 | ||||||
|
| |||||||
45,612,423 | ||||||||
|
| |||||||
Health Care – 12.9% | ||||||||
847 | 10X Genomics, Inc., Class A* | 149,004 | ||||||
19,104 | Abbott Laboratories | 2,414,173 | ||||||
18,839 | AbbVie, Inc. | 2,275,374 | ||||||
479 | ABIOMED, Inc.* | 174,337 | ||||||
3,274 | Agilent Technologies, Inc. | 574,489 | ||||||
799 | Align Technology, Inc.* | 566,491 | ||||||
1,626 | AmerisourceBergen Corp. | 198,713 | ||||||
6,212 | Amgen, Inc. | 1,400,992 | ||||||
2,644 | Anthem, Inc. | 991,844 | ||||||
5,437 | Baxter International, Inc. | 414,408 | ||||||
3,140 | Becton Dickinson and Co. | 790,338 | ||||||
1,614 | Biogen, Inc.* | 547,001 | ||||||
1,964 | BioMarin Pharmaceutical, Inc.* | 165,388 | ||||||
15,350 | Boston Scientific Corp.* | 693,053 | ||||||
23,836 | Bristol-Myers Squibb Co. | 1,593,675 | ||||||
3,131 | Cardinal Health, Inc. | 164,346 | ||||||
6,168 | Centene Corp.* | 388,461 | ||||||
3,259 | Cerner Corp. | 248,825 | ||||||
3,704 | Cigna Corp. | 783,952 | ||||||
530 | Cooper Cos., Inc. (The) | 238,876 | ||||||
14,214 | CVS Health Corp. | 1,227,947 | ||||||
6,855 | Danaher Corp. | 2,222,117 | ||||||
720 | DaVita, Inc.* | 94,154 | ||||||
2,353 | DENTSPLY SIRONA, Inc. | 145,180 | ||||||
1,039 | Dexcom, Inc.* | 550,067 | ||||||
6,678 | Edwards Lifesciences Corp.* | 782,528 | ||||||
4,807 | Elanco Animal Health, Inc.* | 160,458 | ||||||
9,189 | Eli Lilly & Co. | 2,373,427 | ||||||
1,845 | Exact Sciences Corp.* | 192,581 | ||||||
13,580 | Gilead Sciences, Inc. | 988,352 | ||||||
2,874 | HCA Healthcare, Inc. | 727,065 | ||||||
1,503 | Henry Schein, Inc.* | 113,612 | ||||||
2,744 | Hologic, Inc.* | 217,188 | ||||||
1,378 | Humana, Inc. | 558,669 | ||||||
915 | IDEXX Laboratories, Inc.* | 616,490 | ||||||
1,577 | Illumina, Inc.* | 720,941 | ||||||
2,010 | Incyte Corp.* | 153,745 | ||||||
1,271 | Intuitive Surgical, Inc.* | 1,339,075 | ||||||
2,029 | IQVIA Holdings, Inc.* | 526,992 | ||||||
641 | Jazz Pharmaceuticals PLC* | 84,426 | ||||||
28,508 | Johnson & Johnson | 4,935,590 | ||||||
1,053 | Laboratory Corp. of America Holdings* | 319,459 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Health Care – (continued) | ||||||||
1,674 | McKesson Corp. | 341,730 | ||||||
14,540 | Medtronic PLC | 1,940,799 | ||||||
27,219 | Merck & Co., Inc. | 2,076,538 | ||||||
249 | Mettler-Toledo International, Inc.* | 386,655 | ||||||
3,707 | Moderna, Inc.* | 1,396,390 | ||||||
2,746 | Organon & Co. | 93,062 | ||||||
60,619 | Pfizer, Inc. | 2,792,717 | ||||||
1,406 | Quest Diagnostics, Inc. | 214,879 | ||||||
1,102 | Regeneron Pharmaceuticals, Inc.* | 742,087 | ||||||
1,563 | ResMed, Inc. | 454,098 | ||||||
3,408 | Royalty Pharma PLC, Class A | 131,719 | ||||||
1,435 | Seagen, Inc.* | 240,506 | ||||||
3,558 | Stryker Corp. | 985,922 | ||||||
1,502 | Teladoc Health, Inc.* | 216,919 | ||||||
504 | Teleflex, Inc. | 199,312 | ||||||
4,250 | Thermo Fisher Scientific, Inc. | 2,358,538 | ||||||
10,169 | UnitedHealth Group, Inc. | 4,233,050 | ||||||
813 | Universal Health Services, Inc., Class B | 126,633 | ||||||
1,485 | Veeva Systems, Inc., Class A* | 492,990 | ||||||
13,057 | Viatris, Inc. | 191,024 | ||||||
665 | Waters Corp.* | 275,323 | ||||||
794 | West Pharmaceutical Services, Inc. | 358,586 | ||||||
2,256 | Zimmer Biomet Holdings, Inc. | 339,415 | ||||||
5,136 | Zoetis, Inc. | 1,050,620 | ||||||
|
| |||||||
55,463,315 | ||||||||
|
| |||||||
Industrials – 7.9% | ||||||||
6,270 | 3M Co. | 1,221,020 | ||||||
1,445 | A O Smith Corp. | 105,080 | ||||||
2,489 | AMETEK, Inc. | 338,429 | ||||||
6,328 | Boeing Co. (The)* | 1,388,996 | ||||||
9,407 | Carrier Global Corp. | 541,843 | ||||||
5,923 | Caterpillar, Inc. | 1,248,983 | ||||||
1,408 | C.H. Robinson Worldwide, Inc. | 126,804 | ||||||
961 | Cintas Corp. | 380,335 | ||||||
2,282 | Copart, Inc.* | 329,338 | ||||||
4,232 | CoStar Group, Inc.* | 358,620 | ||||||
24,554 | CSX Corp. | 798,742 | ||||||
1,577 | Cummins, Inc. | 372,140 | ||||||
3,052 | Deere & Co. | 1,153,748 | ||||||
6,903 | Delta Air Lines, Inc.* | 279,157 | ||||||
1,550 | Dover Corp. | 270,258 | ||||||
4,307 | Eaton Corp. PLC | 725,127 | ||||||
6,447 | Emerson Electric Co. | 680,159 | ||||||
1,312 | Equifax, Inc. | 357,205 | ||||||
1,819 | Expeditors International of Washington, Inc. | 226,720 | ||||||
6,201 | Fastenal Co. | 346,326 | ||||||
2,655 | FedEx Corp. | 705,407 | ||||||
3,563 | Fortive Corp. | 263,199 | ||||||
1,492 | Fortune Brands Home & Security, Inc. | 145,276 | ||||||
671 | Generac Holdings, Inc.* | 293,214 | ||||||
2,673 | General Dynamics Corp. | 535,429 | ||||||
11,719 | General Electric Co. | 1,235,300 | ||||||
7,514 | Honeywell International, Inc. | 1,742,572 | ||||||
3,796 | IHS Markit Ltd. | 457,798 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 51 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Industrials – (continued) | ||||||||
3,092 | Illinois Tool Works, Inc. | $ | 720,003 | |||||
4,200 | Ingersoll Rand, Inc.* | 222,684 | ||||||
910 | J.B. Hunt Transport Services, Inc. | 161,434 | ||||||
7,741 | Johnson Controls International PLC | 579,027 | ||||||
982 | Kansas City Southern | 275,618 | ||||||
2,211 | L3Harris Technologies, Inc. | 515,185 | ||||||
1,517 | Leidos Holdings, Inc. | 148,833 | ||||||
2,560 | Lockheed Martin Corp. | 921,088 | ||||||
2,851 | Lyft, Inc., Class A* | 135,736 | ||||||
2,734 | Masco Corp. | 166,008 | ||||||
2,707 | Norfolk Southern Corp. | 686,333 | ||||||
1,565 | Northrop Grumman Corp. | 575,451 | ||||||
1,127 | Old Dominion Freight Line, Inc. | 325,387 | ||||||
4,648 | Otis Worldwide Corp. | 428,639 | ||||||
3,691 | PACCAR, Inc. | 302,182 | ||||||
1,390 | Parker-Hannifin Corp. | 412,371 | ||||||
16,394 | Raytheon Technologies Corp. | 1,389,555 | ||||||
2,272 | Republic Services, Inc. | 282,023 | ||||||
1,255 | Rockwell Automation, Inc. | 408,440 | ||||||
2,578 | Rollins, Inc. | 100,336 | ||||||
1,134 | Roper Technologies, Inc. | 548,040 | ||||||
577 | Snap-on, Inc. | 129,796 | ||||||
6,380 | Southwest Airlines Co.* | 317,596 | ||||||
1,744 | Stanley Black & Decker, Inc. | 337,063 | ||||||
2,433 | Textron, Inc. | 176,806 | ||||||
2,578 | Trane Technologies PLC | 511,733 | ||||||
577 | TransDigm Group, Inc.* | 350,510 | ||||||
2,048 | TransUnion | 248,893 | ||||||
13,860 | Uber Technologies, Inc.* | 542,480 | ||||||
7,184 | Union Pacific Corp. | 1,557,779 | ||||||
3,496 | United Airlines Holdings, Inc.* | 162,599 | ||||||
7,833 | United Parcel Service, Inc., Class B | 1,532,370 | ||||||
780 | United Rentals, Inc.* | 275,067 | ||||||
1,739 | Verisk Analytics, Inc. | 350,861 | ||||||
4,566 | Waste Management, Inc. | 708,232 | ||||||
1,922 | Westinghouse Air Brake Technologies Corp. | 172,576 | ||||||
471 | W.W. Grainger, Inc. | 204,273 | ||||||
1,940 | Xylem, Inc. | 264,441 | ||||||
|
| |||||||
33,774,673 | ||||||||
|
| |||||||
Information Technology – 29.2% | ||||||||
6,862 | Accenture PLC, Class A | 2,309,475 | ||||||
5,146 | Adobe, Inc.* | 3,415,400 | ||||||
13,095 | Advanced Micro Devices, Inc.* | 1,449,878 | ||||||
1,732 | Akamai Technologies, Inc.* | 196,149 | ||||||
1,383 | Amdocs Ltd. | 106,533 | ||||||
6,438 | Amphenol Corp., Class A | 493,344 | ||||||
5,802 | Analog Devices, Inc. | 945,436 | ||||||
933 | ANSYS, Inc.* | 340,881 | ||||||
180,613 | Apple, Inc. | 27,422,472 | ||||||
9,842 | Applied Materials, Inc. | 1,329,949 | ||||||
328 | AppLovin Corp., Class A*(a) | 23,091 | ||||||
605 | Arista Networks, Inc.* | 223,566 | ||||||
1,307 | Atlassian Corp. PLC, Class A* | 479,747 | ||||||
2,380 | Autodesk, Inc.* | 738,014 | ||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
4,603 | Automatic Data Processing, Inc. | 962,211 | ||||||
4,273 | Broadcom, Inc. | 2,124,578 | ||||||
1,248 | Broadridge Financial Solutions, Inc. | 214,931 | ||||||
2,972 | Cadence Design Systems, Inc.* | 485,863 | ||||||
1,502 | CDW Corp. | 301,316 | ||||||
42,072 | Cisco Systems, Inc. | 2,483,089 | ||||||
2,431 | Cloudflare, Inc., Class A* | 293,519 | ||||||
5,698 | Cognizant Technology Solutions Corp., Class A | 434,814 | ||||||
8,331 | Corning, Inc. | 333,157 | ||||||
2,108 | Crowdstrike Holdings, Inc., Class A* | 592,348 | ||||||
2,381 | Datadog, Inc., Class A* | 328,102 | ||||||
2,916 | Dell Technologies, Inc., Class C* | 284,193 | ||||||
2,046 | DocuSign, Inc.* | 606,107 | ||||||
3,245 | Dropbox, Inc., Class A* | 102,899 | ||||||
1,335 | Enphase Energy, Inc.* | 231,930 | ||||||
590 | EPAM Systems, Inc.* | 373,358 | ||||||
643 | F5 Networks, Inc.* | 130,896 | ||||||
6,699 | Fidelity National Information Services, Inc. | 855,931 | ||||||
6,499 | Fiserv, Inc.* | 765,517 | ||||||
882 | FleetCor Technologies, Inc.* | 232,213 | ||||||
1,505 | Fortinet, Inc.* | 474,286 | ||||||
906 | Gartner, Inc.* | 279,718 | ||||||
3,175 | Global Payments, Inc. | 516,382 | ||||||
14,111 | Hewlett Packard Enterprise Co. | 218,156 | ||||||
12,981 | HP, Inc. | 386,055 | ||||||
479 | HubSpot, Inc.* | 327,861 | ||||||
43,725 | Intel Corp. | 2,363,774 | ||||||
9,667 | International Business Machines Corp. | 1,356,667 | ||||||
2,877 | Intuit, Inc. | 1,628,698 | ||||||
1,982 | Keysight Technologies, Inc.* | 355,531 | ||||||
1,652 | KLA Corp. | 561,614 | ||||||
1,540 | Lam Research Corp. | 931,423 | ||||||
8,843 | Marvell Technology, Inc. | 541,103 | ||||||
9,411 | Mastercard, Inc., Class A | 3,258,371 | ||||||
2,903 | Microchip Technology, Inc. | 456,816 | ||||||
12,174 | Micron Technology, Inc.* | 897,224 | ||||||
80,420 | Microsoft Corp. | 24,277,190 | ||||||
1,829 | Motorola Solutions, Inc. | 446,678 | ||||||
2,409 | NetApp, Inc. | 214,232 | ||||||
6,030 | NortonLifeLock, Inc. | 160,157 | ||||||
25,871 | NVIDIA Corp. | 5,791,223 | ||||||
1,541 | Okta, Inc.* | 406,208 | ||||||
17,840 | Oracle Corp. | 1,590,079 | ||||||
17,094 | Palantir Technologies, Inc., Class A* | 450,256 | ||||||
1,029 | Palo Alto Networks, Inc.* | 474,410 | ||||||
3,480 | Paychex, Inc. | 398,356 | ||||||
548 | Paycom Software, Inc.* | 267,917 | ||||||
12,715 | PayPal Holdings, Inc.* | 3,670,312 | ||||||
1,199 | Qorvo, Inc.* | 225,448 | ||||||
12,206 | QUALCOMM, Inc. | 1,790,498 | ||||||
859 | RingCentral, Inc., Class A* | 216,691 | ||||||
10,093 | salesforce.com, Inc.* | 2,677,370 | ||||||
2,280 | Seagate Technology Holdings PLC | 199,705 | ||||||
2,132 | ServiceNow, Inc.* | 1,372,240 | ||||||
|
|
52 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Information Technology – (continued) | ||||||||
1,782 | Skyworks Solutions, Inc. | $ | 326,926 | |||||
2,814 | Snowflake, Inc., Class A* | 856,441 | ||||||
1,763 | Splunk, Inc.* | 269,510 | ||||||
4,218 | Square, Inc., Class A* | 1,130,719 | ||||||
2,392 | SS&C Technologies Holdings, Inc. | 180,979 | ||||||
1,643 | Synopsys, Inc.* | 545,870 | ||||||
3,569 | TE Connectivity Ltd. | 536,135 | ||||||
1,795 | Teradyne, Inc. | 217,985 | ||||||
9,990 | Texas Instruments, Inc. | 1,907,191 | ||||||
4,628 | Trade Desk, Inc. (The), Class A* | 370,471 | ||||||
2,703 | Trimble, Inc.* | 254,677 | ||||||
1,730 | Twilio, Inc., Class A* | 617,541 | ||||||
2,466 | UiPath, Inc., Class A*(a) | 155,851 | ||||||
1,630 | Unity Software, Inc.* | 206,603 | ||||||
1,065 | VeriSign, Inc.* | 230,317 | ||||||
18,207 | Visa, Inc., Class A | 4,171,224 | ||||||
856 | VMware, Inc., Class A*(a) | 127,433 | ||||||
3,231 | Western Digital Corp.* | 204,199 | ||||||
4,396 | Western Union Co. (The) | 95,129 | ||||||
2,021 | Workday, Inc., Class A* | 552,056 | ||||||
2,659 | Xilinx, Inc. | 413,714 | ||||||
576 | Zebra Technologies Corp., Class A* | 338,210 | ||||||
2,163 | Zoom Video Communications, Inc., Class A* | 626,189 | ||||||
906 | Zscaler, Inc.* | 252,176 | ||||||
|
| |||||||
125,381,102 | ||||||||
|
| |||||||
Materials – 2.4% | ||||||||
2,390 | Air Products and Chemicals, Inc. | 644,129 | ||||||
1,259 | Albemarle Corp. | 298,056 | ||||||
16,667 | Amcor PLC | 214,171 | ||||||
3,531 | Ball Corp. | 338,835 | ||||||
1,209 | Celanese Corp. | 191,747 | ||||||
7,938 | Corteva, Inc. | 349,034 | ||||||
8,060 | Dow, Inc. | 506,974 | ||||||
5,748 | DuPont de Nemours, Inc. | 425,467 | ||||||
1,471 | Eastman Chemical Co. | 166,458 | ||||||
2,747 | Ecolab, Inc. | 619,064 | ||||||
1,385 | FMC Corp. | 129,678 | ||||||
15,786 | Freeport-McMoRan, Inc. | 574,453 | ||||||
2,693 | International Flavors & Fragrances, Inc. | 407,989 | ||||||
4,228 | International Paper Co. | 254,060 | ||||||
5,596 | Linde PLC (United Kingdom) | 1,760,446 | ||||||
2,848 | LyondellBasell Industries NV, Class A | 285,797 | ||||||
671 | Martin Marietta Materials, Inc. | 255,819 | ||||||
8,666 | Newmont Corp. | 502,541 | ||||||
3,220 | Nucor Corp. | 378,543 | ||||||
1,013 | Packaging Corp. of America | 153,672 | ||||||
2,564 | PPG Industries, Inc. | 409,086 | ||||||
2,597 | Sherwin-Williams Co. (The) | 788,631 | ||||||
920 | Southern Copper Corp. (Peru) | 57,583 | ||||||
1,435 | Vulcan Materials Co. | 266,810 | ||||||
2,836 | Westrock Co. | 147,585 | ||||||
|
| |||||||
10,126,628 | ||||||||
|
| |||||||
Common Stocks – (continued) | ||||||||
Real Estate – 2.5% | ||||||||
1,667 | Alexandria Real Estate Equities, Inc. REIT | 344,019 | ||||||
4,908 | American Tower Corp. REIT | 1,433,970 | ||||||
1,507 | AvalonBay Communities, Inc. REIT | 345,977 | ||||||
1,540 | Boston Properties, Inc. REIT | 174,005 | ||||||
3,485 | CBRE Group, Inc., Class A* | 335,605 | ||||||
4,659 | Crown Castle International Corp. REIT | 907,061 | ||||||
3,045 | Digital Realty Trust, Inc. REIT | 499,106 | ||||||
4,055 | Duke Realty Corp. REIT | 212,928 | ||||||
966 | Equinix, Inc. REIT | 814,773 | ||||||
3,919 | Equity Residential REIT | 329,470 | ||||||
701 | Essex Property Trust, Inc. REIT | 231,849 | ||||||
1,417 | Extra Space Storage, Inc. REIT | 264,851 | ||||||
5,822 | Healthpeak Properties, Inc. REIT | 209,592 | ||||||
7,556 | Host Hotels & Resorts, Inc. REIT* | 125,127 | ||||||
6,128 | Invitation Homes, Inc. REIT | 252,351 | ||||||
3,096 | Iron Mountain, Inc. REIT | 147,834 | ||||||
1,232 | Mid-America Apartment Communities, Inc. REIT | 237,000 | ||||||
7,982 | Prologis, Inc. REIT | 1,074,856 | ||||||
1,610 | Public Storage REIT | 521,012 | ||||||
4,198 | Realty Income Corp. REIT | 303,180 | ||||||
1,173 | SBA Communications Corp. REIT | 421,072 | ||||||
3,540 | Simon Property Group, Inc. REIT | 475,953 | ||||||
3,190 | UDR, Inc. REIT | 172,324 | ||||||
4,043 | Ventas, Inc. REIT | 226,165 | ||||||
4,514 | Welltower, Inc. REIT | 395,110 | ||||||
8,095 | Weyerhaeuser Co. REIT | 291,420 | ||||||
1,990 | W.P. Carey, Inc. REIT | 155,459 | ||||||
|
| |||||||
10,902,069 | ||||||||
|
| |||||||
Utilities – 2.4% | ||||||||
2,706 | Alliant Energy Corp. | 164,498 | ||||||
2,748 | Ameren Corp. | 241,055 | ||||||
5,409 | American Electric Power Co., Inc. | 484,484 | ||||||
1,960 | American Water Works Co., Inc. | 357,210 | ||||||
1,405 | Atmos Energy Corp. | 137,001 | ||||||
769 | Avangrid, Inc. | 42,026 | ||||||
6,261 | CenterPoint Energy, Inc. | 157,088 | ||||||
3,119 | CMS Energy Corp. | 200,021 | ||||||
3,817 | Consolidated Edison, Inc. | 287,993 | ||||||
8,711 | Dominion Energy, Inc. | 678,064 | ||||||
2,084 | DTE Energy Co. | 250,789 | ||||||
8,323 | Duke Energy Corp. | 871,085 | ||||||
4,108 | Edison International | 237,607 | ||||||
2,166 | Entergy Corp. | 239,581 | ||||||
2,427 | Evergy, Inc. | 166,128 | ||||||
3,709 | Eversource Energy | 336,518 | ||||||
10,456 | Exelon Corp. | 512,553 | ||||||
5,880 | FirstEnergy Corp. | 228,556 | ||||||
21,200 | NextEra Energy, Inc. | 1,780,588 | ||||||
4,227 | NiSource, Inc. | 104,196 | ||||||
16,280 | PG&E Corp.* | 149,288 | ||||||
1,217 | Pinnacle West Capital Corp. | 93,587 | ||||||
8,096 | PPL Corp. | 237,618 | ||||||
5,463 | Public Service Enterprise Group, Inc. | 349,304 | ||||||
|
|
The accompanying notes are an integral part of these financial statements. | 53 |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Schedule of Investments (continued)
August 31, 2021
Shares | Description | Value | ||||||
Common Stocks – (continued) | ||||||||
Utilities – (continued) | ||||||||
3,411 | Sempra Energy | $ | 451,480 | |||||
11,454 | Southern Co. (The) | 752,871 | ||||||
3,410 | WEC Energy Group, Inc. | 322,177 | ||||||
5,814 | Xcel Energy, Inc. | 399,712 | ||||||
|
| |||||||
10,233,078 | ||||||||
|
| |||||||
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | | ||||||
(Cost $314,316,091) | $ | 426,876,800 | ||||||
|
|
Shares | Dividend Rate | Value | ||||||
Securities Lending Reinvestment Vehicle – 0.1%(b) | ||||||||
| Goldman Sachs Financial Square Government Fund – | | ||||||
530,905 | 0.026% | $ | 530,905 | |||||
(Cost $530,905) | ||||||||
|
| |||||||
TOTAL INVESTMENTS – 99.6% | ||||||||
(Cost $314,846,996) | $ | 427,407,705 | ||||||
|
| |||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4% | 1,453,316 | ||||||
|
| |||||||
NET ASSETS – 100.0% | $ | 428,861,021 | ||||||
|
|
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 | |
REIT | —Real Estate Investment Trust | |
|
ADDITIONAL INVESTMENT INFORMATION |
FUTURES CONTRACTS — At August 31, 2021, the Fund had the following futures contracts:
Description | Number of Contracts | Expiration Date | Notional Amount | Unrealized Appreciation/ (Depreciation) | ||||||||
S&P500 E-MINI Future Index | 6 | 09/17/21 | $ | 1,319,599 | $ | 36,551 |
54 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Assets and Liabilities
August 31, 2021
Equity ETF | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||||
Assets: | ||||||||||||||
Investments in unaffiliated issuers, at value (cost $22,277,682, $282,844,764 and $313,434,404, respectively)(a) | $ | 33,237,960 | $ | 354,930,198 | $ | 425,361,700 | ||||||||
Investments in affiliated issuers, at value (cost $–, $– and $881,687, respectively) | — | — | 1,515,100 | |||||||||||
Investments in securities lending reinvestment vehicle, at value which equals cost | 568,867 | 1,129,562 | 530,905 | |||||||||||
Cash | 2,918,546 | 1,097,506 | 1,428,529 | |||||||||||
Foreign currency, at value (cost $3,470, $17,425 and $–, respectively) | 3,478 | 17,429 | — | |||||||||||
Variation margin on futures contracts | 43,700 | — | — | |||||||||||
Receivables: | ||||||||||||||
Collateral on futures contracts | 184,639 | 113,303 | 75,900 | |||||||||||
Dividends | 40,236 | 880,722 | 512,657 | |||||||||||
Reimbursement from investment adviser | 2,695 | 15,071 | 7,139 | |||||||||||
Securities lending income | 418 | 1,780 | 1,968 | |||||||||||
Foreign tax reclaims | — | 217,155 | — | |||||||||||
Total assets | 37,000,539 | 358,402,726 | 429,433,898 | |||||||||||
Liabilities: | ||||||||||||||
Variation margin on futures contracts | — | 1,870 | 1,410 | |||||||||||
Payables: | ||||||||||||||
Upon return of securities loaned | 568,867 | 1,129,562 | 530,905 | |||||||||||
Foreign capital gains tax | 225,240 | — | — | |||||||||||
Management fees | 13,474 | 75,357 | 32,125 | |||||||||||
Investments purchased | 17 | 44 | — | |||||||||||
Accrued expenses | 1,485 | 3,883 | 8,437 | |||||||||||
Total liabilities | 809,083 | 1,210,716 | 572,877 | |||||||||||
Net Assets: | ||||||||||||||
Paid-in capital | 23,973,485 | 284,093,673 | 315,849,943 | |||||||||||
Total distributable earnings | 12,217,971 | 73,098,337 | 113,011,078 | |||||||||||
NET ASSETS | $ | 36,191,456 | $ | 357,192,010 | $ | 428,861,021 | ||||||||
SHARES ISSUED AND OUTSTANDING | ||||||||||||||
Shares outstanding no par value (unlimited shares authorized): | 650,000 | 6,200,000 | 6,800,000 | |||||||||||
Net asset value per share: | $ | 55.68 | $ | 57.61 | $ | 63.07 |
(a) | Includes loaned securities having a market value of $568,407, $1,066,157 and $515,723 for MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. |
The accompanying notes are an integral part of these financial statements. | 55 |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Operations
For the Fiscal Year Ended August 31, 2021
MarketBeta® | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||||
Investment income: | ||||||||||||||
Dividends — unaffiliated issuers (net of foreign withholding taxes of $110,804, $911,732 and $–, respectively) | $ | 738,865 | $ | 7,582,075 | $ | 4,681,959 | ||||||||
Dividends — affiliated issuers | — | — | 19,792 | |||||||||||
Non cash dividend income | 45,161 | 646,634 | — | |||||||||||
Securities lending income — unaffiliated issuer | 5,045 | 56,719 | 6,115 | |||||||||||
Total investment income | 789,071 | 8,285,428 | 4,707,866 | |||||||||||
Expenses: | ||||||||||||||
Management fees | 174,185 | 787,233 | 288,579 | |||||||||||
Trustee fees | 4,081 | 6,995 | 6,993 | |||||||||||
Shareholder meeting expense | 1,485 | 3,883 | 8,437 | |||||||||||
Total expenses | 179,751 | 798,111 | 304,009 | |||||||||||
Less — expense reductions | (35,653 | ) | (158,846 | ) | (65,683 | ) | ||||||||
Net expenses | 144,098 | 639,265 | 238,326 | |||||||||||
NET INVESTMENT INCOME | 644,973 | 7,646,163 | 4,469,540 | |||||||||||
Realized and unrealized gain (loss): |
| |||||||||||||
Net realized gain (loss) from: | ||||||||||||||
Investments — unaffiliated issuers | 1,261,749 | (46,911 | ) | (474,593 | ) | |||||||||
Investments — affiliated issuers | — | — | 740 | |||||||||||
In-kind redemptions — unaffiliated issuers | 991,058 | 1,104,489 | 961,429 | |||||||||||
In-kind redemptions — affiliated issuers | — | — | 18,687 | |||||||||||
Futures | (52,510 | ) | 33,708 | 11,764 | ||||||||||
Foreign currency transactions | (16,103 | ) | (14,580 | ) | — | |||||||||
Net change in unrealized gain (loss) on: | ||||||||||||||
Investments — unaffiliated issuers (including the effects of the foreign capital gains tax liability of $225,929, $– and $–, respectively) | 4,167,974 | 63,965,666 | 87,201,895 | |||||||||||
Investments — affiliated issuers | — | — | 633,413 | |||||||||||
Futures | 185,135 | 14,480 | 36,551 | |||||||||||
Foreign currency translations | 1,174 | (14,404 | ) | — | ||||||||||
Net realized and unrealized gain | 6,538,477 | 65,042,448 | 88,389,886 | |||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 7,183,450 | $ | 72,688,611 | $ | 92,859,426 |
56 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Changes in Net Assets
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | |||||||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Period to | For the Fiscal Year Ended August 31, 2021 | For the Period May 12, 2020* to August 31, 2020 | |||||||||||||||||||
From operations: |
| |||||||||||||||||||||
Net investment income | $ | 644,973 | $ | 429,114 | $ | 7,646,163 | $ | 1,124,606 | ||||||||||||||
Net realized gain | 2,184,194 | 675,905 | 1,076,706 | 2,955,456 | ||||||||||||||||||
Net change in unrealized gain | 4,354,283 | 6,544,095 | 63,965,742 | 8,131,134 | ||||||||||||||||||
Net increase in net assets resulting from operations | 7,183,450 | 7,649,114 | 72,688,611 | 12,211,196 | ||||||||||||||||||
Distributions to shareholders: | ||||||||||||||||||||||
From distributable earnings | (1,171,922 | ) | — | (7,742,172 | ) | — | ||||||||||||||||
From share transactions: |
| |||||||||||||||||||||
Proceeds from sales of shares | — | 39,611,628 | 16,893,577 | 295,853,235 | ||||||||||||||||||
Cost of shares redeemed | (8,337,333 | ) | (8,743,481 | ) | (5,371,302 | ) | (27,341,135 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (8,337,333 | ) | 30,868,147 | 11,522,275 | 268,512,100 | |||||||||||||||||
TOTAL INCREASE (DECREASE) | (2,325,805 | ) | 38,517,261 | 76,468,714 | 280,723,296 | |||||||||||||||||
Net assets: |
| |||||||||||||||||||||
Beginning of period | $ | 38,517,261 | $ | — | $ | 280,723,296 | $ | — | ||||||||||||||
End of period | $ | 36,191,456 | $ | 38,517,261 | $ | 357,192,010 | $ | 280,723,296 |
* | Commencement of operations. |
The accompanying notes are an integral part of these financial statements. | 57 |
GOLDMAN SACHS MARKETBETA® ETFS
Statements of Changes in Net Assets (continued)
MarketBeta® U.S. Equity ETF | ||||||||||
For the Fiscal Year Ended August 31, 2021 | For the Period May 12, 2020* to August 31, 2020 | |||||||||
From operations: |
| |||||||||
Net investment income | $ | 4,469,540 | $ | 828,149 | ||||||
Net realized gain (loss) | 518,027 | (27,673 | ) | |||||||
Net change in unrealized gain | 87,871,859 | 24,725,401 | ||||||||
Net increase in net assets resulting from operations | 92,859,426 | 25,525,877 | ||||||||
Distributions to shareholders: | ||||||||||
From distributable earnings | (4,409,032 | ) | — | |||||||
From share transactions: | ||||||||||
Proceeds from sales of shares | 85,652,201 | 232,137,239 | ||||||||
Cost of shares redeemed | (2,904,650 | ) | (40 | ) | ||||||
Net increase in net assets resulting from share transactions | 82,747,551 | 232,137,199 | ||||||||
TOTAL INCREASE | 171,197,945 | 257,663,076 | ||||||||
Net assets: | ||||||||||
Beginning of period | $ | 257,663,076 | $ | — | ||||||
End of period | $ | 428,861,021 | $ | 257,663,076 |
* | Commencement of operations. |
58 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® EMERGING MARKETS EQUITY ETF
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term 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. | 59 |
GOLDMAN SACHS MARKETBETA® INTERNATIONAL EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher. |
60 | The accompanying notes are an integral part of these financial statements. |
GOLDMAN SACHS MARKETBETA® U.S. EQUITY ETF
Financial Highlights (continued)
Selected Data for a Share Outstanding Throughout Each Period
* | 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 and short-term 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. | 61 |
GOLDMAN SACHS MARKETBETA® ETFS
August 31, 2021
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 MarketBeta® Emerging Markets Equity ETF (“MarketBeta® Emerging Markets Equity ETF”) | Diversified | |
Goldman Sachs MarketBeta® International Equity ETF (“MarketBeta® International Equity ETF”) | Diversified | |
Goldman Sachs MarketBeta® U.S. Equity ETF (“MarketBeta® U.S. Equity ETF”) | Diversified |
The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.
Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. 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 Cboe BZX Exchange, Inc. 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 generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.
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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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 and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT. For derivative contracts, realized gains and losses are recorded upon settlement of the contract.
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.
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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 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 distributable earnings 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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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).
The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
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 will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. 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. Certain equity securities containing unique attributes may be 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 for long positions or the last ask price for short positions, and are generally classified as Level 2.
Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.
Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.
Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.
i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.
Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. 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. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. Underlying funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.
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GOLDMAN SACHS MARKETBETA® ETFS
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of 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. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.
C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of August 31, 2021:
MARKETBETA® EMERGING MARKETS EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 1,148,520 | $ | — | $ | — | ||||||
Asia | 27,988,406 | 613,232 | 4,187 | |||||||||
Europe | 238,601 | — | — | |||||||||
North America | 1,124,543 | — | — | |||||||||
South America | 1,640,744 | 479,727 | — | |||||||||
Securities Lending Reinvestment Vehicle | 568,867 | — | — | |||||||||
Total | $ | 32,709,681 | $ | 1,092,959 | $ | 4,187 | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 162,991 | $ | — | $ | — | ||||||
MARKETBETA® INTERNATIONAL EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Africa | $ | 994,891 | $ | — | $ | — | ||||||
Asia | 107,240,600 | — | — | |||||||||
Europe | 209,016,015 | 2,200,425 | — | |||||||||
North America | 4,417,333 | 327,248 | — | |||||||||
Oceania | 30,352,732 | — | — | |||||||||
South America | 303,767 | 77,187 | — | |||||||||
Securities Lending Reinvestment Vehicle | 1,129,562 | — | — | |||||||||
Total | $ | 353,454,900 | $ | 2,604,860 | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 14,480 | $ | — | $ | — |
(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. |
(b) | Amount shown represents unrealized gain at fiscal year end. |
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued) |
MARKETBETA® U.S. EQUITY ETF |
| |||||||||||
Investment Type | Level 1 | Level 2 | Level 3 | |||||||||
Assets | ||||||||||||
Common Stock and/or Other Equity Investments(a) |
| |||||||||||
Asia | $ | 685,667 | $ | — | $ | — | ||||||
Europe | 1,760,446 | — | — | |||||||||
North America | 423,409,500 | — | — | |||||||||
South America | 1,021,187 | — | — | |||||||||
Securities Lending Reinvestment Vehicle | 530,905 | — | — | |||||||||
Total | $ | 427,407,705 | $ | — | $ | — | ||||||
Derivative Type | ||||||||||||
Assets(b) | ||||||||||||
Futures Contracts | $ | 36,551 | $ | — | $ | — |
(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. |
(b) | Amount shown represents unrealized gain at fiscal year end. |
For further information regarding security characteristics, see the Schedules of Investments.
4. INVESTMENTS IN DERIVATIVES |
The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the table below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.
Risk | Fund | Statement of Assets and Liabilities | Assets (Liabilities)(a) | |||||||||||||||||
Equity | MarketBeta® Emerging Markets Equity ETF | Variation Margin on Futures Contracts | $ | 162,991 | ||||||||||||||||
Equity | MarketBeta® International Equity ETF | Variation Margin on Futures Contracts | 14,480 | |||||||||||||||||
Equity | MarketBeta® U.S. Equity ETF | Variation Margin on Futures Contracts | 36,551 |
(a) | Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of August 31, 2021 is reported within the Statements of Assets and Liabilities. |
The following table sets forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:
Risk | Fund | Net Realized Gain (Loss) from Futures Contracts | Net Change in Futures Contracts | |||||||
Equity | MarketBeta® Emerging Markets Equity ETF | $ | (52,510 | ) | $ | 185,135 | ||||
Equity | MarketBeta® International Equity ETF | 33,708 | 14,480 | |||||||
Equity | MarketBeta® U.S. Equity ETF | 11,764 | 36,551 |
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GOLDMAN SACHS MARKETBETA® ETFS
4. INVESTMENTS IN DERIVATIVES (continued) |
For the fiscal year ended August 31, 2021, the relevant values for each derivative type was as follows:
Fund | Number of Contracts(a) | |||
MarketBeta® Emerging Markets Equity ETF | 19 | |||
MarketBeta® International Equity ETF | 11 | |||
MarketBeta® U.S. Equity ETF | 5 |
(a) | Amount disclosed represents average number of contracts for the months that the Fund held such derivatives during the fiscal year ended August 31, 2021. |
5. 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 such Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. 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, 2021, contractual and effective net unitary management fees with GSAM were at the following rates for each Fund:
Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee* | ||||||||
MarketBeta® Emerging Markets Equity ETF | 0.45 | % | 0.36 | % | ||||||
MarketBeta® International Equity ETF | 0.25 | % | 0.20 | % | ||||||
MarketBeta® U.S. Equity ETF | 0.09 | % | 0.07 | % |
* | Effective Net Unitary Management Fee includes the impact of management fee waivers, if any. |
GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2021 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, 2021, GSAM waived $35,653, $158,846 and $65,683 of the Funds’ management fees for the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF and MarketBeta® U.S. Equity ETF, respectively.
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued) |
B. Other Transactions with Affiliates — The following table provides information about the MarketBeta® U.S. Equity ETF’s investment in shares of The Goldman Sachs Group, Inc. of which the MarketBeta® U.S. Equity ETF is an affiliate as of and for the fiscal year ended August 31, 2021:
Beginning value as of | Purchases at Cost | Proceeds from Sales | Realized Gain | Change in Unrealized Appreciation | Ending value as of | Shares as of August 31, 2021 | Dividend Income | |||||||||||||||||||||
$599,654 | $ | 291,846 | $ | (57,562 | ) | $ | 19,427 | $ | 661,735 | $ | 1,515,100 | 3,664 | $ | 19,792 |
6. 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:
MarketBeta® Emerging Markets Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal year Ended August 31, 2021 | For the period May 12, 2020* through August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | — | $ | — | 1,000,001 | $ | 39,597,471 | ||||||||||
Shares Redeemed | (150,000 | ) | (8,323,242 | ) | (200,001 | ) | (8,743,481 | ) | ||||||||
NET INCREASE (DECREASE) IN SHARES | (150,000 | ) | $ | (8,323,242 | ) | 800,000 | $ | 30,853,990 | ||||||||
MarketBeta® International Equity ETF | ||||||||||||||||
|
| |||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the period May 12, 2020* through August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 300,000 | $ | 16,893,287 | 6,600,001 | $ | 295,827,537 | ||||||||||
Shares Redeemed | (100,000 | ) | (5,367,710 | ) | (600,001 | ) | (27,341,135 | ) | ||||||||
NET INCREASE IN SHARES | 200,000 | $ | 11,525,577 | 6,000,000 | $ | 268,486,402 |
* | Commencement of operations |
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GOLDMAN SACHS MARKETBETA® ETFS
6. CREATION AND REDEMPTION OF CREATION UNITS (continued) |
MarketBeta® U.S. Equity ETF | ||||||||||||||||
For the Fiscal Year Ended August 31, 2021 | For the period May 12, 2020* through August 31, 2020 | |||||||||||||||
|
| |||||||||||||||
Shares | Dollars | Shares | Dollars | |||||||||||||
|
| |||||||||||||||
Fund Share Activity | ||||||||||||||||
Shares Sold | 1,550,000 | $ | 85,652,200 | 5,300,001 | $ | 232,137,239 | ||||||||||
Shares Redeemed | (50,000 | ) | (2,904,650 | ) | (1 | ) | (40 | ) | ||||||||
NET INCREASE IN SHARES | 1,500,000 | $ | 82,747,550 | 5,300,000 | $ | 232,137,199 |
* | Commencement of operations |
7. PORTFOLIO SECURITIES TRANSACTIONS |
The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta® Emerging Markets Equity ETF | $ | 8,175,888 | $ | 13,851,724 | ||||||
MarketBeta® International Equity ETF | 16,661,854 | 17,636,660 | ||||||||
MarketBeta® U.S. Equity ETF | 12,181,471 | 13,554,950 |
The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2021, were as follows:
Fund | Purchases | Sales | ||||||||
MarketBeta® Emerging Markets Equity ETF | $ | — | $ | 4,104,137 | ||||||
MarketBeta® International Equity ETF | 16,302,783 | 5,347,141 | ||||||||
MarketBeta® U.S. Equity ETF | 85,651,147 | 2,634,159 |
8. 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.
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
8. SECURITIES LENDING (continued) |
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% on an annualized basis of the average daily net assets of the Government Money Market Fund.
In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.
Each of 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, 2021, 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, 2021:
Fund | Beginning value as of August 31, 2020 | Purchases at Cost | Proceeds from Sales | Ending value as of August 31, 2021 | ||||||||||||||
MarketBeta® Emerging Markets Equity ETF | $ | 212,078 | $ | 4,651,443 | $ | (4,294,654 | ) | $ | 568,867 | |||||||||
MarketBeta® International Equity ETF | 292,150 | 37,659,133 | (36,821,721 | ) | 1,129,562 | |||||||||||||
MarketBeta® U.S. Equity ETF | 278,029 | 5,415,409 | (5,162,533 | ) | 530,905 |
9. TAX INFORMATION |
The tax character of distributions paid during the fiscal year ended August 31, 2021 were as follows:
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||
Distributions paid from: | ||||||||||||
Ordinary Income | $ | 1,171,922 | $ | 7,742,172 | $ | 4,402,171 | ||||||
Long-term capital gain | — | — | 6,861 | |||||||||
Total taxable distributions | $ | 1,171,922 | $ | 7,742,172 | $ | 4,409,032 |
There were no distributions from the Funds for the period ended August 31, 2020.
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GOLDMAN SACHS MARKETBETA® ETFS
9. TAX INFORMATION (continued) |
As of August 31, 2021, the components of accumulated earnings (losses) on a tax-basis were as follows:
MarketBeta® Emerging Markets | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||
Undistributed ordinary income — net | $ | 1,841,562 | $ | 2,548,696 | $ | 929,778 | ||||||
Total undistributed earnings | $ | 1,841,562 | $ | 2,548,696 | $ | 929,778 | ||||||
Capital loss carryforwards(1): | ||||||||||||
Perpetual Short-Term | $ | — | $ | — | $ | — | ||||||
Perpetual Long-Term | — | (44,653 | ) | (84,374 | ) | |||||||
Timing differences | — | — | — | |||||||||
Unrealized gains (losses) — net | 10,376,409 | 70,594,294 | 112,165,674 | |||||||||
Total accumulated earnings (losses) net | $ | 12,217,971 | $ | 73,098,337 | $ | 113,011,078 |
(1) | The MarketBeta® International Equity ETF utilized $1,907 of capital losses in the current fiscal year. |
As of August 31, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:
MarketBeta® Emerging Markets Equity ETF | MarketBeta® International Equity ETF | MarketBeta® U.S. Equity ETF | ||||||||||
Tax Cost | $ | 23,368,518 | $ | 285,476,908 | $ | 315,278,582 | ||||||
Gross unrealized gain | 10,842,643 | 75,713,914 | 114,937,279 | |||||||||
Gross unrealized loss | (466,234 | ) | (5,119,620 | ) | (2,771,605 | ) | ||||||
Net unrealized gains (losses) | $ | 10,376,409 | $ | 70,594,294 | $ | 112,165,674 |
The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, and differences in the tax treatment of 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 utilized as distributions and redemption in-kind transactions.
Fund | Paid-in Capital | Total Distributable Earnings | ||||||||
MarketBeta® Emerging Markets Equity ETF | $ | 1,115,237 | $ | (1,115,237 | ) | |||||
MarketBeta® International Equity ETF | $ | 1,086,422 | $ | (1,086,422 | ) | |||||
MarketBeta® U.S. Equity ETF | $ | 965,193 | $ | (965,193 | ) |
GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior year, 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.
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GOLDMAN SACHS MARKETBETA® ETFS
Notes to Financial Statements (continued)
August 31, 2021
10. OTHER RISKS |
The Funds’ risks include, but are not limited to, the following:
Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.
Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with 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, or economically tied to, emerging markets, these risks may be more pronounced.
Foreign Custody Risk — A Fund invests in foreign securities, and as such 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.
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.
Index Risk — Solactive AG (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.
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GOLDMAN SACHS MARKETBETA® ETFS
10. 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). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. 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.
11. 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.
12. OTHER MATTERS |
Pursuant to an effort to consolidate the membership of the Board of Trustees of the Trust (the “Board”) with the Board of Trustees of each of Goldman Sachs Trust II, Goldman Sachs MLP and Energy Renaissance Fund and Goldman Sachs Real Estate Diversified Income Fund, at a meeting held on July 22, 2021, the Board voted to nominate Cheryl K. Beebe, Lawrence Hughes, John F. Killian, Steven D. Krichmar and Linda A. Lang (the “Nominees”) for election as Trustees of the Trust at a virtual special joint meeting of shareholders to be held on December 3, 2021. Each of the Nominees (except Ms. Lang) currently serves as a Trustee of Goldman Sachs Trust II. Ms. Lang currently serves as a Trustee of the Trust. If elected, the Nominees will serve as Trustees alongside the current Trustees of the Trust. The Funds will bear a portion of the proxy solicitation, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund if such expenses increase the Fund’s total expense ratio by more than a specified percentage. This annual report is not a proxy statement. Information regarding the election of the Nominees is contained in the proxy materials filed with the SEC. The proxy statement has been mailed to shareholders of record, and shareholders can also access the proxy statement, and any other relevant documents, on the SEC’s website.
13. SUBSEQUENT EVENTS |
Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.
73
Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the “Funds”) as of August 31, 2021, the related statements of operations for the year ended August 31, 2021, and the statements of changes in net assets and the financial highlights for the year ended August 31, 2021, and for the period May 12, 2020 (commencement of operations) through August 31, 2020, 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 each of the Funds as of August 31, 2021, the results of each of their operations for the year ended August 31, 2021, and the changes in each of their net assets and each of the financial highlights for the year ended August 31, 2021, and for the period May 12, 2020 (commencement of operations) through August 31, 2020 in conformity with accounting principles generally accepted in the United States of America.
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, 2021 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.
/s/ PricewaterhouseCoopers LLP
Boston, Massachusetts
October 26, 2021
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 MARKETBETA® ETFS
Liquidity Risk Management Program (Unaudited)
Each Fund has adopted and implemented a liquidity risk management program (the “Program”) in accordance with Rule 22e-4 under the 1940 Act. The Program seeks to assess and manage each Fund’s liquidity risk, i.e., the risk that a Fund is unable to satisfy redemption requests without significantly diluting remaining investors’ interests in the Fund. The Board of Trustees of the Trust has designated GSAM, each Fund’s investment adviser, to administer the Program. Certain aspects of the Program rely on third parties to perform certain functions, including the provision of market data and application of models.
The Program is comprised of various components designed to support the assessment and/or management of liquidity risk, including: (1) the periodic assessment (no less frequently than annually) of certain factors that influence a Fund’s liquidity risk; (2) the periodic classification (no less frequently than monthly) of a Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) a 15% limit on the acquisition of “illiquid investments” (as defined under Rule 22e-4); (4) for a Fund that does not invest primarily in “highly liquid investments” (as defined under Rule 22e-4), the determination of a minimum percentage of the Fund’s assets that will generally be invested in highly liquid investments (a “Highly Liquid Investment Minimum”); and (5) periodic reporting to the Board of Trustees.
At a meeting of the Board of Trustees on March 16-17, 2021, GSAM provided a written report to the Board addressing the operation, and the adequacy and effectiveness of the implementation, of the Program, including, as applicable, the operation of any Highly Liquid Investment Minimum and any material changes to the Program, for the period from January 1, 2020 through December 31, 2020 (the “Reporting Period”). Among other things, the annual report discussed: (1) the results of stress tests designed to assess liquidity under a hypothetical stressed scenario involving elevated redemptions; (2) an assessment of the methodologies used to classify investments into one of four liquidity categories; and (3) the efficiency of the arbitrage function during the Reporting Period (including during the stressed market conditions caused by the COVID-19 pandemic). The report concluded that the Program continues to be reasonably designed to assess and manage liquidity risk and was adequately and effectively implemented during the Reporting Period.
There can be no assurance that the Program will achieve its objectives under all circumstances in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which it may be subject.
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GOLDMAN SACHS MARKETBETA® ETFS
Fund Expenses — For the Six Month Period Ended 8/31/21 (Unaudited) |
As a shareholder you incur ongoing costs, including 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 Funds and to compare these costs with the ongoing costs of investing in other exchange-traded funds. This example does not take into account brokerage commissions that you may pay on your purchases and sales of Shares of a Fund.
The example is based on an investment of $1,000 invested at the beginning of the period from March 1, 2021 and held for the entire six months ended August 31, 2021, 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 a 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 a 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.
MarketBeta® Emerging Markets Equity ETF* | MarketBeta® International Equity ETF* | MarketBeta® U.S. Equity ETF* | ||||||||||||||||||||||||||||||||||
Beginning Account Value 5/12/20 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 5/12/20 | Ending Account Value 8/31/21 | Expenses Paid* | Beginning Account Value 5/12/20 | Ending Account Value 8/31/21 | Expenses Paid* | ||||||||||||||||||||||||||||
Actual based on NAV | $ | 1,000 | $ | 983.09 | $ | 1.80 | $ | 1,000 | $ | 1,101.73 | $ | 1.06 | $ | 1,000 | $ | 1,193.72 | $ | 0.39 | ||||||||||||||||||
Hypothetical 5% return | 1,000 | 1,023.39 | + | 1.84 | 1,000 | 1,024.20 | + | 1.02 | 1,000 | 1,024.85 | + | 0.36 |
+ | 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 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, 2021. 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 | ||||
MarketBeta® Emerging Markets Equity ETF | 0.36 | % | ||
MarketBeta® International Equity ETF | 0.20 | |||
MarketBeta® U.S. Equity ETF | 0.07 |
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GOLDMAN SACHS MARKETBETA® ETFS
Trustees and Officers (Unaudited) Independent Trustees
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | 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: 67 | Chairman of the Board of Trustees | Trustee Since 2015; Chairman Since 2017 | Mr. Stranghoener is retired. He is Chairman, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); and was formerly Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-2020); 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) | |||||
Linda A. Lang Age: 63 | Trustee | Since 2016 | Ms. Lang is retired. She was formerly Chair of the Board of Directors (2016-2019); and Member of the Board of Directors, WD-40 Company (a global consumer products company) (2004-2019); 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 and Energy Renaissance Fund (February 2016-March 2016).
Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | None | |||||
Michael Latham Age: 55 | Trustee | Since 2015 | Mr. Latham is retired. He currently serves as Chief Operating Officer and Director of FinTech Evolution Acquisition Group (a special purpose acquisition company) (2021-Present). Formerly, Mr. Latham 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | 39 | FinTech Evolution Acquisition Group (a special purpose acquisition company) |
77
GOLDMAN SACHS MARKETBETA® ETFS
Trustees and Officers (Unaudited) (continued) Interested Trustee*
Name, Address and Age1 | Position(s) Held with the Trust | Term of Length of | 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: 58 | President and Trustee | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund | 166 | None | |||||
* | Mr. McNamara is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and owns 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, 2021. |
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 or is removed by the Board or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 74th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote. |
3 | The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2021, Goldman Sachs ETF Trust consisted of 36 portfolios (21 of which offered shares to the public); Goldman Sachs Trust consisted of 92 portfolios (90 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 17 portfolios (13 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (16 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public. |
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.
78
GOLDMAN SACHS MARKETBETA® ETFS
Trustees and Officers (Unaudited) (continued) Officers of the Trust*
Name, Address and Age1 | Positions Held with the Trust | Term of Office and Length of Time Served2 | Principal Occupation(s) During Past 5 Years | |||
James A. McNamara 200 West Street New York, NY 10282 Age: 58 | 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 and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Caroline L. Kraus 200 West Street New York, NY 10282 Age: 44 | Secretary | Since 2014 | Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020–Present); Associate General Counsel, Goldman Sachs (2012-December 2019); 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 Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 53 | Treasurer, Principal Financial Officer and Principal Accounting Officer | Since 2017 (Treasurer and Principal Financial Officer since 2019) | Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015).
Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs ETF Trust (previously Assistant Treasurer (2017));Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund. | |||
* | 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, 2021. |
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 MarketBeta® ETFs — Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2021, the total amount of income received by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF, from sources within foreign countries and possessions of the United States was $0.6155 and $0.1997 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 MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF was 68.44% and 78.93% respectively. The total amount of taxes paid by the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® International Equity ETF to foreign countries was $0.0933 and $0.0150 per share, respectively.
For the year ended August 31, 2021, 4.85% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify as section 199A dividends.
For the fiscal year ended August 31, 2021, 25.51%, 33.20%, and 91.73% of the dividends paid from net investment company taxable income by the MarketBeta® Emerging Markets Equity ETF, MarketBeta® International Equity ETF, and the MarketBeta® U.S. Equity ETF respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.
For the fiscal year ended August 31, 2021, 96.23% of the dividends paid from net investment company taxable income by the MarketBeta® U.S. Equity ETF qualify for the dividends received deduction available to corporations.
During the fiscal year ended August 31, 2021, the MarketBeta® Emerging Markets Equity ETF and the MarketBeta® U.S. Equity ETF designate $260,289 and $33,806, respectively as short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code.
Pursuant to Section 852 of the Internal Revenue Code, the MarketBeta® U.S. Equity ETF designates $6,861, or, if different, the maximum amount allowable, as capital gain dividends paid during the fiscal year ended August 31, 2021.
79
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 Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of June 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 U.S. Aggregate Bond ETF |
Goldman Sachs Access High Yield Corporate Bond ETF |
Goldman Sachs Access Inflation Protected USD Bond ETF |
Goldman Sachs Access Investment Grade Corporate Bond ETF |
Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |
Goldman Sachs Access Treasury 0-1 Year ETF |
Goldman Sachs Access Ultra Short Bond ETF |
Goldman Sachs Future Planet Equity ETF |
Goldman Sachs Future Tech Leaders Equity ETF |
Goldman Sachs Innovate Equity ETF |
Goldman Sachs MarketBeta® International Equity ETF |
Goldman Sachs MarketBeta® Emerging Markets Equity ETF |
Goldman Sachs MarketBeta® U.S. Equity ETF |
INDEX DISCLAIMERS
The Goldman Sachs MarketBeta® International Equity ETF, Goldman Sachs MarketBeta® Emerging Markets Equity ETF, Goldman Sachs MarketBeta® International Small Cap Equity ETF, and Goldman Sachs MarketBeta® U.S. Equity ETF are 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 GBS Developed Markets ex North America Large & Mid Cap Index, the Solactive GBS Emerging Markets Large & Mid Cap Index, Solactive GBS Developed Markets ex North America Small Cap Index, Solactive GBS United States Large & Mid Cap Index (“Solactive Indexes”) and/ or Solactive Index trade mark or the Solactive Index Price at any time or in any other respect. The Solactive Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Solactive Indexes are calculated correctly. Irrespective of its obligations towards the Funds, Solactive AG has no obligation to point out errors in the Solactive Indexes to third parties including but not limited to investors and/or financial intermediaries of the Funds. 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 a Fund 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. Solactive AG is registered as a benchmark administrator under the Regulation (EU) 2016/2011 (BMR). Solactive appears on the ESMA register of administrators.
TRUSTEES Lawrence W. Stranghoener, Chairman Linda A. Lang Michael Latham James A. McNamara | OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Caroline L. Kraus, Secretary | |
THE BANK OF NEW YORK MELLON Transfer Agent | ||
ALPS DISTRIBUTORS, INC. Distributor | GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser |
Visit our Website at www.GSAMFUNDS.com/ETFs 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 during the most recent 12-month period ended June 30 is 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 will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on the Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.
Fund holdings and allocations shown are as of August 31, 2021 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.
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. Ordinary brokerage commissions apply. 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.
MarketBeta® and ActiveBeta® are registered trademarks of GSAM.
© 2021 Goldman Sachs. All rights reserved. 256150-OTU-10/2021 MCEQWGETFAR-21
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) Not applicable.
(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.
(d) 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.
(e) Not applicable.
(f) 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.
2021 | 2020 | Description of Services Rendered | ||||||||||
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|
|
|
| ||||||||
Audit Fees: | ||||||||||||
• PricewaterhouseCoopers LLP (“PwC”) | $ | 606,900 | $ | 611,900 | Financial Statement audits. | |||||||
Audit-Related Fees: | ||||||||||||
• PwC | $ | 59,558 | $ | 36,324 | Other attest services. | |||||||
Tax Fees: | ||||||||||||
• PwC | $ | 0 | $ | 2,325 | Tax compliance services provided in connection with the preparation and review of registrant’s tax returns and certain other tax-related services. |
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.
2021 | 2020 | Description of Services Rendered | ||||||||||
|
|
|
|
| ||||||||
Audit-Related Fees: | ||||||||||||
• PwC | $ | 1,906,448 | $ | 1,441,351 | Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and Semi-annual Updates related to withholding tax accrual for non-US Jurisdictions. These fees are borne by the Funds’ Adviser. |
* | 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, 2021 and August 31, 2020 were approximately $59,558 and $38,649 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, 2020 and December 31, 2019 were approximately $14.5 million and $14.7 million respectively. With regard to the aggregate non-audit fees billed to GS ETF’s adviser and service affiliates, the 2020 and 2019 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | 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 filed herewith. | |||
(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 4, 2021 |
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 4, 2021 | |
By: | /s/ Joseph F. DiMaria | |
| ||
Joseph F. DiMaria | ||
Principal Financial Officer | ||
Goldman Sachs ETF Trust | ||
Date: | November 4, 2021 |